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

Fundamental Analysis & Analyst RecommendationsSTOXX Europe Large 200 Index

March 2012

Q.M.S AdvisorsQ.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

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

28.02.2013

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

Latest Fiscal Year: 12/2012LTM as of: 12/yy52-Week High (25.02.2013) 21.6052-Week Low (15.06.2012) 14.45Daily Volume

21.3852-Week High % Change -1.06% Dividend Yield -52-Week Low % Change 47.96% Beta 1.28% 52 Week Price Range High/Low 93.85% Equity Float 2'145.77

Shares Out 31.12.2012 2'314.7 Short Int -49'489.21 1 Yr Total Return 19.98%

Total Debt 10'071.00 YTD Return 14.03%Preferred Stock 0.0 Adjusted BETA 1.278Minority Interest 540.0 Analyst Recs 41Cash and Equivalents 8'481.00 Consensus Rating 3.805Enterprise Value 55'299.32

Average Volume 5 Day 6'918'902ABBN VX EQUITY YTD Change - Average Volume 30 Day 6'780'230ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 5'981'187

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q234'912.0 31'795.0 31'589.0 37'990.0 39'336.0 37'990.0 39'336.0 41'566.0 43'746.9 9'585.5 10'338.2

0.83x 1.18x 1.42x 1.10x 1.25x 5.09x 4.69x 1.30x 1.19x 5.73x 5.43x5'259.0 4'892.0 4'733.0 5'688.0 5'240.0 5'688.0 5'420.0 6'298.4 6'953.3 1'413.7 1'587.3

5.48x 7.67x 9.49x 7.37x 9.40x 7.37x 9.09x 8.78x 7.95x 8.74x -3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 3'168.0 2'704.0 3'455.2 3'961.8 737.8 849.5

10.76x 15.27x 19.85x 13.65x 17.40x 13.65x 17.55x 15.07x 13.30x 15.30x -

EBITDA 5'240.00 Long-Term Rating Date 08.06.2010EBIT 4'058.00 Long-Term Rating AOperating Margin 10.32% Long-Term Outlook STABLEPretax Margin 9.76% Short-Term Rating Date 08.06.2010Return on Assets 6.10% Short-Term Rating A-1Return on Common Equity 16.55%Return on Capital 12.65% EBITDA/Interest Exp. 17.88Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 13.47

Net Debt/EBITDA 0.29Gross Margin 28.9% Total Debt/EBITDA 1.86EBITDA Margin 13.8%EBIT Margin 10.8% Total Debt/Equity 59.6%Net Income Margin 6.9% Total Debt/Capital 36.6%

Asset Turnover 0.89Current Ratio 1.48 Net Fixed Asset Turnover 7.24Quick Ratio 1.06 Accounts receivable turnover-days 89.90Debt to Assets 20.52% Inventory Days 78.02Tot Debt to Common Equity 59.57% Accounts Payable Turnover Day 63.02Accounts Receivable Turnover 4.07 Cash Conversion Cycle 104.90Inventory Turnover 4.69

Fiscal Year Ended

ABB LtdPrice/Volume

Valuation Analysis

1'257'514.00Current Price (2/dd/yy) Market Data

Net IncomeP/E

Market Capitalization

Average Daily Trading VolumeRelative Stock Price Performance

Total RevenueTEV/Revenue

EBITDATEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

0

5

10

15

20

25

f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13.0 M

5.0 M

10.0 M

15.0 M

20.0 M

25.0 M

30.0 M

35.0 M

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

5.00

10.00

15.00

20.00

25.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow

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

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINVESTOR AB n/a Research 166'330'142 7.19 - 04.01.2011 Investment AdvisorBLACKROCK n/a ULT-AGG 88'383'685 3.82 641'066 26.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 46'622'931 2.01 107'985 31.12.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 35'969'759 1.55 (250'775) 28.12.2012 Mutual Fund ManagerHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 25'109'683 1.08 - 31.12.2012 Investment AdvisorNORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 24'404'999 1.05 742'517 31.01.2013 Investment AdvisorUBS FUND MANAGEMENT Multiple Portfolios MF-AGG 21'512'467 0.93 (228'817) 30.11.2012 Investment AdvisorPICTET & CIE Multiple Portfolios MF-AGG 14'688'361 0.63 1'127'411 30.11.2012 Mutual Fund ManagerSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 14'044'104 0.61 (1'721'905) 31.12.2012 Investment AdvisorSEB n/a ULT-AGG 12'616'326 0.55 442'829 25.02.2013 UnclassifiedSKAGEN AS Multiple Portfolios MF-AGG 10'421'737 0.45 - 31.01.2013 Mutual Fund ManagerAMF FONDER AB Multiple Portfolios MF-AGG 9'443'400 0.41 1'877'700 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 8'568'106 0.37 (2'579'835) 27.02.2013 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 8'070'678 0.35 4'651 28.12.2012 Mutual Fund ManagerHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 7'074'030 0.31 559'620 31.01.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'861'907 0.3 5'064'054 31.12.2012 Investment AdvisorFOLKSAM LO FOND AB Multiple Portfolios MF-AGG 6'064'784 0.26 1'403 31.12.2012 Investment AdvisorCALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 6'040'300 0.26 (135'000) 31.01.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 5'600'000 0.24 - 31.12.2012 Investment AdvisorVONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 3'823'948 0.17 (15'000) 31.10.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue HEINZ STEFFEN reduce 2 M 21 6 month 28.02.2013Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 25 12 month 26.02.2013Credit Suisse SIMON TOENNESSEN outperform 5 N 26 Not Provided 20.02.2013Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 25 Not Provided 20.02.2013Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 25 Not Provided 20.02.2013EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 20.02.2013RBC Capital Markets ANDREW CARTER sector perform 3 M 21 12 month 19.02.2013Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 18.02.2013Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 18.02.2013Kepler Capital Markets CHRISTOPH LADNER hold 3 D 21 Not Provided 18.02.2013Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 18.02.2013Barclays NICK WEBSTER overweight 5 M 24 Not Provided 18.02.2013Societe Generale SEBASTIEN GRUTER buy 5 M 25 12 month 15.02.2013Deutsche Bank MARTIN WILKIE sell 1 M 18 12 month 15.02.2013SEB Enskilda DANIEL SCHMIDT buy 5 M 23 Not Provided 15.02.2013Independent Research GmbH MARKUS FRIEBEL hold 3 M 22 12 month 15.02.2013Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 15.02.2013Nordea Equity Research ANDREAS BROCK hold 3 M 21 12 month 15.02.2013Exane BNP Paribas OLIVIER ESNOU outperform 5 M 25 Not Provided 15.02.2013Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.02.2013Danske Markets CARL GUSTAFSSON buy 5 M 23 12 month 15.02.2013Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 18 12 month 14.02.2013ABG Sundal Collier ANDERS IDBORG buy 5 U 24 6 month 14.02.2013JPMorgan ANDREAS WILLI underweight 1 M 21 9 month 14.02.2013Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 14.02.2013Handelsbanken HAMPUS ENGELLAU buy 5 M 26 12 month 14.02.2013Nomura DANIEL CUNLIFFE neutral 3 M 19 12 month 14.02.2013S&P Capital IQ JAWAHAR HINGORANI hold 3 M 23 12 month 14.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013CA Cheuvreux ALFRED GLASER underperform 1 M 14 Not Provided 23.01.2013Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 24 12 month 17.01.2013Berenberg Bank WILLIAM MACKIE hold 3 M 21 Not Provided 08.01.2013Natixis ARNAUD SCHMIT neutral 3 M 19 Not Provided 21.12.2012Swedbank MATS LISS buy 5 M 20 12 month 11.12.2012HSBC COLIN GIBSON neutral 3 M 18 Not Provided 29.11.2012Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 21 Not Provided 30.10.2012Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 08.10.2012Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012Hammer Partners SA ALBERTO ROLLA buy 5 N 27 Not Provided 05.08.2010

Holdings By:ABB Ltd

All


28.02.2013

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


69.5652-Week High % Change -4.38% Dividend Yield -52-Week Low % Change 27.05% Beta 0.77% 52 Week Price Range High/Low 81.61% Equity Float 209.22

Shares Out 30.09.2012 209.2 Short Int -14'553.08 1 Yr Total Return 19.87%


Average Volume 5 Day 960'899ADS GY EQUITY YTD Change - Average Volume 30 Day 831'914ADS GY EQUITY YTD % CHANGE - Average Volume 3 Month 755'077


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 12/12 Q4 03/13 Q110'299.0 10'799.0 10'381.0 11'990.0 13'344.0 12'922.0 14'777.0 14'934.2 15'751.7 3'433.6 3'994.5

1.18x 0.69x 0.85x 0.87x 0.78x 3.36x 3.33x 0.97x 0.90x - -1'167.0 1'310.0 823.0 1'174.0 1'264.0 1'262.0 1'468.0 1'468.7 1'699.3 93.5 503.0

10.41x 5.69x 10.72x 8.91x 8.25x 8.22x 9.35x 10.13x 8.75x 9.26x 9.01x551.0 642.0 245.0 567.0 671.0 659.0 817.0 801.2 949.2 (14.9) 308.518.79x 8.35x 30.22x 18.04x 15.71x 14.58x 16.45x 18.23x 15.47x 16.33x 15.53x

