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

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March 2012

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

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27.02.2013

3i Group plc is an international investor focused on private equity,

infrastructure and debt management. The Company's investments are located across

multiple continents through local investment teams in Europe, Asia and North

America.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (27.02.2013) 318.50

52-Week Low (31.05.2012) 168.20

Daily Volume

317.9

52-Week High % Change -0.19% Dividend Yield 2.55

52-Week Low % Change 89.00% Beta 1.26

% 52 Week Price Range High/Low 92.52% Equity Float 938.04

Shares Out 14.02.2013 971.4 Short Int -

3'088.03 1 Yr Total Return 71.08%

Total Debt 1'589.00 YTD Return 46.36%

Preferred Stock 0.0 Adjusted BETA 1.262

Minority Interest 0.0 Analyst Recs 11

Cash and Equivalents 718.00 Consensus Rating 3.545

Enterprise Value 3'700.03

Average Volume 5 Day 2'825'703

III LN EQUITY YTD Change - Average Volume 30 Day 3'438'012

III LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'556'031

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

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 06/11 Q1 09/11 Q2

1'250.0 (2'097.0) 942.0 705.0 (243.0) - - 494.0 546.5 - -

3.73x - 3.92x 5.51x - - - 7.00x 5.77x - -

- - - - - - - 240.0 373.7 - -

- - - - - - - 15.42x 9.90x - -

828.0 (1'948.0) 154.0 186.0 (783.0) - - 163.5 374.8 - -

4.10x - 16.91x 15.28x - - - 21.48x 9.41x - -

EBITDA - Long-Term Rating Date 27.03.2012

EBIT - Long-Term Rating BBB

Operating Margin - Long-Term Outlook STABLE

Pretax Margin - Short-Term Rating Date 28.01.2009

Return on Assets -10.02% Short-Term Rating A-2

Return on Common Equity -16.69%

Return on Capital -10.86% EBITDA/Interest Exp. -

Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 60.5%

Net Income Margin - Total Debt/Capital 37.7%

Asset Turnover 0.06

Current Ratio - Net Fixed Asset Turnover 22.58

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 34.54% Inventory Days -

Tot Debt to Common Equity 60.49% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

3i Group PLCPrice/Volume

Valuation Analysis

3'588'412.00

Current Price (2/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

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

27.02.2013

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

BLACKROCK n/a ULT-AGG 97'623'518 10.05 8'182'632 25.02.2013 Investment Advisor

UBS n/a ULT-AGG 44'668'625 4.6 (748'890) 01.11.2012 Unclassified

FMR LLC n/a ULT-AGG 40'193'438 4.14 (3'142'759) 31.12.2012 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios REG 34'501'983 3.55 (104'707) 01.11.2012 Investment Advisor

3I GROUP PLC ESOP Multiple Portfolios REG 32'778'181 3.37 41'202 01.11.2012 Unclassified

MAJEDIE ASSET MANAGE Multiple Portfolios REG 30'462'192 3.14 (3'300) 01.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 29'204'206 3.01 - 12.02.2013 Unclassified

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 27'408'645 2.82 - 31.12.2012 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 21'798'292 2.24 (61'728) 01.11.2012 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 20'303'336 2.09 (1'853'591) 01.11.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios REG 18'484'034 1.9 (6'021'169) 01.11.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 18'137'300 1.87 677'131 31.10.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 16'170'266 1.66 1'895'857 31.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'902'532 1.64 495'731 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 15'257'945 1.57 - 01.11.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 14'964'804 1.54 - 01.11.2012 Government

ROYAL LONDON ASSET M Multiple Portfolios REG 14'722'305 1.52 1'919'107 01.11.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 14'514'496 1.49 (606'607) 01.11.2012 Unclassified

SARASIN n/a ULT-AGG 13'127'218 1.35 9'270 28.12.2012 Unclassified

KUWAIT INVESTMENT AU Multiple Portfolios REG 10'354'125 1.07 1'070'400 01.11.2012 Government

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Oriel Securities Ltd IAIN SCOULLER sell 1 M 250 Not Provided 27.02.2013

Macquarie NEIL WELCH neutral 3 U 293 12 month 21.02.2013

Societe Generale BILL BARNARD hold 3 M 305 12 month 14.02.2013

Barclays DANIEL R GARROD overweight 5 M 340 Not Provided 13.02.2013

JPMorgan CHRISTOPHER BROWN neutral 3 M #N/A N/A Not Provided 12.02.2013

Morgan Stanley BRUCE HAMILTON Equalwt/In-Line 3 M 291 12 month 05.02.2013

Investec HENRY FREEMAN hold 3 D 278 12 month 01.02.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013

Keefe, Bruyette & Woods TOM MILLS outperform 5 M 230 12 month 15.11.2012

Holdings By:

3i Group PLC ee


27.02.2013

Aberdeen Asset Management PLC operates an investment management group, which

manages unit trusts, investment trusts, and institutional funds for retail and

institutional clients. The Group's funds under management are mainly United

Kingdom funds, but also include an assortment from the Far East, Japan, Europe,

and the United States.


LTM as of: 01/yy

52-Week High (20.02.2013) 442.30

52-Week Low (31.05.2012) 232.70

Daily Volume

425.6




Shares Out 01.02.2013 1'198.4 Short Int -

5'100.41 1 Yr Total Return 76.66%

Total Debt 81.50 YTD Return 15.94%






ADN LN EQUITY YTD Change - Average Volume 30 Day 4'051'840

ADN LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'811'913


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

430.1 421.9 638.2 784.0 869.2 - - 996.2 1'119.2 - -

2.84x 4.39x 3.16x 2.56x 4.12x - - 4.93x 4.21x - -

114.9 132.0 226.4 313.2 361.0 - - 414.4 476.4 - -

10.64x 14.02x 8.90x 6.40x 9.91x - - 12.04x 10.47x - -

35.2 (8.1) 92.6 169.7 208.7 - - 324.1 370.3 - -

27.55x - 18.72x 11.51x 16.46x - - 16.06x 13.82x - -

EBITDA 361.00 Long-Term Rating Date -

EBIT 274.60 Long-Term Rating -

Operating Margin 31.59% Long-Term Outlook -

Pretax Margin 31.03% Short-Term Rating Date -

Return on Assets 6.00% Short-Term Rating -

Return on Common Equity 19.80%

Return on Capital 17.03% EBITDA/Interest Exp. 48.78

Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 47.76

Net Debt/EBITDA -0.90

Gross Margin - Total Debt/EBITDA 0.23

EBITDA Margin 41.5%

EBIT Margin 31.6% Total Debt/Equity 7.5%

Net Income Margin 24.0% Total Debt/Capital 5.9%

Asset Turnover 0.25

Current Ratio 1.10 Net Fixed Asset Turnover 44.35

Quick Ratio 0.15 Accounts receivable turnover-days -






Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aberdeen Asset Management PLCPrice/Volume

Valuation Analysis

2'028'902.00


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27.02.2013


MITSUBISHI UFJ FINAN n/a ULT-AGG 226'032'919 18.86 1'646'457 05.12.2012 Holding Company

BLACKROCK n/a ULT-AGG 57'119'257 4.77 - 25.02.2013 Investment Advisor

APPLEBY TRUST (JERSE n/a RNS-MAJ 47'936'218 4 - 21.12.2012 Unclassified

MASSACHUSETTS FINANC Multiple Portfolios REG 43'320'397 3.61 (753'989) 01.11.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios REG 42'009'653 3.51 - 01.11.2012 Unclassified

LEGAL & GENERAL n/a ULT-AGG 41'521'633 3.46 1'392'097 31.01.2013 Unclassified

NEWTON INV MGMT Multiple Portfolios REG 40'703'100 3.4 7'067'513 01.11.2012 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 33'107'285 2.76 (2'947'145) 25.02.2013 Investment Advisor

UBS n/a ULT-AGG 32'040'599 2.67 639'539 01.11.2012 Unclassified

FMR LLC n/a ULT-AGG 28'046'325 2.34 1'389'402 31.12.2012 Investment Advisor


OLD MUTUAL n/a ULT-AGG 18'919'308 1.58 2'034'629 31.12.2012 Unclassified

ROYAL BANK OF CANADA n/a ULT-AGG 18'578'175 1.55 6'833'979 01.11.2012 Bank

HANSBERGER GLOBAL IN Multiple Portfolios REG 18'034'335 1.5 (102'894) 01.11.2012 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 17'811'055 1.49 571'724 01.11.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 16'153'600 1.35 - 31.12.2012 Investment Advisor


SKAGEN FUNDS Multiple Portfolios REG 14'584'554 1.22 (21'994'650) 01.11.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 12'603'020 1.05 (329'609) 31.12.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 12'154'070 1.01 (6'042'690) 01.11.2012 Unclassified


Shore Capital Stockbrokers OWEN JONES buy 5 M #N/A N/A Not Provided 26.02.2013

Macquarie NEIL WELCH neutral 3 M 455 12 month 21.02.2013

Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 460 12 month 20.02.2013

Societe Generale MICHAEL SANDERSON hold 3 M 420 12 month 19.02.2013

Cantor Fitzgerald CATHERINE HEATH buy 5 N 489 Not Provided 19.02.2013

Numis Securities Ltd DAVID MCCANN add 4 M 475 Not Provided 19.02.2013

RBC Capital Markets PETER K LENARDOS outperform 5 M 465 12 month 15.02.2013

Jefferies JASON STREETS hold 3 M 400 12 month 15.02.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 M 460 Not Provided 15.02.2013

Exane BNP Paribas ABHISHEK PARTHASARATHY outperform 5 M 505 Not Provided 15.02.2013


Credit Suisse GURJIT KAMBO outperform 5 M 470 Not Provided 14.02.2013

JPMorgan RAE MAILE overweight 5 M 498 9 month 14.02.2013

Oriel Securities Ltd SARAH ING buy 5 M 460 Not Provided 14.02.2013

Goldman Sachs CHRIS M. TURNER Buy/Neutral 5 U 510 12 month 24.01.2013

Espirito Santo Investment Bank ResearchPHILIP DOBBIN neutral 3 M 385 Not Provided 22.01.2013

Peel Hunt STUART DUNCAN hold 3 M 365 Not Provided 17.01.2013


HSBC NITIN ARORA neutral 3 D 390 Not Provided 14.01.2013

Keefe, Bruyette & Woods TOM MILLS outperform 5 U 310 12 month 23.07.2012

Holdings By:

Aberdeen Asset Management PLC ee


27.02.2013

Abertis Infraestructuras S.A. is an international group which manages mobility

and telecommunications infrastructures through three business areas: tollroads,

telecommunications infrastructures and airports. The group is present in Europe

and the Americas.


LTM as of: 12/yy

52-Week High (25.02.2013) 13.49

52-Week Low (24.07.2012) 9.33

Daily Volume

13.275

52-Week High % Change -1.93% Dividend Yield -




10'816.33 1 Yr Total Return 16.15%



Minority Interest 1'351.4 Analyst Recs 31

Cash and Equivalents 2'636.00 Consensus Rating 3.871



ABE SQ EQUITY YTD Change - Average Volume 30 Day 3'011'680

ABE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 2'642'806


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

3'575.1 3'836.7 3'802.3 3'810.7 4'039.0 3'772.7 4'039.0 4'845.6 5'120.1 1'272.0 1'272.0

6.72x 7.08x 6.86x 6.49x 5.94x 13.73x 22.82x 5.38x 4.97x - -

2'255.8 2'435.1 2'407.0 2'453.7 2'459.0 2'453.9 3'200.8 2'984.3 3'171.8 - -

10.64x 11.15x 10.83x 10.07x 9.75x 10.07x 7.49x 8.27x 7.78x - -

618.4 653.1 661.6 720.1 1'024.0 720.3 1'024.0 704.6 807.5 202.0 201.0

14.16x 16.55x 17.13x 13.64x 9.87x 13.74x 9.81x 15.31x 13.67x 16.43x -

EBITDA 2'459.00 Long-Term Rating Date 10.09.2012

EBIT 1'290.00 Long-Term Rating BBB

Operating Margin 31.94% Long-Term Outlook NEG






Net Debt/EBITDA 5.64


EBITDA Margin 60.9%



Asset Turnover 0.16


Quick Ratio 1.33 Accounts receivable turnover-days 72.24



Accounts Receivable Turnover 5.05 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Abertis Infraestructuras SAPrice/Volume

Valuation Analysis

1'041'916.00


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27.02.2013


CAJA AHORROS PENSION n/a Research 243'621'966 29.9 (8'962'929) 05.07.2012 Unclassified

OBRASCON HUARTE LAIN n/a EXCH 124'622'434 15.3 442'718 11.02.2013 Corporation

INMOBILIARIA ESPACIO n/a EXCH 124'279'716 15.25 - 21.01.2013 Holding Company

TREBOL HOLDINGS SARL n/a EXCH 120'681'879 14.81 - 25.04.2012 Corporation

ADMIRABLIA SL n/a Co File 79'772'767 9.79 - 31.12.2011 Other

INVERSIONES AUTOPIST n/a Co File 60'161'580 7.38 - 31.12.2011 Other

VILLA AUREA SL n/a EXCH 33'071'941 4.06 1'571'941 01.07.2010 Holding Company

ABERTIS INFRAESTRUCT n/a Co File 29'885'288 3.67 - 31.12.2011 Corporation


BLACKROCK n/a ULT-AGG 4'902'157 0.6 46'850 25.02.2013 Investment Advisor

NATEXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'423'421 0.42 3'423'421 31.12.2012 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 2'899'511 0.36 13'000 31.12.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 2'289'276 0.28 - 30.06.2012 Investment Advisor

G3T SL n/a Co File 2'236'959 0.27 - 31.12.2011 Unclassified

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'712'632 0.21 59'695 31.08.2012 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'559'394 0.19 (152'866) 31.05.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 1'442'455 0.18 (4'255) 31.10.2012 Bank

MACQUARIE INFRASTRUC Multiple Portfolios MF-AGG 1'261'593 0.15 160'902 31.08.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'232'650 0.15 104'650 28.09.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 905'639 0.11 - 30.06.2012 Investment Advisor


Nomura PETER LARKIN buy 5 M 15 Not Provided 26.02.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.02.2013

BPI BRUNO ALMEIDA DA SILVA neutral 3 M 13 Not Provided 25.02.2013

Equita SIM SpA STEFANO GAMBERINI hold 3 N 13 12 month 25.02.2013

Societe Generale VICTOR ACITORES buy 5 M 14 12 month 20.02.2013

Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 14 12 month 20.02.2013

Espirito Santo Investment Bank ResearchJUAN CARLOS CALVO neutral 3 M 13 Not Provided 20.02.2013

NMAS 1 Agencia de Valores JOSE RAMON OCINA buy 5 M 14 12 month 20.02.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.02.2013

Exane BNP Paribas NICOLAS MORA neutral 3 M 14 Not Provided 20.02.2013

RBC Capital Markets ANDREW JONES outperform 5 M 14 12 month 19.02.2013

Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 19.02.2013

Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA buy 5 M 14 12 month 19.02.2013

Banco Sabadell MARIA CEBOLLERO buy 5 M 14 12 month 19.02.2013

Ahorro Corporacion Financiera SA RAFAEL CAVANILLAS buy 5 M 15 Not Provided 19.02.2013

Banesto Bolsa SA Sociedad MARTA OLBA neutral 3 M 13 12 month 19.02.2013

AlphaValue MYRIAM COHEN add 4 M 14 6 month 14.02.2013

Interdin Bolsa PABLO ORTIZ DE JUAN buy 5 M 14 Not Provided 13.02.2013

CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 15 Not Provided 06.02.2013

Barclays SUSANNA INVERNIZZI underweight 1 M 13 Not Provided 23.01.2013

Natixis GREGOIRE THIBAULT neutral 3 M 12 Not Provided 16.01.2013

Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 14 12 month 14.12.2012

Kepler Capital Markets EMILIO ROTONDO-INCLAN buy 5 M 14 Not Provided 20.11.2012

La Caixa BORJA PAGOAGA buy 5 M 14 Not Provided 06.11.2012

JPMorgan ELODIE RALL overweight 5 M 16 6 month 18.10.2012

Macquarie ROBERT JOYNSON outperform 5 M 17 12 month 27.09.2012

Grupo Santander JOAQUIN FERRER buy 5 M 13 Not Provided 25.06.2012

Oddo & Cie OLIVIER BECKER neutral 3 M 13 Not Provided 05.06.2012

Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO underweight 1 M 12 12 month 21.05.2012

BBVA ANTONIO RODRIGUEZ VICENS market perform 3 M 11 Not Provided 12.09.2011

Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 15 Not Provided 18.05.2011

Iberian Equities DAVID STIX buy 5 M 16 Not Provided 12.11.2010

Holdings By:

Abertis Infraestructuras SA ee


27.02.2013

Accor SA operates hotel chains and offers human resources, marketing, and

expense management services. The Company operates hotels ranging from budget

to upscale worldwide.


LTM as of: 03/yy

52-Week High (15.02.2013) 29.63

52-Week Low (14.06.2012) 21.98

Daily Volume

27.5





6'250.14 1 Yr Total Return 10.64%







AC FP EQUITY YTD Change - Average Volume 30 Day 718'414

AC FP EQUITY YTD % CHANGE - Average Volume 3 Month 638'630


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

7'610.0 5'490.0 5'948.0 6'100.0 5'649.0 5'636.0 6'116.0 5'553.1 5'451.8 1'592.5 1'469.8

1.20x 1.92x 1.46x 0.82x 1.20x 0.00x 0.00x 1.22x 1.20x - -

1'376.0 808.0 1'046.0 983.0 1'046.0 0.0 0.0 859.1 889.2 - -

6.61x 13.08x 8.31x 5.12x 6.50x 0.00x 0.00x 8.12x 7.84x - -

575.0 (282.0) 3'600.0 27.0 (599.0) 0.0 0.0 317.7 360.0 - -

13.50x - - 152.05x 76.78x 0.00x 0.00x 19.73x 17.26x - -


EBIT 526.00 Long-Term Rating BBB-

Operating Margin 9.31% Long-Term Outlook STABLE

Pretax Margin 4.21% Short-Term Rating Date 05.04.2011



Return on Capital -10.14% EBITDA/Interest Exp. 12.45




EBITDA Margin 18.5%


Net Income Margin -10.6% Total Debt/Capital 44.3%

Asset Turnover 0.73







Fiscal Year Ended

Accor SAPrice/Volume

Valuation Analysis

494'314.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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27.02.2013


COLDAY SARL n/a Research 25'506'869 11.22 - 06.12.2012 Unclassified

LEGENDRE HOLDING 19 n/a Research 23'061'291 10.15 - 06.12.2012 Unclassified

MANNING & NAPIER ADV n/a Research 11'374'332 5 - 15.11.2012 Investment Advisor

CAISSE DES DEPOTS ET n/a Research 11'333'481 4.99 - 26.11.2012 Unclassified

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'028'426 4.85 - 31.12.2012 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 6'628'710 2.92 1'221'050 31.12.2012 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 4'958'051 2.18 - 29.01.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'373'486 1.92 (228'030) 31.12.2012 Mutual Fund Manager


AVIVA PLC Multiple Portfolios MF-AGG 1'501'900 0.66 - 31.01.2013 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 1'155'241 0.51 97'299 28.09.2012 Mutual Fund Manager

SOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 1'040'673 0.46 (75'853) 30.09.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 1'003'355 0.44 128'661 26.02.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 771'574 0.34 7'982 31.07.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 705'717 0.31 (21'387) 30.11.2012 Mutual Fund Manager

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 680'153 0.3 - 31.12.2012 Mutual Fund Manager

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 671'616 0.3 35'207 31.01.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 656'980 0.29 100'649 31.12.2012 Investment Advisor


Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 32 Not Provided 27.02.2013

Raymond James JULIEN RICHER outperform 5 M 33 Not Provided 26.02.2013

Goldman Sachs OLIVER NEAL neutral/neutral 3 M 31 12 month 25.02.2013

Societe Generale SABRINA BLANC buy 5 M 32 12 month 21.02.2013

CA Cheuvreux MARCO BACCAGLIO outperform 5 M 31 Not Provided 21.02.2013

Cantor Fitzgerald ROBIN BYDE buy 5 M 33 Not Provided 21.02.2013

Kepler Capital Markets CATHERINE ROLLAND reduce 2 M 26 Not Provided 21.02.2013

Natixis ANDRE JUILLARD buy 5 M 33 Not Provided 21.02.2013

Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 33 Not Provided 21.02.2013

Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 30 12 month 21.02.2013

CM - CIC Securities(ESN) ANNICK THEVENON hold 3 M 31 12 month 20.02.2013

Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD buy 5 M 32 6 month 20.02.2013

Nomura TIM BARRETT reduce 2 M 20 12 month 20.02.2013

S&P Capital IQ WILLIAM MACK strong buy 5 M 32 12 month 20.02.2013

JPMorgan KOMAL DHILLON overweight 5 U 32 9 month 18.02.2013

Deutsche Bank GEOF COLLYER sell 1 D 25 12 month 16.02.2013

Day by Day VALERIE GASTALDY buy 5 M 34 3 month 14.02.2013

AlphaValue BERENICE LACROIX add 4 M 31 6 month 14.02.2013

Barclays VICTORIA LEE overweight 5 M 32 Not Provided 07.02.2013

Morgan Stanley VAUGHAN LEWIS Equalwt/In-Line 3 M 28 12 month 04.02.2013

Jefferies IAN RENNARDSON buy 5 M 31 Not Provided 01.02.2013

HSBC LENA THAKKAR underweight 1 M 27 Not Provided 31.01.2013

Main First Bank AG LOIC SABATIER outperform 5 M 35 12 month 24.01.2013

Credit Suisse TIM RAMSKILL outperform 5 M 29 Not Provided 18.01.2013

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

Redburn Partners PASCAL HAUTCOEUR buy 5 M #N/A N/A Not Provided 18.09.2012

Gabelli & Co AMIT KAPOOR buy 5 M #N/A N/A Not Provided 23.05.2012

Aurel - BGC JEAN-MARIE L'HOME suspended coverage #N/A N/A M #N/A N/A Not Provided 21.10.2010

Holdings By:

Accor SA ee


27.02.2013

ACS, Actividades de Construccion y Servicios, S.A. is an engineering and

contracting company that develops civil and industrial infrastructures. The

Company provides Civil Works Construction, Greenfield Concession Development,

Industrial Services (electricity, oil and gas) and Environmental Services

(waste treatment and facility management).


LTM as of: 09/yy

52-Week High (28.02.2012) 23.13

52-Week Low (25.07.2012) 10.38

Daily Volume

18.42





5'796.12 1 Yr Total Return -12.85%

Total Debt 16'495.58 YTD Return -3.26%






ACS SQ EQUITY YTD Change - Average Volume 30 Day 1'877'982

ACS SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'209'114


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 Q1

15'344.9 16'010.0 15'605.9 14'328.5 28'471.9 21'306.5 38'730.9 37'397.9 38'029.7 9'048.5 9'365.0

2.36x 1.64x 1.29x 1.30x 0.66x 3.89x 1.88x 0.43x 0.41x - -

1'948.9 1'587.7 1'011.7 1'411.4 2'247.0 1'817.4 3'052.0 2'857.6 3'019.6 735.8 -

18.58x 16.55x 19.95x 13.21x 8.40x 11.60x 5.75x 6.40x 6.06x - -

1'551.1 1'805.0 1'951.5 1'312.6 961.9 919.6 (876.1) (451.3) 759.7 (295.7) -

40.06x 52.96x 16.08x 8.54x 7.42x 9.11x 0.00x - 7.41x 28.61x -

EBITDA 2'246.97 Long-Term Rating Date -

EBIT 1'293.02 Long-Term Rating -



Return on Assets -1.86% Short-Term Rating -


Return on Capital - EBITDA/Interest Exp. -




EBITDA Margin 7.9%



Asset Turnover 0.82








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ACS Actividades de Construccion y Servicios SAPrice/Volume

Valuation Analysis

500'106.00


'

2

-'

-2

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


ALBA PARTICIPACIONES n/a Co File 56'050'975 17.81 - 31.12.2011 Other

INVERSIONES VESAN SA n/a EXCH 39'537'469 12.56 - 31.05.2012 Corporation

INVERNELIN PATRIMONI n/a EXCH 27'306'595 8.68 - 30.07.2012 Other

SOUTHEASTERN ASSET M n/a Co File 23'527'063 7.48 - 31.12.2011 Investment Advisor

IBEROSTAR HTLS Y APA n/a Co File 17'643'657 5.61 - 31.12.2011 Other

BANCO BILBAO VIZCAYA n/a EXCH 6'252'323 1.99 (3'497'676) 02.05.2011 Bank

BATUECAS TORREGO AGU n/a EXCH 3'611'212 1.15 - 31.05.2012 n/a


AMBER CAPITAL LP n/a Short (2'422'918) -0.77 314'664 11.02.2013 Hedge Fund Manager

ONTARIO TEACHERS PEN n/a Research 2'100'000 0.67 300'000 31.12.2010 Pension Fund (ERISA)


BALBOA PARTICIPACION n/a Co File 1'548'257 0.49 - 31.12.2011 Holding Company

LBPAM Multiple Portfolios MF-AGG 1'446'774 0.46 1'235'193 31.12.2012 Mutual Fund Manager

CORPORACION FINANCIE n/a EXCH 932'880 0.3 - 30.07.2012 Unclassified

LOPEZ JIMENEZ PEDRO n/a EXCH 903'797 0.29 (4'990) 21.09.2012 n/a

CINAINVEST HOLDING S n/a Co File 477'162 0.15 - 31.12.2011 Holding Company

AGUIRRE GONZALE JOSE n/a EXCH 421'500 0.13 - 14.04.2011 n/a

LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 399'000 0.13 - 31.01.2013 Mutual Fund Manager

VANTAGEPOINT INVESTM Multiple Portfolios MF-AGG 300'022 0.1 (6'800) 31.01.2013 Investment Advisor

DEL VALLE PEREZ JOSE n/a Co File 278'902 0.09 - 31.12.2011 n/a


Grupo Santander ARANZAZU BUENO hold 3 M 19 Not Provided 27.02.2013

Ahorro Corporacion Financiera SA JUAN MORENO hold 3 M 19 Not Provided 27.02.2013

Banesto Bolsa SA Sociedad MARTA OLBA neutral 3 M 19 12 month 26.02.2013

Exane BNP Paribas ANTONIO LOPEZ SILVESTRE underperform 1 M 18 Not Provided 26.02.2013

BPI FLORA TRINDADE neutral 3 M 21 Not Provided 25.02.2013

Banco Sabadell MARIA CEBOLLERO sell 1 M #N/A N/A Not Provided 21.02.2013

AlphaValue GAETAN DUPONT buy 5 M 25 6 month 21.02.2013


Interdin Bolsa PABLO ORTIZ DE JUAN neutral 3 M 20 Not Provided 29.01.2013

Day by Day VALERIE GASTALDY buy 5 U 20 3 month 28.01.2013

Bankia Bolsa (ESN) VICTOR PEIRO PEREZ accumulate 4 M 24 12 month 24.01.2013

NMAS 1 Agencia de Valores JOSE RAMON OCINA sell 1 M 21 12 month 24.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 M 19 12 month 14.01.2013

Deutsche Bank LUIS PRIETO hold 3 M 18 12 month 19.12.2012

S&P Capital IQ JAWAHAR HINGORANI sell 1 M 14 12 month 13.12.2012


La Caixa SANTIAGO MOLINA buy 5 M 21 Not Provided 16.11.2012


CA Cheuvreux BORJA CASTRO PEREZ MANZUCO underperform 1 M 17 Not Provided 05.11.2012

HSBC TOBIAS LOSKAMP neutral 3 N 17 Not Provided 19.09.2012

BBVA ANTONIO RODRIGUEZ VICENS market perform 3 M 14 Not Provided 02.08.2012

RBC Capital Markets OLIVIA PETERS sector perform 3 M 39 12 month 05.07.2012

Renta 4 SA SVB NURIA ALVAREZ hold 3 M 37 Not Provided 18.04.2012

Holdings By:

ACS Actividades de Construccion y Servicios SA ee


27.02.2013

Actelion Ltd. is a pharmaceutical company that develops and markets synthetic

small-molecule drugs against diseases related to the endothelium. The Company's

drugs, Veletri and Tracleer, are used in the treatment of heart and pulmonary

conditions.


