Fundamental Analysis & Analyst Recommendationsdocshare01.docshare.tips/files/15269/152697029.pdf ·...

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July 2013

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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 14898194 1991.775 1117 1117 203 220 220 102.58 110.21 110.21 15.75 15.75 14.66 14.66 18.58

Euro Stoxx 50 Pr EUR 2493756 5284.795 4561 4561 731 763 763 203.59 297.44 297.44 21.63 17.12 14.81 14.81 20.19

NIKKEI 225 JPY 2727065 192.1279 192 192 18 22 22 5.38 7.90 7.90 0.26 0.27 0.18 0.18 0.11

FTSE 100 INDEX GBP 2587478 11449.56 10098 10098 1411 1676 1676 586.95 805.96 805.96 24.84 21.83 18.09 18.09 21.26

SWISS MARKET INDEX CHF 1017711 10776.65 4094 4094 859 827 827 416.04 556.80 556.80 20.57 17.07 15.37 15.37 22.10

S&P/TSX COMPOSITE INDEX CAD 1566664 16493.48 8368 8368 1782 1970 1970 737.98 820.91 820.91 14.92 14.92 13.42 13.42 23.26

S&P/ASX 200 INDEX AUD 1210714 5733.302 2686 2686 551 684 684 225.02 324.09 324.09 17.92 14.54 12.45 12.45 20.26

HANG SENG INDEX HKD 1576584 2941 1673 1673 353 398 398 278.90 271.70 271.70 1.22 1.38 1.25 1.25 2.90

MSCI EM USD 6919194 1278.432 973 973 188 180 180 82.52 90.76 90.76 11.05 11.20 10.05 10.05 19.18

NESTLE SA-REG CHF 211531 4490 3189 29 0 2 10 232.27 96664 96664 100130 105807 17681 17681 - - 3.49 3.49 3.68 4.00 19.70 19.69 18.67 17.17 10.69 -2.92 10.18 -1.53 19.15 AA 16.08.2007 - -

NOVARTIS AG-REG CHF 191964 2430 2421 21 0 0 9 216.74 59337 59631 59957 61899 17500 17431 - - 4.19 4.14 5.44 5.93 18.80 19.00 14.29 13.12 -3.38 8.07 -6.49 11.05 30.60 AA- 07.04.2008 Aa3 08.02.2013

ROCHE HOLDING AG-GENUSSCHEIN CHF 215556 828 863 26 0 2 15 228.99 47638 47638 49735 51645 20312 20312 - - 14.43 11.78 15.67 16.91 22.22 18.13 16.70 15.48 7.31 0.11 8.81 2.80 44.64 AA 17.09.2012 - -

UBS AG-REG CHF 65963 7090 3747 280 0 5 70 266.54 39529 39990 29345 30309 16259 - - - 0.55 -0.74 1.04 1.30 - 16.59 17.35 13.79 -8.01 -10.14 -11.60 -32.81 - A 29.11.2011 A2 21.06.2012

ABB LTD-REG CHF 50337 3036 2296 11 0 1 9 55.45 41185 42031 43520 45896 5543 5752 1580 1580 1.25 1.21 1.57 1.80 19.63 18.68 15.19 13.25 3.71 4.83 -7.25 2.60 14.33 A 08.06.2010 - -

CIE FINANCIERE RICHEMON-BR A CHF 51342 817 553 2 0 0 5 38.22 10627 10627 11553 12676 2949 2949 1755 1755 3.78 3.83 4.18 4.69 19.80 20.15 18.16 16.16 15.14 14.38 18.86 15.24 29.06 - - - -

CREDIT SUISSE GROUP AG-REG CHF 43067 5495 1325 346 0 7 67 40114 40905 27713 28641 - - - - 2.31 1.63 2.73 3.15 17.59 9.76 10.46 9.07 -10.74 -5.44 - - - A- 02.07.2013 (P)A2 21.06.2012

ZURICH INSURANCE GROUP AG CHF 38849 315 147 13 0 2 10 47.25 73758 74726 61516 62789 - - - - 27.73 27.08 29.71 31.21 10.61 10.60 9.67 9.20 34.52 46.26 - - - - - - -

SYNGENTA AG-REG CHF 37013 170 92 4 0 2 40.60 14870 14870 15964 16938 3296 3296 - - 23.83 21.39 25.55 28.41 20.37 18.28 17.05 15.34 7.37 11.59 9.39 10.73 23.21 A 15.06.2007 - -

SWISS RE AG CHF 27441 717 343 21 1 0 11 38.04 34673 35926 35664 37976 - - - - 11.58 13.21 9.69 9.06 6.14 6.57 8.38 8.95 20.03 13.92 - - - - - - -

TRANSOCEAN LTD CHF 17310 271 13 0 0 5 26.00 9628 9986 10095 11364 2896 2837 951 951 - - 4.59 6.40 - - 11.47 8.23 15.25 -6.57 86.46 -4.03 29.75 - - - -

SWATCH GROUP AG/THE-BR CHF 29357 116 54 0 0 0 2 27.46 8162 8162 9217 10171 2351 2351 1104 1104 31.01 31.03 34.35 38.49 18.92 18.93 17.09 15.25 15.97 6.93 22.84 9.77 30.15 - - - -

HOLCIM LTD-REG CHF 23048 716 325 14 0 3 3 37.34 22557 22099 23074 24579 4171 4071 1365 1365 2.01 2.57 4.66 6.31 28.76 28.53 15.82 11.69 4.04 -4.61 0.69 -10.97 19.29 BBB 22.01.2009 Baa2 09.04.2009

SGS SA-REG CHF 17265 18 8 1 0 0 1 17.68 5840 5840 6453 7059 1177 1177 - - 75.92 76.40 97.91 113.40 30.25 30.44 23.59 20.37 17.05 5.69 11.24 4.61 21.10 - - - -

WEATHERFORD INTL LTD CHF 10704 29 9 0 0 0 20.29 15930 16188 16936 18506 2560 2622 717 717 - - 0.85 1.33 - - 18.02 11.55 17.95 12.81 0.09 1.94 16.96 - - - -

SWISSCOM AG-REG CHF 22622 61 52 9 0 0 1 31.10 11919 11848 11845 11897 4300 4224 1130 1130 35.32 34.15 33.17 33.80 13.39 13.45 13.78 13.53 -0.76 -1.45 -4.70 -0.20 37.32 A 30.06.2009 A2 27.06.2007

GEBERIT AG-REG CHF 9804 89 38 0 0 0 0 9.38 2010 2021 2381 2498 568 575 615 615 10.76 11.03 12.00 12.81 23.98 23.98 22.03 20.65 2.92 -1.35 2.05 -3.15 29.80 A- 25.05.2010 - -

GIVAUDAN-REG CHF 12085 10 9 2 0 0 0 13.23 4457 4457 4642 4862 912 911 - - 46.96 47.27 59.24 66.45 28.99 29.18 23.13 20.62 9.15 0.28 16.09 -0.10 21.40 - - - -

JULIUS BAER GROUP LTD CHF 8703 390 214 9 0 0 16 2124 2124 2248 2720 - - - - 2.23 1.56 2.29 2.95 26.11 27.02 17.81 13.78 -1.18 - - - - - - - -

ADECCO SA-REG CHF 10820 273 185 2 0 0 1 9.89 21501 21000 20892 22191 867 807 - - 2.09 1.85 3.00 3.74 26.17 26.17 16.16 12.98 -0.05 -0.50 -12.38 -7.00 4.02 BBB 12.10.2011 Baa3 20.10.2009

SCHINDLER HOLDING-PART CERT CHF 16171 84 116 1 0 0 3 14.25 8646 8646 9161 9724 1156 1161 1236 1236 6.31 6.34 6.74 7.47 23.20 23.32 21.84 19.71 5.39 3.67 19.19 3.01 14.06 - - - -

ACTELION LTD-REG CHF 7298 214 113 0 0 0 1 6.54 1803 1821 1806 1848 527 598 135 135 2.69 3.25 3.84 4.04 19.57 18.47 16.53 15.71 0.56 7.50 16.28 4.53 34.39 - - - -

KUEHNE & NAGEL INTL AG-REG CHF 13821 124 120 0 0 0 1 12.70 17925 18167 18655 19743 970 1039 254 254 4.54 4.83 5.41 6.11 24.98 23.58 22.29 19.74 5.82 -0.43 -5.97 -2.03 5.99 - - - -

ARYZTA AG CHF 5176 122 88 2 0 0 1 5.39 4405 4569 4671 4987 565 577 - - 1.57 1.52 3.77 4.19 31.48 31.52 12.70 11.40 8.93 - 11.86 22.69 13.21 - - - -

SWATCH GROUP AG/THE-REG CHF 29357 129 54 0 0 0 2 27.46 8162 8162 9266 10135 2351 2351 2680 2680 31.01 31.03 7.05 7.72 3.28 3.28 14.45 13.20 15.97 7.52 22.84 9.77 30.15 - - - -

SIKA AG-BR CHF 6498 3 3 1 0 0 1 6.62 5056 5056 5306 5688 596 596 - - 137.43 144.77 137.53 156.98 18.76 18.76 19.75 17.30 6.26 1.31 20.07 -2.37 12.33 A- 02.05.2000 - -

SONOVA HOLDING AG-REG CHF 7186 55 67 0 0 0 0 7.02 1880 1880 2025 2170 250 250 - - 1.74 1.74 5.57 6.28 64.46 64.46 20.11 17.83 11.34 9.35 -36.54 -8.52 13.90 - - - -

BALOISE HOLDING AG - REG CHF 4963 171 47 2 0 0 3 4.06 9772 9772 8894 9061 - - - - 9.51 9.76 10.04 10.54 10.65 10.93 10.35 9.86 22.36 4.20 - - - - - - -

SWISS PRIME SITE-REG CHF 4389 95 60 4 0 0 0 8.50 604 604 596 599 356 356 - - 2.84 6.00 3.65 3.77 12.77 25.47 21.00 20.34 0.93 28.50 -4.59 18.57 61.66 - - - -

PARTNERS GROUP HOLDING AG CHF 7422 27 25 0 0 0 0 7.18 591 591 531 623 309 309 159 159 10.39 10.63 12.22 14.30 27.39 28.02 23.82 20.35 26.92 18.57 26.31 1.85 54.85 - - - -

CLARIANT AG-REG CHF 4678 1413 296 4 0 0 2 6.53 6322 7262 6497 6769 808 812 220 220 0.99 0.83 1.11 1.31 17.84 14.64 13.27 11.24 -18.92 -5.72 -12.22 -0.08 11.71 BBB- 14.03.2011 Ba1 03.03.2009

SWISS LIFE HOLDING AG-REG CHF 5327 111 32 3 0 0 7 1.48 19973 19973 19058 19355 - - - - 18.55 3.02 19.74 21.01 57.58 9.37 8.81 8.27 10.81 6.24 - - - BBB 03.05.2012 - -

LINDT & SPRUENGLI AG-REG CHF 9459 0 0 0 0 0 1 8.89 2795 2795 3007 3223 479 490 535 535 1242.70 1239.21 1424.83 1576.77 37.48 37.37 32.59 29.45 7.61 -1.24 8.81 0.61 18.37 - - - -

SULZER AG-REG CHF 5672 98 34 1 0 0 1 5.78 4211 4211 4441 4730 578 578 625 625 9.40 9.45 10.26 12.04 18.33 18.43 16.88 14.39 12.98 2.92 15.26 2.65 14.37 - - - -

LONZA GROUP AG-REG CHF 3956 186 52 3 0 0 0 6.45 4110 4110 4148 4360 670 670 - - 3.68 3.69 4.87 5.85 21.24 21.26 16.08 13.39 47.96 6.64 20.08 -0.89 17.07 - - - -

PSP SWISS PROPERTY AG-REG CHF 3943 43 46 2 0 0 0 5.81 297 295 287 292 184 229 60 60 3.69 8.84 3.76 3.72 10.18 24.62 23.93 24.21 -0.34 - -25.31 6.02 81.49 - - - -

LINDT & SPRUENGLI AG-PC CHF 9459 1 0 0 0 0 1 8.89 2795 2795 3014 3233 479 490 116 116 1242.70 1239.21 138.34 151.94 3.21 3.20 28.72 26.15 7.61 -1.24 8.81 0.61 18.37 - - - -

SCHINDLER HOLDING AG-REG CHF 16171 16 116 1 0 0 3 14.25 8646 8646 9161 9724 1156 1161 1236 1236 6.31 6.34 6.74 7.47 22.53 22.64 21.21 19.14 5.39 3.67 19.19 3.01 14.06 - - - -

GAM HOLDING AG CHF 2889 466 165 0 0 0 1 1046 1045 671 728 - - - - 0.53 0.53 1.23 1.41 30.90 30.90 13.43 11.72 24.09 - - - - - - - -

DUFRY AG-REG CHF 3669 162 29 1 0 0 0 4.81 3302 3315 3859 4349 465 448 147 147 4.62 4.09 8.22 11.10 31.62 31.95 15.75 11.66 20.48 - 30.32 13.20 14.15 BB+ 15.10.2012 - -

GALENICA AG-REG CHF 4002 11 6 1 0 0 0 4.75 3778 3778 3737 3872 452 452 - - 41.66 41.01 41.46 43.64 15.72 15.79 15.55 14.77 3.83 7.67 8.22 18.44 12.52 - - - -

HELVETIA HOLDING AG-REG CHF 3545 10 9 0 0 0 2 2.45 8342 8342 7635 8433 - - - - 39.91 39.90 42.20 44.04 10.75 10.75 10.16 9.74 6.58 5.46 - - - - - - -

EMS-CHEMIE HOLDING AG-REG CHF 7010 15 23 0 0 0 0 6.74 1838 1838 1943 2058 364 - 214 214 12.22 12.22 12.38 13.21 25.68 25.68 25.34 23.76 6.15 2.63 - 2.85 - - - - -

OC OERLIKON CORP AG-REG CHF 3993 1272 325 0 0 0 1 3.67 3043 3043 3057 3164 599 599 - - 0.70 0.71 0.75 0.85 18.01 18.28 16.99 15.10 6.71 -11.95 16.78 -4.23 20.61 - - - -

BARRY CALLEBAUT AG-REG CHF 5132 9 5 1 0 0 0 6.18 5057 4967 5177 6445 462 - - - 48.54 47.58 49.74 55.71 20.58 20.66 19.68 17.57 8.68 -1.49 -3.88 0.31 - BB+ 28.03.2013 - -

PARGESA HOLDING SA-BR CHF 5647 64 85 4 0 9 2 16.91 5146 5146 533 566 1486 1492 - - 5.66 5.17 5.15 6.10 13.46 12.31 13.52 11.41 4.12 -2.62 57.64 0.89 30.34 - - - -

FISCHER (GEORG)-REG CHF 1899 19 4 1 0 0 0 2.26 3771 3771 3795 3947 376 376 - - 38.95 31.10 38.36 42.51 15.59 12.62 12.64 11.40 2.71 -3.74 -3.93 -5.91 10.44 - - - -

FLUGHAFEN ZUERICH AG-REG CHF 3121 7 6 1 0 0 0 4.15 993 993 1012 1028 410 410 547 547 16.24 16.32 25.42 33.85 32.61 32.63 20.94 15.72 5.02 2.90 -20.15 -1.02 43.18 A 20.04.2012 - -

DKSH HOLDING LTD CHF 5355 72 63 0 0 0 0 5.33 9249 9249 10582 11686 336 336 184 184 2.97 3.33 3.45 3.92 26.52 29.71 25.59 22.52 21.31 - 17.71 - 3.80 - - - -

BUCHER INDUSTRIES AG-REG CHF 2435 19 10 1 0 0 1 2.49 2732 2732 2820 2920 319 319 - - 16.04 16.06 18.11 19.35 15.49 15.51 13.73 12.86 12.24 1.36 18.07 1.46 12.24 - - - -

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 14898194 1991.775 1117 1117 203 220 220 102.58 110.21 110.21 15.75 15.75 14.66 14.66 18.58

Euro Stoxx 50 Pr EUR 2493756 5284.795 4561 4561 731 763 763 203.59 297.44 297.44 21.63 17.12 14.81 14.81 20.19

NIKKEI 225 JPY 2727065 192.1279 192 192 18 22 22 5.38 7.90 7.90 0.26 0.27 0.18 0.18 0.11

FTSE 100 INDEX GBP 2587478 11449.56 10098 10098 1411 1676 1676 586.95 805.96 805.96 24.84 21.83 18.09 18.09 21.26

SWISS MARKET INDEX CHF 1017711 10776.65 4094 4094 859 827 827 416.04 556.80 556.80 20.57 17.07 15.37 15.37 22.10

S&P/TSX COMPOSITE INDEX CAD 1566664 16493.48 8368 8368 1782 1970 1970 737.98 820.91 820.91 14.92 14.92 13.42 13.42 23.26

S&P/ASX 200 INDEX AUD 1210714 5733.302 2686 2686 551 684 684 225.02 324.09 324.09 17.92 14.54 12.45 12.45 20.26

HANG SENG INDEX HKD 1576584 2941 1673 1673 353 398 398 278.90 271.70 271.70 1.22 1.38 1.25 1.25 2.90

MSCI EM USD 6919194 1278.432 973 973 188 180 180 82.52 90.76 90.76 11.05 11.20 10.05 10.05 19.18

TEMENOS GROUP AG-REG CHF 1712 159 69 0 0 0 0 1.92 471 475 499 537 113 126 31 31 0.37 0.60 1.19 1.40 43.67 43.67 21.89 18.60 -5.14 3.76 22.92 6.85 27.79 - - - -

NOBEL BIOCARE HOLDING AG-REG CHF 1477 99 123 0 0 0 0 1.13 608 601 592 612 105 102 28 28 0.39 0.39 0.42 0.47 26.13 26.13 24.30 21.68 2.08 -1.84 -3.86 -16.90 17.79 - - - -

ALLREAL HOLDING AG-REG CHF 2215 14 16 2 0 0 0 3.82 909 909 294 310 180 180 206 206 6.81 6.75 7.59 8.46 21.54 21.36 19.17 17.19 4.63 81.24 -5.91 6.62 20.77 - - - -

BANQUE CANTONALE VAUDOIS-REG CHF 4334 5 9 9 0 0 7 1383 1383 1039 1067 - - - - - 37.83 34.66 35.80 13.94 - 15.21 14.73 -2.36 -4.69 - - - AA 05.12.2011 - -

KABA HOLDING AG-REG B CHF 1452 5 4 0 0 0 0 1.44 992 993 1000 1023 161 157 67 67 23.20 23.35 21.91 23.88 17.07 17.07 18.19 16.69 0.25 -7.01 26.45 -3.49 16.58 - - - -

VALIANT HOLDING AG-REG CHF 1394 21 16 7 0 0 2 646 646 393 419 - - - - 5.69 7.13 6.09 7.57 12.96 16.25 15.17 12.21 0.37 -2.12 - - - - - - -

MOBIMO HOLDING AG-REG CHF 1240 10 6 1 0 0 0 2.25 264 264 137 138 88 88 104 104 7.66 12.91 9.08 9.09 16.20 27.31 23.03 23.00 10.18 5.86 3.32 6.84 34.73 - - - -

PANALPINA WELTTRANSPORT -REG CHF 2683 22 24 0 0 0 0 2.29 6928 6992 7529 7869 38 96 41 41 -0.43 -0.69 3.10 4.38 - - 38.11 26.99 1.88 -5.17 -86.64 -38.82 1.44 - - - -

LUZERNER KANTONALBANK AG-REG CHF 3061 2 8 6 0 0 3 718 713 447 456 - - - - 20.36 21.14 22.78 23.45 17.84 18.10 16.55 16.08 -4.95 -4.78 - - - AA+ 12.09.2008 - -

BERNER KANTONALBANK AG-REG CHF 2207 4 9 2 0 0 3 694 694 - - - - 17.37 14.39 17.24 14.27 -4.01 -1.36 - - - - - - -

AMS AG CHF 1114 69 14 0 0 0 0 0.89 406 400 429 479 123 115 23 23 6.34 5.87 6.04 7.39 11.10 11.73 10.80 8.83 42.51 24.73 71.91 19.85 30.20 - - - -

KUONI REISEN HLDG-REG(CAT B) CHF 1311 13 4 0 0 0 0 1.21 6120 6120 6089 6315 179 179 - - -1.79 -2.61 25.70 31.62 - - 13.36 10.86 15.04 5.38 2.63 -2.77 3.07 - - - -

BURCKHARDT COMPRESSION HOLDI CHF 1351 5 3 0 0 0 0 1.19 384 384 455 496 90 90 100 100 17.40 17.40 19.81 22.26 23.91 23.91 21.00 18.69 12.02 3.62 9.46 -2.07 24.68 - - - -

STRAUMANN HOLDING AG-REG CHF 2373 24 15 0 0 0 0 2.22 719 719 704 726 100 100 - - 2.47 2.47 6.72 7.89 64.15 64.20 23.60 20.10 -1.11 -2.23 -19.00 -17.81 14.58 - - - -

BELIMO HOLDING AG-REG CHF 1379 0 1 0 0 0 0 1.29 466 466 503 543 96 96 107 107 105.48 105.48 119.43 131.13 22.26 22.26 19.66 17.91 7.21 4.50 12.94 5.98 21.64 - - - -

ST GALLER KANTONALBANK A-REG CHF 2042 2 6 6 0 0 3 745 745 515 524 - - - - 27.22 28.56 30.92 31.14 13.43 14.09 12.41 12.32 1.28 -4.48 - - - - - Aa1 02.12.2003

LOGITECH INTERNATIONAL-REG CHF 1101 249 173 0 0 0 0 0.80 2199 2199 2089 2109 79 79 -1 -1 -0.15 -1.51 0.31 0.44 - - 24.20 17.27 -9.78 -2.89 -50.03 -27.03 3.76 - - - -

TECAN GROUP AG-REG CHF 1054 8 11 0 0 0 0 0.91 409 409 431 473 66 66 73 73 4.02 4.08 4.51 5.43 23.62 23.99 21.37 17.77 3.93 -0.76 3.81 -2.75 16.75 - - - -

GRAUBUENDNER KANTONALBANK-PC CHF 3268 0 2 3 0 0 2 518 518 405 418 - - - - 66.57 58.36 80.67 85.23 21.32 18.69 15.42 14.60 -3.19 -4.66 - - - AA+ 17.12.2010 - -

ZUGER KANTONALBANK-BR CHF 1413 0 0 3 0 0 1 342 342 - - - - 222.41 222.42 23.07 23.07 -3.51 -3.38 - - - - - - -

FORBO HOLDING AG-REG CHF 1446 3 2 0 0 0 0 1.18 1258 1258 1256 1277 216 - 170 170 60.16 59.31 47.86 53.57 11.35 11.35 14.06 12.57 -0.23 0.56 4.94 -2.85 - - - - -

VONTOBEL HOLDING AG-REG CHF 2035 20 63 9 0 0 4 6.94 947 947 870 941 233 233 - - 2.11 2.15 2.39 2.80 15.27 15.50 13.69 11.72 1.67 -1.62 4.11 -12.12 25.72 A 30.03.2009 - -

DAETWYLER HOLDING AG-BR CHF 1823 8 16 0 0 0 0 1.88 1242 1242 1474 1572 167 167 226 226 6.30 6.31 8.27 9.38 17.78 17.78 13.57 11.97 13.50 1.61 -3.18 -3.52 14.07 - - - -

HUBER & SUHNER AG-REG CHF 909 9 20 0 0 0 0 0.82 731 731 797 860 80 33 94 94 1.17 1.17 2.37 2.82 40.20 40.20 19.88 16.72 -8.34 1.90 - -6.52 4.90 - - - -

VALORA HOLDING AG-REG CHF 636 2 3 1 0 0 0 1.02 2982 2982 3042 3089 140 140 149 149 20.09 16.61 17.81 19.55 11.67 11.67 10.88 9.91 1.11 0.27 13.07 5.96 4.91 - - - -

INFICON HOLDING AG-REG CHF 673 1 2 0 0 0 0 0.61 311 303 327 342 60 - - - 18.70 17.97 18.84 20.10 18.40 18.56 17.54 16.45 -4.99 7.94 -5.33 8.11 - - - - -

MEYER BURGER TECHNOLOGY AG CHF 548 730 58 0 0 0 0 0.56 676 676 477 645 -34 -34 - - -2.03 -2.03 -1.38 -0.26 - - -53.33 40.27 - - -5.31 - - - -

IMPLENIA AG-REG CHF 975 14 18 0 0 0 1 0.69 2822 2822 2956 3036 147 147 162 162 3.95 3.95 4.44 4.60 14.00 14.00 12.45 12.01 7.18 3.47 4.02 11.97 5.46 - - - -

BASELLANDS KANTONALBANK-CERT CHF 2217 0 2 4 0 0 1 594 594 - - - - 77.47 53.97 19.82 13.81 -3.02 -3.42 - - - AAA 21.11.2001 - -

BASILEA PHARMACEUTICA-REG CHF 695 29 10 0 0 0 0 0.34 61 61 46 65 -49 - -46 -46 -5.79 -5.79 -4.37 -3.16 - - -13.84 88.54 13.80 - - - - - -

BASLER KANTONALBK - PC CHF 2629 6 30 8 0 0 6 1007 1007 - - - - 7.55 8.36 10.52 11.64 2.92 -3.54 - - - AA+ 18.10.2001 - -

EMMI AG-REG CHF 1587 2 5 1 0 0 0 2.21 3121 3121 3368 3438 261 262 283 283 20.77 20.79 20.22 21.59 14.93 14.95 15.36 14.38 10.00 5.18 11.83 11.83 8.78 - - - -

EFG INTERNATIONAL AG CHF 1804 6 147 2 0 0 5 1227 1227 796 859 - - - - 0.83 0.80 1.02 1.18 16.19 16.53 12.66 10.94 9.13 -12.38 - - - - - - -

RIETER HOLDING AG-REG CHF 747 12 5 0 0 0 0 0.65 930 930 969 1092 70 70 73 73 3.67 6.70 4.26 12.55 24.96 45.55 39.25 13.33 -11.74 -25.31 -56.96 -33.05 7.87 - - - -

BKW AG CHF 1611 10 48 1 0 0 1 2.18 2844 2844 2725 2826 433 433 453 453 2.92 2.92 3.62 4.11 10.94 10.94 8.83 7.78 8.92 0.50 200.19 -0.33 15.95 - - - -

GATEGROUP HOLDING AG CHF 554 89 26 0 0 0 0 0.87 3133 3133 3236 3356 69 69 - - -2.34 -2.36 1.61 2.26 - - 13.43 9.60 11.86 - -63.49 - 2.30 BB- 11.06.2013 - -

SCHWEITER TECHNOLOGIES AG-BR CHF 884 1 1 0 0 0 0 0.49 705 705 734 772 84 84 83 83 28.44 29.92 30.27 38.16 21.43 22.42 21.19 16.80 -3.68 73.15 -4.30 32.33 12.49 - - - -

SCHWEIZERISCHE NATL-V AG-REG CHF 975 2 22 0 0 0 1 0.43 1666 1666 1705 1769 - - - - 4.90 4.90 4.90 5.19 9.45 9.45 9.45 8.93 0.80 -3.38 - - - NR 23.05.2006 - -

METALL ZUG AG-SHS B-REG CHF 1002 0 0 0 0 0 0 0.64 876 876 885 906 117 - 104 104 145.69 145.69 193.47 148.91 16.03 16.03 12.07 15.68 -0.71 7.46 -23.51 -2.39 - - - - -

VETROPACK HOLDING AG-BR CHF 793 0 0 0 0 0 0 0.75 633 633 642 664 122 - 140 140 213.57 208.61 154.44 167.52 9.71 - 13.11 12.09 2.66 -0.93 -9.94 -9.80 - - - - -

VZ HOLDING AG CHF 1080 2 8 0 0 0 0 0.87 161 161 184 209 74 74 88 88 7.21 7.25 8.46 9.73 19.50 19.59 16.70 14.52 7.13 11.08 6.17 12.01 47.92 - - - -

KUDELSKI SA-BR CHF 660 38 54 0 0 0 0 0.84 884 884 916 942 104 104 - - 0.32 0.32 1.00 1.11 40.64 40.64 12.90 11.60 -3.57 -1.32 11.73 -7.35 12.34 - - - -

LIECHTENSTEIN LANDESBANK-BR CHF 1175 3 28 2 0 0 8 611 611 401 385 - - - - 3.48 3.48 3.26 3.60 11.50 11.50 12.27 11.09 5.48 -11.34 - - - - - - -

ZEHNDER GROUP AG-BR CHF 526 8 12 0 0 0 0 0.41 548 548 562 589 59 59 61 61 2.42 2.42 2.60 3.02 15.72 15.72 14.64 12.58 1.71 - -18.54 0.19 11.33 - - - -

LEM HOLDING SA-REG CHF 716 0 1 0 0 0 0 0.69 246 246 274 298 51 - - - 30.02 30.04 33.65 41.23 21.90 21.90 19.55 15.95 -0.61 4.79 15.24 7.11 - - - - -

BOSSARD HOLDING AG-BR CHF 604 2 3 0 0 0 0 0.82 493 493 630 672 61 61 84 84 13.87 13.87 15.75 16.31 11.41 11.41 10.04 9.70 3.08 -2.65 -3.52 -0.40 12.91 - - - -

AFG ARBONIA-FORSTER HOLD-REG CHF 492 35 18 0 0 0 0 0.63 1273 1273 1396 1429 115 115 125 125 -2.97 -2.97 2.10 2.77 - - 13.45 10.22 -4.10 -4.52 8.67 -6.79 9.44 - - - -

ZUG ESTATES HOLDING AG-B SHR CHF 632 1 1 0 0 0 0 0.81 27 27 10 10 - - 17.17 84.38 90.92 15.46 75.97 14.35 -43.14 - -57.76 - 39.62 - - - -

INTERSHOP HOLDINGS-BR CHF 704 1 2 1 0 0 0 1.24 94 101 91 98 73 63 75 75 25.33 27.99 22.62 24.76 12.53 13.85 15.51 14.17 -0.39 7.63 4.58 3.06 65.95 - - - -

U-BLOX AG CHF 422 13 6 0 0 0 0 0.36 181 181 226 253 39 - 45 45 2.85 2.87 3.60 4.23 24.46 24.91 19.46 16.59 40.66 - 25.62 31.44 - - - - -

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 2.26 2.26 2.07 1.88 2.26 1.45 1.45 1.38 1.33 1.45 10.18 10.18 9.51 9.83 10.18 9.03 9.03 8.33 7.78 9.03 14.66 14.66 13.11 11.96 14.66 2.17 2.17 2.34 2.44 2.17 1777.8 10.1%

Euro Stoxx 50 Pr 1.15 1.15 1.09 1.02 1.15 0.75 0.75 0.73 0.71 0.75 5.69 5.69 5.23 4.76 5.69 6.93 6.93 6.55 6.19 6.93 11.46 11.46 10.21 9.21 11.46 4.36 4.36 4.64 5.00 4.36 2969.9 12.7%

NIKKEI 225 1.52 1.52 1.43 1.32 1.52 0.73 0.73 0.71 0.69 0.73 8.97 8.97 8.30 7.60 8.97 8.85 8.85 8.19 7.71 8.85 17.73 17.73 15.75 14.19 17.73 1.64 1.64 1.79 1.94 1.64 14886.7 6.2%

FTSE 100 INDEX 1.69 1.69 1.58 1.46 1.69 0.96 0.96 0.93 0.95 0.96 8.35 8.35 7.62 6.95 8.35 6.83 6.83 6.43 6.05 6.83 12.00 12.00 10.93 10.09 12.00 3.91 3.91 4.21 4.56 3.91 6995.7 9.0%

SWISS MARKET INDEX 2.34 2.34 2.17 2.02 2.34 2.00 2.00 1.90 1.82 2.00 12.00 12.00 10.95 9.76 12.00 13.03 13.03 12.00 11.23 13.03 14.68 14.68 13.23 12.05 14.68 3.31 3.30 3.69 4.23 3.30 8617.2 10.4%

S&P/TSX COMPOSITE INDEX 1.62 1.62 1.51 1.41 1.62 1.38 1.38 1.43 1.48 1.38 8.20 8.20 7.40 6.13 8.20 8.37 8.37 7.41 6.83 8.37 14.10 14.10 12.45 11.35 14.10 3.31 3.31 3.46 3.61 3.31 14176.6 16.5%

S&P/ASX 200 INDEX 1.75 1.75 1.65 1.56 1.75 1.64 1.64 1.55 1.48 1.64 9.89 9.89 8.92 8.52 9.89 8.38 8.38 7.61 7.09 8.38 13.57 13.57 12.31 11.38 13.57 4.92 4.92 5.26 5.61 4.92 5209.5 8.6%

HANG SENG INDEX 1.22 1.22 1.12 1.06 1.22 1.58 1.58 1.46 1.34 1.58 7.30 7.30 6.94 6.44 7.30 7.40 7.40 6.77 6.08 7.40 9.72 9.72 8.95 8.22 9.72 3.96 3.96 4.27 4.68 3.96 24849.3 21.4%

MSCI EM 1.32 1.32 1.21 1.09 1.32 0.94 0.94 0.88 0.81 0.94 6.51 6.51 5.96 5.46 6.51 7.11 7.11 6.46 5.95 7.11 10.05 10.05 9.05 8.26 10.05 3.08 3.08 3.41 3.69 3.08 1126.2 23.5%

NESTLE SA-REG 3.29 3.11 2.90 2.69 2.63 2.20 2.11 2.00 1.89 1.75 15.08 14.74 13.55 12.23 11.00 12.77 12.27 11.44 10.69 9.74 18.40 17.85 16.41 15.17 13.50 3.31 3.46 3.69 3.92 4.33 68.70 9.6%

NOVARTIS AG-REG 2.44 2.38 2.26 2.16 1.91 3.40 3.35 3.24 3.13 3.04 11.89 11.62 10.90 9.75 9.86 12.15 12.28 11.50 10.85 10.54 13.53 13.63 12.52 11.50 10.92 3.44 3.50 3.71 3.97 4.30 72.91 7.7%

ROCHE HOLDING AG-GENUSSCHEIN 12.57 9.64 7.56 6.19 5.00 4.56 4.34 4.18 4.04 3.93 15.35 13.18 12.23 11.36 11.55 12.23 10.89 10.34 9.86 9.65 17.46 15.95 14.78 13.80 13.21 3.07 3.36 3.67 3.98 4.26 270.60 13.4%

UBS AG-REG 1.30 1.26 1.20 1.14 2.51 2.25 2.18 2.06 2.18 105.87 13.13 10.07 7.63 16.14 16.58 13.17 10.02 8.86 0.80 1.46 3.27 7.47 7.54 18.44 12.4%

ABB LTD-REG 3.00 2.73 2.45 2.20 1.28 1.21 1.15 1.08 1.02 13.30 11.17 10.09 9.16 9.33 9.88 8.46 7.59 6.98 7.03 16.64 14.51 12.65 11.41 11.11 3.27 3.52 3.76 4.03 4.39 23.29 12.1%

CIE FINANCIERE RICHEMON-BR A 3.68 3.17 2.74 2.40 2.01 7.13 6.54 3.28 3.01 2.80 17.54 14.84 13.04 11.99 23.92 13.09 11.78 10.59 9.59 9.14 19.46 17.32 15.42 14.03 13.05 0.91 1.36 1.60 1.79 2.00 95.64 12.1%

CREDIT SUISSE GROUP AG-REG 0.98 0.95 0.89 0.84 0.77 1.69 1.55 1.50 1.49 1.40 16.72 7.10 6.53 5.74 10.84 9.99 8.66 7.89 7.96 2.66 3.11 4.21 5.05 4.54 28.40 8.9%

ZURICH INSURANCE GROUP AG 1.15 1.10 1.05 1.01 0.92 0.63 0.66 0.65 0.66 0.56 11.75 9.23 8.79 8.49 7.94 7.07 6.87 6.98 7.13 7.38 269.36 7.7%

SYNGENTA AG-REG 4.38 3.75 3.34 2.96 2.60 2.43 2.29 2.16 2.07 14.98 13.74 12.56 11.60 12.17 11.33 10.36 9.65 9.37 17.97 16.29 14.65 13.60 13.43 2.35 2.78 3.02 3.24 3.30 416.00 9.5%

SWISS RE AG 0.79 0.79 0.76 0.73 0.65 0.84 0.81 0.76 0.71 0.69 7.79 10.00 8.32 7.71 7.25 8.00 8.55 8.41 8.75 5.13 6.09 6.03 6.21 6.13 76.61 8.4%

TRANSOCEAN LTD 1.11 1.05 0.96 0.89 1.79 1.80 1.59 1.54 1.52 6.75 6.57 5.18 4.77 7.30 6.87 5.56 5.28 5.75 13.74 10.96 7.85 7.43 8.41 1.04 3.66 4.56 4.94 56.94 24.1%

SWATCH GROUP AG/THE-BR 3.17 2.77 2.43 2.16 3.62 3.18 2.89 2.64 2.50 20.17 16.81 14.04 12.45 17.03 12.26 10.30 9.17 8.26 8.23 19.47 16.32 14.57 13.09 12.52 1.27 1.46 1.66 1.87 2.03 623.91 16.5%

HOLCIM LTD-REG 1.25 1.22 1.12 1.05 0.89 1.01 1.00 0.94 0.87 0.80 7.15 6.39 5.42 4.79 3.97 8.53 7.75 6.59 5.98 5.23 19.65 15.11 11.16 9.50 7.58 1.61 2.06 2.78 3.39 3.71 80.07 19.0%

SGS SA-REG 7.69 7.04 6.24 5.41 2.98 2.68 2.45 2.24 2.11 18.00 15.48 13.49 12.16 12.29 14.44 12.39 10.83 9.78 9.68 25.70 22.54 19.46 17.34 16.47 3.00 2.83 3.11 3.41 3.58 2401.79 13.9%

WEATHERFORD INTL LTD 1.14 1.15 1.02 0.89 0.71 0.66 0.61 0.56 6.84 5.40 4.39 4.05 7.07 6.54 5.53 4.90 21.94 17.21 11.03 8.40 0.00 0.00 0.00 0.00 14.63 9.6%

SWISSCOM AG-REG 4.33 4.27 3.90 3.58 3.43 1.91 1.91 1.90 1.89 1.92 6.11 5.68 5.73 5.71 5.83 6.82 6.95 6.87 6.81 6.72 12.42 13.16 12.92 12.76 13.03 5.28 5.29 5.43 5.59 5.64 435.13 4.3%

GEBERIT AG-REG 6.60 5.78 5.34 5.02 4.28 4.12 3.92 3.77 3.77 18.56 17.25 16.34 15.30 14.71 16.52 15.26 14.36 13.55 12.75 23.31 21.04 19.71 18.46 17.73 2.72 3.03 3.22 3.44 2.54 224.20 -7.0%

GIVAUDAN-REG 3.13 3.14 3.05 3.01 2.74 2.60 2.49 2.37 2.29 16.44 14.39 13.41 11.94 11.39 14.67 13.45 12.57 11.76 11.51 22.94 22.09 19.69 18.10 16.19 2.06 3.24 3.63 4.05 4.29 1196.53 -4.3%

JULIUS BAER GROUP LTD 1.58 1.62 1.55 1.46 1.63 4.77 3.87 3.20 2.91 2.86 18.49 18.31 12.60 10.43 18.18 17.03 13.18 10.92 15.30 1.65 1.76 2.08 2.65 2.42 42.54 14.4%

ADECCO SA-REG 2.16 2.10 1.93 1.75 1.43 0.41 0.42 0.39 0.37 0.33 13.07 12.80 10.87 9.22 9.44 10.58 10.30 8.55 7.45 6.26 15.85 15.42 12.38 10.55 8.83 3.11 3.36 3.83 4.42 4.50 57.89 6.1%

SCHINDLER HOLDING-PART CERT 5.04 4.81 4.12 3.58 1.85 1.77 1.66 1.57 1.51 19.35 17.22 14.84 13.76 12.01 11.54 10.62 10.03 9.65 22.82 20.86 18.83 17.71 16.41 1.66 1.79 1.97 2.15 2.01 148.78 10.7%

ACTELION LTD-REG 4.31 4.26 3.61 3.05 2.70 4.03 4.04 3.95 3.85 4.12 16.90 13.56 12.32 11.20 14.33 12.23 11.92 11.18 10.33 12.98 15.68 15.79 15.01 13.17 12.92 1.33 1.70 1.82 1.99 2.06 61.62 6.3%

KUEHNE & NAGEL INTL AG-REG 5.45 5.07 4.68 4.29 3.79 0.77 0.74 0.70 0.66 0.66 18.53 16.25 14.90 13.64 13.63 13.52 12.26 11.14 10.31 9.49 23.27 21.28 18.85 17.35 15.60 3.33 3.51 3.86 4.24 4.83 112.17 2.0%

ARYZTA AG 1.70 1.60 1.48 1.39 1.28 0.97 0.90 0.84 0.81 0.76 9.36 8.41 7.35 6.78 5.59 9.74 9.18 8.17 7.66 7.19 12.87 12.13 10.89 9.81 8.86 1.17 1.24 1.38 1.53 1.70 62.73 16.5%

SWATCH GROUP AG/THE-REG 2.72 2.33 2.03 3.62 3.17 2.90 12.46 10.24 9.42 17.00 13.82 12.62 1.40 1.61 1.94 125.50 34.9%

SIKA AG-BR 3.22 2.88 2.61 2.38 1.29 1.22 1.14 1.06 0.98 14.76 12.93 11.67 10.70 11.20 10.11 9.10 8.30 7.56 21.76 18.86 16.53 15.41 13.18 1.94 2.23 2.46 2.70 2369.67 -4.4%

SONOVA HOLDING AG-REG 4.32 3.66 3.19 2.86 3.78 3.55 3.31 3.11 2.88 26.38 16.26 14.95 13.40 19.03 13.65 12.17 10.90 9.61 22.70 19.21 17.03 15.41 13.55 1.31 1.70 1.91 2.09 2.26 107.80 5.5%

BALOISE HOLDING AG - REG 1.02 0.93 0.87 0.84 0.73 0.52 0.56 0.55 0.57 0.48 10.48 9.60 8.93 8.37 10.52 9.88 9.42 9.13 8.37 4.97 4.95 5.06 5.20 5.27 101.17 6.7%

SWISS PRIME SITE-REG 1.07 1.06 1.05 1.04 9.92 7.36 7.32 7.62 9.19 20.16 17.97 16.83 17.15 18.58 21.41 22.02 21.85 21.73 22.13 19.30 20.06 19.42 18.96 18.58 5.15 5.11 5.08 5.04 5.15 73.50 5.2%

PARTNERS GROUP HOLDING AG 11.21 8.60 7.17 6.11 16.69 13.98 11.91 10.68 9.63 26.63 24.50 18.72 16.41 25.82 21.10 17.92 15.72 14.51 27.45 22.75 19.44 17.25 2.23 2.62 3.03 3.38 257.20 -3.1%

CLARIANT AG-REG 1.36 1.40 1.30 1.21 0.60 0.72 0.69 0.66 0.62 9.04 6.86 6.36 5.59 7.45 7.25 6.61 6.10 5.86 14.30 12.67 10.73 9.34 8.83 2.12 2.62 3.01 3.48 2.97 14.79 9.9%

SWISS LIFE HOLDING AG-REG 0.52 0.50 0.48 0.46 0.45 0.29 0.28 0.28 0.26 0.25 8.78 8.41 7.90 7.26 6.60 2.88 2.94 3.09 3.36 4.41 167.33 5.5%

LINDT & SPRUENGLI AG-REG 5.60 5.09 4.57 4.02 3.39 3.15 2.94 2.73 26.84 24.16 21.11 17.61 18.31 16.63 15.21 13.94 34.08 31.13 28.13 25.30 1.35 1.53 1.68 1.89 39200.00 -7.5%

SULZER AG-REG 2.36 2.15 1.95 1.77 1.37 1.28 1.20 1.13 1.06 11.88 11.32 10.23 9.40 10.10 9.23 8.17 7.48 6.84 17.19 16.14 13.75 12.34 11.41 1.95 2.15 2.45 2.68 169.88 7.4%

LONZA GROUP AG-REG 1.53 1.53 1.42 1.33 0.98 0.95 0.91 0.87 0.83 6.02 6.29 5.86 5.25 9.39 8.80 8.03 7.38 6.97 17.16 15.35 12.78 11.16 10.57 2.88 3.09 3.21 3.42 3.50 64.57 -9.6%

PSP SWISS PROPERTY AG-REG 1.05 0.99 0.98 0.97 0.87 13.97 13.72 13.50 13.21 12.33 23.46 23.54 23.71 23.65 25.50 24.45 23.27 23.44 23.03 21.78 23.28 22.86 23.13 22.71 21.49 3.72 3.94 4.02 4.09 4.10 89.10 8.5%

LINDT & SPRUENGLI AG-PC 5.05 4.07 3.62 3.41 3.37 3.38 3.14 2.93 2.73 2.56 23.67 22.22 17.63 13.95 16.34 18.47 16.72 15.28 14.04 12.83 30.19 27.43 24.98 22.69 19.52 1.55 1.79 1.99 2.17 2.41 3783.33 4.4%

SCHINDLER HOLDING AG-REG 4.89 4.67 4.00 3.48 1.85 1.77 1.66 1.57 1.51 18.77 16.72 14.41 13.36 12.01 11.54 10.62 10.03 9.65 22.14 20.25 18.28 17.20 15.92 1.79 1.81 2.03 2.16 158.00 21.2%

GAM HOLDING AG 1.24 1.16 1.06 0.96 4.88 4.31 3.97 3.65 3.70 16.91 12.44 10.99 9.68 17.38 12.83 11.20 9.63 3.32 3.76 4.27 4.84 18.21 21.0%

DUFRY AG-REG 2.71 2.57 2.21 1.91 1.73 1.10 0.95 0.84 0.78 0.72 9.75 9.97 8.23 7.42 6.44 9.56 8.22 6.94 6.28 5.87 13.71 15.04 11.14 9.71 9.18 0.00 0.00 0.42 1.26 139.63 18.2%

GALENICA AG-REG 2.84 2.50 2.22 1.98 1.77 1.07 1.07 1.03 0.98 0.91 12.93 11.22 10.78 10.24 8.64 10.85 10.63 10.09 8.95 6.34 15.79 14.85 14.11 12.26 8.91 1.61 1.99 2.11 2.42 3.49 623.33 6.0%

HELVETIA HOLDING AG-REG 0.94 0.88 0.84 0.79 0.73 0.46 0.46 0.42 0.40 0.41 10.15 9.70 9.30 8.81 8.38 4.34 4.48 4.65 4.87 4.86 408.17 4.4%

EMS-CHEMIE HOLDING AG-REG 5.91 5.67 5.29 4.94 3.81 3.61 3.41 3.28 2.96 24.78 19.78 17.80 17.21 17.68 16.34 15.32 14.60 12.61 26.10 24.21 22.69 21.76 18.05 2.63 3.19 3.33 3.56 232.50 -18.8%

OC OERLIKON CORP AG-REG 2.06 1.99 1.83 1.62 1.34 1.31 1.26 1.23 1.14 8.80 9.88 9.21 8.74 8.60 6.63 6.80 6.21 5.94 5.81 17.36 16.23 14.43 13.59 14.10 2.00 2.51 2.56 2.74 2.99 13.20 12.8%

BARRY CALLEBAUT AG-REG 3.36 2.75 2.52 2.27 2.01 1.04 0.99 0.80 0.75 0.70 14.69 11.67 12.84 11.08 12.34 13.67 12.82 10.88 9.77 9.34 18.80 18.80 16.78 14.56 13.58 1.59 1.78 1.95 2.15 2.47 931.25 4.3%

PARGESA HOLDING SA-BR 0.69 0.71 0.71 0.67 0.93 10.60 9.99 10.19 15.76 15.64 10.48 11.55 41.73 39.20 33.93 29.74 40.97 12.91 10.90 9.91 3.59 4.23 4.49 4.93 74.63 17.5%