EBITDA 1'264.00 Long-Term Rating Date -EBIT 1'011.00 Long-Term Rating -Operating Margin 7.58% Long-Term Outlook -Pretax Margin 6.95% Short-Term Rating Date -Return on Assets 7.16% Short-Term Rating -Return on Common Equity 14.84%Return on Capital - EBITDA/Interest Exp. 11.70Asset Turnover 1.30% (EBITDA-Capex)/Interest Exp. 8.76




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Adidas AGPrice/Volume

Valuation Analysis

129'500.00Current Price (2/dd/yy) Market Data

0

10

20

30

40

50

60

70

80

f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13.0 M

.5 M

1.0 M

1.5 M

2.0 M

2.5 M

3.0 M

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 20110.00

100.00

200.00

300.00

400.00

500.00

600.00

02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013



28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 24'832'306 11.87 (190'000) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 13'092'430 6.26 (131'765) 26.02.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'035'046 3.36 (787'289) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 5'079'560 2.43 (630'886) 31.12.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'875'195 2.33 1'800'000 31.01.2013 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'020'990 1.92 (4'077) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 2'695'238 1.29 (5'477) 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2'395'061 1.14 (84'641) 31.01.2013 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'745'150 0.83 7'200 28.09.2012 Investment AdvisorJUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'563'123 0.75 - 31.08.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1'556'158 0.74 8'590 27.02.2013 Investment AdvisorMANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'271'690 0.61 11'310 31.12.2012 Investment AdvisorBROOKSIDE CAPITAL TR n/a Short (1'234'376) -0.59 (104'609) 02.11.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'162'385 0.56 (54'247) 28.12.2012 Mutual Fund ManagerTRIMARK INVESTMENT M Multiple Portfolios MF-AGG 1'126'329 0.54 - 30.09.2012 UnclassifiedBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 980'376 0.47 219'000 31.10.2012 Investment AdvisorSEB n/a ULT-AGG 757'244 0.36 146'586 31.01.2013 UnclassifiedFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 651'800 0.31 - 28.12.2012 Mutual Fund ManagerADIG INVESTMENT Multiple Portfolios MF-AGG 647'738 0.31 75'000 31.10.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 627'633 0.3 395'273 30.11.2012 Mutual Fund Manager


Main First Bank AG MATTHIAS EIFERT outperform 5 M 85 12 month 28.02.2013AlphaValue HANS-PETER WODNIOK reduce 2 M 72 6 month 28.02.2013Equinet Institutional Services(ESN) INGBERT FAUST buy 5 M 80 12 month 27.02.2013Susquehanna Financial Group CHRISTOPHER SVEZIA Positive 4 M 78 12 month 25.02.2013Morgan Stanley LOUISE SINGLEHURST Underwt/In-Line 1 M 62 12 month 22.02.2013JPMorgan CHIARA BATTISTINI neutral 3 M 65 9 month 22.02.2013Deutsche Bank MICHAEL KUHN buy 5 M 81 12 month 20.02.2013Cantor Fitzgerald ALLEGRA PERRY sell 1 M 62 Not Provided 20.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013Barclays JULIAN EASTHOPE equalweight 3 M 74 Not Provided 18.02.2013Baader Bank VOLKER BOSSE buy 5 M 80 12 month 14.02.2013Exane BNP Paribas ANDREAS INDERST outperform 5 M 83 Not Provided 13.02.2013Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 74 Not Provided 10.02.2013Redburn Partners ANDREW MOBBS sell 1 M #N/A N/A Not Provided 01.02.2013DZ Bank AG HERBERT STURM buy 5 M 72 12 month 23.01.2013National Bank AG MANFRED JAISFELD hold 3 D 72 Not Provided 18.01.2013Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 63 6 month 17.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Bryan Garnier & Cie PETER FARREN buy 5 M 82 6 month 16.01.2013Nomura CHRISTOPHER WALKER buy 5 M 85 Not Provided 16.01.2013Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 70 12 month 11.01.2013Robert W. Baird & Co MITCHEL J KUMMETZ outperform 5 M 82 12 month 08.01.2013ISI Group OMAR SAAD neutral 3 D 70 Not Provided 04.01.2013Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 97 12 month 04.12.2012HSBC ERWAN RAMBOURG overweight 5 M 77 Not Provided 28.11.2012Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 19.11.2012Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 76 Not Provided 13.11.2012Nord/LB VOLKER SACK hold 3 M 60 12 month 09.11.2012Credit Suisse ROGERIO FUJIMORI outperform 5 M 61 Not Provided 09.11.2012Independent Research GmbH ZAFER RUZGAR hold 3 M 70 12 month 09.11.2012M.M. Warburg Investment Research JOERG PHILIPP FREY buy 5 M 82 12 month 08.11.2012S&P Capital IQ WILLIAM MACK hold 3 M 68 12 month 08.11.2012Silvia Quandt Research MARK JOSEFSON buy 5 M 75 12 month 08.11.2012Raymond James CEDRIC LECASBLE outperform 5 M 84 Not Provided 25.09.2012Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 66 12 month 24.09.2012CA Cheuvreux JUERGEN KOLB outperform 5 M 74 Not Provided 14.09.2012Hammer Partners SA STEPHAN SEIP buy 5 M 70 Not Provided 02.08.2012Equita SIM SpA FABIO FAZZARI hold 3 M 60 12 month 24.05.2012Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011

Holdings By:Adidas AG

All


28.02.2013

AEGON N.V. offers life and health insurance, and related pension, savings, andinvestment products in Europe and North America. The Company also offersproperty and casualty insurance in the Netherlands, Spain, and Hungary, andfinancial services including banking, equipment lease financing, and mortgagelending.


4.56352-Week High % Change -13.05% Dividend Yield -52-Week Low % Change 46.30% Beta 1.64% 52 Week Price Range High/Low 66.50% Equity Float 1'971.57


Total Debt 12'974.00 YTD Return -5.00%Preferred Stock 6'853.0 Adjusted BETA 1.641Minority Interest 13.0 Analyst Recs 36Cash and Equivalents 9'653.00 Consensus Rating 3.528Enterprise Value 12'332.37

Average Volume 5 Day 12'265'640AGN NA EQUITY YTD Change - Average Volume 30 Day 8'723'121AGN NA EQUITY YTD % CHANGE - Average Volume 3 Month 7'793'220


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q23'208.0 41'592.0 44'750.0 25'121.0 42'930.0 25'121.0 40'160.0 30'120.0 28'295.0 - -

3.74x 0.48x 0.44x 0.59x 0.30x 2.66x 1.48x 0.63x 0.67x - -- - - - - 0.0 0.0 - - - -- - - - - 0.00x 0.00x - - - -

(1'082.0) 204.0 1'759.0 869.0 1'570.0 869.0 1'570.0 1'324.0 1'392.0 - -- - 6.05x - 6.96x 0.00x 6.96x 7.31x 6.92x 8.15x -

EBITDA - Long-Term Rating Date 31.03.2009EBIT - Long-Term Rating A-Operating Margin 5.46% Long-Term Outlook STABLEPretax Margin 4.44% Short-Term Rating Date 31.03.2009Return on Assets 0.44% Short-Term Rating A-2Return on Common Equity 5.42%Return on Capital 4.97% 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 43.7%Net Income Margin 3.7% Total Debt/Capital 30.4%

Asset Turnover 0.11Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 3.54% Inventory Days -Tot Debt to Common Equity 43.70% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Aegon NVPrice/Volume

Valuation Analysis

2'055'856.00Current Price (2/dd/yy) Market Data

0

1

2

3

4

5

6

f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13.0 M

5.0 M

10.0 M

15.0 M

20.0 M

25.0 M

30.0 M

35.0 M

40.0 M

0.05'000.0

10'000.015'000.020'000.025'000.030'000.035'000.040'000.045'000.050'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013



28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDODGE & COX n/a Co File 145'133'708 7.36 - 10.02.2012 Investment AdvisorFMR LLC n/a ULT-AGG 96'406'786 4.89 9'558'140 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 32'464'728 1.65 1'133'247 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 16'465'793 0.83 266'744 26.02.2013 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 10'982'748 0.56 1'359 31.12.2012 Mutual Fund ManagerING INTERNATIONAL AD Multiple Portfolios MF-AGG 7'093'254 0.36 1'033'941 28.09.2012 Investment AdvisorALLIANCE BERNSTEIN n/a ULT-AGG 6'579'517 0.33 (340'436) 31.12.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 5'805'289 0.29 1'988 31.12.2012 Investment AdvisorAMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 5'182'047 0.26 (19'659) 31.12.2012 Investment AdvisorTHRIVENT FINANCIAL F Multiple Portfolios MF-AGG 5'083'550 0.26 1'290'650 31.10.2012 Investment AdvisorROBECO FUND MANAGEME Multiple Portfolios MF-AGG 4'802'291 0.24 39'363 31.12.2012 Investment AdvisorTAUBE HODSON STONEX Multiple Portfolios MF-AGG 3'919'013 0.2 (215'630) 30.11.2012 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 3'704'372 0.19 - 30.11.2012 Investment AdvisorSNS INVESTMENT FUND Multiple Portfolios MF-AGG 3'640'000 0.18 - 29.06.2012 Investment AdvisorBRANDES INVESTMENT P Multiple Portfolios MF-AGG 3'455'894 0.18 (173'700) 31.12.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'243'816 0.16 - 31.07.2012 Investment AdvisorSTOREBRAND FUND MANA Multiple Portfolios MF-AGG 3'091'098 0.16 - 31.01.2013 Investment AdvisorJP MORGAN n/a ULT-AGG 2'999'325 0.15 716'574 31.12.2012 UnclassifiedSTATE STREET BANQUE Multiple Portfolios MF-AGG 2'948'624 0.15 (43'457) 31.01.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 2'822'679 0.14 1'923'228 30.11.2012 Mutual Fund Manager


