Fundamental Analysis & Analyst Recommendations - SLI Index Members

&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinOtfpp FbVabo Ekabu & OFE Ekabu

Q4-2012

A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Pefo iWpbnfWh albo klp Ylkopfprpb fksbopibkp WasfYb Wka oelrha klp Xb sfbtba Wo W Yrnnbkp ln mWop nbYliibkaWpflk ln W olhfYfpWpflk lc Wk lccbn pl Xru ln obhh Wku obYrnfpfbo ln pl Walmp Wku fksbopibkp opnWpbdu.

IWib7 NFE NSENN FB8ABM EIABT :rnnbkYu7 :DC IriXbn lc HbiXbn NplYgo7 0 Rfbt :rnnbkp 0 .!... !! 0!.!... ! 0!.!... 6 0!.!... 5 0!.!... 4 .6.!... 3 0 .!... 2 0!.!... 1 0!.!... 0 0!.!... . 0!.!... ! .6.!... 0!.!..!666 0!.!..!665 0!.!..!664 0!.!..!663 .6.!..!662 0 .!..!661 0!.!..!660 0!.!..!66.

:V . !. :V! . !! :V! . ! :V! . 6 :V! . 5 :V! . 4 :V! . 3 :V! . 2 :V! . 1 :V! . 0 :V! . . :V! . ! :V! . :V! !666 :V! !665 :V! !664 :V! !663 :V! !662 :V! !661 :V! !660 :V! !66.

EkYlib NpWpbibkpBVokfkdp Mbo OeVob 16'5 3/'6/ 33'61 /0'4 1'34 61'25 - - - - - - - - - - - - - - -BMO 8bclob SL 03'5 ./-'2/ /13'64 .6/'12 .0-'36Afirqba BMO colj 9lkqfkrfkd Lmp 2.'. ..6'25 /04'32 .6-'6 .1-'41BMO Mlpfqfsb 24'0 ./3'05 /13'64 /.1'-4 .1.'32OVibp Mbo OeVob 4/.'2 .6-3'.4 0152'24 0/02'16 .544'16Afsfabkap Mbo OeVob 0.'5 //'4260 .-5'2/2 ..2'4/64 2'/200B8EPA7 Mbo OeVob ./5'2 011'4 3/3'3/ 3-2'.. 0.-'-1

9WhWkYb Nebbp8llh RVirb Mbo OeVob 236'5 //23'5/ //23'5/ /-54'1 /.20'6.Bkqbomofpb RVirb Mbo OeVob .43-'2 5.6- 5.6- 5646'/. 431-'41Ibq AbXq Mbo OeVob /.5'2 2633'50 2633'50 2163'-5 2..4'5/

:Woe Chlt9Vpe Cilt Mbo OeVob /-3'- .-.'14 0-'44 /24'12 .42'31Cobb 9Vpe Cilt Mbo OeVob .36'- &01'25 &.62'42 03'/1 14'53

LnfYb MWpfloMofYb+BMO .6'5 ..'0-5/ ..'0-5/ .2'1-33 .-'0..0M+B 8bclob SL /3'4 ..'0-5/ ..'0-5/ .2'1-33 .-'0..0Afirqba M+B 9lkq Lmp .6'0 ..'42.5 ..'42.5 .2'20./ 5'3310MofYb+BMO Mlpfqfsb .4'/ ..'0-5/ ..'0-5/ .0'52-1 6'1216MofYb+8llh .'4 .'/042 .'/042 .'1/-1 .'-422MofYb+OVibp .'1 -'5-.0 -'5-.0 -'6.31 -'306/MofYb+9Vpe Cilt 1'5 6-'424. 6-'424. ..'2.33 2'06Afsfabka Tfbia 0'/ 0'5526 0'5526 0'6-0/ 2'-61MofYb+B8EPA7 4'4 1'124 1'124 1'5665 0'44/5

HWngbp AWpWFVpq MofYb 651'5 543'33 .-.4'/3 .--0'01 456'34 ./63'1. .0.0'11 .-4-'// 462'2 423'55 3/0'.6 543'31 ...3'5. .--- - - - - - - -Rlirjb 64120635 .3/1/20566/ .243514-43- .5/1-064/1/ /21.30055-1 65.3615/11 - - - - - - - - - - - - - - -Ekabu GVohbq 9Vm 03-225'/ 01/-0/'11 1-4/34'61 0/0-25'.6 /14562'-4 1.4433'/4 - - - - - - - - - - - - - - -PlqVi GVohbq 9Vm 5'46-2.B#.. 5.-61-'.0 55460/'36 55/215'2 4/0.06'36 ..-4224'2 - - - - - - - - - - - - - - -Cobb CilVq GVohbq 9Vm 453/63'0./2 4.6001'55 442263'42 5-4310'5. 34505.'2 .-063/.'05 - - - - - - - - - - - - - - -7sboVdb GVohbq 9Vm /60-.'4 /4-0.'01 - - - - - - - - - - - - - - - - - - -

BVokfkdp Mbo OeVob 16'5 3/'6/ 33'61 /0'4 1'34 61'25 - - - - - - - - - - - - - - -BMO 8bclob SL 03'5 26'61 34'1. /0'4 1'34 61'25 - - - - - - - - - - - - - - -Afirqba BMO colj 9lkqfkrfkd Lmp 2.'. 30'6/ 4-'-4 /4'.0 .-'46 5/'3 - - - - - - - - - - - - - - -BMO Mlpfqfsb 24'0 31'-/ 34'3. 2/'65 40'5/ 61'25 - - - - - - - - - - - - - - -OVibp Mbo OeVob 4/.'2 35/'6/ 354'/1 35/'1. 6/.'40 524'1 - - - - - - - - - - - - - - -Afsfabkap Mbo OeVob 0.'5 /6'65/2 /2'3105 .6'231 /3'5550 /4'0233 - - - - - - - - - - - - - - -Afsfabkap Mbo OeVob & Dolpp 0.'5 /6'65 /2'31 .6'23 /3'56 /4'03 - - - - - - - - - - - - - - -Afsfabkap Mbo OeVob & Ibq 0.'5 /6'65 /2'31 .6'23 /3'56 /4'03 - - - - - - - - - - - - - - -B8EPA7 Mbo OeVob ./5'2 .05'10 .1.'43 ..1'/5 /32'30 /43'-/ - - - - - - - - - - - - - - -N A Bumbkafqrobp 0-001206'1 /5'13 0.'46 /4'25 30'25 /6'55 - - - - - - - - - - - - - - -

8oobp Cfbhao9Vpe BnrfsVibkqp Mbo OeVob 535'4 424'4/ 123'14 3/2'52 3/-'/. 161'40 - - - - - - - - - - - - - - -9roobkq 7ppbqp 0-.'/ /5-'04 /63'/ 0/5'12 446'3. 1-6'4/ - - - - - - - - - - - - - - -PlqVi 7ppbqp 33/2'1 30-0'16 2/-/'06 1360'-5 4230'-3 3-./'22 - - - - - - - - - - - - - - -

FfWXfhfpu Cfbhao9roobkq FfVXfifqfbp /.5'6 .61'43 /-/'53 /-4'.2 21-'.0 /33'02 - - - - - - - - - - - - - - -PlqVi AbXq .24-'1 .11-'56 .02-'60 ..6-'3 //6/'30 .323'10 - - - - - - - - - - - - - - -Ibq AbXq Mbo OeVob /.5'2 /61'.2 23.'64 /14'60 45/'-3 2.-'36 - - - - - - - - - - - - - - -PlqVi FfVXfifqfbp 3-.4'. 24.0'/6 14-1'3/ 1//6'64 3464'12 2163'0. - - - - - - - - - - - - - - -PlqVi OeVobeliabop! Bnrfqv 3-5'0 26-'/ 164'44 130'.. 432'3. 2.3'/1 - - - - - - - - - - - - - - -

MbcbnbkYb Epbio8llh RVirb Mbo OeVob 236'5 216'.0 13.'25 1.3'22 142'1/ 15-'53 - - - - - - - - - - - - - - -Bkqbomofpb RVirb Mbo OeVob .43-'2 .4-5'32 .5-4'-5 .3-6'04 /50.'45 /45/'/2 - - - - - - - - - - - - - - -NbqVfkba BVokfkdp 034'0 02.'-/ /56'3/ /32'65 .00'.6 025'// - - - - - - - - - - - - - - -9VmfqVi Bumbkafqrobp &0-'3 &/3'36 &/3'45 &0/'16 &36'66 &00'43 - - - - - - - - - - - - - - -Dllatfii .23'1 .25'.4 .2.'02 ./0'13 /0/'5/ .0.'4 - - - - - - - - - - - - - - -

Cobb 9Vpe Cilt Mbo OeVob .36'- .0-'46 61'14 .44'03 12'13 &.30'50 - - - - - - - - - - - - - - -9Vpe colj CfkVkYfkd 7Yqfsfqfbp &4-546343'5 &54'.4 &00'5. &/63'54 &0.1'16 /4.'02 - - - - - - - - - - - - - - -9Vpe colj Eksbpqfkd 7Yqfsfqfbp 3335034-'- &//.'0. &.61'20 &.25'61

MofYb+BMO .6'5 .0'601 - - - - - - - - - - - - - - - - - - -M+B 8bclob SL /3'4 .1'3/3/ - - - - - - - - - - - - - - - - - - -Afirqba M+B 9lkq Lmp .6'0 .0'4.06 - - - - - - - - - - - - - - - - - - -MofYb+BMO Mlpfqfsb .4'/ .0'3602 - - - - - - - - - - - - - - - - - - -MofYb+8llh .'4 .'2632 - - - - - - - - - - - - - - - - - - -MofYb+OVibp #I+7 Cfbia Ilq 7mmifYVXib .'/504 - - - - - - - - - - - - - - - - - - -MofYb+9Vpe Cilt 1'5 ..'53-4 - - - - - - - - - - - - - - - - - - -Afsfabka Tfbia 0'/ 0'1/-. /'2/-6 .'6166 0'1-2 /'..-/ - - - - - - - - - - - - - - -Afsfabka Tfbia & Dolpp 0'/ 0'1/ /'2/ .'62 0'1. /'.. - - - - - - - - - - - - - - -Afsfabka Tfbia & Ibq 0'/ 0'1/ /'2/ .'62 0'1. /'.. - - - - - - - - - - - - - - -MofYb+B8EPA7 4'4 3'00/6 - - - - - - - - - - - - - - - - - - -PlqVi AbXq ql PlqVi Bnrfqv /25'/ /11'.1 /4.'06 /24'-6 /66'12 0/-'53 - - - - - - - - - - - - - - -PlqVi AbXq ql PlqVi 7ppbqp /0'4 //'53 /2'64 /2'04 0-'0. /4'22 - - - - - - - - - - - - - - -OVibp Mbo Bjmilvbb 234..3'. 3-//2.'36 2/0//2'-6 22-.1-'2 4-14.5 33/552'61 - - - - - - - - - - - - - - -9roobkq NVqfl .'1 .'11 - - - - - - - - - - - - - - - - - - -BR+P./G OVibp /'1 /'2-/ - - - - - - - - - - - - - - - - - - -BR+P./G B8EPA7 .0'4 ./'010. - - - - - - - - - - - - - - - - - - -Ibq AbXq ql B8EPA7 .'4 /'./ - - - - - - - - - - - - - - - - - - -

Dolpp GVodfk 2-'/ 21'2 22'11 23'6/ 23'32 2/'.0 - - - - - - - - - - - - - - -LmboVqfkd GVodfk .1'5 .4'22 .5'04 ..'/ .0'-. .5'23 - - - - - - - - - - - - - - -Molcfq GVodfk 4'2 .0'66 .1'-. 6'25 6'.1 .2'02 - - - - - - - - - - - - - - -B8EPA7 GVodfk .4'5 /-'/4 /-'30 .3'42 /5'5/ 0/'.6 - - - - - - - - - - - - - - -Nbqrok lk 7ppbqp 2'5 5'52 4'12 4'13 5'24 6'11 - - - - - - - - - - - - - - -Nbqrok lk 9ljjlk Bnrfqv .6'. /5'5/ 02'/6 .2'20 ./'42 /2'. - - - - - - - - - - - - - - -Nbqrok lk 9VmfqVi ..'1 .1'45 ./'0. ./'3 .1'3. .4'50 - - - - - - - - - - - - - - -

FVpq MofYb 651'5 543'33 .-.4'/3 .--0'01 456'34 ./63'1. .0.0'11 .-4-'// 462'2 423'55 3/0'.6 543'31 ...3'5. .--- - - - - - - -Rlirjb 64120635'- .3/1/20566/ .243514-43- .5/1-064/1/ /21.30055-1 65.3615/11 - - - - - - - - - - - - - - -Ekabu GVohbq 9Vm 03-225'/ 01/-0/'11 1-4/34'61 0/0-25'.6 /14562'-4 1.4433'/4 - - - - - - - - - - - - - - -PlqVi GVohbq 9Vm 546-2.------'- 5.-61-'.0 55460/'36 55/215'2 4/0.06'36 ..-4224'2 - - - - - - - - - - - - - - -Cobb CilVq GVohbq 9Vm 453/63'0 4.6001'55 442263'42 5-4310'5. 34505.'2 .-063/.'05 - - - - - - - - - - - - - - -7sboVdb GVohbq 9Vm /60-.'4 /4-0.'01 - - - - - - - - - - - - - - - - - - -

FmlceoPReheou

DPmfbo APoP

CkSlib MoPobibko

Ckabt MriiPmu

PhPkSb Mdbbo

!Pnd Bhls

IPoel AkPhunen

Index Analysis - Financial Statements

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 13501320 1959.859 1088 1088 201 209 209 98.32 103.52 103.52 14.85 14.85 14.10 14.10 19.05

Euro Stoxx 50 Pr EUR 2452028 10664.43 4590 4590 751 776 776 156.20 302.50 302.50 27.26 14.57 14.08 14.08 20.74

NIKKEI 225 JPY 2217829 180.0788 230 230 23 25 25 5.19 8.07 8.07 0.29 0.23 0.18 0.18 0.14

FTSE 100 INDEX GBP 2627474 13758.85 9500 9500 1555 1649 1649 720.72 828.40 828.40 21.28 20.10 18.51 18.51 26.05

SWISS MARKET INDEX CHF 889516 10974.68 3953 3953 805 789 789 385.37 516.36 516.36 19.52 19.23 14.57 14.57 22.25

S&P/TSX COMPOSITE INDEX CAD 1687782 19171.77 7809 7809 1963 1969 1969 829.83 848.81 848.81 15.50 15.50 15.16 15.16 25.45

S&P/ASX 200 INDEX AUD 1234057 8085.91 2907 2907 634 712 712 272.01 349.86 349.86 17.43 14.82 13.55 13.55 23.51

HANG SENG INDEX HKD 1551647 2368.555 1452 1452 342 358 358 255.34 244.93 244.93 1.35 1.46 1.41 1.41 3.09

MSCI EM USD 7362430 1352.449 964 964 179 183 183 80.15 89.14 89.14 12.56 13.07 11.29 11.29 18.90

ABB LTD-REG CHF 44807 966 2290 4 0 1 6 52.66 40562 41083 42446 45070 6073 5823 1571 1571 1.48 1.37 1.48 1.68 16.14 16.12 14.86 13.09 21.64 8.17 21.54 13.08 15.99 A 08.06.2010 - -

ACTELION LTD-REG CHF 6573 42 117 0 0 0 1 5.75 1829 1799 1836 1832 465 430 140 140 0.97 2.63 2.84 3.24 20.48 26.50 18.92 16.58 -6.63 7.30 -20.00 9.24 27.15 - - - -

ADECCO SA-REG CHF 9667 86 170 2 0 0 1 9.33 21936 22095 22241 23044 1003 1031 287 287 2.90 2.82 2.96 3.46 15.88 15.88 15.13 12.92 10.81 1.85 17.16 0.39 4.88 BBB 12.10.2011 Baa3 20.10.2009

BALOISE HOLDING AG - REG CHF 4020 29 47 2 0 0 2 3.59 8212 8685 8533 8825 - - - - 1.38 1.75 9.83 10.62 49.00 49.19 8.71 8.06 -19.60 -1.64 - - - - - - -

CIE FINANCIERE RICHEMON-BR A CHF 36110 370 522 1 0 0 4 26.47 9467 9467 11005 11943 2513 2513 - - 2.95 3.01 3.60 4.02 18.36 18.72 15.31 13.74 30.60 14.71 43.82 18.26 28.34 - - - -

CLARIANT AG-REG CHF 3767 230 283 3 0 0 1 5.98 7869 8228 8324 8593 933 871 258 258 1.26 0.62 1.13 1.45 21.76 16.78 11.88 9.31 3.75 -0.99 -0.73 -1.39 12.66 BBB- 14.03.2011 Ba1 03.03.2009

CREDIT SUISSE GROUP AG-REG CHF 29880 953 1220 433 0 8 373 #VALUE! 45583 42160 25981 28790 - - - - 1.48 0.46 1.96 2.65 52.17 17.78 12.24 9.02 -16.23 -16.16 - - - A 19.12.2008 (P)A2 21.06.2012

GEBERIT AG-REG CHF 8572 11 39 0 0 0 1 8.28 1994 2011 2364 2482 568 574 600 600 10.48 10.76 11.41 12.43 21.80 21.73 20.56 18.87 -1.82 -1.93 -7.76 -1.43 30.41 A- 25.05.2010 - -

GIVAUDAN-REG CHF 8794 3 9 2 0 0 1 10.39 4180 4309 4482 4686 806 871 - - 32.95 39.09 56.10 61.54 25.99 26.09 18.11 16.50 -8.16 1.53 -13.69 4.65 20.59 - - - -

HOLCIM LTD-REG CHF 22124 155 320 15 0 3 3 38.17 22148 22377 23134 24529 4226 4263 1326 1326 0.92 1.00 3.60 4.71 71.44 71.44 19.92 15.23 -4.48 -4.83 -13.13 -8.80 20.37 BBB 22.01.2009 Baa2 09.04.2009

JULIUS BAER GROUP LTD CHF 7024 163 205 10 0 0 15 #VALUE! 2191 2155 1882 2240 - - - - 1.36 1.55 2.43 2.54 24.65 24.65 15.70 15.03 -1.19 - - - - - - - -

KUEHNE & NAGEL INTL AG-REG CHF 13709 11 119 0 0 0 1 12.96 17316 17486 19560 19676 1061 924 259 259 5.56 4.46 5.28 6.06 27.33 27.33 23.10 20.12 -4.05 2.07 -4.53 3.77 6.54 - - - -

LONZA GROUP AG-REG CHF 2803 116 53 3 0 0 0 5.59 3 K 4 K 4 K 4 K 573 - 343 343 3.17 3.10 4.44 5.24 18.12 18.18 12.64 10.71 0.48 11.01 -18.15 0.61 21.30 - - - -

NESTLE SA-REG CHF 204864 686 3172 24 0 2 9 222.57 89441 92740 98173 106542 16432 16893 - - 3.16 3.32 3.61 3.92 20.43 20.52 18.77 17.32 -5.15 -2.80 -1.51 -1.26 19.62 AA 16.08.2007 - -

NOVARTIS AG-REG CHF 166717 1573 2407 22 0 0 5 195.70 62530 61565 61056 61950 19024 17981 - - 4.04 3.80 5.64 5.88 18.47 18.63 12.45 11.95 16.75 9.98 13.14 13.83 32.48 AA- 07.04.2008 Aa2 10.07.2008

ROCHE HOLDING AG-GENUSSCHEIN CHF 164951 269 863 29 0 3 12 186.08 45410 46213 48331 50967 16893 15699 - - 11.72 10.64 14.49 16.07 19.08 19.16 14.02 12.64 -11.11 -0.10 -1.44 2.08 39.72 AA 17.09.2012 - -

SCHINDLER HOLDING-PART CERT CHF 14697 18 116 1 0 0 3 12.73 8386 8562 8886 9277 971 1005 - - 4.96 5.24 6.39 7.02 24.72 24.88 20.28 18.46 -4.34 -8.83 -17.65 1.49 12.36 - - - -

SGS SA-REG CHF 16236 2 8 1 0 0 1 16.91 5122 5448 5905 6492 1084 1113 - - 74.91 75.14 88.16 102.02 29.45 29.60 25.10 21.69 0.90 5.36 -22.50 5.86 22.59 - - - -

SIKA AG-BR CHF 5224 1 3 1 0 0 1 5.67 4865 4945 5130 5457 510 533 320 320 106.44 103.76 122.94 143.37 20.78 22.37 17.53 15.04 3.39 1.46 -18.38 -1.59 11.19 A- 02.05.2000 - -

SONOVA HOLDING AG-REG CHF 7052 23 67 0 0 0 0 7.12 1729 1729 1915 2079 391 391 219 219 3.96 3.97 5.14 5.99 28.11 28.26 21.71 18.65 0.21 9.38 -2.17 3.93 24.13 - - - -

SULZER AG-REG CHF 5023 18 34 1 0 0 0 5.38 3820 4164 4254 4520 514 546 345 345 8.72 9.00 9.64 11.07 17.39 17.52 16.24 14.14 13.22 3.98 -5.51 7.22 14.38 - - - -

SWATCH GROUP AG/THE-BR CHF 21920 30 54 0 0 0 2 20.84 7222 7748 8279 8993 1968 2140 1156 1156 25.07 28.32 29.42 32.79 15.61 15.63 15.03 13.48 11.47 8.63 11.91 10.22 29.09 - - - -

SWISS LIFE HOLDING AG-REG CHF 3956 14 32 3 0 0 5 1.47 18461 19365 18807 18654 - - - - 20.51 18.85 19.99 19.58 6.86 6.79 6.47 6.61 -3.31 -1.19 - - - BBB 03.05.2012 - -

SWISS PRIME SITE-REG CHF 4397 38 54 4 0 0 0 8.93 610 615 664 605 379 379 - - 3.90 7.51 3.91 3.93 11.50 23.74 22.11 21.95 -5.24 39.23 -0.82 21.06 66.34 - - - -

SWISS RE AG CHF 24599 141 343 22 0 2 12 31.86 29679 31251 30911 33845 - - - - 8.00 10.70 7.48 7.91 7.06 7.30 10.10 9.55 -2.58 -3.93 - - - - - - -

SWISSCOM AG-REG CHF 21128 12 52 9 0 0 0 30.67 12243 12135 12089 12034 4591 4555 1236 1236 13.83 13.40 36.99 36.28 32.42 32.42 11.75 11.97 -4.64 0.96 -1.18 2.87 40.04 A 30.06.2009 A2 27.06.2007

SYNGENTA AG-REG CHF 34562 81 91 3 0 0 2 38.98 14166 14767 15205 16137 3085 3116 - - 20.34 19.50 23.29 26.03 21.50 20.61 18.00 16.10 14.92 9.03 18.62 14.55 23.25 A 15.06.2007 - -

TRANSOCEAN LTD CHF 17144 200 #VALUE! 14 0 0 4 27.76 9761 10218 10694 11236 1978 1438 991 991 - - 3.18 4.86 - - 17.13 11.20 -3.65 21.29 -57.89 2.68 21.64 - - - -

UBS AG-REG CHF 49029 2103 3747 395 0 5 43 331.28 43647 40078 28430 31530 18646 16091 - - 1.07 0.74 1.09 1.50 18.52 18.99 12.53 9.08 -12.96 -23.15 -17.83 -31.03 45.61 A 29.11.2011 A2 21.06.2012

ZURICH INSURANCE GROUP AG CHF 37531 37 146 13 #VALUE! 3 9 47.11 56564 61722 61442 63485 - - - - 27.31 29.34 30.20 31.87 9.89 9.96 9.61 9.10 -23.36 12.50 - - - - - - -

