fundamental equity analysis - ftse eurotop 100 index members (e100 index)

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80

Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53

NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12

FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54

SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83

S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27

S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29

HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12

MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03

NESTLE SA-REG CHF 229014 2740 3189 29 0 2 10 249.79 96847 96847 103068 109004 17714 17714 - - 3.49 3.49 3.82 4.14 21.33 21.32 19.50 18.01 10.71 -2.93 10.20 -1.53 19.19 AA 16.08.2007 - -

HSBC HOLDINGS PLC GBp 193779 9945 18476 430 4 12 387 #VALUE! 127870 121335 103439 109654 - - - - 0.74 1.17 1.47 1.65 20.46 - 16.22 14.51 -16.15 - - - - A+ 29.11.2011 Aa3 21.06.2012

NOVARTIS AG-REG CHF 189771 1999 2421 21 0 0 9 211.30 59449 59449 59823 62222 17533 17272 - - 4.20 4.11 5.44 6.01 18.76 18.90 14.18 12.83 -3.39 9.23 -6.50 11.07 30.48 AA- 07.04.2008 Aa3 08.02.2013

ROCHE HOLDING AG-GENUSSCHEIN CHF 197900 547 863 26 0 2 15 211.36 47728 47728 50014 51848 17357 17357 - - 11.71 11.80 15.63 16.75 20.39 20.56 15.40 14.37 7.32 0.11 4.80 -0.57 38.15 AA 17.09.2012 - -

VODAFONE GROUP PLC GBp 137178 53383 49646 52 0 2 13 170.49 70106 67478 66991 68359 27509 21004 - - 0.29 -0.05 0.23 0.25 - - 18.33 17.09 1.75 8.15 36.51 11.89 47.01 A- 30.05.2006 A3 03.08.2011

BP PLC GBp 133414 6511 19136 74 0 2 30 246.63 567256 560136 519122 532825 30874 33312 14010 14010 0.33 0.92 1.29 1.44 17.26 31.03 12.35 11.03 0.03 7.69 -83.62 -17.29 8.98 A 24.09.2010 - -

SANOFI EUR 132008 1829 1323 19 0 0 8 142.58 44621 44621 45780 48319 15812 16208 - - 5.57 4.80 7.68 8.57 26.47 22.82 16.56 14.84 5.96 6.12 -2.12 3.91 46.38 AA- 18.02.2011 A2 18.02.2011

ROYAL DUTCH SHELL PLC-A SHS GBp 208579 1009 6331 57 0 2 28 346.16 705563 705563 691755 703368 78710 78710 15643 15643 6.21 6.42 6.34 6.43 11.49 11.92 11.63 11.47 -0.97 5.17 -10.34 -1.03 16.85 AA 03.09.2009 Aa1 20.07.2005

GLAXOSMITHKLINE PLC GBp 112485 3295 4904 28 0 1 6 135.10 39920 39920 40677 42251 12803 12803 3385 3385 1.59 1.40 1.74 1.92 24.69 19.17 19.92 18.03 -5.27 4.88 -20.99 -0.84 48.44 A+ 18.02.2008 - -

TOTAL SA EUR 112784 3771 2258 43 0 2 22 135.18 232762 232762 231214 229795 41296 40784 11081 11081 6.03 6.04 6.72 6.78 10.08 10.10 9.06 8.98 12.07 5.75 -2.23 1.32 22.37 AA- 12.04.2011 Aa1 30.08.2005

BRITISH AMERICAN TOBACCO PLC GBp 101852 758 2026 16 0 0 3 115.32 22942 22942 24307 25379 9278 9278 10049 10049 3.09 2.99 3.48 3.81 26.68 25.81 22.91 20.95 -2.05 12.58 -4.14 19.71 61.08 A- 09.11.2012 - -

SIEMENS AG-REG EUR 95040 1373 856 26 0 1 15 109.80 99969 100447 99877 103691 12325 13216 2611 2611 7.15 7.25 7.78 9.62 18.99 19.22 17.71 14.32 8.75 0.14 -10.21 2.13 16.80 A+ 05.06.2009 - -

ROYAL DUTCH SHELL PLC-B SHS GBp 208579 2012 6331 57 0 2 28 346.16 706 K 706 K 692 K 703 K 78710 78710 15643 15643 6.21 6.42 6.34 6.43 11.83 12.28 11.98 11.81 -0.97 5.17 -10.34 -1.03 16.85 AA 03.09.2009 Aa1 20.07.2005

BAYER AG-REG EUR 83656 1360 827 12 0 0 3 92.70 50766 50766 53040 55707 11493 10987 3212 3212 7.13 3.78 7.52 8.31 34.18 19.80 17.17 15.54 11.30 5.53 0.54 7.91 27.63 A- 30.04.2008 A3 17.07.2006

BASF SE EUR 79863 2681 918 17 0 2 2 96.18 100522 100522 102988 102391 16066 16066 4478 4478 6.39 6.78 7.62 8.21 16.37 17.38 14.56 13.53 9.09 8.38 7.84 4.76 20.41 A+ 10.05.2011 A1 17.11.2010

ANHEUSER-BUSCH INBEV NV EUR 155540 1217 1602 57 0 5 18 243.01 50764 50764 57383 62292 19727 19727 - - 5.70 5.78 6.36 7.19 27.29 27.65 24.83 21.95 2.33 19.10 1.28 22.65 49.62 A 01.05.2012 A3 27.03.2012

DIAGEO PLC GBp 76655 1198 2531 13 0 2 2 90.03 16254 16680 17328 18529 5779 6082 2654 2654 1.24 1.53 1.56 1.73 30.10 35.11 29.66 26.61 12.56 10.95 27.76 14.74 55.07 A- 01.09.2005 A3 17.10.2005

SAP AG EUR 96938 1889 1192 7 0 0 3 100.29 20714 20714 22993 25341 6387 5841 1420 1420 3.04 3.03 4.42 5.02 33.29 33.37 22.77 20.09 17.85 12.38 9.28 14.11 36.01 - - - -

NOVO NORDISK A/S-B DKK 91104 417 543 0 0 0 3 88.43 13369 13369 14353 15641 5491 5491 1325 1325 - 6.70 7.90 8.76 4.16 - 3.53 3.18 3.02 2.41 4.95 3.74 7.04 A+ 24.06.2011 - -

BANCO SANTANDER SA EUR 69527 60243 10321 469 0 12 233 #VALUE! 55637 55637 56775 59544 - - - - 0.76 0.30 0.75 0.88 27.69 10.52 11.20 9.62 -56.36 12.18 - - - BBB 16.10.2012 (P)Baa2 24.10.2012

RIO TINTO PLC GBp 92521 2284 1847 41 0 17 12 185.58 76978 76978 88228 93800 24018 24018 15420 15420 7.06 -2.44 9.02 10.26 - 15.16 11.86 10.42 -23.88 16.85 -60.94 13.11 47.12 A- 18.04.2011 - -

LVMH MOET HENNESSY LOUIS VUI EUR 85724 1065 500 9 0 1 3 93.03 35882 35882 38632 41941 8861 9219 3606 3606 8.91 8.76 9.68 10.86 24.61 24.20 22.28 19.86 23.98 14.24 16.40 14.11 32.80 A 20.05.2011 - -

UNILEVER NV-CVA EUR 122220 2388 2832 13 0 1 4 132.32 65531 65531 68321 72206 10455 10455 - - 1.94 2.02 2.16 2.35 25.50 26.49 23.82 21.92 13.35 6.82 12.42 4.97 20.37 A+ 05.10.2000 A1 11.07.2000

BHP BILLITON PLC GBp 173058 2925 5298 43 0 2 8 308.87 109086 101118 102833 113273 51149 42726 24709 24709 5.50 2.76 3.86 4.59 24.24 17.00 17.29 14.57 1.03 10.20 -16.76 12.56 63.82 A+ 15.11.2010 (P)A1 15.11.2010

SABMILLER PLC GBp 82615 496 1664 29 0 1 1 153.26 25242 25857 37002 39254 7784 8197 - - 2.91 4.22 3.62 4.08 27.96 35.14 32.55 28.90 15.64 0.93 15.23 7.70 47.88 BBB+ 04.08.2003 Baa1 27.10.2005

ALLIANZ SE-REG EUR 61156 1705 453 37 0 3 16 85.26 122600 122598 132985 136660 - - - - 14.95 14.58 15.48 16.21 11.75 11.55 11.06 10.57 12.62 3.84 - - - AA 27.01.2012 Aa3 03.05.2004

ENI SPA EUR 81481 8111 3634 31 0 4 10 106.90 162501 162501 150431 154689 31364 31364 9022 9022 0.84 3.06 2.50 2.65 9.37 10.52 11.46 10.81 20.60 7.56 -5.80 -1.34 24.64 A 17.01.2012 A3 16.07.2012

ASTRAZENECA PLC GBp 60919 1083 1247 16 0 0 13 95.02 42249 42249 39798 38670 16097 17552 3583 3583 9.15 7.54 8.23 7.93 14.76 12.22 13.52 14.04 -25.26 -2.91 -29.78 -0.72 62.75 AA- 27.07.2007 A1 30.07.2007

STANDARD CHARTERED PLC GBp 61739 1192 2413 171 2 1 184 #VALUE! 40640 40640 31312 34405 - - - - 3.20 3.08 3.59 3.96 18.95 18.23 16.23 14.73 15.91 6.22 - - - A+ 01.12.2011 A2 26.11.2010

TELEFONICA SA EUR 60781 20155 4551 85 0 9 15 140.37 79617 79617 75980 76315 26602 26648 5844 5844 1.05 1.13 1.45 1.51 15.10 - 11.76 11.29 -0.98 2.51 9.50 -2.31 42.74 BBB 20.12.2012 Baa2 18.10.2012

DAIMLER AG-REGISTERED SHARES EUR 59121 2162 1068 108 0 2 19 150.05 145936 145936 149351 158434 15498 15568 - - 7.24 7.29 5.94 7.03 9.70 9.70 11.91 10.06 9.30 22.58 -0.82 -6.62 13.62 A- 23.02.2012 A3 01.10.2007

UBS AG-REG CHF 58636 6342 3747 281 0 5 70 274.07 39603 39608 27916 29031 16290 16291 - - 0.55 -0.70 0.92 1.25 - 29.92 17.47 12.83 -8.02 -10.57 -11.62 -32.87 43.15 A 29.11.2011 A2 21.06.2012

BG GROUP PLC GBp 57351 2733 3402 23 0 0 7 103.42 28595 32722 30416 34615 15403 15951 4161 4161 1.95 1.55 1.99 2.36 24.86 19.01 19.34 16.31 -15.34 10.37 2.59 9.25 73.62 - - - -

BNP PARIBAS EUR 62184 5738 1240 1293 9 11 178 #VALUE! 87671 124521 51201 52836 - - - - 6.99 6.81 6.40 7.32 9.39 8.93 10.00 8.75 -4.22 14.55 - - - A+ 25.10.2012 A2 21.06.2012

UNILEVER PLC GBp 122245 998 2832 15 0 1 4 156.52 77517 77517 80817 85413 12655 12655 - - 2.35 2.39 2.56 2.78 30.92 31.49 28.93 26.63 15.79 8.07 8.73 6.57 24.66 A+ 05.10.2000 A1 11.07.2000

BARCLAYS PLC GBp 55349 32713 12243 661 0 14 194 #VALUE! 58657 51741 44395 45545 - - - - 0.69 -0.13 0.56 0.67 - 9.48 11.69 9.75 1.61 -9.26 - - - A 29.11.2011 (P)A3 21.06.2012

ABB LTD-REG CHF 52205 2742 2296 11 0 1 9 56.98 41263 41263 43679 45976 5553 5686 1479 1479 1.26 1.23 1.60 1.81 20.21 19.25 15.55 13.72 3.72 5.43 -7.27 2.61 14.45 A 08.06.2010 - -

RECKITT BENCKISER GROUP PLC GBp 51516 556 734 5 0 0 1 55.12 14449 14449 15269 16004 4105 4105 - - 3.99 3.81 4.01 4.24 28.47 27.02 27.08 25.62 1.31 19.53 4.23 24.47 42.91 A+ 16.12.2003 - -

BANCO BILBAO VIZCAYA ARGENTA EUR 46495 37524 5433 289 0 3 82 #VALUE! 44972 29189 29794 31392 - - - - 0.63 0.33 0.99 1.12 33.37 33.75 10.97 9.73 8.40 12.39 - - - BBB- 16.10.2012 Baa3 24.10.2012

TESCO PLC GBp 45711 7554 8032 18 0 0 5 57.97 97476 98230 99944 104232 7713 7470 - - 0.57 0.53 0.48 0.50 16.25 16.29 18.01 17.04 10.20 11.24 6.22 12.48 11.49 A- 29.07.2008 Baa1 20.04.2012

L'OREAL EUR 92167 381 598 0 #VALUE! 0 2 90.16 28681 28681 29935 31689 5604 5604 - - 6.05 6.13 6.54 7.08 31.77 31.79 29.77 27.49 13.30 7.38 14.00 6.10 24.95 - - - -

DANONE EUR 43203 978 593 12 0 0 4 51.59 26646 26646 28210 29955 4625 4625 - - 3.56 3.56 4.03 4.45 24.40 24.45 21.57 19.54 10.25 13.89 4.98 14.49 22.16 A- 25.07.2007 A3 06.11.2007

NATIONAL GRID PLC GBp 41596 2242 3701 35 0 0 4 73.21 20891 20548 21787 22598 7215 7538 - - 0.77 0.96 0.81 0.83 17.84 20.87 21.27 20.69 -5.38 12.97 -2.12 11.35 55.41 A- 24.08.2007 Baa1 12.01.2007

ZURICH INSURANCE GROUP AG CHF 40851 242 147 13 0 2 10 48.91 73897 73897 64482 66754 - - - - 27.78 27.76 30.10 31.81 10.92 10.92 10.07 9.53 34.59 12.40 - - - - - - -

CIE FINANCIERE RICHEMON-BR A CHF 44633 717 522 1 0 0 4 33.45 9301 10237 10679 11585 2469 2812 - - 2.90 3.67 3.64 4.11 18.23 18.54 18.39 16.29 30.06 17.26 43.05 17.94 28.82 - - - -

PRUDENTIAL PLC GBp 40555 3035 2557 10 0 0 8 43.22 83788 83788 87446 89651 - - - - 1.19 1.31 1.21 1.34 18.34 20.18 19.85 17.92 78.48 - - - - A+ 17.08.2010 A2 20.12.2002

AXA SA EUR 41087 5052 2389 14 8 3 39 18.71 146436 146436 128390 130665 - - - - 2.33 2.26 2.52 2.69 9.70 9.41 8.72 8.18 21.24 75.98 - - - A- 18.12.2012 A2 19.03.2003

SCHNEIDER ELECTRIC SA EUR 39855 1225 547 10 0 0 5 45.69 30575 30575 31092 32698 4899 4899 - - 4.54 4.33 5.27 5.87 21.17 20.18 17.40 15.60 9.15 10.14 3.84 5.78 20.46 A- 26.11.2008 A3 12.01.2009

SYNGENTA AG-REG CHF 38626 181 92 4 #VALUE! 0 2 42.35 14898 14898 16074 17008 3302 3302 1099 1099 23.87 21.43 26.23 28.72 21.29 19.11 17.39 15.89 7.38 11.62 9.40 10.75 23.25 A 15.06.2007 - -

AIR LIQUIDE SA EUR 37345 605 311 9 0 0 1 45.46 19569 19569 20847 22349 4842 4842 - - 6.64 6.61 7.11 7.87 23.09 23.21 21.45 19.40 7.68 6.56 8.19 8.68 31.59 A 02.07.2007 - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80

Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53

NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12

FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54

SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83

S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27

S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29

HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12

MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03

ERICSSON LM-B SHS SEK 41171 3661 3220 4 0 0 12 34.03 35026 35026 36245 37852 4880 4933 900 900 - 0.28 0.79 0.94 6.93 - 2.42 2.04 0.06 0.75 1.08 -0.02 2.17 BBB+ 15.06.2007 A3 10.06.2011

XSTRATA PLC GBp 48662 2061 3003 26 0 4 3 99.78 47754 47754 51372 54842 12267 12267 6878 6878 1.90 0.60 1.88 2.36 61.17 19.46 19.64 15.63 -10.07 5.24 -45.72 -8.64 38.80 BBB+ *- 29.11.2012 - -

DEUTSCHE BANK AG-REGISTERED EUR 36043 8534 929 363 0 2 227 #VALUE! 42878 60203 43189 44464 - - - - 4.06 0.87 4.93 6.39 57.02 10.18 10.04 7.75 -46.26 -7.43 - - - A+ *- 26.03.2013 A2 21.06.2012

ANGLO AMERICAN PLC GBp 36005 1303 1391 25 0 9 14 75.21 43439 43439 51703 54057 11602 11602 8034 8034 3.91 -1.70 3.50 4.25 - 15.42 16.84 13.85 -8.98 20.36 -49.07 -8.82 40.34 BBB+ 18.04.2011 Baa1 23.02.2009

DEUTSCHE TELEKOM AG-REG EUR 45122 12767 4319 57 0 6 8 100.27 74271 74271 73742 73470 22635 22610 5525 5525 1.28 -1.57 0.91 0.94 - 10.56 14.71 14.21 -1.05 -1.77 -15.64 1.90 38.87 BBB+ 19.05.2008 Baa1 22.12.2011

GDF SUEZ EUR 45980 3045 2357 73 0 15 15 119.56 123899 123899 103673 103865 23495 23495 - - 1.70 0.91 1.74 1.82 26.74 14.28 13.95 13.39 8.96 9.13 18.51 26.38 24.21 A *- 29.01.2013 A1 03.07.2012

IMPERIAL TOBACCO GROUP PLC GBp 33095 942 990 14 0 0 1 46.70 22160 22160 12241 12664 6810 6810 2282 2282 2.49 1.03 3.21 3.46 49.69 20.55 15.92 14.78 -5.11 90.21 57.87 35.89 46.42 BBB 20.05.2008 - -

NORDEA BANK AB SEK 45368 2522 4023 38 0 0 8 #VALUE! 2684 2684 1606 1673 - - - - 0.12 0.12 0.13 0.14 1.74 1.74 1.64 1.47 0.71 0.23 - - - AA- 29.11.2005 Aa3 24.05.2012

CREDIT SUISSE GROUP AG-REG CHF 34708 3185 1294 347 0 7 67 #VALUE! 40190 40190 27876 28844 - - - - 2.37 0.88 2.77 3.25 31.28 11.05 9.96 8.48 -10.76 31.68 - - - A 19.12.2008 (P)A2 21.06.2012

VOLKSWAGEN AG-PREF EUR 88396 632 465 150 0 6 33 211.04 246011 246011 260904 274584 31185 31185 5601 5601 59.09 59.46 27.69 31.99 4.23 4.24 9.07 7.86 26.72 15.52 18.28 12.83 16.19 A- 31.08.2009 A3 17.08.2009

MUENCHENER RUECKVER AG-REG EUR 33237 444 179 8 0 0 4 37.88 84137 84442 71290 73811 - - - - 22.96 22.96 20.92 21.42 10.31 10.31 11.31 11.05 10.46 9.19 - - - AA- 22.12.2006 - -

E.ON SE EUR 34389 7246 1907 33 0 5 8 64.66 168658 168658 142657 145127 10780 10780 12203 12203 2.31 1.46 1.67 1.78 15.08 9.50 13.14 12.34 21.63 20.90 124.84 -6.72 8.16 A- 27.07.2012 A3 05.10.2011

PERNOD-RICARD SA EUR 32720 208 263 13 0 0 1 44.69 10 K 11 K 11 K 12 K 2930 3127 - - 5.61 5.80 6.35 7.19 27.16 26.34 24.81 21.89 9.56 7.79 11.13 8.86 36.75 BBB- 03.10.2011 Baa3 08.09.2011

BT GROUP PLC GBp 32360 7145 8151 16 0 0 1 45.24 29160 27348 27396 26802 9349 8882 2469 2469 0.36 0.41 0.38 0.38 15.05 16.97 16.36 16.17 -5.79 -4.81 7.80 2.85 49.05 BBB 19.07.2011 - -

INDITEX EUR 79667 429 623 0 0 0 5 74.48 20360 20360 22619 25079 4995 4996 1058 1058 4.84 4.83 5.46 6.12 33.76 - 29.90 26.67 19.93 13.22 27.70 16.25 31.33 - - - -

ROLLS-ROYCE HOLDINGS PLC GBp 31209 863 1872 2 0 0 4 29.40 18367 18367 22921 24220 2548 2548 1800 1800 1.41 1.86 0.99 1.08 13.47 17.76 25.34 23.15 14.08 17.11 21.12 30.05 20.95 A 13.04.2012 - -

STATOIL ASA NOK 76950 2019 3180 20 0 0 14 83.79 120612 120618 109172 111813 45360 45503 10657 10657 - 3.70 2.85 2.94 1.11 - 1.45 1.40 1.59 -0.50 0.23 1.46 6.45 AA- 03.08.2007 Aa2 23.06.2005

LLOYDS BANKING GROUP PLC GBp 51378 130418 70424 287 0 1 168 #VALUE! 54989 54989 27562 27462 - - - - 0.03 -0.03 0.06 0.08 - 41.55 18.68 13.00 2.65 - - - - A- 29.11.2011 A3 21.06.2012

SWISS RE AG CHF 29846 452 343 21 0 0 11 40.83 34738 34738 33946 36553 - - - - 11.60 12.69 8.46 8.90 6.98 7.47 10.47 9.95 20.07 0.89 - - - - - - -

CENTRICA PLC GBp 28558 5725 5199 8 0 0 1 35.19 36161 36161 36902 38476 5585 5585 5958 5958 0.39 0.37 0.42 0.47 22.40 21.13 19.81 17.83 7.40 15.93 17.70 12.24 23.33 A- 29.05.2009 A3 21.06.2006

KONINKLIJKE PHILIPS ELECTRON EUR 28126 1953 915 6 0 0 5 29.06 31650 31650 31635 32711 3145 3145 752 752 0.36 0.35 2.09 2.42 107.40 77.15 17.94 15.52 12.49 1.93 137.70 -4.53 12.69 A- 11.05.2005 A3 20.04.2006

GLENCORE INTERNATIONAL PLC GBp 38301 7912 7099 54 0 5 4 111.82 323873 323873 329179 346254 6949 6949 - - 0.27 0.22 0.90 1.12 56.50 45.48 13.71 11.02 22.95 25.78 6.08 -5.44 3.24 BBB 29.11.2012 - -

ING GROEP NV-CVA EUR 27514 17221 3801 265 0 1 23 271.48 50184 53934 49386 54358 - - - - 0.87 0.96 1.28 1.42 9.58 8.94 7.18 6.48 -32.61 -11.84 - - - A 03.09.2009 A3 15.06.2012

BAYERISCHE MOTOREN WERKE AG EUR 56219 1031 656 89 0 0 17 128.53 98121 98121 101739 106644 15340 15340 - - 9.92 9.92 9.96 10.26 11.31 11.31 11.26 10.94 14.89 8.26 3.68 -0.80 19.96 A 16.04.2012 A2 22.07.2011

LINDE AG EUR 33937 228 185 13 0 1 3 45.08 19510 19510 21865 23306 4396 4396 1234 1234 8.84 8.98 10.91 12.35 26.06 26.45 21.44 18.95 13.83 6.89 14.08 10.24 28.77 A 25.05.2012 A3 28.04.2010

VIVENDI EUR 26811 2579 1323 23 0 4 5 48.30 37020 37020 36818 37223 5716 8339 - - 0.37 0.18 2.28 2.42 142.03 54.41 11.35 10.68 0.80 8.91 -63.07 -8.44 28.76 BBB 26.10.2012 Baa2 13.09.2005

VINCI SA EUR 25817 1351 536 26 0 1 8 44.22 50030 49328 49722 50734 7032 6963 - - 4.49 4.57 4.49 4.75 12.45 12.55 12.67 11.97 5.21 5.43 1.45 4.75 18.02 BBB+ 29.03.2007 Baa1 23.07.2002

ENEL SPA EUR 30256 29170 9403 85 0 21 13 123.51 105591 105591 102703 103573 20621 20621 - - 0.11 0.11 0.43 0.45 35.75 - 9.63 9.17 8.44 11.67 -7.78 13.72 24.93 BBB+ 08.03.2012 Baa2 05.11.2012

HEINEKEN NV EUR 43641 401 576 17 0 1 1 60.75 23472 23472 26187 27416 4432 4497 5843 5843 6.31 6.55 4.18 4.71 14.77 14.80 23.17 20.55 9.40 14.80 3.32 14.85 24.46 BBB+ 02.10.2012 Baa1 07.03.2012

RWE AG EUR 22458 1822 615 25 0 2 7 43.25 64825 #VALUE! 68265 69250 11562 - - - 2.49 - 4.99 4.54 - - 9.39 10.33 4.20 5.24 11.85 3.91 - BBB+ 27.07.2012 A3 19.07.2011

IBERDROLA SA EUR 29273 16726 6053 42 0 0 8 63.28 43669 44496 42630 44012 9165 9813 2923 2923 0.59 0.60 0.51 0.54 9.91 9.86 11.55 11.03 10.30 10.06 3.23 10.27 28.16 BBB 28.11.2012 (P)Baa1 05.11.2012

HENNES & MAURITZ AB-B SHS SEK 58841 1034 1655 0 0 0 3 55.93 18575 18661 19818 21931 3915 3872 1226 1226 - 1.54 1.65 1.85 3.55 - 3.31 2.95 1.51 1.20 1.18 0.73 3.19 - - - -

EADS NV EUR 41946 2481 822 6 0 0 14 33.93 72114 72114 74984 79977 5014 5091 1376 1376 1.85 1.91 3.43 4.60 33.84 33.82 18.83 14.04 19.11 14.71 30.39 29.50 9.01 A- 22.09.2010 (P)A2 06.12.2012

ASML HOLDING NV EUR 26706 818 407 1 0 0 3 24.23 6041 6041 6205 7753 1715 1715 178 178 3.42 3.45 2.92 4.52 24.10 24.19 28.44 18.38 -20.78 23.97 -32.73 9.11 36.25 - - Baa2 11.11.2010

VOLVO AB-B SHS SEK 30859 4467 2028 20 0 0 4 46.88 46692 46692 45484 48770 4981 4981 836 836 - 0.84 0.96 1.38 2.66 - 2.31 1.61 -0.33 -0.23 -3.68 -0.13 1.64 BBB 15.04.2011 - -

FRANCE TELECOM SA EUR 26665 8343 2627 50 0 3 11 68.58 55561 55561 53748 52963 15799 15799 3965 3965 0.94 0.40 1.40 1.37 32.47 13.67 9.18 9.41 -4.97 -4.56 -22.49 -10.80 36.31 A- *- 27.02.2013 A3 23.06.2005

COMPAGNIE DE SAINT-GOBAIN EUR 19470 1902 531 16 0 1 5 30.84 55156 55156 54911 56787 3367 3367 - - 1.27 1.86 3.12 3.76 25.15 36.85 15.00 12.43 3.28 0.25 -60.66 -18.44 7.79 BBB 24.07.2009 Baa2 31.07.2009

ATLAS COPCO AB-A SHS SEK 33319 2077 1213 3 0 0 2 34.65 13921 13921 13726 14320 3366 3366 775 775 - 1.76 1.74 1.87 2.45 - 2.48 2.31 1.77 0.98 1.40 1.45 3.72 A 24.02.2011 A2 15.11.2012

SWATCH GROUP AG/THE-BR CHF 29909 96 54 0 0 0 2 28.01 8178 8178 9333 10275 2355 2355 - - 31.07 31.09 34.63 38.69 19.22 19.23 17.25 15.44 16.00 6.94 22.88 9.79 30.21 - - - -

TELENOR ASA NOK 34046 1410 1560 9 0 1 2 41.63 17385 17385 17612 18137 6787 6787 1442 1442 0.76 1.04 1.72 1.94 3.59 - 2.17 1.92 0.56 0.56 2.67 1.11 6.67 A- 12.04.2010 A3 27.01.2009

INTESA SANPAOLO EUR 23079 169232 16434 361 0 1 51 #VALUE! 22744 22580 21457 21995 - - - - 0.12 0.16 0.14 0.19 10.97 15.68 12.62 9.30 -37.66 -15.07 - - - BBB+ 10.02.2012 Baa2 16.07.2012

HENKEL AG & CO KGAA VORZUG EUR 36989 321 434 5 0 0 2 40.56 21080 21080 21812 22880 3552 3394 - - 4.68 4.43 5.14 5.67 27.25 27.25 23.47 21.29 7.40 6.21 17.66 12.24 20.56 A 18.05.2011 A2 01.06.2011

TELIASONERA AB SEK 30735 4317 4330 14 0 1 5 40.84 16130 16130 15971 16127 5376 5376 1316 1316 - 0.70 0.64 0.67 1.55 - 1.70 1.63 0.08 0.28 -0.79 0.37 5.13 A- 28.10.2005 A3 30.10.2007

ARCELORMITTAL EUR 21657 7524 1549 33 0 4 6 59.36 107524 107524 110480 115362 8634 9129 1846 1846 0.01 -3.08 0.87 1.83 - 105.76 24.49 11.56 -13.26 -4.73 -40.45 -24.27 10.84 BB+ 02.08.2012 Ba1 06.11.2012

FRESENIUS MEDICAL CARE AG & EUR 20478 487 307 11 0 1 1 28.60 17620 17620 18778 19850 3602 3602 935 935 4.94 4.97 5.01 5.44 21.97 22.08 21.76 20.08 12.49 10.02 9.18 9.88 26.10 BB+ 19.09.2012 - -

AP MOELLER-MAERSK A/S-B DKK 33590 1 4 19 0 2 3 52.37 58608 58608 57584 62566 12490 12490 3037 3037 849.50 849.94 750.85 935.29 1.57 1.57 1.78 1.43 1.04 0.69 -1.22 0.40 3.65 - - - -

CHRISTIAN DIOR EUR 29712 68 179 11 0 20 3 58.29 37412 #VALUE! 38336 42022 8001 - - - 9.69 - 11.91 14.21 - - 17.52 14.69 24.23 - - 13.59 - - - - -

HENKEL AG & CO KGAA EUR 36989 56 434 5 0 0 2 40.56 21080 21080 21812 22880 3552 3394 - - 4.68 4.43 5.14 5.67 22.39 22.39 19.28 17.49 7.40 6.21 17.66 12.24 20.56 A 18.05.2011 A2 01.06.2011

ATLAS COPCO AB-B SHS SEK 33319 358 1213 3 0 0 2 34.65 13921 13921 13726 14320 3366 3366 775 775 - 1.76 1.74 1.87 2.18 - 2.21 2.06 1.77 0.98 1.40 1.45 3.72 A 24.02.2011 A2 15.11.2012

TENARIS SA EUR 23605 776 1181 2 0 0 2 30.71 13833 13833 14480 15275 3734 3770 912 912 1.84 1.84 2.13 2.14 17.72 17.74 15.34 15.25 11.03 8.28 24.77 -4.31 34.80 - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%

Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%

NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%

FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%

SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%

S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%

S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%

HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%

NESTLE SA-REG 3.56 3.34 3.16 2.89 2.77 2.37 2.22 2.10 1.98 1.89 16.28 15.12 14.04 12.49 12.01 13.64 12.71 11.85 11.07 10.30 19.87 18.59 17.17 15.94 14.87 3.06 3.27 3.48 3.71 4.04 67.89 0.3%

HSBC HOLDINGS PLC 1.14 1.07 1.02 0.96 0.88 2.83 2.83 2.67 2.54 11.46 10.33 8.92 8.32 11.86 10.74 9.61 8.53 7.28 4.11 4.69 5.19 6.01 5.44 776.75 11.9%

NOVARTIS AG-REG 2.41 2.33 2.21 2.09 1.86 3.36 3.33 3.20 3.07 2.98 11.76 11.63 10.83 9.41 9.26 11.81 11.95 11.15 10.23 9.89 13.38 13.52 12.23 11.12 10.64 3.48 3.56 3.79 4.04 4.37 67.13 0.4%

ROCHE HOLDING AG-GENUSSCHEIN 11.51 9.08 7.00 5.70 4.48 4.16 3.95 3.81 3.67 3.63 14.07 12.48 11.69 10.77 10.46 11.23 10.13 9.65 9.28 9.11 15.99 14.68 13.70 12.89 12.46 3.35 3.63 3.94 4.22 4.45 218.30 -0.2%

VODAFONE GROUP PLC 1.09 1.21 1.16 1.14 1.13 1.96 2.05 2.01 1.98 1.97 7.25 6.95 6.70 6.38 7.74 7.76 8.54 8.48 8.35 8.27 11.90 12.13 11.32 10.67 10.09 7.27 5.60 5.71 5.82 6.03 191.96 3.4%

BP PLC 1.12 1.08 1.01 0.95 0.85 0.37 0.39 0.38 0.38 0.46 5.18 4.64 4.22 4.05 3.90 4.36 4.24 3.93 4.00 3.86 7.65 8.18 7.30 6.85 6.47 4.87 5.11 5.47 5.89 6.36 481.53 4.5%

SANOFI 1.79 1.75 1.68 1.59 1.47 2.97 2.88 2.73 2.59 2.49 11.08 11.06 10.15 8.70 7.94 8.30 8.50 7.84 7.25 6.93 12.60 12.97 11.62 10.56 9.74 3.56 3.77 4.19 4.65 5.18 79.45 1.9%

ROYAL DUTCH SHELL PLC-A SHS 1.09 1.01 0.95 0.93 0.83 0.44 0.46 0.45 0.45 0.40 4.57 4.51 4.43 4.28 4.16 3.86 3.74 3.67 3.54 3.32 7.72 7.70 7.59 7.34 7.07 5.33 5.55 5.70 5.93 6.22 2516.79 17.6%

GLAXOSMITHKLINE PLC 10.49 12.25 10.90 8.89 6.87 2.81 2.77 2.66 2.55 2.45 12.69 10.85 9.95 9.07 8.08 9.15 9.32 8.86 8.50 8.03 13.68 13.19 11.94 10.96 10.17 4.89 5.14 5.43 5.85 6.15 1502.74 -0.9%

TOTAL SA 1.15 1.07 0.98 0.90 0.90 0.50 0.49 0.49 0.50 0.51 3.86 3.71 3.61 3.35 3.21 3.13 3.14 3.07 2.90 2.64 6.84 7.10 7.03 6.61 6.13 6.26 6.39 6.51 6.77 6.96 45.78 22.6%

BRITISH AMERICAN TOBACCO PLC 8.25 8.86 8.33 8.35 8.05 4.39 4.19 4.01 3.85 3.64 14.97 13.81 12.94 11.66 10.04 12.52 11.48 10.75 10.07 9.55 16.98 15.17 13.87 12.67 11.39 3.83 4.31 4.72 5.16 5.71 3705.01 5.9%

SIEMENS AG-REG 2.27 2.30 2.08 1.89 1.47 0.96 0.95 0.92 0.88 0.85 10.10 10.84 9.18 8.35 8.49 8.67 9.03 7.53 7.01 7.25 13.77 13.87 11.21 10.36 9.51 3.63 3.71 4.01 4.25 4.53 86.64 2.5%

ROYAL DUTCH SHELL PLC-B SHS 1.12 1.04 0.98 0.96 0.85 0.44 0.46 0.45 0.45 0.40 4.71 4.65 4.56 4.41 4.28 3.86 3.74 3.67 3.54 3.32 7.95 7.93 7.82 7.56 7.28 5.17 5.39 5.57 5.72 5.88 2463.93 11.8%

BAYER AG-REG 3.28 3.10 2.79 2.55 2.20 1.65 1.58 1.50 1.42 1.37 11.73 10.16 9.31 8.45 7.92 8.76 8.24 7.67 7.14 6.80 14.63 13.45 12.17 11.03 10.27 2.29 2.62 2.87 3.13 3.34 79.46 0.3%

BASF SE 2.41 2.34 2.18 2.03 1.74 0.80 0.78 0.78 0.74 0.74 7.77 7.50 6.92 6.71 5.69 6.09 5.91 5.60 5.29 5.16 12.55 11.41 10.59 9.84 9.23 3.79 4.01 4.20 4.42 4.48 77.17 13.3%

ANHEUSER-BUSCH INBEV NV 3.62 3.39 3.17 2.88 2.53 3.92 3.46 3.19 3.02 2.97 13.81 12.78 11.79 10.81 9.48 12.28 10.81 9.74 9.06 8.92 20.70 19.45 17.19 15.48 14.34 1.97 2.40 2.75 3.27 3.87 75.39 -0.6%

DIAGEO PLC 8.49 6.88 5.63 4.60 3.58 4.72 4.42 4.14 3.87 3.68 21.84 18.47 16.09 14.52 12.89 16.90 15.18 14.02 13.07 12.68 21.96 19.64 17.62 15.93 14.75 2.19 2.34 2.56 2.77 3.08 2064.79 2.1%

SAP AG 5.22 4.45 3.74 3.12 2.63 4.66 4.22 3.83 3.50 3.24 19.16 15.27 13.54 11.79 11.02 14.20 12.21 10.82 9.56 8.67 20.02 17.84 15.73 13.85 12.90 1.36 1.54 1.79 1.98 1.94 65.60 6.2%

NOVO NORDISK A/S-B 13.29 11.74 10.51 8.96 9.64 6.82 6.35 5.83 5.41 5.06 22.78 19.13 17.32 15.29 13.77 16.21 15.01 13.55 12.33 11.58 24.93 20.59 18.58 16.50 14.60 1.81 2.22 2.50 2.74 2.95 1019.38 7.4%

BANCO SANTANDER SA 0.68 0.70 0.68 0.70 0.80 1.23 1.22 1.17 1.13 1.12 1.97 1.95 1.84 2.20 9.26 8.77 7.53 7.32 7.60 11.40 11.71 11.24 10.55 11.61 6.15 19.1%

RIO TINTO PLC 1.66 1.48 1.29 1.15 0.96 1.82 1.58 1.49 1.45 1.40 7.56 5.29 4.99 4.46 4.46 6.78 5.59 5.09 4.88 4.62 9.45 7.85 6.90 6.89 6.62 3.34 3.80 4.20 4.50 4.26 4043.26 30.2%

LVMH MOET HENNESSY LOUIS VUI 2.66 2.45 2.22 2.02 1.63 2.40 2.22 2.04 1.89 1.76 13.96 12.91 11.71 10.90 11.24 10.36 9.48 8.58 7.81 7.51 18.35 17.45 15.55 13.92 12.42 2.26 2.49 2.80 3.11 3.28 152.67 15.4%

UNILEVER NV-CVA 5.72 5.15 4.60 4.15 3.62 1.87 1.79 1.69 1.60 1.52 15.90 14.57 13.50 12.37 11.57 12.57 11.78 11.01 10.21 9.75 19.96 18.65 17.17 15.78 14.67 3.01 3.21 3.43 3.64 3.95 31.70 0.4%

BHP BILLITON PLC 2.28 2.11 1.85 1.64 1.47 2.41 2.54 2.31 2.21 2.12 6.53 7.73 6.52 6.17 5.78 6.11 7.02 5.95 5.60 5.34 9.20 11.45 9.65 8.87 8.64 3.89 4.10 4.40 4.63 4.75 2279.16 17.5%

SABMILLER PLC 3.42 3.06 2.82 2.57 2.25 4.94 3.37 3.18 3.01 2.86 19.55 17.16 16.05 14.11 12.59 19.10 15.80 14.44 13.56 11.77 24.70 21.55 19.13 17.20 15.62 1.72 1.97 2.22 2.50 2.62 3283.07 -4.1%

ALLIANZ SE-REG 0.92 0.88 0.83 0.79 0.74 0.46 0.46 0.45 0.44 0.43 9.32 8.67 8.28 8.09 7.57 4.38 4.65 4.89 5.01 5.36 117.71 12.0%

ENI SPA 1.06 1.01 0.96 0.90 0.86 0.53 0.54 0.53 0.51 0.55 3.82 3.53 3.30 3.13 3.63 2.85 2.92 2.81 2.70 2.73 8.74 8.98 8.47 7.85 9.36 6.15 6.26 6.40 6.61 6.50 20.11 14.5%

ASTRAZENECA PLC 2.60 2.46 2.33 2.20 1.98 2.17 2.31 2.38 2.43 2.50 7.89 7.69 8.27 7.95 8.01 5.76 6.38 6.57 6.65 6.95 7.87 8.96 9.30 9.36 9.65 6.01 5.76 5.80 5.82 5.62 3046.57 -5.7%

STANDARD CHARTERED PLC 1.43 1.29 1.20 1.11 1.06 3.23 2.98 2.71 2.47 2.33 11.47 9.84 8.65 7.77 11.69 10.75 9.75 8.97 8.12 3.20 3.60 3.95 4.38 4.52 1900.72 12.2%

TELEFONICA SA 2.08 1.99 1.87 1.71 1.64 0.76 0.80 0.80 0.79 0.79 3.27 3.37 3.32 3.47 4.30 5.19 5.40 5.37 5.36 5.38 8.61 9.22 8.84 8.45 8.61 1.22 7.15 7.56 7.12 9.18 11.29 7.9%

DAIMLER AG-REGISTERED SHARES 1.08 1.03 0.96 0.87 0.80 0.41 0.40 0.37 0.35 0.36 5.26 4.99 4.39 3.63 3.04 9.19 9.29 8.16 7.27 6.18 9.38 9.33 7.88 6.81 6.73 4.94 4.70 5.17 5.84 47.46 9.4%

UBS AG-REG 1.15 1.14 1.08 1.04 1.18 2.23 2.10 2.02 1.91 1.95 94.00 12.04 9.65 7.34 14.33 16.65 12.23 8.92 7.58 0.90 1.74 3.81 7.97 9.32 17.37 19.2%

BG GROUP PLC 1.72 1.56 1.40 1.24 1.29 2.54 2.85 2.50 2.01 1.60 7.07 7.38 6.22 5.26 5.17 6.13 6.34 5.31 4.25 4.27 12.38 12.81 10.80 8.48 6.63 1.53 1.64 1.79 2.04 2.28 1390.14 24.6%

BNP PARIBAS 0.63 0.60 0.57 0.54 1.25 1.21 1.18 1.14 1.14 4.92 4.38 3.92 3.64 7.21 7.82 6.85 6.27 3.82 4.49 5.43 6.36 6.62 52.31 33.4%

UNILEVER PLC 5.87 5.29 4.72 4.26 3.72 1.87 1.79 1.69 1.60 1.52 16.33 14.97 13.87 12.70 11.89 12.57 11.78 11.01 10.21 9.75 20.50 19.16 17.64 16.21 15.07 3.00 3.14 3.40 3.73 4.12 2785.50 1.6%

BARCLAYS PLC 0.65 0.64 0.60 0.56 0.49 1.26 1.25 1.22 1.18 1.29 2.98 3.00 2.64 2.34 8.12 7.74 6.46 5.57 6.30 2.25 2.53 3.23 4.49 3.76 365.84 28.4%

ABB LTD-REG 3.11 2.81 2.52 2.27 1.33 1.25 1.19 1.13 1.03 13.79 11.51 10.47 9.50 9.51 10.10 8.59 7.76 7.23 7.31 17.25 14.82 13.08 12.00 10.74 3.15 3.38 3.61 3.85 4.17 23.30 8.4%

RECKITT BENCKISER GROUP PLC 5.50 5.20 4.57 4.14 3.30 3.57 3.37 3.22 3.02 2.90 17.62 16.37 15.44 14.72 13.03 13.73 13.16 12.49 11.63 10.54 19.23 17.94 16.96 15.78 14.38 2.71 2.88 3.05 3.25 3.58 4410.93 -7.3%

BANCO BILBAO VIZCAYA ARGENTA 0.88 0.82 0.78 0.73 1.60 1.56 1.48 1.43 2.90 2.84 2.75 2.86 18.83 8.59 7.62 6.74 6.28 6.33 6.36 6.96 7.87 17.8%

TESCO PLC 1.69 1.63 1.53 1.45 0.46 0.46 0.44 0.42 0.40 8.04 7.89 7.29 6.83 7.24 7.72 7.33 6.88 9.87 11.45 11.93 11.28 10.52 9.94 4.02 3.91 4.10 4.42 4.74 388.11 3.3%

L'OREAL 3.78 3.30 3.05 2.80 2.35 3.23 3.08 2.91 2.73 2.60 19.87 18.39 17.04 15.92 15.07 15.92 14.87 13.84 12.96 12.19 24.97 23.32 21.53 19.74 18.62 1.85 2.06 2.24 2.50 2.67 113.41 -5.1%

DANONE 2.56 2.42 2.29 2.12 1.84 1.63 1.53 1.44 1.36 1.29 12.59 12.34 10.85 9.75 8.89 11.18 10.67 9.93 9.20 8.44 17.68 16.89 15.29 14.09 12.70 2.74 2.85 3.11 3.41 3.94 54.56 2.3%

NATIONAL GRID PLC 2.72 2.67 2.57 2.42 2.30 1.91 1.91 1.84 1.78 1.70 8.07 7.77 7.58 7.30 7.13 10.04 9.53 8.96 8.55 8.40 14.95 14.07 13.70 13.14 13.19 5.23 5.44 5.56 5.74 5.80 723.88 -3.7%

ZURICH INSURANCE GROUP AG 1.21 1.15 1.09 1.01 0.97 0.66 0.66 0.64 0.65 0.59 12.35 9.60 9.08 8.54 8.12 6.72 6.67 6.83 7.00 7.26 269.00 2.4%

CIE FINANCIERE RICHEMON-BR A 4.12 3.31 2.82 2.45 2.04 4.04 3.42 3.16 2.90 4.75 21.25 16.65 13.99 12.78 13.25 14.45 11.38 10.36 9.46 8.64 25.29 17.53 15.53 14.04 12.63 0.78 1.02 1.19 1.36 1.50 86.12 16.2%

PRUDENTIAL PLC 2.73 2.38 2.12 2.10 1.58 0.54 0.46 0.45 15.13 13.14 11.86 10.89 2.53 2.88 3.08 3.35 3.52 1116.89 6.4%

AXA SA 0.67 0.63 0.60 0.55 0.53 0.32 0.32 0.31 0.29 7.38 6.83 6.40 6.11 5.63 5.41 5.82 6.15 6.49 16.38 21.6%

SCHNEIDER ELECTRIC SA 1.82 1.74 1.62 1.52 1.31 1.28 1.22 1.15 11.45 10.95 9.73 9.29 9.43 8.78 8.06 7.53 14.66 13.62 12.22 11.18 3.13 3.44 3.76 4.10 59.03 5.0%

SYNGENTA AG-REG 4.57 3.89 3.47 2.83 2.68 2.71 2.52 2.38 2.27 2.24 15.62 13.80 12.64 12.03 11.83 12.67 11.49 10.60 10.03 9.69 18.74 16.58 15.14 14.29 14.61 2.25 2.64 2.91 3.07 3.14 408.11 3.2%

AIR LIQUIDE SA 2.72 2.53 2.36 2.20 1.97 1.91 1.79 1.67 1.57 1.53 10.13 9.34 8.72 8.22 7.46 9.42 8.69 8.01 7.47 7.17 18.27 16.80 15.19 13.91 12.96 2.69 2.89 3.14 3.41 3.40 101.28 8.2%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%

Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%

NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%

FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%

SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%

S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%

S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%

HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%

ERICSSON LM-B SHS 1.82 1.83 1.73 1.58 1.50 1.18 1.14 1.09 1.05 1.07 16.61 11.55 9.80 9.16 7.09 8.83 7.09 6.33 5.66 5.72 18.85 15.78 13.27 11.65 10.71 3.19 3.45 3.71 3.99 4.19 85.03 4.7%

XSTRATA PLC 1.02 0.97 0.91 0.94 1.59 1.43 1.34 1.19 7.07 6.93 6.00 5.06 8.62 6.82 5.98 4.81 13.92 13.00 10.35 7.35 2.47 2.73 3.05 3.72 1267.50 18.1%

DEUTSCHE BANK AG-REGISTERED 0.50 0.49 0.47 0.44 0.39 0.84 0.83 0.81 0.79 0.71 5.36 4.66 4.08 3.83 8.48 7.86 6.07 5.08 4.36 2.48 2.54 3.20 3.74 3.54 38.64 27.2%

ANGLO AMERICAN PLC 0.80 0.79 0.76 0.74 1.28 1.05 1.01 0.96 0.85 6.14 4.61 4.31 4.00 6.23 5.03 4.62 4.42 5.64 13.45 11.15 9.17 8.31 15.01 2.93 3.31 3.51 4.02 5.46 2026.32 18.5%

DEUTSCHE TELEKOM AG-REG 1.24 1.25 1.19 1.17 1.31 0.61 0.61 0.61 0.61 0.61 2.65 2.54 2.57 2.67 2.56 4.35 4.52 4.51 4.45 4.35 12.74 11.52 11.13 10.80 10.20 8.55 6.55 6.27 6.46 7.14 9.16 12.1%

GDF SUEZ 0.53 0.53 0.54 0.55 0.52 0.39 0.44 0.44 0.44 0.41 2.99 3.33 3.23 3.51 3.21 5.49 6.66 6.56 6.40 5.88 9.57 10.93 10.49 9.98 8.66 10.05 9.83 9.86 8.92 9.46 16.67 11.7%

IMPERIAL TOBACCO GROUP PLC 2.82 3.55 3.41 3.32 3.12 2.76 2.70 2.61 2.53 2.44 9.99 9.12 8.81 8.10 7.37 9.14 8.97 8.60 8.26 7.95 11.24 10.55 9.79 9.10 8.47 4.67 5.18 5.72 6.32 6.88 2637.15 17.7%

NORDEA BANK AB 1.27 1.19 1.12 1.06 3.50 3.40 3.27 3.13 11.03 11.47 8.95 6.83 11.71 10.67 9.57 8.63 3.39 4.38 5.08 5.78 79.33 8.9%

CREDIT SUISSE GROUP AG-REG 0.92 0.91 0.86 0.82 0.66 1.36 1.25 1.20 1.18 1.11 15.66 6.59 6.94 6.34 10.16 9.50 8.08 7.35 6.73 2.85 3.72 4.41 5.39 5.06 28.53 13.9%

VOLKSWAGEN AG-PREF 0.93 0.85 0.76 0.66 0.63 0.36 0.34 0.32 0.31 0.30 3.23 3.29 2.93 3.01 2.59 7.57 6.88 6.16 5.75 4.97 7.18 7.11 6.15 5.56 5.16 2.50 2.86 3.50 4.42 4.26 192.58 24.9%

MUENCHENER RUECKVER AG-REG 0.98 0.91 0.87 0.82 0.80 0.47 0.47 0.45 0.44 0.37 8.22 8.86 8.65 8.70 9.63 4.69 4.86 5.00 5.26 5.39 147.33 1.5%

E.ON SE 0.68 0.68 0.67 0.64 0.61 0.24 0.24 0.24 0.23 0.21 3.29 4.05 4.02 3.82 3.55 4.69 5.29 5.18 5.16 5.02 6.01 10.29 9.67 9.52 9.12 8.12 5.48 5.64 5.68 5.94 13.34 -0.9%

PERNOD-RICARD SA 2.59 2.22 2.04 1.85 1.72 3.12 2.91 2.74 2.56 2.41 19.20 18.09 15.83 14.18 13.11 15.29 13.97 12.93 11.95 10.91 21.01 19.43 17.14 15.05 13.30 1.64 1.76 1.98 2.23 2.72 101.00 4.6%

BT GROUP PLC 11.57 12.36 7.49 5.48 3.50 1.11 1.18 1.21 1.21 1.21 4.40 4.71 4.90 4.80 5.70 4.97 4.91 4.94 4.89 4.90 11.93 10.83 10.70 10.03 9.78 3.09 3.53 3.97 4.52 4.82 267.95 -1.5%

INDITEX 7.33 6.70 5.83 5.09 3.80 3.91 3.52 3.18 2.87 2.60 19.34 17.66 15.76 14.11 14.69 13.28 11.87 10.66 9.52 26.14 23.42 20.88 18.64 16.69 2.27 2.50 2.85 3.24 3.64 108.25 8.1%

ROLLS-ROYCE HOLDINGS PLC 3.62 2.95 2.55 2.27 1.96 1.68 1.36 1.29 1.19 1.11 17.87 14.54 11.69 9.71 10.69 8.77 8.16 7.52 6.44 19.15 16.78 15.33 14.14 13.07 1.79 2.00 2.26 2.59 2.76 1055.28 -4.0%

STATOIL ASA 1.41 1.28 1.17 1.09 1.02 0.63 0.70 0.69 0.69 0.71 3.69 3.76 3.61 3.61 3.49 1.88 2.01 1.97 1.95 2.05 8.55 8.48 8.21 8.31 8.55 4.73 4.88 5.01 5.17 5.33 159.51 13.0%

LLOYDS BANKING GROUP PLC 0.75 0.77 0.73 0.69 0.63 1.85 1.86 1.87 1.85 12.06 8.77 7.09 6.10 20.10 12.36 8.61 7.42 5.67 0.00 0.41 2.07 4.15 3.32 53.63 11.2%

SWISS RE AG 0.86 0.85 0.82 0.77 0.71 0.91 0.92 0.86 0.81 0.80 7.89 9.98 9.49 9.23 8.72 4.72 5.43 5.45 5.61 5.06 75.80 -1.2%

CENTRICA PLC 3.13 3.02 2.79 2.52 2.16 0.81 0.77 0.74 0.71 0.67 10.13 7.40 6.91 6.53 6.43 5.91 5.62 5.33 4.98 13.51 13.12 11.80 11.47 10.27 4.50 4.71 4.99 5.32 5.81 368.25 0.9%

KONINKLIJKE PHILIPS ELECTRON 1.84 1.84 1.73 1.59 1.42 0.89 0.89 0.86 0.82 0.82 11.22 9.16 7.76 7.33 6.73 8.24 6.65 6.06 5.49 5.44 19.26 14.05 12.15 10.89 9.49 3.30 3.40 3.68 3.93 4.02 24.23 5.3%

GLENCORE INTERNATIONAL PLC 1.19 1.07 0.95 0.87 0.19 0.18 0.17 0.16 0.20 10.27 8.18 6.70 5.96 13.08 10.20 8.13 7.59 11.64 9.08 7.29 6.23 11.23 2.75 3.14 3.84 4.25 434.00 21.5%

ING GROEP NV-CVA 0.43 0.39 0.37 0.36 0.50 0.56 0.51 0.50 7.27 5.62 5.07 4.86 5.86 0.00 0.30 3.36 4.94 7.98 41.9%

BAYERISCHE MOTOREN WERKE AG 1.45 1.33 1.21 1.09 1.03 0.57 0.55 0.53 0.50 0.50 5.33 5.16 4.92 4.74 3.31 7.67 7.91 7.63 7.88 6.64 8.86 8.82 8.57 8.20 8.10 3.80 4.00 4.29 4.46 3.92 79.43 15.4%

LINDE AG 1.92 1.92 1.78 1.65 1.49 1.74 1.55 1.46 1.38 1.32 9.55 8.73 8.05 7.44 6.80 10.09 8.90 8.23 7.56 7.12 18.39 16.79 14.84 13.37 12.31 1.85 2.05 2.26 2.49 2.82 152.10 6.0%

VIVENDI 1.01 1.05 1.00 0.99 1.01 0.74 0.73 0.72 0.71 0.70 3.47 3.74 3.62 3.41 3.50 4.75 4.86 4.73 4.65 4.51 7.90 8.89 8.37 7.97 7.95 6.31 6.21 6.43 6.82 8.17 17.84 12.5%

VINCI SA 1.44 1.35 1.28 1.17 1.02 0.53 0.52 0.51 0.50 0.46 5.10 4.95 4.81 4.53 4.26 6.33 6.25 6.07 5.85 5.44 10.11 9.92 9.38 8.93 7.91 5.12 5.18 5.39 5.78 6.02 43.76 25.4%

ENEL SPA 0.58 0.58 0.56 0.53 0.54 0.29 0.29 0.29 0.29 0.28 2.63 2.60 2.39 2.54 2.64 5.83 5.99 5.93 5.80 5.67 6.87 7.54 7.18 6.76 6.79 5.95 5.52 5.67 6.11 5.91 3.04 20.7%

HEINEKEN NV 3.19 2.84 2.54 2.18 2.07 1.87 1.67 1.59 1.51 1.43 11.88 10.02 9.23 8.31 7.83 12.28 10.40 9.68 9.02 8.75 20.94 18.14 16.09 14.45 13.04 1.48 1.66 1.87 2.07 2.25 55.12 -7.1%

RWE AG 1.10 1.12 1.07 1.02 0.91 0.34 0.33 0.32 0.32 0.30 2.95 3.07 3.12 3.36 2.84 3.87 3.84 3.93 3.99 4.01 7.07 7.36 8.08 8.38 8.11 7.03 6.88 6.59 6.31 6.38 30.15 4.9%

IBERDROLA SA 0.63 0.62 0.61 0.60 0.61 0.73 0.69 0.66 0.65 0.68 3.86 4.14 4.21 3.78 6.39 6.52 6.27 6.02 5.86 8.00 9.06 8.64 8.75 9.23 8.55 8.05 8.03 7.98 8.23 4.33 18.6%

HENNES & MAURITZ AB-B SHS 8.49 8.32 7.73 7.06 6.66 3.16 2.97 2.68 2.43 2.18 18.80 17.54 15.77 14.18 13.25 14.22 13.59 12.16 10.92 9.70 22.79 21.51 19.22 17.31 15.45 4.14 4.20 4.47 4.86 5.53 219.50 -5.1%

EADS NV 3.29 3.26 2.62 2.23 1.91 0.60 0.56 0.52 0.50 0.49 10.75 8.34 7.46 5.39 6.63 6.03 4.82 4.11 3.75 3.65 20.53 14.75 11.00 9.08 8.46 1.55 2.42 3.25 3.95 3.81 42.96 8.4%

ASML HOLDING NV 4.95 4.26 3.64 2.94 4.42 4.30 3.44 2.89 2.35 17.34 20.00 12.94 10.50 13.86 15.34 10.43 8.02 6.86 20.50 22.28 14.40 10.73 7.99 0.89 1.07 1.23 1.40 53.78 5.5%

VOLVO AB-B SHS 2.18 2.21 1.97 1.82 0.66 0.68 0.63 0.60 0.59 11.10 7.07 6.24 5.76 9.34 9.12 7.42 6.52 7.15 15.27 15.03 10.48 8.65 8.76 3.08 3.41 4.02 4.63 104.41 10.7%

FRANCE TELECOM SA 0.76 0.78 0.77 0.74 0.76 0.48 0.50 0.50 0.51 0.51 2.07 2.12 2.19 2.27 2.23 3.93 4.16 4.28 4.37 4.39 6.12 7.19 7.37 7.27 7.01 10.19 9.87 9.54 9.23 9.73 9.63 22.1%

COMPAGNIE DE SAINT-GOBAIN 0.84 0.84 0.81 0.76 0.35 0.35 0.34 0.33 0.32 5.41 5.40 4.93 4.31 5.52 5.46 5.02 4.52 4.12 12.22 11.76 9.74 7.85 6.63 4.06 4.61 4.63 4.86 33.03 15.0%

ATLAS COPCO AB-A SHS 6.30 5.47 4.69 4.04 2.40 2.43 2.33 2.20 2.14 15.03 13.86 13.51 13.10 10.30 10.43 9.87 9.24 9.44 15.95 16.10 15.02 13.82 3.16 3.23 3.45 3.66 190.61 4.4%

SWATCH GROUP AG/THE-BR 3.22 2.84 2.48 2.16 3.68 3.20 2.91 2.65 2.51 20.45 15.90 13.97 12.56 12.48 10.48 9.36 8.33 8.29 19.74 16.45 14.72 13.08 12.87 1.25 1.45 1.64 1.85 1.99 594.56 9.5%

TELENOR ASA 2.56 2.50 2.36 2.17 2.43 1.96 1.93 1.88 1.83 1.73 9.58 7.26 6.93 6.79 5.39 7.52 6.86 6.53 6.25 5.90 15.50 12.72 11.26 10.21 9.04 4.46 5.32 6.05 6.87 10.56 132.04 3.4%

INTESA SANPAOLO 0.37 0.36 0.35 0.34 1.04 1.08 1.05 1.03 2.31 2.33 2.21 2.11 11.30 9.89 7.28 5.96 6.92 4.61 4.69 6.23 7.22 8.13 1.41 27.5%

HENKEL AG & CO KGAA VORZUG 3.29 3.04 2.72 2.45 2.11 1.75 1.70 1.62 1.53 1.48 15.94 14.58 13.62 12.62 11.50 11.76 11.11 10.29 9.45 8.85 19.95 18.38 16.68 15.14 13.97 1.25 1.38 1.53 1.72 1.93 70.86 -4.3%