AlphaValue JEROME CASSAGNE add 4 M 5 6 month 28.02.2013Credit Suisse RICHARD BURDEN neutral 3 M 6 Not Provided 22.02.2013RBC Capital Markets GORDON AITKEN sector perform 3 M 5 12 month 21.02.2013HSBC KAILESH MISTRY overweight 5 M 6 Not Provided 20.02.2013Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 20.02.2013Barclays CLAUDIA GASPARI overweight 5 M 6 Not Provided 20.02.2013ABN Amro Bank N.V. JAN WILLEM WEIDEMA sell 1 D 5 12 month 20.02.2013Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 6 12 month 19.02.2013JPMorgan ASHIK MUSADDI overweight 5 M 6 9 month 19.02.2013S&P Capital IQ RODERICK WALLACE buy 5 M 6 12 month 19.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 6 12 month 18.02.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 5 Not Provided 18.02.2013Oddo & Cie NICOLAS JACOB buy 5 M 6 Not Provided 18.02.2013Exane BNP Paribas FRANCOIS BOISSIN underperform 1 M 4 Not Provided 18.02.2013Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 15.02.2013SNS Securities(ESN) LEMER SALAH reduce 2 M 4 12 month 15.02.2013Petercam MATTHIAS DE WIT reduce 2 M 5 Not Provided 15.02.2013Rabobank International COR KLUIS buy 5 M 6 12 month 15.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT neutral 3 M 5 6 month 15.02.2013ING Bank ALBERT PLOEGH hold 3 M 5 12 month 15.02.2013Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 11.02.2013Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 6 12 month 07.02.2013Deutsche Bank ROBIN BUCKLEY buy 5 M 6 12 month 05.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 N 6 12 month 04.02.2013Main First Bank AG MICHAEL HAID underperform 1 M 5 12 month 01.02.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013Mediobanca SpA MARC THIELE neutral 3 M 6 6 month 30.01.2013Macquarie NEIL WELCH neutral 3 M 5 12 month 23.01.2013EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013Theodoor Gilissen Securities TOM MULLER buy 5 M 8 Not Provided 15.01.2013CA Cheuvreux HANS PLUIJGERS outperform 5 D 6 Not Provided 10.01.2013Natixis BENOIT VALLEAUX buy 5 M 6 Not Provided 10.01.2013Societe Generale JASON KALAMBOUSSIS hold 3 M 5 12 month 08.11.2012Nomura FAHAD CHANGAZI neutral 3 M 5 Not Provided 08.10.2012Kepler Capital Markets BENOIT PETRARQUE hold 3 M 4 Not Provided 17.02.2012DZ Bank AG WERNER EISENMANN hold 3 M 4 12 month 24.01.2012Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 5 12 month 22.06.2011

Holdings By:Aegon NV

All


28.02.2013

Aggreko plc provides specialist power and temperature control rental services intwo main product areas, mobile electricity generators and temperature controlequipment. Aggreko also supplies oil-free diesel compressors used to eliminateoil based contaminants in the food, pharmaceutical and textile industries. TheGroup operates through approximately 118 depots in 23 countries worldwide.

Latest Fiscal Year: 12/2011LTM as of: 01/yy52-Week High (17.09.2012) 2'415.0052-Week Low (31.01.2013) 1'548.00Daily Volume

166652-Week High % Change -31.01% Dividend Yield 1.3152-Week Low % Change 7.62% Beta 1.01% 52 Week Price Range High/Low 14.99% Equity Float 257.86

Shares Out 01.02.2013 268.6 Short Int -4'474.35 1 Yr Total Return -23.99%

Total Debt 417.70 YTD Return -4.25%Preferred Stock 0.0 Adjusted BETA 1.007Minority Interest 0.0 Analyst Recs 24Cash and Equivalents 53.20 Consensus Rating 3.667Enterprise Value 5'152.65

Average Volume 5 Day 794'832AGK LN EQUITY YTD Change - Average Volume 30 Day 1'091'881AGK LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'038'844


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 - -693.2 946.6 1'023.9 1'229.9 1'396.1 - - 1'590.8 1'608.5 - -2.38x 1.65x 2.62x 3.34x 4.05x - - 3.19x 3.06x - -

227.3 318.4 403.4 472.9 526.9 - - 624.8 628.8 - -7.24x 4.90x 6.64x 8.69x 10.72x - - 8.25x 8.20x - -80.7 122.7 168.4 213.1 260.1 - - 269.5 253.3 - -

17.58x 9.74x 14.84x 18.67x 20.60x - - 16.37x 17.39x - -

EBITDA 526.90 Long-Term Rating Date -EBIT 337.80 Long-Term Rating -Operating Margin 24.20% Long-Term Outlook -Pretax Margin 23.19% Short-Term Rating Date -Return on Assets 14.91% Short-Term Rating -Return on Common Equity 31.46%Return on Capital 21.41% EBITDA/Interest Exp. 26.75Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 5.52


Asset Turnover 0.79Current Ratio 1.22 Net Fixed Asset Turnover 1.37Quick Ratio 0.66 Accounts receivable turnover-days 75.00Debt to Assets 23.57% Inventory Days 98.42Tot Debt to Common Equity 47.40% Accounts Payable Turnover Day -Accounts Receivable Turnover 4.88 Cash Conversion Cycle 66.20Inventory Turnover 3.72

Fiscal Year Ended

Aggreko PLCPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

500

1000

1500

2000

2500

3000

f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13.0 M

1.0 M

2.0 M

3.0 M

4.0 M

5.0 M

6.0 M

7.0 M

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 20110.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013



28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeM&G INVESTMENT MANAG Multiple Portfolios REG 16'146'748 6.01 (619'982) 01.11.2012 Investment AdvisorBAILLIE GIFFORD AND Multiple Portfolios REG 13'384'025 4.98 (351'722) 01.11.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 12'600'810 4.69 - 26.02.2013 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 12'091'039 4.5 (3'930'510) 11.02.2013 Investment AdvisorSALVESEN ALASTAIR ER n/a RNS-MAJ 9'995'283 3.72 (894'717) 27.12.2012 n/aLEGAL & GENERAL n/a ULT-AGG 9'932'162 3.7 (54'102) 31.01.2013 UnclassifiedPRIVATE INDIVIDUALS Multiple Portfolios REG 8'517'852 3.17 (169'268) 01.11.2012 OtherFMR LLC n/a ULT-AGG 7'802'230 2.91 (634'391) 31.12.2012 Investment AdvisorLANSDOWNE PARTNERS n/a Short (7'727'861) -2.88 (348'827) 02.01.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 6'806'019 2.53 1'888'342 31.12.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 6'195'331 2.31 143'820 01.11.2012 GovernmentUBS n/a ULT-AGG 6'128'812 2.28 (1'503'178) 28.12.2012 UnclassifiedSPEIRS & JEFFERY STO Multiple Portfolios REG 5'695'595 2.12 (44'566) 01.11.2012 UnclassifiedSCOTTISH WIDOWS n/a ULT-AGG 4'943'653 1.84 775'291 30.11.2012 UnclassifiedKIMBERLEY GRANGE INV Multiple Portfolios REG 4'862'100 1.81 - 01.11.2012 UnclassifiedDEUTSCHE PRIVATE BAN Multiple Portfolios REG 4'287'117 1.6 4'049'575 01.11.2012 UnclassifiedINVESTEC BANK (UK) L Multiple Portfolios REG 3'981'801 1.48 14'000 01.11.2012 UnclassifiedGE ASSET MANAGEMENT Multiple Portfolios REG 3'904'273 1.45 601'072 01.11.2012 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 3'872'491 1.44 222'636 01.11.2012 GovernmentAEGON n/a ULT-AGG 3'297'588 1.23 (3'732'303) 01.11.2012 Unclassified


RBC Capital Markets ANDREW BROOKE outperform 5 M 2'100 12 month 27.02.2013Panmure Gordon & Co Limited PAUL JONES hold 3 M 1'742 Not Provided 27.02.2013Berenberg Bank SIMON MEZZANOTTE hold 3 M 1'720 Not Provided 26.02.2013AlphaValue LIONEL PELLICER buy 5 M 2'400 6 month 21.02.2013Jefferies JUSTIN JORDAN buy 5 M 2'000 12 month 20.02.2013HSBC ALEX MAGNI neutral 3 U 1'650 Not Provided 08.02.2013EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013JPMorgan Nicholas de la Grense neutral 3 M 1'845 9 month 04.01.2013Peel Hunt ANDREW NUSSEY hold 3 M 1'800 Not Provided 02.01.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.12.2012Deutsche Bank ANDY CHU hold 3 M 1'813 12 month 19.12.2012Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 2'530 12 month 18.12.2012Credit Suisse DAVID RIGBY neutral 3 M 1'850 Not Provided 18.12.2012Espirito Santo Investment Bank ResearchDAVID BROCKTON neutral 3 D 1'700 Not Provided 18.12.2012Oriel Securities Ltd HECTOR FORSYTHE buy 5 M #N/A N/A Not Provided 18.12.2012Investec JOHN LAWSON hold 3 M #N/A N/A Not Provided 17.12.2012S&P Capital IQ CLIVE ROBERTS hold 3 M 2'300 12 month 17.12.2012Numis Securities Ltd MIKE MURPHY hold 3 M 1'680 Not Provided 17.12.2012WH Ireland Ltd NICK SPOLIAR buy 5 M 2'500 12 month 23.10.2012Barclays PAUL CHECKETTS overweight 5 M 2'360 Not Provided 22.10.2012Canaccord Genuity Corp JULIAN CATER hold 3 M 1'450 12 month 27.03.2012Arden Partners Ltd GEOFF ALLUM neutral 3 M 1'450 12 month 30.09.2011McCall Aitken McKenzie & Co TEAM COVERAGE sell 1 N #N/A N/A Not Provided 16.10.2009