CLARIANT AG-REG CHF 3767 230 283 3 0 0 1 5.98 7869 8228 8324 8593 933 871 258 258 1.26 0.62 1.13 1.45 21.76 16.78 11.88 9.31 3.75 -0.99 -0.73 -1.39 12.66 BBB- 14.03.2011 Ba1 03.03.2009

PSP SWISS PROPERTY AG-REG CHF 4214 9 43 2 0 0 0 6.21 303 251 296 301 247 246 58 58 3.71 9.44 3.77 3.74 10.33 13.60 25.85 26.07 28.63 8.37 38.96 11.70 86.91 - - - -

SULZER AG-REG CHF #VALUE! 0 #VALUE! 1 0 0 0 #VALUE! 3820 4164 4254 4520 514 546 345 345 - - 9.64 11.07 - - #VALUE! #VALUE! 13.22 3.98 -5.51 7.22 14.38 - - - -

SWISS LIFE HOLDING AG-REG CHF 3956 14 32 3 0 0 5 1.47 18461 19365 18807 18654 - - - - 20.51 18.85 19.99 19.58 6.86 6.79 6.47 6.61 -3.31 -1.19 - - - BBB 03.05.2012 - -

PARTNERS GROUP HOLDING AG CHF 5499 5 25 0 0 0 0 5.40 479 513 454 538 252 267 146 146 8.27 9.03 10.47 12.39 24.36 24.81 21.01 17.75 0.36 14.82 -28.17 8.12 56.19 - - - -

GALENICA AG-REG CHF 3890 2 6 1 0 0 0 4.87 3716 3786 3695 3810 427 436 - - 36.79 39.12 40.33 42.01 16.27 16.36 15.79 15.15 1.05 7.93 -10.53 23.43 12.27 - - - -

LINDT & SPRUENGLI AG-PC CHF 7753 0 0 0 0 0 1 7.31 2657 2685 2859 3047 450 458 388 388 1151.08 1181.92 127.41 139.20 2.85 2.87 26.46 24.22 -3.75 -1.65 -0.35 2.21 18.10 - - - -

DUFRY AG-REG CHF 3499 4 27 2 0 0 0 5.07 2816 3175 3455 3789 368 443 154 154 4.47 5.07 10.43 12.28 27.06 27.23 13.16 11.17 1.12 - 5.31 18.42 13.94 - - - -

SCHINDLER HOLDING AG-REG CHF 14697 2 116 1 0 0 3 12.73 8386 8562 8886 9277 971 1005 - - 4.96 5.24 6.39 7.02 24.62 24.77 20.19 18.38 -4.34 -8.83 -17.65 1.49 12.36 - - - -

LONZA GROUP AG-REG CHF 2803 116 53 3 0 0 0 5.59 2874 3697 4094 4292 573 - 343 343 3.17 3.10 4.44 5.24 18.12 18.18 12.64 10.71 0.48 11.01 -18.15 0.61 21.30 - - - -

GAM HOLDING AG CHF 2408 25 177 0 0 0 1 #VALUE! 867 1050 593 643 - - - - -0.56 -0.34 0.90 1.13 - - 15.63 12.47 -16.90 - - - - - - - -

HELVETIA HOLDING AG-REG CHF 3083 0 9 0 0 0 1 2.29 8004 8004 7851 8107 - - - - 34.75 34.75 40.47 43.34 10.83 10.83 9.30 8.69 1.88 5.00 - - - - - - -

BARRY CALLEBAUT AG-REG CHF 4849 1 5 1 0 0 0 5.88 4863 4584 5089 5473 487 - - - 54.02 46.06 51.21 57.71 21.67 21.78 19.49 17.29 0.70 3.74 3.22 2.79 10.70 BBB- 13.12.2011 - -

PARGESA HOLDING SA-BR CHF 5754 2 85 5 0 10 2 17.14 5049 5221 6388 6514 977 1502 - - -0.82 1.84 5.15 6.30 39.17 39.40 13.96 11.42 2.39 -1.03 3.18 -6.00 20.66 - - - -

FISCHER (GEORG)-REG CHF 1636 2 4 1 0 0 0 2.19 3884 3891 3969 3986 400 383 209 209 42.00 40.57 40.05 42.43 10.42 10.42 10.56 9.97 5.92 -1.30 14.93 -4.89 11.01 - - - -

BANQUE CANTONALE VAUDOIS-REG CHF 4585 1 9 8 0 0 5 #VALUE! 1443 1438 1094 1124 - - - - 36.63 37.82 37.73 38.54 14.98 - 15.02 14.70 0.01 -5.85 - - - AA 05.12.2011 - -

OC OERLIKON CORP AG-REG CHF 3136 251 323 1 0 0 1 3.23 4465 4378 4091 4105 637 713 - - 0.73 1.06 0.85 0.89 9.79 9.80 12.13 11.61 17.23 -3.76 107.13 7.24 15.24 - - - -

LOGITECH INTERNATIONAL-REG CHF #VALUE! 0 #VALUE! 0 0 0 1 #VALUE! 2473 2460 2474 2541 154 170 42 42 - - 0.63 0.97 - - #VALUE! #VALUE! -2.11 5.83 -36.22 -12.62 6.66 - - - -

KABA HOLDING AG-REG B CHF 1498 1 4 0 0 0 0 1.49 1012 1012 1041 1074 164 164 171 171 23.65 24.13 24.18 27.02 17.48 17.48 17.44 15.61 0.26 -4.73 26.98 -3.56 17.32 - - - -

ALLREAL HOLDING AG-REG CHF 2339 1 14 2 0 0 0 4.04 269 654 296 307 185 172 204 204 7.71 9.33 7.61 8.05 16.78 21.16 20.58 19.45 -69.64 67.83 1.94 10.20 73.55 - - - -

Valuation Measures I/II

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


2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot

S&P 500 INDEX 2.18 2.18 1.99 1.82 2.18 1.34 1.34 1.29 1.24 1.34 9.58 9.58 8.72 8.00 9.58 9.39 9.39 8.72 8.09 9.39 14.10 14.10 12.64 11.33 14.10 2.09 2.09 2.33 2.52 2.09 1576.6 8.0%

Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.72 0.72 0.70 0.68 0.72 5.29 5.29 5.00 4.61 5.29 13.75 13.75 13.08 12.43 13.75 10.90 10.90 9.86 8.96 10.90 4.19 4.19 4.67 5.04 4.19 2685.8 5.1%

NIKKEI 225 1.10 1.10 1.03 0.96 1.10 0.51 0.51 0.48 0.48 0.51 6.44 6.44 5.87 5.62 6.44 7.24 7.24 6.61 6.27 7.24 14.40 14.40 12.75 10.66 14.40 2.29 2.29 2.33 2.68 2.29 9986.3 10.1%

FTSE 100 INDEX 1.62 1.62 1.50 1.40 1.62 1.00 1.00 0.96 0.95 1.00 7.32 7.32 6.71 6.23 7.32 8.34 8.34 7.69 7.28 8.34 11.42 11.42 10.31 9.50 11.42 4.02 4.02 4.31 4.61 4.02 6346.0 8.8%

SWISS MARKET INDEX 2.12 2.12 1.98 1.83 2.12 1.78 1.78 1.68 1.59 1.78 11.68 11.68 10.11 9.10 11.68 13.92 13.92 12.78 11.90 13.92 13.65 13.65 12.18 11.09 13.65 3.54 3.54 3.91 4.26 3.54 7003.9 6.1%

S&P/TSX COMPOSITE INDEX 1.75 1.75 1.62 1.49 1.75 1.62 1.62 1.50 1.45 1.62 8.84 8.84 7.91 7.21 8.84 9.74 9.74 8.49 7.93 9.74 14.87 14.87 12.99 11.80 14.87 2.93 2.93 3.06 3.24 2.93 14041.0 13.4%

S&P/ASX 200 INDEX 1.66 1.66 1.56 1.48 1.66 1.57 1.57 1.47 1.40 1.57 9.57 9.57 8.75 8.21 9.57 11.36 11.36 10.11 9.40 11.36 13.03 13.03 11.70 10.85 13.03 4.92 4.92 5.28 5.66 4.92 4664.8 6.4%

HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.84 1.84 1.70 1.57 1.84 6.60 6.60 6.13 5.83 6.60 6.62 6.62 6.02 5.55 6.62 10.90 10.90 10.09 9.13 10.90 3.56 3.56 3.80 4.16 3.56 22505.7 8.8%

MSCI EM 1.50 1.50 1.36 1.23 1.50 1.04 1.04 0.96 0.89 1.04 7.10 7.10 6.37 5.72 7.10 7.38 7.38 6.62 6.07 7.38 11.29 11.29 9.94 9.01 11.29 2.90 2.90 3.11 3.46 2.90 1131.3 12.4%

ABB LTD-REG 2.66 2.59 2.32 2.10 1.99 1.19 1.13 1.06 1.01 0.98 11.99 11.21 9.81 8.91 10.13 8.51 8.62 7.71 7.24 6.82 13.03 13.92 12.26 11.26 10.91 3.55 3.68 3.94 4.18 4.29 20.01 10.4%

ACTELION LTD-REG 3.63 3.38 3.26 2.76 2.43 3.42 3.58 3.59 3.48 3.35 25.76 13.10 10.96 10.47 8.49 24.02 11.82 11.22 10.47 8.94 17.15 17.71 15.53 13.71 11.99 1.70 1.58 1.68 1.79 2.13 51.62 9.4%

ADECCO SA-REG 2.00 1.92 1.79 1.64 1.49 0.36 0.36 0.35 0.33 0.31 12.71 12.26 10.01 9.00 8.18 9.44 9.46 8.19 7.02 6.11 13.53 14.28 12.20 10.25 8.21 2.42 3.60 4.08 4.61 5.51 51.84 8.4%

BALOISE HOLDING AG - REG 0.89 0.84 0.81 0.76 0.77 0.43 0.47 0.46 0.42 0.39 44.45 8.18 7.57 7.18 7.97 5.80 6.05 6.15 6.27 6.31 85.70 13.8%

CIE FINANCIERE RICHEMON-BR A 3.31 2.67 2.29 2.00 1.74 5.90 4.94 2.50 2.32 2.20 16.78 12.35 11.03 9.87 9.47 11.39 9.02 8.31 7.57 7.20 20.30 14.42 12.95 11.63 10.99 0.98 1.27 1.48 1.70 1.85 68.62 16.5%

CLARIANT AG-REG 1.27 1.19 1.09 1.01 0.48 0.45 0.44 0.42 0.41 6.99 7.11 5.26 4.79 4.54 6.17 6.19 5.47 5.05 4.66 9.76 11.23 8.80 7.57 7.26 1.48 2.48 3.00 3.46 3.06 12.71 6.6%

CREDIT SUISSE GROUP AG-REG 0.74 0.77 0.75 0.70 0.56 1.04 1.15 1.04 0.98 0.95 7.34 16.99 7.04 6.12 8.98 11.56 8.53 7.67 8.63 3.35 3.36 3.77 4.23 3.89 21.05 -0.7%

GEBERIT AG-REG 5.50 5.62 5.06 4.67 3.90 3.63 3.45 3.29 3.17 16.84 15.25 14.63 13.72 13.56 14.47 13.82 12.86 12.06 11.46 20.89 19.35 17.76 16.51 15.16 2.91 3.20 3.44 3.66 3.82 202.00 -2.3%

GIVAUDAN-REG 2.36 2.23 2.14 2.06 2.11 1.96 1.88 1.79 1.78 13.39 11.29 10.31 9.61 9.37 13.14 11.32 10.39 9.70 9.75 19.80 16.98 15.48 14.24 15.09 2.47 3.03 3.51 3.99 4.55 903.00 1.2%

HOLCIM LTD-REG 1.15 1.13 1.07 1.02 0.93 1.02 0.96 0.90 0.85 0.79 7.58 6.68 5.99 5.14 4.78 9.32 8.50 7.54 6.58 5.96 25.89 18.79 14.36 10.89 9.25 2.12 1.87 2.28 2.85 3.71 61.93 -2.2%

JULIUS BAER GROUP LTD 1.53 1.45 1.43 1.37 1.34 3.71 3.73 3.14 2.71 2.38 14.35 21.90 13.79 11.43 15.02 14.72 14.09 11.55 9.79 1.90 2.13 2.24 2.75 3.16 36.38 8.6%

KUEHNE & NAGEL INTL AG-REG 5.08 5.29 4.85 4.43 4.10 0.66 0.70 0.70 0.64 0.62 15.41 16.42 14.75 12.96 445.83 12.37 13.01 11.18 10.10 10.96 20.27 21.64 18.85 16.81 15.05 2.75 3.45 3.82 4.29 4.56 114.81 7.3%

LONZA GROUP AG-REG 1.06 1.06 1.00 0.94 0.87 1.00 0.68 0.65 0.63 0.61 5.09 4.25 4.45 4.10 3.80 9.07 7.86 7.07 6.64 6.30 11.52 11.93 10.10 8.93 8.20 3.92 3.98 4.03 4.27 4.62 49.20 -0.8%

NESTLE SA-REG 3.18 3.14 2.95 2.76 2.64 2.30 2.09 1.92 1.82 1.75 15.95 14.50 13.57 12.54 11.31 13.19 12.00 10.98 10.25 9.55 19.31 17.58 16.23 15.09 13.83 3.27 3.50 3.74 3.97 4.14 62.19 4.5%

NOVARTIS AG-REG 2.12 2.10 2.01 1.89 1.69 2.85 2.91 2.87 2.77 2.68 10.31 10.06 9.74 9.03 8.32 11.20 10.78 10.49 9.87 9.41 11.07 11.66 11.19 10.10 9.33 3.93 3.95 4.16 4.48 4.95 60.05 4.1%

ROCHE HOLDING AG-GENUSSCHEIN 11.04 9.21 6.86 5.44 4.29 3.64 3.41 3.24 3.12 3.08 11.46 11.20 10.04 9.22 9.13 10.38 9.70 8.76 8.33 8.29 14.31 13.13 11.84 11.06 10.68 3.82 4.14 4.59 4.96 5.17 189.89 6.6%

SCHINDLER HOLDING-PART CERT 4.70 4.29 3.72 3.23 1.78 1.66 1.59 1.52 1.47 18.77 16.52 14.15 12.96 12.25 10.57 9.65 8.97 8.63 21.75 19.24 17.52 16.27 14.51 1.98 1.92 2.15 2.39 2.13 111.46 -3.3%

SGS SA-REG 7.08 7.01 6.45 5.80 5.70 3.20 2.75 2.50 2.28 2.23 19.34 15.92 13.59 11.95 11.68 15.33 13.50 11.61 10.10 9.62 26.59 23.54 20.34 17.53 16.14 3.31 3.48 3.56 3.96 5.32 1902.08 -2.2%

SIKA AG-BR 2.61 2.41 2.25 2.02 1.08 1.02 0.96 0.89 0.84 11.89 11.38 10.32 8.97 10.59 9.35 8.37 7.52 7.19 19.90 16.50 14.15 12.54 11.18 2.41 2.51 2.73 3.03 1918.57 1.0%

SONOVA HOLDING AG-REG 4.35 3.86 3.34 2.94 2.75 4.08 3.68 3.39 3.14 2.91 19.73 17.81 14.94 12.87 12.80 17.78 15.14 13.11 11.75 10.50 25.01 20.61 17.70 15.74 13.83 1.27 1.32 1.53 1.72 2.17 96.86 -2.5%

SULZER AG-REG 2.29 2.05 1.87 1.70 1.50 1.35 1.18 1.11 1.04 1.06 10.47 10.69 9.58 8.93 8.67 10.28 9.07 8.10 7.39 3.60 17.10 15.21 13.24 11.82 2.51 2.12 2.29 2.58 2.86 12.17 136.71 -0.4%

SWATCH GROUP AG/THE-BR 2.82 2.32 2.04 1.80 1.54 2.99 2.65 2.44 2.26 2.21 16.52 14.28 11.94 10.66 11.23 10.33 9.15 8.23 7.46 7.09 16.47 14.20 12.74 11.57 10.68 1.58 1.73 1.98 2.23 2.45 460.84 17.8%

SWISS LIFE HOLDING AG-REG 0.48 0.38 0.37 0.36 0.38 0.21 0.21 0.21 0.21 0.19 6.14 6.17 6.30 6.08 6.34 4.17 3.98 4.16 4.33 3.90 133.36 15.5%

SWISS PRIME SITE-REG 1.21 1.16 1.15 1.14 5.34 6.62 7.27 7.25 9.05 15.86 20.61 20.15 20.09 20.36 18.35 21.27 23.50 23.22 22.92 18.82 20.71 20.56 20.29 20.36 4.62 4.72 4.79 4.82 4.75 78.33 3.4%

SWISS RE AG 0.86 0.80 0.78 0.74 0.67 0.89 0.85 0.78 0.65 0.72 24.57 7.79 12.69 9.47 8.96 8.48 8.52 4.65 5.58 5.67 5.72 5.99 62.33 0.3%

SWISSCOM AG-REG 3.55 3.78 3.37 3.07 2.94 1.73 1.75 1.76 1.76 1.77 4.98 5.49 5.65 5.15 5.23 6.26 6.49 6.53 6.54 6.63 10.11 11.03 11.24 11.23 12.14 5.75 5.77 6.00 6.19 6.39 397.17 4.0%

SYNGENTA AG-REG 4.16 4.00 3.51 2.94 1.88 2.59 2.43 2.29 2.18 2.09 15.83 14.07 12.46 11.61 11.39 12.57 11.57 10.53 9.94 9.26 19.11 17.02 15.23 14.23 13.40 2.14 2.45 2.71 2.96 3.32 360.26 3.6%

TRANSOCEAN LTD 0.72 1.07 0.97 0.87 0.74 1.89 1.71 1.63 1.49 1.46 7.95 7.07 5.47 4.57 9.09 7.68 6.20 5.35 5.45 33.63 16.01 10.47 7.86 7.90 4.99 1.30 2.11 1.09 0.00 57.42 28.5%

UBS AG-REG 0.87 0.82 0.77 0.72 0.72 1.63 1.72 1.56 1.49 9.53 11.04 7.03 6.42 10.80 11.75 8.51 7.60 7.73 0.79 1.43 3.37 5.14 7.93 13.20 10.2%

ZURICH INSURANCE GROUP AG 1.17 1.20 1.14 1.06 0.93 0.61 0.65 0.63 0.61 0.56 7.93 9.64 9.00 8.53 8.09 7.40 7.20 7.08 7.14 7.42 8.40 256.44 7.5%

CLARIANT AG-REG 1.27 1.19 1.09 1.01 0.48 0.45 0.44 0.42 0.41 6.99 7.11 5.26 4.79 4.54 6.17 6.19 5.47 5.05 4.66 9.76 11.23 8.80 7.57 7.26 1.48 2.48 3.00 3.46 3.06 12.71 6.6%

PSP SWISS PROPERTY AG-REG 1.19 1.11 1.08 1.07 14.66 14.22 13.98 13.69 26.49 21.98 22.70 25.65 25.92 24.66 20.40 25.25 24.89 24.37 22.64 25.31 24.37 24.58 24.58 23.54 3.37 3.59 3.64 3.72 3.72 88.00 2.3%

SULZER AG-REG 136.71

SWISS LIFE HOLDING AG-REG 0.48 0.38 0.37 0.36 0.38 0.21 0.21 0.21 0.21 0.19 6.14 6.17 6.30 6.08 6.34 4.17 3.98 4.16 4.33 3.90 133.36 15.5%

PARTNERS GROUP HOLDING AG 9.13 7.55 6.32 5.22 14.15 12.10 10.23 8.83 7.70 22.25 17.41 16.61 13.08 22.12 19.11 15.93 13.85 11.86 22.00 19.68 16.62 14.39 2.59 3.08 3.45 3.86 189.88 -1.6%

GALENICA AG-REG 3.32 2.43 2.16 1.93 1.71 1.11 1.05 1.02 0.97 0.90 11.83 12.26 11.11 10.33 9.99 11.12 10.93 10.71 9.91 8.19 17.14 14.84 14.24 13.18 10.51 1.43 1.69 1.83 1.97 2.28 588.17 4.9%

LINDT & SPRUENGLI AG-PC 4.09 4.16 3.77 3.43 3.36 2.92 2.71 2.54 2.39 2.23 19.05 19.62 17.63 16.17 15.11 16.26 14.91 13.82 12.80 11.96 27.48 25.03 22.91 21.02 19.91 1.62 1.88 2.09 2.31 2.39 3027.78 1.4%

DUFRY AG-REG 3.85 3.17 2.60 2.14 1.74 1.23 1.01 0.92 0.85 0.78 12.06 8.90 7.89 7.24 5.45 13.13 9.51 8.44 7.69 6.85 19.57 12.44 10.56 9.28 8.02 0.07 0.00 0.17 1.23 135.67 11.7%

SCHINDLER HOLDING AG-REG 4.66 4.25 3.69 3.21 1.78 1.66 1.59 1.52 1.47 18.62 16.39 14.04 12.86 12.25 10.57 9.65 8.97 8.63 21.58 19.09 17.38 16.15 14.40 2.15 2.06 2.29 2.52 118.33 3.5%

LONZA GROUP AG-REG 1.06 1.06 1.00 0.94 0.87 1.00 0.68 0.65 0.63 0.61 5.09 4.25 4.45 4.10 3.80 9.07 7.86 7.07 6.64 6.30 11.52 11.93 10.10 8.93 8.20 3.92 3.98 4.03 4.27 4.62 49.20 -0.8%

GAM HOLDING AG 0.97 1.05 0.98 0.90 3.70 4.06 3.74 3.48 3.15 13.52 14.82 12.18 10.51 13.71 14.52 11.58 9.99 3.94 4.11 4.38 4.89 12.73 3.5%

HELVETIA HOLDING AG-REG 0.91 0.81 0.78 0.75 0.76 0.40 0.39 0.38 0.35 0.34 10.77 8.79 8.20 7.86 6.87 4.84 4.99 5.12 5.30 5.40 385.25 15.4%

BARRY CALLEBAUT AG-REG 3.14 3.29 2.92 2.58 2.23 0.98 0.95 0.89 0.83 0.78 14.01 14.58 13.90 11.84 13.70 12.21 12.63 11.60 10.53 9.63 19.08 18.32 16.25 14.18 12.27 1.64 1.69 1.96 2.26 2.39 856.25 -2.5%

PARGESA HOLDING SA-BR 0.68 0.68 0.65 0.62 0.95 0.90 0.88 0.85 11.79 17.10 13.39 11.17 44.38 40.32 34.89 30.99 13.68 13.15 10.76 9.42 4.48 4.29 4.53 4.74 69.72 9.9%

FISCHER (GEORG)-REG 1.29 1.20 1.11 1.01 0.81 0.42 0.41 0.41 0.39 0.37 5.37 5.48 5.14 4.85 3.52 5.36 5.56 5.34 4.94 4.08 9.76 9.96 9.40 8.33 6.47 3.25 3.59 3.74 4.12 4.64 438.57 17.3%

BANQUE CANTONALE VAUDOIS-REG 1.30 1.29 1.28 1.26 4.25 4.19 4.07 3.96 3.91 10.85 10.94 10.67 10.24 14.03 14.11 13.81 13.23 6.46 6.42 6.54 6.70 498.75 -0.1%

OC OERLIKON CORP AG-REG 1.72 1.65 1.44 1.29 1.07 0.73 0.77 0.76 0.74 0.70 6.06 5.93 6.34 6.08 5.90 5.38 4.83 4.92 4.71 5.10 16.71 11.38 10.89 10.15 9.85 0.00 2.81 3.31 3.49 3.80 10.63 16.9%

LOGITECH INTERNATIONAL-REG 10.29

KABA HOLDING AG-REG B 2.78 2.33 2.15 1.89 1.47 1.44 1.39 1.34 1.29 11.84 10.67 10.02 8.74 8.91 8.69 8.14 7.56 7.22 16.62 16.24 14.53 13.15 12.56 2.10 2.35 2.51 2.74 2.56 396.67 7.9%

ALLREAL HOLDING AG-REG 1.18 1.13 1.10 1.08 8.42 7.89 7.61 7.42 15.02 18.42 17.29 17.59 21.73 19.80 18.45 17.55 17.66 19.29 18.23 16.98 3.92 3.98 4.22 4.34 143.46 4.4%

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


24.09.2012

ABB Limited provides power and automation technologies. The Company operates

under segments that include power products, power systems, automation products,

process automation and robotics.