FISCHER (GEORG)-REG 1.44 1.43 1.32 1.22 0.50 0.50 0.48 0.46 0.42 5.79 5.87 6.15 6.02 6.01 5.98 5.58 5.20 4.52 12.19 12.06 10.89 9.78 8.46 2.70 3.25 3.45 3.79 4.07 476.67 7.8%

FLUGHAFEN ZUERICH AG-REG 1.62 1.49 1.37 1.28 3.16 3.08 3.04 2.92 2.91 9.58 8.10 7.10 6.65 7.81 7.58 7.52 7.18 16.78 20.00 15.02 13.88 1.82 2.00 2.34 2.64 486.25 0.2%

DKSH HOLDING LTD 4.63 3.89 3.46 3.06 2.55 0.59 0.51 0.46 0.42 0.53 25.94 23.26 18.45 15.85 16.89 15.92 13.56 11.97 10.63 8.63 29.21 24.44 21.51 19.09 15.81 1.05 1.23 1.44 1.57 2.00 78.68 -2.3%

BUCHER INDUSTRIES AG-REG 2.47 2.23 1.97 1.76 0.89 0.86 0.83 0.80 0.84 9.92 9.05 8.34 7.95 8.05 7.97 7.29 6.89 6.55 6.40 14.86 13.12 12.28 11.67 10.94 2.05 2.33 2.54 2.70 3.22 235.71 3.9%

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 2.26 2.26 2.07 1.88 2.26 1.45 1.45 1.38 1.33 1.45 10.18 10.18 9.51 9.83 10.18 9.03 9.03 8.33 7.78 9.03 14.66 14.66 13.11 11.96 14.66 2.17 2.17 2.34 2.44 2.17 1777.8 10.1%

Euro Stoxx 50 Pr 1.15 1.15 1.09 1.02 1.15 0.75 0.75 0.73 0.71 0.75 5.69 5.69 5.23 4.76 5.69 6.93 6.93 6.55 6.19 6.93 11.46 11.46 10.21 9.21 11.46 4.36 4.36 4.64 5.00 4.36 2969.9 12.7%

NIKKEI 225 1.52 1.52 1.43 1.32 1.52 0.73 0.73 0.71 0.69 0.73 8.97 8.97 8.30 7.60 8.97 8.85 8.85 8.19 7.71 8.85 17.73 17.73 15.75 14.19 17.73 1.64 1.64 1.79 1.94 1.64 14886.7 6.2%

FTSE 100 INDEX 1.69 1.69 1.58 1.46 1.69 0.96 0.96 0.93 0.95 0.96 8.35 8.35 7.62 6.95 8.35 6.83 6.83 6.43 6.05 6.83 12.00 12.00 10.93 10.09 12.00 3.91 3.91 4.21 4.56 3.91 6995.7 9.0%

SWISS MARKET INDEX 2.34 2.34 2.17 2.02 2.34 2.00 2.00 1.90 1.82 2.00 12.00 12.00 10.95 9.76 12.00 13.03 13.03 12.00 11.23 13.03 14.68 14.68 13.23 12.05 14.68 3.31 3.30 3.69 4.23 3.30 8617.2 10.4%

S&P/TSX COMPOSITE INDEX 1.62 1.62 1.51 1.41 1.62 1.38 1.38 1.43 1.48 1.38 8.20 8.20 7.40 6.13 8.20 8.37 8.37 7.41 6.83 8.37 14.10 14.10 12.45 11.35 14.10 3.31 3.31 3.46 3.61 3.31 14176.6 16.5%

S&P/ASX 200 INDEX 1.75 1.75 1.65 1.56 1.75 1.64 1.64 1.55 1.48 1.64 9.89 9.89 8.92 8.52 9.89 8.38 8.38 7.61 7.09 8.38 13.57 13.57 12.31 11.38 13.57 4.92 4.92 5.26 5.61 4.92 5209.5 8.6%

HANG SENG INDEX 1.22 1.22 1.12 1.06 1.22 1.58 1.58 1.46 1.34 1.58 7.30 7.30 6.94 6.44 7.30 7.40 7.40 6.77 6.08 7.40 9.72 9.72 8.95 8.22 9.72 3.96 3.96 4.27 4.68 3.96 24849.3 21.4%

MSCI EM 1.32 1.32 1.21 1.09 1.32 0.94 0.94 0.88 0.81 0.94 6.51 6.51 5.96 5.46 6.51 7.11 7.11 6.46 5.95 7.11 10.05 10.05 9.05 8.26 10.05 3.08 3.08 3.41 3.69 3.08 1126.2 23.5%

TEMENOS GROUP AG-REG 4.36 3.92 3.44 2.95 3.86 3.59 3.34 3.09 2.94 21.72 17.62 14.95 12.85 15.62 13.09 11.41 10.06 28.36 20.90 17.76 15.20 0.00 1.41 1.55 1.70 21.73 -4.3%

NOBEL BIOCARE HOLDING AG-REG 3.76 3.24 2.95 2.67 1.98 2.02 1.96 1.86 1.75 14.38 15.89 13.19 11.90 8.17 10.67 11.03 10.10 9.12 9.12 26.01 23.20 20.70 17.42 14.14 1.59 1.83 2.05 2.39 3.47 9.58 -16.0%

ALLREAL HOLDING AG-REG 1.11 1.08 1.05 1.03 8.63 7.55 7.15 7.08 18.86 17.91 16.77 16.50 21.93 18.57 17.17 16.90 18.78 18.31 16.42 15.54 4.12 4.14 4.50 4.50 145.00 9.3%

BANQUE CANTONALE VAUDOIS-REG 1.18 1.24 1.23 1.22 4.10 4.17 4.06 3.93 3.75 10.63 10.96 10.74 10.33 13.70 14.53 14.07 13.32 6.65 6.82 6.99 7.11 502.25 4.4%

KABA HOLDING AG-REG B 2.74 2.33 2.15 1.97 1.45 1.45 1.42 1.37 1.34 11.71 12.07 11.58 10.74 8.80 9.41 8.86 8.10 7.57 16.43 17.37 15.94 14.23 11.90 2.13 2.66 2.89 3.12 3.30 370.00 1.8%

VALIANT HOLDING AG-REG 0.69 0.65 0.60 0.55 3.45 3.55 3.33 3.18 3.05 11.58 14.48 11.66 10.37 3.80 3.80 3.80 4.27 100.00 18.6%

MOBIMO HOLDING AG-REG 0.99 0.97 0.96 0.95 9.63 9.04 8.97 8.52 9.40 19.64 22.32 21.81 20.93 21.29 22.33 21.59 22.37 21.59 21.91 23.94 22.00 21.97 21.82 21.29 4.72 4.72 4.72 4.72 4.72

PANALPINA WELTTRANSPORT -REG 3.08 3.20 2.94 2.66 0.39 0.36 0.34 0.33 0.34 45.15 22.44 19.71 16.78 317.35 15.92 15.50 11.90 10.00 7.96 36.45 36.40 25.78 20.75 18.86 1.20 1.65 1.91 2.27 91.19 -15.5%

LUZERNER KANTONALBANK AG-REG 1.38 1.32 1.27 1.22 6.86 6.85 6.71 6.56 15.69 15.23 14.44 13.99 15.93 15.81 15.36 14.87 3.20 3.20 3.49 3.49

BERNER KANTONALBANK AG-REG

AMS AG 1.88 1.70 1.46 1.26 2.21 2.10 1.89 1.72 1.66 7.25 8.37 6.84 6.30 6.86 7.44 6.20 5.48 5.92 9.31 10.32 8.43 7.17 7.38 1.95 2.42 2.92 3.57 98.54 34.2%

KUONI REISEN HLDG-REG(CAT B) 1.54 1.53 1.39 1.31 0.22 0.22 0.21 0.20 0.20 7.51 8.83 6.06 5.46 6.47 5.79 4.87 4.36 4.09 13.66 12.75 10.36 9.04 7.21 1.22 1.18 2.20 2.58 376.67 20.3%

BURCKHARDT COMPRESSION HOLDI 3.85 3.37 3.09 3.06 3.35 2.97 2.72 2.57 2.65 16.78 15.60 14.45 14.25 13.32 11.94 10.74 9.85 11.13 22.72 20.05 17.85 16.38 19.83 2.29 2.91 3.36 3.58 355.67 -6.3%

STRAUMANN HOLDING AG-REG 3.41 3.30 3.03 2.82 3.26 3.37 3.27 2.80 2.49 21.70 18.25 15.13 13.18 10.30 16.27 14.95 12.80 9.89 7.92 27.42 22.54 19.20 15.74 13.10 2.02 2.36 2.64 3.05 3.13 130.56 -9.7%

BELIMO HOLDING AG-REG 5.10 4.49 4.05 3.65 2.96 2.74 2.54 2.35 2.18 17.14 14.72 13.64 12.78 13.52 12.02 11.01 10.11 9.20 21.47 18.78 17.10 15.55 2.63 3.07 3.33 3.62 3.50

ST GALLER KANTONALBANK A-REG 1.01 0.99 0.96 0.93 4.06 3.96 3.90 3.84 11.59 19.95 10.72 10.66 12.54 11.85 11.77 11.74 4.29 3.71 4.48 4.95

LOGITECH INTERNATIONAL-REG 1.41 1.44 1.36 1.33 0.52 0.55 0.55 0.54 10.36 10.71 9.47 7.16 7.23 6.51 5.41 5.21 32.29 23.11 16.49 11.85 6.19 3.30 3.39 3.56 6.48 -1.8%

TECAN GROUP AG-REG 3.23 2.89 2.60 2.31 2.56 2.45 2.23 2.01 1.83 24.95 13.55 11.55 10.09 13.73 12.36 10.49 8.70 7.39 21.57 20.41 16.98 13.87 11.22 1.48 1.74 1.97 2.34 2.69 98.00 11.4%

GRAUBUENDNER KANTONALBANK-PC 1.36 1.24 1.19 8.09 8.07 7.82 1.58 1.62 1.55 14.86 14.73 13.94 3.34 3.69 3.69

ZUGER KANTONALBANK-BR

FORBO HOLDING AG-REG 1.58 1.47 1.36 1.24 1.16 1.15 1.13 1.11 1.12 9.04 8.23 7.54 7.08 6.73 6.90 6.56 6.27 5.75 14.89 13.43 12.00 10.86 9.85 1.98 2.10 2.27 2.39 2.61 650.00 5.9%

VONTOBEL HOLDING AG-REG 1.21 1.19 1.15 1.10 2.51 2.34 2.16 2.01 1.87 11.37 10.57 9.51 8.59 14.75 13.08 11.19 10.08 3.91 4.37 4.88 5.23 35.00 17.1%

DAETWYLER HOLDING AG-BR 2.36 2.50 2.18 1.91 1.26 1.24 1.16 2.22 11.52 7.00 7.47 6.90 9.23 8.33 7.58 7.05 14.83 12.96 11.43 10.53 2.27 2.63 2.92 3.15

HUBER & SUHNER AG-REG 1.44 1.38 1.31 1.24 1.25 1.14 1.06 1.00 17.37 12.03 10.32 9.60 11.88 8.77 7.84 7.35 36.29 18.98 15.97 14.66 1.27 2.09 2.43 2.57

VALORA HOLDING AG-REG 1.07 1.03 0.99 0.94 0.21 0.21 0.21 0.20 0.20 5.92 4.81 4.75 4.39 4.96 8.64 6.88 6.58 6.14 6.13 10.75 10.39 9.47 8.29 8.07 5.79 7.40 7.87 8.70 7.65 171.67 -2.9%

INFICON HOLDING AG-REG 3.43 3.72 3.61 3.48 2.27 2.16 2.06 1.98 12.93 13.96 11.96 10.82 10.49 9.49 8.95 8.50 18.07 16.75 15.71 14.90 5.06 5.61 5.69 5.78 318.50 10.6%

MEYER BURGER TECHNOLOGY AG 0.56 0.67 0.73 0.85 0.85 1.15 0.85 0.70 9.58 6.85 4686.71 9.16 6.18 59.71 0.00 0.00 0.00 5.98 -3.7%

IMPLENIA AG-REG 1.74 1.59 1.46 1.34 0.35 0.33 0.32 0.31 6.86 6.02 5.96 5.57 4.57 4.22 4.12 3.90 13.65 11.90 11.47 10.57 2.42 2.98 3.15 3.37

BASELLANDS KANTONALBANK-CERT

BASILEA PHARMACEUTICA-REG 1.55 8.82 15.08 6.54 11.66 15.30 10.64 6.38 3.09 3.70 5.02 57.00 5.02 160.16 6.22 0.00 0.00 0.00 77.50 11.9%

BASLER KANTONALBK - PC

EMMI AG-REG 1.56 1.42 1.31 1.23 0.51 0.47 0.46 0.45 6.53 6.56 6.35 6.13 8.35 7.81 7.61 7.39 15.78 14.67 13.74 12.85 1.27 1.34 1.43 1.47 302.50 6.8%

EFG INTERNATIONAL AG 1.47 1.25 1.14 1.06 1.07 2.17 2.27 2.10 1.97 2.06 9.79 8.90 7.53 14.43 12.09 10.44 8.76 8.70 0.98 1.69 2.83 4.03 5.79 14.25 21.3%

RIETER HOLDING AG-REG 1.90 1.87 1.69 1.55 0.82 0.77 0.68 0.62 0.64 11.33 10.34 8.50 7.72 9.50 8.92 4.80 4.16 4.18 41.36 37.48 12.73 10.08 1.52 1.30 2.47 3.17 185.00 21.2%

BKW AG 0.51 0.55 0.53 0.50 0.62 0.59 0.57 0.54 0.54 3.06 3.37 3.14 2.84 4.74 4.80 4.46 4.36 8.66 8.44 7.43 6.97 6.27 4.85 4.77 5.18 5.32

GATEGROUP HOLDING AG 1.12 1.71 1.55 1.36 0.18 0.17 0.17 0.16 4.76 4.89 4.01 3.55 4.95 4.90 4.34 4.01 13.36 12.82 9.16 8.34 2.28 1.34 2.60 3.44 21.67 9.7%

SCHWEITER TECHNOLOGIES AG-BR 1.28 1.30 1.29 1.22 1.17 1.20 1.15 1.10 10.01 9.85 9.11 10.00 5.90 5.88 5.13 5.41 15.25 20.24 16.05 17.03 6.84 4.49 3.68 2.74 587.50 0.4%

SCHWEIZERISCHE NATL-V AG-REG 1.07 0.99 0.93 0.88 0.85 0.58 0.57 0.55 0.55 0.51 8.92 9.02 8.53 7.83 7.81 4.44 4.33 4.54 5.05 5.37 46.75 10.7%

METALL ZUG AG-SHS B-REG 1.26 1.35 1.28 1.25 1.15 1.13 1.11 1.08 5.84 6.08 5.47 5.14 19.66 11.53 14.98 13.55 2.58 2.58 2.58 2.58 2200.00 3.3%

VETROPACK HOLDING AG-BR 1.19 1.13 1.05 0.98 1.26 1.24 1.20 1.15 6.45 5.87 5.40 4.93 6.08 5.37 5.08 4.81 14.64 12.52 11.54 11.19 2.49 1.96 2.11 2.25 1950.00 5.6%

VZ HOLDING AG 4.44 3.80 3.15 2.87 6.97 5.88 5.16 4.53 18.87 14.22 12.58 11.11 12.57 9.74 8.33 7.14 20.11 15.95 13.87 12.03 1.97 2.33 2.68 3.06

KUDELSKI SA-BR 1.47 1.33 1.21 1.11 0.73 0.72 1.25 0.68 6.14 6.15 5.71 5.27 8.56 6.45 6.10 5.85 15.52 12.32 11.07 9.98 0.94 1.45 1.68 2.32 13.80 17.4%

LIECHTENSTEIN LANDESBANK-BR 0.63 0.61 0.59 2.93 3.05 2.90 8.89 7.89 6.59 11.72 10.60 8.40 4.12 4.66 5.49

ZEHNDER GROUP AG-BR 1.64 1.57 1.45 1.33 0.77 0.76 0.72 0.68 0.65 6.69 7.19 6.53 5.85 6.36 6.64 5.87 5.10 4.63 12.66 13.98 12.02 10.20 7.81 2.61 2.37 2.74 3.20 3.52 42.00 -1.9%

LEM HOLDING SA-REG 8.14 8.14 7.40 2.85 2.61 2.40 2.40 16.31 15.78 14.35 13.82 12.19 11.67 9.95 9.12 18.24 18.67 15.24 13.78 4.62 4.87 6.16 7.18 600.00 0.0%

BOSSARD HOLDING AG-BR 3.38 3.29 2.71 2.27 1.21 0.96 0.90 1.42 1.33 9.37 8.54 7.60 7.08 6.89 13.34 9.80 9.06 8.46 7.18 11.92 9.59 9.26 8.69 7.65 3.36 3.91 4.21 4.55 5.23 154.26 6.9%

AFG ARBONIA-FORSTER HOLD-REG 1.11 1.10 1.01 0.93 0.36 0.35 0.34 0.34 0.33 4.93 4.71 4.09 3.81 5.71 5.04 4.49 4.09 3.96 28.26 12.85 9.77 7.88 7.27 0.00 1.27 2.66 3.51 4.15 34.50 33.7%

ZUG ESTATES HOLDING AG-B SHR 1.04 8.12 32.02 13.70 1.01

INTERSHOP HOLDINGS-BR 1.23 1.20 1.19 1.17 7.63 7.72 7.18 7.51 14.38 14.78 13.50 14.35 16.40 16.66 15.28 16.12 15.23 14.81 13.53 14.38 6.09 6.09 6.25 6.25 330.00 3.1%

U-BLOX AG 2.77 2.43 2.17 1.93 2.40 1.87 1.67 1.50 26.12 13.50 11.21 10.21 11.01 8.03 7.08 6.19 24.78 18.59 15.84 13.70 1.46 1.59 1.67 1.75 63.00 -1.6%

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


04.07.2013

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: 03/yy

52-Week High (03.04.2013) 70.00

52-Week Low (25.07.2012) 57.65

Daily Volume

62.7

52-Week High % Change -10.43% Dividend Yield -

52-Week Low % Change 8.76% Beta 0.76

% 52 Week Price Range High/Low 33.60% Equity Float 3'122.19

Shares Out 31.12.2012 3'224.8 Short Int -

202'033.72 1 Yr Total Return 11.58%

Total Debt 27'577.00 YTD Return 8.49%

Preferred Stock 0.0 Adjusted BETA 0.763

Minority Interest 1'657.0 Analyst Recs 42

Cash and Equivalents 9'425.00 Consensus Rating 3.762

Enterprise Value 221'842.72

Average Volume 5 Day 5'240'317

NESN VX EQUITY YTD Change - Average Volume 30 Day 6'888'541

NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 6'231'884

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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

103'086.0 100'579.0 88'015.0 83'770.0 92'324.0 84'770 92'736 95'634 101'056 23'545 24'313

1.64x 1.96x 2.08x 2.23x 2.27x 0.00x 0.00x 2.31x 2.17x - -

15'533.0 16'048.0 15'611.0 15'390.0 16'887.0 0.0 0.0 18'117.8 19'428.0 - -

10.89x 12.28x 11.72x 12.16x 12.43x 0.00x 0.00x 12.27x 11.44x - -

18'039.0 10'428.0 34'233.0 9'487.0 10'611.0 0.0 0.0 11'149.0 12'122.4 - -

20.80x 19.38x 21.06x 18.18x 17.90x 0.00x 0.00x 17.85x 16.41x - -

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

4'489'672.00

Current Price (7/dd/yy) Market Data

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04.07.2013

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

BLACKROCK n/a ULT-AGG 168'276'966 5.22 (53'397) 21.05.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 82'413'972 2.56 - 31.12.2012 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 73'754'920 2.29 36'300 31.03.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 43'813'238 1.36 (485'835) 27.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 37'703'409 1.17 3'496'739 31.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 37'264'257 1.16 2'031'372 31.03.2013 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 27'916'687 0.87 (860'630) 31.01.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 24'921'099 0.77 575'775 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 18'956'671 0.59 275'118 31.03.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 17'812'640 0.55 88'163 31.01.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'589'640 0.39 52'250 29.03.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'887'345 0.37 (187'731) 31.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 10'300'386 0.32 511'231 31.03.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 10'246'989 0.32 70'813 31.03.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 10'105'030 0.31 (24'019) 28.02.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 8'282'472 0.26 (521'919) 31.03.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'945'442 0.25 22'200 31.03.2013 Hedge Fund Manager

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'703'592 0.18 178'680 31.03.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'513'463 0.17 192'700 31.03.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 5'259'965 0.16 97'700 30.04.2013 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 67 Not Provided 22.05.2013

Helvea ANDREAS VON ARX neutral 3 M 69 12 month 22.05.2013

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 71 12 month 20.05.2013

AlphaValue SOPHIE CABO-BROSETA add 4 M 71 6 month 16.05.2013

First Global Stockbroking DEVINA MEHRA long-term outperform 5 M #N/A N/A Not Provided 08.05.2013

Investec MARTIN DEBOO hold 3 M 67 Not Provided 07.05.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 65 12 month 02.05.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 69 Not Provided 02.05.2013

Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 68 12 month 30.04.2013

RBC Capital Markets JAMES EDWARDES JONES outperform 5 U 80 12 month 24.04.2013

Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 72 12 month 23.04.2013

Bank am Bellevue MICHAEL STUDER hold 3 M 68 Not Provided 19.04.2013

Nomura DAVID HAYES reduce 2 M 63 Not Provided 19.04.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 19.04.2013

Exane BNP Paribas JEFF STENT outperform 5 M 74 Not Provided 19.04.2013

Deutsche Bank JAMES ISENWATER hold 3 M 63 12 month 18.04.2013

Credit Suisse ALEX MOLLOY outperform 5 M 76 Not Provided 18.04.2013

JPMorgan CELINE PANNUTI overweight 5 M 72 6 month 18.04.2013

HSBC CEDRIC BESNARD neutral 3 M 67 Not Provided 18.04.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 18.04.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 18.04.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 67 12 month 18.04.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 18.04.2013

Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 18.04.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 18.04.2013

Kepler Cheuvreux JON COX hold 3 M 60 Not Provided 18.04.2013

S&P Capital IQ CARL SHORT hold 3 M 66 12 month 18.04.2013

Barclays LIAM ROWLEY overweight 5 M 77 Not Provided 18.04.2013

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 68 Not Provided 10.04.2013

Jefferies ALEX HOWSON buy 5 M 74 12 month 21.03.2013

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

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

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

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

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

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


04.07.2013

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: 03/yy

52-Week High (22.05.2013) 73.75

52-Week Low (04.07.2012) 53.65

Daily Volume

67.7





183'344.58 1 Yr Total Return 30.24%



Minority Interest 126.0 Analyst Recs 31




NOVN VX EQUITY YTD Change - Average Volume 30 Day 4'421'043

NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'158'569


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

41'459.0 44'267.0 50'624.0 58'566.0 56'673.0 58'274.0 56'954.0 57'264.6 59'119.5 14'308.5 14'059.3

2.76x 2.72x 3.08x 2.61x 2.89x 10.82x 11.74x 3.49x 3.30x - -

12'109.0 12'318.0 15'866.0 17'818.0 16'714.0 17'219.0 16'648.0 16'863.8 18'014.2 - -

9.44x 9.79x 9.81x 8.58x 9.82x 8.91x 11.40x 12.28x 11.50x - -

8'195.0 8'400.0 9'794.0 9'113.0 9'505.0 8'590.0 9'598.0 12'505.7 14'110.9 3'165.8 3'149.0

13.89x 14.73x 13.70x 14.94x 16.01x 15.59x 18.00x 13.63x 12.52x 13.92x 13.80x


EBIT 11'794.00 Long-Term Rating AA-









EBITDA Margin 29.2%



Asset Turnover 0.47







Fiscal Year Ended

Novartis AGPrice/Volume

Valuation Analysis

2'430'303.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!

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4!

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

! !!

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5 !!

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04.07.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 123'887'381 4.58 2'999'400 31.03.2013 Investment Advisor

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

BLACKROCK n/a ULT-AGG 105'579'360 3.9 5'153'293 21.05.2013 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



VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'597'026 1.17 919'612 31.03.2013 Investment Advisor



HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'586 0.5 (548) 31.03.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'144'896 0.49 - 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'042'681 0.41 498'977 01.05.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 9'358'243 0.35 1'077'635 30.04.2013 Investment Advisor

FMR LLC n/a ULT-AGG 9'019'898 0.33 (1'680'234) 31.03.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 8'760'782 0.32 599'647 20.05.2013 Investment Advisor


ABERDEEN n/a ULT-AGG 5'670'897 0.21 (122'700) 30.04.2013 Unclassified



Societe Generale STEPHEN MCGARRY buy 5 M 78 12 month 23.05.2013

Exane BNP Paribas FLORENT CESPEDES outperform 5 M 79 Not Provided 23.05.2013

AlphaValue ARMELLE MOULIN add 4 M 82 6 month 23.05.2013

Helvea ODILE RUNDQUIST buy 5 M 76 12 month 22.05.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 77 6 month 21.05.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 76 12 month 17.05.2013

Kepler Cheuvreux FABIAN WENNER hold 3 M 64 Not Provided 15.05.2013

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 80 Not Provided 14.05.2013

Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 70 12 month 09.05.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 76 12 month 09.05.2013

Deutsche Bank TIM RACE hold 3 M 65 12 month 08.05.2013

Jefferies JEFFREY HOLFORD buy 5 M 81 12 month 06.05.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 30.04.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.04.2013

Bank am Bellevue BRUNO ESCHLI hold 3 M 62 Not Provided 26.04.2013

Credit Suisse MATTHEW WESTON outperform 5 M 79 Not Provided 25.04.2013

Bank Vontobel AG ANDREW C WEISS reduce 2 M 60 Not Provided 25.04.2013

Natixis BEATRICE MUZARD neutral 3 M 65 Not Provided 25.04.2013

JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 78 15 month 24.04.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 75 Not Provided 24.04.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 73 12 month 24.04.2013

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 12 month 24.04.2013

S&P Capital IQ SHO MATSUBARA hold 3 M 69 12 month 24.04.2013

Barclays MARK PURCELL equalweight 3 M 65 Not Provided 16.04.2013

Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 26.03.2013

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

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

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

Holdings By:

Novartis AG ee


04.07.2013

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: 03/yy

52-Week High (22.05.2013) 258.60

52-Week Low (04.07.2012) 165.50

Daily Volume

238.7



% 52 Week Price Range High/Low 74.76% Equity Float 701.88

Shares Out 26.06.2013 702.6 Short Int -

205'877.72 1 Yr Total Return 48.29%







ROG VX EQUITY YTD Change - Average Volume 30 Day 1'580'152

ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'395'990


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

45'617.0 49'051.0 47'473.0 42'531.0 45'499.0 42'438.0 46'061.0 47'501.5 49'326.4 11'633.7 11'511.7

2.93x 3.62x 2.96x 3.65x 3.77x 0.00x 0.00x 4.49x 4.21x - -

16'673.0 18'936.0 18'358.0 17'894.0 19'400.0 0.0 0.0 20'130.0 21'190.1 - -

8.03x 9.38x 7.65x 8.68x 8.84x 0.00x 0.00x 10.89x 10.34x - -

8'969.0 7'784.0 8'666.0 9'343.0 9'539.0 0.0 0.0 12'687.6 13'725.9 - -

15.58x 19.38x 13.51x 14.46x 16.36x 0.00x 0.00x 15.95x 14.78x - -


EBIT 16'979.00 Long-Term Rating AA









EBITDA Margin 42.6%



Asset Turnover 0.72







Fiscal Year Ended

Roche Holding AGPrice/Volume

Valuation Analysis

828'049.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

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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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



04.07.2013




CAPITAL GROUP COMPAN n/a ULT-AGG 11'646'500 1.66 (306'800) 31.03.2013 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'599'295 1.51 (77'122) 31.03.2013 Investment Advisor


BLACKROCK n/a ULT-AGG 9'428'217 1.34 926'205 21.05.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 9'077'949 1.29 (1'464'142) 31.03.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 7'716'200 1.1 120'000 31.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 7'166'602 1.02 (221'043) 31.03.2013 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'696'091 0.67 (65'916) 31.03.2013 Investment Advisor


PICTET & CIE Multiple Portfolios MF-AGG 4'134'183 0.59 (5'494) 31.01.2013 Investment Advisor

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

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'068'474 0.58 703'424 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'600'257 0.51 (40'521) 01.05.2013 Investment Advisor






Societe Generale STEPHEN MCGARRY buy 5 M 301 12 month 23.05.2013

Barclays MARK PURCELL overweight 5 M 258 Not Provided 23.05.2013

AlphaValue ARMELLE MOULIN reduce 2 M 243 6 month 23.05.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 290 Not Provided 22.05.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 22.05.2013

Exane BNP Paribas VINCENT MEUNIER neutral 3 M 250 Not Provided 21.05.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 254 6 month 20.05.2013

Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 310 12 month 17.05.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 265 12 month 17.05.2013

Helvea ODILE RUNDQUIST accumulate 4 M 244 12 month 17.05.2013

Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 292 12 month 16.05.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 247 12 month 16.05.2013

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 270 Not Provided 14.05.2013

Deutsche Bank TIM RACE buy 5 M 255 12 month 12.05.2013

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 262 12 month 10.05.2013

Jefferies JEFFREY HOLFORD buy 5 M 255 12 month 06.05.2013

Credit Suisse LUISA HECTOR outperform 5 M 270 Not Provided 22.04.2013

Bank am Bellevue BRUNO ESCHLI buy 5 M 252 Not Provided 16.04.2013

JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 280 12 month 15.04.2013

Kepler Cheuvreux FABIAN WENNER buy 5 M 236 Not Provided 14.04.2013

Bank Vontobel AG ANDREW C WEISS buy 5 M 250 Not Provided 12.04.2013

Natixis PHILIPPE LANONE buy 5 M 255 Not Provided 12.04.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 236 12 month 11.04.2013

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 206 12 month 11.04.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 02.04.2013

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

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 05.02.2013

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

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 accumulate 4 M 176 Not Provided 05.04.2012

DZ Bank AG ELMAR KRAUS buy 5 M 220 12 month 03.02.2012

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

Holdings By:

Roche Holding AG ee


04.07.2013

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: 03/yy

52-Week High (22.05.2013) 18.02

52-Week Low (24.07.2012) 9.60

Daily Volume

16.41





63'001.14 1 Yr Total Return 48.49%







UBSN VX EQUITY YTD Change - Average Volume 30 Day 11'454'690

UBSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 11'737'390


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

67'219.0 44'658.0 46'526.0 40'880.0 37'754.0 38'838.0 38'194.0 28'027.6 28'948.1 6'662.0 6'937.0

8.31x 9.51x 8.39x 9.20x 6.86x 37.10x 28.63x 39.14x 33.84x - -

37'052.0 19'874.0 20'964.0 17'464.0 15'529.0 13'101.0 14'092.0 - - - -

15.08x 21.36x 18.62x 21.53x 16.67x 0.00x 0.00x - - - -

(21'292.0) (2'736.0) 7'534.0 4'159.0 (2'511.0) 3'253.0 (2'649.0) 3'687.4 4'749.0 373.0 625.0

- - 7.71x 10.16x - 14.71x 0.00x 16.58x 13.17x 13.38x 12.60x


EBIT - Long-Term Rating A


Pretax Margin -4.70% Short-Term Rating Date 19.12.2008

Return on Assets -0.21% Short-Term Rating A-1

Return on Common Equity -5.27%

Return on Capital -0.64% 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 582.6%

Net Income Margin -6.7% Total Debt/Capital 84.2%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 6.44

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 21.24% Inventory Days -

Tot Debt to Common Equity 582.62% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -


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

7'089'860.00


!.135

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-! ! 9

.! ! 9

0! ! 9

1! ! 9

2! ! 9

3! ! 9

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

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04.07.2013


GOVT OF SINGAPORE IN n/a ULT-AGG 245'633'960 6.4 (261'829) 31.12.2012 Government

UBS n/a ULT-AGG 194'515'182 5.07 (8'935'476) 31.03.2013 Unclassified


NORGES BANK n/a EXCH 116'490'210 3.04 - 27.09.2011 Government





HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 34'619'235 0.9 217'405 31.03.2013 Investment Advisor


ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 26'619'971 0.69 1'173'223 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 24'644'140 0.64 (16'336'113) 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 22'943'686 0.6 347'856 31.03.2013 Investment Advisor


JP MORGAN n/a ULT-AGG 18'640'917 0.49 10'670'747 31.03.2013 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 17'471'897 0.46 849'782 31.03.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 15'515'975 0.4 14'908'877 31.03.2013 Investment Advisor

PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 14'693'903 0.38 627'255 31.03.2013 Hedge Fund Manager

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 14'352'781 0.37 (603'939) 31.03.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 14'192'813 0.37 (2'344'835) 31.03.2013 Investment Advisor


RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 18 12 month 23.05.2013

Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 23.05.2013

AlphaValue DIETER HEIN reduce 2 M 17 6 month 23.05.2013

Credit Suisse AMIT GOEL neutral 3 M 15 Not Provided 21.05.2013

JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 12 month 21.05.2013

Keefe, Bruyette & Woods ANDREW STIMPSON underperform 1 D 17 12 month 21.05.2013

Macquarie PIERS BROWN outperform 5 M 21 12 month 21.05.2013

Helvea TIM DAWSON accumulate 4 M 19 12 month 17.05.2013

Exane BNP Paribas DANIEL DAVIES neutral 3 M 18 Not Provided 16.05.2013

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 22 12 month 13.05.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 18 Not Provided 08.05.2013

Bank Vontobel AG TERESA NIELSEN buy 5 M 19 Not Provided 08.05.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 18 12 month 06.05.2013


Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 17 Not Provided 05.05.2013

Natixis ANTOINE BURGARD buy 5 M 20 Not Provided 02.05.2013

DZ Bank AG CHRISTOPH BAST sell 1 M 14 Not Provided 02.05.2013

Barclays KIRI VIJAYARAJAH overweight 5 M 20 Not Provided 02.05.2013

Deutsche Bank MATT SPICK buy 5 M 19 12 month 01.05.2013

Nomura JON PEACE buy 5 M 19 Not Provided 01.05.2013

Main First Bank AG KILIAN MAIER underperform 1 M 16 12 month 01.05.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 18 12 month 30.04.2013

Bank am Bellevue MARC DEUSTER hold 3 M 17 Not Provided 30.04.2013

Oddo & Cie JEAN SASSUS neutral 3 M 18 Not Provided 30.04.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 13 12 month 30.04.2013

Berenberg Bank JAMES CHAPPELL buy 5 M 17 Not Provided 30.04.2013

S&P Capital IQ FRANK BRADEN buy 5 M 19 12 month 30.04.2013

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 16 6 month 25.04.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 Not Provided 23.04.2013

Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 21 Not Provided 22.04.2013

Bankhaus Lampe NEIL SMITH hold 3 N 15 Not Provided 17.04.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 17 Not Provided 25.03.2013

Liberum Capital Ltd CORMAC LEECH buy 5 M 18 Not Provided 25.03.2013

Kepler Cheuvreux DIRK BECKER reduce 2 M 14 Not Provided 06.02.2013

Societe Generale DIRK HOFFMANN-BECKING hold 3 M 16 12 month 25.01.2013

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

HSBC ROBERT MURPHY overweight 5 M 18 Not Provided 20.12.2012

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 07.11.2012

Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 30.10.2012

Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012

Grupo Santander AURELIA FAURE underweight 1 M 11 Not Provided 18.09.2012

Hammer Partners SA ENRICO RACIOPPI buy 5 M 11 Not Provided 03.07.2012

Holdings By:

UBS AG ee


04.07.2013

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: 03/yy

52-Week High (22.05.2013) 22.10

52-Week Low (12.07.2012) 15.01

Daily Volume

20.77





48'077.22 1 Yr Total Return 35.02%







ABBN VX EQUITY YTD Change - Average Volume 30 Day 5'332'165

ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 5'580'192


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

34'912.0 31'795.0 31'589.0 37'990.0 39'336.0 38'495.0 40'144.0 41'566.1 43'835.7 10'230.1 10'181.8

0.83x 1.18x 1.42x 1.10x 1.25x 4.84x 4.80x 1.24x 1.14x 5.28x 5.29x

5'259.0 4'892.0 4'733.0 5'688.0 5'294.0 5'761.0 5'494.0 6'261.3 6'979.7 1'509.5 1'542.7

5.48x 7.67x 9.49x 7.37x 9.31x 8.02x 9.91x 8.46x 7.59x 8.36x 8.22x

3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 3'198.0 2'683.0 3'411.9 3'939.4 829.0 855.9

10.76x 15.27x 19.85x 13.65x 17.40x 14.76x 19.45x 14.51x 12.65x 14.40x 14.05x


EBIT 4'112.00 Long-Term Rating A



Return on Assets 5.92% Short-Term Rating A-1






EBITDA Margin 13.7%



Asset Turnover 0.89


Quick Ratio 0.88 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle 89.35


Fiscal Year Ended

ABB LtdPrice/Volume

Valuation Analysis

3'036'398.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

2 ! 9

-! ! 9

-2 ! 9

.! ! 9

.2 ! 9

0! ! 9

02 ! 9

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 !!

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-2 !!

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04.07.2013


INVESTOR AB n/a Research 166'330'142 7.19 - 04.01.2011 Investment Advisor





HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 31.03.2013 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 24'826'258 1.07 149'887 30.04.2013 Investment Advisor


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 17'723'260 0.77 (1'214'343) 31.03.2013 Investment Advisor


SEB n/a ULT-AGG 14'369'855 0.62 2'632'729 29.04.2013 Unclassified

AMF FONDER AB Multiple Portfolios MF-AGG 11'080'901 0.48 1'637'501 31.03.2013 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 10'421'737 0.45 - 27.03.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 8'513'763 0.37 (2'513'786) 20.05.2013 Investment Advisor


FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 7'750'666 0.33 1'685'882 31.03.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 7'122'022 0.31 129'754 31.03.2013 Investment Advisor

CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 6'145'300 0.27 115'000 30.04.2013 Investment Advisor

CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 4'268'114 0.18 170'000 28.03.2013 Investment Advisor


Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 25 12 month 23.05.2013

Exane BNP Paribas OLIVIER ESNOU outperform 5 M 25 Not Provided 23.05.2013

AlphaValue HEINZ STEFFEN reduce 2 M 22 6 month 23.05.2013

Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 22.05.2013

Handelsbanken HAMPUS ENGELLAU buy 5 M 28 12 month 20.05.2013


Kepler Cheuvreux CHRISTOPH LADNER hold 3 M 22 Not Provided 15.05.2013

Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 19 12 month 10.05.2013

Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 10.05.2013

Helvea STEFAN GAECHTER buy 5 M 25 12 month 10.05.2013

Berenberg Bank WILLIAM MACKIE hold 3 D 21 Not Provided 01.05.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 23 12 month 30.04.2013

ABG Sundal Collier ANDERS IDBORG buy 5 M 24 6 month 29.04.2013

Societe Generale SEBASTIEN GRUTER buy 5 M 25 12 month 25.04.2013

Bank am Bellevue MICHAEL ROOST hold 3 M 20 Not Provided 25.04.2013

SEB Enskilda DANIEL SCHMIDT buy 5 M 22 Not Provided 25.04.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 D #N/A N/A Not Provided 25.04.2013

Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 25.04.2013

Nordea Equity Research ANDREAS BROCK hold 3 M 21 12 month 25.04.2013

Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 25 Not Provided 25.04.2013

Natixis ARNAUD SCHMIT neutral 3 M 20 Not Provided 25.04.2013

Barclays NICK WEBSTER overweight 5 M 24 Not Provided 25.04.2013

Deutsche Bank MARTIN WILKIE hold 3 U 20 12 month 24.04.2013

Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 27 12 month 24.04.2013

JPMorgan ANDREAS WILLI underweight 1 M 21 6 month 24.04.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 25 Not Provided 24.04.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 24.04.2013

Nomura DANIEL CUNLIFFE buy 5 M 27 12 month 24.04.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 22 12 month 24.04.2013

Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 24.04.2013

Danske Markets CARL GUSTAFSSON buy 5 M 23 12 month 24.04.2013

Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 17.04.2013

HSBC COLIN GIBSON neutral 3 M 23 Not Provided 08.03.2013

Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 25 Not Provided 08.03.2013

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

Swedbank MATS LISS buy 5 M 20 12 month 11.12.2012

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


04.07.2013

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: 03/yy

52-Week High (22.05.2013) 93.10

52-Week Low (12.07.2012) 48.13

Daily Volume

85.35





49'036.68 1 Yr Total Return 60.60%



Minority Interest (1.0) Analyst Recs 37




CFR VX EQUITY YTD Change - Average Volume 30 Day 1'635'857

CFR VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'705'833


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

5'418.0 5'176.0 6'892.0 8'868.0 10'150.0 6'430.0 9'697.0 11'033.8 12'106.5 - -

1.05x 2.82x 2.72x 2.56x 3.02x 0.00x 0.00x 3.20x 2.82x - -

1'345.0 1'259.0 1'669.0 2'387.0 2'817.0 0.0 0.0 3'099.7 3'445.6 - -

4.23x 11.59x 11.22x 9.50x 10.88x 0.00x 0.00x 11.78x 10.59x - -

1'075.0 599.0 1'090.0 1'544.0 2'013.0 0.0 0.0 2'237.6 2'508.2 - -

8.94x 26.38x 20.65x 16.70x 16.74x 0.00x 0.00x 17.32x 15.42x - -

EBITDA 2'817.00 Long-Term Rating Date -

EBIT 2'434.00 Long-Term Rating -

Operating Margin 23.98% Long-Term Outlook -

Pretax Margin 23.40% Short-Term Rating Date -

Return on Assets 15.33% Short-Term Rating -


Return on Capital - EBITDA/Interest Exp. 74.13


Net Debt/EBITDA -1.14


EBITDA Margin 27.8%



Asset Turnover 0.77








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

817'490.00


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

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3 ! 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

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04.07.2013



CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'427'709 2.38 - 29.03.2013 Investment Advisor




GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 7'325'847 1.4 342'370 31.03.2013 Investment Advisor


JANUS CAPITAL MANAGE n/a ULT-AGG 5'374'706 1.03 76'698 31.03.2013 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 3'600'686 0.69 (50'618) 30.04.2013 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'868'956 0.55 (204'947) 31.03.2013 Investment Advisor



HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'569'300 0.49 590'400 31.03.2013 Investment Advisor


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'514'522 0.29 12'292 28.02.2013 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 1'291'101 0.25 (2'744) 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'099'153 0.21 61'971 31.03.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 1'063'018 0.2 (7'275) 31.03.2013 Investment Advisor


Cantor Fitzgerald ALLEGRA PERRY hold 3 M 90 Not Provided 22.05.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 100 Not Provided 22.05.2013

Societe Generale THIERRY COTA buy 5 M 100 12 month 20.05.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 86 12 month 19.05.2013

Morgan Stanley LOUISE SINGLEHURST Equalwt/In-Line 3 M 80 12 month 17.05.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 121 12 month 17.05.2013

Raymond James MARC WILLAUME strong buy 5 M 100 Not Provided 17.05.2013

Macquarie WYNAND VAN ZYL outperform 5 M 96 12 month 17.05.2013

Oddo & Cie LEOPOLD AUTHIE buy 5 M 100 Not Provided 17.05.2013

Bank Vontobel AG RENE WEBER hold 3 M 90 Not Provided 17.05.2013

Kepler Cheuvreux JON COX buy 5 M 100 Not Provided 17.05.2013

Bryan Garnier & Cie LOIC MORVAN buy 5 M 95 6 month 17.05.2013

Natixis JOSEPHINE CHEVALLIER neutral 3 M 75 Not Provided 17.05.2013

Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 17.05.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 91 12 month 17.05.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 97 Not Provided 16.05.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 84 9 month 16.05.2013

Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 105 12 month 16.05.2013

Aurel - BGC DAVID DA MAIA buy 5 M #N/A N/A Not Provided 16.05.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 100 12 month 16.05.2013

Renaissance Capital REY WIUM hold 3 M 84 Not Provided 16.05.2013

ISI Group OMAR SAAD strong buy 5 M 105 12 month 16.05.2013

S&P Capital IQ WILLIAM MACK buy 5 M 100 12 month 16.05.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 83 12 month 16.05.2013

Barclays HELEN NORRIS overweight 5 M 100 Not Provided 16.05.2013

AlphaValue VIRGINIE BLIN reduce 2 M 76 6 month 16.05.2013

Nomura CHRISTOPHER WALKER buy 5 M 83 12 month 24.04.2013


HSBC ERWAN RAMBOURG neutral 3 M 82 Not Provided 27.03.2013

Investec THANE DUFF hold 3 M 87 12 month 25.03.2013


EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013

Berenberg Bank JOHN GUY hold 3 M 72 Not Provided 15.02.2013

BNP Paribas Cadiz Securities SHAMIL ISMAIL hold 3 D 64 12 month 27.11.2012

Avior Research MATHEW MENEZES neutral 3 D 70 Not Provided 05.09.2012

Holdings By:

Cie Financiere Richemont SA ee


04.07.2013

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: 03/yy

52-Week High (21.05.2013) 29.32

52-Week Low (03.08.2012) 15.53

Daily Volume

26.08





41'133.08 1 Yr Total Return 50.74%





Enterprise Value -


CSGN VX EQUITY YTD Change - Average Volume 30 Day 6'388'767

CSGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 6'412'415


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

48'697.0 51'547.0 50'345.0 42'693.0 38'313.0 40'294.0 39'068.0 26'468.4 27'355.1 6'805.5 6'453.0

- - - - - 0.00x 0.00x 33.05x 31.89x - -

- - - - - 0.0 0.0 - - - -

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

(8'218.0) 6'724.0 5'098.0 1'953.0 1'349.0 858.0 2'742.0 4'230.7 4'967.9 1'108.7 1'008.7

- 9.96x 9.59x 16.11x 27.15x 59.84x 15.67x 9.99x 8.66x 9.61x -

EBITDA - Long-Term Rating Date 02.07.2013

EBIT - Long-Term Rating A-



Return on Assets 0.28% Short-Term Rating NR


Return on Capital 0.75% EBITDA/Interest Exp. -


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

5'495'482.00


!