LTM as of: 12/yy

52-Week High (20.02.2013) 48.88

52-Week Low (23.04.2012) 31.24

Daily Volume

47.37





6'005.24 1 Yr Total Return 39.11%






Average Volume 5 Day 436'335

ATLN VX EQUITY YTD Change - Average Volume 30 Day 401'417

ATLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 422'481


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

1'428.9 1'698.0 1'826.3 1'713.0 1'722.1 1'713.0 1'722.1 1'697.0 1'758.8 398.0 429.7

4.58x 3.32x 2.80x 1.56x 2.34x 9.02x 9.55x 3.00x 2.73x 12.73x 11.56x

414.2 403.4 536.1 435.6 503.4 435.6 503.4 509.3 555.2 103.9 147.5

15.80x 13.98x 9.53x 6.14x 8.00x 6.14x 8.00x 10.04x 9.21x 10.56x -

306.1 311.3 390.6 (146.3) 303.2 (146.3) 303.2 354.8 397.6 74.1 110.5

22.93x 21.07x 15.61x - 16.68x 0.00x 16.68x 14.38x 12.69x 15.60x -










Gross Margin 88.6% Total Debt/EBITDA 0.47

EBITDA Margin 29.2%



Asset Turnover 0.63



Debt to Assets 8.74% Inventory Days 112.08

Tot Debt to Common Equity 15.50% Accounts Payable Turnover Day 186.73

Accounts Receivable Turnover 3.63 Cash Conversion Cycle 26.24

Inventory Turnover 3.27

Fiscal Year Ended

Actelion LtdPrice/Volume

Valuation Analysis

271'301.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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.'

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1'

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

2!''

-'!''

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27.02.2013


ACTELION LTD n/a EXCH 12'606'321 9.94 244'000 13.11.2012 Other

ORBIS INVESTMENT MAN n/a Co File 6'519'600 5.14 - 31.12.2011 Investment Advisor

CLOZEL JEAN-PAUL n/a Co File 5'248'883 4.14 - 31.12.2011 n/a

TRIDENT MERGER n/a EXCH 4'083'119 3.22 - 02.05.2012 Other

MAAG RUDOLF n/a Co File 3'911'760 3.09 - 31.12.2011 n/a

BB BIOTECH AG n/a Co File 3'911'760 3.09 - 31.12.2011 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 3'911'760 3.09 - 31.12.2011 Unclassified



CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'014'254 1.59 (5'978) 28.12.2012 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 1'183'396 0.93 (58'777) 30.11.2012 Mutual Fund Manager

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'057'406 0.83 (6'165) 31.10.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 901'792 0.71 (8'069) 31.12.2012 Investment Advisor

CAWTHORN ROBERT E n/a Co File 692'119 0.55 - 31.12.2011 n/a

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 526'952 0.42 (7) 31.12.2012 Investment Advisor

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 509'576 0.4 - 31.01.2013 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 497'770 0.39 181'433 30.11.2012 Investment Advisor

FROSTROW CAPITAL LLP Multiple Portfolios MF-AGG 378'200 0.3 (217'900) 30.09.2012 Unclassified

INVESCO LTD Multiple Portfolios MF-AGG 331'462 0.26 (249'337) 26.02.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 306'680 0.24 6'517 31.12.2012 Investment Advisor


JPMorgan JAMES D GORDON neutral 3 M 52 3 month 22.02.2013

AlphaValue FABRICE FARIGOULE add 4 M 54 6 month 21.02.2013

Helvea OLAV ZILIAN buy 5 M 72 12 month 19.02.2013

Jefferies PETER WELFORD buy 5 M 56 12 month 18.02.2013

Kepler Capital Markets FABIAN WENNER buy 5 M 53 Not Provided 18.02.2013

Barclays MICHAEL LEUCHTEN equalweight 3 M 47 Not Provided 18.02.2013

Deutsche Bank RICHARD J PARKES buy 5 M 60 12 month 16.02.2013

Bank Vontobel AG ANDREW C WEISS buy 5 M 69 Not Provided 15.02.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 57 6 month 15.02.2013

S&P Capital IQ JACOB THRANE buy 5 M 53 12 month 15.02.2013

Credit Suisse RAVI MEHROTRA outperform 5 M 50 Not Provided 14.02.2013

Zuercher Kantonalbank SIBYLLE BISCHOFBERGER FRICK market perform 3 M #N/A N/A Not Provided 14.02.2013

Berenberg Bank ADRIAN HOWD buy 5 M 57 Not Provided 14.02.2013

Nomura Code Securities SAMIR DEVANI buy 5 M 55 6 month 14.02.2013

Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 50 Not Provided 14.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 44 12 month 28.01.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013

Redburn Partners TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 18.04.2012

Matrix ANNIE J CHENG buy 5 M 54 12 month 30.08.2011

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

Holdings By:

Actelion Ltd ee


27.02.2013

Adecco SA is a personnel and temporary employment company. The Company supplies

personnel and temporary help, and offers permanent placement services for

professionals and specialists in a range of occupations. Adecco conducts its

placement services internationally.


LTM as of: 09/yy

52-Week High (25.02.2013) 54.70

52-Week Low (04.06.2012) 36.13

Daily Volume

52.65





9'964.72 1 Yr Total Return 19.27%







ADEN VX EQUITY YTD Change - Average Volume 30 Day 546'208

ADEN VX EQUITY YTD % CHANGE - Average Volume 3 Month 572'930


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 Q1

21'090.0 19'965.0 14'797.0 18'656.0 20'545.0 20'344.0 20'703.0 20'579.1 20'683.0 5'030.7 4'809.0

0.36x 0.24x 0.46x 0.50x 0.31x 1.74x 1.48x 0.45x 0.44x - -

1'170.0 992.0 380.0 809.0 939.0 974.0 878.0 904.5 1'010.5 - -

6.51x 4.84x 17.88x 11.58x 6.82x 6.99x 9.24x 10.26x 9.18x - -

735.0 495.0 8.0 423.0 519.0 527.0 475.0 514.8 573.8 128.0 -

9.30x 8.51x 959.73x 22.41x 11.89x 10.82x 14.81x 15.64x 13.97x - -

EBITDA 939.00 Long-Term Rating Date 12.10.2011

EBIT 763.00 Long-Term Rating BBB



Return on Assets 4.94% Short-Term Rating A-2






EBITDA Margin 4.2%



Asset Turnover 2.15







Fiscal Year Ended

Adecco SAPrice/Volume

Valuation Analysis

307'022.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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27.02.2013


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

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

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

FRANKLIN RESOURCES n/a ULT-AGG 5'802'061 3.07 - 31.12.2012 Investment Advisor

ADECCO SA n/a EXCH 5'775'632 3.05 - 27.11.2012 Corporation

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


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'236'720 1.18 678'600 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'188'744 1.16 16'847 31.12.2012 Investment Advisor


FMR LLC n/a ULT-AGG 1'492'666 0.79 (980'533) 31.12.2012 Investment Advisor


MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'278'453 0.68 46'950 31.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 1'089'489 0.58 5'982 30.11.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 1'044'761 0.55 (4'891) 25.02.2013 Investment Advisor

SEB n/a ULT-AGG 479'090 0.25 74'900 31.12.2012 Unclassified

MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 441'973 0.23 - 31.12.2012 Investment Advisor

LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 428'200 0.23 (37'800) 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 423'333 0.22 (15'931) 28.12.2012 Mutual Fund Manager


Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 25.02.2013

Goldman Sachs CHARLES WILSON neutral/neutral 3 M 57 12 month 21.02.2013

AlphaValue HEINZ STEFFEN add 4 M 63 6 month 21.02.2013


Helvea CHRISTIAN BURGER neutral 3 M 57 12 month 15.02.2013

Credit Suisse ANDY GROBLER outperform 5 M 62 Not Provided 14.02.2013

Natixis OLIVIER LEBRUN buy 5 M 58 Not Provided 07.02.2013

Deutsche Bank THOMAS SYKES buy 5 M 59 12 month 01.02.2013

Jefferies KEAN MARDEN hold 3 M 49 12 month 31.01.2013

Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 62 Not Provided 30.01.2013

Rabobank International DAVID TAILLEUR buy 5 M 57 12 month 28.01.2013

RBC Capital Markets ANDREW BROOKE top pick 5 M 65 12 month 21.01.2013

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

Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 52 6 month 15.01.2013

Zuercher Kantonalbank MARCO STRITTMATTER market perform 3 M #N/A N/A Not Provided 10.01.2013

Bank Vontobel AG MICHAEL FOETH buy 5 M 57 Not Provided 20.12.2012

Barclays PAUL D A SULLIVAN equalweight 3 M 50 Not Provided 07.11.2012

JPMorgan ROBERT PLANT neutral 3 M 45 3 month 06.11.2012

Berenberg Bank KONRAD ZOMER buy 5 M 58 Not Provided 06.11.2012

S&P Capital IQ CLIVE ROBERTS hold 3 M 47 12 month 06.11.2012

ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 M 58 Not Provided 06.11.2012

Kepler Capital Markets MATTHIJS VAN LEIJENHORST buy 5 M 52 Not Provided 05.11.2012

Espirito Santo Investment Bank ResearchGUY HEWETT sell 1 N 39 Not Provided 18.10.2012

HSBC MATTHEW LLOYD overweight 5 M 60 Not Provided 11.09.2012

Holdings By:

Adecco SA ee


27.02.2013

Admiral Group Plc principally sells private motor insurance, together with

ancillary products, such as breakdown cover and cover for legal expenses. The

Company markets directly to the public in the United Kingdom through its core

brands, the Admiral brand, elephant.co.uk, Diamond, and Bell Direct.


LTM as of: 09/yy

52-Week High (20.02.2013) 1'300.00

52-Week Low (06.03.2012) 970.22

Daily Volume

1248





3'413.57 1 Yr Total Return 26.18%







ADM LN EQUITY YTD Change - Average Volume 30 Day 399'920

ADM LN EQUITY YTD % CHANGE - Average Volume 3 Month 399'209


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

364.1 422.8 507.5 640.8 870.3 0.0 1'738.0 1'967.3 1'955.8 - -

7.51x 5.35x 5.83x 5.97x 2.39x #DIV/0! 0.00x 1.54x 1.51x - -

- - - - - 0.0 0.0 - - - -

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

127.4 144.9 156.9 193.8 221.2 0.0 0.0 247.8 262.9 - -

22.62x 16.56x 20.14x 20.94x 10.40x 0.00x 0.00x 13.71x 13.01x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.36

Current Ratio - Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Admiral Group PLCPrice/Volume

Valuation Analysis

130'220.00


'

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1''

3''

5''

-'''

-.''

-1''

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0!2 9

1!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

'!''

2!''

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27.02.2013


DIRECTOR & RELATED H Multiple Portfolios REG 49'217'919 17.99 192'033 01.11.2012 Other

ENGELHARDT HENRY ALL n/a RNS-DIR 37'005'472 13.53 (1'000'000) 07.12.2012 n/a

MORGAN STANLEY n/a ULT-AGG 28'892'084 10.56 - 30.09.2012 Investment Advisor

MUENCHENER RUECKVERS n/a Research 27'499'400 10.05 - 17.10.2012 Insurance Company

MUNICH RE GROUP Multiple Portfolios REG 27'149'400 9.93 - 01.11.2012 Unclassified



MORGAN STANLEY INVES Multiple Portfolios REG 12'467'412 4.56 378'747 01.11.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 11'209'387 4.1 1'111'939 31.12.2012 Investment Advisor

STEVENS DAVID GRAHAM n/a RNS-DIR 10'631'950 3.89 97'500 08.11.2012 n/a


MACKENZIE FINANCIAL Multiple Portfolios REG 9'600'602 3.51 (358'600) 01.11.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios REG 9'400'997 3.44 2'312'377 01.11.2012 Unclassified

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 7'094'500 2.59 1'728'350 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 6'914'106 2.53 (44'781) 01.11.2012 Unclassified


BARING ASSET MANAGEM Multiple Portfolios REG 5'643'623 2.06 1'144'122 01.11.2012 Investment Advisor

TIGER GLOBAL MANAGEM Multiple Portfolios REG 5'215'000 1.91 1'502'660 01.11.2012 Hedge Fund Manager

MARATHON ASSET MANAG Multiple Portfolios REG 4'752'031 1.74 (164'514) 01.11.2012 Investment Advisor



Keefe, Bruyette & Woods GREIG N PATERSON outperform 5 M 1'392 12 month 27.02.2013

JPMorgan ANDREAS VAN EMBDEN neutral 3 N 1'246 Not Provided 21.02.2013

RBC Capital Markets GORDON AITKEN underperform 1 M 890 12 month 20.02.2013

Exane BNP Paribas ANDY HUGHES underperform 1 M 866 Not Provided 19.02.2013

Numis Securities Ltd NICHOLAS JOHNSON reduce 2 M 1'040 12 month 11.02.2013

Nomura FAHAD CHANGAZI buy 5 M 1'350 12 month 05.02.2013

Peel Hunt MARK WILLIAMSON buy 5 M 1'226 Not Provided 04.02.2013

Barclays ANDREW BROADFIELD equalweight 3 M 1'266 Not Provided 04.02.2013

Shore Capital Stockbrokers EAMONN FLANAGAN sell 1 M #N/A N/A Not Provided 01.02.2013

Goldman Sachs RAVI TANNA Buy/Neutral 5 U 1'500 12 month 18.01.2013

Oriel Securities Ltd MARCUS BARNARD sell 1 M 740 Not Provided 18.01.2013

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

Credit Suisse CHRIS ESSON neutral 3 M 1'320 Not Provided 14.01.2013

HSBC DHRUV GAHLAUT overweight 5 M 1'420 Not Provided 14.01.2013

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH sell 1 M 900 Not Provided 08.01.2013

Investec KEVIN RYAN sell 1 M 582 12 month 07.01.2013

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 1'201 12 month 05.12.2012

Canaccord Genuity Corp BEN COHEN sell 1 M 1'050 12 month 26.11.2012

Berenberg Bank PETER ELIOT sell 1 M 1'000 Not Provided 02.11.2012

Deutsche Bank OLIVER STEEL hold 3 M 1'140 12 month 05.10.2012

Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012

Holdings By:

Admiral Group PLC ee


27.02.2013

Aegis Group plc operates as a holding company. Through its operating

subsidiaries, the Group provides a broad range of media services including media

strategy, consulting, advertising, marketing, planning and buying. Aegis

operates throughout the world.


LTM as of: 01/yy

52-Week High (25.02.2013) 239.30

52-Week Low (15.06.2012) 151.90

Daily Volume

238.7





2'800.37 1 Yr Total Return 41.73%



Minority Interest (12.9) Analyst Recs 21




AGS LN EQUITY YTD Change - Average Volume 30 Day 5'987'660

AGS LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'029'651


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 - -

1'106.4 1'342.0 1'346.5 941.0 1'135.0 - - 1'275.9 1'361.0 - -

1.40x 0.83x 1.18x 2.19x 1.56x - - 2.28x 2.10x - -

167.7 200.7 171.6 124.6 216.1 - - 253.9 274.7 - -

9.25x 5.56x 9.25x 16.55x 8.20x - - 12.26x 11.33x - -

88.5 82.8 62.7 41.2 164.1 - - 146.8 158.4 - -

14.94x 10.20x 21.68x 87.81x 22.22x - - 19.41x 17.68x - -











EBITDA Margin 18.2%



Asset Turnover 0.28





Accounts Receivable Turnover 0.53 Cash Conversion Cycle -48510.77



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aegis Group PLCPrice/Volume

Valuation Analysis

1'742'496.00


'

2'

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-2'

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9.'!' 91'!' 93'!' 95'!' 9-''!' 9-.'!' 9-1'!' 9-3'!' 9-5'!' 9.''!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

'!''

2!''

-'!''

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27.02.2013


DENTSU INC n/a RNS-MAJ 234'571'301 19.99 - 16.08.2012 Corporation

CREDIT SUISSE GROUP n/a RNS-MAJ 139'296'771 11.87 (4'311'796) 12.02.2013 Investment Advisor

NORD SUMATRA INVESTI n/a RNS-RUL8 133'991'451 11.42 - 12.07.2012 Holding Company

BANK OF NEW YORK MEL Multiple Portfolios REG 126'469'266 10.78 21'874'321 03.12.2012 Investment Advisor

BOLLORE GROUP n/a RNS-MAJ 75'348'626 6.42 - 12.12.2012 Holding Company

UBS AG/LONDON n/a RNS-MAJ 74'428'395 6.34 (5'099'620) 08.02.2013 Investment Advisor

MORGAN STANLEY SECUR n/a RNS-MAJ 70'739'707 6.03 11'955'042 14.12.2012 Investment Advisor

DEUTSCHE BANK AG n/a RNS-MAJ 68'405'862 5.83 (3'068'744) 13.02.2013 Investment Advisor

DEUTSCHE BANK PROP T Multiple Portfolios REG 56'499'658 4.82 53'844'880 03.12.2012 Other


CREDIT SUISSE SECURI Multiple Portfolios REG 49'815'036 4.25 1'342'930 03.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 43'242'042 3.69 510'018 11.02.2013 Unclassified

MITCHELL HAROLD CHAR n/a RNS-DIR 41'598'988 3.55 (652'139) 03.05.2012 n/a

DIRECTOR & RELATED H Multiple Portfolios REG 41'019'905 3.5 - 03.12.2012 Other

STANDARD LIFE INVEST n/a Co File 39'495'036 3.37 - 31.12.2011 Investment Advisor

UBS n/a ULT-AGG 35'376'423 3.02 (6'077'541) 03.12.2012 Unclassified

MAGNETAR FINANCIAL U #N/A N/A RNS-MAJ 30'563'708 2.61 (8'468'763) 20.02.2013 Private Equity

WESTCHESTER CAPITAL n/a RNS-RUL8 29'251'340 2.49 3'584'669 20.02.2013 Hedge Fund Manager

NORGES BANK n/a RNS-RUL8 29'000'000 2.47 15'000'000 04.02.2013 Government

BARCLAYS PLC #N/A N/A RNS-RUL8 28'805'272 2.46 (711'461) 26.02.2013 Investment Advisor


AlphaValue VERONIQUE CABIOC'H sell 1 M 189 6 month 21.02.2013

Nomura MATTHEW WALKER neutral 3 M 240 12 month 19.02.2013

Exane BNP Paribas ADRIEN DE SAINT HILAIRE neutral 3 M 240 Not Provided 05.02.2013

Investec STEVEN LIECHTI hold 3 M 240 12 month 28.01.2013

Barclays NATASHA BRILLIANT equalweight 3 M 240 Not Provided 25.01.2013

Peel Hunt MALCOLM MORGAN hold 3 M 240 Not Provided 24.01.2013

Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 240 Not Provided 22.01.2013


Societe Generale LAURENT PICARD hold 3 M 240 12 month 16.01.2013

Liberum Capital Ltd IAN WHITTAKER hold 3 M 240 Not Provided 02.01.2013

Oddo & Cie BRUNO HARENG buy 5 M #N/A N/A Not Provided 29.11.2012

Westhouse Securities RODDY DAVIDSON neutral 3 M 240 Not Provided 01.11.2012

Macquarie TIMOTHY W NOLLEN underperform 1 M 240 12 month 23.08.2012

Kepler Capital Markets CONOR O'SHEA accept the offer #N/A N/A D 240 Not Provided 23.08.2012

Numis Securities Ltd PAUL RICHARDS suspended coverage #N/A N/A M #N/A N/A Not Provided 16.08.2012

Goldman Sachs RICHARD JONES neutral/neutral 3 M 240 12 month 13.08.2012

CA Cheuvreux THOMAS JORION underperform 1 M 240 Not Provided 16.07.2012

Deutsche Bank PATRICK KIRBY hold 3 M 240 12 month 13.07.2012

HSBC DAN GRAHAM underweight 1 D 240 Not Provided 13.07.2012

Natixis JEROME BODIN tender #N/A N/A M 240 Not Provided 13.07.2012

Morgan Stanley PATRICK WELLINGTON restricted #N/A N/A M #N/A N/A Not Provided 12.07.2012

JPMorgan FILIPPO PIETRO LO FRANCO restricted #N/A N/A M #N/A N/A Not Provided 12.07.2012

Dr. Kalliwoda Equity Research ADRIAN KOWOLLIK hold 3 M 172 12 month 04.05.2012

WYT Ltd ANTHONY DE LARRINAGA hold 3 M 177 12 month 18.03.2012

Holdings By:

Aegis Group PLC ee


27.02.2013

Aeroports de Paris (ADP) manages all the civil airports in the Paris area. The

Company also develops and operates light aircraft aerodromes. ADP offers air

transport related services, and business services such as office rental.


LTM as of: 09/yy

52-Week High (17.08.2012) 67.29

52-Week Low (27.06.2012) 55.70

Daily Volume

61.99





6'134.57 1 Yr Total Return 6.28%







ADP FP EQUITY YTD Change - Average Volume 30 Day 60'510

ADP FP EQUITY YTD % CHANGE - Average Volume 3 Month 64'840


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 Q1

2'292.4 2'527.0 2'633.4 2'479.6 2'501.5 2'787.5 2'389.3 2'620.0 2'703.2 665.0 -

3.82x 2.81x 3.03x 3.31x 3.04x 0.00x 0.00x 3.51x 3.36x - -

757.3 848.2 882.9 921.9 972.2 0.0 0.0 998.7 1'027.6 - -

11.56x 8.37x 9.04x 8.91x 7.82x 0.00x 0.00x 9.39x 9.13x - -

322.2 272.6 269.5 300.1 347.8 0.0 0.0 341.6 359.4 - -

21.47x 17.53x 20.63x 18.94x 14.54x 0.00x 0.00x 17.87x 16.94x - -


EBIT 589.11 Long-Term Rating A+









EBITDA Margin 40.0%



Asset Turnover 0.29







Fiscal Year Ended

Aeroports de ParisPrice/Volume

Valuation Analysis

43'978.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

5'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!- 9!. 9!. 9!0 9!0 9!1 9!1 9!2 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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27.02.2013


FRENCH STATE n/a Research 51'558'474 52.1 - 31.12.2011 Government

FONDS STRATEGIQUE D' n/a Research 8'609'572 8.7 - 31.12.2011 Investment Advisor

SCHIPHOL GROUP n/a Research 7'916'848 8 - 31.12.2011 Holding Company

BNP PARIBAS INV PART n/a ULT-AGG 1'560'284 1.58 322'732 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 533'818 0.54 7'613 31.12.2012 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 371'384 0.38 (18'048) 30.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 316'187 0.32 1'896 25.02.2013 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 224'032 0.23 - 31.10.2012 Bank

BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 199'383 0.2 (17'326) 30.09.2012 Investment Advisor

ee


27.02.2013

Ageas offers international insurance services such as life and non-life,

disability, and medical to individuals and groups.