Latest Fiscal Year: 12/2011

LTM as of: 06/yy

52-Week High (03.02.2012) 19.44

52-Week Low (04.10.2011) 14.17

Daily Volume

18.13

52-Week High % Change -6.87% Dividend Yield -

52-Week Low % Change 27.92% Beta 1.26

% 52 Week Price Range High/Low 78.22% Equity Float 2'145.69

Shares Out 30.06.2012 2'314.7 Short Int -

41'966.29 1 Yr Total Return 24.29%

Total Debt 3'996.00 YTD Return 6.58%

Preferred Stock 0.0 Adjusted BETA 1.264

Minority Interest 559.0 Analyst Recs 42

Cash and Equivalents 5'767.00 Consensus Rating 3.929

Enterprise Value 49'320.52

Average Volume 5 Day 6'468'365

ABBN VX EQUITY YTD Change - Average Volume 30 Day 5'874'922

ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 6'007'317

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

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

29'183.0 34'912.0 31'795.0 31'589.0 37'990.0 35'164.0 38'478.0 39'754.5 42'212.5 9'816.9 11'171.8

2.11x 0.83x 1.18x 1.42x 1.10x 5.70x 4.40x 1.18x 1.08x 4.95x 4.26x

4'682.0 5'259.0 4'892.0 4'733.0 5'688.0 5'429.0 5'454.0 5'731.3 6'408.5 1'471.6 1'663.1

13.16x 5.48x 7.67x 9.49x 7.37x 10.79x 7.67x 8.62x 7.71x 7.94x 7.81x

3'757.0 3'118.0 2'901.0 2'561.0 3'168.0 3'022.0 2'961.0 3'186.3 3'615.0 786.4 926.0

20.67x 10.76x 15.27x 19.85x 13.65x 19.47x 12.71x 13.92x 12.26x 12.81x 12.45x

EBITDA 5'688.00 Long-Term Rating Date 08.06.2010

EBIT 4'693.00 Long-Term Rating A

Operating Margin 12.35% Long-Term Outlook STABLE

Pretax Margin 11.98% Short-Term Rating Date 08.06.2010

Return on Assets 8.34% Short-Term Rating A-1

Return on Common Equity 20.66%

Return on Capital 18.25% EBITDA/Interest Exp. 27.48

Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 22.55

Net Debt/EBITDA -0.31

Gross Margin 30.1% Total Debt/EBITDA 0.70

EBITDA Margin 15.0%

EBIT Margin 12.4% Total Debt/Equity 25.3%

Net Income Margin 8.3% Total Debt/Capital 19.7%

Asset Turnover 1.00

Current Ratio 1.44 Net Fixed Asset Turnover 8.19

Quick Ratio 0.82 Accounts receivable turnover-days 71.60

Debt to Assets 10.08% Inventory Days 72.95

Tot Debt to Common Equity 25.33% Accounts Payable Turnover Day 62.20

Accounts Receivable Turnover 5.10 Cash Conversion Cycle 82.35

Inventory Turnover 5.00

Fiscal Year Ended

ABB LtdPrice/Volume

Valuation Analysis

966'121.00

Current Price (9/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

02'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis


24.09.2012

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

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

BLACKROCK INC n/a EXCH 69'702'100 3.01 596'814 25.07.2011 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 35'317'929 1.53 (21'756) 23.08.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'221'644 1.39 1'747'520 30.06.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 30.06.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 21'612'577 0.93 33'830 31.05.2012 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 17'920'310 0.77 1'617'092 31.07.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 12'694'706 0.55 43'406 31.07.2012 Mutual Fund Manager

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 11'470'502 0.5 (5'890'673) 31.03.2012 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 10'992'476 0.47 9'759 20.09.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 10'422'395 0.45 933'884 21.09.2012 Investment Advisor

SEB FONDFORVALTNING Multiple Portfolios MF-AGG 9'363'337 0.4 308'223 31.03.2012 Mutual Fund Manager

SKAGEN AS Multiple Portfolios MF-AGG 8'957'636 0.39 - 31.08.2012 Mutual Fund Manager

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 8'292'482 0.36 15'527 31.07.2012 Mutual Fund Manager

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'499'972 0.32 7'499'972 31.08.2012 Investment Advisor

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 6'924'449 0.3 81'165 31.03.2012 Investment Advisor

CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 5'984'800 0.26 (2'470'000) 31.08.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'907'615 0.26 (525'633) 31.08.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 5'600'000 0.24 - 31.03.2012 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 4'690'000 0.2 180'000 31.03.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

JPMorgan ANDREAS WILLI underweight 1 M 20 15 month 21.09.2012

AlphaValue HEINZ STEFFEN add 4 M 20 6 month 20.09.2012

SEB Enskilda DANIEL SCHMIDT buy 5 M 20 Not Provided 17.09.2012

Independent Research GmbH MARKUS FRIEBEL hold 3 M 20 12 month 17.09.2012

S&P Capital IQ SHO MATSUBARA hold 3 M 19 12 month 15.09.2012

Berenberg Bank WILLIAM MACKIE hold 3 D 19 Not Provided 14.09.2012

Societe Generale GAEL DE BRAY hold 3 M 18 12 month 13.09.2012

RBC Capital Markets ANDREW CARTER sector perform 3 M 19 12 month 13.09.2012

Nordea Equity Research ANN-SOFIE NORDH buy 5 M 20 12 month 13.09.2012

Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 23 Not Provided 13.09.2012

Swedbank MATS LISS buy 5 M 20 12 month 13.09.2012

Exane BNP Paribas OLIVIER ESNOU outperform 5 U 21 Not Provided 13.09.2012

Helvea STEFAN GAECHTER buy 5 M 23 12 month 13.09.2012

Barclays NICK WEBSTER overweight 5 M 22 Not Provided 13.09.2012

ABG Sundal Collier ANDERS IDBORG hold 3 M 17 6 month 07.09.2012

Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 23 12 month 07.09.2012

HSBC COLIN GIBSON neutral 3 M 18 Not Provided 22.08.2012

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 22.08.2012

Deutsche Bank MARTIN WILKIE sell 1 D 15 12 month 20.08.2012

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 06.08.2012

EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 03.08.2012

Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 20 12 month 02.08.2012

Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 23 Not Provided 31.07.2012

Morgan Stanley BEN UGLOW Equalwt/In-Line 3 M 18 12 month 27.07.2012

Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 27.07.2012

CA Cheuvreux ALFRED GLASER underperform 1 M 15 Not Provided 27.07.2012

Handelsbanken HAMPUS ENGELLAU buy 5 M 21 Not Provided 27.07.2012

Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012

Natixis ARNAUD SCHMIT neutral 3 M 18 Not Provided 27.07.2012

Main First Bank AG CHRISTOPHER YOUL buy 5 M 21 12 month 27.07.2012

Carnegie KENNETH TOLL JOHANSSON hold 3 M #N/A N/A Not Provided 26.07.2012

Oddo & Cie DELPHINE BRAULT buy 5 M 21 Not Provided 26.07.2012

Kepler Capital Markets CHRISTOPH LADNER buy 5 M 21 Not Provided 26.07.2012

ING Wholesale Banking SJOERD UMMELS hold 3 M 19 12 month 26.07.2012

Danske Markets CARL GUSTAFSSON buy 5 M 20 12 month 20.07.2012

Espirito Santo Investment Bank ResearchNICHOLAS J PATON buy 5 M 20 Not Provided 16.07.2012

Redburn Partners JAMES MOORE neutral 3 D #N/A N/A Not Provided 10.07.2012

Credit Suisse SIMON SMITH not rated #N/A N/A M #N/A N/A Not Provided 02.05.2012

Canaccord Genuity Corp MARK WILSON buy 5 M 22 Not Provided 26.03.2012

DZ Bank AG KARSTEN OBLINGER buy 5 M 22 12 month 23.03.2012

Hammer Partners SA ALBERTO ROLLA buy 5 N 27 Not Provided 05.08.2010

Holdings By:

ABB Ltd ee


24.09.2012

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: 06/yy

52-Week High (14.09.2012) 48.13

52-Week Low (26.09.2011) 28.33

Daily Volume

47.19



% 52 Week Price Range High/Low 95.05% Equity Float 106.92

Shares Out 30.06.2012 130.5 Short Int -

6'156.61 1 Yr Total Return 62.80%

Total Debt 235.58 YTD Return 49.37%





Average Volume 5 Day 437'383

ATLN VX EQUITY YTD Change - Average Volume 30 Day 282'618

ATLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 411'456


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

1'292.1 1'428.9 1'698.0 1'826.3 1'713.0 1'783.3 1'684.6 1'719.5 1'715.9 429.0 431.8

4.54x 4.58x 3.32x 2.80x 1.56x 10.72x 8.28x 3.02x 3.03x - -

407.3 414.2 403.4 536.1 435.6 475.5 402.3 455.5 479.9 131.0 43.7

14.40x 15.80x 13.98x 9.53x 6.14x 8.38x 10.76x 11.82x 11.22x - -

124.6 306.1 311.3 390.6 (146.3) (125.9) 289.7 305.2 339.9 85.0 4.8

49.57x 22.93x 21.07x 15.61x 0.00x 0.00x 15.81x 17.71x 15.53x - -

EBITDA 435.64 Long-Term Rating Date -

EBIT 352.79 Long-Term Rating -

Operating Margin 20.59% Long-Term Outlook -

Pretax Margin -4.05% Short-Term Rating Date -

Return on Assets -5.18% Short-Term Rating -

Return on Common Equity -8.85%

Return on Capital - EBITDA/Interest Exp. 10.45




EBITDA Margin 25.4%


Net Income Margin -8.5% Total Debt/Capital 13.5%

Asset Turnover 0.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Actelion LtdPrice/Volume

Valuation Analysis

42'117.00


-2

.-

.2/-/20-021-122-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G'2 G.'- G.'2 G/'- G/'2 G0'- G0'2 G1'- G1'2 G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


ACTELION LTD n/a EXCH 10'416'758 7.98 (2'573'973) 24.07.2012 Other

ORBIS INVESTMENT MAN n/a EXCH 6'591'626 5.05 - 25.07.2011 Investment Advisor

ELLIOTT ADVISORS UK n/a EXCH 6'485'357 4.97 - 25.05.2011 Investment Advisor

BB BIOTECH AG n/a EXCH 6'302'980 4.83 (98'035) 12.08.2010 Investment Advisor

CLOZEL JEAN-PAUL n/a Co File 5'328'720 4.08 - 31.12.2009 n/a

TRIDENT MERGER n/a EXCH 4'083'119 3.13 - 02.05.2012 n/a

BANK OF NEW YORK MEL n/a EXCH 4'080'183 3.13 - 24.08.2011 Investment Advisor

BLACKROCK INC n/a EXCH 3'883'738 2.98 - 18.11.2011 Investment Advisor

LAZARD ASSET MANAGEM n/a EXCH 3'872'560 2.97 - 04.11.2010 Investment Advisor

MAAG RUDOLF n/a Co File 3'840'609 2.94 - 31.12.2009 n/a

BARCLAYS PLC n/a Co File 3'840'609 2.94 - 31.12.2009 Investment Advisor

MFS INVESTMENT MANAG n/a Co File 3'840'609 2.94 - 31.12.2009 Investment Advisor

CREDIT SUISSE GROUP n/a Co File 3'840'609 2.94 - 31.12.2009 Investment Advisor

NORGES BANK n/a EXCH 2'809'966 2.15 - 30.05.2011 Government


VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'421'944 1.09 (532'793) 30.06.2012 Investment Advisor


UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 966'539 0.74 6'878 31.05.2012 Investment Advisor

CAWTHORN ROBERT E n/a Co File 822'887 0.63 - 31.12.2009 n/a

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 746'812 0.57 7'742 31.07.2012 Investment Advisor


Exane BNP Paribas NICOLAS GUYON-GELLIN outperform 5 M 50 Not Provided 21.09.2012

AlphaValue FABRICE FARIGOULE reduce 2 M 48 6 month 20.09.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 18.09.2012

Nomura Code Securities SAMIR DEVANI buy 5 M 50 12 month 11.09.2012

Helvea OLAV ZILIAN buy 5 M 72 12 month 11.09.2012

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 43 12 month 15.08.2012

Credit Suisse RAVI MEHROTRA outperform 5 M 50 Not Provided 23.07.2012

Barclays MICHAEL LEUCHTEN equalweight 3 D 46 Not Provided 23.07.2012

Deutsche Bank RICHARD J PARKES buy 5 M 55 12 month 20.07.2012

JPMorgan JAMES D GORDON overweight 5 M 53 9 month 20.07.2012

Jefferies PETER WELFORD buy 5 M 53 12 month 20.07.2012

Bank Vontobel AG ANDREW C WEISS buy 5 M 62 Not Provided 20.07.2012

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 19.07.2012

Aurel - BGC PIERRE CORBY hold 3 M 38 6 month 19.07.2012

Bryan Garnier & Cie SEBASTIEN MALAFOSSE buy 5 M 43 6 month 19.07.2012

Nomura BHANU SINGHAL neutral 3 M 49 12 month 19.07.2012

S&P Capital IQ JACOB THRANE buy 5 M 49 12 month 19.07.2012

Berenberg Bank ADRIAN HOWD buy 5 M 47 Not Provided 17.07.2012

Morgan Stanley KARL BRADSHAW Equalwt/In-Line 3 M 40 12 month 02.05.2012

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

Neue Zuercher Bank LILIAN MONTERO neutral 3 M #N/A N/A Not Provided 28.03.2011

Holdings By:

Actelion Ltd ee


24.09.2012

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: 06/yy

52-Week High (14.09.2012) 49.28

52-Week Low (04.10.2011) 31.92

Daily Volume

47.84





9'054.37 1 Yr Total Return 44.47%




Cash and Equivalents 534.00 Consensus Rating 3.643



ADEN VX EQUITY YTD Change - Average Volume 30 Day 574'254

ADEN VX EQUITY YTD % CHANGE - Average Volume 3 Month 597'395


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

21'090.0 19'965.0 14'797.0 18'656.0 20'545.0 20'129.0 20'694.0 20'831.3 21'582.7 5'320.7 5'187.0

0.36x 0.24x 0.46x 0.50x 0.31x 1.83x 1.42x 0.41x 0.38x - -

1'170.0 992.0 380.0 809.0 939.0 904.0 966.0 924.0 1'068.0 269.0 270.0

6.51x 4.84x 17.88x 11.58x 6.82x 10.55x 8.14x 9.46x 8.19x - -

735.0 495.0 8.0 423.0 519.0 510.0 502.0 515.1 598.7 131.0 132.5

9.30x 8.51x 959.73x 22.41x 11.89x 16.59x 13.25x 14.28x 12.20x - -

EBITDA 939.00 Long-Term Rating Date 12.10.2011

EBIT 763.00 Long-Term Rating BBB







Net Debt/EBITDA 0.95


EBITDA Margin 4.6%



Asset Turnover 2.25



Debt to Assets 15.24% Inventory Days -

Tot Debt to Common Equity 37.45% Accounts Payable Turnover Day -

Accounts Receivable Turnover 5.66 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

Adecco SAPrice/Volume

Valuation Analysis

85'966.00


-

.-

/-

0-

1-

2-

3-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

02'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


JACOBS HOLDING n/a Co File 35'392'275 18.7 - 31.12.2011 Private Equity

HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 19'625'184 10.37 751'684 30.06.2012 Investment Advisor

ADECCO SA n/a EXCH 18'932'705 10 - 10.07.2012 n/a

AKILA FINANCE SA n/a Co File 10'163'580 5.37 - 31.12.2011 Investment Advisor

HARRIS ASSOCIATES L n/a Co File 9'660'727 5.1 - 31.12.2011 Investment Advisor

FRANKLIN RESOURCES I n/a EXCH 5'764'796 3.05 98'057 24.07.2012 Investment Advisor

MFS INVESTMENT MANAG n/a RNS-MAJ 5'693'009 3.01 19'900 27.07.2012 Investment Advisor

ARTISAN PARTNERS HOL n/a EXCH 5'595'344 2.96 - 19.04.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'361'911 1.25 384'324 31.07.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'578'547 0.83 (269) 23.08.2012 Mutual Fund Manager

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'558'120 0.82 33'510 31.07.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'521'906 0.8 71'136 30.06.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'477'757 0.78 (3'954) 31.05.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'242'861 0.66 (380'785) 30.12.2011 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 925'240 0.49 (142'823) 31.07.2012 Mutual Fund Manager

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 897'765 0.47 11'572 31.07.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 700'069 0.37 (100'000) 30.11.2011 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 676'676 0.36 209 20.09.2012 Investment Advisor

LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 639'800 0.34 150'300 30.06.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 455'696 0.24 596 31.07.2012 Mutual Fund Manager


Barclays PAUL D A SULLIVAN equalweight 3 M 50 Not Provided 24.09.2012

Berenberg Bank KONRAD ZOMER buy 5 M 55 Not Provided 21.09.2012

Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 45 6 month 21.09.2012

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER buy 5 M 65 12 month 21.09.2012

Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 53 Not Provided 21.09.2012

Morgan Stanley DAVID HANCOCK Underwt/In-Line 1 M 47 12 month 20.09.2012

Jefferies KEAN MARDEN hold 3 M 49 12 month 20.09.2012

Natixis OLIVIER LEBRUN neutral 3 M 53 Not Provided 20.09.2012

Helvea CHRISTIAN BURGER neutral 3 M 49 12 month 20.09.2012

AlphaValue HEINZ STEFFEN buy 5 M 60 6 month 20.09.2012

Rabobank International DAVID TAILLEUR buy 5 M 55 12 month 19.09.2012

RBC Capital Markets ANDREW BROOKE top pick 5 M 56 12 month 12.09.2012

HSBC MATTHEW LLOYD overweight 5 M 60 Not Provided 11.09.2012

Deutsche Bank THOMAS SYKES buy 5 M 54 12 month 17.08.2012

Kepler Capital Markets MATTHIJS VAN LEIJENHORST buy 5 M 52 Not Provided 14.08.2012

Goldman Sachs CHARLES WILSON neutral/neutral 3 M 49 12 month 10.08.2012

Bank Vontobel AG MICHAEL FOETH buy 5 M 59 Not Provided 10.08.2012

Credit Suisse ANDY GROBLER outperform 5 M 48 Not Provided 09.08.2012

JPMorgan ROBERT PLANT neutral 3 M 45 6 month 09.08.2012

S&P Capital IQ CLIVE ROBERTS hold 3 M 45 12 month 09.08.2012

ING Wholesale Banking MARC ZWARTSENBURG hold 3 D 48 12 month 09.08.2012

ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 M 58 Not Provided 09.08.2012

Day by Day VALERIE GASTALDY hold 3 U #N/A N/A Not Provided 20.06.2012

EVA Dimensions TEAM COVERAGE underweight 1 M #N/A N/A Not Provided 09.05.2012

Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 D #N/A N/A Not Provided 03.02.2012

Holdings By:

Adecco SA ee


24.09.2012

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 (14.09.2012) 77.35

52-Week Low (05.06.2012) 58.30

Daily Volume

75.3





3'765.00 1 Yr Total Return 30.13%







BALN VX EQUITY YTD Change - Average Volume 30 Day 196'346

BALN VX EQUITY YTD % CHANGE - Average Volume 3 Month 185'991


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2

9'886.4 7'807.9 9'464.6 9'420.2 7'691.1 0.0 0.0 7'991.8 8'265.4 - -

0.54x 0.46x 0.34x 0.37x 0.31x #DIV/0! #DIV/0! 0.19x 0.18x - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

786.1 358.3 414.1 433.4 60.8 0.0 0.0 423.7 453.8 - -

7.36x 10.70x 9.95x 9.95x 49.68x 0.00x 0.00x 8.18x 7.57x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -


Pretax Margin 1.16% Short-Term Rating Date -

Return on Assets 0.09% Short-Term Rating -


Return on Capital 1.80% EBITDA/Interest Exp. -

Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 41.8%


Asset Turnover 0.11

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

Baloise Holding AGPrice/Volume

Valuation Analysis

28'966.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G'. G'/ G'0 G'1 G'2 G'3 G'4 G'5 G'6 G.'- G

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

-'--

.-'--

/-'--

0-'--

1-'--

2-'--

3-'--

4-'--

5-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


SIGNAL IDUNA GRUPPE n/a Co File 2'500'000 5 - 31.12.2011 n/a


CREDIT SUISSE GROUP n/a Co File 1'500'000 3 (7'938) 31.12.2011 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'457'224 2.91 7'783 23.08.2012 Mutual Fund Manager

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 864'458 1.73 (56'988) 31.05.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 645'432 1.29 19'466 31.07.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 536'496 1.07 31'490 30.06.2012 Investment Advisor


KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 357'050 0.71 12'200 31.07.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 327'424 0.65 - 31.01.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 305'153 0.61 - 30.06.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 290'114 0.58 (2'565) 31.08.2012 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 273'560 0.55 - 20.09.2012 Investment Advisor

SARASIN INVESTMENT F Multiple Portfolios MF-AGG 241'173 0.48 23'997 30.06.2012 Mutual Fund Manager

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 172'950 0.35 - 30.04.2012 Investment Advisor

ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 156'138 0.31 4'000 31.05.2012 Mutual Fund Manager

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 132'808 0.27 (5'284) 31.07.2012 Investment Advisor

IST FUND MANAGERS Multiple Portfolios MF-AGG 128'383 0.26 2'088 30.06.2012 Mutual Fund Manager

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 127'559 0.26 - 31.03.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 98'926 0.2 (12'554) 30.06.2012 Investment Advisor


Helvea DANIEL BISCHOF accumulate 4 M 86 12 month 20.09.2012

AlphaValue DIETER HEIN add 4 M 81 6 month 20.09.2012

Mediobanca SpA MARC THIELE neutral 3 N 94 Not Provided 17.09.2012

Bankhaus Metzler JOCHEN SCHMITT sell 1 D 72 12 month 17.09.2012

Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 11.09.2012

Credit Suisse RICHARD BURDEN neutral 3 M 84 Not Provided 10.09.2012


Nomura MICHAEL KLIEN reduce 2 M 90 12 month 03.09.2012

Berenberg Bank PETER ELIOT buy 5 M 105 Not Provided 31.08.2012

Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 78 Not Provided 31.08.2012

Main First Bank AG RENE LOCHER neutral 3 M 75 12 month 31.08.2012

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 83 12 month 30.08.2012

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 90 12 month 25.06.2012

HSBC DHRUV GAHLAUT neutral 3 M 72 Not Provided 28.05.2012

JPMorgan MICHAEL HUTTNER neutral 3 M 92 3 month 27.03.2012

Kepler Capital Markets FABRIZIO CROCE buy 5 M 93 Not Provided 26.03.2012

Deutsche Bank SPENCER HORGAN hold 3 U 65 12 month 22.03.2012

Holdings By:

Baloise Holding AG ee


24.09.2012

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: 01/yy

52-Week High (10.09.2012) 64.75

52-Week Low (04.10.2011) 38.92

Daily Volume

58.9





33'820.38 1 Yr Total Return 33.02%







CFR VX EQUITY YTD Change - Average Volume 30 Day 1'612'310

CFR VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'893'049


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 03/12 Q4 06/12 Q1

5'290.0 5'418.0 5'176.0 6'892.0 8'867.0 - - 10'307.0 11'185.5 1'766.5 -

3.53x 1.05x 2.82x 2.72x 2.41x - - 2.35x 2.07x - -

1'428.0 1'345.0 1'259.0 1'669.0 2'354.0 - - 2'753.6 2'988.6 - -

13.08x 4.23x 11.59x 11.22x 9.08x - - 9.02x 8.31x - -

1'565.0 1'075.0 599.0 1'090.0 1'544.0 - - 1'890.1 2'093.0 - -

20.48x 8.94x 26.38x 20.65x 16.70x - - 14.42x 12.95x - -

EBITDA 2'354.00 Long-Term Rating Date -

EBIT 2'045.00 Long-Term Rating -









EBITDA Margin 26.5%



Asset Turnover 0.83








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

370'299.00


-

.-

/-

0-

1-

2-

3-

4-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

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'-1'/--6 -0'.-'/--6 -0'-1'/-.- -0'.-'/-.- -0'-1'/-.. -0'.-'/-.. -0'-1'/-./



24.09.2012


PUBLIC INVESTMENT CO n/a EXCH 26'715'742 5.12 (5'917'694) 13.07.2011 Government

WADDELL & REED FINAN Multiple Portfolios MF-AGG 15'556'000 2.98 (1'022'800) 31.03.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'486'909 2.39 - 29.06.2012 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'171'423 1.76 (6'260) 30.06.2012 Investment Advisor


GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 6'649'307 1.27 386'889 30.06.2012 Hedge Fund Manager

JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 5'639'755 1.08 (1'461'423) 30.06.2012 Investment Advisor



BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 3'653'491 0.7 (451'439) 20.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'606'300 0.69 356'283 30.06.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 2'922'415 0.56 (57'491) 31.07.2012 Mutual Fund Manager


FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'645'497 0.32 (1'233'594) 29.02.2012 Investment Advisor


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'633'321 0.31 - 31.03.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'506'412 0.29 (86'023) 31.07.2012 Investment Advisor

MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 1'409'936 0.27 60'564 31.07.2012 Investment Advisor

RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'190'186 0.23 72'531 31.07.2012 Investment Advisor


Aurel - BGC DAVID DA MAIA hold 3 M 62 Not Provided 21.09.2012

Helvea MICHAEL HEIDER neutral 3 M 60 12 month 21.09.2012

AlphaValue VIRGINIE BLIN reduce 2 M 65 6 month 20.09.2012

Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 13.09.2012

Cantor Fitzgerald ALLEGRA PERRY sell 1 N 54 Not Provided 13.09.2012

JPMorgan MELANIE A FLOUQUET neutral 3 M 68 6 month 11.09.2012

Renaissance Capital REY WIUM hold 3 M 66 Not Provided 11.09.2012

Nomura CHRISTOPHER WALKER buy 5 M 66 12 month 07.09.2012

Oddo & Cie LEOPOLD AUTHIE buy 5 M 69 Not Provided 06.09.2012

Kepler Capital Markets JON COX buy 5 M 72 Not Provided 06.09.2012

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 68 12 month 06.09.2012

Morgan Stanley LOUISE SINGLEHURST Equalwt/In-Line 3 M 59 12 month 05.09.2012

Investec THANE DUFF buy 5 M 72 12 month 05.09.2012

Credit Suisse ROGERIO FUJIMORI neutral 3 M 64 Not Provided 05.09.2012

Raymond James MARC WILLAUME strong buy 5 M 70 Not Provided 05.09.2012

Bryan Garnier & Cie LOIC MORVAN buy 5 M 72 6 month 05.09.2012

Avior Research MATHEW MENEZES neutral 3 D 70 Not Provided 05.09.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012

Deutsche Bank FRANCESCA DI PASQUANTONIO hold 3 M 65 12 month 03.09.2012

HSBC ERWAN RAMBOURG neutral 3 M 67 Not Provided 01.09.2012

Bank Vontobel AG RENE WEBER buy 5 M 70 Not Provided 13.08.2012

Main First Bank AG MATTHIAS EIFERT neutral 3 M 64 12 month 08.08.2012

S&P Capital IQ JASON ASAEDA hold 3 M 63 12 month 07.08.2012

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 117 12 month 06.08.2012

Macquarie WYNAND VAN ZYL outperform 5 M 68 12 month 06.08.2012

ISI Group OMAR SAAD buy 5 M 70 12 month 06.08.2012

Barclays HELEN BRAND overweight 5 M 79 Not Provided 06.08.2012


BNP Paribas Cadiz Securities SHAMIL ISMAIL buy 5 U 68 12 month 18.05.2012

CA Cheuvreux THOMAS MESMIN outperform 5 M 70 Not Provided 17.05.2012

Berenberg Bank JOHN GUY Under Review #N/A N/A M #N/A N/A Not Provided 17.04.2012

Natixis JOSEPHINE CHEVALLIER neutral 3 M 52 Not Provided 08.09.2011

Holdings By:

Cie Financiere Richemont SA ee


24.09.2012

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: 06/yy

52-Week High (20.02.2012) 13.06

52-Week Low (26.09.2011) 7.23

Daily Volume

11.93





3'528.32 1 Yr Total Return 59.82%







CLN VX EQUITY YTD Change - Average Volume 30 Day 2'083'799

CLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 2'437'149


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

8'533.0 8'071.0 6'614.0 7'120.0 7'370.0 6'996.0 7'706.0 7'796.7 8'047.8 1'945.3 1'985.0

0.46x 0.36x 0.51x 0.71x 0.60x 2.93x 2.49x 0.70x 0.67x - -

775.0 746.0 470.0 880.0 874.0 889.0 816.0 905.8 1'026.2 241.5 249.5

5.07x 3.85x 7.14x 5.76x 5.10x 7.49x 5.92x 6.19x 5.47x - -

(2.0) (45.0) (206.0) 180.0 227.0 295.0 164.0 299.0 412.9 85.5 116.0

23.93x 0.00x 0.00x 23.38x 10.78x 12.33x 16.08x 11.23x 8.80x - -


EBIT 616.00 Long-Term Rating BBB-

Operating Margin 8.36% Long-Term Outlook NEG








EBITDA Margin 11.9%



Asset Turnover 0.98







Fiscal Year Ended

Clariant AGPrice/Volume

Valuation Analysis

229'775.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

.3

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G.'- G/'- G0'- G1'- G2'- G3'- G4'- G5'- G6'- G

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

/-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


HENGELER MUELLER PRT n/a EXCH 44'738'756 15.13 1'598'001 31.12.2011 n/a

NOW n/a EXCH 15'636'755 5.29 - 19.04.2012 n/a

AXA n/a Co File 15'053'731 5.09 - 31.12.2011 Investment Advisor

CLARIANT AG n/a EXCH 14'842'739 5.02 462'299 15.05.2012 n/a

UBS AG n/a EXCH 11'524'087 3.9 - 04.06.2008 Investment Advisor

STOCKHAUSEN DOLF n/a Co File 11'461'304 3.88 - 31.12.2011 n/a


TIAA CREF INVESTMENT n/a Co File 9'168'284 3.1 - 31.12.2011 Investment Advisor

AMUNDI n/a Co File 9'079'559 3.07 - 31.12.2011 Investment Advisor

FIDELITY MANAGEMENT n/a EXCH 8'923'594 3.02 (4'670'521) 22.06.2012 Investment Advisor

DIMENSIONAL FUND ADV n/a EXCH 6'848'454 2.32 (309'522) 27.07.2010 Investment Advisor

BESTINVER GESTION SG n/a EXCH 6'647'918 2.25 (4'791'034) 09.10.2009 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'262'727 2.12 1'556'578 30.03.2012 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 4'473'060 1.51 (2'157'177) 15.03.2010 Investment Advisor

ROYAL BANK OF SCOTLA n/a EXCH 4'201'692 1.42 - 02.06.2010 Investment Advisor




ATLANTIC INVESTMENT n/a Research 2'850'000 0.96 - 01.12.2010 Hedge Fund Manager


AlphaValue MARTIN SCHNEE buy 5 M 15 6 month 20.09.2012

Berenberg Bank JAIDEEP PANDYA buy 5 M 14 Not Provided 12.09.2012

Bank Vontobel AG PATRICK RAFAISZ buy 5 M 19 Not Provided 12.09.2012

Exane BNP Paribas JAMES KNIGHT neutral 3 M 13 Not Provided 11.09.2012

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 10.09.2012

JPMorgan NEIL C TYLER underweight 1 M 11 15 month 06.09.2012

ING Wholesale Banking FILIP DE PAUW sell 1 D 10 12 month 03.09.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 27.08.2012

Kepler Capital Markets MARKUS MAYER buy 5 M 18 Not Provided 21.08.2012

CA Cheuvreux OLIVER GIRAKHOU underperform 1 M 10 Not Provided 20.08.2012

Barclays GUNTHER ZECHMANN overweight 5 M 15 Not Provided 16.08.2012

Societe Generale PETER CLARK sell 1 M 10 12 month 08.08.2012

HSBC JESKO MAYER-WEGELIN neutral 3 M 12 Not Provided 30.07.2012

Credit Suisse RHIAN O'CONNOR underperform 1 M 8 Not Provided 27.07.2012

Nomura JEAN DE WATTEVILLE buy 5 M 15 12 month 27.07.2012

Main First Bank AG BERND POMREHN buy 5 M 14 12 month 27.07.2012

Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 11 12 month 26.07.2012

Deutsche Bank TIMOTHY JONES hold 3 M 11 12 month 03.07.2012

Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 9 Not Provided 18.05.2012

Macquarie JUERGEN RECK underperform 1 M 10 12 month 15.05.2012

Goldman Sachs RICHARD LOGAN Sell/Neutral 1 M 11 12 month 21.03.2012

Holdings By:

Clariant AG ee


24.09.2012

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: 06/yy

52-Week High (28.10.2011) 26.63

52-Week Low (03.08.2012) 15.97

Daily Volume

21.2





27'985.86 1 Yr Total Return 3.49%

Total Debt 405'477.00 YTD Return -0.21%


Minority Interest 7'411.0 Analyst Recs 43


Enterprise Value -


CSGN VX EQUITY YTD Change - Average Volume 30 Day 7'231'022

CSGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 7'988'455


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

93'174.0 48'697.0 51'547.0 50'345.0 42'693.0 47'242.0 39'487.0 24'334.2 26'964.9 5'808.2 6'051.5

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

7'760.0 (8'218.0) 6'724.0 5'098.0 1'953.0 3'357.0 878.0 2'650.3 4'087.8 619.0 737.3

9.18x 0.00x 9.96x 9.59x 16.11x 12.72x 40.14x 11.56x 8.53x 8.93x 8.42x

EBITDA - Long-Term Rating Date 19.12.2008

EBIT - Long-Term Rating A

Operating Margin 12.86% Long-Term Outlook NEG


Return on Assets 0.19% Short-Term Rating NR




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04

Current Ratio - Net Fixed Asset Turnover 6.13






Fiscal Year Ended

Credit Suisse Group AGPrice/Volume

Valuation Analysis

953'152.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2

.-

.2

/-

/2

0-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

02'- G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


CRESCENT HOLDING GMB n/a EXCH 78'402'457 5.94 119'125 18.07.2012 Investment Advisor

QATAR INVESTMENT AUT n/a EXCH 73'169'083 5.54 - 21.04.2011 Government

DODGE & COX n/a EXCH 64'676'730 4.9 28'750'193 23.08.2012 Investment Advisor

FRANKLIN RESOURCES I n/a EXCH 57'301'266 4.34 21'650'518 07.09.2012 Investment Advisor

HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 51'906'298 3.93 10'091'730 30.06.2012 Investment Advisor

KOOR INDUSTRIES LTD n/a Co File 37'006'666 2.8 - 31.12.2010 Holding Company

HARRIS ASSOCIATES L n/a EXCH 36'900'422 2.8 - 10.05.2012 Investment Advisor

BLACKROCK INC n/a EXCH 34'817'495 2.64 (1'339'270) 23.06.2011 Investment Advisor

CAPITAL GROUP COMPAN n/a EXCH 34'048'299 2.58 (2'100'216) 30.07.2012 Investment Advisor

MORGAN STANLEY n/a EXCH 32'818'874 2.49 12'068'962 28.06.2010 Investment Advisor

AXA n/a EXCH 32'002'938 2.42 (26'636'525) 25.08.2009 Investment Advisor

NORGES BANK n/a EXCH 27'965'044 2.12 1'395'872 31.07.2012 Government

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 22'270'225 1.69 (300'080) 30.06.2012 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'878'574 0.98 (141'100) 30.06.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 12'772'871 0.97 1'777'000 30.06.2012 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'947'958 0.53 1'616'468 30.06.2012 Investment Advisor


CREDIT SUISSE n/a EXCH 6'117'217 0.46 (30'525'273) 27.07.2012 Investment Advisor


Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 24.09.2012

Grupo Santander AURELIA FAURE hold 3 M 20 Not Provided 18.09.2012

RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 22 12 month 18.09.2012


Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 25 12 month 17.09.2012

Oddo & Cie JEAN SASSUS neutral 3 M 28 Not Provided 14.09.2012

Exane BNP Paribas DANIEL DAVIES underperform 1 M 19 Not Provided 14.09.2012

Helvea TIM DAWSON neutral 3 M 18 12 month 14.09.2012

AlphaValue DIETER HEIN reduce 2 M 20 6 month 13.09.2012

JPMorgan KIAN ABOUHOSSEIN overweight 5 M 22 3 month 04.09.2012

Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 24 12 month 04.09.2012

ING Wholesale Banking TOM VAN KEMPEN hold 3 U 18 12 month 30.08.2012

EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 27.08.2012

Deutsche Bank MATT SPICK buy 5 U 23 12 month 22.08.2012

Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 21.08.2012

Macquarie PIERS BROWN neutral 3 M 17 12 month 09.08.2012

Main First Bank AG KILIAN MAIER neutral 3 M 21 12 month 06.08.2012

Barclays JEREMY SIGEE underweight 1 M 16 Not Provided 06.08.2012

CA Cheuvreux CHRISTIAN STARK select list 5 M 24 Not Provided 02.08.2012

Natixis ANTOINE BURGARD neutral 3 M 17 Not Provided 02.08.2012

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 29 12 month 31.07.2012

Berenberg Bank JAMES CHAPPELL sell 1 M 13 Not Provided 30.07.2012

HSBC ROBERT MURPHY overweight 5 M 24 Not Provided 27.07.2012

Silvia Quandt Research CHRISTIAN MUSCHICK buy 5 U 20 18 month 26.07.2012

S&P Capital IQ FRANK BRADEN hold 3 M 22 12 month 25.07.2012

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 19 6 month 24.07.2012

Kepler Capital Markets DIRK M BECKER reduce 2 M 17 Not Provided 24.07.2012

Nomura JON PEACE neutral 3 M 24 Not Provided 24.07.2012

Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 U 18 Not Provided 20.07.2012

DZ Bank AG CHRISTOPH BAST sell 1 M 16 Not Provided 20.07.2012

Societe Generale DIRK HOFFMANN-BECKING sell 1 M 15 12 month 19.07.2012

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 22 12 month 19.07.2012

Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 19.07.2012

Bankhaus Metzler GUIDO HOYMANN sell 1 M 16 12 month 19.07.2012

Bank Vontobel AG TERESA NIELSEN hold 3 M 21 Not Provided 19.07.2012

Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 M 24 Not Provided 18.07.2012

Independent Research GmbH STEFAN BONGARDT hold 3 M 19 12 month 18.07.2012

Canaccord Genuity Corp GARETH HUNT buy 5 M 33 Not Provided 12.07.2012

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

Rochdale Securities RICHARD X BOVE SR undervalued 4 M #N/A N/A Not Provided 04.06.2012

Holdings By:

Credit Suisse Group AG ee


24.09.2012

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: 06/yy

52-Week High (21.09.2012) 209.60

52-Week Low (26.09.2011) 155.57

Daily Volume

206.8





8'028.18 1 Yr Total Return 30.78%







GEBN VX EQUITY YTD Change - Average Volume 30 Day 89'156

GEBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 89'545


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

2'082.9 2'179.0 1'931.0 1'900.0 1'867.6 1'898.2 1'883.4 2'214.4 2'324.2 - -

2.88x 1.95x 3.57x 4.23x 3.49x 15.68x 14.21x 3.44x 3.21x - -

632.0 649.1 611.0 573.7 532.0 557.4 541.9 562.3 604.5 - -

9.49x 6.56x 11.27x 14.01x 12.24x 12.87x 12.63x 13.82x 12.86x - -

463.3 466.3 397.5 406.8 384.0 406.1 389.7 410.8 440.3 - -

7.07x 9.50x 18.03x 20.95x 18.43x 19.36x 18.52x 19.35x 17.76x - -


EBIT 449.20 Long-Term Rating A-








Gross Margin - Total Debt/EBITDA 0.14

EBITDA Margin 28.5%



Asset Turnover 0.87








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

10'894.00


-

2-

.--

.2-

/--

/2-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G'/ G'1 G'3 G'5 G.'- G.'/ G.'1 G.'3 G.'5 G

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


CAPITAL GROUP COMPAN n/a EXCH 3'984'363 10.26 (136'664) 21.07.2010 Investment Advisor

BARCLAYS PLC n/a EXCH 2'095'110 5.4 - 14.03.2007 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 2'015'558 5.19 95'000 30.06.2012 Investment Advisor

CAPITAL GROUP COS n/a EXCH 1'720'160 4.43 - 11.05.2006 Investment Advisor

BLACKROCK INC n/a EXCH 1'325'201 3.41 137'680 07.09.2010 Investment Advisor

MARATHON ASSET MANAG n/a EXCH 1'195'465 3.08 - 07.07.2011 Investment Advisor

CREDIT SUISSE FUNDS n/a EXCH 1'184'109 3.05 (31'671) 11.06.2012 n/a


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 703'521 1.81 (1'879) 23.08.2012 Mutual Fund Manager

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 689'545 1.78 384'169 30.06.2012 Investment Advisor

GEBERIT AG n/a EXCH 677'548 1.75 (523'775) 27.06.2012 n/a

PICTET & CIE Multiple Portfolios MF-AGG 645'135 1.66 7'382 31.07.2012 Mutual Fund Manager

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 635'319 1.64 - 30.06.2012 Investment Advisor


BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 405'391 1.04 145'643 20.09.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 374'947 0.97 965 31.07.2012 Investment Advisor

HANSLIN RANDOLF n/a Co File 363'151 0.94 - 31.12.2011 n/a

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 318'191 0.82 (317'764) 31.07.2012 Mutual Fund Manager

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 284'186 0.73 (900) 31.07.2012 Investment Advisor

HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 230'225 0.59 (158'775) 30.06.2012 Investment Advisor


Goldman Sachs RUDOLF DREYER neutral/neutral 3 M 225 6 month 24.08.2012

Berenberg Bank MICHAEL WATTS buy 5 M 215 Not Provided 15.08.2012

Bank Vontobel AG CHRISTIAN ARNOLD hold 3 M 220 Not Provided 15.08.2012

Davy FLORENCE O'DONOGHUE neutral 3 M #N/A N/A Not Provided 15.08.2012

Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 14.08.2012

Helvea PATRICK APPENZELLER neutral 3 M 200 12 month 14.08.2012

Main First Bank AG CHRISTIAN KORTH buy 5 M 210 12 month 22.06.2012

Credit Suisse ANDRE KUKHNIN underperform 1 M 160 Not Provided 26.04.2012

CA Cheuvreux OLIVER GIRAKHOU outperform 5 M 220 Not Provided 13.03.2012


Kepler Capital Markets CHRISTOPH LADNER hold 3 M 200 Not Provided 09.03.2012

Morgan Stanley ALEJANDRA PEREDA Underwt/Attractive 1 M 176 12 month 08.03.2012

Holdings By:

Geberit AG ee


24.09.2012

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: 06/yy

52-Week High (20.07.2012) 970.00

52-Week Low (26.09.2011) 675.91

Daily Volume

892





8'236.36 1 Yr Total Return 30.02%







GIVN VX EQUITY YTD Change - Average Volume 30 Day 24'017

GIVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 24'938


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

4'132.0 4'087.0 3'959.0 4'239.0 3'915.0 0.0 2'126.0 4'198.0 4'388.6 1'091.7 991.0

2.73x 2.20x 2.31x 2.47x 2.44x #DIV/0! 0.00x 2.26x 2.10x - -

875.0 822.0 758.0 866.0 755.0 0.0 0.0 859.2 936.3 - -

12.91x 10.95x 12.04x 12.10x 12.63x 0.00x 0.00x 11.32x 10.39x - -

94.0 111.0 199.0 340.0 252.0 0.0 0.0 473.2 528.4 - -

82.28x 53.20x 32.97x 26.64x 32.30x 0.00x 0.00x 16.98x 15.48x - -











EBITDA Margin 19.3%



Asset Turnover 0.57








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

2'728.00


-

/--

1--

3--

5--

.---

./--

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'- G

'- G

'. G

'. G

'. G

'. G

'. G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


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

HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 323'356 3.5 (151'944) 30.06.2012 Investment Advisor

GIVAUDAN SA n/a EXCH 144'346 1.56 - 25.11.2011 n/a

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 134'446 1.46 653 23.08.2012 Mutual Fund Manager



CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 90'194 0.98 (10'500) 30.06.2012 Investment Advisor

HOFFMANN ANDRE SEREN n/a Co File 86'929 0.94 - 31.12.2011 n/a

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 83'658 0.91 (116) 31.03.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 80'000 0.87 (13'567) 30.06.2012 Pension Fund (ERISA)

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 68'369 0.74 507 31.05.2012 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 66'031 0.72 - 29.06.2012 Investment Advisor



PICTET & CIE Multiple Portfolios MF-AGG 42'651 0.46 310 31.07.2012 Mutual Fund Manager

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 42'596 0.46 (509) 30.11.2011 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 41'188 0.45 (14'353) 31.07.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 32'996 0.36 1'682 31.05.2012 Investment Advisor

CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 32'389 0.35 - 30.06.2012 Investment Advisor


AlphaValue MARTIN SCHNEE reduce 2 M 942 6 month 20.09.2012

Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 1'010 Not Provided 11.09.2012


Canaccord Genuity Corp ALICIA FORRY hold 3 M 975 12 month 04.09.2012

Main First Bank AG BERND POMREHN neutral 3 M 940 12 month 31.08.2012

Liberum Capital Ltd ADAM COLLINS hold 3 M 1'027 Not Provided 31.08.2012

Deutsche Bank VIRGINIE BOUCHER-FERTE sell 1 M 820 12 month 23.08.2012

Barclays GUNTHER ZECHMANN equalweight 3 M 1'009 Not Provided 16.08.2012

Berenberg Bank JAIDEEP PANDYA sell 1 D 755 Not Provided 14.08.2012

Goldman Sachs RAKESH PATEL Sell/Neutral 1 M 913 12 month 08.08.2012

CA Cheuvreux CHRISTOPH WIRTZ underperform 1 M 820 Not Provided 07.08.2012

Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 900 12 month 06.08.2012

Credit Suisse PATRICK JNGLIN neutral 3 M 900 Not Provided 06.08.2012

Zuercher Kantonalbank DANIEL BUERKI market perform 3 M #N/A N/A Not Provided 06.08.2012

Nomura JEAN DE WATTEVILLE reduce 2 M 1'015 12 month 06.08.2012

Helvea ANDREAS VON ARX neutral 3 M 915 12 month 06.08.2012

HSBC SEBASTIAN SATZ underweight 1 M 880 Not Provided 05.08.2012

JPMorgan CELINE PANNUTI overweight 5 M 1'020 15 month 03.08.2012

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 850 Not Provided 03.08.2012