2

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-2

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02

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.2 ! 9

0! ! 9

02 ! 9

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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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04.07.2013


FRANKLIN RESOURCES n/a ULT-AGG 91'438'170 5.8 400'669 31.03.2013 Investment Advisor

CRESCENT HOLDING GMB n/a EXCH 90'633'111 5.75 - 25.02.2013 Investment Advisor

QATAR INVESTMENT AUT n/a Co File 83'884'014 5.32 - 31.12.2012 Government

DODGE & COX n/a Co File 67'648'398 4.29 - 31.12.2012 Investment Advisor


BLACKROCK n/a ULT-AGG 40'589'039 2.57 - 21.05.2013 Investment Advisor

HARRIS ASSOCIATES LP n/a Co File 40'589'039 2.57 - 31.12.2012 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 33'619'326 2.13 12'363'324 31.03.2013 Investment Advisor

AXA n/a ULT-AGG 32'783'489 2.08 (27'286'190) 31.03.2013 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'146'592 0.83 1'975'777 31.03.2013 Investment Advisor


ONTARIO TEACHERS PEN n/a Research 6'965'852 0.44 - 31.12.2012 Pension Fund (ERISA)


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'706'327 0.3 1'642'359 31.03.2013 Investment Advisor



CREDIT SUISSE n/a EXCH 4'392'336 0.28 (33'747'664) 05.04.2013 Investment Advisor


RBC Capital Markets FIONA SWAFFIELD outperform 5 M 33 12 month 23.05.2013


Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 34 12 month 21.05.2013

Macquarie PIERS BROWN outperform 5 M 33 12 month 21.05.2013

Exane BNP Paribas DANIEL DAVIES outperform 5 M 31 Not Provided 16.05.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 31 12 month 13.05.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 30 12 month 13.05.2013

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 28 6 month 06.05.2013

Barclays JEREMY SIGEE equalweight 3 M 28 Not Provided 02.05.2013

Main First Bank AG KILIAN MAIER outperform 5 M 32 12 month 30.04.2013

EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 30.04.2013

Bank am Bellevue MARC DEUSTER hold 3 M 25 Not Provided 29.04.2013

Bank Vontobel AG TERESA NIELSEN hold 3 M 26 Not Provided 26.04.2013


Independent Research GmbH STEFAN BONGARDT buy 5 M 32 12 month 25.04.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 22 12 month 25.04.2013

Natixis ANTOINE BURGARD neutral 3 M 24 Not Provided 25.04.2013

Nomura JON PEACE buy 5 M 31 12 month 25.04.2013

Helvea TIM DAWSON neutral 3 M 26 12 month 25.04.2013

Deutsche Bank MATT SPICK hold 3 M 28 12 month 24.04.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 26 Not Provided 24.04.2013

Oddo & Cie JEAN SASSUS neutral 3 M 27 Not Provided 24.04.2013

Canaccord Genuity Corp ARUN MELMANE hold 3 M 28 Not Provided 24.04.2013

Berenberg Bank JAMES CHAPPELL sell 1 M 13 Not Provided 24.04.2013

Kepler Cheuvreux DIRK BECKER buy 5 M 29 Not Provided 24.04.2013

S&P Capital IQ FRANK BRADEN hold 3 M 27 12 month 24.04.2013

DZ Bank AG CHRISTOPH BAST sell 1 M 23 12 month 24.04.2013

Liberum Capital Ltd CORMAC LEECH hold 3 M 24 Not Provided 18.04.2013

Bankhaus Lampe NEIL SMITH sell 1 N 24 Not Provided 17.04.2013

Day by Day VALERIE GASTALDY buy 5 U 30 3 month 10.04.2013

Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 08.04.2013

Societe Generale DIRK HOFFMANN-BECKING buy 5 M 32 12 month 03.04.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 30 Not Provided 25.03.2013

Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 11.02.2013

Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 25 Not Provided 30.01.2013

HSBC ROBERT MURPHY neutral 3 D 23 Not Provided 07.11.2012

Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012

Grupo Santander AURELIA FAURE hold 3 M 19 Not Provided 18.09.2012

Hammer Partners SA ENRICO RACIOPPI sell 1 M 21 Not Provided 03.07.2012

Holdings By:

Credit Suisse Group AG ee


04.07.2013

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: 03/yy

52-Week High (15.05.2013) 270.90

52-Week Low (26.07.2012) 194.43

Daily Volume

250.2





37'104.69 1 Yr Total Return 22.67%






Average Volume 5 Day 396'881

ZURN VX EQUITY YTD Change - Average Volume 30 Day 434'151

ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 461'900


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

32'331.0 70'123.0 67'819.0 52'978.0 70'446.0 59'206.0 71'371.0 58'754.0 59'970.0 - -

0.99x 0.50x 0.64x 0.73x 0.64x 2.72x 2.46x 0.92x 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 4'250.0 3'791.0 4'304.1 4'510.0 991.5 976.5

9.86x 7.83x 10.92x 8.80x 10.08x 9.22x 10.77x 9.23x 8.79x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.18

Current Ratio - Net Fixed Asset Turnover -






Fiscal Year Ended

Zurich Insurance Group AGPrice/Volume

Valuation Analysis

314'601.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1 9

3 9

5 9

- ! 9

- . 9

- 1 9

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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04.07.2013






CREDIT SUISSE n/a EXCH 2'525'492 1.7 787 23.03.2010 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 1'903'059 1.28 13 31.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'813'810 1.22 (113'475) 31.03.2013 Investment Advisor


PICTET & CIE Multiple Portfolios MF-AGG 760'859 0.51 4'556 31.01.2013 Investment Advisor

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 673'346 0.45 15'133 31.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 554'678 0.37 (26'773) 31.03.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 496'279 0.33 7'472 28.02.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 444'000 0.3 - 28.02.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 438'522 0.3 13'784 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 386'690 0.26 10'208 31.03.2013 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 374'403 0.25 - 28.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 374'222 0.25 3'046 31.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 346'877 0.23 30'949 30.04.2013 Investment Advisor


Credit Suisse RICHARD BURDEN neutral 3 D 283 Not Provided 22.05.2013

Exane BNP Paribas NICCOLO DALLA PALMA outperform 5 U 315 Not Provided 22.05.2013

Barclays ANDREW BROADFIELD underweight 1 M 250 Not Provided 21.05.2013

Societe Generale JASON KALAMBOUSSIS hold 3 M 252 12 month 20.05.2013

Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 269 12 month 20.05.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 300 12 month 19.05.2013

Macquarie HADLEY COHEN neutral 3 M 275 12 month 18.05.2013

Bank am Bellevue ANDREAS FRICK hold 3 M 240 12 month 17.05.2013

Oddo & Cie NICOLAS JACOB buy 5 M 300 Not Provided 17.05.2013

Canaccord Genuity Corp BEN COHEN hold 3 D 265 Not Provided 17.05.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 290 12 month 17.05.2013

Berenberg Bank PETER ELIOT hold 3 M 280 Not Provided 17.05.2013

Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 270 Not Provided 17.05.2013

Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 300 Not Provided 17.05.2013

S&P Capital IQ RODERICK WALLACE sell 1 M 220 12 month 17.05.2013

Helvea DANIEL BISCHOF neutral 3 M 265 12 month 17.05.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 290 12 month 16.05.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 220 Not Provided 16.05.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 320 6 month 16.05.2013

Nomura MICHAEL KLIEN buy 5 M 290 12 month 16.05.2013

Main First Bank AG RENE LOCHER underperform 1 M 265 12 month 16.05.2013

AlphaValue DIETER HEIN buy 5 M 322 6 month 15.05.2013

Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 03.05.2013

HSBC DHRUV GAHLAUT neutral 3 M 275 Not Provided 25.04.2013

JPMorgan MICHAEL HUTTNER neutral 3 M 263 6 month 19.04.2013


Raymond James DANNY JACQUES outperform 5 M 297 Not Provided 22.03.2013


Morgan Stanley MARCUS RIVALDI Equalwt/In-Line 3 M 261 12 month 26.02.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 270 12 month 19.02.2013

Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 18.02.2013

Banca Akros(ESN) MARCO CAVALLERI hold 3 M 245 12 month 13.02.2013

Deutsche Bank ROBIN BUCKLEY hold 3 M 265 12 month 24.01.2013

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 300 Not Provided 08.01.2013

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 292 12 month 11.10.2012

DZ Bank AG WERNER EISENMANN buy 5 M 240 12 month 05.12.2011

Daiwa Securities Co. Ltd. TIM PROUDLOVE underperform 1 M 216 6 month 06.05.2011

Holdings By:

Zurich Insurance Group AG ee


04.07.2013

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: 03/yy

52-Week High (15.03.2013) 416.00

52-Week Low (24.07.2012) 312.60

Daily Volume

379.8





35'350.69 1 Yr Total Return 17.89%


Preferred Stock - Adjusted BETA 0.902





SYNN VX EQUITY YTD Change - Average Volume 30 Day 279'621

SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 268'328


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

11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 4'304.0 14'468.0 15'247.6 16'177.1 4'571.5 4'028.7

1.68x 2.56x 2.45x 2.11x 2.72x 0.00x 0.00x 2.51x 2.32x - -

2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'426.8 3'744.1 - 2'274.0

7.84x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x 11.33x 10.36x - -

1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'262.4 2'492.6 - 1'565.0

12.86x 19.06x 19.37x 16.84x 19.65x 0.00x 0.00x 16.29x 14.65x - -











EBITDA Margin 22.2%



Asset Turnover 0.78







Fiscal Year Ended

Syngenta AGPrice/Volume

Valuation Analysis

169'591.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

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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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04.07.2013



CAPITAL GROUP COMPAN n/a ULT-AGG 4'634'983 4.98 - 31.03.2013 Investment Advisor

BANK OF NEW YORK n/a EXCH 3'907'159 4.2 42'023 26.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 2'363'704 2.54 86'915 31.03.2013 Investment Advisor





THORNBURG INVESTMENT Multiple Portfolios MF-AGG 932'280 1 - 31.03.2013 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 828'905 0.89 (26'762) 31.01.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 592'749 0.64 (53'196) 31.03.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 589'680 0.63 (308) 31.01.2013 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 408'606 0.44 20'021 28.02.2013 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 393'768 0.42 42'715 28.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 377'345 0.41 6'822 20.05.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 363'011 0.39 109'146 31.03.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 274'518 0.29 15'930 31.03.2013 Investment Advisor

FLEXSHARES TRUST Multiple Portfolios MF-AGG 237'786 0.26 30'082 30.04.2013 Investment Advisor


Jefferies LAURENCE ALEXANDER hold 3 M 400 12 month 23.05.2013

AlphaValue FABRICE FARIGOULE buy 5 M 519 6 month 23.05.2013

Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 313 12 month 17.05.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 430 12 month 16.05.2013

Kepler Cheuvreux MARTIN ROEDIGER buy 5 M 440 Not Provided 14.05.2013

Exane BNP Paribas JAMES KNIGHT neutral 3 M 376 Not Provided 13.05.2013

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 470 12 month 22.04.2013

Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 406 12 month 21.04.2013

Credit Suisse CHRIS COUNIHAN outperform 5 M 450 Not Provided 19.04.2013

Bank Vontobel AG PATRICK RAFAISZ hold 3 M 390 Not Provided 19.04.2013

Nomura PATRICK LAMBERT buy 5 M 470 Not Provided 19.04.2013

Liberum Capital Ltd SOPHIE JOURDIER hold 3 M 400 Not Provided 19.04.2013

Bank am Bellevue BRUNO ESCHLI buy 5 M 457 Not Provided 18.04.2013

Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 515 Not Provided 18.04.2013

S&P Capital IQ JACOB THRANE hold 3 M 420 12 month 18.04.2013

Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 430 Not Provided 17.04.2013

Barclays ANDREAS HEINE equalweight 3 M 403 Not Provided 17.04.2013


HSBC GEOFF HAIRE neutral 3 D 430 Not Provided 27.03.2013

JPMorgan MARTIN EVANS neutral 3 M 375 6 month 20.03.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 13.02.2013

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 11.02.2013

Equita SIM SpA MASSIMO BONISOLI hold 3 M 390 12 month 08.02.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 430 12 month 07.02.2013

Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 450 12 month 07.02.2013

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 06.02.2013

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

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 D #N/A N/A Not Provided 19.09.2012

Holdings By:

Syngenta AG ee


04.07.2013

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: 03/yy

52-Week High (10.05.2013) 75.65

52-Week Low (25.07.2012) 53.28

Daily Volume

70.7





26'208.98 1 Yr Total Return 27.57%


Preferred Stock 1'102.0 Adjusted BETA 1.114





SREN VX EQUITY YTD Change - Average Volume 30 Day 1'204'448

SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'292'795


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

24'011.8 30'624.0 28'484.0 27'797.0 33'116.0 30'050.0 34'313.0 34'062.2 36'271.1 - -

1.03x 0.50x 1.13x 1.02x 1.06x 3.90x 3.82x 1.07x 1.00x - -

- - - - - 0.0 0.0 - - - -

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

(800.3) 467.4 863.0 2'626.0 4'201.0 4'432.0 4'419.0 3'305.8 3'077.2 655.0 627.0

- 33.44x 21.30x 6.64x 6.09x 4.93x 6.45x 8.00x 8.55x - -









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

716'931.00


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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

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

! !!

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04.07.2013


SWISS RE n/a EXCH 27'282'124 7.36 (1'396'672) 29.03.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 24'549'095 6.62 (461'908) 31.03.2013 Investment Advisor


BERKSHIRE HATHAWAY I n/a ULT-AGG 11'262'000 3.04 - 31.12.2012 Investment Advisor


DODGE & COX n/a EXCH 11'104'278 3 - 06.05.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'899'361 2.4 (1'472'124) 31.03.2013 Investment Advisor





SARASIN n/a ULT-AGG 1'851'274 0.5 196'282 28.03.2013 Unclassified


JP MORGAN n/a ULT-AGG 1'424'952 0.38 22'735 31.03.2013 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'267'120 0.34 (32'769) 28.02.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 1'232'919 0.33 3'138 31.01.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'125'402 0.3 1'125'402 31.03.2013 Investment Advisor

ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 1'050'000 0.28 980'000 28.03.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 954'050 0.26 800'000 31.03.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 874'042 0.24 608'042 31.03.2013 Investment Advisor



Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 58 12 month 20.05.2013


Credit Suisse ADAM MCINALLY neutral 3 M 69 Not Provided 10.05.2013

Barclays ANDREW BROADFIELD overweight 5 M 78 Not Provided 09.05.2013

Bank am Bellevue ANDREAS FRICK buy 5 M 89 Not Provided 07.05.2013

Kepler Cheuvreux FABRIZIO CROCE buy 5 M 83 Not Provided 07.05.2013

Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 72 12 month 03.05.2013

Nord/LB JULIA SIEKMANN buy 5 M 84 12 month 03.05.2013

Oddo & Cie NICOLAS JACOB buy 5 M 82 Not Provided 03.05.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 80 Not Provided 03.05.2013

Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 85 Not Provided 03.05.2013

S&P Capital IQ RODERICK WALLACE buy 5 U 88 12 month 03.05.2013

Societe Generale JASON KALAMBOUSSIS buy 5 M 75 12 month 02.05.2013

Mediobanca SpA GIANLUCA FERRARI neutral 3 M 78 12 month 02.05.2013

RBC Capital Markets GORDON AITKEN sector perform 3 M 80 12 month 02.05.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 82 12 month 02.05.2013

Raymond James DANNY JACQUES underperform 1 M 63 12 month 02.05.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 78 Not Provided 02.05.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 02.05.2013


Berenberg Bank TOM CARSTAIRS sell 1 M 67 Not Provided 02.05.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 80 6 month 02.05.2013

Nomura MICHAEL KLIEN reduce 2 M 67 12 month 02.05.2013

Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 76 Not Provided 02.05.2013


Macquarie HADLEY COHEN neutral 3 M 67 12 month 18.03.2013


JPMorgan MICHAEL HUTTNER overweight 5 M 74 6 month 22.02.2013

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 U 75 12 month 21.02.2013


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

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

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 48 Not Provided 12.01.2012

Holdings By:

Swiss Re AG ee


04.07.2013

Transocean Ltd. is an offshore drilling contractor. The Company owns or

operates mobile offshore drilling units, inland drilling barges, and other

assets utilized in the support of offshore drilling activities worldwide.

Transocean specializes in technically demanding segments of the offshore

drilling business, including deepwater and harsh environment drilling services.


LTM as of: 03/yy

52-Week High (28.01.2013) 54.70

52-Week Low (27.12.2012) 40.18

Daily Volume

45.88





16'532.70 1 Yr Total Return 3.76%







RIGN VX EQUITY YTD Change - Average Volume 30 Day 508'319

RIGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 482'084


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

12'674.0 11'556.0 9'466.0 8'027.0 9'196.0 8'568.0 9'538.0 9'641.5 10'853.4 2'413.3 2'492.8

2.17x 3.22x 3.17x 2.87x 2.54x 12.07x 10.36x 2.67x 2.38x 10.41x 10.14x

6'430.0 5'926.0 4'048.0 1'515.0 2'766.0 1'763.0 2'710.0 3'621.9 4'474.1 908.6 970.0

4.27x 6.28x 7.42x 15.22x 8.45x 16.34x 9.68x 6.87x 5.56x 6.45x 6.13x

4'031.0 3'181.0 961.0 (5'754.0) (219.0) (6'063.0) 92.0 1'587.0 2'208.5 387.0 430.2

- - - - - 0.00x 0.00x 10.96x 7.85x 10.18x 9.28x











EBITDA Margin 28.4%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Transocean LtdPrice/Volume

Valuation Analysis

270'623.00


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. 2 9

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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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04.07.2013


ICAHN ASSOCIATES COR ICAHN ASSOCIATES COR 13F 20'154'035 5.59 14'315'649 31.03.2013 Hedge Fund Manager

ICAHN ASSOCIATES COR n/a 13D 20'154'035 5.59 - 19.04.2013 Hedge Fund Manager



FRANKLIN RESOURCES n/a ULT-AGG 12'972'379 3.6 3'112'775 31.03.2013 Investment Advisor


NORGES BANK NORGES BANK 13F 7'568'140 2.1 - 31.12.2012 Government

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 6'851'908 1.9 (914'546) 31.03.2013 Investment Advisor

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 5'168'965 1.43 (160'437) 31.03.2013 Investment Advisor


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 3'433'300 0.95 (107'900) 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'293'744 0.91 40'681 31.03.2013 Investment Advisor

OMEGA ADVISORS OMEGA ADVISORS INC 13F 3'174'545 0.88 59'000 31.03.2013 Hedge Fund Manager

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 3'144'768 0.87 173'296 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'132'933 0.87 14'620 31.03.2013 Investment Advisor

EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 3'111'484 0.86 (20'633) 31.03.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 2'931'192 0.81 2'931'192 31.03.2013 Unclassified


HIGHBRIDGE CAPITAL M HIGHBRIDGE CAPITAL M 13F 2'901'422 0.81 1'736'422 31.03.2013 Hedge Fund Manager

APPALOOSA MANAGEMENT APPALOOSA MANAGEMENT 13F 2'560'167 0.71 1'059'912 31.03.2013 Hedge Fund Manager


Goldman Sachs WAQAR SYED neutral/attractive 3 M 61 12 month 23.05.2013

ISI Group JUDSON E BAILEY strong buy 5 M 65 Not Provided 22.05.2013

EVA Dimensions CRAIG STERLING overweight 5 N #N/A N/A Not Provided 21.05.2013

Howard Weil Inc DAVID T WILSON sector perform 3 M 58 Not Provided 20.05.2013

Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 60 12 month 20.05.2013

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 60 Not Provided 20.05.2013

Guggenheim Securities LLC DARREN GACICIA buy 5 M 68 12 month 20.05.2013

Cowen Securities LLC JAMES D CRANDELL buy 5 M 61 Not Provided 20.05.2013

Iberia Capital Partners LLC TREY STOLZ outperform 5 M 71 12 month 20.05.2013

Macquarie NIGEL BROWNE neutral 3 M 56 12 month 18.05.2013

BMO Capital Markets ALAN D LAWS outperform 5 M 60 Not Provided 17.05.2013

Credit Suisse GREGORY LEWIS neutral 3 M 58 Not Provided 17.05.2013

Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 17.05.2013

JPMorgan J DAVID ANDERSON neutral 3 M 56 6 month 17.05.2013

Stephens Inc JOHN KELLER equalweight 3 M 55 12 month 17.05.2013

FBR Capital Markets MEGAN REPINE outperform 5 M 58 12 month 17.05.2013

Barclays JAMES C WEST overweight 5 M 70 Not Provided 17.05.2013

Clarkson Capital Markets LLC HAITHUM NOKTA outperform 5 M 63 12 month 17.05.2013

Deutsche Bank MICHAEL W URBAN sell 1 M 43 12 month 16.05.2013

Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 16.05.2013

Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 16.05.2013

Gabelli & Co ANDREA SHARKEY buy 5 M #N/A N/A Not Provided 16.05.2013

Susquehanna Financial Group CHARLES P MINERVINO neutral 3 M 54 12 month 16.05.2013

Credit Agricole Securities (USA) DAVID S HAVENS outperform 5 M 56 Not Provided 16.05.2013

Global Hunter Securities BRIAN UHLMER buy 5 M 62 12 month 16.05.2013

RBC Capital Markets #N/A N/A outperform 5 M 58 12 month 15.05.2013

Jefferies BRAD HANDLER hold 3 M 58 12 month 13.05.2013

Argus Research Corp PHILIP H WEISS buy 5 M 59 Not Provided 10.05.2013

Pareto Securities FRANK HARESTAD buy 5 M 70 6 month 10.05.2013

Main First Bank AG BERND POMREHN underperform 1 M 45 12 month 10.05.2013

Johnson Rice & Co DAVID C SMITH overweight 5 M #N/A N/A Not Provided 09.05.2013

Swedbank First Securities BJORN THORESEN buy 5 M 61 Not Provided 03.05.2013

Bank Vontobel AG FABIAN HAECKI hold 3 M 52 Not Provided 19.04.2013

Fearnley Fonds TRULS OLSEN buy 5 M 56 Not Provided 19.04.2013

Nordea Equity Research DAVID BHATTI buy 5 M 62 12 month 18.04.2013

HSBC DAVID PHILLIPS overweight 5 M 71 Not Provided 06.03.2013

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 06.03.2013

DNB Markets MARTIN HUSEBY KARLSEN hold 3 M 56 Not Provided 04.03.2013

Arctic Securities ASA KRISTOFFER RIIS IDEN buy 5 M 56 Not Provided 04.03.2013

Tudor Pickering & Co BYRON POPE hold 3 M #N/A N/A Not Provided 04.02.2013

Morgan Stanley OLE SLORER restricted #N/A N/A M #N/A N/A Not Provided 29.01.2013

S&P Capital IQ STEWART GLICKMAN hold 3 M #N/A N/A Not Provided 03.01.2013

RS Platou Markets ANDERS BERGLAND buy 5 M 62 6 month 16.04.2012

Holdings By:

Transocean Ltd ee


04.07.2013

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 (21.05.2013) 602.00

52-Week Low (16.07.2012) 341.70

Daily Volume

535.5





28'038.60 1 Yr Total Return 42.46%

Total Debt 135.00 YTD Return 17.53%






UHR VX EQUITY YTD Change - Average Volume 30 Day 176'952

UHR VX EQUITY YTD % CHANGE - Average Volume 3 Month 153'532


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 - - 8'802.7 9'714.8 - -

1.29x 2.54x 3.33x 2.50x 2.96x - - 3.02x 2.64x - -

1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'545.6 2'858.8 - -

5.17x 11.63x 12.26x 9.17x 10.29x - - 10.30x 9.17x - -

834.0 759.0 1'074.0 1'269.0 1'600.0 - - 1'781.3 1'998.3 - -

9.25x 18.10x 20.56x 14.96x 15.56x - - 16.32x 14.57x - -










Gross Margin - Total Debt/EBITDA 0.06

EBITDA Margin 28.8%



Asset Turnover 0.74





Accounts Receivable Turnover 7.98 Cash Conversion Cycle -


Fiscal Year Ended

Swatch Group AG/ThePrice/Volume

Valuation Analysis

115'815.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

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2 !!

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04.07.2013



NORGES BANK Multiple Portfolios MF-AGG 935'958 3.03 - 31.12.2012 Government

SWATCH GROUP AG n/a Co File 505'000 1.64 - 31.12.2011 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 484'570 1.57 20'729 31.03.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 433'692 1.41 (5'556) 27.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 364'120 1.18 16'555 21.05.2013 Investment Advisor

FMR LLC n/a ULT-AGG 290'174 0.94 (186'998) 31.03.2013 Investment Advisor



CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 232'055 0.75 (9'535) 30.04.2013 Investment Advisor


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 188'807 0.61 (7'585) 28.02.2013 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


SCOPUS ASSET MANAGEM SCOPUS ASSET MANAGEM 13F 150'944 0.49 97'992 31.03.2013 Hedge Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 149'368 0.48 4'726 28.02.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 124'236 0.4 11'596 31.12.2012 Bank

GRETHER ESTHER n/a Co File 114'000 0.37 - 31.12.2011 n/a

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 111'350 0.36 25'500 30.04.2013 Investment Advisor


AlphaValue VERONIQUE CABIOC'H reduce 2 M 601 6 month 23.05.2013

Raymond James MARC WILLAUME outperform 5 M 600 12 month 22.05.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 710 Not Provided 22.05.2013

Societe Generale THIERRY COTA buy 5 M 650 12 month 20.05.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 770 12 month 17.05.2013

Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 602 12 month 16.05.2013

Cantor Fitzgerald ALLEGRA PERRY buy 5 M 600 Not Provided 16.05.2013

Credit Suisse PATRICK JNGLIN outperform 5 M 600 Not Provided 15.05.2013

Sanford C. Bernstein & Co MARIO ORTELLI market perform 3 M 600 12 month 14.05.2013

Redburn Partners ANNABEL GLEESON neutral 3 N #N/A N/A Not Provided 08.05.2013

Aurel - BGC DAVID DA MAIA hold 3 M 550 Not Provided 30.04.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 600 12 month 29.04.2013

Nomura CHRISTOPHER WALKER buy 5 M 620 12 month 24.04.2013


Bryan Garnier & Cie LOIC MORVAN buy 5 M 555 6 month 08.04.2013


HSBC ANTOINE BELGE neutral 3 M 590 Not Provided 27.03.2013

ISI Group OMAR SAAD strong buy 5 M 650 12 month 24.03.2013

Oddo & Cie LEOPOLD AUTHIE buy 5 M 620 Not Provided 19.03.2013

Renaissance Capital REY WIUM hold 3 M 541 12 month 14.03.2013

Bank Vontobel AG RENE WEBER buy 5 M 600 Not Provided 07.03.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 650 12 month 07.03.2013

Barclays HELEN NORRIS equalweight 3 M 550 Not Provided 07.03.2013

Berenberg Bank JOHN GUY buy 5 M 625 Not Provided 15.02.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 505 6 month 04.02.2013

S&P Capital IQ WILLIAM MACK sell 1 M 480 12 month 04.02.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013


Holdings By:

Swatch Group AG/The ee


04.07.2013

Holcim Ltd. produces building materials. The Company produces and markets

ready-mixed concrete, cement, clinker, and admixtures. The Company also

provides consulting and engineering services in all areas of the cement

manufacturing process. Holcim, through subsidiaries, operates cement

manufacturing facilities around the world.


LTM as of: 03/yy

52-Week High (21.05.2013) 79.10

52-Week Low (13.07.2012) 50.64

Daily Volume

67.3





22'012.91 1 Yr Total Return 27.20%







HOLN VX EQUITY YTD Change - Average Volume 30 Day 1'014'205

HOLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 956'896


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

25'157.0 21'132.0 21'653.0 20'744.0 21'544.0 20'747.0 21'107.0 22'038.0 23'475.0 5'764.3 6'018.0

1.32x 2.02x 1.71x 1.47x 1.63x 6.30x 6.62x 1.57x 1.42x 6.30x 5.97x

5'333.0 4'630.0 4'513.0 3'958.0 3'984.0 3'921.0 3'888.0 4'604.3 5'413.7 1'304.0 1'441.0

6.23x 9.20x 8.19x 7.69x 8.79x 8.61x 9.88x 7.75x 6.59x - -

1'782.0 1'471.0 1'182.0 275.0 622.0 275.0 799.0 1'460.4 1'967.8 549.0 615.0

8.84x 16.33x 19.15x 58.43x 34.84x 68.49x 30.88x 15.11x 11.16x 14.57x -


EBIT 1'816.00 Long-Term Rating BBB









EBITDA Margin 18.4%



Asset Turnover 0.51








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Holcim LtdPrice/Volume

Valuation Analysis

716'354.00


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

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



04.07.2013


SCHMIDHEINY THOMAS n/a Co File 65'774'099 20.11 - 31.12.2011 n/a

EUROCEMENT HOLDING A n/a EXCH 33'091'556 10.12 - 12.09.2011 Private Equity

CAPITAL GROUP COMPAN n/a ULT-AGG 9'685'325 2.96 (6'310'975) 31.03.2013 Investment Advisor





COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 2'755'317 0.84 73'632 31.01.2013 Bank


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'484'800 0.76 (161'700) 31.03.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'839'810 0.56 1'839'810 31.03.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'735'900 0.53 221'420 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'700'606 0.52 (28'829) 31.03.2013 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'514'910 0.46 1'506'860 31.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 1'183'680 0.36 (2'961) 31.01.2013 Investment Advisor


PICTET & CIE Multiple Portfolios MF-AGG 975'977 0.3 (1'622) 31.01.2013 Investment Advisor


SARASIN n/a ULT-AGG 428'647 0.13 14'968 31.01.2013 Unclassified


Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 93 12 month 23.05.2013

AlphaValue GAETAN DUPONT reduce 2 M 76 6 month 23.05.2013

Raymond James ARNAUD PALLIEZ outperform 5 M 80 Not Provided 21.05.2013

Credit Suisse HARRY GOAD neutral 3 M 72 Not Provided 20.05.2013

JPMorgan ELODIE RALL overweight 5 M 85 9 month 16.05.2013

Jefferies MICHAEL F BETTS buy 5 M 83 12 month 16.05.2013

Kepler Cheuvreux JOSEP PUJAL buy 5 M 86 Not Provided 15.05.2013

Exane BNP Paribas PAUL ROGER outperform 5 M 90 Not Provided 14.05.2013


Equita SIM SpA GIUSEPPE MAPELLI hold 3 M 71 12 month 13.05.2013

Bankhaus Metzler STEPHAN BAUER sell 1 M 68 12 month 13.05.2013

Bank Vontobel AG SERGE ROTZER hold 3 M 76 Not Provided 13.05.2013

Helvea PATRICK APPENZELLER buy 5 M 83 12 month 13.05.2013

Societe Generale MURIEL FELLOUS buy 5 M 97 12 month 08.05.2013

Deutsche Bank GLYNIS JOHNSON hold 3 M 69 12 month 08.05.2013

Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 91 Not Provided 08.05.2013

Bryan Garnier & Cie SVEN EDELFELT buy 5 M 83 6 month 08.05.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 77 12 month 08.05.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 D 81 12 month 01.05.2013

HSBC JOHN FRASER-ANDREWS neutral 3 M 80 Not Provided 30.04.2013


CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 80 Not Provided 14.03.2013

Berenberg Bank ROBERT MUIR buy 5 M 80 Not Provided 13.03.2013

Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 71 Not Provided 11.03.2013

Zuercher Kantonalbank MARTIN HUESLER outperform 5 M #N/A N/A Not Provided 08.03.2013

Natixis RAFIC EL HADDAD neutral 3 M 72 Not Provided 01.03.2013

Morgan Stanley YURI SEROV Equalwt/In-Line 3 M 74 12 month 28.02.2013

Main First Bank AG CHRISTIAN KORTH outperform 5 M 85 12 month 25.02.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Aurel - BGC ERIC LEMARIE not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012

Redburn Partners JOHN MESSENGER neutral 3 M #N/A N/A Not Provided 07.11.2012

DZ Bank AG MARC NETTELBECK sell 1 M 55 12 month 16.10.2012

Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 08.10.2012

Societe Generale MIKE BRIDGES hold 3 M 54 12 month 30.11.2011

Holdings By:

Holcim Ltd ee


04.07.2013

SGS SA provides industrial inspection, analysis, testing, and verification

services. The Company inspects, samples, analyzes, and monitors raw materials,

petroleum, food, crops, chemicals, consumer goods, and production machinery for

compliance with industrial standards and local regulatory requirements,

including tax and duty. SGS serves business worldwide.


LTM as of: 01/yy

52-Week High (19.03.2013) 2'421.16

52-Week Low (04.07.2012) 1'794.63

Daily Volume

2108





16'489.70 1 Yr Total Return 17.95%




Cash and Equivalents 989.00 Consensus Rating 3.440



SGSN VX EQUITY YTD Change - Average Volume 30 Day 17'453

SGSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 15'390


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 - -

4'818.0 4'712.0 4'757.0 4'797.0 5'578.0 - - 6'163.7 6'742.5 - -

1.66x 2.06x 2.46x 2.48x 2.84x - - 2.73x 2.48x - -

1'024.0 1'223.0 1'286.0 1'015.0 1'124.0 - - 1'356.1 1'551.4 - -

7.82x 7.93x 9.09x 11.73x 14.11x - - 12.39x 10.83x - -

692.0 566.0 588.0 534.0 556.0 - - 714.5 837.1 - -

12.08x 17.90x 20.21x 22.05x 27.76x - - 22.54x 19.46x - -


EBIT 843.00 Long-Term Rating -









EBITDA Margin 20.2%



Asset Turnover 1.14







Fiscal Year Ended

SGS SAPrice/Volume

Valuation Analysis

17'516.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

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



04.07.2013


EXOR GROUP SA n/a Co File 1'173'360 15 - 31.12.2011 Holding Company

VON FINCK AUGUST n/a Co File 1'171'013 14.97 - 31.12.2011 n/a

VON FINCK AUGUST FRA n/a Co File 439'515 5.62 - 31.12.2011 n/a

SGS INVESTMENT LTD n/a EXCH 235'364 3.01 - 29.03.2011 Holding Company

CAPITAL GROUP INTERN n/a EXCH 234'342 3 (40'224) 29.06.2011 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 234'021 2.99 (1'646) 20.03.2013 Investment Advisor

SGS GROUP n/a EXCH 228'873 2.93 (30'048) 30.01.2012 Corporation

CAPITAL GROUP COMPAN n/a ULT-AGG 194'461 2.49 (6'000) 31.03.2013 Investment Advisor


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 86'682 1.11 (638) 27.03.2013 Investment Advisor



JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 51'535 0.66 3'453 31.01.2013 Investment Advisor


BLACKROCK n/a ULT-AGG 46'301 0.59 98 21.05.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 43'264 0.55 289 31.01.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 38'759 0.5 370 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 29'307 0.37 515 31.03.2013 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 25'763 0.33 (16) 28.02.2013 Investment Advisor



AlphaValue HEINZ STEFFEN sell 1 M 1'888 6 month 23.05.2013

Credit Suisse DAVID RIGBY neutral 3 M 2'250 Not Provided 20.05.2013

Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 2'800 Not Provided 20.05.2013

Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 2'650 12 month 08.05.2013

Helvea CHRISTIAN BURGER accumulate 4 M 2'450 12 month 06.05.2013

Main First Bank AG MOURAD LAHMIDI outperform 5 M 2'450 12 month 02.05.2013

Kepler Cheuvreux BETTINA EDMONDSTON hold 3 M 2'000 Not Provided 24.04.2013

Barclays PAUL D A SULLIVAN equalweight 3 M 2'650 Not Provided 24.04.2013

Morgan Stanley ALLEN WELLS Equalwt/In-Line 3 N 2'500 12 month 17.04.2013

Exane BNP Paribas LAURENT BRUNELLE neutral 3 M 2'650 Not Provided 15.04.2013

HSBC RAJESH KUMAR neutral 3 M 2'400 Not Provided 09.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 02.04.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY buy 5 M 2'550 Not Provided 07.02.2013

Zuercher Kantonalbank DANIEL BUERKI outperform 5 M #N/A N/A Not Provided 30.01.2013

Societe Generale PATRICK JOUSSEAUME hold 3 M 2'240 12 month 22.01.2013

Jefferies WILLIAM KIRKNESS hold 3 M 2'000 12 month 18.01.2013

Natixis OLIVIER LEBRUN neutral 3 M 2'200 Not Provided 18.01.2013

RBC Capital Markets ANDREW BROOKE underperform 1 M 1'500 12 month 17.01.2013

JPMorgan ROBERT PLANT neutral 3 M 1'860 9 month 17.01.2013

Berenberg Bank KONRAD ZOMER hold 3 M 1'740 Not Provided 14.01.2013

S&P Capital IQ JOHNSON IMODE hold 3 M 2'040 12 month 21.11.2012

Redburn Partners PASCAL HAUTCOEUR buy 5 U #N/A N/A Not Provided 15.05.2012

Deutsche Bank THOMAS SYKES hold 3 M 1'799 12 month 27.04.2012

Holdings By:

SGS SA ee


04.07.2013

Weatherford International Ltd. is a Swiss-based, multinational oilfield

service company. The Company provides mechanical solutions, technology and

services for the drilling and production sectors of the oil and gas industry.


LTM as of: 03/yy

52-Week High (22.05.2013) 14.20

52-Week Low (16.11.2012) 8.43

Daily Volume

13.35





10'223.00 1 Yr Total Return 8.10%







WFT SE EQUITY YTD Change - Average Volume 30 Day 87'098

WFT SE EQUITY YTD % CHANGE - Average Volume 3 Month 94'885


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

9'600.6 8'833.0 10'221.0 12'988.0 15'215.0 13'723.0 15'461.0 16'176.0 17'675.5 3'895.4 4'122.0

1.41x 2.22x 2.27x 1.40x 1.11x 5.50x 4.77x 1.17x 1.04x 4.98x 4.66x

2'710.4 1'596.8 1'829.0 2'443.0 2'445.0 2'664.0 2'504.0 2'969.5 3'512.0 684.6 788.3

5.00x 12.28x 12.67x 7.46x 6.90x 7.20x 7.54x 6.54x 5.53x 6.13x 5.82x

1'393.2 170.1 (152.0) 189.0 (778.0) 282.0 (879.0) 616.6 978.0 120.5 175.7

- - - - - 0.00x 0.00x 17.21x 11.03x 14.87x 13.16x




Pretax Margin -1.89% Short-Term Rating Date -

Return on Assets -3.95% Short-Term Rating -






EBITDA Margin 16.2%



Asset Turnover 0.69







Fiscal Year Ended

Weatherford International Ltd/SwitzerlandPrice/Volume

Valuation Analysis

28'582.00


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

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. 9

1 9

3 9

5 9

- ! 9

- . 9

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! !!

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04.07.2013


WEATHERFORD INTL LTD n/a EXCH 73'798'060 9.64 - 23.03.2013 Corporation

INVESCO LTD n/a ULT-AGG 69'790'134 9.11 (470'690) 20.05.2013 Investment Advisor

ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 53'800'564 7.03 (6'032'242) 31.03.2013 Investment Advisor

CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 47'084'008 6.15 3'271'850 31.03.2013 Investment Advisor

LEGG MASON INC n/a EXCH 41'878'236 5.47 - 12.07.2012 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 27'078'891 3.54 (2'558'265) 31.03.2013 Investment Advisor

DODGE & COX n/a EXCH 25'663'719 3.35 - 01.05.2013 Investment Advisor


VANGUARD GROUP INC VANGUARD GROUP INC 13F 23'231'610 3.03 6'308'237 31.03.2013 Investment Advisor

LEGG MASON INC Multiple Portfolios MF-AGG 20'857'160 2.72 - 31.03.2013 Investment Advisor

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 20'143'589 2.63 (400'321) 31.03.2013 Investment Advisor

GAMCO n/a ULT-AGG 14'887'600 1.94 3'583'585 31.03.2013 Unclassified

THRIVENT FINANCIAL F THRIVENT FINANCIAL F 13F 13'227'038 1.73 474'300 31.03.2013 Investment Advisor

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 11'437'113 1.49 4'323'073 31.03.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 10'260'266 1.34 4'567'393 31.03.2013 Investment Advisor

SAC CAPITAL ADVISORS n/a EXCH 9'932'643 1.3 - 14.11.2012 Hedge Fund Manager

TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 9'386'645 1.23 (1'963'638) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 9'382'418 1.23 235'206 20.05.2013 Investment Advisor

SOUND SHORE MANAGEME SOUND SHORE MANAGEME 13F 9'031'262 1.18 1'327'574 31.03.2013 Investment Advisor



Goldman Sachs WAQAR SYED neutral/attractive 3 M 15 12 month 23.05.2013

JPMorgan J DAVID ANDERSON overweight 5 M 17 6 month 21.05.2013

EVA Dimensions CRAIG STERLING underweight 1 N #N/A N/A Not Provided 21.05.2013

Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 14 12 month 16.05.2013

Gabelli & Co ANDREA SHARKEY buy 5 M #N/A N/A Not Provided 15.05.2013

Macquarie NIGEL BROWNE outperform 5 M 16 12 month 14.05.2013

Credit Suisse JAMES WICKLUND neutral 3 M 12 Not Provided 13.05.2013

Jefferies BRAD HANDLER hold 3 M 14 12 month 13.05.2013

Guggenheim Securities LLC MICHAEL K LAMOTTE buy 5 M 16 12 month 13.05.2013

ISI Group JUDSON E BAILEY neutral 3 M #N/A N/A Not Provided 10.05.2013

Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 10.05.2013

Global Hunter Securities BRIAN UHLMER neutral 3 M 12 12 month 09.05.2013

Iberia Capital Partners LLC TREY STOLZ outperform 5 U 15 12 month 07.05.2013

Societe Generale EDWARD C MUZTAFAGO hold 3 M 14 12 month 06.05.2013

Deutsche Bank MICHAEL W URBAN buy 5 M 19 12 month 06.05.2013

Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 13 Not Provided 06.05.2013

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 15 Not Provided 06.05.2013

Raymond James J MARSHALL ADKINS outperform 5 M 15 12 month 06.05.2013

Johnson Rice & Co DANIEL BURKE overweight 5 M #N/A N/A Not Provided 06.05.2013

FBR Capital Markets MEGAN REPINE outperform 5 M 16 12 month 06.05.2013

Susquehanna Financial Group CHARLES P MINERVINO neutral 3 M 13 12 month 06.05.2013

Credit Agricole Securities (USA) DAVID S HAVENS outperform 5 M 14 Not Provided 06.05.2013

Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 15 12 month 05.05.2013

BMO Capital Markets ALAN D LAWS underperform 1 M 10 Not Provided 03.05.2013

Morgan Stanley OLE SLORER Overwt/Attractive 5 M 17 12 month 03.05.2013

RBC Capital Markets KURT HALLEAD sector perform 3 M 14 12 month 03.05.2013

Cowen Securities LLC JAMES D CRANDELL buy 5 M 17 Not Provided 03.05.2013

Barclays JAMES C WEST overweight 5 M 16 Not Provided 03.05.2013


Tudor Pickering & Co BYRON POPE accumulate 4 M #N/A N/A Not Provided 04.02.2013

S&P Capital IQ STEWART GLICKMAN buy 5 M 12 Not Provided 17.12.2012

Holdings By:

Weatherford International Ltd/Switzerland ee


04.07.2013

Swisscom AG operates public telecommunications networks and offers network

application services. The Company provides local, long-distance, and mobile

telephone services, integrated voice and data digital services, network

solutions to national and international telecommunications operators, and

Internet access services, and owns and operates pay telephones.


LTM as of: 03/yy

52-Week High (03.04.2013) 446.30

52-Week Low (16.11.2012) 370.50

Daily Volume

417





21'606.59 1 Yr Total Return 15.48%







SCMN VX EQUITY YTD Change - Average Volume 30 Day 128'326

SCMN VX EQUITY YTD % CHANGE - Average Volume 3 Month 120'219


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

12'198.0 12'001.0 11'988.0 11'467.0 11'384.0 11'407.0 11'316.0 11'313.1 11'362.4 2'801.3 2'814.0

2.35x 2.53x 2.54x 2.35x 2.51x 9.84x 10.30x 2.62x 2.60x 10.88x 10.63x

4'496.0 4'402.0 4'348.0 4'300.0 4'107.0 4'272.0 4'034.0 4'277.7 4'331.1 1'079.3 1'099.0

6.37x 6.89x 7.01x 6.26x 6.97x 6.41x 7.65x 6.95x 6.87x - -

1'756.0 1'926.0 1'813.0 683.0 1'755.0 656.0 1'690.0 1'632.1 1'658.9 409.8 410.5

10.01x 10.64x 11.75x 26.98x 11.62x 28.82x 13.46x 13.16x 12.92x - -











EBITDA Margin 35.6%



Asset Turnover 0.57







Fiscal Year Ended

Swisscom AGPrice/Volume

Valuation Analysis

60'702.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

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- 9

- 9

. 9

. 9

0 9

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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04.07.2013


SWISS CONFEDERATION n/a Co File 29'475'281 56.9 - 31.12.2011 Government

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 420'000 0.81 86'000 28.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 401'791 0.78 (31'471) 21.05.2013 Investment Advisor




FMR LLC n/a ULT-AGG 198'716 0.38 7'796 31.03.2013 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 192'800 0.37 - 27.12.2012 Investment Advisor


INVESCO LTD n/a ULT-AGG 118'003 0.23 14'314 20.05.2013 Investment Advisor


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 101'803 0.2 (3'505) 28.02.2013 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 82'299 0.16 502 31.03.2013 Investment Advisor

EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 80'955 0.16 8'000 31.03.2013 Hedge Fund Manager

DJE INVESTMENT SA Multiple Portfolios MF-AGG 67'128 0.13 14'375 28.02.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 66'372 0.13 (10) 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 60'824 0.12 528 31.03.2013 Investment Advisor

NOMURA n/a ULT-AGG 59'732 0.12 3'758 15.01.2013 Unclassified

ALLIANZ ASSET MANAGE n/a ULT-AGG 56'633 0.11 (2'283) 30.04.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 51'927 0.1 (3'115) 31.03.2013 Investment Advisor



Credit Suisse JAKOB BLUESTONE underperform 1 M 355 Not Provided 14.05.2013

Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 510 12 month 09.05.2013

JPMorgan HANNES C WITTIG overweight 5 M 460 6 month 07.05.2013

Macquarie ALEX GRANT outperform 5 M 450 12 month 07.05.2013


Deutsche Bank CAROLA BARDELLI hold 3 M 440 12 month 03.05.2013

Barclays MICHAEL BISHOP overweight 5 M 440 Not Provided 03.05.2013

Societe Generale STEPHANE SCHLATTER buy 5 M 440 12 month 02.05.2013

Morgan Stanley LUIS PROTA Underwt/In-Line 1 M 430 12 month 02.05.2013

HSBC NICOLAS COTE-COLISSON overweight 5 M 500 Not Provided 02.05.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 430 Not Provided 02.05.2013

Berenberg Bank USMAN GHAZI hold 3 M 385 Not Provided 02.05.2013

Nomura VIKRAM KARNANY neutral 3 M 415 12 month 02.05.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 450 12 month 02.05.2013

New Street Research JAKUB DUBANIEWICZ neutral 3 M 364 Not Provided 02.05.2013

Exane BNP Paribas MICHAEL ZORKO outperform 5 M 480 Not Provided 02.05.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 20.02.2013


Zuercher Kantonalbank MICHAEL INAUEN outperform 5 M #N/A N/A Not Provided 08.02.2013

Natixis JACQUES DE GRELING neutral 3 M 394 Not Provided 08.02.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 300 Not Provided 09.11.2012

Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 14.10.2011

Holdings By:

Swisscom AG ee


04.07.2013

Geberit AG manufactures and supplies water supply pipes and

fittings, installation systems, drainage and flushing systems such as visible

cisterns, and other sanitary systems for the commercial and residential

construction markets. The Company sells its products in Germany, Italy,

Switzerland, Austria, the Netherlands, France, and Belgium.


LTM as of: 03/yy

52-Week High (22.05.2013) 250.80

52-Week Low (26.07.2012) 183.28

Daily Volume

241.1





9'363.63 1 Yr Total Return 30.49%







GEBN VX EQUITY YTD Change - Average Volume 30 Day 114'017

GEBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 105'602


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

2'179.0 1'931.0 1'900.0 1'867.6 1'919.6 1'868.2 1'929.8 2'274.5 2'385.6 - -

1.95x 3.57x 4.23x 3.49x 3.73x 7.32x 7.26x 3.91x 3.67x - -

649.1 611.0 573.7 532.0 542.4 527.8 549.3 587.5 624.5 - -

6.56x 11.27x 14.01x 12.24x 13.20x 0.00x 0.00x 15.26x 14.36x - -

466.3 397.5 406.8 384.0 392.3 374.3 399.4 431.0 458.0 - -

9.50x 18.03x 20.95x 18.43x 19.57x 19.64x 22.19x 21.04x 19.71x - -

EBITDA 542.40 Long-Term Rating Date 25.05.2010

EBIT 462.30 Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin 28.5%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Geberit AGPrice/Volume

Valuation Analysis

88'518.00


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f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 . 9 1 9 3 9 5 9- ! 9- . 9- 1 9- 3 9- 5 9

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500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

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04.07.2013



BARCLAYS PLC n/a ULT-AGG 2'095'110 5.4 - 14.03.2007 Investment Advisor


CAPITAL GROUP COS n/a EXCH 1'720'160 4.43 - 11.05.2006 Investment Advisor

GEBERIT AG n/a Co File 1'234'508 3.18 - 31.12.2012 Corporation

MARATHON ASSET MANAG n/a EXCH 1'189'345 3.06 (6'120) 29.01.2013 Investment Advisor

CREDIT SUISSE FUND A n/a Co File 1'164'630 3 - 31.12.2012 Investment Advisor



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 683'953 1.76 (25'926) 31.03.2013 Investment Advisor






COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 263'982 0.68 (1'683) 28.03.2013 Investment Advisor

MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 183'003 0.47 183'003 31.12.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 124'177 0.32 (15'760) 31.01.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 109'653 0.28 128 20.05.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 100'400 0.26 11'700 28.09.2012 Investment Advisor



Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 230 Not Provided 02.05.2013

Helvea PATRICK APPENZELLER neutral 3 M 240 12 month 01.05.2013

Goldman Sachs DANIELA COSTA neutral/neutral 3 M 233 12 month 30.04.2013

Berenberg Bank MICHAEL WATTS hold 3 M 210 Not Provided 30.04.2013


Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 13.03.2013


Main First Bank AG CHRISTIAN KORTH underperform 1 M 215 12 month 25.02.2013

HSBC TOBIAS LOSKAMP overweight 5 M 244 Not Provided 29.01.2013

Credit Suisse ANDRE KUKHNIN underperform 1 M 185 Not Provided 15.01.2013

Morgan Stanley ALEJANDRA PEREDA Underwt/In-Line 1 M 194 12 month 29.11.2012

Davy FLORENCE O'DONOGHUE underperform 1 D #N/A N/A Not Provided 09.11.2012

Holdings By:

Geberit AG ee


04.07.2013

Givaudan SA manufactures and markets fragrances and flavors from natural and

synthetic ingredients. The Company sells its products to manufacturers of

perfumes, beverages, prepared foods, and consumer goods. Givaudan operates

worldwide.