TELIASONERA AB 1.70 1.68 1.62 1.70 1.91 1.92 1.91 1.90 1.85 5.94 6.90 6.92 6.73 5.97 7.42 7.52 7.29 7.16 6.86 11.21 11.03 10.58 10.35 9.77 6.71 7.22 7.31 7.58 8.83 47.08 2.0%

ARCELORMITTAL 0.38 0.39 0.38 0.36 0.33 0.26 0.25 0.24 0.24 0.23 4.22 4.52 3.27 3.08 1.92 6.68 6.11 4.99 4.48 3.89 76.06 19.18 9.05 6.42 4.82 4.34 1.65 2.39 2.70 1.92 13.80 35.5%

FRESENIUS MEDICAL CARE AG & 2.33 2.10 1.89 1.69 1.52 1.49 1.39 1.32 1.23 1.14 11.74 11.00 10.05 9.29 9.06 9.93 9.31 8.80 8.21 7.40 18.02 17.05 15.72 13.99 12.16 1.34 1.43 1.53 1.65 2.18 56.70 8.2%

AP MOELLER-MAERSK A/S-B 0.93 0.89 0.82 0.75 0.57 0.58 0.54 0.51 0.44 4.41 4.06 3.52 3.19 4.07 4.05 3.62 3.37 10.83 10.37 8.32 6.68 5.33 2.33 2.63 2.81 2.95 50965.00 12.2%

CHRISTIAN DIOR 2.78 1.67 1.50 1.18 0.97 0.78 0.71 0.65 6.94 5.45 4.76 3.94 7.68 6.15 5.46 4.89 18.24 13.72 11.50 10.81 1.78 2.55 3.03 3.48 146.57 14.5%

HENKEL AG & CO KGAA 2.71 2.50 2.23 2.01 1.73 1.75 1.70 1.62 1.53 1.48 13.09 11.98 11.19 10.37 9.45 11.76 11.11 10.29 9.45 8.85 16.39 15.10 13.70 12.44 11.48 1.53 1.71 1.86 2.07 2.37 60.54 -0.5%

ATLAS COPCO AB-B SHS 5.61 4.88 4.18 3.61 2.40 2.43 2.33 2.20 2.14 13.40 12.36 12.04 11.68 10.30 10.43 9.87 9.24 9.44 14.22 14.36 13.39 12.32

TENARIS SA 1.99 1.86 1.68 1.51 2.18 2.08 1.97 1.89 9.83 8.50 9.14 9.98 8.36 7.84 7.38 7.03 13.54 12.01 11.94 11.23 2.46 2.58 2.70 2.66 15.66 0.0%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


27.03.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (15.03.2013) 69.00

52-Week Low (05.06.2012) 53.80

Daily Volume

67.7

52-Week High % Change -1.88% Dividend Yield -

52-Week Low % Change 25.84% Beta 0.74

% 52 Week Price Range High/Low 91.45% Equity Float 3'219.39

Shares Out 31.12.2012 3'224.8 Short Int -

218'318.95 1 Yr Total Return 23.49%

Total Debt 27'577.00 YTD Return 13.59%

Preferred Stock 0.0 Adjusted BETA 0.742

Minority Interest 1'657.0 Analyst Recs 42

Cash and Equivalents 9'425.00 Consensus Rating 3.762

Enterprise Value 238'127.95

Average Volume 5 Day 4'421'169

NESN VX EQUITY YTD Change - Average Volume 30 Day 5'384'823

NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'693'481

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

103'086.0 100'579.0 88'015.0 83'770.0 92'324.0 83'642 92'186 98'254 103'914 22'959 24'414

1.64x 1.96x 2.08x 2.23x 2.27x 0.00x 0.00x 2.42x 2.26x - -

15'533.0 16'048.0 15'611.0 15'390.0 16'887.0 0.0 0.0 18'692.3 20'056.7 - -

10.89x 12.28x 11.72x 12.16x 12.43x 0.00x 0.00x 12.71x 11.85x - -

18'039.0 10'428.0 34'233.0 9'487.0 10'611.0 0.0 0.0 11'457.7 12'394.8 - -

20.80x 19.38x 21.06x 18.18x 17.90x 0.00x 0.00x 18.59x 17.17x - -

EBITDA 16'887.00 Long-Term Rating Date 16.08.2007

EBIT 13'903.00 Long-Term Rating AA

Operating Margin 15.06% Long-Term Outlook STABLE

Pretax Margin 15.72% Short-Term Rating Date 23.11.1981

Return on Assets 8.83% Short-Term Rating A-1+

Return on Common Equity 18.02%

Return on Capital 13.46% EBITDA/Interest Exp. 29.73

Asset Turnover 0.77% (EBITDA-Capex)/Interest Exp. 20.28

Net Debt/EBITDA 1.07

Gross Margin 47.6% Total Debt/EBITDA 1.63

EBITDA Margin 18.3%

EBIT Margin 15.1% Total Debt/Equity 45.2%

Net Income Margin 11.5% Total Debt/Capital 30.6%

Asset Turnover 0.77

Current Ratio 0.91 Net Fixed Asset Turnover 3.63

Quick Ratio 0.50 Accounts receivable turnover-days 38.56

Debt to Assets 21.85% Inventory Days 69.50

Tot Debt to Common Equity 45.25% Accounts Payable Turnover Day 106.31

Accounts Receivable Turnover 9.49 Cash Conversion Cycle 1.76

Inventory Turnover 5.27

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nestle SAPrice/Volume

Valuation Analysis

2'739'821.00

Current Price (3/dd/yy) Market Data

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27.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BLACKROCK n/a ULT-AGG 167'423'934 5.19 145'091 25.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 73'718'620 2.29 2'250'900 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 45'239'182 1.4 (902'542) 31.01.2013 Mutual Fund Manager

FMR LLC n/a ULT-AGG 37'264'088 1.16 2'976'375 31.01.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'232'885 1.09 (997'394) 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 28'857'544 0.89 (56'440) 30.11.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 23'431'160 0.73 524'947 31.01.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 18'332'115 0.57 319'679 31.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 17'812'640 0.55 88'163 31.01.2013 Mutual Fund Manager

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 16'719'546 0.52 6'474'868 31.01.2013 Mutual Fund Manager

CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'537'390 0.39 22'050 31.12.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'887'345 0.37 (187'731) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 10'560'011 0.33 (110'988) 28.02.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 9'789'155 0.3 3'003'499 31.12.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 8'899'608 0.28 (63'233) 31.01.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'902'742 0.25 11'764 30.09.2012 Hedge Fund Manager

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'524'912 0.17 121'371 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'320'763 0.16 (722'976) 31.01.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 5'162'265 0.16 (118'700) 28.02.2013 Unclassified

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'693'232 0.15 (71'536) 31.05.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 66 12 month 26.03.2013

Kepler Capital Markets JON COX hold 3 M 60 Not Provided 22.03.2013

Grupo Santander PEDRO GIL buy 5 M 72 Not Provided 21.03.2013

Jefferies ALEX HOWSON buy 5 M 74 12 month 21.03.2013

AlphaValue SOPHIE CABO-BROSETA reduce 2 M 70 6 month 21.03.2013

EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 21.03.2013

Exane BNP Paribas JEFF STENT outperform 5 M 74 Not Provided 19.03.2013

Day by Day VALERIE GASTALDY buy 5 M 79 3 month 18.03.2013

JPMorgan CELINE PANNUTI overweight 5 M 72 9 month 14.03.2013

Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 68 12 month 13.03.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 73 12 month 11.03.2013

Credit Suisse ALEX MOLLOY outperform 5 U 76 Not Provided 07.03.2013

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 69 12 month 05.03.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 63 12 month 26.02.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 22.02.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 22.02.2013

Societe Generale WARREN L ACKERMAN buy 5 M 71 12 month 19.02.2013

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 18.02.2013

Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 15.02.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 15.02.2013

Nomura DAVID HAYES reduce 2 M 66 Not Provided 15.02.2013

Helvea ANDREAS VON ARX neutral 3 M 65 12 month 15.02.2013

Barclays LIAM ROWLEY overweight 5 M 70 Not Provided 15.02.2013

Deutsche Bank JAMES ISENWATER hold 3 M 63 12 month 14.02.2013

Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 70 12 month 14.02.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 67 12 month 14.02.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 14.02.2013

SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 61 12 month 14.02.2013

S&P Capital IQ CARL SHORT hold 3 M 65 12 month 14.02.2013

Natixis PIERRE TEGNER buy 5 U 72 Not Provided 11.02.2013

Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013

CA Cheuvreux ERIC BOROIAN outperform 5 M 63 Not Provided 21.01.2013

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 49 6 month 18.10.2012

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 58 Not Provided 14.09.2012

Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 13.09.2012

HSBC CEDRIC BESNARD neutral 3 D 67 Not Provided 12.09.2012

Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012

DZ Bank AG ROBERT CZERWENSKY hold 3 D 63 12 month 16.08.2012

Holdings By:

Nestle SA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.03.2013) 741.20

52-Week Low (30.05.2012) 501.20

Daily Volume

694.1

52-Week High % Change -6.35% Dividend Yield 4.29




128'300.92 1 Yr Total Return 28.80%


Preferred Stock 2'728.0 Adjusted BETA 1.090



Enterprise Value -


HSBA LN EQUITY YTD Change - Average Volume 30 Day 22'664'280

HSBA LN EQUITY YTD % CHANGE - Average Volume 3 Month 20'333'180


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

126'036.0 97'533.0 91'171.0 94'799.0 84'663.0 85'228.0 80'336.0 68'487.3 72'601.7 - -

- - - - - 0.00x 0.00x 0.93x 0.40x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

5'728.0 5'834.0 13'159.0 16'797.0 14'027.0 16'797.0 14'027.0 18'363.5 20'694.4 - -

19.90x 31.93x 13.43x 8.03x 13.58x 8.03x 13.58x 10.74x 9.61x - -

EBITDA - Long-Term Rating Date 29.11.2011

EBIT - Long-Term Rating A+

Operating Margin 15.34% Long-Term Outlook NEG


Return on Assets 0.53% Short-Term Rating A-1


Return on Capital 3.38% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 165.2%


Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 7.49

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 10.58% Inventory Days -

Tot Debt to Common Equity 165.20% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

HSBC Holdings PLCPrice/Volume

Valuation Analysis

9'945'450.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

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27.03.2013


JP MORGAN n/a ULT-AGG 1'324'583'860 7.17 (13'049'021) 12.02.2013 Unclassified

BLACKROCK n/a ULT-AGG 1'110'172'768 6.01 - 25.03.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 681'507'879 3.69 2'537'898 01.02.2013 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 476'556'585 2.58 - 01.02.2013 Government

SCOTTISH WIDOWS n/a ULT-AGG 440'954'225 2.39 79'539'775 01.02.2013 Unclassified



FRANKLIN RESOURCES n/a ULT-AGG 224'222'452 1.21 (2'646'000) 28.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 209'856'599 1.14 5'636'526 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios REG 200'499'704 1.08 10'505'716 01.02.2013 Investment Advisor

DZ BANK AG Multiple Portfolios REG 199'869'719 1.08 - 01.02.2013 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 198'426'753 1.07 5'126'341 01.02.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 193'573'011 1.05 27'428'625 28.02.2013 Unclassified

UBS n/a ULT-AGG 187'959'754 1.02 21'768'714 01.02.2013 Unclassified

SUN LIFE FINANCIAL I n/a ULT-AGG 181'870'790 0.98 2'568'947 01.02.2013 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 180'568'727 0.98 (14'593'182) 01.02.2013 Investment Advisor

STATE STREET n/a ULT-AGG 174'085'246 0.94 2'029'272 26.03.2013 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 141'993'045 0.77 (3'241'674) 01.02.2013 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 127'868'417 0.69 19'292'369 01.02.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 125'817'709 0.68 (3'893'625) 01.02.2013 Investment Advisor


Macquarie THOMAS STOEGNER outperform 5 M 800 12 month 26.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 835 Not Provided 25.03.2013

Credit Suisse AMIT GOEL outperform 5 M 790 Not Provided 25.03.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 21.03.2013

AlphaValue DAVID GRINSZTAJN sell 1 M 610 6 month 21.03.2013

Investec IAN GORDON add 4 M 735 12 month 20.03.2013

Shore Capital Stockbrokers GARY GREENWOOD buy 5 U #N/A N/A Not Provided 19.03.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 860 12 month 18.03.2013

Nomura CHINTAN JOSHI buy 5 M 900 12 month 18.03.2013

Exane BNP Paribas TOM RAYNER outperform 5 M 825 Not Provided 18.03.2013

BNP Paribas Equity Research DOMINIC CHAN buy 5 M 856 12 month 14.03.2013

Oriel Securities Ltd VIVEK RAJA buy 5 U 860 Not Provided 14.03.2013

Goldman Sachs FREDERIK THOMASEN Buy/Neutral 5 M 940 12 month 12.03.2013

Numis Securities Ltd MICHAEL J TRIPPITT hold 3 M 652 Not Provided 12.03.2013

Societe Generale JAMES INVINE buy 5 M 790 12 month 05.03.2013

Deutsche Bank JASON NAPIER buy 5 M 760 12 month 05.03.2013

Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 777 12 month 05.03.2013

RBC Capital Markets PATRICK LEE sector perform 3 M 700 12 month 05.03.2013

DBS Vickers ALEXANDER LEE buy 5 M 820 12 month 05.03.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 750 12 month 05.03.2013

Citic Securities Co., Ltd STEVEN CHAN buy 5 M 854 6 month 05.03.2013

BOCOM International Holdings LI SHANSHAN neutral 3 M 746 Not Provided 05.03.2013

Canaccord Genuity Corp GARETH HUNT buy 5 M 825 12 month 04.03.2013

S&P Capital IQ FRANK BRADEN buy 5 M 785 12 month 04.03.2013

CCB International Securities Ltd ADAM CHAN neutral 3 M 692 Not Provided 04.03.2013

JPMorgan RAUL SINHA overweight 5 M 755 9 month 26.02.2013

Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 800 12 month 08.02.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 720 Not Provided 04.02.2013

Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 31.01.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 800 Not Provided 29.01.2013

Berenberg Bank JAMES CHAPPELL buy 5 M 680 Not Provided 28.01.2013

Barclays ROHITH CHANDRA-RAJAN overweight 5 M 730 Not Provided 22.01.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013

Daniel Stewart & Co SIMON WILLIS hold 3 M 650 12 month 09.01.2013

Liberum Capital Ltd CORMAC LEECH buy 5 M 665 Not Provided 07.12.2012

JF Apex Securities Bhd TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 06.12.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 676 Not Provided 06.12.2012

Mizuho Securities JIM ANTOS buy 5 U 709 12 month 19.11.2012

Grupo Santander ARTURO DE FRIAS hold 3 M 632 Not Provided 18.09.2012

China International Capital Corp SALLY NG accumulate 4 M 668 12 month 12.07.2012

Redburn Partners JON KIRK buy 5 N #N/A N/A Not Provided 27.01.2011

Holdings By:

HSBC Holdings PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (20.03.2013) 67.70

52-Week Low (18.05.2012) 48.29

Daily Volume

66.85





180'909.00 1 Yr Total Return 38.36%



Minority Interest 126.0 Analyst Recs 33




NOVN VX EQUITY YTD Change - Average Volume 30 Day 4'881'864

NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'700'765


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

41'459.0 44'267.0 50'624.0 58'566.0 56'673.0 58'566.0 56'673.0 57'028.9 59'316.4 13'699.0 13'948.0

2.76x 2.72x 3.08x 2.61x 2.89x 10.66x 11.16x 3.46x 3.23x - -

11'978.0 12'318.0 15'866.0 17'818.0 16'714.0 17'818.0 16'465.0 16'838.1 18'056.5 - -

9.55x 9.79x 9.81x 8.58x 9.82x 8.58x 9.96x 11.95x 11.15x - -

8'195.0 8'400.0 9'794.0 9'113.0 9'505.0 9'113.0 9'505.0 12'485.7 13'748.1 3'028.0 3'123.0

13.89x 14.73x 13.70x 14.94x 16.01x 14.94x 16.05x 13.52x 12.23x 13.68x 13.53x


EBIT 11'794.00 Long-Term Rating AA-









EBITDA Margin 29.1%



Asset Turnover 0.47







Fiscal Year Ended

Novartis AGPrice/Volume

Valuation Analysis

1'999'225.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

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27.03.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 120'887'981 4.47 (515'205) 31.12.2012 Investment Advisor

NOVARTIS AG n/a EXCH 109'194'165 4.03 - 09.05.2012 Corporation

BLACKROCK n/a ULT-AGG 104'449'586 3.86 4'817'320 25.03.2013 Investment Advisor

EMASAN AG n/a Co File 87'859'938 3.25 - 31.12.2011 Hedge Fund Manager

NOVARTIS FOUNDATION n/a EXCH 78'926'882 2.92 - 25.02.2013 n/a






HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'586 0.5 1'410'638 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'144'896 0.49 458'700 31.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'929'652 0.4 590'222 26.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 8'481'470 0.31 223'606 31.01.2013 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 6'826'249 0.25 693'638 21.03.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'478'481 0.24 63'525 28.02.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 5'456'801 0.2 (621'833) 31.12.2012 Investment Advisor




Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 71 12 month 25.03.2013

Helvea ODILE RUNDQUIST buy 5 M 68 12 month 25.03.2013

Exane BNP Paribas FLORENT CESPEDES outperform 5 M 71 Not Provided 21.03.2013

AlphaValue ARMELLE MOULIN add 4 M 75 6 month 21.03.2013

JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 U 78 15 month 15.03.2013

Credit Suisse MATTHEW WESTON outperform 5 M 70 Not Provided 14.03.2013

Jefferies JEFFREY HOLFORD buy 5 M 78 12 month 14.03.2013

Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 13.03.2013

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 72 Not Provided 28.02.2013


Societe Generale STEPHEN MCGARRY buy 5 M 72 12 month 25.02.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 70 6 month 25.02.2013

Kepler Capital Markets MARTIN VOEGTLI hold 3 M 59 Not Provided 14.02.2013

Barclays MARK PURCELL equalweight 3 M 65 Not Provided 04.02.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.01.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 60 12 month 28.01.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 70 Not Provided 25.01.2013

Bank Vontobel AG ANDREW C WEISS reduce 2 M 53 Not Provided 24.01.2013

Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 61 12 month 23.01.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 63 12 month 23.01.2013

S&P Capital IQ SHO MATSUBARA hold 3 M 63 12 month 23.01.2013

Natixis BEATRICE MUZARD neutral 3 M 62 Not Provided 18.01.2013

Nomura AMIT ROY buy 5 M 65 12 month 18.01.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank TIM RACE hold 3 D 63 12 month 12.12.2012

Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.12.2012

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 Not Provided 25.10.2012

Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 70 Not Provided 05.10.2012

Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012

Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012

DZ Bank AG ELMAR KRAUS buy 5 M 56 12 month 30.01.2012

CA Cheuvreux MARCEL BRAND underperform 1 M 48 Not Provided 17.07.2009

Holdings By:

Novartis AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (06.03.2013) 220.40

52-Week Low (04.06.2012) 148.40

Daily Volume

218.7



% 52 Week Price Range High/Low 99.17% Equity Float 701.88

Shares Out 31.12.2012 702.6 Short Int -

188'658.45 1 Yr Total Return 42.81%







ROG VX EQUITY YTD Change - Average Volume 30 Day 1'526'519

ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'411'135


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

45'617.0 49'051.0 47'473.0 42'531.0 45'499.0 42'531.0 45'499.0 47'678.3 49'426.5 11'542.0 11'641.0

2.93x 3.62x 2.96x 3.65x 3.77x 0.00x 0.00x 4.12x 3.86x - -

16'541.0 17'705.0 16'038.0 15'822.0 16'546.0 0.0 0.0 19'871.2 20'849.1 - -

8.09x 10.03x 8.76x 9.81x 10.37x 0.00x 0.00x 10.13x 9.65x - -

8'969.0 7'784.0 8'666.0 9'343.0 9'539.0 0.0 0.0 12'622.3 13'615.4 - -

15.58x 19.38x 13.51x 14.46x 16.36x 0.00x 0.00x 14.68x 13.70x - -











EBITDA Margin 36.4%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Roche Holding AGPrice/Volume

Valuation Analysis

547'262.00


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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

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27.03.2013


VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'795'162 2.82 336'935 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 11'953'300 1.7 - 31.12.2012 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'676'417 1.52 102'700 31.12.2012 Investment Advisor




DODGE & COX Multiple Portfolios MF-AGG 7'596'200 1.08 - 29.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 7'169'150 1.02 (416'685) 31.01.2013 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'696'091 0.67 336'221 31.12.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 4'213'722 0.6 (246'469) 31.01.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 4'134'183 0.59 (5'494) 31.01.2013 Mutual Fund Manager

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 4'098'284 0.58 - 31.03.2012 Investment Advisor






ALLIANZ ASSET MANAGE n/a ULT-AGG 2'119'017 0.3 179'622 28.02.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'085'546 0.3 108'630 31.01.2013 Investment Advisor


Helvea ODILE RUNDQUIST accumulate 4 M 220 12 month 25.03.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.03.2013

Exane BNP Paribas VINCENT MEUNIER neutral 3 M 213 Not Provided 21.03.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 21.03.2013

JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 270 15 month 15.03.2013


Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 208 6 month 08.03.2013



Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 25.02.2013

Natixis PHILIPPE LANONE buy 5 M 240 Not Provided 25.02.2013

Nomura AMIT ROY neutral 3 M 140 12 month 25.02.2013

Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 230 12 month 22.02.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 222 12 month 22.02.2013

Kepler Capital Markets MARTIN VOEGTLI buy 5 M 225 Not Provided 21.02.2013


Deutsche Bank TIM RACE buy 5 M 215 12 month 04.02.2013

Barclays MARK PURCELL overweight 5 M 230 Not Provided 04.02.2013


Credit Suisse LUISA HECTOR outperform 5 M 227 Not Provided 31.01.2013

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 D 206 12 month 31.01.2013

Bank Vontobel AG ANDREW C WEISS buy 5 M 225 Not Provided 31.01.2013


Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 245 12 month 28.01.2013

CA Cheuvreux MARCEL BRAND outperform 5 M 220 Not Provided 28.01.2013


Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012

Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 190 Not Provided 05.10.2012


Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 178 Not Provided 02.04.2012


MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 160 Not Provided 14.11.2011

Holdings By:

Roche Holding AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.08.2012) 191.75

52-Week Low (31.12.2012) 154.20

Daily Volume

185.65





90'825.36 1 Yr Total Return 13.03%







VOD LN EQUITY YTD Change - Average Volume 30 Day #########

VOD LN EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

35'478.0 41'017.0 44'472.0 45'884.0 46'417.0 46'525.0 44'447.0 44'355.0 45'260.8 - -

2.93x 2.36x 2.54x 2.67x 2.43x 0.00x 0.00x 2.66x 2.59x - -

13'123.0 14'520.0 14'820.0 14'668.0 18'214.0 0.0 0.0 13'211.3 13'305.3 - -

7.93x 6.67x 7.62x 8.35x 6.20x 0.00x 0.00x 8.54x 8.48x - -

6'660.0 3'078.0 8'645.0 7'968.0 6'957.0 0.0 0.0 7'536.1 7'856.3 - -

12.01x 21.03x 9.25x 11.61x 12.54x 0.00x 0.00x 12.13x 11.32x - -


EBIT 10'355.00 Long-Term Rating A-



Return on Assets -1.22% Short-Term Rating A-2

Return on Common Equity -2.22%

Return on Capital -3.81% EBITDA/Interest Exp. 9.43




EBITDA Margin 31.1%



Asset Turnover 0.32





Accounts Receivable Turnover 3.76 Cash Conversion Cycle -14.42


Fiscal Year Ended

Vodafone Group PLCPrice/Volume

Valuation Analysis

53'382'949.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013



LEGAL & GENERAL n/a ULT-AGG 1'840'749'892 3.76 (25'141'828) 03.12.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 1'829'029'872 3.74 (28'812'480) 31.12.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 1'307'796'665 2.67 141'890'605 03.12.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 1'168'679'699 2.39 (11'916'154) 03.12.2012 Government

FMR LLC n/a ULT-AGG 1'115'035'830 2.28 (52'316'656) 31.01.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 890'918'812 1.82 (52'366'577) 31.01.2013 Investment Advisor




PEOPLES REPUBLIC OF Multiple Portfolios REG 619'899'347 1.27 99'016'155 03.12.2012 Government

STANDARD LIFE INVEST Multiple Portfolios REG 526'399'681 1.08 (24'829'446) 03.12.2012 Investment Advisor


STATE STREET n/a ULT-AGG 514'956'230 1.05 (15'517'805) 26.03.2013 Investment Advisor


JP MORGAN n/a ULT-AGG 463'624'918 0.95 (60'869'430) 31.01.2013 Unclassified

DODGE & COX Multiple Portfolios REG 413'470'000 0.85 15'508'600 03.12.2012 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 409'583'000 0.84 2'613'000 29.01.2013 Investment Advisor

AXA n/a ULT-AGG 402'114'002 0.82 (2'762'350) 31.01.2013 Investment Advisor


Credit Suisse JUSTIN FUNNELL outperform 5 M 180 Not Provided 27.03.2013

Grupo Santander JOHN DAVIES hold 3 M 200 Not Provided 26.03.2013

Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 220 12 month 26.03.2013

Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 205 12 month 25.03.2013

Jefferies JEREMY A DELLIS hold 3 M 174 12 month 25.03.2013

Oriel Securities Ltd JOHN KARIDIS buy 5 M 225 Not Provided 25.03.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 U 172 Not Provided 22.03.2013

AlphaValue JEAN-MICHEL SALVADOR add 4 M 215 6 month 21.03.2013

Societe Generale OTTAVIO ADORISIO sell 1 M 100 12 month 15.03.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 135 12 month 15.03.2013

Espirito Santo Investment Bank ResearchNICK BROWN buy 5 M 200 Not Provided 13.03.2013

Barclays MAURICE PATRICK overweight 5 M 210 Not Provided 12.03.2013

Macquarie GUY R PEDDY outperform 5 M 205 12 month 11.03.2013

New Street Research JAMES RATZER buy 5 M 250 Not Provided 11.03.2013

Exane BNP Paribas ANTOINE PRADAYROL underperform 1 M 178 Not Provided 08.03.2013

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 185 Not Provided 06.03.2013

Nomura JAMES BRITTON neutral 3 M 195 12 month 06.03.2013

JPMorgan AKHIL DATTANI overweight 5 M 220 12 month 26.02.2013

Oddo & Cie VINCENT MAULAY buy 5 M 200 Not Provided 14.02.2013

Banca Akros(ESN) ANDREA DEVITA hold 3 M 184 12 month 14.02.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 11.02.2013

Deutsche Bank DAVID A WRIGHT hold 3 M 173 12 month 08.02.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 150 12 month 07.02.2013

S&P Capital IQ JAMES CRAWSHAW buy 5 M 190 12 month 07.02.2013


Liberum Capital Ltd LAWRENCE SUGARMAN buy 5 M 210 Not Provided 18.01.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013

HSBC STEPHEN HOWARD overweight 5 M 205 Not Provided 07.12.2012

Natixis BENOIT MAYNARD neutral 3 M 190 Not Provided 02.10.2012

DZ Bank AG JOERI SELS buy 5 M 190 12 month 08.11.2011

Northland Capital Partners Ltd DAVID JOHNSON not rated #N/A N/A M #N/A N/A Not Provided 13.04.2010

Holdings By:

Vodafone Group PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 484.45

52-Week Low (18.05.2012) 389.50

Daily Volume

461





88'333.14 1 Yr Total Return 2.79%







BP/ LN EQUITY YTD Change - Average Volume 30 Day 25'806'140

BP/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 23'933'670


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

361'143.0 239'272.0 297'107.0 375'517.0 375'580.0 375'517.0 370'866.0 343'710.7 352'783.7 84'754.3 84'530.7

0.47x 0.87x 0.53x 0.44x 0.43x 1.71x 1.79x 0.46x 0.45x 1.83x 1.79x

41'761.0 33'392.0 38'497.0 45'796.0 20'442.0 45'796.0 22'056.0 38'524.8 41'496.8 9'276.0 9'646.5

4.05x 6.24x 4.06x 3.63x 7.92x 3.63x 7.34x 4.24x 3.93x 3.99x 3.74x

21'157.0 16'578.0 (3'719.0) 25'700.0 11'582.0 25'700.0 11'582.0 16'230.9 18'510.6 3'897.7 4'034.0

6.81x 10.95x - 5.25x 11.34x 5.25x 11.33x 8.18x 7.30x 8.41x 7.77x


EBIT 7'961.00 Long-Term Rating A

Operating Margin 2.12% Long-Term Outlook POS





Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. -1.75



EBITDA Margin 5.9%



Asset Turnover 1.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BP PLCPrice/Volume

Valuation Analysis

6'511'273.00


!2!

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

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

! !!

. !!

1 !!

3 !!

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-. !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013






NORGES BANK INVESTME Multiple Portfolios REG 432'628'420 2.26 4'845'711 01.11.2012 Government

FRANKLIN RESOURCES n/a ULT-AGG 369'828'759 1.93 21'912'486 31.12.2012 Investment Advisor


KUWAIT INVESTMENT AU Multiple Portfolios REG 328'143'792 1.71 - 01.11.2012 Government

M&G INVESTMENT MANAG Multiple Portfolios REG 321'514'948 1.68 (277'008) 01.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 303'860'650 1.59 (1'973'558) 31.01.2013 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 258'130'496 1.35 - 01.11.2012 Government




STATE STREET n/a ULT-AGG 193'700'712 1.01 (698'478) 26.03.2013 Investment Advisor


AVIVA INVESTORS Multiple Portfolios REG 166'069'621 0.87 (5'019'297) 01.11.2012 Investment Advisor

AXA n/a ULT-AGG 150'610'225 0.79 (592'855) 31.01.2013 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 147'434'500 0.77 (6'919'062) 01.11.2012 Government

HSBC INVESTMENTS UK Multiple Portfolios REG 139'991'616 0.73 6'546'014 01.11.2012 Investment Advisor


Grupo Santander JASON KENNEY hold 3 M 530 12 month 25.03.2013

Independent Research GmbH SVEN DIERMEIER buy 5 M 540 12 month 25.03.2013

Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 22.03.2013

Canaccord Genuity Corp GORDON GRAY hold 3 M 500 12 month 22.03.2013

Oriel Securities Ltd RICHARD GRIFFITH hold 3 M #N/A N/A Not Provided 22.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 575 Not Provided 22.03.2013

AlphaValue ALEXANDRE ANDLAUER reduce 2 U 425 6 month 21.03.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.03.2013

Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 490 12 month 20.03.2013

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 510 12 month 13.03.2013

Deutsche Bank LUCAS HERRMANN buy 5 M 520 12 month 11.03.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 520 Not Provided 11.03.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 445 Not Provided 11.03.2013

Societe Generale IRENE HIMONA hold 3 M 500 12 month 08.03.2013

VTB Capital COLIN SMITH hold 3 M 490 12 month 01.03.2013

Morgan Stanley MARTIJN P RATS Underwt/In-Line 1 M 442 12 month 27.02.2013

VSA Capital Ltd DOUGIE YOUNGSON sell 1 D 400 12 month 25.02.2013

Macquarie JASON D GAMMEL outperform 5 M 550 12 month 22.02.2013


RBC Capital Markets PETER HUTTON sector perform 3 M 530 12 month 19.02.2013

Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013

HSBC PAUL SPEDDING overweight 5 M 550 Not Provided 08.02.2013

Credit Suisse KIM FUSTIER neutral 3 M 475 Not Provided 06.02.2013

Jefferies IAIN REID hold 3 M 450 12 month 06.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 6 12 month 06.02.2013

Natixis ANNE PUMIR neutral 3 M 490 Not Provided 06.02.2013

Nomura THEEPAN JOTHILINGAM neutral 3 M 455 12 month 06.02.2013

Barclays RAHIM KARIM underweight 1 M 480 Not Provided 06.02.2013

Investec STUART JOYNER buy 5 M 495 12 month 05.02.2013

S&P Capital IQ CHRISTINE TISCARENO hold 3 M 595 12 month 05.02.2013

JPMorgan FREDERICK G LUCAS overweight 5 M 525 3 month 19.12.2012

Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 500 Not Provided 15.10.2012

Jyske Bank ROBERT JAKOBSEN buy 5 M 520 Not Provided 19.09.2012

CA Cheuvreux DOMINIQUE PATRY outperform 5 M 500 Not Provided 10.08.2012

Kepler Capital Markets TEAM COVERAGE buy 5 M 602 Not Provided 16.04.2012

Holdings By:

BP PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.03.2013) 79.18

52-Week Low (04.06.2012) 53.20

Daily Volume

77.95





103'388.43 1 Yr Total Return 40.43%







SAN FP EQUITY YTD Change - Average Volume 30 Day 2'890'639

SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'595'836


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

27'568.0 29'306.0 32'367.0 33'389.0 34'947.0 33'389.0 34'947.0 35'854.9 37'843.3 8'383.8 8'735.3

2.22x 2.61x 1.99x 2.59x 2.94x 5.23x 5.54x 3.02x 2.77x - -

9'940.0 12'805.0 13'156.0 12'593.0 12'384.0 2'463.0 2'704.0 13'111.6 14'230.3 - -

6.16x 5.97x 4.90x 6.88x 8.30x 0.00x 0.00x 8.50x 7.84x - -

3'851.0 5'265.0 5'467.0 5'693.0 4'967.0 5'693.0 4'967.0 7'943.2 8'778.0 1'862.0 1'851.8

15.94x 14.13x 11.42x 13.17x 18.99x 13.17x 18.99x 12.97x 11.62x 13.14x 12.68x











EBITDA Margin 36.3%



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SanofiPrice/Volume

Valuation Analysis

1'829'058.00


!-!.!0!1!2!3!4!5!6!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

. !!

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3 !!

5 !!

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27.03.2013


L'OREAL SA n/a 20F 118'227'307 8.91 - 31.01.2013 Corporation


BLACKROCK n/a ULT-AGG 20'826'782 1.57 (6'850) 25.03.2013 Investment Advisor


SANOFI EMP SAVINGS P n/a 20F 17'191'116 1.3 - 31.01.2013 n/a


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'821'204 1.04 1'647'107 31.01.2013 Mutual Fund Manager



AVIVA PLC Multiple Portfolios MF-AGG 6'413'305 0.48 (10'030) 28.02.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'954'817 0.45 - 30.09.2012 Hedge Fund Manager


WADDELL & REED FINAN Multiple Portfolios MF-AGG 5'643'800 0.43 597'970 31.12.2012 Investment Advisor


LBPAM Multiple Portfolios MF-AGG 4'869'438 0.37 (67'746) 31.12.2012 Mutual Fund Manager

AMUNDI Multiple Portfolios MF-AGG 4'547'746 0.34 (42'392) 31.12.2012 Mutual Fund Manager


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'068'709 0.31 8'077 31.12.2012 Investment Advisor




Deutsche Bank MARK CLARK buy 5 M 89 12 month 26.03.2013


Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 82 Not Provided 25.03.2013


Mirabaud Securities NICHOLAS TURNER neutral 3 D 83 Not Provided 22.03.2013

Exane BNP Paribas VINCENT MEUNIER outperform 5 M 85 Not Provided 21.03.2013

AlphaValue ARMELLE MOULIN add 4 M 83 6 month 21.03.2013

JPMorgan RICHARD VOSSER overweight 5 M 99 15 month 15.03.2013


EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 14.03.2013



Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 81 12 month 18.02.2013

Banco Sabadell MARTA DIAZ buy 5 M 80 12 month 15.02.2013

Berenberg Bank ALISTAIR CAMPBELL hold 3 M 76 Not Provided 13.02.2013

Barclays MARK PURCELL equalweight 3 M 77 Not Provided 12.02.2013

Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 11.02.2013

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 66 12 month 11.02.2013

Credit Suisse LUISA HECTOR neutral 3 M 78 Not Provided 08.02.2013



Kepler Capital Markets FABIAN WENNER hold 3 D 73 Not Provided 08.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 81 Not Provided 07.02.2013

Nomura AMIT ROY neutral 3 M 65 12 month 07.02.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 81 12 month 07.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 U 73 12 month 28.01.2013

Natixis PHILIPPE LANONE buy 5 M 84 Not Provided 28.01.2013

Nord/LB THORSTEN STRAUSS hold 3 M #N/A N/A Not Provided 11.12.2012

Day by Day VALERIE GASTALDY buy 5 U 78 3 month 11.12.2012


Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.11.2012

CA Cheuvreux LAURENT FLAMME outperform 5 M 77 Not Provided 29.10.2012

Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 65 Not Provided 05.10.2012


Jyske Bank ROBERT JAKOBSEN sell 1 M 57 Not Provided 11.07.2012

Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012


Holdings By:

Sanofi ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (30.01.2013) 2'323.50

52-Week Low (18.05.2012) 1'956.50

Daily Volume

2141





138'099.92 1 Yr Total Return 1.39%







RDSA LN EQUITY YTD Change - Average Volume 30 Day 3'382'676

RDSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'002'002


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 470'171.0 467'153.0 458'011.3 465'699.7 110'420.5 113'829.0

0.37x 0.76x 0.65x 0.55x 0.51x 2.10x 2.05x 0.51x 0.50x 2.04x 1.98x

57'301.0 29'079.0 41'839.0 55'943.0 52'114.0 55'943.0 52'114.0 61'207.0 62'495.8 10'357.0 10'835.0

2.98x 7.28x 5.69x 4.60x 4.58x 4.60x 4.58x 3.74x 3.67x 5.14x 5.04x

26'277.0 12'518.0 20'127.0 30'918.0 26'592.0 30'918.0 26'592.0 26'655.6 27'485.2 6'859.0 7'011.0

6.16x 14.87x 10.16x 7.39x 8.12x 7.38x 8.11x 7.70x 7.59x 7.62x 7.59x











EBITDA Margin 11.2%



Asset Turnover 1.32







Fiscal Year Ended

Royal Dutch Shell PLCPrice/Volume

Valuation Analysis

1'009'475.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

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

! !!

- !!

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0 !!

1 !!

2 !!

3 !!

4 !!

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27.03.2013









GOVT OF SINGAPORE IN n/a ULT-AGG 39'669'849 1.05 1'602'657 01.01.2013 Government

UBS n/a ULT-AGG 38'832'374 1.03 (1'443'858) 31.01.2013 Unclassified


FRANKLIN RESOURCES n/a ULT-AGG 26'147'686 0.69 188'418 31.12.2012 Investment Advisor


BP INVESTMENT MANAGE Multiple Portfolios REG 22'400'138 0.59 288'938 01.01.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 19'530'183 0.52 161'883 28.02.2013 Unclassified

JP MORGAN n/a ULT-AGG 19'189'183 0.51 5'377'967 31.01.2013 Unclassified


NORTHERN TRUST GLOBA Multiple Portfolios REG 16'292'959 0.43 35'052 01.01.2013 Investment Advisor

SOCIETE GENERALE PRO Multiple Portfolios REG 16'129'705 0.43 12'387'795 01.01.2013 Unclassified

STANDARD LIFE INVEST Multiple Portfolios REG 14'890'316 0.39 (803'892) 01.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 12'949'057 0.34 2'215'390 28.02.2013 Investment Advisor


Credit Suisse KIM FUSTIER outperform 5 M 2'525 Not Provided 26.03.2013


EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 25.03.2013

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'410 12 month 22.03.2013

Jefferies IAIN REID buy 5 M 2'450 12 month 21.03.2013


AlphaValue ALEXANDRE ANDLAUER reduce 2 M 2'114 6 month 21.03.2013

JPMorgan FREDERICK G LUCAS underweight 1 D 2'400 9 month 15.03.2013

ING Bank QUIRIJN MULDER buy 5 M 2'843 12 month 28.02.2013

Tudor Pickering & Co ROBERT KESSLER buy 5 M 2'800 Not Provided 27.02.2013

Canaccord Genuity Corp GORDON GRAY buy 5 M 2'650 12 month 21.02.2013


Macquarie JASON D GAMMEL outperform 5 M 2'500 12 month 13.02.2013

CA Cheuvreux DOMINIQUE PATRY outperform 5 D 2'431 Not Provided 05.02.2013

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 04.02.2013

Investec STUART JOYNER hold 3 M 2'168 12 month 01.02.2013

HSBC PAUL SPEDDING neutral 3 M 2'520 Not Provided 01.02.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 2'433 12 month 01.02.2013

Barclays RAHIM KARIM equalweight 3 M 2'550 Not Provided 01.02.2013

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 31.01.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 2'567 Not Provided 29.01.2013

RBC Capital Markets PETER HUTTON sector perform 3 M 2'580 12 month 24.01.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 2'580 Not Provided 09.01.2013

VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012

Deutsche Bank LUCAS HERRMANN hold 3 D 2'475 12 month 03.12.2012

Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 2'722 Not Provided 02.10.2012

VTB Capital COLIN SMITH hold 3 N 2'500 12 month 27.09.2012

Kepler Capital Markets TEAM COVERAGE hold 3 M 2'272 Not Provided 18.05.2012

Morgan Stanley MARTIJN P RATS not rated #N/A N/A M #N/A N/A Not Provided 03.05.2012

S&P Capital IQ CHRISTINE TISCARENO hold 3 D 2'315 12 month 03.10.2011

Holdings By:

Royal Dutch Shell PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (22.03.2013) 1'539.50

52-Week Low (19.11.2012) 1'314.00

Daily Volume

1517





74'476.63 1 Yr Total Return 12.27%







GSK LN EQUITY YTD Change - Average Volume 30 Day 6'841'365

GSK LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'725'407


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

24'352.0 28'368.0 28'392.0 27'387.0 26'431.0 27'387.0 26'431.0 26'931.9 27'974.3 6'353.6 6'529.0

3.17x 2.77x 2.61x 3.07x 3.04x 11.22x 12.29x 3.30x 3.15x - -

9'115.0 11'117.0 6'932.0 9'845.0 8'477.0 9'455.0 8'477.0 9'594.4 10'101.6 2'241.0 2'467.0

8.47x 7.08x 10.70x 8.54x 9.49x 8.89x 9.49x 9.32x 8.86x 9.15x -

4'602.0 5'531.0 1'634.0 5'261.0 4'565.0 5'261.0 4'565.0 5'555.5 5'997.1 1'263.3 1'367.5

14.50x 12.09x 38.59x 14.06x 14.36x 14.06x 14.38x 13.19x 11.94x 13.18x -


EBIT 7'392.00 Long-Term Rating A+









EBITDA Margin 32.1%



Asset Turnover 0.64


Quick Ratio 0.31 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle 137.13


Fiscal Year Ended

GlaxoSmithKline PLCPrice/Volume

Valuation Analysis

3'294'624.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!!1!!3!!5!!

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

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27.03.2013


BLACKROCK n/a ULT-AGG 271'061'000 5.52 - 25.03.2013 Investment Advisor

INVESCO LTD Multiple Portfolios REG 188'613'112 3.84 9'906'677 01.01.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 153'140'293 3.12 - 28.02.2013 Unclassified




NORGES BANK INVESTME Multiple Portfolios REG 115'229'583 2.35 21'497 01.01.2013 Government




NEWTON INV MGMT Multiple Portfolios REG 71'507'300 1.46 9'684'880 01.01.2013 Mutual Fund Manager




SCHRODER INVESTMENT Multiple Portfolios REG 52'720'290 1.07 (5'398'021) 01.01.2013 Investment Advisor


PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 51'301'508 1.04 73'324 31.07.2012 Investment Advisor



STATE STREET n/a ULT-AGG 43'934'496 0.89 497'126 26.03.2013 Investment Advisor


Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 25.03.2013

AlphaValue ARMELLE MOULIN reduce 2 M 1'461 6 month 21.03.2013

JPMorgan JAMES D GORDON underweight 1 M 1'550 15 month 15.03.2013

Jefferies JEFFREY HOLFORD hold 3 M 1'550 12 month 14.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 1'497 12 month 14.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.03.2013

Deutsche Bank MARK CLARK hold 3 M 1'530 12 month 11.03.2013

Credit Suisse KERRY HOLFORD neutral 3 M 1'450 Not Provided 11.03.2013


Berenberg Bank ALISTAIR CAMPBELL buy 5 M 1'530 Not Provided 07.03.2013

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU buy 5 M 1'525 Not Provided 06.03.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 1'580 6 month 05.03.2013

Societe Generale STEPHEN MCGARRY buy 5 M 1'810 12 month 01.03.2013

Exane BNP Paribas FLORENT CESPEDES underperform 1 M 1'400 Not Provided 26.02.2013

Barclays MARK PURCELL overweight 5 M 1'610 Not Provided 26.02.2013

Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 20.02.2013

Kepler Capital Markets FABIAN WENNER buy 5 M 1'680 Not Provided 13.02.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 1'560 12 month 08.02.2013

Helvea ODILE RUNDQUIST neutral 3 M 1'520 Not Provided 07.02.2013

Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 1'370 12 month 06.02.2013


S&P Capital IQ SHO MATSUBARA sell 1 M 1'200 12 month 06.02.2013

Nomura AMIT ROY neutral 3 M 1'340 12 month 04.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 1'415 12 month 28.01.2013

Cenkos Securities Ltd NAVID MALIK buy 5 N 1'603 12 month 30.11.2012


Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 1'380 Not Provided 05.10.2012

CA Cheuvreux MARCEL BRAND underperform 1 M 1'250 Not Provided 11.09.2012

Natixis PHILIPPE LANONE neutral 3 M 1'450 Not Provided 06.09.2012

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 1'450 Not Provided 03.08.2012


Cyrrus TOMAS MENCIK hold 3 M 1'420 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER buy 5 M 1'640 Not Provided 02.04.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M #N/A N/A Not Provided 13.01.2012

DZ Bank AG ELMAR KRAUS buy 5 U 1'500 12 month 28.10.2011

First Global Stockbroking KAVITA THOMAS market perform 3 R #N/A N/A Not Provided 23.08.2011

Holdings By:

GlaxoSmithKline PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.09.2012) 42.00

52-Week Low (01.06.2012) 33.42

Daily Volume

37.335





88'332.13 1 Yr Total Return 2.84%

Total Debt 33'290.00 YTD Return -2.84%






FP FP EQUITY YTD Change - Average Volume 30 Day 5'047'408

FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'418'447


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

160'331.0 112'153.0 140'476.0 166'550.0 182'299.0 166'550.0 182'299.0 181'086.9 179'975.2 45'543.3 46'396.7

0.62x 1.03x 0.74x 0.65x 0.58x 2.49x 2.27x 0.59x 0.60x 2.32x 2.27x

29'887.0 22'234.0 28'045.0 32'919.0 32'343.0 32'919.0 31'942.0 33'666.7 34'402.9 8'679.0 9'163.0

3.32x 5.22x 3.72x 3.28x 3.27x 3.28x 3.31x 3.14x 3.07x 2.92x 2.88x

10'590.0 8'447.0 10'571.0 12'276.0 10'694.0 12'276.0 10'694.0 12'042.0 12'327.5 2'587.0 2'917.0

8.21x 11.87x 8.38x 7.23x 8.23x 7.25x 8.25x 7.10x 7.03x 7.18x 7.20x










Gross Margin - Total Debt/EBITDA 1.04

EBITDA Margin 17.5%



Asset Turnover 1.09





Accounts Receivable Turnover 9.29 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Total SAPrice/Volume

Valuation Analysis

3'771'023.00


!2

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2 ! E

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.2 ! E

0! ! E

02 ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

! !!

- !!

. !!

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1 !!

2 !!

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27.03.2013


TOTAL SA n/a Co File 108'732'635 4.6 - 31.12.2011 Corporation

GROUPE BRUXELLES LAM n/a Research 94'077'367 3.98 - 15.03.2012 Holding Company

AMUNDI n/a Research 78'390'326 3.31 - 06.01.2012 Investment Advisor

QATAR HOLDINGS LLC n/a Research 47'275'059 2 - 14.03.2012 Government

NORGES BANK n/a Research 47'038'683 1.99 - 31.12.2011 Government

CIE NATIONALE A PORT n/a Co File 35'456'294 1.5 - 31.12.2011 Corporation


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 23'623'504 1 (1'631'999) 31.01.2013 Mutual Fund Manager


CAPITAL GROUP COMPAN n/a ULT-AGG 19'734'600 0.83 (2'024'000) 31.12.2012 Investment Advisor


ONTARIO TEACHERS PEN n/a Research 11'200'000 0.47 - 31.12.2011 Pension Fund (ERISA)


AVIVA PLC Multiple Portfolios MF-AGG 10'451'098 0.44 - 28.02.2013 Investment Advisor


GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 8'031'246 0.34 21'870 31.05.2012 Investment Advisor


WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'573'598 0.32 (6'360) 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'054'684 0.3 - 30.09.2012 Hedge Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 6'889'834 0.29 (38'409) 28.02.2013 Investment Advisor


Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 51 12 month 27.03.2013



Barclays LYDIA RAINFORTH underweight 1 M 44 Not Provided 25.03.2013

Jefferies IAIN REID buy 5 M 48 12 month 21.03.2013


Grupo Santander JASON KENNEY buy 5 M 45 Not Provided 20.03.2013

Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 42 12 month 20.03.2013


AlphaValue ALEXANDRE ANDLAUER reduce 2 M 37 6 month 07.03.2013

VTB Capital COLIN SMITH buy 5 M 50 12 month 01.03.2013

HSBC PAUL SPEDDING overweight 5 M 46 Not Provided 27.02.2013

Canaccord Genuity Corp GORDON GRAY buy 5 U 45 12 month 21.02.2013

RBC Capital Markets PETER HUTTON outperform 5 M 44 12 month 19.02.2013

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 47 12 month 15.02.2013

Societe Generale IRENE HIMONA buy 5 M 47 12 month 14.02.2013

Credit Suisse KIM FUSTIER neutral 3 M 44 Not Provided 14.02.2013

JPMorgan NITIN SHARMA overweight 5 M 49 3 month 14.02.2013

Macquarie JASON D GAMMEL neutral 3 M 42 12 month 14.02.2013


CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 14.02.2013

Nomura THEEPAN JOTHILINGAM neutral 3 M 40 12 month 14.02.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 42 12 month 13.02.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 48 12 month 13.02.2013

Natixis ANNE PUMIR buy 5 M 47 Not Provided 07.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013




Deutsche Bank LUCAS HERRMANN buy 5 U 44 12 month 03.12.2012

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 42 12 month 27.11.2012

Investec STUART JOYNER hold 3 M 38 12 month 02.07.2012


Holdings By:

Total SA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (11.03.2013) 3'631.00

52-Week Low (24.05.2012) 2'986.50

Daily Volume

3499.5





67'436.33 1 Yr Total Return 13.66%







BATS LN EQUITY YTD Change - Average Volume 30 Day 2'547'987

BATS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'499'984


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'122.0 14'208.0 14'883.0 15'399.0 15'190.0 9'866.0 12'122.0 16'093.4 16'803.5 - -

3.84x 3.52x 3.90x 4.56x 4.73x 8.70x 7.34x 4.75x 4.53x - -

3'978.0 5'091.0 5'881.0 6'316.0 6'143.0 873.0 0.0 6'653.4 7'098.9 - -

11.69x 9.82x 9.88x 11.12x 11.71x 0.00x 0.00x 11.48x 10.75x - -

2'457.0 2'713.0 2'879.0 3'095.0 3'841.0 2'130.0 2'457.0 4'410.9 4'743.7 - -

14.60x 14.72x 16.97x 19.45x 15.69x 18.69x 14.60x 15.17x 13.87x - -











EBITDA Margin 40.4%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

British American Tobacco PLCPrice/Volume

Valuation Analysis

758'136.00


!

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

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27.03.2013



REINET INVESTMENTS S Multiple Portfolios REG 81'313'066 4.22 (3'000'000) 03.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 70'617'321 3.66 (2'766'594) 03.12.2012 Unclassified






CREDIT SUISSE PRIVAT Multiple Portfolios REG 37'965'898 1.97 (376'548) 03.12.2012 Bank


MORGAN STANLEY INVES Multiple Portfolios REG 26'280'778 1.36 5'499'279 03.12.2012 Investment Advisor




MORGAN STANLEY n/a ULT-AGG 22'521'571 1.17 1'491'898 31.12.2012 Investment Advisor

Northern Cross Inter Multiple Portfolios REG 22'218'678 1.15 245'915 03.12.2012 Unclassified



ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 17'404'651 0.9 892'088 31.12.2012 Investment Advisor

NEWTON INV MGMT Multiple Portfolios REG 16'928'208 0.88 (202'468) 03.12.2012 Mutual Fund Manager


AlphaValue ISABELLE COMBEMALE add 4 M 3'801 6 month 21.03.2013


Deutsche Bank JONATHAN FELL buy 5 M 3'700 12 month 13.03.2013

Investec THANE DUFF hold 3 M 3'577 Not Provided 13.03.2013

Nomura DAVID HAYES buy 5 M 4'087 Not Provided 13.03.2013

Oriel Securities Ltd CHRIS WICKHAM hold 3 M 3'700 Not Provided 13.03.2013

Jefferies DIRK VAN VLAANDEREN buy 5 M 4'000 12 month 08.03.2013

Goldman Sachs FULVIO CAZZOL buy/attractive 5 M 4'420 12 month 07.03.2013

Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 3'900 Not Provided 06.03.2013

Avior Research RICHARD TESSENDORF neutral 3 M 3'761 Not Provided 06.03.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 3'100 12 month 05.03.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 3'600 12 month 04.03.2013

Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 04.03.2013

Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 3'550 12 month 01.03.2013

Morgan Stanley MATTHEW GRAINGER Equalwt/Attractive 3 N 3'450 12 month 01.03.2013

Natixis NICOLAS LANGLET neutral 3 M 3'600 Not Provided 01.03.2013

Exane BNP Paribas JAMES BUSHNELL outperform 5 M 3'800 Not Provided 01.03.2013

Barclays SIMON HALES overweight 5 M 3'725 Not Provided 01.03.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 3'600 Not Provided 28.02.2013

JPMorgan RAE MAILE overweight 5 M 4'209 9 month 28.02.2013

Renaissance Capital REY WIUM hold 3 D 3'550 Not Provided 28.02.2013

Berenberg Bank ERIK BLOOMQUIST buy 5 M 3'500 Not Provided 28.02.2013

S&P Capital IQ CARL SHORT hold 3 M 3'540 12 month 28.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013

Afrifocus Securities TANUJA CHITRE hold 3 M #N/A N/A Not Provided 18.04.2012

Imara RICHARD CLARKE sell 1 N #N/A N/A Not Provided 17.05.2011

Holdings By:

British American Tobacco PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (21.03.2013) 88.25

52-Week Low (26.06.2012) 62.13

Daily Volume

84.49





74'435.69 1 Yr Total Return 13.97%







SIE GY EQUITY YTD Change - Average Volume 30 Day 2'601'423

SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'427'125


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

77'327.0 76'651.0 68'978.0 73'275.0 78'296.0 73'702.0 78'670.0 78'224.0 81'211.0 18'927.1 19'267.1

0.82x 0.81x 1.07x 0.89x 0.98x 4.28x 3.87x 1.08x 1.01x 4.65x 4.58x

8'175.0 9'196.0 9'544.0 10'492.0 9'653.0 9'978.0 10'351.0 9'514.8 11'411.5 2'045.0 2'134.7

7.77x 6.77x 7.72x 6.19x 7.93x 7.27x 7.81x 9.03x 7.53x 9.07x 8.60x

5'725.0 2'292.0 3'899.0 6'145.0 4'458.0 5'793.0 4'215.0 5'148.9 6'465.0 1'193.3 1'117.5

34.66x 24.49x 16.42x 8.24x 13.50x 9.79x 14.47x 13.87x 11.21x 13.25x 12.71x











EBITDA Margin 13.2%



Asset Turnover 0.75







Fiscal Year Ended

Siemens AGPrice/Volume

Valuation Analysis

1'373'315.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!.!0!1!2!3!4!5!6!

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

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3 !!

5 !!

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27.03.2013



SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a

QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government

SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation



UBS n/a ULT-AGG 6'246'478 0.71 (142'559) 31.01.2013 Unclassified

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'386'486 0.61 (1'084'091) 28.09.2012 Investment Advisor




DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'175'468 0.47 70'846 28.12.2012 Mutual Fund Manager




MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'464'495 0.28 - 25.03.2013 Investment Advisor


FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'647'039 0.19 (87'700) 31.01.2013 Mutual Fund Manager

ADIG INVESTMENT Multiple Portfolios MF-AGG 1'634'951 0.19 (5'200) 30.11.2012 Investment Advisor

ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'570'015 0.18 - 26.03.2013 Investment Advisor


Canaccord Genuity Corp JAMES STETTLER hold 3 M 80 12 month 25.03.2013

Societe Generale GAEL DE BRAY hold 3 M 88 12 month 22.03.2013

Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 73 12 month 22.03.2013

Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 99 12 month 21.03.2013


AlphaValue HEINZ STEFFEN reduce 2 D 84 6 month 21.03.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 96 Not Provided 19.03.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M 86 12 month 19.03.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 88 12 month 15.03.2013

Exane BNP Paribas OLIVIER ESNOU underperform 1 M 88 Not Provided 14.03.2013

HSBC MICHAEL HAGMANN neutral 3 M 87 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 81 Not Provided 08.03.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 86 12 month 19.02.2013

Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 90 12 month 15.02.2013

DZ Bank AG JASKO TERZIC hold 3 M 77 12 month 05.02.2013


Kepler Capital Markets ULRICH SCHOLZ hold 3 M 85 Not Provided 25.01.2013

Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 24.01.2013

CA Cheuvreux ALFRED GLASER outperform 5 M 94 Not Provided 24.01.2013

Bankhaus Metzler ULRICH TRABERT buy 5 M 93 12 month 24.01.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 94 Not Provided 24.01.2013

Natixis LUDOVIC DEBAILLEUX reduce 2 M 75 Not Provided 24.01.2013

Main First Bank AG CHRISTOPHER YOUL underperform 1 M 86 12 month 24.01.2013

Barclays NICK WEBSTER equalweight 3 M 84 Not Provided 24.01.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 83 6 month 23.01.2013

Nord/LB WOLFGANG DONIE hold 3 M 76 12 month 23.01.2013

JPMorgan ANDREAS WILLI neutral 3 M 90 9 month 23.01.2013

William Blair & Co NICHOLAS P HEYMANN market perform 3 M 79 12 month 23.01.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 85 12 month 23.01.2013

S&P Capital IQ JAMES CRAWSHAW hold 3 M 85 12 month 23.01.2013

Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 23.01.2013

SRH AlsterResearch OLIVER DREBING buy 5 M 92 12 month 23.01.2013

Goldman Sachs DANIELA COSTA neutral/neutral 3 M 90 12 month 17.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank PETER REILLY sell 1 D 65 12 month 20.11.2012

Nomura DANIEL CUNLIFFE neutral 3 M 85 12 month 16.11.2012

Silvia Quandt Research EERIK KD BUDARZ avoid 1 M 58 12 month 08.11.2012

Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 12.10.2012

Holdings By:

Siemens AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (30.01.2013) 2'374.50

52-Week Low (18.05.2012) 2'020.00

Daily Volume

2204.5





138'099.92 1 Yr Total Return 3.48%







RDSB LN EQUITY YTD Change - Average Volume 30 Day 4'445'420

RDSB LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'719'687


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 470'171.0 467'153.0 458'011.3 465'699.7 110'420.5 113'829.0

0.37x 0.76x 0.65x 0.55x 0.51x 2.10x 2.05x 0.51x 0.50x 2.04x 1.98x

57'301.0 29'079.0 41'839.0 55'943.0 52'114.0 55'943.0 52'114.0 61'207.0 62'495.8 10'357.0 10'835.0

2.98x 7.28x 5.69x 4.60x 4.58x 4.60x 4.58x 3.74x 3.67x 5.14x 5.04x

26'277.0 12'518.0 20'127.0 30'918.0 26'592.0 30'918.0 26'592.0 26'655.6 27'485.2 6'859.0 7'011.0

6.16x 14.87x 10.16x 7.39x 8.12x 7.38x 8.11x 7.93x 7.82x 7.84x 7.82x











EBITDA Margin 11.2%



Asset Turnover 1.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Royal Dutch Shell PLCPrice/Volume

Valuation Analysis

2'011'897.00


!