Davy AIDEN O'DONNELL neutral 3 N #N/A N/A Not Provided 21.06.2012

Macquarie JUERGEN RECK neutral 3 M 880 12 month 17.04.2012

Kepler Capital Markets TEAM COVERAGE buy 5 D 980 Not Provided 27.03.2012

Holdings By:

Givaudan SA ee


24.09.2012

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: 06/yy

52-Week High (21.09.2012) 64.70

52-Week Low (26.09.2011) 42.59

Daily Volume

63.35





20'720.92 1 Yr Total Return 45.88%







HOLN VX EQUITY YTD Change - Average Volume 30 Day 754'518

HOLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 792'321


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

27'052.0 25'157.0 21'132.0 21'653.0 20'744.0 20'894.0 20'958.0 21'667.6 22'973.4 5'805.5 5'749.0

1.77x 1.32x 2.02x 1.71x 1.47x 7.04x 6.07x 1.59x 1.46x 5.96x 5.97x

6'930.0 5'333.0 4'630.0 4'513.0 3'958.0 4'068.0 3'993.0 4'215.8 4'754.9 1'242.0 1'118.5

6.92x 6.23x 9.20x 8.19x 7.69x 8.77x 8.05x 8.50x 7.54x - -

3'865.0 1'782.0 1'471.0 1'182.0 275.0 1'208.0 307.0 1'116.4 1'442.9 451.7 260.3

8.16x 8.84x 16.33x 19.15x 58.43x 16.83x 55.69x 18.79x 14.36x - -


EBIT 1'933.00 Long-Term Rating BBB









EBITDA Margin 19.1%



Asset Turnover 0.48







Fiscal Year Ended

Holcim LtdPrice/Volume

Valuation Analysis

155'474.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

4-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0'2 G

1'- G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


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 EXCH 9'685'325 2.96 (6'310'975) 20.06.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 9'633'782 2.95 (1'088'273) 30.06.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 7'265'887 2.22 - 30.06.2012 Investment Advisor




FIRST STATE INVESTME Multiple Portfolios MF-AGG 1'941'958 0.59 (15'815) 31.05.2012 Investment Advisor


TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'535'564 0.47 438'927 31.07.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'514'480 0.46 - 31.07.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'284'095 0.39 (2'701) 31.07.2012 Mutual Fund Manager

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'240'908 0.38 - 30.06.2012 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'203'247 0.37 - 20.09.2012 Investment Advisor


MORGAN STANLEY Multiple Portfolios MF-AGG 704'263 0.22 17'679 30.06.2012 Investment Advisor


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 477'632 0.15 (3'000) 29.06.2012 Investment Advisor

MANDARINE GESTION Multiple Portfolios MF-AGG 457'793 0.14 - 31.08.2012 Investment Advisor


Natixis RAFIC EL HADDAD reduce 2 M 55 Not Provided 24.09.2012

Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 61 12 month 21.09.2012

AlphaValue GAETAN DUPONT add 4 M 72 6 month 20.09.2012

Morgan Stanley YURI SEROV Equalwt/Attractive 3 M 72 12 month 19.09.2012

JPMorgan MICHAEL MORRIS overweight 5 U 70 12 month 19.09.2012

Raymond James ARNAUD PALLIEZ market perform 3 U #N/A N/A Not Provided 19.09.2012

Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 71 Not Provided 12.09.2012

Exane BNP Paribas PAUL ROGER outperform 5 M 65 Not Provided 07.09.2012

Helvea PATRICK APPENZELLER buy 5 M 75 Not Provided 07.09.2012

CA Cheuvreux NABIL AHMED outperform 5 M 68 Not Provided 06.09.2012

CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 U 66 Not Provided 06.09.2012

ING Wholesale Banking IAN OSBURN hold 3 M 58 12 month 05.09.2012

Jefferies MICHAEL F BETTS buy 5 M 76 12 month 04.09.2012

Bryan Garnier & Cie SVEN EDELFELT buy 5 M 65 6 month 31.08.2012

Davy TIM CAHILL neutral 3 U #N/A N/A Not Provided 31.08.2012

Bank Vontobel AG SERGE ROTZER hold 3 M 61 Not Provided 28.08.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 27.08.2012

Societe Generale MURIEL FELLOUS hold 3 M 60 12 month 17.08.2012

Credit Suisse HARRY GOAD neutral 3 M 51 Not Provided 17.08.2012


S&P Capital IQ SHO MATSUBARA sell 1 M 50 12 month 16.08.2012

DZ Bank AG MARC NETTELBECK sell 1 M 50 12 month 24.07.2012

Oddo & Cie VIRGINIE ROUSSEAU neutral 3 M 59 12 month 28.06.2012

Main First Bank AG CHRISTIAN KORTH neutral 3 M 58 12 month 22.06.2012

HSBC JOHN FRASER-ANDREWS overweight 5 U 71 Not Provided 21.06.2012

Berenberg Bank ROBERT MUIR buy 5 U 58 Not Provided 19.06.2012

Deutsche Bank CRISTINA GIORDANO hold 3 M 58 12 month 15.06.2012

Kepler Capital Markets JOSEP PUJAL buy 5 U 65 Not Provided 12.06.2012

Goldman Sachs WILL MORGAN Sell/Neutral 1 M 65 12 month 22.05.2012

Equita SIM SpA GIUSEPPE MAPELLI hold 3 D 63 12 month 15.05.2012

Zuercher Kantonalbank MARTIN HUESLER outperform 5 U #N/A N/A Not Provided 14.05.2012

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 03.05.2012

Societe Generale MIKE BRIDGES hold 3 M 54 12 month 30.11.2011

Holdings By:

Holcim Ltd ee


24.09.2012

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 (26.01.2012) 38.57

52-Week Low (26.09.2011) 26.68

Daily Volume

33.5





6'579.09 1 Yr Total Return 22.62%





Enterprise Value -


BAER VX EQUITY YTD Change - Average Volume 30 Day 824'807

BAER VX EQUITY YTD % CHANGE - Average Volume 3 Month 581'522


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

2'457.4 2'480.1 1'883.7 2'075.2 2'052.0 - - 1'762.9 2'097.7 - -

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

0.0 0.0 0.0 0.0 0.0 - - - - - -

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

393.7 356.9 388.7 352.0 257.9 - - 463.1 512.1 - -

0.00x 0.00x 19.35x 25.61x 28.93x - - 14.72x 14.09x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Julius Baer Group LtdPrice/Volume

Valuation Analysis

163'277.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-2

.-

.2/-/20-021-12

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

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

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



24.09.2012



DAVIS SELECTED ADVIS n/a Co File 17'480'966 8.9 - 31.12.2011 Investment Advisor


THORNBURG INVESTMENT n/a EXCH 10'575'402 5.38 2'702'769 27.04.2012 Investment Advisor


HARRIS ASSOCIATES L n/a EXCH 8'365'759 4.26 - 19.04.2012 Investment Advisor

MERRILL LYNCH & COMP n/a EXCH 7'375'149 3.76 - 10.08.2012 Investment Advisor

AXA n/a EXCH 6'128'304 3.12 (2'715'494) 24.09.2010 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5'820'646 2.96 134'607 31.07.2012 Investment Advisor


BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'787'655 1.42 (448'831) 20.09.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'471'162 1.26 (430) 23.08.2012 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'122'417 1.08 809'898 30.06.2012 Investment Advisor



MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 1'816'412 0.92 79'782 31.07.2012 Investment Advisor

BAER RAYMOND J n/a Co File 1'328'882 0.68 - 31.12.2011 n/a

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'328'285 0.68 46'332 31.05.2012 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'050'731 0.54 (7'494) 31.07.2012 Investment Advisor

BLACKROCK INSTITUTIO Multiple Portfolios MF-AGG 1'003'562 0.51 915 20.09.2012 Investment Advisor


Main First Bank AG KILIAN MAIER buy 5 M 38 12 month 24.09.2012

AlphaValue DIETER HEIN add 4 M 36 6 month 20.09.2012

Oddo & Cie JEAN SASSUS buy 5 M 45 Not Provided 14.09.2012



Morgan Stanley HUBERT LAM Equalwt/In-Line 3 M 38 12 month 23.08.2012

Goldman Sachs MARTIN LEITGEB not rated #N/A N/A M #N/A N/A Not Provided 23.08.2012

Bank Vontobel AG TERESA NIELSEN reduce 2 M 27 Not Provided 21.08.2012

Berenberg Bank ELENI PAPOULA buy 5 M 36 Not Provided 20.08.2012

Nomura JON PEACE buy 5 M 40 Not Provided 14.08.2012

ING Wholesale Banking TOM VAN KEMPEN buy 5 M 38 12 month 14.08.2012

Barclays JEREMY SIGEE equalweight 3 M 36 Not Provided 14.08.2012

Deutsche Bank MATT SPICK hold 3 D 39 12 month 13.08.2012

Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 M 35 12 month 13.08.2012

Kepler Capital Markets DIRK M BECKER hold 3 M 29 Not Provided 13.08.2012

S&P Capital IQ FRANK BRADEN hold 3 D 38 12 month 13.08.2012

CA Cheuvreux CHRISTIAN STARK select list 5 M 41 Not Provided 26.07.2012

Credit Suisse GURJIT KAMBO restricted #N/A N/A M #N/A N/A Not Provided 23.07.2012

Mediobanca SpA GIANLUCA FERRARI neutral 3 M 37 Not Provided 18.07.2012

HSBC ROBERT MURPHY neutral 3 U 35 Not Provided 18.06.2012

Zuercher Kantonalbank ANDREAS BRUN market perform 3 D #N/A N/A Not Provided 31.01.2012

Macquarie PIERS BROWN outperform 5 M 42 12 month 23.09.2011

Holdings By:

Julius Baer Group Ltd ee


24.09.2012

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: 06/yy

52-Week High (20.02.2012) 125.00

52-Week Low (27.06.2012) 93.10

Daily Volume

107





12'840.00 1 Yr Total Return 9.54%







KNIN VX EQUITY YTD Change - Average Volume 30 Day 127'596

KNIN VX EQUITY YTD % CHANGE - Average Volume 3 Month 166'853


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

17'120.0 17'992.0 14'336.0 16'858.0 16'218.0 16'739.0 16'377.0 18'320.1 18'428.8 4'422.0 4'467.7

0.71x 0.39x 0.77x 0.85x 0.73x 3.37x 2.94x 0.65x 0.63x 2.73x 2.67x

1'033.0 1'038.0 905.0 1'038.0 994.0 1'031.0 865.0 932.6 1'085.5 242.5 264.3

11.77x 6.80x 12.26x 13.75x 11.92x 14.27x 13.01x 13.01x 11.18x 11.70x 11.33x

536.0 585.0 467.0 601.0 601.0 632.0 500.0 596.6 710.0 149.8 161.3

23.90x 13.62x 25.44x 25.69x 20.93x 23.99x 23.97x 21.64x 18.85x 20.33x 19.61x











EBITDA Margin 6.1%



Asset Turnover 2.68








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

11'115.00


-

/-

1-

3-

5-

.--

./-

.1-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'. G

'/ G

'0 G

'1 G

'2 G

'3 G

'4 G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


KUEHNE KLAUS-MICHAEL n/a Co File 63'900'000 53.25 - 31.12.2010 n/a


DAVIS SELECTED ADVIS Multiple Portfolios MF-AGG 2'533'593 2.11 93'570 30.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'646'864 1.37 (674'723) 31.03.2012 Investment Advisor


CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'229'050 1.02 - 30.06.2012 Investment Advisor

KUEHNE & NAGEL INTL n/a Co File 877'480 0.73 - 31.12.2010 n/a


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 715'803 0.6 113'096 30.06.2012 Investment Advisor


PICTET & CIE Multiple Portfolios MF-AGG 610'302 0.51 942 31.07.2012 Mutual Fund Manager


SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 568'548 0.47 - 31.07.2012 Investment Advisor


FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 526'255 0.44 - 31.03.2012 Hedge Fund Manager

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 523'813 0.44 56'200 31.07.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 418'000 0.35 - 30.06.2012 Investment Advisor


DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 302'122 0.25 67'915 30.03.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 296'266 0.25 - 30.11.2011 Investment Advisor


Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 120 6 month 20.09.2012

RBC Capital Markets DAMIAN BREWER sector perform 3 M 115 12 month 20.09.2012

JPMorgan CHRISTOPHER G COMBE neutral 3 M 125 3 month 20.09.2012

Bankhaus Metzler GUIDO HOYMANN buy 5 M 137 12 month 20.09.2012

Berenberg Bank WILLIAM FOGGON buy 5 M 123 Not Provided 20.09.2012

Liberum Capital Ltd PETER HYDE hold 3 M #N/A N/A Not Provided 20.09.2012


Morgan Stanley PENNY BUTCHER Equalwt/In-Line 3 M 110 12 month 19.09.2012

Credit Suisse NEIL GLYNN outperform 5 M 120 Not Provided 19.09.2012

CA Cheuvreux BEAT KEISER underperform 1 M 103 Not Provided 18.09.2012

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 176 12 month 17.09.2012

Cantor Fitzgerald ROBIN BYDE sell 1 N 100 Not Provided 14.09.2012


Stifel Nicolaus DAVID G ROSS hold 3 M #N/A N/A Not Provided 28.08.2012

Barclays DAVID E FINTZEN underweight 1 M 105 Not Provided 16.08.2012

HSBC JULIA WINARSO underweight 1 M 96 Not Provided 30.07.2012

Macquarie ROBERT JOYNSON outperform 5 U 120 12 month 20.07.2012

Nomura MARK MCVICAR buy 5 M 120 12 month 20.07.2012

Zuercher Kantonalbank MARCO STRITTMATTER outperform 5 M #N/A N/A Not Provided 17.07.2012

Bank Vontobel AG MICHAEL FOETH hold 3 M 110 Not Provided 17.07.2012

Helvea CHRISTIAN BURGER neutral 3 M 109 12 month 17.07.2012

Equita SIM SpA GIANMARCO BONACINA hold 3 M 108 12 month 16.07.2012

Kepler Capital Markets BETTINA EDMONDSTON hold 3 M 114 Not Provided 16.07.2012

Goldman Sachs EDOUARD BALDINI neutral/neutral 3 M 105 12 month 03.07.2012

Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 127 12 month 29.06.2012

Davy STEPHEN FURLONG outperform 5 N #N/A N/A Not Provided 22.03.2012

Main First Bank AG TOBIAS SITTIG buy 5 M 135 12 month 14.12.2011

Holdings By:

Kuehne + Nagel International AG ee


24.09.2012

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 (28.10.2011) 59.49

52-Week Low (04.06.2012) 32.81

Daily Volume

49.6





2'624.84 1 Yr Total Return -0.63%



Minority Interest (1.0) Analyst Recs 17




LONN VX EQUITY YTD Change - Average Volume 30 Day 272'692

LONN VX EQUITY YTD % CHANGE - Average Volume 3 Month 319'196


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3

2'870.0 2'937.0 2'690.0 2'680.0 2'692.0 - - 3'834.5 4'020.2 - -

2.88x 2.20x 1.91x 1.91x 2.10x - - 1.32x 1.23x - -

668.0 691.0 517.0 647.0 537.0 - - 661.5 735.8 - -

12.38x 9.36x 9.91x 7.91x 10.50x - - 7.86x 7.07x - -

301.0 420.0 162.0 291.0 154.0 - - 198.8 243.3 - -

21.71x 11.07x 22.88x 13.50x 18.62x - - 11.93x 10.10x - -











EBITDA Margin 19.9%



Asset Turnover 0.46







Fiscal Year Ended

Lonza Group AGPrice/Volume

Valuation Analysis

116'459.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

.-

/-

0-

1-

2-

3-

4-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G'/ G'1 G'3 G'5 G.'- G.'/ G.'1 G.'3 G.'5 G/'- G

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


MANNING & NAPIER ADV n/a EXCH 5'282'537 9.98 (1'724'233) 01.08.2012 Investment Advisor

GRUPO PLAFIN SA n/a Co File 4'120'364 7.79 - 31.12.2010 n/a

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 3'617'951 6.84 (841'120) 31.07.2012 Investment Advisor

FRANKLIN RESOURCES I n/a EXCH 3'356'289 6.34 (1'911'647) 30.04.2012 Investment Advisor

FMR LLC n/a Co File 2'673'056 5.05 - 31.12.2010 Unclassified

HARDING LOEVNER LP n/a EXCH 2'658'885 5.02 745'936 09.07.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a Co File 2'512'994 4.75 - 31.12.2010 Investment Advisor


TIAA CREF INVESTMENT n/a EXCH 1'541'136 2.91 (129'058) 22.11.2010 Investment Advisor

THREADNEEDLE ASSET M n/a EXCH 1'525'377 2.88 - 11.06.2008 Investment Advisor


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 797'182 1.51 (13'359) 31.07.2012 Mutual Fund Manager


LONZA GROUP AG n/a Co File 442'703 0.84 - 31.12.2010 n/a

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 401'453 0.76 (17'577) 31.03.2012 Investment Advisor




PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 204'982 0.39 (103'421) 31.07.2012 Investment Advisor



AlphaValue FABRICE FARIGOULE buy 5 M 62 6 month 20.09.2012

Jefferies PETER WELFORD hold 3 M 55 12 month 18.09.2012

Helvea OLAV ZILIAN neutral 3 M 40 12 month 18.09.2012

JPMorgan RICHARD VOSSER neutral 3 M 40 9 month 10.08.2012

Goldman Sachs RICHARD LOGAN neutral/neutral 3 M 54 12 month 08.08.2012

Commerzbank Corporates & Markets STEPHAN KIPPE hold 3 M 45 6 month 01.08.2012


Credit Suisse LUISA HECTOR neutral 3 M 50 Not Provided 26.07.2012

Bank Vontobel AG CARLA BAENZIGER hold 3 M 46 Not Provided 26.07.2012

S&P Capital IQ JACOB THRANE hold 3 M 50 12 month 26.07.2012

Kempen & Co SACHIN SONI buy 5 M 55 12 month 18.07.2012

Deutsche Bank HOLGER BLUM hold 3 U 43 12 month 17.07.2012

CA Cheuvreux MARCEL BRAND outperform 5 U 50 Not Provided 22.06.2012

Main First Bank AG BERND POMREHN neutral 3 U 40 12 month 20.06.2012


Equita SIM SpA MASSIMO BONISOLI not rated #N/A N/A M #N/A N/A Not Provided 02.12.2010

Holdings By:

Lonza Group AG ee


24.09.2012

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.


LTM as of: 06/yy

52-Week High (09.08.2012) 61.80

52-Week Low (26.09.2011) 48.22

Daily Volume

59.5





191'875.59 1 Yr Total Return 26.99%







NESN VX EQUITY YTD Change - Average Volume 30 Day 4'070'338

NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'250'316


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

107'552.0 103'086.0 100'579.0 88'015.0 83'770.0 96'297.0 86'735.0 91'948.9 99'786.8 23'173.9 24'675.0

2.04x 1.64x 1.96x 2.08x 2.23x 0.00x 0.00x 2.27x 2.11x - -

18'173.0 15'533.0 16'048.0 15'611.0 15'390.0 0.0 0.0 17'378.5 18'994.6 - -

12.05x 10.89x 12.28x 11.72x 12.16x 0.00x 0.00x 12.00x 10.98x - -

10'649.0 18'039.0 10'428.0 34'233.0 9'487.0 0.0 0.0 10'800.8 11'643.7 - -

18.70x 20.80x 19.38x 21.06x 18.18x 0.00x 0.00x 17.58x 16.23x - -


EBIT 12'465.00 Long-Term Rating AA



Return on Assets 8.41% Short-Term Rating A-1+






EBITDA Margin 18.4%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nestle SAPrice/Volume

Valuation Analysis

686'082.00


-

.-

/-

0-

1-

2-

3-

4-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

.5'--

/-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


FOOD PRODUCTS HOLDIN n/a EXCH 182'846'786 5.67 - 08.01.2010 n/a


NESTLE SA n/a EXCH 111'955'165 3.47 - 22.06.2011 Corporation

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 57'090'140 1.77 2'649'550 30.06.2012 Investment Advisor




FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 27'812'792 0.86 257'657 31.07.2012 Investment Advisor



CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 16'964'580 0.53 (2'913'000) 30.06.2012 Investment Advisor


CARMIGNAC GESTION Multiple Portfolios MF-AGG 12'523'640 0.39 85'000 29.06.2012 Investment Advisor

MORGAN STANLEY INVES Multiple Portfolios MF-AGG 12'498'252 0.39 2'099'616 30.06.2012 Investment Advisor


THORNBURG INVESTMENT Multiple Portfolios MF-AGG 11'907'500 0.37 - 30.06.2012 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 10'417'282 0.32 23'200 31.08.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 10'290'645 0.32 1'065'022 31.03.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 10'069'959 0.31 (107'360) 31.07.2012 Investment Advisor


Main First Bank AG ALAIN-SEBASTIAN OBERHUBER buy 5 M 70 12 month 21.09.2012

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 49 Not Provided 20.09.2012

AlphaValue SOPHIE CABO-BROSETA reduce 2 M 61 6 month 20.09.2012

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 60 12 month 19.09.2012

Day by Day VALERIE GASTALDY buy 5 U 65 3 month 18.09.2012

Berenberg Bank JAMES TARGETT hold 3 N 64 Not Provided 17.09.2012

Espirito Santo Investment Bank ResearchMARTIN DOLAN neutral 3 M 58 Not Provided 14.09.2012

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

HSBC CEDRIC BESNARD neutral 3 D 67 Not Provided 12.09.2012

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


SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 61 12 month 04.09.2012

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 69 12 month 04.09.2012

Grupo Santander PEDRO GIL buy 5 M 66 Not Provided 03.09.2012

Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 65 12 month 29.08.2012

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 59 Not Provided 17.08.2012

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 17.08.2012

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

Societe Generale WARREN L ACKERMAN hold 3 M 59 12 month 14.08.2012

Credit Suisse ALEX MOLLOY neutral 3 M 62 Not Provided 13.08.2012

Independent Research GmbH LARS LUSEBRINK hold 3 M 62 12 month 10.08.2012

Natixis PIERRE TEGNER neutral 3 M 57 Not Provided 10.08.2012

Nomura DAVID HAYES reduce 2 M 60 Not Provided 10.08.2012

Helvea ANDREAS VON ARX neutral 3 M 61 12 month 10.08.2012

Morgan Stanley EILEEN KHOO Overwt/Attractive 5 M 68 12 month 09.08.2012

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 57 12 month 09.08.2012

Jefferies SIMON MARSHALL-LOCKYER buy 5 M 69 12 month 09.08.2012

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 09.08.2012

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 62 Not Provided 09.08.2012

Kepler Capital Markets JON COX hold 3 M 60 Not Provided 09.08.2012

S&P Capital IQ CARL SHORT hold 3 M 65 12 month 09.08.2012

ING Wholesale Banking MARCO GULPERS hold 3 M 61 12 month 09.08.2012

Exane BNP Paribas JEFF STENT outperform 5 M 64 Not Provided 09.08.2012

Barclays LIAM ROWLEY equalweight 3 M 62 Not Provided 09.08.2012

Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 08.08.2012

JPMorgan CELINE PANNUTI overweight 5 M 58 3 month 25.07.2012

Mirabaud Securities JULIAN LAKIN hold 3 M 60 12 month 25.04.2012

Deutsche Bank JAMES ISENWATER restricted #N/A N/A M #N/A N/A Not Provided 23.04.2012

CA Cheuvreux XAVIER CROQUEZ outperform 5 M 60 Not Provided 03.04.2012

Holdings By:

Nestle SA ee


24.09.2012

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: 06/yy

52-Week High (17.08.2012) 59.05

52-Week Low (25.11.2011) 47.12

Daily Volume

57.7





156'147.34 1 Yr Total Return 24.36%







NOVN VX EQUITY YTD Change - Average Volume 30 Day 3'991'094

NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 3'746'999


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

38'072.0 41'459.0 44'267.0 50'624.0 58'566.0 55'719.0 57'662.0 57'185.4 58'022.4 14'405.7 14'794.7

3.09x 2.76x 2.72x 3.08x 2.61x 11.19x 10.61x 3.10x 2.97x - -

10'121.0 11'978.0 12'318.0 15'866.0 17'818.0 17'286.0 16'841.0 17'000.4 17'464.8 - -

11.61x 9.55x 9.79x 9.81x 8.58x 9.85x 8.99x 10.78x 10.49x - -

11'946.0 8'195.0 8'400.0 9'794.0 9'113.0 9'918.0 8'650.0 12'605.5 12'499.1 3'437.7 3'032.0

19.60x 13.89x 14.73x 13.70x 14.94x 14.29x 15.65x 11.66x 11.19x 11.76x 11.70x


EBIT 12'030.00 Long-Term Rating AA-









EBITDA Margin 30.4%



Asset Turnover 0.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Novartis AGPrice/Volume

Valuation Analysis

1'573'147.00


-

.-

/-

0-

1-

2-

3-

4-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


NOVARTIS FOUNDATION n/a Co File 112'570'545 4.16 - 31.12.2011 n/a

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

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

BLACKROCK INC n/a EXCH 77'862'831 2.88 (1'265'860) 28.02.2011 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 74'444'901 2.75 3'447'000 30.06.2012 Investment Advisor







THORNBURG INVESTMENT Multiple Portfolios MF-AGG 11'076'196 0.41 (765'000) 30.06.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'194'959 0.38 6'008 30.06.2012 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 10'042'571 0.37 648'013 31.08.2012 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'797'855 0.33 (107'722) 20.09.2012 Investment Advisor

FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 6'349'693 0.23 489'654 30.06.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'874'086 0.22 (146'900) 31.08.2012 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 5'330'073 0.2 - 29.02.2012 Investment Advisor

HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 4'581'265 0.17 (178'056) 30.06.2012 Investment Advisor


Berenberg Bank ALISTAIR CAMPBELL buy 5 M 65 Not Provided 24.09.2012

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 61 6 month 24.09.2012

Exane BNP Paribas FLORENT CESPEDES outperform 5 M 64 Not Provided 24.09.2012

AlphaValue ARMELLE MOULIN buy 5 M 71 6 month 20.09.2012

Credit Suisse MATTHEW WESTON outperform 5 M 61 Not Provided 14.09.2012

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 63 12 month 12.09.2012

JPMorgan ALEXANDRA M HAUBER-SCHUELE neutral 3 M 63 15 month 07.09.2012

Helvea ODILE RUNDQUIST buy 5 M 69 12 month 06.09.2012

Barclays MARK PURCELL equalweight 3 M 58 Not Provided 06.09.2012

Kepler Capital Markets MARTIN VOEGTLI hold 3 M 59 Not Provided 03.09.2012

Aurel - BGC PIERRE CORBY sell 1 M 46 6 month 30.08.2012

Bank Vontobel AG ANDREW C WEISS reduce 2 D 50 Not Provided 27.08.2012

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 55 12 month 15.08.2012

Nomura AMIT ROY buy 5 M 65 12 month 15.08.2012

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.08.2012

Jefferies JEFFREY HOLFORD buy 5 M 62 12 month 27.07.2012


Morgan Stanley PETER VERDULT Overwt/Cautious 5 M 59 12 month 23.07.2012

Societe Generale STEPHEN MCGARRY buy 5 M 61 12 month 20.07.2012

Deutsche Bank TIM RACE buy 5 M 62 12 month 20.07.2012

Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 20.07.2012

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 12 month 20.07.2012

Natixis BEATRICE MUZARD neutral 3 M 55 Not Provided 20.07.2012

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

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 60 Not Provided 19.07.2012

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 60 12 month 19.07.2012

S&P Capital IQ SHO MATSUBARA hold 3 M 59 12 month 19.07.2012

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 25.04.2012

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

Dolmen Stockbrokers IAN G HUNTER buy 5 M 61 Not Provided 18.01.2012

Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 13.01.2012

Liberum Capital Ltd NARESH CHOUHAN buy 5 M 70 Not Provided 09.09.2011

Neue Zuercher Bank LILIAN MONTERO buy 5 U 65 Not Provided 14.03.2011

National Bank AG STEFFEN MANSKE buy 5 M 64 Not Provided 21.10.2010

MP Advisors Pvt Ltd SUBITA SRIMAL outperform 5 M 71 Not Provided 05.05.2010

CA Cheuvreux MARCEL BRAND underperform 1 M 48 Not Provided 17.07.2009

Holdings By:

Novartis AG ee


24.09.2012

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: 06/yy

52-Week High (21.09.2012) 179.20

52-Week Low (24.11.2011) 133.00

Daily Volume

178.2





154'492.67 1 Yr Total Return 36.09%







ROG VX EQUITY YTD Change - Average Volume 30 Day 967'571

ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 1'015'909


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

46'133.0 45'617.0 49'051.0 47'473.0 42'531.0 44'508.0 43'283.0 45'266.7 47'735.5 11'038.0 11'788.5

3.51x 2.93x 3.62x 2.96x 3.65x 0.00x 0.00x 3.74x 3.42x - -

17'004.0 16'541.0 17'705.0 16'038.0 15'822.0 0.0 0.0 17'975.1 19'884.9 - -

9.53x 8.09x 10.03x 8.76x 9.81x 0.00x 0.00x 9.70x 8.76x - -

9'761.0 8'969.0 7'784.0 8'666.0 9'343.0 0.0 0.0 11'461.6 12'791.1 - -

17.22x 15.58x 19.38x 13.51x 14.46x 0.00x 0.00x 13.13x 11.84x - -


EBIT 13'454.00 Long-Term Rating AA









EBITDA Margin 37.2%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Roche Holding AGPrice/Volume

Valuation Analysis

268'536.00


-/-1-3-5-

.--

./-

.1-

.3-

.5-/--

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

.'- G

/'- G

0'- G

1'- G

2'- G

3'- G

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012



FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 11'609'345 1.65 (1'936'238) 31.08.2012 Investment Advisor


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'365'917 1.48 247'102 30.06.2012 Investment Advisor


DODGE & COX Multiple Portfolios MF-AGG 7'704'200 1.1 (315'000) 30.06.2012 Investment Advisor







DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'314'923 0.47 390'942 31.08.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'261'217 0.46 (87'833) 20.09.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 2'799'474 0.4 1'906'780 31.03.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'428'453 0.35 (16'840) 31.07.2012 Investment Advisor


CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 2'014'000 0.29 (1'388'000) 30.06.2012 Investment Advisor


ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 1'956'600 0.28 34'600 31.08.2012 Investment Advisor


CM - CIC Securities(ESN) ARSENE GUEKAM buy 5 M 206 12 month 24.09.2012

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 197 12 month 21.09.2012

Exane BNP Paribas VINCENT MEUNIER outperform 5 M 195 Not Provided 21.09.2012

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 181 6 month 13.09.2012

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 186 6 month 07.09.2012

Societe Generale STEPHEN MCGARRY buy 5 M 213 12 month 06.09.2012

Natixis PHILIPPE LANONE buy 5 M 205 Not Provided 06.09.2012

S&P Capital IQ SHO MATSUBARA buy 5 U 182 Not Provided 06.09.2012

Helvea ODILE RUNDQUIST accumulate 4 M 188 12 month 06.09.2012

CA Cheuvreux MARCEL BRAND outperform 5 M 195 Not Provided 04.09.2012

Credit Suisse LUISA HECTOR outperform 5 M 180 Not Provided 03.09.2012

Kepler Capital Markets MARTIN VOEGTLI buy 5 M 190 Not Provided 03.09.2012

Barclays MARK PURCELL overweight 5 M 210 Not Provided 31.08.2012

Deutsche Bank TIM RACE buy 5 M 190 12 month 30.08.2012

JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 U 200 15 month 22.08.2012

Nomura AMIT ROY neutral 3 M 130 12 month 15.08.2012

Jefferies JEFFREY HOLFORD buy 5 M 200 12 month 13.08.2012

Day by Day VALERIE GASTALDY hold 3 U #N/A N/A Not Provided 13.08.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 08.08.2012

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 195 Not Provided 07.08.2012

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 06.08.2012

Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 30.07.2012

Bank Vontobel AG ANDREW C WEISS buy 5 M 187 Not Provided 27.07.2012

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

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 180 Not Provided 27.06.2012

Morgan Stanley PETER VERDULT Equalwt/Cautious 3 M 148 12 month 11.06.2012

Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 30.04.2012

Liberum Capital Ltd NARESH CHOUHAN buy 5 M 170 Not Provided 20.04.2012

Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 178 Not Provided 02.04.2012

Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 220 12 month 16.03.2012

DZ Bank AG ELMAR KRAUS buy 5 M 170 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


24.09.2012

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 (25.04.2012) 119.00

52-Week Low (04.10.2011) 92.25

Daily Volume

115.2





13'765.40 1 Yr Total Return 24.77%







SCHP VX EQUITY YTD Change - Average Volume 30 Day 65'410

SCHP VX EQUITY YTD % CHANGE - Average Volume 3 Month 73'015


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

13'835.0 14'027.0 8'281.0 8'187.0 7'854.0 5'985.0 7'603.0 8'322.5 8'688.7 2'074.8 2'071.0

0.61x 0.34x 0.95x 1.35x 1.39x 0.00x 0.00x 1.38x 1.28x - -

958.0 1'018.0 996.0 1'089.0 909.0 0.0 0.0 1'129.5 1'237.2 - -

8.86x 4.70x 7.86x 10.16x 11.99x 0.00x 0.00x 10.57x 9.65x - -

254.0 615.0 625.0 677.0 586.0 677.0 657.0 701.8 773.7 173.8 177.0

35.10x 9.34x 15.44x 20.11x 23.38x 19.43x 0.00x 19.24x 17.52x - -











EBITDA Margin 11.6%



Asset Turnover 1.04







Fiscal Year Ended

Schindler Holding AGPrice/Volume

Valuation Analysis

18'237.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/-

1-

3-

5-

.--

./-

.1-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'. G

'. G

'/ G

'/ G

'0 G

'0 G

'1 G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2'713'984 5.58 (332'913) 30.06.2012 Investment Advisor


FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'434'393 2.95 (7'033) 31.07.2012 Investment Advisor



WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 522'668 1.08 (7'158) 31.03.2012 Hedge Fund Manager

FIDELITY INTERNATION Multiple Portfolios MF-AGG 510'455 1.05 (806'629) 30.12.2011 Investment Advisor



RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 491'393 1.01 14'700 31.05.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 485'115 1 29'784 31.07.2012 Mutual Fund Manager

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 445'571 0.92 (9'627) 31.07.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 268'200 0.55 9'600 31.08.2012 Investment Advisor


TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 253'591 0.52 23'176 31.03.2012 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 176'160 0.36 1'780 31.03.2012 Investment Advisor


NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 163'921 0.34 - 31.08.2012 Investment Advisor


GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 146'754 0.3 10'560 31.07.2012 Investment Advisor


Goldman Sachs RUDOLF DREYER neutral/neutral 3 M 150 6 month 20.08.2012


Kepler Capital Markets CHRISTOPH LADNER hold 3 D 120 Not Provided 15.08.2012

Credit Suisse ANDRE KUKHNIN outperform 5 M 120 Not Provided 14.08.2012

Helvea VOLKAN GOCMEN neutral 3 M 99 12 month 14.08.2012

Espirito Santo Investment Bank ResearchNICHOLAS J PATON sell 1 M 95 Not Provided 16.07.2012

Main First Bank AG TOBIAS FAHRENHOLZ neutral 3 M 120 12 month 22.06.2012

Exane BNP Paribas ALEXIS DENAUD outperform 5 M 124 Not Provided 05.04.2012


Zuercher Kantonalbank MARTIN HUESLER market perform 3 D #N/A N/A Not Provided 27.10.2011

Holdings By:

Schindler Holding AG ee


24.09.2012

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 (21.09.2012) 1'990.00

52-Week Low (26.09.2011) 1'316.26

Daily Volume

1944





15'206.82 1 Yr Total Return 48.41%







SGSN VX EQUITY YTD Change - Average Volume 30 Day 8'322

SGSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 10'417


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

4'372.0 4'818.0 4'712.0 4'757.0 4'797.0 - - 5'530.8 6'080.1 - -

2.28x 1.66x 2.06x 2.46x 2.48x - - 2.83x 2.57x - -

906.0 1'024.0 1'223.0 1'286.0 1'015.0 - - 1'177.4 1'367.1 - -

10.98x 7.82x 7.93x 9.09x 11.73x - - 13.50x 11.61x - -

500.0 692.0 566.0 588.0 534.0 - - 627.0 729.7 - -

20.60x 12.08x 17.90x 20.21x 22.05x - - 23.54x 20.34x - -











EBITDA Margin 21.2%



Asset Turnover 1.10







Fiscal Year Ended

SGS SAPrice/Volume

Valuation Analysis

1'618.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2--

.---

.2--

/---

/2--

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'- G

'- G

'- G

'- G

'. G

'. G

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


EXOR GROUP SA n/a Co File 1'173'360 15 - 31.12.2011 Holding Company

FINCK AUGUST VON 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

BANK OF NEW YORK MEL n/a EXCH 252'681 3.23 (5'279) 09.01.2012 Investment Advisor

SGS INVESTMENT LTD n/a EXCH 235'364 3.01 - 29.03.2011 n/a

CAPITAL GROUP INTERN n/a EXCH 234'342 3 (40'224) 29.06.2011 Investment Advisor

SGS GROUP n/a EXCH 228'873 2.93 (30'048) 30.01.2012 n/a

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 160'407 2.05 - 30.06.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 88'899 1.14 (55) 23.08.2012 Mutual Fund Manager

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 61'935 0.79 - 30.06.2012 Investment Advisor





JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 41'142 0.53 - 29.02.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 27'712 0.35 (6'829) 30.06.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 22'819 0.29 6'555 30.03.2012 Investment Advisor

CLERICAL MEDICAL INV Multiple Portfolios MF-AGG 19'782 0.25 (597) 31.08.2012 Investment Advisor



AlphaValue HEINZ STEFFEN sell 1 M 1'591 6 month 20.09.2012

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY buy 5 M 2'050 Not Provided 19.09.2012

Jefferies WILLIAM KIRKNESS hold 3 M 2'000 12 month 14.09.2012

HSBC RAJESH KUMAR neutral 3 D 2'100 Not Provided 13.09.2012

Helvea CHRISTIAN BURGER accumulate 4 M 2'030 12 month 10.09.2012

Exane BNP Paribas LAURENT BRUNELLE neutral 3 M 1'900 Not Provided 28.08.2012


Credit Suisse DAVID RIGBY neutral 3 M 1'800 Not Provided 25.07.2012

Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 2'147 Not Provided 18.07.2012

Kepler Capital Markets BETTINA EDMONDSTON hold 3 M 1'800 Not Provided 18.07.2012

RBC Capital Markets ANDREW BROOKE underperform 1 M 1'500 12 month 17.07.2012

JPMorgan ROBERT PLANT neutral 3 M 1'900 9 month 17.07.2012

Berenberg Bank KONRAD ZOMER hold 3 M 1'740 Not Provided 17.07.2012

Natixis OLIVIER LEBRUN buy 5 U 2'070 Not Provided 11.07.2012

Morgan Stanley JESSICA R ALSFORD Underwt/In-Line 1 M 1'670 12 month 05.07.2012

S&P Capital IQ JOHNSON IMODE hold 3 M 1'800 12 month 21.06.2012

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

CA Cheuvreux BEAT KEISER select list 5 M 1'975 Not Provided 18.04.2012

Main First Bank AG MOURAD LAHMIDI neutral 3 N 1'900 12 month 13.04.2012

Goldman Sachs JOHN WOODMAN neutral/neutral 3 M 2'141 12 month 15.03.2012

Zuercher Kantonalbank DANIEL BUERKI outperform 5 U #N/A N/A Not Provided 17.01.2012

Equita SIM SpA FABIO FAZZARI not rated #N/A N/A M 1'426 Not Provided 21.05.2009

Holdings By:

SGS SA ee


24.09.2012

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: 09/yy

52-Week High (14.03.2012) 2'007.76

52-Week Low (23.11.2011) 1'495.44

Daily Volume

1900





4'892.46 1 Yr Total Return 24.68%







SIK VX EQUITY YTD Change - Average Volume 30 Day 4'102

SIK VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'267


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q1

4'573.2 4'624.5 4'154.9 4'416.0 4'556.4 0.0 1'193.3 4'804.8 5'111.1 - 1'075.0

1.23x 0.59x 1.89x 1.21x 1.05x #DIV/0! 0.00x 1.06x 0.98x - -

637.8 556.1 560.0 576.7 477.4 0.0 0.0 568.3 634.6 - -

8.85x 4.89x 14.00x 9.27x 9.99x 0.00x 0.00x 9.35x 8.37x - -

341.6 266.7 225.9 310.5 213.3 0.0 55.8 288.0 335.9 - -

15.78x 8.41x 17.74x 14.13x 17.84x 0.00x 0.00x 16.50x 14.15x - -


EBIT 348.50 Long-Term Rating A-









EBITDA Margin 10.5%



Asset Turnover 1.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sika AGPrice/Volume

Valuation Analysis

589.00


-

2--

.---

.2--

/---

/2--

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'- G

'- G

'- G

'- G

'- G

'- G

'- G

'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


SCHENKER WINKLER HOL n/a Co File 1'140'136 53 - 31.12.2011 n/a

THREADNEEDLE ASSET M n/a EXCH 129'571 6.02 - 03.11.2011 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 61'426 2.86 335 23.08.2012 Mutual Fund Manager

FIDELITY INTERNATION Multiple Portfolios MF-AGG 54'677 2.54 5'233 31.03.2012 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 22'519 1.05 566 31.07.2012 Investment Advisor


HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 21'850 1.02 (50) 30.06.2012 Investment Advisor


COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 17'279 0.8 - 31.07.2012 Investment Advisor

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 16'427 0.76 60 31.07.2012 Investment Advisor

SARASIN INVESTMENT F Multiple Portfolios MF-AGG 13'679 0.64 989 29.06.2012 Mutual Fund Manager


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'543 0.54 (750) 31.07.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11'211 0.52 (4'076) 30.06.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 10'149 0.47 - 30.06.2012 Investment Advisor

IST FUND MANAGERS Multiple Portfolios MF-AGG 8'986 0.42 10 30.06.2012 Mutual Fund Manager




CA Cheuvreux OLIVER GIRAKHOU underperform 1 M 1'720 Not Provided 17.09.2012

Bank Vontobel AG SERGE ROTZER hold 3 M 1'900 Not Provided 04.09.2012

Main First Bank AG BERND POMREHN neutral 3 M 1'850 12 month 07.08.2012

Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 30.07.2012

Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 2'800 6 month 27.07.2012

Helvea PATRICK APPENZELLER neutral 3 M 1'800 12 month 27.07.2012

Credit Suisse PATRICK LAAGER neutral 3 M 1'960 Not Provided 26.07.2012

Kepler Capital Markets CHRISTOPH LADNER buy 5 M 2'200 Not Provided 26.07.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 26.03.2012

Holdings By:

Sika AG ee


24.09.2012

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 (15.02.2012) 103.25

52-Week Low (18.10.2011) 73.84

Daily Volume

99.3





6'604.88 1 Yr Total Return 28.13%







SOON VX EQUITY YTD Change - Average Volume 30 Day 174'751

SOON VX EQUITY YTD % CHANGE - Average Volume 3 Month 143'226


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

1'204.8 1'249.2 1'500.3 1'616.7 1'619.8 - - 1'793.3 1'947.3 - -

4.75x 3.42x 5.84x 3.43x 4.16x - - 3.62x 3.22x - -

364.3 366.0 459.6 373.7 366.1 - - 440.1 508.3 - -

15.72x 11.68x 19.05x 14.82x 18.39x - - 15.14x 13.11x - -

274.5 284.8 217.2 231.0 246.8 - - 318.5 373.9 - -

22.29x 15.82x 39.46x 23.39x 27.04x - - 20.61x 17.70x - -











EBITDA Margin 22.6%



Asset Turnover 0.73







Fiscal Year Ended

Sonova Holding AGPrice/Volume

Valuation Analysis

22'769.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/-

1-

3-

5-

.--

./-


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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

-0'-1'/--6 -0'.-'/--6 -0'-1'/-.- -0'.-'/-.- -0'-1'/-.. -0'.-'/-.. -0'-1'/-./



24.09.2012


MFS INVESTMENT MANAG n/a EXCH 6'663'961 10.02 22'266 17.08.2012 Investment Advisor

DIETHELM BEDA n/a Co File 6'638'137 9.98 - 31.03.2012 n/a

RIHS ANDREAS E n/a Co File 5'604'598 8.43 - 31.03.2012 n/a

RIHS HANS-UELI n/a Co File 4'217'013 6.34 - 31.03.2012 n/a

CAPITAL GROUP COMPAN n/a EXCH 3'356'321 5.05 1'252'163 09.11.2011 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 2'660'000 4 190'000 31.03.2012 Investment Advisor

HARDING LOEVNER LP n/a EXCH 2'010'767 3.02 - 01.06.2012 Investment Advisor

LONE PINE CAPITAL LL n/a EXCH 1'940'832 2.92 - 20.09.2011 Hedge Fund Manager


BLACKROCK INVESTMENT n/a EXCH 1'825'036 2.74 (161'510) 07.12.2010 Investment Advisor

FIDELITY MANAGEMENT n/a EXCH 1'650'388 2.48 (300'078) 17.03.2011 Investment Advisor


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'110'472 1.67 - 30.06.2012 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 617'840 0.93 (2'366) 30.06.2012 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 483'884 0.73 12'159 31.07.2012 Investment Advisor




AlphaValue FABRICE FARIGOULE reduce 2 M 94 6 month 20.09.2012

Credit Suisse CHRISTOPH GRETLER outperform 5 M 120 Not Provided 06.09.2012

Helvea SIMON GOETSCHMANN neutral 3 M 81 12 month 03.09.2012

Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 100 12 month 02.09.2012

Commerzbank Corporates & Markets OLIVER METZGER hold 3 M 93 6 month 29.08.2012

HSBC JAN KEPPELER overweight 5 M 105 Not Provided 17.08.2012

Kepler Capital Markets MAJA PATAKI hold 3 M 93 Not Provided 13.08.2012


Jefferies INGEBORG OIE hold 3 M 85 12 month 30.07.2012

Exane BNP Paribas ROMAIN ZANA underperform 1 M 84 Not Provided 10.07.2012

JPMorgan DAVID J ADLINGTON overweight 5 M 98 6 month 04.07.2012

Bank Vontobel AG CARLA BAENZIGER buy 5 M 107 Not Provided 14.06.2012

Morgan Stanley MICHAEL K JUNGLING Equalwt/Attractive 3 M 92 12 month 13.06.2012

CA Cheuvreux DANIEL JELOVCAN select list 5 N 111 Not Provided 28.05.2012

Main First Bank AG STEPHAN VOLLERT neutral 3 M 89 12 month 23.05.2012

Deutsche Bank YI-DAN WANG hold 3 M 85 12 month 22.05.2012

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 22.05.2012

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


24.09.2012

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: 01/yy

52-Week High (#N/A Field Not Applicable) -

52-Week Low (#N/A Field Not Applicable) -

Daily Volume

137.3

52-Week High % Change #VALUE! Dividend Yield -

52-Week Low % Change - Beta -

% 52 Week Price Range High/Low - Equity Float 23.06


4'704.22 1 Yr Total Return -

Total Debt 767.60 YTD Return -

Preferred Stock 0.0 Adjusted BETA -




Average Volume 5 Day -

SUN VX EQUITY YTD Change - Average Volume 30 Day -

SUN VX EQUITY YTD % CHANGE - Average Volume 3 Month -


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

3'537.0 3'713.5 3'350.4 3'183.7 3'577.9 - - 3'984.3 4'233.6 - -

1.53x 0.47x 0.62x 1.34x 1.04x - - 1.22x 1.10x - -

487.1 575.3 471.2 508.0 481.8 - - 555.5 622.2 - -

11.11x 3.06x 4.38x 8.38x 7.76x - - 9.07x 8.10x - -

284.1 322.9 270.4 300.4 279.8 - - 301.3 347.7 - -

19.95x 6.26x 10.06x 15.98x 12.17x - - 15.21x 13.24x - -











EBITDA Margin 13.5%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sulzer AGPrice/Volume