LTM as of: 03/yy

52-Week High (22.05.2013) 1'293.00

52-Week Low (11.09.2012) 857.06

Daily Volume

1250





11'541.98 1 Yr Total Return 38.28%







GIVN VX EQUITY YTD Change - Average Volume 30 Day 24'515

GIVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 23'567


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

4'087.0 3'959.0 4'239.0 3'915.0 4'257.0 3'963.0 4'285.6 4'433.1 4'644.0 1'130.0 1'153.0

2.20x 2.31x 2.47x 2.44x 2.32x 0.00x 0.00x 2.82x 2.64x - -

822.0 758.0 866.0 755.0 871.0 0.0 0.0 942.3 1'008.2 - -

10.95x 12.04x 12.10x 12.63x 11.33x 0.00x 0.00x 13.45x 12.57x - -

111.0 199.0 340.0 252.0 411.0 0.0 0.0 509.8 568.9 - -

53.20x 32.97x 26.64x 32.30x 21.33x 0.00x 0.00x 22.09x 19.69x - -

EBITDA 871.00 Long-Term Rating Date -










EBITDA Margin 20.4%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Givaudan SAPrice/Volume

Valuation Analysis

9'585.00


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- 9

- 9

- 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

2 !!

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-2 !!

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04.07.2013


GATES III WILLIAM HE n/a Co File 950'137 10.29 - 31.12.2011 n/a

NESTLE SA n/a Co File 926'130 10.03 - 31.12.2011 Corporation


CAPITAL GROUP COMPAN n/a ULT-AGG 230'326 2.49 19'000 31.03.2013 Investment Advisor



CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 118'875 1.29 666 27.03.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 112'700 1.22 (39'960) 31.03.2013 Investment Advisor


HOFFMANN ANDRE SEREN n/a Co File 86'929 0.94 - 31.12.2011 n/a

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 80'000 0.87 (13'567) 30.06.2012 Pension Fund (ERISA)

UMB BANK N A Multiple Portfolios MF-AGG 72'247 0.78 - 28.03.2013 Investment Advisor




CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 34'458 0.37 (1'752) 31.03.2013 Investment Advisor


HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 26'036 0.28 - 30.09.2011 Investment Advisor


VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 24'654 0.27 (585) 31.01.2013 Investment Advisor


AlphaValue MARTIN SCHNEE reduce 2 M 1'131 6 month 23.05.2013

Kepler Cheuvreux CHRISTOPH LADNER buy 5 M 1'300 Not Provided 15.05.2013

Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 1'310 Not Provided 09.05.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 1'236 Not Provided 18.04.2013

Bank am Bellevue ROLF KUNZ buy 5 M 1'250 Not Provided 17.04.2013

Nomura PATRICK LAMBERT neutral 3 M 1'290 Not Provided 17.04.2013

Main First Bank AG BERND POMREHN outperform 5 M 1'200 12 month 17.04.2013

Helvea ANDREAS VON ARX neutral 3 M 1'130 12 month 17.04.2013

Barclays GUNTHER ZECHMANN equalweight 3 M 1'170 Not Provided 17.04.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 1'030 12 month 16.04.2013

Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 1'150 12 month 16.04.2013

Credit Suisse PATRICK JNGLIN neutral 3 M 1'050 Not Provided 16.04.2013

Berenberg Bank JAIDEEP PANDYA sell 1 M 900 Not Provided 16.04.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 1'100 Not Provided 16.04.2013

JPMorgan CELINE PANNUTI overweight 5 M 1'120 6 month 15.04.2013

HSBC SEBASTIAN SATZ underweight 1 M 940 Not Provided 27.03.2013

Goldman Sachs RAKESH PATEL Sell/Neutral 1 M 1'060 12 month 27.02.2013


Zuercher Kantonalbank DANIEL BUERKI market perform 3 M #N/A N/A Not Provided 05.02.2013

Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 21.06.2012

Holdings By:

Givaudan SA ee


04.07.2013

Julius Baer Group Ltd. offers private banking services. The bank advises on

wealth management, financial planning and investments, and offers mortgage and

other lending, foreign exchange, securities trading, custody and execution

services.


LTM as of: 01/yy

52-Week High (21.05.2013) 40.96

52-Week Low (04.09.2012) 29.45

Daily Volume

37.17





8'312.28 1 Yr Total Return 11.08%





Enterprise Value -


BAER VX EQUITY YTD Change - Average Volume 30 Day 643'702

BAER VX EQUITY YTD % CHANGE - Average Volume 3 Month 630'491


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 - -

2'480.1 1'883.7 2'075.2 2'052.0 2'028.9 - - 2'147.5 2'597.7 - -

- - - - - - - -1.09x -1.89x - -

- - - - - - - - - - -

- - - - - - - - - - -

356.9 388.7 352.0 257.9 297.4 - - 478.5 613.6 - -

- 19.35x 25.61x 28.93x 21.99x - - 17.03x 13.18x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Julius Baer Group LtdPrice/Volume

Valuation Analysis

389'553.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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2 9

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- 2 9

. ! 9

. 2 9

0 ! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

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- .!



04.07.2013



DAVIS SELECTED ADVIS n/a Co File 18'333'412 8.19 - 31.12.2012 Investment Advisor


THORNBURG INVESTMENT n/a Co File 11'095'398 4.96 - 31.12.2012 Investment Advisor


BANK OF AMERICA CORP n/a Co File 8'148'183 3.64 - 31.12.2012 Investment Advisor

BOFA MERRILL LYNCH n/a EXCH 7'375'149 3.3 - 10.08.2012 Investment Advisor

WELLINGTON MANAGEMEN n/a Co File 6'696'246 2.99 - 31.12.2012 Investment Advisor

AXA n/a ULT-AGG 6'132'638 2.74 (2'711'160) 31.12.2012 Investment Advisor



CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'864'705 1.28 78'190 27.03.2013 Investment Advisor

JULIUS BAER GROUP LT n/a Co File 2'599'046 1.16 - 31.12.2012 Bank

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'567'478 1.15 324'752 31.03.2013 Investment Advisor


UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 2'285'990 1.02 114'473 31.01.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'893'142 0.85 98'288 31.03.2013 Investment Advisor


UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'267'174 0.57 27'163 28.02.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'044'806 0.47 303'012 31.03.2013 Investment Advisor


Barclays JEREMY SIGEE equalweight 3 M 41 Not Provided 22.05.2013

Keefe, Bruyette & Woods ANDREW STIMPSON underperform 1 D 40 12 month 21.05.2013

Bank am Bellevue MARC DEUSTER buy 5 M 44 12 month 16.05.2013

Berenberg Bank ELENI PAPOULA hold 3 M 39 Not Provided 16.05.2013


Deutsche Bank MATT SPICK buy 5 M 43 12 month 15.05.2013

Morgan Stanley HUBERT LAM Equalwt/In-Line 3 M 43 12 month 15.05.2013

Credit Suisse GURJIT KAMBO outperform 5 M 40 Not Provided 15.05.2013

Oddo & Cie JEAN SASSUS buy 5 M 44 Not Provided 15.05.2013

S&P Capital IQ FRANK BRADEN strong buy 5 M 44 12 month 15.05.2013



Mediobanca SpA GIANLUCA FERRARI neutral 3 M 40 Not Provided 25.03.2013

Natixis ANTOINE BURGARD buy 5 N 44 Not Provided 22.03.2013

Macquarie JIA WANG outperform 5 M 41 12 month 19.03.2013

Bank Vontobel AG TERESA NIELSEN reduce 2 M 26 Not Provided 13.03.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 12.02.2013

Zuercher Kantonalbank ANDREAS BRUN market perform 3 M #N/A N/A Not Provided 08.02.2013

Nomura JON PEACE buy 5 M 39 12 month 05.02.2013

Kepler Cheuvreux DIRK BECKER reduce 2 D 29 Not Provided 04.02.2013


HSBC ROBERT MURPHY neutral 3 M 35 Not Provided 04.12.2012

Equita SIM SpA MATTEO GHILOTTI reduce 2 N 31 12 month 03.10.2012

Goldman Sachs MARTIN LEITGEB not rated #N/A N/A M #N/A N/A Not Provided 23.08.2012

Holdings By:

Julius Baer Group Ltd ee


04.07.2013

Adecco SA is a personnel and temporary employment company. The Company supplies

personnel and temporary help, and offers permanent placement services for

professionals and specialists in a range of occupations. Adecco conducts its

placement services internationally.


LTM as of: 03/yy

52-Week High (22.05.2013) 57.50

52-Week Low (26.07.2012) 37.91

Daily Volume

54.55





10'333.79 1 Yr Total Return 30.26%







ADEN VX EQUITY YTD Change - Average Volume 30 Day 591'720

ADEN VX EQUITY YTD % CHANGE - Average Volume 3 Month 662'893


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

19'965.0 14'797.0 18'656.0 20'545.0 20'536.0 20'665.0 20'057.0 19'954.1 21'194.4 4'977.5 5'261.0

0.24x 0.46x 0.50x 0.31x 0.41x 1.50x 1.67x 0.47x 0.43x 1.93x 1.87x

992.0 380.0 809.0 939.0 828.0 976.0 771.0 918.6 1'106.1 - -

4.84x 17.88x 11.58x 6.82x 10.05x 8.52x 11.88x 10.30x 8.55x - -

495.0 8.0 423.0 519.0 377.0 531.0 332.0 514.5 640.6 135.5 153.5

8.51x 959.73x 22.41x 11.89x 19.90x 14.08x 24.15x 15.42x 12.38x - -


EBIT 673.00 Long-Term Rating BBB









EBITDA Margin 3.8%



Asset Turnover 2.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Adecco SAPrice/Volume

Valuation Analysis

272'891.00


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0!

1!

2!

3!

4!

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

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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04.07.2013


JACOBS HOLDING n/a Co File 34'824'485 18.4 - 31.12.2012 Private Equity

AKILA FINANCE SA n/a Co File 10'163'580 5.37 - 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 8'632'400 4.56 1'531'600 31.03.2013 Investment Advisor


ARTISAN PARTNERS HOL n/a EXCH 6'284'378 3.32 689'034 12.03.2013 Investment Advisor

ADECCO SA n/a RNS-MAJ 5'808'211 3.07 - 13.03.2013 Corporation



TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'750'351 1.45 242'345 31.03.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'236'720 1.18 678'600 31.12.2012 Investment Advisor






BLACKROCK n/a ULT-AGG 1'065'894 0.56 (889) 21.05.2013 Investment Advisor

SEB n/a ULT-AGG 501'890 0.27 161'600 31.03.2013 Unclassified

MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 461'247 0.24 4'780 31.03.2013 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 458'345 0.24 39'363 31.03.2013 Investment Advisor

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 387'400 0.2 (11'150) 31.12.2012 Investment Advisor




Bank am Bellevue ROLF KUNZ buy 5 U 66 Not Provided 16.05.2013

Goldman Sachs CHARLES WILSON Sell/Neutral 1 M 44 12 month 15.05.2013

Credit Suisse ANDY GROBLER neutral 3 M 55 Not Provided 14.05.2013

Kepler Cheuvreux HANS PLUIJGERS buy 5 M 60 Not Provided 14.05.2013

S&P Capital IQ CLIVE ROBERTS sell 1 M 49 12 month 14.05.2013

JPMorgan Nicholas de la Grense overweight 5 M 60 6 month 13.05.2013

Deutsche Bank THOMAS SYKES buy 5 M 58 12 month 10.05.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 10.05.2013

Berenberg Bank KONRAD ZOMER buy 5 M 62 Not Provided 09.05.2013

Bank Vontobel AG MICHAEL FOETH buy 5 M 60 Not Provided 08.05.2013

Helvea CHRISTIAN BURGER neutral 3 M 57 12 month 08.05.2013

Barclays PAUL D A SULLIVAN equalweight 3 M 59 Not Provided 08.05.2013

RBC Capital Markets ANDREW BROOKE top pick 5 M 65 12 month 07.05.2013

Jefferies KEAN MARDEN hold 3 M 58 12 month 07.05.2013

Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD sell 1 M 52 6 month 07.05.2013

Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 62 Not Provided 07.05.2013

ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 M 58 Not Provided 07.05.2013

Espirito Santo Investment Bank ResearchGUY HEWETT sell 1 M 42 Not Provided 02.05.2013


HSBC MATTHEW LLOYD neutral 3 D 59 Not Provided 16.04.2013

Rabobank International DAVID TAILLEUR hold 3 D 55 12 month 21.03.2013

Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 M #N/A N/A Not Provided 19.03.2013

Natixis OLIVIER LEBRUN buy 5 M 58 Not Provided 07.02.2013

Holdings By:

Adecco SA ee


04.07.2013

Schindler Holding AG manufactures and installs elevators, escalators, and moving

walkways internationally. The Company's products are used in airports, subway

stations, railroad terminals, shopping centers, cruise ships, hotels, and office

buildings. Schindler also offers maintenance services.


LTM as of: 03/yy

52-Week High (08.03.2013) 146.90

52-Week Low (04.07.2012) 107.90

Daily Volume

134.4





15'444.64 1 Yr Total Return 25.48%







SCHP VX EQUITY YTD Change - Average Volume 30 Day 114'169

SCHP VX EQUITY YTD % CHANGE - Average Volume 3 Month 114'304


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

14'027.0 8'281.0 8'187.0 7'854.0 8'258.0 7'603.0 8'334.0 8'749.9 9'287.7 - -

0.34x 0.95x 1.35x 1.39x 1.63x 0.00x 0.00x 1.52x 1.39x - -

1'018.0 996.0 1'089.0 933.0 1'104.0 0.0 0.0 1'180.2 1'282.4 - -

4.70x 7.86x 10.16x 11.68x 12.16x 0.00x 0.00x 11.54x 10.62x - -

615.0 625.0 677.0 576.0 702.0 657.0 740.0 737.7 825.4 - -

9.34x 15.44x 20.11x 23.83x 21.78x 0.00x 23.11x 20.86x 18.83x - -











EBITDA Margin 13.4%



Asset Turnover 1.07







Fiscal Year Ended

Schindler Holding AGPrice/Volume

Valuation Analysis

84'210.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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- 9

. 9

0 9

1 9

2 9

3 9

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

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04.07.2013






FRANKLIN RESOURCES n/a ULT-AGG 880'079 1.88 (830'705) 28.03.2013 Investment Advisor





ROYAL BANK OF CANADA n/a ULT-AGG 541'264 1.15 (3'200) 31.12.2012 Bank



SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 471'948 1.01 (199) 28.02.2013 Investment Advisor


GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 213'841 0.46 9'368 28.02.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 203'900 0.43 - 30.04.2013 Unclassified

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 168'524 0.36 (644) 31.12.2012 Investment Advisor

MIRABAUD & CIE Multiple Portfolios MF-AGG 164'000 0.35 43'000 31.12.2012 Investment Advisor

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 152'206 0.32 (788) 28.03.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 121'949 0.26 (1'186) 31.03.2013 Investment Advisor


Canaccord Genuity Corp JAMES STETTLER buy 5 M 160 12 month 17.05.2013


Credit Suisse ANDRE KUKHNIN outperform 5 M 155 Not Provided 22.04.2013


Helvea VOLKAN GOCMEN buy 5 M 165 12 month 22.04.2013

Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 147 12 month 19.04.2013


Espirito Santo Investment Bank ResearchROB VIRDEE sell 1 M 115 Not Provided 08.03.2013

Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 155 12 month 25.02.2013


Exane BNP Paribas ALEXIS DENAUD outperform 5 M 124 Not Provided 05.04.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.03.2012

Holdings By:

Schindler Holding AG ee


04.07.2013

Actelion Ltd. is a pharmaceutical company that develops and markets synthetic

small-molecule drugs against diseases related to the endothelium. The Company's

drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary

conditions.


LTM as of: 03/yy

52-Week High (14.05.2013) 60.00

52-Week Low (04.07.2012) 38.49

Daily Volume

57.95





6'969.99 1 Yr Total Return 48.94%







ATLN VX EQUITY YTD Change - Average Volume 30 Day 411'760

ATLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 456'701


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

1'428.9 1'698.0 1'826.3 1'713.0 1'722.1 1'678.7 1'739.0 1'724.7 1'765.2 420.8 417.5

4.58x 3.32x 2.80x 1.56x 2.34x 7.84x 10.31x 3.54x 3.30x 14.16x 13.98x

414.2 403.4 536.1 435.6 503.4 337.6 571.3 524.6 559.6 128.5 121.0

15.80x 13.98x 9.53x 6.14x 8.00x 10.71x 8.91x 11.92x 11.18x - -

306.1 311.3 390.6 (146.3) 303.2 (247.6) 356.1 387.2 399.5 112.0 81.5

22.93x 21.07x 15.61x - 16.68x 0.00x 16.63x 15.79x 15.01x - -











EBITDA Margin 32.9%



Asset Turnover 0.63







Fiscal Year Ended

Actelion LtdPrice/Volume

Valuation Analysis

214'250.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

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1!

2!

3!

4!

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

1 ! 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

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2 !!

-! !!

-2 !!

.! !!

.2 !!

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



04.07.2013


ACTELION LTD n/a Co File 12'677'300 10 - 31.12.2012 Other

ORBIS INVESTMENT MAN n/a Co File 6'338'650 5 - 31.12.2012 Investment Advisor

CLOZEL JEAN-PAUL n/a Co File 5'262'883 4.15 - 31.12.2012 n/a


TRIDENT MERGER n/a EXCH 4'083'119 3.22 - 02.05.2012 Other

MAAG RUDOLF n/a Co File 3'803'190 3 - 31.12.2012 n/a

BB BIOTECH AG n/a Co File 3'803'190 3 - 31.12.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 3'799'517 3 - 11.04.2013 Unclassified






ALLIANCE BERNSTEIN n/a ULT-AGG 937'601 0.74 1'425 31.03.2013 Investment Advisor


CAWTHORN ROBERT E n/a Co File 507'552 0.4 - 04.05.2012 n/a

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 497'770 0.39 181'433 30.11.2012 Investment Advisor

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 448'169 0.35 (61'407) 31.03.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 419'151 0.33 33 31.03.2013 Investment Advisor

FROSTROW CAPITAL LLP Multiple Portfolios MF-AGG 347'200 0.27 - 31.12.2012 Unclassified


AlphaValue FABRICE FARIGOULE add 4 M 65 6 month 23.05.2013

Credit Suisse RAVI MEHROTRA outperform 5 M 66 Not Provided 17.05.2013

Helvea OLAV ZILIAN buy 5 M 72 12 month 16.05.2013

Barclays MICHAEL LEUCHTEN equalweight 3 M 51 Not Provided 09.05.2013

Deutsche Bank RICHARD J PARKES buy 5 M 60 12 month 08.05.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 65 6 month 08.05.2013

Nomura Code Securities SAMIR DEVANI buy 5 M 65 6 month 08.05.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 30.04.2013

JPMorgan JAMES D GORDON neutral 3 M 54 6 month 22.04.2013

Bank am Bellevue STEPHEN LEVENTHAL buy 5 M 63 Not Provided 17.04.2013

Jefferies PETER WELFORD buy 5 M 61 12 month 17.04.2013

Bank Vontobel AG ANDREW C WEISS buy 5 M 69 Not Provided 17.04.2013


S&P Capital IQ JACOB THRANE buy 5 M 62 12 month 17.04.2013

Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 50 Not Provided 17.04.2013

Berenberg Bank ADRIAN HOWD buy 5 M 57 Not Provided 16.04.2013

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 14.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 44 12 month 28.01.2013

Redburn Partners TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 18.04.2012

Matrix ANNIE J CHENG buy 5 M 54 12 month 30.08.2011

Holdings By:

Actelion Ltd ee


04.07.2013

Kuehne + Nagel International AG transports freight worldwide. The Company

operates sea, land, and rail freight transportation businesses and warehousing

and distribution facilities. Kuehne + Nagel also provides related special

services.


LTM as of: 03/yy

52-Week High (18.01.2013) 116.50

52-Week Low (12.07.2012) 97.70

Daily Volume

110





13'200.00 1 Yr Total Return 11.35%







KNIN VX EQUITY YTD Change - Average Volume 30 Day 150'679

KNIN VX EQUITY YTD % CHANGE - Average Volume 3 Month 152'343


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

17'992.0 14'336.0 16'858.0 16'218.0 17'120.0 16'188.0 17'351.0 17'817.7 18'856.1 4'450.0 4'553.5

0.39x 0.77x 0.85x 0.73x 0.71x 3.19x 2.69x 0.68x 0.63x 2.76x 2.66x

1'038.0 905.0 1'038.0 994.0 885.0 882.0 951.0 989.2 1'088.4 243.0 255.0

6.80x 12.26x 13.75x 11.92x 13.77x 15.35x 11.93x 12.26x 11.14x 11.82x 11.52x

585.0 467.0 601.0 601.0 485.0 514.0 550.0 619.4 696.9 148.6 162.3

13.62x 25.44x 25.69x 20.93x 27.09x 28.20x 22.45x 21.28x 18.85x 20.58x 19.88x











EBITDA Margin 5.7%



Asset Turnover 2.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kuehne + Nagel International AGPrice/Volume

Valuation Analysis

123'584.00


!

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1!

3!

5!

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- 9

. 9

0 9

1 9

2 9

3 9

4 9

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

! !!

2 !!

-! !!

-2 !!

.! !!

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04.07.2013


KUEHNE KLAUS-MICHAEL n/a Co File 63'900'000 53.25 - 31.12.2010 n/a

HARRIS ASSOCIATES LP n/a EXCH 3'664'427 3.05 - 21.06.2012 Investment Advisor

DAVIS SELECTED ADVIS Multiple Portfolios MF-AGG 2'816'693 2.35 (120'080) 31.01.2013 Investment Advisor





KUEHNE & NAGEL INTL n/a Co File 877'480 0.73 - 31.12.2010 Corporation

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 819'835 0.68 19'682 31.03.2013 Investment Advisor





FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 526'255 0.44 - 31.12.2012 Hedge Fund Manager

FMR LLC n/a ULT-AGG 507'481 0.42 (1'253'545) 31.03.2013 Investment Advisor


SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 352'378 0.29 (129'942) 30.11.2012 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 351'717 0.29 71'060 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 296'476 0.25 202'323 31.03.2013 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 273'029 0.23 22'069 28.02.2013 Investment Advisor


AlphaValue HEINZ STEFFEN buy 5 M 134 6 month 23.05.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 184 12 month 20.05.2013

Cantor Fitzgerald ROBIN BYDE sell 1 M 95 Not Provided 30.04.2013

HSBC JULIA WINARSO underweight 1 M 87 Not Provided 26.04.2013

Bank Vontobel AG MICHAEL FOETH hold 3 M 110 Not Provided 18.04.2013

Main First Bank AG TOBIAS SITTIG outperform 5 M 115 12 month 18.04.2013

Goldman Sachs NICK EDELMAN neutral/neutral 3 M 118 12 month 17.04.2013

Morgan Stanley PENNY BUTCHER Underwt/In-Line 1 M 95 12 month 16.04.2013

Bank am Bellevue ROLF KUNZ hold 3 M 98 Not Provided 16.04.2013

RBC Capital Markets DAMIAN BREWER sector perform 3 M 110 12 month 16.04.2013

Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 16.04.2013

Bankhaus Metzler GUIDO HOYMANN buy 5 M 134 12 month 16.04.2013

Nomura MARK MCVICAR neutral 3 M 115 12 month 16.04.2013


Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 125 6 month 15.04.2013

Deutsche Bank JOSE FRANCISCO RUIZ SOLERA hold 3 M 106 12 month 15.04.2013

Credit Suisse NEIL GLYNN underperform 1 M 102 Not Provided 15.04.2013

JPMorgan CHRISTOPHER G COMBE neutral 3 M 118 6 month 15.04.2013

Berenberg Bank WILLIAM FOGGON buy 5 M 123 Not Provided 15.04.2013


Macquarie ROBERT JOYNSON outperform 5 M 120 12 month 05.03.2013

Zuercher Kantonalbank MARCO STRITTMATTER outperform 5 M #N/A N/A Not Provided 05.03.2013

Kepler Cheuvreux BETTINA EDMONDSTON hold 3 M 105 Not Provided 05.03.2013

Liberum Capital Ltd PETER HYDE hold 3 M #N/A N/A Not Provided 05.03.2013

Davy STEPHEN FURLONG underperform 1 D #N/A N/A Not Provided 25.01.2013

Equita SIM SpA GIANMARCO BONACINA reduce 2 D 103 12 month 22.01.2013

Barclays DAVID E FINTZEN underweight 1 M 105 Not Provided 09.01.2013

Holdings By:

Kuehne + Nagel International AG ee


04.07.2013

Aryzta AG produces and retails specialty bakery products. The Company produces

French breads, pastries, continental breads, confections, artisan breads,

homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and

sweet baked goods. Aryzta operates in North America, South America, Europe,

South East Asia, Australia and New Zealand.


LTM as of: 01/yy

52-Week High (15.05.2013) 60.25

52-Week Low (03.10.2012) 44.22

Daily Volume

53.85





4'944.00 1 Yr Total Return 12.94%







ARYN SE EQUITY YTD Change - Average Volume 30 Day 212'327

ARYN SE EQUITY YTD % CHANGE - Average Volume 3 Month 198'212


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y 07/13 Q4 10/13 Q1

2'660.9 3'212.3 3'009.7 3'876.9 4'207.7 3'894.1 4'364.2 4'461.3 4'762.7 1'185.7 -

- 0.83x 1.31x 1.10x 1.11x 0.00x 0.00x 1.17x 1.04x - -

232.4 342.7 340.5 485.1 540.0 0.0 0.0 560.3 629.0 - -

- 7.74x 11.62x 8.80x 8.68x 0.00x 0.00x 9.18x 8.17x - -

129.8 54.0 151.7 212.7 146.3 0.0 0.0 324.7 334.5 - -

- 35.77x 16.43x 14.81x 26.80x 0.00x 0.00x 12.13x 10.89x - -







Return on Capital - EBITDA/Interest Exp. -




EBITDA Margin 12.6%



Asset Turnover 0.83





Accounts Receivable Turnover 11.15 Cash Conversion Cycle -30.71



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aryzta AGPrice/Volume

Valuation Analysis

122'135.00


!

-!

.!

0!

1!

2!

3!

4!

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- 9

. 9

0 9

1 9

2 9

3 9

4 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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0- !4 .!!6 0- !- .!-! 0- !4 .!-! 0- !- .!-- 0- !4 .!-- 0- !- .!-. 0- !4 .!-. 0- !- .!-0



04.07.2013



ARYZTA AG n/a EXCH 3'772'859 4.11 - 21.11.2011 Corporation

ARI LTIP TRUSTEE LTD n/a Co File 3'772'859 4.11 - 31.07.2012 Other

INVESCO LTD n/a ULT-AGG 3'275'594 3.57 (1'661'689) 20.05.2013 Investment Advisor

MASSACHUSETTS MUTUAL n/a EXCH 2'799'110 3.05 15'925 02.05.2013 Insurance Company





ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'246'090 1.36 - 30.09.2012 Investment Advisor


ROYAL BANK OF CANADA n/a ULT-AGG 1'150'144 1.25 (18'748) 28.02.2013 Bank




DWS INVESTMENT S A Multiple Portfolios MF-AGG 848'562 0.92 48'124 28.03.2013 Investment Advisor

KILLIAN OWEN n/a RNS-DIR 823'731 0.9 - 26.09.2011 n/a

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 723'304 0.79 6'773 28.02.2013 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 520'000 0.57 (15'000) 31.12.2012 Investment Advisor



Kepler Cheuvreux CHRISTOPH LADNER buy 5 M 65 Not Provided 15.05.2013

Goldman Sachs FULVIO CAZZOL Buy/Neutral 5 M 74 12 month 23.04.2013

Societe Generale ALEX SLOANE hold 3 M 57 12 month 15.04.2013


EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 05.04.2013

Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 61 12 month 04.04.2013

Helvea ANDREAS VON ARX accumulate 4 M 68 12 month 03.04.2013


Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 M #N/A N/A Not Provided 12.03.2013


Davy JOHN O'REILLY outperform 5 M #N/A N/A Not Provided 31.10.2012

Holdings By:

Aryzta AG ee


04.07.2013

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 (21.05.2013) 103.80

52-Week Low (16.07.2012) 60.00

Daily Volume

93

52-Week High % Change -10.40% Dividend Yield 7.26




28'038.60 1 Yr Total Return 40.77%







UHRN SE EQUITY YTD Change - Average Volume 30 Day 129'530

UHRN SE EQUITY YTD % CHANGE - Average Volume 3 Month 121'891


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 - - 8'850.0 9'680.0 - -

1.29x 2.54x 3.33x 2.50x 2.96x - - 2.98x 2.63x - -

1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'560.0 2'785.0 - -

5.17x 11.63x 12.26x 9.17x 10.29x - - 10.24x 9.42x - -

834.0 759.0 1'074.0 1'269.0 1'600.0 - - 1'809.0 1'990.0 - -

9.25x 18.10x 20.56x 14.96x 15.56x - - 13.82x 12.62x - -











EBITDA Margin 28.8%



Asset Turnover 0.74







Fiscal Year Ended

Swatch Group AG/ThePrice/Volume

Valuation Analysis

128'552.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!

3!

5!

-!!

-.!

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- 9

. 9

0 9

1 9

2 9

3 9

4 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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04.07.2013


HAYEK SR NICOLAS G n/a Co File 55'704'144 44.91 - 31.12.2011 n/a

GRETHER ESTHER n/a Co File 10'963'000 8.84 - 31.12.2011 n/a

SWATCH GROUP AG n/a Co File 5'487'745 4.42 - 31.12.2011 Corporation





UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 679'698 0.55 13'376 31.01.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 511'021 0.41 (3'889) 28.02.2013 Investment Advisor



LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 323'474 0.26 (659) 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 289'139 0.23 (4'856) 31.03.2013 Investment Advisor


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 269'495 0.22 753 28.03.2013 Investment Advisor


IST FUND MANAGERS Multiple Portfolios MF-AGG 204'737 0.17 (2'778) 31.03.2013 Investment Advisor


JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 181'061 0.15 2'122 31.01.2013 Investment Advisor

ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 134'500 0.11 500 31.01.2013 Investment Advisor




Holdings By:

Swatch Group AG/The ee


04.07.2013

Sika AG manufactures construction materials and offers related services. The

Company produces concrete and mixtures, mortar, sealants and adhesives, tooling

resins, anti-static industrial flooring, acoustic materials for automobiles,

and waterproof membranes. Sika also offers specialized contracting services.


LTM as of: 03/yy

52-Week High (21.06.2013) 2'595.00

52-Week Low (24.07.2012) 1'736.00

Daily Volume

2478





6'205.87 1 Yr Total Return 34.91%







SIK VX EQUITY YTD Change - Average Volume 30 Day 6'642

SIK VX EQUITY YTD % CHANGE - Average Volume 3 Month 5'894


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

4'624.5 4'154.9 4'416.0 4'556.4 4'828.9 4'588.1 4'819.1 5'067.6 5'432.4 1'335.0 1'425.0

0.59x 1.89x 1.21x 1.05x 1.13x 0.00x 0.00x 1.23x 1.13x - -

556.1 560.0 576.7 477.4 568.9 0.0 0.0 625.1 694.3 - -

4.89x 14.00x 9.27x 9.99x 9.63x 0.00x 0.00x 10.11x 9.10x - -

266.7 225.9 310.5 213.3 279.5 55.8 97.6 328.1 375.0 - -

8.41x 17.74x 14.13x 17.84x 16.08x 0.00x 0.00x 18.86x 16.53x - -


EBIT 428.80 Long-Term Rating A-









EBITDA Margin 11.8%



Asset Turnover 1.19







Fiscal Year Ended

Sika AGPrice/Volume

Valuation Analysis

3'239.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0!!!

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! 9

! 9

! 9

! 9

! 9

! 9

! 9

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



04.07.2013


SCHENKER WINKLER HOL n/a Co File 1'140'136 53 - 31.12.2011 Investment Advisor

THREADNEEDLE ASSET M n/a EXCH 129'571 6.02 - 03.11.2011 Investment Advisor


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 44'912 2.09 322 28.02.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 39'941 1.86 1'759 31.03.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 39'104 1.82 522 28.02.2013 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 37'752 1.75 (46) 31.01.2013 Investment Advisor




ODDO ASSET MANAGEMEN Multiple Portfolios MF-AGG 20'663 0.96 - 30.09.2012 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'573 0.91 (398) 31.03.2013 Investment Advisor

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 17'707 0.82 200 28.03.2013 Investment Advisor



SARASIN n/a ULT-AGG 13'091 0.61 249 31.01.2013 Unclassified

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 11'364 0.53 - 31.03.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 10'640 0.49 - 31.01.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 10'416 0.48 (167) 31.03.2013 Investment Advisor


Bank am Bellevue MICHAEL ROOST hold 3 M 2'018 Not Provided 17.04.2013

Bank Vontobel AG SERGE ROTZER hold 3 M 2'200 Not Provided 17.04.2013

Helvea PATRICK APPENZELLER neutral 3 M 2'300 12 month 17.04.2013

Credit Suisse PATRICK LAAGER neutral 3 M 2'200 Not Provided 16.04.2013

Main First Bank AG BERND POMREHN outperform 5 M 2'600 12 month 09.04.2013

Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 3'100 6 month 03.04.2013

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

Kepler Cheuvreux CHRISTOPH LADNER buy 5 M 2'650 Not Provided 04.03.2013


Holdings By:

Sika AG ee


04.07.2013

Sonova Holding AG provides hearing healthcare solutions. The Company develops

and manufactures hearing systems, such as wireless communication systems for

audio applications and cochlear implant systems. Sonova also provides solutions

for hearing protection.


LTM as of: 01/yy

52-Week High (02.04.2013) 115.75

52-Week Low (24.08.2012) 82.11

Daily Volume

102.2





6'862.92 1 Yr Total Return 9.82%







SOON VX EQUITY YTD Change - Average Volume 30 Day 146'297

SOON VX EQUITY YTD % CHANGE - Average Volume 3 Month 188'472


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

1'249.2 1'500.3 1'616.7 1'619.8 1'795.3 - - 1'933.9 2'072.7 - -

3.42x 5.84x 3.43x 4.16x 4.17x - - 3.35x 3.04x - -

366.0 459.6 373.7 366.1 238.3 - - 490.6 549.8 - -

11.68x 19.05x 14.82x 18.39x 31.40x - - 13.65x 12.17x - -

284.8 217.2 231.0 246.8 110.9 - - 361.4 408.3 - -

15.82x 39.46x 23.39x 27.04x 68.61x - - 19.21x 17.03x - -











EBITDA Margin 13.3%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sonova Holding AGPrice/Volume

Valuation Analysis

55'179.00


!

.!

1!

3!

5!

-!!

-.!

-1!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 - 9 . 9 0 9 1 9 2 9 3 9 4 9 5 9 6 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

! !!

2 !!

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-2 !!

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04.07.2013



DIETHELM BEDA n/a Co File 6'638'137 9.89 - 31.03.2012 n/a

RIHS ANDREAS E n/a Co File 5'604'598 8.35 - 31.03.2012 n/a

RIHS HANS-UELI n/a Co File 4'217'013 6.28 - 31.03.2012 n/a


AKO CAPITAL LLP n/a EXCH 2'031'623 3.03 - 05.02.2013 Investment Advisor

HARDING LOEVNER LP n/a EXCH 2'010'767 2.99 - 01.06.2012 Investment Advisor

CREDIT SUISSE FUND A n/a EXCH 1'994'034 2.97 (9'050) 12.04.2013 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'264'637 1.88 (2'717) 31.03.2013 Investment Advisor

POWER CORP OF CANADA n/a ULT-AGG 1'260'086 1.88 (20'200) 31.01.2013 Holding Company







BLACKROCK n/a ULT-AGG 440'268 0.66 (157) 21.05.2013 Investment Advisor


MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 210'502 0.31 2'184 31.03.2013 Investment Advisor


Helvea SIMON GOETSCHMANN neutral 3 M 92 12 month 23.05.2013

Credit Suisse CHRISTOPH GRETLER outperform 5 M 125 Not Provided 22.05.2013

JPMorgan DAVID J ADLINGTON overweight 5 M 113 9 month 22.05.2013

Bank Vontobel AG CARLA BAENZIGER buy 5 M 120 Not Provided 22.05.2013

Kepler Cheuvreux MAJA PATAKI hold 3 M 114 Not Provided 22.05.2013

Main First Bank AG STEPHAN VOLLERT underperform 1 M 101 12 month 22.05.2013

Barclays SALLY TAYLOR equalweight 3 M 105 Not Provided 22.05.2013

AlphaValue FABRICE FARIGOULE add 4 M 121 6 month 22.05.2013

Deutsche Bank YI-DAN WANG hold 3 M 93 12 month 21.05.2013

Morgan Stanley MICHAEL K JUNGLING Overwt/Attractive 5 M 115 12 month 21.05.2013

Bank am Bellevue GINA FRANCIOLI hold 3 M #N/A N/A Not Provided 21.05.2013

Sanford C. Bernstein & Co LISA BEDELL CLIVE underperform 1 M 98 12 month 21.05.2013

HSBC HENDRIK LOFRUTHE neutral 3 M 112 Not Provided 21.05.2013

Exane BNP Paribas ROMAIN ZANA underperform 1 M 93 Not Provided 21.05.2013

Commerzbank Corporates & Markets OLIVER METZGER buy 5 M 136 6 month 07.05.2013

Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 112 12 month 11.04.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013


Jefferies INGEBORG OIE hold 3 M 85 12 month 30.07.2012

SEB Enskilda NIELS GRANHOLM-LETH not rated #N/A N/A M #N/A N/A Not Provided 22.10.2010

Holdings By:

Sonova Holding AG ee


04.07.2013

Baloise Holding AG offers group and individual life, health, accident, liability

property, and transportation insurance to customers in Europe. The Company also

offers private banking and asset management services.


LTM as of: 12/yy

52-Week High (03.05.2013) 96.35

52-Week Low (25.07.2012) 60.55

Daily Volume

94.8





4'740.00 1 Yr Total Return 54.09%







BALN VX EQUITY YTD Change - Average Volume 30 Day 200'943

BALN VX EQUITY YTD % CHANGE - Average Volume 3 Month 208'719


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

7'807.9 9'464.6 9'420.2 7'691.1 9'333.4 0.0 0.0 8'495.0 8'654.5 - -

0.46x 0.34x 0.37x 0.31x 0.30x #DIV/0! #DIV/0! 0.22x 0.22x - -

- - - - - 0.0 0.0 - - - -

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

358.3 414.1 433.4 60.8 436.6 0.0 0.0 454.7 476.8 - -

10.70x 9.95x 9.95x 49.68x 8.42x 0.00x 0.00x 9.88x 9.42x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.13







Fiscal Year Ended

Baloise Holding AGPrice/Volume

Valuation Analysis

170'892.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 - 9 - 9 . 9 . 9 0 9 0 9 1 9 1 9 2 9

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

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04.07.2013



SIGNAL IDUNA GRUPPE n/a Co File 2'500'000 5 - 31.12.2012 Unclassified

BALOISE HOLDING AG n/a Co File 2'264'287 4.53 - 31.12.2012 Insurance Company

CREDIT SUISSE GROUP n/a Co File 1'500'000 3 - 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT n/a Co File 1'500'000 3 - 31.12.2012 Investment Advisor







KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 369'250 0.74 10'900 28.02.2013 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 305'153 0.61 - 31.01.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 286'500 0.57 1'500 31.01.2013 Investment Advisor



IST FUND MANAGERS Multiple Portfolios MF-AGG 168'532 0.34 34'133 31.03.2013 Investment Advisor

OEKOWORLD LUX SA Multiple Portfolios MF-AGG 167'400 0.33 81'500 28.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 138'332 0.28 4'800 31.03.2013 Investment Advisor



AlphaValue DIETER HEIN sell 1 M 80 6 month 16.05.2013

Kepler Cheuvreux FABRIZIO CROCE hold 3 D 93 Not Provided 07.05.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 12.04.2013

Credit Suisse RICHARD BURDEN neutral 3 M 91 Not Provided 28.03.2013


Bank am Bellevue ANDREAS FRICK buy 5 M 103 12 month 22.03.2013




Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 D 95 12 month 20.03.2013

Berenberg Bank PETER ELIOT buy 5 M 107 Not Provided 20.03.2013


Nomura MICHAEL KLIEN buy 5 M 100 Not Provided 20.03.2013

Helvea DANIEL BISCHOF accumulate 4 M 98 12 month 20.03.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 80 12 month 19.03.2013

JPMorgan MICHAEL HUTTNER neutral 3 M 93 6 month 11.03.2013


Holdings By:

Baloise Holding AG ee


04.07.2013

Swiss Prime Site AG is a real estate investment company. The Company owns

business and mixed-use business/residential buildings in commercial centers in

Switzerland.


LTM as of: 01/yy

52-Week High (15.05.2013) 78.85

52-Week Low (25.06.2013) 67.55

Daily Volume

69.85





4'191.81 1 Yr Total Return -6.93%

Total Debt 4'125.09 YTD Return -4.03%






SPSN VX EQUITY YTD Change - Average Volume 30 Day 146'968

SPSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 133'452


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 06/10 Q2 09/10 Q3

209.6 293.7 601.1 571.6 576.7 - - 569.4 572.4 - -

15.65x 25.04x 13.01x 13.78x 14.75x - - 13.75x 14.00x - -

158.8 171.5 357.9 355.2 339.6 - - 368.8 371.6 - -

20.65x 42.87x 21.86x 22.17x 25.05x - - 22.02x 21.85x - -

116.4 187.4 235.0 355.1 316.3 - - 221.0 223.8 - -

10.26x 9.52x 16.07x 10.80x 13.26x - - 20.06x 19.42x - -











EBITDA Margin 58.9%



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swiss Prime Site AGPrice/Volume

Valuation Analysis

94'821.00


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

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

-3! !!

-5! !!

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04.07.2013



CREDIT SUISSE FUND M n/a Co File 3'301'716 5.5 - 31.12.2012 Investment Advisor


WECKEN KLAUS RUDOLF n/a Co File 2'070'000 3.45 - 31.12.2012 n/a

FUST WALTER n/a EXCH 1'619'979 2.7 (717'875) 31.07.2012 n/a

FRANKLIN RESOURCES n/a ULT-AGG 1'596'908 2.66 - 04.01.2010 Investment Advisor


UBS FUND MANAGEMENT n/a EXCH 1'548'912 2.58 - 30.11.2012 Investment Advisor

SWISS FURNISHING INS n/a EXCH 861'000 1.43 - 29.09.2009 Insurance Company

STATE STREET n/a ULT-AGG 842'715 1.4 6'167 22.05.2013 Investment Advisor


SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 708'474 1.18 (8'600) 30.04.2013 Investment Advisor


JELMOLI HOLDING AG n/a EXCH 532'478 0.89 - 21.04.2010 n/a



SCOTTISH WIDOWS n/a ULT-AGG 212'696 0.35 - 31.01.2013 Unclassified






ABN Amro Bank N.V. RUUD VAN MAANEN sell 1 M 68 Not Provided 16.05.2013

Kempen & Co ROBERT WOERDEMAN neutral 3 M 78 Not Provided 25.04.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 26.03.2013

Zuercher Kantonalbank MARKUS WAEBER market perform 3 M #N/A N/A Not Provided 18.12.2012

Holdings By:

Swiss Prime Site AG ee


04.07.2013

Partners Group Holding AG is a global private markets asset management firm

in private equity, private debt, private real estate and private

infrastructure. The firm manages a broad range of funds, structured products

and customized portfolios for an international clientele of institutional

investors, private banks and other financial institutions.


LTM as of: 01/yy

52-Week High (04.07.2013) 265.75

52-Week Low (24.07.2012) 171.20

Daily Volume

265.5





7'088.85 1 Yr Total Return 54.52%







PGHN SE EQUITY YTD Change - Average Volume 30 Day 57'120

PGHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 54'865


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 - -

270.7 329.4 447.3 448.8 564.2 - - 507.0 595.3 - -

6.16x 9.30x 9.31x 9.06x 9.12x - - 13.51x 11.47x - -

182.5 231.9 320.8 236.2 295.5 - - 324.6 382.9 - -

9.14x 13.21x 12.98x 17.21x 17.42x - - 21.10x 17.92x - -

170.8 204.8 296.3 202.1 257.3 - - 305.3 356.6 - -

10.90x 15.75x 14.86x 20.51x 20.81x - - 22.75x 19.44x - -











EBITDA Margin 52.4%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Partners Group Holding AGPrice/Volume

Valuation Analysis

27'065.00


!

2!

-!!

-2!

.!!

.2!

0!!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

- 9

- 9

. 9

. 9

0 9

0 9

1 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



04.07.2013


GANTNER ALFRED n/a Co File 2'673'659 10.01 - 31.12.2012 n/a

WIETLISBACH URS n/a Co File 2'673'659 10.01 - 31.12.2012 n/a

ERNI MARCEL n/a Co File 2'673'659 10.01 - 31.12.2012 n/a


PARTNERS GROUP n/a Co File 1'218'791 4.56 - 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 728'667 2.73 17'627 31.03.2013 Investment Advisor

MEISTER STEFFEN n/a Co File 534'000 2 - 31.12.2012 n/a

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 504'204 1.89 7'578 27.03.2013 Investment Advisor


HALDNER FELIX n/a Co File 347'100 1.3 - 31.12.2012 n/a

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 338'863 1.27 (132'415) 31.03.2013 Investment Advisor




ALLIANCE BERNSTEIN n/a ULT-AGG 210'741 0.79 (2'134) 31.03.2013 Investment Advisor



WENGER JUERG n/a Co File 140'333 0.53 - 31.12.2012 n/a

SCHAELI STEPHEN n/a Co File 129'200 0.48 - 31.12.2012 n/a




EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 21.03.2013





Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 238 12 month 05.02.2013

Goldman Sachs CHRIS M. TURNER Sell/Neutral 1 M 210 12 month 24.01.2013

Holdings By:

Partners Group Holding AG ee


04.07.2013

Clariant, AG. develops, produces, markets and sales specialty chemical products.

The Company provides dyes and chemicals for the textile, leather and paper

industries, pigments for the use in paints, printing inks, decorative paints,

plastics, cosmetics, concentrated pigment and additive preparations for

engineering plastics, spin dyeing, and packaging.


LTM as of: 03/yy

52-Week High (22.05.2013) 14.60

52-Week Low (09.07.2012) 9.37

Daily Volume

13.46





4'467.90 1 Yr Total Return 39.64%







CLN VX EQUITY YTD Change - Average Volume 30 Day 1'535'270

CLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'766'834


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

8'071.0 6'614.0 7'120.0 7'370.0 6'038.0 7'166.0 6'936.0 6'205.6 6'465.2 1'555.9 1'535.8

0.36x 0.51x 0.71x 0.60x 0.92x 2.94x 3.15x 0.91x 0.85x - -

746.0 470.0 880.0 874.0 772.0 776.0 776.0 860.8 944.0 209.9 210.3

3.85x 7.14x 5.76x 5.10x 7.19x 7.13x 7.93x 7.25x 6.61x - -

(45.0) (206.0) 180.0 227.0 217.0 135.0 246.0 336.4 402.9 88.9 92.5

- - 23.38x 10.78x 17.64x 25.43x 16.71x 12.67x 10.73x 11.17x 10.31x


EBIT 456.00 Long-Term Rating BBB-









EBITDA Margin 11.2%



Asset Turnover 0.74







Fiscal Year Ended

Clariant AGPrice/Volume

Valuation Analysis

1'413'104.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

-3

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

-1 ! 9

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 !!