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250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

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27.03.2013






CREDIT SUISSE PRIVAT Multiple Portfolios REG 74'947'205 2.88 (526'247) 01.01.2013 Bank



QATAR INVESTMENT AUT Multiple Portfolios REG 44'703'170 1.72 1'669'724 01.01.2013 Government


UBS n/a ULT-AGG 37'871'476 1.46 932'195 31.01.2013 Unclassified







BREWIN DOLPHIN LIMIT Multiple Portfolios REG 27'392'377 1.05 (626'439) 01.01.2013 Investment Advisor



THREADNEEDLE ASSET M Multiple Portfolios REG 21'990'967 0.85 1'154'509 01.01.2013 Investment Advisor


Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'410 12 month 22.03.2013

Grupo Santander JASON KENNEY underweight 1 M 2'409 Not Provided 20.03.2013

Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 2'280 12 month 20.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 2'350 Not Provided 18.03.2013

JPMorgan FREDERICK G LUCAS underweight 1 D 2'400 9 month 15.03.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 2'310 Not Provided 14.03.2013

VTB Capital COLIN SMITH hold 3 M 2'500 12 month 01.03.2013

Societe Generale IRENE HIMONA buy 5 M 2'700 12 month 27.02.2013

Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 2'500 12 month 27.02.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 2'500 12 month 27.02.2013


RBC Capital Markets PETER HUTTON sector perform 3 M 2'580 12 month 19.02.2013

HSBC PAUL SPEDDING neutral 3 M 2'450 Not Provided 01.02.2013

Natixis ANNE PUMIR buy 5 M 2'600 Not Provided 01.02.2013

Barclays RAHIM KARIM equalweight 3 M 2'550 Not Provided 01.02.2013


VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012


Holdings By:

Royal Dutch Shell PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (21.03.2013) 80.71

52-Week Low (05.06.2012) 47.63

Daily Volume

79.23





65'519.08 1 Yr Total Return 51.98%







BAYN GY EQUITY YTD Change - Average Volume 30 Day 2'436'012

BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'190'764


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

32'918.0 31'168.0 35'088.0 36'528.0 39'760.0 36'528.0 39'760.0 41'540.8 43'629.9 10'500.3 10'590.3

1.40x 1.80x 1.53x 1.32x 1.67x 5.33x 5.89x 1.72x 1.58x - -

6'702.0 7'695.0 8'900.0 8'963.0 9'001.0 8'963.0 8'605.0 8'798.2 9'453.7 2'515.5 2'276.0

6.86x 7.30x 6.04x 5.36x 7.39x 5.36x 7.73x 8.24x 7.67x 8.21x -

1'719.0 1'359.0 1'301.0 2'470.0 2'446.0 2'470.0 2'446.0 4'673.7 5'191.6 1'466.5 1'294.0

18.72x 32.92x 35.22x 16.52x 24.29x 16.52x 24.29x 13.45x 12.17x 13.32x -







Return on Capital - EBITDA/Interest Exp. 12.11




EBITDA Margin 21.6%



Asset Turnover 0.76







Fiscal Year Ended

Bayer AGPrice/Volume

Valuation Analysis

1'360'350.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!.!0!1!2!3!4!5!6!

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

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27.03.2013








MORGAN STANLEY n/a ULT-AGG 8'564'198 1.04 - 03.05.2012 Investment Advisor


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'532'781 0.91 2'307'304 28.02.2013 Investment Advisor


UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'937'955 0.72 279'716 28.09.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'795'523 0.7 (211'094) 28.12.2012 Mutual Fund Manager



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'647'992 0.44 356'211 31.12.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 3'035'802 0.37 (32'100) 31.12.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 3'035'138 0.37 45'000 30.11.2012 Investment Advisor


TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'406'227 0.29 (149'624) 31.01.2013 Investment Advisor



Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 27.03.2013


DZ Bank AG PETER SPENGLER buy 5 M 80 12 month 21.03.2013

Exane BNP Paribas FLORENT CESPEDES neutral 3 M 76 Not Provided 21.03.2013

AlphaValue MARTIN SCHNEE reduce 2 M 81 6 month 21.03.2013

Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 20.03.2013

Baader Bank NORBERT BARTH hold 3 M 66 12 month 20.03.2013

Jefferies JEFFREY HOLFORD hold 3 M 79 12 month 20.03.2013


Natixis BEATRICE MUZARD buy 5 M 90 Not Provided 20.03.2013

Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 75 12 month 20.03.2013


JPMorgan RICHARD VOSSER overweight 5 M 95 15 month 15.03.2013


CA Cheuvreux LAURENT FLAMME outperform 5 M 82 Not Provided 06.03.2013

Societe Generale STEPHEN MCGARRY hold 3 M 74 12 month 05.03.2013

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 85 Not Provided 05.03.2013


Nomura JEAN DE WATTEVILLE neutral 3 M 84 12 month 05.03.2013


Nord/LB THORSTEN STRAUSS sell 1 M 65 12 month 01.03.2013

Credit Suisse JOHANNA WALTON outperform 5 M 83 Not Provided 01.03.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 83 12 month 01.03.2013

Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 90 12 month 01.03.2013

Barclays MARK PURCELL underweight 1 M 68 Not Provided 01.03.2013


M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 75 12 month 28.02.2013


Goldman Sachs RAKESH PATEL neutral/neutral 3 M 82 12 month 27.02.2013

Kepler Capital Markets FABIAN WENNER buy 5 M 76 Not Provided 25.02.2013

Deutsche Bank TIM RACE buy 5 M 86 12 month 12.12.2012


Main First Bank AG RONALD KOEHLER outperform 5 M 80 Not Provided 20.11.2012

Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 30.10.2012

Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012

Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 76 Not Provided 15.09.2010

Holdings By:

Bayer AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.02.2013) 76.20

52-Week Low (28.06.2012) 51.13

Daily Volume

68.1





62'548.40 1 Yr Total Return 5.41%







BAS GY EQUITY YTD Change - Average Volume 30 Day 3'118'220

BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'658'043


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

62'304.0 50'693.0 63'873.0 73'497.0 78'729.0 73'497.0 78'729.0 80'660.5 80'192.8 21'598.8 20'076.0

0.62x 1.07x 1.09x 0.84x 0.99x 3.54x 3.62x 0.93x 0.91x 3.44x 3.75x

10'238.0 8'500.0 11'903.0 11'855.0 12'583.0 11'855.0 12'583.0 12'750.8 13'452.7 3'507.0 3'438.0

3.74x 6.36x 5.85x 5.20x 6.21x 5.20x 6.21x 5.91x 5.60x 5.92x -

2'912.0 1'410.0 4'557.0 6'188.0 4'879.0 6'188.0 4'879.0 5'369.0 5'824.2 1'618.0 1'469.0

8.86x 28.22x 12.04x 8.00x 13.40x 8.00x 13.40x 11.41x 10.59x 11.51x -











EBITDA Margin 16.0%



Asset Turnover 1.25







Fiscal Year Ended

BASF SEPrice/Volume

Valuation Analysis

2'681'045.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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27.03.2013



CAPITAL GROUP COMPAN n/a ULT-AGG 12'764'100 1.39 933'000 31.12.2012 Investment Advisor









BNP PARIBAS INV PART n/a ULT-AGG 3'382'359 0.37 (16'216) 31.01.2013 Investment Advisor



UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'052'900 0.22 251'750 28.09.2012 Investment Advisor

SEB n/a ULT-AGG 2'000'933 0.22 85'942 31.01.2013 Unclassified


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'605'194 0.17 (18'792) 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'494'928 0.16 95'786 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'446'357 0.16 (1'093'863) 31.01.2013 Mutual Fund Manager

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'361'517 0.15 (143'697) 28.12.2012 Mutual Fund Manager



Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 27.03.2013

HSBC GEOFF HAIRE neutral 3 M 75 Not Provided 26.03.2013

Exane BNP Paribas JAMES KNIGHT outperform 5 M 74 Not Provided 26.03.2013

Nord/LB THORSTEN STRAUSS hold 3 M 73 12 month 25.03.2013

Jefferies LAURENCE ALEXANDER hold 3 M 73 12 month 25.03.2013

AlphaValue MARTIN SCHNEE add 4 M 79 6 month 21.03.2013

JPMorgan MARTIN EVANS neutral 3 M 75 12 month 20.03.2013

Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 20.03.2013


M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 D 78 12 month 07.03.2013

Baader Bank NORBERT BARTH buy 5 M 85 12 month 05.03.2013

CA Cheuvreux MARTIN ROEDIGER outperform 5 M 80 Not Provided 01.03.2013

Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 83 6 month 28.02.2013

Credit Suisse CHRIS COUNIHAN outperform 5 M 78 Not Provided 28.02.2013

Bankhaus Lampe HEIKO FEBER buy 5 M 80 Not Provided 28.02.2013

S&P Capital IQ JOHNSON IMODE hold 3 D 78 12 month 28.02.2013

Societe Generale PETER CLARK hold 3 M 72 12 month 27.02.2013

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 87 12 month 27.02.2013

Macquarie CHRISTIAN FAITZ neutral 3 M 66 12 month 27.02.2013


Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 84 12 month 27.02.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 27.02.2013

Bankhaus Metzler LARS HETTCHE sell 1 D 68 12 month 27.02.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 D 85 12 month 27.02.2013

Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 85 12 month 26.02.2013

Nomura JEAN DE WATTEVILLE buy 5 M 88 12 month 26.02.2013

Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013

Barclays ANDREAS HEINE equalweight 3 M 80 Not Provided 04.02.2013

Kepler Capital Markets MARKUS MAYER hold 3 M 75 Not Provided 01.02.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 06.12.2012

Main First Bank AG RONALD KOEHLER neutral 3 M 65 Not Provided 20.11.2012

Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 25.10.2012


Gilford Securities PAUL C CHRISTOPHERSON hold 3 D #N/A N/A Not Provided 26.09.2012

Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012

Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012

SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010

Holdings By:

BASF SE ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2013) 77.13

52-Week Low (01.06.2012) 52.11

Daily Volume

75.81



% 52 Week Price Range High/Low 99.23% Equity Float -


121'818.72 1 Yr Total Return 41.56%







ABI BB EQUITY YTD Change - Average Volume 30 Day 2'061'876

ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'952'703


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

23'507.0 36'758.0 36'297.0 39'046.0 39'758.0 39'046.0 39'758.0 44'942.6 48'787.4 9'508.0 10'382.0

4.07x 3.57x 3.70x 3.49x 4.37x 3.49x 4.14x 4.33x 3.89x - -

7'734.0 12'925.0 13'768.0 15'297.0 15'450.0 15'297.0 11'768.0 17'593.5 19'517.3 - -

12.37x 10.15x 9.76x 8.91x 11.25x 8.91x 0.00x 10.81x 9.74x - -

1'927.0 4'613.0 4'026.0 5'855.0 7'243.0 5'855.0 7'244.0 8'019.2 9'005.7 1'593.0 1'700.0

11.99x 17.92x 22.61x 16.71x 19.15x 16.71x 19.04x 19.45x 17.19x 20.21x -











EBITDA Margin 38.9%



Asset Turnover 0.34







Fiscal Year Ended

Anheuser-Busch InBev NVPrice/Volume

Valuation Analysis

1'216'571.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!.!0!1!2!3!4!5!6!


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

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1 !!

3 !!

5 !!

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27.03.2013


STICHTING INBEV n/a 20F 663'074'830 41.26 - 29.08.2011 n/a

EUGENIE PATRI SEBAST n/a 20F 133'267'604 8.29 - 29.08.2011 Corporation


BRC SARL n/a 20F 32'666'460 2.03 - 29.08.2011 Other





VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'415'186 0.65 (2'422'646) 31.12.2012 Investment Advisor

ANHEUSER-BUSCH INBEV n/a 20F 7'601'955 0.47 - 29.08.2011 Corporation

VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 29.08.2011 Other

INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 29.08.2011 Other







THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'031'936 0.13 39'854 31.12.2012 Investment Advisor

WELLCOME TRUST LIMIT n/a Research 1'850'000 0.12 - 31.01.2013 Investment Advisor


Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 82 12 month 22.03.2013

AlphaValue ISABELLE COMBEMALE sell 1 M 46 6 month 21.03.2013

Jefferies DIRK VAN VLAANDEREN buy 5 M 89 12 month 18.03.2013

Bank Degroof(ESN) HANS D'HAESE hold 3 M 74 12 month 18.03.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 83 Not Provided 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 90 12 month 11.03.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 08.03.2013

Credit Suisse SANJEET AUJLA outperform 5 M 90 Not Provided 07.03.2013

ING Bank MARCO GULPERS hold 3 M 68 12 month 06.03.2013


KBC Securities WIM HOSTE hold 3 M 71 12 month 04.03.2013

JPMorgan MIKE J GIBBS not rated #N/A N/A M #N/A N/A Not Provided 01.03.2013

Societe Generale ANDREW HOLLAND buy 5 M 74 12 month 28.02.2013

HSBC LAUREN E TORRES overweight 5 M 78 Not Provided 28.02.2013

Nomura IAN SHACKLETON neutral 3 M 70 12 month 28.02.2013


Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 63 Not Provided 28.02.2013

Kempen & Co SANDER VAN OORT hold 3 M 68 12 month 27.02.2013


Petercam KRIS KIPPERS buy 5 M 80 Not Provided 27.02.2013


ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 61 Not Provided 27.02.2013

Rabobank International KAREL ZOETE buy 5 U 76 12 month 25.02.2013

Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013

Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 14.02.2013

Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 60 12 month 04.02.2013

Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 75 6 month 01.02.2013

Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.02.2013




Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012

Deutsche Bank JONATHAN FELL restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012

Barclays SIMON HALES suspended coverage #N/A N/A M #N/A N/A Not Provided 29.06.2012

Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012

Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012

Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011

Holdings By:

Anheuser-Busch InBev NV ee


27.03.2013

Diageo plc produces, distills and markets alcoholic beverages. The Company

offers a wide range of branded beverages, including vodkas, whiskeys, tequilas,

gins, and beer.


LTM as of: 01/yy

52-Week High (20.03.2013) 2'054.00

52-Week Low (23.05.2012) 1'475.00

Daily Volume

2022.5





50'753.25 1 Yr Total Return 35.38%







DGE LN EQUITY YTD Change - Average Volume 30 Day 3'961'409

DGE LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'834'203


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

8'090.0 9'311.0 9'780.0 9'936.0 10'762.0 - - 11'472.6 12'267.9 - -

3.78x 3.27x 3.57x 3.98x 4.68x - - 5.18x 4.76x - -

2'516.0 2'777.0 2'984.0 3'232.0 3'826.0 - - 3'926.4 4'252.3 - -

12.17x 10.96x 11.70x 12.24x 13.16x - - 15.18x 14.02x - -

1'521.0 1'605.0 1'629.0 1'900.0 1'942.0 - - 2'578.3 2'854.1 - -

15.85x 13.51x 15.99x 16.71x 21.00x - - 19.64x 17.62x - -











EBITDA Margin 36.5%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Diageo PLCPrice/Volume

Valuation Analysis

1'198'087.00


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4'000.0

6'000.0

8'000.0

10'000.0

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

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27.03.2013





LEGAL & GENERAL n/a ULT-AGG 93'430'267 3.72 116'442 03.12.2012 Unclassified










Cascade Investment C Multiple Portfolios REG 25'516'958 1.02 - 03.12.2012 Unclassified



DIAGEO PLC ESOP Multiple Portfolios REG 20'432'541 0.81 443'832 03.12.2012 Unclassified


AXA n/a ULT-AGG 19'645'452 0.78 2'364'575 03.12.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 19'387'391 0.77 (655'760) 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 2'100 12 month 22.03.2013

Nomura IAN SHACKLETON buy 5 M 2'040 12 month 22.03.2013

Stifel MARK D SWARTZBERG buy 5 N 2'400 12 month 21.03.2013

AlphaValue ISABELLE COMBEMALE reduce 2 M 1'912 6 month 21.03.2013


Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 19.03.2013

Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'100 Not Provided 19.03.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 2'100 12 month 11.03.2013

JPMorgan MATTHEW WEBB neutral 3 M 1'915 9 month 11.03.2013

Barclays SIMON HALES overweight 5 M 2'150 Not Provided 11.03.2013

Credit Suisse CHARLES MILLS outperform 5 M 2'350 Not Provided 07.03.2013

Raymond James HERMINE DE BENTZMANN outperform 5 M 2'060 12 month 07.03.2013


Day by Day VALERIE GASTALDY buy 5 M 2'460 3 month 28.02.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 1'980 Not Provided 22.02.2013

Investec MARTIN DEBOO hold 3 M 1'970 12 month 15.02.2013

Societe Generale NICOLAS CERON hold 3 M 1'900 12 month 01.02.2013

Kepler Capital Markets LAETITIA DELAYE buy 5 M 2'100 Not Provided 01.02.2013

Natixis OLIVIER DELAHOUSSE buy 5 M 2'100 Not Provided 01.02.2013



Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 1'900 6 month 31.01.2013

S&P Capital IQ CARL SHORT buy 5 M 2'100 12 month 31.01.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 2'300 Not Provided 25.01.2013

CA Cheuvreux ERIC BOROIAN outperform 5 M 1'850 Not Provided 21.01.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 2'100 Not Provided 18.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013

Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 2'220 12 month 09.01.2013

Deutsche Bank JAMES ISENWATER buy 5 M 2'000 12 month 10.11.2012

Berenberg Bank PHILIP MORRISEY buy 5 M 1'760 Not Provided 29.10.2012

Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 1'860 Not Provided 02.10.2012

HSBC ERWAN RAMBOURG neutral 3 M 1'800 Not Provided 08.08.2012

Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 25.08.2011

Holdings By:

Diageo PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (15.03.2013) 65.00

52-Week Low (04.06.2012) 43.62

Daily Volume

61.8





75'921.56 1 Yr Total Return 19.18%







SAP GY EQUITY YTD Change - Average Volume 30 Day 2'827'586

SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'922'148


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

11'575.0 10'672.0 12'464.0 14'233.0 16'223.0 14'233.0 16'223.0 18'008.1 19'847.1 3'814.2 4'343.7

2.71x 3.65x 3.71x 3.31x 4.62x 13.42x 15.96x 4.15x 3.62x 20.08x 17.68x

3'300.0 3'301.0 4'125.0 4'663.0 5'002.0 4'663.0 4'575.0 6'414.2 7'242.4 1'112.5 1'483.0

9.49x 11.81x 11.20x 10.10x 14.99x 10.10x 16.39x 12.21x 10.82x 12.07x 12.08x

1'847.0 1'748.0 1'811.0 3'438.0 2'823.0 3'438.0 2'827.0 3'999.0 4'574.2 672.2 919.8

16.28x 22.45x 25.07x 14.13x 25.61x 14.13x 25.61x 17.84x 15.73x 17.78x 17.48x

EBITDA 5'002.00 Long-Term Rating Date -

EBIT 4'139.00 Long-Term Rating -

Operating Margin 25.51% Long-Term Outlook -

Pretax Margin 23.57% Short-Term Rating Date -

Return on Assets 11.29% Short-Term Rating -






EBITDA Margin 28.2%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SAP AGPrice/Volume

Valuation Analysis

1'889'120.00


!

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4!


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

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27.03.2013


PLATTNER HASSO n/a 13G 121'324'707 9.88 - 31.12.2012 n/a

TSCHIRA KLAUS n/a Co File 93'079'595 7.58 - 08.03.2012 n/a


HOPP DIETMAR n/a 13G 65'273'200 5.31 - 31.12.2012 n/a

SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation



HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'235'667 0.91 - 31.12.2012 Investment Advisor




UNION INVESTMENT GMB Multiple Portfolios MF-AGG 8'270'322 0.67 (346'827) 28.09.2012 Investment Advisor





DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'264'797 0.43 (406'504) 28.02.2013 Investment Advisor

CREDIT SUISSE AG n/a Research 4'582'686 0.37 - 06.06.2012 Investment Advisor




Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 73 12 month 27.03.2013

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 68 12 month 26.03.2013

Jefferies ROSS MACMILLAN hold 3 M 62 12 month 25.03.2013


Baader Bank KNUT WOLLER hold 3 M 63 12 month 21.03.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 65 Not Provided 21.03.2013

AlphaValue HEINZ STEFFEN add 4 M 72 6 month 21.03.2013

Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 70 6 month 11.03.2013

JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 11.03.2013


Nomura RICHARD G SHERLUND buy 5 M 68 12 month 10.03.2013

Societe Generale RICHARD NGUYEN buy 5 M 71 12 month 07.03.2013

Deutsche Bank KAI KORSCHELT buy 5 M 70 12 month 07.03.2013

HSBC ANTONIN BAUDRY overweight 5 U 74 Not Provided 07.03.2013

William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 06.03.2013

Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 06.03.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 24.02.2013

Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013

Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 65 6 month 04.02.2013

Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 01.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013

Exane BNP Paribas JOSEP BORI neutral 3 M 63 Not Provided 28.01.2013

Nord/LB WOLFGANG DONIE buy 5 U 70 12 month 24.01.2013

JPMorgan STACY E POLLARD overweight 5 M 65 12 month 24.01.2013

Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 24.01.2013


Bankhaus Metzler ULRICH TRABERT buy 5 M 69 12 month 24.01.2013


Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 24.01.2013

Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 57 Not Provided 23.01.2013

Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 86 12 month 23.01.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 57 Not Provided 23.01.2013

Kepler Capital Markets LAURENT DAURE buy 5 M 66 Not Provided 23.01.2013


DZ Bank AG OLIVER FINGER buy 5 M 66 12 month 23.01.2013

Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013

M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 67 12 month 17.01.2013

Natixis GWENAEL GIARD neutral 3 M 53 Not Provided 16.01.2013

Cross Research RICHARD T WILLIAMS hold 3 M 45 12 month 16.01.2013

Jyske Bank ROBERT JAKOBSEN reduce 2 M 65 Not Provided 09.01.2013

Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012

CA Cheuvreux MICHAEL BEUCHER underperform 1 M 46 Not Provided 02.02.2012

FBR Capital Markets DAVID M HILAL market perform 3 M 55 12 month 26.01.2012

Holdings By:

SAP AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (07.02.2013) 1'100.00

52-Week Low (30.03.2012) 763.50

Daily Volume

949.5





531'720.00 1 Yr Total Return 25.27%

Total Debt 500.00 YTD Return 5.59%






NOVOB DC EQUITY YTD Change - Average Volume 30 Day 786'775

NOVOB DC EQUITY YTD % CHANGE - Average Volume 3 Month 783'653


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

45'553.0 51'078.0 60'776.0 66'346.0 78'026.0 66'346.0 78'026.0 83'767.0 91'288.4 19'420.5 20'952.0

3.45x 3.47x 5.98x 5.52x 6.38x 19.15x 23.42x 6.16x 5.62x - -

14'815.0 17'484.0 21'358.0 24'864.0 32'047.0 24'864.0 32'047.0 34'393.3 38'100.4 7'730.3 8'612.3

10.60x 10.13x 17.02x 14.73x 15.53x 14.08x 15.03x 15.01x 13.55x 15.21x 14.93x

9'645.0 10'768.0 14'403.0 17'097.0 21'432.0 17'097.0 21'432.0 24'935.7 27'111.7 5'745.4 6'486.2

17.30x 18.47x 25.35x 21.83x 23.45x 21.82x 23.44x 20.59x 18.58x 20.64x 20.60x









Net Debt/EBITDA -0.49


EBITDA Margin 41.1%



Asset Turnover 1.20







Fiscal Year Ended

Novo Nordisk A/SPrice/Volume

Valuation Analysis

416'675.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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20'000.0

30'000.0

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50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

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27.03.2013



NOVO AS n/a 20F 35'312'800 7.8 (5'100'000) 31.01.2013 Holding Company

NOVO-NORDISK A/S n/a Research 18'962'215 4.19 - 08.03.2013 Corporation









CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 1'729'312 0.38 (102'150) 28.02.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'569'603 0.35 (127'123) 30.11.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'321'823 0.29 (1'321) 28.02.2013 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'163'920 0.26 1'109'960 31.12.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 994'564 0.22 (121'792) 28.02.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 936'874 0.21 21'995 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 860'779 0.19 (2'666) 28.02.2013 Investment Advisor

SEB n/a ULT-AGG 738'979 0.16 (13'497) 31.01.2013 Unclassified



ABG Sundal Collier PETER HUGREFFE buy 5 M 1'200 6 month 25.03.2013

Jyske Bank FRANK HOERNING ANDERSEN buy 5 M 1'100 Not Provided 22.03.2013

Exane BNP Paribas VINCENT MEUNIER neutral 3 M 950 Not Provided 21.03.2013

AlphaValue KAMLA SINGH add 4 U 1'031 6 month 21.03.2013

Societe Generale STEPHEN MCGARRY sell 1 M 753 12 month 20.03.2013

SEB Enskilda LARS HEVRENG buy 5 M 1'180 Not Provided 19.03.2013

Carnegie CARSTEN LONBORG MADSEN buy 5 M #N/A N/A Not Provided 19.03.2013

Nordea Equity Research MICHAEL NOVOD strong buy 5 M 1'250 12 month 19.03.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 920 6 month 19.03.2013

Helvea OLAV ZILIAN accumulate 4 M 1'100 12 month 19.03.2013

Barclays BRIAN BOURDOT underweight 1 M 870 Not Provided 19.03.2013

Danske Markets MARTIN PARKHOI buy 5 M 1'100 12 month 19.03.2013

JPMorgan RICHARD VOSSER underweight 1 D 800 9 month 18.03.2013

Deutsche Bank TIM RACE sell 1 M 890 12 month 15.03.2013

Jefferies JEFFREY HOLFORD hold 3 M 900 12 month 14.03.2013

DNB Markets RUNE MAJLUND DAHL buy 5 M 1'100 Not Provided 12.03.2013

CA Cheuvreux LAURENT FLAMME underperform 1 M 965 Not Provided 06.03.2013

Handelsbanken PETER SEHESTED buy 5 M 1'112 12 month 04.03.2013

Credit Suisse LUISA HECTOR neutral 3 M 1'040 Not Provided 28.02.2013

Nomura AMIT ROY buy 5 M 1'000 12 month 21.02.2013

Berenberg Bank ALISTAIR CAMPBELL hold 3 M 920 Not Provided 12.02.2013

Kepler Capital Markets MARTIN VOEGTLI hold 3 M 920 Not Provided 12.02.2013

S&P Capital IQ JACOB THRANE hold 3 M 985 12 month 12.02.2013


Alm Brand Markets MICHAEL FRIIS JORGENSEN neutral 3 D 1'015 Not Provided 11.02.2013

Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 1'200 12 month 11.02.2013

Natixis PHILIPPE LANONE neutral 3 D 1'010 Not Provided 11.02.2013

Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 1'400 6 month 04.02.2013


Mirabaud Securities NICHOLAS TURNER reduce 2 D 819 Not Provided 23.11.2012

Swedbank JOHAN UNNERUS strong buy 5 U 1'150 12 month 09.11.2012

NYKREDIT KRESTEN JOHNSEN outperform 5 M #N/A N/A Not Provided 23.07.2012


Cyrrus TOMAS MENCIK sell 1 M 627 Not Provided 05.04.2012

Sydbank SOEREN LONTOFT HANSEN overweight 5 U #N/A N/A Not Provided 02.02.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 648 Not Provided 15.04.2011

Holdings By:

Novo Nordisk A/S ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.01.2013) 6.68

52-Week Low (23.07.2012) 3.98

Daily Volume

5.167





54'453.38 1 Yr Total Return -0.86%





Enterprise Value -


SAN SQ EQUITY YTD Change - Average Volume 30 Day 75'163'500

SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 75'605'770


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

70'114.3 69'736.2 68'965.5 78'009.0 43'575.0 44'219.0 43'575.0 44'466.5 46'635.0 11'268.0 11'390.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

8'876.4 8'942.5 8'180.9 5'351.0 2'205.0 5'351.0 2'205.0 6'311.5 7'521.8 1'408.0 1'407.0

5.74x 11.09x 8.39x 9.74x 26.44x 9.70x 25.61x 8.77x 7.53x 8.01x -


EBIT - Long-Term Rating BBB







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banco Santander SAPrice/Volume

Valuation Analysis

60'242'578.00


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40'000.0

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80'000.0

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

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27.03.2013



BANK OF NEW YORK MEL n/a Co File 555'448'975 5.27 - 31.12.2011 Investment Advisor

BNP PARIBAS SA n/a EXCH 341'264'391 3.24 86'154'727 14.01.2013 Bank


BARCLAYS PLC n/a ULT-AGG 227'263'557 2.16 (56'807'364) 03.05.2011 Investment Advisor



DE LOS RIOS EMILIO B n/a EXCH 79'215'379 0.75 30'908 11.03.2013 n/a

DODGE & COX Multiple Portfolios MF-AGG 53'673'238 0.51 447'012 29.01.2013 Investment Advisor

ASSICURAZIONI GENERA n/a EXCH 50'134'290 0.48 - 01.10.2011 Insurance Company

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 43'495'798 0.41 586'726 31.12.2012 Investment Advisor

BANCO SANTANDER SA n/a Co File 42'192'066 0.4 - 31.12.2011 Bank


CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'143'000 0.37 - 31.12.2012 Investment Advisor





O'SHEA JAVIER BOTIN- n/a EXCH 16'280'026 0.15 937 31.01.2013 n/a

PUENTEPUMAR SL n/a EXCH 13'757'649 0.13 - 11.07.2011 Corporation


Mediobanca SpA ANDREA FILTRI underperform 1 M 4 Not Provided 25.03.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 6 Not Provided 25.03.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 6 month 25.03.2013

Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 22.03.2013

La Caixa DAVID FERNANDEZ overweight 5 D 6 Not Provided 20.03.2013

Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 20.03.2013

Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 19.03.2013

Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 6 Not Provided 14.03.2013

Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 11.03.2013

Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 6 12 month 11.03.2013

Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 11.03.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 10.03.2013

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 08.03.2013

BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 07.03.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 9 6 month 07.03.2013

Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013


EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.02.2013

Banco Sabadell MARIO LODOS buy 5 M 7 12 month 15.02.2013

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013

Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 12.02.2013

JPMorgan JAIME BECERRIL neutral 3 M 6 18 month 11.02.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.02.2013

RBC Capital Markets PATRICK LEE underperform 1 M 6 12 month 01.02.2013

Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 01.02.2013


Nomura DARAGH QUINN reduce 2 M 6 Not Provided 01.02.2013

S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 31.01.2013

Berenberg Bank NICK ANDERSON sell 1 M 6 Not Provided 28.01.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 8 12 month 23.01.2013

BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013

HSBC CARLO DIGRANDI neutral 3 M 6 Not Provided 10.01.2013

Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 08.01.2013

Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013

Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012

CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012

Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012

Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012

DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012

Holdings By:

Banco Santander SA ee


27.03.2013

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.


LTM as of: 06/yy

52-Week High (14.02.2013) 3'838.00

52-Week Low (05.09.2012) 2'649.50

Daily Volume

3106





61'258.42 1 Yr Total Return -5.21%







RIO LN EQUITY YTD Change - Average Volume 30 Day 4'934'840

RIO LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'259'480


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

54'264.0 41'825.0 55'171.0 60'537.0 50'967.0 0.0 46'038.0 58'416.0 62'104.9 - -

1.53x 5.29x 2.71x 1.80x 2.67x #DIV/0! 8.17x 2.09x 1.94x - -

18'964.0 10'920.0 22'752.0 26'657.0 15'902.0 0.0 13'532.0 21'990.1 24'140.2 - -

4.38x 20.24x 6.57x 4.09x 8.55x 0.00x 0.00x 5.59x 5.09x - -

3'676.0 4'872.0 14'238.0 5'826.0 (2'990.0) 0.0 9'402.0 10'986.9 12'212.8 - -

6.19x 18.14x 9.63x 16.07x - 0.00x 0.00x 7.85x 6.90x - -




Pretax Margin -5.04% Short-Term Rating Date 08.07.2009







EBITDA Margin 31.2%


Net Income Margin -5.9% Total Debt/Capital 31.6%

Asset Turnover 0.43







Fiscal Year Ended

Rio Tinto PLCPrice/Volume

Valuation Analysis

2'284'379.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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-2!!

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02!!

1!!!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

. !!

1 !!

3 !!

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27.03.2013


SHINING PROSPECT PTE Multiple Portfolios REG 182'550'329 12.93 - 03.12.2012 Holding Company


AXA n/a ULT-AGG 59'271'193 4.2 605'414 03.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 53'306'336 3.78 (30'895) 28.02.2013 Unclassified




BNP PARIBAS INV PART n/a ULT-AGG 28'183'471 2 5'058'654 31.01.2013 Investment Advisor





M&G INVESTMENT MANAG Multiple Portfolios REG 15'566'865 1.1 777'762 03.12.2012 Investment Advisor


AVIVA INVESTORS Multiple Portfolios REG 14'066'647 1 (18'708) 03.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios REG 13'772'088 0.98 509'965 03.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 13'345'435 0.95 812'987 31.01.2013 Unclassified

GOVT OF SINGAPORE IN n/a ULT-AGG 13'197'558 0.93 (667'279) 03.12.2012 Government

SCHRODER INVESTMENT Multiple Portfolios REG 13'004'093 0.92 3'648'560 03.12.2012 Investment Advisor



Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 3'870 12 month 27.03.2013

Credit Suisse PAUL MCTAGGART outperform 5 M 4'000 Not Provided 26.03.2013

Independent Research GmbH SVEN DIERMEIER hold 3 D 3'400 12 month 25.03.2013


Jefferies Christopher LaFemina buy 5 M 4'100 12 month 21.03.2013

AlphaValue SACHIN KUMAR add 4 M 3'796 6 month 21.03.2013

Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 4'575 12 month 20.03.2013

Goldman Sachs MICHELE DELLA VIGNA Sell/Neutral 1 D 2'800 12 month 19.03.2013

JPMorgan FRASER JAMIESON overweight 5 M 4'400 9 month 15.03.2013

SBG Securities PETER DAVEY buy 5 M 4'300 12 month 11.03.2013

Macquarie JEFFREY LARGEY neutral 3 M 4'050 12 month 08.03.2013

RBC Capital Markets DES KILALEA outperform 5 M 4'300 12 month 04.03.2013

Espirito Santo Investment Bank ResearchNICK MELLOR sell 1 M 2'910 12 month 04.03.2013


Exane BNP Paribas LUC PEZ outperform 5 M 4'700 Not Provided 27.02.2013

BMO Capital Markets TONY ROBSON outperform 5 M 4'500 Not Provided 25.02.2013

Societe Generale ABHISHEK SHUKLA buy 5 M 3'900 12 month 15.02.2013

Deutsche Bank ROBERT CLIFFORD buy 5 M 4'720 12 month 15.02.2013

Natixis RAOUDHA BOUZEKRI neutral 3 M 3'500 Not Provided 15.02.2013

Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 4'200 12 month 14.02.2013

Nomura SAM CATALANO buy 5 M 3'700 12 month 14.02.2013

S&P Capital IQ JOHNSON IMODE strong buy 5 M 4'200 12 month 14.02.2013

HSBC ANDREW KEEN overweight 5 M 4'180 Not Provided 07.02.2013

Redburn Partners SIMON TOYNE buy 5 M #N/A N/A Not Provided 21.01.2013

Barclays DAVID BUTLER overweight 5 M 4'000 Not Provided 14.01.2013

Liberum Capital Ltd RICHARD KNIGHTS buy 5 U #N/A N/A Not Provided 30.11.2012

Standard Chartered SUBRAMANIAM VARADA outperform 5 M 3'430 12 month 22.11.2012

Axiom Capital GORDON L JOHNSON sell 1 N 2'059 12 month 30.07.2012

Holdings By:

Rio Tinto PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (18.01.2013) 143.40

52-Week Low (04.06.2012) 111.00

Daily Volume

132.25





67'139.34 1 Yr Total Return 3.83%






Average Volume 5 Day 877'732

MC FP EQUITY YTD Change - Average Volume 30 Day 801'760

MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 724'368


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

17'193.0 17'053.0 20'320.0 23'659.0 28'103.0 23'659.0 28'103.0 30'256.3 32'847.9 - -

1.60x 2.41x 3.08x 2.56x 2.67x 0.00x 0.00x 2.34x 2.10x - -

4'323.0 4'055.0 5'106.0 6'150.0 6'940.0 0.0 0.0 7'668.5 8'473.9 - -

6.34x 10.13x 12.27x 9.84x 10.82x 0.00x 0.00x 9.48x 8.58x - -

2'026.0 1'755.0 3'032.0 3'065.0 3'424.0 0.0 0.0 3'849.2 4'301.9 - -

11.16x 21.13x 19.36x 17.45x 20.23x 0.00x 0.00x 17.45x 15.55x - -











EBITDA Margin 25.7%



Asset Turnover 0.58







Fiscal Year Ended

LVMH Moet Hennessy Louis Vuitton SAPrice/Volume

Valuation Analysis

1'065'020.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

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-.!

-1!

-3!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-. !!

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-3 !!

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27.03.2013


GROUPE ARNAULT SAS n/a Research 235'886'503 46.46 (147'143) 01.10.2012 Holding Company

LVMH MOET HENNESSY L n/a Co File 9'536'678 1.88 - 31.12.2011 Holding Company

QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'085'056 0.8 - 31.01.2013 Investment Advisor




NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'724'161 0.54 49'222 31.01.2013 Mutual Fund Manager



TRAPANI FRANCESCO n/a Co File 1'561'592 0.31 - 31.12.2011 n/a





LBPAM Multiple Portfolios MF-AGG 1'150'592 0.23 43'392 31.12.2012 Mutual Fund Manager


AMUNDI Multiple Portfolios MF-AGG 925'639 0.18 (20'403) 31.10.2012 Mutual Fund Manager


ISI Group OMAR SAAD buy 5 M 160 12 month 24.03.2013

Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 165 12 month 20.03.2013

Nomura CHRISTOPHER WALKER buy 5 M 155 12 month 20.03.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA neutral 3 M 135 Not Provided 20.03.2013

Oddo & Cie LEOPOLD AUTHIE buy 5 M 160 Not Provided 19.03.2013


Societe Generale THIERRY COTA hold 3 M 145 12 month 18.03.2013

Renaissance Capital REY WIUM hold 3 M 152 12 month 14.03.2013

AlphaValue VIRGINIE BLIN buy 5 M 172 6 month 07.03.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 141 Not Provided 22.02.2013

Aurel - BGC DAVID DA MAIA hold 3 M 145 Not Provided 20.02.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 157 12 month 20.02.2013

Banco Sabadell IGNACIO ROMERO buy 5 M 144 12 month 15.02.2013

Berenberg Bank JOHN GUY hold 3 D 140 Not Provided 15.02.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 140 Not Provided 10.02.2013

Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 152 12 month 08.02.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 198 12 month 08.02.2013

Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 160 6 month 08.02.2013

Credit Suisse ROGERIO FUJIMORI neutral 3 M 148 Not Provided 05.02.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 165 12 month 04.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 160 12 month 04.02.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 142 9 month 01.02.2013

Raymond James MARC WILLAUME strong buy 5 M 163 Not Provided 01.02.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 01.02.2013

Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 01.02.2013

S&P Capital IQ MICHAEL SOUERS strong buy 5 M 160 12 month 01.02.2013

Barclays JULIAN EASTHOPE overweight 5 M 151 Not Provided 01.02.2013

Kepler Capital Markets CATHERINE ROLLAND buy 5 M 168 Not Provided 31.01.2013

HSBC ANTOINE BELGE neutral 3 M 150 Not Provided 24.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank WARWICK OKINES hold 3 D 145 12 month 14.01.2013

Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012

Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012

CA Cheuvreux THOMAS MESMIN outperform 5 M 140 Not Provided 17.10.2012

Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2012

DZ Bank AG THOMAS MAUL buy 5 M 147 Not Provided 02.05.2012

Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012

Holdings By:

LVMH Moet Hennessy Louis Vuitton SA ee


27.03.2013

Unilever NV manufactures branded and packaged consumer goods, including food,

detergents, fragrances, home and personal care products. Dually-listed company

with ULVR LN.


LTM as of: 12/yy

52-Week High (25.03.2013) 32.00

52-Week Low (13.04.2012) 24.51

Daily Volume

31.56





95'722.40 1 Yr Total Return 27.93%







UNA NA EQUITY YTD Change - Average Volume 30 Day 4'167'800

UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'752'298


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 46'467.0 51'324.0 53'508.8 56'551.8 12'678.3 13'837.2

1.41x 1.77x 1.64x 1.82x 1.75x 0.00x 0.00x 1.91x 1.78x - -

6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 0.0 0.0 8'790.1 9'406.3 - -

8.39x 10.25x 9.54x 11.30x 10.94x 0.00x 0.00x 11.78x 11.01x - -

5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 2'235.0 0.0 4'919.9 5'363.3 1'120.0 1'140.0

9.69x 18.80x 15.43x 17.60x 18.25x 0.00x 0.00x 18.65x 17.17x 18.46x -











EBITDA Margin 16.0%



Asset Turnover 1.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Unilever NVPrice/Volume

Valuation Analysis

2'388'116.00


!

2

-!

-2

.!

.2

0!

02


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-. !!

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27.03.2013


FOUNDATION UNILEVER n/a Co File 1'268'224'230 73.96 - 28.02.2011 Other

UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2011 Other






ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'447'002 0.55 (57'347) 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'028'108 0.47 8'028'108 31.12.2012 Investment Advisor



ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 7'180'977 0.42 (63'607) 31.01.2013 Mutual Fund Manager

ELMA EN UNITED HOLDS n/a Research 6'428'550 0.37 - 19.10.2011 Other

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'122'561 0.36 (32'935) 31.01.2013 Investment Advisor




MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'387'993 0.31 (102'210) 31.12.2012 Investment Advisor




Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 34 12 month 25.03.2013

Exane BNP Paribas JEFF STENT neutral 3 M 33 Not Provided 19.03.2013

Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 27 12 month 13.03.2013


RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 31 12 month 11.03.2013

Kepler Capital Markets JON COX buy 5 M 33 Not Provided 10.03.2013

Credit Suisse CHARLES MILLS neutral 3 M 34 Not Provided 07.03.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 31 12 month 05.03.2013

Rabobank International KAREL ZOETE buy 5 M 34 Not Provided 25.02.2013

Banco Sabadell IGNACIO ROMERO sell 1 M 26 12 month 15.02.2013


HSBC CEDRIC BESNARD overweight 5 M 35 Not Provided 30.01.2013


Jefferies ALEX HOWSON hold 3 D 32 12 month 29.01.2013



Berenberg Bank JAMES TARGETT buy 5 M 35 Not Provided 25.01.2013


Societe Generale WARREN L ACKERMAN sell 1 M 28 12 month 24.01.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 30 12 month 24.01.2013

Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 37 12 month 24.01.2013

SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 M 35 12 month 24.01.2013

Nomura DAVID HAYES reduce 2 M 30 Not Provided 24.01.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 36 12 month 24.01.2013

Helvea ANDREAS VON ARX accumulate 4 M 33 12 month 24.01.2013

ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 30 Not Provided 24.01.2013

Grupo Santander PEDRO GIL buy 5 M 33 Not Provided 23.01.2013



Petercam FERNAND DE BOER hold 3 M 30 Not Provided 23.01.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 30 Not Provided 23.01.2013


Barclays IAIN SIMPSON overweight 5 M 34 Not Provided 23.01.2013


Natixis PIERRE TEGNER reduce 2 M 27 Not Provided 21.01.2013

ING Bank MARCO GULPERS hold 3 M 29 12 month 21.01.2013


Theodoor Gilissen Securities TOM MULLER buy 5 M 33 Not Provided 15.01.2013

Kempen & Co ERWIN DUT hold 3 M 29 12 month 06.01.2013


Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012

DZ Bank AG ROBERT CZERWENSKY sell 1 M 22 12 month 03.02.2012

Equita SIM SpA FABIO FAZZARI buy 5 M 28 12 month 10.06.2011

Holdings By:

Unilever NV ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (19.02.2013) 2'251.50

52-Week Low (01.06.2012) 1'650.50

Daily Volume

1939.5





114'581.44 1 Yr Total Return 4.61%







BLT LN EQUITY YTD Change - Average Volume 30 Day 6'583'069

BLT LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'560'194


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

59'473.0 50'211.0 52'798.0 71'739.0 72'226.0 - - 68'085.9 74'998.4 - -

3.90x 2.97x 2.83x 3.00x 2.42x - - 2.98x 2.68x - -

28'137.0 21'761.0 24'590.0 38'093.0 33'866.0 - - 29'120.2 34'351.7 - -

8.24x 6.86x 6.07x 5.65x 5.15x - - 7.02x 5.95x - -

15'390.0 5'877.0 12'722.0 23'648.0 15'417.0 - - 13'271.3 16'822.1 - -

13.88x 21.26x 11.48x 9.18x 9.78x - - 11.45x 9.65x - -











EBITDA Margin 42.3%



Asset Turnover 0.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BHP Billiton PLCPrice/Volume

Valuation Analysis

2'925'491.00


!

2!!

-!!!

-2!!

.!!!

.2!!


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

!0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-. !0 !- .!-0



27.03.2013



GEPF EQUITY n/a 20F 87'131'000 4.13 - 24.08.2012 n/a


NORGES BANK n/a RNS-MAJ 63'635'068 3.01 387'315 05.02.2013 Government




FRANKLIN RESOURCES n/a ULT-AGG 37'588'249 1.78 8'992'566 31.12.2012 Investment Advisor


INDUSTRIAL DEVELOPME n/a 20F 33'804'582 1.6 - 24.08.2012 Unclassified


BAILLIE GIFFORD AND Multiple Portfolios REG 24'697'602 1.17 (1'256'810) 01.11.2012 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 22'369'418 1.06 1'376'028 31.01.2013 Investment Advisor




ALECTA INVESTMENT MA Multiple Portfolios REG 19'545'000 0.93 (4'850'000) 01.11.2012 Unclassified




Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 2'000 Not Provided 21.03.2013

AlphaValue SACHIN KUMAR reduce 2 M 1'894 6 month 21.03.2013


Goldman Sachs MICHELE DELLA VIGNA neutral/neutral 3 D 2'200 12 month 19.03.2013

Espirito Santo Investment Bank ResearchNICK MELLOR sell 1 N 1'703 Not Provided 19.03.2013


Credit Suisse PAUL MCTAGGART neutral 3 M 2'400 Not Provided 15.03.2013

JPMorgan FRASER JAMIESON neutral 3 M 2'300 9 month 15.03.2013


RBC Capital Markets DES KILALEA outperform 5 M 2'300 12 month 08.03.2013

Macquarie JEFFREY LARGEY neutral 3 M 2'175 12 month 07.03.2013

Macquarie KIERAN DALY neutral 3 M 2'146 12 month 07.03.2013

Nomura SAM CATALANO buy 5 M 2'400 Not Provided 04.03.2013

Morgan Stanley MENNO SANDERSE Overwt/In-Line 5 M 2'310 12 month 28.02.2013

SBG Securities PETER DAVEY buy 5 M 2'500 12 month 28.02.2013

Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 2'155 12 month 26.02.2013

Barclays DAVID BUTLER overweight 5 M 2'300 Not Provided 22.02.2013

Societe Generale ABHISHEK SHUKLA sell 1 M 1'585 12 month 21.02.2013


Natixis RAOUDHA BOUZEKRI buy 5 M 2'400 Not Provided 21.02.2013

Avior Research CLINTON DUNCAN outperform 5 M 3'042 Not Provided 21.02.2013

BMO Capital Markets TONY ROBSON outperform 5 M 2'500 Not Provided 20.02.2013

S&P Capital IQ JOHNSON IMODE hold 3 M 2'200 12 month 20.02.2013

HSBC ANDREW KEEN neutral 3 M 2'250 Not Provided 07.02.2013

Deutsche Bank GRANT SPORRE buy 5 M 2'380 12 month 30.01.2013


Investec ALBERT MINASSIAN hold 3 M 2'306 Not Provided 20.12.2012

Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 06.12.2012

Liberum Capital Ltd RICHARD KNIGHTS buy 5 M #N/A N/A Not Provided 20.09.2012

Standard Chartered SUBRAMANIAM VARADA in-line 3 D 2'000 12 month 08.09.2012

Holdings By:

BHP Billiton PLC ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (14.03.2013) 3'514.50

52-Week Low (30.05.2012) 2'342.00

Daily Volume

3425





54'699.35 1 Yr Total Return 36.16%




Cash and Equivalents 746.00 Consensus Rating 3.459



SAB LN EQUITY YTD Change - Average Volume 30 Day 1'994'878

SAB LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'925'772


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

17'057.0 14'883.0 14'195.0 15'145.0 16'713.0 - - 24'499.3 25'989.8 - -

2.50x 2.25x 4.08x 4.42x 5.16x - - 4.07x 3.76x - -

4'569.0 3'663.0 4'212.0 4'682.0 5'154.0 - - 6'424.3 7'025.7 - -

9.35x 9.13x 13.74x 14.30x 16.73x - - 15.80x 14.44x - -

2'023.0 1'881.0 1'910.0 2'408.0 4'221.0 - - 3'831.8 4'326.8 - -

16.26x 11.84x 23.94x 23.21x 15.05x - - 21.55x 19.13x - -


EBIT 3'972.00 Long-Term Rating BBB+









EBITDA Margin 31.7%



Asset Turnover 0.37







Fiscal Year Ended

SABMiller PLCPrice/Volume

Valuation Analysis

495'550.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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-2!!

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.2!!

0!!!

02!!

1!!!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

!0 !1 .!!6 !0 -! .!!6 !0 !1 .!-! !0 -! .!-! !0 !1 .!-- !0 -! .!-- !0 !1 .!-. !0 -! .!-.



27.03.2013


ALTRIA GROUP INC n/a RNS-MAJ 430'000'000 26.92 - 29.06.2012 Corporation

BEVCO INTERNATIONAL n/a Co File 225'000'000 14.09 - 08.06.2012 Corporation

PUBLIC INVESTMENT CO n/a Co File 67'663'248 4.24 - 08.06.2012 Government

KULCZYK HOLDING n/a Co File 60'000'000 3.76 - 08.06.2012 Holding Company

KULCZYK INVESTMENT H Multiple Portfolios REG 60'000'000 3.76 - 01.11.2012 Investment Advisor


BLACKROCK n/a ULT-AGG 34'866'303 2.18 (1'720'544) 25.03.2013 Investment Advisor





SCOTTISH WIDOWS n/a ULT-AGG 19'161'032 1.2 (4'245'434) 30.11.2012 Unclassified

ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 15'304'821 0.96 (1'824'542) 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'499'774 0.78 - 31.01.2013 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios REG 10'980'964 0.69 (324'670) 01.11.2012 Investment Advisor



GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 9'330'377 0.58 265'826 31.12.2012 Hedge Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 8'204'566 0.51 77'255 31.01.2013 Investment Advisor


HSBC LAUREN E TORRES neutral 3 M 3'600 Not Provided 27.03.2013

Credit Suisse SANJEET AUJLA outperform 5 M 4'000 Not Provided 26.03.2013

Macquarie WYNAND VAN ZYL outperform 5 M 3'698 12 month 26.03.2013

Renaissance Capital REY WIUM sell 1 D 3'400 12 month 26.03.2013

Oriel Securities Ltd CHRIS WICKHAM add 4 M 3'760 Not Provided 26.03.2013

SBG Securities BRENDAN GRUNDLINGH hold 3 M 3'200 12 month 26.03.2013

Morgan Stanley VIKHYAT SHARMA Equalwt/In-Line 3 M 3'300 12 month 25.03.2013

Nomura IAN SHACKLETON neutral 3 M 2'840 12 month 25.03.2013

Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 3'180 12 month 22.03.2013

AlphaValue ISABELLE COMBEMALE sell 1 D 3'033 6 month 21.03.2013

JPMorgan MATTHEW WEBB overweight 5 M 3'645 15 month 19.03.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 3'675 Not Provided 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 3'500 12 month 11.03.2013


Berenberg Bank PHILIP MORRISEY buy 5 M 3'800 Not Provided 01.03.2013

Barclays SIMON HALES equalweight 3 D 3'350 Not Provided 25.02.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 3'333 Not Provided 22.02.2013

Investec MARTIN DEBOO buy 5 M 2'950 12 month 15.02.2013


Liberum Capital Ltd PABLO ZUANIC sell 1 M 2'600 Not Provided 25.01.2013

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'860 Not Provided 23.01.2013

Natixis OLIVIER DELAHOUSSE neutral 3 M 3'000 Not Provided 23.01.2013

Societe Generale ANDREW HOLLAND hold 3 M 2'970 12 month 22.01.2013

Deutsche Bank JONATHAN FELL hold 3 M 2'900 12 month 22.01.2013


Shore Capital Stockbrokers PHIL CARROLL hold 3 M #N/A N/A Not Provided 22.01.2013

Bryan Garnier & Cie NIKOLAAS FAES neutral 3 M 2'633 6 month 22.01.2013


CA Cheuvreux ERIC BOROIAN outperform 5 M 2'950 Not Provided 21.01.2013


Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 3'520 12 month 09.01.2013


Avior Research DE WET SCHUTTE underperform 1 M 2'641 Not Provided 19.10.2012

Afrifocus Securities TANUJA CHITRE hold 3 M #N/A N/A Not Provided 24.08.2012

Holdings By:

SABMiller PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.03.2013) 114.05

52-Week Low (04.06.2012) 68.50

Daily Volume

105.05





47'897.55 1 Yr Total Return 19.99%







ALV GY EQUITY YTD Change - Average Volume 30 Day 1'985'001

ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'707'504


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 87'384.0 96'019.0 104'153.5 107'032.0 31'251.0 26'139.0

0.69x 0.75x 0.67x 0.61x 0.69x 2.70x 2.56x 0.57x 0.55x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 2'545.0 5'169.0 5'445.0 5'688.9 1'157.0 1'361.0

8.51x 8.37x 7.94x 13.13x 9.18x 12.79x 9.18x 8.67x 8.28x 8.93x -


EBIT - Long-Term Rating AA







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.14

Current Ratio - Net Fixed Asset Turnover -






Fiscal Year Ended

Allianz SEPrice/Volume

Valuation Analysis

1'705'242.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

- ! E

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1 ! E

2 ! E

3 ! E

4 ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

- !!

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1 !!

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27.03.2013









SOCIETE GENERALE SA n/a Research 4'475'337 0.98 - 28.02.2013 Unclassified


MORGAN STANLEY n/a ULT-AGG 3'746'308 0.82 - 16.05.2012 Investment Advisor


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'337'600 0.51 - 31.12.2012 Investment Advisor



ADIG INVESTMENT Multiple Portfolios MF-AGG 1'630'559 0.36 (602'365) 30.11.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'533'611 0.34 17'500 31.01.2013 Mutual Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'483'920 0.33 - 31.01.2013 Investment Advisor





Mediobanca SpA MARC THIELE neutral 3 M 123 6 month 27.03.2013

Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 103 12 month 27.03.2013

Oddo & Cie NICOLAS JACOB buy 5 M 120 Not Provided 27.03.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 27.03.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 105 12 month 27.03.2013

DZ Bank AG WERNER EISENMANN buy 5 M 120 12 month 27.03.2013

Main First Bank AG MICHAEL HAID outperform 5 M 125 12 month 27.03.2013

Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 27.03.2013

Macquarie HADLEY COHEN outperform 5 M 130 12 month 22.03.2013

AlphaValue DIETER HEIN reduce 2 D 114 6 month 21.03.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 18.03.2013

Bank of Valletta MALCOLM ABDILLA CASTILLO hold 3 M 117 Not Provided 12.03.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 95 12 month 08.03.2013

JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 05.03.2013

Berenberg Bank PETER ELIOT buy 5 M 132 Not Provided 05.03.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 135 12 month 03.03.2013

S&P Capital IQ RODERICK WALLACE buy 5 M 122 12 month 01.03.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 27.02.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 25.02.2013

Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 25.02.2013

Nord/LB VOLKER SACK buy 5 M 113 12 month 22.02.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 125 12 month 21.02.2013

Nomura MICHAEL KLIEN neutral 3 M 103 12 month 21.02.2013

Bankhaus Lampe ANDREAS SCHAEFER buy 5 N 122 Not Provided 20.02.2013


Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013

Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013


Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013

HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013


Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013


CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012

Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012

Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012

Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012

Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 92 Not Provided 11.11.2011

Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011

Holdings By:

Allianz SE ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (18.01.2013) 19.59

52-Week Low (25.07.2012) 14.94

Daily Volume

17.56





63'816.29 1 Yr Total Return 5.11%







ENI IM EQUITY YTD Change - Average Volume 30 Day 13'085'840

ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 12'503'840


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

108'082.0 83'227.0 98'523.0 109'589.0 127'271.0 108'740.0 127'271.0 117'817.6 121'152.2 32'632.7 31'508.3

0.74x 1.10x 0.91x 0.83x 0.68x 3.31x 2.95x 0.68x 0.66x 2.51x 2.62x

26'939.0 20'817.0 24'992.0 25'732.0 24'564.0 25'213.0 24'564.0 28'660.3 29'774.6 7'066.0 7'108.0

2.98x 4.39x 3.58x 3.53x 3.52x 3.60x 3.52x 2.92x 2.81x 2.96x 2.89x

8'825.0 4'367.0 6'318.0 6'860.0 7'788.0 6'860.0 8'673.0 7'070.0 7'593.9 1'777.0 1'748.0

6.89x 14.71x 9.39x 8.47x 16.38x 8.45x 7.66x 8.98x 8.47x 9.43x 8.65x











EBITDA Margin 19.3%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Eni SpAPrice/Volume

Valuation Analysis

8'111'118.00


!

2

-!

-2

.!

.2

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-! ! E

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0! ! E

1! ! E

2! ! E

3! ! E

4! ! E

5! ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

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27.03.2013


CASSA DEPOSITI E PRE n/a EXCH 958'298'322 26.37 - 20.11.2012 Other

MINISTERO DELL'ECONO n/a EXCH 142'968'850 3.93 - 20.11.2012 Government




BNP PARIBAS ARBITRAG n/a EXCH 41'175'319 1.13 - 20.11.2012 Investment Advisor


BNP PARIBAS SA n/a EXCH 28'455'671 0.78 - 20.11.2012 Bank




BNP PARIBAS SEC SERV n/a EXCH 11'484'026 0.32 - 20.11.2012 Investment Advisor





THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'925'800 0.16 (1'437'700) 31.01.2013 Investment Advisor


EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'385'693 0.15 996'578 31.01.2013 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'120'940 0.14 1'015'630 28.09.2012 Investment Advisor


Banca IMI ROBERTO RANIERI add 4 M #N/A N/A Not Provided 25.03.2013

HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 21.03.2013


Grupo Santander JASON KENNEY buy 5 M 21 Not Provided 20.03.2013


Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 18.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 20 Not Provided 18.03.2013


Mediobanca SpA ANDREA SCAURI outperform 5 M 22 Not Provided 15.03.2013

Raymond James BERTRAND HODEE outperform 5 M 21 Not Provided 15.03.2013

Macquarie MARC B KOFLER outperform 5 M 21 12 month 15.03.2013


Equita SIM SpA ROBERTO LETIZIA buy 5 M 22 12 month 15.03.2013

Banca Akros(ESN) DARIO MICHI buy 5 M 23 12 month 15.03.2013

Canaccord Genuity Corp GORDON GRAY sell 1 M 17 12 month 15.03.2013

Natixis ANNE PUMIR neutral 3 M 20 Not Provided 15.03.2013

Barclays RAHIM KARIM overweight 5 M 21 Not Provided 15.03.2013

RBC Capital Markets PETER HUTTON sector perform 3 M 21 12 month 14.03.2013

Jefferies IAIN REID buy 5 M 22 12 month 14.03.2013


Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 14.03.2013

JPMorgan NITIN SHARMA overweight 5 M 22 3 month 13.03.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 12.03.2013

VTB Capital COLIN SMITH hold 3 M 19 12 month 01.03.2013

Kepler Capital Markets ENRICO COCO hold 3 M 18 Not Provided 18.02.2013

Investec STUART JOYNER hold 3 U 16 12 month 15.02.2013

Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 21 12 month 15.02.2013




Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 U 20 12 month 27.11.2012

Hamburger Sparkasse INGO SCHMIDT hold 3 U #N/A N/A Not Provided 30.10.2012

Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012


Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010

Holdings By:

Eni SpA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.03.2013) 3'273.00

52-Week Low (01.06.2012) 2'578.50

Daily Volume

3231.5





40'334.16 1 Yr Total Return 21.16%







AZN LN EQUITY YTD Change - Average Volume 30 Day 2'535'952

AZN LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'340'425


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

31'601.0 32'804.0 33'269.0 33'591.0 27'973.0 33'591.0 27'973.0 26'350.5 25'603.1 6'532.8 6'360.8

2.11x 2.02x 1.84x 1.71x 2.18x 7.33x 8.49x 2.35x 2.37x - -

11'657.0 13'235.0 14'170.0 13'276.0 10'658.0 15'415.0 11'621.0 9'855.8 9'574.7 2'372.5 2'303.0

5.72x 5.00x 4.31x 4.32x 5.72x 3.72x 5.24x 6.38x 6.57x 6.49x -

6'101.0 7'521.0 8'053.0 9'983.0 6'297.0 9'983.0 6'297.0 6'692.7 6'369.7 1'668.0 1'607.0

9.74x 9.05x 8.14x 6.29x 9.46x 6.31x 9.47x 8.96x 9.30x 8.34x 8.19x











EBITDA Margin 41.5%



Asset Turnover 0.53







Fiscal Year Ended

AstraZeneca PLCPrice/Volume

Valuation Analysis

1'082'642.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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-!!!