LTM as of: 12/yy

52-Week High (20.02.2013) 27.27

52-Week Low (04.06.2012) 12.17

Daily Volume

25.72



% 52 Week Price Range High/Low 87.19% Equity Float -

Shares Out 31.12.2012 243.1 Short Int 0.02

6'253.08 1 Yr Total Return 69.57%







AGS BB EQUITY YTD Change - Average Volume 30 Day 722'658

AGS BB EQUITY YTD % CHANGE - Average Volume 3 Month 646'867


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

- 16'667.7 13'460.8 12'151.3 13'462.5 12'151.3 13'462.5 12'364.4 12'172.8 - -

- 0.53x 0.61x 0.51x 0.63x 2.73x 2.28x 0.59x 0.84x - -

- - - - - 0.0 0.0 - - - -

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

(28'000.0) 1'209.8 223.1 (578.2) 743.0 (578.2) 743.0 626.3 650.6 185.1 -

- 5.37x 19.03x - 7.10x 0.00x 5.21x 9.48x 9.03x - -







Return on Capital 7.54% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.14







Fiscal Year Ended

AgeasPrice/Volume

Valuation Analysis

570'982.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

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0'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

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27.02.2013


AGEAS n/a Co File 17'678'167 7.27 - 31.12.2011 Bank


NORGES BANK n/a Research 12'632'239 5.2 - 03.02.2012 Government

FORTIS BANK SA/NV n/a Co File 12'531'328 5.15 - 31.12.2011 Bank

PING AN INSURANCE GR n/a Co File 12'099'626 4.98 - 31.12.2011 Insurance Company


BRUCKNER RONNY n/a Co File 3'100'000 1.28 - 31.12.2011 n/a


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'835'796 0.76 (285'244) 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 1'637'532 0.67 (7'268) 31.12.2012 Investment Advisor

AXXION SA Multiple Portfolios MF-AGG 838'885 0.35 - 31.12.2011 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 788'255 0.32 (2'581) 31.01.2013 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 588'697 0.24 7'000 01.02.2013 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 559'524 0.23 98'587 30.06.2012 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 522'944 0.22 408 28.12.2012 Investment Advisor

ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 480'000 0.2 (37'500) 31.08.2012 Investment Advisor

FMR LLC n/a ULT-AGG 459'815 0.19 (1'528'513) 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 440'972 0.18 41'112 30.11.2012 Investment Advisor

UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 400'000 0.16 - 31.01.2013 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 396'761 0.16 142'143 28.09.2012 Investment Advisor


HSBC STEVEN HAYWOOD overweight 5 M 32 Not Provided 27.02.2013

Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 29 12 month 26.02.2013

Credit Suisse CHRIS ESSON outperform 5 M 30 Not Provided 26.02.2013

JPMorgan ASHIK MUSADDI overweight 5 M 33 9 month 26.02.2013

Deutsche Bank ROBIN BUCKLEY hold 3 M 26 12 month 21.02.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 26 12 month 21.02.2013

Oddo & Cie MAXIME DUPUIS neutral 3 M 26 Not Provided 21.02.2013

ING Bank ALBERT PLOEGH buy 5 M 28 12 month 21.02.2013

AlphaValue JEROME CASSAGNE reduce 2 M 24 6 month 21.02.2013

ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 32 Not Provided 21.02.2013

Bank Degroof(ESN) MARC LEEMANS hold 3 M 29 12 month 20.02.2013

Petercam MATTHIAS DE WIT buy 5 M 30 Not Provided 20.02.2013

Rabobank International COR KLUIS hold 3 M 28 12 month 20.02.2013

Exane BNP Paribas FRANCOIS BOISSIN outperform 5 M 30 Not Provided 12.02.2013

Societe Generale JASON KALAMBOUSSIS buy 5 M 23 12 month 31.01.2013

CA Cheuvreux HANS PLUIJGERS outperform 5 M 27 Not Provided 24.01.2013

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

Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 21 12 month 05.12.2012

Kepler Capital Markets BENOIT PETRARQUE buy 5 M 25 Not Provided 06.08.2012

Nomura FAHAD CHANGAZI neutral 3 M 23 Not Provided 31.03.2011

Holdings By:

Ageas ee


27.02.2013

Aker Solutions ASA, through its subsidiaries and affiliates, is a global oil

services company that provides engineering services, technologies, product

solutions and field-life solutions for the oil and gas industry.


LTM as of: 12/yy

52-Week High (25.01.2013) 124.60

52-Week Low (26.06.2012) 72.20

Daily Volume

114





31'236.00 1 Yr Total Return 22.57%







AKSO NO EQUITY YTD Change - Average Volume 30 Day 1'137'733

AKSO NO EQUITY YTD % CHANGE - Average Volume 3 Month 1'022'582


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

58'252.0 49'527.0 33'207.0 35'667.0 44'922.0 32'195.0 44'922.0 49'526.4 55'135.6 11'649.7 12'332.5

0.26x 0.50x 0.96x 0.61x 0.83x 3.37x 3.01x 0.75x 0.65x 3.22x 3.14x

3'382.0 4'108.0 3'380.0 3'465.0 4'739.0 3'070.0 4'701.0 5'330.5 6'519.7 1'171.7 1'312.9

4.48x 6.04x 9.45x 6.30x 7.84x 7.12x 7.91x 7.10x 5.81x 7.14x 6.69x

1'438.0 2'260.0 1'957.0 5'218.0 2'249.0 5'218.0 2'225.0 2'599.4 3'449.8 530.5 630.1

8.42x 9.60x 20.85x 10.91x 13.55x 13.40x 13.68x 11.85x 8.94x 11.85x 10.93x







Return on Capital - EBITDA/Interest Exp. 10.13




EBITDA Margin 10.5%



Asset Turnover 1.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aker Solutions ASAPrice/Volume

Valuation Analysis

1'243'684.00


'

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1'

3'

5'

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3!' 9

4!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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27.02.2013


AKER KVAERNER ASA n/a EXCH 110'333'615 40.27 - 18.02.2013 Corporation

STATE STREET n/a ULT-AGG 14'972'515 5.46 - 26.02.2013 Investment Advisor

GOVERNMENT PENSION F n/a EXCH 14'538'795 5.31 - 18.02.2013 Government


JP MORGAN CHASE BANK n/a EXCH 9'238'529 3.37 - 18.02.2013 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 8'094'350 2.95 - 18.02.2013 Investment Advisor

CLEARSTREAM BANKING n/a EXCH 5'972'994 2.18 - 18.02.2013 Bank

DANSKE BANK A/S n/a EXCH 5'427'563 1.98 - 18.02.2013 Bank

SEB n/a ULT-AGG 3'928'857 1.43 143'651 18.02.2013 Unclassified

DANSKE INVEST A/S Multiple Portfolios MF-AGG 3'774'607 1.38 19'843 31.01.2013 Investment Advisor

AKER SOLUTIONS ASA n/a EXCH 3'490'985 1.27 - 18.02.2013 Corporation

RBC INVESTOR SERVICE n/a EXCH 3'487'391 1.27 - 18.02.2013 n/a

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3'109'670 1.13 7'420 31.01.2013 Investment Advisor



CITIBANK NA n/a EXCH 2'726'200 0.99 - 18.02.2013 Bank

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 2'168'000 0.79 207'895 29.06.2012 Investment Advisor

VARMA MUTUAL PENSION n/a EXCH 1'780'796 0.65 - 18.02.2013 Insurance Company

STATOILS PENSJONSKAS n/a EXCH 1'765'482 0.64 - 18.02.2013 Pension Fund (ERISA)

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 1'703'233 0.62 (189'672) 31.01.2013 Investment Advisor


SpareBank 1 Markets AS ERIK TONNE neutral 3 M 115 12 month 26.02.2013

Guggenheim Securities LLC DARREN GACICIA buy 5 M 135 12 month 22.02.2013

Fearnley Fonds TRULS OLSEN buy 5 M 140 Not Provided 19.02.2013

HSBC PHILLIP LINDSAY overweight 5 M 144 Not Provided 18.02.2013

Carnegie FREDERIK H LUNDE hold 3 D #N/A N/A Not Provided 18.02.2013

Fondsfinans AS PETTER NARVESTAD buy 5 M 138 Not Provided 18.02.2013

Nordea Equity Research ANNE SCHULT ULRIKSEN buy 5 M 130 12 month 18.02.2013

Handelsbanken DANIEL RAVIK accumulate 4 D 120 12 month 18.02.2013

Pareto Securities STEFFEN RODSJO buy 5 M 140 12 month 18.02.2013

DNB Markets EIRIK RONOLD MATHISEN buy 5 M 130 Not Provided 18.02.2013

Arctic Securities ASA KJETIL GARSTAD buy 5 M 125 Not Provided 18.02.2013

Barclays MICK PICKUP underweight 1 M 130 Not Provided 18.02.2013

RS Platou Markets GORAN ANDREASSEN buy 5 M 135 6 month 18.02.2013

Danske Markets ENDRE STORLOKKEN buy 5 M 120 12 month 18.02.2013

Swedbank First Securities EIVIND TONNESSEN buy 5 M 128 Not Provided 18.02.2013

ABG Sundal Collier HAAKON AMUNDSEN hold 3 D 120 6 month 17.02.2013

Goldman Sachs HENRY TARR Buy/Neutral 5 M 128 12 month 15.02.2013

Nomura CHRISTYAN MALEK buy 5 M 160 12 month 29.01.2013

RBC Capital Markets KATHERINE TONKS sector perform 3 M 120 12 month 17.01.2013

SEB Enskilda TERJE FATNES buy 5 M 136 Not Provided 15.01.2013


JPMorgan ANDREW DOBBING overweight 5 M 80 3 month 21.07.2010

Holdings By:

Aker Solutions ASA ee


27.02.2013

Alcatel-Lucent manufactures telecommunications equipment, and offers

telecommunications services. The Company's telecommunications equipment and

services enable its customers to send or receive virtually any type of voice or

data transmission. Alcatel-Lucent designs and builds public and private

networks, communications systems and software, and data networking systems.


LTM as of: 12/yy

52-Week High (27.02.2012) 1.95

52-Week Low (11.10.2012) 0.71

Daily Volume

1.075



% 52 Week Price Range High/Low 28.05% Equity Float 2'102.95


2'501.06 1 Yr Total Return -43.63%







ALU FP EQUITY YTD Change - Average Volume 30 Day 39'431'150

ALU FP EQUITY YTD % CHANGE - Average Volume 3 Month 46'069'980


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

16'984.0 15'157.0 15'996.0 15'327.0 14'446.0 15'064.0 14'446.0 14'325.2 14'454.1 3'183.6 3'433.4

0.27x 0.34x 0.33x 0.24x 0.20x 1.98x 0.92x 0.28x 0.29x 1.10x 1.13x

1'200.0 907.0 980.0 1'151.0 423.0 1'176.0 423.0 837.8 1'036.7 126.0 221.5

3.80x 5.66x 5.38x 3.15x 6.86x 3.09x 6.86x 3.73x 3.01x 3.21x 3.22x

(5'215.0) (524.0) (334.0) 1'095.0 (1'374.0) 1'095.0 (1'374.0) (229.4) 75.9 (197.0) (89.3)

- - - 4.06x - 4.16x 0.00x - 19.91x - -


EBIT -490.00 Long-Term Rating B

Operating Margin -3.39% Long-Term Outlook NEG

Pretax Margin -10.99% Short-Term Rating Date 18.02.2013

Return on Assets -6.03% Short-Term Rating B



Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. -0.45



EBITDA Margin 2.9%

EBIT Margin -3.4% Total Debt/Equity 247.2%


Asset Turnover 0.63







Fiscal Year Ended

Alcatel-Lucent/FrancePrice/Volume

Valuation Analysis

23'047'908.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'!''

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27.02.2013



CAISSE DES DEPOTS ET n/a Co File 83'857'900 3.6 - 31.12.2011 Government

MANNING & NAPIER ADV n/a Co File 77'433'500 3.33 - 31.12.2011 Investment Advisor


CREDIT AGRICOLE SA n/a 20F 57'032'900 2.45 - 31.12.2009 Investment Advisor

NORGES BANK INVESTME n/a Co File 49'965'500 2.15 - 31.12.2011 Government

GROUPAMA ASSET MANAG n/a Co File 38'900'000 1.67 - 31.12.2011 Investment Advisor

NATIXIS ASSET MANAGE n/a Co File 36'358'200 1.56 - 31.12.2011 Investment Advisor

BRANDES INVESTMENT P n/a Co File 36'274'000 1.56 - 31.12.2011 Investment Advisor

FCP 2AL n/a Co File 34'381'763 1.48 - 31.12.2011 n/a

ARTIS CAPITAL MANAGE n/a Co File 33'890'800 1.46 - 31.12.2011 Hedge Fund Manager

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 31'478'968 1.35 (1'575'953) 31.12.2012 Mutual Fund Manager


VANGUARD GROUP INC Multiple Portfolios MF-AGG 25'910'540 1.11 (9'245'061) 31.12.2012 Investment Advisor

ALCATEL-LUCENT n/a Co File 25'343'255 1.09 - 31.12.2011 Corporation

ODEY ASSET MANAGEMEN n/a Short (22'102'355) -0.95 (1'628'594) 07.01.2013 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (17'914'541) -0.77 (1'628'594) 25.02.2013 Hedge Fund Manager


MARSHALL WACE LLP n/a Short (10'934'849) -0.47 2'791'877 17.01.2013 Hedge Fund Manager

CAXTON INTERNATIONAL n/a ULT-AGG (10'702'193) -0.46 1'675'126 20.11.2012 Investment Advisor


Exane BNP Paribas ALEXANDER PETERC neutral 3 M 1 Not Provided 26.02.2013

HSBC RICHARD DINEEN underweight 1 D 1 Not Provided 25.02.2013

Morgan Stanley FRANCOIS MEUNIER Overwt/In-Line 5 M 2 12 month 22.02.2013

Credit Suisse ACHAL SULTANIA neutral 3 M 1 Not Provided 22.02.2013

Jefferies GEORGE C NOTTER underperform 1 M 1 12 month 22.02.2013

Oddo & Cie VINCENT MAULAY neutral 3 M 2 Not Provided 22.02.2013

AlphaValue JEAN-MICHEL SALVADOR buy 5 M 2 6 month 21.02.2013

Kepler Capital Markets SEBASTIEN SZTABOWICZ reduce 2 M 1 Not Provided 11.02.2013

Societe Generale ANDY PERKINS sell 1 M 1 12 month 08.02.2013

JPMorgan SANDEEP S DESHPANDE neutral 3 M 1 9 month 08.02.2013

Sanford C. Bernstein & Co PIERRE FERRAGU underperform 1 M 1 12 month 08.02.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER sell 1 M 1 Not Provided 08.02.2013

Nomura STUART JEFFREY neutral 3 M 1 12 month 08.02.2013

Barclays ANDREW M GARDINER equalweight 3 M 1 Not Provided 08.02.2013

Grupo Santander CARLOS JAVIER TREVINO buy 5 M #N/A N/A Not Provided 07.02.2013

CM - CIC Securities(ESN) SEBASTIEN LIAGRE sell 1 M 1 12 month 07.02.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 1 Not Provided 07.02.2013

S&P Capital IQ JAMES CRAWSHAW sell 1 D 1 12 month 07.02.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 31.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013

Goldman Sachs SIMON F SCHAFER Sell/Neutral 1 M 1 12 month 07.01.2013

Natixis ERIC BEAUDET buy 5 U 2 Not Provided 17.12.2012

Deutsche Bank KAI KORSCHELT hold 3 M 1 12 month 03.12.2012

Liberum Capital Ltd JANARDAN MENON buy 5 M 2 Not Provided 05.11.2012

MKM Partners MICHAEL GENOVESE neutral 3 M 1 12 month 02.11.2012

CA Cheuvreux ODON DE LAPORTE underperform 1 D 1 Not Provided 10.09.2012

DZ Bank AG OLIVER FINGER hold 3 D #N/A N/A Not Provided 19.07.2012

Holdings By:

Alcatel-Lucent/France ee


27.02.2013

Alfa Laval AB provides specialized products and engineering solutions. The

Company's product line includes equipment and systems for heating, cooling,

separation, and transportation of products such as oil, water, chemicals,

beverages, starch, foodstuffs, and pharmaceuticals. Alfa Laval sells and

markets worldwide.


LTM as of: 12/yy

52-Week High (25.02.2013) 153.20

52-Week Low (05.09.2012) 110.40

Daily Volume

148.5





62'289.26 1 Yr Total Return 14.08%







ALFA SS EQUITY YTD Change - Average Volume 30 Day 1'304'994

ALFA SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'229'169


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

27'850.0 26'039.0 24'720.0 28'652.0 29'813.0 28'652.0 29'813.0 30'395.5 32'021.6 7'027.6 7'711.5

1.10x 1.61x 2.40x 1.96x 1.94x 7.65x 7.31x 2.13x 1.97x 9.44x 8.56x

6'296.0 4'751.0 5'197.0 5'566.0 5'306.0 5'566.0 5'306.0 5'559.2 5'987.2 1'244.1 1'399.6

4.85x 8.84x 11.39x 10.08x 10.90x 10.08x 10.90x 11.40x 10.59x 11.22x 12.29x

3'774.0 2'710.0 3'088.0 3'223.0 3'190.0 3'223.0 3'190.0 3'403.9 3'712.7 723.3 836.9

7.65x 15.42x 19.30x 16.97x 17.79x 16.97x 17.79x 18.33x 16.79x 18.28x 18.11x


EBIT 4'372.00 Long-Term Rating BBB+

Operating Margin 14.66% Long-Term Outlook POS








EBITDA Margin 17.8%



Asset Turnover 0.86








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Alfa Laval ABPrice/Volume

Valuation Analysis

684'325.00


'

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3'

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3!' 9

4!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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27.02.2013


TETRA LAVAL BV n/a Research 109'478'094 26.1 - 28.09.2012 Other

ALECTA PENSIONSFORSA n/a Research 29'361'941 7 - 28.09.2012 Pension Fund (ERISA)

FOUNDATION ASSET MAN n/a Research 25'167'378 6 - 28.09.2012 Other

SWEDBANK ROBUR FONDE n/a Research 13'422'602 3.2 - 28.09.2012 Investment Advisor


AMF PENSION INSURANC n/a Research 10'905'864 2.6 - 28.09.2012 Insurance Company

SEB n/a ULT-AGG 8'057'678 1.92 (51'788) 31.12.2012 Unclassified

LANNEBO FONDER AB n/a Co File 6'775'736 1.62 - 30.12.2011 Investment Advisor

ETON PARK INTERNATIO n/a Short (5'830'443) -1.39 - 01.11.2012 Hedge Fund Manager

FORSTA AP FONDEN n/a Research 5'452'932 1.3 - 28.09.2012 Investment Advisor

FIRST AP FUND n/a Co File 5'286'709 1.26 - 30.12.2011 n/a

FOLKSAM GROUP n/a Research 5'033'476 1.2 - 28.09.2012 Insurance Company

ANDRA AP FONDEN n/a Co File 4'662'614 1.11 - 30.12.2011 Pension Fund (ERISA)

HANDELSBANKEN FONDER n/a Research 4'614'019 1.1 - 31.01.2013 Investment Advisor

FJARDE AP-FONDEN n/a Research 4'194'563 1 - 28.09.2012 Pension Fund (ERISA)

NTC UN JOINT STAFF n/a Research 3'355'650 0.8 - 28.09.2012 Other

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 3'345'724 0.8 223'563 31.12.2012 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 2'865'000 0.68 2'082'000 31.12.2012 Investment Advisor

SPP FONDER AB Multiple Portfolios MF-AGG 2'328'861 0.56 (27'018) 31.01.2013 Investment Advisor

ENTER FONDER AB Multiple Portfolios MF-AGG 2'274'712 0.54 785'100 31.12.2012 Investment Advisor


AlphaValue LIONEL PELLICER sell 1 M 123 6 month 25.02.2013

Credit Suisse ANDRE KUKHNIN neutral 3 M 145 Not Provided 20.02.2013

Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 134 12 month 12.02.2013

Exane BNP Paribas ALEXIS DENAUD neutral 3 M 140 Not Provided 11.02.2013

Commerzbank Corporates & Markets SEBASTIAN GROWE reduce 2 M 120 6 month 08.02.2013

Canaccord Genuity Corp ANDREW BELL sell 1 M 115 Not Provided 08.02.2013

Barclays ALLAN SMYLIE equalweight 3 M 130 Not Provided 07.02.2013

SEB Enskilda DANIEL SCHMIDT hold 3 M 140 Not Provided 06.02.2013

Carnegie KENNETH TOLL JOHANSSON sell 1 M #N/A N/A Not Provided 06.02.2013

Nordea Equity Research ANDREAS KOSKI hold 3 M 145 12 month 06.02.2013

Handelsbanken JON HYLTNER buy 5 M 170 12 month 06.02.2013

DNB Markets LARS BRORSON sell 1 M 120 Not Provided 06.02.2013

Danske Markets OSCAR STJERNGREN hold 3 M 150 12 month 06.02.2013

ABG Sundal Collier ANDERS IDBORG hold 3 M 130 6 month 05.02.2013

Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 151 12 month 05.02.2013

JPMorgan GLEN H LIDDY neutral 3 M 141 9 month 05.02.2013

HSBC COLIN GIBSON neutral 3 M 135 Not Provided 05.02.2013

CA Cheuvreux JOAKIM HOGLUND underperform 1 M 120 Not Provided 29.01.2013

Deutsche Bank JOHAN WETTERGREN hold 3 M 125 12 month 22.01.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 125 12 month 17.01.2013


Pareto Securities DAVID JACOBSSON buy 5 U 145 6 month 21.11.2012

Swedbank MATS LISS neutral 3 M 130 12 month 23.11.2011

Evli Bank Plc MAGNUS AXEN buy 5 M 180 Not Provided 16.11.2011

Alandsbanken Equities ANDERS ROSLUND buy 5 M 182 12 month 28.04.2011

Holdings By:

Alfa Laval AB ee


27.02.2013

Amadeus IT Holding SA processes transactions for the global travel and tourism

industry. The Company processes transactions for airlines, hotels, rail

operators, cruise lines and ferry operators, car rental companies, and tour

operators.


LTM as of: 12/yy

52-Week High (27.02.2013) 20.60

52-Week Low (07.03.2012) 13.68

Daily Volume

19.995





8'949.40 1 Yr Total Return 44.71%







AMS SQ EQUITY YTD Change - Average Volume 30 Day 7'466'228

AMS SQ EQUITY YTD % CHANGE - Average Volume 3 Month 5'730'749


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

2'505.1 2'383.9 2'593.6 2'759.1 2'910.3 2'810.8 2'910.2 3'021.3 3'215.9 - -

- - 3.66x 2.68x - 11.10x 9.18x 3.38x 3.07x - -

875.1 869.8 654.1 1'073.5 - 1'111.7 892.9 1'158.7 1'253.7 - -

- - 14.52x 6.89x - 6.65x 0.00x 9.03x 8.35x - -

183.5 272.5 136.8 729.5 501.6 722.1 501.5 598.8 661.3 167.0 162.0

- - 111.04x 12.33x 16.99x 7.77x 16.90x 14.74x 13.25x 13.98x -











EBITDA Margin 38.5%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Amadeus IT Holding SAPrice/Volume

Valuation Analysis

2'329'658.00


'

2

-'

-2

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-'!' 9

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2'!' 9

3'!' 9

4'!' 9

5'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

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27.02.2013


AIR FRANCE CORP n/a Research 27'302'498 6.1 - 14.11.2012 Corporation

BNP PARIBAS SA n/a EXCH 22'750'649 5.08 429'477 12.11.2012 Bank

MFS INVESTMENT MANAG n/a EXCH 22'455'727 5.02 - 20.03.2012 Investment Advisor

BLACKROCK INVESTMENT n/a EXCH 22'246'749 4.97 (221'962) 19.10.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 22'041'227 4.92 - 25.01.2013 Government

DEUTSCHE LUFTHANSA A n/a EXCH 17'903'279 4 - 07.12.2012 Corporation


FIDELITY LTD n/a Research 9'443'979 2.11 4'835'887 13.12.2012 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 6'809'996 1.52 1'357'146 31.12.2012 Investment Advisor



HARTFORD INVESTMENT Multiple Portfolios MF-AGG 5'419'846 1.21 20'790 31.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'977'973 1.11 (9'193) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 4'960'073 1.11 (1'173'169) 25.02.2013 Investment Advisor

LANSDOWNE PARTNERS L n/a Short (4'610'095) -1.03 (179'033) 01.02.2013 Hedge Fund Manager

FEDERATED INVESTORS Multiple Portfolios MF-AGG 4'541'700 1.01 (710'300) 31.12.2012 Investment Advisor


JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 4'060'148 0.91 242'000 31.07.2012 Investment Advisor

IBERIA LINEA AEREAS n/a Research 3'759'689 0.84 - 31.08.2012 Corporation


Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 21 12 month 27.02.2013

Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO reduce 2 M 19 12 month 27.02.2013

Oddo & Cie YAN DEROCLES buy 5 M 23 Not Provided 27.02.2013

Ahorro Corporacion Financiera SA ELENA FERNANDEZ hold 3 M 21 Not Provided 27.02.2013

Banesto Bolsa SA Sociedad MARTA GOMEZ overweight 5 M 20 Not Provided 27.02.2013

BPI JOAO SAFARA SILVA neutral 3 M 20 Not Provided 25.02.2013

Grupo Santander JUAN RAMON CORREAS underweight 1 M 19 Not Provided 22.02.2013


AlphaValue HELENE COUMES add 4 M 21 6 month 21.02.2013

Banco Sabadell MARIA CEBOLLERO sell 1 M 21 12 month 19.02.2013

JPMorgan STACY E POLLARD overweight 5 M 22 12 month 05.02.2013



Barclays GERARDUS VOS equalweight 3 M 18 Not Provided 14.01.2013

NMAS 1 Agencia de Valores JOSE RAMON OCINA neutral 3 M 20 12 month 24.12.2012

Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 27 12 month 18.12.2012

Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS buy 5 M 20 Not Provided 17.12.2012

La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 M 22 Not Provided 24.10.2012

CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO outperform 5 D 20 Not Provided 23.10.2012

Renta 4 SA SVB TEAM COVERAGE overweight 5 M 22 Not Provided 26.09.2012

Redburn Partners NEIL STEER buy 5 N #N/A N/A Not Provided 29.08.2012

Interdin Bolsa SOFIA REBUELTA VILLEGAS neutral 3 M #N/A N/A Not Provided 03.08.2012

Davy JOSHUA GOLDMAN neutral 3 M #N/A N/A Not Provided 01.08.2012

BBVA LURDES SAIZ DE QUEVEDO outperform 5 M 19 Not Provided 18.07.2012

Link Securities INIGO ISARDO hold 3 D 19 Not Provided 07.07.2012

HSBC ANTONIN BAUDRY restricted #N/A N/A M #N/A N/A Not Provided 14.05.2012

Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ overweight 5 M 16 12 month 24.02.2012

Holdings By:

Amadeus IT Holding SA ee


27.02.2013

AMEC PLC provides consulting, engineering and project management services to the

world's energy, power and process industries. The Company project manages the

delivery of major industrial and infrastructure projects, such as power

networks, and supplies engineering, procurement and construction management

services in the energy and mining industries.