Valuation Analysis

18'242.00


-

/-

1-

3-

5-

.--

./-

.1-

.3-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'. G

'/ G

'0 G

'1 G

'2 G

'3 G

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

02'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


LIWET HOLDING AG #N/A N/A EXCH 10'699'797 31.23 - 02.08.2011 Other

BLACKROCK INC #N/A N/A EXCH 1'033'718 3.02 (76'384) 04.09.2012 Investment Advisor

THREADNEEDLE ASSET M #N/A N/A EXCH 1'000'794 2.92 (27'416) 02.02.2011 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 911'378 2.66 23'821 23.08.2012 Mutual Fund Manager

SULZER LTD n/a Co File 457'863 1.34 - 31.12.2011 n/a




DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 298'669 0.87 11'319 30.03.2012 Investment Advisor


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 275'804 0.8 8'423 30.03.2012 Investment Advisor



DEUTSCHE BANK AG Multiple Portfolios MF-AGG 189'759 0.55 (840) 31.07.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 139'660 0.41 - 29.06.2012 Investment Advisor

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 133'964 0.39 8'590 31.07.2012 Investment Advisor


RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 127'005 0.37 - 30.04.2012 Investment Advisor

SARASIN INVESTMENT F Multiple Portfolios MF-AGG 116'003 0.34 (21'407) 30.06.2012 Mutual Fund Manager



Helvea VOLKAN GOCMEN neutral 3 M 111 12 month 03.09.2012

Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 165 6 month 24.08.2012


Barclays NICK WEBSTER underweight 1 M 115 Not Provided 03.08.2012

Berenberg Bank ALEXANDER VIRGO buy 5 M 146 Not Provided 02.08.2012

CA Cheuvreux OLIVER GIRAKHOU outperform 5 M 160 Not Provided 26.07.2012

Bank Vontobel AG FABIAN HAECKI buy 5 M 145 Not Provided 24.07.2012

Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 D #N/A N/A Not Provided 23.07.2012

Credit Suisse PATRICK LAAGER neutral 3 M 120 Not Provided 20.07.2012

Main First Bank AG THOMAS BAUMANN neutral 3 M #N/A N/A Not Provided 20.07.2012

Kepler Capital Markets CHRISTOPH LADNER buy 5 M 160 Not Provided 26.03.2012

Holdings By:

Sulzer AG ee


24.09.2012

Swatch Group AG manufactures watches, watch components, jewelry, miniature

batteries, LCD displays, and scoreboards. The Company produces watches under

various branded names. Swatch also operates retail boutiques.


LTM as of: 01/yy

52-Week High (14.03.2012) 439.70

52-Week Low (03.10.2011) 288.50

Daily Volume

391.2





20'530.68 1 Yr Total Return 15.65%







UHR VX EQUITY YTD Change - Average Volume 30 Day 146'115

UHR VX EQUITY YTD % CHANGE - Average Volume 3 Month 170'751


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

5'646.0 5'677.0 5'142.0 6'108.0 6'764.0 - - 7'754.1 8'422.7 - -

3.10x 1.29x 2.54x 3.33x 2.50x - - 2.34x 2.05x - -

1'437.0 1'421.0 1'123.0 1'658.0 1'843.0 - - 2'133.9 2'372.8 - -

12.18x 5.17x 11.63x 12.26x 9.17x - - 9.15x 8.23x - -

1'011.0 834.0 759.0 1'074.0 1'269.0 - - 1'483.3 1'655.2 - -

18.45x 9.25x 18.10x 20.56x 14.96x - - 14.20x 12.74x - -


EBIT 1'614.00 Long-Term Rating -









EBITDA Margin 27.2%



Asset Turnover 0.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swatch Group AG/ThePrice/Volume

Valuation Analysis

29'655.00


-2-

.--

.2-/--/2-0--02-1--12-2--

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'. G

'/ G

'0 G

'1 G

'2 G

'3 G

'4 G

'5 G

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

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

0-'--

02'--

1-'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 510'260 1.65 65'800 30.06.2012 Investment Advisor

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



CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 425'550 1.38 47'014 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 404'568 1.31 (6'085) 31.07.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 351'507 1.14 - 31.03.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 256'225 0.83 (57'319) 20.09.2012 Investment Advisor

CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 234'332 0.76 23'887 31.08.2012 Investment Advisor



WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 184'025 0.6 - 31.03.2012 Hedge Fund Manager


BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 138'956 0.45 (8'107) 31.07.2012 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 131'877 0.43 9'665 31.07.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 115'399 0.37 (80'099) 31.10.2011 Investment Advisor

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

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 100'000 0.32 - 31.08.2012 Investment Advisor


Helvea MICHAEL HEIDER accumulate 4 M 450 12 month 20.09.2012

AlphaValue VERONIQUE CABIOC'H add 4 M 475 6 month 18.09.2012

Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 13.09.2012

Cantor Fitzgerald ALLEGRA PERRY hold 3 N 400 Not Provided 13.09.2012

Credit Suisse PATRICK JNGLIN outperform 5 M 480 Not Provided 12.09.2012

Aurel - BGC DAVID DA MAIA hold 3 M 405 6 month 12.09.2012

JPMorgan MELANIE A FLOUQUET neutral 3 M 426 3 month 11.09.2012

Renaissance Capital REY WIUM hold 3 M 438 Not Provided 11.09.2012

Nomura CHRISTOPHER WALKER buy 5 M 500 1 month 07.09.2012

S&P Capital IQ WILLIAM MACK buy 5 M 450 12 month 06.09.2012


HSBC ANTOINE BELGE overweight 5 M 500 Not Provided 01.09.2012

Bank Vontobel AG RENE WEBER buy 5 M 500 Not Provided 29.08.2012

Raymond James MARC WILLAUME outperform 5 M 510 12 month 23.08.2012

Berenberg Bank JOHN GUY buy 5 M 500 Not Provided 23.08.2012

Bryan Garnier & Cie LOIC MORVAN buy 5 M 440 6 month 23.08.2012

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 691 12 month 31.07.2012

Oddo & Cie LEOPOLD AUTHIE buy 5 M 486 Not Provided 25.07.2012

ISI Group OMAR SAAD hold 3 M 430 Not Provided 25.07.2012

Main First Bank AG MATTHIAS EIFERT neutral 3 M 400 12 month 25.07.2012

Barclays HELEN BRAND equalweight 3 M 470 Not Provided 25.07.2012

Morgan Stanley LOUISE SINGLEHURST Underwt/In-Line 1 M 323 12 month 24.07.2012

Kepler Capital Markets JON COX buy 5 M 475 Not Provided 24.04.2012

CA Cheuvreux THOMAS MESMIN select list 5 M 530 Not Provided 27.03.2012


Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 440 12 month 07.02.2012

Holdings By:

Swatch Group AG/The ee


24.09.2012

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 (14.09.2012) 119.10

52-Week Low (01.06.2012) 74.35

Daily Volume

115.5





3'705.36 1 Yr Total Return 34.15%







SLHN VX EQUITY YTD Change - Average Volume 30 Day 161'616

SLHN VX EQUITY YTD % CHANGE - Average Volume 3 Month 174'220


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q1

18'971.0 15'356.0 17'816.0 17'844.0 17'291.0 0.0 0.0 17'614.3 17'471.7 - -

0.44x 0.00x 0.00x 0.00x 0.02x #DIV/0! #DIV/0! -0.08x -0.08x - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

1'345.0 350.0 278.0 557.0 605.0 0.0 0.0 596.0 584.8 - -

13.29x 0.00x 12.74x 7.74x 4.55x 0.00x 0.00x 6.17x 6.30x - -

EBITDA - Long-Term Rating Date 03.05.2012

EBIT - Long-Term Rating BBB





Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12







Fiscal Year Ended

Swiss Life Holding AGPrice/Volume

Valuation Analysis

13'501.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/-

1-

3-

5-

.--

./-

.1-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'. G

'/ G

'0 G

'1 G

'2 G

'3 G

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

-'--

-'/-

-'1-

-'3-

-'5-

.'--

.'/-

.'1-

.'3-

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


TALANX BETEILIGUNGS- n/a EXCH 2'974'688 9.27 - 22.10.2010 Insurance Company

DODGE & COX n/a Co File 1'645'000 5.13 - 31.12.2010 Investment Advisor

LETKO BROSSEAU & ASS n/a EXCH 956'604 2.98 (10'500) 15.04.2011 Investment Advisor

BLACKROCK GROUP LIMI n/a EXCH 938'775 2.93 (28'656) 14.05.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 878'207 2.74 21'182 23.08.2012 Mutual Fund Manager




LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 197'794 0.62 8'526 31.08.2012 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 196'714 0.61 26'342 30.06.2012 Investment Advisor



DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 158'553 0.49 - 31.01.2012 Investment Advisor


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 126'200 0.39 29'443 29.06.2012 Mutual Fund Manager

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 119'495 0.37 4'899 31.07.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 104'548 0.33 (24'000) 31.07.2012 Investment Advisor


IST FUND MANAGERS Multiple Portfolios MF-AGG 88'536 0.28 45'366 30.06.2012 Mutual Fund Manager

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 63'100 0.2 - 31.08.2012 Investment Advisor


Helvea DANIEL BISCHOF buy 5 M 144 12 month 21.09.2012

Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 110 12 month 18.09.2012

Mediobanca SpA MARC THIELE outperform 5 N 184 Not Provided 17.09.2012

AlphaValue DIETER HEIN buy 5 M 186 6 month 13.09.2012

Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 11.09.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.09.2012

Nomura MICHAEL KLIEN buy 5 M 190 12 month 03.09.2012

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 137 12 month 21.08.2012

Deutsche Bank SPENCER HORGAN buy 5 M 120 12 month 20.08.2012


Berenberg Bank PETER ELIOT hold 3 M 173 Not Provided 20.08.2012

Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 130 Not Provided 20.08.2012

Main First Bank AG RENE LOCHER buy 5 M 125 12 month 20.08.2012

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 105 12 month 17.08.2012

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 70 12 month 17.08.2012


Societe Generale EMMANUELLE CALES hold 3 N 102 12 month 31.05.2012

HSBC DHRUV GAHLAUT neutral 3 M 96 Not Provided 28.05.2012

Kepler Capital Markets FABRIZIO CROCE hold 3 M 133 Not Provided 26.03.2012

CA Cheuvreux FRANK KOPFINGER suspended coverage #N/A N/A M #N/A N/A Not Provided 24.01.2012

Holdings By:

Swiss Life Holding AG ee


24.09.2012

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 (#N/A Field Not Applicable) -

52-Week Low (#N/A Field Not Applicable) -

Daily Volume

75.75

52-Week High % Change #VALUE! Dividend Yield -

52-Week Low % Change - Beta -

% 52 Week Price Range High/Low - Equity Float 49.51


4'118.43 1 Yr Total Return -

Total Debt 4'162.70 YTD Return -

Preferred Stock 0.0 Adjusted BETA -




Average Volume 5 Day -

SPSN VX EQUITY YTD Change - Average Volume 30 Day -

SPSN VX EQUITY YTD % CHANGE - Average Volume 3 Month -


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 06/10 Q2 09/10 Q3

204.8 209.6 293.7 601.1 571.6 - - 621.8 566.3 - -

17.15x 15.65x 25.04x 13.01x 13.63x - - 13.35x 14.82x - -

150.1 158.8 171.5 357.9 355.2 - - 393.3 356.0 - -

23.39x 20.65x 42.87x 21.86x 21.93x - - 21.27x 23.50x - -

198.9 116.4 187.4 235.0 355.1 - - 227.7 201.3 - -

7.07x 10.26x 9.52x 16.07x 10.80x - - 20.71x 20.56x - -











EBITDA Margin 62.1%



Asset Turnover 0.07







Fiscal Year Ended

Swiss Prime Site AGPrice/Volume

Valuation Analysis

38'054.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

-'--

/-'--

1-'--

3-'--

5-'--

.--'--

./-'--

.1-'--

.3-'--

.5-'--

/--'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


CREDIT SUISSE ASSET #N/A N/A Co File 2'718'435 5 - 31.12.2011 Mutual Fund Manager

BLACKROCK INC #N/A N/A EXCH 2'707'366 4.98 (15'794) 03.09.2012 Investment Advisor

WECKEN KLAUS RUDOLF n/a EXCH 1'690'665 3.11 (627'896) 09.09.2012 n/a

FUST WALTER n/a EXCH 1'619'979 2.98 (717'875) 31.07.2012 n/a

FRANKLIN RESOURCES I #N/A N/A EXCH 1'596'908 2.94 - 04.01.2010 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'085'892 2 (45'898) 31.05.2012 Investment Advisor

SWISS FURNISHING INS n/a EXCH 861'000 1.58 - 29.09.2009 n/a


SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 641'304 1.18 - 31.08.2012 Investment Advisor

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 634'847 1.17 23 20.09.2012 Investment Advisor


STATE STREET CORP Multiple Portfolios MF-AGG 568'321 1.05 1'332 21.09.2012 Investment Advisor

JELMOLI HOLDING AG n/a EXCH 532'478 0.98 - 21.04.2010 n/a

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 504'237 0.93 20'496 31.07.2012 Investment Advisor



SCOTTISH WIDOWS INVE Multiple Portfolios MF-AGG 246'456 0.45 7'543 31.08.2012 Investment Advisor

IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 142'332 0.26 (39'499) 31.05.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 128'500 0.24 (8'500) 29.06.2012 Investment Advisor



Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 80 Not Provided 21.09.2012

Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 14.09.2012

Kempen & Co ROBERT WOERDEMAN neutral 3 U 78 12 month 13.09.2012


Edge Capital Research MARIYA PANAYOTOVA neutral 3 N 74 12 month 08.08.2011

Holdings By:

Swiss Prime Site AG ee


24.09.2012

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: 06/yy

52-Week High (14.09.2012) 63.40

52-Week Low (26.09.2011) 35.55

Daily Volume

62.15





23'039.44 1 Yr Total Return 71.40%







SREN VX EQUITY YTD Change - Average Volume 30 Day 807'889

SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 860'390


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

35'418.8 24'011.7 30'624.0 28'484.0 27'797.0 29'205.0 29'270.0 28'950.8 31'699.4 6'669.0 6'175.0

1.24x 1.03x 0.50x 1.13x 1.02x 3.70x 4.00x 1.56x 1.11x - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

3'471.5 (800.3) 467.4 863.0 2'626.0 188.0 3'555.0 2'472.5 2'635.4 766.0 710.0

6.78x 0.00x 33.44x 21.30x 6.64x 101.94x 6.04x 9.47x 8.96x 8.93x 8.43x









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 Re AGPrice/Volume

Valuation Analysis

141'400.00


-

.-

/-

0-

1-

2-

3-

4-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0'2 G

1'- G

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

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

-'--

/'--

1'--

3'--

5'--

.-'--

./'--

.1'--

.3'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


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

FRANKLIN RESOURCES I n/a EXCH 18'277'452 4.93 (341'599) 02.08.2012 Investment Advisor

DODGE & COX n/a Co File 12'639'368 3.41 - 31.12.2011 Investment Advisor


BERKSHIRE HATHAWAY I n/a Co File 11'262'000 3.04 - 31.12.2011 Investment Advisor

BLACKROCK INC n/a Co File 11'134'246 3 - 31.12.2011 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'131'837 3 541'784 30.06.2012 Investment Advisor






TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'618'592 0.44 (19'645) 31.03.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'591'669 0.43 (10'315) 31.07.2012 Mutual Fund Manager

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'545'559 0.42 (11'692) 31.07.2012 Investment Advisor

JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 1'032'768 0.28 972 31.07.2012 Investment Advisor

SARASIN INVESTMENT M Multiple Portfolios MF-AGG 1'027'973 0.28 3'243 31.07.2012 Investment Advisor

SARASIN INVESTMENT F Multiple Portfolios MF-AGG 925'573 0.25 (274'145) 30.06.2012 Mutual Fund Manager

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 772'681 0.21 (166'014) 31.07.2012 Investment Advisor



Helvea DANIEL BISCHOF neutral 3 M 67 12 month 20.09.2012

AlphaValue DIETER HEIN reduce 2 M 57 6 month 20.09.2012

Canaccord Genuity Corp BEN COHEN hold 3 M 60 12 month 14.09.2012

Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 N 45 12 month 11.09.2012

Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 11.09.2012

Silvia Quandt Research CHRISTIAN MUSCHICK neutral 3 M 63 12 month 11.09.2012

DZ Bank AG THORSTEN WENZEL sell 1 M 58 12 month 10.09.2012


Oddo & Cie NICOLAS JACOB neutral 3 M 66 Not Provided 05.09.2012


Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 62 Not Provided 29.08.2012

Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 62 12 month 15.08.2012

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 U 76 12 month 15.08.2012

Macquarie HADLEY COHEN outperform 5 M 70 12 month 14.08.2012

Societe Generale JASON KALAMBOUSSIS hold 3 M 57 12 month 10.08.2012

Nord/LB VOLKER SACK hold 3 M 58 Not Provided 10.08.2012

JPMorgan MICHAEL HUTTNER overweight 5 M 67 3 month 10.08.2012

Jefferies JAMES SHUCK buy 5 M 69 12 month 10.08.2012

CA Cheuvreux FRANK KOPFINGER outperform 5 M 70 Not Provided 10.08.2012

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 53 12 month 10.08.2012

Main First Bank AG RENE LOCHER neutral 3 D 65 12 month 10.08.2012

Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 59 Not Provided 10.08.2012

Commerzbank Corporates & Markets ROLAND PFAENDER hold 3 D 62 6 month 09.08.2012

Raymond James DANNY JACQUES underperform 1 M 63 12 month 09.08.2012

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 09.08.2012

Berenberg Bank TOM CARSTAIRS sell 1 M 60 Not Provided 09.08.2012

Bryan Garnier & Cie OLIVIER PAUCHAUT neutral 3 M 58 6 month 09.08.2012

Nomura MICHAEL KLIEN neutral 3 M 60 12 month 09.08.2012

S&P Capital IQ RODERICK WALLACE hold 3 M 60 12 month 09.08.2012

HSBC THOMAS FOSSARD neutral 3 M 67 Not Provided 06.07.2012

RBC Capital Markets GORDON AITKEN sector perform 3 M 62 12 month 03.07.2012

Credit Suisse RICHARD BURDEN underperform 1 M 57 Not Provided 03.07.2012

Barclays ANDREW BROADFIELD suspended coverage #N/A N/A M #N/A N/A Not Provided 31.05.2012


Goldman Sachs VINIT MALHOTRA Sell/Neutral 1 D 59 12 month 29.03.2012


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

Holdings By:

Swiss Re AG ee


24.09.2012

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: 06/yy

52-Week High (17.08.2012) 397.70

52-Week Low (25.11.2011) 328.10

Daily Volume

382





19'788.34 1 Yr Total Return 13.96%







SCMN VX EQUITY YTD Change - Average Volume 30 Day 77'456

SCMN VX EQUITY YTD % CHANGE - Average Volume 3 Month 90'434


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

11'089.0 12'198.0 12'001.0 11'988.0 11'467.0 11'764.0 11'366.0 11'322.8 11'271.3 2'798.4 2'893.4

3.11x 2.35x 2.53x 2.54x 2.35x 10.21x 9.77x 2.49x 2.47x 10.22x 9.68x

4'147.0 4'496.0 4'402.0 4'348.0 4'300.0 4'330.0 4'266.0 4'431.8 4'399.2 1'157.3 1'036.0

8.33x 6.37x 6.89x 7.01x 6.26x 6.84x 6.72x 6.49x 6.53x 6.47x 6.52x

2'068.0 1'756.0 1'926.0 1'813.0 683.0 1'879.0 650.0 1'794.3 1'727.3 484.8 385.3

11.07x 10.01x 10.64x 11.75x 26.98x 10.63x 30.37x 11.03x 11.24x 11.42x 11.67x


EBIT 842.00 Long-Term Rating A









EBITDA Margin 37.5%



Asset Turnover 0.57








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swisscom AGPrice/Volume

Valuation Analysis

11'816.00


-2-

.--

.2-/--/2-0--02-1--12-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G'. G'. G'/ G'/ G'0 G'0 G'1 G'1 G'2 G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


SWISS CONFEDERATION n/a Co File 29'475'281 56.9 - 31.12.2011 Government


THORNBURG INVESTMENT Multiple Portfolios MF-AGG 275'200 0.53 - 30.06.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 264'023 0.51 190'615 30.12.2011 Investment Advisor






BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 120'493 0.23 40 30.06.2012 Investment Advisor


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 103'837 0.2 3'858 31.07.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 102'453 0.2 (4'069) 21.09.2012 Investment Advisor


DANSKE INVEST A/S Multiple Portfolios MF-AGG 58'618 0.11 281 31.08.2012 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 58'238 0.11 (1'651) 31.07.2012 Mutual Fund Manager

DJE INVESTMENT SA Multiple Portfolios MF-AGG 54'253 0.1 (2'400) 29.06.2012 Mutual Fund Manager

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 53'626 0.1 247 20.09.2012 Investment Advisor

EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 51'300 0.1 1'300 31.07.2012 Hedge Fund Manager

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 45'000 0.09 16'083 31.07.2012 Mutual Fund Manager



Morgan Stanley LUIS PROTA Underwt/In-Line 1 M 450 12 month 17.09.2012

Macquarie ALEX GRANT underperform 1 M 345 12 month 17.09.2012

Main First Bank AG MARK DIETHELM neutral 3 M 380 12 month 14.09.2012

Deutsche Bank CAROLA BARDELLI hold 3 M 432 12 month 07.09.2012


Societe Generale THIERRY COTA buy 5 M 440 12 month 29.08.2012

Berenberg Bank USMAN GHAZI hold 3 M 416 Not Provided 23.08.2012

JPMorgan HANNES C WITTIG neutral 3 M 400 3 month 10.08.2012

Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 300 Not Provided 09.08.2012

Natixis JACQUES DE GRELING neutral 3 M 351 Not Provided 09.08.2012

Nomura VIKRAM KARNANY neutral 3 M 410 Not Provided 09.08.2012

S&P Capital IQ ALEXANDER WISCH hold 3 M 410 12 month 09.08.2012

Barclays MICHAEL BISHOP overweight 5 M 425 Not Provided 09.08.2012

Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 390 12 month 08.08.2012

Zuercher Kantonalbank MICHAEL INAUEN outperform 5 M #N/A N/A Not Provided 08.08.2012

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 415 Not Provided 08.08.2012