-2!!

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02!!

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. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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6 !!

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27.03.2013





INVESTOR AB Multiple Portfolios REG 51'587'810 4.13 - 01.02.2013 Investment Advisor






SCHRODER INVESTMENT Multiple Portfolios REG 18'084'946 1.45 (791'342) 01.02.2013 Investment Advisor






THREADNEEDLE ASSET M Multiple Portfolios REG 13'153'411 1.05 36'670 01.02.2013 Investment Advisor


GMO LLC Multiple Portfolios REG 12'158'200 0.97 (505'782) 01.02.2013 Corporation


ALLIANCE BERNSTEIN n/a ULT-AGG 10'705'870 0.86 (714'599) 01.02.2013 Investment Advisor



Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 25.03.2013

Nordea Equity Research ERIK HULTGARD sell 1 M 3'037 12 month 25.03.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 3'540 6 month 25.03.2013

Redburn Partners TEAM COVERAGE neutral 3 U #N/A N/A Not Provided 25.03.2013

Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 3'300 Not Provided 25.03.2013

Barclays MARK PURCELL equalweight 3 M 3'300 Not Provided 25.03.2013

Societe Generale STEPHEN MCGARRY sell 1 M 2'675 12 month 22.03.2013

Deutsche Bank MARK CLARK hold 3 M 3'100 12 month 22.03.2013

ABG Sundal Collier PETER HUGREFFE sell 1 M 2'562 6 month 22.03.2013

Credit Suisse LUISA HECTOR underperform 1 M 3'050 Not Provided 22.03.2013

Jefferies JEFFREY HOLFORD hold 3 M 3'000 12 month 22.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 3'298 12 month 22.03.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 3'200 12 month 22.03.2013

Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 22.03.2013

Kepler Capital Markets FABIAN WENNER hold 3 M 2'700 Not Provided 22.03.2013

Natixis BEATRICE MUZARD neutral 3 U 3'383 Not Provided 22.03.2013

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 3'200 Not Provided 22.03.2013

Danske Markets MATTIAS HAGGBLOM hold 3 M 3'000 12 month 22.03.2013

S&P Capital IQ SHO MATSUBARA sell 1 M 2'700 12 month 21.03.2013

AlphaValue ARMELLE MOULIN add 4 M 3'311 6 month 21.03.2013

Helvea ODILE RUNDQUIST neutral 3 M 2'850 12 month 19.03.2013

JPMorgan ALEXANDRA M HAUBER-SCHUELE underweight 1 M 2'750 15 month 15.03.2013

Swedbank JOHAN UNNERUS sell 1 D 2'666 12 month 08.03.2013

Nomura AMIT ROY reduce 2 M 2'600 12 month 18.02.2013


Berenberg Bank ALISTAIR CAMPBELL hold 3 M 3'050 Not Provided 06.02.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER sell 1 D 2'900 Not Provided 05.02.2013

Pareto Securities YILMAZ MAHSHID sell 1 M 2'843 6 month 04.02.2013

SEB Enskilda LARS HEVRENG hold 3 M 2'924 Not Provided 01.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 3'375 12 month 28.01.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013

Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 3'000 Not Provided 05.10.2012


Mirabaud Securities NICHOLAS TURNER reduce 2 U 2'700 Not Provided 02.04.2012

DZ Bank AG ELMAR KRAUS buy 5 M 3'700 12 month 02.02.2012

MP Advisors Pvt Ltd BHAVITA NAGRANI underperform 1 M 2'509 Not Provided 07.01.2010

Edward Jones LINDA BANNISTER sell 1 M #N/A N/A Not Provided 20.11.2008

Holdings By:

AstraZeneca PLC ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (05.03.2013) 1'860.50

52-Week Low (07.08.2012) 1'092.00

Daily Volume

1694





40'877.26 1 Yr Total Return 9.06%





Enterprise Value -


STAN LN EQUITY YTD Change - Average Volume 30 Day 4'390'414

STAN LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'793'590


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2

22'429.0 20'558.0 21'355.0 24'343.0 26'908.0 - - 20'731.6 22'779.4 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

3'241.0 3'380.0 4'332.0 4'849.0 4'887.0 - - 5'809.3 6'447.6 1'900.0 -

6.41x 14.69x 13.38x 10.66x 12.53x - - 10.75x 9.75x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Standard Chartered PLCPrice/Volume

Valuation Analysis

1'191'620.00


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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

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27.03.2013


TEMASEK HOLDINGS PRI n/a ULT-AGG 432'746'145 17.93 - 29.02.2012 Government











BAILLIE GIFFORD AND Multiple Portfolios REG 30'412'658 1.26 194'259 02.01.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios REG 30'132'593 1.25 (60'464) 02.01.2013 Investment Advisor





Standard Chartered B Multiple Portfolios REG 24'000'000 0.99 - 02.01.2013 Unclassified


WALTER SCOTT & PARTN Multiple Portfolios REG 20'631'586 0.85 (437'402) 02.01.2013 Investment Advisor


Investec IAN GORDON buy 5 M 1'900 12 month 26.03.2013

Macquarie THOMAS STOEGNER outperform 5 M 2'000 12 month 26.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 U 1'837 Not Provided 25.03.2013

RBC Capital Markets PATRICK LEE sector perform 3 M 1'700 12 month 25.03.2013

HSBC PETER TOEMAN neutral 3 M 1'800 Not Provided 21.03.2013

AlphaValue DAVID GRINSZTAJN reduce 2 M 1'778 6 month 21.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 21.03.2013

Credit Suisse AMIT GOEL underperform 1 M 1'400 Not Provided 20.03.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA underperform 1 M 1'330 12 month 20.03.2013

Nomura CHINTAN JOSHI buy 5 M 2'100 12 month 18.03.2013

Exane BNP Paribas TOM RAYNER neutral 3 M 1'750 Not Provided 18.03.2013

Oriel Securities Ltd VIVEK RAJA add 4 D 2'050 Not Provided 14.03.2013

Berenberg Bank JAMES CHAPPELL sell 1 D 1'450 Not Provided 12.03.2013

Liberum Capital Ltd CORMAC LEECH hold 3 D 1'875 Not Provided 12.03.2013

Independent Research GmbH STEFAN BONGARDT buy 5 U 2'100 12 month 08.03.2013

Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 08.03.2013

Keefe, Bruyette & Woods MARK J PHIN market perform 3 M 1'890 12 month 07.03.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 1'900 Not Provided 07.03.2013

Societe Generale JAMES INVINE buy 5 M 2'100 12 month 06.03.2013

Deutsche Bank JASON NAPIER hold 3 M 1'825 12 month 06.03.2013

JPMorgan RAUL SINHA overweight 5 M 2'000 9 month 06.03.2013

China International Capital Corp SALLY NG hold 3 M 1'821 12 month 06.03.2013

BNP Paribas Equity Research DOMINIC CHAN buy 5 M 2'157 12 month 06.03.2013

Citic Securities Co., Ltd STEVEN CHAN hold 3 M 1'764 6 month 06.03.2013

Numis Securities Ltd MICHAEL J TRIPPITT add 4 M 2'057 Not Provided 06.03.2013

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 1'888 Not Provided 06.03.2013

Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 2'020 12 month 05.03.2013

S&P Capital IQ FRANK BRADEN hold 3 M 1'980 12 month 05.03.2013

CCB International Securities Ltd ADAM CHAN outperform 5 M 2'049 Not Provided 05.03.2013

Mizuho Securities JIM ANTOS buy 5 U 2'057 12 month 01.03.2013

Day by Day VALERIE GASTALDY buy 5 U 1'854 3 month 14.02.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 1'970 Not Provided 29.01.2013

Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 1'950 12 month 28.01.2013

Redburn Partners FAHED KUNWAR neutral 3 M #N/A N/A Not Provided 04.01.2013

Barclays ROHITH CHANDRA-RAJAN overweight 5 M 1'600 Not Provided 17.12.2012

Grupo Santander ARTURO DE FRIAS buy 5 M 1'960 Not Provided 11.12.2012

Canaccord Genuity Corp GARETH HUNT sell 1 M 1'325 12 month 06.12.2012

Daniel Stewart & Co SIMON WILLIS buy 5 M 1'900 12 month 08.08.2012

JM Financial Institutional Securities P PUNEET GULATI buy 5 M 1'800 Not Provided 02.08.2012

IIFL SACHIN NIKHARE add 4 M 1'700 12 month 01.03.2012

Holdings By:

Standard Chartered PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 12.42

52-Week Low (26.07.2012) 7.90

Daily Volume

10.46





47'603.72 1 Yr Total Return -9.26%







TEF SQ EQUITY YTD Change - Average Volume 30 Day 36'023'620

TEF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 30'326'620


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

57'946.0 56'731.0 60'737.0 62'837.0 62'356.0 62'837.3 62'356.0 59'507.8 59'769.8 - -

2.10x 2.42x 2.29x 1.99x 1.74x 8.42x 7.30x 1.73x 1.68x - -

22'919.0 22'603.0 25'777.0 19'392.0 20'835.0 19'392.5 20'871.0 20'362.1 20'466.9 4'577.0 4'846.0

5.31x 6.07x 5.39x 6.46x 5.22x 6.46x 5.21x 5.40x 5.37x 5.46x -

7'592.0 7'776.0 10'167.0 5'402.9 3'928.0 5'402.7 3'928.0 5'142.0 5'319.7 - -

9.72x 11.43x 7.54x 11.18x 11.71x 11.25x 11.52x 9.22x 8.84x - -


EBIT 10'402.00 Long-Term Rating BBB









EBITDA Margin 33.5%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Telefonica SAPrice/Volume

Valuation Analysis

20'154'606.00


!

.

1

3

5

-!

-.

-1

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1!! ! E

2!! ! E

3!! ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

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27.03.2013


BANCO BILBAO VIZCAYA n/a 20F 261'798'437 5.75 3'581'300 21.03.2013 Bank

CAIXABANK n/a 20F 254'697'815 5.6 7'798'898 21.03.2013 Investment Advisor


BNP PARIBAS SA n/a EXCH 127'368'869 2.8 (15'605'969) 12.05.2011 Bank

TELEFONICA SA n/a Co File 84'209'364 1.85 - 31.12.2011 Corporation

CHINA UNICOM HONG KO n/a Co File 62'526'753 1.37 - 31.12.2011 Corporation


AMUNDI Multiple Portfolios MF-AGG 24'865'994 0.55 11'840'334 31.12.2012 Mutual Fund Manager





T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'058'783 0.18 (3'474'417) 31.12.2012 Investment Advisor




WELLCOME TRUST LIMIT n/a Research 5'200'000 0.11 - 31.01.2013 Investment Advisor


BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 4'854'264 0.11 (70'160) 30.09.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 4'609'602 0.1 (668'098) 28.09.2012 Investment Advisor


Bankia Bolsa (ESN) DAVID CABEZA JARENO buy 5 M 14 12 month 26.03.2013

Ahorro Corporacion Financiera SA GERMAN GARCIA BOU buy 5 M 13 Not Provided 26.03.2013

NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 13 12 month 26.03.2013

Morgan Stanley LUIS PROTA Overwt/In-Line 5 M 13 12 month 25.03.2013

Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 Not Provided 22.03.2013


Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 10 12 month 15.03.2013

Deutsche Bank KEVAL KHIROYA hold 3 M 12 12 month 14.03.2013

BBVA IVON LEAL outperform 5 M 13 Not Provided 11.03.2013

Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 11 Not Provided 08.03.2013

BPI PEDRO OLIVEIRA reduce 2 M 9 Not Provided 07.03.2013

Berenberg Bank PAUL ANDREW MARSCH sell 1 M 9 Not Provided 06.03.2013


JPMorgan TORSTEN ACHTMANN overweight 5 U 13 9 month 04.03.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 9 12 month 04.03.2013

Espirito Santo Investment Bank ResearchNUNO MATIAS neutral 3 U 10 Not Provided 04.03.2013

Banesto Bolsa SA Sociedad MARTA GOMEZ buy 5 M 12 Not Provided 04.03.2013

HSBC LUIGI MINERVA neutral 3 M 11 Not Provided 01.03.2013

Macquarie GUY R PEDDY underperform 1 M 9 12 month 01.03.2013

Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 01.03.2013

S&P Capital IQ ALEXANDER WISCH sell 1 M 9 12 month 01.03.2013

Barclays JONATHAN DANN equalweight 3 U 10 Not Provided 01.03.2013

AlphaValue JEAN-MICHEL SALVADOR buy 5 M 17 6 month 01.03.2013

Goldman Sachs TIMOTHY BODDY neutral/neutral 3 U 11 12 month 28.02.2013

Jefferies JEREMY A DELLIS underperform 1 M 8 12 month 28.02.2013

Raymond James STEPHANE BEYAZIAN underperform 1 M 10 12 month 28.02.2013

Interdin Bolsa BORJA MIJANGOS BLANCO buy 5 M 12 Not Provided 28.02.2013

Nomura FREDERIC BOULAN reduce 2 M 9 12 month 28.02.2013

New Street Research JAMES RATZER reduce 2 M #N/A N/A Not Provided 28.02.2013

BCP Investimento ALEXANDRA DELGADO buy 5 M 17 Not Provided 22.02.2013

Credit Suisse JUSTIN FUNNELL neutral 3 M 14 Not Provided 24.01.2013

La Caixa BORJA PAGOAGA buy 5 M 13 Not Provided 27.11.2012


Kepler Capital Markets JAVIER BORRACHERO buy 5 M 12 Not Provided 19.11.2012



Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 12 Not Provided 26.07.2012

Natixis BENOIT MAYNARD neutral 3 M 14 Not Provided 14.05.2012

Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 19 12 month 24.02.2012

DZ Bank AG THORSTEN REIGBER buy 5 M 16 12 month 15.11.2011

Holdings By:

Telefonica SA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 47.47

52-Week Low (27.06.2012) 32.86

Daily Volume

43.37





46'303.83 1 Yr Total Return -2.54%







DAI GY EQUITY YTD Change - Average Volume 30 Day 4'011'646

DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'984'654


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

95'873.0 78'924.0 97'761.0 106'540.0 114'297.0 106'540.0 114'297.0 116'971.5 124'085.7 - -

0.87x 1.15x 1.10x 0.93x 1.01x 3.70x 3.91x 0.45x 0.42x - -

11'685.0 3'032.0 10'489.0 12'216.0 12'138.0 12'265.0 12'193.0 12'649.2 14'408.5 - -

7.14x 29.84x 10.26x 8.09x 9.50x 8.06x 9.46x 9.29x 8.16x - -

1'348.0 (2'640.0) 4'498.0 5'667.0 6'095.0 5'667.0 6'095.0 4'965.6 5'999.1 1'313.0 1'314.0

15.61x - 11.85x 6.38x 7.24x 6.38x 7.24x 9.33x 7.88x 8.82x -











EBITDA Margin 10.7%



Asset Turnover 0.73







Fiscal Year Ended

Daimler AGPrice/Volume

Valuation Analysis

2'161'800.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!122!


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

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27.03.2013



KUWAIT INVESTMENT AU n/a Co File 73'577'854 6.89 - 06.02.2012 Government


AABAR INVESTMENTS PJ n/a Co File 33'056'717 3.1 - 06.02.2012 Government


NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2012 Corporation


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 12'065'091 1.13 17'008 28.02.2013 Investment Advisor


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'428'300 0.98 1'095'300 31.12.2012 Investment Advisor


FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'339'832 0.59 6'700 30.09.2012 Hedge Fund Manager

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'548'162 0.33 (1'704'912) 28.09.2012 Investment Advisor



GOLDMAN SACHS GROUP n/a Research 2'719'961 0.25 - 05.10.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'556'213 0.24 - 31.07.2012 Investment Advisor





Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 40 12 month 26.03.2013

Exane BNP Paribas RABIH FREIHA outperform 5 M 54 Not Provided 25.03.2013

AlphaValue HANS-PETER WODNIOK sell 1 M 40 6 month 21.03.2013

Independent Research GmbH ZAFER RUZGAR hold 3 M 48 12 month 07.03.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 60 6 month 04.03.2013

Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 60 12 month 28.02.2013


Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 53 12 month 26.02.2013

Credit Suisse ERICH HAUSER neutral 3 M 35 Not Provided 21.02.2013

Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013

Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 62 12 month 13.02.2013

Kepler Capital Markets MICHAEL RAAB reduce 2 M 41 Not Provided 12.02.2013

Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 12.02.2013

DZ Bank AG MICHAEL PUNZET hold 3 M 44 12 month 11.02.2013

Barclays KRISTINA CHURCH equalweight 3 M 43 Not Provided 11.02.2013

Societe Generale STEPHEN REITMAN hold 3 M 46 12 month 08.02.2013

JPMorgan JOSE ASUMENDI neutral 3 M 46 9 month 08.02.2013

HSBC HORST SCHNEIDER overweight 5 M 52 Not Provided 08.02.2013

Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 58 Not Provided 08.02.2013

Bankhaus Lampe CHRISTIAN LUDWIG sell 1 M 39 12 month 08.02.2013

Oddo & Cie FRANCOIS MAURY neutral 3 M 45 Not Provided 08.02.2013

M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 46 12 month 08.02.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 50 12 month 08.02.2013

Equinet Institutional Services(ESN) TIM SCHULDT hold 3 M 47 12 month 08.02.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 48 12 month 08.02.2013

Nord/LB FRANK SCHWOPE buy 5 M 51 12 month 07.02.2013


Natixis GEORGES DIENG neutral 3 M 38 Not Provided 06.02.2013


EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 43 12 month 26.11.2012

Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 35 12 month 16.11.2012

Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012

Deutsche Bank JOCHEN GEHRKE hold 3 M 35 12 month 28.10.2012

CA Cheuvreux ALEXANDER NEUBERGER select list 5 M 48 Not Provided 26.10.2012

Steubing AG TEAM COVERAGE buy 5 M 76 Not Provided 10.01.2011

Holdings By:

Daimler AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.01.2013) 16.39

52-Week Low (24.07.2012) 9.69

Daily Volume

14.57





55'897.28 1 Yr Total Return 12.80%







UBSN VX EQUITY YTD Change - Average Volume 30 Day 11'897'070

UBSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 11'651'160


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

67'219.0 44'432.0 46'526.0 40'880.0 37'754.0 40'870.0 37'758.0 26'611.9 27'675.3 6'554.0 6'657.0

8.31x 9.56x 8.39x 9.20x 6.86x 36.80x 31.69x - - - -

37'052.0 19'648.0 20'964.0 17'464.0 15'529.0 17'455.0 15'530.0 - - - -

15.08x 21.61x 18.62x 21.53x 16.67x 21.54x 16.67x - - - -

(21'292.0) (2'736.0) 7'534.0 4'159.0 (2'511.0) 4'159.0 (2'510.0) 3'365.2 4'672.5 563.0 786.0

- - 7.71x 10.16x - 10.07x 0.00x 16.65x 12.23x 12.72x -


EBIT - Long-Term Rating A





Return on Capital -0.60% EBITDA/Interest Exp. -




EBITDA Margin 41.1%



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

UBS AGPrice/Volume

Valuation Analysis

6'341'774.00


!.135

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.! ! E

0! ! E

1! ! E

2! ! E

3! ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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27.03.2013


GOVT OF SINGAPORE IN n/a ULT-AGG 245'633'960 6.4 (261'829) 31.12.2012 Government



NORGES BANK n/a EXCH 116'490'210 3.04 - 27.09.2011 Government


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 52'106'861 1.36 (1'332'781) 31.01.2013 Mutual Fund Manager


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 40'980'253 1.07 1'928'515 31.12.2012 Investment Advisor




ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 25'446'748 0.66 435'986 31.12.2012 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 20'880'689 0.54 2'393'021 31.01.2013 Investment Advisor


CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'622'115 0.43 1'350'143 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 16'537'648 0.43 4'242'564 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'956'720 0.39 1'002'642 31.12.2012 Investment Advisor

PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 14'066'648 0.37 (1'222'625) 31.12.2012 Hedge Fund Manager

ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 9'167'333 0.24 5'013'106 31.12.2012 Pension Fund (ERISA)


Barclays KIRI VIJAYARAJAH overweight 5 M 19 Not Provided 26.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 17 Not Provided 25.03.2013


Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 12 month 21.03.2013

AlphaValue DIETER HEIN reduce 2 M 16 6 month 21.03.2013

Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 18.03.2013

Exane BNP Paribas DANIEL DAVIES neutral 3 M 16 Not Provided 14.03.2013

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 21 12 month 11.03.2013

JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 9 month 11.03.2013


CA Cheuvreux CHRISTIAN STARK outperform 5 M 16 Not Provided 08.03.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 13 12 month 08.03.2013

RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 16 12 month 05.03.2013

Macquarie PIERS BROWN outperform 5 M 19 12 month 05.03.2013

Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 D 18 12 month 27.02.2013

Oddo & Cie JEAN SASSUS neutral 3 M 18 Not Provided 27.02.2013

DZ Bank AG CHRISTOPH BAST sell 1 D 13 12 month 22.02.2013

Credit Suisse AMIT GOEL neutral 3 D 15 Not Provided 19.02.2013



Kepler Capital Markets DIRK BECKER reduce 2 M 14 Not Provided 06.02.2013

Natixis ANTOINE BURGARD buy 5 M 18 Not Provided 06.02.2013

Nomura JON PEACE buy 5 M 18 Not Provided 06.02.2013


Helvea TIM DAWSON accumulate 4 M 18 12 month 06.02.2013

Main First Bank AG KILIAN MAIER outperform 5 M 18 12 month 05.02.2013

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 16 6 month 04.02.2013

Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 20 Not Provided 30.01.2013

Societe Generale DIRK HOFFMANN-BECKING hold 3 M 16 12 month 25.01.2013

Bank Vontobel AG TERESA NIELSEN buy 5 M 18 Not Provided 25.01.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 17 12 month 18.01.2013


Deutsche Bank MATT SPICK hold 3 M 16 12 month 07.01.2013

HSBC ROBERT MURPHY overweight 5 M 18 Not Provided 20.12.2012

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 17 Not Provided 20.12.2012

Grupo Santander AURELIA FAURE underweight 1 M 11 Not Provided 11.12.2012


Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 30.10.2012



Holdings By:

UBS AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 1'529.50

52-Week Low (19.11.2012) 991.00

Daily Volume

1116





37'972.06 1 Yr Total Return -23.43%







BG/ LN EQUITY YTD Change - Average Volume 30 Day 4'937'506

BG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'871'065


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

23'270.8 15'992.8 17'166.0 21'073.0 18'933.0 21'073.0 21'665.0 20'138.5 22'918.5 5'177.0 5'244.5

2.83x 4.28x 4.68x 4.20x 3.54x 16.45x 14.69x 3.47x 3.20x 13.26x 12.89x

11'459.5 8'440.4 8'672.0 10'026.0 10'198.0 10'026.0 10'561.0 10'801.0 12'887.3 2'755.0 2'722.0

5.75x 8.10x 9.27x 8.83x 6.58x 8.83x 6.35x 6.34x 5.31x 6.17x 5.92x

5'790.9 3'394.9 3'351.0 4'234.0 4'519.0 4'234.0 4'519.0 4'404.7 5'280.2 1'194.5 1'174.5

10.25x 17.40x 20.19x 17.08x 16.87x 17.08x 16.06x 12.81x 10.80x 12.17x 11.33x











EBITDA Margin 48.7%



Asset Turnover 0.34







Fiscal Year Ended

BG Group PLCPrice/Volume

Valuation Analysis

2'733'020.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

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27.03.2013





FMR LLC n/a ULT-AGG 102'081'949 3 (22'980'265) 31.01.2013 Investment Advisor





SCHRODER INVESTMENT Multiple Portfolios REG 48'293'192 1.42 5'128'695 01.01.2013 Investment Advisor



Northern Cross Inter Multiple Portfolios REG 41'754'612 1.23 14'104'546 01.01.2013 Unclassified

STATE FARM MUTUAL AU Multiple Portfolios REG 40'100'800 1.18 1'113'800 01.01.2013 Insurance Company

ALECTA INVESTMENT MA Multiple Portfolios REG 40'085'000 1.18 - 01.01.2013 Unclassified



AXA n/a ULT-AGG 38'280'582 1.13 1'790'949 01.01.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 33'967'551 1 4'544'498 31.01.2013 Investment Advisor



Raymond James BERTRAND HODEE outperform 5 N 1'400 Not Provided 26.03.2013

Jefferies BRENDAN MICHAEL WARN buy 5 M 1'700 12 month 22.03.2013

AlphaValue ALEXANDRE ANDLAUER sell 1 M 942 6 month 21.03.2013

Grupo Santander JASON KENNEY buy 5 M 1'395 Not Provided 20.03.2013

Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 1'600 12 month 20.03.2013

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 1'890 12 month 18.03.2013

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 18.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 1'470 Not Provided 18.03.2013

JPMorgan FREDERICK G LUCAS overweight 5 M 1'600 9 month 07.03.2013

Societe Generale IRENE HIMONA hold 3 M 1'200 12 month 25.02.2013



RBC Capital Markets PETER HUTTON outperform 5 M 1'360 12 month 19.02.2013

HSBC PAUL SPEDDING overweight 5 M 1'815 Not Provided 18.02.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 1'268 Not Provided 15.02.2013

Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 1'150 Not Provided 11.02.2013


Equita SIM SpA MASSIMO BONISOLI buy 5 M 1'415 12 month 07.02.2013

Macquarie JASON D GAMMEL neutral 3 M 1'300 12 month 06.02.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 1'500 12 month 06.02.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 U 1'400 12 month 06.02.2013

Barclays RAHIM KARIM overweight 5 M 1'420 Not Provided 06.02.2013

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 1'110 12 month 05.02.2013

Investec STUART JOYNER sell 1 M 1'000 12 month 05.02.2013




Tudor Pickering & Co ANISH KAPADIA hold 3 M 1'500 Not Provided 01.11.2012

CA Cheuvreux JEAN-CHARLES LACOSTE suspended coverage #N/A N/A M #N/A N/A Not Provided 20.09.2012

Shore Capital Stockbrokers GERARD LANE not rated #N/A N/A M #N/A N/A Not Provided 05.03.2012

Holdings By:

BG Group PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (29.01.2013) 47.92

52-Week Low (30.05.2012) 24.54

Daily Volume

39.205





48'702.88 1 Yr Total Return 9.91%

Total Debt 1'012'615.00 YTD Return -7.94%




Enterprise Value -


BNP FP EQUITY YTD Change - Average Volume 30 Day 5'061'097

BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'306'896


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

78'052.0 70'526.0 72'848.0 71'009.0 68'664.0 11'685.0 2'593.0 40'100.7 41'381.3 10'526.0 10'144.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

3'021.0 5'832.0 7'843.0 6'050.0 6'553.0 6'050.0 6'553.0 6'165.6 7'031.9 1'658.0 1'498.0

9.85x 10.75x 7.52x 6.30x 8.25x 6.02x 7.78x 7.82x 6.85x 8.33x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BNP Paribas SAPrice/Volume

Valuation Analysis

5'737'570.00


!

-!

.!

0!

1!

2!

3!


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

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0 2!

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27.03.2013


BELGIAN STATE n/a Co File 129'166'979 10.4 - 31.12.2012 Government

AXA n/a ULT-AGG 66'464'562 5.35 - 31.12.2012 Investment Advisor






STATE OF LUXEMBOURG n/a Co File 12'540'483 1.01 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'412'585 1 476'466 31.12.2012 Investment Advisor



HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 5'548'626 0.45 (313'400) 31.12.2012 Investment Advisor





SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'793'501 0.31 263'565 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 3'752'412 0.3 (1'668'815) 31.12.2012 Investment Advisor




Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 57 12 month 26.03.2013

Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 47 Not Provided 25.03.2013

RBC Capital Markets ANKE REINGEN outperform 5 M 55 12 month 22.03.2013

Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 22.03.2013

AlphaValue CHRISTOPHE NIJDAM add 4 M 48 6 month 21.03.2013

Societe Generale SEBASTIEN LEMAIRE buy 5 M 56 12 month 20.03.2013

Macquarie PIERS BROWN underperform 1 M 41 12 month 19.03.2013


S&P Capital IQ WILLIAM HOWLETT buy 5 M 50 12 month 14.03.2013

Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 59 Not Provided 13.03.2013

Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 12.03.2013

JPMorgan DELPHINE LEE neutral 3 M 48 18 month 11.03.2013

Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 08.03.2013

Barclays JEREMY SIGEE overweight 5 M 54 Not Provided 04.03.2013

HSBC ROBIN DOWN overweight 5 M 55 Not Provided 28.02.2013

Deutsche Bank FLORA BENHAKOUN hold 3 M 52 12 month 18.02.2013

Kepler Capital Markets BENOIT PETRARQUE buy 5 M 50 Not Provided 18.02.2013


Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 55 12 month 15.02.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 48 Not Provided 15.02.2013

CA Cheuvreux CYRIL MEILLAND select list 5 M 56 Not Provided 15.02.2013



Natixis ALEX KOAGNE buy 5 M 61 Not Provided 15.02.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 55 12 month 15.02.2013


CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 14.02.2013


Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 43 Not Provided 30.01.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 70 12 month 28.01.2013

Berenberg Bank JAMES CHAPPELL sell 1 N 25 Not Provided 28.01.2013




DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012

Holdings By:

BNP Paribas SA ee


27.03.2013

Unilever PLC manufactures branded and packaged consumer goods, including food,

detergents, fragrances, home and personal care products. Dually-listed company

with UNA NA.


LTM as of: 12/yy

52-Week High (25.03.2013) 2'782.00

52-Week Low (11.04.2012) 1'993.00

Daily Volume

2741





80'938.10 1 Yr Total Return 37.43%







ULVR LN EQUITY YTD Change - Average Volume 30 Day 2'116'801

ULVR LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'150'922


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 46'467.0 51'324.0 53'508.8 56'551.8 12'678.3 13'837.2

1.35x 1.75x 1.62x 1.77x 1.76x 0.00x 0.00x 1.91x 1.78x - -

6'793.0 6'887.0 7'620.0 7'921.0 8'379.0 0.0 0.0 8'790.1 9'406.3 - -

8.04x 10.14x 9.40x 10.40x 10.79x 0.00x 0.00x 11.78x 11.01x - -

5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 0.0 0.0 4'919.9 5'363.3 1'120.0 1'140.0

9.21x 18.57x 15.17x 17.14x 18.39x 0.00x 0.00x 19.16x 17.64x 18.96x -











EBITDA Margin 16.3%



Asset Turnover 1.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Unilever PLCPrice/Volume

Valuation Analysis

997'753.00


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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

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27.03.2013



The Leverhulme Trust Multiple Portfolios REG 70'566'764 5.5 - 02.01.2013 Unclassified






THREADNEEDLE ASSET M Multiple Portfolios REG 18'808'791 1.47 938'955 02.01.2013 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios REG 17'496'650 1.36 313'701 02.01.2013 Investment Advisor









CEDAR ROCK CAPITAL L Multiple Portfolios REG 13'353'349 1.04 (229'486) 02.01.2013 Investment Advisor


Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 2'700 12 month 25.03.2013

Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 3'000 Not Provided 21.03.2013

AlphaValue SOPHIE CABO-BROSETA sell 1 M 2'419 6 month 21.03.2013

Shore Capital Stockbrokers DARREN SHIRLEY buy 5 M #N/A N/A Not Provided 19.03.2013

Exane BNP Paribas JEFF STENT neutral 3 M 2'900 Not Provided 19.03.2013

Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 2'200 12 month 13.03.2013

Oriel Securities Ltd CHRIS WICKHAM hold 3 M 2'800 Not Provided 13.03.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 2'800 12 month 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 2'800 12 month 11.03.2013

Credit Suisse CHARLES MILLS neutral 3 M 2'800 Not Provided 07.03.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 3'250 Not Provided 06.03.2013

Investec MARTIN DEBOO buy 5 M 2'900 12 month 20.02.2013


Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 3'100 12 month 07.02.2013

Barclays IAIN SIMPSON overweight 5 M 2'900 Not Provided 31.01.2013

HSBC CEDRIC BESNARD overweight 5 M 2'940 Not Provided 30.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 29.01.2013

JPMorgan CELINE PANNUTI overweight 5 M 2'850 9 month 28.01.2013

Berenberg Bank JAMES TARGETT buy 5 M 2'800 Not Provided 25.01.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 2'520 12 month 23.01.2013

Jefferies ALEX HOWSON buy 5 M 2'460 12 month 23.01.2013


Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'280 Not Provided 14.09.2012

Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 03.07.2012

Nomura DAVID HAYES reduce 2 M 1'870 Not Provided 17.01.2012

Holdings By:

Unilever PLC ee


27.03.2013

Barclays PLC is a global financial services provider engaged in retail banking,

credit cards, wholesale banking, investment banking, wealth management and

investment management services.


LTM as of: 12/yy

52-Week High (13.02.2013) 330.05

52-Week Low (26.07.2012) 148.20

Daily Volume

284.95





36'646.46 1 Yr Total Return 16.28%





Enterprise Value -


BARC LN EQUITY YTD Change - Average Volume 30 Day 52'266'530

BARC LN EQUITY YTD % CHANGE - Average Volume 3 Month 48'537'040


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

37'159.0 41'789.0 40'058.0 38'428.0 38'837.0 36'004.0 31'035.0 29'393.8 30'155.3 - -

- - - - - 0.00x 0.00x -6.82x -7.32x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

4'382.0 9'393.0 3'564.0 3'007.0 (1'041.0) 3'007.0 (1'043.0) 4'621.6 5'542.0 - -

3.00x 11.49x 8.60x 7.02x - 7.01x 0.00x 7.74x 6.46x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Barclays PLCPrice/Volume

Valuation Analysis

32'712'750.00


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10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

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27.03.2013


QATAR HOLDINGS LLC Multiple Portfolios REG 813'964'552 6.33 - 01.02.2013 Government

AL NAHYAN MANSOUR BI n/a RNS-MAJ 758'437'618 5.9 - 26.02.2013 n/a







UPPER CHANCE GROUP L Multiple Portfolios REG 248'872'808 1.94 - 01.02.2013 Unclassified


DODGE & COX Multiple Portfolios REG 247'149'298 1.92 (19'000'000) 01.02.2013 Investment Advisor



BARCLAYS PERSONAL IN Multiple Portfolios REG 210'027'061 1.63 (18'528'345) 01.02.2013 Investment Advisor

SUMITOMO MITSUI FINA n/a ULT-AGG 194'608'412 1.51 (259'690) 01.02.2013 Bank





ORBIS INVESTMENT MAN Multiple Portfolios REG 127'348'130 0.99 (9'688'810) 01.02.2013 Investment Advisor


Numis Securities Ltd MICHAEL J TRIPPITT buy 5 M 400 Not Provided 27.03.2013


Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 438 12 month 25.03.2013

Investec IAN GORDON buy 5 M 345 12 month 21.03.2013

AlphaValue DAVID GRINSZTAJN add 4 M 363 6 month 21.03.2013


Macquarie EDWARD FIRTH neutral 3 M 320 12 month 19.03.2013

Nomura CHINTAN JOSHI reduce 2 M 305 12 month 18.03.2013


Oriel Securities Ltd VIVEK RAJA buy 5 U 380 Not Provided 14.03.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 340 Not Provided 12.03.2013

JPMorgan RAUL SINHA overweight 5 M 375 9 month 11.03.2013

RBC Capital Markets FIONA SWAFFIELD outperform 5 M 375 12 month 05.03.2013

Baden Hill LLP JAMIE MOYES sell 1 M #N/A N/A Not Provided 01.03.2013

Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 400 12 month 27.02.2013


HSBC PETER TOEMAN overweight 5 M 400 Not Provided 26.02.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 418 Not Provided 26.02.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 U 400 12 month 21.02.2013

Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 D 340 12 month 19.02.2013


Shore Capital Stockbrokers GARY GREENWOOD hold 3 M #N/A N/A Not Provided 14.02.2013


Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 290 Not Provided 13.02.2013

S&P Capital IQ FRANK BRADEN buy 5 R 380 12 month 13.02.2013

Independent Research GmbH STEFAN BONGARDT buy 5 U 350 12 month 12.02.2013

Canaccord Genuity Corp GARETH HUNT hold 3 M 280 12 month 12.02.2013

Berenberg Bank JAMES CHAPPELL sell 1 M 160 Not Provided 12.02.2013


Liberum Capital Ltd CORMAC LEECH hold 3 D 230 Not Provided 14.11.2012

Holdings By:

Barclays PLC ee


27.03.2013

ABB Limited provides power and automation technologies. The Company operates

under segments that include power products, power systems, automation products,

process automation and robotics.


LTM as of: 12/yy

52-Week High (15.03.2013) 21.90

52-Week Low (15.06.2012) 14.45

Daily Volume

21.5





49'766.98 1 Yr Total Return 20.85%







ABBN VX EQUITY YTD Change - Average Volume 30 Day 6'291'519

ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 5'805'561


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

34'912.0 31'795.0 31'589.0 37'990.0 39'336.0 37'990.0 39'336.0 41'638.8 43'829.2 9'570.4 10'328.8

0.83x 1.18x 1.42x 1.10x 1.25x 5.09x 4.69x 1.27x 1.16x 5.63x 5.33x

5'259.0 4'892.0 4'733.0 5'688.0 5'294.0 5'688.0 5'420.0 6'314.5 6'986.9 1'410.0 1'585.6

5.48x 7.67x 9.49x 7.37x 9.31x 7.37x 9.09x 8.59x 7.76x 8.58x -

3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 3'168.0 2'704.0 3'467.4 3'927.1 740.6 852.2

10.76x 15.27x 19.85x 13.65x 17.40x 13.65x 17.55x 14.82x 13.08x 15.03x -











EBITDA Margin 13.8%



Asset Turnover 0.89







Fiscal Year Ended

ABB LtdPrice/Volume

Valuation Analysis

2'742'079.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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02 ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


INVESTOR AB n/a Research 166'330'142 7.19 - 04.01.2011 Investment Advisor





NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 24'899'512 1.08 1'143'030 28.02.2013 Investment Advisor



SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 14'044'104 0.61 (1'721'905) 31.12.2012 Investment Advisor



SKAGEN AS Multiple Portfolios MF-AGG 10'421'737 0.45 - 28.02.2013 Mutual Fund Manager

AMF FONDER AB Multiple Portfolios MF-AGG 9'443'400 0.41 1'877'700 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 8'508'473 0.37 (2'513'786) 21.03.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 6'992'268 0.3 (81'762) 28.02.2013 Investment Advisor


FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 6'064'784 0.26 1'403 31.12.2012 Investment Advisor

CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 6'061'300 0.26 21'000 28.02.2013 Investment Advisor


VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 3'862'588 0.17 23'640 30.11.2012 Investment Advisor


Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 18 12 month 27.03.2013

Societe Generale SEBASTIEN GRUTER buy 5 M 25 12 month 26.03.2013

JPMorgan ANDREAS WILLI underweight 1 M 21 9 month 26.03.2013

SEB Enskilda DANIEL SCHMIDT buy 5 M 23 Not Provided 26.03.2013

Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 25 Not Provided 26.03.2013

Exane BNP Paribas OLIVIER ESNOU outperform 5 M 25 Not Provided 26.03.2013

Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 25.03.2013


Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 25 12 month 22.03.2013

AlphaValue HEINZ STEFFEN reduce 2 M 22 6 month 21.03.2013

ABG Sundal Collier ANDERS IDBORG buy 5 M 25 6 month 14.03.2013

Berenberg Bank WILLIAM MACKIE buy 5 U 25 Not Provided 14.03.2013

Nomura DANIEL CUNLIFFE buy 5 U 27 Not Provided 13.03.2013

HSBC COLIN GIBSON neutral 3 M 23 Not Provided 08.03.2013

Kepler Capital Markets CHRISTOPH LADNER hold 3 M 20 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 25 Not Provided 08.03.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 22 12 month 04.03.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 25 Not Provided 20.02.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.02.2013

Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 18.02.2013


Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 18.02.2013

Barclays NICK WEBSTER overweight 5 M 24 Not Provided 18.02.2013

Deutsche Bank MARTIN WILKIE sell 1 M 18 12 month 15.02.2013


Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 15.02.2013

Nordea Equity Research ANDREAS BROCK hold 3 M 21 12 month 15.02.2013

Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.02.2013

Danske Markets CARL GUSTAFSSON buy 5 M 23 12 month 15.02.2013

Handelsbanken HAMPUS ENGELLAU buy 5 M 26 12 month 14.02.2013



Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 24 12 month 17.01.2013

Natixis ARNAUD SCHMIT neutral 3 M 19 Not Provided 21.12.2012

Swedbank MATS LISS buy 5 M 20 12 month 11.12.2012

Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 08.10.2012

Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012

Hammer Partners SA ALBERTO ROLLA buy 5 N 27 Not Provided 05.08.2010

Holdings By:

ABB Ltd ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (26.03.2013) 4'850.00

52-Week Low (28.06.2012) 3'274.00

Daily Volume

4760





34'108.57 1 Yr Total Return 38.22%







RB/ LN EQUITY YTD Change - Average Volume 30 Day 1'269'506

RB/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'075'968


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

6'563.0 7'753.0 8'453.0 9'485.0 9'567.0 9'485.0 9'567.0 10'109.4 10'596.5 2'452.0 2'473.0

2.96x 3.10x 3.28x 2.65x 3.23x 5.53x 0.00x 3.57x 3.32x - -

1'612.0 2'030.0 2'375.0 2'644.0 2'718.0 0.0 0.0 2'773.4 2'922.0 - -

12.05x 11.84x 11.66x 9.49x 11.36x 0.00x 0.00x 13.16x 12.49x - -

1'120.0 1'418.0 1'568.0 1'745.0 1'829.0 1'745.0 0.0 1'949.1 2'043.3 - -

16.36x 16.87x 16.28x 13.26x 15.36x 13.26x 0.00x 17.94x 16.96x - -











EBITDA Margin 28.4%



Asset Turnover 0.66







Fiscal Year Ended

Reckitt Benckiser Group PLCPrice/Volume

Valuation Analysis

555'972.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!!

.!!!

0!!!

1!!!

2!!!

3!!!


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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27.03.2013


JAB INVESTMENTS BV Multiple Portfolios REG 76'659'342 10.7 - 03.12.2012 Unclassified


INVESCO LTD n/a RNS-MAJ 35'939'131 5.02 (3'521'895) 11.02.2013 Investment Advisor








MORGAN STANLEY INVES Multiple Portfolios REG 12'921'988 1.8 131'837 03.12.2012 Investment Advisor


PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 11'262'286 1.57 - 31.03.2012 Investment Advisor

WALTER SCOTT & PARTN Multiple Portfolios REG 10'715'075 1.5 2'130'744 03.12.2012 Investment Advisor

CEDAR ROCK CAPITAL L Multiple Portfolios REG 8'962'334 1.25 3'028'426 03.12.2012 Investment Advisor





FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 6'769'218 0.94 26'600 31.12.2012 Investment Advisor


Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 4'700 Not Provided 26.03.2013

Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 5'000 12 month 25.03.2013

AlphaValue ARMELLE MOULIN reduce 2 M 4'543 6 month 21.03.2013

Oriel Securities Ltd CHRIS WICKHAM add 4 M 4'700 Not Provided 13.03.2013

Grupo Santander PEDRO GIL hold 3 M 4'200 Not Provided 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 4'500 12 month 11.03.2013

Credit Suisse CHARLES MILLS neutral 3 M 4'900 Not Provided 11.03.2013

Berenberg Bank SETH PETERSON hold 3 M 4'490 Not Provided 11.03.2013

Liberum Capital Ltd PABLO ZUANIC sell 1 M 3'500 Not Provided 08.03.2013

Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 4'300 12 month 07.03.2013

Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 4'320 12 month 07.03.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 3'425 12 month 05.03.2013

Societe Generale CHAS MANSO DE ZUNIGA sell 1 M 4'000 12 month 26.02.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 3'950 12 month 26.02.2013

Investec MARTIN DEBOO sell 1 M 4'260 12 month 25.02.2013

JPMorgan CELINE PANNUTI neutral 3 M 4'300 9 month 25.02.2013

Jefferies ALEX HOWSON hold 3 M 3'640 12 month 25.02.2013

Exane BNP Paribas EAMONN FERRY underperform 1 M 4'000 Not Provided 25.02.2013


Raymond James HERMINE DE BENTZMANN outperform 5 M 4'630 Not Provided 14.02.2013

HSBC CEDRIC BESNARD neutral 3 M 4'700 Not Provided 14.02.2013

Nomura GUILLAUME DELMAS buy 5 M 4'900 Not Provided 14.02.2013

Barclays IAIN SIMPSON underweight 1 M 3'700 Not Provided 14.02.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 4'300 6 month 13.02.2013

Deutsche Bank HAROLD THOMPSON buy 5 M 4'800 12 month 13.02.2013

Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 13.02.2013



CA Cheuvreux ERIC BOROIAN underperform 1 M 3'750 Not Provided 21.01.2013


Redburn Partners JEREMY FIALKO sell 1 M #N/A N/A Not Provided 24.09.2012

Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 3'140 Not Provided 14.09.2012

Holdings By:

Reckitt Benckiser Group PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (28.01.2013) 7.86

52-Week Low (23.07.2012) 4.31

Daily Volume

6.683





36'414.66 1 Yr Total Return 18.44%





Enterprise Value -


BBVA SQ EQUITY YTD Change - Average Volume 30 Day 47'182'380

BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 67'583'550


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

41'508.0 34'467.0 32'482.0 33'049.0 35'222.0 20'977.0 22'861.0 23'334.4 24'586.3 5'931.0 6'071.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

5'020.0 4'210.0 4'606.0 3'004.0 1'676.0 3'004.0 1'676.0 4'549.6 5'107.3 1'169.0 1'168.0

6.41x 11.37x 6.46x 11.74x 28.56x 11.25x 27.22x 8.59x 7.62x 9.83x -


EBIT - Long-Term Rating BBB-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banco Bilbao Vizcaya Argentaria SAPrice/Volume

Valuation Analysis

37'523'741.00


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! .!

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27.03.2013


BNP PARIBAS SA n/a EXCH 184'725'823 3.39 22'455'188 07.01.2013 Bank

INVERAVANTE INVERSIO n/a 13G 160'934'820 2.95 (86'470'698) 24.07.2012 Other









CORP GNRAL FINANCIER n/a Co File 10'870'987 0.2 - 19.10.2012 n/a

UMB BANK N A Multiple Portfolios MF-AGG 10'811'646 0.2 2'209'334 31.01.2013 Investment Advisor


DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'802'767 0.14 4'703'508 28.12.2012 Mutual Fund Manager

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'760'019 0.14 1'553'396 31.12.2012 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 7'718'009 0.14 (2'806'444) 30.09.2012 Mutual Fund Manager



PIONEER INVESTMENT M Multiple Portfolios MF-AGG 6'002'218 0.11 958'831 31.12.2012 Investment Advisor



Grupo Santander ARTURO DE FRIAS buy 5 M 9 Not Provided 27.03.2013

Mediobanca SpA ANDREA FILTRI neutral 3 M 7 Not Provided 25.03.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 9 12 month 25.03.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 9 6 month 25.03.2013

Bankia Bolsa (ESN) JAVIER BERNAT accumulate 4 M 9 12 month 22.03.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 7 Not Provided 22.03.2013

Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 20.03.2013

Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE buy 5 M 8 Not Provided 14.03.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 12.03.2013

Societe Generale CARLOS GARCIA GONZALEZ hold 3 U 7 12 month 11.03.2013

Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 8 12 month 11.03.2013

Credit Suisse IGNACIO CEREZO neutral 3 M 8 Not Provided 11.03.2013

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 U 9 Not Provided 08.03.2013

BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 07.03.2013


La Caixa DAVID FERNANDEZ buy 5 M 9 Not Provided 04.03.2013

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 Not Provided 04.03.2013

Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 27.02.2013



Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 9 12 month 12.02.2013

Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 9 Not Provided 12.02.2013

JPMorgan JAIME BECERRIL neutral 3 U 7 18 month 11.02.2013



RBC Capital Markets PATRICK LEE sector perform 3 M 8 12 month 04.02.2013


Natixis FREDERIC TESCHNER neutral 3 M 7 Not Provided 04.02.2013

Nomura DARAGH QUINN buy 5 M 8 12 month 04.02.2013

S&P Capital IQ WILLIAM HOWLETT sell 1 M 7 12 month 01.02.2013

Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 28.01.2013

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 11 12 month 23.01.2013


HSBC CARLO DIGRANDI neutral 3 M 7 Not Provided 10.01.2013


Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013



Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012

DZ Bank AG SABINE BOHN sell 1 M 6 12 month 06.02.2012

Holdings By:

Banco Bilbao Vizcaya Argentaria SA ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (15.03.2013) 387.35

52-Week Low (06.06.2012) 294.50

Daily Volume

375.75





30'265.40 1 Yr Total Return 16.29%







TSCO LN EQUITY YTD Change - Average Volume 30 Day 15'072'880

TSCO LN EQUITY YTD % CHANGE - Average Volume 3 Month 15'425'250


29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 01/yy 01/yy 02/13 Y 02/14 Y 08/11 Q2 11/11 Q3

47'298.0 53'898.0 56'910.0 60'455.0 64'539.0 - - 66'173.0 69'012.3 - -

0.79x 0.70x 0.75x 0.67x 0.52x - - 0.56x 0.51x - -

3'595.0 4'122.0 4'464.0 4'905.0 5'107.0 - - 4'969.3 5'237.4 - -

10.42x 9.09x 9.57x 8.23x 6.62x - - 7.72x 7.33x - -

2'124.0 2'133.0 2'327.0 2'655.0 2'806.0 - - 2'574.8 2'729.9 - -

14.85x 12.28x 14.31x 11.79x 8.66x - - 11.93x 11.28x - -











EBITDA Margin 7.6%



Asset Turnover 1.29







Fiscal Year Ended

Tesco PLCPrice/Volume

Valuation Analysis

7'553'939.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

.! ! E

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5! ! E

-!! ! E

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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27.03.2013


BERKSHIRE HATHAWAY I n/a ULT-AGG 408'516'187 5.07 - 01.01.2013 Investment Advisor








MONDRIAN INVESTMENT Multiple Portfolios REG 107'524'181 1.33 (407'143) 01.01.2013 Hedge Fund Manager




GEICO CORP Multiple Portfolios REG 90'000'000 1.12 - 01.01.2013 Unclassified


ALECTA INVESTMENT MA Multiple Portfolios REG 86'150'000 1.07 - 01.01.2013 Unclassified

M&G INVESTMENT MANAG Multiple Portfolios REG 83'932'359 1.04 1'917'566 01.01.2013 Investment Advisor

SILCHESTER INTL INVE Multiple Portfolios REG 81'651'783 1.01 20'121'589 01.01.2013 Investment Advisor



GENERAL REINSURANCE Multiple Portfolios REG 72'862'000 0.9 - 01.01.2013 Insurance Company


Jefferies JAMES GRZINIC buy 5 M 440 12 month 26.03.2013

Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 443 Not Provided 26.03.2013

Oriel Securities Ltd JONATHAN PRITCHARD buy 5 M 400 Not Provided 26.03.2013

JPMorgan JAIME VAZQUEZ overweight 5 M 425 9 month 25.03.2013

AlphaValue VIRGINIE BLIN reduce 2 M 380 6 month 21.03.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK buy 5 M #N/A N/A Not Provided 19.03.2013

Exane BNP Paribas JOHN KERSHAW neutral 3 M 375 Not Provided 13.03.2013

Morgan Stanley EDOUARD AUBIN Underwt/In-Line 1 M 310 12 month 11.03.2013


Credit Suisse ANDREW KASOULIS outperform 5 U 430 Not Provided 06.03.2013

Panmure Gordon & Co Limited PHILIP DORGAN buy 5 M 440 Not Provided 06.03.2013

Nomura NICK COULTER buy 5 M 430 12 month 26.02.2013

Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 15.02.2013

Baader Bank VOLKER BOSSE buy 5 U 410 12 month 12.02.2013

Macquarie SREEDHAR MAHAMKALI outperform 5 M 400 12 month 23.01.2013


Independent Research GmbH ZAFER RUZGAR buy 5 M 420 12 month 11.01.2013

HSBC JEROME SAMUEL overweight 5 M 410 Not Provided 10.01.2013

Aurel - BGC JEAN-MARIE L'HOME sell 1 M 300 Not Provided 10.01.2013

S&P Capital IQ WILLIAM MACK buy 5 M 380 12 month 10.01.2013

Espirito Santo Investment Bank ResearchCAROLINE GULLIVER sell 1 M 275 Not Provided 08.01.2013

Barclays JAMES ANSTEAD equalweight 3 M 360 Not Provided 04.01.2013

Investec DAVID MCCARTHY sell 1 M 295 12 month 04.10.2012

CA Cheuvreux ARNAUD JOLY underperform 1 M 320 Not Provided 04.10.2012

Natixis PIERRE-EDOUARD BOUDOT reduce 2 D 300 Not Provided 04.10.2012

Deutsche Bank JAMES G COLLINS buy 5 M 394 12 month 24.09.2012

Kepler Capital Markets FABIENNE CARON hold 3 N 298 Not Provided 28.06.2012

Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 375 12 month 01.05.2012

Merchant Securities AMISHA CHOHAN hold 3 M #N/A N/A Not Provided 18.04.2012

Holdings By:

Tesco PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (25.03.2013) 123.70

52-Week Low (26.06.2012) 86.80

Daily Volume

119.45





72'185.26 1 Yr Total Return 36.57%


Preferred Stock - Adjusted BETA 0.680





OR FP EQUITY YTD Change - Average Volume 30 Day 663'099

OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 585'189


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

17'541.8 17'472.6 19'495.8 20'343.1 22'462.7 20'343.1 22'462.7 23'444.8 24'818.8 5'755.0 5'663.0

2.28x 2.72x 2.52x 2.33x 2.72x 0.00x 0.00x 2.97x 2.75x - -

3'441.7 3'368.7 3'757.5 3'955.1 4'388.9 0.0 0.0 4'745.7 5'099.7 - -

11.63x 14.12x 13.05x 12.00x 13.94x 0.00x 0.00x 14.87x 13.84x - -

1'948.3 1'792.2 2'239.7 2'438.4 2'867.7 0.0 0.0 3'090.1 3'346.8 - -

18.82x 25.41x 21.75x 19.64x 21.90x 0.00x 0.00x 23.32x 21.53x - -











EBITDA Margin 19.5%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

L'Oreal SAPrice/Volume

Valuation Analysis

381'027.00


!

.!

1!

3!

5!

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-1!

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2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0 2 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

2 !!

-! !!

-2 !!

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!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


BETTENCOURT FAMILY n/a Co File 185'661'879 30.72 - 31.12.2012 n/a

NESTLE SA #N/A N/A Co File 178'381'021 29.52 - 31.12.2012 Corporation

L'OREAL SA #N/A N/A Co File 10'454'165 1.73 - 31.12.2012 Corporation




OWEN-JONES LINDSAY n/a Co File 2'998'095 0.5 - 31.12.2012 n/a

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'784'467 0.46 (516'711) 31.01.2013 Mutual Fund Manager


BALYASNY ASSET MANAG n/a Short (2'309'774) -0.38 729'403 30.01.2013 Hedge Fund Manager





AMUNDI Multiple Portfolios MF-AGG 831'525 0.14 2'576 31.10.2012 Mutual Fund Manager

INVESCO LTD Multiple Portfolios MF-AGG 805'008 0.13 1'825 21.03.2013 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 661'487 0.11 - 25.03.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 511'365 0.08 - 31.08.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 457'965 0.08 30'221 31.12.2012 Investment Advisor


Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 110 12 month 27.03.2013

Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 95 12 month 25.03.2013

Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 21.03.2013

AlphaValue ARMELLE MOULIN reduce 2 M 115 6 month 21.03.2013

Jefferies ALEX HOWSON buy 5 M 106 12 month 20.03.2013



Grupo Santander PEDRO GIL hold 3 M 105 Not Provided 12.03.2013


Berenberg Bank SETH PETERSON hold 3 M 113 Not Provided 11.03.2013



Credit Suisse ALEX MOLLOY neutral 3 M 117 Not Provided 07.03.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 94 12 month 05.03.2013

Exane BNP Paribas EAMONN FERRY outperform 5 M 114 Not Provided 25.02.2013

Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 105 Not Provided 19.02.2013

Nomura GUILLAUME DELMAS reduce 2 M 97 Not Provided 18.02.2013

Main First Bank AG GAEL COLCOMBET outperform 5 M 120 12 month 18.02.2013


Raymond James HERMINE DE BENTZMANN outperform 5 M 120 Not Provided 13.02.2013


Bryan Garnier & Cie LOIC MORVAN buy 5 M 118 6 month 13.02.2013

Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.02.2013

Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 112 12 month 12.02.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 113 6 month 12.02.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 105 12 month 12.02.2013

Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 143 12 month 12.02.2013




Telsey Advisory Group DAVID WU no rating system #N/A N/A M #N/A N/A Not Provided 12.02.2013

Natixis PIERRE TEGNER neutral 3 M 96 Not Provided 08.02.2013

HSBC CEDRIC BESNARD overweight 5 U 121 Not Provided 17.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013

CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 14.01.2013

Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012

Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 87 Not Provided 30.10.2012

Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012

DZ Bank AG THOMAS MAUL buy 5 M 97 12 month 30.07.2012

Holdings By:

L'Oreal SA ee


27.03.2013

Danone is a food processing company. The Company produces dairy products,

beverages, baby food and clinical/medical nutrition products.


LTM as of: 12/yy

52-Week High (08.03.2013) 55.78

52-Week Low (23.10.2012) 45.61

Daily Volume

53.34





33'836.87 1 Yr Total Return 5.15%







BN FP EQUITY YTD Change - Average Volume 30 Day 1'865'598

BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'620'926


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

15'220.0 14'982.0 17'010.0 19'318.0 20'869.0 19'318.0 20'868.0 22'094.1 23'461.1 5'388.0 5'667.8

2.09x 2.20x 2.11x 1.89x 1.73x 0.00x 0.00x 1.81x 1.67x - -

2'796.0 2'844.0 3'194.0 3'486.0 3'622.0 0.0 0.0 3'782.5 4'062.6 - -

11.35x 11.61x 11.23x 10.45x 9.99x 0.00x 0.00x 10.67x 9.93x - -

1'313.0 1'361.0 1'875.0 1'671.0 1'672.0 0.0 0.0 1'821.8 2'033.9 - -

19.75x 17.77x 15.42x 17.53x 17.95x 0.00x 0.00x 16.89x 15.29x 3.69x -











EBITDA Margin 17.4%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Danone SAPrice/Volume

Valuation Analysis

978'390.00


!