-5 !!

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



04.07.2013


SHAREHOLDER GROUP n/a EXCH 44'738'756 13.48 1'598'001 31.12.2011 Other


AXA n/a ULT-AGG 15'053'731 4.54 - 31.12.2011 Investment Advisor

CLARIANT AG n/a EXCH 13'197'597 3.98 (2'155'824) 13.03.2013 Corporation

STOCKHAUSEN DOLF n/a Co File 11'461'304 3.45 - 31.12.2011 n/a

WINTERSTEIN KONSTANT n/a EXCH 11'018'080 3.32 - 14.01.2013 n/a


TIAA CREF INVESTMENT n/a Co File 9'168'284 2.76 - 31.12.2011 Investment Advisor

UBS FUND MANAGEMENT n/a EXCH 9'128'414 2.75 - 17.11.2012 Investment Advisor

AMUNDI n/a Co File 9'079'559 2.74 - 31.12.2011 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'157'588 2.16 1'604'975 31.12.2012 Investment Advisor






VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 2'033'710 0.61 (74'290) 31.01.2013 Investment Advisor

CREDIT SUISSE AG n/a EXCH 1'858'261 0.56 (2'088'800) 01.05.2013 Investment Advisor

SPARINVEST n/a ULT-AGG 1'767'987 0.53 - 31.03.2013 Investment Advisor


AlphaValue MARTIN SCHNEE reduce 2 M 15 6 month 23.05.2013

Exane BNP Paribas JAMES KNIGHT underperform 1 M 13 Not Provided 20.05.2013

Deutsche Bank TIMOTHY JONES hold 3 M 12 12 month 16.05.2013

Main First Bank AG BERND POMREHN outperform 5 M 16 12 month 16.05.2013

Credit Suisse CHRIS COUNIHAN neutral 3 M 14 Not Provided 15.05.2013

Societe Generale PETER CLARK sell 1 M 13 12 month 02.05.2013

Bank Vontobel AG PATRICK RAFAISZ buy 5 M 18 Not Provided 02.05.2013

Barclays GUNTHER ZECHMANN overweight 5 M 16 Not Provided 01.05.2013

Morgan Stanley PETER MACKEY Overwt/In-Line 5 M 15 12 month 30.04.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 18 12 month 30.04.2013

HSBC JESKO MAYER-WEGELIN underweight 1 M 13 Not Provided 24.04.2013

Kepler Cheuvreux MARKUS MAYER buy 5 M 19 Not Provided 22.04.2013

Nomura PATRICK LAMBERT reduce 2 M 15 12 month 18.04.2013

Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 12 Not Provided 17.04.2013

Berenberg Bank JAIDEEP PANDYA buy 5 M 16 Not Provided 15.04.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 21.03.2013

JPMorgan MARTIN EVANS neutral 3 M 12 6 month 20.03.2013

Goldman Sachs RAKESH PATEL Sell/Neutral 1 M 14 12 month 27.02.2013

Zuercher Kantonalbank MARTIN SCHREIBER outperform 5 U #N/A N/A Not Provided 07.11.2012

Holdings By:

Clariant AG ee


04.07.2013

Swiss Life Holding is a financial services company. The Company provides life

and property insurance, institutional investment management, and private banking

services.


LTM as of: 09/yy

52-Week High (28.05.2013) 164.60

52-Week Low (24.07.2012) 83.48

Daily Volume

158.6





5'088.06 1 Yr Total Return 74.96%







SLHN VX EQUITY YTD Change - Average Volume 30 Day 155'435

SLHN VX EQUITY YTD % CHANGE - Average Volume 3 Month 152'150


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

15'356.0 17'816.0 17'844.0 17'291.0 19'076.0 0.0 0.0 18'201.9 18'485.9 - -

- - - 0.02x 0.01x #DIV/0! #DIV/0! -0.07x -0.07x - -

- - - - - 0.0 0.0 - - - -

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

350.0 278.0 557.0 605.0 92.0 0.0 0.0 594.9 631.7 - 140.0

- 12.74x 7.74x 4.55x 42.10x 0.00x 0.00x 8.41x 7.90x - -


EBIT - Long-Term Rating BBB







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swiss Life Holding AGPrice/Volume

Valuation Analysis

111'028.00


!.!1!3!5!

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f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

4 9

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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04.07.2013


TALANX BETEILIGUNGS- n/a EXCH 1'614'988 5.03 (1'359'700) 16.04.2013 Insurance Company

DODGE & COX Multiple Portfolios MF-AGG 1'590'600 4.96 - 31.03.2013 Investment Advisor




DIMENSIONAL FUND ADV n/a ULT-AGG 413'529 1.29 547 31.01.2013 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 207'297 0.65 (3'690) 31.03.2013 Investment Advisor


LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 198'536 0.62 2'000 31.03.2013 Investment Advisor



PRUDENTIAL FINANCIAL n/a ULT-AGG 156'204 0.49 (3'375) 31.03.2013 Investment Advisor




HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 99'300 0.31 99'300 31.12.2012 Investment Advisor


UBS ETF Multiple Portfolios MF-AGG 63'328 0.2 559 31.01.2013 Investment Advisor



Helvea DANIEL BISCHOF buy 5 M 165 12 month 23.05.2013


JPMorgan MICHAEL HUTTNER overweight 5 M 212 9 month 17.05.2013

Kepler Cheuvreux FABRIZIO CROCE hold 3 M 153 Not Provided 07.05.2013



Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 06.03.2013

Berenberg Bank PETER ELIOT hold 3 M 190 Not Provided 05.03.2013

Mediobanca SpA MARC THIELE neutral 3 D 177 6 month 04.03.2013

Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 146 12 month 04.03.2013

Credit Suisse RICHARD BURDEN underperform 1 M 138 Not Provided 04.03.2013

Main First Bank AG RENE LOCHER outperform 5 M 175 12 month 03.03.2013


Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 180 Not Provided 28.02.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 94 12 month 08.01.2013

Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 114 12 month 05.12.2012

Holdings By:

Swiss Life Holding AG ee


04.07.2013

Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery

products. The Company markets its products through its own specialty stores and

boutiques, as well as through retail outlets and catalog sales. Lindt operates

subsidiaries in Europe, North America and Asia and also sells its products

through various distributors in other world regions.


LTM as of: 01/yy

52-Week High (28.03.2013) 42'895.03

52-Week Low (16.11.2012) 33'075.92

Daily Volume

42365





9'033.81 1 Yr Total Return 21.53%






Average Volume 5 Day 147

LISN SE EQUITY YTD Change - Average Volume 30 Day 157

LISN SE EQUITY YTD % CHANGE - Average Volume 3 Month 144


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 - -

2'573.2 2'524.8 2'579.3 2'488.6 2'669.5 - - 2'872.2 3'078.0 - -

1.85x 2.03x 2.42x 2.68x 2.70x - - 2.97x 2.73x - -

466.1 382.5 423.3 421.9 457.4 - - 510.7 558.7 - -

10.21x 13.41x 14.77x 15.83x 15.75x - - 16.63x 15.21x - -

261.5 193.1 241.9 246.5 271.9 - - 306.6 338.4 - -

19.52x 29.86x 28.38x 28.95x 28.80x - - 31.13x 28.13x - -











EBITDA Margin 17.5%



Asset Turnover 1.04







Fiscal Year Ended

Lindt & Spruengli AGPrice/Volume

Valuation Analysis

70.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!!!

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! 9

! 9

! 9

! 9

! 9

! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



04.07.2013


LINDT & SPRUENGLI AG n/a Research 29'144 21.32 - 16.03.2013 n/a


TANNER ERNST n/a Co File 2'803 2.05 - 31.12.2011 n/a


AXA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'400 1.02 - 30.06.2012 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'285 0.94 - 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'106 0.81 30 31.03.2013 Investment Advisor

SPRUENGLI RUDOLF K n/a Co File 1'014 0.74 - 31.12.2011 n/a

BULGHERONI ANTONIO n/a Co File 1'000 0.73 - 31.12.2011 n/a

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 878 0.64 (2) 28.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 754 0.55 (23) 21.05.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 707 0.52 - 31.12.2012 Hedge Fund Manager

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 593 0.43 (7) 31.01.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 521 0.38 5 31.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 327 0.24 2 31.03.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 299 0.22 40 31.01.2013 Investment Advisor

UBS ETF Multiple Portfolios MF-AGG 205 0.15 1 31.01.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 193 0.14 12 31.01.2013 Investment Advisor

IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 185 0.14 (70) 31.01.2013 Investment Advisor

NOMURA n/a ULT-AGG 175 0.13 8 31.12.2012 Unclassified


Goldman Sachs ALEXIS COLOMBO Sell/Neutral 1 D 42'000 12 month 23.04.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY not rated #N/A N/A M #N/A N/A Not Provided 12.04.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 02.04.2013

Berenberg Bank JAMES TARGETT hold 3 M 41'000 Not Provided 21.03.2013

Natixis NICOLAS LANGLET neutral 3 M 39'000 Not Provided 18.03.2013

Kepler Cheuvreux JON COX hold 3 M 38'000 Not Provided 17.03.2013

HSBC FLORENCE DOHAN underweight 1 M 35'500 Not Provided 16.01.2013


GSC Research MATTHIAS SCHRADE hold 3 U #N/A N/A Not Provided 27.04.2012

Holdings By:

Lindt & Spruengli AG ee


04.07.2013

Sulzer AG manufactures machinery and equipment, and operates in a surfacing

technology business. The Company provides pumping and surface technology

solution and services, services and repair of thermal turbo machinery, and

service for separation columns and static mixing.


LTM as of: 03/yy

52-Week High (22.05.2013) 171.00

52-Week Low (09.07.2012) 115.30

Daily Volume

158.2





5'416.88 1 Yr Total Return 35.72%







SUN VX EQUITY YTD Change - Average Volume 30 Day 81'939

SUN VX EQUITY YTD % CHANGE - Average Volume 3 Month 78'936


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

3'713.5 3'350.4 3'183.7 3'577.9 4'021.6 0.0 987.6 4'241.7 4'518.0 - -

0.47x 0.62x 1.34x 1.04x 1.25x #DIV/0! 0.00x 1.25x 1.12x - -

575.3 471.2 508.0 481.8 552.0 0.0 0.0 597.4 675.5 - -

3.06x 4.38x 8.38x 7.76x 9.07x 0.00x 0.00x 9.23x 8.17x - -

322.9 270.4 300.4 279.8 307.1 0.0 0.0 328.1 385.9 - -

6.26x 10.06x 15.98x 12.17x 15.96x 0.00x 0.00x 16.14x 13.75x - -











EBITDA Margin 13.7%



Asset Turnover 0.88








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sulzer AGPrice/Volume

Valuation Analysis

97'867.00


!.!1!3!5!

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

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- 9

- 9

. 9

. 9

0 9

0 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



04.07.2013


RENOVA GROUP n/a Research 10'699'797 31.23 - 05.08.2011 Unclassified





SULZER LTD n/a Co File 457'863 1.34 - 31.12.2011 Corporation



DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 327'551 0.96 49'422 31.12.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 321'892 0.94 (515) 30.04.2013 Investment Advisor


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 270'413 0.79 - 28.02.2013 Investment Advisor






NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 142'642 0.42 3'220 31.03.2013 Investment Advisor





Berenberg Bank ALEXANDER VIRGO hold 3 M 165 Not Provided 01.05.2013


Bank Vontobel AG FABIAN HAECKI buy 5 M 180 Not Provided 17.04.2013

Credit Suisse PATRICK LAAGER neutral 3 M 160 Not Provided 16.04.2013

Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 210 6 month 03.04.2013

HSBC JOERG-ANDRE FINKE neutral 3 M 175 Not Provided 08.03.2013




Barclays RIZK MAIDI underweight 1 M 125 Not Provided 18.02.2013

Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 D #N/A N/A Not Provided 23.07.2012

Holdings By:

Sulzer AG ee


04.07.2013

Lonza Group AG produces organic fine chemicals, biocides, active ingredients,

and biotechnology products. The Company offers custom chemical manufacturing

and fermentation processing and manufactures its products for the life sciences,

pharmaceuticals, food processing, and agricultural products industries. Lonza

operates production sites in Europe, the United States, and China.


LTM as of: 01/yy

52-Week High (22.05.2013) 74.90

52-Week Low (09.07.2012) 38.83

Daily Volume

71.4





3'778.50 1 Yr Total Return 77.04%







LONN VX EQUITY YTD Change - Average Volume 30 Day 271'375

LONN VX EQUITY YTD % CHANGE - Average Volume 3 Month 303'534


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 09/12 Q3 12/12 Q4

2'937.0 2'690.0 2'680.0 2'692.0 3'925.0 - - 3'962.0 4'164.1 - -

2.20x 1.91x 1.91x 2.07x 1.26x - - 1.53x 1.42x - -

691.0 517.0 647.0 537.0 640.0 - - 700.2 767.9 - -

9.36x 9.91x 7.91x 10.37x 7.73x - - 8.80x 8.03x - -

420.0 162.0 291.0 154.0 182.0 - - 246.6 302.4 - -

11.07x 22.88x 13.50x 18.62x 14.02x - - 15.35x 12.78x - -











EBITDA Margin 16.3%



Asset Turnover 0.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lonza Group AGPrice/Volume

Valuation Analysis

185'856.00


!

-!

.!

0!

1!

2!

3!

4!

5!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

. 9

1 9

3 9

5 9

- ! 9

- . 9

- 1 9

- 3 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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04.07.2013



MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'801'813 5.29 (816'138) 31.12.2012 Investment Advisor

HARDING LOEVNER LP n/a Co File 2'658'885 5.02 - 31.12.2012 Investment Advisor

MANNING & NAPIER ADV n/a EXCH 2'642'891 4.99 - 08.03.2013 Investment Advisor


AFFILIATED MANAGING #N/A N/A Co File 1'912'949 3.61 - 31.12.2012 Other






TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 334'411 0.63 30'210 31.03.2013 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 276'233 0.52 - 28.02.2013 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 172'103 0.33 1'555 31.01.2013 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 172'000 0.33 147'000 31.12.2012 Investment Advisor




PRUDENTIAL FINANCIAL n/a ULT-AGG 150'404 0.28 40'379 31.03.2013 Investment Advisor


AlphaValue FABRICE FARIGOULE reduce 2 M 73 6 month 23.05.2013

S&P Capital IQ JACOB THRANE sell 1 M 60 12 month 02.05.2013

Jefferies PETER WELFORD hold 3 M 63 12 month 01.05.2013

Bank am Bellevue BRUNO ESCHLI hold 3 M 57 Not Provided 26.04.2013

Helvea OLAV ZILIAN accumulate 4 M 72 12 month 26.04.2013

Credit Suisse LUISA HECTOR neutral 3 M 61 Not Provided 22.04.2013

Commerzbank Corporates & Markets STEPHAN KIPPE hold 3 M 55 6 month 04.02.2013

Bank Vontobel AG CARLA BAENZIGER hold 3 M 52 Not Provided 31.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 30.01.2013



Deutsche Bank HOLGER BLUM hold 3 M 47 12 month 22.01.2013

Kempen & Co SACHIN SONI hold 3 D 58 12 month 15.01.2013

JPMorgan RICHARD VOSSER neutral 3 M 40 Not Provided 10.08.2012

Holdings By:

Lonza Group AG ee


04.07.2013

PSP Swiss Property AG owns and manages real estate. The Company owns a

portfolio of office and business premises at exclusive locations in

Switzerland's key economic centers, including Zurich, Geneva, Basel, Bern and

Lausanne.


LTM as of: 03/yy

52-Week High (15.05.2013) 91.25

52-Week Low (24.06.2013) 79.10

Daily Volume

82.1












PSPN SE EQUITY YTD Change - Average Volume 30 Day 100'657

PSPN SE EQUITY YTD % CHANGE - Average Volume 3 Month 98'033


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

205.7 271.1 270.4 284.2 283.3 238.5 281.5 274.5 278.9 66.0 69.8

20.75x 17.16x 19.18x 18.75x 20.28x 90.92x 81.25x 20.42x 20.41x 86.01x -

147.4 214.0 215.8 231.3 175.4 231.6 219.1 238.4 236.7 56.9 63.4

28.96x 21.74x 24.04x 23.04x 32.75x 23.26x 26.25x 23.27x 23.44x - -

224.0 231.2 280.8 404.0 368.6 405.3 381.8 165.7 163.3 40.9 45.7

9.96x 10.73x 11.52x 8.36x 10.54x 8.50x 10.24x 22.86x 23.13x - -











EBITDA Margin 77.8%



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

PSP Swiss Property AGPrice/Volume

Valuation Analysis

42'656.00


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

-!!

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- 9

- 9

. 9

. 9

0 9

0 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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04.07.2013


HETZ NATHAN n/a Co File 7'000'000 15.26 - 31.12.2011 n/a

ALONY HETZ PROPERTIE n/a EXCH 6'685'000 14.57 (668'972) 31.08.2012 Other





STATE STREET n/a ULT-AGG 535'250 1.17 1'538 22.05.2013 Investment Advisor



ING INVESTMENT MANAG Multiple Portfolios MF-AGG 374'797 0.82 9'200 31.03.2013 Investment Advisor



SCOTTISH WIDOWS n/a ULT-AGG 219'364 0.48 (11'261) 31.01.2013 Unclassified

IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 188'001 0.41 (25'110) 31.01.2013 Investment Advisor

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 168'533 0.37 4'108 31.12.2012 Investment Advisor


ING INTERNATIONAL AD Multiple Portfolios MF-AGG 156'928 0.34 4'500 31.01.2013 Investment Advisor


GABRIEL LUCIANO n/a Co File 143'251 0.31 - 31.12.2011 n/a



Exane BNP Paribas VALERIE GUEZI neutral 3 M 90 Not Provided 17.05.2013


Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 13.05.2013

Berenberg Bank KAI MALTE KLOSE hold 3 M 90 Not Provided 13.05.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 81 12 month 19.04.2013


Morgan Stanley BIANCA RIEMER Equalwt/Attractive 3 M 89 12 month 06.03.2013

JPMorgan TIM LECKIE overweight 5 M 99 9 month 06.03.2013

Deutsche Bank MARKUS SCHEUFLER hold 3 M 93 12 month 05.03.2013

ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 M 85 Not Provided 01.03.2013

Kempen & Co ROBERT WOERDEMAN neutral 3 M 90 Not Provided 13.01.2013

Holdings By:

PSP Swiss Property AG ee


04.07.2013

Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery

products. The Company markets its products through its own specialty stores and

boutiques, as well as through retail outlets and catalog sales. Lindt operates

subsidiaries in Europe, North America and Asia and also sells its products

through various distributors in other world regions.


LTM as of: 01/yy

52-Week High (03.04.2013) 3'736.21

52-Week Low (10.10.2012) 2'793.29

Daily Volume

3625





9'033.81 1 Yr Total Return 22.28%







LISP SE EQUITY YTD Change - Average Volume 30 Day 2'144

LISP SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'032


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 - -

2'573.2 2'524.8 2'579.3 2'488.6 2'669.5 - - 2'878.3 3'088.0 - -

1.85x 2.03x 2.42x 2.68x 2.70x - - 2.96x 2.71x - -

466.1 382.5 423.3 421.9 457.4 - - 508.2 555.8 - -

10.21x 13.41x 14.77x 15.83x 15.75x - - 16.72x 15.28x - -

261.5 193.1 241.9 246.5 271.9 - - 306.5 338.3 - -

19.52x 29.86x 28.38x 28.95x 28.80x - - 27.43x 24.98x - -











EBITDA Margin 17.5%



Asset Turnover 1.04







Fiscal Year Ended

Lindt & Spruengli AGPrice/Volume

Valuation Analysis

974.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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.!!!

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0!!!

02!!

1!!!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

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



04.07.2013








PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 10'421 1.16 20 31.01.2013 Investment Advisor


VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 7'855 0.88 795 31.01.2013 Investment Advisor

VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 6'757 0.76 816 28.03.2013 Insurance Company

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 5'434 0.61 2 31.03.2013 Investment Advisor

IST FUND MANAGERS Multiple Portfolios MF-AGG 4'976 0.56 (96) 31.03.2013 Investment Advisor

EVERETT HARRIS & COM EVERETT HARRIS & COM 13F 4'873 0.54 522 31.03.2013 Investment Advisor

FIRST EAGLE INVESTME n/a EXCH 4'175 0.47 - 19.11.2009 Hedge Fund Manager

TANNER ERNST n/a Co File 3'580 0.4 - 31.12.2010 n/a


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'462 0.39 462 28.03.2013 Investment Advisor

RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 2'920 0.33 - 31.01.2013 Investment Advisor


KLINGLER HANSJUERG n/a Co File 2'650 0.3 - 31.12.2010 n/a


AlphaValue SOPHIE CABO-BROSETA sell 1 M 2'828 6 month 23.05.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 3'850 Not Provided 12.04.2013

Credit Suisse PATRICK JNGLIN neutral 3 M 3'300 Not Provided 04.04.2013


Berenberg Bank JAMES TARGETT buy 5 M 4'100 Not Provided 21.03.2013

Deutsche Bank CATHERINE FARRANT hold 3 M 3'500 12 month 19.03.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 U 4'200 12 month 18.03.2013

S&P Capital IQ CARL SHORT hold 3 M 3'630 12 month 15.03.2013


Jefferies DIRK VAN VLAANDEREN buy 5 M 3'470 Not Provided 31.10.2012

Holdings By:

Lindt & Spruengli AG ee


04.07.2013

Schindler Holding AG manufactures and installs elevators, escalators, and moving

walkways internationally. The Company's products are used in airports, subway

stations, railroad terminals, shopping centers, cruise ships, hotels, and office

buildings. Schindler also offers maintenance services.


LTM as of: 03/yy

52-Week High (08.03.2013) 142.00

52-Week Low (04.07.2012) 108.10

Daily Volume

130.4





15'444.64 1 Yr Total Return 21.58%







SCHN SE EQUITY YTD Change - Average Volume 30 Day 31'328

SCHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 31'552


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

14'027.0 8'281.0 8'187.0 7'854.0 8'258.0 7'603.0 8'334.0 8'749.9 9'287.7 - -

0.34x 0.95x 1.35x 1.39x 1.63x 0.00x 0.00x 1.52x 1.39x - -

1'018.0 996.0 1'089.0 933.0 1'104.0 0.0 0.0 1'180.2 1'282.4 - -

4.70x 7.86x 10.16x 11.68x 12.16x 0.00x 0.00x 11.54x 10.62x - -

615.0 625.0 677.0 576.0 702.0 657.0 740.0 737.7 825.4 - -

9.34x 15.44x 20.11x 23.83x 21.78x 0.00x 23.11x 20.25x 18.28x - -











EBITDA Margin 13.4%



Asset Turnover 1.07







Fiscal Year Ended

Schindler Holding AGPrice/Volume

Valuation Analysis

15'992.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!

3!

5!

-!!

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-1!

-3!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9 . 9

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 !!

-! !!

-2 !!

.! !!

.2 !!

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



04.07.2013


SCHINDLER FAMILY n/a Co File 51'033'236 71.44 - 31.12.2010 n/a


SCHINDLER HOLDING AG n/a Co File 1'327'102 1.86 - 31.12.2010 Corporation






FIDELITY INVESTMENT Multiple Portfolios MF-AGG 194'593 0.27 - 31.12.2012 Investment Advisor



ABERDEEN n/a ULT-AGG 106'200 0.15 - 31.03.2013 Unclassified


VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 75'000 0.1 - 31.01.2013 Investment Advisor

FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 45'630 0.06 - 31.12.2010 Investment Advisor

IST FUND MANAGERS Multiple Portfolios MF-AGG 43'121 0.06 234 31.03.2013 Investment Advisor


NOMURA n/a ULT-AGG 27'164 0.04 2'492 31.12.2012 Unclassified

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 25'000 0.03 - 31.03.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 22'463 0.03 500 31.01.2013 Investment Advisor


AlphaValue EILEEN RYAN reduce 2 M 139 6 month 16.05.2013


Exane BNP Paribas ALEXIS DENAUD neutral 3 M 150 Not Provided 22.04.2013


HSBC MICHAEL HAGMANN overweight 5 N 175 Not Provided 27.02.2013


Helvea VOLKAN GOCMEN neutral 3 M 90 12 month 16.12.2011

Holdings By:

Schindler Holding AG ee


04.07.2013

GAM Holding AG is an independent, well-diversified asset management business,

with a focus on the manufacturing and distribution of investment products and

services.


LTM as of: 01/yy

52-Week High (15.05.2013) 17.95

52-Week Low (24.07.2012) 10.06

Daily Volume

15.05





2'759.49 1 Yr Total Return 41.44%





Enterprise Value -


GAM SE EQUITY YTD Change - Average Volume 30 Day 558'897

GAM SE EQUITY YTD % CHANGE - Average Volume 3 Month 589'780


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 - -

4'144.8 1'020.2 964.9 812.2 999.1 - - 640.4 694.9 - -

- - - - - - - 3.59x 3.12x - -

- - - - - - - - - - -

- - - - - - - - - - -

661.2 3'636.9 10.2 (95.0) 86.7 - - 182.0 206.3 - -

12.53x 0.96x 309.00x - 24.22x - - 12.83x 11.20x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GAM Holding AGPrice/Volume

Valuation Analysis

465'736.00


!.135

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

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

. ! 9

1 ! 9

3 ! 9

5 ! 9

-! ! 9

-. ! 9

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 !!

0! !!

02 !!

1! !!

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



04.07.2013


GAM HOLDING LTD n/a EXCH 19'878'827 10.84 - 08.03.2013 Investment Advisor

SILCHESTER INTL INVE n/a Co File 18'500'519 10.09 - 31.12.2012 Investment Advisor


GLOBAL ASSET MANAGEM n/a EXCH 12'175'617 6.64 (4'785'293) 27.06.2012 Investment Advisor

FMR LLC n/a ULT-AGG 11'235'345 6.13 577'723 31.12.2012 Investment Advisor

CREDIT SUISSE FUNDS n/a Co File 8'269'310 4.51 - 31.12.2012 n/a

DAVIS SELECTED ADVIS n/a EXCH 6'130'364 3.34 - 07.06.2011 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 5'731'524 3.13 132'266 19.02.2013 Unclassified

T ROWE PRICE ASSOCIA #N/A N/A Co File 5'610'663 3.06 - 31.12.2012 Investment Advisor




FARALLON CAPITAL MAN n/a EXCH 3'194'408 1.74 - 23.04.2012 Hedge Fund Manager


VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'891'706 1.58 (107'166) 31.03.2013 Investment Advisor



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'998'682 1.09 - 28.02.2013 Investment Advisor

FIDELITY INVESTMENT Multiple Portfolios MF-AGG 1'605'355 0.88 - 31.12.2012 Investment Advisor

PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 1'543'704 0.84 149'993 30.04.2013 Insurance Company


Bank am Bellevue MARC DEUSTER buy 5 M 20 12 month 19.04.2013

RBC Capital Markets PETER K LENARDOS outperform 5 M 19 12 month 17.04.2013



Helvea TIM DAWSON buy 5 M 21 12 month 17.04.2013

Goldman Sachs CHRIS M. TURNER neutral/neutral 3 M 18 12 month 12.03.2013

Main First Bank AG KILIAN MAIER underperform 1 D 17 12 month 07.03.2013


EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013

Holdings By:

GAM Holding AG ee


04.07.2013

Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico,

France, Russia, the United Arab Emirates, Singapore, the Caribbean and the

United States.


LTM as of: 03/yy

52-Week High (22.05.2013) 136.50

52-Week Low (26.09.2012) 110.70

Daily Volume

118.1












DUFN SE EQUITY YTD Change - Average Volume 30 Day 187'310

DUFN SE EQUITY YTD % CHANGE - Average Volume 3 Month 192'987


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

2'113.5 2'378.7 2'610.2 2'637.7 3'153.6 2'790.0 3'166.1 3'685.4 4'153.7 925.0 1'021.0

0.79x 0.95x 1.56x 1.43x 1.45x 5.57x 5.74x 1.34x 1.11x - -

277.3 288.1 328.0 344.3 444.0 375.1 427.8 558.4 661.0 140.0 173.5

6.02x 7.85x 12.43x 10.94x 10.33x 12.41x 10.71x 8.22x 6.94x - -

95.0 38.5 116.6 111.9 122.4 120.2 106.1 192.9 266.0 35.9 68.4

8.62x 34.88x 27.17x 20.78x 26.82x 26.40x 30.13x 15.04x 11.14x - -


EBIT 275.70 Long-Term Rating BB+









EBITDA Margin 13.5%



Asset Turnover 0.92







Fiscal Year Ended

Dufry AGPrice/Volume

Valuation Analysis

162'472.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

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. 9

1 9

3 9

5 9

- ! 9

- . 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



04.07.2013


TRAVEL RETAIL INVEST n/a EXCH 3'912'464 13.18 1'688'901 17.01.2013 Other

CREDIT SUISSE GROUP n/a EXCH 1'577'361 5.32 - 05.03.2013 Investment Advisor

HUDSON MEDIA INC n/a Co File 1'154'677 3.89 - 31.12.2011 Other

ARTIO GLOBAL MANAGEM n/a EXCH 804'639 2.71 (492'317) 20.03.2012 Investment Advisor






HARTFORD INVESTMENT Multiple Portfolios MF-AGG 362'775 1.22 (14'603) 31.03.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 295'855 1 136'614 28.03.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 289'624 0.98 (12'037) 31.12.2012 Bank

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 279'892 0.94 - 31.03.2013 Investment Advisor


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 270'662 0.91 535 28.02.2013 Investment Advisor







Bank am Bellevue MICHAEL HEIDER buy 5 M 161 Not Provided 15.05.2013


Exane BNP Paribas ROBERTA CIACCIA neutral 3 M 120 Not Provided 10.05.2013

Deutsche Bank CHARLIE MUIR-SANDS hold 3 M 130 12 month 09.05.2013

Grupo Santander REBECCA MCCLELLAN buy 5 M 141 Not Provided 07.05.2013

Main First Bank AG GAEL COLCOMBET outperform 5 M 140 12 month 01.05.2013


Goldman Sachs MAYAN UTHAYAKUMAR Buy/Neutral 5 M 175 6 month 22.04.2013

Mirabaud Securities THOMAS BAUMANN accumulate 4 U 137 12 month 25.03.2013


EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Natixis MATTHIEU DETROYAT buy 5 M 140 Not Provided 31.07.2012

Holdings By:

Dufry AG ee


04.07.2013

Galenica AG manufactures and distributes pharmaceuticals and offers related

services. The Company produces prescription and over-the-counter drugs,

toiletries and hygiene products, and operates pharmacies.


LTM as of: 01/yy

52-Week High (22.05.2013) 635.00

52-Week Low (16.11.2012) 479.25

Daily Volume

588





3'822.00 1 Yr Total Return -1.92%







GALN SE EQUITY YTD Change - Average Volume 30 Day 14'687

GALN SE EQUITY YTD % CHANGE - Average Volume 3 Month 17'430


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 - -

3'128.1 3'279.1 3'446.6 3'480.6 3'608.0 - - 3'569.1 3'697.9 - -

0.94x 1.14x 1.37x 1.26x 1.15x - - 1.21x 1.12x - -

470.1 401.6 443.7 399.9 431.3 - - 426.7 449.4 - -

6.26x 9.28x 10.65x 10.99x 9.62x - - 10.63x 10.09x - -

188.2 210.2 230.4 223.1 253.5 - - 260.3 272.9 - -

11.80x 11.55x 15.91x 15.89x 13.55x - - 14.85x 14.11x - -











EBITDA Margin 12.0%



Asset Turnover 1.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Galenica AGPrice/Volume

Valuation Analysis

11'295.00


!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

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! 9

! 9

- 9

- 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



04.07.2013


ALLIANCE BOOTS LTD n/a EXCH 1'656'172 25.48 - 10.05.2013 Corporation

CREDIT SUISSE AG n/a EXCH 379'607 5.84 116'645 12.03.2013 Investment Advisor

PATINEX AG n/a EXCH 234'177 3.6 1'957 10.05.2013 Private Equity

ALECTA PENSIONSFORSA n/a Co File 210'000 3.23 - 31.12.2012 Pension Fund (ERISA)



JORNOD ETIENNE n/a Co File 47'261 0.73 - 31.12.2012 n/a


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 37'258 0.57 4'162 31.12.2012 Investment Advisor




BZ BANK AG n/a EXCH 32'500 0.5 - 27.02.2012 Investment Advisor





DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 20'185 0.31 1'400 28.03.2013 Investment Advisor

GALENICA AG n/a Co File 20'075 0.31 - 31.12.2012 Corporation



AlphaValue ARMELLE MOULIN sell 1 M 524 6 month 23.05.2013

Kepler Cheuvreux MAJA PATAKI buy 5 M 650 Not Provided 14.05.2013


Bank Vontobel AG CARLA BAENZIGER reduce 2 M 527 Not Provided 28.03.2013

Main First Bank AG MARCUS WIEPRECHT underperform 1 M 500 12 month 20.03.2013

Bank am Bellevue STEPHEN LEVENTHAL hold 3 M 532 Not Provided 13.03.2013

Credit Suisse CHRISTOPH GRETLER neutral 3 M 600 Not Provided 13.03.2013


Goldman Sachs VERONIKA DUBAJOVA Sell/Neutral 1 M 454 12 month 30.01.2013

Berenberg Bank ADRIAN HOWD sell 1 M 500 Not Provided 17.01.2013


Deutsche Bank HOLGER BLUM buy 5 M 660 12 month 12.01.2012

Holdings By:

Galenica AG ee


04.07.2013

Helvetia Holding AG provides a broad range of life, casualty, liability,

accident and transportation insurance. The Company insures individuals,

property such as vehicles and buildings, and consumer goods and personal

belongings during transportation. Helvetia and subsidiaries operate in

Switzerland, in other European countries, and North America.


LTM as of: 01/yy

52-Week High (03.06.2013) 402.50

52-Week Low (23.07.2012) 270.22

Daily Volume

391





3'385.44 1 Yr Total Return 37.96%







HELN SE EQUITY YTD Change - Average Volume 30 Day 16'319

HELN SE EQUITY YTD % CHANGE - Average Volume 3 Month 15'926


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 - -

5'559.2 7'279.3 7'366.2 7'496.2 7'967.0 - - 7'292.0 8'054.0 - -

0.35x 0.36x 0.36x 0.24x 0.24x - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

230.6 323.4 339.0 288.2 339.6 - - 353.5 368.6 - -

8.52x 8.54x 9.14x 9.02x 9.09x - - 9.70x 9.30x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Helvetia Holding AGPrice/Volume

Valuation Analysis

9'693.00


!2!

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! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



04.07.2013


PATRIA GENOSSENSCHAF n/a Co File 2'604'523 30.1 - 31.12.2012 n/a

RAIFFEISEN SWITZERLA n/a Co File 346'116 4 - 31.12.2012 Unclassified

VONTOBEL BETEILIGUNG n/a Co File 346'116 4 - 31.12.2012 Other







DJE INVESTMENT SA Multiple Portfolios MF-AGG 59'744 0.69 - 28.12.2012 Investment Advisor




HELVETIA HOLDING AG n/a Co File 40'436 0.47 - 31.12.2012 Insurance Company


BLACKROCK n/a ULT-AGG 36'413 0.42 - 21.05.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 31'587 0.37 - 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 26'100 0.3 - 28.09.2012 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 24'046 0.28 10'476 30.04.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 23'886 0.28 86 31.03.2013 Investment Advisor


Kepler Cheuvreux FABRIZIO CROCE hold 3 D 403 Not Provided 21.05.2013

Bank am Bellevue ANDREAS FRICK hold 3 N 384 12 month 11.04.2013

Credit Suisse RICHARD BURDEN underperform 1 M 390 Not Provided 11.04.2013


Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 400 12 month 12.03.2013

Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 12.03.2013


Berenberg Bank PETER ELIOT buy 5 M 470 Not Provided 12.03.2013

Bank Vontobel AG STEFAN SCHUERMANN not rated #N/A N/A M #N/A N/A Not Provided 12.03.2013





Holdings By:

Helvetia Holding AG ee


04.07.2013

Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade

chemical intermediates, fine chemicals, and protective bonding, coating and

sealing products. The Company supplies its products to the automotive,

transportation, and textile industries.


LTM as of: 03/yy

52-Week High (22.05.2013) 295.25

52-Week Low (10.07.2012) 174.00

Daily Volume

286.25





6'695.11 1 Yr Total Return 65.06%







EMSN SE EQUITY YTD Change - Average Volume 30 Day 21'326

EMSN SE EQUITY YTD % CHANGE - Average Volume 3 Month 22'950


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3

1'503.9 1'197.7 1'595.6 1'657.7 1'755.0 0.0 254.0 1'855.8 1'965.8 - 434.0

1.16x 2.02x 2.17x 2.09x - #DIV/0! 0.00x 3.46x 3.24x - -

283.2 272.2 351.4 347.3 - 0.0 0.0 395.8 422.2 - -

6.15x 8.91x 9.88x 9.98x - 0.00x 0.00x 16.34x 15.32x - -

211.8 216.1 225.9 237.1 273.0 0.0 0.0 276.2 294.8 - -

9.57x 12.82x 17.08x 15.69x 18.45x 0.00x 0.00x 24.21x 22.69x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.97







Fiscal Year Ended

EMS-Chemie Holding AGPrice/Volume

Valuation Analysis

15'026.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

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0!!

02!

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- 9

. 9

0 9

1 9

2 9

3 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-. !!

-1 !!

-3 !!

-5 !!

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04.07.2013


EMESTA HOLDING AG n/a Co File 14'225'190 60.82 - 31.12.2011 Corporation

BLOCHER MIRIAM n/a Co File 2'079'282 8.89 - 31.12.2011 n/a


VANGUARD GROUP INC Multiple Portfolios MF-AGG 85'834 0.37 (3'540) 31.03.2013 Investment Advisor






ALLIANCE BERNSTEIN n/a ULT-AGG 59'400 0.25 13'473 31.03.2013 Investment Advisor




LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 21'300 0.09 (5'700) 28.02.2013 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 18'282 0.08 212 28.03.2013 Investment Advisor

SEB n/a ULT-AGG 15'605 0.07 5'855 28.03.2013 Unclassified

DIGITAL FUNDS Multiple Portfolios MF-AGG 15'413 0.07 - 31.01.2013 Investment Advisor


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 13'013 0.06 880 28.03.2013 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 11'476 0.05 (181) 28.02.2013 Investment Advisor


Bank Vontobel AG PATRICK RAFAISZ reduce 2 M 200 Not Provided 10.04.2013

Main First Bank AG BERND POMREHN underperform 1 D 265 12 month 08.04.2013


Kepler Cheuvreux BETTINA EDMONDSTON reduce 2 M 200 Not Provided 09.02.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

Holdings By:

EMS-Chemie Holding AG ee


04.07.2013

OC Oerlikon Corporation AG manufactures industrial equipment. The Company

produces vacuum pumps and solutions, equipment to supply PVD coatings for tools

and precision components, man-made textile machines and transmission driveline

equipment.


LTM as of: 09/yy

52-Week High (05.03.2013) 12.74

52-Week Low (13.07.2012) 7.22

Daily Volume

11.7





3'813.78 1 Yr Total Return 44.27%







OERL SE EQUITY YTD Change - Average Volume 30 Day 1'062'325

OERL SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'459'548


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 06/12 Q2 09/12 Q3

4'632.0 2'877.0 3'601.0 2'731.0 2'906.0 0.0 957.0 2'919.4 3'021.8 968.3 936.8

0.55x 0.73x 0.53x 0.64x 1.05x #DIV/0! 0.00x 0.96x 0.88x - -

512.0 (71.0) 298.0 493.0 572.0 0.0 0.0 511.1 559.0 - -

4.97x - 6.36x 3.55x 5.34x 0.00x 0.00x 6.80x 6.21x - -

(425.0) (592.0) 3.0 220.0 382.0 0.0 0.0 240.4 262.3 62.0 -

- - 490.00x 10.48x 15.22x 0.00x 0.00x 16.23x 14.43x - -











EBITDA Margin 19.7%



Asset Turnover 0.67







Fiscal Year Ended

OC Oerlikon Corp AGPrice/Volume

Valuation Analysis

1'272'380.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9- ! 9. ! 90 ! 91 ! 92 ! 93 ! 94 ! 95 ! 96 ! 9

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

-3! !!

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



04.07.2013


VEKSELBERG VIKTOR n/a Co File 156'210'954 47.92 - 31.12.2012 n/a







VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'280'000 0.39 20'000 31.01.2013 Investment Advisor



BARING FUND MANAGERS Multiple Portfolios MF-AGG 966'378 0.3 164'601 31.12.2012 Investment Advisor


CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 922'120 0.28 4'414 28.02.2013 Investment Advisor

OC OERLIKON CORP n/a Co File 902'248 0.28 - 31.12.2012 Corporation

HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 872'000 0.27 872'000 31.12.2012 Investment Advisor

ACATIS Multiple Portfolios MF-AGG 845'506 0.26 - 28.09.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 817'471 0.25 426'984 31.03.2013 Investment Advisor


PRINCIPAL FINANCIAL n/a ULT-AGG 715'128 0.22 560'642 30.04.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 714'673 0.22 - 31.01.2013 Investment Advisor


AlphaValue PIERRE-YVES GAUTHIER add 4 M 12 6 month 23.05.2013


Helvea RETO AMSTALDEN neutral 3 M 13 12 month 14.05.2013

Credit Suisse PATRICK LAAGER outperform 5 M 15 Not Provided 13.05.2013

Societe Generale JEAN-BAPTISTE ROUSSILLE hold 3 M 11 12 month 08.05.2013


Berenberg Bank BENJAMIN GLAESER buy 5 M 14 Not Provided 01.05.2013


Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 M #N/A N/A Not Provided 07.03.2013


Holdings By:

OC Oerlikon Corp AG ee


04.07.2013

Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products.

The Company markets to industrial food manufacturers, chocolatiers, pastry

chefs, bakers, and retailers globally. Barry Callebaut also offers product

development, processing, training, and marketing services.


LTM as of: 02/yy

52-Week High (22.05.2013) 934.00

52-Week Low (05.07.2012) 812.42

Daily Volume

893












BARN SE EQUITY YTD Change - Average Volume 30 Day 10'618

BARN SE EQUITY YTD % CHANGE - Average Volume 3 Month 9'153


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 02/yy 02/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1

4'815.4 4'880.2 4'524.5 4'459.9 4'829.5 3'841.8 4'744.2 4'944.5 6'155.2 1'491.0 -

0.99x 0.80x 0.99x 1.06x 1.16x 1.89x 0.00x 1.17x 1.03x - -

422.6 448.1 443.2 458.3 441.3 176.8 0.0 459.5 541.4 - -

11.30x 8.72x 10.15x 10.34x 12.72x 0.00x 0.00x 12.82x 10.88x - -

204.6 226.9 251.2 177.6 142.1 70.1 0.0 242.8 283.4 - -

17.93x 13.05x 15.32x 14.94x 19.40x 0.00x 0.00x 18.80x 16.78x - -


EBIT 356.44 Long-Term Rating BB+

Operating Margin 7.38% Long-Term Outlook NEG






Net Debt/EBITDA -

Gross Margin 13.9% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 1.28





Accounts Receivable Turnover - Cash Conversion Cycle 71.62



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Barry Callebaut AGPrice/Volume

Valuation Analysis

9'312.00


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

-!!!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

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 !!

0! !!

02 !!

1! !!

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



04.07.2013


JACOBS HOLDINGS AG n/a Co File 2'590'687 50.11 - 31.08.2012 Corporation

JACOBS RENATA n/a Co File 438'416 8.48 - 31.08.2012 n/a

JACOBS NATHALIE n/a Co File 159'236 3.08 - 31.08.2012 n/a

JACOBS NICOLAS n/a Co File 159'236 3.08 - 31.08.2012 n/a







PICTET & CIE Multiple Portfolios MF-AGG 14'432 0.28 (453) 31.01.2013 Investment Advisor


ABERDEEN n/a ULT-AGG 10'550 0.2 (300) 30.04.2013 Unclassified



ALLIANZ ASSET MANAGE n/a ULT-AGG 8'791 0.17 - 31.03.2013 Investment Advisor

SCHMID ANDREAS n/a Co File 8'790 0.17 - 31.08.2012 n/a


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 5'790 0.11 - 31.12.2012 Investment Advisor

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 5'263 0.1 - 28.02.2013 Investment Advisor


Equita SIM SpA FABIO FAZZARI buy 5 M 1'100 12 month 07.05.2013

Societe Generale ALEX SLOANE hold 3 M 900 12 month 15.04.2013




Kepler Cheuvreux JON COX hold 3 M 900 Not Provided 09.04.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 800 12 month 09.04.2013

Deutsche Bank CATHERINE FARRANT hold 3 M 950 12 month 08.04.2013

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'081 6 month 06.02.2013

Berenberg Bank JAMES TARGETT hold 3 M 940 Not Provided 21.01.2013

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

Credit Suisse PATRICK JNGLIN restricted #N/A N/A M #N/A N/A Not Provided 13.12.2012

GSC Research MATTHIAS SCHRADE sell 1 M #N/A N/A Not Provided 17.03.2011

Holdings By:

Barry Callebaut AG ee


04.07.2013

Pargesa Holding SA acquires, sells, operates and manages investments in the

financial, commercial, and industrial sectors in Switzerland and other European

countries. The Company has a portfolio of a limited number of major long-term

holdings. Pargesa seeks to exercise control over or influence the activities of

its holdings as a strategic shareholder.


LTM as of: 03/yy

52-Week High (25.02.2013) 68.95

52-Week Low (09.07.2012) 56.00

Daily Volume

63.5





5'393.45 1 Yr Total Return 12.83%







PARG SE EQUITY YTD Change - Average Volume 30 Day 58'690

PARG SE EQUITY YTD % CHANGE - Average Volume 3 Month 66'722


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

5'475.2 4'189.5 4'625.4 4'729.1 4'915.4 3'271.4 6'192.5 509.0 540.5 - -

3.64x 5.31x 4.21x 3.66x 3.27x 5.99x 0.00x 32.75x 30.12x - -

799.9 1'077.2 888.7 915.2 1'419.0 0.0 0.0 412.0 476.0 - -

24.95x 20.64x 21.93x 18.92x 11.33x 0.00x 0.00x 39.20x 33.93x - -

(520.8) 791.7 465.9 (64.9) 417.9 780.6 589.2 418.0 476.5 - -

- 4.83x 14.44x - 12.68x 0.00x 0.00x 12.91x 10.90x - -











EBITDA Margin 29.0%



Asset Turnover 0.22








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Pargesa Holding SAPrice/Volume

Valuation Analysis

64'224.00


!

-!

.!

0!

1!

2!

3!

4!