Holdings By:Aggreko PLC

All


28.02.2013

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




Total Debt 7'273.70 YTD Return -2.21%Preferred Stock 0.0 Adjusted BETA 0.768Minority Interest 232.6 Analyst Recs 35Cash and Equivalents 1'154.20 Consensus Rating 3.486Enterprise Value 35'371.77

Average Volume 5 Day 1'102'385AI FP EQUITY YTD Change - Average Volume 30 Day 834'332AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 690'965


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q213'103.1 11'976.1 13'488.0 14'456.9 15'326.3 14'255.5 15'326.0 16'326.4 17'510.6 3'964.3 3'952.3

1.73x 2.25x 2.38x 2.25x 2.35x 0.00x 0.00x 2.15x 1.99x - -2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 4'096.0 4'445.6 - -

7.71x 9.08x 9.50x 9.13x 9.50x 0.00x 0.00x 8.64x 7.96x - -1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'738.0 1'922.0 - -

13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 16.66x 15.07x - -

EBITDA 3'792.30 Long-Term Rating Date 02.07.2007EBIT 2'560.50 Long-Term Rating AOperating Margin 16.71% Long-Term Outlook POSPretax Margin 14.63% Short-Term Rating Date 06.05.2004Return on Assets 6.55% Short-Term Rating A-1Return on Common Equity 16.12%Return on Capital - EBITDA/Interest Exp. 14.00Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 7.11

Net Debt/EBITDA 1.61Gross Margin - Total Debt/EBITDA 1.92EBITDA Margin 24.7%EBIT Margin 16.7% Total Debt/Equity 71.2%Net Income Margin 10.5% Total Debt/Capital 41.1%

Asset Turnover 0.62Current Ratio 1.03 Net Fixed Asset Turnover 1.23Quick Ratio 0.77 Accounts receivable turnover-days 66.93Debt to Assets 29.09% Inventory Days -Tot Debt to Common Equity 71.23% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.47 Cash Conversion Cycle -Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Air Liquide SAPrice/Volume

Valuation Analysis


0

20

40

60

80

100

120

f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13.0 M

.5 M

1.0 M

1.5 M

2.0 M

2.5 M

3.0 M

3.5 M

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013



28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 5'647'329 1.81 119'140 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'574'842 1.47 6'156 31.12.2012 Mutual Fund ManagerTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'574'174 1.47 - 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 3'568'694 1.14 232'636 26.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 2'688'376 0.86 (65'449) 30.11.2012 Mutual Fund ManagerMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'814'483 0.58 47'020 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'445'902 0.46 (10'563) 31.12.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'126'821 0.36 1'125 26.02.2013 Investment AdvisorAIR LIQUIDE n/a Co File 1'119'676 0.36 - 31.12.2011 CorporationMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'028'653 0.33 - 26.02.2013 Investment AdvisorTHREADNEEDLE INVESTM Multiple Portfolios MF-AGG 983'348 0.31 23'544 31.10.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 924'128 0.3 (61'527) 31.12.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a ULT-AGG 902'774 0.29 (450'378) 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 886'970 0.28 (92'423) 31.12.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 730'867 0.23 308'898 28.09.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 716'601 0.23 (9'134) 28.09.2012 Mutual Fund ManagerHARTFORD INVESTMENT Multiple Portfolios MF-AGG 629'057 0.2 9'691 31.01.2013 Investment AdvisorLBPAM Multiple Portfolios MF-AGG 606'009 0.19 (7'465) 31.12.2012 Mutual Fund ManagerARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 561'349 0.18 11'929 31.12.2012 Investment AdvisorHARDING LOEVNER LP Multiple Portfolios MF-AGG 509'650 0.16 144'631 30.06.2012 Investment Advisor


Goldman Sachs RAKESH PATEL neutral/neutral 3 M 108 12 month 27.02.2013Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 22.02.2013Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 22.02.2013AlphaValue FABRICE FARIGOULE add 4 M 98 6 month 21.02.2013Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 103 Not Provided 20.02.2013Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 96 Not Provided 19.02.2013S&P Capital IQ JOHNSON IMODE hold 3 M 95 12 month 18.02.2013Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 18.02.2013Societe Generale PETER CLARK hold 3 M 100 12 month 15.02.2013Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 15.02.2013Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 15.02.2013Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 100 12 month 15.02.2013Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 14.02.2013Jefferies LAURENCE ALEXANDER hold 3 M 97 12 month 14.02.2013HSBC GEOFF HAIRE overweight 5 M 112 Not Provided 14.02.2013Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 93 Not Provided 14.02.2013Nomura JEAN DE WATTEVILLE neutral 3 M 106 12 month 14.02.2013Barclays GUNTHER ZECHMANN underweight 1 M 100 Not Provided 04.02.2013Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 01.02.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013Liberum Capital Ltd ADAM COLLINS buy 5 M 121 Not Provided 13.12.2012JPMorgan NEIL C TYLER neutral 3 M 100 9 month 07.12.2012Macquarie CHRISTIAN FAITZ outperform 5 M 100 12 month 21.11.2012Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 15.11.2012CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 U 106 12 month 05.11.2012CA Cheuvreux KLAUS RINGEL outperform 5 M 101 Not Provided 26.10.2012Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 08.10.2012Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 02.08.2012Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011

Holdings By:Air Liquide SA

All


28.02.2013

Akzo Nobel N.V. produces and markets chemicals, coatings, and paints. TheCompany's products include surfactants, polymer chemicals, pulp and paperchemicals, as well as lacquers and varnishes.




Total Debt 4'050.00 YTD Return -1.04%Preferred Stock 0.0 Adjusted BETA 1.114Minority Interest 465.0 Analyst Recs 33Cash and Equivalents 1'752.00 Consensus Rating 3.394Enterprise Value 14'531.31

Average Volume 5 Day 1'460'065AKZA NA EQUITY YTD Change - Average Volume 30 Day 867'881AKZA NA EQUITY YTD % CHANGE - Average Volume 3 Month 913'781


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q215'415.0 13'028.0 14'640.0 15'697.0 15'390.0 15'697.0 16'331.0 15'799.7 16'330.2 3'626.7 4'037.0

0.61x 1.00x 0.84x 0.71x 0.95x 3.02x 3.32x 0.91x 0.87x 4.32x 3.71x1'310.0 1'414.0 2'449.0 1'663.0 3'657.0 1'663.0 4'026.0 2'011.1 2'208.1 408.7 555.3

7.14x 9.19x 5.03x 6.73x 4.01x 6.94x 3.64x 7.22x 6.58x 8.00x -(1'086.0) 285.0 754.0 477.0 (2'169.0) 477.0 (2'169.0) 823.8 970.3 127.5 222.0

- 42.57x 16.31x 18.59x - 18.59x 0.00x 13.56x 11.89x 15.63x -

EBITDA 3'657.00 Long-Term Rating Date 25.02.2009EBIT 862.00 Long-Term Rating BBB+Operating Margin 5.60% Long-Term Outlook STABLEPretax Margin -9.73% Short-Term Rating Date 28.06.2000Return on Assets -11.47% Short-Term Rating A-2Return on Common Equity -26.94%Return on Capital - EBITDA/Interest Exp. 13.70Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 10.60

Net Debt/EBITDA 0.57Gross Margin 37.6% Total Debt/EBITDA 1.01EBITDA Margin 24.7%EBIT Margin 5.0% Total Debt/Equity 58.8%Net Income Margin -14.1% Total Debt/Capital 35.5%

Asset Turnover 0.86Current Ratio 1.39 Net Fixed Asset Turnover 4.39Quick Ratio 0.35 Accounts receivable turnover-days -Debt to Assets 22.55% Inventory Days 62.71Tot Debt to Common Equity 58.76% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 47.88Inventory Turnover 5.84

Fiscal Year Ended

Akzo Nobel NVPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

10

20

30

40

50

60

f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13.0 M.5 M1.0 M1.5 M2.0 M2.5 M3.0 M3.5 M4.0 M4.5 M5.0 M

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013



28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAPITAL GROUP COMPAN n/a ULT-AGG 8'322'900 3.48 (954'000) 31.12.2012 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 6'995'056 2.93 133'919 31.12.2012 Investment AdvisorONTARIO TEACHERS PEN n/a Research 5'100'000 2.13 - 31.12.2011 Pension Fund (ERISA)VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'075'719 2.12 106'690 31.12.2012 Investment AdvisorDODGE & COX Multiple Portfolios MF-AGG 4'598'291 1.92 2'468 29.01.2013 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 3'217'767 1.35 791'178 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 3'046'145 1.27 575'475 31.12.2012 Investment AdvisorSKAGEN AS Multiple Portfolios MF-AGG 2'565'119 1.07 - 31.01.2013 Mutual Fund ManagerFRANKLIN RESOURCES n/a ULT-AGG 2'546'361 1.07 (69'636) 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'474'010 1.03 (281'868) 31.12.2012 Investment AdvisorTWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 2'436'793 1.02 58'893 31.03.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 2'256'713 0.94 (559'598) 26.02.2013 Investment AdvisorACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'639'488 0.69 (55'518) 31.12.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 1'496'246 0.63 193'027 31.12.2012 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'184'020 0.5 1'164'397 31.01.2013 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'170'845 0.49 24'506 31.05.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'126'384 0.47 (9'520) 30.11.2012 Investment AdvisorCAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 1'054'310 0.44 217'455 31.12.2012 Investment AdvisorNEW YORK LIFE GROUP n/a ULT-AGG 1'054'117 0.44 316'600 30.09.2012 Insurance CompanyING INVESTMENT MANAG Multiple Portfolios MF-AGG 917'981 0.38 (308'457) 31.12.2012 Investment Advisor