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

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27.03.2013



GROUPE DANONE n/a Co File 44'051'229 6.94 - 31.12.2012 Corporation

AMUNDI SA n/a Co File 20'039'020 3.16 - 31.12.2012 Other

EURAZEO n/a Co File 16'433'370 2.59 - 31.12.2012 Investment Advisor

NORGES BANK n/a Co File 15'048'614 2.37 - 31.12.2012 Government

SOFINA & HENEX GROUP n/a Co File 13'584'541 2.14 - 31.12.2012 Other

NATIXIS ASSET MANAGE n/a Co File 12'811'179 2.02 - 31.12.2012 Investment Advisor



CAISSE DES DEPOTS ET n/a Co File 9'783'434 1.54 - 31.12.2012 Government


FCPE FONDS GROUPE DA n/a Co File 8'533'644 1.35 - 31.12.2012 n/a




TRIAN FUND MANAGEMEN n/a Research 6'431'620 1.01 - 07.11.2012 Hedge Fund Manager


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'324'592 0.68 745'570 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'969'086 0.63 (54'102) 31.12.2012 Investment Advisor



Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 53 12 month 25.03.2013

HSBC CEDRIC BESNARD overweight 5 M 63 Not Provided 25.03.2013

AlphaValue SOPHIE CABO-BROSETA add 4 M 65 6 month 21.03.2013

Grupo Santander PEDRO GIL underweight 1 M 46 Not Provided 20.03.2013

Nomura DAVID HAYES buy 5 M 60 12 month 20.03.2013

Jefferies ALEX HOWSON hold 3 M 48 12 month 19.03.2013

Exane BNP Paribas JEFF STENT neutral 3 M 57 Not Provided 19.03.2013


Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 45 12 month 13.03.2013

S&P Capital IQ CARL SHORT buy 5 M 63 12 month 13.03.2013

Equita SIM SpA FABIO FAZZARI buy 5 M 66 12 month 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 59 12 month 11.03.2013



Credit Suisse ALEX MOLLOY underperform 1 M 54 Not Provided 07.03.2013




Berenberg Bank JAMES TARGETT sell 1 M 51 Not Provided 22.02.2013

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.02.2013

Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 20.02.2013

Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 65 12 month 20.02.2013


CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 47 12 month 20.02.2013

Oddo & Cie LAURENCE HOFMANN neutral 3 M 54 Not Provided 20.02.2013

Helvea ANDREAS VON ARX accumulate 4 M 61 12 month 20.02.2013

Barclays LIAM ROWLEY equalweight 3 M 51 Not Provided 20.02.2013

Deutsche Bank JAMES ISENWATER hold 3 M 45 12 month 19.02.2013

JPMorgan CELINE PANNUTI neutral 3 M 56 9 month 19.02.2013


Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 49 12 month 19.02.2013

Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013



Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 56 Not Provided 08.01.2013

Natixis PIERRE TEGNER neutral 3 D 56 Not Provided 14.12.2012

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 50 Not Provided 13.12.2012

DZ Bank AG ROBERT CZERWENSKY buy 5 M 56 12 month 22.10.2012

Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012


Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011

Holdings By:

Danone SA ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (25.03.2013) 761.00

52-Week Low (30.03.2012) 622.50

Daily Volume

751.5





27'540.49 1 Yr Total Return 26.31%







NG/ LN EQUITY YTD Change - Average Volume 30 Day 7'462'578

NG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'748'207


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

11'423.0 15'624.0 14'007.0 14'343.0 13'832.0 - - 14'424.9 14'962.4 - -

3.20x 2.41x 2.84x 2.90x 3.16x - - 3.40x 3.37x - -

3'589.0 4'037.0 4'309.0 4'845.0 4'777.0 - - 5'088.6 5'413.5 - -

10.20x 9.34x 9.24x 8.58x 9.14x - - 9.53x 8.96x - -

3'190.0 944.0 1'386.0 2'159.0 2'036.0 - - 1'952.8 2'008.1 - -

11.47x 14.32x 13.25x 9.30x 11.04x - - 14.07x 13.70x - -











EBITDA Margin 36.7%



Asset Turnover 0.28







Fiscal Year Ended

National Grid PLCPrice/Volume

Valuation Analysis

2'242'007.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

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27.03.2013




CRESCENT HOLDING GMB Multiple Portfolios REG 149'414'285 4.08 - 03.12.2012 Investment Advisor







BREWIN DOLPHIN LIMIT Multiple Portfolios REG 44'812'821 1.22 (2'034'154) 03.12.2012 Investment Advisor


STOCK LENDING ACCOUN Multiple Portfolios REG 42'803'435 1.17 18'660'830 03.12.2012 Other



DEUTSCHE BANK PROP T Multiple Portfolios REG 34'419'117 0.94 19'219'117 03.12.2012 Other


HSBC INVESTMENTS UK Multiple Portfolios REG 28'398'916 0.77 14'402'655 03.12.2012 Investment Advisor

NOMURA n/a ULT-AGG 27'260'666 0.74 5'959'620 03.12.2012 Unclassified


FEDERATED INVESTORS Multiple Portfolios MF-AGG 24'687'411 0.67 1'812'745 31.12.2012 Investment Advisor


RBC Capital Markets JOHN MUSK outperform 5 M 800 12 month 27.03.2013

Exane BNP Paribas IAIN TURNER outperform 5 M 780 Not Provided 25.03.2013

HSBC VERITY MITCHELL overweight 5 U 850 Not Provided 21.03.2013

AlphaValue MYRIAM COHEN reduce 2 M 692 6 month 21.03.2013

Credit Suisse MARK FRESHNEY outperform 5 M 800 Not Provided 20.03.2013

JPMorgan EDMUND REID neutral 3 U 720 12 month 18.03.2013

Societe Generale ASHLEY THOMAS sell 1 M 634 12 month 11.03.2013

Goldman Sachs ANDREW MEAD Sell/Neutral 1 M 604 12 month 11.03.2013

Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 08.03.2013

Nomura JONATHAN CONSTABLE buy 5 M 735 12 month 28.02.2013

Cantor Fitzgerald ANGELOS ANASTASIOU sell 1 N 617 Not Provided 11.02.2013

Berenberg Bank LAWSON STEELE hold 3 N 700 Not Provided 05.02.2013

S&P Capital IQ CLIVE ROBERTS hold 3 M 727 12 month 29.01.2013

Liberum Capital Ltd GUILLAUME REDGWELL hold 3 N 730 Not Provided 25.01.2013

Barclays PETER BISZTYGA overweight 5 M 785 Not Provided 25.01.2013


Deutsche Bank MARTIN BROUGH sell 1 M 600 12 month 07.01.2013


Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 775 12 month 13.12.2012


Holdings By:

National Grid PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (21.03.2013) 268.30

52-Week Low (05.06.2012) 192.50

Daily Volume

262.6




Shares Out 31.12.2012 148.3 Short Int 0.42

38'943.61 1 Yr Total Return 15.70%







ZURN VX EQUITY YTD Change - Average Volume 30 Day 491'839

ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 446'696


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

32'331.0 70'123.0 67'819.0 52'978.0 70'446.0 52'980.0 70'446.0 61'470.3 63'636.1 - -

0.99x 0.50x 0.64x 0.73x 0.64x 3.11x 2.48x 0.90x - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

3'039.0 3'963.0 3'428.0 3'750.0 3'878.0 3'750.0 3'872.0 4'345.8 4'578.8 1'175.0 945.0

9.86x 7.83x 10.92x 8.80x 10.08x 8.80x 10.07x 9.60x 9.08x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.18







Fiscal Year Ended

Zurich Insurance Group AGPrice/Volume

Valuation Analysis

241'520.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

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27.03.2013



NORGES BANK n/a EXCH 4'495'862 3.03 - 23.06.2011 Government



CREDIT SUISSE n/a EXCH 2'525'492 1.7 787 23.03.2010 Investment Advisor



FRANKLIN RESOURCES n/a ULT-AGG 1'903'054 1.28 10 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'414'107 0.95 (311) 30.11.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 802'354 0.54 314'544 31.01.2013 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 760'859 0.51 4'556 31.01.2013 Mutual Fund Manager

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716'240 0.48 (13'585) 31.03.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 619'731 0.42 18'520 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 558'266 0.38 16'355 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 444'000 0.3 353'700 31.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 433'728 0.29 13'430 31.01.2013 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 374'403 0.25 45'107 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 362'837 0.24 - 31.07.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 311'978 0.21 56'299 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 296'523 0.2 29'113 28.02.2013 Investment Advisor


Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 269 12 month 27.03.2013

Raymond James DANNY JACQUES outperform 5 M 297 Not Provided 22.03.2013

AlphaValue DIETER HEIN buy 5 M 309 6 month 21.03.2013


Exane BNP Paribas THOMAS JACQUET neutral 3 M 245 Not Provided 14.03.2013

Barclays ANDREW BROADFIELD underweight 1 D 247 Not Provided 13.03.2013


RBC Capital Markets GORDON AITKEN outperform 5 U 290 12 month 04.03.2013

Morgan Stanley MARCUS RIVALDI Equalwt/In-Line 3 M 261 12 month 26.02.2013

Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 270 Not Provided 26.02.2013

Berenberg Bank PETER ELIOT hold 3 M 290 Not Provided 21.02.2013

Credit Suisse RICHARD BURDEN outperform 5 M 282 Not Provided 20.02.2013


Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 18.02.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 D 300 12 month 17.02.2013

JPMorgan MICHAEL HUTTNER neutral 3 M 263 9 month 15.02.2013

Macquarie HADLEY COHEN neutral 3 M 270 12 month 15.02.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 290 12 month 15.02.2013

Kepler Capital Markets FABRIZIO CROCE hold 3 M 213 Not Provided 15.02.2013

Nomura MICHAEL KLIEN buy 5 M 290 Not Provided 15.02.2013

S&P Capital IQ RODERICK WALLACE sell 1 D 230 12 month 15.02.2013

Main First Bank AG RENE LOCHER underperform 1 M 265 12 month 15.02.2013

Helvea DANIEL BISCHOF neutral 3 M 255 12 month 15.02.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 252 6 month 14.02.2013

Banca Akros(ESN) MARCO CAVALLERI hold 3 M 245 12 month 13.02.2013

CA Cheuvreux ATANASIO PANTARROTAS select list 5 M 300 Not Provided 04.02.2013

Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 30.01.2013

Deutsche Bank ROBIN BUCKLEY hold 3 M 265 12 month 24.01.2013

HSBC THOMAS FOSSARD neutral 3 M 254 Not Provided 16.01.2013


Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 300 Not Provided 08.01.2013


Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 200 Not Provided 30.11.2012

Societe Generale JASON KALAMBOUSSIS hold 3 M 252 12 month 15.11.2012


Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012


Daiwa Securities Co. Ltd. TIM PROUDLOVE underperform 1 M 216 6 month 06.05.2011

Holdings By:

Zurich Insurance Group AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (18.01.2013) 81.45

52-Week Low (12.07.2012) 48.13

Daily Volume

74.1





42'548.22 1 Yr Total Return 31.46%







CFR VX EQUITY YTD Change - Average Volume 30 Day 1'480'174

CFR VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'488'347


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 06/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

5'290.0 5'418.0 5'176.0 6'892.0 8'867.0 0.0 7'515.0 10'180.3 11'043.8 2'316.2 -

3.53x 1.05x 2.82x 2.72x 2.41x #DIV/0! 0.00x 3.05x 2.70x - -

1'428.0 1'345.0 1'259.0 1'669.0 2'354.0 0.0 0.0 2'797.3 3'069.1 - -

13.08x 4.23x 11.59x 11.22x 9.08x 0.00x 0.00x 11.38x 10.36x - -

1'565.0 1'075.0 599.0 1'090.0 1'544.0 0.0 0.0 1'938.0 2'176.6 - -

20.48x 8.94x 26.38x 20.65x 16.70x 0.00x 0.00x 17.53x 15.53x - -











EBITDA Margin 27.5%



Asset Turnover 0.82








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cie Financiere Richemont SAPrice/Volume

Valuation Analysis

716'868.00


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2'000.0

3'000.0

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6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

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27.03.2013







WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'162'235 1.37 (5'806'400) 31.12.2012 Investment Advisor

GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 6'983'477 1.34 (43'763) 31.12.2012 Hedge Fund Manager

JANUS CAPITAL MANAGE n/a ULT-AGG 5'275'767 1.01 (49'746) 31.12.2012 Investment Advisor




T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'073'903 0.59 (123'534) 31.12.2012 Investment Advisor



SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'457'766 0.47 928'202 31.01.2013 Mutual Fund Manager

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'978'900 0.38 (809'000) 31.12.2012 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 1'291'101 0.25 (2'744) 31.01.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 1'266'927 0.24 (12'780) 31.01.2013 Investment Advisor



Credit Suisse ROGERIO FUJIMORI outperform 5 M 85 Not Provided 27.03.2013


Investec THANE DUFF hold 3 M 87 12 month 25.03.2013


ISI Group OMAR SAAD strong buy 5 M 80 12 month 24.03.2013



EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013


Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 105 Not Provided 20.03.2013

Aurel - BGC DAVID DA MAIA buy 5 M 86 Not Provided 19.03.2013


Societe Generale THIERRY COTA buy 5 M 95 12 month 18.03.2013

Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 100 12 month 15.03.2013

Renaissance Capital REY WIUM sell 1 M 76 Not Provided 14.03.2013

Independent Research GmbH LARS LUSEBRINK buy 5 N 90 12 month 21.02.2013

Berenberg Bank JOHN GUY hold 3 M 72 Not Provided 15.02.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 84 Not Provided 10.02.2013


Barclays HELEN NORRIS overweight 5 M 86 Not Provided 28.01.2013

HSBC ERWAN RAMBOURG neutral 3 M 83 Not Provided 24.01.2013

Macquarie WYNAND VAN ZYL outperform 5 U 90 12 month 22.01.2013

S&P Capital IQ JASON ASAEDA hold 3 M 80 12 month 22.01.2013

Morgan Stanley LOUISE SINGLEHURST Equalwt/In-Line 3 M 74 12 month 21.01.2013



Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 21.01.2013


Raymond James MARC WILLAUME strong buy 5 M 90 Not Provided 18.01.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 U 86 12 month 16.01.2013

CA Cheuvreux THOMAS MESMIN outperform 5 M 88 Not Provided 14.01.2013

Bank Vontobel AG RENE WEBER hold 3 M 80 Not Provided 09.01.2013

Redburn Partners ANNABEL GLEESON buy 5 N #N/A N/A Not Provided 07.01.2013

BNP Paribas Cadiz Securities SHAMIL ISMAIL hold 3 D 64 12 month 27.11.2012

Natixis JOSEPHINE CHEVALLIER neutral 3 M 60 Not Provided 02.11.2012

Avior Research MATHEW MENEZES neutral 3 D 70 Not Provided 05.09.2012

Holdings By:

Cie Financiere Richemont SA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.03.2013) 1'178.00

52-Week Low (01.06.2012) 654.50

Daily Volume

1050





26'851.58 1 Yr Total Return 38.74%







PRU LN EQUITY YTD Change - Average Volume 30 Day 4'435'634

PRU LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'964'871


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2

(10'269.0) 48'099.0 47'646.0 36'506.0 55'476.0 0.0 0.0 57'898.0 59'358.0 933.1 -

- 0.38x 0.39x 0.47x 0.43x #DIV/0! #DIV/0! 0.36x 0.35x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

(396.0) 676.0 1'431.0 1'490.0 2'197.0 0.0 0.0 2'014.8 2'240.3 - -

- 23.20x 11.78x 10.85x 10.01x 0.00x 0.00x 13.14x 11.86x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.19








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Prudential PLCPrice/Volume

Valuation Analysis

3'035'145.00


!

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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

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1! !!

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27.03.2013






BAILLIE GIFFORD AND Multiple Portfolios REG 88'407'117 3.46 401'633 01.01.2013 Investment Advisor











LAZARD ASSET MANAGEM n/a ULT-AGG 25'199'103 0.99 (468'132) 28.02.2013 Unclassified

AEGON n/a ULT-AGG 24'499'349 0.96 (6'815'149) 01.01.2013 Unclassified

HSBC INVESTMENTS UK Multiple Portfolios REG 24'085'771 0.94 (189'080) 01.01.2013 Investment Advisor


MORGAN STANLEY INVES Multiple Portfolios REG 22'537'114 0.88 (2'815'055) 01.01.2013 Investment Advisor


Exane BNP Paribas ANDY HUGHES underperform 1 M 835 Not Provided 27.03.2013

Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 1'160 Not Provided 26.03.2013

HSBC KAILESH MISTRY overweight 5 M 1'375 Not Provided 22.03.2013


AlphaValue JEROME CASSAGNE sell 1 D 911 6 month 21.03.2013

Berenberg Bank MATTHEW PRESTON buy 5 M 1'350 Not Provided 20.03.2013

Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 20.03.2013


Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 1'350 12 month 15.03.2013

Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 15.03.2013

Credit Suisse CHRIS ESSON outperform 5 M 1'300 Not Provided 14.03.2013

Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 950 12 month 13.03.2013

Sanford C. Bernstein & Co EDWARD HOUGHTON outperform 5 M 1'055 12 month 13.03.2013

S&P Capital IQ RODERICK WALLACE buy 5 D 1'250 12 month 13.03.2013

Oriel Securities Ltd MARCUS BARNARD buy 5 M 900 Not Provided 13.03.2013

JPMorgan ASHIK MUSADDI underweight 1 M 781 9 month 11.03.2013


Morgan Stanley JON HOCKING Overwt/In-Line 5 M 1'135 12 month 11.02.2013

Macquarie NEIL WELCH neutral 3 M 1'000 12 month 05.02.2013

Barclays ALAN DEVLIN overweight 5 M 1'023 Not Provided 04.02.2013

Deutsche Bank OLIVER STEEL buy 5 M 1'060 12 month 24.01.2013

Investec KEVIN RYAN hold 3 M 831 12 month 07.01.2013

Societe Generale ABID HUSSAIN buy 5 M 900 12 month 03.12.2012

Nomura FAHAD CHANGAZI reduce 2 M 680 Not Provided 15.08.2012

Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 812 6 month 01.07.2011

Holdings By:

Prudential PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (15.03.2013) 14.68

52-Week Low (04.06.2012) 8.65

Daily Volume

13.465





32'178.96 1 Yr Total Return 12.40%







CS FP EQUITY YTD Change - Average Volume 30 Day 8'227'133

CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 6'928'985


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

51'235.0 122'704.0 117'414.0 98'334.0 114'689.0 0.0 0.0 100'555.2 102'337.0 - -

0.62x 0.36x 0.29x 0.18x 0.13x #DIV/0! #DIV/0! 0.44x 0.50x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

923.0 3'606.0 2'749.0 4'324.0 4'152.0 0.0 0.0 4'700.7 5'037.4 - -

51.67x 10.60x 12.33x 5.88x 7.53x 0.00x 0.00x 6.83x 6.40x - -


EBIT - Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.15







Fiscal Year Ended

AXA SAPrice/Volume

Valuation Analysis

5'052'406.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

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2 ! E

-! ! E

-2 ! E

.! ! E

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0! ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

! 2!

- !!

- 2!

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27.03.2013


MUTUELLES AXA #N/A N/A Co File 342'767'775 14.34 - 31.12.2012 Insurance Company

AMUNDI n/a Research 91'682'238 3.84 (20'493'797) 15.05.2012 Investment Advisor






LANSDOWNE UK EQUITY n/a Short (20'395'259) -0.85 (7'936'172) 16.09.2011 Unclassified







AMUNDI Multiple Portfolios MF-AGG 7'000'250 0.29 - 31.10.2012 Mutual Fund Manager

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'835'130 0.24 (52'090) 31.12.2012 Investment Advisor






Raymond James DANNY JACQUES strong buy 5 M 19 Not Provided 25.03.2013


Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 25.03.2013

Hammer Partners SA ENRICO RACIOPPI buy 5 N 21 Not Provided 25.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 21.03.2013


Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 18.03.2013

Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.03.2013

AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 07.03.2013

RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 26.02.2013


Helvea DANIEL BISCHOF buy 5 M 16 12 month 26.02.2013

Berenberg Bank PETER ELIOT hold 3 M 18 Not Provided 25.02.2013

Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 24.02.2013

Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 18 12 month 22.02.2013

CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 17 Not Provided 22.02.2013


S&P Capital IQ RODERICK WALLACE buy 5 M 15 12 month 22.02.2013

Nomura MICHAEL KLIEN buy 5 M 23 12 month 21.02.2013

Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 21.02.2013


Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013

Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013

Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013

Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013

Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013

HSBC KAILESH MISTRY overweight 5 M 20 Not Provided 16.01.2013

Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013

Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012

Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012

CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012


Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 21 Not Provided 05.10.2011


BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011

Holdings By:

AXA SA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.03.2013) 60.71

52-Week Low (27.06.2012) 39.40

Daily Volume

56.2





31'214.44 1 Yr Total Return 14.75%







SU FP EQUITY YTD Change - Average Volume 30 Day 1'613'159

SU FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'349'106


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

18'311.0 15'793.0 19'580.0 22'345.0 23'946.0 22'387.0 23'946.0 24'351.1 25'608.7 5'390.0 6'012.0

0.95x 1.51x 1.68x 1.23x 1.44x 0.00x 0.00x 1.43x 1.31x - -

3'321.0 2'575.0 3'575.0 3'725.0 3'837.0 0.0 0.0 4'069.6 4'431.2 - -

5.24x 9.26x 9.20x 7.36x 9.01x 0.00x 0.00x 8.78x 8.06x - -

1'682.0 824.0 1'720.0 1'793.0 1'840.0 0.0 0.0 2'291.4 2'548.3 - -

7.55x 24.63x 17.00x 12.18x 16.17x 0.00x 0.00x 13.62x 12.22x - -











EBITDA Margin 16.0%



Asset Turnover 0.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schneider Electric SAPrice/Volume

Valuation Analysis

1'224'537.00


!

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0!

1!

2!

3!

4!

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- ! E

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1 ! E

2 ! E

3 ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

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3 !!

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27.03.2013




CAISSE DES DEPOTS ET n/a Research 20'349'002 3.66 - 31.12.2012 Government




SCHNEIDER ELECTRIC S n/a Co File 9'164'952 1.65 - 31.12.2011 Corporation








ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'452'160 0.44 (404'495) 31.12.2012 Investment Advisor


AVIVA PLC Multiple Portfolios MF-AGG 1'839'691 0.33 3'134 28.02.2013 Investment Advisor



JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'708'138 0.31 (235'006) 30.11.2012 Investment Advisor


RBC Capital Markets ANDREW CARTER outperform 5 M 65 12 month 27.03.2013

JPMorgan ANDREAS WILLI overweight 5 M 65 9 month 25.03.2013


Nomura DANIEL CUNLIFFE neutral 3 M 52 Not Provided 25.03.2013

Societe Generale GAEL DE BRAY buy 5 M 64 12 month 22.03.2013


AlphaValue LIONEL PELLICER add 4 M 67 6 month 21.03.2013


Exane BNP Paribas OLIVIER ESNOU outperform 5 M 66 Not Provided 14.03.2013

HSBC MICHAEL HAGMANN overweight 5 M 70 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 60 Not Provided 08.03.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 04.03.2013

Barclays NICK WEBSTER equalweight 3 M 54 Not Provided 27.02.2013

Credit Suisse SIMON TOENNESSEN neutral 3 M 58 Not Provided 25.02.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 60 Not Provided 25.02.2013

Deutsche Bank MARTIN WILKIE hold 3 M 55 12 month 22.02.2013

CA Cheuvreux ALFRED GLASER outperform 5 M 62 Not Provided 22.02.2013


Natixis LUDOVIC DEBAILLEUX neutral 3 M 61 Not Provided 22.02.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 57 12 month 21.02.2013

Kepler Capital Markets PIERRE BOUCHENY reduce 2 M 57 Not Provided 21.02.2013


Banco Sabadell MARIA CEBOLLERO buy 5 M 48 12 month 15.02.2013

Goldman Sachs DANIELA COSTA Buy/Neutral 5 U 65 12 month 30.01.2013


CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 58 12 month 21.01.2013

Berenberg Bank WILLIAM MACKIE hold 3 M 60 Not Provided 08.01.2013

Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 08.10.2012

Holdings By:

Schneider Electric SA ee


27.03.2013

Syngenta AG produces crop protection products and seeds. The Company produces

herbicides, insecticides and fungicides, and seeds for field crops, vegetables,

and flowers.


LTM as of: 12/yy

52-Week High (15.03.2013) 416.00

52-Week Low (05.06.2012) 295.30

Daily Volume

395.4





36'822.08 1 Yr Total Return 31.98%


Preferred Stock - Adjusted BETA 0.906





SYNN VX EQUITY YTD Change - Average Volume 30 Day 191'633

SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 197'881


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 0.0 14'202.0 15'323.3 16'213.3 3'295.9 4'596.0

1.68x 2.56x 2.45x 2.11x 2.72x #DIV/0! 0.00x 2.58x 2.39x - -

2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'516.3 3'814.4 1'048.0 -

7.84x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x 11.49x 10.60x - -

1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'295.0 2'507.4 518.0 -

12.86x 19.06x 19.37x 16.84x 19.65x 0.00x 0.00x 16.58x 15.14x - -











EBITDA Margin 22.2%



Asset Turnover 0.78







Fiscal Year Ended

Syngenta AGPrice/Volume

Valuation Analysis

180'629.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

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e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E - E . E 0 E 1 E 2 E 3 E 4 E 5 E 6 E- ! E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

2 !!

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-2 !!

.! !!

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02 !!

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27.03.2013




BANK OF NEW YORK n/a EXCH 3'907'159 4.2 42'023 26.02.2013 Investment Advisor





BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 937'171 1.01 17'936 26.03.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 932'280 1 - 31.01.2013 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 858'339 0.92 (1'821) 30.11.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 645'945 0.69 13'889 31.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 590'695 0.63 (8'060) 30.11.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 536'300 0.58 (76'790) 31.12.2012 Investment Advisor


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 388'585 0.42 75'179 31.12.2012 Investment Advisor



DWS INVESTMENT S A Multiple Portfolios MF-AGG 337'986 0.36 (18'438) 31.01.2013 Mutual Fund Manager


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 241'169 0.26 49'414 28.02.2013 Investment Advisor


Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 307 12 month 27.03.2013

HSBC GEOFF HAIRE neutral 3 D 430 Not Provided 27.03.2013

Exane BNP Paribas JAMES KNIGHT neutral 3 M 376 Not Provided 26.03.2013


AlphaValue FABRICE FARIGOULE buy 5 M 502 6 month 19.03.2013




Bank Vontobel AG PATRICK RAFAISZ hold 3 M 390 Not Provided 11.02.2013


Equita SIM SpA MASSIMO BONISOLI hold 3 M 390 12 month 08.02.2013

Barclays ANDREAS HEINE equalweight 3 M 403 Not Provided 08.02.2013



CA Cheuvreux MARTIN ROEDIGER select list 5 M 426 Not Provided 07.02.2013

Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 450 12 month 07.02.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 440 12 month 07.02.2013

Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 406 12 month 06.02.2013



Kepler Capital Markets BETTINA EDMONDSTON buy 5 M 440 Not Provided 06.02.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 430 12 month 06.12.2012

DZ Bank AG HEINZ MUELLER buy 5 M 400 12 month 30.11.2012

Main First Bank AG RONALD KOEHLER outperform 5 M 415 Not Provided 20.11.2012

Societe Generale PETER CLARK buy 5 M 450 12 month 25.10.2012

Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 400 Not Provided 23.10.2012

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 D #N/A N/A Not Provided 19.09.2012

Berenberg Bank JAIDEEP PANDYA hold 3 M 350 Not Provided 17.07.2012

S&P Capital IQ JOHNSON IMODE hold 3 M 320 12 month 13.07.2012

Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 310 Not Provided 18.05.2012

Holdings By:

Syngenta AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (21.09.2012) 100.00

52-Week Low (18.05.2012) 83.45

Daily Volume

93.61





29'248.74 1 Yr Total Return 6.89%







AI FP EQUITY YTD Change - Average Volume 30 Day 935'837

AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 769'771


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

13'103.1 11'976.1 13'488.0 14'456.9 15'326.3 14'255.5 15'326.0 16'327.5 17'503.5 3'966.8 3'976.0

1.73x 2.25x 2.38x 2.25x 2.34x 0.00x 0.00x 2.17x 2.01x - 8.92x

2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 4'091.5 4'441.9 - 1'976.0

7.71x 9.08x 9.50x 9.13x 9.48x 0.00x 0.00x 8.69x 8.01x - -

1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'733.8 1'918.7 - 879.0

13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 16.80x 15.19x - -











EBITDA Margin 24.7%



Asset Turnover 0.62







Fiscal Year Ended

Air Liquide SAPrice/Volume

Valuation Analysis

605'434.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0 2 E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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27.03.2013






LANSDOWNE PARTNERS L n/a Short (2'249'662) -0.72 (313'148) 22.03.2013 Hedge Fund Manager




AIR LIQUIDE n/a Co File 1'003'394 0.32 - 31.12.2012 Corporation

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 965'341 0.31 (422) 31.12.2012 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 921'742 0.3 (6'180) 31.01.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 902'774 0.29 (450'378) 31.12.2012 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 696'712 0.22 (19'889) 31.10.2012 Mutual Fund Manager

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 685'259 0.22 56'202 28.02.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 606'009 0.19 (7'465) 31.12.2012 Mutual Fund Manager

FMR LLC n/a ULT-AGG 583'986 0.19 (126'624) 31.01.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 561'349 0.18 11'929 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 553'212 0.18 31'333 31.01.2013 Investment Advisor


Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 27.03.2013

HSBC GEOFF HAIRE overweight 5 M 112 Not Provided 26.03.2013

Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 102 Not Provided 26.03.2013


AlphaValue FABRICE FARIGOULE add 4 M 100 6 month 21.03.2013


Nomura JEAN DE WATTEVILLE neutral 3 M 108 Not Provided 18.03.2013

Goldman Sachs RAKESH PATEL neutral/neutral 3 M 108 12 month 27.02.2013


Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 22.02.2013



Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 18.02.2013

Societe Generale PETER CLARK hold 3 M 100 12 month 15.02.2013

Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 15.02.2013



Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013

Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 14.02.2013


Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 93 Not Provided 14.02.2013

Barclays GUNTHER ZECHMANN underweight 1 M 100 Not Provided 04.02.2013

Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 01.02.2013


Liberum Capital Ltd ADAM COLLINS buy 5 M 121 Not Provided 13.12.2012


CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 U 106 12 month 05.11.2012

CA Cheuvreux KLAUS RINGEL outperform 5 M 101 Not Provided 26.10.2012

Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012


Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 02.08.2012

Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012


Holdings By:

Air Liquide SA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.03.2013) 86.40

52-Week Low (18.07.2012) 55.90

Daily Volume

81.2





267'741.97 1 Yr Total Return 22.58%







ERICB SS EQUITY YTD Change - Average Volume 30 Day 8'946'990

ERICB SS EQUITY YTD % CHANGE - Average Volume 3 Month 9'693'212


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

208'930.0 206'477.0 203'348.0 226'921.0 227'779.0 226'921.0 227'779.0 235'706.8 246'158.6 53'009.6 56'739.7

0.71x 0.81x 0.98x 0.79x 0.72x 3.56x 2.97x 0.95x 0.87x 4.35x 4.13x

23'592.0 25'441.0 25'925.0 29'647.0 31'735.0 30'714.0 32'078.0 31'220.3 34'939.0 5'855.6 7'054.7

6.26x 6.57x 7.72x 6.04x 5.14x 5.82x 5.25x 7.09x 6.33x 6.97x -

11'273.0 3'672.0 11'146.0 12'194.0 5'775.0 12'194.0 5'775.0 16'432.1 19'478.1 2'757.4 3'581.4

16.60x 57.25x 22.42x 18.51x 36.25x 18.50x 36.15x 15.78x 13.27x 15.45x 14.20x











EBITDA Margin 14.1%



Asset Turnover 0.82







Fiscal Year Ended

Telefonaktiebolaget LM EricssonPrice/Volume

Valuation Analysis

3'660'811.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-!.!0!1!2!3!4!5!6!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

02 ! E

1! ! E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

! !!

2 !!

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-2 !!

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0! !!

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27.03.2013


SWEDBANK ROBUR FONDE n/a Co File 141'913'401 4.66 - 31.12.2011 Investment Advisor


SEB n/a ULT-AGG 92'171'054 3.03 (1'067'250) 31.01.2013 Unclassified

AMF FONDER AB n/a Co File 75'600'000 2.48 - 31.12.2011 Investment Advisor

NORGES BANK INVESTME n/a Co File 69'572'027 2.29 - 31.12.2011 Government

OPPENHEIMERFUNDS INC n/a Co File 67'628'249 2.22 - 31.12.2011 Investment Advisor

ABERDEEN ASSET MANAG n/a Co File 58'953'636 1.94 - 31.12.2011 Investment Advisor

INVESTOR AB n/a Co File 58'709'995 1.93 - 31.12.2011 Investment Advisor

DODGE & COX n/a Co File 54'067'771 1.78 - 31.12.2011 Investment Advisor

HANDELSBANKEN FONDER n/a Co File 54'063'621 1.78 - 31.12.2011 Investment Advisor


FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 33'508'867 1.1 (65'425) 31.12.2012 Investment Advisor



NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 22'519'333 0.74 416'584 28.02.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 21'423'488 0.7 1'375'020 31.12.2012 Investment Advisor


SPP FONDER AB Multiple Portfolios MF-AGG 17'746'645 0.58 264'704 28.02.2013 Investment Advisor

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 17'556'069 0.58 488'086 31.12.2012 Investment Advisor

AFA FORSAKRINGAR n/a Co File 15'779'975 0.52 - 31.12.2011 Insurance Company


Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 100 12 month 21.03.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 M 94 Not Provided 21.03.2013

AlphaValue JEAN-MICHEL SALVADOR reduce 2 D 85 6 month 21.03.2013

Nomura STUART JEFFREY buy 5 M 96 12 month 20.03.2013

Morgan Stanley FRANCOIS MEUNIER Overwt/In-Line 5 M 84 12 month 19.03.2013

Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 112 12 month 19.03.2013


Nordea Equity Research DANIEL DJURBERG hold 3 D 87 12 month 19.03.2013

Pareto Securities ERIK PAULSSON hold 3 M 90 6 month 19.03.2013

Exane BNP Paribas ALEXANDER PETERC outperform 5 M 97 Not Provided 19.03.2013

Kepler Capital Markets SEBASTIEN SZTABOWICZ buy 5 M 95 Not Provided 18.03.2013

S&P Capital IQ JAMES CRAWSHAW strong buy 5 M 100 12 month 18.03.2013


Pohjola Bank Plc (ESN) HANNU RAUHALA accumulate 4 M 102 12 month 15.03.2013

Swedbank HAKAN WRANNE buy 5 M 88 12 month 11.03.2013

JPMorgan SANDEEP S DESHPANDE overweight 5 M 90 9 month 07.03.2013

Danske Markets ILKKA RAUVOLA buy 5 M 90 12 month 07.03.2013

Oddo & Cie VINCENT MAULAY neutral 3 M 80 Not Provided 06.03.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 60 Not Provided 05.03.2013

Deutsche Bank KAI KORSCHELT buy 5 M 87 12 month 04.03.2013

Grupo Santander CARLOS JAVIER TREVINO buy 5 M 85 Not Provided 01.03.2013

ABG Sundal Collier PER LINDBERG buy 5 M 90 6 month 13.02.2013

HSBC RICHARD DINEEN overweight 5 M 90 Not Provided 05.02.2013


Societe Generale ANDY PERKINS hold 3 M 70 12 month 01.02.2013

Credit Suisse ACHAL SULTANIA neutral 3 U 70 Not Provided 01.02.2013

SEB Enskilda ANDREAS JOELSSON buy 5 U 84 Not Provided 01.02.2013

Carnegie LENA OSTERBERG buy 5 M #N/A N/A Not Provided 01.02.2013

Handelsbanken MARTIN NILSSON reduce 2 M 55 12 month 01.02.2013

Natixis ERIC BEAUDET buy 5 M 80 Not Provided 01.02.2013

Liberum Capital Ltd JANARDAN MENON buy 5 M 90 Not Provided 01.02.2013

Barclays ANDREW M GARDINER equalweight 3 M 65 Not Provided 01.02.2013

CA Cheuvreux ODON DE LAPORTE outperform 5 M 70 Not Provided 19.09.2012

Jyske Bank ROBERT JAKOBSEN sell 1 D 70 Not Provided 26.03.2012

DZ Bank AG OLIVER FINGER buy 5 M 72 12 month 25.01.2012

Sydbank MORTEN IMSGARD neutral 3 U #N/A N/A Not Provided 28.04.2011

Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 92 12 month 26.01.2011

Holdings By:

Telefonaktiebolaget LM Ericsson ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (01.02.2013) 1'201.00

52-Week Low (27.06.2012) 760.47

Daily Volume

1073





32'218.88 1 Yr Total Return -0.66%







XTA LN EQUITY YTD Change - Average Volume 30 Day 5'438'155

XTA LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'955'808


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

27'952.0 22'732.0 30'499.0 33'877.0 31'618.0 - - 34'013.7 36'310.7 - -

0.96x 2.83x 2.59x 1.64x 2.18x - - 1.91x 1.74x - -

9'645.0 6'476.0 10'393.0 11'648.0 8'122.0 - - 9'689.1 11'041.6 - -

2.78x 9.93x 7.61x 4.76x 8.50x - - 6.82x 5.98x - -

3'595.0 661.0 4'688.0 5'713.0 1'180.0 - - 3'765.6 4'788.3 - -

2.49x 72.41x 14.58x 7.70x 43.00x - - 13.00x 10.35x - -


EBIT 4'790.00 Long-Term Rating BBB+ *-



Return on Assets 1.49% Short-Term Rating A-2 *-






EBITDA Margin 25.7%



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Xstrata PLCPrice/Volume

Valuation Analysis

2'061'179.00


!

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1!!

3!!

5!!

-!!!

-.!!

-1!!

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-! ! E

.! ! E

0! ! E

1! ! E

2! ! E

3! ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


GLENCORE INTERNATION Multiple Portfolios REG 1'010'403'999 33.65 - 02.01.2013 Corporation

QATAR HOLDINGS LLC n/a RNS-RUL8 350'410'601 11.67 - 14.01.2013 Government







BANK OF NEW YORK MEL Multiple Portfolios REG 54'135'734 1.8 (634'892) 02.01.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 42'863'026 1.43 (202'870) 02.01.2013 Unclassified

Xstrata Plc Employee Multiple Portfolios REG 42'642'114 1.42 (6'795'572) 02.01.2013 Unclassified

STANDARD LIFE INVEST #N/A N/A RNS-RUL8 41'205'251 1.37 (24'936) 22.03.2013 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 32'530'740 1.08 66'360 21.03.2013 Government

SAFE INVESTMENT COMP n/a RNS-RUL8 31'187'938 1.04 - 02.02.2012 Unclassified


LLOYDS BANKING GROUP n/a ULT-AGG 29'719'950 0.99 (610'124) 28.02.2013 Investment Advisor

NORTHERN CROSS LLC n/a RNS-RUL8 28'945'439 0.96 (3'925'000) 14.09.2012 Investment Advisor

HSBC Prop Trading/Ma Multiple Portfolios REG 25'475'000 0.85 2'450'000 02.01.2013 Unclassified

Northern Cross Inter Multiple Portfolios REG 25'223'487 0.84 (757'180) 02.01.2013 Unclassified



Macquarie JEFFREY LARGEY outperform 5 M 1'200 12 month 22.03.2013

AlphaValue SACHIN KUMAR reduce 2 M 1'100 6 month 21.03.2013



BMO Capital Markets TONY ROBSON market perform 3 U 1'220 Not Provided 12.03.2013

Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 1'300 Not Provided 12.03.2013


Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 1'300 Not Provided 07.03.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 1'000 12 month 05.03.2013

RBC Capital Markets TIMOTHY HUFF sector perform 3 M 1'100 12 month 04.03.2013

CA Cheuvreux JOAKIM AHLBERG outperform 5 M 1'300 Not Provided 11.02.2013


SBG Securities PETER DAVEY sell 1 D 1'220 12 month 11.02.2013

HSBC ANDREW KEEN neutral 3 D 1'250 Not Provided 07.02.2013


Societe Generale ALAIN WILLIAM hold 3 D 1'190 12 month 31.01.2013

Nomura SAM CATALANO restricted #N/A N/A M #N/A N/A Not Provided 16.01.2013

Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 10.01.2013


Standard Chartered SUBRAMANIAM VARADA outperform 5 U 1'080 12 month 08.09.2012

Credit Suisse LIAM FITZPATRICK restricted #N/A N/A M #N/A N/A Not Provided 21.02.2012

Bank Vontobel AG PATRICK RAFAISZ buy 5 M 1'103 Not Provided 07.02.2012

Deutsche Bank ROBERT CLIFFORD restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Morgan Stanley ALAIN GABRIEL restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Goldman Sachs EUGENE KING not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012

JPMorgan BENJAMIN DEFAY restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Holdings By:

Xstrata PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 39.51

52-Week Low (26.07.2012) 22.11

Daily Volume

30.37





28'228.90 1 Yr Total Return -19.25%





Enterprise Value -


DBK GY EQUITY YTD Change - Average Volume 30 Day 6'540'980

DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 6'375'082


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

58'492.0 45'167.0 46'151.0 52'660.0 33'582.0 50'925.0 47'151.0 33'825.7 34'823.9 8'560.0 8'581.0

- - - - - 0.00x 0.00x 1.92x 1.91x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

(3'835.0) 4'973.0 2'310.0 4'132.0 611.0 4'132.0 611.0 3'654.5 4'753.6 - -

- 6.24x 12.74x 6.61x 50.69x 6.64x 48.46x 7.86x 6.07x 6.86x -


EBIT - Long-Term Rating A+ *-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deutsche Bank AGPrice/Volume

Valuation Analysis

8'534'380.00


!2

-!-2.!.20!021!12


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013




DEUTSCHE BANK AG n/a Co File 24'888'999 2.68 - 31.12.2011 Investment Advisor

DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 24'458'657 2.63 (3'091'342) 31.12.2012 Bank

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 16'957'871 1.82 5'959'356 31.12.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'648'807 1.79 3'630'244 31.12.2012 Investment Advisor

COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 14'797'901 1.59 10'133'323 31.12.2012 Bank


CREDIT SUISSE GROUP n/a Research 9'379'275 1.01 - 08.06.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'557'620 0.92 3'906'478 31.12.2012 Investment Advisor




BANK OF AMERICA CORP BANK OF AMERICA 13F 5'677'666 0.61 (3'004'857) 31.12.2012 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'906'432 0.42 176'476 31.12.2012 Investment Advisor

DEUTSCHE TELEKOM n/a Research 3'832'262 0.41 - 13.11.2012 Unclassified


ALLIANCE BERNSTEIN n/a ULT-AGG 3'350'113 0.36 (1'003'376) 31.12.2012 Investment Advisor




AlphaValue DIETER HEIN add 4 M 38 6 month 21.03.2013

Societe Generale DIRK HOFFMANN-BECKING buy 5 M 42 12 month 20.03.2013

Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 41 6 month 20.03.2013

Nord/LB MICHAEL SEUFERT buy 5 M 39 12 month 20.03.2013

Credit Suisse AMIT GOEL underperform 1 M 32 Not Provided 20.03.2013



Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 44 12 month 20.03.2013

DZ Bank AG CHRISTOPH BAST buy 5 M 40 12 month 20.03.2013

Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 18.03.2013

Grupo Santander AURELIA FAURE underweight 1 M 30 12 month 14.03.2013

JPMorgan KIAN ABOUHOSSEIN neutral 3 M 38 9 month 11.03.2013

Bankhaus Metzler GUIDO HOYMANN buy 5 M 45 12 month 08.03.2013

Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 41 12 month 06.03.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 U 38 Not Provided 06.03.2013

RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 39 12 month 05.03.2013

Macquarie PIERS BROWN neutral 3 M 36 12 month 05.03.2013

Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 D 37 12 month 28.02.2013

Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 U 44 12 month 27.02.2013

Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 30 Not Provided 25.02.2013


Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 15.02.2013

Barclays JEREMY SIGEE overweight 5 M 46 Not Provided 12.02.2013


Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 04.02.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 N 45 Not Provided 04.02.2013

CA Cheuvreux CYRIL MEILLAND underperform 1 M 37 Not Provided 01.02.2013

Natixis ANTOINE BURGARD neutral 3 M 37 Not Provided 01.02.2013

Nomura JON PEACE reduce 2 M 37 Not Provided 01.02.2013

M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 44 12 month 31.01.2013


Kepler Capital Markets DIRK BECKER buy 5 M 44 Not Provided 31.01.2013

S&P Capital IQ FRANK BRADEN hold 3 M 39 12 month 31.01.2013



HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012


SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010

Holdings By:

Deutsche Bank AG ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (27.03.2012) 2'501.50

52-Week Low (16.11.2012) 1'662.50

Daily Volume

1710.5





23'838.97 1 Yr Total Return -26.93%







AAL LN EQUITY YTD Change - Average Volume 30 Day 3'623'367

AAL LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'298'304


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

26'311.0 20'858.0 27'960.0 30'580.0 28'761.0 - - 34'232.7 35'791.3 - -

1.61x 3.39x 2.84x 1.75x 1.97x - - 1.52x 1.50x - -

9'986.0 4'465.0 10'301.0 11'379.0 7'682.0 - - 9'904.2 10'782.7 - -

4.23x 15.82x 7.71x 4.69x 7.37x - - 5.03x 4.62x - -

5'215.0 2'425.0 6'544.0 6'169.0 (1'493.0) - - 2'962.9 3'672.3 - -

5.19x 21.67x 9.58x 7.24x - - - 11.15x 9.17x - -











EBITDA Margin 26.7%



Asset Turnover 0.38







Fiscal Year Ended

Anglo American PLCPrice/Volume

Valuation Analysis

1'303'011.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013



PUBLIC INVESTMENT CO Multiple Portfolios REG 77'592'603 5.57 - 01.11.2012 Government


TARL INVESTMENT HOLD Multiple Portfolios REG 47'275'613 3.39 - 01.11.2012 Unclassified

EPOCH TWO INVESTMENT Multiple Portfolios REG 42'166'686 3.03 - 01.11.2012 Unclassified


NORGES BANK INVESTME Multiple Portfolios REG 29'466'453 2.11 (2'557'012) 01.11.2012 Government


E OPPENHEIMER & SON Multiple Portfolios REG 25'200'000 1.81 - 01.11.2012 Other




OPPENHEIMERFUNDS INC Multiple Portfolios REG 15'661'337 1.12 6'944'224 01.11.2012 Investment Advisor



CORONATION ASSET MAN Multiple Portfolios MF-AGG 11'914'195 0.85 1'346'501 31.12.2012 Investment Advisor


AVIVA INVESTORS Multiple Portfolios REG 10'437'360 0.75 (639'640) 01.11.2012 Investment Advisor




RBC Capital Markets DES KILALEA underperform 1 D 1'800 12 month 26.03.2013


S&P Capital IQ JOHNSON IMODE sell 1 D 1'640 12 month 21.03.2013


Exane BNP Paribas RAPHAEL VEVERKA underperform 1 M 1'700 Not Provided 21.03.2013

AlphaValue SACHIN KUMAR add 4 M 2'073 6 month 21.03.2013


Goldman Sachs EUGENE KING Sell/Neutral 1 M 1'450 12 month 19.03.2013

Macquarie KIERAN DALY outperform 5 M 2'250 12 month 18.03.2013

Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 2'080 12 month 15.03.2013

Liberum Capital Ltd BEN DAVIS hold 3 M #N/A N/A Not Provided 15.03.2013

Nomura SAM CATALANO reduce 2 D 1'700 Not Provided 04.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 22.02.2013

Societe Generale ALAIN WILLIAM sell 1 M 1'900 12 month 19.02.2013

Independent Research GmbH SVEN DIERMEIER sell 1 M 1'800 12 month 19.02.2013

Deutsche Bank GRANT SPORRE buy 5 M 2'290 12 month 18.02.2013

Credit Suisse LIAM FITZPATRICK neutral 3 M 2'100 Not Provided 18.02.2013

JPMorgan FRASER JAMIESON underweight 1 M 1'640 9 month 18.02.2013


SBG Securities PETER DAVEY sell 1 M 2'000 12 month 18.02.2013

BMO Capital Markets TONY ROBSON market perform 3 M 2'200 Not Provided 15.02.2013

HSBC ANDREW KEEN overweight 5 U 2'240 Not Provided 07.02.2013

Imara STEPHEN MEINTJES hold 3 N #N/A N/A Not Provided 17.01.2013

Investec ALBERT MINASSIAN hold 3 M 2'259 Not Provided 16.01.2013

Redburn Partners SIMON TOYNE sell 1 D #N/A N/A Not Provided 16.01.2013

Barclays IAN ROSSOUW equalweight 3 M 1'970 Not Provided 14.01.2013

Standard Chartered SUBRAMANIAM VARADA in-line 3 M 1'960 12 month 08.09.2012

Avior Research CLINTON DUNCAN outperform 5 M 2'338 Not Provided 27.08.2012

CA Cheuvreux JOAKIM AHLBERG outperform 5 M 2'250 Not Provided 30.07.2012

Daiwa Securities Co. Ltd. SCOTT FINLAY hold 3 N 3'329 6 month 21.04.2011

Panmure Gordon & Co Limited ALISON TURNER hold 3 M 2'756 Not Provided 21.04.2011

Holdings By:

Anglo American PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (20.09.2012) 10.06

52-Week Low (05.06.2012) 7.69

Daily Volume

8.178





35'339.75 1 Yr Total Return -3.95%







DTE GY EQUITY YTD Change - Average Volume 30 Day 17'153'640

DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 14'166'570


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

61'666.0 64'602.0 62'421.0 58'653.0 58'169.0 58'653.0 58'169.0 57'754.6 57'542.1 14'049.0 13'969.0

1.49x 1.46x 1.48x 1.45x 1.38x 6.25x 5.77x 1.36x 1.32x - -

17'535.0 17'335.0 17'726.0 20'202.0 17'728.0 19'004.0 17'708.0 17'365.8 17'394.4 4'327.0 4'436.0

5.24x 5.46x 5.20x 4.22x 4.53x 4.48x 4.54x 4.52x 4.51x 4.54x -

1'483.0 353.0 1'695.0 557.0 (5'255.0) 557.0 (5'255.0) 2'892.2 3'073.6 764.0 944.0

31.62x 128.63x 24.76x 68.19x - 68.19x 0.00x 11.52x 11.13x 9.51x -











EBITDA Margin 30.4%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deutsche Telekom AGPrice/Volume

Valuation Analysis

12'767'419.00


!

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1

3

5

-!

-.

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

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!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


KREDITANSTALT FUER W n/a Research 734'624'287 17 - 30.09.2012 Investment Advisor

FEDERAL REPUBLIC OF n/a Research 648'197'900 15 - 30.09.2012 Government


BLACKSTONE n/a ULT-AGG 191'700'000 4.44 - 03.08.2012 Unclassified








SCHRODER INVESTMENT Multiple Portfolios MF-AGG 11'770'469 0.27 2'089'161 31.12.2012 Investment Advisor




ING INTERNATIONAL AD Multiple Portfolios MF-AGG 7'200'550 0.17 690'125 31.12.2012 Investment Advisor


EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'173'053 0.12 (480'154) 31.01.2013 Investment Advisor




Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 10 12 month 27.03.2013

Bankhaus Metzler ULRICH TRABERT sell 1 M 8 12 month 26.03.2013

AlphaValue HEINZ STEFFEN add 4 M 10 6 month 21.03.2013

Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 15.03.2013

Jefferies ULRICH RATHE hold 3 M 8 12 month 08.03.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 08.03.2013

Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 08.03.2013

JPMorgan HANNES C WITTIG not rated #N/A N/A M #N/A N/A Not Provided 07.03.2013

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 11 Not Provided 06.03.2013

RBC Capital Markets JONATHAN ATKIN sector perform 3 M 10 12 month 04.03.2013


Morgan Stanley NICK DELFAS restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013


Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 01.03.2013

Natixis JACQUES DE GRELING reduce 2 M 7 Not Provided 01.03.2013

Nomura FREDERIC BOULAN buy 5 M 10 Not Provided 01.03.2013


DZ Bank AG KARSTEN OBLINGER sell 1 M 8 12 month 01.03.2013

Barclays JONATHAN DANN equalweight 3 M 9 Not Provided 01.03.2013

Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 28.02.2013

Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 28.02.2013

Nord/LB WOLFGANG DONIE buy 5 N 11 12 month 28.02.2013

Raymond James STEPHANE BEYAZIAN outperform 5 M 11 12 month 28.02.2013


Bankhaus Lampe WOLFGANG SPECHT sell 1 M 8 Not Provided 28.02.2013

M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 28.02.2013

Equinet Institutional Services(ESN) ADRIAN PEHL buy 5 M 10 12 month 28.02.2013

New Street Research CHARLES GAYNOR reduce 2 M 7 Not Provided 28.02.2013

Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 9 12 month 26.02.2013

CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 25.02.2013

Liberum Capital Ltd LAWRENCE SUGARMAN hold 3 N 8 Not Provided 19.02.2013

Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013

Kepler Capital Markets JAVIER BORRACHERO buy 5 M 11 Not Provided 30.01.2013

Credit Suisse JUSTIN FUNNELL restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 M 8 Not Provided 23.01.2013

Deutsche Bank MATTHEW BLOXHAM buy 5 M 10 12 month 16.01.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

Steubing AG TEAM COVERAGE buy 5 M #N/A N/A Not Provided 14.01.2013


HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 10.12.2012

Espirito Santo Investment Bank ResearchWILL DRAPER sell 1 M 8 Not Provided 10.12.2012

Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 11 12 month 08.11.2012

Holdings By:

Deutsche Telekom AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (21.08.2012) 20.35

52-Week Low (01.03.2013) 14.05

Daily Volume

14.925





36'011.40 1 Yr Total Return -17.39%







GSZ FP EQUITY YTD Change - Average Volume 30 Day 5'153'933

GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'581'695


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3

67'923.8 79'908.0 84'478.0 90'673.0 97'038.0 89'792.0 97'038.0 81'196.9 81'347.5 - 20'325.0

1.64x 1.32x 1.24x 1.18x 0.97x 0.00x 0.00x 1.02x 0.98x - -

9'605.7 13'781.0 15'918.0 16'071.0 18'401.0 0.0 0.0 14'045.7 14'265.5 - 3'489.8

11.61x 7.63x 6.59x 6.64x 5.13x 0.00x 0.00x 6.66x 6.56x - -

4'857.1 4'477.0 4'616.0 4'003.0 1'550.0 0.0 0.0 3'241.7 3'399.5 - -

11.85x 14.77x 12.79x 11.73x 22.90x 0.00x 0.00x 10.93x 10.49x - -


EBIT 9'520.00 Long-Term Rating A *-



Return on Assets 0.74% Short-Term Rating A-1 *-






EBITDA Margin 19.0%



Asset Turnover 0.46







Fiscal Year Ended

GDF SuezPrice/Volume

Valuation Analysis

3'045'083.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

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.2

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0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

- !!

. !!

0 !!

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2 !!

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27.03.2013


FRENCH STATE n/a Co File 810'927'246 33.61 - 31.12.2011 Government


GROUPE BRUXELLES LAM n/a Research 116'911'820 4.85 - 15.03.2012 Holding Company


GDF SUEZ n/a Co File 38'293'787 1.59 - 31.12.2011 Corporation

CNP ASSURANCES n/a Co File 24'778'333 1.03 - 31.12.2011 Insurance Company



SOFINA SA n/a Co File 13'515'454 0.56 - 31.12.2011 Holding Company






INTERNATIONAL VALUE Multiple Portfolios MF-AGG 7'777'965 0.32 124'302 31.12.2012 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 5'571'946 0.23 (4'729'951) 31.01.2013 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 4'229'692 0.18 (10'748'086) 31.12.2012 Mutual Fund Manager



Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 14 Not Provided 25.03.2013

Macquarie SHAI HILL outperform 5 M 17 12 month 22.03.2013

HSBC ADAM DICKENS overweight 5 U 18 Not Provided 21.03.2013

Grupo Santander OSCAR NAJAR RIOS hold 3 M 17 Not Provided 12.03.2013

Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 25 12 month 12.03.2013

Nomura MARTIN YOUNG neutral 3 M 19 Not Provided 12.03.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 U 17 Not Provided 05.03.2013

Independent Research GmbH SVEN DIERMEIER hold 3 U 15 12 month 04.03.2013

Barclays JULIE ARAV equalweight 3 M 15 Not Provided 01.03.2013

Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 15 12 month 28.02.2013

Raymond James EMMANUEL RETIF underperform 1 M 13 Not Provided 28.02.2013

KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 28.02.2013

CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 28.02.2013


AlphaValue MYRIAM COHEN buy 5 M 18 6 month 28.02.2013

Credit Suisse MICHEL DEBS neutral 3 M 15 Not Provided 26.02.2013

Natixis PHILIPPE OURPATIAN neutral 3 M 17 Not Provided 20.02.2013


Berenberg Bank ANDREW FISHER sell 1 M 14 Not Provided 05.02.2013



JPMorgan NATHALIE F CASALI underweight 1 D 14 9 month 10.01.2013


Deutsche Bank MARTIN BROUGH hold 3 D 18 12 month 06.12.2012

Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012

Societe Generale ALBERTO PONTI buy 5 M 25 12 month 26.11.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012

DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011

Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011

Holdings By:

GDF Suez ee


27.03.2013

Imperial Tobacco Group plc is an international tobacco company that

manufactures, markets, and sells a range of cigarettes, tobaccos,

rolling papers, and cigars.


LTM as of: 01/yy

52-Week High (10.07.2012) 2'629.00

52-Week Low (27.03.2013) 2'224.00

Daily Volume

2241





21'912.38 1 Yr Total Return -7.37%







IMT LN EQUITY YTD Change - Average Volume 30 Day 2'126'204

IMT LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'055'304


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

10'116.0 14'748.0 15'018.0 15'186.0 14'672.0 - - 8'105.1 8'385.1 - -

2.96x 2.00x 1.93x 2.05x 2.16x - - 3.78x 3.61x - -

1'958.0 3'158.0 3'307.0 3'260.0 4'509.0 - - 3'445.4 3'593.4 - -

15.29x 9.34x 8.75x 9.53x 7.03x - - 8.97x 8.60x - -

428.0 663.0 1'505.0 1'796.0 678.0 - - 2'089.3 2'202.8 - -

35.54x 27.61x 12.78x 12.26x 33.65x - - 10.55x 9.79x - -











EBITDA Margin 30.7%



Asset Turnover 0.50







Fiscal Year Ended

Imperial Tobacco Group PLCPrice/Volume

Valuation Analysis

942'136.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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- ! E

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1 ! E

2 ! E

3 ! E

4 ! E

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

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27.03.2013



INVESCO LTD n/a Co File 61'000'000 6.24 - 30.10.2012 Investment Advisor








CEDAR ROCK CAPITAL L Multiple Portfolios REG 16'997'045 1.74 595'616 01.12.2012 Unclassified




STANDARD LIFE INVEST Multiple Portfolios REG 13'734'190 1.4 (606'667) 01.12.2012 Investment Advisor




THREADNEEDLE ASSET M Multiple Portfolios REG 12'498'191 1.28 2'126'754 01.12.2012 Investment Advisor




Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 2'650 Not Provided 26.03.2013

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 2'900 12 month 22.03.2013

Berenberg Bank ERIK BLOOMQUIST hold 3 M 2'800 Not Provided 22.03.2013

Natixis NICOLAS LANGLET buy 5 M 2'800 Not Provided 22.03.2013

Nomura DAVID HAYES reduce 2 M 2'443 Not Provided 22.03.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 2'700 Not Provided 21.03.2013

Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'900 Not Provided 21.03.2013

Exane BNP Paribas JAMES BUSHNELL underperform 1 M 2'450 Not Provided 20.03.2013

Jefferies DIRK VAN VLAANDEREN hold 3 M 2'500 12 month 19.03.2013

Goldman Sachs FULVIO CAZZOL neutral/attractive 3 M 2'470 12 month 07.03.2013

AlphaValue ISABELLE COMBEMALE buy 5 M 3'011 6 month 07.03.2013

Day by Day VALERIE GASTALDY buy 5 U 2'518 3 month 05.03.2013

Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 2'700 12 month 28.02.2013

JPMorgan RAE MAILE neutral 3 M 3'067 9 month 20.02.2013

Investec MARTIN DEBOO hold 3 M 2'450 12 month 15.02.2013

Morgan Stanley MATTHEW GRAINGER Overwt/Attractive 5 M 2'680 12 month 30.01.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 2'850 12 month 30.01.2013


Barclays SIMON HALES equalweight 3 M 2'650 Not Provided 30.01.2013


Renaissance Capital REY WIUM hold 3 M 2'700 12 month 16.01.2013

Redburn Partners CHRISTIAN DE ROUALLE sell 1 M #N/A N/A Not Provided 16.01.2013

Deutsche Bank JONATHAN FELL buy 5 M 3'000 12 month 01.05.2012

Holdings By:

Imperial Tobacco Group PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.03.2013) 79.30

52-Week Low (21.05.2012) 51.35

Daily Volume

72.85





295'039.00 1 Yr Total Return 24.16%





Enterprise Value -


NDA SS EQUITY YTD Change - Average Volume 30 Day 8'391'550

NDA SS EQUITY YTD % CHANGE - Average Volume 3 Month 8'147'229


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

20'485.0 15'492.0 14'595.0 16'685.0 17'457.0 16'686.0 17'456.0 10'443.4 10'878.6 2'554.9 2'596.5

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

2'671.0 2'314.0 2'657.0 2'627.0 3'119.0 2'627.0 3'119.0 3'298.1 3'685.7 779.4 819.3

4.84x 11.79x 12.35x 9.15x 9.30x 9.15x 9.31x 10.67x 9.57x 10.72x 10.38x


EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nordea Bank ABPrice/Volume

Valuation Analysis

2'521'576.00


!

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1!

2!

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4!

5!

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-! ! E

-2 ! E

.! ! E

.2 ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

2 !!

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-2 !!

.! !!