LTM as of: 01/yy

52-Week High (14.03.2012) 1'189.00

52-Week Low (01.06.2012) 914.00

Daily Volume

1047





3'110.25 1 Yr Total Return -3.30%







AMEC LN EQUITY YTD Change - Average Volume 30 Day 1'429'403

AMEC LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'244'654


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

2'606.4 2'539.1 2'951.0 3'261.0 4'158.0 - - 4'256.4 4'538.8 - -

0.35x 0.76x 1.07x 0.78x 0.70x - - 0.69x 0.63x - -

209.8 155.6 238.0 281.0 363.0 - - 368.8 410.8 - -

4.31x 12.45x 13.23x 9.06x 8.05x - - 8.18x 7.34x - -

199.7 171.7 231.0 232.0 216.0 - - 255.8 286.8 - -

7.64x 16.64x 15.75x 14.34x 14.97x - - 11.97x 10.69x - -











EBITDA Margin 8.7%



Asset Turnover 1.67





Accounts Receivable Turnover - Cash Conversion Cycle 16.85



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AMEC PLCPrice/Volume

Valuation Analysis

665'401.00


'

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1''

3''

5''

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!''

2!''

-'!''

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27.02.2013




ABERDEEN n/a ULT-AGG 12'460'653 4.19 (613'469) 31.01.2013 Unclassified




SCHRODER INVESTMENT Multiple Portfolios REG 9'990'730 3.36 (418) 01.11.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 8'850'888 2.98 (440'568) 01.11.2012 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 5'413'600 1.82 (524'159) 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP Multiple Portfolios REG 5'207'071 1.75 771'229 01.11.2012 Investment Advisor

AMEC PLC ESOP Multiple Portfolios REG 5'025'555 1.69 1'571'140 01.11.2012 Unclassified

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'991'837 1.68 (1'138'044) 31.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 4'861'416 1.64 - 31.07.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios REG 4'614'995 1.55 (2'643'223) 01.11.2012 Investment Advisor

RENSBURG INVESTMENT Multiple Portfolios REG 4'435'270 1.49 884'176 01.11.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 4'299'884 1.45 258'058 01.11.2012 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 4'191'907 1.41 (812'913) 01.11.2012 Investment Advisor

IGNIS ASSET MANAGEME Multiple Portfolios REG 4'010'049 1.35 (397'351) 01.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios REG 3'852'222 1.3 (38'669) 01.11.2012 Investment Advisor


Societe Generale GUILLAUME DELABY buy 5 M 1'320 12 month 19.02.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 1'135 Not Provided 19.02.2013

Deutsche Bank SEBASTIAN YOSHIDA buy 5 M 1'250 12 month 16.02.2013

RBC Capital Markets KATHERINE TONKS sector perform 3 M 1'150 12 month 15.02.2013

HSBC PHILLIP LINDSAY overweight 5 M 1'200 Not Provided 15.02.2013

Canaccord Genuity Corp JAMES EVANS hold 3 M 1'215 Not Provided 15.02.2013

Nomura CHRISTYAN MALEK buy 5 M 1'300 Not Provided 15.02.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 1'300 12 month 15.02.2013

Oriel Securities Ltd DAVID ROUND hold 3 D #N/A N/A Not Provided 15.02.2013

Barclays MICK PICKUP underweight 1 M 1'350 Not Provided 15.02.2013

Investec KEITH ADAM MORRIS buy 5 M 1'300 12 month 14.02.2013

Goldman Sachs HENRY TARR Buy/Neutral 5 M 1'190 12 month 14.02.2013

Exane BNP Paribas ALEXANDRE MARIE underperform 1 M 1'110 Not Provided 14.02.2013

JPMorgan ANDREW DOBBING neutral 3 M 1'301 9 month 08.02.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Morgan Stanley ROBERT PULLEYN Underwt/Attractive 1 M 1'220 12 month 16.11.2012

Arden Partners Ltd BEN THEFAUT buy 5 M 1'395 12 month 01.11.2012

Shore Capital Stockbrokers JON BELL buy 5 M #N/A N/A Not Provided 01.12.2011

Fox-Davies Capital PAUL SINGER hold 3 M #N/A N/A Not Provided 20.06.2011

Holdings By:

AMEC PLC ee


27.02.2013

Amlin PLC is an insurance and reinsurance business operating in the Lloyd's

market. The Company provides insurance cover to commercial enterprises. Amlin

offers risk management solutions to the following areas, aviation,

international property and casualty, marine, and UK commercial business clients

worldwide.


LTM as of: 01/yy

52-Week High (25.02.2013) 430.80

52-Week Low (16.05.2012) 307.80

Daily Volume

426.1





2'118.21 1 Yr Total Return 27.88%


Preferred Stock - Adjusted BETA 0.792





AML LN EQUITY YTD Change - Average Volume 30 Day 1'003'678

AML LN EQUITY YTD % CHANGE - Average Volume 3 Month 778'994


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 - -

1'132.1 934.2 1'534.9 1'928.8 1'976.7 - - 2'298.6 2'407.6 - -

1.49x 2.10x 1.33x 1.18x 0.86x - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

352.7 80.3 454.7 221.8 (149.9) - - 232.7 228.4 - -

4.49x 20.98x 3.81x 9.09x - - - 9.33x 9.39x - -


EBIT - Long-Term Rating BBB+

Operating Margin -8.39% Long-Term Outlook STABLE

Pretax Margin -9.80% Short-Term Rating Date -





Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.30







Fiscal Year Ended

Amlin PLCPrice/Volume

Valuation Analysis

596'886.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2'

-''-2'.''.2'0''02'1''12'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


INVESCO LTD n/a RNS-MAJ 69'588'184 14 4'957 24.09.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 41'724'366 8.39 2'312'625 01.10.2012 Investment Advisor

AEGON n/a ULT-AGG 33'665'446 6.77 (939'243) 01.10.2012 Unclassified


MAJEDIE ASSET MANAGE Multiple Portfolios REG 20'503'656 4.12 241'820 01.10.2012 Investment Advisor


KAMES CAPITAL PLC n/a RNS-MAJ 19'570'858 3.94 (220'448) 02.02.2012 Investment Advisor


DIMENSIONAL FUND ADV Multiple Portfolios REG 17'596'946 3.54 (25'345) 01.10.2012 Investment Advisor

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 15'505'301 3.12 - 31.03.2012 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios REG 13'633'601 2.74 (1'660'863) 01.10.2012 Investment Advisor


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'000'242 2.41 - 31.07.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios REG 11'964'812 2.41 818'940 01.10.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios REG 11'847'372 2.38 (672'021) 01.10.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 9'355'319 1.88 653'803 01.10.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 8'977'190 1.81 (338'823) 01.10.2012 Government


NEUBERGER BERMAN LLC Multiple Portfolios REG 7'950'206 1.6 (1'699'919) 01.10.2012 Investment Advisor



Credit Suisse RICHARD BURDEN underperform 1 M 372 Not Provided 13.02.2013

Numis Securities Ltd NICHOLAS JOHNSON buy 5 M 475 12 month 11.02.2013

Westhouse Securities JOANNA PARSONS add 4 M 440 Not Provided 06.02.2013

Peel Hunt MARK WILLIAMSON hold 3 M 469 Not Provided 04.02.2013

Oriel Securities Ltd MARCUS BARNARD hold 3 U 400 Not Provided 04.02.2013

Barclays OLIVIA BRINDLE overweight 5 M 490 Not Provided 04.02.2013

Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 01.02.2013

Nomura FAHAD CHANGAZI neutral 3 M 425 12 month 25.01.2013

Keefe, Bruyette & Woods CHRISTOPHER HITCHINGS market perform 3 M 375 12 month 17.01.2013

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

RBC Capital Markets KAMRAN HOSSAIN sector perform 3 D 430 12 month 16.01.2013

HSBC THOMAS FOSSARD neutral 3 M 435 Not Provided 16.01.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 435 Not Provided 09.01.2013

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 360 3 month 28.12.2012

Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 428 12 month 05.12.2012

Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 420 12 month 11.10.2012

Berenberg Bank TOM CARSTAIRS hold 3 M 404 Not Provided 19.09.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 D 362 Not Provided 12.06.2012

Holdings By:

Amlin PLC ee


27.02.2013

Andritz AG manufactures and markets machines for the production and processing

of pulp, fiberboard, and paper. The Company also provides high-tech production

systems, machinery, and services for the steel and other specialized industries

such as feed manufacturing and sewage sludge treatment. Andritz operates

worldwide.


LTM as of: 09/yy

52-Week High (27.02.2013) 52.90

52-Week Low (06.03.2012) 34.12

Daily Volume

52.86





5'497.44 1 Yr Total Return 45.67%







ANDR AV EQUITY YTD Change - Average Volume 30 Day 93'725

ANDR AV EQUITY YTD % CHANGE - Average Volume 3 Month 98'397


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 Q1

3'282.5 3'609.8 3'197.5 3'553.8 4'596.0 4'279.2 5'115.1 5'148.9 6'301.6 1'458.8 1'303.0

0.57x 0.16x 0.46x 0.67x 0.47x 2.17x 2.33x 0.89x 0.73x 3.00x 3.10x

242.0 292.3 229.3 306.9 393.2 366.1 398.1 416.2 535.9 136.3 102.0

7.79x 1.97x 6.39x 7.78x 5.52x 5.79x 9.04x 10.83x 8.41x 8.64x 8.03x

134.5 139.7 96.8 179.6 230.7 215.5 247.3 249.7 312.3 86.1 62.8

15.88x 6.65x 21.44x 19.77x 14.28x 14.70x 18.36x 21.66x 17.66x 17.26x 16.17x











EBITDA Margin 7.8%



Asset Turnover 1.08







Fiscal Year Ended

Andritz AGPrice/Volume

Valuation Analysis

66'585.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


CERTUS BETEILIGUNGS n/a Co File 31'200'000 30 - 31.12.2011 Other

CAPITAL GROUP INTERN n/a Research 5'193'954 4.99 - 10.08.2012 Investment Advisor

FMR LLC n/a ULT-AGG 2'348'122 2.26 3'745 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'434'021 1.38 (13'903) 31.12.2012 Investment Advisor




PICTET & CIE Multiple Portfolios MF-AGG 1'053'241 1.01 (240) 30.11.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 921'781 0.89 648 25.02.2013 Investment Advisor

RINGTURM KAG Multiple Portfolios MF-AGG 790'000 0.76 (65'000) 31.10.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 721'137 0.69 (3'124) 31.01.2013 Investment Advisor

DENVER INVESTMENT AD DENVER INVESTMENT AD 13F 605'994 0.58 339'158 31.12.2012 Investment Advisor

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 573'784 0.55 - 31.10.2012 Investment Advisor


PIONEER INVESTMENTS Multiple Portfolios MF-AGG 477'600 0.46 (4'000) 31.05.2011 Investment Advisor

GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 462'500 0.44 (12'909) 31.10.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 459'400 0.44 (5'602) 31.12.2012 Investment Advisor

ACTIVEST MUNICH Multiple Portfolios MF-AGG 421'961 0.41 - 30.11.2012 Investment Advisor

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 360'409 0.35 - 30.11.2012 Investment Advisor



Erste Bank GERALD WALEK accumulate 4 M 58 12 month 26.02.2013

Baader Bank CHRISTINE REITSAMER buy 5 U 57 12 month 25.02.2013

HSBC JOERG-ANDRE FINKE underweight 1 M 44 Not Provided 25.02.2013

M.M. Warburg Investment Research ROLAND RAPELIUS buy 5 M 56 12 month 21.02.2013

Commerzbank Corporates & Markets SEBASTIAN GROWE add 4 M 50 6 month 20.02.2013

Raiffeisenbank AG BERNHARD SELINGER hold 3 M 50 12 month 13.02.2013

Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 53 12 month 08.02.2013

Deutsche Bank MATTHIAS PFEIFENBERGER hold 3 D 52 12 month 23.01.2013

Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 71 6 month 23.01.2013


JPMorgan ANDREAS WILLI neutral 3 D 52 9 month 14.01.2013

Berenberg Bank BENJAMIN GLAESER hold 3 D 52 Not Provided 08.01.2013

CA Cheuvreux OLIVER GIRAKHOU outperform 5 M 51 Not Provided 26.10.2012

Kepler Capital Markets THOMAS NEUHOLD hold 3 M 47 Not Provided 08.08.2012

Holdings By:

Andritz AG ee


27.02.2013

Arkema manufactures a wide range of chemicals. The Company manufactures

both generic and brand name chemicals.


LTM as of: 09/yy

52-Week High (04.02.2013) 87.77

52-Week Low (28.06.2012) 46.60

Daily Volume

80.67





5'064.79 1 Yr Total Return 17.94%







AKE FP EQUITY YTD Change - Average Volume 30 Day 188'335

AKE FP EQUITY YTD % CHANGE - Average Volume 3 Month 198'242


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 Q1

5'675.0 5'633.0 4'444.0 4'869.0 5'900.0 4'500.0 6'348.0 6'415.2 6'614.9 1'463.6 1'619.0

0.56x 0.22x 0.44x 0.70x 0.68x 2.71x 3.00x 0.92x 0.86x - -

554.0 517.0 339.0 839.0 1'090.0 918.0 1'053.0 996.3 1'052.8 178.7 289.0

5.77x 2.43x 5.71x 4.08x 3.67x 0.00x 5.28x 6.12x 5.79x 5.63x 5.39x

122.0 100.0 (172.0) 347.0 (19.0) 444.0 (259.0) 451.1 505.8 64.4 130.5

25.85x 7.42x - 7.73x 5.94x 0.00x 10.11x 11.05x 9.95x 9.90x 9.92x











EBITDA Margin 16.6%



Asset Turnover 1.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Arkema SAPrice/Volume

Valuation Analysis

205'074.00


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

-''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


AMUNDI n/a Research 4'011'877 6.39 357'549 04.06.2012 Investment Advisor



FMR LLC n/a Research 3'378'902 5.38 - 01.11.2012 Unclassified

GREENLIGHT CAPITAL I n/a Research 3'350'002 5.34 (52'216) 27.12.2012 Hedge Fund Manager

DODGE & COX n/a Research 3'072'187 4.89 - 17.02.2011 Investment Advisor

NORGES BANK n/a Research 2'999'498 4.78 (79'060) 07.08.2012 Government

NATIXIS n/a Research 2'263'722 3.61 (878'326) 06.06.2012 Bank

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'154'310 3.43 317'853 31.12.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 1'303'852 2.08 (25'834) 30.11.2012 Mutual Fund Manager



COMMERZBANK AG n/a Research 410'523 0.65 - 03.06.2011 Bank

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 383'157 0.61 2'160 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 372'851 0.59 - 31.07.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 352'810 0.56 (341) 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 330'269 0.53 40'916 31.12.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 325'736 0.52 58'410 28.09.2012 Mutual Fund Manager

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 308'750 0.49 2'709 30.09.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 297'913 0.47 36'275 31.01.2013 Investment Advisor


Gilbert Dupont FRANCOISE DELVA add 4 M 96 Not Provided 25.02.2013

AlphaValue MARTIN SCHNEE reduce 2 M 83 6 month 21.02.2013

Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 18.02.2013

Goldman Sachs RAKESH PATEL neutral/neutral 3 M 73 12 month 15.02.2013

Natixis FREDERIC WILLIAMS-GOBEAUX buy 5 M 95 Not Provided 04.02.2013

Nomura JEAN DE WATTEVILLE buy 5 M 100 Not Provided 04.02.2013

Exane BNP Paribas JAMES KNIGHT neutral 3 M 77 Not Provided 04.02.2013

Barclays ANDREAS HEINE overweight 5 N 108 Not Provided 04.02.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 31.01.2013

Credit Suisse RHIAN O'CONNOR outperform 5 M 96 Not Provided 30.01.2013

Oddo & Cie EMMANUEL MATOT neutral 3 M 85 Not Provided 29.01.2013

Morgan Stanley AMY WALKER Equalwt/In-Line 3 M 90 12 month 25.01.2013

HSBC GEOFF HAIRE neutral 3 M 85 Not Provided 11.01.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 88 12 month 09.01.2013

JPMorgan MARTIN EVANS overweight 5 M 75 9 month 07.12.2012

Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 92 12 month 06.12.2012

Main First Bank AG HOLGER OCHS outperform 5 M 85 Not Provided 20.11.2012

Societe Generale PETER CLARK buy 5 M 90 12 month 09.11.2012

CA Cheuvreux KLAUS RINGEL outperform 5 M 93 Not Provided 09.11.2012

Berenberg Bank JAIDEEP PANDYA buy 5 M 100 Not Provided 08.11.2012

Prosdocimi TEAM COVERAGE accumulate 4 N #N/A N/A Not Provided 07.01.2011

Holdings By:

Arkema SA ee


27.02.2013

Aryzta AG produces and retails specialty bakery products. The Company produces

French breads, pastries, continental breads, confections, artisan breads,

homestyle lunches, viennoiserie, patisserie, cookies, pizza, appetizers, and

sweet baked goods. Aryzta operates in North America, South America, Europe,

South East Asia, Australia and New Zealand.


LTM as of: 10/yy

52-Week High (19.02.2013) 53.95

52-Week Low (11.04.2012) 41.21

Daily Volume

52.9





4'856.78 1 Yr Total Return 19.89%







ARYN SE EQUITY YTD Change - Average Volume 30 Day 196'936

ARYN SE EQUITY YTD % CHANGE - Average Volume 3 Month 204'375


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 10/yy 10/yy 07/13 Y 07/14 Y 01/13 Q2 04/13 Q3

2'660.9 3'212.3 3'009.7 3'876.9 4'207.7 3'914.5 4'298.0 4'409.8 4'623.9 939.5 1'236.0

- 0.83x 1.31x 1.10x 1.11x 0.00x 0.00x 1.15x 1.03x - -

232.4 342.7 340.5 485.1 540.0 0.0 0.0 573.5 623.5 - -

- 7.74x 11.62x 8.80x 8.68x 0.00x 0.00x 8.92x 8.21x - -

129.8 54.0 151.7 212.7 146.3 0.0 0.0 323.2 350.2 - -

- 35.77x 16.43x 14.81x 26.80x 0.00x 0.00x 11.92x 10.79x - -











EBITDA Margin 12.8%



Asset Turnover 0.79







Fiscal Year Ended

Aryzta AGPrice/Volume

Valuation Analysis

81'730.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

!4 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

0-!'4!.''6 0-!'-!.'-' 0-!'4!.'-' 0-!'-!.'-- 0-!'4!.'-- 0-!'-!.'-. 0-!'4!.'-. 0-!'-!.'-0



27.02.2013




ARYZTA AG n/a EXCH 3'772'859 4.11 - 21.11.2011 Corporation

ARI LTIP TRUSTEE LTD n/a Co File 3'772'859 4.11 - 31.07.2012 Other

CREDIT SUISSE FUND M n/a EXCH 3'080'273 3.36 - 30.11.2012 Investment Advisor

FIDELITY MA AND RES n/a Co File 2'785'897 3.03 - 31.07.2012 Investment Advisor

INVESCO LTD n/a EXCH 2'733'026 2.98 (25'844) 20.11.2012 Investment Advisor

MASSACHUSETTS MUTUAL #N/A N/A EXCH 2'683'776 2.92 (126'845) 21.02.2013 Insurance Company


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'288'657 2.49 309'555 30.12.2012 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 2'178'413 2.37 - 30.09.2012 Unclassified



ROYAL BANK OF CANADA n/a ULT-AGG 1'291'486 1.41 146'502 30.11.2012 Bank

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'160'302 1.26 (8'300) 28.12.2012 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 989'187 1.08 (56'931) 30.11.2012 Mutual Fund Manager

KILLIAN OWEN n/a RNS-DIR 823'731 0.9 - 26.09.2011 n/a

DWS INVESTMENT S A Multiple Portfolios MF-AGG 739'639 0.81 - 28.12.2012 Mutual Fund Manager

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 701'861 0.76 19'090 31.12.2012 Investment Advisor



Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 58 12 month 25.02.2013

Helvea ANDREAS VON ARX accumulate 4 M 57 12 month 22.02.2013

Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 57 12 month 20.02.2013


Societe Generale ALEX SLOANE hold 3 M 51 12 month 04.12.2012

Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 M #N/A N/A Not Provided 04.12.2012

Credit Suisse PATRICK JNGLIN outperform 5 M 50 Not Provided 03.12.2012

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 50 Not Provided 03.12.2012

Davy JOHN O'REILLY outperform 5 M #N/A N/A Not Provided 31.10.2012

Kepler Capital Markets JON COX buy 5 M 55 Not Provided 05.10.2012

Goldman Sachs FULVIO CAZZOL Buy/Neutral 5 M 68 12 month 02.10.2012

CA Cheuvreux CHRISTOPH WIRTZ underperform 1 M 48 Not Provided 26.09.2012

Bloxham Stockbrokers JOE R GILL market weight 3 M #N/A N/A Not Provided 20.03.2012

Holdings By:

Aryzta AG ee


27.02.2013

Atlantia S.p.A. is a holding company with responsibility for portfolio

strategies in the transport and communications infrastructures and network

sectors.


LTM as of: 09/yy

52-Week High (03.01.2013) 14.29

52-Week Low (27.06.2012) 9.03

Daily Volume

12.92





8'550.81 1 Yr Total Return 15.43%







ATL IM EQUITY YTD Change - Average Volume 30 Day 1'823'855

ATL IM EQUITY YTD % CHANGE - Average Volume 3 Month 1'815'369


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 Q1

2'781.3 2'919.7 3'300.6 3'901.4 4'306.6 4'206.8 3'891.1 4'075.1 4'267.5 1'042.0 -

9.09x 6.15x 6.43x 4.93x 4.23x 17.87x 20.45x 4.78x 4.66x 19.60x -

1'988.8 2'020.6 2'155.6 2'285.1 2'345.2 2'444.5 2'291.8 2'448.1 2'586.7 590.0 -

12.72x 8.88x 9.85x 8.42x 7.77x 7.00x 9.67x 9.28x 8.78x - -

380.7 734.8 562.5 683.0 830.3 926.1 797.5 729.2 690.2 145.0 -

40.35x 10.43x 18.35x 13.03x 10.89x 8.14x 10.57x 12.11x 12.72x - -











EBITDA Margin 58.9%



Asset Turnover 0.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Atlantia SpAPrice/Volume

Valuation Analysis

870'027.00


'

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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

'!''

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1!''

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5!''