5!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

- 9

. 9

-1'000.0

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! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



04.07.2013


PARJOINTCO NV n/a Research 39'301'000 50.9 - 01.03.2013 Holding Company

BNP PARIBAS SA n/a EXCH 9'586'556 12.42 - 14.03.2013 Bank

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'871'239 8.9 761'800 31.12.2012 Hedge Fund Manager

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'351'855 1.75 - 31.03.2013 Investment Advisor



THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 469'645 0.61 - 31.01.2013 Hedge Fund Manager



PARGESA HOLDING SA n/a EXCH 297'800 0.39 - 12.03.2012 Investment Advisor


TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 227'651 0.29 (65) 31.03.2013 Investment Advisor

FRERE GERALD n/a Co File 216'654 0.28 - 31.12.2012 n/a

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 208'884 0.27 - 31.12.2012 Investment Advisor


RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 130'000 0.17 - 31.01.2013 Investment Advisor



LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 89'000 0.12 - 28.02.2013 Investment Advisor

UBS ETF Multiple Portfolios MF-AGG 52'404 0.07 238 31.01.2013 Investment Advisor


AlphaValue PIERRE-YVES GAUTHIER add 4 M 77 6 month 22.05.2013

KBC Securities JAN-WILLEM BILLIET hold 3 M 68 Not Provided 10.05.2013

Goldman Sachs MARKUS IWAR neutral/neutral 3 M 77 12 month 09.05.2013

EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 16.04.2013



Petercam MARC DEBROUWER not rated #N/A N/A M #N/A N/A Not Provided 18.12.2012

BMO Capital Markets JOHN REUCASSEL not rated #N/A N/A M #N/A N/A Not Provided 22.02.2011

Holdings By:

Pargesa Holding SA ee


04.07.2013

Georg Fischer AG produces automobile parts, piping systems, plastics processing

equipment, and tool and mold making machinery. The Company manufactures cast

and machined components for road vehicles and machinery, plastic and metal

pipes and fittings, electric discharge machines, milling centers, automation

equipment, and plastics factories and compounding systems.


LTM as of: 01/yy

52-Week High (22.05.2013) 460.00

52-Week Low (16.11.2012) 294.65

Daily Volume

442





1'813.62 1 Yr Total Return 35.56%







FI/N SE EQUITY YTD Change - Average Volume 30 Day 20'747

FI/N SE EQUITY YTD % CHANGE - Average Volume 3 Month 23'122


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 - -

4'465.0 2'906.0 3'447.0 3'511.0 3'602.0 - - 3'624.8 3'769.8 - -

0.34x 0.53x 0.72x 0.46x 0.52x - - 0.57x 0.53x - -

390.0 111.0 357.0 373.0 359.0 - - 360.9 386.7 - -

3.87x 13.90x 6.97x 4.34x 5.17x - - 5.98x 5.58x - -

56.0 (246.0) 99.0 160.0 121.0 - - 152.4 168.3 - -

17.14x - 21.98x 8.23x 9.95x - - 12.06x 10.89x - -











EBITDA Margin 10.0%



Asset Turnover 1.24







Fiscal Year Ended

Georg Fischer AGPrice/Volume

Valuation Analysis

18'517.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!2!!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



04.07.2013



UBS FUND MANAGEMENT n/a EXCH 123'905 3.02 - 11.02.2012 Investment Advisor




SARASIN n/a ULT-AGG 54'924 1.34 (4'824) 31.01.2013 Unclassified

RUFFER LLP Multiple Portfolios MF-AGG 42'667 1.04 8'509 27.12.2012 Investment Advisor


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 33'997 0.83 - 28.02.2013 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 31'189 0.76 - 30.06.2012 Pension Fund (ERISA)



PRUDENTIAL FINANCIAL n/a ULT-AGG 24'100 0.59 (2'216) 31.03.2013 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 23'848 0.58 - 30.04.2013 Investment Advisor



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 21'218 0.52 639 31.03.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 14'682 0.36 (4'215) 31.01.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 13'919 0.34 (606) 31.03.2013 Investment Advisor

PIONEER ASSET MANAGE Multiple Portfolios MF-AGG 12'088 0.29 - 28.02.2013 Investment Advisor


Main First Bank AG TOBIAS FAHRENHOLZ underperform 1 M 455 12 month 17.05.2013


Helvea VOLKAN GOCMEN reduce 2 M 370 12 month 13.05.2013



Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 400 6 month 11.03.2013

Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 M #N/A N/A Not Provided 28.02.2013

Bank Vontobel AG FABIAN HAECKI hold 3 U 400 Not Provided 27.02.2013

Holdings By:

Georg Fischer AG ee


04.07.2013

Flughafen Zuerich AG operates the Zurich Airport. The Company constructs,

leases, and maintains airport structures and equipment.


LTM as of: 01/yy

52-Week High (02.07.2013) 486.00

52-Week Low (10.07.2012) 338.25

Daily Volume

485.5





2'981.15 1 Yr Total Return 44.92%







FHZN SE EQUITY YTD Change - Average Volume 30 Day 12'646

FHZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 13'354


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 - -

855.1 820.2 863.0 905.4 948.8 - - 966.5 981.5 - -

3.14x 3.56x 3.83x 3.48x 3.77x - - 4.05x 3.91x - -

421.0 402.9 437.1 484.6 391.3 - - 522.4 527.0 - -

6.37x 7.24x 7.57x 6.50x 9.15x - - 7.58x 7.52x - -

121.3 190.6 138.5 169.8 94.7 - - 137.8 197.0 - -

12.61x 9.98x 16.93x 11.78x 27.24x - - 20.00x 15.02x - -


EBIT 171.94 Long-Term Rating A









EBITDA Margin 41.2%



Asset Turnover 0.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Flughafen Zuerich AGPrice/Volume

Valuation Analysis

6'753.00


!2!

-!!-2!.!!.2!0!!02!1!!12!2!!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



04.07.2013


CANTON OF ZURICH n/a Co File 2'046'595 33.33 - 31.12.2012 Government

UNIVERSITIES SUPERAN n/a EXCH 342'593 5.58 - 19.07.2012 Investment Advisor

CITY OF ZURICH n/a Co File 309'476 5.04 - 31.12.2012 Government

CREDIT SUISSE AG n/a EXCH 199'712 3.25 - 21.11.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 185'229 3.02 1'900 17.08.2012 Unclassified

ARTIO GLOBAL MANAGEM n/a EXCH 183'681 2.99 (122'936) 22.02.2012 Investment Advisor

TAUBE HODSON STONEX n/a EXCH 174'707 2.85 (104'647) 21.05.2008 Investment Advisor



COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 53'815 0.88 (5'315) 31.01.2013 Bank






FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 36'922 0.6 (3'746) 31.05.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 35'400 0.58 - 31.03.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 33'700 0.55 19'500 29.03.2013 Investment Advisor


ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 30'207 0.49 (9'292) 31.12.2012 Investment Advisor



Bank Vontobel AG PASCAL FURGER hold 3 M 440 Not Provided 14.05.2013

Morgan Stanley DANIEL RUIVO Overwt/In-Line 5 M 470 12 month 16.04.2013


Nomura PETER LARKIN reduce 2 M 437 12 month 11.04.2013

Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 530 6 month 05.04.2013


HSBC JOSEPH P THOMAS overweight 5 M 490 Not Provided 03.04.2013


RBC Capital Markets ANDREW JONES sector perform 3 M 410 12 month 22.03.2013

Berenberg Bank WILLIAM FOGGON hold 3 M 458 Not Provided 20.03.2013

Kepler Cheuvreux RUXANDRA HARADAU-DOESER reduce 2 M 374 Not Provided 20.03.2013

Main First Bank AG CHRISTIAN KORTH outperform 5 M 520 12 month 04.02.2013

Barclays SUSANNA INVERNIZZI underweight 1 D 430 Not Provided 23.01.2013

JPMorgan ELODIE RALL overweight 5 M 470 6 month 27.11.2012

Silvia Quandt Research STEFAN KICK buy 5 M 410 12 month 21.08.2012

Holdings By:

Flughafen Zuerich AG ee


04.07.2013

DKSH Holding Limited is an international marketing and services group. The

Company offers a comprehensive package of services that includes organizing and

running the entire value chain for any product: from sourcing, research and

analysis, marketing, sales, distribution and logistics to after-sales services.


LTM as of: 01/yy

52-Week High (20.03.2013) 88.47

52-Week Low (26.07.2012) 49.13

Daily Volume

80.55


52-Week Low % Change 63.95% Beta -



5'114.92 1 Yr Total Return 58.81%


Preferred Stock 0.0 Adjusted BETA -





DKSH SE EQUITY YTD Change - Average Volume 30 Day 128'021

DKSH SE EQUITY YTD % CHANGE - Average Volume 3 Month 137'359


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 - -

- 6'356.4 7'295.4 7'340.0 8'834.1 - - 10'107.1 11'161.0 - -

- - - - 0.47x - - 0.50x 0.45x - -

- 168.3 241.6 274.3 320.7 - - 377.1 427.3 - -

- - - - 12.98x - - 13.56x 11.97x - -

- 72.7 128.4 147.1 201.2 - - 212.2 242.1 - -

- - - - 20.72x - - 24.44x 21.51x - -











EBITDA Margin 3.6%



Asset Turnover 2.75







Fiscal Year Ended

DKSH Holding AGPrice/Volume

Valuation Analysis

71'784.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

4 9

5 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



04.07.2013


DIETHELM KELLER HOLD n/a EXCH 37'989'380 59.83 8'721'650 17.04.2013 Corporation





MATTHEWS INTERNATION Multiple Portfolios MF-AGG 386'901 0.61 386'901 31.12.2012 Investment Advisor



VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 223'653 0.35 68'723 28.03.2013 Insurance Company





FIDELITY INVESTMENT Multiple Portfolios MF-AGG 103'880 0.16 - 31.12.2012 Investment Advisor


AMERICAN CENTURY COM Multiple Portfolios MF-AGG 98'269 0.15 100 31.03.2013 Investment Advisor


WASATCH ADVISORS INC Multiple Portfolios MF-AGG 94'688 0.15 94'688 31.03.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 93'500 0.15 25'000 28.12.2012 Investment Advisor



Deutsche Bank ANDY CHU hold 3 M 89 12 month 24.04.2013


Religare Capital Markets PETER WILLIAMSON buy 5 M 85 12 month 24.04.2013

HSBC RAJESH KUMAR underweight 1 N 50 Not Provided 22.04.2013

Credit Suisse ANDY GROBLER neutral 3 M 83 Not Provided 14.03.2013




Berenberg Bank KONRAD ZOMER sell 1 D 72 Not Provided 12.03.2013


Holdings By:

DKSH Holding AG ee


04.07.2013

Bucher Industries AG manufactures food processing machinery, vehicles, and

hydraulic components. The Company produces fruit and vegetable juice processing

machinery, fodder harvesters, plows, seed drills, feed mixers, plant sprayers,

spreaders, tractors, street sweepers, and snow blowers. Bucher operates

worldwide.


LTM as of: 09/yy

52-Week High (22.05.2013) 238.00

52-Week Low (26.07.2012) 153.10

Daily Volume

226.9





2'325.72 1 Yr Total Return 43.67%







BUCN SE EQUITY YTD Change - Average Volume 30 Day 13'333

BUCN SE EQUITY YTD % CHANGE - Average Volume 3 Month 14'899


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

2'788.9 2'142.1 2'033.7 2'336.0 2'609.0 0.0 550.5 2'693.8 2'788.7 575.0 669.3

0.42x 0.58x 0.86x 0.73x 0.70x #DIV/0! 0.00x 0.87x 0.81x - -

262.3 113.1 151.6 260.1 305.0 0.0 0.0 326.6 345.4 - -

4.45x 11.08x 11.50x 6.57x 5.95x 0.00x 0.00x 7.29x 6.89x - -

143.3 (26.0) 95.4 124.7 149.9 0.0 0.0 168.0 179.6 67.4 -

7.30x - 18.33x 13.12x 11.73x 0.00x 0.00x 13.12x 12.28x - -











EBITDA Margin 11.7%



Asset Turnover 1.16







Fiscal Year Ended

Bucher Industries AGPrice/Volume

Valuation Analysis

18'615.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



04.07.2013


HAUSER MICHAEL n/a Co File 604'008 5.89 - 31.12.2012 n/a

BUCHER INDUSTRIES AG n/a Co File 465'073 4.54 - 31.12.2012 Corporation

BUCHER BETEILIGUNGS- n/a Co File 440'750 4.3 - 31.12.2012 Corporation

HAUSER ANITA n/a Co File 438'779 4.28 - 31.12.2012 n/a




SARASIN n/a ULT-AGG 122'780 1.2 - 31.01.2013 Unclassified


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 100'520 0.98 (4'744) 31.03.2013 Investment Advisor




NEW JERSEY DIVISION Multiple Portfolios MF-AGG 60'000 0.59 13'317 30.06.2012 Pension Fund (ERISA)


MOSIMANN PHILIP n/a Co File 52'478 0.51 - 31.12.2012 n/a



ODIN FORVALTNING AS Multiple Portfolios MF-AGG 46'069 0.45 - 30.04.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 45'620 0.45 (186) 31.01.2013 Investment Advisor


Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 212 6 month 08.05.2013

Berenberg Bank FREDERIK BITTER hold 3 M 220 Not Provided 01.05.2013


Helvea STEFAN GAECHTER accumulate 4 M 255 12 month 26.04.2013




Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 U #N/A N/A Not Provided 14.03.2013

Mirabaud Securities THOMAS BAUMANN buy 5 M 250 12 month 14.03.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Bucher Industries AG ee


04.07.2013

Temenos Group AG provides integrated software for the banking sector. The

Company develops, distributes, implements, and supports its process-oriented,

real-time enterprise software designed for the management of administrative

tasks at banks and financial services companies. Temenos operates offices in

Europe, North America, Asia, and the Middle East.


LTM as of: 03/yy

52-Week High (10.05.2013) 23.89

52-Week Low (12.07.2012) 9.83

Daily Volume

22.7





1'634.93 1 Yr Total Return 47.87%







TEMN SE EQUITY YTD Change - Average Volume 30 Day 224'397

TEMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 289'432


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

406.9 370.3 448.0 473.5 450.2 470.7 453.5 476.2 513.1 112.0 120.0

2.23x 4.56x 6.65x 2.61x 2.91x 13.29x 12.67x 3.73x 3.33x 16.67x 15.21x

100.2 127.4 123.1 88.5 107.9 93.1 120.3 140.1 160.7 29.9 38.0

9.04x 13.25x 24.19x 13.95x 12.13x 15.76x 15.20x 13.09x 11.41x 12.03x 11.60x

64.7 68.6 61.6 (28.3) 24.2 (28.8) 39.2 72.8 90.0 14.8 21.7

11.83x 22.14x 42.37x - 50.07x 0.00x 41.70x 20.90x 17.76x 19.89x 19.40x











EBITDA Margin 26.5%



Asset Turnover 0.52







Fiscal Year Ended

Temenos Group AGPrice/Volume

Valuation Analysis

158'815.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9- ! 9. ! 90 ! 91 ! 92 ! 93 ! 94 ! 95 ! 96 ! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



04.07.2013


MASSACHUSETTS MUTUAL n/a EXCH 7'245'349 10.06 54'885 03.05.2013 Insurance Company


PATINEX AG n/a Co File 3'722'992 5.17 - 27.03.2013 Private Equity

ALKEN LUXEMBOURG SAR n/a Co File 3'638'595 5.05 - 27.03.2013 Investment Advisor

TEMENOS GROUP AG n/a EXCH 2'450'500 3.4 - 23.04.2013 Corporation


ODDO ASSET MANAGEMEN n/a Co File 2'189'949 3.04 - 27.03.2013 Investment Advisor

CREDIT SUISSE ASSET n/a Co File 2'177'404 3.02 - 27.03.2013 Investment Advisor

UBS FUND MANAGEMENT n/a Co File 2'176'515 3.02 - 27.03.2013 Investment Advisor

AVIVA PLC n/a Co File 2'170'741 3.01 - 27.03.2013 Investment Advisor

STANDARD LIFE INVEST n/a RNS-RUL8 2'038'000 2.83 (94'634) 08.03.2012 Investment Advisor

ZADIG GESTION LUXEMB n/a EXCH 1'875'000 2.6 (1'254'000) 16.04.2013 Other

NORGES BANK n/a RNS-RUL8 1'331'523 1.85 7'394 10.02.2012 Government

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 1'270'000 1.76 - 31.03.2013 Investment Advisor


ZUERCHER KANTONALBAN n/a RNS-RUL8 1'083'505 1.5 (6'000) 28.02.2012 Investment Advisor

ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 1'057'245 1.47 (48'736) 31.12.2012 Investment Advisor


YORK CAPITAL MANAGME n/a RNS-RUL8 975'000 1.35 105'000 09.02.2012 Hedge Fund Manager




Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 28 6 month 21.05.2013

Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 25 Not Provided 16.05.2013

Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 24 12 month 15.05.2013

Bankhaus Metzler ULRICH TRABERT sell 1 M 17 12 month 25.04.2013

Baader Bank KNUT WOLLER sell 1 M 16 12 month 24.04.2013

Berenberg Bank DAUD KHAN sell 1 M 12 Not Provided 24.04.2013

Exane BNP Paribas JOSEP BORI outperform 5 M 22 Not Provided 24.04.2013

Helvea STEFAN GAECHTER neutral 3 M 22 12 month 24.04.2013

Barclays GERARDUS VOS overweight 5 M 24 Not Provided 24.04.2013

Goldman Sachs MOHAMMED MOAWALLA neutral/attractive 3 M 25 12 month 09.04.2013

Zuercher Kantonalbank ANDREAS MUELLER outperform 5 M #N/A N/A Not Provided 26.03.2013

Kepler Cheuvreux FELIX LEVIOUS buy 5 M 24 Not Provided 25.03.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Temenos Group AG ee


04.07.2013

Nobel Biocare Holding AG develops and produces dental implants and dental

prosthetics. The Company manufactures permanent replacements for tooth roots,

and dental crowns and bridges. Nobel Biocare sells under the brand names

Branemark System, Steri-Oss/Replace, and Procera on the global market.


LTM as of: 03/yy

52-Week High (06.06.2013) 12.80

52-Week Low (21.11.2012) 6.94

Daily Volume

11.4





1'411.14 1 Yr Total Return 17.78%







NOBN SE EQUITY YTD Change - Average Volume 30 Day 369'578

NOBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 478'374


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

619.2 581.4 576.6 569.2 580.5 573.3 574.4 565.3 584.4 144.3 126.8

2.93x 4.95x 3.02x 1.97x 1.26x 8.84x 6.24x 1.90x 1.76x 7.71x 8.70x

161.1 169.4 114.5 104.6 100.7 110.4 97.6 97.6 106.6 27.0 21.7

11.26x 16.98x 15.22x 10.71x 7.29x 10.60x 9.22x 11.03x 10.10x 10.55x 10.32x

109.7 105.8 45.7 39.8 45.8 40.4 45.4 48.5 54.9 13.4 7.9

15.96x 27.21x 38.35x 28.05x 17.37x 29.31x 21.11x 23.20x 20.70x 21.98x 21.83x











EBITDA Margin 17.0%



Asset Turnover 0.94








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nobel Biocare Holding AGPrice/Volume

Valuation Analysis

99'076.00


!

.

1

3

5

-!

-.

-1

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

1 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



04.07.2013


FRANKLIN RESOURCES n/a ULT-AGG 17'582'488 14.2 8'705'317 28.03.2013 Investment Advisor

SILCHESTER INTL INVE n/a Co File 12'626'019 10.2 - 31.12.2012 Investment Advisor


GOVT OF SINGAPORE IN n/a ULT-AGG 6'808'148 5.5 - 31.12.2012 Government

GOVERNANCE FOR OWNER n/a Co File 3'961'104 3.2 - 31.12.2012 Other


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'529'645 2.04 (101) 27.03.2013 Investment Advisor


NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'183'120 1.76 - 30.06.2012 Pension Fund (ERISA)

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'000'000 1.62 (232'723) 28.09.2012 Investment Advisor

MASON STREET ADVISOR Multiple Portfolios MF-AGG 1'714'400 1.38 1'714'400 31.03.2013 Investment Advisor


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'323'847 1.07 - 28.09.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'315'904 1.06 435 28.02.2013 Investment Advisor

NOBEL BIOCARE HOLDIN n/a Co File 981'139 0.79 - 31.12.2012 Unclassified



VALIC CO I Multiple Portfolios MF-AGG 470'472 0.38 70'200 28.02.2013 Investment Advisor


SOCIETE GENERALE Multiple Portfolios MF-AGG 348'312 0.28 5'967 31.12.2012 Bank


Sanford C. Bernstein & Co LISA BEDELL CLIVE market perform 3 M 10 12 month 23.05.2013

Barclays ALEXANDER KLEBAN underweight 1 M 7 Not Provided 22.05.2013

Deutsche Bank YI-DAN WANG sell 1 M 6 12 month 09.05.2013

Commerzbank Corporates & Markets OLIVER METZGER hold 3 M 10 6 month 02.05.2013


Northcoast Research EDWIN SNYDER sell 1 M 7 12 month 01.05.2013

Kepler Cheuvreux MAJA PATAKI reduce 2 D 10 Not Provided 29.04.2013


Bank am Bellevue GINA FRANCIOLI sell 1 M 8 Not Provided 26.04.2013

HSBC HENDRIK LOFRUTHE underweight 1 M 9 Not Provided 26.04.2013

Berenberg Bank TOM JONES buy 5 M 12 Not Provided 26.04.2013


S&P Capital IQ JACOB THRANE hold 3 U 12 Not Provided 26.04.2013


Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 7 12 month 25.04.2013

Credit Suisse CHRISTOPH GRETLER neutral 3 M 11 Not Provided 25.04.2013

JPMorgan DAVID J ADLINGTON underweight 1 M 8 12 month 25.04.2013

Exane BNP Paribas JULIEN DORMOIS underperform 1 M 9 Not Provided 25.04.2013

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK underperform 1 M #N/A N/A Not Provided 18.03.2013


Bryan Garnier & Cie MATHIEU CHABERT sell 1 M 9 6 month 19.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 23.01.2013

Holdings By:

Nobel Biocare Holding AG ee


04.07.2013

Allreal Holding AG develops and manages real estate. The Company operates as a

general contractor offering planning, architect, and construction management

services. Allreal also provides renovation services and manages a portfolio of

apartment, office, and commercial buildings.


LTM as of: 01/yy

52-Week High (22.05.2013) 139.50

52-Week Low (11.02.2013) 126.57

Daily Volume

132.7





2'115.46 1 Yr Total Return -0.90%







ALLN SE EQUITY YTD Change - Average Volume 30 Day 18'166

ALLN SE EQUITY YTD % CHANGE - Average Volume 3 Month 15'934


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 - -

207.9 215.8 656.0 831.8 868.6 - - 280.3 296.0 - -

12.02x 13.28x 4.84x 4.16x 4.36x - - 13.52x 12.88x - -

136.9 137.9 170.3 182.6 172.3 - - 196.7 212.7 - -

18.25x 20.78x 18.66x 18.93x 21.97x - - 18.57x 17.17x - -

90.7 88.6 116.4 146.8 98.0 - - 123.3 137.0 - -

13.39x 15.75x 15.48x 12.93x 22.29x - - 18.31x 16.42x - -








Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -0.79



EBITDA Margin 19.8%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allreal Holding AGPrice/Volume

Valuation Analysis

13'605.00


!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 ! 9 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 - 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

2! !!

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



04.07.2013


HELVETIA PATRIA GRUP n/a EXCH 6'737'352 42.26 382'059 20.09.2012 Other

BVK PERSONALVORSORGE n/a Co File 603'490 3.79 - 31.12.2009 Investment Advisor

SCHWEIZERISCHE MOBIL n/a EXCH 445'814 2.8 - 11.05.2010 Holding Company










RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 41'800 0.26 (4'890) 31.01.2013 Investment Advisor


JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 28'658 0.18 (279) 31.03.2013 Investment Advisor

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 25'943 0.16 - 30.04.2013 Investment Advisor


ALLREAL HOLDING AG n/a EXCH 15'496 0.1 (33'906) 16.05.2012 Holding Company

KBC GROUP NV Multiple Portfolios MF-AGG 14'536 0.09 (1) 31.03.2013 Investment Advisor

BETTONI BRUNO n/a Co File 11'280 0.07 - 31.12.2009 n/a





Holdings By:

Allreal Holding AG ee


04.07.2013

Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private,

and corporate banking services. The Bank offers consumer loans, treasury

management, pension funds, and investment management services, trades in

commodities, advises on mergers and acquisitions, and offers securities

brokerage services. BCV operates primarily in the Canton of Vaud.


LTM as of: 12/yy

52-Week High (26.04.2013) 549.04

52-Week Low (24.06.2013) 445.00

Daily Volume

481










Enterprise Value -


BCVN SE EQUITY YTD Change - Average Volume 30 Day 12'444

BCVN SE EQUITY YTD % CHANGE - Average Volume 3 Month 10'772


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

1'565.7 1'371.2 1'351.6 1'351.7 1'321.2 0.0 1'229.4 992.8 1'018.8 252.0 247.0

- - - - - #DIV/0! 0.00x - - - -

- - - - - 0.0 0.0 - - - -

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

356.3 300.6 313.2 302.1 311.0 0.0 311.0 284.0 293.8 - -

7.68x 11.77x 13.49x 13.00x 13.43x 0.00x 13.74x 14.53x 14.07x - -


EBIT - Long-Term Rating AA







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

Banque Cantonale VaudoisePrice/Volume

Valuation Analysis

5'014.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!

.!!

0!!

1!!

2!!

3!!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9 . 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



04.07.2013


CANTON OF VAUD n/a Co File 5'766'154 67 - 31.12.2012 Government









NEW JERSEY DIVISION Multiple Portfolios MF-AGG 24'618 0.29 - 30.06.2012 Pension Fund (ERISA)






PRUDENTIAL FINANCIAL n/a ULT-AGG 15'833 0.18 915 31.03.2013 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 12'574 0.15 - 31.12.2012 Investment Advisor


KIENER PASCAL n/a Co File 8'355 0.1 - 31.12.2012 n/a

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 8'293 0.1 666 28.02.2013 Investment Advisor



Bank am Bellevue MARC DEUSTER hold 3 M 480 12 month 26.04.2013





Holdings By:

Banque Cantonale Vaudoise ee


04.07.2013

Kaba Holding AG provides mechanical and electronic security systems. The

Company offers individually tailored "Total Access Control" including

high-security locking devices for heavy safes, modular access and time

management applications, as well as no-contact identification technology.


LTM as of: 01/yy

52-Week High (12.03.2013) 412.25

52-Week Low (24.06.2013) 338.25

Daily Volume

363.5






Total Debt 113.80 YTD Return -6.19%






KABN SE EQUITY YTD Change - Average Volume 30 Day 8'192

KABN SE EQUITY YTD % CHANGE - Average Volume 3 Month 9'069


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 - -

1'303.7 1'166.1 952.1 945.2 947.5 - - 955.5 976.8 - -

1.22x 0.94x 1.40x 1.50x 1.43x - - 1.41x 1.33x - -

206.3 174.6 166.8 122.7 153.7 - - 146.3 155.5 - -

7.73x 6.25x 7.96x 11.59x 8.83x - - 9.41x 8.86x - -

97.1 70.7 86.9 221.6 88.2 - - 80.6 87.1 - -

12.15x 10.86x 13.94x 25.54x 16.00x - - 17.37x 15.94x - -











EBITDA Margin 15.8%



Asset Turnover 1.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kaba Holding AGPrice/Volume

Valuation Analysis

5'296.00


!2!

-!!-2!.!!.2!0!!02!1!!12!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

- 9

- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

!0 !4 .!!6 !0 !- .!-! !0 !4 .!-! !0 !- .!-- !0 !4 .!-- !0 !- .!-. !0 !4 .!-. !0 !- .!-0



04.07.2013



FORRER KARIN n/a Co File 153'020 4.01 - 30.06.2012 n/a

GEKLA AG n/a Co File 140'000 3.67 - 30.06.2012 Corporation

BREMI ULRICH n/a Co File 138'228 3.62 - 30.06.2012 n/a

KUENZLE CREED n/a Co File 127'452 3.34 - 30.06.2012 n/a

HARRIS ASSOCIATES LP n/a EXCH 113'000 2.96 - 07.09.2011 Investment Advisor

NG KIN SHEK n/a EXCH 112'815 2.96 (60'274) 27.07.2009 n/a

COLLEGE RETIREMENT E n/a EXCH 101'785 2.67 (15'539) 08.10.2009 Other






DUBS-KUENZLE KARINA n/a Co File 35'744 0.94 - 30.06.2012 n/a













Zuercher Kantonalbank ANDREAS MUELLER market perform 3 D #N/A N/A Not Provided 13.03.2013

Holdings By:

Kaba Holding AG ee


04.07.2013

Valiant Holding AG, through its subsidiaries, provides financial services in

Switzerland. The company offers a range of products and services in the areas

of retail banking, business banking, private banking, and asset management.


LTM as of: 01/yy

52-Week High (05.07.2012) 104.01

52-Week Low (31.08.2012) 73.16

Daily Volume

84.3





1'331.30 1 Yr Total Return -16.57%





Enterprise Value -


VATN SE EQUITY YTD Change - Average Volume 30 Day 23'515

VATN SE EQUITY YTD % CHANGE - Average Volume 3 Month 24'451


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 - -

731.7 731.2 707.1 693.4 629.3 - - 375.0 400.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

148.6 148.5 122.5 127.6 127.0 - - 91.0 113.0 - -

21.96x 22.77x 16.88x 14.72x 10.82x - - 14.48x 11.66x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Valiant HoldingPrice/Volume

Valuation Analysis

20'885.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 - 9 - 9 . 9 . 9 0 9 0 9 1 9 1 9 2 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



04.07.2013


HIGHCLERE INTL INVES n/a EXCH 482'652 3.06 - 27.03.2013 Investment Advisor



VALIANT HOLDING AG n/a EXCH 145'350 0.92 - 28.06.2011 Corporation








HAEUSERRMANN MARKUS n/a Co File 36'272 0.23 - 31.12.2010 n/a

STREIT KURT n/a Co File 31'598 0.2 - 31.12.2010 n/a

BEYELER ROLF n/a Co File 27'445 0.17 - 31.12.2010 n/a

HOBMEIER MICHAEL n/a Co File 26'149 0.17 - 31.12.2010 n/a

UBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 21'030 0.13 - 31.01.2013 Investment Advisor

NYFFELER PAUL n/a Co File 19'638 0.12 - 31.12.2010 n/a


ZGRAGGEN EDUARD n/a Co File 16'576 0.1 - 31.12.2010 n/a

GAFNER MARTIN n/a Co File 15'430 0.1 - 31.12.2010 n/a




Holdings By:

Valiant Holding ee


04.07.2013

Mobimo Holding AG builds and renovates residential real estate and invests in

commercial real estate.


LTM as of: 01/yy

52-Week High (06.08.2012) 218.54

52-Week Low (03.07.2013) 185.10

Daily Volume

190.8





1'184.66 1 Yr Total Return -9.82%







MOBN SE EQUITY YTD Change - Average Volume 30 Day 13'455

MOBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 12'103


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 - -

197.2 258.7 177.3 230.0 252.4 - - 131.0 132.0 - -

6.14x 6.61x 10.81x 9.10x 9.22x - - 17.25x 18.42x - -

69.3 74.4 69.6 81.1 83.7 - - 99.7 96.2 - -

17.48x 22.97x 27.52x 25.80x 27.78x - - 21.59x 22.37x - -

45.0 62.5 66.0 80.5 76.3 - - 58.5 57.7 - -

13.65x 12.50x 15.35x 13.45x 17.75x - - 22.00x 21.97x - -











EBITDA Margin 33.2%



Asset Turnover 0.10







Fiscal Year Ended

Mobimo Holding AGPrice/Volume

Valuation Analysis

9'520.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

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



04.07.2013


PENSIONSKASSE DES KA n/a Co File 209'861 3.38 - 31.12.2012 Other

MIGROS COOPERATIVE A n/a Co File 204'894 3.3 - 31.12.2012 Other




MEILI ALFRED n/a EXCH 134'560 2.17 (13'762) 01.02.2011 n/a




REICHMUTH & CO n/a EXCH 41'500 0.67 - 09.07.2010 Investment Advisor

LEDERMANN URS n/a Co File 34'650 0.56 - 31.12.2012 n/a





MORGAN STANLEY n/a ULT-AGG 21'769 0.35 (1'481) 31.03.2013 Investment Advisor


MIRABAUD & CIE Multiple Portfolios MF-AGG 12'777 0.21 (12'845) 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 12'380 0.2 278 22.05.2013 Investment Advisor

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 12'299 0.2 266 31.03.2013 Investment Advisor





Kempen & Co ROBERT WOERDEMAN underweight 1 M 210 Not Provided 13.01.2013

Holdings By:

Mobimo Holding AG ee


04.07.2013

Panalpina Welttransport Holding AG offers freight shipping and supply chain

management services. The Company transports freight by air and ship, and

offers warehousing and distribution services. Panalpina operates worldwide.


LTM as of: 03/yy

52-Week High (04.07.2013) 108.50

52-Week Low (13.07.2012) 75.74

Daily Volume

107.9





2'562.63 1 Yr Total Return 33.38%







PWTN SE EQUITY YTD Change - Average Volume 30 Day 28'146

PWTN SE EQUITY YTD % CHANGE - Average Volume 3 Month 36'212


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

8'877.6 5'957.9 7'164.2 6'499.6 6'616.6 6'387.6 6'678.3 7'191.3 7'515.7 1'724.7 1'774.7

0.12x 0.17x 0.33x 0.26x 0.27x 1.07x 0.98x 0.31x 0.29x 1.21x 1.16x

239.9 79.2 62.1 212.2 36.6 131.0 91.5 141.6 184.4 39.1 42.8

4.42x 13.06x 37.55x 7.99x 49.57x 12.64x 17.48x 15.50x 11.90x 14.31x 13.82x

112.7 8.5 (27.4) 126.3 (70.5) 50.7 (15.3) 69.9 97.1 18.9 22.7

12.55x 182.78x - 18.02x - 45.28x 0.00x 36.40x 25.78x 37.47x 33.72x


EBIT -19.25 Long-Term Rating -

Operating Margin -0.29% Long-Term Outlook -








EBITDA Margin 1.4%



Asset Turnover 3.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Panalpina Welttransport Holding AGPrice/Volume

Valuation Analysis

22'280.00


!

.!

1!

3!

5!

-!!

-.!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9 . 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

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



04.07.2013


ERNST GOEHNER FOUNDA n/a Co File 10'910'750 45.94 - 31.12.2012 Other

CEVIAN CAPITAL AB n/a Co File 2'842'875 11.97 - 31.12.2012 Venture Capital

ARTISAN PARTNERS HOL n/a EXCH 2'387'268 10.05 12'720 12.03.2013 Investment Advisor

BESTINVER GESTION SG n/a Co File 1'263'500 5.32 - 31.12.2012 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 475'224 2 - 31.12.2012 Government

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 398'900 1.68 86'200 31.03.2013 Investment Advisor




CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 114'013 0.48 - 27.03.2013 Investment Advisor


PANALPINA WELTTRANSP n/a Co File 99'750 0.42 - 31.12.2012 Corporation



ERIE INSURANCE GROUP n/a ULT-AGG 65'857 0.28 - 31.12.2012 Insurance Company

BRANDES INVESTMENT P Multiple Portfolios MF-AGG 47'326 0.2 9'890 28.03.2013 Investment Advisor

RIBAR MONIKA n/a Co File 35'596 0.15 - 31.12.2012 n/a

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 33'325 0.14 (108) 28.12.2012 Investment Advisor


SENTINEL ASSET MANAG Multiple Portfolios MF-AGG 30'000 0.13 30'000 30.11.2012 Insurance Company


Thompson, Davis & Company DAVID P CAMPBELL hold 3 M 148 12 month 20.05.2013

RBC Capital Markets DAMIAN BREWER sector perform 3 M 95 12 month 17.05.2013

Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 16.05.2013

Credit Suisse NEIL GLYNN underperform 1 M 75 Not Provided 13.05.2013



Macquarie ROBERT JOYNSON underperform 1 M 68 12 month 09.05.2013

Bank am Bellevue ROLF KUNZ reduce 2 M 62 Not Provided 08.05.2013

HSBC JULIA WINARSO underweight 1 M 78 Not Provided 08.05.2013


Liberum Capital Ltd PETER HYDE hold 3 M 93 Not Provided 08.05.2013

Deutsche Bank JOSE FRANCISCO RUIZ SOLERA sell 1 M 73 12 month 07.05.2013


Cantor Fitzgerald ROBIN BYDE sell 1 M 80 Not Provided 07.05.2013

Berenberg Bank WILLIAM FOGGON buy 5 M 110 Not Provided 07.05.2013

Nomura MARK MCVICAR reduce 2 M 65 12 month 06.05.2013

Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 U 110 12 month 16.04.2013

Main First Bank AG TOBIAS SITTIG underperform 1 M 80 12 month 19.03.2013


Davy JOSHUA GOLDMAN underperform 1 N #N/A N/A Not Provided 25.01.2013

Barclays DAVID E FINTZEN equalweight 3 M 95 Not Provided 09.01.2013

Zuercher Kantonalbank MARCO STRITTMATTER underperform 1 D #N/A N/A Not Provided 02.11.2012

Holdings By:

Panalpina Welttransport Holding AG ee


04.07.2013

Luzerner Kantonalbank is a Swiss regional bank. The Bank offers deposits, loans

including mortgage loans, investment counseling and asset management. Luzerner

Kantonalbank serves the Canton of Lucerne through numerous full and secondary

branches.


LTM as of: 03/yy

52-Week High (17.05.2013) 380.05

52-Week Low (30.07.2012) 320.09

Daily Volume

344










Enterprise Value -


LUKN SE EQUITY YTD Change - Average Volume 30 Day 4'391

LUKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 3'244


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

871.3 754.2 730.0 719.4 685.4 709.8 680.6 427.0 436.0 - -

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

- - - - - 0.0 0.0 - - - -

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

143.3 140.7 149.4 158.6 168.3 160.0 171.7 183.0 189.0 - -

14.72x 16.61x 17.69x 16.73x 16.92x 16.75x 17.93x 15.81x 15.36x - -


EBIT - Long-Term Rating AA+







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

Luzerner Kantonalbank AGPrice/Volume

Valuation Analysis

1'640.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



04.07.2013


CANTON OF LUCERNE n/a Co File 5'225'800 61.48 - 31.12.2012 Government







KOBLER BERNARD n/a Co File 5'740 0.07 - 31.12.2012 n/a

FELDER JOSEF ANTON n/a Co File 4'155 0.05 - 31.12.2012 n/a


SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 2'722 0.03 575 28.02.2013 Investment Advisor

HURSCHLER MARCEL n/a Co File 2'688 0.03 - 31.12.2012 n/a


BACHMANN MARK n/a Co File 2'167 0.03 - 31.12.2012 n/a

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 2'043 0.02 13 28.02.2013 Investment Advisor

SALZMANN DANIEL n/a Co File 2'014 0.02 - 31.12.2012 n/a

HODEL BEAT n/a Co File 1'723 0.02 - 31.12.2012 n/a

GRUETER LEO n/a Co File 1'629 0.02 - 31.12.2012 n/a


BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 1'434 0.02 - 31.01.2013 Investment Advisor




Holdings By:

Luzerner Kantonalbank AG ee


04.07.2013

Berner Kantonalbank is a Swiss regional bank. The Bank offers traditional

banking services such as mortgage loans and various types of deposits. Berner

Kantonalbank operates through a network of branches.


LTM as of: 01/yy

52-Week High (17.05.2013) 259.34

52-Week Low (04.07.2013) 225.50

Daily Volume

226.2





2'108.18 1 Yr Total Return -6.06%





Enterprise Value -


BEKN SE EQUITY YTD Change - Average Volume 30 Day 5'912

BEKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 4'636


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 - -

829.2 947.6 869.1 689.7 663.3 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

112.7 119.0 125.0 130.1 128.1 - - - - - -

18.51x 17.99x 18.05x 17.92x 18.49x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

Berner Kantonalbank AGPrice/Volume

Valuation Analysis

4'133.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



04.07.2013


KANTON BERN n/a Co File 4'799'800 51.5 - 31.12.2012 Government

BERNER KANTONALBANK n/a Co File 160'349 1.72 - 31.12.2012 Bank





DIMENSIONAL FUND ADV n/a ULT-AGG 8'317 0.09 (1'276) 31.01.2013 Investment Advisor

NOBILI JEAN-CLAUDE n/a Co File 7'283 0.08 - 31.12.2012 n/a

STARCAP AG Multiple Portfolios MF-AGG 7'155 0.08 - 30.12.2011 Investment Advisor




RIEBEN JUERG n/a Co File 2'876 0.03 - 31.12.2012 n/a

RUFER THOMAS n/a Co File 2'781 0.03 - 31.12.2012 n/a

RUEFENACHT HANSPETER n/a Co File 2'700 0.03 - 31.12.2012 n/a

WEHRLI RUDOLF n/a Co File 2'352 0.03 - 31.12.2012 n/a

ANDEREGG-DIETRICH KA n/a Co File 2'301 0.02 - 31.12.2012 n/a

GERBER STEFAN n/a Co File 2'250 0.02 - 31.12.2012 n/a

HOPF JOHANNES n/a Co File 2'220 0.02 - 31.12.2012 n/a

JONES HEWARD INVESTM Multiple Portfolios MF-AGG 2'211 0.02 - 22.05.2013 Investment Advisor



Holdings By:

Berner Kantonalbank AG ee


04.07.2013

AMS AG develops and manufactures high-performance analog semiconductors. ams'

product range includes sensor, sensor interfaces, power management ICs and

wireless ICs for customers in the consumer, industrial, medical, mobile

communications and automotive markets. The Company is based in Austria.


LTM as of: 03/yy

52-Week High (14.02.2013) 122.00

52-Week Low (09.07.2012) 64.30

Daily Volume

73.45










Enterprise Value 846.49


AMS SE EQUITY YTD Change - Average Volume 30 Day 149'689

AMS SE EQUITY YTD % CHANGE - Average Volume 3 Month 177'139


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

184.7 137.2 209.4 275.7 387.6 311.2 381.8 410.1 457.3 89.9 112.2

0.66x 1.36x 1.77x 1.65x 2.96x 6.95x 11.17x 2.03x 1.65x 9.81x 7.65x

48.2 4.0 49.7 69.9 117.9 82.8 110.1 114.2 137.1 22.0 34.8

2.52x 47.09x 7.45x 6.53x 9.73x 9.37x 11.45x 7.44x 6.20x 7.11x 6.70x

12.3 (16.7) 23.1 35.3 81.9 47.1 72.6 78.5 95.4 15.8 23.9

7.48x - 16.01x 10.38x 12.74x 13.56x 15.69x 10.32x 8.43x 9.70x 8.98x











EBITDA Margin 28.8%



Asset Turnover 0.62







Fiscal Year Ended

ams AGPrice/Volume

Valuation Analysis

69'210.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 - 9 . 9 0 9 1 9 2 9 3 9 4 9 5 9 6 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



04.07.2013


TWILIGHT S LLC n/a Co File 2'715'684 18.74 - 31.12.2011 Other


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 352'816 2.44 269'601 31.03.2013 Investment Advisor



ODIN FORVALTNING AS Multiple Portfolios MF-AGG 226'829 1.57 77'939 30.04.2013 Investment Advisor


OEKOWORLD LUX SA Multiple Portfolios MF-AGG 173'048 1.19 84'319 28.12.2012 Investment Advisor




CI INVESTMENTS INC Multiple Portfolios MF-AGG 102'500 0.71 95'000 31.12.2012 Investment Advisor



LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 82'372 0.57 - 30.04.2013 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 75'260 0.52 - 28.03.2013 Investment Advisor

ACTIVEST MUNICH Multiple Portfolios MF-AGG 74'930 0.52 - 28.02.2013 Investment Advisor

ZUERICH INVESTMENTGE Multiple Portfolios MF-AGG 70'000 0.48 - 28.03.2013 Investment Advisor

GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 55'850 0.39 13'865 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 54'997 0.38 4'591 31.03.2013 Investment Advisor


Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 128 12 month 16.05.2013


Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 110 12 month 15.05.2013

Jefferies LEE SIMPSON buy 5 M 114 12 month 09.05.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 07.05.2013

Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 115 12 month 03.05.2013

HSBC CHRISTIAN DOMINIK RATH overweight 5 M 112 Not Provided 24.04.2013


Natixis MAXIME MALLET buy 5 M 154 Not Provided 24.04.2013

Zuercher Kantonalbank ANDREAS MUELLER market perform 3 D #N/A N/A Not Provided 23.04.2013

Erste Group DANIEL LION buy 5 U 116 12 month 22.04.2013

Berenberg Bank ALI FARID KHWAJA buy 5 M 130 Not Provided 19.04.2013

Raiffeisenbank AG DANIEL DAMASKA hold 3 D 108 12 month 18.04.2013


Holdings By:

ams AG ee


04.07.2013

Kuoni Reisen Holding AG operates travel agencies and provides travel planning

services. The Company provides leisure travel services as well as offers tours

and support services for overseas travelers in Europe. Kuoni Reisen operates

subsidiaries and affiliates around the world.


LTM as of: 12/yy

52-Week High (29.05.2013) 318.50

52-Week Low (24.08.2012) 227.91

Daily Volume

313





1'252.50 1 Yr Total Return 14.86%







KUNN SE EQUITY YTD Change - Average Volume 30 Day 14'051

KUNN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'354


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

4'855.0 3'893.6 3'983.6 5'111.3 5'845.5 5'298.2 5'338.4 5'815.5 6'031.0 - -

0.14x 0.17x 0.24x 0.16x 0.17x 0.13x 0.12x 0.23x 0.20x - -

199.6 67.5 113.2 167.0 171.2 270.7 89.7 200.5 238.2 - -

3.39x 9.80x 8.54x 5.01x 5.82x 0.00x 0.00x 5.79x 4.87x - -

150.7 0.2 21.3 31.8 (14.8) 254.7 87.4 76.2 112.9 - -

7.26x 4362.50x 61.14x 24.40x - 0.00x 0.00x 12.75x 10.36x - -











EBITDA Margin 2.9%



Asset Turnover 2.38








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kuoni Reisen Holding AGPrice/Volume

Valuation Analysis

13'260.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



04.07.2013


SILCHESTER INTL INVE n/a Co File 755'062 20.14 - 31.12.2011 Investment Advisor

MIGROS GENOSSEN n/a Co File 474'014 12.65 - 31.12.2011 Other



KUONI REISEN HOLDING n/a Co File 136'791 3.65 - 31.12.2011 Other




SPARINVEST n/a ULT-AGG 65'188 1.74 (926) 31.03.2013 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 61'663 1.65 (2'500) 31.01.2013 Investment Advisor










TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 13'000 0.35 3'707 31.03.2013 Investment Advisor


AlphaValue BERENICE LACROIX add 4 M 351 6 month 23.05.2013


JPMorgan JAAFAR MESTARI neutral 3 D 310 12 month 17.04.2013

Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 345 6 month 10.04.2013

Helvea CHRISTIAN BURGER accumulate 4 M 330 12 month 05.04.2013

Commerzbank Corporates & Markets JOHANNES BRAUN hold 3 M 280 6 month 28.03.2013

Deutsche Bank GEOF COLLYER buy 5 U 358 12 month 27.03.2013

Credit Suisse PATRICK JNGLIN neutral 3 M 300 Not Provided 25.03.2013


Bank Vontobel AG JEAN-PHILIPPE BERTSCHY buy 5 M 350 Not Provided 22.03.2013


Natixis GEOFFREY D'HALLUIN neutral 3 M 300 Not Provided 22.03.2013


Exane BNP Paribas MATTHIAS DESMARAIS neutral 3 U 300 Not Provided 22.03.2013

Holdings By:

Kuoni Reisen Holding AG ee


04.07.2013

Burckhardt Compression Holding AG manufactures reciprocating compressors. The

Company produces compressors for oil refining, the chemical and petrochemical

industries, industrial gases, and gas transport and storage.


LTM as of: 01/yy

52-Week High (02.07.2013) 390.75

52-Week Low (03.08.2012) 240.30

Daily Volume

379.5





1'290.30 1 Yr Total Return 58.87%







BCHN SE EQUITY YTD Change - Average Volume 30 Day 5'812

BCHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 4'734


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

424.5 343.2 355.6 328.9 366.7 - - 434.5 473.8 - -

0.55x 1.83x 2.43x 2.09x 2.87x - - 2.52x 2.26x - -

102.1 83.7 71.7 79.3 86.4 - - 95.3 105.8 - -

2.29x 7.50x 12.06x 8.67x 12.19x - - 11.94x 10.74x - -

72.8 56.0 45.1 50.5 55.5 - - 64.1 71.5 - -

4.94x 12.47x 21.33x 16.26x 21.37x - - 20.05x 17.85x - -











EBITDA Margin 23.6%



Asset Turnover 0.65







Fiscal Year Ended

Burckhardt Compression Holding AGPrice/Volume

Valuation Analysis

5'186.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

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-2!