AlphaValue MARTIN SCHNEE reduce 2 M 47 6 month 28.02.2013Goldman Sachs RAKESH PATEL neutral/neutral 3 M 53 12 month 27.02.2013Credit Suisse CHRIS COUNIHAN outperform 5 M 56 Not Provided 27.02.2013S&P Capital IQ JOHNSON IMODE hold 3 M 49 12 month 27.02.2013Exane BNP Paribas JAMES KNIGHT outperform 5 M 57 Not Provided 27.02.2013Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 65 12 month 26.02.2013Societe Generale PETER CLARK buy 5 M 60 12 month 25.02.2013Nomura JEAN DE WATTEVILLE reduce 2 M 54 Not Provided 25.02.2013HSBC SEBASTIAN SATZ neutral 3 M 51 Not Provided 22.02.2013ING Bank FABIAN SMEETS hold 3 M 54 12 month 22.02.2013Deutsche Bank MARTIN DUNWOODIE buy 5 M 58 12 month 21.02.2013Kempen & Co ARUN RAMBOCUS buy 5 M 59 12 month 21.02.2013Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 60 12 month 21.02.2013KBC Securities WIM HOSTE hold 3 D 49 Not Provided 21.02.2013Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 65 6 month 20.02.2013Macquarie CHRISTIAN FAITZ outperform 5 M 53 12 month 20.02.2013SNS Securities(ESN) GERT STEENS hold 3 M 38 12 month 20.02.2013Rabobank International MICHA TIEKINK buy 5 M 60 12 month 20.02.2013Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 18.02.2013ABN Amro Bank N.V. MUTLU GUNDOGAN hold 3 M 42 Not Provided 12.02.2013Berenberg Bank JAIDEEP PANDYA hold 3 M 58 Not Provided 07.02.2013Barclays GUNTHER ZECHMANN equalweight 3 M 53 Not Provided 04.02.2013Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 54 Not Provided 01.02.2013Kepler Capital Markets MARKUS MAYER reduce 2 D 45 Not Provided 01.02.2013Petercam Roderick Verhelst hold 3 M 47 Not Provided 25.01.2013JPMorgan NEIL C TYLER neutral 3 U 50 9 month 24.01.2013Theodoor Gilissen Securities TOM MULLER hold 3 M 50 Not Provided 22.01.2013EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013CA Cheuvreux MARTIN ROEDIGER underperform 1 M 45 Not Provided 17.12.2012

Holdings By:Akzo Nobel NV

All


28.02.2013

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




Total Debt 28'411.00 YTD Return -0.43%Preferred Stock 0.0 Adjusted BETA 1.239Minority Interest 2'338.0 Analyst Recs 43Cash and Equivalents 10'492.00 Consensus Rating 4.372Enterprise Value 66'210.38

Average Volume 5 Day 2'663'762ALV GY EQUITY YTD Change - Average Volume 30 Day 1'702'802ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'612'530


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q276'195.0 82'711.0 89'740.0 87'384.0 106'400.0 87'384.0 96'790.0 105'205.6 108'287.8 - -

0.69x 0.75x 0.67x 0.61x - 2.70x 1.86x 0.56x 0.54x - -- - - - - 0.0 0.0 - - - -- - - - - 0.00x 0.00x - - - -

(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 2'545.0 5'169.0 5'442.6 5'676.6 - -8.51x 8.37x 7.94x 13.13x 9.18x 12.79x 9.18x 8.58x 8.20x - -

EBITDA - Long-Term Rating Date 27.01.2012EBIT - Long-Term Rating AAOperating Margin 7.01% Long-Term Outlook NEGPretax Margin 5.45% Short-Term Rating Date 23.03.2009Return on Assets 0.67% Short-Term Rating A-1+Return on Common Equity 9.30%Return on Capital 7.26% EBITDA/Interest Exp. -Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin -EBIT Margin - Total Debt/Equity 0.0%Net Income Margin 4.9% Total Debt/Capital 37.5%

Asset Turnover 0.14Current Ratio - Net Fixed Asset Turnover -Quick Ratio - Accounts receivable turnover-days -Debt to Assets 4.43% Inventory Days -Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Allianz SEPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

20

40

60

80

100

120

f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13.0 M1.0 M2.0 M3.0 M4.0 M5.0 M6.0 M7.0 M8.0 M9.0 M10.0 M

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013



28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 32'047'039 7.03 - 26.02.2013 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8'563'293 1.88 175'318 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 8'000'572 1.75 (440'475) 31.12.2012 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 4'767'885 1.05 (13'563) 31.12.2012 Investment AdvisorDEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'519'378 0.99 (131'397) 31.12.2012 Investment AdvisorUNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'513'764 0.99 546'507 28.09.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 3'746'308 0.82 - 16.05.2012 Investment AdvisorDB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'598'771 0.79 972'739 31.01.2013 Investment AdvisorTHORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'381'128 0.74 - 31.12.2012 Investment AdvisorHARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'337'600 0.51 - 31.12.2012 Investment AdvisorDEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'263'956 0.5 135'754 28.12.2012 Mutual Fund ManagerADIG INVESTMENT Multiple Portfolios MF-AGG 2'232'924 0.49 (99'900) 31.10.2012 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 1'917'437 0.42 2'699 30.11.2012 Mutual Fund ManagerCAPITAL GROUP COMPAN n/a ULT-AGG 1'843'650 0.4 - 31.12.2012 Investment AdvisorFRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'516'111 0.33 303'500 28.12.2012 Mutual Fund ManagerMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'488'178 0.33 - 26.02.2013 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'483'920 0.33 - 30.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'455'112 0.32 388'780 31.12.2012 Mutual Fund ManagerJP MORGAN n/a ULT-AGG 961'436 0.21 8'714 31.12.2012 Unclassified


AlphaValue DIETER HEIN add 4 M 110 6 month 28.02.2013RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 27.02.2013Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 U 135 12 month 27.02.2013Berenberg Bank PETER ELIOT buy 5 M 132 Not Provided 26.02.2013Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 105 12 month 26.02.2013Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 26.02.2013Oddo & Cie NICOLAS JACOB buy 5 M 120 Not Provided 25.02.2013Bankhaus Metzler JOCHEN SCHMITT sell 1 M 85 12 month 25.02.2013Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 25.02.2013DZ Bank AG THORSTEN WENZEL buy 5 M 120 12 month 25.02.2013Nord/LB VOLKER SACK buy 5 M 113 12 month 22.02.2013National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 22.02.2013S&P Capital IQ RODERICK WALLACE buy 5 M 133 12 month 22.02.2013Independent Research GmbH STEFAN BONGARDT buy 5 M 125 12 month 21.02.2013Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 21.02.2013Nomura MICHAEL KLIEN neutral 3 M 103 12 month 21.02.2013Bankhaus Lampe ANDREAS SCHAEFER buy 5 N 122 Not Provided 20.02.2013JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 18.02.2013Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 18.02.2013Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013Main First Bank AG MICHAEL HAID outperform 5 M 120 12 month 01.02.2013Mediobanca SpA MARC THIELE neutral 3 M 123 6 month 30.01.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 133 Not Provided 29.01.2013Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013Macquarie HADLEY COHEN outperform 5 M 130 12 month 23.01.2013Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 110 Not Provided 16.01.2013Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013Day by Day VALERIE GASTALDY buy 5 M 117 3 month 07.01.2013Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 100 12 month 13.12.2012CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 14.11.2012Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 92 Not Provided 11.11.2011Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011

Holdings By:Allianz SE

All


28.02.2013

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





Average Volume 5 Day 1'129'861ALO FP EQUITY YTD Change - Average Volume 30 Day 1'124'900ALO FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'114'955


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q116'908.0 18'739.0 19'650.0 20'923.0 19'934.0 19'994.0 20'343.0 20'830.6 21'752.3 6'069.0 -

1.13x 0.51x 0.60x 0.67x 0.58x 0.00x 0.00x 0.62x 0.58x - -1'557.0 1'971.0 2'212.0 2'244.0 2'032.0 0.0 0.0 1'957.6 2'111.9 - -

12.28x 4.89x 5.34x 6.28x 5.73x 0.00x 0.00x 7.05x 6.54x - -852.0 1'109.0 1'217.0 462.0 732.0 0.0 0.0 935.3 1'071.2 - -22.77x 10.07x 10.97x 26.58x 11.75x 0.00x 0.00x 10.55x 9.62x - -

EBITDA 2'032.00 Long-Term Rating Date 12.05.2011EBIT 1'406.00 Long-Term Rating BBBOperating Margin 7.05% Long-Term Outlook NEGPretax Margin 4.63% Short-Term Rating Date 20.01.2010Return on Assets 2.53% Short-Term Rating A-2Return on Common Equity 18.47%Return on Capital 10.51% EBITDA/Interest Exp. 11.35Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 6.81