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27.02.2013


SINTONIA SA n/a EXCH 307'140'941 46.41 - 14.01.2013 Investment Advisor

FONDAZIONE CASSA RIS n/a EXCH 41'801'030 6.32 - 14.01.2013 Corporation


LAZARD ASSET MANAGEM n/a ULT-AGG 16'047'205 2.42 468'598 31.01.2013 Unclassified

ATLANTIA SPA n/a EXCH 13'282'879 2.01 - 14.01.2013 Holding Company

BLACKROCK LUX SA n/a EXCH 11'290'778 1.71 - 14.01.2013 Investment Advisor


AKO CAPITAL LLP n/a Short (5'493'169) -0.83 - 01.11.2012 Investment Advisor


COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 2'155'380 0.33 - 31.10.2012 Bank

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 1'988'101 0.3 (77'179) 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'955'523 0.3 629'696 31.12.2012 Investment Advisor


KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 1'716'945 0.26 (21'750) 31.12.2012 Mutual Fund Manager


ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'664'685 0.25 (1'598) 28.09.2012 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'645'051 0.25 (740'850) 31.12.2012 Investment Advisor

BLACKROCK LIFE LTD n/a EXCH 1'641'332 0.25 - 14.01.2013 Investment Advisor

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 1'301'364 0.2 (90'083) 31.01.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'292'868 0.2 (1'770'602) 31.12.2012 Mutual Fund Manager




RBC Capital Markets ANDREW JONES sector perform 3 M 12 12 month 07.02.2013

Banca IMI FABIO M PICARDI add 4 M 15 12 month 30.01.2013

ICBPI ENRICO ESPOSTI buy 5 M 15 12 month 30.01.2013

Barclays SUSANNA INVERNIZZI overweight 5 M 17 Not Provided 23.01.2013

Nomura PETER LARKIN neutral 3 M 14 12 month 21.01.2013

Equita SIM SpA STEFANO GAMBERINI hold 3 M 15 12 month 18.01.2013

Goldman Sachs OLIVER NEAL not rated #N/A N/A M #N/A N/A Not Provided 17.01.2013



Grupo Santander JOAQUIN FERRER hold 3 D 16 Not Provided 11.01.2013

Morgan Stanley JAIME ROWBOTHAM Underwt/In-Line 1 M 13 12 month 10.01.2013

Banca Akros(ESN) FRANCESCO PREVITERA accumulate 4 M 12 12 month 02.01.2013

Kepler Capital Markets FILIPPO PRINI buy 5 M 16 Not Provided 13.12.2012

Societe Generale VICTOR ACITORES buy 5 U 15 12 month 12.11.2012

Exane BNP Paribas NICOLAS MORA outperform 5 N 15 Not Provided 08.11.2012



JPMorgan ELODIE RALL neutral 3 M 14 Not Provided 23.07.2012

Oddo & Cie OLIVIER BECKER neutral 3 M 13 Not Provided 05.06.2012

Natixis GREGOIRE THIBAULT reduce 2 D 11 Not Provided 14.05.2012

BBVA ANTONIO RODRIGUEZ VICENS outperform 5 M 12 Not Provided 12.09.2011

Holdings By:

Atlantia SpA ee


27.02.2013

AtoS offers management consulting and outsourcing services, enterprise

solutions, and e-commerce solutions. The Company offers supply chain

management, data warehousing, enterprise application integration, document

management, geomarketing, data mining, e-marketing, and pre-customized computer

applications, and manages customers' hardware, software, and networks.


LTM as of: 09/yy

52-Week High (25.02.2013) 59.22

52-Week Low (08.03.2012) 40.75

Daily Volume

57.41





4'921.74 1 Yr Total Return 34.78%







ATO FP EQUITY YTD Change - Average Volume 30 Day 206'300

ATO FP EQUITY YTD % CHANGE - Average Volume 3 Month 200'251


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

5'623.5 5'127.0 5'020.6 6'812.5 8'844.0 5'886.0 8'790.0 8'942.9 9'161.9 2'316.5 -

0.27x 0.46x 0.58x 0.44x - 0.00x 0.00x 0.50x 0.45x - -

452.7 241.5 390.3 689.8 - 0.0 0.0 1'011.6 1'068.1 - -

3.41x 9.80x 7.48x 4.31x - 0.00x 0.00x 4.79x 4.54x - -

22.6 3.9 116.1 181.6 224.0 0.0 0.0 433.7 462.2 204.0 -

55.98x 534.75x 23.86x 14.19x 20.23x 0.00x 0.00x 12.55x 11.44x - -











EBITDA Margin 9.8%



Asset Turnover 1.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AtoSPrice/Volume

Valuation Analysis

196'903.00


'

-'

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0'

1'

2'

3'

4'

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!. 9

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

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27.02.2013


FINANCIERE DAUNOU n/a Co File 17'855'541 20.83 - 31.12.2011 Unclassified

SIEMENS AG n/a Research 12'483'153 14.56 - 10.07.2012 Corporation



GENERALI ASSET MANAG Multiple Portfolios MF-AGG 642'169 0.75 (1'470) 31.01.2013 Mutual Fund Manager


BLACKROCK n/a ULT-AGG 498'397 0.58 (35'607) 25.02.2013 Investment Advisor

PALATINE ASSET MANAG Multiple Portfolios MF-AGG 462'000 0.54 (5'500) 31.01.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 397'385 0.46 (2'479) 31.12.2012 Mutual Fund Manager


DWS INVESTMENT S A Multiple Portfolios MF-AGG 284'639 0.33 (61'950) 28.12.2012 Mutual Fund Manager

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 265'000 0.31 (623) 31.12.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 261'844 0.31 21'036 31.12.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 250'000 0.29 (750'000) 30.06.2012 Pension Fund (ERISA)

AMUNDI Multiple Portfolios MF-AGG 247'840 0.29 - 28.09.2012 Mutual Fund Manager

GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 237'919 0.28 (82'609) 28.09.2012 Investment Advisor

BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 222'845 0.26 (885) 30.09.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 202'861 0.24 (11'135) 31.12.2012 Investment Advisor

ATOS n/a Co File 202'370 0.24 - 31.12.2011 Other



Societe Generale DERRIC MARCON buy 5 M 78 12 month 25.02.2013

Credit Suisse CHARLES BRENNAN outperform 5 M 63 Not Provided 22.02.2013

Oddo & Cie ALEXANDRE IATRIDES neutral 3 M 44 Not Provided 22.02.2013

Berenberg Bank DAUD KHAN hold 3 M 51 Not Provided 22.02.2013

Bryan Garnier & Cie GREGORY RAMIREZ neutral 3 M 60 6 month 22.02.2013

Exane BNP Paribas BRICE PRUNAS outperform 5 M 62 Not Provided 22.02.2013

Barclays GERARDUS VOS overweight 5 M 64 Not Provided 22.02.2013

Morgan Stanley ADAM WOOD Equalwt/In-Line 3 M 56 12 month 21.02.2013

Kepler Capital Markets LAURENT DAURE buy 5 M 59 Not Provided 21.02.2013


Jefferies MILAN RADIA hold 3 M 56 12 month 19.02.2013

Natixis GWENAEL GIARD buy 5 M 65 Not Provided 15.02.2013

Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 01.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

Goldman Sachs SIVA KRISHNA PRASAD BORRA Buy/Neutral 5 M 70 12 month 11.01.2013

Main First Bank AG CAROLE ROZEN outperform 5 M 72 12 month 04.01.2013

HSBC ANTONIN BAUDRY neutral 3 M 55 Not Provided 03.11.2012

CM - CIC Securities(ESN) DOV LEVY buy 5 M 55 12 month 04.09.2012

CA Cheuvreux MICHAEL BEUCHER underperform 1 M 41 Not Provided 27.02.2012

Holdings By:

AtoS ee


27.02.2013

Babcock International Group plc offers support services to public sector

institutions. The Company offers facilities management, training, and support

services to defense, rail transportation, marine, and other public sector

organizations. Babcock serves customers in Europe, Africa, and North America.


LTM as of: 01/yy

52-Week High (25.02.2013) 1'079.00

52-Week Low (06.03.2012) 729.50

Daily Volume

1064





3'833.28 1 Yr Total Return 47.43%







BAB LN EQUITY YTD Change - Average Volume 30 Day 582'585

BAB LN EQUITY YTD % CHANGE - Average Volume 3 Month 637'595


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 - -

1'555.9 1'901.9 1'923.4 2'703.2 3'070.4 - - 3'245.7 3'467.9 - -

1.05x 0.88x 0.88x 1.10x 1.15x - - 1.35x 1.23x - -

138.8 168.9 189.6 293.5 337.5 - - 378.4 392.9 - -

11.79x 9.89x 8.92x 10.12x 10.45x - - 11.78x 11.35x - -

67.3 72.0 106.0 101.1 100.8 - - 245.5 249.9 - -

19.06x 11.48x 13.02x 20.60x 18.55x - - 15.35x 15.09x - -











EBITDA Margin 11.2%



Asset Turnover 0.99







Fiscal Year Ended

Babcock International Group PLCPrice/Volume

Valuation Analysis

282'865.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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1''

3''

5''

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.!' 9

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-'!' 9

-.!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

'!''

2!''

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27.02.2013



LEGAL & GENERAL n/a ULT-AGG 22'863'754 6.35 (1'015'026) 31.01.2013 Unclassified

Cantillon Capital Multiple Portfolios REG 20'606'227 5.72 (360'605) 03.12.2012 Unclassified


CANTILLON CAPITAL MA n/a RNS-MAJ 17'938'977 4.98 (79'071) 26.09.2012 Hedge Fund Manager


CAPITAL GROUP COMPAN n/a ULT-AGG 14'719'045 4.09 2'617'853 08.01.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 14'338'948 3.98 (76'638) 03.12.2012 Unclassified


AMERIPRISE FINANCIAL n/a Co File 11'330'063 3.14 - 10.05.2012 Investment Advisor


WILLIAM BLAIR & COMP Multiple Portfolios REG 8'925'933 2.48 (2'752'744) 03.12.2012 Investment Advisor




DEUTSCHE BANK PROP T Multiple Portfolios REG 6'852'026 1.9 258'445 03.12.2012 Other

DWS INVESTMENT SA Multiple Portfolios REG 6'580'850 1.83 - 03.12.2012 Unclassified


IGNIS ASSET MANAGEME Multiple Portfolios REG 6'113'871 1.7 (4'142'296) 03.12.2012 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios REG 5'588'384 1.55 62'487 03.12.2012 Investment Advisor


Berenberg Bank SIMON MEZZANOTTE buy 5 M 1'180 Not Provided 14.02.2013

Westhouse Securities MICHAEL DONNELLY add 4 M 1'142 Not Provided 07.02.2013

Panmure Gordon & Co Limited MIKE ALLEN hold 3 M 970 Not Provided 05.02.2013

Investec JOHN LAWSON hold 3 M 1'070 12 month 31.01.2013

JPMorgan ROBERT PLANT overweight 5 M 1'120 9 month 31.01.2013

Jefferies KEAN MARDEN buy 5 M 1'080 12 month 31.01.2013

Shore Capital Stockbrokers ROBIN SPEAKMAN hold 3 M #N/A N/A Not Provided 31.01.2013

Numis Securities Ltd MIKE MURPHY hold 3 M 1'074 Not Provided 31.01.2013

Peel Hunt CHRISTOPHER BAMBERRY hold 3 D 1'038 Not Provided 22.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013

Liberum Capital Ltd JOE BRENT hold 3 M 950 Not Provided 09.01.2013

Goldman Sachs CHARLES WILSON neutral/neutral 3 M 1'081 12 month 18.12.2012

N+1 Singer Ltd JAMES GC WOODROW hold 3 M 1'013 12 month 12.11.2012

Arden Partners Ltd GRAHAM J WEBSTER buy 5 M #N/A N/A Not Provided 01.10.2012

Espirito Santo Investment Bank ResearchDAVID BROCKTON neutral 3 D 945 Not Provided 16.08.2012

Holdings By:

Babcock International Group PLC ee


27.02.2013

Balfour Beatty plc operates an international engineering and construction group.

The Group provides civil and specialist engineering, design and management

services for businesses in the transport and energy sectors. Balfour Beatty

also invests in a number of privately funded infrastructure projects and

developments in the United Kingdom and overseas.


LTM as of: 01/yy

52-Week High (01.11.2012) 321.40

52-Week Low (13.11.2012) 234.60

Daily Volume

285.5












BBY LN EQUITY YTD Change - Average Volume 30 Day 1'914'680

BBY LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'908'216


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 - -

6'466.0 8'261.0 8'954.0 9'236.0 9'494.0 - - 10'141.9 9'650.3 - -

0.28x 0.16x 0.16x 0.21x 0.19x - - 0.20x 0.22x - -

182.0 248.0 265.0 325.0 326.0 - - 350.1 343.7 - -

10.09x 5.16x 5.47x 5.85x 5.57x - - 6.54x 6.66x - -

151.0 196.0 211.0 143.0 186.0 - - 221.3 206.6 - -

12.65x 7.67x 6.99x 13.60x 9.92x - - 8.26x 8.96x - -





Return on Assets 3.44% Short-Term Rating NR






EBITDA Margin 3.8%



Asset Turnover 1.68







Fiscal Year Ended

Balfour Beatty PLCPrice/Volume

Valuation Analysis

2'160'591.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

.''

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0''

02'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013



CAUSEWAY CAPITAL MAN Multiple Portfolios REG 31'794'184 4.62 1'513'561 02.01.2013 Investment Advisor


STANDARD LIFE INVEST #N/A N/A RNS-MAJ 25'104'162 3.65 (3'150'060) 26.02.2013 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 24'430'583 3.55 (1'270'665) 02.01.2013 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 19'027'016 2.76 7'381'620 31.12.2012 Investment Advisor

APG ALGEMENE PENSIOE Multiple Portfolios REG 14'648'319 2.13 - 02.01.2013 Pension Fund (ERISA)

SCOTTISH WIDOWS n/a ULT-AGG 13'416'522 1.95 1'645'290 02.01.2013 Unclassified



STATE STREET n/a ULT-AGG 10'534'786 1.53 (881'726) 26.02.2013 Investment Advisor


SMITH & WILLIAMSON H n/a ULT-AGG 9'845'994 1.43 853'706 31.01.2013 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios REG 9'225'854 1.34 726'897 02.01.2013 Investment Advisor

RWC PARTNERS Multiple Portfolios REG 8'874'380 1.29 350'000 02.01.2013 Investment Advisor

BARCLAYS PERSONAL IN Multiple Portfolios REG 8'732'440 1.27 752'923 02.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'348'018 1.21 1'323'595 25.02.2013 Investment Advisor

NEWTON INV MGMT Multiple Portfolios REG 7'820'900 1.14 (115'400) 02.01.2013 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios REG 7'529'569 1.09 30'284 02.01.2013 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 7'461'899 1.08 (5'624'566) 02.01.2013 Investment Advisor


Investec ANDREW GIBB sell 1 M 200 12 month 25.02.2013

Oriel Securities Ltd MARK HOWSON buy 5 M 346 Not Provided 15.02.2013

Panmure Gordon & Co Limited ANDY BROWN buy 5 M 310 Not Provided 04.02.2013



Numis Securities Ltd HOWARD SEYMOUR add 4 M 330 Not Provided 16.01.2013

Credit Suisse EUGENE KLERK neutral 3 M 279 Not Provided 15.01.2013


Liberum Capital Ltd JOE BRENT buy 5 M 320 Not Provided 09.01.2013

Berenberg Bank CHRIS MOORE hold 3 D 290 Not Provided 12.11.2012

JPMorgan EMILY BIDDULPH neutral 3 M 275 9 month 09.11.2012

HSBC JEFFREY G DAVIS overweight 5 M 310 Not Provided 09.11.2012

Deutsche Bank MANU RIMPELA hold 3 M 260 12 month 08.11.2012

Canaccord Genuity Corp ALASTAIR STEWART buy 5 N 413 Not Provided 30.05.2012

Holdings By:

Balfour Beatty PLC ee


27.02.2013

Baloise Holding AG offers group and individual life, health, accident, liability

property, and transportation insurance to customers in Europe. The Company also

offers private banking and asset management services.


LTM as of: 12/yy

52-Week High (28.01.2013) 84.90

52-Week Low (05.06.2012) 58.30

Daily Volume

82.5





4'125.00 1 Yr Total Return 24.11%







BALN VX EQUITY YTD Change - Average Volume 30 Day 203'336

BALN VX EQUITY YTD % CHANGE - Average Volume 3 Month 186'356


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 7'783.7 7'876.4 - -

0.54x 0.46x 0.34x 0.37x 0.31x #DIV/0! #DIV/0! 0.24x 0.24x - -

- - - - - 0.0 0.0 - - - -

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

786.1 358.3 414.1 433.4 60.8 0.0 0.0 422.8 450.3 - -

7.36x 10.70x 9.95x 9.95x 49.68x 0.00x 0.00x 9.01x 8.37x - -









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

Baloise Holding AGPrice/Volume

Valuation Analysis

185'295.00


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

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9

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'!''

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27.02.2013



UBS FUND MANAGEMENT n/a EXCH 1'621'640 3.24 - 09.11.2012 Investment Advisor

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


UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 958'144 1.92 (1'778) 31.10.2012 Investment Advisor





KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 344'750 0.69 (6'600) 31.12.2012 Mutual Fund Manager

DANSKE INVEST A/S Multiple Portfolios MF-AGG 321'983 0.64 (2'600) 31.01.2013 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 305'153 0.61 - 28.09.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 289'150 0.58 (500) 31.10.2012 Investment Advisor

SARASIN n/a ULT-AGG 248'135 0.5 (787) 30.11.2012 Unclassified

ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 146'057 0.29 (8'081) 31.10.2012 Mutual Fund Manager

IST FUND MANAGERS Multiple Portfolios MF-AGG 134'230 0.27 (2'418) 31.12.2012 Mutual Fund Manager

PRUDENTIAL FINANCIAL n/a ULT-AGG 129'032 0.26 (4'500) 31.12.2012 Investment Advisor

UBS ETF Multiple Portfolios MF-AGG 119'015 0.24 1'228 31.10.2012 Investment Advisor

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 112'984 0.23 (9'446) 31.12.2012 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 104'217 0.21 - 31.10.2012 Investment Advisor


AlphaValue DIETER HEIN reduce 2 M 84 6 month 21.02.2013

Nomura MICHAEL KLIEN buy 5 M 97 12 month 12.02.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 71 12 month 01.02.2013

Main First Bank AG RENE LOCHER underperform 1 M 85 12 month 01.02.2013

Helvea DANIEL BISCHOF accumulate 4 M 91 12 month 01.02.2013

Mediobanca SpA MARC THIELE neutral 3 M 96 6 month 30.01.2013

Kepler Capital Markets FABRIZIO CROCE buy 5 M 93 Not Provided 25.01.2013

Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 23.01.2013

Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 85 Not Provided 17.01.2013


HSBC DHRUV GAHLAUT neutral 3 M 90 Not Provided 16.01.2013

Credit Suisse RICHARD BURDEN neutral 3 M 87 Not Provided 31.10.2012

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 91 12 month 11.10.2012

Berenberg Bank PETER ELIOT buy 5 M 105 Not Provided 31.08.2012

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

JPMorgan MICHAEL HUTTNER neutral 3 M 92 Not Provided 27.03.2012

Holdings By:

Baloise Holding AG ee


27.02.2013

Banco de Sabadell SA attracts deposits and offers commercial banking services.

The Bank offers mortgage, consumer, student, and building improvement loans,

private banking services, and insurance, and sponsors Visa credit cards. The

Bank operates branches throughout Spain, elsewhere in Europe, the Caribbean,

the Americas, and Asia.


LTM as of: 12/yy

52-Week High (14.03.2012) 2.47

52-Week Low (23.07.2012) 1.19

Daily Volume

1.639





4'850.71 1 Yr Total Return -19.06%





Enterprise Value -


SAB SQ EQUITY YTD Change - Average Volume 30 Day 9'386'312

SAB SQ EQUITY YTD % CHANGE - Average Volume 3 Month 8'226'591


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

5'226.9 4'104.8 3'566.8 4'446.9 5'980.3 6'559.8 5'964.7 3'080.1 3'202.8 750.0 754.0

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

- - - - - 0.0 0.0 - - - -

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

673.8 522.5 380.0 231.9 81.9 396.2 81.9 291.5 626.1 - -

23.59x 8.81x 9.22x 17.26x 71.38x 10.20x 32.69x 19.28x 8.32x 13.11x 11.79x


EBIT - Long-Term Rating BB



Return on Assets 0.06% Short-Term Rating B




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banco de Sabadell SAPrice/Volume

Valuation Analysis

8'337'957.00


'

-

-

.

.

0

0

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!.'

'!1'

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27.02.2013


JAIPUR INVESTMENT SL n/a Co File 134'032'942 4.53 - 31.12.2011 Investment Advisor

FAMOL PARTICIPACIONE n/a Co File 132'466'860 4.48 - 31.12.2011 Unclassified

FUNDO PENSOES BCP n/a Co File 131'639'496 4.45 - 31.12.2011 Unclassified


MAYOR VENT SL n/a EXCH 72'024'330 2.43 55'171 09.01.2012 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 50'549'723 1.71 1'154'376 31.12.2012 Investment Advisor

BANCO SABADELL SA n/a Research 39'018'399 1.32 - 14.08.2012 Bank

VALIANT CAPITAL MANA n/a Short (16'547'277) -0.56 3'545'845 13.12.2012 Hedge Fund Manager

WELLINGTON MANAGEMEN n/a Short (14'797'775) -0.5 - 01.02.2013 Investment Advisor

MARSHALL WACE LLP n/a Short (14'797'775) -0.5 - 22.02.2013 Hedge Fund Manager


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4'082'543 0.14 25'483 28.12.2012 Mutual Fund Manager

STATE STREET BANQUE Multiple Portfolios MF-AGG 2'815'559 0.1 59'147 31.01.2013 Investment Advisor

GESIURIS SA SGIIC Multiple Portfolios MF-AGG 2'781'077 0.09 56'705 31.12.2012 Mutual Fund Manager


SJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'734'427 0.06 109'270 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 1'481'345 0.05 89'311 28.12.2012 Unclassified

INVERCAIXA GESTION S Multiple Portfolios MF-AGG 1'470'137 0.05 552'242 30.11.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 1'336'185 0.05 1'254'792 28.09.2012 Mutual Fund Manager



BPI CARLOS JOAQUIM PEIXOTO sell 1 M 2 Not Provided 25.02.2013

Grupo Santander JAVIER ECHANOVE hold 3 M 2 Not Provided 18.02.2013

Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 2 Not Provided 15.02.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 3 6 month 14.02.2013

AlphaValue DAVID GRINSZTAJN add 4 U 2 6 month 14.02.2013

Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 1 12 month 13.02.2013

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA underweight 1 M 2 12 month 13.02.2013

Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 2 12 month 12.02.2013

JPMorgan JAIME BECERRIL underweight 1 M 1 18 month 11.02.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO sell 1 M 2 Not Provided 05.02.2013

Nomura DARAGH QUINN neutral 3 M 2 Not Provided 04.02.2013

RBC Capital Markets ROBERT NOBLE underperform 1 M 1 12 month 29.01.2013

Mediobanca SpA ANDREA FILTRI underperform 1 M 1 12 month 25.01.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ underperform 1 M 2 12 month 25.01.2013

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ sell 1 M 2 Not Provided 25.01.2013

Natixis FREDERIC TESCHNER reduce 2 M 1 Not Provided 25.01.2013

Interdin Bolsa JAVIER RUIZ-CAPILLAS neutral 3 M 2 Not Provided 25.01.2013

Credit Suisse IGNACIO CEREZO underperform 1 M 2 Not Provided 24.01.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 2 12 month 23.01.2013


Societe Generale CARLOS GARCIA GONZALEZ sell 1 M 2 12 month 09.01.2013

Barclays ROHITH CHANDRA-RAJAN underweight 1 M 1 Not Provided 08.01.2013

Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE reduce 2 M 2 Not Provided 08.11.2012

HSBC JASON KEPAPTSOGLOU underweight 1 D 2 Not Provided 05.11.2012

Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 2 12 month 25.09.2012

CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO sell 1 M 2 Not Provided 18.09.2012

Morgan Stanley ALVARO SERRANO Underwt/In-Line 1 M 2 12 month 12.09.2012

BBVA IGNACIO ULARGUI not rated #N/A N/A M #N/A N/A Not Provided 22.06.2012

Renta 4 SA SVB NURIA ALVAREZ underweight 1 M 2 Not Provided 16.05.2012

La Caixa DAVID FERNANDEZ underweight 1 M 2 Not Provided 16.03.2012

Holdings By:

Banco de Sabadell SA ee


27.02.2013

Banco Popolare Societa Cooperativa attracts deposits and offers commercial

banking services. The Bank offers consumer credit, corporate finance, and asset

management services.


LTM as of: 09/yy

52-Week High (14.03.2012) 1.70

52-Week Low (23.07.2012) 0.79

Daily Volume

1.278





2'254.05 1 Yr Total Return -6.44%





Enterprise Value -


BP IM EQUITY YTD Change - Average Volume 30 Day 28'393'660

BP IM EQUITY YTD % CHANGE - Average Volume 3 Month 25'715'570


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 Q1

6'406.5 8'201.9 6'127.5 5'909.3 6'429.0 4'193.4 3'344.1 3'295.4 3'567.7 852.0 867.0

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

- - - - - 0.0 0.0 - - - -

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

617.2 (333.4) 267.0 308.0 (2'257.3) 164.6 (2'634.8) 39.0 192.7 - -

17.51x - 12.17x 8.10x - 0.00x 0.00x 29.05x 12.17x 42.60x -


EBIT - Long-Term Rating BBB-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Banco Popolare SCPrice/Volume

Valuation Analysis

10'658'058.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'''-----..

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9.'!' 91'!' 93'!' 95'!' 9-''!' 9-.'!' 9-1'!' 9-3'!' 9-5'!' 9.''!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

'!.'