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0!!

02!

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f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! !!

-! !!

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0! !!

1! !!

2! !!

3! !!

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04.07.2013


ING GROEP NV n/a Co File 241'400 7.1 - 31.03.2012 Investment Advisor


VOGT VALENTIN n/a Co File 202'633 5.96 - 31.03.2012 n/a

COLLEGE RETIREMENT E n/a #N/A N/A 176'332 5.19 - 30.04.2012 Other


TIAA CREF INVESTMENT n/a Co File 166'600 4.9 - 31.03.2012 Investment Advisor

DEUTSCHE BANK AG n/a Co File 112'200 3.3 - 31.03.2012 Investment Advisor

THREADNEEDLE ASSET M n/a EXCH 109'610 3.22 - 30.03.2012 Investment Advisor

AMERIPRISE FINANCIAL n/a Co File 108'800 3.2 - 31.03.2012 Investment Advisor

WILLIAM BLAIR & COMP n/a EXCH 107'548 3.16 10'287 12.04.2013 Investment Advisor


UBS FUND MANAGEMENT n/a Co File 102'000 3 - 31.03.2012 Investment Advisor

HARRIS ASSOCIATES LP n/a EXCH 99'988 2.94 (5'475) 30.04.2012 Investment Advisor

ROYCE & ASSOCIATES n/a EXCH 99'450 2.92 (3'468) 06.12.2011 Unclassified

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 97'261 2.86 (379) 31.03.2013 Investment Advisor


BURCKHARDT COMPRESSI n/a Co File 76'255 2.24 - 31.03.2012 Corporation

KELLER LEONHARD n/a Co File 71'563 2.1 - 31.03.2012 n/a

HELLER MARTIN n/a Co File 57'500 1.69 - 31.03.2012 n/a

PAWLICEK MARCEL n/a Co File 52'045 1.53 - 31.03.2012 n/a



Helvea VOLKAN GOCMEN neutral 3 M 240 12 month 16.05.2013


Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 490 6 month 19.04.2013


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


Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 M #N/A N/A Not Provided 06.11.2012

Holdings By:

Burckhardt Compression Holding AG ee


04.07.2013

Straumann Holding AG develops, produces and sells dental implants. The Company

manufactures metal devices implantable in the jaw, in place of missing teeth,

to which prosthetic teeth are attached. Straumann has subsidiaries throughout

Europe and North America. The Company sells its products worldwide.


LTM as of: 03/yy

52-Week High (04.07.2013) 144.70

52-Week Low (16.11.2012) 97.90

Daily Volume

144.6












STMN SE EQUITY YTD Change - Average Volume 30 Day 38'367

STMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 46'348


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

778.7 736.4 737.6 693.6 686.3 381.5 676.2 672.6 693.8 178.8 176.0

3.59x 5.86x 4.07x 3.07x 2.31x 0.00x 0.00x 3.12x 2.93x - -

101.0 217.9 211.3 116.7 95.6 0.0 0.0 141.7 165.6 - -

27.70x 19.81x 14.20x 18.26x 16.56x 0.00x 0.00x 14.95x 12.80x - -

8.1 146.4 131.1 71.0 36.4 0.0 0.0 95.7 115.2 - -

356.73x 31.18x 25.57x 35.70x 47.46x 0.00x 0.00x 22.54x 19.20x - -











EBITDA Margin 13.9%



Asset Turnover 0.87








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Straumann Holding AGPrice/Volume

Valuation Analysis

23'913.00


!.!1!3!5!

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

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



04.07.2013


STRAUMANN THOMAS n/a Research 2'712'936 17.31 (1'566'749) 27.11.2012 n/a

GOVT OF SINGAPORE IN n/a ULT-AGG 2'162'323 13.79 2'115'096 27.11.2012 Government

MAAG RUDOLF n/a Co File 1'912'533 12.2 - 31.12.2011 n/a

DE MOURA CUNHA SIMON n/a Co File 924'914 5.9 - 31.12.2011 n/a

STRAUMANN GABRIELLA n/a Co File 533'001 3.4 - 31.12.2011 n/a

PARVUS ASSET MANAGEM n/a EXCH 495'304 3.16 80'833 05.04.2013 Investment Advisor

SPRUCEGROVE INVESTME n/a EXCH 474'035 3.02 - 23.08.2012 Investment Advisor

MANNING & NAPIER ADV n/a EXCH 465'447 2.97 (4'939) 22.06.2012 Investment Advisor

BAILLIE GIFFORD AND n/a EXCH 461'120 2.94 - 18.01.2013 Investment Advisor




CARMIGNAC GESTION Multiple Portfolios MF-AGG 126'682 0.81 126'682 29.03.2013 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 97'000 0.62 (779) 31.03.2013 Investment Advisor




JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 53'820 0.34 858 31.01.2013 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 47'665 0.3 36'357 02.05.2013 Investment Advisor



Sanford C. Bernstein & Co LISA BEDELL CLIVE market perform 3 M 128 12 month 23.05.2013

Barclays ALEXANDER KLEBAN underweight 1 M 127 Not Provided 22.05.2013

Berenberg Bank TOM JONES buy 5 M 150 Not Provided 15.05.2013

Kepler Cheuvreux MAJA PATAKI hold 3 M 118 Not Provided 15.05.2013


Commerzbank Corporates & Markets OLIVER METZGER reduce 2 M 115 6 month 02.05.2013

Bank am Bellevue GINA FRANCIOLI hold 3 M 116 Not Provided 02.05.2013



Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 93 12 month 01.05.2013


Northcoast Research EDWIN SNYDER neutral 3 M #N/A N/A Not Provided 01.05.2013

Deutsche Bank YI-DAN WANG buy 5 M 135 12 month 30.04.2013

HSBC HENDRIK LOFRUTHE overweight 5 M 145 Not Provided 30.04.2013


Exane BNP Paribas JULIEN DORMOIS underperform 1 M 120 Not Provided 30.04.2013


EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK underperform 1 D #N/A N/A Not Provided 21.08.2012

Holdings By:

Straumann Holding AG ee


04.07.2013

Belimo Holding AG manufactures heating, ventilation and air conditioning

equipment (HVAC). The Company develops and manufactures damper actuators for

general purposes, special motorized fire and smoke dampers and air-volume

controls for HVAC systems. Belimo offers sales and consulting services

worldwide.


LTM as of: 01/yy

52-Week High (18.03.2013) 2'280.00

52-Week Low (29.10.2012) 1'559.00

Daily Volume

2142





1'317.33 1 Yr Total Return 33.37%







BEAN SE EQUITY YTD Change - Average Volume 30 Day 275

BEAN SE EQUITY YTD % CHANGE - Average Volume 3 Month 286


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 - -

403.8 385.9 426.4 416.0 444.6 - - 480.8 518.6 - -

1.15x 1.76x 2.29x 2.35x 2.23x - - 2.56x 2.37x - -

78.6 74.9 96.6 81.8 91.9 - - 102.6 112.0 - -

5.91x 9.08x 10.11x 11.96x 10.79x - - 12.02x 11.01x - -

46.1 49.3 61.3 51.6 61.4 - - 69.7 76.5 - -

9.88x 14.14x 16.72x 20.03x 17.50x - - 18.78x 17.10x - -











EBITDA Margin 20.7%



Asset Turnover 1.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Belimo Holding AGPrice/Volume

Valuation Analysis

122.00


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-2!!

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! 9

! 9

! 9

! 9

! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



04.07.2013


GROUPE LINSI n/a Co File 118'572 19.28 - 31.12.2012 Other


RONER WERNER n/a Co File 34'994 5.69 - 31.12.2012 n/a

AMERIPRISE FINANCIAL n/a Co File 28'413 4.62 - 31.12.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 24'516 3.99 (165) 28.02.2013 Investment Advisor

LOMBARD ODIER DARIER n/a Co File 22'140 3.6 - 31.12.2012 Investment Advisor

MONTANARO ASSET MGMT n/a EXCH 19'822 3.22 - 07.01.2013 Investment Advisor

SARASIN n/a ULT-AGG 18'300 2.98 (703) 31.08.2012 Unclassified



LINSI WALTER n/a Co File 10'187 1.66 - 31.12.2012 n/a



LB SWISS INVESTMENT Multiple Portfolios MF-AGG 8'155 1.33 (56) 31.12.2012 Investment Advisor





SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'072 0.5 450 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'150 0.35 (150) 30.04.2013 Investment Advisor



Zuercher Kantonalbank RICHARD FREI market perform 3 M #N/A N/A Not Provided 12.03.2013

Bank Vontobel AG SERGE ROTZER hold 3 M 2'100 Not Provided 12.03.2013

Helvea PATRICK APPENZELLER accumulate 4 M 2'350 12 month 12.03.2013

Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 N 2'150 12 month 25.02.2013

Holdings By:

Belimo Holding AG ee


04.07.2013

St. Galler Kantonalbank AG is a Swiss regional bank. The Bank offers retail and

commercial banking as well as private and institutional banking. SGKB also

provides asset management and financial planning services. The Bank offers its

services in the Canton of St. Gall through a network of branches.


LTM as of: 01/yy

52-Week High (15.03.2013) 414.00

52-Week Low (18.06.2013) 322.50

Daily Volume

350










Enterprise Value -


SGKN SE EQUITY YTD Change - Average Volume 30 Day 4'335

SGKN SE EQUITY YTD % CHANGE - Average Volume 3 Month 3'157


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 - -

928.6 795.9 731.9 702.9 711.5 - - 492.0 500.5 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

171.1 168.1 146.3 135.7 151.4 - - 164.0 165.0 - -

12.44x 15.24x 17.82x 14.45x 13.78x - - 11.85x 11.77x - -









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

St Galler Kantonalbank AGPrice/Volume

Valuation Analysis

1'998.00


!2!

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f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! .!

! 1!

! 3!

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- .!



04.07.2013


KANTON ST GALLEN n/a Co File 3'054'223 54.8 - 31.12.2012 Government




ST GALLER KANTONALBA n/a Co File 28'226 0.51 - 31.12.2012 Bank









LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 6'712 0.12 1'159 31.03.2013 Investment Advisor

LEDERGERBER ROLAND n/a Co File 5'871 0.11 - 31.12.2012 n/a

OESCH FRANZ PETER n/a Co File 2'955 0.05 - 31.12.2012 n/a

BUSCHOR FELIX n/a Co File 2'760 0.05 - 31.12.2012 n/a


ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 2'400 0.04 - 31.01.2013 Investment Advisor





Zuercher Kantonalbank ANDREAS BRUN market perform 3 M #N/A N/A Not Provided 15.02.2013

Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 19.04.2012

Holdings By:

St Galler Kantonalbank AG ee


04.07.2013

Logitech International S.A. manufactures personal computer input devices. The

Company produces computer mice which help the user move the cursor around the

computer screen quickly, trackballs, game controllers, keyboards, PC video

cameras, and multimedia speakers. The Company sells its products worldwide.


LTM as of: 03/yy

52-Week High (05.07.2012) 9.44

52-Week Low (29.04.2013) 5.73

Daily Volume

6.6





1'051.41 1 Yr Total Return -29.94%







LOGN SE EQUITY YTD Change - Average Volume 30 Day 840'155

LOGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 803'453


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

2'208.8 1'966.7 2'362.9 2'316.2 2'099.9 2'316.2 2'099.9 1'995.4 2'013.9 421.3 501.0

0.61x 1.31x 1.17x 0.35x 0.40x 1.97x 2.41x 0.35x 0.33x 1.94x 1.65x

182.4 151.0 218.6 144.5 75.5 144.5 75.5 117.9 141.8 (0.7) 39.6

7.44x 17.02x 12.61x 5.56x 11.12x 5.56x 11.12x 6.51x 5.41x 5.96x 5.76x

107.0 65.0 128.5 71.5 (228.1) 71.5 (228.1) 50.5 70.7 (1.6) 11.8

17.19x 44.61x 24.74x 19.02x - 19.02x 0.00x 23.11x 16.49x 23.75x -











EBITDA Margin 3.6%

EBIT Margin -9.7% Total Debt/Equity 0.0%


Asset Turnover 1.30







Fiscal Year Ended

Logitech International SAPrice/Volume

Valuation Analysis

248'568.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-.0123456

-!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9- ! 9. ! 90 ! 91 ! 92 ! 93 ! 94 ! 95 ! 96 ! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



04.07.2013



LOGITECH INTERNATION n/a EXCH 15'111'187 8.73 (25'743) 04.01.2013 Unclassified



BOREL DANIEL n/a Form 4 10'744'944 6.21 (150'000) 11.04.2013 n/a

MARATHON ASSET MANAG n/a EXCH 5'358'296 3.1 - 05.04.2013 Investment Advisor


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 4'980'898 2.88 634'686 27.03.2013 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'500'000 2.02 - 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 3'485'019 2.01 (746'878) 31.03.2013 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 2'555'026 1.48 (609'385) 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'524'641 1.46 1'171'980 31.12.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'400'000 1.39 900'000 30.06.2012 Pension Fund (ERISA)


ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'358'900 0.79 64'800 31.03.2013 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'352'035 0.78 (285'433) 31.03.2013 Investment Advisor

SKANDIA FONDER AB Multiple Portfolios MF-AGG 1'276'157 0.74 541'398 31.03.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'224'362 0.71 - 31.03.2013 Investment Advisor



AlphaValue HEINZ STEFFEN add 4 M 7 6 month 23.05.2013


Raymond James TAVIS C MCCOURT market perform 3 M #N/A N/A Not Provided 15.05.2013

Avondale Partners LLC JOHN F BRIGHT market underperform 2 M 5 12 month 01.05.2013

Goldman Sachs ALEXANDER DUVAL neutral/neutral 3 M 7 12 month 29.04.2013

Credit Suisse FELIX REMMERS underperform 1 M 5 Not Provided 29.04.2013


Exane BNP Paribas ALEXANDER PETERC outperform 5 M 8 Not Provided 26.04.2013

Barclays ANDREW M GARDINER underweight 1 M 6 Not Provided 26.04.2013

Morgan Stanley ANDREW HUMPHREY Equalwt/No Rating 3 M 7 12 month 25.04.2013

Bank am Bellevue MICHAEL STUDER sell 1 M #N/A N/A Not Provided 25.04.2013

JPMorgan PAUL T COSTER underweight 1 M 6 6 month 25.04.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 25.04.2013

S&P Capital IQ ANGELO ZINO sell 1 M #N/A N/A Not Provided 25.04.2013

Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 26.03.2013

Zuercher Kantonalbank ANDREAS MUELLER market perform 3 M #N/A N/A Not Provided 25.01.2013

Holdings By:

Logitech International SA ee


04.07.2013

Tecan AG develops, manufactures and distributes laboratory automation

components and systems. The Company produces robotic sample processors,

stand-alone separation and detection devices, laser scanners, integrated

systems, and pumps and valves for high precision liquid handling. The products

are mainly used by research and diagnostic laboratories.


LTM as of: 12/yy

52-Week High (08.03.2013) 89.63

52-Week Low (03.09.2012) 62.01

Daily Volume

88





1'007.12 1 Yr Total Return 36.01%







TECN SE EQUITY YTD Change - Average Volume 30 Day 24'337

TECN SE EQUITY YTD % CHANGE - Average Volume 3 Month 24'822


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

396.0 356.2 370.5 377.0 391.1 307.7 405.9 411.9 451.9 - -

0.93x 2.14x 2.11x 1.50x 1.77x 0.00x 2.10x 2.06x 1.75x - -

56.7 68.7 64.7 60.4 62.6 0.0 0.0 70.0 82.5 - -

6.53x 11.08x 12.07x 9.38x 11.09x 0.00x 0.00x 12.36x 10.49x - -

25.6 49.3 16.2 47.6 42.2 8.4 40.6 48.3 58.1 - -

16.60x 17.03x 17.33x 15.19x 19.62x 0.00x 21.60x 20.41x 16.98x - -











EBITDA Margin 16.0%



Asset Turnover 0.96







Fiscal Year Ended

Tecan Group AGPrice/Volume

Valuation Analysis

7'709.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

02! !!

1!! !!

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



04.07.2013


ING GROEP NV n/a Co File 1'052'903 9.2 - 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT n/a Co File 583'675 5.1 - 31.12.2012 Investment Advisor

TECAN GROUP AG n/a Co File 572'230 5 - 31.12.2012 Unclassified

PICTET ASSET MANAGEM n/a EXCH 566'302 4.95 - 23.01.2013 Investment Advisor



CREDIT SUISSE ASSET n/a EXCH 368'034 3.22 26'922 13.03.2012 Investment Advisor

SUVA n/a Co File 366'227 3.2 - 31.12.2012 Unclassified

NORGES BANK n/a Co File 354'783 3.1 - 31.12.2012 Government

TIAA CREF INVESTMENT n/a Co File 343'338 3 - 31.12.2012 Investment Advisor


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 214'179 1.87 214'179 31.03.2013 Investment Advisor


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 151'500 1.32 114'200 31.03.2013 Investment Advisor



NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 112'961 0.99 57'245 30.04.2013 Investment Advisor





Helvea SIMON GOETSCHMANN buy 5 M 95 12 month 17.05.2013


HSBC JAN KEPPELER neutral 3 N 98 Not Provided 08.04.2013



Berenberg Bank SCOTT BARDO buy 5 M 105 Not Provided 08.03.2013


Main First Bank AG STEPHAN VOLLERT outperform 5 M 96 12 month 01.02.2013

Holdings By:

Tecan Group AG ee


04.07.2013

Graubuendner Kantonalbank is a Swiss bank which provides standard banking

services such as deposits and real estate mortgage loans, along with other

financial services. The Bank serves the Canton of Graubuenden through numerous

branches.


LTM as of: 01/yy

52-Week High (12.10.2012) 1'203.00

52-Week Low (12.06.2013) 1'123.00

Daily Volume

1135










Enterprise Value -


GRKP SE EQUITY YTD Change - Average Volume 30 Day 222

GRKP SE EQUITY YTD % CHANGE - Average Volume 3 Month 220


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 - -

618.9 548.9 509.9 509.8 494.3 - - 387.0 399.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

121.5 141.6 149.5 149.6 153.3 - - 191.0 202.0 - -

19.22x 20.45x 20.36x 19.59x 20.69x - - 14.73x 13.94x - -









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

Graubuendner KantonalbankPrice/Volume

Valuation Analysis

216.00


!

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3!!

5!!

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! 9

! 9

! 9

! 9

! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



04.07.2013





IST FUND MANAGERS Multiple Portfolios MF-AGG 721 0.1 113 31.03.2013 Investment Advisor

SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 626 0.08 131 28.02.2013 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 472 0.06 24 28.02.2013 Investment Advisor

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 293 0.04 (26) 31.03.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 105 0.01 - 31.01.2013 Investment Advisor


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 20 0 2 28.02.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 7 0 - 31.03.2013 Investment Advisor

LB SWISS INVESTMENT Multiple Portfolios MF-AGG - 0 (1'835) 31.12.2012 Investment Advisor


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

Zuercher Kantonalbank ANDREAS BRUN market perform 3 U #N/A N/A Not Provided 05.09.2012

Holdings By:

Graubuendner Kantonalbank ee


04.07.2013

Zuger Kantonalbank is a Swiss regional bank. The Bank provides standard banking

and other financial services. Zuger Kantonalbank emphasizes mortgage lending

and corporate finance. The Bank operates through a number of branches in the

Canton Zug.


LTM as of: 01/yy

52-Week High (11.04.2013) 5'075.00

52-Week Low (19.06.2013) 4'644.00

Daily Volume

4680





1'349.19 1 Yr Total Return -3.07%





Enterprise Value -


ZG SE EQUITY YTD Change - Average Volume 30 Day 73

ZG SE EQUITY YTD % CHANGE - Average Volume 3 Month 58


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 - -

376.5 336.9 334.9 338.0 326.6 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

61.3 61.4 61.1 61.0 61.2 - - - - - -

17.40x 19.96x 23.56x 23.81x 22.62x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

Zuger Kantonalbank AGPrice/Volume

Valuation Analysis

213.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0!!!

1!!!

2!!!

3!!!

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! 9

! 9

! 9

! 9

! 9

! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! .!

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! 3!

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- .!



04.07.2013


KANTON ZUG n/a Co File 144'438 50.1 - 31.12.2011 Government


UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 746 0.26 (10) 31.01.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 601 0.21 - 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 183 0.06 - 31.01.2013 Investment Advisor






PRINCIPAL FINANCIAL n/a ULT-AGG 31 0.01 31 31.12.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 31 0.01 - 31.01.2013 Investment Advisor

UBS ETF Multiple Portfolios MF-AGG 18 0.01 - 31.01.2013 Investment Advisor

FLEXSHARES TRUST Multiple Portfolios MF-AGG 4 0 - 30.04.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 4 0 - 28.02.2013 Investment Advisor

JP MORGAN n/a ULT-AGG - 0 (130) 30.06.2012 Investment Advisor



Holdings By:

Zuger Kantonalbank AG ee


04.07.2013

Forbo Holding AG produces floor coverings, adhesives, and belts for conveying

and power transmission. Forbo operates worldwide.


LTM as of: 01/yy

52-Week High (18.03.2013) 635.46

52-Week Low (24.08.2012) 512.00

Daily Volume

614












FORN SE EQUITY YTD Change - Average Volume 30 Day 4'097

FORN SE EQUITY YTD % CHANGE - Average Volume 3 Month 4'348


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 - -

1'918.7 1'782.4 1'291.2 1'203.8 1'201.1 - - 1'199.3 1'219.7 - -

0.44x 0.58x 1.10x 0.94x 0.78x - - 0.89x 0.84x - -

198.7 188.2 227.7 197.2 206.5 - - 162.5 170.8 - -

4.22x 5.45x 6.25x 5.74x 4.56x - - 6.90x 6.56x - -

16.0 76.1 163.3 146.5 197.2 - - 94.8 103.0 - -

28.43x 10.10x 9.01x 8.37x 10.44x - - 13.43x 12.00x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.85







Fiscal Year Ended

Forbo Holding AGPrice/Volume

Valuation Analysis

3'279.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0!!

1!!

2!!

3!!

4!!

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! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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04.07.2013


PIEPER MICHAEL W n/a Co File 681'628 30.29 - 31.12.2012 n/a

FORBO HOLDING AG n/a EXCH 196'117 8.72 (179'360) 22.01.2013 Corporation


SCHNEIDER THIS E n/a Co File 77'653 3.45 - 31.12.2012 n/a







RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 12'800 0.57 - 31.01.2013 Investment Advisor



PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 6'703 0.3 - 31.03.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 6'421 0.29 - 31.03.2013 Investment Advisor


BANCOPOSTA FONDI SPA Multiple Portfolios MF-AGG 5'574 0.25 2'964 28.02.2013 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 5'481 0.24 959 28.03.2013 Investment Advisor

GNAEGI ALBERT n/a Co File 4'903 0.22 - 31.12.2012 n/a

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 4'885 0.22 4'885 31.01.2013 Investment Advisor





Bank Vontobel AG CHRISTIAN ARNOLD buy 5 M 740 Not Provided 20.03.2013



Holdings By:

Forbo Holding AG ee


04.07.2013

Vontobel Holding AG offers wealth management services for private and

institutional clients, and investment banking services. The bank offers

portfolio management services, derivative and structured products, securities

brokerage, capital market transactions, custodian services, institutional asset

management and investment funds.


LTM as of: 01/yy

52-Week High (25.02.2013) 33.40

52-Week Low (26.07.2012) 18.00

Daily Volume

29.9





1'943.50 1 Yr Total Return 61.68%







VONN SE EQUITY YTD Change - Average Volume 30 Day 37'075

VONN SE EQUITY YTD % CHANGE - Average Volume 3 Month 40'312


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 - -

931.8 903.3 951.8 890.7 904.9 - - 830.6 898.4 - -

8.69x 11.08x 10.99x 6.50x 7.15x - - - - - -

256.0 232.9 242.8 213.9 222.3 - - - - - -

31.63x 42.96x 43.08x 27.06x 29.11x - - - - - -

112.8 138.9 147.8 113.7 130.6 - - 147.7 173.0 - -

12.36x 13.62x 15.41x 11.80x 13.76x - - 13.08x 11.19x - -


EBIT - Long-Term Rating A









EBITDA Margin 24.6%



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vontobel Holding AGPrice/Volume

Valuation Analysis

19'935.00


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2

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-2

.!

.2

0!

02

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! 9

! 9

- 9

- 9

- 9

- 9

- 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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04.07.2013


VONTOBEL HANS n/a Co File 11'765'000 18.1 - 31.12.2012 n/a

RAIFFEISEN SCHWEIZ n/a Co File 8'125'000 12.5 - 31.12.2012 Investment Advisor

VONTRUST AG n/a Co File 8'125'000 12.5 - 31.12.2012 Other

VONTOBEL FOUNDATION n/a Co File 7'085'000 10.9 - 31.12.2012 Other

DE LA COUR-VONTOBEL n/a Co File 3'575'000 5.5 - 31.12.2012 n/a

PELLEGRINUS HOLDING n/a Co File 2'730'000 4.2 - 31.12.2012 Other

VONTOBEL HOLDING AG n/a Co File 1'625'000 2.5 - 31.12.2012 Bank


FRANKLIN RESOURCES n/a ULT-AGG 647'022 1 (197'790) 31.03.2013 Investment Advisor

SCHEIDT HERBERT JULI n/a Co File 618'025 0.95 - 31.12.2012 n/a

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 531'506 0.82 (55'900) 31.03.2013 Investment Advisor





STAUB ZENO n/a Co File 167'453 0.26 - 31.12.2012 n/a


STUDER ROGER n/a Co File 138'583 0.21 - 31.12.2012 n/a

LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 132'500 0.2 (7'500) 31.03.2013 Investment Advisor




Berenberg Bank ELENI PAPOULA hold 3 U 25 Not Provided 07.03.2013



Keefe, Bruyette & Woods ANDREW STIMPSON underperform 1 M 30 12 month 07.02.2013


Goldman Sachs MARTIN LEITGEB Buy/Neutral 5 M 38 12 month 28.01.2013

Nomura JON PEACE reduce 2 N 33 Not Provided 16.12.2010

Holdings By:

Vontobel Holding AG ee


04.07.2013

Daetwyler Holding AG manufactures rubber components and sealing solutions

for the automotive, pharmaceutical and civil engineering industries. The

company also distributes electronic, automation, engineering and IT components

and accessories.


LTM as of: 01/yy

52-Week High (03.01.2013) 109.55

52-Week Low (09.07.2012) 64.95

Daily Volume

102.4





1'740.80 1 Yr Total Return 55.07%







DAE SE EQUITY YTD Change - Average Volume 30 Day 8'352

DAE SE EQUITY YTD % CHANGE - Average Volume 3 Month 9'675


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 - -

1'294.9 1'122.2 1'319.5 1'050.5 1'185.9 - - 1'407.7 1'501.0 - -

0.53x 0.76x 0.88x 0.73x 1.29x - - 1.23x 1.09x - -

197.3 134.0 176.6 164.4 159.4 - - 215.7 237.0 - -

3.50x 6.35x 6.57x 4.68x 9.56x - - 8.33x 7.58x - -

109.6 63.7 98.2 96.2 127.5 - - 122.0 138.3 - -

6.03x 14.04x 12.19x 9.28x 14.34x - - 12.96x 11.43x - -











EBITDA Margin 13.4%



Asset Turnover 1.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Daetwyler Holding AGPrice/Volume

Valuation Analysis

8'368.00


!

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1!

3!

5!

-!!

-.!

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



04.07.2013


PEMA HOLDINGS AG n/a Co File 6'633'900 52.65 - 31.12.2012 Holding Company

DAETWYLER HOLDING AG n/a Co File 1'415'347 11.23 - 31.12.2012 Corporation


TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 343'783 2.73 - 31.03.2012 Investment Advisor





LB SWISS INVESTMENT Multiple Portfolios MF-AGG 93'184 0.74 (23'700) 31.12.2012 Investment Advisor




LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 58'000 0.46 (8'000) 28.02.2013 Investment Advisor






HAELG PAUL J n/a Co File 24'500 0.19 - 31.12.2012 n/a




Bank Vontobel AG SERGE ROTZER buy 5 M 125 Not Provided 18.03.2013

Helvea STEFAN GAECHTER buy 5 M 125 12 month 18.03.2013

Zuercher Kantonalbank RICHARD FREI outperform 5 U #N/A N/A Not Provided 30.10.2012

Holdings By:

Daetwyler Holding AG ee


04.07.2013

Huber & Suhner AG manufactures telecommunications products and polymer systems.

The Company produces antenna systems, lightning protection, fiber optic cables

and connectors, and hybrid cables.


LTM as of: 01/yy

52-Week High (28.01.2013) 50.00

52-Week Low (06.08.2012) 37.50

Daily Volume

43





868.60 1 Yr Total Return 8.70%







HUBN SE EQUITY YTD Change - Average Volume 30 Day 8'670

HUBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 7'594


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 - -

760.2 631.1 799.5 758.5 698.1 - - 761.3 821.3 - -

0.76x 0.93x 1.32x 0.78x 1.14x - - 0.95x 0.88x - -

114.3 80.8 142.3 76.4 - - - 89.4 100.0 - -

5.06x 7.26x 7.40x 7.73x - - - 8.77x 7.84x - -

60.2 48.4 79.0 49.8 21.8 - - 43.4 52.4 - -

11.97x 15.94x 15.80x 15.43x 38.84x - - 18.98x 15.97x - -











EBITDA Margin 4.7%



Asset Turnover 0.96







Fiscal Year Ended

Huber & Suhner AGPrice/Volume

Valuation Analysis

9'166.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



04.07.2013


BODMER HENRY CARL MA n/a Co File 2'399'760 11.88 - 31.12.2011 n/a

METROHM AG n/a Co File 2'145'240 10.62 - 31.12.2011 Corporation

HOFFMAN-SUHNER SYLVI n/a Co File 1'268'560 6.28 - 31.12.2011 n/a

LODH SWISS CAP n/a Co File 959'500 4.75 - 31.12.2011 Other

HUBER & SUHNER AG n/a Co File 746'663 3.7 - 31.12.2011 Corporation

HUWA FINANZ UND BETE n/a Co File 640'340 3.17 - 31.12.2011 Investment Advisor

EGS BETEILIGUNGEN AG n/a EXCH 607'195 3.01 - 04.06.2012 Investment Advisor








MAINFIRST SICAV Multiple Portfolios MF-AGG 111'198 0.55 - 31.01.2013 Investment Advisor








Helvea RETO AMSTALDEN accumulate 4 M 50 12 month 12.03.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Bank Vontobel AG ANDY SCHNYDER not rated #N/A N/A M #N/A N/A Not Provided 27.09.2012

Holdings By:

Huber & Suhner AG ee


04.07.2013

Valora Holding AG is a holding company. The company owns and operates kiosks,

self-service stores, food, coffee and snack shops and restaurants, and

wholesale outlets. Valora also owns and manages commercial real estate in

Switzerland.


LTM as of: 01/yy

52-Week High (12.03.2013) 203.30

52-Week Low (03.09.2012) 140.37

Daily Volume

176.8












VALN SE EQUITY YTD Change - Average Volume 30 Day 6'814

VALN SE EQUITY YTD % CHANGE - Average Volume 3 Month 7'480


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 - -

2'931.1 2'897.0 2'877.7 2'817.9 2'847.9 - - 2'905.4 2'950.0 - -

0.15x 0.24x 0.32x 0.21x 0.35x - - 0.33x 0.33x - -

100.4 101.7 122.8 118.7 133.5 - - 142.1 148.7 - -

4.38x 6.87x 7.51x 4.95x 7.46x - - 6.88x 6.58x - -

38.6 54.0 63.4 56.3 45.4 - - 56.7 63.8 - -

19.90x 13.46x 14.60x 9.71x 11.87x - - 10.39x 9.47x - -











EBITDA Margin 4.7%



Asset Turnover 2.11







Fiscal Year Ended

Valora Holding AGPrice/Volume

Valuation Analysis

2'325.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

- 9

2'400.0

2'500.0

2'600.0

2'700.0

2'800.0

2'900.0

3'000.0

3'100.0

3'200.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



04.07.2013


DITSCH ERNST PETER n/a EXCH 635'599 18.5 - 09.11.2012 n/a


CREDIT SUISSE AG n/a EXCH 143'763 4.18 3'494 09.11.2012 Investment Advisor

SILVER GRANT GROUP L n/a EXCH 137'757 4.01 (1'272) 08.08.2012 Corporation

NORGES BANK n/a EXCH 120'741 3.51 - 27.03.2013 Government



PICTET & CIE n/a EXCH 82'205 2.39 (53'334) 22.08.2012 Investment Advisor


VALORA HOLDING AG n/a EXCH 51'011 1.48 (2'119) 19.04.2013 Unclassified




WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 27'500 0.8 - 28.03.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 26'400 0.77 8'400 31.12.2012 Investment Advisor

BENEDICK ROLANDO n/a Co File 22'709 0.66 - 31.12.2011 n/a

VOLLMOELLER THOMAS n/a Co File 22'269 0.65 - 31.12.2011 n/a





Kepler Cheuvreux CHRISTOPH LADNER reduce 2 M 170 Not Provided 15.05.2013



Berenberg Bank ANNA PATRICE hold 3 M 179 Not Provided 27.03.2013



Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 D #N/A N/A Not Provided 26.03.2013

GSC Research MATTHIAS WAHLER buy 5 N #N/A N/A Not Provided 18.03.2009

Holdings By:

Valora Holding AG ee


04.07.2013

Inficon Holding AG develops, manufactures and markets vacuum instruments used to

monitor and control production processes. The Company's products help

semiconductor manufacturers to monitor and control their manufacturing processes

and prepare computer chips for packaging. Inficon also manufactures

refrigerant and helium leak detectors, and vacuum control products.


LTM as of: 03/yy

52-Week High (13.05.2013) 292.75

52-Week Low (23.07.2012) 172.94

Daily Volume

288












IFCN SE EQUITY YTD Change - Average Volume 30 Day 2'985

IFCN SE EQUITY YTD % CHANGE - Average Volume 3 Month 3'641


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

256.5 181.7 265.4 312.1 297.2 311.0 289.2 312.0 326.5 - -

0.53x 1.18x 1.32x 0.92x 1.51x 0.00x 0.00x 1.86x 1.77x - -

42.0 12.9 48.4 59.9 56.9 0.0 0.0 61.6 65.2 - -

3.27x 16.60x 7.21x 4.78x 7.88x 0.00x 0.00x 9.49x 8.95x - -

24.3 2.3 27.1 40.3 39.9 43.2 38.3 40.6 43.2 8.2 10.5

7.33x 106.96x 15.25x 8.90x 13.32x 11.22x 17.20x 16.75x 15.71x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Inficon Holding AGPrice/Volume

Valuation Analysis

1'064.00


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0!!

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! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

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04.07.2013


KWE BETEILIGUNGEN AG n/a EXCH 440'482 19.73 - 29.04.2013 Other

7 INDUSTRIES HOLDING n/a EXCH 226'752 10.16 71'254 20.09.2012 Holding Company

WETHMEIMER RUTH n/a EXCH 111'458 4.99 - 09.03.2011 n/a



CREDIT SUISSE AG n/a EXCH 67'713 3.03 - 04.10.2012 Investment Advisor

POLAR CAPITAL LLP n/a EXCH 59'066 2.65 - 14.08.2012 Investment Advisor






WIRZ GUSTAV A n/a Co File 24'988 1.12 - 31.12.2011 n/a


FISCHER RICHARD n/a Co File 21'000 0.94 - 31.12.2011 n/a



SCOTIA ASSET MANAGEM Multiple Portfolios MF-AGG 12'900 0.58 - 28.02.2013 Investment Advisor

UNION BANCAIRE PRIVE Multiple Portfolios MF-AGG 11'974 0.54 1'214 31.12.2012 Investment Advisor



Bank am Bellevue MICHAEL STUDER buy 5 M 384 Not Provided 22.04.2013




Zuercher Kantonalbank MICHAEL INAUEN market perform 3 N #N/A N/A Not Provided 05.07.2012

Holdings By:

Inficon Holding AG ee


04.07.2013

Meyer Burger Technology AG supplies systems and production equipment to the

photovoltaic, semiconductor and optoelectronic industries. The company produces

equipment for solar production from wafers to building integrated solar

systems.


LTM as of: 01/yy

52-Week High (16.08.2012) 12.34

52-Week Low (29.11.2012) 4.65

Daily Volume

6.21





523.19 1 Yr Total Return -46.82%







MBTN SE EQUITY YTD Change - Average Volume 30 Day 689'400

MBTN SE EQUITY YTD % CHANGE - Average Volume 3 Month 774'174


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 - -

448.4 420.9 826.0 1'315.0 645.2 - - 455.4 616.4 - -

0.80x 1.98x 1.13x 0.36x 0.52x - - 1.03x 0.78x - -

82.7 63.7 191.7 280.4 (32.7) - - (43.9) 58.1 - -

4.35x 13.08x 4.88x 1.70x - - - - 9.16x - -

35.0 29.2 97.9 40.8 (111.1) - - (108.2) (28.2) - -

10.36x 27.79x 13.13x 16.90x - - - - - - -

EBITDA -32.75 Long-Term Rating Date -






Return on Capital - EBITDA/Interest Exp. -5.89


Net Debt/EBITDA -

Gross Margin 75.5% Total Debt/EBITDA -4.09

EBITDA Margin -5.1%



Asset Turnover 0.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Meyer Burger Technology AGPrice/Volume

Valuation Analysis

729'818.00


!

.

1

3

5

-!

-.

-1

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2 9

- ! 9

- 2 9

. ! 9

. 2 9

0 ! 9

0 2 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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04.07.2013


VONTOBEL FONDS SERVI n/a EXCH 2'966'948 3.52 665'000 10.05.2013 Investment Advisor

PAULI PETER n/a EXCH 2'890'882 3.43 - 07.05.2013 n/a

FMR LLC n/a ULT-AGG 2'647'947 3.14 - 14.05.2013 Investment Advisor

PLATINUM INVESTMENT n/a EXCH 2'547'892 3.02 1'106'815 09.01.2013 Hedge Fund Manager

GENERATION INVESTMEN n/a EXCH 2'451'332 2.91 848'955 04.05.2012 Investment Advisor

WILLIAM BLAIR & COMP n/a EXCH 1'339'622 1.59 (129'899) 19.04.2012 Investment Advisor






CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 502'968 0.6 - 20.05.2013 Investment Advisor

ROTH DIETMAR n/a Co File 490'468 0.58 - 31.12.2011 n/a


UBS n/a ULT-AGG 287'069 0.34 4'593 31.01.2013 Unclassified



HOFER-NOSER PATRICK n/a Co File 217'714 0.26 - 31.12.2011 n/a




HSBC CHRISTIAN DOMINIK RATH neutral 3 U 6 Not Provided 10.05.2013


Helvea STEFAN GAECHTER neutral 3 U 6 12 month 08.05.2013

Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 6 12 month 30.04.2013

Axiom Capital GORDON L JOHNSON sell 1 M 3 12 month 02.04.2013



Kepler Cheuvreux CHRISTOPH LADNER Under Review #N/A N/A M 5 Not Provided 26.03.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 5 Not Provided 25.03.2013

Credit Suisse FELIX REMMERS neutral 3 M 6 Not Provided 08.03.2013

Nomura Code Securities JOHN-MARC BUNCE neutral 3 M 12 6 month 01.06.2012

Natureo Finance INGO QUEISER hold 3 M 14 12 month 17.04.2012

Performaxx AG HOLGER STEFFEN overweight 5 M 23 12 month 16.09.2010

Holdings By:

Meyer Burger Technology AG ee


04.07.2013

Implenia AG provides construction, civil and underground engineering services.

The Company's projects include residential and industrial buildings, tunnels,

bridges and roads. Implenia also provides real estate and facilities management

and marketing services.


LTM as of: 01/yy

52-Week High (04.03.2013) 54.03

52-Week Low (09.07.2012) 28.62

Daily Volume

50.4












IMPN SE EQUITY YTD Change - Average Volume 30 Day 19'018

IMPN SE EQUITY YTD % CHANGE - Average Volume 3 Month 20'236


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 - -

2'326.4 2'279.8 2'388.4 2'522.6 2'695.8 - - 2'823.0 2'899.7 - -

0.22x 0.18x 0.19x 0.10x 0.17x - - 0.22x 0.19x - -

85.2 100.4 105.4 135.4 140.6 - - 155.0 158.7 - -

5.88x 4.11x 4.21x 1.92x 3.25x - - 4.22x 4.12x - -

41.0 45.9 51.5 60.3 69.1 - - 77.8 80.7 - -

12.95x 11.33x 11.09x 7.15x 10.58x - - 11.90x 11.47x - -











EBITDA Margin 5.2%



Asset Turnover 1.38







Fiscal Year Ended

Implenia AGPrice/Volume

Valuation Analysis

13'857.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

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0!

1!

2!

3!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

- 9

- 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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04.07.2013


PARMINO HOLDING AG n/a Co File 2'952'200 15.98 - 31.12.2010 Holding Company

MAAG RUDOLF n/a Co File 2'000'000 10.83 - 31.12.2010 n/a

AMMANN GROUP HOLDING n/a EXCH 1'556'438 8.43 - 18.12.2011 Holding Company

RUSSIAN LAND LTD n/a EXCH 970'882 5.26 - 11.02.2008 Corporation

CAZENOVE CAPITAL MAN n/a EXCH 891'209 4.82 (58'791) 05.04.2011 Investment Advisor

CHIGRINSKIY SHALVA n/a EXCH 594'730 3.22 - 19.01.2009 n/a



CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 392'839 2.13 479 28.02.2013 Investment Advisor



IMPLENIA AG n/a Co File 211'017 1.14 - 31.12.2010 Corporation

AFFENTRANGER ANTON n/a Co File 209'179 1.13 - 31.12.2010 n/a






ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 92'000 0.5 (8'000) 31.01.2013 Investment Advisor



EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 11.03.2013

Bank Vontobel AG CHRISTIAN ARNOLD buy 5 M 60 Not Provided 27.02.2013



Holdings By:

Implenia AG ee


04.07.2013

Basellandschaftliche Kantonalbank is a Swiss regional bank that attracts

deposits and offers universal banking services. The Bank offers mortgage

loans, consumer loans, and loans to small and medium-sized companies,

investment advice, asset management, securities brokerage, and financial

planning services.


LTM as of: 01/yy

52-Week High (06.07.2012) 1'298.00

52-Week Low (20.06.2013) 940.00

Daily Volume

976





2'117.92 1 Yr Total Return -21.56%





Enterprise Value -


BLKB SE EQUITY YTD Change - Average Volume 30 Day 335

BLKB SE EQUITY YTD % CHANGE - Average Volume 3 Month 287


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 - -

688.4 621.0 595.2 584.1 567.3 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

96.1 106.3 108.9 109.0 111.9 - - - - - -

22.03x 21.15x 25.51x 25.88x 21.53x - - - - - -


EBIT - Long-Term Rating AAA







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

Basellandschaftliche KantonalbankPrice/Volume

Valuation Analysis

111.00


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0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

! .!

! 1!

! 3!

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04.07.2013



UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 3'149 0.55 2 31.01.2013 Investment Advisor





BAUMANN URS DANIEL n/a Co File 410 0.07 - 31.12.2011 n/a

SCHENK DANIEL L n/a Co File 380 0.07 - 31.12.2011 n/a

SCHUDEL HANS ULRICH n/a Co File 290 0.05 - 31.12.2011 n/a


GREINER DORIS n/a Co File 260 0.05 - 31.12.2011 n/a

SCHIRMER-MOSSET ELIS n/a Co File 240 0.04 - 31.12.2011 n/a

BALLMER ADRIAN n/a Co File 227 0.04 - 31.12.2011 n/a

JANIAK CLAUDE n/a Co File 160 0.03 - 31.12.2011 n/a

HANSEN WILHELM n/a Co File 140 0.02 - 31.12.2011 n/a

VOELLMIN DIETER n/a Co File 130 0.02 - 31.12.2011 n/a

FORTUNA INVESTMENT A Multiple Portfolios MF-AGG 100 0.02 - 30.04.2013 Investment Advisor


AXA ROSENBERG INTL Multiple Portfolios MF-AGG 62 0.01 62 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 15 0 - 22.05.2013 Investment Advisor



Holdings By:

Basellandschaftliche Kantonalbank ee


04.07.2013

Basilea Pharmaceutica AG is a biotechnology company conducting research into the

development of drugs for the treatment of infectious diseases and dermatological

problems. The Company develops anti-bacterial and anti-fungal compounds which

destroy infectious organisms.


LTM as of: 01/yy

52-Week High (29.05.2013) 72.90

52-Week Low (20.12.2012) 37.76

Daily Volume

69.25












BSLN SE EQUITY YTD Change - Average Volume 30 Day 44'904

BSLN SE EQUITY YTD % CHANGE - Average Volume 3 Month 50'453


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 - -

12.0 26.8 116.2 66.7 57.9 - - 43.5 62.5 - -

94.50x - 2.93x 2.18x 1.45x - - 8.25x 5.88x - -

(148.4) (116.2) 111.7 (54.4) (47.2) - - (44.2) (30.7) - -

- - 3.04x - - - - - - - -

(143.5) (120.7) 107.6 (57.6) (53.0) - - (48.2) (34.6) - -

- - 5.79x - - - - - - - -

EBITDA -47.21 Long-Term Rating Date -








Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.19





Accounts Receivable Turnover 6.43 Cash Conversion Cycle -1229.73


Fiscal Year Ended

Basilea PharmaceuticaPrice/Volume

Valuation Analysis

28'837.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

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- 9

- 9

. 9

. 9

0 9

0 9

1 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



04.07.2013


HBM HEALTHCARE INVES n/a Co File 1'524'428 15.9 - 31.12.2012 Venture Capital

MORGAN STANLEY n/a ULT-AGG 590'539 6.16 - 24.04.2013 Investment Advisor

ROCHE HOLDING AG n/a Co File 479'380 5 - 31.12.2012 Corporation

CREDIT SUISSE FUND A n/a Co File 287'875 3 - 25.07.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 256'250 2.67 30 28.03.2013 Investment Advisor



IA CLARINGTON INVEST Multiple Portfolios MF-AGG 115'000 1.2 - 31.12.2012 Investment Advisor



DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 101'450 1.06 - 28.12.2012 Investment Advisor


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 94'882 0.99 - 31.12.2012 Investment Advisor

MASON STREET ADVISOR Multiple Portfolios MF-AGG 87'430 0.91 - 31.03.2013 Investment Advisor



OPPENHEIM PRAMERICA Multiple Portfolios MF-AGG 54'201 0.57 - 31.01.2013 Investment Advisor






Bank Vontobel AG ANDREW C WEISS hold 3 M 50 Not Provided 10.04.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 20.02.2013


Holdings By:

Basilea Pharmaceutica ee


04.07.2013

Basler Kantonalbank is a Swiss regional bank. The Bank accepts deposits and

offers mortgage and other loans, portfolio management, foreign currency trading,

precious metals trading and other banking services. Basler Kantonalbank

operates through a network of branches in the Canton of Basel.


LTM as of: 01/yy

52-Week High (04.07.2012) 109.70

52-Week Low (21.06.2013) 68.85

Daily Volume

80.2





2'511.20 1 Yr Total Return -24.14%





Enterprise Value -


BSKP SE EQUITY YTD Change - Average Volume 30 Day 8'346

BSKP SE EQUITY YTD % CHANGE - Average Volume 3 Month 7'630


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 - -

1'154.9 1'076.0 1'001.4 935.8 961.9 - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

145.6 222.7 194.9 182.1 238.7 - - - - - -

23.63x 16.05x 21.86x 22.07x 12.44x - - - - - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Basler KantonalbankPrice/Volume

Valuation Analysis

5'711.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!

3!

5!

-!!

-.!