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27.03.2013


SAMPO OYJ n/a Research 860'400'000 21.24 - 28.09.2012 Insurance Company

GOVERNMENT OF SWEDEN n/a Research 544'200'000 13.44 - 28.09.2012 Government

NORDEA FONDER AB/SWE n/a Research 158'200'000 3.91 - 28.09.2012 Investment Advisor

SWEDBANK ROBUR FONDE n/a Research 127'800'000 3.16 - 28.09.2012 Investment Advisor

AMF PENSION n/a Research 79'700'000 1.97 - 28.09.2012 Pension Fund (ERISA)

NORWEGIAN PETROLEUM n/a Research 72'400'000 1.79 - 28.09.2012 n/a

SHB FUNDS n/a Research 58'900'000 1.45 - 28.09.2012 n/a

SEB n/a ULT-AGG 52'450'681 1.3 (271'123) 31.12.2012 Unclassified

SEB FUNDS n/a Research 51'700'000 1.28 - 28.09.2012 n/a

FJARDE AP-FONDEN n/a Research 44'400'000 1.1 - 28.09.2012 Pension Fund (ERISA)

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 43'836'854 1.08 1'335'441 28.02.2013 Investment Advisor

NORDEA FUNDS n/a Research 41'100'000 1.01 - 28.09.2012 n/a

AFA INSURANCE n/a Research 40'900'000 1.01 - 28.09.2012 Insurance Company


VARMA MUTUAL PENSION n/a Research 30'400'000 0.75 - 28.09.2012 Insurance Company

SKANDIA LIV n/a Research 30'400'000 0.75 - 28.09.2012 Pension Fund (ERISA)

AMF FONDER AB Multiple Portfolios MF-AGG 28'499'330 0.7 (862'000) 31.12.2012 Investment Advisor


FORSTA AP FONDEN n/a Research 27'000'000 0.67 - 28.09.2012 Investment Advisor

ALECTA PENSIONSFORSA n/a Research 23'500'000 0.58 - 28.09.2012 Pension Fund (ERISA)


AlphaValue CHRISTOPHE NIJDAM reduce 2 M 76 6 month 27.03.2013

Mediobanca SpA RICCARDO ROVERE underperform 1 M 73 Not Provided 25.03.2013

Exane BNP Paribas ANDREAS HAKANSSON neutral 3 U 74 Not Provided 20.03.2013

Keefe, Bruyette & Woods RONNY REHN outperform 5 M 86 12 month 19.03.2013

SEB Enskilda NICOLAS MCBEATH buy 5 M 90 Not Provided 19.03.2013

Nomura OMAR KEENAN buy 5 M 84 Not Provided 15.03.2013

Societe Generale GEOFF DAWES buy 5 M 88 12 month 14.03.2013

JPMorgan SOFIE PETERZENS neutral 3 M 82 18 month 14.03.2013

DNB Markets HAKON FURE buy 5 M 77 Not Provided 08.03.2013

Jyske Bank CHRISTIAN HEDE strong buy 5 M 91 Not Provided 07.03.2013

ABG Sundal Collier MAGNUS ANDERSSON buy 5 M 81 6 month 07.03.2013

RBC Capital Markets CLAIRE KANE outperform 5 M 81 12 month 07.03.2013

Pareto Securities JON DAVID GJERTSEN buy 5 M 82 6 month 07.03.2013


Barclays CHRISTOFFER ROSQUIST overweight 5 M 88 Not Provided 25.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 18.02.2013

Macquarie EDWARD FIRTH neutral 3 M 75 12 month 04.02.2013

Carnegie ASBJORN MORK buy 5 M #N/A N/A Not Provided 31.01.2013

Handelsbanken PETER GRABE reduce 2 M 70 12 month 31.01.2013

SpareBank 1 Markets AS NILS CHRISTIAN OYEN buy 5 M 76 12 month 31.01.2013

Alm Brand Markets STIG NYMANN sell 1 M 60 Not Provided 30.01.2013

Arctic Securities ASA FRIDTJOF BERENTS buy 5 M 76 Not Provided 30.01.2013

Danske Markets PER GRONBORG hold 3 M 72 12 month 30.01.2013

Goldman Sachs PAWEL DZIEDZIC Buy/Neutral 5 M 85 12 month 28.01.2013

Berenberg Bank NICK ANDERSON buy 5 M 80 Not Provided 28.01.2013

Morgan Stanley ALVARO SERRANO Equalwt/In-Line 3 M 70 12 month 16.01.2013

NYKREDIT MADS THINGGAARD underperform 1 M #N/A N/A Not Provided 08.10.2012

Evli Bank Plc KIMMO RAMA buy 5 U 86 12 month 29.05.2012

Nordea Equity Research MATHS LILJEDAHL not rated #N/A N/A M #N/A N/A Not Provided 16.04.2012

Swedbank CHRISTIAN HALL buy 5 M 65 12 month 27.10.2011

CA Cheuvreux MATS ANDERSON outperform 5 M 80 Not Provided 16.08.2011

Sydbank BJORN SCHWARZ neutral 3 M #N/A N/A Not Provided 29.04.2011

Holdings By:

Nordea Bank AB ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (07.02.2013) 27.85

52-Week Low (03.08.2012) 15.97

Daily Volume

25.05





33'086.79 1 Yr Total Return -1.43%





Enterprise Value -


CSGN VX EQUITY YTD Change - Average Volume 30 Day 5'834'745

CSGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 6'038'311


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

48'697.0 51'547.0 50'345.0 42'693.0 38'313.0 42'715.0 38'313.0 26'574.2 27'496.9 6'813.0 6'456.0

- - - - - 0.00x 0.00x 34.91x 33.74x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

(8'218.0) 6'724.0 5'098.0 1'953.0 1'349.0 1'953.0 1'483.0 4'163.6 5'056.9 1'335.0 1'009.0

- 9.96x 9.59x 16.11x 27.15x 16.85x 26.50x 9.50x 8.08x 9.35x -





Return on Assets 0.15% Short-Term Rating NR




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Credit Suisse Group AGPrice/Volume

Valuation Analysis

3'185'252.00


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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

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27.03.2013



QATAR INVESTMENT AUT #N/A N/A Co File 81'886'795 6.2 - 31.12.2012 Government

CRESCENT HOLDING GMB #N/A N/A Co File 80'566'040 6.1 - 31.12.2012 Investment Advisor

DODGE & COX #N/A N/A Co File 66'037'738 5 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 39'622'643 3 - 25.03.2013 Investment Advisor

HARRIS ASSOCIATES LP #N/A N/A Co File 39'622'643 3 - 31.12.2012 Investment Advisor


CREDIT SUISSE n/a EXCH 36'381'320 2.75 (3'890'327) 04.03.2013 Investment Advisor



NORGES BANK #N/A N/A Co File 29'056'605 2.2 - 31.12.2012 Government











Helvea TIM DAWSON neutral 3 M 27 12 month 27.03.2013



Exane BNP Paribas DANIEL DAVIES outperform 5 M 32 Not Provided 18.03.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 30 12 month 15.03.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 30 12 month 11.03.2013

JPMorgan KIAN ABOUHOSSEIN overweight 5 M 34 18 month 11.03.2013

CA Cheuvreux CHRISTIAN STARK select list 5 M 30 Not Provided 11.03.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 24 12 month 08.03.2013

AlphaValue DIETER HEIN add 4 M 28 6 month 07.03.2013

Societe Generale DIRK HOFFMANN-BECKING buy 5 M 33 12 month 05.03.2013

RBC Capital Markets FIONA SWAFFIELD outperform 5 M 30 12 month 05.03.2013

Macquarie PIERS BROWN outperform 5 M 30 12 month 05.03.2013

Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 34 12 month 27.02.2013


DZ Bank AG CHRISTOPH BAST sell 1 M 24 12 month 19.02.2013

Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 15.02.2013

Barclays JEREMY SIGEE equalweight 3 M 27 Not Provided 12.02.2013

Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 11.02.2013

Main First Bank AG KILIAN MAIER outperform 5 U 30 12 month 11.02.2013

Natixis ANTOINE BURGARD neutral 3 M 24 Not Provided 08.02.2013



Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 27 6 month 07.02.2013

Deutsche Bank MATT SPICK hold 3 D 29 12 month 07.02.2013



Kepler Capital Markets DIRK BECKER buy 5 U 30 Not Provided 07.02.2013


Canaccord Genuity Corp ARUN MELMANE hold 3 N 29 Not Provided 04.02.2013

Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 25 Not Provided 30.01.2013

Liberum Capital Ltd CORMAC LEECH hold 3 M 25 Not Provided 23.01.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 27 Not Provided 22.01.2013


Bank Vontobel AG TERESA NIELSEN hold 3 M 23 Not Provided 20.11.2012

HSBC ROBERT MURPHY neutral 3 D 24 Not Provided 07.11.2012


Grupo Santander AURELIA FAURE hold 3 M 20 Not Provided 18.09.2012


Holdings By:

Credit Suisse Group AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (28.01.2013) 187.40

52-Week Low (26.06.2012) 115.95

Daily Volume

154.15





69'231.80 1 Yr Total Return 17.71%







VOW3 GY EQUITY YTD Change - Average Volume 30 Day 1'224'361

VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 967'590


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

113'808.0 105'187.0 126'875.0 159'337.0 192'676.0 159'337.0 192'676.0 204'339.9 215'054.3 54'027.0 53'617.0

1.22x 0.97x 0.83x 0.77x 0.90x 2.87x 3.11x 0.33x 0.30x 1.24x 1.25x

14'854.0 10'896.0 16'659.0 21'365.0 24'424.0 21'365.0 24'424.0 24'020.7 26'849.2 4'387.0 4'225.0

9.34x 9.35x 6.29x 5.76x 7.10x 5.76x 7.03x 6.88x 6.16x - -

4'753.0 960.0 6'835.0 15'409.0 21'717.0 15'409.0 21'717.0 10'013.6 11'624.4 2'360.0 2'247.0

20.97x 32.35x 6.98x 3.13x 3.51x 3.13x 3.49x 7.11x 6.15x - -











EBITDA Margin 12.7%



Asset Turnover 0.68







Fiscal Year Ended

Volkswagen AGPrice/Volume

Valuation Analysis

632'304.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

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27.03.2013


QATAR HOLDINGS LLC n/a EXCH 26'355'116 15.49 - 10.03.2011 Government

BLACKROCK n/a ULT-AGG 6'811'077 4 40'022 25.03.2013 Investment Advisor





CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'823'701 1.07 1'011'201 31.12.2012 Investment Advisor



BG MASTER FUND PLC n/a Short (1'208'014) -0.71 (153'129) 07.11.2012 Investment Advisor



ADIG INVESTMENT Multiple Portfolios MF-AGG 894'264 0.53 125'708 30.11.2012 Investment Advisor


JP MORGAN n/a ULT-AGG 554'996 0.33 36'337 31.01.2013 Unclassified

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 545'030 0.32 - 31.01.2013 Mutual Fund Manager

UMB BANK N A Multiple Portfolios MF-AGG 442'029 0.26 - 31.01.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 435'232 0.26 (7'214) 31.01.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 432'917 0.25 7'182 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 415'317 0.24 (54'543) 31.01.2013 Unclassified


DZ Bank AG MICHAEL PUNZET buy 5 M 188 12 month 27.03.2013

Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 26.03.2013

Kepler Capital Markets MICHAEL RAAB buy 5 M 194 Not Provided 26.03.2013

Exane BNP Paribas RABIH FREIHA outperform 5 M 192 Not Provided 25.03.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 195 6 month 22.03.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 22.03.2013

Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 196 Not Provided 20.03.2013

Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 175 12 month 19.03.2013

AlphaValue HANS-PETER WODNIOK add 4 M 175 6 month 19.03.2013

JPMorgan JOSE ASUMENDI overweight 5 M 207 9 month 18.03.2013


Societe Generale STEPHEN REITMAN buy 5 M 200 12 month 15.03.2013

Nord/LB FRANK SCHWOPE buy 5 M 195 12 month 15.03.2013

Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 211 12 month 15.03.2013


Oddo & Cie FRANCOIS MAURY neutral 3 M 160 Not Provided 15.03.2013


Morgan Stanley STUART PEARSON Overwt/In-Line 5 M 190 12 month 14.03.2013

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 215 12 month 07.03.2013

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 205 12 month 28.02.2013

HSBC HORST SCHNEIDER overweight 5 M 207 Not Provided 27.02.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 200 12 month 25.02.2013

Natixis GEORGES DIENG buy 5 M 195 Not Provided 25.02.2013

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 185 Not Provided 25.02.2013

S&P Capital IQ MARNIE COHEN buy 5 M 181 12 month 25.02.2013

Barclays MICHAEL TYNDALL overweight 5 M 192 Not Provided 25.02.2013

Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 22.02.2013


Credit Suisse ERICH HAUSER outperform 5 M 195 Not Provided 08.01.2013



Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012

Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012

Deutsche Bank JOCHEN GEHRKE buy 5 M 200 12 month 02.08.2012

CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 200 Not Provided 30.04.2012

Holdings By:

Volkswagen AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (15.03.2013) 152.00

52-Week Low (04.06.2012) 95.85

Daily Volume

145.15





26'031.38 1 Yr Total Return 31.17%







MUV2 GY EQUITY YTD Change - Average Volume 30 Day 717'002

MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 666'509


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

47'151.0 53'891.0 59'111.0 60'908.0 65'896.0 61'764.0 66'135.0 55'834.1 57'808.9 - -

0.56x 0.44x 0.42x 0.33x 0.43x 1.29x 1.52x 0.57x - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'555.0 2'521.0 2'422.0 702.0 3'195.0 702.0 3'195.0 2'916.6 2'963.9 773.0 713.0

14.34x 8.39x 8.69x 24.03x 7.56x 23.74x 7.56x 8.86x 8.65x 8.72x -


EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26







Fiscal Year Ended

Muenchener Rueckversicherungs AGPrice/Volume

Valuation Analysis

443'860.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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27.03.2013




PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified





ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'798'228 1 263'657 31.12.2012 Investment Advisor



MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'050'506 0.59 97'400 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 925'403 0.52 715'207 31.01.2013 Mutual Fund Manager

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 834'488 0.47 5'222 28.09.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 800'520 0.45 (33'714) 31.01.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619'738 0.35 6'554 31.12.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 590'450 0.33 131'232 30.11.2012 Investment Advisor

SARASIN n/a ULT-AGG 574'580 0.32 196'794 31.12.2012 Unclassified

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 539'431 0.3 (10'900) 31.01.2013 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 492'477 0.27 - 31.07.2012 Investment Advisor


Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 106 12 month 27.03.2013

DZ Bank AG THORSTEN WENZEL buy 5 M 165 12 month 27.03.2013

Credit Suisse ADAM MCINALLY neutral 3 M 155 Not Provided 22.03.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 150 12 month 21.03.2013

AlphaValue DIETER HEIN reduce 2 M 141 6 month 21.03.2013


RBC Capital Markets GORDON AITKEN underperform 1 M 135 12 month 19.03.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 170 12 month 19.03.2013


Exane BNP Paribas THOMAS JACQUET neutral 3 M 145 Not Provided 18.03.2013

Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 15.03.2013


Nomura MICHAEL KLIEN reduce 2 M 140 Not Provided 15.03.2013

Nord/LB JULIA SIEKMANN hold 3 M 155 12 month 14.03.2013




Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 14.03.2013

Natixis BENOIT VALLEAUX neutral 3 M 140 Not Provided 14.03.2013




Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 125 12 month 12.03.2013


Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 145 Not Provided 20.02.2013

CA Cheuvreux FRANK KOPFINGER outperform 5 M 157 Not Provided 18.02.2013

Berenberg Bank TOM CARSTAIRS hold 3 M 140 Not Provided 11.02.2013

Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.02.2013

HSBC THOMAS FOSSARD underweight 1 M 135 Not Provided 07.02.2013


Kepler Capital Markets FABRIZIO CROCE buy 5 M 153 Not Provided 05.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 N 147 Not Provided 05.02.2013


Main First Bank AG MICHAEL HAID underperform 1 M 145 12 month 01.02.2013

Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 152 12 month 31.01.2013

Mediobanca SpA MARC THIELE outperform 5 M 164 6 month 30.01.2013


Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012


Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 U 119 6 month 10.05.2011

Holdings By:

Muenchener Rueckversicherungs AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.09.2012) 19.74

52-Week Low (08.02.2013) 12.42

Daily Volume

13.46





26'933.46 1 Yr Total Return -21.73%







EOAN GY EQUITY YTD Change - Average Volume 30 Day 11'991'150

EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 12'004'260


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

86'753.0 81'817.0 92'863.0 112'954.0 132'093.0 112'954.0 103'866.0 111'728.6 113'663.1 - -

1.08x 1.11x 0.78x 0.52x 0.38x 2.19x 2.25x 0.44x 0.43x - -

5'403.0 12'703.0 13'006.0 4'269.0 8'443.0 4'269.0 5'520.0 9'557.4 9'755.8 - -

17.28x 7.18x 5.56x 13.73x 5.99x 13.73x 0.00x 5.29x 5.18x - -

1'266.0 8'396.0 5'853.0 (2'219.0) 2'217.0 (2'219.0) 2'396.0 2'531.2 2'677.1 - -

37.92x 6.50x 6.53x - 12.36x 0.00x 0.00x 10.29x 9.67x - -











EBITDA Margin 6.4%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

E.ON SEPrice/Volume

Valuation Analysis

7'246'079.00


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2! ! E

3! ! E

4! ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

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27.03.2013



GOVERNMENT OF NORWAY n/a Co File 118'276'492 5.91 - 31.12.2011 Government

E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation


MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor




DEUTSCHE BANK AG Multiple Portfolios MF-AGG 9'652'792 0.48 (1'454'174) 28.02.2013 Investment Advisor









ADIG INVESTMENT Multiple Portfolios MF-AGG 3'154'858 0.16 (1'125'000) 30.11.2012 Investment Advisor




RBC Capital Markets JOHN MUSK underperform 1 M 11 12 month 27.03.2013

Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 19 12 month 26.03.2013

Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 14 Not Provided 25.03.2013

AlphaValue EILEEN RYAN buy 5 M 17 6 month 25.03.2013

Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 14 6 month 22.03.2013

HSBC ADAM DICKENS underweight 1 M 12 Not Provided 22.03.2013

DZ Bank AG MARC NETTELBECK hold 3 M 14 12 month 19.03.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 14 12 month 18.03.2013

Kepler Capital Markets INGO BECKER hold 3 M 13 Not Provided 15.03.2013

Societe Generale ALBERTO PONTI hold 3 M 13 12 month 14.03.2013

M.M. Warburg Investment Research STEPHAN WULF buy 5 M 17 12 month 14.03.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 15 12 month 14.03.2013

Grupo Santander OSCAR NAJAR RIOS hold 3 M 16 12 month 13.03.2013

Nord/LB HEINO HAMMANN hold 3 M 13 12 month 13.03.2013

Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013

Independent Research GmbH SVEN DIERMEIER sell 1 M 11 12 month 13.03.2013


JPMorgan VINCENT DE BLIC underweight 1 M 13 9 month 06.02.2013

Berenberg Bank ROBERT CHANTRY sell 1 N 12 Not Provided 05.02.2013


Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 13 Not Provided 01.02.2013

Deutsche Bank ALEXANDER KARNICK sell 1 M 13 12 month 31.01.2013

Morgan Stanley BOBBY CHADA Underwt/In-Line 1 M 11 12 month 31.01.2013

Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 12 12 month 31.01.2013

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 D #N/A N/A Not Provided 31.01.2013

Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 11 12 month 31.01.2013

Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 31.01.2013

Nomura MARTIN YOUNG reduce 2 M 14 12 month 31.01.2013


Credit Suisse VINCENT GILLES underperform 1 M 11 Not Provided 30.01.2013

Barclays PETER BISZTYGA equalweight 3 M 15 Not Provided 25.01.2013

Main First Bank AG ANDREAS THIELEN outperform 5 M 17 12 month 23.01.2013


Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 14.11.2012

CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 17 Not Provided 14.08.2012

Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012

Holdings By:

E.ON SE ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (18.03.2013) 101.15

52-Week Low (11.04.2012) 74.85

Daily Volume

96.59





25'626.35 1 Yr Total Return 24.83%







RI FP EQUITY YTD Change - Average Volume 30 Day 600'928

RI FP EQUITY YTD % CHANGE - Average Volume 3 Month 513'108


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

6'589.0 7'203.0 7'081.0 7'643.0 8'215.0 0.0 8'508.0 8'802.7 9'354.4 - 4'874.0

3.09x 3.11x 3.87x 3.54x 3.86x #DIV/0! 0.00x 3.90x 3.59x - -

1'689.0 2'187.0 2'063.0 2'111.0 2'295.0 0.0 0.0 2'501.3 2'701.1 - -

12.05x 10.26x 13.28x 12.82x 13.82x 0.00x 0.00x 13.97x 12.93x - -

840.0 945.0 951.0 1'045.0 1'146.0 0.0 0.0 1'322.0 1'510.7 - -

16.65x 11.26x 17.67x 17.08x 19.33x 0.00x 0.00x 19.43x 17.14x - -


EBIT 2'113.00 Long-Term Rating BBB-









EBITDA Margin 28.8%



Asset Turnover 0.30







Fiscal Year Ended

Pernod-Ricard SAPrice/Volume

Valuation Analysis

208'473.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

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27.03.2013


SOCIETE PAUL RICARD n/a Co File 34'866'200 13.14 - 29.08.2012 Corporation


GROUPE BRUXELLES LAM n/a Co File 19'890'770 7.5 - 29.08.2012 Holding Company




CREDIT AGRICOLE ASSE n/a Co File 5'615'014 2.12 - 29.08.2012 Investment Advisor

AMUNDI ASSET MANAGEM n/a Co File 5'468'037 2.06 - 29.08.2012 Other

NORGES BANK INVESTME n/a Co File 5'310'761 2 - 29.08.2012 Government



GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 3'711'633 1.4 70'829 31.12.2012 Hedge Fund Manager

ARTISAN PARTNERS HOL n/a Co File 3'710'368 1.4 - 29.08.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 3'407'419 1.28 10'620 31.12.2012 Investment Advisor


NATIXIS ASSET MANAGE n/a Co File 3'110'259 1.17 - 29.08.2012 Investment Advisor


CITIGROUP GLOBAL MAR n/a Co File 2'898'012 1.09 - 29.08.2012 Unclassified


LANSDOWNE PARTNERS L n/a Co File 2'786'833 1.05 - 29.08.2012 Hedge Fund Manager


Societe Generale NICOLAS CERON buy 5 M 110 12 month 22.03.2013



Berenberg Bank PHILIP MORRISEY buy 5 M 117 Not Provided 21.03.2013

Kepler Capital Markets LAETITIA DELAYE hold 3 M 97 Not Provided 21.03.2013

Barclays SIMON HALES overweight 5 M 105 Not Provided 21.03.2013

AlphaValue ISABELLE COMBEMALE reduce 2 M 99 6 month 21.03.2013

Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 103 12 month 14.03.2013


Credit Suisse ALEX MOLLOY outperform 5 M 116 Not Provided 07.03.2013


Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 104 Not Provided 22.02.2013


Shore Capital Stockbrokers PHIL CARROLL hold 3 D #N/A N/A Not Provided 20.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 20.02.2013

Investec MARTIN DEBOO hold 3 M 93 12 month 15.02.2013

JPMorgan MIKE J GIBBS overweight 5 M 101 9 month 15.02.2013

Natixis JOSEPHINE CHEVALLIER buy 5 M 107 Not Provided 15.02.2013

CM - CIC Securities(ESN) FRANCIS PRETRE accumulate 4 M 98 12 month 14.02.2013

Bryan Garnier & Cie NIKOLAAS FAES neutral 3 D 91 6 month 14.02.2013

S&P Capital IQ CARL SHORT buy 5 M 107 12 month 14.02.2013

Deutsche Bank JAMES ISENWATER sell 1 D 75 12 month 08.02.2013

Liberum Capital Ltd PABLO ZUANIC sell 1 M 62 Not Provided 25.01.2013

CA Cheuvreux ERIC BOROIAN underperform 1 M 91 Not Provided 21.01.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 103 Not Provided 14.01.2013

Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 139 12 month 09.01.2013


Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 10.12.2012

Jefferies DIRK VAN VLAANDEREN hold 3 M 82 12 month 26.10.2012

Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 96 Not Provided 14.09.2012

HSBC ERWAN RAMBOURG neutral 3 M 93 Not Provided 08.08.2012

Equita SIM SpA FABIO FAZZARI hold 3 U 66 12 month 12.01.2012

Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 26.07.2011

Holdings By:

Pernod-Ricard SA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (20.02.2013) 282.80

52-Week Low (15.06.2012) 197.40

Daily Volume

271.9





21'425.74 1 Yr Total Return 24.08%







BT/A LN EQUITY YTD Change - Average Volume 30 Day 14'512'250

BT/A LN EQUITY YTD % CHANGE - Average Volume 3 Month 14'581'470


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

20'704.0 21'390.0 20'911.0 20'076.0 19'307.0 19'487.0 18'107.0 18'138.9 17'745.4 4'690.3 -

1.28x 0.88x 1.01x 1.23x 1.46x 4.93x 6.04x 1.61x 1.59x 6.17x -

5'792.0 3'629.0 5'594.0 5'886.0 6'190.0 6'006.0 5'881.0 6'099.7 6'064.4 1'634.5 -

4.56x 5.19x 3.76x 4.19x 4.54x 3.87x 4.54x 4.91x 4.94x - -

1'737.0 (193.0) 1'028.0 1'502.0 2'002.0 1'842.0 2'131.0 1'957.0 1'943.9 571.0 -

10.09x - 9.33x 9.58x 8.78x 8.03x 8.47x 10.83x 10.70x - -






Return on Common Equity -





EBITDA Margin 32.5%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BT Group PLCPrice/Volume

Valuation Analysis

7'145'374.00


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-2!

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2! ! E

3! ! E

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

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- !!

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0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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27.03.2013


INVESCO LTD Multiple Portfolios REG 778'912'816 9.88 - 01.11.2012 Investment Advisor



BT GROUP PLC SHAREVI Multiple Portfolios REG 284'949'077 3.62 56'100'337 01.11.2012 Unclassified


THREADNEEDLE ASSET M Multiple Portfolios REG 176'167'732 2.24 (2'425'817) 01.11.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 153'691'805 1.95 (9'615'159) 01.11.2012 Government




SCOTTISH WIDOWS n/a ULT-AGG 128'739'886 1.63 (6'162'708) 30.11.2012 Unclassified

ARTEMIS INVESTMENT M Multiple Portfolios REG 121'209'276 1.54 5'420'429 01.11.2012 Investment Advisor



ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 90'844'770 1.15 12'800'853 31.12.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 86'476'500 1.1 689'067 31.12.2012 Investment Advisor


BT GROUP PLC EMPLOYE Multiple Portfolios REG 81'270'291 1.03 (197'922) 01.11.2012 Unclassified


MAJEDIE ASSET MANAGE Multiple Portfolios REG 79'359'827 1.01 702'630 01.11.2012 Investment Advisor


Credit Suisse PAUL SIDNEY outperform 5 M 300 Not Provided 26.03.2013

Nomura JAMES BRITTON buy 5 M 360 Not Provided 22.03.2013

Oriel Securities Ltd JOHN KARIDIS buy 5 M 330 Not Provided 21.03.2013

AlphaValue JEAN-MICHEL SALVADOR reduce 2 M 278 6 month 21.03.2013

JPMorgan CARL MURDOCK-SMITH overweight 5 M 280 12 month 19.03.2013


Barclays MAURICE PATRICK equalweight 3 M 230 Not Provided 15.03.2013

Espirito Santo Investment Bank ResearchNICK BROWN neutral 3 M 250 Not Provided 13.03.2013

Exane BNP Paribas MICHAEL WILLIAMS neutral 3 M 250 Not Provided 08.03.2013

Berenberg Bank STUART GORDON buy 5 M 280 Not Provided 06.03.2013

New Street Research JAMES RATZER reduce 2 M 225 Not Provided 06.03.2013




Liberum Capital Ltd LAWRENCE SUGARMAN buy 5 M 300 Not Provided 05.02.2013

Deutsche Bank DAVID A WRIGHT hold 3 M 277 12 month 04.02.2013

Societe Generale OTTAVIO ADORISIO hold 3 M 245 12 month 01.02.2013

Goldman Sachs ANDREW LEE Buy/Neutral 5 M 320 12 month 01.02.2013

Jefferies JEREMY A DELLIS buy 5 M 278 12 month 01.02.2013


Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 175 Not Provided 30.01.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013

HSBC STEPHEN HOWARD neutral 3 M 220 Not Provided 20.11.2012

Raymond James STEPHANE BEYAZIAN outperform 5 M 245 Not Provided 04.09.2012

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK sell 1 M 190 Not Provided 25.07.2012

Holdings By:

BT Group PLC ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (19.12.2012) 111.80

52-Week Low (01.06.2012) 63.97

Daily Volume

100.1





62'395.37 1 Yr Total Return 42.30%

Total Debt 6.00 YTD Return -5.12%






ITX SQ EQUITY YTD Change - Average Volume 30 Day 1'308'795

ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'181'776


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

10'407.0 11'083.5 12'526.6 13'792.6 15'946.0 13'792.6 15'946.0 17'715.4 19'641.6 3'773.5 4'227.9

1.68x 2.36x 2.48x 2.76x 3.78x 10.68x 12.87x 3.24x 2.87x - -

2'186.9 2'353.1 2'966.2 3'214.6 3'912.0 3'214.6 3'913.0 4'391.2 4'913.4 828.8 934.0

7.97x 11.09x 10.46x 11.86x 15.40x 11.86x 15.40x 13.28x 11.87x 13.50x 13.17x

1'253.5 1'314.4 1'731.8 1'932.3 2'361.0 1'932.3 2'360.0 2'664.3 2'986.7 472.0 550.9

14.82x 21.63x 19.86x 21.51x 27.24x 21.51x 27.26x 23.42x 20.88x 23.68x 23.01x











EBITDA Margin 24.5%



Asset Turnover 1.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Inditex SAPrice/Volume

Valuation Analysis

428'562.00


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02 ! E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

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27.03.2013


GARTLER SL n/a Co File 311'727'598 50.01 - 31.01.2013 Unclassified

PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2013 Corporation

ROSP CORUNNA n/a Co File 31'494'806 5.05 - 31.01.2013 Unclassified

JP MORGAN n/a ULT-AGG 18'823'336 3.02 (2'766) 30.11.2012 Unclassified










BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'192'900 0.19 119'400 31.12.2012 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 1'105'737 0.18 (159'687) 31.01.2013 Investment Advisor


JENNISON ASSOCIATES Multiple Portfolios MF-AGG 753'341 0.12 (54'094) 31.01.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 703'033 0.11 (36'531) 31.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 644'567 0.1 (14'010) 26.03.2013 Investment Advisor


Grupo Santander REBECCA MCCLELLAN buy 5 M 125 12 month 27.03.2013

Exane BNP Paribas BEN SPRUNTULIS neutral 3 M 110 Not Provided 27.03.2013


EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 21.03.2013

Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 115 12 month 20.03.2013

Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 100 12 month 15.03.2013

La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 102 Not Provided 15.03.2013

Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 84 Not Provided 15.03.2013

Societe Generale ANNE CRITCHLOW buy 5 M 131 12 month 14.03.2013

BPI JOSE RITO neutral 3 M 112 Not Provided 14.03.2013

CA Cheuvreux DANIEL OVIN underperform 1 D 95 Not Provided 14.03.2013


Independent Research GmbH ZAFER RUZGAR sell 1 M 96 12 month 14.03.2013

BBVA ISABEL CARBALLO market perform 3 M 107 Not Provided 14.03.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 112 6 month 14.03.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 118 12 month 14.03.2013

Credit Suisse SIMON IRWIN underperform 1 M 103 Not Provided 13.03.2013

Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 13.03.2013

HSBC PAUL ROSSINGTON overweight 5 M 120 Not Provided 13.03.2013

Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 98 12 month 13.03.2013

Banco Sabadell IGNACIO ROMERO buy 5 M 115 12 month 13.03.2013

Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 82 Not Provided 13.03.2013

Bryan Garnier & Cie PETER FARREN sell 1 M 100 6 month 13.03.2013

Nomura FRASER RAMZAN buy 5 M 121 12 month 13.03.2013

S&P Capital IQ WILLIAM MACK buy 5 M 115 12 month 13.03.2013

Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 94 12 month 13.03.2013

Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 13.03.2013

Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 13.03.2013

Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 110 Not Provided 11.03.2013

AlphaValue VIRGINIE BLIN sell 1 M 87 6 month 07.03.2013

Deutsche Bank WARWICK OKINES buy 5 U 115 12 month 06.03.2013

Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 89 Not Provided 22.02.2013

Natixis JEAN BAPTISTE TEISSIER buy 5 N 125 Not Provided 01.02.2013



Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012

Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012

Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 67 12 month 21.03.2012

Holdings By:

Inditex SA ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (20.03.2013) 1'132.00

52-Week Low (11.04.2012) 775.78

Daily Volume

1099





20'663.60 1 Yr Total Return 36.21%







RR/ LN EQUITY YTD Change - Average Volume 30 Day 4'302'747

RR/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'216'193


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

9'082.0 10'414.0 11'085.0 11'124.0 12'161.0 - - 15'175.8 16'036.3 - -

0.56x 0.70x 0.93x 1.25x 1.25x - - 1.28x 1.19x - -

1'096.0 1'396.0 1'404.0 1'480.0 1'687.0 - - 2'221.0 2'386.8 - -

4.61x 5.26x 7.36x 9.36x 8.98x - - 8.77x 8.16x - -

(1'340.0) 2'221.0 539.0 850.0 2'281.0 - - 1'235.5 1'351.8 - -

- 4.02x 21.34x 16.25x 7.09x - - 16.78x 15.33x - -











EBITDA Margin 13.9%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rolls-Royce Holdings PLCPrice/Volume

Valuation Analysis

862'591.00


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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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27.03.2013


INVESCO LTD Multiple Portfolios REG 112'822'192 6 (3'289'064) 01.11.2012 Investment Advisor




BAILLIE GIFFORD AND Multiple Portfolios REG 58'757'257 3.13 3'025'904 01.11.2012 Investment Advisor





DEUTSCHE PRIVATE BAN Multiple Portfolios REG 41'865'846 2.23 2'652'399 01.11.2012 Unclassified




SCHRODER INVESTMENT Multiple Portfolios REG 27'706'884 1.47 803'995 01.11.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 26'924'567 1.43 (428'418) 01.11.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios REG 25'928'040 1.38 (8'010'744) 01.11.2012 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 25'368'833 1.35 941'008 01.11.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios REG 24'908'239 1.32 (462'155) 01.11.2012 Investment Advisor


AEGON n/a ULT-AGG 21'891'388 1.16 526'673 01.11.2012 Unclassified


Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 950 Not Provided 27.03.2013

JPMorgan DAVID H. PERRY overweight 5 M 1'300 9 month 26.03.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 880 12 month 22.03.2013

RBC Capital Markets ROBERT STALLARD outperform 5 M 1'180 12 month 21.03.2013

Jefferies SANDY MORRIS buy 5 M 1'250 12 month 21.03.2013

AlphaValue THOMAS PICHERIT reduce 2 M 987 6 month 21.03.2013

Societe Generale ZAFAR KHAN sell 1 M 900 12 month 19.03.2013

Investec ANDREW GOLLAN add 4 M 1'125 12 month 19.03.2013

Barclays CARTER COPELAND overweight 5 M 1'225 Not Provided 11.03.2013

S&P Capital IQ UNAI FRANCO hold 3 M 1'100 12 month 19.02.2013

Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 1'200 12 month 18.02.2013

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX sell 1 M 800 12 month 18.02.2013

Natixis ERIC CHADEYRAS neutral 3 M 1'100 Not Provided 18.02.2013

Exane BNP Paribas OLIVIER BROCHET outperform 5 M 1'075 Not Provided 18.02.2013

Deutsche Bank BEN FIDLER hold 3 M 930 12 month 15.02.2013

Kepler Capital Markets CHRISTOPHE MENARD hold 3 M 1'050 Not Provided 15.02.2013


Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 1'030 Not Provided 04.02.2013


Credit Suisse OLIVER SLEATH neutral 3 M 900 Not Provided 16.01.2013

Arden Partners Ltd GRAHAM J WEBSTER add 4 M #N/A N/A Not Provided 01.10.2012

CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX underperform 1 M 800 Not Provided 27.07.2012

Holdings By:

Rolls-Royce Holdings PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 160.00

52-Week Low (26.06.2012) 133.20

Daily Volume

141.2





450'236.97 1 Yr Total Return -4.51%







STL NO EQUITY YTD Change - Average Volume 30 Day 3'057'922

STL NO EQUITY YTD % CHANGE - Average Volume 3 Month 2'891'410


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

651'977.0 462'292.0 526'950.0 645'599.0 705'700.0 645'671.0 705'734.0 638'766.9 654'216.4 166'535.5 164'524.3

0.63x 1.16x 0.98x 0.88x 0.68x 3.11x 2.84x 0.79x 0.80x 2.85x 3.00x

240'545.0 173'918.0 186'787.0 261'920.0 265'400.0 261'740.0 266'236.0 243'871.5 248'443.3 62'353.0 59'818.4

1.71x 3.08x 2.77x 2.16x 1.82x 2.16x 1.81x 2.01x 1.97x 1.99x 1.96x

43'265.0 18'313.0 38'082.0 78'787.0 68'900.0 78'787.0 68'908.0 53'064.2 54'420.7 13'919.2 13'505.3

8.39x 25.17x 11.58x 6.20x 6.42x 6.20x 6.42x 8.48x 8.21x 8.26x 8.08x











EBITDA Margin 37.7%



Asset Turnover 0.91







Fiscal Year Ended

Statoil ASAPrice/Volume

Valuation Analysis

2'018'560.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

-!!-.!-1!-3!-5!


0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


MINISTRY OF PETROLEU #N/A N/A EXCH 2'136'393'559 67 - 25.03.2013 Corporation

DEUTSCHE BANK TRUST #N/A N/A EXCH 104'384'307 3.27 - 25.03.2013 Investment Advisor


GOVERNMENT PENSION F #N/A N/A EXCH 100'735'001 3.16 - 25.03.2013 Government

CLEARSTREAM BANKING #N/A N/A EXCH 65'490'887 2.05 - 25.03.2013 Bank

JP MORGAN CHASE BANK #N/A N/A EXCH 32'446'911 1.02 - 25.03.2013 Investment Advisor

NORTHERN TRUST CO #N/A N/A EXCH 32'110'800 1.01 - 25.03.2013 Investment Advisor

BANK OF NEW YORK MEL #N/A N/A EXCH 25'316'478 0.79 - 25.03.2013 Investment Advisor


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 17'488'785 0.55 93'028 28.02.2013 Investment Advisor

SIX SIS AG #N/A N/A EXCH 12'443'807 0.39 - 25.03.2013 Bank


EUROCLEAR BANK SA #N/A N/A EXCH 11'619'396 0.36 - 25.03.2013 Bank

WADDELL & REED FINAN Multiple Portfolios MF-AGG 11'465'900 0.36 - 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11'191'044 0.35 (56'821) 31.12.2012 Investment Advisor


STOREBRAND FUND MANA Multiple Portfolios MF-AGG 9'439'710 0.3 191'000 28.02.2013 Investment Advisor


KLP AKSJE NORGE INDE n/a EXCH 9'125'612 0.29 - 25.03.2013 n/a

HSBC BANK PLC #N/A N/A EXCH 8'631'846 0.27 - 25.03.2013 Bank


Fearnley Fonds OLE-JACOB STORVIK buy 5 M 167 Not Provided 27.03.2013


Jefferies BRENDAN MICHAEL WARN buy 5 M 200 12 month 22.03.2013

Grupo Santander JASON KENNEY underweight 1 M 155 Not Provided 20.03.2013

SEB Enskilda LARS HENRIK ROREN sell 1 M 140 Not Provided 19.03.2013

SpareBank 1 Markets AS ODDVAR BJORGAN buy 5 M 165 12 month 19.03.2013



Swedbank First Securities TEODOR SVEEN NILSEN buy 5 U 160 Not Provided 11.03.2013


Investec STUART JOYNER buy 5 M 163 12 month 01.03.2013

RBC Capital Markets PETER HUTTON top pick 5 M 175 12 month 21.02.2013

Macquarie MARC B KOFLER neutral 3 M 160 12 month 21.02.2013

Canaccord Genuity Corp GORDON GRAY buy 5 M 170 12 month 21.02.2013

HSBC PAUL SPEDDING neutral 3 U 160 Not Provided 18.02.2013


Credit Suisse KIM FUSTIER underperform 1 M 158 Not Provided 11.02.2013


Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 136 12 month 08.02.2013

Carnegie MARTIN VOLD buy 5 M #N/A N/A Not Provided 08.02.2013

Nordea Equity Research KELLY CHEN hold 3 M 147 12 month 08.02.2013

Handelsbanken ANNE GJOEN accumulate 4 M 160 12 month 08.02.2013

Pareto Securities SIGURD-ERIK NISSEN-MEYER buy 5 M 170 6 month 08.02.2013

Nomura THEEPAN JOTHILINGAM reduce 2 M 145 12 month 08.02.2013

Barclays RAHIM KARIM equalweight 3 M 160 Not Provided 08.02.2013

Norne Securities AS IRMANTAS VASKELA hold 3 M 160 12 month 08.02.2013

Danske Markets ENDRE STORLOKKEN hold 3 M 145 12 month 08.02.2013

ABG Sundal Collier JOHN A SCHJ OLAISEN buy 5 M 170 6 month 07.02.2013

S&P Capital IQ CHRISTINE TISCARENO hold 3 M 177 12 month 07.02.2013

DNB Markets ESPEN HENNIE hold 3 M 150 Not Provided 07.02.2013

Arctic Securities ASA TROND OMDAL buy 5 M 165 Not Provided 07.02.2013

JPMorgan NITIN SHARMA neutral 3 M 165 3 month 06.02.2013


Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 160 12 month 11.01.2013


Deutsche Bank MARK BLOOMFIELD hold 3 M 160 12 month 03.12.2012

Fondsfinans AS MORTEN EVJENTH LINDBACK Under Review #N/A N/A M #N/A N/A Not Provided 08.05.2012

CA Cheuvreux DOMINIQUE PATRY underperform 1 M 155 Not Provided 16.11.2011

Holdings By:

Statoil ASA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (20.02.2013) 56.10

52-Week Low (30.05.2012) 24.75

Daily Volume

48.22





34'017.21 1 Yr Total Return 38.46%





Enterprise Value -

Average Volume 5 Day #########

LLOY LN EQUITY YTD Change - Average Volume 30 Day #########

LLOY LN EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

20'413.0 44'007.0 43'432.0 35'780.0 36'408.0 35'780.0 36'408.0 18'248.8 18'182.4 4'748.0 4'658.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

772.0 2'827.0 (320.0) (2'787.0) (1'427.0) (2'787.0) (1'427.0) 2'900.1 4'068.9 - -

18.90x 6.76x - - - 0.00x 0.00x 12.36x 8.61x - -


EBIT - Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Lloyds Banking Group PLCPrice/Volume

Valuation Analysis

130'417'532.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

-!! ! E

.!! ! E

0!! ! E

1!! ! E

2!! ! E

3!! ! E

4!! ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.03.2013


UNITED KINGDOM GOVER n/a RNS-MAJ 27'608'563'642 39.25 - 23.03.2012 Government

FMR LLC n/a ULT-AGG 2'359'287'182 3.35 40'204'114 31.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 2'335'851'144 3.32 35'727'885 25.03.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 1'661'879'228 2.36 4'371'787 28.02.2013 Unclassified

UBS n/a ULT-AGG 1'113'818'748 1.58 (49'558'902) 31.01.2013 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 1'096'594'012 1.56 (189'806'781) 28.02.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 1'089'919'867 1.55 462'591'455 01.12.2012 Unclassified

DEUTSCHE PRIVATE BAN Multiple Portfolios REG 1'075'638'770 1.53 41'049'793 01.12.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 1'075'023'992 1.53 (14'804'023) 01.12.2012 Government

HALIFAX SHARE DEALIN Multiple Portfolios REG 1'052'501'056 1.5 (38'913'754) 01.12.2012 Corporation



TD WATERHOUSE GROUP Multiple Portfolios REG 724'279'567 1.03 (36'378'354) 01.12.2012 Investment Advisor

ALECTA INVESTMENT MA Multiple Portfolios REG 675'500'000 0.96 (40'000'000) 01.12.2012 Unclassified

HARRIS ASSOCIATES LP Multiple Portfolios REG 609'121'200 0.87 (225'724'735) 01.12.2012 Investment Advisor

SELFTRADE Multiple Portfolios REG 597'593'904 0.85 (17'125'603) 01.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 590'792'286 0.84 (893'151) 31.12.2012 Investment Advisor


PRIVATE INDIVIDUALS Multiple Portfolios REG 456'479'052 0.65 (1'330'422) 01.12.2012 Other



Numis Securities Ltd MICHAEL J TRIPPITT buy 5 M 63 Not Provided 27.03.2013


Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 53 12 month 25.03.2013

Investec IAN GORDON hold 3 M 50 12 month 25.03.2013

Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 60 12 month 24.03.2013

AlphaValue DAVID GRINSZTAJN reduce 2 M 47 6 month 21.03.2013

Macquarie EDWARD FIRTH underperform 1 M 46 12 month 19.03.2013


Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 45 Not Provided 18.03.2013

Nomura CHINTAN JOSHI reduce 2 M 42 12 month 18.03.2013



Oriel Securities Ltd VIVEK RAJA sell 1 D 41 Not Provided 14.03.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 66 12 month 13.03.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 64 12 month 12.03.2013


Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 05.03.2013


JPMorgan RAUL SINHA neutral 3 M 55 9 month 04.03.2013

Keefe, Bruyette & Woods MARK J PHIN underperform 1 M 51 12 month 03.03.2013

RBC Capital Markets CLAIRE KANE outperform 5 M 69 12 month 01.03.2013

Canaccord Genuity Corp GARETH HUNT hold 3 M 35 12 month 01.03.2013


Daniel Stewart & Co SIMON WILLIS sell 1 M 39 12 month 01.03.2013




Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA sell 1 D 48 Not Provided 29.01.2013


HSBC PETER TOEMAN overweight 5 M 65 Not Provided 10.01.2013

Holdings By:

Lloyds Banking Group PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (20.03.2013) 78.35

52-Week Low (05.06.2012) 52.00

Daily Volume

76.75





28'451.76 1 Yr Total Return 37.81%







SREN VX EQUITY YTD Change - Average Volume 30 Day 1'334'531

SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'177'489


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

24'011.7 30'624.0 28'484.0 27'797.0 33'116.0 27'797.0 33'116.0 32'360.9 34'845.8 - -

1.03x 0.50x 1.13x 1.02x 1.02x 3.93x 3.91x 1.50x - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

(800.3) 467.4 863.0 2'626.0 4'201.0 2'626.0 4'180.0 2'896.3 3'054.6 754.0 696.0

- 33.44x 21.30x 6.64x 6.09x 6.64x 5.97x 9.98x 9.49x 10.33x -


EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swiss Re AGPrice/Volume

Valuation Analysis

452'022.00


!-!.!0!1!2!3!4!5!6!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0 2 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


SWISS RE n/a EXCH 27'282'124 7.36 (1'396'672) 29.03.2012 Unclassified




DODGE & COX n/a Co File 12'639'368 3.41 - 31.12.2011 Investment Advisor






SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'176'959 0.59 705'661 31.01.2013 Mutual Fund Manager

SARASIN n/a ULT-AGG 1'833'877 0.49 (153'093) 31.01.2013 Unclassified




HARTFORD INVESTMENT Multiple Portfolios MF-AGG 855'734 0.23 (169'771) 28.02.2013 Investment Advisor


BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 819'676 0.22 145'000 31.10.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 645'679 0.17 10'202 30.11.2012 Investment Advisor



Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 55 12 month 27.03.2013

RBC Capital Markets GORDON AITKEN sector perform 3 M 80 12 month 21.03.2013

AlphaValue DIETER HEIN sell 1 M 70 6 month 21.03.2013


Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 85 Not Provided 15.03.2013

Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 68 Not Provided 14.03.2013


Credit Suisse ADAM MCINALLY neutral 3 M 69 Not Provided 04.03.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 79 12 month 03.03.2013

Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 01.03.2013

Kepler Capital Markets FABRIZIO CROCE buy 5 M 83 Not Provided 01.03.2013



Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 76 12 month 25.02.2013





Nomura MICHAEL KLIEN reduce 2 M 67 Not Provided 22.02.2013


Societe Generale JASON KALAMBOUSSIS buy 5 M 75 12 month 21.02.2013

Nord/LB JULIA SIEKMANN buy 5 M 84 Not Provided 21.02.2013

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 U 75 12 month 21.02.2013

Berenberg Bank TOM CARSTAIRS sell 1 M 66 Not Provided 21.02.2013


Main First Bank AG RENE LOCHER underperform 1 M 72 12 month 21.02.2013

CA Cheuvreux FRANK KOPFINGER select list 5 M 86 Not Provided 18.02.2013


Mediobanca SpA GIANLUCA FERRARI neutral 3 M 75 6 month 30.01.2013


HSBC THOMAS FOSSARD neutral 3 M 75 Not Provided 16.01.2013


DZ Bank AG THORSTEN WENZEL sell 1 M 58 12 month 10.09.2012

Raymond James DANNY JACQUES underperform 1 M 63 Not Provided 09.08.2012


Holdings By:

Swiss Re AG ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (27.03.2013) 369.00

52-Week Low (22.06.2012) 301.20

Daily Volume

364.8





18'907.99 1 Yr Total Return 20.80%







CNA LN EQUITY YTD Change - Average Volume 30 Day 9'598'011

CNA LN EQUITY YTD % CHANGE - Average Volume 3 Month 8'481'136


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

20'872.0 21'963.0 22'423.0 22'824.0 23'942.0 - - 24'432.9 25'474.9 - -

0.68x 0.81x 0.92x 0.81x 0.91x - - 0.96x 0.90x - -

2'613.0 2'721.0 3'336.0 3'310.0 3'698.0 - - 3'944.5 4'146.8 - -

5.43x 6.54x 6.19x 5.62x 5.88x - - 5.91x 5.62x - -

(137.0) 844.0 1'935.0 421.0 1'273.0 - - 1'413.9 1'496.7 - -

241.82x 22.13x 9.11x 33.64x 13.56x - - 13.12x 11.80x - -











EBITDA Margin 15.4%



Asset Turnover 1.15







Fiscal Year Ended

Centrica PLCPrice/Volume

Valuation Analysis

5'724'618.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

02 ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


INVESCO LTD n/a Co File 258'200'185 4.98 - 23.02.2012 Investment Advisor



PETRONAS n/a Co File 199'375'000 3.85 - 23.02.2012 Government



NEWTON INV MGMT Multiple Portfolios REG 178'317'146 3.44 15'220'210 01.11.2012 Mutual Fund Manager


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 135'169'676 2.61 (7'934'002) 26.03.2013 Investment Advisor













RBC Capital Markets JOHN MUSK sector perform 3 M 370 12 month 27.03.2013

AlphaValue MYRIAM COHEN add 4 M 382 6 month 26.03.2013

Exane BNP Paribas IAIN TURNER underperform 1 M 280 Not Provided 25.03.2013

HSBC VERITY MITCHELL overweight 5 M 400 Not Provided 21.03.2013

Nomura JONATHAN CONSTABLE neutral 3 M 350 Not Provided 13.03.2013

Societe Generale ASHLEY THOMAS buy 5 M 400 12 month 11.03.2013

Goldman Sachs ANDREW MEAD neutral/neutral 3 M 416 12 month 11.03.2013

JPMorgan EDMUND REID neutral 3 D 370 9 month 08.03.2013

Kepler Capital Markets INGO BECKER hold 3 M 320 Not Provided 28.02.2013

Raymond James EMMANUEL RETIF underperform 1 M 321 Not Provided 27.02.2013

Cantor Fitzgerald ANGELOS ANASTASIOU buy 5 M 403 Not Provided 27.02.2013

S&P Capital IQ CLIVE ROBERTS strong buy 5 M 525 12 month 27.02.2013

Mirabaud Securities GUS HOCHSCHILD buy 5 M 435 Not Provided 25.02.2013

Credit Suisse MARK FRESHNEY neutral 3 M 325 Not Provided 15.02.2013

Berenberg Bank ROBERT CHANTRY hold 3 D 370 Not Provided 05.02.2013

Liberum Capital Ltd GUILLAUME REDGWELL buy 5 M 370 Not Provided 25.01.2013

Barclays PETER BISZTYGA underweight 1 M 325 Not Provided 25.01.2013


Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 345 12 month 11.01.2013

Deutsche Bank MARTIN BROUGH hold 3 M 340 12 month 07.01.2013

Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 10.12.2012


Holdings By:

Centrica PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (20.03.2013) 24.16

52-Week Low (07.05.2012) 13.57

Daily Volume

23.015





22'028.41 1 Yr Total Return 56.02%







PHIA NA EQUITY YTD Change - Average Volume 30 Day 3'695'745

PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'298'536


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

26'385.0 20'092.0 22'287.0 22'579.0 24'788.0 22'582.0 24'788.0 24'776.3 25'619.0 5'551.7 5'823.8

0.51x 0.95x 0.92x 0.70x 0.76x 3.02x 2.75x 0.92x 0.85x 3.97x 3.98x

1'883.0 2'055.0 3'436.0 1'185.0 2'463.0 1'186.0 2'463.0 3'410.5 3'741.9 589.0 713.0

7.11x 9.30x 5.98x 13.35x 7.69x 13.34x 7.69x 6.65x 6.06x 7.14x 8.76x

(91.0) 410.0 1'446.0 (1'295.0) 226.0 (1'295.0) 226.0 1'439.7 1'679.3 221.4 310.4

- 41.36x 14.60x - 71.05x 0.00x 72.71x 14.05x 12.15x 13.65x 12.81x











EBITDA Margin 9.9%



Asset Turnover 0.85







Fiscal Year Ended

Koninklijke Philips Electronics NVPrice/Volume

Valuation Analysis

1'953'498.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

-1 ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


KONINKLIJKE PHILIPS n/a Research 47'895'476 5 15'514'236 08.02.2013 Corporation

DODGE & COX n/a 13G 46'061'138 4.81 - 31.12.2012 Investment Advisor


SOUTHEASTERN ASSET M n/a 13G 41'502'897 4.34 (6'799'141) 31.12.2012 Investment Advisor



FMR LLC n/a ULT-AGG 9'615'086 1 2'767'369 31.01.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9'437'496 0.99 586'900 31.12.2012 Investment Advisor




ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 4'020'057 0.42 623'576 31.01.2013 Mutual Fund Manager



FORTIS INVESTMENTS Multiple Portfolios MF-AGG 2'924'969 0.31 (78'890) 30.11.2012 Mutual Fund Manager

BARCLAYS PLC n/a ULT-AGG 2'911'837 0.3 - 04.05.2012 Investment Advisor






Exane BNP Paribas OLIVIER ESNOU neutral 3 M 25 Not Provided 27.03.2013


Societe Generale GAEL DE BRAY hold 3 M 24 12 month 22.03.2013

Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 27 12 month 22.03.2013

Rabobank International HANS SLOB buy 5 M 28 12 month 21.03.2013

AlphaValue THOMAS PICHERIT add 4 D 27 6 month 21.03.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 27 12 month 20.03.2013

Credit Suisse SIMON TOENNESSEN neutral 3 M 23 Not Provided 20.03.2013

ING Bank FABIAN SMEETS buy 5 M 27 12 month 20.03.2013

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 28 Not Provided 20.03.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 24 12 month 19.03.2013


Kepler Capital Markets PETER OLOFSEN buy 5 M 23 Not Provided 19.03.2013

Nomura DANIEL CUNLIFFE buy 5 M 25 12 month 12.03.2013

HSBC MICHAEL HAGMANN neutral 3 M 24 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 27 Not Provided 08.03.2013

Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 08.03.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 05.03.2013

Nord/LB WOLFGANG VASTERLING buy 5 M 24 12 month 26.02.2013

Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013



Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 25 Not Provided 30.01.2013

CA Cheuvreux ANTOINE AZAR outperform 5 M 25 Not Provided 30.01.2013


Natixis LUDOVIC DEBAILLEUX buy 5 M 26 Not Provided 30.01.2013

Barclays DAVID VOS equalweight 3 M 21 Not Provided 30.01.2013

Deutsche Bank MARTIN WILKIE hold 3 M 23 12 month 29.01.2013

Kempen & Co ERWIN DUT buy 5 M 23 12 month 29.01.2013


Petercam MARCEL ACHTERBERG hold 3 M 23 Not Provided 29.01.2013


Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 17.01.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 25 Not Provided 08.01.2013

SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 22.10.2012

Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012

DZ Bank AG THOMAS MAUL buy 5 M 17 12 month 27.06.2012

Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010

Holdings By:

Koninklijke Philips Electronics NV ee


27.03.2013

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.