'!1'

'!3'

'!5'

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27.02.2013


NORGES BANK n/a EXCH 38'466'956 2.18 - 20.11.2012 Government

DIMENSIONAL FUND ADV n/a EXCH 35'292'242 2 - 20.11.2012 Investment Advisor



MARSHALL WACE LLP n/a Short (8'289'535) -0.47 1'587'358 21.02.2013 Hedge Fund Manager

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'478'928 0.25 (117'908) 31.05.2012 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 3'809'729 0.22 1'055'000 01.02.2013 Investment Advisor

GENERALI INVESTMENTS Multiple Portfolios MF-AGG 3'047'032 0.17 - 31.10.2012 Investment Advisor


LBPAM Multiple Portfolios MF-AGG 2'662'780 0.15 199'299 31.12.2012 Mutual Fund Manager

STATE STREET BANQUE Multiple Portfolios MF-AGG 2'552'927 0.14 (13'618) 31.01.2013 Investment Advisor

ARCA SGR SPA Multiple Portfolios MF-AGG 2'363'809 0.13 (115'191) 28.12.2012 Mutual Fund Manager

MEDIOLANUM INTERNATI Multiple Portfolios MF-AGG 2'055'910 0.12 (165'259) 29.06.2012 Investment Advisor

ACOMEA SGR Multiple Portfolios MF-AGG 1'979'005 0.11 - 28.12.2012 Investment Advisor


DEGROOF GESTION INST Multiple Portfolios MF-AGG 1'603'500 0.09 (100'000) 30.03.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'411'300 0.08 - 28.12.2012 Investment Advisor


SJUNDE AP FONDEN Multiple Portfolios MF-AGG 1'192'679 0.07 99'745 31.12.2012 Investment Advisor

BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 1'076'236 0.06 (274'226) 30.09.2012 Mutual Fund Manager


Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 12 month 27.02.2013

Kepler Capital Markets ANNA MARIA BENASSI hold 3 M 1 Not Provided 25.02.2013

Exane BNP Paribas ANDREA VERCELLONE outperform 5 M 2 Not Provided 22.02.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 28.01.2013

Equita SIM SpA GIOVANNI RAZZOLI hold 3 D 2 12 month 28.01.2013

Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 1 12 month 22.01.2013

Banca IMI MANUELA MERONI add 4 M 1 12 month 22.01.2013

Societe Generale CARLO TOMMASELLI hold 3 M 2 12 month 21.01.2013

Deutsche Bank PAOLA SABBIONE hold 3 M 2 12 month 17.01.2013


Mediobanca SpA RICCARDO ROVERE neutral 3 M 1 Not Provided 12.12.2012

HSBC JASON KEPAPTSOGLOU neutral 3 M 1 Not Provided 27.11.2012

Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 1 12 month 20.11.2012

Natixis STEVEN GOULD neutral 3 M 1 Not Provided 14.11.2012

Nomura DOMENICO SANTORO reduce 2 M 1 12 month 25.10.2012

ICBPI LUCA COMI not rated #N/A N/A M #N/A N/A Not Provided 22.08.2012

Hammer Partners SA ENRICO RACIOPPI sell 1 M 1 Not Provided 19.06.2012

JPMorgan KIAN ABOUHOSSEIN underweight 1 M 1 Not Provided 28.05.2012

Holdings By:

Banco Popolare SC ee


27.02.2013

Banco Popular Espanol SA attracts deposits and offers commercial banking

services. The Bank offers consumer loans, mortgage loans, asset management and

factoring services, mutual funds, pension plans, life insurance, venture

capital, and real estate loans. The Bank has regional subsidiaries in Spain,

Portugal, and Florida.


LTM as of: 12/yy

52-Week High (29.02.2012) 1.71

52-Week Low (14.11.2012) 0.53

Daily Volume

0.644





5'415.11 1 Yr Total Return -59.46%





Enterprise Value -


POP SQ EQUITY YTD Change - Average Volume 30 Day 81'885'830

POP SQ EQUITY YTD % CHANGE - Average Volume 3 Month #########


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

7'589.4 6'642.8 5'559.0 5'568.6 6'654.2 5'571.8 6'654.2 3'697.1 3'825.0 944.0 957.0

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

- - - - - 0.0 0.0 - - - -

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

1'052.1 766.1 590.2 479.7 (2'461.0) 479.7 (2'461.0) 204.9 835.7 - -

7.29x 8.51x 9.23x 11.73x - 11.69x 0.00x 25.76x 7.49x - -


EBIT - Long-Term Rating BB







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banco Popular Espanol SAPrice/Volume

Valuation Analysis

67'861'397.00


'''-----..

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

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27.02.2013


BANQUE FEDERATIVE DU n/a EXCH 367'775'828 4.37 275'831'871 18.12.2012 Bank

ALLIANZ SE n/a EXCH 362'577'512 4.31 (19'615'137) 07.01.2013 Insurance Company

TOPBREACH HOLDING BV n/a EXCH 339'897'780 4.04 26'565 17.12.2012 Unclassified

UNION EUROPEA DE INV #N/A N/A EXCH 313'537'380 3.73 - 22.02.2013 Investment Advisor

FUNDACION PEDRO BARR n/a EXCH 278'086'513 3.31 - 17.12.2012 Endowment



SINDICATURA DE ACCIO n/a EXCH 63'831'609 0.76 (6'000) 22.02.2013 n/a

BANCO POPULAR ESPANO n/a Research 43'772'956 0.52 - 21.09.2012 Bank

SILCHESTER INTL INVE n/a Co File 41'668'493 0.5 - 31.12.2011 Investment Advisor

OSUNA GARCIA NICOLAS n/a EXCH 36'748'015 0.44 471'128 12.04.2012 n/a

REVOREDO DELV HELENA n/a EXCH 24'052'276 0.29 - 17.12.2012 n/a

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 16'252'140 0.19 16'252'140 31.12.2012 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 9'461'287 0.11 9'461'287 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 7'234'447 0.09 3'894'637 28.12.2012 Mutual Fund Manager

NIGORRA OLIVER MIGUE n/a EXCH 6'247'588 0.07 - 25.01.2013 n/a

BANCAJA FONDOS SGIIC Multiple Portfolios MF-AGG 5'391'050 0.06 5'286'886 30.11.2012 Investment Advisor

MARTINEZ CA MIGUEL A n/a EXCH 5'333'883 0.06 - 17.12.2012 n/a




Oddo & Cie JULIE LEGRAND reduce 2 M 1 Not Provided 27.02.2013

BPI CARLOS JOAQUIM PEIXOTO neutral 3 M 1 Not Provided 25.02.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO Under Review #N/A N/A M #N/A N/A Not Provided 25.02.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 1 6 month 21.02.2013

Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 1 Not Provided 20.02.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 1 Not Provided 18.02.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 1 6 month 18.02.2013


Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA underweight 1 M 1 12 month 13.02.2013


Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 0 12 month 12.02.2013

JPMorgan JAIME BECERRIL underweight 1 M 1 18 month 11.02.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 1 12 month 08.02.2013

Bankia Bolsa (ESN) JAVIER BERNAT accumulate 4 M 1 12 month 04.02.2013

Nomura DARAGH QUINN reduce 2 M 1 12 month 04.02.2013

S&P Capital IQ WILLIAM HOWLETT sell 1 M 1 12 month 01.02.2013

RBC Capital Markets ROBERT NOBLE underperform 1 M 0 12 month 29.01.2013

BCP Investimento RITA SILVA buy 5 U 1 Not Provided 29.01.2013


Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ sell 1 M 0 Not Provided 23.01.2013

Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 1 12 month 22.01.2013

Credit Suisse IGNACIO CEREZO underperform 1 M 1 Not Provided 22.01.2013

Mediobanca SpA ANDREA FILTRI neutral 3 U 1 12 month 21.01.2013

BBVA IGNACIO ULARGUI outperform 5 M 1 Not Provided 18.01.2013



Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 1 12 month 09.01.2013

Barclays ROHITH CHANDRA-RAJAN underweight 1 M 1 Not Provided 08.01.2013

CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 1 Not Provided 29.11.2012


Renta 4 SA SVB NURIA ALVAREZ underweight 1 M 1 Not Provided 27.07.2012

La Caixa DAVID FERNANDEZ underweight 1 M 2 Not Provided 16.03.2012

Banco Sabadell MARIO LODOS sell 1 D 2 Not Provided 06.02.2012

Holdings By:

Banco Popular Espanol SA ee


27.02.2013

Beiersdorf AG develops, manufactures, and markets personal care, disposable

medical, and adhesive products. The Company produces skin and hair care

products, bandages, surgical gloves, compression stockings, sun block lotion,

fastening systems, masking products, and packaging systems.


LTM as of: 09/yy

52-Week High (27.02.2013) 67.04

52-Week Low (27.02.2012) 46.52

Daily Volume

66.76





16'823.52 1 Yr Total Return 42.98%







BEI GY EQUITY YTD Change - Average Volume 30 Day 443'154

BEI GY EQUITY YTD % CHANGE - Average Volume 3 Month 403'455


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 Q1

5'507.0 5'971.0 5'748.0 5'571.0 5'633.0 5'618.0 5'924.0 6'026.9 6'299.6 1'467.0 1'562.0

2.01x 1.39x 1.54x 1.42x 1.50x 5.82x 6.54x 2.50x 2.34x - -

801.0 815.0 788.0 876.0 839.0 813.0 900.0 876.3 981.6 233.0 264.0

13.85x 10.15x 11.26x 9.02x 10.10x 9.43x 12.45x 17.19x 15.34x 14.69x 14.26x

437.0 562.0 374.0 318.0 250.0 301.0 271.0 483.3 549.9 123.0 137.0

27.37x 16.94x 27.84x 29.66x 39.84x 30.30x 47.66x 31.33x 27.70x 31.14x 30.91x











EBITDA Margin 15.2%



Asset Turnover 1.07







Fiscal Year Ended

Beiersdorf AGPrice/Volume

Valuation Analysis

245'799.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

5'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

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.!2 9

0!' 9

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!''

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27.02.2013


MAXINGVEST AG n/a Co File 128'242'800 50.89 - 31.12.2011 Unclassified

BEIERSDORF AG n/a Co File 25'181'016 9.99 - 31.12.2011 Corporation

BLACKROCK n/a ULT-AGG 3'331'079 1.32 (901) 25.02.2013 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2'262'832 0.9 (27'869) 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'193'929 0.87 46'623 31.12.2012 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'525'094 0.61 (1'460) 31.12.2012 Investment Advisor

FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 1'490'875 0.59 6'100 31.12.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'427'260 0.57 500 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 874'183 0.35 112'250 31.12.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 676'247 0.27 (15'263) 30.11.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 589'450 0.23 (25'388) 28.09.2012 Investment Advisor


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 324'235 0.13 135'179 31.12.2012 Mutual Fund Manager


DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 299'400 0.12 23'627 28.12.2012 Mutual Fund Manager

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 297'712 0.12 14'790 31.12.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 293'775 0.12 - 28.12.2012 Mutual Fund Manager

UBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 278'515 0.11 (116) 31.10.2012 Mutual Fund Manager



Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 77 6 month 27.02.2013

Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 51 12 month 25.02.2013

Exane BNP Paribas EAMONN FERRY outperform 5 M 70 Not Provided 25.02.2013

AlphaValue MARTIN SCHNEE sell 1 M 53 6 month 21.02.2013

DZ Bank AG THOMAS MAUL sell 1 M 50 12 month 18.02.2013

Goldman Sachs ROSIE EDWARDS sell/attractive 1 M 55 12 month 07.02.2013

Baader Bank CHRISTIAN WEIZ buy 5 N 74 12 month 04.02.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 53 Not Provided 01.02.2013

Nomura GUILLAUME DELMAS buy 5 M 72 12 month 31.01.2013

Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 63 12 month 29.01.2013

JPMorgan CELINE PANNUTI underweight 1 M 60 9 month 28.01.2013

Raymond James HERMINE DE BENTZMANN market perform 3 M #N/A N/A Not Provided 28.01.2013

Grupo Santander PEDRO GIL buy 5 M 70 Not Provided 25.01.2013

Bankhaus Metzler SEBASTIAN FRERICKS sell 1 M 52 12 month 25.01.2013

Berenberg Bank SETH PETERSON hold 3 M 61 Not Provided 25.01.2013

Liberum Capital Ltd PABLO ZUANIC sell 1 M 46 Not Provided 25.01.2013

Nord/LB VOLKER SACK hold 3 M 58 12 month 24.01.2013

Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 62 Not Provided 24.01.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 65 12 month 24.01.2013

Bankhaus Lampe HEIKO FEBER sell 1 M 57 12 month 24.01.2013

National Bank AG MANFRED JAISFELD sell 1 M #N/A N/A Not Provided 24.01.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 M 52 12 month 24.01.2013

S&P Capital IQ CARL SHORT hold 3 M 66 12 month 24.01.2013

Barclays IAIN SIMPSON underweight 1 M 50 Not Provided 24.01.2013

Credit Suisse ALEX MOLLOY neutral 3 M 56 Not Provided 17.01.2013

HSBC CEDRIC BESNARD underweight 1 M 59 Not Provided 17.01.2013

M.M. Warburg Investment Research JOERG PHILIPP FREY buy 5 M 73 12 month 17.01.2013


Bryan Garnier & Cie LOIC MORVAN sell 1 M 63 6 month 16.01.2013

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 18.12.2012

Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 49 12 month 06.12.2012

Redburn Partners WILLIAM HOUSTON neutral 3 M #N/A N/A Not Provided 05.12.2012


Kepler Capital Markets CATHERINE ROLLAND hold 3 D 61 Not Provided 06.11.2012

CA Cheuvreux JUERGEN KOLB underperform 1 M 56 Not Provided 05.11.2012

Natixis PIERRE TEGNER neutral 3 M 60 Not Provided 05.11.2012

Main First Bank AG GAEL COLCOMBET underperform 1 M 55 12 month 05.11.2012

Deutsche Bank HAROLD THOMPSON buy 5 M 75 12 month 02.11.2012

Silvia Quandt Research MARK JOSEFSON neutral 3 M 49 18 month 02.11.2012

SRH AlsterResearch OLIVER DREBING buy 5 M 70 12 month 02.11.2012

Holdings By:

Beiersdorf AG ee


27.02.2013

Belgacom provides communication services and products to residential, business

and corporate customers both domestically and internationally. The Group also

offers multimedia products, payphones, pagers, operator services and calling

cards. Through its subsidiaries Belgacom Mobile and Belgacom Skynet the

company further offers mobile phone and Internet services.


LTM as of: 09/yy

52-Week High (28.03.2012) 23.99

52-Week Low (05.06.2012) 20.36

Daily Volume

20.945





7'079.94 1 Yr Total Return -2.49%







BELG BB EQUITY YTD Change - Average Volume 30 Day 619'229

BELG BB EQUITY YTD % CHANGE - Average Volume 3 Month 556'882


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 Q1

5'987.0 5'911.0 5'922.0 6'552.0 6'361.0 6'403.0 6'392.0 6'429.5 6'375.6 1'623.1 -

2.08x 1.80x 1.69x 1.51x 1.50x 6.22x 6.08x 1.40x 1.43x 5.50x -

2'076.0 1'997.0 2'029.0 2'419.0 1'912.0 1'958.0 1'806.0 1'794.5 1'754.3 439.1 -

6.00x 5.34x 4.92x 4.08x 4.99x 4.78x 5.46x 4.97x 5.08x - -

958.0 800.0 904.0 1'266.0 756.0 818.0 713.0 700.8 658.4 161.1 -

11.76x 11.16x 8.98x 6.38x 10.27x 8.92x 10.60x 9.34x 10.01x - -


EBIT 1'156.00 Long-Term Rating A









EBITDA Margin 28.3%



Asset Turnover 0.75







Fiscal Year Ended

Belgacom SAPrice/Volume

Valuation Analysis

426'503.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

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

'!''

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0!''

1!''

2!''

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'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


BELGIAN STATE n/a Co File 180'887'569 53.51 - 31.12.2010 Government

BELGACOM n/a Co File 16'542'494 4.89 - 31.12.2010 Unclassified





AKO CAPITAL LLP n/a Short (2'399'978) -0.71 (304'222) 22.02.2013 Investment Advisor


BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'350'000 0.4 - 31.12.2012 Investment Advisor

TAUBE HODSON STONEX Multiple Portfolios MF-AGG 1'057'049 0.31 (57'560) 30.11.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 857'900 0.25 - 31.01.2013 Unclassified

DWS INVESTMENT SA Multiple Portfolios MF-AGG 802'893 0.24 3'493 28.12.2012 Mutual Fund Manager

INVESCO LTD Multiple Portfolios MF-AGG 788'601 0.23 401'637 26.02.2013 Investment Advisor

ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 778'000 0.23 - 28.09.2012 Investment Advisor

STATE STREET n/a ULT-AGG 685'158 0.2 - 26.02.2013 Investment Advisor

SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 633'350 0.19 - 31.12.2012 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 620'761 0.18 (53'125) 31.01.2013 Mutual Fund Manager


KBC GROUP NV Multiple Portfolios MF-AGG 473'456 0.14 56'255 31.01.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 470'020 0.14 (912) 31.01.2013 Investment Advisor


ABN Amro Bank N.V. MARC HESSELINK hold 3 M 24 Not Provided 26.02.2013

Morgan Stanley LUIS PROTA Underwt/In-Line 1 M 25 12 month 25.02.2013

Rabobank International FRANK CLAASSEN reduce 2 M 21 12 month 25.02.2013


EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.02.2013

Goldman Sachs MARK WALKER Sell/Neutral 1 M 21 12 month 08.02.2013

Exane BNP Paribas ANTOINE PRADAYROL underperform 1 M 20 Not Provided 31.01.2013


Credit Suisse PAUL SIDNEY neutral 3 M 25 Not Provided 24.01.2013

Barclays MICHAEL BISHOP underweight 1 M 22 Not Provided 24.01.2013

JPMorgan AKHIL DATTANI neutral 3 M 23 9 month 21.01.2013

Jefferies ULRICH RATHE hold 3 M 21 12 month 21.01.2013

ING Bank EMMANUEL CARLIER hold 3 M 23 12 month 21.01.2013

Deutsche Bank DAVID A WRIGHT sell 1 M 16 12 month 16.01.2013

HSBC NICOLAS COTE-COLISSON neutral 3 M 25 Not Provided 15.01.2013

Macquarie GUY R PEDDY outperform 5 M 25 12 month 10.01.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 11 Not Provided 10.01.2013

Petercam STEFAAN GENOE hold 3 M 24 Not Provided 08.01.2013

Kempen & Co SANDER VAN OORT hold 3 M 26 12 month 06.01.2013


Bank Degroof(ESN) JEAN-MARIE CAUCHETEUX suspended coverage #N/A N/A M #N/A N/A Not Provided 28.12.2012

Nomura FREDERIC BOULAN reduce 2 M 20 Not Provided 30.11.2012

Berenberg Bank STUART GORDON hold 3 M 23 Not Provided 21.11.2012

Societe Generale THIERRY COTA sell 1 M 21 12 month 26.10.2012

KBC Securities TOM SIMONTS buy 5 M 26 Not Provided 26.10.2012

S&P Capital IQ JAMES CRAWSHAW hold 3 U 21 12 month 26.10.2012

Kepler Capital Markets JAVIER BORRACHERO reduce 2 M 21 Not Provided 04.10.2012

CA Cheuvreux ROBERT VAN OVERBEEK underperform 1 N 23 Not Provided 18.09.2012

Raymond James STEPHANE BEYAZIAN underperform 1 M 25 Not Provided 24.08.2012

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 23 Not Provided 27.07.2012

Natixis JACQUES DE GRELING neutral 3 M 25 Not Provided 01.03.2010

Holdings By:

Belgacom SA ee


27.02.2013

The Berkeley Group Holdings PLC is a residential and commercial property

development company focusing on urban regeneration and mixed-use developments.

The Company purchases and develops land, in addition to constructing homes and

apartment complexes throughout the South of England, the Midlands and the North

West.


LTM as of: 01/yy

52-Week High (25.02.2013) 1'916.00

52-Week Low (09.05.2012) 1'166.00

Daily Volume

1859





2'440.49 1 Yr Total Return 35.00%







BKG LN EQUITY YTD Change - Average Volume 30 Day 239'546

BKG LN EQUITY YTD % CHANGE - Average Volume 3 Month 240'978


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y - -

991.5 702.2 615.3 742.6 1'041.1 - - 1'281.2 1'413.8 - -

1.15x 1.42x 1.32x 1.82x 1.67x - - 1.95x 1.68x - -

208.8 126.3 107.2 136.6 259.2 - - 266.1 301.7 - -

5.46x 7.90x 7.56x 9.91x 6.71x - - 9.19x 8.11x - -

137.8 86.1 79.7 95.1 158.5 - - 194.2 229.4 - -

8.23x 13.75x 13.89x 14.71x 10.59x - - 13.43x 11.44x - -











EBITDA Margin 24.9%



Asset Turnover 0.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Berkeley Group Holdings PLCPrice/Volume

Valuation Analysis

158'004.00


'.''1''3''5''

-'''-.''-1''-3''-5''.'''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'-!'2!.''6 '-!--!.''6 '-!'2!.'-' '-!--!.'-' '-!'2!.'-- '-!--!.'-- '-!'2!.'-. '-!--!.'-.



27.02.2013


FIRST EAGLE INVESTME n/a RNS-MAJ 14'410'560 10.98 5'225'883 01.02.2013 Hedge Fund Manager



LLOYDS BANKING GROUP n/a ULT-AGG 7'875'695 6 (301'858) 31.01.2013 Investment Advisor

WILLIAM BLAIR & COMP n/a RNS-MAJ 6'692'723 5.1 65'752 24.01.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 6'626'971 5.05 1'615'365 31.12.2012 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 6'415'775 4.89 (1'083'637) 02.01.2013 Investment Advisor


PIDGLEY ANTHONY WILL n/a RNS-DIR 5'956'838 4.54 (500'000) 25.09.2012 n/a



LEGAL & GENERAL n/a RNS-MAJ 4'034'851 3.07 - 14.09.2012 Investment Advisor

CITIBANK SWITZERLAND Multiple Portfolios REG 3'460'840 2.64 (105'499) 02.01.2013 Bank



THREADNEEDLE ASSET M Multiple Portfolios REG 2'619'575 2 - 02.01.2013 Investment Advisor


EGERTON CAPITAL LIMI Multiple Portfolios REG 2'388'265 1.82 (742'283) 02.01.2013 Hedge Fund Manager

PRIVATE INDIVIDUALS Multiple Portfolios REG 2'106'745 1.6 (10'000) 02.01.2013 Other


Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 2'300 6 month 18.02.2013

Northland Capital Partners Ltd SIMON BROWN buy 5 M 2'050 Not Provided 15.02.2013

Panmure Gordon & Co Limited RACHAEL APPLEGATE hold 3 M 1'702 Not Provided 12.02.2013

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 D 2'000 Not Provided 05.02.2013

Peel Hunt ROBIN HARDY hold 3 D 1'635 Not Provided 04.02.2013

Numis Securities Ltd CHRISTOPHER MILLINGTON hold 3 M 1'650 Not Provided 31.01.2013


Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 11.01.2013

Deutsche Bank GLYNIS JOHNSON buy 5 M 1'941 12 month 08.01.2013

Jefferies ANTHONY CODLING underperform 1 M 1'500 12 month 07.01.2013

JPMorgan EMILY BIDDULPH overweight 5 M 1'950 9 month 19.12.2012

Credit Suisse HARRY GOAD neutral 3 M 1'828 Not Provided 17.12.2012

HSBC JEFFREY G DAVIS overweight 5 M 2'010 Not Provided 28.11.2012

Investec MIKE BESSELL buy 5 M 1'560 12 month 13.08.2012

Shore Capital Stockbrokers JON BELL hold 3 M 1'072 3 month 19.07.2012

Canaccord Genuity Corp ALASTAIR STEWART buy 5 M 1'624 12 month 16.05.2012

Davy ROBERT GARDINER outperform 5 M #N/A N/A Not Provided 06.09.2011

Holdings By:

Berkeley Group Holdings PLC ee


27.02.2013

Bilfinger SE provides industrial services, power services, building and

facility services, construction, and concessions. The Company's industrial

services include repairs, maintenance, and modernization. Bilfinger also

provides power services which include maintenance, service, and efficiency

enhancements as well as building and facility services for real estate.


LTM as of: 12/yy

52-Week High (20.02.2013) 82.43

52-Week Low (05.06.2012) 58.82

Daily Volume

79.84





3'674.57 1 Yr Total Return 13.67%







GBF GY EQUITY YTD Change - Average Volume 30 Day 144'281

GBF GY EQUITY YTD % CHANGE - Average Volume 3 Month 127'832


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

9'757.1 7'381.5 8'006.7 8'208.5 8'509.0 8'208.5 8'509.0 8'786.6 9'209.0 1'985.0 2'233.0

0.26x 0.54x 0.54x 0.33x 0.41x 1.54x 1.50x 0.41x 0.38x - -

577.1 280.0 481.8 508.2 441.0 586.2 421.0 581.9 624.0 - -

4.39x 14.15x 8.92x 5.36x 7.85x 4.65x 0.00x 6.48x 6.05x - -

200.4 140.2 284.0 394.1 275.0 394.1 275.0 253.3 281.3 67.2 77.4

6.65x 24.85x 13.59x 13.20x 11.72x 13.20x 11.72x 13.96x 12.44x 13.32x -


EBIT 390.00 Long-Term Rating BBB+









EBITDA Margin 5.2%



Asset Turnover 1.17







Fiscal Year Ended

Bilfinger SEPrice/Volume

Valuation Analysis

40'870.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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-3!''

-5!''