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Alstom SAPrice/Volume

Valuation Analysis


0

5

10

15

20

25

30

35

40

f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13.0 M1.0 M2.0 M3.0 M4.0 M5.0 M6.0 M7.0 M8.0 M9.0 M

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

10.00

20.00

30.00

40.00

50.00

60.00

03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012



28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBOUYGUES n/a Research 90'543'867 29.39 - 04.10.2012 CorporationFRANKLIN RESOURCES n/a ULT-AGG 22'992'941 7.46 744'152 31.12.2012 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'866'611 2.88 4'494'482 31.12.2012 Mutual Fund ManagerFMR LLC n/a Co File 7'229'711 2.35 - 31.03.2012 UnclassifiedNORGES BANK n/a Co File 5'835'364 1.89 - 31.03.2012 GovernmentAMUNDI n/a Co File 5'432'726 1.76 - 31.03.2012 Investment AdvisorNATIXIS ASSET MANAGE n/a Co File 4'438'557 1.44 - 31.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3'812'822 1.24 97'141 31.12.2012 Investment AdvisorUBS INVESTMENT BANK n/a Co File 3'680'708 1.19 - 31.03.2012 BankGROUPAMA ASSET MANAG n/a Co File 3'511'872 1.14 - 31.03.2012 Investment AdvisorFMR LLC n/a ULT-AGG 3'468'278 1.13 (1'263'275) 31.12.2012 Investment AdvisorEDMOND DE ROTHSCHILD n/a Co File 3'435'566 1.12 - 31.03.2012 Investment AdvisorUBS n/a ULT-AGG 3'343'360 1.09 (2'546) 28.12.2012 UnclassifiedCAISSE DES DEPOTS ET n/a Co File 3'155'418 1.02 - 31.03.2012 UnclassifiedCITIGROUP GLOBAL MAR n/a Co File 2'596'414 0.84 - 31.03.2012 Investment AdvisorTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 2'409'031 0.78 (16'250) 30.11.2012 Investment AdvisorHSBC HOLDINGS PLC n/a Co File 1'710'061 0.56 - 31.03.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1'686'171 0.55 (32'839) 26.02.2013 Investment AdvisorCREDIT SUISSE n/a Co File 1'665'544 0.54 - 31.03.2012 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 1'512'457 0.49 - 31.03.2012 Unclassified


AlphaValue LIONEL PELLICER buy 5 M 47 6 month 28.02.2013Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 33 12 month 26.02.2013RBC Capital Markets ANDREW CARTER underperform 1 M 27 12 month 19.02.2013CM - CIC Securities(ESN) ARI AGOPYAN buy 5 M 40 12 month 14.02.2013Day by Day VALERIE GASTALDY buy 5 U 43 3 month 14.02.2013Canaccord Genuity Corp JAMES STETTLER hold 3 M 30 Not Provided 08.02.2013Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 38 Not Provided 07.02.2013Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 38 12 month 04.02.2013Exane BNP Paribas OLIVIER ESNOU outperform 5 M 37 Not Provided 25.01.2013Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 42 Not Provided 24.01.2013Grupo Santander JOSE MANUEL ARROYAS underweight 1 M 31 Not Provided 23.01.2013Societe Generale GAEL DE BRAY buy 5 M 37 12 month 23.01.2013William Blair & Co NICHOLAS P HEYMANN market perform 3 M 34 12 month 23.01.2013Landesbank Baden-Wuerttemberg VOLKER STOLL sell 1 M 28 Not Provided 23.01.2013Barclays NICK WEBSTER overweight 5 M 39 Not Provided 23.01.2013Goldman Sachs DANIELA COSTA neutral/neutral 3 M 32 12 month 22.01.2013Credit Suisse ANDRE KUKHNIN neutral 3 M 27 Not Provided 22.01.2013JPMorgan ANDREAS WILLI neutral 3 M 33 9 month 22.01.2013Nomura DANIEL CUNLIFFE reduce 2 M 25 12 month 22.01.2013S&P Capital IQ JAWAHAR HINGORANI buy 5 M 38 12 month 22.01.2013Main First Bank AG CHRISTOPHER YOUL outperform 5 M 41 12 month 22.01.2013EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013Natixis ARNAUD SCHMIT buy 5 M 37 Not Provided 15.01.2013Berenberg Bank WILLIAM MACKIE hold 3 D 35 Not Provided 08.01.2013HSBC MICHAEL HAGMANN overweight 5 M 38 Not Provided 29.11.2012Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 08.10.2012Kepler Capital Markets PIERRE BOUCHENY buy 5 M 34 Not Provided 02.10.2012CA Cheuvreux ALFRED GLASER select list 5 M 35 Not Provided 07.05.2012DZ Bank AG KARSTEN OBLINGER hold 3 M 31 12 month 23.03.2012Deutsche Bank MARTIN WILKIE buy 5 M 41 12 month 04.11.2011Independent Research GmbH ROSSEN KOEV hold 3 M 44 6 month 21.07.2011CS Capital CHRISTOPHER PARKINSON buy 5 N 42 Not Provided 27.10.2010

Holdings By:Alstom SA

All


28.02.2013

Anglo American PLC is a global mining company. The Company's mining portfolioincludes bulk commodities including iron ore, manganese and metallurgicalcoal, base metals including copper and nickel and precious metals and mineralsincluding platinum and diamonds. Anglo American PLC has mining operations inAfrica, Europe, North and South America, Asia and Australia.


191852-Week High % Change -30.29% Dividend Yield 2.9252-Week Low % Change 15.37% Beta 1.42% 52 Week Price Range High/Low 26.62% Equity Float 1'225.82

Shares Out 27.02.2013 1'393.1 Short Int -26'720.28 1 Yr Total Return -25.94%

Total Debt 17'754.00 YTD Return 1.27%Preferred Stock 0.0 Adjusted BETA 1.418Minority Interest 6'130.0 Analyst Recs 32Cash and Equivalents 9'094.00 Consensus Rating 3.031Enterprise Value 55'305.96

Average Volume 5 Day 3'361'866AAL LN EQUITY YTD Change - Average Volume 30 Day 3'079'506AAL LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'129'120


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -26'311.0 20'858.0 27'960.0 30'580.0 28'761.0 - - 34'446.7 36'034.4 - -

1.61x 3.39x 2.84x 1.77x 2.00x - - 1.66x 1.61x - -9'986.0 4'465.0 10'301.0 11'889.0 7'694.0 - - 9'887.9 10'889.3 - -

4.23x 15.82x 7.71x 4.55x 7.48x - - 5.59x 5.08x - -5'215.0 2'425.0 6'544.0 6'169.0 (1'493.0) - - 2'988.7 3'662.5 - -

5.19x 21.67x 9.58x 7.23x - - - 12.30x 10.19x - -

EBITDA 7'694.00 Long-Term Rating Date 18.04.2011EBIT 5'405.00 Long-Term Rating BBB+Operating Margin 18.79% Long-Term Outlook NEGPretax Margin -0.83% Short-Term Rating Date 19.04.2010Return on Assets -1.97% Short-Term Rating A-2Return on Common Equity -3.89%Return on Capital 9.38% EBITDA/Interest Exp. 7.09Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. 1.92

Net Debt/EBITDA 1.13Gross Margin 43.3% Total Debt/EBITDA 2.31EBITDA Margin 26.8%EBIT Margin 18.8% Total Debt/Equity 47.1%Net Income Margin -5.2% Total Debt/Capital 28.8%

Asset Turnover 0.38Current Ratio 2.41 Net Fixed Asset Turnover 0.67Quick Ratio 1.41 Accounts receivable turnover-days 39.11Debt to Assets 22.37% Inventory Days -Tot Debt to Common Equity 47.15% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.36 Cash Conversion Cycle 49.13Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

Anglo American PLCPrice/Volume

Valuation Analysis


0

500

1000

1500

2000

2500

3000


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013



28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBLACKROCK n/a ULT-AGG 78'986'629 5.67 - 26.02.2013 Investment AdvisorPUBLIC INVESTMENT CO Multiple Portfolios REG 77'592'603 5.57 - 01.11.2012 GovernmentLEGAL & GENERAL n/a ULT-AGG 51'463'960 3.69 540'016 31.01.2013 UnclassifiedTARL INVESTMENT HOLD Multiple Portfolios REG 47'275'613 3.39 - 01.11.2012 UnclassifiedEPOCH TWO INVESTMENT Multiple Portfolios REG 42'166'686 3.03 - 01.11.2012 UnclassifiedNORGES BANK INVESTME Multiple Portfolios REG 29'466'453 2.12 (2'557'012) 01.11.2012 GovernmentSCOTTISH WIDOWS n/a ULT-AGG 29'199'945 2.1 3'632'677 30.11.2012 UnclassifiedFMR LLC n/a ULT-AGG 28'152'759 2.02 (4'622'324) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 25'211'973 1.81 549'175 31.12.2012 Investment AdvisorE OPPENHEIMER & SON Multiple Portfolios REG 25'200'000 1.81 - 01.11.2012 OtherOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 18'493'976 1.33 1'751'397 30.12.2012 Investment AdvisorUBS n/a ULT-AGG 17'632'458 1.27 523'597 28.12.2012 UnclassifiedPEOPLES REPUBLIC OF Multiple Portfolios REG 17'290'964 1.24 - 01.11.2012 GovernmentOPPENHEIMERFUNDS INC Multiple Portfolios REG 15'661'337 1.12 6'944'224 01.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios REG 14'199'373 1.02 1'122'571 01.11.2012 Investment AdvisorCORONATION ASSET MAN Multiple Portfolios MF-AGG 10'574'494 0.76 1'982'164 30.09.2012 Investment AdvisorGOVT OF SINGAPORE IN n/a ULT-AGG 10'535'767 0.76 1'922'748 01.11.2012 GovernmentAVIVA INVESTORS Multiple Portfolios REG 10'437'360 0.75 (639'640) 01.11.2012 Investment AdvisorSTATE STREET n/a ULT-AGG 9'723'569 0.7 393'514 27.02.2013 Investment AdvisorNorthern Cross Inter Multiple Portfolios REG 9'024'700 0.65 95'026 01.11.2012 Unclassified