LTM as of: 06/yy

52-Week High (27.04.2012) 439.95

52-Week Low (27.06.2012) 289.35

Daily Volume

357.2





25'359.26 1 Yr Total Return -8.66%







GLEN LN EQUITY YTD Change - Average Volume 30 Day 15'465'560

GLEN LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'524'760


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

152'236.0 106'364.0 144'978.0 186'152.0 214'436.0 131'129.0 167'091.0 217'949.7 229'254.5 - -

- - - 0.39x 0.36x 0.00x 0.48x 0.32x 0.29x - -

5'068.0 3'074.0 4'474.0 4'423.0 4'601.0 3'708.0 5'333.0 7'255.9 9'103.7 - -

- - - 16.24x 16.57x 0.00x 15.01x 10.20x 8.13x - -

1'044.0 1'633.0 3'751.0 4'048.0 1'004.0 2'136.0 4'755.0 4'258.5 4'944.0 - -

- - - 8.50x 39.57x 0.00x 0.00x 9.08x 7.29x - -











EBITDA Margin 2.1%



Asset Turnover 2.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Glencore International PLCPrice/Volume

Valuation Analysis

7'911'805.00


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50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

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27.03.2013


GLASENBERG IVAN n/a RNS-RUL8 1'101'848'752 15.52 2'700'000 11.06.2012 n/a

MATE BADENE DANIEL F n/a RNS-MAJ 417'468'330 5.88 - 11.10.2012 n/a

MISTAKIDIS ARISTOTEL n/a RNS-RUL8 414'730'597 5.84 3'000'000 24.05.2012 n/a

PETERSON TOR n/a Co File 366'074'885 5.16 - 26.03.2012 n/a

BEARD ALEXANDER FRAN n/a Co File 320'260'410 4.51 - 26.03.2012 n/a


JSC VERNY CAPITAL n/a RNS-RUL8 176'742'520 2.49 - 11.10.2012 Investment Advisor

FEGEL GARY n/a RNS-RUL8 154'814'588 2.18 - 15.02.2012 n/a

MAHONEY CHRIS n/a RNS-RUL8 143'834'821 2.03 - 15.02.2012 n/a


FR GALAXY HOLDINGS S n/a RNS-RUL8 129'372'165 1.82 16'875'000 29.01.2013 Holding Company


STATE STREET n/a ULT-AGG 99'636'501 1.4 157 26.03.2013 Investment Advisor

ABU DHABI INVESTMENT n/a RNS-RUL8 99'299'065 1.4 3'072'650 02.02.2012 Government

POPOVIC NIKOLA n/a RNS-RUL8 93'437'150 1.32 - 15.02.2012 n/a


WOLFENSBERGER CHRIST n/a RNS-RUL8 87'403'187 1.23 - 15.02.2012 n/a

BLUMGART STEVEN n/a RNS-RUL8 86'736'565 1.22 - 15.02.2012 n/a

ALVAREZ LUIS n/a RNS-RUL8 81'654'211 1.15 - 15.02.2012 n/a

CUTLER STUART n/a RNS-RUL8 78'568'743 1.11 200'000 18.05.2012 n/a


Macquarie JEFFREY LARGEY outperform 5 M 430 12 month 22.03.2013

Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 450 Not Provided 21.03.2013

AlphaValue SACHIN KUMAR reduce 2 M 382 6 month 21.03.2013

Jefferies Christopher LaFemina buy 5 M 450 12 month 20.03.2013

Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 475 12 month 15.03.2013

BMO Capital Markets TONY ROBSON market perform 3 U 400 Not Provided 12.03.2013


RBC Capital Markets TIMOTHY HUFF outperform 5 M 425 12 month 07.03.2013

Societe Generale ALAIN WILLIAM hold 3 M 410 12 month 06.03.2013

Deutsche Bank ROBERT CLIFFORD restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013


SBG Securities PETER DAVEY hold 3 M 400 12 month 29.01.2013


Nomura SAM CATALANO restricted #N/A N/A M #N/A N/A Not Provided 16.01.2013

Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 10.01.2013

Standard Chartered SUBRAMANIAM VARADA outperform 5 M 454 12 month 22.11.2012

ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 N 415 12 month 31.10.2012

Credit Suisse LIAM FITZPATRICK restricted #N/A N/A M #N/A N/A Not Provided 20.03.2012

Morgan Stanley ALAIN GABRIEL restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

JPMorgan BENJAMIN DEFAY restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Holdings By:

Glencore International PLC ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.01.2013) 7.91

52-Week Low (04.06.2012) 4.44

Daily Volume

5.624





21'548.70 1 Yr Total Return -16.51%







INGA NA EQUITY YTD Change - Average Volume 30 Day 23'844'900

INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 20'225'100


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

64'680.0 46'025.0 51'411.0 52'787.0 39'304.0 46'023.0 42'241.0 38'679.0 42'573.4 - -

4.40x 5.41x 4.99x 4.38x 5.54x 22.59x 22.26x 0.78x 0.71x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

(729.0) (935.0) 2'810.0 5'766.0 3'894.0 5'766.0 3'894.0 3'710.4 4'153.5 - -

- - 12.77x 6.70x 11.39x 6.43x 9.42x 5.62x 5.07x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ING Groep NVPrice/Volume

Valuation Analysis

17'221'237.00


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3! ! E

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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

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27.03.2013





CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'943'572 1.04 1'701'096 31.12.2012 Investment Advisor




DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 30'159'946 0.79 968'030 28.02.2013 Investment Advisor




DEUTSCHE BANK AG Multiple Portfolios MF-AGG 24'042'650 0.63 1'817'067 28.02.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23'087'088 0.6 1'256'401 31.12.2012 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'206'527 0.5 (493'114) 31.01.2013 Mutual Fund Manager

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 18'861'119 0.49 3'877'089 28.09.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'785'056 0.46 (81'806) 31.12.2012 Investment Advisor



ROYAL BANK OF CANADA n/a ULT-AGG 11'184'560 0.29 - 30.11.2012 Bank

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 9'422'204 0.25 (350'366) 29.06.2012 Investment Advisor


Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 Not Provided 25.03.2013

AlphaValue JEROME CASSAGNE add 4 D 7 6 month 21.03.2013

Rabobank International COR KLUIS buy 5 M 10 12 month 20.03.2013

Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 20.03.2013


Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 18.03.2013


ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.03.2013

Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 05.03.2013

Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 04.03.2013

Credit Suisse RICHARD BURDEN restricted #N/A N/A M #N/A N/A Not Provided 01.03.2013

Macquarie THOMAS STOEGNER neutral 3 U 7 12 month 26.02.2013


HSBC STEVEN HAYWOOD neutral 3 M 7 Not Provided 20.02.2013

Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 19.02.2013


Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013


SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 15.02.2013

Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 14.02.2013

Deutsche Bank DAVID LOCK hold 3 M 7 12 month 14.02.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013

Nomura DOMENICO SANTORO buy 5 M 9 Not Provided 14.02.2013


Petercam MATTHIAS DE WIT hold 3 M 8 Not Provided 13.02.2013


Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012



CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 05.10.2012


Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011


Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009

Holdings By:

ING Groep NV ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (02.01.2013) 76.16

52-Week Low (26.06.2012) 53.16

Daily Volume

68.81





44'030.69 1 Yr Total Return 4.21%







BMW GY EQUITY YTD Change - Average Volume 30 Day 1'904'662

BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'701'355


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

53'197.0 50'681.0 60'477.0 68'821.0 76'848.0 68'821.0 76'848.0 79'682.3 83'523.6 - -

1.19x 1.40x 1.49x 1.31x 1.36x 5.13x 5.09x 0.60x 0.57x - -

11'231.0 9'311.0 9'087.0 11'677.0 12'014.0 11'677.0 12'014.0 12'733.7 13'186.0 - -

5.64x 7.59x 9.93x 7.75x 8.70x 7.75x 8.70x 7.91x 7.63x - -

324.0 204.0 3'227.0 4'881.0 5'096.0 4'881.0 5'096.0 5'108.9 5'275.6 - -

44.10x 102.58x 11.94x 6.95x 9.39x 6.95x 9.39x 8.82x 8.57x - -











EBITDA Margin 15.6%



Asset Turnover 0.60







Fiscal Year Ended

Bayerische Motoren Werke AGPrice/Volume

Valuation Analysis

1'031'380.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

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27.03.2013


QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2012 n/a

QUANDT JOHANNA n/a Co File 98'125'214 16.3 - 31.12.2012 n/a

KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2012 n/a

BLACKROCK n/a ULT-AGG 36'126'021 6 (168'858) 25.03.2013 Investment Advisor






DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'474'386 0.58 (1'064'286) 28.02.2013 Investment Advisor









FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'149'062 0.19 - 31.01.2013 Mutual Fund Manager

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 961'711 0.16 8'114 28.02.2013 Investment Advisor


Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 26.03.2013

DZ Bank AG MICHAEL PUNZET sell 1 M 65 12 month 26.03.2013

Kepler Capital Markets MICHAEL RAAB buy 5 M 83 Not Provided 25.03.2013

Exane BNP Paribas RABIH FREIHA neutral 3 M 74 Not Provided 25.03.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 22.03.2013

Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 22.03.2013

Nord/LB FRANK SCHWOPE sell 1 M 61 12 month 21.03.2013

JPMorgan JOSE ASUMENDI overweight 5 M 95 9 month 21.03.2013

Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 70 Not Provided 21.03.2013


Oddo & Cie FRANCOIS MAURY reduce 2 M 60 Not Provided 21.03.2013

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 21.03.2013

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 21.03.2013



Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 79 12 month 20.03.2013

Credit Suisse ERICH HAUSER outperform 5 M 80 Not Provided 20.03.2013

Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 19.03.2013


Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 18.03.2013

S&P Capital IQ RODERICK BRIDGE strong buy 5 M 83 12 month 14.03.2013

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 90 12 month 13.03.2013

Bankhaus Metzler JUERGEN PIEPER sell 1 D 64 12 month 19.02.2013

Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 12.02.2013

HSBC HORST SCHNEIDER neutral 3 M 82 Not Provided 01.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 83 Not Provided 01.02.2013

Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 D 92 12 month 10.01.2013

Natixis GEORGES DIENG buy 5 M 82 Not Provided 10.12.2012



CA Cheuvreux THOMAS BESSON outperform 5 M 85 Not Provided 07.11.2012

Barclays KRISTINA CHURCH overweight 5 M 84 Not Provided 07.11.2012

Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012

Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012

Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012

Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012

Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012

Holdings By:

Bayerische Motoren Werke AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (20.03.2013) 147.40

52-Week Low (10.07.2012) 109.80

Daily Volume

143.5





26'579.84 1 Yr Total Return 9.38%







LIN GY EQUITY YTD Change - Average Volume 30 Day 520'485

LIN GY EQUITY YTD % CHANGE - Average Volume 3 Month 501'067


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'663.0 11'211.0 12'868.0 13'787.0 15'280.0 13'787.0 15'280.0 17'124.8 18'253.0 4'107.8 4'278.5

1.34x 1.86x 1.97x 1.88x 2.17x 7.30x 8.22x 2.02x 1.86x 8.58x 8.28x

2'468.0 2'320.0 2'847.0 3'101.0 3'443.0 3'101.0 3'443.0 3'966.1 4'286.6 966.8 1'003.5

6.86x 8.97x 8.92x 8.37x 9.63x 8.37x 9.63x 8.90x 8.23x 8.72x -

717.0 591.0 1'005.0 1'174.0 1'250.0 1'174.0 1'250.0 1'506.7 1'723.6 339.5 371.0

14.02x 23.98x 19.12x 16.71x 18.78x 16.68x 18.78x 16.79x 14.84x 16.90x -











EBITDA Margin 22.5%



Asset Turnover 0.49







Fiscal Year Ended

Linde AGPrice/Volume

Valuation Analysis

227'756.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

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27.03.2013


BLACKROCK ADVISORS L n/a Research 9'252'936 5 - 14.01.2013 Investment Advisor








ALLIANZ ASSET MANAGE n/a ULT-AGG 1'850'348 1 (31'340) 31.01.2013 Investment Advisor


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'825'948 0.99 (678'316) 28.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'815'684 0.98 (20) 31.12.2012 Investment Advisor




DODGE & COX Multiple Portfolios MF-AGG 820'205 0.44 - 29.01.2013 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 776'040 0.42 (55'000) 30.11.2012 Investment Advisor

MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 699'871 0.38 22'217 31.01.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 665'092 0.36 - 31.01.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 566'970 0.31 (121'000) 31.01.2013 Mutual Fund Manager



HSBC SEBASTIAN SATZ overweight 5 M 168 Not Provided 27.03.2013

Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 137 Not Provided 26.03.2013

JPMorgan MARTIN EVANS overweight 5 M 160 12 month 20.03.2013

Bankhaus Lampe HEIKO FEBER buy 5 M 160 12 month 19.03.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 160 Not Provided 18.03.2013

Societe Generale PETER CLARK buy 5 M 165 12 month 13.03.2013

Commerzbank Corporates & Markets STEPHAN KIPPE buy 5 M 180 6 month 13.03.2013



Credit Suisse CHRIS COUNIHAN underperform 1 M 130 Not Provided 08.03.2013


Equita SIM SpA MASSIMO BONISOLI buy 5 M 160 12 month 08.03.2013

M.M. Warburg Investment Research EGGERT KULS buy 5 M 165 12 month 08.03.2013

Bankhaus Metzler LARS HETTCHE buy 5 M 154 12 month 08.03.2013


Main First Bank AG THOMAS SWOBODA outperform 5 M 170 12 month 08.03.2013

Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 150 12 month 07.03.2013

Nord/LB THORSTEN STRAUSS buy 5 M 165 12 month 07.03.2013

Baader Bank NORBERT BARTH buy 5 M 153 12 month 07.03.2013

Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 160 Not Provided 07.03.2013

Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 D 147 Not Provided 07.03.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA buy 5 M 155 12 month 07.03.2013

DZ Bank AG PETER SPENGLER hold 3 M 141 12 month 07.03.2013



Barclays GUNTHER ZECHMANN equalweight 3 M 139 Not Provided 04.02.2013

Kepler Capital Markets MARKUS MAYER buy 5 M 147 Not Provided 01.02.2013


Jefferies LAURENCE ALEXANDER buy 5 M 149 12 month 02.01.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 156 Not Provided 13.12.2012

Deutsche Bank TIMOTHY JONES buy 5 M 160 12 month 06.12.2012


CA Cheuvreux KLAUS RINGEL select list 5 M 153 Not Provided 30.10.2012


Silvia Quandt Research RALF GROENEMEYER buy 5 M 160 12 month 29.10.2012

Alembic Global Advisors HASSAN I AHMED neutral 3 M 120 12 month 15.10.2012

Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 08.10.2012

Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 114 Not Provided 18.05.2012

Holdings By:

Linde AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (28.12.2012) 17.44

52-Week Low (19.04.2012) 12.01

Daily Volume

15.86





20'998.04 1 Yr Total Return 26.47%







VIV FP EQUITY YTD Change - Average Volume 30 Day 4'834'842

VIV FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'108'304


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

25'392.0 27'132.0 28'878.0 28'813.0 28'994.0 28'813.0 28'994.0 28'836.1 29'153.0 6'982.0 6'523.0

1.55x 1.44x 1.29x 1.24x 1.35x 5.00x 4.98x 1.27x 1.22x - -

6'774.0 7'682.0 8'020.0 8'847.0 4'477.0 8'847.0 6'531.0 7'760.4 7'970.7 - -

5.82x 5.07x 4.64x 4.03x 8.77x 4.03x 6.01x 4.86x 4.73x - -

2'603.0 830.0 2'198.0 2'681.0 164.0 2'681.0 164.0 2'292.6 2'363.1 - -

10.43x 30.14x 11.35x 7.83x 130.38x 7.83x 118.88x 8.89x 8.37x - -











EBITDA Margin 22.5%



Asset Turnover 0.50





Accounts Receivable Turnover - Cash Conversion Cycle -282.51



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vivendi SAPrice/Volume

Valuation Analysis

2'578'674.00


!.135

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2 ! E

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-2 ! E

.! ! E

.2 ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

! 2!

- !!

- 2!

. !!

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27.03.2013



CIE DE CORNOUAILLE S n/a Research 66'174'684 5 - 14.11.2012 Unclassified

SOCIETE GENERALE n/a Research 62'157'815 4.69 (36'465'062) 30.04.2012 Bank


NATIXIS ASSET MANAGE n/a Research 57'389'860 4.33 29'924'444 10.05.2012 Investment Advisor



PEG VIVENDI n/a Co File 33'192'445 2.51 - 31.12.2011 Other

BAUPOST GROUP LLC n/a Co File 26'349'991 1.99 - 31.12.2011 Hedge Fund Manager

NORGES BANK INVESTME n/a Co File 25'862'423 1.95 - 31.12.2011 Government

QATAR HOLDINGS LLC n/a Co File 25'789'649 1.95 - 31.12.2011 Government

BANK OF AMERICA CORP n/a Co File 19'320'712 1.46 - 31.12.2011 Investment Advisor


CREDIT SUISSE SECURI n/a Co File 17'995'960 1.36 - 31.12.2011 Investment Advisor


GROUPE BOLLORE n/a Co File 14'021'059 1.06 - 31.12.2011 Holding Company

HSBC HOLDINGS PLC n/a Co File 13'811'784 1.04 - 31.12.2011 Investment Advisor



BNP PARIBAS INV PART n/a ULT-AGG 13'250'434 1 (4'398) 31.01.2013 Investment Advisor


JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 20 9 month 27.03.2013

Oddo & Cie BRUNO HARENG buy 5 M 19 Not Provided 27.03.2013

Barclays JULIEN ROCH overweight 5 M 18 Not Provided 26.03.2013

Societe Generale CHRISTOPHE CHERBLANC buy 5 M 17 12 month 25.03.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 18 12 month 25.03.2013

Credit Suisse OMAR SHEIKH outperform 5 M 19 Not Provided 21.03.2013

Jefferies WILL SMITH buy 5 M 19 12 month 21.03.2013

Nomura MATTHEW WALKER neutral 3 D 18 Not Provided 18.03.2013

Macquarie ANGUS TWEEDIE outperform 5 M 17 12 month 15.03.2013

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 17 12 month 13.03.2013

Raymond James STEPHANE BEYAZIAN outperform 5 M 19 12 month 12.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 11.03.2013


Kepler Capital Markets CONOR O'SHEA buy 5 M 19 Not Provided 07.03.2013


CA Cheuvreux ANDREA BENEVENTI outperform 5 M 17 Not Provided 27.02.2013

S&P Capital IQ ALEXANDER WISCH strong buy 5 M 18 12 month 27.02.2013

Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 19 Not Provided 27.02.2013

Goldman Sachs RICHARD JONES neutral/neutral 3 M 18 12 month 26.02.2013


CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 17 12 month 26.02.2013

New Street Research RUSSELL WALLER neutral 3 M 17 Not Provided 26.02.2013



HSBC NICOLAS COTE-COLISSON neutral 3 M 18 Not Provided 31.01.2013

Grupo Santander CARLOS JAVIER TREVINO buy 5 M 22 Not Provided 23.01.2013

Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 U 18 Not Provided 15.11.2012

Liberum Capital Ltd IAN WHITTAKER buy 5 M 20 Not Provided 24.10.2012

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 D 17 Not Provided 15.10.2012

Natixis JEROME BODIN buy 5 M 22 Not Provided 21.09.2012

Deutsche Bank PATRICK KIRBY hold 3 M 16 12 month 01.03.2012

DZ Bank AG HARALD HEIDER buy 5 M 23 12 month 06.12.2011

Holdings By:

Vivendi SA ee


27.03.2013

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.


LTM as of: 09/yy

52-Week High (27.03.2012) 39.93

52-Week Low (01.06.2012) 31.23

Daily Volume

34.885





20'219.66 1 Yr Total Return -6.96%







DG FP EQUITY YTD Change - Average Volume 30 Day 1'767'313

DG FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'594'406


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

33'930.3 31'177.7 34'002.8 37'646.1 39'183.2 33'699.5 37'494.5 38'942.5 39'734.8 10'174.8 -

0.90x 1.09x 1.07x 0.86x 0.86x 0.00x 0.00x 0.86x 0.81x - -

5'009.2 4'813.1 5'165.6 5'445.9 5'507.8 0.0 0.0 5'540.9 5'701.2 - -

6.09x 7.03x 7.01x 5.93x 6.12x 0.00x 0.00x 6.25x 6.07x - -

1'591.4 1'596.0 1'775.9 1'904.3 1'916.7 0.0 0.0 1'936.2 2'025.9 - -

8.85x 12.07x 12.14x 9.59x 10.07x 0.00x 0.00x 9.92x 9.38x - -











EBITDA Margin 14.1%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vinci SAPrice/Volume

Valuation Analysis

1'351'173.00


!2

-!-2.!.20!021!12

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E- ! E. ! E0 ! E1 ! E2 ! E3 ! E4 ! E5 ! E6 ! E-! ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


VINCI SA n/a Research 40'940'297 7.06 - 31.12.2012 Corporation

COMET LUXEMBOURG HLD n/a Research 31'714'315 5.47 - 31.12.2012 Corporation


ARTEMIS SA n/a Research 8'072'735 1.39 - 31.12.2012 Holding Company










COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'663'965 0.29 133'200 31.12.2012 Investment Advisor


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'457'470 0.25 53'000 28.09.2012 Investment Advisor



DNCA FINANCE Multiple Portfolios MF-AGG 1'325'000 0.23 (180'000) 28.09.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 1'235'358 0.21 106'285 30.11.2012 Bank


Raymond James ARNAUD PALLIEZ outperform 5 M 45 12 month 22.03.2013


Bryan Garnier & Cie SVEN EDELFELT buy 5 M 45 6 month 20.03.2013

HSBC PIERRE BOSSET neutral 3 M 40 Not Provided 19.03.2013

BPI FILIPE MARTINS LEITE buy 5 M 48 Not Provided 07.03.2013

Aurel - BGC ERIC LEMARIE hold 3 M 39 Not Provided 07.03.2013

AlphaValue GAETAN DUPONT buy 5 M 50 6 month 07.03.2013

Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 26.02.2013

Banco Sabadell MARIA CEBOLLERO buy 5 M 43 12 month 15.02.2013


Societe Generale MURIEL FELLOUS buy 5 M 48 12 month 11.02.2013

Natixis GREGOIRE THIBAULT buy 5 M 48 Not Provided 07.02.2013


CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 44 12 month 06.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 45 12 month 06.02.2013

S&P Capital IQ JAWAHAR HINGORANI strong buy 5 M 45 12 month 06.02.2013

Exane BNP Paribas NICOLAS MORA neutral 3 M 41 Not Provided 01.02.2013

Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 30.01.2013

RBC Capital Markets OLIVIA PETERS sector perform 3 M 40 12 month 29.01.2013

Barclays SUSANNA INVERNIZZI overweight 5 M 45 Not Provided 23.01.2013

Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 42 12 month 15.01.2013

Goldman Sachs WILL MORGAN Buy/Neutral 5 M 46 12 month 14.01.2013

CA Cheuvreux NABIL AHMED outperform 5 M 43 Not Provided 21.11.2012

JPMorgan ELODIE RALL overweight 5 M 49 6 month 17.09.2012

DZ Bank AG MARC NETTELBECK buy 5 M 41 12 month 17.09.2012

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 37 Not Provided 01.08.2012

Oddo & Cie OLIVIER BECKER buy 5 M 49 Not Provided 01.08.2012

Kepler Capital Markets JOSEP PUJAL buy 5 M 50 Not Provided 01.08.2012

Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 14.06.2012

Holdings By:

Vinci SA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.01.2013) 3.30

52-Week Low (24.07.2012) 2.02

Daily Volume

2.52





23'696.46 1 Yr Total Return -3.75%







ENEL IM EQUITY YTD Change - Average Volume 30 Day 44'604'800

ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 41'932'950


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

59'577.0 62'498.0 71'943.0 77'573.0 82'699.0 77'573.0 82'699.0 80'436.6 81'118.4 - -

1.53x 1.85x 1.56x 1.34x 1.24x 5.64x 4.86x 1.02x 0.97x - -

13'722.0 15'883.0 16'768.0 17'198.0 16'150.0 15'554.0 16'150.0 16'142.6 16'318.0 - -

6.63x 7.29x 6.68x 6.03x 6.35x 0.00x 6.35x 5.99x 5.93x - -

5'293.0 5'586.0 4'390.0 4'148.0 865.0 4'148.0 865.0 3'175.2 3'309.3 - -

5.54x 5.90x 8.01x 7.13x 34.87x 7.08x 34.87x 7.54x 7.18x - -











EBITDA Margin 19.5%



Asset Turnover 0.48







Fiscal Year Ended

Enel SpAPrice/Volume

Valuation Analysis

29'170'187.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

-

.

.

0

0

1

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! !!

! 2!

- !!

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. !!

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27.03.2013


MINISTERO DELL'ECONO n/a EXCH 2'937'984'993 31.24 - 20.11.2012 Government



PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 52'151'916 0.55 (26'014'603) 31.01.2013 Investment Advisor





ARCA SGR SPA Multiple Portfolios MF-AGG 12'861'686 0.14 216'500 28.02.2013 Mutual Fund Manager

STATE STREET BANQUE Multiple Portfolios MF-AGG 9'428'887 0.1 775'921 28.02.2013 Investment Advisor



ING INTERNATIONAL AD Multiple Portfolios MF-AGG 8'055'396 0.09 61'977 31.12.2012 Investment Advisor


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 7'754'520 0.08 (198'780) 28.09.2012 Investment Advisor



JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 6'929'768 0.07 - 31.01.2013 Mutual Fund Manager

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'732'826 0.06 185'790 31.12.2012 Investment Advisor



JPMorgan JAVIER GARRIDO underweight 1 D 3 12 month 25.03.2013

Exane BNP Paribas PHILIP GOTTSCHALK underperform 1 M 3 Not Provided 25.03.2013


Banca IMI ROBERTO RANIERI Under Review #N/A N/A M #N/A N/A Not Provided 19.03.2013

ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 19.03.2013

Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 3 12 month 18.03.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 18.03.2013


Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 15.03.2013

Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 12 month 14.03.2013

Societe Generale ALBERTO PONTI buy 5 M 3 12 month 14.03.2013


Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 3 Not Provided 14.03.2013


Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.03.2013

Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 13.03.2013

Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 13.03.2013

Goldman Sachs DARIO CARRADORI neutral/neutral 3 M 4 12 month 11.03.2013

AlphaValue MYRIAM COHEN buy 5 M 4 6 month 07.03.2013

Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 05.03.2013

Centrobanca EDOARDO MONTALBANO hold 3 M 3 Not Provided 08.02.2013

Nomura JAVIER SUAREZ reduce 2 M 3 12 month 08.02.2013


Berenberg Bank ANDREW FISHER hold 3 N 3 Not Provided 05.02.2013

Barclays SUSANNA INVERNIZZI equalweight 3 M 4 Not Provided 25.01.2013


Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 30.11.2012

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012

Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012


Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012

DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011

Holdings By:

Enel SpA ee


27.03.2013

Heineken NV produces and distributes beverages internationally. The Company

produces beers, spirits, wines, and soft drinks under various brand names.


LTM as of: 12/yy

52-Week High (27.03.2013) 60.20

52-Week Low (19.06.2012) 37.04

Daily Volume

59.34





34'180.00 1 Yr Total Return 43.57%







HEIA NA EQUITY YTD Change - Average Volume 30 Day 729'858

HEIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 730'591


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

14'319.0 14'701.0 16'133.0 17'123.0 18'383.0 17'123.0 18'383.0 20'510.0 21'472.0 - -

1.42x 1.68x 1.85x 1.72x 2.31x 0.00x 0.00x 2.28x 2.12x - -

2'388.0 2'713.0 3'413.0 3'383.0 3'471.0 0.0 0.0 4'576.0 4'915.8 - -

8.51x 9.13x 8.73x 8.70x 12.24x 0.00x 0.00x 10.40x 9.68x - -

209.0 1'018.0 1'447.0 1'430.0 2'949.0 1'430.0 2'949.0 1'873.1 2'124.3 - -

50.93x 15.99x 14.28x 14.66x 9.84x 14.64x 9.84x 18.14x 16.09x - -











EBITDA Margin 19.2%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Heineken NVPrice/Volume

Valuation Analysis

401'206.00


!

-!

.!

0!

1!

2!

3!

4!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0 2 E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


HEINEKEN HOLDING NV n/a Research 288'030'112 50 - 30.07.2011 Corporation

CB EQUITY LLP n/a Research 58'426'684 10.14 - 29.06.2011 Holding Company



DAVIS INVESTMENTS LL n/a Research 8'514'203 1.48 - 16.02.2012 Other




INVESCO LTD Multiple Portfolios MF-AGG 2'588'234 0.45 - 21.03.2013 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 2'205'111 0.38 - 28.02.2013 Mutual Fund Manager


MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 1'540'251 0.27 49'679 31.01.2013 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'287'725 0.22 (64'810) 31.12.2012 Investment Advisor


UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 1'165'000 0.2 - 31.01.2013 Investment Advisor


FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 837'474 0.15 (28'080) 31.05.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 694'714 0.12 (48'250) 30.06.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 658'436 0.11 96'772 30.11.2012 Investment Advisor


KBC Securities WIM HOSTE buy 5 M 62 Not Provided 26.03.2013

SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 50 12 month 26.03.2013

Rabobank International KAREL ZOETE hold 3 M 55 Not Provided 26.03.2013


Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 64 12 month 22.03.2013

ING Bank MARCO GULPERS buy 5 M 65 12 month 22.03.2013

AlphaValue ISABELLE COMBEMALE add 4 M 61 6 month 21.03.2013

ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 53 Not Provided 20.03.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 62 12 month 11.03.2013



Societe Generale ANDREW HOLLAND buy 5 M 62 12 month 26.02.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 64 Not Provided 22.02.2013

JPMorgan MIKE J GIBBS neutral 3 M 57 9 month 21.02.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 20.02.2013

Deutsche Bank JONATHAN FELL buy 5 M 60 12 month 14.02.2013

Natixis JOSEPHINE CHEVALLIER buy 5 M 60 Not Provided 14.02.2013


Barclays SAMAR CHAND underweight 1 M 48 Not Provided 14.02.2013

Kempen & Co SANDER VAN OORT hold 3 M 48 12 month 13.02.2013

Jefferies DIRK VAN VLAANDEREN underperform 1 M 43 12 month 13.02.2013

HSBC LAUREN E TORRES neutral 3 M 56 Not Provided 13.02.2013

Petercam KRIS KIPPERS hold 3 M 50 Not Provided 13.02.2013

Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 67 6 month 13.02.2013

S&P Capital IQ CARL SHORT hold 3 D 56 12 month 13.02.2013

Berenberg Bank PHILIP MORRISEY hold 3 M 49 Not Provided 07.02.2013

Theodoor Gilissen Securities TOM MULLER hold 3 M 54 Not Provided 22.01.2013

Grupo Santander ANTHONY J BUCALO hold 3 M 57 Not Provided 21.01.2013


Goldman Sachs MITCHELL COLLETT neutral/attractive 3 M 56 12 month 09.01.2013

Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 10.12.2012


Credit Suisse SANJEET AUJLA not rated #N/A N/A M #N/A N/A Not Provided 28.08.2012

Davy BARRY GALLAGHER underperform 1 M #N/A N/A Not Provided 14.08.2012

Kepler Capital Markets TEAM COVERAGE reduce 2 N 34 Not Provided 27.09.2011

Holdings By:

Heineken NV ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 36.90

52-Week Low (08.02.2013) 26.36

Daily Volume

28.75





17'589.37 1 Yr Total Return -16.43%







RWE GY EQUITY YTD Change - Average Volume 30 Day 3'644'462

RWE GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'415'407


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

47'500.0 46'191.0 50'722.0 49'153.0 50'771.0 49'153.0 39'773.0 53'465.5 54'236.9 - -

0.88x 1.10x 0.85x 0.65x 0.70x 2.84x 3.72x 0.64x 0.64x - -

7'903.0 9'655.0 9'230.0 8'286.0 9'055.0 6'912.0 7'228.0 8'830.9 8'611.2 - -

5.30x 5.28x 4.68x 3.88x 3.92x 4.66x 0.00x 3.84x 3.93x - -

2'558.0 3'571.0 3'308.0 1'806.0 1'306.0 1'806.0 1'033.0 2'432.1 2'216.3 - -

10.69x 10.33x 8.05x 8.10x 14.67x 8.13x 0.00x 7.36x 8.08x - -





Return on Assets - Short-Term Rating A-2



Asset Turnover - (EBITDA-Capex)/Interest Exp. 3.18

Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover -

Current Ratio 1.02 Net Fixed Asset Turnover -






Fiscal Year Ended

RWE AGPrice/Volume

Valuation Analysis

1'822'188.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


RW ENERGIE-BETEILIGU n/a Co File 86'361'823 15 - 31.12.2012 Other



MONDRIAN INVESTMENT n/a Co File 17'272'365 3 - 16.05.2012 Hedge Fund Manager

SOCIETE GENERALE SA n/a Research 6'421'155 1.12 - 19.02.2013 Unclassified











FMR LLC n/a ULT-AGG 986'543 0.17 (1'416'019) 31.01.2013 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 928'678 0.16 79'174 31.10.2012 Mutual Fund Manager

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 900'000 0.16 900'000 31.01.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 845'432 0.15 (13'576) 31.01.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 822'801 0.14 800'000 31.01.2013 Mutual Fund Manager


RBC Capital Markets JOHN MUSK sector perform 3 M 28 12 month 27.03.2013


Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 32 Not Provided 25.03.2013

Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 29 6 month 22.03.2013

EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 21.03.2013

Redburn Partners AHMED FARMAN buy 5 M #N/A N/A Not Provided 18.03.2013

Grupo Santander OSCAR NAJAR RIOS underweight 1 M #N/A N/A Not Provided 12.03.2013

JPMorgan VINCENT DE BLIC underweight 1 M 28 9 month 12.03.2013

Nomura MARTIN YOUNG reduce 2 M 25 Not Provided 12.03.2013

AlphaValue EILEEN RYAN buy 5 M 34 6 month 12.03.2013

Goldman Sachs DEBORAH WILKENS neutral/neutral 3 M 36 12 month 11.03.2013

Raymond James EMMANUEL RETIF underperform 1 M 25 12 month 08.03.2013

DZ Bank AG MARC NETTELBECK buy 5 M 35 12 month 08.03.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 25 Not Provided 07.03.2013


Societe Generale ALBERTO PONTI sell 1 M 24 12 month 06.03.2013

Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 33 12 month 06.03.2013

Nord/LB HEINO HAMMANN hold 3 M 31 12 month 06.03.2013

Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 25 12 month 06.03.2013



M.M. Warburg Investment Research STEPHAN WULF buy 5 M 34 12 month 05.03.2013

Kepler Capital Markets INGO BECKER reduce 2 M 27 Not Provided 05.03.2013

Main First Bank AG ANDREAS THIELEN underperform 1 D 29 12 month 01.03.2013

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 37 12 month 15.02.2013


Credit Suisse VINCENT GILLES underperform 1 M 28 Not Provided 06.02.2013

Berenberg Bank LAWSON STEELE sell 1 N 25 Not Provided 05.02.2013


Barclays PETER BISZTYGA underweight 1 M 27 Not Provided 25.01.2013

Macquarie ROBERT SCHRAMM-FUCHS neutral 3 D 30 12 month 22.01.2013

Steubing AG MICHAEL BROEKER buy 5 M 60 Not Provided 14.01.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 11.01.2013

Deutsche Bank ALEXANDER KARNICK sell 1 D 27 12 month 07.01.2013


CA Cheuvreux SEBASTIAN KAUFFMANN outperform 5 D 38 Not Provided 14.06.2012

Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 06.03.2012

Holdings By:

RWE AG ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (02.01.2013) 4.29

52-Week Low (26.07.2012) 2.63

Daily Volume

3.65





22'926.32 1 Yr Total Return -7.90%







IBE SQ EQUITY YTD Change - Average Volume 30 Day 44'976'740

IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 39'179'290


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

24'889.3 25'891.9 30'431.0 31'648.0 34'201.2 32'095.3 34'848.9 33'387.7 34'470.0 - -

2.53x 2.39x 1.90x 1.76x 1.52x 8.28x 5.91x 1.54x 1.46x - -

6'105.6 6'197.0 6'857.9 7'000.4 7'177.7 7'004.8 7'685.6 7'606.5 7'904.4 2'289.0 1'696.0

10.31x 10.00x 8.42x 7.95x 7.25x 7.94x 6.77x 6.52x 6.27x 6.48x -

2'553.7 2'824.3 2'870.9 2'804.5 2'840.7 2'804.6 2'840.7 2'497.0 2'695.0 916.0 440.0

11.20x 12.54x 10.95x 10.04x 9.14x 10.09x 8.92x 9.06x 8.64x - -











EBITDA Margin 22.1%



Asset Turnover 0.36







Fiscal Year Ended

Iberdrola SAPrice/Volume

Valuation Analysis

16'726'258.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!--..00112


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


QATAR INVESTMENT AUT n/a Co File 514'250'814 8.19 - 31.12.2012 Government

ACS ACTIVIDADES CONS n/a Co File 415'111'949 6.61 - 31.12.2012 Corporation

BANCAJA (VALENCIA CA n/a Co File 314'887'559 5.01 - 31.12.2012 Bank

BILBAO BIZKAIA KUTXA n/a EXCH 309'430'747 4.93 (13'299'908) 24.01.2013 Bank

NATIXIS n/a Co File 277'971'800 4.43 - 31.12.2012 Investment Advisor


SOCIETE GENERALE n/a Co File 182'216'094 2.9 - 17.01.2013 Bank

IBERDROLA SA n/a Co File 83'188'438 1.32 - 31.12.2012 Corporation

AMUNDI Multiple Portfolios MF-AGG 60'811'776 0.97 9'929'612 31.12.2012 Mutual Fund Manager



DEUTSCHE BANK AG Multiple Portfolios MF-AGG 17'171'395 0.27 (1'721'294) 28.02.2013 Investment Advisor

DE URRUTIA VAL VICTO n/a EXCH 14'465'535 0.23 1'000'000 27.02.2013 n/a


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'214'700 0.21 7'602'990 28.09.2012 Investment Advisor


INVERCAIXA GESTION S Multiple Portfolios MF-AGG 8'353'126 0.13 1'181'206 31.01.2013 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 8'200'000 0.13 - 30.11.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 7'236'945 0.12 263'277 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'034'262 0.11 1'750'634 31.12.2012 Investment Advisor


Societe Generale JORGE ALONSO SUILS buy 5 M 5 12 month 25.03.2013

JPMorgan JAVIER GARRIDO underweight 1 D 4 12 month 25.03.2013

Exane BNP Paribas MANUEL PALOMO underperform 1 M 4 Not Provided 25.03.2013

Grupo Santander BOSCO MUGUIRO buy 5 M 5 Not Provided 22.03.2013

HSBC ADAM DICKENS neutral 3 M 4 Not Provided 21.03.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 4 6 month 21.03.2013


Goldman Sachs FRED BARASI neutral/neutral 3 M 5 12 month 11.03.2013

BPI GONZALO SANCHEZ-BORDONA buy 5 M 5 Not Provided 07.03.2013



Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 15.02.2013

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 15.02.2013

Nomura JAVIER SUAREZ reduce 2 M 4 12 month 15.02.2013

Morgan Stanley CAROLINA DORES Equalwt/In-Line 3 M 4 12 month 14.02.2013

Credit Suisse STEFANO BEZZATO outperform 5 M 5 Not Provided 14.02.2013


Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 6 12 month 14.02.2013

BBVA ISIDORO DEL ALAMO market perform 3 D 4 Not Provided 12.02.2013

Berenberg Bank ANDREW FISHER hold 3 N 4 Not Provided 05.02.2013

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 5 Not Provided 05.02.2013

Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA buy 5 M 5 Not Provided 04.02.2013

La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 5 Not Provided 28.01.2013

Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 25.01.2013


Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS underweight 1 M 4 Not Provided 14.01.2013

BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 20.12.2012

Deutsche Bank VIRGINIA SANZ DE MADRID buy 5 U 5 12 month 29.10.2012


Macquarie SHAI HILL underperform 1 M 3 12 month 19.10.2012

Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012

CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 5 Not Provided 07.05.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.02.2012

Holdings By:

Iberdrola SA ee


27.03.2013

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.


LTM as of: 02/yy

52-Week High (02.08.2012) 257.30

52-Week Low (04.06.2012) 207.00

Daily Volume

231.2





382'652.63 1 Yr Total Return -3.08%







HMB SS EQUITY YTD Change - Average Volume 30 Day 3'430'710

HMB SS EQUITY YTD % CHANGE - Average Volume 3 Month 3'123'838


30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 02/yy 02/yy 11/13 Y 11/14 Y 05/13 Q2 08/13 Q3

88'532.0 101'393.0 108'483.0 109'999.0 120'799.0 113'328.0 121'358.0 128'879.7 142'622.2 33'052.8 31'300.9

2.53x 3.15x 3.39x 3.03x 2.82x 12.17x 11.80x 2.84x 2.57x 11.22x 11.81x

22'340.0 24'474.0 27'720.0 23'641.0 25'459.0 23'862.0 25'182.0 26'755.0 29'907.0 7'972.2 6'339.8

10.02x 13.04x 13.28x 14.08x 13.36x 15.57x 14.50x 13.59x 12.16x 13.09x 12.68x

15'294.0 16'384.0 18'681.0 15'821.0 16'867.0 15'942.0 16'586.0 17'756.4 19'856.9 5'341.4 4'126.4

16.12x 20.82x 21.03x 22.39x 21.19x 24.69x 23.16x 21.51x 19.22x 21.17x 20.74x











EBITDA Margin 20.8%



Asset Turnover 2.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hennes & Mauritz ABPrice/Volume

Valuation Analysis

1'034'423.00


!

2!

-!!

-2!

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.2!

0!!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

-1 ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

!1 -. .!!6 !1 !3 .!-! !1 -. .!-! !1 !3 .!-- !1 -. .!-- !1 !3 .!-. !1 -. .!-.



27.03.2013


PERSSON STEFAN n/a Research 429'449'332 29.4 - 31.01.2013 n/a

THAM LOTTIE n/a Research 88'080'400 6.03 - 31.01.2013 n/a




AMF FORAKRING OCH FO n/a Research 33'183'861 2.27 - 31.01.2013 n/a

CLEARSTREAM BANKING n/a Research 29'003'861 1.99 - 31.01.2013 Bank

JP MORGAN CHASE BANK n/a Research 28'345'566 1.94 - 31.01.2013 Investment Advisor

SSB CL OMNIBUS n/a Research 27'316'541 1.87 - 31.01.2013 Other

FOLKSAM GROUP n/a Research 17'812'084 1.22 - 28.09.2012 Insurance Company

AFA FORSAKRINGAR n/a Research 17'365'420 1.19 - 31.01.2013 Insurance Company



HANDELSBANKEN FONDER n/a Research 15'328'521 1.05 - 28.09.2012 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 14'537'070 1 2'239'650 28.02.2013 Investment Advisor

BENGTSSON JAN n/a Research 14'222'030 0.97 - 31.01.2013 n/a



NORDEA INVESTMENT FU n/a Research 11'904'522 0.82 - 31.01.2013 Mutual Fund Manager



Exane BNP Paribas SIMON BOWLER underperform 1 M 190 Not Provided 27.03.2013

ISI Group OMAR SAAD neutral 3 M 230 12 month 24.03.2013

ABG Sundal Collier ANDREAS LUNDBERG hold 3 M 220 6 month 22.03.2013

Sanford C. Bernstein & Co JAMIE MERRIMAN underperform 1 M 195 12 month 22.03.2013

Raymond James CEDRIC LECASBLE underperform 1 M 196 12 month 22.03.2013

HSBC PAUL ROSSINGTON underweight 1 D 230 Not Provided 22.03.2013

SEB Enskilda NICKLAS FHARM buy 5 M 255 Not Provided 22.03.2013

Cantor Fitzgerald ALLEGRA PERRY sell 1 M 200 Not Provided 22.03.2013

Nordea Equity Research STEFAN STJERNHOLM sell 1 M 215 12 month 22.03.2013

Handelsbanken ERIK SANDSTEDT buy 5 M 270 12 month 22.03.2013

Bryan Garnier & Cie PETER FARREN sell 1 M 225 6 month 22.03.2013

Natixis JEAN BAPTISTE TEISSIER neutral 3 M 235 Not Provided 22.03.2013

Nomura FRASER RAMZAN neutral 3 M 216 Not Provided 22.03.2013

DNB Markets HAAKON ASCHEHOUG sell 1 M 205 Not Provided 22.03.2013

Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 240 Not Provided 22.03.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 212 12 month 22.03.2013

Danske Markets ANDERS HANSSON hold 3 M 235 12 month 22.03.2013

Grupo Santander REBECCA MCCLELLAN underweight 1 M 190 12 month 21.03.2013

Credit Suisse SIMON IRWIN underperform 1 M 175 Not Provided 21.03.2013

Carnegie NIKLAS EKMAN buy 5 M #N/A N/A Not Provided 21.03.2013

Stifel RICHARD E JAFFE hold 3 M #N/A N/A Not Provided 21.03.2013


Societe Generale ANNE CRITCHLOW sell 1 M 219 12 month 22.02.2013



S&P Capital IQ TUNA AMOBI hold 3 M 260 12 month 01.02.2013

Redburn Partners GEOFF LOWERY sell 1 M #N/A N/A Not Provided 01.02.2013

Independent Research GmbH ZAFER RUZGAR sell 1 M 210 12 month 31.01.2013

Morgan Stanley GEOFFREY RUDDELL Underwt/Cautious 1 M 195 12 month 30.01.2013

Deutsche Bank CHARLIE MUIR-SANDS hold 3 M 240 12 month 23.01.2013

Swedbank CHRISTIAN ANDERSON neutral 3 M 220 12 month 14.01.2013

CA Cheuvreux DANIEL OVIN underperform 1 M 200 Not Provided 30.11.2012

Espirito Santo Investment Bank ResearchCAROLINE GULLIVER sell 1 M 185 Not Provided 19.11.2012

Goldman Sachs FRANKLIN WALDING neutral/neutral 3 U 238 12 month 07.11.2012

Sydbank SOEREN LONTOFT HANSEN hold 3 M #N/A N/A Not Provided 01.10.2012

Pareto Securities HELENA NORDMAN-KNUTSON hold 3 M 240 6 month 28.09.2012

Holdings By:

Hennes & Mauritz AB ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (15.03.2013) 42.59

52-Week Low (23.11.2012) 24.26

Daily Volume

39.63





32'851.97 1 Yr Total Return 30.93%







EAD FP EQUITY YTD Change - Average Volume 30 Day 3'342'958

EAD FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'635'857


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

43'265.0 42'822.0 45'752.0 49'128.0 56'480.0 49'128.0 56'480.0 58'727.4 62'637.6 11'786.3 14'051.0

0.09x 0.13x 0.17x 0.31x 0.32x 1.04x 1.39x 0.49x 0.45x - -

4'136.0 1'236.0 2'500.0 3'172.0 3'927.0 3'381.0 3'987.0 5'510.0 6'453.2 1'078.0 1'321.0

0.89x 4.62x 3.02x 4.81x 4.58x 4.51x 4.51x 4.82x 4.11x 4.83x -

1'572.0 (763.0) 553.0 1'033.0 1'228.0 1'033.0 1'228.0 2'109.1 2'692.3 373.0 489.0

6.17x - 25.65x 19.02x 19.67x 19.00x 19.73x 14.75x 11.00x 14.95x 15.07x











EBITDA Margin 7.1%



Asset Turnover 0.63







Fiscal Year Ended

European Aeronautic Defence and Space Co NVPrice/Volume

Valuation Analysis

2'481'300.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!12

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


SOGEADE n/a Research 183'337'704 22.12 - 11.12.2012 Holding Company

DAIMLERCHRYSLER AERO n/a Research 122'225'136 14.74 (61'096'851) 11.12.2012 Corporation

SOCIEDAD ESTATAL DE n/a Research 44'690'871 5.39 - 11.12.2012 Holding Company

FEDERAL REPUBLIC OF n/a Research 22'725'182 2.74 - 06.12.2012 Government



CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.88 - 25.09.2012 Government

AMUNDI SA n/a RNS-RUL8 15'385'347 1.86 (2'721) 10.10.2012 Other

VANGUARD GROUP INC n/a RNS-RUL8 12'117'860 1.46 3'341 09.10.2012 Investment Advisor

VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.44 (1'079'438) 10.10.2012 Hedge Fund Manager

OLD MUTUAL n/a ULT-AGG 9'406'422 1.13 (41'413) 31.01.2013 Unclassified

OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.11 (9'990) 05.10.2012 Investment Advisor


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'266'690 0.76 60'000 31.12.2012 Investment Advisor



INVESCO LTD n/a RNS-RUL8 3'879'592 0.47 - 13.09.2012 Investment Advisor


BARCLAYS CAPITAL SEC n/a RNS-RUL8 2'644'421 0.32 (833'201) 10.10.2012 Investment Advisor



JPMorgan DAVID H. PERRY overweight 5 M 47 9 month 26.03.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 43 12 month 22.03.2013

RBC Capital Markets ROBERT STALLARD sector perform 3 M 43 12 month 21.03.2013

Societe Generale ZAFAR KHAN buy 5 M 42 12 month 19.03.2013

Investec ANDREW GOLLAN buy 5 M 46 12 month 19.03.2013

Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 48 Not Provided 14.03.2013

AlphaValue THOMAS PICHERIT buy 5 U 51 6 month 13.03.2013

Barclays CARTER COPELAND overweight 5 M 49 Not Provided 11.03.2013

Jefferies SANDY MORRIS buy 5 M 45 12 month 08.03.2013


Credit Suisse OLIVER SLEATH neutral 3 N 40 Not Provided 06.03.2013

S&P Capital IQ UNAI FRANCO buy 5 M 45 12 month 05.03.2013

Nord/LB WOLFGANG DONIE hold 3 M 38 12 month 04.03.2013


Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 46 12 month 01.03.2013


Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 27 Not Provided 01.03.2013

Exane BNP Paribas OLIVIER BROCHET outperform 5 M 48 Not Provided 01.03.2013

Deutsche Bank BEN FIDLER buy 5 M 48 12 month 28.02.2013

Bankhaus Lampe SEBASTIAN HEIN buy 5 M 43 Not Provided 28.02.2013

Oddo & Cie YAN DEROCLES buy 5 M 44 Not Provided 28.02.2013

DZ Bank AG MARKUS TURNWALD buy 5 M 42 12 month 28.02.2013

Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 44 6 month 27.02.2013

CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX select list 5 M 42 Not Provided 27.02.2013

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX reduce 2 M 27 12 month 27.02.2013

Kepler Capital Markets CHRISTOPHE MENARD buy 5 M 42 Not Provided 27.02.2013

Natixis ERIC CHADEYRAS buy 5 M 41 Not Provided 01.02.2013

Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 22.01.2013

Gabelli & Co JAMES FOUNG hold 3 M #N/A N/A Not Provided 10.10.2011

Holdings By:

European Aeronautic Defence and Space Co NV ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (04.02.2013) 58.09

52-Week Low (04.06.2012) 34.71

Daily Volume

50.97





20'915.94 1 Yr Total Return 67.90%







ASML NA EQUITY YTD Change - Average Volume 30 Day 1'350'934

ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1'529'253


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'953.7 1'596.1 4'507.9 5'651.0 4'731.6 5'651.0 4'731.5 4'859.4 6'072.5 911.5 1'090.4

1.71x 6.29x 2.52x 2.02x 3.72x 7.30x 12.93x 3.84x 2.96x 20.62x 17.49x

406.2 (21.5) 1'402.1 1'806.4 1'343.4 1'806.4 1'343.4 1'238.0 1'820.4 139.5 235.0

12.42x - 8.11x 6.33x 13.11x 6.33x 13.11x 15.34x 10.43x 15.95x 12.65x

322.4 (150.9) 1'021.8 1'467.0 1'146.3 1'467.0 1'146.3 936.3 1'453.4 120.0 196.8

17.00x - 12.30x 9.41x 17.78x 9.41x 17.78x 22.28x 14.40x 21.35x 17.80x











EBITDA Margin 28.4%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ASML Holding NVPrice/Volume

Valuation Analysis

818'268.00


!

-!

.!

0!

1!

2!

3!


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


STICHTING ADM MAKTSJ n/a 20F 62'977'877 15.35 - 06.02.2013 Other


FMR LLC n/a ULT-AGG 36'311'008 8.85 - 06.02.2013 Investment Advisor


STICHT ADM TSMC n/a 20F 20'992'625 5.12 - 06.02.2013 n/a

ASML HOLDING NV n/a Co File 8'980'030 2.19 - 01.07.2012 Corporation

WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'028'537 1.96 191'077 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'226'859 1.03 1'261'872 31.01.2013 Investment Advisor










HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 855'324 0.21 2'376 31.12.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 842'648 0.21 827'721 31.10.2012 Investment Advisor

SARASIN n/a ULT-AGG 836'932 0.2 (92'410) 31.01.2013 Unclassified


Exane BNP Paribas JEROME RAMEL neutral 3 M 50 Not Provided 26.03.2013

Kepler Capital Markets PETER OLOFSEN reduce 2 M 40 Not Provided 22.03.2013

Grupo Santander CARLOS JAVIER TREVINO hold 3 M 43 Not Provided 21.03.2013

Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 21.03.2013

AlphaValue LIONEL PELLICER reduce 2 M 53 6 month 21.03.2013

Credit Suisse SATYA KUMAR outperform 5 M 60 Not Provided 19.03.2013

Piper Jaffray JAGADISH IYER overweight 5 M 57 12 month 13.03.2013

Societe Generale PETER KNOX hold 3 M 56 12 month 05.03.2013

Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 56 12 month 26.02.2013

Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 25.02.2013

Rabobank International PHILIP SCHOLTE hold 3 M 52 Not Provided 25.02.2013

Natixis STEPHANE HOURI buy 5 M 62 Not Provided 21.02.2013

JPMorgan SANDEEP S DESHPANDE overweight 5 M 65 12 month 12.02.2013

ING Bank MARC ZWARTSENBURG hold 3 M 60 12 month 01.02.2013



Deutsche Bank KAI KORSCHELT hold 3 U 47 12 month 22.01.2013

Liberum Capital Ltd JANARDAN MENON hold 3 U 45 Not Provided 22.01.2013

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 U 60 Not Provided 22.01.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 52 12 month 21.01.2013

Bank of Valletta TEAM COVERAGE overweight 5 M 59 Not Provided 21.01.2013

Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 50 Not Provided 18.01.2013

CA Cheuvreux BERND LAUX outperform 5 M 59 Not Provided 18.01.2013

Petercam MARCEL ACHTERBERG hold 3 M 57 Not Provided 18.01.2013


Main First Bank AG JUERGEN WAGNER underperform 1 M 40 12 month 18.01.2013

Barclays ANDREW M GARDINER overweight 5 M 53 Not Provided 18.01.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 D 40 12 month 17.01.2013

Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 50 Not Provided 15.01.2013

Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 07.01.2013

Kempen & Co ERWIN DUT hold 3 M 50 12 month 06.01.2013

Jefferies LEE SIMPSON hold 3 M #N/A N/A Not Provided 18.12.2012

Goldman Sachs SIMON F SCHAFER not rated #N/A N/A M #N/A N/A Not Provided 23.11.2012

SNS Securities(ESN) VICTOR BARENO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.11.2012

Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012

Holdings By:

ASML Holding NV ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (15.03.2013) 101.00

52-Week Low (28.06.2012) 73.60

Daily Volume

94.3





200'683.25 1 Yr Total Return 0.03%







VOLVB SS EQUITY YTD Change - Average Volume 30 Day 8'133'131

VOLVB SS EQUITY YTD % CHANGE - Average Volume 3 Month 8'219'608


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

304'642.0 218'361.0 264'749.0 310'367.0 303'647.0 310'367.0 303'646.0 295'791.4 317'163.1 66'900.5 75'140.7

0.69x 1.12x 1.29x 0.80x 0.94x 3.61x 3.78x 0.83x 0.75x 3.36x 3.05x

30'239.0 2'157.0 33'711.0 42'597.0 32'391.0 42'597.0 32'392.0 33'428.3 41'110.5 5'434.9 8'049.0

6.94x 113.19x 10.14x 5.80x 8.78x 5.80x 8.78x 9.12x 7.42x 10.02x 9.00x

9'942.0 (14'718.0) 10'866.0 17'751.0 11'039.0 17'751.0 11'038.0 12'802.2 18'806.4 1'648.1 3'427.7

8.75x - 22.11x 8.60x 16.31x 8.60x 16.31x 15.03x 10.48x 15.84x 13.38x











EBITDA Margin 10.7%



Asset Turnover 0.88







Fiscal Year Ended

Volvo ABPrice/Volume

Valuation Analysis

4'467'159.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

02 ! E

1! ! E

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


VOLVO AB n/a Research 80'013'209 5.02 - 28.12.2012 Corporation





AMF FORSAKRING n/a Research 42'544'960 2.67 - 28.12.2012 Other


SEB FONDER AB n/a Research 35'329'637 2.22 - 28.12.2012 Mutual Fund Manager

AMF FONDER AB Multiple Portfolios MF-AGG 31'934'960 2 2'523'000 31.12.2012 Investment Advisor

SHB FUNDS n/a Research 27'578'727 1.73 - 28.12.2012 Investment Advisor

SEB n/a ULT-AGG 27'473'308 1.72 2'208'704 31.01.2013 Unclassified

NORDEA FONDER AB/SWE n/a Research 23'592'830 1.48 - 28.12.2012 Investment Advisor


HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 20'281'485 1.27 489'457 28.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 15'936'269 1 1'218'851 25.03.2013 Investment Advisor


DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 13'240'000 0.83 600'000 31.12.2012 Investment Advisor


ANDRA AP FONDEN n/a Research 11'526'751 0.72 - 28.12.2012 Pension Fund (ERISA)

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 9'898'756 0.62 (819'640) 31.12.2012 Investment Advisor


Robert W. Baird & Co DAVID LEIKER outperform 5 M 103 12 month 25.03.2013

SEB Enskilda ANDERS TRAPP buy 5 M 111 Not Provided 25.03.2013

Canaccord Genuity Corp ANDREW BELL sell 1 M 80 12 month 25.03.2013

AlphaValue HANS-PETER WODNIOK reduce 2 M 88 6 month 25.03.2013

Societe Generale ALASDAIR LESLIE hold 3 M 100 12 month 22.03.2013

Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 22.03.2013

Evli Bank Plc ANTTI KANSANEN buy 5 M 115 12 month 22.03.2013

Main First Bank AG CHRISTOPHER YOUL underperform 1 D 102 12 month 19.03.2013

Credit Suisse GEORGE GALLIERS underperform 1 M 75 Not Provided 18.03.2013

Danske Markets BJORN ENARSON buy 5 M 124 12 month 15.03.2013

ABG Sundal Collier ERIK PETTERSSON-GOLRANG buy 5 M 110 6 month 14.03.2013

HSBC COLIN GIBSON underweight 1 M 95 Not Provided 08.03.2013

Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 115 12 month 01.03.2013


Berenberg Bank ALEXANDER VIRGO buy 5 M 116 Not Provided 27.02.2013

Goldman Sachs ASHIK KURIAN buy/attractive 5 M 127 12 month 22.02.2013

Deutsche Bank PETER REILLY hold 3 D 100 12 month 07.02.2013

JPMorgan ALEXANDER WHIGHT overweight 5 M 120 9 month 07.02.2013

Macquarie JENS SCHATTNER outperform 5 M 108 12 month 07.02.2013

Nordea Equity Research ANDREAS BROCK buy 5 D 112 12 month 07.02.2013

Handelsbanken HAMPUS ENGELLAU buy 5 M 120 12 month 07.02.2013

Natixis KATHLEEN GAILLIOT buy 5 M 117 Not Provided 07.02.2013

DNB Markets CHRISTER MAGNERGARD sell 1 M 87 Not Provided 07.02.2013

Barclays MICHAEL TYNDALL overweight 5 M 103 Not Provided 07.02.2013




Prime Predictions PETER LJUNGGREN hold 3 D 92 12 month 13.11.2012

Exane BNP Paribas RABIH FREIHA neutral 3 M 100 Not Provided 27.04.2012

CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 109 Not Provided 22.03.2012

Swedbank FREDRIK NILHOV buy 5 M 105 12 month 14.02.2012

Sydbank MORTEN IMSGARD overweight 5 M #N/A N/A Not Provided 17.05.2011

Holdings By:

Volvo AB ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 11.59

52-Week Low (01.03.2013) 7.20

Daily Volume

7.884





20'883.81 1 Yr Total Return -20.83%







FTE FP EQUITY YTD Change - Average Volume 30 Day 12'831'800

FTE FP EQUITY YTD % CHANGE - Average Volume 3 Month 11'037'810


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

46'712.0 44'845.0 45'503.0 45'277.0 43'515.0 45'277.0 43'515.0 42'095.4 41'480.3 10'817.4 -

1.92x 1.82x 1.64x 1.42x 1.26x 0.00x 0.00x 1.25x 1.24x - -

17'300.0 14'480.0 15'291.0 15'019.0 12'374.0 0.0 0.0 12'899.7 12'533.7 3'105.2 -

5.18x 5.64x 4.89x 4.29x 4.42x 0.00x 0.00x 4.16x 4.28x - -

4'073.0 3'018.0 4'880.0 3'895.0 820.0 0.0 0.0 2'939.5 2'842.5 - -

14.20x 16.37x 10.83x 8.26x 26.90x 0.00x 0.00x 7.19x 7.37x - -


EBIT 6'045.00 Long-Term Rating A- *-









EBITDA Margin 28.4%



Asset Turnover 0.47







Fiscal Year Ended

France Telecom SAPrice/Volume

Valuation Analysis

8'342'797.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

02 ! E

1! ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


FRENCH STATE n/a Research 360'248'428 13.6 - 08.03.2013 Government

SOCIETE GENERALE n/a Research 132'135'951 4.99 (27'339'807) 16.05.2012 Bank






FRANCE TELECOM SA n/a Co File 15'456'045 0.58 - 31.12.2011 Corporation

DNCA FINANCE Multiple Portfolios MF-AGG 13'910'873 0.53 (368'000) 28.09.2012 Investment Advisor













Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 U 8 12 month 25.03.2013

Oddo & Cie VINCENT MAULAY neutral 3 M 11 Not Provided 22.03.2013

Jefferies JEREMY A DELLIS buy 5 M 12 12 month 21.03.2013

Societe Generale STEPHANE SCHLATTER hold 3 M 9 12 month 15.03.2013


Nomura FREDERIC BOULAN neutral 3 M 8 12 month 14.03.2013

Exane BNP Paribas ANTOINE PRADAYROL outperform 5 M 10 Not Provided 08.03.2013


Berenberg Bank STUART GORDON hold 3 M 8 Not Provided 06.03.2013

Kepler Capital Markets JAVIER BORRACHERO hold 3 M 8 Not Provided 06.03.2013


JPMorgan HANNES C WITTIG underweight 1 M 7 9 month 26.02.2013

Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 M 12 Not Provided 22.02.2013

Grupo Santander CARLOS JAVIER TREVINO hold 3 M 14 Not Provided 21.02.2013

Nord/LB WOLFGANG DONIE buy 5 M 10 12 month 21.02.2013

Macquarie GUY R PEDDY outperform 5 M 12 12 month 21.02.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 21.02.2013

Barclays JONATHAN DANN underweight 1 M 9 Not Provided 21.02.2013

Goldman Sachs ANDREW LEE Sell/Neutral 1 M 8 12 month 20.02.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 M 10 12 month 20.02.2013


New Street Research RUSSELL WALLER buy 5 M 10 Not Provided 20.02.2013

Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 12 month 15.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 D 7 Not Provided 07.02.2013

HSBC NICOLAS COTE-COLISSON overweight 5 M 11 Not Provided 31.01.2013

Credit Suisse JAKOB BLUESTONE neutral 3 M 9 Not Provided 24.01.2013


CM - CIC Securities(ESN) JEAN-MICHEL KOSTER hold 3 U 9 12 month 26.11.2012


Deutsche Bank MATTHEW BLOXHAM hold 3 M 10 12 month 26.10.2012

Natixis BENOIT MAYNARD buy 5 M 14 Not Provided 26.10.2012

CA Cheuvreux PETER KURT NIELSEN underperform 1 M 12 Not Provided 26.09.2012

Raymond James STEPHANE BEYAZIAN market perform 3 M 14 Not Provided 07.09.2012

Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011

Holdings By:

France Telecom SA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 35.44

52-Week Low (02.08.2012) 23.90

Daily Volume

28.71





15'248.62 1 Yr Total Return -14.58%







SGO FP EQUITY YTD Change - Average Volume 30 Day 2'147'263

SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'948'908


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

43'800.0 37'786.0 40'119.0 42'116.0 43'198.0 42'116.0 43'198.0 43'006.3 44'475.5 9'924.0 10'981.0

0.56x 0.75x 0.69x 0.57x 0.60x 0.00x 0.00x 0.54x 0.51x - -

5'263.0 3'821.0 4'785.0 5'024.0 2'637.0 0.0 0.0 4'425.2 4'804.0 - -

4.68x 7.39x 5.80x 4.80x 9.87x 0.00x 0.00x 5.46x 5.02x - -

1'378.0 202.0 1'129.0 1'284.0 766.0 0.0 0.0 1'260.1 1'562.0 - -

9.15x 88.53x 17.66x 12.16x 22.07x 0.00x 0.00x 11.76x 9.74x - -











EBITDA Margin 6.1%



Asset Turnover 0.92







Fiscal Year Ended

Cie de St-GobainPrice/Volume

Valuation Analysis

1'902'154.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


WENDEL INVESTISSEMEN #N/A N/A Co File 91'581'114 17.24 - 31.12.2011 Investment Advisor

FONDS DU PLAN D EPAR n/a Co File 42'844'966 8.07 - 31.12.2011 n/a

AMUNDI SA n/a Research 40'161'206 7.56 17'861'078 27.06.2012 Other

CAISSE DES DEPOTS ET #N/A N/A Co File 13'924'614 2.62 - 31.12.2011 Government

GROUPAMA SA #N/A N/A Co File 10'175'679 1.92 - 31.12.2011 Insurance Company

CIE DE SAINT GOBAIN #N/A N/A Co File 9'104'555 1.71 - 31.12.2011 Corporation


COGEMA #N/A N/A Co File 5'891'183 1.11 - 31.12.2011 Corporation




PREDICA #N/A N/A Co File 3'213'372 0.61 - 31.12.2011 Insurance Company


SOCIETE GEN GESTION n/a Research 2'536'782 0.48 - 15.06.2011 Mutual Fund Manager









Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 22.03.2013

Aurel - BGC ERIC LEMARIE buy 5 M 40 6 month 22.03.2013

Oddo & Cie VIRGINIE ROUSSEAU neutral 3 M 34 Not Provided 21.03.2013

Exane BNP Paribas PAUL ROGER underperform 1 M 32 Not Provided 20.03.2013


Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 18.03.2013

Deutsche Bank LUIS PRIETO buy 5 M 38 12 month 11.03.2013

Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 11.03.2013

AlphaValue GAETAN DUPONT buy 5 M 40 6 month 11.03.2013

Societe Generale MURIEL FELLOUS buy 5 M 38 12 month 08.03.2013

Credit Suisse HARRY GOAD neutral 3 M 27 Not Provided 07.03.2013

Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 37 12 month 07.03.2013

Jefferies MICHAEL F BETTS buy 5 M 45 12 month 25.02.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 27 12 month 21.02.2013

Kepler Capital Markets JOSEP PUJAL hold 3 M 30 Not Provided 21.02.2013

Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 32 6 month 21.02.2013

Natixis RAFIC EL HADDAD buy 5 U 38 Not Provided 21.02.2013

S&P Capital IQ JAWAHAR HINGORANI sell 1 M 28 12 month 21.02.2013

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 28 Not Provided 19.02.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 D 34 12 month 12.02.2013

HSBC JOHN FRASER-ANDREWS underweight 1 D 31 Not Provided 29.01.2013

Morgan Stanley ALEJANDRA PEREDA Equalwt/In-Line 3 M 33 12 month 18.01.2013

CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 37 12 month 18.01.2013

JPMorgan MICHAEL MORRIS overweight 5 M 35 9 month 15.01.2013

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 33 Not Provided 15.01.2013

Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 09.08.2012

Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012

Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 09.03.2009

Holdings By:

Cie de St-Gobain ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (30.01.2013) 190.10

52-Week Low (14.06.2012) 134.40

Daily Volume

182.5





216'678.05 1 Yr Total Return 14.97%







ATCOA SS EQUITY YTD Change - Average Volume 30 Day 2'576'233

ATCOA SS EQUITY YTD % CHANGE - Average Volume 3 Month 2'532'194


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

74'177.0 63'762.0 69'875.0 81'203.0 90'533.0 81'203.0 90'533.0 89'260.0 93'126.2 21'596.5 22'384.2

1.38x 2.15x 2.97x 2.39x 2.43x 9.56x 8.98x 2.45x 2.30x 10.30x 10.08x

15'808.0 11'527.0 16'400.0 20'061.0 21'891.0 20'076.0 21'892.0 21'600.2 22'826.8 5'037.0 5'281.8

6.48x 11.87x 12.67x 9.68x 10.05x 9.47x 9.92x 10.43x 9.87x 10.54x 10.67x

10'157.0 6'244.0 9'921.0 12'963.0 13'901.0 12'963.0 13'901.0 13'752.1 14'777.0 3'268.6 3'434.4

8.16x 20.51x 20.80x 13.86x 15.57x 13.86x 15.57x 16.10x 15.02x 16.29x 15.94x











EBITDA Margin 24.2%



Asset Turnover 1.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Atlas Copco ABPrice/Volume

Valuation Analysis

2'076'501.00


!.!1!3!5!