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27.02.2013


CEVIAN CAPITAL AB n/a Research 6'990'563 15.19 - 15.01.2013 Venture Capital


BILFINGER BERGER AG n/a Research 1'840'965 4 - 24.01.2013 Corporation

INVESCO LTD n/a Research 1'370'341 2.98 - 01.02.2012 Investment Advisor

ALLIANZ GLOBAL INVES n/a Research 1'346'715 2.93 - 18.01.2013 Investment Advisor

DWS INVESTMENT GMBH n/a Research 1'328'350 2.89 - 19.11.2012 Investment Advisor


DJE INVESTMENT SA Multiple Portfolios MF-AGG 1'092'992 2.37 - 30.11.2012 Mutual Fund Manager

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'013'341 2.2 (600) 31.12.2012 Investment Advisor


FMR LLC n/a ULT-AGG 916'978 1.99 (260'226) 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 900'690 1.96 (10'999) 31.10.2012 Unclassified



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 667'837 1.45 (58'117) 25.02.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 519'000 1.13 - 30.12.2012 Investment Advisor

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 496'500 1.08 - 31.10.2012 Investment Advisor


MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 463'163 1.01 41'163 30.11.2012 Investment Advisor

FRANKEN INVEST KAPIT Multiple Portfolios MF-AGG 370'400 0.8 - 28.12.2012 Investment Advisor


Main First Bank AG CHRISTIAN KORTH outperform 5 M 84 12 month 25.02.2013

Bankhaus Metzler STEPHAN BAUER buy 5 M 93 12 month 22.02.2013


Equita SIM SpA GIANMARCO BONACINA buy 5 M 92 12 month 18.02.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 18.02.2013

Deutsche Bank GUNNAR ROMER hold 3 M 82 12 month 16.02.2013

Bankhaus Lampe MARC GABRIEL buy 5 M 87 12 month 14.02.2013

Nord/LB HEINO HAMMANN hold 3 M 80 12 month 13.02.2013

Kepler Capital Markets STEPHAN TRUBRICH hold 3 M 77 Not Provided 13.02.2013

DZ Bank AG MARC NETTELBECK buy 5 M 85 12 month 13.02.2013

HSBC TOBIAS LOSKAMP underweight 1 M 69 Not Provided 12.02.2013

CA Cheuvreux CRAIG ABBOTT outperform 5 M 83 Not Provided 12.02.2013

Equinet Institutional Services(ESN) INGBERT FAUST hold 3 M 80 12 month 12.02.2013

S&P Capital IQ JAWAHAR HINGORANI buy 5 M 84 12 month 12.02.2013

Exane BNP Paribas GERHARD ORGONAS neutral 3 M 77 Not Provided 12.02.2013

Commerzbank Corporates & Markets NORBERT KRETLOW buy 5 M 85 6 month 11.02.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 80 12 month 11.02.2013

M.M. Warburg Investment Research FRANK LASER buy 5 M 85 12 month 11.02.2013

Berenberg Bank BENJAMIN GLAESER buy 5 M 84 Not Provided 11.02.2013

Credit Suisse EUGENE KLERK neutral 3 M 73 Not Provided 15.01.2013

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN buy 5 M 86 Not Provided 15.11.2012

Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 22.08.2012

BHF-Bank JENS JUNG overweight 5 M 79 12 month 13.02.2012

National Bank AG STEFFEN MANSKE buy 5 M 60 12 month 04.01.2010

Holdings By:

Bilfinger SE ee


27.02.2013

Boliden AB mines, processes and sells metals and mineral products, primarily

zinc and copper. Other products include gold, lead, silver, and sulfuric acid.

The Company has mining and milling operations in Europe, and smelting and

refining operations in Sweden, Finland and Norway.


LTM as of: 12/yy

52-Week High (03.01.2013) 126.70

52-Week Low (04.06.2012) 87.80

Daily Volume

110.7





30'277.69 1 Yr Total Return -0.46%







BOL SS EQUITY YTD Change - Average Volume 30 Day 2'371'191

BOL SS EQUITY YTD % CHANGE - Average Volume 3 Month 2'070'902


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

30'987.0 27'635.0 36'716.0 40'323.0 40'001.0 40'323.0 40'001.0 39'659.0 40'181.7 10'149.3 10'019.4

0.35x 1.16x 1.13x 0.82x 0.96x 3.37x 3.45x 0.90x 0.85x - -

2'423.0 5'189.0 7'448.0 6'685.0 6'289.0 6'685.0 6'286.0 6'476.4 7'573.8 1'594.5 1'426.0

4.41x 6.18x 5.56x 4.92x 6.10x 4.92x 6.10x 5.44x 4.65x 5.44x 5.66x

935.0 2'500.0 3'955.0 3'387.0 3'272.0 3'387.0 3'272.0 3'092.9 3'901.2 715.4 519.6

5.21x 10.08x 9.45x 8.12x 10.21x 8.12x 10.21x 9.68x 7.79x 11.22x -











EBITDA Margin 15.7%



Asset Turnover 1.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Boliden ABPrice/Volume

Valuation Analysis

1'293'983.00


'

.'

1'

3'

5'

-''

-.'

-1'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

5!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

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



27.02.2013


AMF FORSAKRING n/a Research 11'514'822 4.21 - 28.09.2012 Other

NORDEA FONDER AB n/a Research 10'502'830 3.84 - 28.09.2012 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 9'014'868 3.3 418'417 31.01.2013 Investment Advisor


AFA FORSAKRINGAR n/a Research 7'931'825 2.9 - 28.09.2012 Insurance Company

AMF FONDER AB Multiple Portfolios MF-AGG 5'580'144 2.04 (445'000) 31.12.2012 Investment Advisor





SEB ASSET MANAGEMENT n/a Research 4'485'584 1.64 - 28.09.2012 Investment Advisor

SODERBLOMS FACTORING n/a Research 4'212'072 1.54 - 28.09.2012 Other

ANDRA AP FONDEN n/a Research 4'047'966 1.48 - 28.09.2012 Pension Fund (ERISA)


FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 2'833'062 1.04 (9'538) 31.12.2012 Investment Advisor

DANSKE CAPITAL SVERI n/a Research 2'789'814 1.02 - 28.09.2012 Investment Advisor

SKANDIA LIV n/a Research 2'707'761 0.99 - 28.09.2012 Pension Fund (ERISA)

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'615'960 0.96 6'200 31.01.2013 Mutual Fund Manager

FJARDE AP-FONDEN n/a Research 2'571'005 0.94 - 28.09.2012 Pension Fund (ERISA)

ENTER FONDER AB n/a Research 2'461'601 0.9 - 28.09.2012 Investment Advisor


Exane BNP Paribas LUC PEZ neutral 3 M 105 Not Provided 27.02.2013

BMO Capital Markets STEPHEN BONNYMAN market perform 3 M 117 Not Provided 26.02.2013

AlphaValue SACHIN KUMAR add 4 M 125 6 month 21.02.2013

HSBC THORSTEN ZIMMERMANN underweight 1 M 107 Not Provided 13.02.2013

Deutsche Bank ROBERT CLIFFORD buy 5 M 146 12 month 12.02.2013

ABG Sundal Collier JOHANNES GRUNSELIUS hold 3 M 120 6 month 12.02.2013

SEB Enskilda JULIAN BEER buy 5 M 140 Not Provided 12.02.2013

Carnegie ALEXANDER VILVAL sell 1 M #N/A N/A Not Provided 12.02.2013

Nordea Equity Research CHRISTIAN KOPFER hold 3 M 120 12 month 12.02.2013

Erik Penser Bankaktiebolag AB GUSTAV SANDSTROM buy 5 M 135 12 month 12.02.2013

Handelsbanken FREDRIK AGARDH accumulate 4 M 125 12 month 12.02.2013

Goldman Sachs EUGENE KING buy/attractive 5 M 145 12 month 11.02.2013

Swedbank OLA SODERMARK buy 5 M 130 12 month 30.01.2013

Morgan Stanley ALAIN GABRIEL Underwt/In-Line 1 M 106 12 month 23.01.2013


Alm Brand Markets MICHAEL FRIIS JORGENSEN buy 5 M 105 Not Provided 26.06.2012

Nomura PATRICK JONES suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012

Alandsbanken Equities PER HANSSON reduce 2 M 120 12 month 04.05.2011

CA Cheuvreux JOAKIM AHLBERG underperform 1 M 89 Not Provided 02.05.2011

Holdings By:

Boliden AB ee


27.02.2013

Bouygues SA offers construction services, develops real estate, offers cellular

communications services, produces television programming and movies, and

manages utilities. The Company offers building, civil engineering, and oil and

gas contracting services, develops residential, commercial, and office

projects, produces and distributes water and electricity, and collects waste.


LTM as of: 12/yy

52-Week High (28.02.2012) 24.77

52-Week Low (16.11.2012) 17.54

Daily Volume

21.59





7'000.18 1 Yr Total Return -4.73%







EN FP EQUITY YTD Change - Average Volume 30 Day 1'459'241

EN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'673'085


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

32'459.0 31'353.0 31'225.0 32'706.0 33'547.0 32'706.0 33'547.0 33'258.3 33'668.8 - -

0.51x 0.53x 0.49x 0.39x - 1.84x 1.22x 0.40x 0.39x - -

3'538.0 3'231.0 3'152.0 3'230.0 - 3'230.0 2'019.0 2'870.5 2'994.4 - -

4.64x 5.17x 4.89x 3.97x - 3.97x 0.00x 4.90x 4.70x - -

1'501.0 1'319.0 1'071.0 1'070.0 633.0 1'070.0 633.0 791.8 894.1 - -

6.94x 9.64x 10.65x 7.96x 11.14x 8.06x 11.14x 8.85x 7.77x - -











EBITDA Margin 8.5%



Asset Turnover 0.93







Fiscal Year Ended

Bouygues SAPrice/Volume

Valuation Analysis

5'024'545.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

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.2

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

'!''

'!2'

-!''

-!2'

.!''

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0!''

0!2'

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1!2'

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27.02.2013


SCDM n/a Co File 66'374'020 20.47 - 31.12.2011 n/a

AMUNDI n/a Research 16'135'367 4.98 (61'801) 04.01.2013 Investment Advisor

FIRST EAGLE INVESTME n/a Research 15'760'774 4.86 - 29.03.2012 Hedge Fund Manager

SCDM PARTICIPATIONS n/a Research 6'044'972 1.86 - 15.11.2011 n/a

BOUYGUES FRANCIS n/a Co File 5'290'144 1.63 - 31.12.2011 n/a


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'614'826 1.11 8'782 31.12.2012 Mutual Fund Manager



DNCA FINANCE Multiple Portfolios MF-AGG 3'113'000 0.96 98'000 28.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'969'200 0.61 (614) 31.12.2012 Investment Advisor

MANDARINE GESTION Multiple Portfolios MF-AGG 1'480'301 0.46 475'721 31.12.2012 Investment Advisor

PALATINE ASSET MANAG Multiple Portfolios MF-AGG 1'176'527 0.36 122'874 31.01.2013 Investment Advisor


ING INTERNATIONAL AD Multiple Portfolios MF-AGG 912'527 0.28 152'562 28.09.2012 Investment Advisor

QUALITE3 n/a Research 896'520 0.28 - 15.11.2011 n/a

ACTIBY3 n/a Research 891'945 0.28 - 15.11.2011 Other

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 838'159 0.26 72'000 28.09.2012 Investment Advisor


TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 569'108 0.18 (135'040) 31.12.2011 Investment Advisor


Societe Generale STEPHANE SCHLATTER hold 3 M 19 12 month 27.02.2013

Morgan Stanley SAROOP PUREWAL Equalwt/In-Line 3 M 29 12 month 27.02.2013

Jefferies JEREMY A DELLIS underperform 1 M 16 12 month 27.02.2013

Raymond James STEPHANE BEYAZIAN outperform 5 M 25 12 month 27.02.2013

Oddo & Cie VINCENT MAULAY reduce 2 M 18 Not Provided 27.02.2013

Nomura FREDERIC BOULAN neutral 3 M 21 12 month 27.02.2013



Exane BNP Paribas ANTOINE PRADAYROL neutral 3 M 24 Not Provided 18.02.2013


Goldman Sachs ANDREW LEE Buy/Neutral 5 M 30 12 month 01.02.2013

HSBC NICOLAS COTE-COLISSON neutral 3 M 23 Not Provided 31.01.2013

JPMorgan TORSTEN ACHTMANN neutral 3 M 26 9 month 30.01.2013


Credit Suisse JAKOB BLUESTONE underperform 1 M 19 Not Provided 24.01.2013

Barclays SAN DHILLON equalweight 3 M 22 Not Provided 24.01.2013

CM - CIC Securities(ESN) JEAN-MICHEL KOSTER sell 1 M 16 12 month 10.01.2013

Kepler Capital Markets JOSEP PUJAL buy 5 M 30 Not Provided 04.12.2012

Natixis BENOIT MAYNARD buy 5 M 27 Not Provided 15.11.2012

S&P Capital IQ JAMES CRAWSHAW sell 1 M 16 12 month 15.11.2012

Makor Capital ALBERT SAPORTA buy 5 M 30 Not Provided 19.09.2012

CA Cheuvreux GIOVANNI MONTALTI suspended coverage #N/A N/A M 35 Not Provided 14.07.2011

Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 24.05.2011

National Bank AG STEFFEN MANSKE buy 5 N 42 12 month 16.12.2009

Holdings By:

Bouygues SA ee


27.02.2013

Brenntag AG sells and distributes industrial and specialty chemicals. The

Company also develops and prepares specific chemical compounds and offers

analysis services. Brenntag's customers include oil and gas, paint, cosmetic,

pharmaceutical, and water treatment companies.


LTM as of: 09/yy

52-Week High (20.02.2013) 111.90

52-Week Low (28.06.2012) 81.65

Daily Volume

108.8





5'603.20 1 Yr Total Return 28.23%







BNR GY EQUITY YTD Change - Average Volume 30 Day 91'060

BNR GY EQUITY YTD % CHANGE - Average Volume 3 Month 99'143


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 Q1

6'671.4 7'379.6 6'364.6 7'649.1 8'679.3 8'457.4 9'510.6 9'625.2 10'044.8 2'309.5 -

- - - 0.70x 0.60x 2.49x 2.54x 0.73x 0.69x - -

406.1 481.0 476.8 596.6 657.3 645.0 691.4 711.1 763.8 182.7 -

- - - 8.97x 7.92x 7.38x 9.68x 10.05x 9.36x - -

(64.0) (42.1) (0.1) 143.6 277.4 262.3 316.8 336.8 371.3 81.8 -

- - - 26.04x 13.35x 12.84x 16.24x 16.76x 15.23x - -











EBITDA Margin 7.3%



Asset Turnover 1.71







Fiscal Year Ended

Brenntag AGPrice/Volume

Valuation Analysis

41'296.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

-''

-.'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013



AMERIPRISE FINANCIAL n/a Research 2'593'310 5.04 - 12.07.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a Research 2'590'260 5.03 - 28.06.2012 Investment Advisor

MASSACHUSETTS FINANC n/a Research 2'466'369 4.79 - 12.06.2012 Investment Advisor

THREADNEEDLE ASSET M n/a Research 1'624'063 3.15 - 19.09.2012 Investment Advisor

LONGVIEW PARTNERS (G n/a Research 1'597'984 3.1 - 10.07.2012 Investment Advisor

ARTISAN PARTNERS HOL n/a Co File 1'575'332 3.06 - 17.10.2011 Investment Advisor

T ROWE PRICE ASSOCIA n/a Co File 1'546'700 3 - 23.08.2011 Investment Advisor

PAULSON & CO n/a Research 1'539'263 2.99 - 21.07.2011 Hedge Fund Manager

BANKHAUS LAMPE n/a Research 1'274'147 2.47 - 21.06.2012 Unclassified


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 1'172'608 2.28 (2'308) 31.10.2012 Investment Advisor




WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 856'174 1.66 (22'538) 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 627'224 1.22 (54'537) 28.09.2012 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 555'420 1.08 546'130 31.12.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 461'261 0.9 26'386 28.09.2012 Bank



JPMorgan ROBERT PLANT overweight 5 M 117 9 month 14.02.2013

Kepler Capital Markets MARKUS MAYER buy 5 M 120 Not Provided 01.02.2013

Main First Bank AG CHRISTIAN KORTH outperform 5 M 120 12 month 18.01.2013


Hauck & Aufhaeuser THOMAS WISSLER buy 5 U 124 12 month 15.01.2013

Credit Suisse DAVID RIGBY outperform 5 U 115 Not Provided 14.01.2013

HSBC JESKO MAYER-WEGELIN overweight 5 M 116 Not Provided 11.01.2013

Exane BNP Paribas GERHARD ORGONAS outperform 5 M 125 Not Provided 10.01.2013

M.M. Warburg Investment Research CHRISTIAN COHRS sell 1 M 87 12 month 03.01.2013

Commerzbank Corporates & Markets GEORG REMSHAGEN buy 5 M 118 6 month 19.12.2012

Bankhaus Lampe HEIKO FEBER hold 3 M 98 12 month 08.11.2012

DZ Bank AG CHRISTIAN DOUGLAS sell 1 M 80 12 month 08.11.2012

Berenberg Bank SIMON MEZZANOTTE hold 3 M 99 Not Provided 07.11.2012

Silvia Quandt Research STEFAN KICK neutral 3 D 95 12 month 07.11.2012

Bankhaus Metzler LARS HETTCHE sell 1 M 77 12 month 01.11.2012

Deutsche Bank ANDY CHU buy 5 M 114 12 month 19.10.2012

Holdings By:

Brenntag AG ee


27.02.2013

Bunzl plc is a distribution group supplying a range of non-food consumable

products for customers to operate their businesses but which they do not

actually sell. The Company partners with both suppliers and customers in

providing outsourcing solutions and service oriented distribution. Bunzl's main

customer markets include grocery, foodservice, cleaning and safety.


LTM as of: 01/yy

52-Week High (25.02.2013) 1'251.00

52-Week Low (28.02.2012) 923.50

Daily Volume

1238





4'111.43 1 Yr Total Return 33.54%







BNZL LN EQUITY YTD Change - Average Volume 30 Day 554'673

BNZL LN EQUITY YTD % CHANGE - Average Volume 3 Month 575'923


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

4'177.3 4'648.7 4'829.6 5'109.5 5'359.2 - - 5'848.6 6'041.3 - -

0.71x 0.67x 0.68x 0.74x 0.76x - - 0.81x 0.76x - -

297.9 319.7 331.7 361.3 375.4 - - 407.9 427.4 - -

10.01x 9.72x 9.88x 10.52x 10.92x - - 11.91x 11.37x - -

142.2 148.9 159.0 123.8 195.3 - - 247.7 265.2 - -

13.25x 14.53x 14.64x 23.14x 16.85x - - 16.44x 15.48x - -











EBITDA Margin 7.1%



Asset Turnover 1.89







Fiscal Year Ended

Bunzl PLCPrice/Volume

Valuation Analysis

487'940.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.''

1''

3''

5''

-'''

-.''

-1''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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



27.02.2013


INVESCO LTD n/a Co File 32'571'686 9.81 - 27.02.2012 Investment Advisor

GATES III WILLIAM HE n/a RNS-MAJ 16'593'248 5 3'108'288 17.04.2012 n/a

LLOYDS BANKING GROUP n/a ULT-AGG 16'572'497 4.99 (1'054) 01.11.2012 Investment Advisor


MASSACHUSETTS FINANC Multiple Portfolios REG 15'428'800 4.65 1'085'577 01.11.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 14'938'337 4.5 1'176'019 31.12.2012 Investment Advisor



Cascade Investment C Multiple Portfolios REG 11'618'458 3.5 - 01.11.2012 Unclassified

MARATHON ASSET MANAG Multiple Portfolios REG 10'313'227 3.11 102'031 01.11.2012 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'378'654 2.82 521'780 25.02.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios REG 8'593'958 2.59 (500'400) 01.11.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 8'354'804 2.52 - 30.12.2012 Investment Advisor

Cantillon Capital Multiple Portfolios REG 7'823'103 2.36 157'395 01.11.2012 Unclassified




SCOTTISH WIDOWS n/a ULT-AGG 5'753'506 1.73 937'259 01.11.2012 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 5'645'752 1.7 54'752 01.11.2012 Investment Advisor


Jefferies WILLIAM KIRKNESS underperform 1 M 990 12 month 27.02.2013

Shore Capital Stockbrokers ROBIN SPEAKMAN buy 5 M #N/A N/A Not Provided 27.02.2013

Canaccord Genuity Corp GRAHAM BROWN sell 1 M 1'000 12 month 26.02.2013

Panmure Gordon & Co Limited PAUL JONES hold 3 M 1'096 Not Provided 26.02.2013

Barclays PAUL CHECKETTS equalweight 3 M 1'250 Not Provided 26.02.2013

RBC Capital Markets ANDREW BROOKE underperform 1 M 1'020 12 month 25.02.2013

Credit Suisse DAVID RIGBY underperform 1 M 1'000 Not Provided 25.02.2013


Berenberg Bank SIMON MEZZANOTTE sell 1 M 910 Not Provided 25.02.2013

Oriel Securities Ltd HECTOR FORSYTHE hold 3 M 1'200 Not Provided 25.02.2013

Numis Securities Ltd MIKE MURPHY buy 5 M 1'505 Not Provided 22.02.2013


Goldman Sachs CHARLES WILSON neutral/neutral 3 U 1'111 12 month 10.01.2013

HSBC RAJESH KUMAR neutral 3 M 1'120 Not Provided 01.11.2012

Deutsche Bank ANDY CHU hold 3 M 1'000 12 month 22.10.2012

Holdings By:

Bunzl PLC ee


27.02.2013

Bureau Veritas SA provides a range of consulting services, including

global inspection and audit, tests and certification applied to quality,

hygiene and health.


LTM as of: 09/yy

52-Week High (25.02.2013) 97.79

52-Week Low (27.02.2012) 60.90

Daily Volume

95.83





10'613.37 1 Yr Total Return 59.06%







BVI FP EQUITY YTD Change - Average Volume 30 Day 122'891

BVI FP EQUITY YTD % CHANGE - Average Volume 3 Month 126'258


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'549.4 2'647.8 2'929.7 3'358.6 3'902.3 638.5 3'178.6 4'234.0 4'543.5 - -

1.58x 1.75x 2.48x 2.16x - 0.00x 0.00x 2.72x 2.48x - -

429.2 486.6 545.4 593.2 - 0.0 0.0 804.9 875.5 - -

9.40x 9.55x 13.30x 12.24x - 0.00x 0.00x 14.92x 13.72x - -

217.2 252.7 290.4 297.6 297.6 0.0 0.0 467.1 520.6 - -

14.23x 15.58x 21.16x 20.70x 31.35x 0.00x 0.00x 23.01x 20.69x - -











EBITDA Margin 17.4%



Asset Turnover 0.99








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bureau Veritas SAPrice/Volume

Valuation Analysis

184'990.00


'

.'

1'

3'

5'

-''

-.'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

!4 9

!5 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.02.2013


WENDEL INVESTISSEMEN n/a Co File 56'293'340 50.83 - 31.03.2010 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 8'624'871 7.79 (302'479) 31.12.2012 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 2'198'490 1.99 28'065 31.12.2012 Investment Advisor




BUREAU VERITAS SA n/a Co File 766'126 0.69 - 31.03.2010 Corporation

ALLIANCE BERNSTEIN n/a ULT-AGG 657'944 0.59 34'674 31.12.2012 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 588'829 0.53 - 30.11.2012 Investment Advisor

PIEDELIEVRE FRANK n/a Co File 496'700 0.45 - 31.12.2009 n/a

TARDAN FRANCOIS n/a Co File 457'014 0.41 - 31.12.2009 n/a


VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 296'896 0.27 26'475 31.10.2012 Investment Advisor

VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 288'772 0.26 26'575 31.12.2012 Insurance Company

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 250'000 0.23 - 30.06.2012 Pension Fund (ERISA)

SCOTTISH WIDOWS n/a ULT-AGG 235'010 0.21 (39'525) 31.10.2012 Unclassified



FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 200'260 0.18 1'825 31.10.2012 Investment Advisor


Societe Generale PATRICK JOUSSEAUME buy 5 M 95 12 month 27.02.2013

Jefferies WILLIAM KIRKNESS underperform 1 M 65 12 month 27.02.2013

CM - CIC Securities(ESN) JEAN-PASCAL BRIVADY reduce 2 M 81 12 month 27.02.2013

Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 92 Not Provided 27.02.2013

Berenberg Bank SIMON MEZZANOTTE buy 5 M 96 Not Provided 27.02.2013



AlphaValue HELENE COUMES reduce 2 M 84 6 month 21.02.2013



Goldman Sachs JOHN WOODMAN neutral/neutral 3 M 97 12 month 22.01.2013


Credit Suisse DAVID RIGBY neutral 3 M 90 Not Provided 14.01.2013

Main First Bank AG MOURAD LAHMIDI outperform 5 M 89 12 month 04.01.2013

Natixis OLIVIER LEBRUN neutral 3 M 82 Not Provided 07.12.2012

Kepler Capital Markets BETTINA EDMONDSTON hold 3 M 80 Not Provided 06.11.2012

CA Cheuvreux BEAT KEISER underperform 1 M 71 Not Provided 01.10.2012

IDMidcaps TEAM COVERAGE add 4 M 77 12 month 03.09.2012

Deutsche Bank THOMAS SYKES hold 3 M 71 12 month 30.08.2012

HSBC MATTHEW LLOYD neutral 3 M 70 Not Provided 03.07.2012

Holdings By:

Bureau Veritas SA ee


27.02.2013

Cairn Energy PLC is oil and gas exploration and development company. The Company

operates in North West Europe, North Atlantic, Mediterranean, and South Asia.


LTM as of: 01/yy

52-Week High (28.02.2012) 364.90

52-Week Low (27.06.2012) 245.20

Daily Volume

272.3





1'642.68 1 Yr Total Return -23.51%







CNE LN EQUITY YTD Change - Average Volume 30 Day 1'162'202

CNE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'353'336


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 - -

287.7 299.3 - - - - - 359.3 228.4 - -

26.62x 12.26x - - - - - 2.62x 5.35x - -

104.4 111.9 11.3 (108.9) (984.9) - - (124.9) (96.7) - -

73.36x 32.80x 687.86x - - - - - - - -

1'543.1 348.8 19.0 794.3 4'101.1 - - (0.4) (27.3) - -

5.36x 10.93x - - - - - 275.30x - - -

EBITDA -984.90 Long-Term Rating Date -

EBIT -988.60 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -



Return on Capital - EBITDA/Interest Exp. -17.84

Asset Turnover - (EBITDA-Capex)/Interest Exp. -25.27

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -0.01

EBITDA Margin -


Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover -

Current Ratio 21.61 Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cairn Energy PLCPrice/Volume

Valuation Analysis

314'969.00


'

2'

-''

-2'

.''