AlphaValue SACHIN KUMAR add 4 M 2'191 6 month 28.02.2013Exane BNP Paribas RAPHAEL VEVERKA underperform 1 M 1'700 Not Provided 27.02.2013Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 2'225 12 month 26.02.2013RBC Capital Markets DES KILALEA sector perform 3 M 1'700 12 month 25.02.2013EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 22.02.2013Jefferies Christopher LaFemina buy 5 U 2'450 12 month 21.02.2013Societe Generale ALAIN WILLIAM sell 1 M 1'900 12 month 19.02.2013Independent Research GmbH SVEN DIERMEIER sell 1 M 1'800 12 month 19.02.2013Deutsche Bank GRANT SPORRE buy 5 M 2'290 12 month 18.02.2013Credit Suisse LIAM FITZPATRICK neutral 3 M 2'100 Not Provided 18.02.2013JPMorgan FRASER JAMIESON underweight 1 M 1'640 9 month 18.02.2013Natixis RAOUDHA BOUZEKRI neutral 3 M 1'900 Not Provided 18.02.2013Nomura SAM CATALANO neutral 3 M 1'800 12 month 18.02.2013SBG Securities PETER DAVEY sell 1 M 2'000 12 month 18.02.2013S&P Capital IQ JOHNSON IMODE hold 3 M 2'100 12 month 16.02.2013BMO Capital Markets TONY ROBSON market perform 3 M 2'200 Not Provided 15.02.2013Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 1'970 12 month 15.02.2013Goldman Sachs EUGENE KING sell/attractive 1 M 1'550 12 month 11.02.2013HSBC ANDREW KEEN overweight 5 U 2'240 Not Provided 07.02.2013Imara STEPHEN MEINTJES hold 3 N #N/A N/A Not Provided 17.01.2013Investec ALBERT MINASSIAN hold 3 M 2'259 Not Provided 16.01.2013Redburn Partners SIMON TOYNE sell 1 D #N/A N/A Not Provided 16.01.2013Barclays IAN ROSSOUW equalweight 3 M 1'970 Not Provided 14.01.2013Macquarie KIERAN DALY outperform 5 M 2'250 12 month 10.01.2013Liberum Capital Ltd ASH LAZENBY hold 3 U #N/A N/A Not Provided 30.11.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 03.10.2012Standard Chartered SUBRAMANIAM VARADA in-line 3 M 1'960 12 month 08.09.2012Avior Research CLINTON DUNCAN outperform 5 M 2'338 Not Provided 27.08.2012CA Cheuvreux JOAKIM AHLBERG outperform 5 M 2'250 Not Provided 30.07.2012Daiwa Securities Co. Ltd. SCOTT FINLAY hold 3 N 3'329 6 month 21.04.2011Panmure Gordon & Co Limited ALISON TURNER hold 3 M 2'756 Not Provided 21.04.2011Prosdocimi TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.06.2010

Holdings By:Anglo American PLC

All


28.02.2013

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


71.252-Week High % Change -0.79% Dividend Yield -52-Week Low % Change 43.00% Beta 0.78% 52 Week Price Range High/Low 97.20% Equity Float -



Average Volume 5 Day 2'462'573ABI BB EQUITY YTD Change - Average Volume 30 Day 2'289'935ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'827'882


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q223'507.0 36'758.0 36'297.0 39'046.0 39'758.0 39'046.0 39'758.0 45'038.9 48'541.3 - -

4.07x 3.57x 3.70x 3.49x 4.37x 3.49x 4.14x 4.20x 3.78x - -7'734.0 12'925.0 13'768.0 15'297.0 15'450.0 15'297.0 11'768.0 17'643.5 19'424.8 - -

12.37x 10.15x 9.76x 8.91x 11.25x 8.91x 0.00x 10.48x 9.52x - -1'927.0 4'613.0 4'026.0 5'855.0 7'243.0 5'855.0 7'244.0 8'086.7 8'967.0 - -

11.99x 17.92x 22.61x 16.71x 19.15x 16.71x 19.04x 18.73x 16.66x - -

EBITDA 15'450.00 Long-Term Rating Date 01.05.2012EBIT 12'765.00 Long-Term Rating AOperating Margin 32.11% Long-Term Outlook STABLEPretax Margin 28.05% Short-Term Rating Date 01.05.2012Return on Assets 6.16% Short-Term Rating A-1Return on Common Equity 18.42%Return on Capital 13.08% EBITDA/Interest Exp. 7.48Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 5.90


Asset Turnover 0.34Current Ratio 1.01 Net Fixed Asset Turnover 2.45Quick Ratio 0.88 Accounts receivable turnover-days 37.49Debt to Assets 36.16% Inventory Days 55.25Tot Debt to Common Equity 107.78% Accounts Payable Turnover Day 306.82Accounts Receivable Turnover 9.76 Cash Conversion Cycle -214.08Inventory Turnover 6.62

Fiscal Year Ended

Anheuser-Busch InBev NVPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

10

20

30

40

50

60

70

80


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013



28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSTICHTING INBEV n/a 20F 663'074'830 41.27 - 29.08.2011 n/aEUGENIE PATRI SEBAST n/a 20F 133'267'604 8.29 - 29.08.2011 CorporationCAPITAL GROUP COMPAN n/a ULT-AGG 35'079'819 2.18 (3'462'946) 31.12.2012 Investment AdvisorBRC SARL n/a 20F 32'666'460 2.03 - 29.08.2011 OtherFMR LLC n/a ULT-AGG 19'379'453 1.21 (1'662'696) 31.12.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 16'738'779 1.04 (2'422'646) 31.12.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 12'006'663 0.75 266'830 26.02.2013 Investment AdvisorHARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'597'724 0.66 (128'959) 31.12.2012 Investment AdvisorBNP PARIBAS INV PART n/a ULT-AGG 9'854'250 0.61 727'791 31.12.2012 Investment AdvisorANHEUSER-BUSCH INBEV n/a 20F 7'601'955 0.47 - 29.08.2011 CorporationVOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 29.08.2011 OtherINBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 29.08.2011 OtherARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'160'120 0.26 89'672 31.12.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 3'870'095 0.24 10'559 31.12.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'438'936 0.21 1'647'249 31.12.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 2'695'029 0.17 311'764 27.02.2013 Investment AdvisorMERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'446'978 0.15 - 26.02.2013 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 2'292'039 0.14 402'350 30.11.2012 Mutual Fund ManagerGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'153'869 0.13 166'567 31.05.2012 Investment AdvisorTHREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'066'638 0.13 46'278 31.10.2012 Investment Advisor


Societe Generale ANDREW HOLLAND buy 5 M 74 12 month 28.02.2013HSBC LAUREN E TORRES overweight 5 M 78 Not Provided 28.02.2013Nomura IAN SHACKLETON neutral 3 M 70 12 month 28.02.2013Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 63 Not Provided 28.02.2013AlphaValue ISABELLE COMBEMALE sell 1 M 44 6 month 28.02.2013Kempen & Co SANDER VAN OORT hold 3 M 68 12 month 27.02.2013Jefferies DIRK VAN VLAANDEREN buy 5 M 76 12 month 27.02.2013Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 81 12 month 27.02.2013Bank Degroof(ESN) HANS D'HAESE hold 3 M 74 12 month 27.02.2013Independent Research GmbH LARS LUSEBRINK hold 3 M 73 12 month 27.02.2013KBC Securities WIM HOSTE hold 3 M 71 Not Provided 27.02.2013Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 85 12 month 27.02.2013S&P Capital IQ CARL SHORT hold 3 M 73 12 month 27.02.2013ING Bank MARCO GULPERS hold 3 M 68 12 month 27.02.2013ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 61 Not Provided 27.02.2013Rabobank International KAREL ZOETE buy 5 U 76 12 month 25.02.2013JPMorgan MIKE J GIBBS not rated #N/A N/A M #N/A N/A Not Provided 15.02.2013Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013Grupo Santander ANTHONY J BUCALO buy 5 M 71 Not Provided 14.02.2013Petercam KRIS KIPPERS buy 5 M 80 Not Provided 14.02.2013Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 14.02.2013Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 60 12 month 04.02.2013Credit Suisse SANJEET AUJLA neutral 3 M 70 Not Provided 01.02.2013Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 75 6 month 01.02.2013Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.02.2013RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 69 12 month 31.01.2013Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 25.01.2013CA Cheuvreux ERIC BOROIAN outperform 5 M 72 Not Provided 21.01.2013EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 65 Not Provided 14.09.2012Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012Deutsche Bank JONATHAN FELL restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012Barclays SIMON HALES suspended coverage #N/A N/A M #N/A N/A Not Provided 29.06.2012Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011

Holdings By:Anheuser-Busch InBev NV

All


28.02.2013

Antofagasta plc owns and operates copper mines in Chile and conductsexploration activities in Chile and Peru. The Group also operates a railnetwork servicing the mining region of northern Chile, as well as operates aconcession for the distribution of water in this region.