-!!-.!-1!-3!-5!.!!

e--. M--. e--. d--. d--. M--. o--. j--. f--. S--. d--0 a--0 e--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

-1 ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

!- !- .!-! !- !4 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0



27.03.2013


INVESTOR AB n/a Research 194'803'726 23.21 - 30.06.2012 Investment Advisor










FOLKSAM GROUP n/a Research 7'887'691 0.94 - 30.06.2012 Insurance Company

BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 7'767'690 0.93 - 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER n/a Research 7'211'859 0.86 - 30.06.2012 Investment Advisor


LANSDOWNE PARTNERS L n/a Short (6'799'092) -0.81 - 01.11.2012 Hedge Fund Manager


ANDRA AP FONDEN n/a Research 5'976'741 0.71 - 30.06.2012 Pension Fund (ERISA)



SPP FONDER AB Multiple Portfolios MF-AGG 4'589'384 0.55 (47'617) 28.02.2013 Investment Advisor


Canaccord Genuity Corp ANDREW BELL buy 5 M 205 12 month 25.03.2013

Societe Generale SEBASTIEN GRUTER sell 1 M 155 12 month 22.03.2013


Morgan Stanley MARKUS ALMERUD Equalwt/Cautious 3 M 163 12 month 21.03.2013

Credit Suisse ANDRE KUKHNIN outperform 5 M 200 Not Provided 21.03.2013

Nomura KLAS BERGELIND neutral 3 M 187 12 month 21.03.2013

AlphaValue LIONEL PELLICER sell 1 M 159 6 month 21.03.2013

ABG Sundal Collier ANDERS IDBORG hold 3 D 200 6 month 14.03.2013

Exane BNP Paribas JONATHAN R MOUNSEY neutral 3 M 185 Not Provided 14.03.2013

Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 277 12 month 13.03.2013

SEB Enskilda DANIEL SCHMIDT hold 3 M 200 Not Provided 11.03.2013

HSBC COLIN GIBSON overweight 5 M 230 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 175 Not Provided 08.03.2013

Evli Bank Plc ELINA RIUTTA accumulate 4 M 195 Not Provided 04.03.2013


Carnegie KENNETH TOLL JOHANSSON hold 3 M #N/A N/A Not Provided 01.02.2013

Nordea Equity Research ANDREAS KOSKI buy 5 M 202 12 month 01.02.2013

Handelsbanken PEDER FROLEN accumulate 4 M 190 12 month 01.02.2013

Natixis LUDOVIC DEBAILLEUX neutral 3 M 178 Not Provided 01.02.2013

DNB Markets LARS BRORSON hold 3 M 185 Not Provided 01.02.2013

Barclays ALLAN SMYLIE overweight 5 M 175 Not Provided 01.02.2013


William Blair & Co LAWRENCE T DE MARIA market perform 3 M 175 12 month 31.01.2013

Danske Markets OSCAR STJERNGREN buy 5 M 210 12 month 31.01.2013

CA Cheuvreux JOAKIM HOGLUND outperform 5 M 215 Not Provided 29.01.2013


Berenberg Bank ALEXANDER VIRGO hold 3 M 185 Not Provided 08.01.2013

Redburn Partners JAMES MOORE neutral 3 D #N/A N/A Not Provided 08.10.2012

Deutsche Bank JOHAN WETTERGREN hold 3 M 170 12 month 30.04.2012

Swedbank MATS LISS neutral 3 M 160 12 month 30.11.2011

Holdings By:

Atlas Copco AB ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (14.03.2013) 562.00

52-Week Low (16.07.2012) 341.70

Daily Volume

543





28'511.79 1 Yr Total Return 29.42%







UHR VX EQUITY YTD Change - Average Volume 30 Day 143'614

UHR VX EQUITY YTD % CHANGE - Average Volume 3 Month 168'353


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

5'677.0 5'142.0 6'108.0 6'764.0 7'796.0 - - 8'896.7 9'795.2 - -

1.29x 2.54x 3.33x 2.50x 2.96x - - 3.03x 2.65x - -

1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'547.9 2'852.7 - -

5.17x 11.63x 12.26x 9.17x 10.29x - - 10.48x 9.36x - -

834.0 759.0 1'074.0 1'269.0 1'600.0 - - 1'783.6 1'994.0 - -

9.25x 18.10x 20.56x 14.96x 15.56x - - 16.45x 14.72x - -











EBITDA Margin 28.8%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swatch Group AG/ThePrice/Volume

Valuation Analysis

95'973.00


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2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

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27.03.2013



SWATCH GROUP AG n/a Co File 505'000 1.64 - 31.12.2011 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 463'841 1.5 63'157 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 448'873 1.46 (10'129) 31.01.2013 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 374'750 1.22 78'689 25.03.2013 Investment Advisor


CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 266'305 0.86 (25'035) 28.02.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 255'065 0.83 (255'195) 31.01.2013 Investment Advisor


UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 230'863 0.75 (180) 30.11.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 196'392 0.64 (169) 31.12.2012 Investment Advisor

WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 184'025 0.6 - 31.12.2012 Hedge Fund Manager

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 178'394 0.58 (621) 31.01.2013 Investment Advisor


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 154'414 0.5 (69'287) 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 144'672 0.47 (88'242) 31.01.2013 Investment Advisor

GRETHER ESTHER n/a Co File 114'000 0.37 - 31.12.2011 n/a

ROYAL BANK OF CANADA n/a ULT-AGG 112'640 0.37 20'597 30.11.2012 Bank

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 108'442 0.35 (5'868) 28.02.2013 Investment Advisor



Credit Suisse PATRICK JNGLIN outperform 5 M 600 Not Provided 27.03.2013


Societe Generale THIERRY COTA buy 5 M 650 12 month 22.03.2013

Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 602 12 month 21.03.2013

Cantor Fitzgerald ALLEGRA PERRY buy 5 M 600 Not Provided 21.03.2013


Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 706 Not Provided 20.03.2013


Sanford C. Bernstein & Co MARIO ORTELLI market perform 3 M 600 12 month 15.03.2013

Renaissance Capital REY WIUM hold 3 M 541 12 month 14.03.2013

Aurel - BGC DAVID DA MAIA hold 3 M 550 Not Provided 12.03.2013

Raymond James MARC WILLAUME outperform 5 M 600 12 month 07.03.2013

Bank Vontobel AG RENE WEBER buy 5 M 600 Not Provided 07.03.2013



Barclays HELEN NORRIS equalweight 3 M 550 Not Provided 07.03.2013

AlphaValue VERONIQUE CABIOC'H add 4 M 580 6 month 07.03.2013



Berenberg Bank JOHN GUY buy 5 M 625 Not Provided 15.02.2013


CA Cheuvreux THOMAS MESMIN select list 5 M 580 Not Provided 05.02.2013


S&P Capital IQ WILLIAM MACK sell 1 M 480 12 month 04.02.2013

HSBC ANTOINE BELGE neutral 3 D 550 Not Provided 24.01.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 600 12 month 22.01.2013


Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 13.09.2012

Holdings By:

Swatch Group AG/The ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (22.03.2013) 129.40

52-Week Low (04.06.2012) 86.90

Daily Volume

127.7





199'205.33 1 Yr Total Return 27.18%







TEL NO EQUITY YTD Change - Average Volume 30 Day 1'658'660

TEL NO EQUITY YTD % CHANGE - Average Volume 3 Month 1'649'427


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

96'167.0 90'748.0 94'843.0 98'516.0 101'718.0 98'515.0 101'719.0 103'045.2 106'117.7 25'269.1 25'646.2

1.37x 1.89x 1.94x 1.82x 2.16x 7.22x 8.10x 2.29x 2.20x 8.54x 8.97x

30'133.0 33'071.0 29'262.0 34'352.0 39'711.0 34'382.0 39'711.0 35'518.1 37'312.2 8'436.0 8'753.0

4.36x 5.18x 6.28x 5.22x 5.52x 5.22x 5.52x 6.86x 6.53x 6.89x 6.78x

13'065.0 8'653.0 14'334.0 7'165.0 9'490.0 7'937.0 9'490.0 15'392.1 17'141.2 4'028.7 4'402.2

5.81x 14.43x 10.60x 22.04x 18.51x 19.98x 18.44x 12.72x 11.26x 12.38x 12.15x











EBITDA Margin 39.0%



Asset Turnover 0.61







Fiscal Year Ended

Telenor ASAPrice/Volume

Valuation Analysis

1'409'719.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0 ! E

1 ! E

2 ! E

3 ! E

4 ! E

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0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

- !!

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1 !!

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27.03.2013


NORWEGIAN GOVT MINIS #N/A N/A EXCH 841'829'056 53.97 - 25.03.2013 Government


GOVERNMENT PENSION F #N/A N/A EXCH 69'748'571 4.47 - 25.03.2013 Government

JP MORGAN CHASE BANK #N/A N/A EXCH 53'781'082 3.45 - 25.03.2013 Investment Advisor

BANK OF NEW YORK MEL #N/A N/A EXCH 39'648'040 2.54 - 25.03.2013 Investment Advisor

CLEARSTREAM BANKING #N/A N/A EXCH 29'376'796 1.88 - 25.03.2013 Bank

NORTHERN TRUST CO #N/A N/A EXCH 28'128'270 1.8 - 25.03.2013 Investment Advisor


EUROCLEAR BANK SA #N/A N/A EXCH 22'654'409 1.45 - 25.03.2013 Bank

TELENOR ASA #N/A N/A EXCH 20'208'167 1.3 - 25.03.2013 Government


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 14'188'366 0.91 (821'805) 28.02.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 12'089'340 0.77 (3'550) 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 7'950'745 0.51 1'433'184 31.12.2012 Investment Advisor


RBC DEXIA INVESTOR S #N/A N/A EXCH 7'084'983 0.45 - 25.03.2013 Investment Advisor


STOREBRAND FUND MANA Multiple Portfolios MF-AGG 4'807'345 0.31 177'380 28.02.2013 Investment Advisor

DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 4'442'028 0.28 1'088'600 31.12.2012 Investment Advisor

NORDEA FONDENE AS Multiple Portfolios MF-AGG 4'208'273 0.27 (48'232) 28.09.2012 Mutual Fund Manager


Grupo Santander JOHN DAVIES buy 5 M 143 12 month 27.03.2013


Deutsche Bank KEVAL KHIROYA buy 5 M 140 12 month 20.03.2013

SEB Enskilda HARALD HORNES OYEN sell 1 M 110 Not Provided 19.03.2013

Jefferies ULRICH RATHE buy 5 M 140 12 month 18.03.2013


New Street Research RUSSELL WALLER neutral 3 D 126 Not Provided 12.03.2013

Nomura JAMES BRITTON buy 5 M 134 12 month 11.03.2013

Credit Suisse JAKOB BLUESTONE outperform 5 M 130 Not Provided 08.03.2013

Exane BNP Paribas MAXIME REY neutral 3 M 133 Not Provided 08.03.2013

Morgan Stanley TERENCE TSUI Overwt/In-Line 5 M 150 12 month 07.03.2013

Berenberg Bank BARRY ZEITOUNE buy 5 M 140 Not Provided 06.03.2013

Arctic Securities ASA MARKUS BJERKE hold 3 M 125 Not Provided 28.02.2013

ABG Sundal Collier OLE PETTER KJERKREIT hold 3 M 128 6 month 22.02.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 112 Not Provided 22.02.2013


Nordea Equity Research STEFAN GAUFFIN buy 5 M 135 12 month 14.02.2013

Handelsbanken THOMAS HEATH accumulate 4 M 125 12 month 14.02.2013

SpareBank 1 Markets AS TORE A TONSETH sell 1 D 121 12 month 14.02.2013

DNB Markets CHRISTER ROTH hold 3 M 123 Not Provided 14.02.2013

Barclays MAURICE PATRICK overweight 5 M 140 Not Provided 14.02.2013

Norne Securities AS VILIS EIZENTAS sell 1 M 100 12 month 14.02.2013

Danske Markets ERIK STRANDIN PERS buy 5 M 135 12 month 14.02.2013

Swedbank First Securities SVEN SKOLD buy 5 M 128 Not Provided 14.02.2013

Goldman Sachs ANDREW LEE Buy/Neutral 5 M 164 12 month 13.02.2013

HSBC DOMINIK KLARMANN overweight 5 M 142 Not Provided 13.02.2013

Pareto Securities THOMAS NIELSEN sell 1 M 105 6 month 13.02.2013

S&P Capital IQ ALEXANDER WISCH strong buy 5 M 140 12 month 13.02.2013

Carnegie ESPEN TORGERSEN hold 3 M #N/A N/A Not Provided 22.01.2013


Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 M 145 Not Provided 16.11.2012

Societe Generale OTTAVIO ADORISIO buy 5 M 115 12 month 24.10.2012

CA Cheuvreux PETER KURT NIELSEN outperform 5 M 105 Not Provided 30.12.2011

Holdings By:

Telenor ASA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (30.01.2013) 1.54

52-Week Low (23.07.2012) 0.85

Daily Volume

1.108





18'075.53 1 Yr Total Return -18.86%





Enterprise Value -

Average Volume 5 Day #########

ISP IM EQUITY YTD Change - Average Volume 30 Day #########

ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

33'216.0 27'022.0 24'836.0 25'266.0 17'813.0 23'133.0 17'685.0 16'804.9 17'226.7 - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

2'553.0 2'805.0 2'705.0 (8'190.0) 1'605.0 (8'190.0) 1'605.0 1'847.7 2'481.0 - -

23.67x 15.27x 12.90x - 12.56x 0.00x 10.08x 9.89x 7.28x 9.38x 8.66x


EBIT - Long-Term Rating BBB+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intesa Sanpaolo SpAPrice/Volume

Valuation Analysis

169'231'735.00


!!!-----..


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

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27.03.2013


COMPAGNIA DI SAN PAO n/a EXCH 1'532'766'787 9.89 - 20.11.2012 Other

FOND CR PROVINCIE LO n/a EXCH 725'460'008 4.68 - 20.11.2012 Bank

FONDAZIONE CASSA RIS n/a EXCH 647'953'597 4.18 - 20.11.2012 Bank

ENTE CASSA DI RISP F n/a EXCH 523'633'314 3.38 - 20.11.2012 Bank

FONDAZIONE CASSA RIS n/a EXCH 422'874'979 2.73 - 20.11.2012 Other

ALLEANZA TORO SPA n/a EXCH 286'308'683 1.85 - 20.11.2012 Insurance Company


ASSICURAZIONI GENERA n/a EXCH 205'236'977 1.32 - 20.11.2012 Insurance Company

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 193'171'300 1.25 19'137'900 31.12.2012 Investment Advisor



INA ASSITALIA SPA n/a EXCH 85'877'104 0.55 - 20.11.2012 Insurance Company

GENERALI VIE SA n/a EXCH 82'931'860 0.53 - 20.11.2012 Other



MANDARINE GESTION Multiple Portfolios MF-AGG 38'252'534 0.25 (1'421'878) 28.02.2013 Investment Advisor



GENERALI VERSICHERUN n/a EXCH 34'722'872 0.22 - 20.11.2012 Holding Company

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 33'905'476 0.22 (2'160'992) 31.12.2012 Investment Advisor


Nomura DOMENICO SANTORO buy 5 M 2 12 month 26.03.2013

Mediobanca SpA ANDREA FILTRI neutral 3 M 1 Not Provided 25.03.2013

Barclays ANTONIO RIZZO underweight 1 M 1 Not Provided 25.03.2013


Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 1 Not Provided 18.03.2013

Berenberg Bank ELENI PAPOULA hold 3 M 1 Not Provided 14.03.2013

Societe Generale CARLO TOMMASELLI sell 1 M 1 12 month 13.03.2013

Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 2 12 month 13.03.2013



Equita SIM SpA MATTEO GHILOTTI buy 5 M 2 12 month 13.03.2013

Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 13.03.2013

Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 1 12 month 13.03.2013

ICBPI LUCA COMI neutral 3 M 2 12 month 13.03.2013

Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 2 Not Provided 13.03.2013

Natixis STEVEN GOULD buy 5 M 1 Not Provided 13.03.2013

S&P Capital IQ WILLIAM HOWLETT hold 3 M 1 12 month 13.03.2013

Credit Suisse IGNACIO CEREZO outperform 5 M 2 Not Provided 12.03.2013

Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 12 month 11.03.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 08.03.2013


Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 06.03.2013

HSBC CARLO DIGRANDI neutral 3 U 1 Not Provided 25.02.2013

Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 2 12 month 19.02.2013


RBC Capital Markets PATRICK LEE underperform 1 M 1 12 month 28.01.2013

Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 17.01.2013


Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 1 12 month 11.01.2013

CA Cheuvreux ALDO COMI outperform 5 M 2 Not Provided 06.11.2012



Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012

Main First Bank AG ALBERTO SEGAFREDO neutral 3 M 2 12 month 29.07.2011

Holdings By:

Intesa Sanpaolo SpA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2013) 75.06

52-Week Low (04.06.2012) 49.22

Daily Volume

74.06





28'970.07 1 Yr Total Return 37.91%







HEN3 GY EQUITY YTD Change - Average Volume 30 Day 605'127

HEN3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 639'097


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

14'131.0 13'573.0 15'092.0 15'605.0 16'510.0 15'605.0 16'510.0 17'083.1 17'919.3 4'190.5 4'394.5

1.00x 1.40x 1.41x 1.38x 1.81x 5.53x 6.49x 1.65x 1.51x - -

2'048.0 1'938.0 2'445.0 2'444.0 2'782.0 2'217.0 2'658.0 2'860.3 3'087.0 - -

6.87x 9.84x 8.71x 8.82x 10.72x 9.72x 11.22x 11.11x 10.29x - -

1'221.0 602.0 1'118.0 1'161.0 1'510.0 1'161.0 1'510.0 1'736.9 1'912.5 434.0 468.5

8.01x 26.40x 18.11x 16.70x 17.93x 16.70x 17.93x 18.38x 16.68x 17.59x -











EBITDA Margin 16.1%



Asset Turnover 0.87







Fiscal Year Ended

Henkel AG & Co KGaAPrice/Volume

Valuation Analysis

320'636.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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2!

3!

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2 E

- ! E

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

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27.03.2013



HENKEL KGAA n/a EXCH 4'541'372 2.55 - 05.08.2011 Corporation









TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'019'990 0.57 191'841 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 974'909 0.55 90'999 31.12.2012 Investment Advisor


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 947'914 0.53 (478'762) 28.02.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 876'399 0.49 634'733 31.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 860'900 0.48 145'780 30.11.2012 Bank

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 721'996 0.41 344'567 28.12.2012 Mutual Fund Manager

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 601'863 0.34 85'487 29.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 564'346 0.32 (482'690) 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 514'818 0.29 17'806 31.12.2012 Investment Advisor




Morgan Stanley ERIK SJOGREN Overwt/In-Line 5 M 75 12 month 21.03.2013

Grupo Santander PEDRO GIL hold 3 M 70 Not Provided 19.03.2013

Jefferies ALEX HOWSON hold 3 M 54 Not Provided 19.03.2013

Nomura GUILLAUME DELMAS buy 5 M 74 Not Provided 18.03.2013


Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 73 12 month 13.03.2013

Baader Bank CHRISTIAN WEIZ hold 3 M 75 12 month 13.03.2013

Berenberg Bank SETH PETERSON buy 5 M 83 Not Provided 11.03.2013

Societe Generale CHAS MANSO DE ZUNIGA buy 5 U 80 12 month 08.03.2013

Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 81 Not Provided 08.03.2013

DZ Bank AG THOMAS MAUL sell 1 M 58 12 month 08.03.2013

Nord/LB JULIA SIEKMANN buy 5 U 78 12 month 07.03.2013

Credit Suisse ALEX MOLLOY underperform 1 M 71 Not Provided 07.03.2013

Bankhaus Lampe HEIKO FEBER hold 3 D 73 12 month 07.03.2013


Bankhaus Metzler SEBASTIAN FRERICKS sell 1 M 59 12 month 07.03.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 D 56 12 month 07.03.2013


Exane BNP Paribas EAMONN FERRY underperform 1 M 63 Not Provided 07.03.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 78 6 month 06.03.2013





JPMorgan CELINE PANNUTI underweight 1 M 58 9 month 04.03.2013

M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 60 12 month 28.02.2013

Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 06.02.2013

Kepler Capital Markets MARKUS MAYER hold 3 D 69 Not Provided 01.02.2013


HSBC CEDRIC BESNARD underweight 1 M 60 Not Provided 17.01.2013


Macquarie CHRISTIAN FAITZ neutral 3 M 49 12 month 21.11.2012

Silvia Quandt Research MARK JOSEFSON avoid 1 D 52 12 month 19.11.2012

CA Cheuvreux MARTIN ROEDIGER underperform 1 M 65 Not Provided 14.11.2012

Deutsche Bank HAROLD THOMPSON buy 5 U 75 12 month 27.08.2012

Equita SIM SpA FABIO FAZZARI not rated #N/A N/A D 36 Not Provided 14.12.2009

Holdings By:

Henkel AG & Co KGaA ee


27.03.2013

TeliaSonera AB offers telecommunication services. The Company offers mobile

communications services as well as operates fixed networks throughout Eurasia.


LTM as of: 12/yy

52-Week High (17.09.2012) 49.65

52-Week Low (23.04.2012) 41.03

Daily Volume

46.16





199'876.72 1 Yr Total Return 6.85%







TLSN SS EQUITY YTD Change - Average Volume 30 Day 8'722'475

TLSN SS EQUITY YTD % CHANGE - Average Volume 3 Month 8'920'658


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

103'585.0 109'161.0 106'979.0 104'354.0 104'898.0 104'558.0 104'898.0 103'860.0 104'877.9 25'450.0 26'052.1

2.31x 2.65x 2.77x 2.66x 2.45x 10.61x 10.39x 2.49x 2.44x 10.26x 10.19x

31'663.0 35'329.0 37'677.0 36'843.0 34'962.0 36'997.0 34'963.0 35'299.9 36'434.7 8'558.9 8'754.6

7.57x 8.19x 7.86x 7.52x 7.34x 7.28x 7.34x 7.52x 7.29x 7.49x 7.39x

19'011.0 18'854.0 21'257.0 18'341.0 19'886.0 18'341.0 19'838.0 18'048.7 18'903.7 4'365.7 4'468.7

9.19x 12.35x 11.26x 11.14x 9.59x 11.22x 9.62x 11.03x 10.58x 10.97x 10.85x











EBITDA Margin 33.3%



Asset Turnover 0.41





Accounts Receivable Turnover - Cash Conversion Cycle -3.18



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

TeliaSonera ABPrice/Volume

Valuation Analysis

4'317'198.00


!

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40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

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27.03.2013


GOVERNMENT OF SWEDEN n/a Research 1'614'513'748 37.29 - 30.09.2012 Government

REPUBLIC OF FINLAND n/a Research 505'123'642 11.67 (89'000'000) 30.09.2012 Government




AMF PENSION n/a Research 81'560'451 1.88 - 30.09.2012 Pension Fund (ERISA)


SHB FUNDS n/a Research 55'103'337 1.27 - 30.09.2012 n/a

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 51'687'796 1.19 20'254'991 26.03.2013 Investment Advisor


GOVERNMENT OF NORWAY n/a Research 45'514'625 1.05 - 30.09.2012 Government

AFA INSURANCE n/a Research 40'936'185 0.95 (1'638'000) 30.09.2012 Insurance Company

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 36'637'463 0.85 757'991 28.02.2013 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 32'908'480 0.76 (913'000) 31.12.2012 Investment Advisor


FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 29'888'500 0.69 2'212'625 31.12.2012 Investment Advisor

SKANDIA LIV n/a Research 28'199'595 0.65 - 30.09.2012 Pension Fund (ERISA)

SPP n/a Research 24'185'095 0.56 - 30.09.2012 n/a


2ND SWEDISH NAT PEN n/a Research 21'277'439 0.49 - 30.09.2012 Pension Fund (ERISA)


Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 53 12 month 26.03.2013

Carnegie LENA OSTERBERG buy 5 M #N/A N/A Not Provided 26.03.2013


Pohjola Bank Plc (ESN) KIMMO STENVALL reduce 2 M 42 12 month 20.03.2013

SEB Enskilda ANDREAS JOELSSON buy 5 M 49 Not Provided 19.03.2013

Grupo Santander JOHN DAVIES underweight 1 M 45 Not Provided 13.03.2013

Credit Suisse JAKOB BLUESTONE neutral 3 M 45 Not Provided 13.03.2013

Exane BNP Paribas MAXIME REY outperform 5 M 53 Not Provided 08.03.2013

Berenberg Bank BARRY ZEITOUNE sell 1 M 42 Not Provided 06.03.2013

ABG Sundal Collier KRISTOFER ERIKSSON sell 1 M 42 6 month 04.03.2013

Jefferies ULRICH RATHE underperform 1 D 37 12 month 01.03.2013

HSBC DOMINIK KLARMANN overweight 5 M 52 Not Provided 27.02.2013

CA Cheuvreux PETER KURT NIELSEN outperform 5 D 50 Not Provided 11.02.2013

Evli Bank Plc MIKKO ERVASTI accumulate 4 D 49 Not Provided 05.02.2013


Nomura JAMES BRITTON neutral 3 M 46 12 month 04.02.2013

Deutsche Bank KEVAL KHIROYA hold 3 M 46 12 month 01.02.2013

Nordea Equity Research STEFAN GAUFFIN buy 5 M 51 12 month 01.02.2013

Handelsbanken THOMAS HEATH reduce 2 M 44 12 month 01.02.2013

Swedbank SVEN SKOLD buy 5 M 51 12 month 01.02.2013

Barclays MAURICE PATRICK equalweight 3 M 45 Not Provided 01.02.2013

Danske Markets ERIK STRANDIN PERS hold 3 M 45 12 month 01.02.2013

Societe Generale OTTAVIO ADORISIO sell 1 M 42 12 month 31.01.2013

Goldman Sachs ANDREW LEE neutral/neutral 3 M 54 12 month 31.01.2013

Pareto Securities THOMAS NIELSEN hold 3 D 46 6 month 31.01.2013

S&P Capital IQ ALEXANDER WISCH buy 5 M 52 12 month 31.01.2013

DNB Markets CHRISTER ROTH buy 5 M 51 Not Provided 31.01.2013

New Street Research RUSSELL WALLER neutral 3 M 49 Not Provided 31.01.2013


Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 33 Not Provided 30.10.2012

Natixis JACQUES DE GRELING neutral 3 M 46 Not Provided 18.10.2012

SpareBank 1 Markets AS TORE A TONSETH sell 1 D 44 6 month 17.10.2012

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 56 Not Provided 18.07.2012

Holdings By:

TeliaSonera AB ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2012) 14.95

52-Week Low (27.03.2013) 10.05

Daily Volume

10.185





16'962.02 1 Yr Total Return -27.98%







MT NA EQUITY YTD Change - Average Volume 30 Day 10'206'350

MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 9'428'443


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

124'936.0 61'021.0 78'025.0 93'973.0 84'213.0 93'973.0 84'213.0 86'528.0 90'351.7 20'331.0 21'669.8

0.50x 1.52x 1.05x 0.58x 0.61x 2.92x 2.47x 0.50x 0.45x 2.21x 2.06x

24'436.0 3'656.0 8'525.0 9'898.0 6'762.0 10'117.0 7'150.0 7'609.6 9'308.1 1'445.5 1'887.0

2.57x 25.37x 9.63x 5.47x 7.58x 5.35x 7.17x 6.11x 4.99x 6.40x 5.85x

9'399.0 157.0 2'916.0 2'263.0 (3'726.0) 2'263.0 (3'726.0) 1'107.4 2'518.1 (45.8) 324.5

3.49x 308.59x 17.66x 15.75x - 15.75x 0.00x 19.18x 9.05x 30.97x 15.39x


EBIT 1'809.00 Long-Term Rating BB+



Return on Assets -3.15% Short-Term Rating B






EBITDA Margin 8.5%



Asset Turnover 0.71







Fiscal Year Ended

ArcelorMittalPrice/Volume

Valuation Analysis

7'524'084.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

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27.03.2013


HSBC TRUSTEE CI LTD n/a Research 637'338'263 38.27 - 31.07.2012 Unclassified

STATE OF LUXEMBOURG n/a Research 38'965'330 2.34 - 17.05.2012 Government



ARCELOR MITTAL n/a Research 11'807'964 0.71 - 17.05.2012 Corporation


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 8'882'700 0.53 361'682 31.01.2013 Investment Advisor



MANDARINE GESTION Multiple Portfolios MF-AGG 4'337'697 0.26 424'535 28.02.2013 Investment Advisor


HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 3'405'847 0.2 383'008 31.12.2012 Investment Advisor




HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'714'162 0.16 313'267 28.02.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'683'591 0.16 (1'180'104) 31.12.2012 Investment Advisor

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 2'539'528 0.15 (67'376) 29.06.2012 Investment Advisor


MAINFIRST SICAV Multiple Portfolios MF-AGG 2'378'999 0.14 2'378'999 30.11.2012 Investment Advisor


Grupo Santander JUAN RAMON CORREAS hold 3 M 16 Not Provided 22.03.2013

Nomura NEIL SAMPAT neutral 3 M 11 12 month 22.03.2013

Exane BNP Paribas LUC PEZ neutral 3 M 13 Not Provided 21.03.2013


Societe Generale ALAIN WILLIAM buy 5 M 15 12 month 19.03.2013

Jefferies SETH ROSENFELD buy 5 M 16 12 month 19.03.2013

Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 16 12 month 19.03.2013

Natixis RAOUDHA BOUZEKRI neutral 3 M 12 Not Provided 19.03.2013

Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 13 12 month 18.03.2013

RBC Capital Markets TIMOTHY HUFF outperform 5 M 14 12 month 18.03.2013

JPMorgan ALESSANDRO ABATE overweight 5 M 14 9 month 18.03.2013

Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 15 12 month 18.03.2013

Rabobank International FRANK CLAASSEN buy 5 M 14 12 month 18.03.2013

Espirito Santo Investment Bank ResearchRUI DIAS sell 1 M 10 Not Provided 18.03.2013

Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE sell 1 M 12 Not Provided 18.03.2013

ING Bank FILIP DE PAUW hold 3 M 13 12 month 18.03.2013

AlphaValue FABRICE FARIGOULE buy 5 M 15 6 month 18.03.2013

Macquarie JEFFREY LARGEY neutral 3 M 14 12 month 14.03.2013

Liberum Capital Ltd RICHARD KNIGHTS sell 1 N 10 Not Provided 04.03.2013

Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 11 12 month 01.03.2013


HSBC THORSTEN ZIMMERMANN neutral 3 U 12 Not Provided 22.02.2013


Nord/LB HOLGER FECHNER sell 1 M 10 12 month 07.02.2013

Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 13 Not Provided 07.02.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 9 12 month 07.02.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 13 6 month 06.02.2013

Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 06.02.2013

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 19 Not Provided 06.02.2013

VTB Capital WIKTOR BIELSKI buy 5 M 21 12 month 05.02.2013

Theodoor Gilissen Securities TOM MULLER buy 5 M 18 Not Provided 22.01.2013

Petercam JUNIOR CUIGNIEZ hold 3 M 14 Not Provided 14.01.2013


BBVA LUIS DE TOLEDO underperform 1 M 15 Not Provided 10.01.2013

Davy TIM CAHILL neutral 3 U #N/A N/A Not Provided 10.01.2013

Kempen & Co DIRK VERBIESEN buy 5 M 17 12 month 06.01.2013

La Caixa ICIAR GOMEZ BOTAS overweight 5 D 13 Not Provided 23.11.2012


Main First Bank AG ALEXANDER HAUENSTEIN underperform 1 M 9 12 month 02.11.2012

Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 13 12 month 26.10.2012

Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012

Daiwa Securities Co. Ltd. SCOTT FINLAY buy 5 N 30 12 month 08.06.2011

Holdings By:

ArcelorMittal ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (30.07.2012) 60.27

52-Week Low (10.01.2013) 47.79

Daily Volume

52.42





16'038.56 1 Yr Total Return 1.93%







FME GY EQUITY YTD Change - Average Volume 30 Day 800'870

FME GY EQUITY YTD % CHANGE - Average Volume 3 Month 849'319


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

10'612.3 11'247.5 12'053.5 12'570.5 13'800.3 12'570.5 13'800.3 14'706.7 15'546.5 3'530.8 3'762.0

1.81x 1.84x 1.88x 2.22x 2.15x 8.84x 8.76x 1.93x 1.78x 8.11x 7.60x

2'088.1 2'212.7 2'427.0 2'632.2 2'821.5 2'632.2 2'821.5 3'103.0 3'281.5 732.5 770.0

9.19x 9.33x 9.36x 10.62x 10.50x 10.63x 10.50x 9.31x 8.80x 9.39x 9.23x

817.6 891.1 978.5 1'071.2 1'186.8 1'071.2 1'186.8 1'204.4 1'317.2 271.0 294.7

17.10x 17.72x 17.64x 19.22x 17.78x 19.22x 17.78x 17.05x 15.72x 17.41x 16.86x


EBIT 2'218.57 Long-Term Rating BB+









EBITDA Margin 20.4%



Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fresenius Medical Care AG & Co KGaAPrice/Volume

Valuation Analysis

486'804.00


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4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

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27.03.2013


FRESENIUS SE & CO KG n/a 20F 94'380'382 31.17 - 18.02.2013 Corporation


THORNBURG INVESTMENT n/a Research 15'147'822 5 - 06.02.2013 Investment Advisor





THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'050'747 0.68 (14'552) 31.12.2012 Investment Advisor




SARASIN n/a ULT-AGG 1'270'832 0.42 76'163 31.01.2013 Unclassified

INVESCO LTD Multiple Portfolios MF-AGG 1'239'455 0.41 (237'666) 21.03.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'145'603 0.38 729'384 30.11.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 1'077'120 0.36 - 31.10.2012 Hedge Fund Manager


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 891'372 0.29 (89'146) 30.10.2012 Investment Advisor


SCOTTISH WIDOWS n/a ULT-AGG 732'215 0.24 6'037 30.11.2012 Unclassified

CLERICAL MEDICAL INV Multiple Portfolios MF-AGG 667'115 0.22 - 28.02.2013 Investment Advisor


Societe Generale JUSTIN SMITH buy 5 M 62 12 month 25.03.2013


Exane BNP Paribas JULIEN DORMOIS outperform 5 M 62 Not Provided 21.03.2013

Sanford C. Bernstein & Co LISA BEDELL CLIVE outperform 5 M 62 12 month 18.03.2013

Morgan Stanley MICHAEL K JUNGLING Overwt/In-Line 5 M 58 12 month 07.03.2013

Nord/LB HOLGER FECHNER hold 3 M 55 12 month 07.03.2013

AlphaValue MARTIN SCHNEE add 4 M 61 6 month 07.03.2013

Barclays SALLY TAYLOR equalweight 3 M 57 Not Provided 05.03.2013

DZ Bank AG SVEN OLAF KUERTEN hold 3 M 55 12 month 04.03.2013

HSBC JAN KEPPELER neutral 3 M 55 Not Provided 01.03.2013


Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 53 12 month 27.02.2013

Credit Suisse CHRISTOPH GRETLER neutral 3 M 55 Not Provided 27.02.2013


Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 56 12 month 27.02.2013

Berenberg Bank TOM JONES buy 5 M 63 Not Provided 27.02.2013

Kepler Capital Markets MAJA PATAKI buy 5 M 58 Not Provided 27.02.2013

Bryan Garnier & Cie MATHIEU CHABERT buy 5 M 66 6 month 27.02.2013

Equinet Institutional Services(ESN) KONRAD LIEDER accumulate 4 M 58 12 month 27.02.2013

Main First Bank AG MARCUS WIEPRECHT underperform 1 M 50 12 month 27.02.2013

JPMorgan DAVID J ADLINGTON underweight 1 M 49 9 month 26.02.2013


M.M. Warburg Investment Research ULRICH HUWALD buy 5 M 57 12 month 26.02.2013

Nomura MARTIN BRUNNINGER reduce 2 M 45 12 month 26.02.2013


Helvea OLAV ZILIAN buy 5 M 65 12 month 26.02.2013

Commerzbank Corporates & Markets VOLKER BRAUN hold 3 M 56 6 month 21.02.2013

Deutsche Bank HOLGER BLUM hold 3 M 48 12 month 20.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013

Jefferies INGEBORG OIE hold 3 M 60 12 month 05.11.2012

CA Cheuvreux OLIVER REINBERG underperform 1 M 49 Not Provided 01.11.2012

Silvia Quandt Research CLAUDIA LAKATOS buy 5 M 66 12 month 31.10.2012

SunTrust Robinson Humphrey DAVID S MACDONALD buy 5 M 63 12 month 02.11.2011

Holdings By:

Fresenius Medical Care AG & Co KGaA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (21.01.2013) 47'480.00

52-Week Low (04.06.2012) 35'000.00

Daily Volume

45440





196'043.75 1 Yr Total Return 8.03%







MAERSKB DC EQUITY YTD Change - Average Volume 30 Day 4'285

MAERSKB DC EQUITY YTD % CHANGE - Average Volume 3 Month 4'448


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

311'821.0 260'336.0 315'396.0 322'520.0 342'058.0 322'520.0 342'058.0 336'080.7 365'158.1 81'773.1 85'571.3

0.68x 1.01x 0.97x 0.84x 0.85x 2.44x 3.40x 0.92x 0.84x - -

83'945.0 49'262.0 89'218.0 78'506.0 72'897.0 78'506.0 72'897.0 75'512.7 84'490.5 17'725.7 19'909.3

2.52x 5.34x 3.44x 3.44x 4.00x 3.44x 4.06x 4.05x 3.62x 3.94x 3.77x

16'960.0 (7'027.0) 26'455.0 15'189.0 21'673.0 15'189.0 21'673.0 19'131.9 24'742.7 3'444.0 5'381.8

6.86x - 8.33x 10.96x 8.59x 11.01x 8.61x 10.37x 8.32x 10.03x 9.22x











EBITDA Margin 21.3%



Asset Turnover 0.83








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AP Moeller - Maersk A/SPrice/Volume

Valuation Analysis

1'461.00


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100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

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

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27.03.2013


AP & CHASTINE MOLLER n/a Co File 905'933 41.22 - 31.12.2011 Other

AP MOLLER C MCKINNEY n/a Co File 216'483 9.85 - 31.12.2011 n/a

FRANKLIN RESOURCES n/a ULT-AGG 87'534 3.98 (46) 31.12.2012 Investment Advisor

MC-KINNEY MOLLER MAE n/a Co File 81'758 3.72 - 31.12.2011 n/a

DEN AP MOLLERSKE STO n/a Co File 64'615 2.94 - 31.12.2011 Other

AP MOLLER - MAERSK A n/a Co File 29'729 1.35 - 31.12.2011 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 25'010 1.14 4'657 31.12.2012 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 16'835 0.77 - 28.02.2013 Mutual Fund Manager

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 14'211 0.65 67 28.02.2013 Investment Advisor


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 12'536 0.57 1'049 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 9'054 0.41 - 31.12.2012 Investment Advisor

MANDARINE GESTION Multiple Portfolios MF-AGG 8'803 0.4 (680) 28.02.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 7'616 0.35 1'469 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 6'980 0.32 (665) 31.12.2012 Investment Advisor

SPARINVEST n/a ULT-AGG 6'713 0.31 (6) 28.02.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'465 0.29 620 28.02.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'428 0.29 530 31.12.2012 Investment Advisor

SARASIN n/a ULT-AGG 6'413 0.29 (275) 31.01.2013 Unclassified

FMR LLC n/a ULT-AGG 6'016 0.27 2'214 31.01.2013 Investment Advisor


Fearnley Fonds RIKARD VABO reduce 2 M 40'000 Not Provided 27.03.2013

SEB Enskilda MIKKEL M NIELSEN hold 3 M 45'100 Not Provided 25.03.2013

Cantor Fitzgerald ROBIN BYDE buy 5 M 50'000 Not Provided 21.03.2013

AlphaValue HELENE COUMES reduce 2 M 41'414 6 month 21.03.2013

Berenberg Bank WILLIAM FOGGON buy 5 M 60'000 Not Provided 20.03.2013

ABG Sundal Collier LARS HEINDORFF buy 5 M 52'000 6 month 13.03.2013

Equita SIM SpA GIANMARCO BONACINA buy 5 M 58'000 12 month 05.03.2013

Nordea Equity Research FINN BJARKE PETERSEN buy 5 M 50'000 12 month 05.03.2013

Macquarie ROBERT JOYNSON neutral 3 M 44'000 12 month 01.03.2013

Credit Suisse NEIL GLYNN underperform 1 M 42'700 Not Provided 28.02.2013

ABN Amro Bank N.V. MARK VAN DER GEEST buy 5 M 52'500 12 month 27.02.2013

Carnegie STIG FREDERIKSEN buy 5 M #N/A N/A Not Provided 25.02.2013

Handelsbanken DAN TOGO JENSEN buy 5 M 57'000 12 month 25.02.2013

DNB Markets NICOLAY DYVIK buy 5 M 51'000 Not Provided 25.02.2013

Danske Markets ERIK BERGOO buy 5 M 55'000 12 month 25.02.2013

Clarkson Capital Markets LLC URS M DUR market perform 3 M 42'200 12 month 25.02.2013

Alm Brand Markets JESPER CHRISTENSEN sell 1 M 42'500 Not Provided 22.02.2013

Goldman Sachs OLIVER NEAL Buy/Neutral 5 M 56'000 12 month 22.02.2013

JPMorgan CHRISTOPHER G COMBE neutral 3 M 45'000 9 month 22.02.2013

Nomura MARK MCVICAR buy 5 M 59'000 12 month 21.02.2013

Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 53'800 12 month 08.02.2013

RS Platou Markets FRODE MOERKEDAL neutral 3 D 50'000 6 month 03.02.2013

Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 60'000 12 month 01.02.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

HSBC JULIA WINARSO overweight 5 M 56'000 Not Provided 13.11.2012

SpareBank 1 Markets AS GLENN LODDEN buy 5 N 50'000 6 month 26.10.2012

Jyske Bank FRANS HOYER sell 1 M 37'000 Not Provided 04.09.2012

CA Cheuvreux BEAT KEISER underperform 1 M 40'000 Not Provided 10.08.2012

NYKREDIT RICKY S RASMUSSEN outperform 5 M #N/A N/A Not Provided 23.02.2012

Sydbank JACOB PEDERSEN overweight 5 M #N/A N/A Not Provided 18.02.2011

Holdings By:

AP Moeller - Maersk A/S ee


27.03.2013

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.


LTM as of: 01/yy

52-Week High (18.01.2013) 136.80

52-Week Low (04.06.2012) 98.08

Daily Volume

128.05





23'270.15 1 Yr Total Return 12.85%







CDI FP EQUITY YTD Change - Average Volume 30 Day 106'087

CDI FP EQUITY YTD % CHANGE - Average Volume 3 Month 103'185


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 01/yy 04/13 Y 04/14 Y 12/13 Q4 03/14 Q1

17'245.0 17'933.0 17'745.0 21'123.0 24'628.0 20'182.0 29'231.0 30'024.6 32'911.4 - -

1.74x 1.26x 1.55x 1.68x 1.55x 0.00x 0.00x 1.49x 1.25x - -

4'207.0 4'294.0 4'102.0 5'175.0 6'266.0 0.0 0.0 7'422.0 8'361.5 - -

7.14x 5.24x 6.69x 6.85x 6.08x 0.00x 0.00x 6.15x 5.46x - -

880.0 796.0 695.0 1'261.0 1'279.0 0.0 0.0 1'768.8 2'220.6 - -

18.20x 9.02x 18.40x 15.14x 12.83x 0.00x 0.00x 13.72x 11.50x - -





Return on Assets - Short-Term Rating -



Asset Turnover - (EBITDA-Capex)/Interest Exp. 18.23

Net Debt/EBITDA -

Gross Margin 66.0% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover -








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Christian Dior SAPrice/Volume

Valuation Analysis

68'094.00


!

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! !!

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27.03.2013


GROUPE ARNAULT SAS n/a Research 127'874'042 70.37 33'750 01.10.2012 Holding Company

CHRISTIAN DIOR SA n/a Co File 2'380'206 1.31 - 30.04.2012 n/a


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 796'326 0.44 (329'869) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 666'226 0.37 151 26.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 623'346 0.34 766 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 581'499 0.32 (75'135) 31.12.2012 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 366'000 0.2 - 31.12.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 348'671 0.19 (819) 31.01.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 333'448 0.18 (3'323) 31.01.2013 Mutual Fund Manager


SOCIETE GENERALE Multiple Portfolios MF-AGG 258'207 0.14 (17'382) 31.10.2012 Bank

PALATINE ASSET MANAG Multiple Portfolios MF-AGG 248'010 0.14 (57'000) 28.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 237'632 0.13 (23'602) 31.01.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 227'680 0.13 32 31.12.2012 Mutual Fund Manager

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 222'041 0.12 30'482 31.12.2012 Investment Advisor

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 213'750 0.12 (15'250) 31.01.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 188'200 0.1 - 28.12.2012 Mutual Fund Manager

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 146'427 0.08 (7'104) 31.12.2012 Investment Advisor




AlphaValue VIRGINIE BLIN buy 5 M 180 6 month 07.03.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.02.2013

Goldman Sachs MARKUS IWAR Buy/Neutral 5 M 149 12 month 11.02.2013

Raymond James MARC WILLAUME outperform 5 M 142 Not Provided 04.02.2013

Natixis OLIVIER DELAHOUSSE buy 5 M 142 Not Provided 04.02.2013

Aurel - BGC DAVID DA MAIA buy 5 U 140 Not Provided 25.01.2013

HSBC SOPHIE DARGNIES neutral 3 D 147 Not Provided 24.01.2013




JPMorgan MELANIE A FLOUQUET overweight 5 M 110 Not Provided 15.12.2011

Holdings By:

Christian Dior SA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (27.03.2013) 61.70

52-Week Low (04.06.2012) 41.51

Daily Volume

60.84





28'970.07 1 Yr Total Return 34.06%







HEN GY EQUITY YTD Change - Average Volume 30 Day 128'082

HEN GY EQUITY YTD % CHANGE - Average Volume 3 Month 127'172


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

14'131.0 13'573.0 15'092.0 15'605.0 16'510.0 15'605.0 16'510.0 17'083.1 17'919.3 4'190.5 4'394.5

1.00x 1.40x 1.41x 1.38x 1.81x 5.53x 6.49x 1.65x 1.51x - -

2'048.0 1'938.0 2'445.0 2'444.0 2'782.0 2'217.0 2'658.0 2'860.3 3'087.0 - -

6.87x 9.84x 8.71x 8.82x 10.72x 9.72x 11.22x 11.11x 10.29x - -

1'221.0 602.0 1'118.0 1'161.0 1'510.0 1'161.0 1'510.0 1'736.9 1'912.5 434.0 468.5

8.01x 26.40x 18.11x 16.70x 17.93x 16.70x 17.93x 15.10x 13.70x 14.45x -











EBITDA Margin 16.1%



Asset Turnover 0.87







Fiscal Year Ended

Henkel AG & Co KGaAPrice/Volume

Valuation Analysis

56'274.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

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27.03.2013


HENKEL FAMILY n/a EXCH 138'237'398 53.21 - 05.08.2011 n/a

HENKEL CHRISTOPH n/a Co File 14'172'457 5.46 - 31.12.2009 n/a

SILCHESTER INTL INVE n/a Co File 7'824'150 3.01 - 31.12.2009 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 2'478'426 0.95 (83'232) 31.03.2012 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 1'580'909 0.61 102'447 31.12.2012 Unclassified




FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 920'000 0.35 - 31.12.2012 Investment Advisor


GENERALI ASSET MANAG Multiple Portfolios MF-AGG 662'131 0.25 - 28.02.2013 Mutual Fund Manager

ADIG INVESTMENT Multiple Portfolios MF-AGG 570'600 0.22 - 30.11.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 492'756 0.19 (50'935) 31.01.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 483'503 0.19 167'052 31.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 468'164 0.18 61'332 31.01.2013 Investment Advisor

OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 467'900 0.18 7'000 30.11.2012 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 285'558 0.11 25'190 30.11.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 248'330 0.1 (35'352) 30.06.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 247'515 0.1 (17'787) 31.01.2013 Mutual Fund Manager

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 218'045 0.08 19'421 31.01.2013 Investment Advisor



AlphaValue MARTIN SCHNEE reduce 2 M 58 6 month 21.03.2013

HSBC CEDRIC BESNARD underweight 1 M 56 Not Provided 18.01.2013

Nomura GUILLAUME DELMAS buy 5 M 62 12 month 10.08.2012

M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 46 12 month 26.04.2012


Landesbank Baden-Wuerttemberg IRIS SCHAEFER buy 5 N 27 6 month 21.10.2008

Holdings By:

Henkel AG & Co KGaA ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (30.01.2013) 170.10

52-Week Low (14.06.2012) 118.60

Daily Volume

162.7





216'678.05 1 Yr Total Return 15.94%




Cash and Equivalents 12'416.00 Consensus Rating -



ATCOB SS EQUITY YTD Change - Average Volume 30 Day 819'144

ATCOB SS EQUITY YTD % CHANGE - Average Volume 3 Month 767'555


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

74'177.0 63'762.0 69'875.0 81'203.0 90'533.0 81'203.0 90'533.0 89'260.0 93'126.2 21'596.5 22'384.2

1.38x 2.15x 2.97x 2.39x 2.43x 9.56x 8.98x 2.45x 2.30x 10.30x 10.08x

15'808.0 11'527.0 16'400.0 20'061.0 21'891.0 20'076.0 21'892.0 21'600.2 22'826.8 5'037.0 5'281.8

6.48x 11.87x 12.67x 9.68x 10.05x 9.47x 9.92x 10.43x 9.87x 10.54x 10.67x

10'157.0 6'244.0 9'921.0 12'963.0 13'901.0 12'963.0 13'901.0 13'752.1 14'777.0 3'268.6 3'434.4

8.16x 20.51x 20.80x 13.86x 15.57x 13.86x 15.57x 14.36x 13.39x 14.52x 14.21x











EBITDA Margin 24.2%



Asset Turnover 1.16







Fiscal Year Ended

Atlas Copco ABPrice/Volume

Valuation Analysis

357'952.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

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27.03.2013



AMF n/a Research 24'492'020 6.28 - 30.06.2012 Other

SWEDBANK ROBUR FONDE n/a Research 23'576'556 6.04 (3'809'005) 30.06.2012 Investment Advisor

ALECTA PENSIONSFORSA n/a Research 20'088'000 5.15 (5'400'000) 30.06.2012 Pension Fund (ERISA)


INVESTOR AB n/a Research 12'091'885 3.1 1'424'285 30.06.2012 Investment Advisor


FOLKSAM GROUP n/a Research 10'949'499 2.81 559'596 30.06.2012 Insurance Company


NORDEA FONDER AB/SWE n/a Co File 8'787'802 2.25 - 31.12.2010 Investment Advisor

FORSTA AP FONDEN n/a Co File 7'850'527 2.01 - 31.12.2010 Investment Advisor

HANDELSBANKEN FONDER n/a Research 7'695'590 1.97 (185'838) 30.06.2012 Investment Advisor

AP 1 n/a Research 5'632'045 1.44 - 30.06.2012 n/a

AP 4 n/a Research 4'777'823 1.22 - 30.06.2012 n/a


ANDRA AP FONDEN n/a Co File 3'477'722 0.89 - 31.12.2010 Pension Fund (ERISA)

AP 2 n/a Research 3'292'209 0.84 - 30.06.2012 n/a

FJARDE AP-FONDEN n/a Co File 3'136'746 0.8 - 31.12.2010 Pension Fund (ERISA)


DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 2'464'368 0.63 309'609 31.12.2012 Investment Advisor


AlphaValue LIONEL PELLICER sell 1 M 53 6 month 09.04.2009

Holdings By:

Atlas Copco AB ee


27.03.2013

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.


LTM as of: 12/yy

52-Week High (14.09.2012) 17.08

52-Week Low (04.06.2012) 12.00

Daily Volume

15.66





18'487.21 1 Yr Total Return 7.34%







TEN IM EQUITY YTD Change - Average Volume 30 Day 1'747'823

TEN IM EQUITY YTD % CHANGE - Average Volume 3 Month 1'621'186


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'131.8 8'149.3 7'711.6 9'972.5 10'834.0 9'972.5 10'834.0 11'340.4 11'963.7 2'742.3 2'772.0

1.16x 3.15x 3.77x 2.23x 2.29x 9.50x 8.64x 2.03x 1.86x 8.63x 8.50x

3'560.8 2'318.5 2'080.4 2'449.1 2'924.3 2'449.1 2'952.6 3'068.1 3'260.6 714.0 731.5

3.94x 11.08x 13.99x 9.06x 8.47x 9.06x 8.39x 7.84x 7.38x 8.17x -

2'124.8 1'161.6 1'127.4 1'331.2 1'699.0 1'331.2 1'699.0 1'852.0 1'988.9 431.0 453.0

7.06x 21.37x 25.49x 16.38x 14.31x 16.38x 14.30x 12.01x 11.94x 11.92x -











EBITDA Margin 27.3%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tenaris SAPrice/Volume

Valuation Analysis

776'037.00


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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

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27.03.2013


SAN FAUSTIN NV n/a 20F 713'605'187 60.45 - 31.03.2012 Other

ABERDEEN n/a ULT-AGG 59'184'400 5.01 - 31.03.2012 Unclassified



HINOJOSA GUILLERMO n/a 20F 1'915'446 0.16 - 30.04.2008 n/a

VOGEL GUILLERMO n/a 20F 1'325'446 0.11 - 31.03.2012 n/a

ARCA SGR SPA Multiple Portfolios MF-AGG 1'238'424 0.1 54'200 28.02.2013 Mutual Fund Manager

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 764'267 0.06 (2'000) 28.02.2013 Investment Advisor

WADDELL & REED FINAN Multiple Portfolios MF-AGG 759'370 0.06 (95'920) 31.12.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 735'000 0.06 20'000 28.09.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 619'596 0.05 (1'250) 31.01.2013 Mutual Fund Manager

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 564'072 0.05 (130'758) 28.02.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 552'807 0.05 (62'086) 30.11.2012 Unclassified

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 535'970 0.05 (1'851) 30.06.2012 Investment Advisor

STATE STREET BANQUE Multiple Portfolios MF-AGG 487'901 0.04 (1'685) 28.02.2013 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 449'230 0.04 1'163 31.12.2012 Investment Advisor



LBPAM Multiple Portfolios MF-AGG 371'083 0.03 (4'041) 31.12.2012 Mutual Fund Manager

MEDIOLANUM INTERNATI Multiple Portfolios MF-AGG 363'294 0.03 (4'984) 29.06.2012 Investment Advisor


AlphaValue FABRICE FARIGOULE add 4 M 17 6 month 28.02.2013

Equita SIM SpA ROBERTO LETIZIA hold 3 M 16 12 month 27.02.2013

Exane BNP Paribas RAPHAEL VEVERKA outperform 5 M 18 Not Provided 27.02.2013


CA Cheuvreux GEOFFROY STERN underperform 1 M 16 Not Provided 25.02.2013

Banca Akros(ESN) FRANCESCO SALA hold 3 D 17 12 month 25.02.2013

Kepler Capital Markets FILIPPO PRINI hold 3 M 14 Not Provided 25.02.2013

Natixis JULIEN LAURENT neutral 3 M 15 Not Provided 25.02.2013

Mediobanca SpA ANDREA SCAURI underperform 1 M 14 6 month 22.02.2013

Banca IMI BRUNO PERMUTTI hold 3 M 16 12 month 22.02.2013

Credit Suisse MICHAEL SHILLAKER underperform 1 M 15 Not Provided 25.01.2013

Goldman Sachs HENRY TARR Sell/Neutral 1 M 15 12 month 08.01.2013

Simmons & Company International STEPHEN WILLIAMS overweight 5 U #N/A N/A Not Provided 13.01.2010

Holdings By:

Tenaris SA ee


fundamental equity analysis - ftse eurotop 100 index members (e100 index)

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