Exane BNP Paribas MICHAEL ZORKO outperform 5 M 440 Not Provided 08.08.2012

Credit Suisse JAKOB BLUESTONE underperform 1 M 355 Not Provided 13.07.2012

HSBC NICOLAS COTE-COLISSON overweight 5 M 410 Not Provided 19.06.2012


Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 14.10.2011

CA Cheuvreux PETER KURT NIELSEN underperform 1 M 415 Not Provided 17.08.2010

Holdings By:

Swisscom AG ee


24.09.2012

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 (24.09.2012) 348.40

52-Week Low (04.10.2011) 225.80

Daily Volume

347.6





32'370.65 1 Yr Total Return 51.88%







SYNN VX EQUITY YTD Change - Average Volume 30 Day 177'403

SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 197'899


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3

9'240.0 11'624.0 10'992.0 11'641.0 13'268.0 0.0 4'304.0 14'240.6 15'114.3 - 2'663.0

2.79x 1.68x 2.56x 2.45x 2.11x #DIV/0! 0.00x 2.49x 2.30x - -

1'933.0 2'495.0 2'368.0 2'460.0 2'889.0 0.0 0.0 3'147.5 3'456.4 - -

13.34x 7.84x 11.86x 11.60x 9.69x 0.00x 0.00x 11.57x 10.53x - -

1'109.0 1'385.0 1'371.0 1'397.0 1'599.0 0.0 0.0 2'020.9 2'225.2 - -

22.14x 12.86x 19.06x 19.37x 16.84x 0.00x 0.00x 17.02x 15.23x - -


EBIT 2'282.00 Long-Term Rating A









EBITDA Margin 21.8%



Asset Turnover 0.77







Fiscal Year Ended

Syngenta AGPrice/Volume

Valuation Analysis

80'724.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2-

.--

.2-

/--

/2-

0--

02-

1--


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

-'--

2'--

.-'--

.2'--

/-'--

/2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


CAPITAL WORLD INVEST n/a 13G 4'755'300 5.11 - 30.12.2011 Investment Advisor

BLACKROCK INC n/a EXCH 4'657'342 5 4'338'791 22.08.2012 Investment Advisor

BANK OF NEW YORK n/a EXCH 3'641'218 3.91 646'990 01.06.2012 Investment Advisor

CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 2'275'150 2.44 (250'000) 30.06.2012 Investment Advisor





VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'140'779 1.22 (3'370) 20.09.2012 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 804'138 0.86 (19'918) 20.09.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 786'530 0.84 - 30.06.2012 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 613'090 0.66 - 31.07.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 602'317 0.65 (546) 29.02.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 577'302 0.62 250'165 30.06.2012 Investment Advisor



INVESCO LTD Multiple Portfolios MF-AGG 370'910 0.4 2'353 21.09.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 357'682 0.38 37'250 31.07.2012 Mutual Fund Manager


Jefferies LUCY WATSON hold 3 M 355 12 month 21.09.2012

Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 280 12 month 21.09.2012

Nomura JEAN DE WATTEVILLE neutral 3 M 400 12 month 21.09.2012

AlphaValue FABRICE FARIGOULE buy 5 M 411 6 month 20.09.2012

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

Exane BNP Paribas JAMES KNIGHT neutral 3 M 328 Not Provided 11.09.2012

JPMorgan NEIL C TYLER underweight 1 M 310 15 month 06.09.2012

ING Wholesale Banking FABIAN SMEETS sell 1 M 278 12 month 03.09.2012

DZ Bank AG HEINZ MUELLER buy 5 M 400 12 month 31.08.2012

Morgan Stanley AMY WALKER Underwt/In-Line 1 M 304 12 month 29.08.2012

Bank Vontobel AG PATRICK RAFAISZ hold 3 M 355 Not Provided 29.08.2012

Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 400 12 month 23.08.2012

Societe Generale PATRICK LAMBERT buy 5 M 450 12 month 20.08.2012

Barclays GUNTHER ZECHMANN equalweight 3 M 320 Not Provided 16.08.2012

Goldman Sachs RICHARD LOGAN Buy/Neutral 5 M 440 12 month 08.08.2012

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.08.2012

Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 400 Not Provided 02.08.2012

Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 D 350 12 month 31.07.2012

Hamburger Sparkasse MARCO GUENTHER hold 3 D #N/A N/A Not Provided 30.07.2012

Credit Suisse CHRIS COUNIHAN not rated #N/A N/A M #N/A N/A Not Provided 27.07.2012

Kepler Capital Markets BETTINA EDMONDSTON buy 5 M 400 Not Provided 26.07.2012

CA Cheuvreux MARTIN ROEDIGER select list 5 M 376 Not Provided 17.07.2012

Berenberg Bank JAIDEEP PANDYA hold 3 M 350 Not Provided 17.07.2012

S&P Capital IQ JOHNSON IMODE hold 3 M 320 12 month 13.07.2012

HSBC GEOFF HAIRE neutral 3 M 340 Not Provided 12.07.2012


Main First Bank AG RONALD KOEHLER buy 5 M 360 12 month 27.06.2012

Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 310 Not Provided 18.05.2012

Macquarie JUERGEN RECK outperform 5 M 330 12 month 26.04.2012

Equita SIM SpA MASSIMO BONISOLI buy 5 M 340 12 month 21.02.2012

Dolmen Stockbrokers IAN G HUNTER buy 5 M 340 Not Provided 14.10.2011

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 21.01.2011

National Bank AG STEFFEN MANSKE buy 5 M 280 Not Provided 09.02.2009

Holdings By:

Syngenta AG ee


24.09.2012

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: 06/yy

52-Week High (16.03.2012) 54.30

52-Week Low (28.12.2011) 36.02

Daily Volume

44.68





16'057.50 1 Yr Total Return -1.58%







RIGN VX EQUITY YTD Change - Average Volume 30 Day 432'677

RIGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 412'293


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

6'377.0 12'674.0 11'556.0 9'466.0 9'142.0 8'886.0 9'570.0 10'015.6 10'523.9 2'556.3 2'548.8

9.63x 2.17x 3.22x 3.17x 2.52x 13.45x 10.44x 2.52x 2.28x 10.04x 9.93x

3'366.0 6'430.0 5'926.0 4'048.0 1'853.0 3'137.0 1'347.0 3'382.9 4'191.2 927.9 953.4

18.25x 4.27x 6.27x 7.42x 12.44x 9.05x 18.51x 7.68x 6.20x 6.51x 6.21x

3'131.0 4'031.0 3'181.0 961.0 (5'725.0) 3.0 (6'452.0) 931.7 1'658.7 287.6 316.9

0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 16.01x 10.47x 12.46x 11.10x




Pretax Margin -59.44% Short-Term Rating Date -

Return on Assets -15.93% Short-Term Rating -

Return on Common Equity -30.88%

Return on Capital - EBITDA/Interest Exp. 2.81




EBITDA Margin 20.3%


Net Income Margin -62.6% Total Debt/Capital 46.1%

Asset Turnover 0.25








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

200'350.00


-

.-

/-

0-

1-

2-

3-

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

'2 G

.'- G

.'2 G

/'- G

/'2 G

0'- G

0'2 G

1'- G

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

-'/-

-'1-

-'3-

-'5-

.'--

.'/-



24.09.2012


CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 19'982'400 5.56 (250'000) 30.06.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a EXCH 18'323'120 5.1 5'390'147 24.01.2012 Investment Advisor

TRANSOCEAN LTD n/a EXCH 14'606'469 4.06 - 06.05.2012 n/a

FRANKLIN RESOURCES I FRANKLIN MUTUAL ADVI 13F 9'331'753 2.6 185'058 30.06.2012 Investment Advisor

WENTWORTH HAUSER AND WENTWORTH HAUSER AND 13F 8'506'169 2.37 488'078 30.06.2012 Investment Advisor

ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 6'857'849 1.91 (673'646) 30.06.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 6'269'394 1.74 6'269'394 31.12.2011 Government

ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 6'045'594 1.68 (346'250) 30.06.2012 Pension Fund (ERISA)

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 5'757'524 1.6 (675'160) 30.06.2012 Investment Advisor

UBS AG UBS AG 13F 5'570'306 1.55 (161'827) 30.06.2012 Investment Advisor

FIDELITY INTERNATION FIDELITY INTERNATION 13F 5'368'041 1.49 (636'384) 30.06.2012 Investment Advisor


DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 4'591'975 1.28 (1'434'168) 30.06.2012 Investment Advisor

SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 3'497'012 0.97 524'894 30.06.2012 Hedge Fund Manager

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 3'217'455 0.9 2'213'851 30.06.2012 Investment Advisor

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'118'933 0.87 29'282 30.06.2012 Investment Advisor


MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 2'800'964 0.78 35'259 30.06.2012 Investment Advisor

TAUBE HODSON STONEX TAUBE HODSON STONEX 13F 2'578'600 0.72 509'200 30.06.2012 Investment Advisor

OMEGA ADVISORS OMEGA ADVISORS INC 13F 2'564'345 0.71 (258'900) 30.06.2012 Hedge Fund Manager


Guggenheim Securities LLC DARREN GACICIA neutral 3 M 47 12 month 21.09.2012

Dahlman Rose & Co JAMES D CRANDELL buy 5 M 58 12 month 21.09.2012

ISI Group JUDSON E BAILEY buy 5 M 61 12 month 20.09.2012

Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 52 12 month 20.09.2012

Iberia Capital Partners LLC TREY STOLZ outperform 5 M 69 12 month 20.09.2012

RBC Capital Markets JUSTIN SANDER outperform 5 M 50 12 month 19.09.2012

Howard Weil Inc DAVID T WILSON market outperform 4 M 62 12 month 19.09.2012

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 56 12 month 19.09.2012

Stephens Inc JOHN KELLER equalweight 3 M 53 12 month 19.09.2012

Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 19.09.2012

Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 19.09.2012

Gabelli & Co ANDREA SHARKEY buy 5 M #N/A N/A Not Provided 19.09.2012

DNB Markets MARTIN HUSEBY KARLSEN buy 5 M 56 Not Provided 19.09.2012

Barclays JAMES C WEST overweight 5 M 68 Not Provided 19.09.2012

Global Hunter Securities BRIAN UHLMER buy 5 M 52 12 month 19.09.2012

Clarkson Capital Markets LLC TODD P SCHOLL market perform 3 M 51 12 month 19.09.2012

Swedbank First Securities BJORN THORESEN strong buy 5 M 59 Not Provided 19.09.2012

Credit Suisse GREGORY LEWIS neutral 3 M 52 Not Provided 18.09.2012

JPMorgan J DAVID ANDERSON neutral 3 M 53 3 month 18.09.2012

Jefferies BRAD HANDLER buy 5 M 53 12 month 18.09.2012

Argus Research Corp PHILIP H WEISS hold 3 M #N/A N/A Not Provided 17.09.2012

HSBC DAVID PHILLIPS overweight 5 M 69 Not Provided 14.09.2012


Main First Bank AG BERND POMREHN neutral 3 M 47 12 month 13.09.2012

BMO Capital Markets ALAN D LAWS outperform 5 M 61 Not Provided 12.09.2012

Morgan Stanley OLE SLORER Overwt/Attractive 5 M 65 12 month 11.09.2012

Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 11.09.2012

Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 63 12 month 11.09.2012

FBR Capital Markets ROBERT J MACKENZIE outperform 5 M 56 12 month 11.09.2012

Nordea Equity Research DAVID BHATTI buy 5 N 60 12 month 11.09.2012

Credit Agricole Securities (USA) DAVID S HAVENS outperform 5 M 54 Not Provided 11.09.2012

Bank Vontobel AG FABIAN HAECKI hold 3 M 50 Not Provided 04.09.2012

Fearnley Fonds TRULS OLSEN buy 5 M 57 Not Provided 03.09.2012

Tudor Pickering & Co JOE HILL hold 3 M #N/A N/A Not Provided 28.08.2012

Deutsche Bank MICHAEL W URBAN hold 3 M 69 12 month 13.08.2012

Macquarie NIGEL BROWNE neutral 3 M 51 12 month 08.08.2012

Johnson Rice & Co DAVID C SMITH overweight 5 M #N/A N/A Not Provided 06.08.2012

Goldman Sachs WAQAR SYED sell/attractive 1 M 51 6 month 19.07.2012

Oracle Investment Research LAURENCE BALTER buy 5 M 43 Not Provided 20.06.2012

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

Daiwa Securities Co. Ltd. HIROKAZU KABEYA neutral 3 N #N/A N/A Not Provided 13.04.2012

Miller Tabak + Co., LLC KEVIN SIMPSON neutral 3 M 69 12 month 05.04.2012

Pareto Securities FRANK HARESTAD buy 5 M 71 6 month 28.02.2012

Holdings By:

Transocean Ltd ee


24.09.2012

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: 06/yy

52-Week High (03.02.2012) 13.48

52-Week Low (24.07.2012) 9.69

Daily Volume

11.98





45'920.86 1 Yr Total Return 19.41%







UBSN VX EQUITY YTD Change - Average Volume 30 Day 9'740'469

UBSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 10'168'930


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

140'444.0 67'219.0 44'432.0 46'526.0 40'880.0 42'944.0 37'537.0 26'627.4 29'530.6 6'664.0 6'807.0

7.02x 8.31x 9.56x 8.39x 9.20x 39.12x 35.68x - - - -

101'764.0 37'052.0 19'648.0 20'964.0 17'464.0 18'643.0 15'071.0 - - - -

9.69x 15.08x 21.61x 18.62x 21.53x 21.83x 20.29x - - - -

(5'247.0) (21'292.0) (2'736.0) 7'534.0 4'159.0 6'149.0 2'589.0 3'971.9 5'365.0 967.5 797.0

0.00x 0.00x 0.00x 7.71x 10.16x 9.40x 16.01x 11.75x 8.51x 8.82x 8.19x


EBIT - Long-Term Rating A









EBITDA Margin 42.7%



Asset Turnover 0.03







Fiscal Year Ended

UBS AGPrice/Volume

Valuation Analysis

2'102'998.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

/

1

3

5

.-

./

.1

.3

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G

2'- G

.-'- G

.2'- G

/-'- G

/2'- G

0-'- G

02'- G

1-'- G

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

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

-'--

-'2-

.'--

.'2-

/'--

/'2-

0'--

0'2-

1'--

1'2-

2'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


GOVT OF SINGAPORE IN n/a 13G 245'895'789 6.42 (787'839) 31.12.2011 Government

BLACKROCK INC n/a 20F 122'753'855 3.2 - 17.12.2009 Investment Advisor


UBS AG UBS AG 13F 96'700'388 2.52 22'239'614 30.06.2012 Investment Advisor

FIDELITY INTERNATION FIDELITY INTERNATION 13F 60'207'075 1.57 9'201'325 30.06.2012 Investment Advisor


CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 40'193'892 1.05 (4'080'860) 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 37'036'146 0.97 (5'254'033) 30.06.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 36'694'265 0.96 (3'730'838) 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I FRANKLIN MUTUAL ADVI 13F 35'750'351 0.93 398'080 30.06.2012 Investment Advisor



FRANKLIN RESOURCES I TEMPLETON GLOBAL ADV 13F 26'593'399 0.69 855'240 30.06.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 24'265'461 0.63 10'424'782 30.06.2012 Investment Advisor

ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 21'990'076 0.57 11'300'028 30.06.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 20'105'450 0.52 (1'268'990) 31.07.2012 Mutual Fund Manager

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 19'194'295 0.5 (511'400) 30.06.2012 Investment Advisor

PYRAMIS GLOBAL ADVIS PYRAMIS GLOBAL ADVIS 13F 15'827'099 0.41 (10'923'050) 30.06.2012 Investment Advisor

FRANKLIN RESOURCES I TEMPLETON INVESTMENT 13F 15'465'065 0.4 1'718'380 30.06.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 15'372'251 0.4 (1'694'696) 30.06.2012 Investment Advisor


Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 24.09.2012

Grupo Santander AURELIA FAURE underweight 1 M 11 Not Provided 18.09.2012

RBC Capital Markets FIONA SWAFFIELD outperform 5 M 14 12 month 18.09.2012


Barclays KIRI VIJAYARAJAH underweight 1 M 11 Not Provided 18.09.2012

Nomura JON PEACE buy 5 M 17 12 month 17.09.2012

Oddo & Cie JEAN SASSUS buy 5 M 17 Not Provided 14.09.2012

Exane BNP Paribas DANIEL DAVIES outperform 5 M 15 Not Provided 14.09.2012


AlphaValue DIETER HEIN add 4 D 14 6 month 13.09.2012


JPMorgan KIAN ABOUHOSSEIN overweight 5 M 13 3 month 04.09.2012

Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 16 12 month 04.09.2012

ING Wholesale Banking TOM VAN KEMPEN hold 3 M 12 12 month 30.08.2012


Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 21.08.2012

Rochdale Securities RICHARD X BOVE SR Fairly Valued 3 M 12 Not Provided 21.08.2012

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 15.08.2012

Bank Vontobel AG TERESA NIELSEN buy 5 M 15 Not Provided 13.08.2012

Macquarie PIERS BROWN outperform 5 M 13 12 month 10.08.2012

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 12 6 month 08.08.2012


Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 14 12 month 03.08.2012

DZ Bank AG CHRISTOPH BAST buy 5 M 13 12 month 03.08.2012

Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 02.08.2012

Natixis ANTOINE BURGARD buy 5 M 14 Not Provided 02.08.2012

Societe Generale DIRK HOFFMANN-BECKING hold 3 M 12 12 month 01.08.2012

Mediobanca SpA CHRISTOPHER J WHEELER underperform 1 M 11 12 month 01.08.2012

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 18 12 month 31.07.2012

Credit Suisse AMIT GOEL outperform 5 M 13 Not Provided 31.07.2012

Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 M 13 Not Provided 31.07.2012


Kepler Capital Markets DIRK M BECKER reduce 2 M 10 Not Provided 31.07.2012

S&P Capital IQ FRANK BRADEN buy 5 M 14 12 month 31.07.2012

Main First Bank AG KILIAN MAIER buy 5 M #N/A N/A Not Provided 31.07.2012

Berenberg Bank JAMES CHAPPELL buy 5 N 13 Not Provided 20.07.2012

Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 13 Not Provided 16.07.2012

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

Deutsche Bank MATT SPICK hold 3 U 12 12 month 02.05.2012

CA Cheuvreux CHRISTIAN STARK underperform 1 M 13 Not Provided 04.10.2011

HSBC ROBERT MURPHY overweight 5 M 19 Not Provided 03.10.2011

Holdings By:

UBS AG ee


24.09.2012

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: 06/yy

52-Week High (14.09.2012) 244.00

52-Week Low (26.09.2011) 154.37

Daily Volume

238.5




Shares Out 30.06.2012 147.4 Short Int 0.42

35'151.52 1 Yr Total Return 51.65%


Preferred Stock - Adjusted BETA 1.217





ZURN VX EQUITY YTD Change - Average Volume 30 Day 369'266

ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 372'811


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

55'044.0 32'331.0 70'123.0 67'819.0 52'978.0 67'085.0 57'809.0 57'546.9 59'460.3 11'980.0 11'980.0

0.74x 0.99x 0.50x 0.64x 0.73x 2.58x 2.77x 0.91x 0.88x - -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - -

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

5'626.0 3'039.0 3'963.0 3'428.0 3'766.0 3'756.0 4'013.0 4'148.1 4'369.5 954.7 992.7

7.54x 9.86x 7.83x 10.92x 8.76x 9.78x 8.18x 9.00x 8.53x 8.78x 8.36x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.14







Fiscal Year Ended

Zurich Insurance Group AGPrice/Volume

Valuation Analysis

37'171.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

-

2-

.--

.2-

/--

/2-

0--

p&.. l&.. k&.. a&.. g&./ c&./ j&./ V&./ j&./ g&./ g&./ V&./'- G'/ G'1 G'3 G'5 G.'- G.'/ G.'1 G.'3 G.'5 G

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

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

-'--

.'--

/'--

0'--

1'--

2'--

3'--

4'--

5'--

-/'-.'/--6 -/'-4'/--6 -/'-.'/-.- -/'-4'/-.- -/'-.'/-.. -/'-4'/-.. -/'-.'/-./ -/'-4'/-./



24.09.2012


BLACKROCK INC n/a Co File 4'966'387 3.37 - 31.12.2010 Investment Advisor


ABERDEEN ASSET MANAG n/a EXCH 4'377'801 2.97 (23'819) 31.01.2012 Investment Advisor

CREDIT SUISSE n/a EXCH 2'525'492 1.71 787 23.03.2010 Investment Advisor



FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1'909'772 1.3 3'992 30.06.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'769'350 1.2 960 31.07.2012 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'651'294 1.12 678'359 31.03.2012 Investment Advisor




TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716'240 0.49 (13'585) 31.03.2012 Investment Advisor



MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 405'400 0.28 1'591 31.07.2012 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 395'789 0.27 171'585 31.08.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 395'321 0.27 (1'510) 31.07.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 261'441 0.18 6'609 30.06.2012 Investment Advisor

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 252'925 0.17 977 31.07.2012 Investment Advisor


Helvea DANIEL BISCHOF neutral 3 M 248 12 month 21.09.2012

AlphaValue DIETER HEIN buy 5 M 268 6 month 20.09.2012

Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 265 12 month 18.09.2012

Mediobanca SpA MARC THIELE neutral 3 N 286 Not Provided 17.09.2012

Canaccord Genuity Corp BEN COHEN buy 5 M 260 12 month 14.09.2012

Sanford C. Bernstein & Co THOMAS SEIDL outperform 5 M 263 12 month 12.09.2012



Oddo & Cie NICOLAS JACOB buy 5 M 260 Not Provided 05.09.2012

Deutsche Bank SPENCER HORGAN hold 3 D 245 12 month 31.08.2012

Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 190 Not Provided 29.08.2012


Bankhaus Metzler JOCHEN SCHMITT buy 5 M 300 12 month 23.08.2012


Banca Akros(ESN) MARCO CAVALLERI accumulate 4 M 245 12 month 21.08.2012

S&P Capital IQ RODERICK WALLACE buy 5 M 300 12 month 21.08.2012

Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 U 297 12 month 19.08.2012

Macquarie HADLEY COHEN outperform 5 M 250 12 month 18.08.2012

Societe Generale JASON KALAMBOUSSIS buy 5 M 266 12 month 17.08.2012


Nomura MICHAEL KLIEN buy 5 M 290 12 month 17.08.2012

Barclays ANDREW BROADFIELD equalweight 3 M 253 Not Provided 17.08.2012

Commerzbank Corporates & Markets ROLAND PFAENDER hold 3 M 230 6 month 16.08.2012

Raymond James DANNY JACQUES outperform 5 M 258 12 month 16.08.2012



Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 230 6 month 16.08.2012

Main First Bank AG RENE LOCHER neutral 3 D 235 12 month 16.08.2012

Exane BNP Paribas THOMAS JACQUET neutral 3 M 240 Not Provided 16.08.2012

RBC Capital Markets GORDON AITKEN outperform 5 M 300 12 month 03.07.2012

CA Cheuvreux ATANASIO PANTARROTAS select list 5 M 278 Not Provided 22.06.2012

HSBC THOMAS FOSSARD neutral 3 M 237 Not Provided 28.05.2012

Jefferies JAMES SHUCK hold 3 M 224 12 month 14.05.2012

ING Wholesale Banking MAARTEN ALTENA buy 5 M 246 12 month 10.05.2012


Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012

Zuercher Kantonalbank GEORG MARTI market perform 3 D #N/A N/A Not Provided 16.02.2012

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 283 12 month 30.01.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 260 Not Provided 09.01.2012

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

CS Capital CHRISTOPHER PARKINSON neutral 3 M #N/A N/A Not Provided 05.08.2010

Holdings By:

Zurich Insurance Group AG ee


Date post:	19-Oct-2014
Category:	Economy & Finance
View:	695 times
Download:	13 times

Fundamental Analysis & Analyst Recommendations - SLI Index Members

Economy & Finance