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



04.07.2013


BASLER KANTONALBANK n/a Co File 330'400 5.6 - 31.12.2010 Bank




SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 25'947 0.44 - 28.02.2013 Investment Advisor





BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2'881 0.05 - 31.01.2013 Investment Advisor

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 2'799 0.05 - 31.03.2013 Investment Advisor

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 2'216 0.04 - 30.04.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 1'330 0.02 - 31.01.2013 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 1'013 0.02 - 22.05.2013 Investment Advisor

BAYERNINVEST KAPITAL Multiple Portfolios MF-AGG 930 0.02 - 28.03.2013 Investment Advisor

ALLSTATE CORP n/a ULT-AGG 837 0.01 - 31.12.2012 Insurance Company


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 148 0 3 28.02.2013 Investment Advisor



Main First Bank AG KILIAN MAIER suspended coverage #N/A N/A M #N/A N/A Not Provided 30.08.2012

Holdings By:

Basler Kantonalbank ee


04.07.2013

Emmi AG is a Swiss producer of dairy products. The Company markets fresh milk,

cream, butter, yogurt, quark, pudding and an assortment of cheeses. Emmi also

produces a variety of fruit juices and iced tea.


LTM as of: 01/yy

52-Week High (13.05.2013) 297.00

52-Week Low (04.07.2012) 186.62

Daily Volume

283.25





1'515.33 1 Yr Total Return 47.12%







EMMN SE EQUITY YTD Change - Average Volume 30 Day 2'210

EMMN SE EQUITY YTD % CHANGE - Average Volume 3 Month 3'523


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 - -

2'670.8 2'619.3 2'683.7 2'721.3 2'981.2 - - 3'216.8 3'283.6 - -

0.34x 0.38x 0.54x 0.55x 0.61x - - 0.64x 0.60x - -

188.7 211.8 231.9 224.1 249.4 - - 270.0 276.8 - -

4.85x 4.67x 6.25x 6.73x 7.31x - - 7.81x 7.61x - -

58.7 75.3 86.1 83.0 106.2 - - 97.3 101.6 - -

9.02x 9.13x 13.04x 12.57x 11.58x - - 14.67x 13.74x - -











EBITDA Margin 8.4%



Asset Turnover 1.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Emmi AGPrice/Volume

Valuation Analysis

1'935.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



04.07.2013


ZMP n/a Co File 2'904'941 54.3 - 31.12.2012 Unclassified

ZENTRALSCHWEIZER MIL n/a Co File 251'441 4.7 - 31.12.2012 n/a

LOMBARD ODIER ASSET n/a Co File 246'091 4.6 - 31.12.2012 Investment Advisor

MIBA MILCHVERBAND NO n/a Co File 192'593 3.6 - 31.12.2012 Corporation


LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 111'453 2.08 (1'642) 31.03.2013 Investment Advisor



DWS INVESTMENT S A Multiple Portfolios MF-AGG 55'039 1.03 (2'557) 28.03.2013 Investment Advisor

BAER STEPHAN n/a Co File 49'000 0.92 - 31.12.2012 n/a

DIMENSIONAL FUND ADV n/a ULT-AGG 43'656 0.82 (576) 31.01.2013 Investment Advisor






EMMI WOHLFAHRTSFONDS n/a Co File 16'049 0.3 - 31.12.2012 Corporation






Helvea ANDREAS VON ARX accumulate 4 M 315 12 month 09.04.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN underperform 1 D #N/A N/A Not Provided 28.03.2013



Holdings By:

Emmi AG ee


04.07.2013

EFG International AG is a bank holding company. The Bank offers private

banking and asset management services.


LTM as of: 01/yy

52-Week High (12.03.2013) 13.14

52-Week Low (24.07.2012) 4.73

Daily Volume

11.75





1'723.37 1 Yr Total Return 116.93%





Enterprise Value -


EFGN SE EQUITY YTD Change - Average Volume 30 Day 70'604

EFGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 57'979


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 - -

1'621.3 1'106.6 596.9 1'078.2 1'172.2 - - 759.9 820.4 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

221.9 101.1 (721.8) (294.1) 111.0 - - 127.2 158.2 - -

14.06x 25.09x - - 11.71x - - 12.09x 10.44x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

EFG International AGPrice/Volume

Valuation Analysis

5'612.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

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- 9

. 9

0 9

1 9

2 9

3 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

! .!

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04.07.2013


EFG BANK EUROPEAN FI n/a Co File 82'545'117 56.28 - 31.12.2012 Bank

HOWELL LAWRENCE D n/a Co File 8'052'705 5.49 - 31.12.2012 n/a

CUONI JEAN-PIERRE n/a Co File 6'909'500 4.71 - 31.12.2012 n/a

NORGES BANK n/a EXCH 4'379'472 2.99 (1'147'415) 02.02.2012 Government

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 2'894'667 1.97 - 31.03.2013 Investment Advisor






THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 434'497 0.3 134'316 31.12.2012 Investment Advisor


PRUDENTIAL FINANCIAL n/a ULT-AGG 389'161 0.27 - 31.03.2013 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 370'796 0.25 370'796 31.01.2013 Investment Advisor


LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 289'323 0.2 (140'855) 28.03.2013 Investment Advisor


NOMURA n/a ULT-AGG 254'072 0.17 - 15.05.2012 Unclassified


MILLENNIUM BCP GFI S Multiple Portfolios MF-AGG 175'308 0.12 (27'033) 28.02.2013 Investment Advisor


AlphaValue DIETER HEIN sell 1 M 11 6 month 23.05.2013


Bank Vontobel AG TERESA NIELSEN buy 5 M 15 Not Provided 03.05.2013

Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 Not Provided 25.03.2013

Nomura JON PEACE reduce 2 M 11 12 month 15.03.2013

Berenberg Bank ELENI PAPOULA buy 5 M 14 Not Provided 12.03.2013


Deutsche Bank MATT SPICK hold 3 M 12 12 month 28.02.2013

Goldman Sachs MARTIN LEITGEB neutral/neutral 3 M 12 12 month 28.01.2013


Holdings By:

EFG International AG ee


04.07.2013

Rieter Holding AG manufactures spinning systems and chemical fiber systems.

The Company's spinning and chemical fiber systems are used to process cotton

and man-made fibers. Rieter produces its products throughout Europe and sells

internationally.


LTM as of: 01/yy

52-Week High (15.03.2013) 188.56

52-Week Low (02.08.2012) 120.92

Daily Volume

152.6












RIEN SE EQUITY YTD Change - Average Volume 30 Day 13'015

RIEN SE EQUITY YTD % CHANGE - Average Volume 3 Month 14'798


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 - -

3'011.9 1'882.7 812.1 1'000.7 888.5 - - 925.3 1'043.4 - -

0.26x 0.58x 2.02x 0.50x 0.73x - - 0.67x 0.55x - -

281.9 (45.7) 115.6 146.5 66.8 - - 69.8 129.6 - -

2.79x - 14.19x 3.43x 9.67x - - 8.92x 4.80x - -

(405.9) (223.9) 26.5 267.2 29.5 - - 16.6 55.8 - -

- - 19.03x 5.46x 24.91x - - 37.48x 12.73x - -











EBITDA Margin 7.5%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rieter Holding AGPrice/Volume

Valuation Analysis

11'937.00


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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

6! !!

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04.07.2013


SPUHLER PETER n/a Co File 896'561 19.19 - 31.12.2012 n/a

PIEPER MICHAEL W n/a Co File 538'695 11.53 - 31.12.2012 n/a

SPARINVEST n/a ULT-AGG 270'036 5.78 - 31.03.2013 Investment Advisor

CAZENOVE CAPITAL MAN n/a EXCH 235'908 5.05 - 31.01.2013 Investment Advisor

FIRST EAGLE INVESTME n/a Co File 183'274 3.92 - 31.12.2012 Hedge Fund Manager

NORGES BANK n/a EXCH 140'652 3.01 - 27.03.2013 Government

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 121'120 2.59 30'104 28.02.2013 Investment Advisor



RIETER HOLDING AG n/a Co File 50'938 1.09 - 31.12.2012 n/a










CAZENOVE FUND MANAGE Multiple Portfolios MF-AGG 22'280 0.48 4'869 28.02.2013 Investment Advisor







Zuercher Kantonalbank ARMIN RECHBERGER underperform 1 D #N/A N/A Not Provided 25.07.2012

Holdings By:

Rieter Holding AG ee


04.07.2013

BKW AG is a Swiss producer of energy power from sources that

include photovoltaics, wind energy, small-scale hydropower and biomass.


LTM as of: 01/yy

52-Week High (22.10.2012) 36.35

52-Week Low (18.07.2012) 27.05

Daily Volume

29.15





1'539.12 1 Yr Total Return -4.87%







BKW SE EQUITY YTD Change - Average Volume 30 Day 15'905

BKW SE EQUITY YTD % CHANGE - Average Volume 3 Month 16'447


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 06/12 Q2 09/12 Q3

3'391.5 3'131.1 2'677.5 2'503.0 2'716.2 - - 2'603.0 2'699.0 - -

- - - 0.92x 0.75x - - 0.91x 0.89x - -

471.3 504.0 502.0 142.1 413.8 - - 433.0 466.0 - -

- - - 16.20x 4.94x - - 4.80x 4.46x - -

137.8 298.4 226.8 (68.2) 132.5 - - 164.5 186.5 - -

- - - - 11.25x - - 8.44x 7.43x - -











EBITDA Margin 15.2%



Asset Turnover 0.37







Fiscal Year Ended

BKW AGPrice/Volume

Valuation Analysis

10'214.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

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-2

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0!

02

1!

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! 9

! 9

- 9

- 9

- 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

- !!

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1 !!

2 !!

3 !!

4 !!

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



04.07.2013


KANTON BERN n/a Co File 27'741'120 52.54 - 31.12.2012 Government

GROUPE E SA n/a Co File 5'280'000 10 - 31.12.2012 Corporation

BKW AG n/a Co File 5'111'040 9.68 - 31.12.2012 Holding Company

EON ENERGIE AG n/a Co File 3'711'840 7.03 - 31.12.2012 Corporation

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 416'316 0.79 (15'991) 31.03.2013 Investment Advisor






UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 85'903 0.16 38'337 28.09.2012 Investment Advisor


ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 65'000 0.12 4'000 31.01.2013 Investment Advisor


JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 50'731 0.1 371 31.03.2013 Investment Advisor


FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 36'261 0.07 4'486 28.02.2013 Investment Advisor



EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 13'400 0.03 - 31.12.2012 Investment Advisor


EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 26.03.2013

Main First Bank AG ANDREAS THIELEN buy 5 M 45 12 month 17.09.2012

Zuercher Kantonalbank SVEN BUCHER outperform 5 M #N/A N/A Not Provided 14.09.2012

Holdings By:

BKW AG ee


04.07.2013

Gategroup Holding AG, through its subsidiaries, provides a wide range of

services for airlines. The Company specializes in catering and hospitality,

provisioning and logistics, and onboard solutions to companies that serve

people on the move. Gategroups customers include airlines, railroads and

hotels around the world.


LTM as of: 03/yy

52-Week High (06.07.2012) 28.90

52-Week Low (18.04.2013) 16.55

Daily Volume

19.75












GATE SE EQUITY YTD Change - Average Volume 30 Day 56'817

GATE SE EQUITY YTD % CHANGE - Average Volume 3 Month 66'147


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

- 2'712.3 2'700.0 2'688.1 2'992.5 2'664.5 3'021.8 3'090.8 3'205.3 809.0 849.0

- 0.42x 0.56x 0.28x 0.30x 1.61x 0.83x 0.25x 0.22x - -

- 158.5 188.1 166.9 65.7 107.8 69.5 169.0 190.8 - -

- 7.15x 8.05x 4.48x 13.58x 0.00x 0.00x 4.90x 4.34x - -

- 35.5 49.5 49.6 (58.8) 10.7 (49.3) 32.2 47.6 - -

- 18.52x 21.05x 12.04x - 0.00x 0.00x 12.82x 9.16x - -


EBIT 15.70 Long-Term Rating BB-









EBITDA Margin 2.2%



Asset Turnover 1.83







Fiscal Year Ended

Gategroup Holding AGPrice/Volume

Valuation Analysis

89'283.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

4 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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04.07.2013


RAINER-MARC FREY n/a Co File 1'429'415 5.34 - 31.12.2012 n/a


H21 GLOBAL OPPORTUNI n/a EXCH 1'337'000 4.99 - 26.03.2013 n/a

KEMPEN CAPITAL MANAG n/a EXCH 1'292'382 4.82 306'482 31.08.2012 Investment Advisor

PICTET ASSET MANAGEM #N/A N/A EXCH 960'500 3.59 441'024 16.05.2013 Investment Advisor

CREDIT SUISSE FUND M n/a EXCH 818'806 3.06 20'000 23.08.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 804'664 3 (54'974) 31.01.2013 Investment Advisor

SCHRODER INVESTMENT n/a EXCH 796'280 2.97 (7'424) 04.01.2013 Investment Advisor

GATEGROUP HOLDING AG n/a Co File 719'537 2.69 - 31.12.2012 Holding Company


JANUS CAPITAL MANAGE n/a ULT-AGG 705'009 2.63 (434'373) 22.05.2012 Investment Advisor

SILVER POINT CAPITAL n/a EXCH 631'153 2.36 - 04.01.2013 Hedge Fund Manager





WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 300'000 1.12 80'000 28.03.2013 Investment Advisor

SCHMID ANDREAS n/a Co File 247'067 0.92 - 31.12.2012 n/a






Helvea ANDREAS VON ARX neutral 3 M 23 12 month 17.05.2013

Goldman Sachs MAYAN UTHAYAKUMAR neutral/neutral 3 M 19 6 month 03.04.2013

Kepler Cheuvreux JON COX Under Review #N/A N/A M #N/A N/A Not Provided 27.03.2013


Holdings By:

Gategroup Holding AG ee


04.07.2013

Schweiter Technologies AG, through its wholly owned subsidiaries, is

a core material, composite construction company. The Company also manufactures

textile machinery used primarily in the production and treatment of yarn,

thread, and textile samples. Schweiter also produces machines for the

assembly and packaging of semiconductor devices.


LTM as of: 01/yy

52-Week High (06.05.2013) 592.20

52-Week Low (07.09.2012) 420.75

Daily Volume

585












SWTQ SE EQUITY YTD Change - Average Volume 30 Day 929

SWTQ SE EQUITY YTD % CHANGE - Average Volume 3 Month 996


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 - -

147.8 129.9 932.1 698.0 673.5 - - 701.0 737.5 - -

- 3.53x 0.81x 0.57x 0.56x - - 0.71x 0.69x - -

16.9 (16.2) 100.3 83.8 80.4 - - 79.6 91.1 - -

- - 7.55x 4.75x 4.70x - - 5.88x 5.13x - -

450.7 (20.4) 49.6 47.5 60.8 - - 41.9 53.0 - -

- - 20.67x 16.51x 18.46x - - 20.24x 16.05x - -











EBITDA Margin 11.9%



Asset Turnover 0.77







Fiscal Year Ended

Schweiter Technologies AGPrice/Volume

Valuation Analysis

770.00


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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4!!

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

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



04.07.2013


KWE BETEILIGUNGEN AG n/a EXCH 364'973 25.28 (20'276) 27.07.2012 Other

WIDMER HANS n/a EXCH 192'143 13.31 - 08.05.2012 n/a

CORISOL HOLDING AG n/a EXCH 168'347 11.66 9'372 14.05.2009 Venture Capital

SCHWEITER TECHNOLOGI n/a Co File 86'861 6.02 - 31.12.2011 Corporation

SIEGRIST BEAT n/a Co File 83'917 5.81 - 31.12.2011 n/a

GCIC LTD/CANADA n/a Co File 80'427 5.57 - 31.12.2011 Investment Advisor


CREDIT SUISSE FUNDS n/a EXCH 48'184 3.34 - 13.03.2012 n/a






SCHRODER INVESTMENT Multiple Portfolios MF-AGG 20'923 1.45 (535) 31.12.2012 Investment Advisor



LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 8'259 0.57 - 31.03.2013 Investment Advisor








Helvea VOLKAN GOCMEN buy 5 U 780 12 month 04.03.2013

Main First Bank AG BERND POMREHN suspended coverage #N/A N/A M #N/A N/A Not Provided 19.10.2012

Holdings By:

Schweiter Technologies AG ee


04.07.2013

Schweizerische National-Versicherungs-Gesellschaft AG offers insurance products

in Europe. The Company's products include reinsurance, health, transport,

legal, technical, life, accident, travel, automobile, fire and theft insurance.

Schweizerische National has a network of offices in Switzerland and

subsidiaries located throughout Europe.


LTM as of: 01/yy

52-Week High (15.03.2013) 47.70

52-Week Low (05.07.2012) 33.15

Daily Volume

42.25












NATN SE EQUITY YTD Change - Average Volume 30 Day 18'118

NATN SE EQUITY YTD % CHANGE - Average Volume 3 Month 15'223


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 - -

1'853.9 1'585.5 1'653.6 1'579.1 1'591.1 - - 1'628.3 1'689.5 - -

0.06x - 0.18x 0.07x 0.24x - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

64.5 76.2 91.6 164.5 103.0 - - 103.3 109.2 - -

9.31x 10.13x 8.81x 4.47x 8.65x - - 9.02x 8.53x - -


EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schweizerische National-Versicherungs-Gesellschaft AGPrice/Volume

Valuation Analysis

2'139.00


!2

-!-2.!.20!021!122!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

! 9

! 9

! 9

! 9

- 9

- 9

- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



04.07.2013


HELVETIA HOLDING AG n/a EXCH 2'657'780 12.05 - 29.08.2012 Insurance Company

SUED-KAPITAL-BETEILI n/a Co File 2'503'137 11.35 - 31.12.2011 Venture Capital

SCHWEIZERISCHE MOBIL n/a EXCH 2'503'137 11.35 - 29.08.2012 Holding Company

BASLER LEBENSVERSICH n/a Co File 2'197'650 9.97 - 31.12.2011 Other

VHV ALLGEMEINE VERSI n/a Co File 2'055'323 9.32 - 31.12.2011 Insurance Company

NUERNBERGER BETEILIG n/a Co File 1'435'833 6.51 - 31.12.2011 n/a

GEBAUDEVERSICHERUNG n/a Co File 1'239'000 5.62 - 31.12.2011 Insurance Company

PATRIA n/a EXCH 961'800 4.36 - 07.12.2007 Other


ODIN FORVALTNING AS Multiple Portfolios MF-AGG 307'851 1.4 - 30.04.2013 Investment Advisor


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 141'000 0.64 39'500 31.12.2012 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 104'723 0.47 - 31.12.2012 Investment Advisor








Kepler Cheuvreux FABRIZIO CROCE buy 5 M 53 Not Provided 06.05.2013


Nomura MICHAEL KLIEN reduce 2 M 42 Not Provided 28.03.2013





Holdings By:

Schweizerische National-Versicherungs-Gesellschaft AG ee


04.07.2013

Metall Zug AG operates as a holding company. The Company, through its

subsidiaries, manufactures appliances, sterilization equipment, wires and

cables, and operates resorts. Metall Zug provides its products in Switzerland.


LTM as of: 01/yy

52-Week High (05.07.2012) 2'399.00

52-Week Low (12.11.2012) 1'868.00

Daily Volume

2130












METN SE EQUITY YTD Change - Average Volume 30 Day 197

METN SE EQUITY YTD % CHANGE - Average Volume 3 Month 183


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 - -

787.8 770.1 832.1 842.5 836.8 - - 845.0 865.0 - -

0.86x 1.15x 1.62x 1.72x 0.61x - - 0.69x 0.62x - -

127.0 104.7 153.0 143.7 111.4 - - 99.8 111.0 - -

5.31x 8.48x 8.80x 10.06x 4.57x - - 6.08x 5.47x - -

31.8 71.7 92.3 63.4 61.5 - - 55.6 64.0 - -

28.34x 15.23x 16.94x 25.78x 13.95x - - 11.53x 14.98x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Metall Zug AGPrice/Volume

Valuation Analysis

127.00


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-!!!

-2!!

.!!!

.2!!

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! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



04.07.2013


WEBER WERNER O n/a Co File 41'600 16.31 - 31.12.2011 n/a

STOECKLI URSULA n/a Co File 17'006 6.67 - 31.12.2011 n/a


METALL ZUG AG n/a Co File 5'950 2.33 - 31.12.2011 Corporation



DORMANN JUERGEN n/a Co File 1'364 0.53 - 31.12.2011 n/a

PICTET & CIE Multiple Portfolios MF-AGG 835 0.33 - 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 624 0.24 (376) 31.03.2013 Investment Advisor

BUHOFER HEINZ M n/a EXCH 301 0.12 - 03.05.2012 n/a

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 300 0.12 30 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 274 0.11 - 31.01.2013 Investment Advisor

WIPFLI MARTIN n/a Co File 266 0.1 - 31.12.2011 n/a

ALLIANZ ASSET MANAGE n/a ULT-AGG 256 0.1 - 21.06.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 176 0.07 (325) 28.12.2012 Investment Advisor


NEXTAM PARTNERS SGR Multiple Portfolios MF-AGG 148 0.06 17 31.01.2013 Investment Advisor

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 100 0.04 - 31.03.2013 Investment Advisor

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 85 0.03 85 31.12.2012 Investment Advisor



Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 2'200 Not Provided 21.05.2013


Holdings By:

Metall Zug AG ee


04.07.2013

Vetropack Holding AG designs and manufactures glass bottles and containers.

The Company produces beverage bottles, jars, and other glass containers for the

food, chemical, and pharmaceutical industries. Vetropack also offers

production plant engineering, glass packaging design, and recycling services.


LTM as of: 01/yy

52-Week High (14.05.2013) 1'990.00

52-Week Low (22.10.2012) 1'581.00

Daily Volume

1847












VET SE EQUITY YTD Change - Average Volume 30 Day 285

VET SE EQUITY YTD % CHANGE - Average Volume 3 Month 269


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 - -

697.8 671.5 642.6 589.4 604.4 - - 613.3 634.0 - -

0.86x 1.10x 1.11x 1.09x 1.08x - - 1.15x 1.09x - -

198.3 158.1 139.2 128.5 116.3 - - 134.0 141.7 - -

3.01x 4.68x 5.13x 4.99x 5.60x - - 5.37x 5.08x - -

78.5 78.4 38.7 59.0 83.6 - - 61.2 65.2 - -

6.85x 9.36x 19.45x 11.39x 8.27x - - 12.52x 11.54x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.79







Fiscal Year Ended

Vetropack Holding AGPrice/Volume

Valuation Analysis

181.00


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

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

! .!

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- !!

- .!



04.07.2013


CORNAZ LTD HOLDING O #N/A N/A Co File 19'853 8.49 - 31.12.2012 Other


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 10'465 4.48 85 31.12.2012 Investment Advisor


LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 3'236 1.38 (164) 28.02.2013 Investment Advisor







OPPENHEIM PRAMERICA Multiple Portfolios MF-AGG 1'300 0.56 (88) 31.01.2013 Investment Advisor




PICTET & CIE Multiple Portfolios MF-AGG 957 0.41 1 31.01.2013 Investment Advisor

1741 ASSET MANAGEMEN Multiple Portfolios MF-AGG 950 0.41 (65) 28.03.2013 Investment Advisor

PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 886 0.38 - 30.09.2012 Investment Advisor


PIONEER ASSET MANAGE Multiple Portfolios MF-AGG 768 0.33 (110) 28.02.2013 Investment Advisor


Helvea RETO AMSTALDEN buy 5 M 2'100 12 month 08.05.2013


Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 1'800 Not Provided 08.04.2013


Holdings By:

Vetropack Holding AG ee


04.07.2013

VZ Holding AG provides independent financial advice to private individuals and

companies. The Company consults on investment, tax and inheritance planning and

provides advice regarding insurance products and coverage.


LTM as of: 01/yy

52-Week High (28.05.2013) 142.00

52-Week Low (26.07.2012) 85.00

Daily Volume

128.9





1'031.20 1 Yr Total Return 49.44%







VZN SE EQUITY YTD Change - Average Volume 30 Day 3'634

VZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 3'383


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 - -

104.7 110.3 133.1 143.8 153.6 - - 175.3 200.0 - -

0.50x 2.37x 5.15x 2.76x 4.55x - - - - - -

45.2 49.0 63.9 66.4 70.3 - - 84.3 98.5 - -

1.17x 5.35x 10.71x 5.99x 9.95x - - 9.74x 8.33x - -

34.3 37.6 49.3 51.0 54.3 - - 63.6 73.1 - -

9.29x 16.50x 19.14x 14.89x 16.62x - - 15.95x 13.87x - -











EBITDA Margin 45.8%



Asset Turnover 0.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

VZ Holding AGPrice/Volume

Valuation Analysis

1'833.00


!

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1!

3!

5!

-!!

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

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

! !!

.! !!

1! !!

3! !!

5! !!

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-.! !!

-1! !!

-3! !!

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04.07.2013


REINHART MATTHIAS n/a Co File 4'860'415 60.76 - 31.12.2012 n/a

MIGROS GENOSSENSCHAF n/a Co File 337'600 4.22 - 31.12.2012 Unclassified

FMR LLC n/a ULT-AGG 291'930 3.65 - 31.01.2013 Investment Advisor


DEUTSCHE BANK AG n/a EXCH 245'000 3.06 - 12.11.2010 Investment Advisor

DWS INVESTMENT GMBH n/a Co File 244'800 3.06 - 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 240'000 3 - 31.03.2013 Investment Advisor


KINDLE FRED n/a Co File 90'960 1.14 - 31.12.2012 n/a


STOCKER PETER n/a Co File 80'943 1.01 - 31.12.2012 n/a




FRIESS TOM n/a Co File 50'825 0.64 - 31.12.2012 n/a

HEIM LORENZ n/a Co File 50'373 0.63 - 31.12.2012 n/a

MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 43'210 0.54 - 30.04.2013 Investment Advisor


THURNHERR STEFAN n/a Co File 31'639 0.4 - 31.12.2012 n/a

FELDMANN URS n/a Co File 28'076 0.35 - 31.12.2012 n/a




Zuercher Kantonalbank ANDREAS BRUN outperform 5 U #N/A N/A Not Provided 05.03.2013


Holdings By:

VZ Holding AG ee


04.07.2013

Kudelski SA designs and manufactures digital security products. The Company

produces digital security systems for digital television operators and content

providers, smart cards for e-commerce, electronic voting and health cards,

software for pay-per-view and video-on-demand television, encryption technology

for digital television, digital recorders, and ticketing and access systems.


LTM as of: 01/yy

52-Week High (15.03.2013) 12.88

52-Week Low (24.07.2012) 6.96

Daily Volume

11.75












KUD SE EQUITY YTD Change - Average Volume 30 Day 66'125

KUD SE EQUITY YTD % CHANGE - Average Volume 3 Month 70'809


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 - -

1'027.5 1'052.3 1'035.2 873.9 844.1 - - 874.4 899.9 - -

0.85x 1.46x 1.25x 0.79x 0.80x - - 0.86x 0.79x - -

100.6 139.6 177.2 89.5 99.5 - - 123.7 130.9 - -

8.72x 11.02x 7.32x 7.76x 6.83x - - 6.45x 6.10x - -

(14.6) 49.0 65.7 (18.1) 16.3 - - 51.8 57.7 - -

- 25.33x 16.24x - 31.48x - - 12.32x 11.07x - -











EBITDA Margin 11.8%



Asset Turnover 0.81







Fiscal Year Ended

Kudelski SAPrice/Volume

Valuation Analysis

37'556.00


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

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9

- 9

. 9

0 9

1 9

2 9

3 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

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. !!

1 !!

3 !!

5 !!

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04.07.2013


KUDELSKI ANDRE n/a EXCH 14'234'423 29.05 - 16.03.2013 n/a









SALADINI MAURO n/a Co File 159'783 0.33 - 31.12.2012 n/a


FORWARD MANAGEMENT L Multiple Portfolios MF-AGG 152'185 0.31 30'758 28.02.2013 Investment Advisor


DIGITAL FUNDS Multiple Portfolios MF-AGG 130'579 0.27 - 31.01.2013 Investment Advisor

1741 ASSET MANAGEMEN Multiple Portfolios MF-AGG 84'750 0.17 - 31.01.2013 Investment Advisor


STATE STREET n/a ULT-AGG 70'057 0.14 - 22.05.2013 Investment Advisor

ROY PIERRE n/a Co File 52'880 0.11 - 31.12.2012 n/a

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 46'442 0.09 11'609 31.12.2012 Investment Advisor

OPPENHEIM PRAMERICA Multiple Portfolios MF-AGG 40'000 0.08 - 31.01.2013 Investment Advisor


Helvea RETO AMSTALDEN buy 5 M 14 12 month 17.04.2013

Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 12 12 month 19.03.2013

Credit Suisse FELIX REMMERS neutral 3 M 11 Not Provided 11.03.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 05.03.2013

Exane BNP Paribas ALEXANDRE FAURE neutral 3 M 12 Not Provided 04.03.2013

Zuercher Kantonalbank ANDREAS MUELLER market perform 3 M #N/A N/A Not Provided 01.03.2013


Holdings By:

Kudelski SA ee


04.07.2013

Liechtensteinische Landesbank AG attracts deposits and offers corporate and

private banking services. The Bank offers business start-up loans, corporate

financing, home mortgages, asset management services, and investment funds.

Liechtensteinische Landesbank operates in Liechtenstein and Switzerland.


LTM as of: 01/yy

52-Week High (07.05.2013) 42.15

52-Week Low (16.11.2012) 25.50

Daily Volume

36.45










Enterprise Value -


LLB SE EQUITY YTD Change - Average Volume 30 Day 11'731

LLB SE EQUITY YTD % CHANGE - Average Volume 3 Month 14'620


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 - -

980.8 720.4 605.5 555.0 584.0 - - 383.0 368.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

144.7 174.2 102.8 11.0 94.2 - - 88.5 97.8 - -

9.94x 11.27x 20.22x 109.21x 8.75x - - 11.72x 10.60x - -









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

Liechtensteinische Landesbank AGPrice/Volume

Valuation Analysis

2'698.00


!2

-!-2.!.20!021!12

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



04.07.2013


PRINCIPALITY OF LIEC n/a Co File 17'771'600 57.7 - 31.12.2011 Government

THORNBURG INVESTMENT n/a Co File 1'377'064 4.47 - 31.12.2011 Investment Advisor







PICTET & CIE Multiple Portfolios MF-AGG 46'567 0.15 - 31.01.2013 Investment Advisor


IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 23'800 0.08 (1'500) 31.03.2013 Investment Advisor



FEHR JOSEF n/a Co File 8'844 0.03 - 31.12.2011 n/a

SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 8'707 0.03 1'265 28.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'448 0.02 - 31.12.2012 Investment Advisor

MATT ROLAND n/a Co File 5'768 0.02 - 31.12.2011 n/a

MUELLER URS n/a Co File 4'860 0.02 - 31.12.2011 n/a

MAEDER KURT n/a Co File 4'275 0.01 - 31.12.2011 n/a

FORTUNA INVESTMENT A Multiple Portfolios MF-AGG 4'150 0.01 - 30.04.2013 Investment Advisor



Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 26.03.2013

Main First Bank AG KILIAN MAIER suspended coverage #N/A N/A M #N/A N/A Not Provided 30.03.2012

Holdings By:

Liechtensteinische Landesbank AG ee


04.07.2013

Zehnder Group AG, through its subsidiaries, manufactures a variety of

radiators. The Company produces bathroom radiators, electric and aluminum

radiators, as well as steel radiators. Zehnder sells its products to the

construction industry.


LTM as of: 01/yy

52-Week High (16.08.2012) 61.55

52-Week Low (17.04.2013) 38.90

Daily Volume

42.8












ZEH SE EQUITY YTD Change - Average Volume 30 Day 12'109

ZEH SE EQUITY YTD % CHANGE - Average Volume 3 Month 13'242


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 - -

454.1 436.5 475.9 515.4 523.8 - - 536.5 562.3 - -

0.40x 0.60x 1.06x 0.92x 0.78x - - 0.73x 0.69x - -

34.3 62.0 68.0 68.9 56.7 - - 58.7 66.3 - -

5.32x 4.23x 7.41x 6.87x 7.19x - - 6.64x 5.87x - -

2.5 32.8 37.4 40.0 27.1 - - 29.1 33.8 - -

64.00x 8.35x 14.27x 12.38x 15.78x - - 13.98x 12.02x - -











EBITDA Margin 10.8%



Asset Turnover 1.29







Fiscal Year Ended

Zehnder Group AGPrice/Volume

Valuation Analysis

8'337.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9 . 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



04.07.2013


ALECTA PENSIONSFORSA n/a Co File 849'224 8.7 - 31.12.2011 Pension Fund (ERISA)

BESTINVER GESTION SG n/a EXCH 584'320 5.99 - 16.02.2011 Investment Advisor


COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 417'840 4.28 - 28.03.2013 Investment Advisor








LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 131'000 1.34 - 28.02.2013 Investment Advisor


ZEHNDER HANS-PETER n/a Co File 102'776 1.05 - 31.12.2011 n/a

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 60'735 0.62 - 28.03.2013 Investment Advisor









Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 45 Not Provided 02.04.2013


Zuercher Kantonalbank MARTIN HUESLER market perform 3 D #N/A N/A Not Provided 12.11.2012

Holdings By:

Zehnder Group AG ee


04.07.2013

Lem Holding SA manufactures electrical components. The Company produces

transducers and sensors which measure high voltage currents, variable speed

drives, uninterrupted power supplies, and testers for semiconductors. Lem's

components are used in locomotives, trams, trolleys, and the French TGV

high-speed trains. The Company sells its products internationally.


LTM as of: 12/yy

52-Week High (20.06.2013) 618.00

52-Week Low (03.09.2012) 451.00

Daily Volume

600












LEHN SE EQUITY YTD Change - Average Volume 30 Day 605

LEHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 563


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 12/yy 12/yy 03/14 Y 03/15 Y 03/13 Q4 06/13 Q1

196.8 185.5 296.2 236.3 235.0 228.8 235.0 262.0 284.5 75.7 -

0.74x 1.94x 2.09x 2.30x 2.74x 0.00x 0.00x 2.52x 2.29x - -

38.8 24.1 62.4 42.5 48.7 0.0 0.0 56.3 66.0 - -

3.73x 14.95x 9.91x 12.78x 13.20x 0.00x 0.00x 11.67x 9.95x - -

23.8 10.5 39.6 28.5 32.6 24.6 36.5 40.6 44.7 - -

7.17x 36.96x 16.43x 19.69x 20.54x 0.00x 15.61x 18.67x 15.24x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

LEM Holding SAPrice/Volume

Valuation Analysis

470.00


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0!!

1!!

2!!

3!!

4!!

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! 9

! 9

! 9

! 9

! 9

! 9

! 9

! 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



04.07.2013


WEBER WERNER O n/a Co File 382'500 33.55 - 31.03.2012 n/a

7 INDUSTRIES HOLDING n/a Co File 144'581 12.68 - 31.03.2012 Holding Company


STUDER ERWIN n/a EXCH 100'000 8.77 - 27.06.2012 n/a

MONTANARO GROUP n/a EXCH 58'289 5.11 3'038 15.10.2012 Investment Advisor

THREADNEEDLE ASSET M n/a Co File 56'777 4.98 - 31.03.2012 Investment Advisor


IMPAX ASSET MANAGEME n/a EXCH 34'112 2.99 - 14.08.2012 Investment Advisor


KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 7'891 0.69 98 28.02.2013 Investment Advisor



BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 5'200 0.46 - 28.03.2013 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 4'445 0.39 (327) 30.11.2012 Investment Advisor




RUTISHAUSER PETER n/a Co File 2'606 0.23 - 31.03.2012 n/a

COLOMBEL LUC n/a Co File 2'100 0.18 - 31.03.2012 n/a

BARCLAYS MULTI-MANAG Multiple Portfolios MF-AGG 2'000 0.18 - 30.04.2013 Investment Advisor




EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013

Bank Vontobel AG ANDY SCHNYDER not rated #N/A N/A M #N/A N/A Not Provided 27.09.2012

Holdings By:

LEM Holding SA ee


04.07.2013

Bossard Holding AG supplies fastening devices, industrial adhesives, and tools.

The Company offers its customers engineering assistance in solving fastening

problems. Bossard markets its products in Europe, the United States, and Asia.


LTM as of: 03/yy

52-Week High (12.03.2013) 155.68

52-Week Low (25.07.2012) 99.58

Daily Volume

144.3












BOS SE EQUITY YTD Change - Average Volume 30 Day 3'914

BOS SE EQUITY YTD % CHANGE - Average Volume 3 Month 4'793


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

542.8 379.9 458.7 457.7 471.2 0.0 156.1 601.8 641.5 - -

0.44x 0.57x 0.78x 0.74x 1.29x #DIV/0! 0.00x 1.14x 1.05x - -

57.0 30.5 57.8 60.1 58.1 0.0 0.0 79.9 86.4 - -

4.19x 7.15x 6.22x 5.67x 10.50x 0.00x 0.00x 9.80x 9.06x - -

32.1 15.1 44.3 44.3 42.9 0.0 0.0 51.6 56.8 - -

4.27x 11.77x 7.39x 6.85x 9.32x 0.00x 0.00x 9.59x 9.26x - -











EBITDA Margin 12.3%



Asset Turnover 1.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bossard Holding AGPrice/Volume

Valuation Analysis

1'540.00


!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9 ! 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



04.07.2013


BOSSARD FAMILIES n/a Co File 1'502'900 45.2 - 31.12.2012 n/a

KOLIN HOLDING AG n/a EXCH 407'455 12.25 - 22.03.2013 Other


BOSSARD HOLDING AG n/a Co File 185'000 5.56 - 31.12.2012 Corporation



MIRABAUD & CIE Multiple Portfolios MF-AGG 23'500 0.71 (500) 31.12.2012 Investment Advisor







WETTER-BOSSARD HELEN n/a Co File 10'555 0.32 - 31.12.2012 n/a

GROB BEATRICE n/a Co File 10'038 0.3 - 31.12.2012 n/a


DEAN DAVID n/a Co File 8'600 0.26 - 31.12.2012 n/a


SIF SWISS INVESTMENT Multiple Portfolios MF-AGG 8'000 0.24 (1'000) 30.04.2012 Investment Advisor

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 5'995 0.18 2'000 27.03.2013 Investment Advisor



Berenberg Bank FREDERIK BITTER buy 5 M 170 Not Provided 01.05.2013




Holdings By:

Bossard Holding AG ee


04.07.2013

AFG Arbonia-Forster Holding AG has positions as an integrated construction

industry supplier, and in selected areas of technology. The Company is

comprised of five divisions: Heating Technology and Sanitary Equipment,

Kitchens and Refrigeration, Windows and Doors, Steel Technology and Surface

Technology. AFG has a presence in countries worldwide.


LTM as of: 01/yy

52-Week High (30.04.2013) 27.60

52-Week Low (23.07.2012) 15.30

Daily Volume

25.8












AFGN SE EQUITY YTD Change - Average Volume 30 Day 20'941

AFGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 28'681


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 - -

1'570.6 1'384.2 1'413.5 1'265.0 1'215.5 - - 1'333.0 1'364.4 - -

0.44x 0.49x 0.49x 0.38x 0.45x - - 0.49x 0.45x - -

153.2 106.0 121.1 101.2 109.6 - - 119.4 134.2 - -

4.55x 6.38x 5.77x 4.73x 4.94x - - 5.04x 4.49x - -

48.0 (22.5) 14.1 (70.2) (74.5) - - 35.1 46.1 - -

5.31x - 36.25x - - - - 12.85x 9.77x - -











EBITDA Margin 9.0%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AFG Arbonia-Forster Holding AGPrice/Volume

Valuation Analysis

34'778.00


!

2

-!

-2

.!

.2

0!

f--. e--. e--. P--. o--. j--. i--. a--. e--0 c--0 f--0 P--0 f--0 ! 9 ! 9 ! 9 - 9 - 9 - 9 - 9 - 9 . 9 . 9 . 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



04.07.2013


OEHLER EDGAR n/a EXCH 3'353'893 18.4 (508'459) 19.04.2013 n/a

LOMBARD ODIER DARIER n/a Co File 716'266 3.93 - 31.12.2011 Investment Advisor

AFG ARBONIA FORSTER n/a Co File 570'461 3.13 - 31.12.2011 Holding Company








PETERCAM SA Multiple Portfolios MF-AGG 163'700 0.9 30'200 31.01.2013 Investment Advisor




IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 67'100 0.37 (18'250) 28.03.2013 Investment Advisor


ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 65'000 0.36 (13'000) 31.01.2013 Investment Advisor


SIF SWISS INVESTMENT Multiple Portfolios MF-AGG 55'000 0.3 - 30.04.2012 Investment Advisor

MUNDER CAPITAL MANAG Multiple Portfolios MF-AGG 39'916 0.22 39'916 31.03.2013 Investment Advisor



Bank Vontobel AG CHRISTIAN ARNOLD buy 5 U 31 Not Provided 02.04.2013



Zuercher Kantonalbank MARTIN HUESLER outperform 5 U #N/A N/A Not Provided 22.05.2012

Holdings By:

AFG Arbonia-Forster Holding AG ee


04.07.2013

Zug Estates Holding AG is a holding company. The Company, through it

subsidiaries, plan, develop, market and manage real estate properties. Zug

Estates operates its own hotels, services apartments and associated restaurants.


LTM as of: 01/yy

52-Week High (05.07.2012) 1'318.85

52-Week Low (24.06.2013) 1'111.00

Daily Volume

1190












ZUGN SE EQUITY YTD Change - Average Volume 30 Day 250

ZUGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 204


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 - -

- - - 44.5 26.2 - - - - - -

- - - - 29.69x - - - - - -

- - - 22.1 9.9 - - - - - -

- - - - 78.48x - - - - - -

- - - 50.1 41.1 - - 46.8 44.3 - -

- - - - 14.89x - - - 13.70x - -











EBITDA Margin 37.8%



Asset Turnover 0.03







Fiscal Year Ended

Zug Estates Holding AGPrice/Volume

Valuation Analysis

547.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

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

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04.07.2013


BUHOFER TRUST II n/a EXCH 24'796 7.87 - 07.05.2013 n/a








LB SWISS INVESTMENT Multiple Portfolios MF-AGG 300 0.1 20 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 297 0.09 36 31.01.2013 Investment Advisor


UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 250 0.08 - 28.12.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 244 0.08 244 28.12.2012 Investment Advisor

GERIFONDS SA Multiple Portfolios MF-AGG 170 0.05 - 31.12.2012 Investment Advisor

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 131 0.04 - 31.03.2013 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 93 0.03 - 28.02.2013 Investment Advisor


BLACKROCK n/a ULT-AGG 54 0.02 - 21.05.2013 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 52 0.02 - 31.01.2013 Investment Advisor



Bank Vontobel AG STEFAN SCHUERMANN hold 3 N 1'380 Not Provided 27.11.2012

Holdings By:

Zug Estates Holding AG ee


04.07.2013

Intershop Holding AG invests in Swiss property, primarily commercial real

estate. The Company's portfolio includes properties in Zurich, Berne and

Geneva and other business centers. Intershop also develops and buys and sells

real estate.


LTM as of: 01/yy

52-Week High (02.04.2013) 339.00

52-Week Low (20.11.2012) 310.00

Daily Volume

320












IS SE EQUITY YTD Change - Average Volume 30 Day 2'786

IS SE EQUITY YTD % CHANGE - Average Volume 3 Month 2'895


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 - -

115.9 89.4 143.4 89.6 89.3 - - 87.1 93.6 - -

9.77x 12.81x 7.97x 12.99x 13.40x - - 13.90x 12.70x - -

65.9 65.6 85.3 66.6 69.5 - - 71.3 77.7 - -

17.18x 17.47x 13.39x 17.48x 17.22x - - 16.66x 15.28x - -

58.9 50.6 57.6 55.0 56.1 - - 45.4 49.7 - -

10.16x 12.38x 11.06x 12.22x 12.15x - - 14.81x 13.53x - -











EBITDA Margin 63.0%



Asset Turnover 0.08







Fiscal Year Ended

Intershop HoldingsPrice/Volume

Valuation Analysis

602.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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02!

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

! !!

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04.07.2013


PATINEX AG n/a Co File 840'000 40 - 31.12.2011 Private Equity

CPV/CAP PENSIONSKASS n/a Co File 210'000 10 - 31.12.2011 Pension Fund (ERISA)

RELAG HOLDING AG n/a Co File 92'400 4.4 - 31.12.2011 Holding Company

GENERAL ORIENTAL INV n/a Co File 71'400 3.4 - 31.12.2011 Unclassified

GRAPAL HOLDING AG n/a Co File 65'100 3.1 - 31.12.2011 Unclassified




IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 6'400 0.3 - 31.01.2013 Investment Advisor



SCHNEUWLY CYRILL M n/a Co File 4'831 0.23 - 31.12.2011 n/a


MARMET DIETER n/a Co File 3'000 0.14 - 31.12.2011 n/a

WIRZ ANDREAS n/a Co File 1'918 0.09 - 31.12.2011 n/a

IFM - INDEPENDENT FU Multiple Portfolios MF-AGG 1'700 0.08 - 22.03.2013 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 1'452 0.07 117 28.02.2013 Investment Advisor


OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 1'284 0.06 - 30.11.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 1'045 0.05 506 30.06.2012 Investment Advisor


Zuercher Kantonalbank MARKUS WAEBER market perform 3 M #N/A N/A Not Provided 05.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 12.02.2013

Holdings By:

Intershop Holdings ee


04.07.2013

U-Blox AG develops global positioning systems (GPS) for a range of markets. The

Company develops systems for navigation, automatic vehicle location, security,

traffic navigation, security, traffic control, location based services, timing,

and surveying.


LTM as of: 12/yy

52-Week High (01.07.2013) 64.90

52-Week Low (09.07.2012) 36.31

Daily Volume

64












UBXN SE EQUITY YTD Change - Average Volume 30 Day 25'729

UBXN SE EQUITY YTD % CHANGE - Average Volume 3 Month 28'889


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

74.5 73.5 112.8 124.7 173.1 0.0 112.8 215.7 241.3 - -

0.47x 1.35x 2.12x 1.41x 1.09x #DIV/0! 0.00x 1.58x 1.36x - -

12.9 14.1 30.7 29.8 37.1 0.0 0.0 43.0 48.9 - -

2.71x 7.04x 7.79x 5.91x 5.10x 0.00x 0.00x 8.03x 7.08x - -

8.8 3.3 12.9 16.5 17.2 0.0 12.9 22.0 26.9 - -

13.68x 49.53x 24.30x 15.61x 14.29x 0.00x 0.00x 18.59x 15.84x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

U-Blox AGPrice/Volume

Valuation Analysis

12'986.00


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0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

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

! !!

2 !!

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04.07.2013


LB SWISS INVESTMENT n/a Co File 398'953 6.33 - 31.12.2012 Investment Advisor

DUBACH WERNER n/a Co File 312'794 4.96 - 31.12.2012 n/a



CREDIT SUISSE FUND M n/a Co File 190'424 3.02 - 31.12.2012 Investment Advisor

SWISS REINSURANCE n/a EXCH 174'786 2.77 - 29.04.2013 Insurance Company



SEILER THOMAS n/a Co File 96'748 1.53 - 31.12.2011 n/a

THIEL ANDREAS n/a Co File 62'860 1 - 31.12.2011 n/a

WYSS JEAN-PIERRE n/a Co File 60'110 0.95 - 31.12.2011 n/a

AMMANN DANIEL n/a Co File 56'000 0.89 - 31.12.2011 n/a

MUELLER HANS-ULRICH n/a Co File 50'000 0.79 - 31.12.2011 n/a

DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 38'151 0.61 - 28.03.2013 Investment Advisor

TROSTER GERHARD n/a Co File 35'760 0.57 - 31.12.2011 n/a



CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 20'000 0.32 - 30.04.2013 Investment Advisor

FAHRNI FRITZ n/a Co File 11'000 0.17 - 31.12.2011 n/a

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 10'271 0.16 - 31.01.2013 Investment Advisor


Credit Suisse FELIX REMMERS outperform 5 M 63 Not Provided 13.05.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 12.04.2013



Holdings By:

U-Blox AG ee


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