Latest Fiscal Year: 12/2011LTM as of: 09/yy52-Week High (02.01.2013) 1'392.0052-Week Low (01.06.2012) 972.00Daily Volume

109952-Week High % Change -20.98% Dividend Yield 1.2352-Week Low % Change 13.07% Beta 1.54% 52 Week Price Range High/Low 34.05% Equity Float 345.84

Shares Out 30.06.2012 985.9 Short Int -10'834.56 1 Yr Total Return -15.25%

Total Debt 2'140.30 YTD Return -16.99%Preferred Stock 0.0 Adjusted BETA 1.544Minority Interest 1'611.2 Analyst Recs 29Cash and Equivalents 3'280.00 Consensus Rating 2.793Enterprise Value 16'875.29

Average Volume 5 Day 2'470'585ANTO LN EQUITY YTD Change - Average Volume 30 Day 1'964'332ANTO LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'610'025


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 09/12 Q3 12/12 Q43'826.7 3'372.6 2'962.6 4'577.1 6'076.0 4'172.9 6'755.5 6'640.1 6'606.7 1'587.8 1'618.0

3.37x 1.29x 5.22x 5.42x 3.14x 0.00x 0.00x 2.41x 2.41x - -2'784.2 1'776.4 1'676.9 2'881.1 3'519.3 0.0 0.0 3'744.1 3'435.2 923.4 -

4.64x 2.45x 9.23x 8.60x 5.41x 0.00x 0.00x 4.51x 4.91x - -1'382.1 1'706.5 667.7 1'051.8 1'236.6 0.0 0.0 1'338.0 1'301.9 - -

10.14x 3.58x 23.65x 23.56x 15.02x 0.00x 0.00x 12.16x 12.53x - -

EBITDA 3'519.30 Long-Term Rating Date -EBIT 3'087.60 Long-Term Rating -Operating Margin 50.82% Long-Term Outlook -Pretax Margin 50.63% Short-Term Rating Date -Return on Assets 10.17% Short-Term Rating -Return on Common Equity 19.40%Return on Capital - EBITDA/Interest Exp. 79.09Asset Turnover 0.53% (EBITDA-Capex)/Interest Exp. 64.11

Net Debt/EBITDA -0.39Gross Margin 64.8% Total Debt/EBITDA 0.59EBITDA Margin 55.4%EBIT Margin 47.9% Total Debt/Equity 34.5%Net Income Margin 20.4% Total Debt/Capital 21.5%


Fiscal Year Ended

Antofagasta PLCPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

0

200

400

600

800

1000

1200

1400

1600

f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13.0 M

1.0 M

2.0 M

3.0 M

4.0 M

5.0 M

6.0 M

7.0 M

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 20110.00

5.00

10.00

15.00

20.00

25.00

02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013



28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMETALINVEST ESTABLIS n/a Co File 500'026'513 50.72 - 12.03.2012 UnclassifiedKUPFERBERG ESTABLISH Multiple Portfolios REG 98'032'110 9.94 - 02.01.2013 UnclassifiedBLACKROCK n/a ULT-AGG 50'278'691 5.1 - 26.02.2013 Investment AdvisorAUREBERG ESTABLISHME Multiple Portfolios REG 41'963'110 4.26 - 02.01.2013 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 27'996'546 2.84 877'100 02.01.2013 Investment AdvisorLEGAL & GENERAL n/a ULT-AGG 14'952'806 1.52 (652'086) 31.01.2013 UnclassifiedRS INVESTMENT MANAGE Multiple Portfolios REG 9'420'911 0.96 348'840 02.01.2013 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 8'649'755 0.88 (310'538) 02.01.2013 GovernmentSCOTTISH WIDOWS n/a ULT-AGG 8'488'957 0.86 2'136'431 02.01.2013 UnclassifiedRS INVESTMENT MANAGE Multiple Portfolios MF-AGG 7'887'165 0.8 387'806 31.12.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 7'412'130 0.75 185'093 02.01.2013 UnclassifiedVANGUARD GROUP INC Multiple Portfolios MF-AGG 7'272'901 0.74 188'245 31.12.2012 Investment AdvisorFMR LLC n/a ULT-AGG 7'259'809 0.74 5'090'993 02.01.2013 Investment AdvisorBAILLIE GIFFORD AND Multiple Portfolios REG 7'141'508 0.72 49'137 02.01.2013 Investment AdvisorUBS n/a ULT-AGG 6'973'019 0.71 (597'020) 02.01.2013 UnclassifiedMERRILL LYNCH & COMP Multiple Portfolios REG 6'199'759 0.63 (2'450) 02.01.2013 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios REG 5'776'806 0.59 (4'170'287) 02.01.2013 Investment AdvisorPEOPLES REPUBLIC OF Multiple Portfolios REG 5'702'125 0.58 557'168 02.01.2013 GovernmentT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 5'539'205 0.56 (1'951'983) 31.12.2012 Investment AdvisorGH KLUGE & SONS LTD Multiple Portfolios REG 5'345'800 0.54 - 02.01.2013 Unclassified


AlphaValue SACHIN KUMAR buy 5 M 1'457 6 month 28.02.2013JPMorgan FRASER JAMIESON overweight 5 M 1'400 12 month 27.02.2013Exane BNP Paribas RAPHAEL VEVERKA outperform 5 M 1'350 Not Provided 27.02.2013Societe Generale ABHISHEK SHUKLA sell 1 M 970 12 month 25.02.2013RBC Capital Markets TIMOTHY HUFF outperform 5 U 1'200 12 month 22.02.2013Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 21.02.2013GMP MATHEW FERNLEY hold 3 D 1'220 12 month 11.02.2013Jefferies Christopher LaFemina hold 3 M 1'350 12 month 08.02.2013HSBC ANDREW KEEN neutral 3 U 1'160 Not Provided 07.02.2013Goldman Sachs FAWZI HANANO sell/attractive 1 M 1'075 12 month 06.02.2013Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 1'175 12 month 06.02.2013Nomura PATRICK JONES neutral 3 M 1'250 Not Provided 03.02.2013Macquarie ALON OLSHA neutral 3 M 1'170 12 month 01.02.2013Deutsche Bank GRANT SPORRE hold 3 M 1'260 12 month 31.01.2013Credit Suisse LIAM FITZPATRICK underperform 1 D 1'150 Not Provided 31.01.2013Fox-Davies Capital PETER ROSE sell 1 M 984 Not Provided 31.01.2013Barclays IAN ROSSOUW equalweight 3 M 1'100 Not Provided 30.01.2013Numis Securities Ltd CAILEY BARKER hold 3 M 1'230 Not Provided 29.01.2013Morgan Stanley ALAIN GABRIEL Underwt/In-Line 1 M 1'100 12 month 23.01.2013EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013Liberum Capital Ltd BEN DAVIS hold 3 U #N/A N/A Not Provided 14.01.2013Redburn Partners SIMON TOYNE sell 1 M #N/A N/A Not Provided 06.12.2012BMO Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 22.11.2012Natixis RAOUDHA BOUZEKRI neutral 3 M 1'147 Not Provided 20.11.2012Larrain Vial Corredores de Bolsa JOSE PEDRO FUENZALIDA sell 1 M 1'180 Not Provided 19.11.2012S&P Capital IQ JOHNSON IMODE sell 1 M 1'000 12 month 12.10.2012Grupo Santander RODRIGO ORDONEZ buy 5 M 1'500 Not Provided 15.03.2012Daiwa Securities Co. Ltd. SCOTT FINLAY outperform 5 D 1'372 12 month 09.06.2011

Holdings By:Antofagasta PLC

All


28.02.2013

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


4568052-Week High % Change -3.79% Dividend Yield -52-Week Low % Change 30.51% Beta 1.02% 52 Week Price Range High/Low 83.33% Equity Float -



Average Volume 5 Day 5'834MAERSKB DC EQUITY YTD Change - Average Volume 30 Day 4'800MAERSKB DC EQUITY YTD % CHANGE - Average Volume 3 Month 4'522


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2311'821.0 260'336.0 315'396.0 322'520.0 342'058.0 322'520.0 342'058.0 346'192.4 366'044.8 81'773.1 85'571.3

0.68x 1.01x 0.97x 0.84x 0.85x 2.44x 3.40x 0.89x 0.83x - -83'945.0 49'262.0 89'218.0 78'506.0 72'897.0 78'506.0 72'897.0 78'615.5 85'718.1 17'725.7 19'909.3

2.52x 5.34x 3.44x 3.44x 4.00x 3.44x 4.06x 3.90x 3.58x 3.95x 3.78x16'960.0 (7'027.0) 26'455.0 15'189.0 21'673.0 15'189.0 21'673.0 19'673.8 24'918.6 3'444.0 5'381.8

6.86x - 8.33x 10.96x 8.59x 11.01x 8.61x 10.30x 8.27x 10.09x 9.27x

EBITDA 72'897.00 Long-Term Rating Date -EBIT 41'924.00 Long-Term Rating -Operating Margin 12.26% Long-Term Outlook -Pretax Margin 12.43% Short-Term Rating Date -Return on Assets 5.25% Short-Term Rating -Return on Common Equi

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