.2'

0''

02'

1''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013



HSBC HOLDINGS PLC n/a RNS-MAJ 44'093'996 7.31 1 02.05.2012 Investment Advisor


HSBC Investment Fund Multiple Portfolios REG 29'700'251 4.92 349'316 01.11.2012 Unclassified

A ROTHSCHILD FOUNDAT n/a RNS-MAJ 28'920'203 4.79 - 10.05.2012 Other

The Bat Hanadiv Foun Multiple Portfolios REG 26'030'203 4.31 (2'890'000) 01.11.2012 Unclassified


FRANKLIN RESOURCES n/a ULT-AGG 20'338'941 3.37 7'127'910 31.12.2012 Investment Advisor

NORGES BANK n/a RNS-MAJ 19'242'631 3.19 - 27.11.2012 Government


AVIVA PLC n/a RNS-MAJ 18'325'235 3.04 - 11.01.2013 Investment Advisor

ACADIAN ASSET MANAGE Multiple Portfolios REG 17'467'811 2.9 5'058'816 01.11.2012 Investment Advisor

CAPITAL GROUP INTERN n/a Co File 14'751'661 2.45 - 23.03.2012 Investment Advisor

GREENLIGHT CAPITAL I n/a RNS-MAJ 14'560'000 2.41 (240'000) 09.05.2012 Hedge Fund Manager


BANK OF NEW YORK MEL Multiple Portfolios REG 13'609'281 2.26 (7'183'879) 01.11.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 13'345'639 2.21 1'718'766 01.11.2012 Investment Advisor

CREDIT SUISSE AG Multiple Portfolios REG 11'578'600 1.92 (1'382'361) 01.11.2012 Investment Advisor


MSD CAPITAL LP Multiple Portfolios REG 8'489'663 1.41 - 01.11.2012 Hedge Fund Manager


FirstEnergy Capital Corp STEPHANE FOUCAUD outperform 5 M 390 12 month 26.02.2013

Societe Generale DAVID MIRZAI hold 3 M 280 12 month 25.02.2013

AlphaValue ALEXANDRE ANDLAUER reduce 2 M 263 6 month 21.02.2013


Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 323 Not Provided 11.02.2013

Finncap WILLIAM ARNSTEIN buy 5 M 330 12 month 05.02.2013

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 330 12 month 04.02.2013

Investec STUART JOYNER buy 5 M 340 12 month 01.02.2013

JPMorgan JAMES THOMPSON neutral 3 M 320 9 month 30.01.2013

Numis Securities Ltd SANJEEV BAHL buy 5 M 432 Not Provided 30.01.2013

Oriel Securities Ltd RICHARD GRIFFITH add 4 M #N/A N/A Not Provided 25.01.2013

Morgan Stanley JAMIE MADDOCK Overwt/Attractive 5 M 365 12 month 22.01.2013

Jefferies LAURA LOPPACHER buy 5 M 385 12 month 22.01.2013

Liberum Capital Ltd ANDREW WHITTOCK buy 5 M 360 Not Provided 22.01.2013

Deutsche Bank PHIL CORBETT buy 5 M 335 12 month 10.01.2013

RBC Capital Markets NATHAN PIPER sector perform 3 M 400 12 month 08.01.2013

Barclays ALESSANDRO POZZI equalweight 3 M 355 Not Provided 08.01.2013

Macquarie MARK WILSON outperform 5 M 350 12 month 18.12.2012

Goldman Sachs CHRISTOPHOR JOST neutral/attractive 3 M 382 12 month 17.12.2012

Canaccord Genuity Corp THOMAS MARTIN buy 5 M 375 Not Provided 12.11.2012

Tudor Pickering & Co ANISH KAPADIA accumulate 4 M 370 Not Provided 06.11.2012

N+1 Singer Ltd SIMON HAWKINS buy 5 M 390 12 month 24.10.2012

Davy JOB LANGBROEK outperform 5 U #N/A N/A Not Provided 10.10.2012

HSBC PETER HITCHENS overweight 5 M 350 Not Provided 27.09.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 06.09.2012

Nomura THEEPAN JOTHILINGAM buy 5 M 382 Not Provided 14.06.2012

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 1'015 12 month 20.10.2011

Arden Partners Ltd DANIEL SLATER neutral 3 M #N/A N/A Not Provided 29.09.2010

Holdings By:

Cairn Energy PLC ee


27.02.2013

CaixaBank accepts deposits and offers banking services. The bank offers

portfolio management services, insurance, investment strategy advice,

international banking services, and other specialist financial services.


LTM as of: 12/yy

52-Week High (29.02.2012) 3.62

52-Week Low (01.06.2012) 2.01

Daily Volume

3.014





13'532.10 1 Yr Total Return -9.06%





Enterprise Value -


CABK SQ EQUITY YTD Change - Average Volume 30 Day 5'842'476

CABK SQ EQUITY YTD % CHANGE - Average Volume 3 Month 6'714'788


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

- - - 11'389.0 11'562.0 11'512.8 12'019.1 7'019.3 7'402.7 - -

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

- - - - - 0.0 0.0 - - - -

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

- - - 1'053.5 230.0 1'053.5 229.9 614.1 1'715.3 - -

- - - 11.99x 54.02x 10.07x 10.91x 23.55x 9.82x - -


EBIT - Long-Term Rating BBB-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

CaixaBankPrice/Volume

Valuation Analysis

2'818'137.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

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27.02.2013


CAJA AHORROS PENSION n/a EXCH 3'185'453'207 70.95 62'697'889 12.12.2012 Unclassified

CAIXABANK n/a Co File 61'451'283 1.37 - 31.12.2011 Investment Advisor

CAJA DE AHORROS Y MO n/a EXCH 52'200'000 1.16 2'048'375 07.01.2013 Bank

MONTE DE P Y C SAN F n/a EXCH 50'015'625 1.11 - 07.01.2013 Bank



INMOBILIARIA CARSO n/a EXCH 7'634'000 0.17 1'410'954 05.10.2011 Corporation



MUNTANYOLA JAVIER GO n/a EXCH 1'351'383 0.03 - 07.01.2013 n/a

BBVA GESTION SA SGII Multiple Portfolios MF-AGG 1'182'913 0.03 346'667 29.02.2012 Investment Advisor

INVERCAIXA GESTION S Multiple Portfolios MF-AGG 1'160'610 0.03 125'221 30.11.2012 Investment Advisor


STATE STREET BANQUE Multiple Portfolios MF-AGG 822'140 0.02 1'179 31.01.2013 Investment Advisor

INVESCO GESTION Multiple Portfolios MF-AGG 792'743 0.02 792'743 31.01.2013 Investment Advisor


FMR LLC n/a ULT-AGG 757'917 0.02 (1'995'724) 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 652'585 0.01 - 28.12.2012 Unclassified

CASAS ISIDRO FAINE n/a EXCH 631'003 0.01 - 07.01.2013 n/a

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 623'691 0.01 - 25.02.2013 Investment Advisor


Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA neutral 3 M 3 12 month 27.02.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 3 Not Provided 26.02.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 3 12 month 26.02.2013

BBVA SILVIA RIGOL CARNEIRO market perform 3 N 3 Not Provided 20.02.2013


AlphaValue DAVID GRINSZTAJN sell 1 M 2 6 month 14.02.2013

JPMorgan JAIME BECERRIL neutral 3 M 3 18 month 11.02.2013

Mediobanca SpA ANDREA FILTRI underperform 1 M 3 12 month 04.02.2013

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 M 3 Not Provided 04.02.2013

Natixis FREDERIC TESCHNER neutral 3 U 3 Not Provided 04.02.2013

Nomura DARAGH QUINN reduce 2 M 2 12 month 04.02.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 U 3 12 month 03.02.2013

Credit Suisse IGNACIO CEREZO neutral 3 M 3 Not Provided 01.02.2013

Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 3 12 month 23.01.2013



Makor Capital ALBERT SAPORTA buy 5 N 6 Not Provided 16.01.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013


CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 4 Not Provided 24.08.2012

Renta 4 SA SVB NATALIA AGUIRRE Under Review #N/A N/A M #N/A N/A Not Provided 27.07.2012

Bankia Bolsa (ESN) JOSE LUIS PALMA LAORDEN suspended coverage #N/A N/A M #N/A N/A Not Provided 28.01.2011

Holdings By:

CaixaBank ee


27.02.2013

Carnival plc owns and operates cruise ships. The Company offers cruise

vacations in North America, continental Europe, the United Kingdom, South

America, and Australia. Dually-listed company with CCL US.


LTM as of: 11/yy

52-Week High (29.01.2013) 2'638.00

52-Week Low (28.02.2012) 1'792.86

Daily Volume

2431





19'712.78 1 Yr Total Return 37.54%







CCL LN EQUITY YTD Change - Average Volume 30 Day 996'469

CCL LN EQUITY YTD % CHANGE - Average Volume 3 Month 809'699


30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 11/yy 11/yy 11/13 Y 11/14 Y 02/13 Q1 05/13 Q2

14'646.0 13'460.0 14'469.0 15'793.0 15'382.0 15'793.0 15'383.0 16'264.6 17'153.5 3'634.7 3'701.0

1.73x 2.66x 2.82x 2.26x 2.59x 9.86x 7.09x 2.33x 2.16x 10.76x 10.46x

3'978.0 3'463.0 3'763.0 3'756.0 - 3'777.0 2'774.0 3'799.3 4'283.5 515.9 717.7

6.35x 10.34x 10.83x 9.50x - 9.45x 0.00x 10.09x 8.95x 10.14x 9.94x

2'330.0 1'790.0 1'978.0 1'912.0 1'298.0 1'912.0 1'298.0 1'853.6 2'279.3 42.7 237.4

7.12x 14.69x 16.28x 14.20x 24.26x 14.20x 24.26x 15.47x 12.45x 15.55x 14.79x


EBIT 1'815.00 Long-Term Rating NR









EBITDA Margin 22.4%



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Carnival PLCPrice/Volume

Valuation Analysis

1'014'728.00


'

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

'!''

.!''

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-'!''

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27.02.2013


Carnival Investments n/a Research 30'615'744 14.21 - 31.08.2011 Unclassified

THORNBURG INVESTMENT n/a RNS-MAJ 18'120'228 8.41 (1'715'731) 19.02.2013 Investment Advisor




SPRUCEGROVE INVESTME Multiple Portfolios REG 5'752'516 2.67 - 01.11.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 5'569'951 2.58 (14'335) 01.11.2012 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios REG 5'501'999 2.55 25'062 01.11.2012 Investment Advisor



VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'785'304 2.22 (524'365) 31.12.2012 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 4'411'395 2.05 (15'700) 31.12.2012 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 4'359'876 2.02 (28'853) 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'183'498 1.94 744'534 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 3'505'745 1.63 (23'740) 31.12.2012 Investment Advisor

CLEARSTREAM BANKING Multiple Portfolios REG 2'424'759 1.13 644'048 01.11.2012 Bank

F&C ASSET MANAGEMENT Multiple Portfolios REG 2'207'622 1.02 (18'524) 01.11.2012 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios REG 2'087'280 0.97 57'305 01.11.2012 Investment Advisor


Credit Suisse TIM RAMSKILL neutral 3 M 2'222 Not Provided 25.02.2013

Barclays ED BIRKIN equalweight 3 M 2'305 Not Provided 20.02.2013

Oriel Securities Ltd EDWARD STANFORD hold 3 M #N/A N/A Not Provided 18.02.2013

S&P Capital IQ WILLIAM MACK strong buy 5 M 2'900 12 month 14.02.2013

Numis Securities Ltd WYN ELLIS buy 5 M 3'200 Not Provided 12.02.2013

Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 2'800 Not Provided 10.02.2013

Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 2'850 Not Provided 05.02.2013

HSBC LENA THAKKAR overweight 5 M 3'000 Not Provided 01.02.2013

Natixis GEOFFREY D'HALLUIN neutral 3 M 2'500 Not Provided 21.01.2013


Investec JAMES HOLLINS buy 5 M 3'000 12 month 15.01.2013

Liberum Capital Ltd ALEXIA DOGANI buy 5 M 3'000 Not Provided 09.01.2013

Jefferies IAN RENNARDSON hold 3 M 2'400 12 month 03.01.2013

Panmure Gordon & Co Limited SIMON FRENCH sell 1 M 1'770 Not Provided 03.01.2013

Deutsche Bank RICHARD CARTER buy 5 M 2'930 12 month 12.12.2012

Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 16.11.2012

Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 2'400 12 month 12.11.2012


Nomura TEAM COVERAGE suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012

Holdings By:

Carnival PLC ee


27.02.2013

Casino Guichard-Perrachon SA operates a wide range of hypermarkets,

supermarkets, and convenience stores. The Company operates in Asia and Europe.


LTM as of: 12/yy

52-Week High (25.02.2013) 78.34

52-Week Low (25.07.2012) 61.69

Daily Volume

76.64





8'635.35 1 Yr Total Return 11.39%







CO FP EQUITY YTD Change - Average Volume 30 Day 229'353

CO FP EQUITY YTD % CHANGE - Average Volume 3 Month 226'184


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

27'076.0 26'757.0 29'078.0 34'361.0 41'971.0 28'094.7 41'970.6 50'575.6 54'436.6 - -

0.45x 0.48x 0.50x 0.45x 0.33x 0.00x 0.00x 0.35x 0.33x - -

1'826.0 1'804.0 1'969.0 2'147.0 3'228.0 0.0 0.0 3'386.6 3'706.8 - -

6.73x 7.09x 7.41x 7.22x 4.34x 0.00x 0.00x 4.28x 3.91x - -

495.0 591.0 533.0 568.0 1'062.0 0.0 0.0 639.6 718.1 - -

12.54x 19.98x 15.26x 12.81x 7.60x 0.00x 0.00x 13.51x 11.90x - -


EBIT 2'377.00 Long-Term Rating BBB-









EBITDA Margin 7.7%



Asset Turnover 1.16







Fiscal Year Ended

Casino Guichard Perrachon SAPrice/Volume

Valuation Analysis

96'197.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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27.02.2013


RALLYE SA n/a Co File 22'970'255 20.39 - 29.02.2012 Corporation

ALPETROL n/a Co File 12'381'366 10.99 - 29.02.2012 Other

COBIVIA SAS n/a Co File 9'382'840 8.33 - 29.02.2012 Other

MATIGNON SABLONS n/a Co File 5'919'598 5.25 - 29.02.2012 Other

L'HABITATION MODERNE n/a Co File 4'580'773 4.07 - 29.02.2012 Other

GALERIES LAFAYETTE n/a Co File 2'049'747 1.82 - 29.02.2012 Corporation

CNP ASSURANCES n/a Co File 1'866'582 1.66 - 29.02.2012 Insurance Company


DNCA FINANCE Multiple Portfolios MF-AGG 1'108'908 0.98 (10'000) 28.09.2012 Investment Advisor


LBPAM Multiple Portfolios MF-AGG 659'207 0.59 14'733 31.12.2012 Mutual Fund Manager


CAPITAL GROUP COMPAN n/a ULT-AGG 341'000 0.3 341'000 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 324'828 0.29 6'907 31.12.2012 Investment Advisor


HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 268'035 0.24 - 31.12.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 231'158 0.21 (1'958) 28.09.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 224'862 0.2 - 30.11.2012 Bank

PRINCIPAL FINANCIAL n/a ULT-AGG 198'168 0.18 (500) 31.01.2013 Investment Advisor



Cantor Fitzgerald MICHAEL J DENNIS sell 1 M 66 Not Provided 26.02.2013

Oddo & Cie LAURENCE HOFMANN neutral 3 M 80 Not Provided 26.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 26.02.2013

Jefferies JAMES GRZINIC hold 3 M 70 12 month 22.02.2013

HSBC JEROME SAMUEL overweight 5 M 89 Not Provided 22.02.2013

CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 84 12 month 22.02.2013

Natixis ANTOINE PARISON buy 5 M 88 Not Provided 22.02.2013

Nomura NICK COULTER buy 5 M 81 12 month 22.02.2013

Exane BNP Paribas ANDREW GWYNN outperform 5 M 85 Not Provided 22.02.2013

Morgan Stanley EDOUARD AUBIN Equalwt/In-Line 3 M 77 12 month 21.02.2013

Credit Suisse XAVIER LE MENE outperform 5 M 83 Not Provided 21.02.2013

JPMorgan JAIME VAZQUEZ neutral 3 M 77 12 month 21.02.2013

Barclays NICOLAS CHAMP underweight 1 M 60 Not Provided 21.02.2013


Deutsche Bank JAMES G COLLINS buy 5 M 82 12 month 14.02.2013

AlphaValue VIRGINIE BLIN buy 5 M 102 6 month 14.02.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A N #N/A N/A Not Provided 18.01.2013

Aurel - BGC JEAN-MARIE L'HOME buy 5 M 85 6 month 16.01.2013

Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 93 12 month 11.01.2013

Espirito Santo Investment Bank ResearchRICHARD CATHCART neutral 3 M 68 Not Provided 30.10.2012

Raymond James CEDRIC LECASBLE outperform 5 M 80 Not Provided 16.10.2012

Main First Bank AG RICKIN THAKRAR buy 5 M 100 12 month 16.10.2012

CA Cheuvreux ARNAUD JOLY underperform 1 M 61 Not Provided 08.10.2012

Kepler Capital Markets FABIENNE CARON hold 3 M 70 Not Provided 23.07.2012

Redburn Partners MARC DE SPEVILLE neutral 3 U #N/A N/A Not Provided 18.05.2012

Holdings By:

Casino Guichard Perrachon SA ee


27.02.2013

Chr. Hansen Holding A/S develops and produces natural food ingredients,

pharmaceuticals, and biotechnological products. The Company's product line

includes dairy enzymes, cultures, natural colors, and flavor solutions, as well

as products for the diagnosis, prevention, relief, and cure of allergies.

Christian Hansen sells worldwide for the human, animal, and industrial markets.


LTM as of: 11/yy

52-Week High (27.02.2013) 205.00

52-Week Low (06.03.2012) 135.70

Daily Volume

204.9





27'559.04 1 Yr Total Return 51.38%







CHR DC EQUITY YTD Change - Average Volume 30 Day 321'229

CHR DC EQUITY YTD % CHANGE - Average Volume 3 Month 301'377


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 11/yy 11/yy 08/13 Y 08/14 Y 02/13 Q2 05/13 Q3

476.7 511.2 551.8 635.6 698.7 642.1 709.6 759.4 828.4 180.0 198.1

- - 4.18x 3.93x 5.04x 16.52x 19.42x 5.30x 4.81x - -

141.4 154.4 182.6 202.1 230.7 0.0 0.0 261.0 287.4 59.7 69.0

- - 12.63x 12.36x 15.25x 0.00x 0.00x 15.79x 14.34x - -

42.6 (19.5) 17.8 116.7 129.3 119.9 135.1 147.2 163.6 33.0 39.9

- - 96.62x 19.13x 24.71x 18.47x 25.23x 25.16x 22.19x - -









Net Debt/EBITDA -

Gross Margin 51.5% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.53







Fiscal Year Ended

Chr Hansen Holding A/SPrice/Volume

Valuation Analysis

217'174.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

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.2'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.02.2013


NOVO AS n/a Research 35'419'331 26.33 - 29.03.2012 Holding Company


CHRISTIAN HANSEN HOL n/a Co File 5'282'763 3.93 - 31.08.2012 Corporation


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'339'747 1 (32'683) 31.12.2012 Investment Advisor



AMERICAN CENTURY COM Multiple Portfolios MF-AGG 915'642 0.68 177'445 31.12.2012 Investment Advisor

LANNEBO FONDER AB Multiple Portfolios MF-AGG 900'000 0.67 (275'756) 31.12.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 820'706 0.61 (5'918) 28.09.2012 Bank


MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 720'805 0.54 106'028 31.12.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 637'170 0.47 (1'050'987) 31.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 593'385 0.44 - 31.07.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 436'495 0.32 38'168 31.10.2012 Investment Advisor


CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 353'284 0.26 353'284 31.10.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 350'400 0.26 - 31.12.2012 Mutual Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 272'105 0.2 22'650 28.12.2012 Mutual Fund Manager


SEB Enskilda SOREN SAMSOE buy 5 M 225 Not Provided 25.02.2013

CA Cheuvreux RICHARD KOCH select list 5 M 220 Not Provided 13.02.2013

Morgan Stanley ERIK SJOGREN Overwt/In-Line 5 M 195 12 month 11.02.2013

Jyske Bank JONAS GULDBORG HANSEN reduce 2 D 205 Not Provided 06.02.2013

Credit Suisse JIMMIE BORK outperform 5 M 200 Not Provided 05.02.2013

Handelsbanken CASPER BLOM reduce 2 M 179 12 month 24.01.2013

Berenberg Bank JAMES TARGETT hold 3 M 195 Not Provided 21.01.2013

Carnegie LARS TOPHOLM buy 5 M #N/A N/A Not Provided 18.01.2013

Societe Generale ALEX SLOANE sell 1 M 170 12 month 17.01.2013

Goldman Sachs FULVIO CAZZOL neutral/neutral 3 M 213 12 month 17.01.2013

Nordea Equity Research HANS GREGERSEN hold 3 M 210 12 month 17.01.2013

Danske Markets TOBIAS CORNELIUS BJORKLUND hold 3 M 184 12 month 17.01.2013

ABG Sundal Collier MICHAEL K RASMUSSEN hold 3 M 190 6 month 16.01.2013

JPMorgan ANKUR GUPTA overweight 5 M 185 6 month 16.01.2013

DNB Markets RUNE MAJLUND DAHL hold 3 M 185 Not Provided 16.01.2013


Alm Brand Markets MICHAEL FRIIS JORGENSEN sell 1 M 145 Not Provided 01.11.2012

Deutsche Bank CATHERINE FARRANT buy 5 M 190 12 month 17.10.2012

Sydbank MORTEN IMSGARD hold 3 M #N/A N/A Not Provided 04.07.2012

NYKREDIT KLAUS KEHL outperform 5 M #N/A N/A Not Provided 25.04.2012

Credit Suisse CHARLES MILLS outperform 5 M 145 Not Provided 11.04.2012

Holdings By:

Chr Hansen Holding A/S ee


27.02.2013

Compagnie Generale de Geophysique-Veritas (CGG-Veritas) provides geophysical

services and software products and manufactures geophysical equipment. The

Company's products and services use seismic imaging to help the oil and gas

industries explore and develop reserves. CGG-Veritas operates in the Americas,

Asia-Pacific, Europe, the former Soviet Union, and Africa.


LTM as of: 09/yy

52-Week High (09.10.2012) 25.76

52-Week Low (04.06.2012) 15.58

Daily Volume

20.775





3'664.55 1 Yr Total Return -4.29%







CGG FP EQUITY YTD Change - Average Volume 30 Day 842'471

CGG FP EQUITY YTD % CHANGE - Average Volume 3 Month 802'576


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 Q1

3'254.4 3'828.0 3'114.1 2'900.1 3'157.6 3'188.8 3'364.8 2'719.7 3'473.9 792.8 781.8

2.73x 1.02x 1.44x 2.13x 1.72x 7.62x 6.92x 1.83x 1.43x 5.96x 6.12x

1'313.6 1'582.8 1'142.7 771.3 830.0 579.0 977.1 814.1 1'190.0 250.6 255.3

6.77x 2.48x 3.92x 8.01x 6.56x 7.57x 6.70x 6.12x 4.19x 4.81x 4.36x

336.5 489.5 (368.6) (72.4) (26.5) (82.2) 81.2 126.2 317.6 62.2 81.3

21.38x 4.40x - - - 0.00x 61.04x 28.02x 11.98x 12.83x 11.14x


EBIT 147.90 Long-Term Rating BB-









EBITDA Margin 29.0%



Asset Turnover 0.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cie Generale de Geophysique - VeritasPrice/Volume

Valuation Analysis

577'639.00


'

2

-'

-2

.'

.2

0'

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!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


FONDS STRATEGIQUE D' n/a Research 9'867'345 5.59 (3'678) 09.06.2012 Investment Advisor


AMUNDI n/a 13G 7'778'027 4.41 - 31.12.2011 Investment Advisor

MANNING & NAPIER ADV n/a Co File 7'577'908 4.3 - 31.03.2012 Investment Advisor

IFP ENERGIES NOUVELL n/a Research 6'346'610 3.6 (1'217) 09.06.2012 Corporation





LBPAM Multiple Portfolios MF-AGG 1'401'270 0.79 (19'385) 31.12.2012 Mutual Fund Manager

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 1'326'910 0.75 (952) 31.12.2012 Investment Advisor


LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 1'075'142 0.61 (340) 31.12.2012 Mutual Fund Manager

UBS O'CONNOR LIMITED n/a Short (864'322) -0.49 35'278 08.01.2013 Hedge Fund Manager

GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 827'312 0.47 114'112 31.10.2012 Investment Advisor

CIE GENERALE DE GEOP n/a Co File 804'868 0.46 - 31.03.2012 Corporation

PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 731'998 0.41 (125'965) 31.01.2013 Insurance Company

MANDARINE GESTION Multiple Portfolios MF-AGG 704'510 0.4 (58'381) 31.12.2012 Investment Advisor


DNCA FINANCE Multiple Portfolios MF-AGG 563'830 0.32 (2'536'000) 28.09.2012 Investment Advisor


Gilbert Dupont CHRISTINE ROPERT buy 5 M 30 Not Provided 25.02.2013

Exane BNP Paribas ALEXANDRE MARIE outperform 5 M 33 Not Provided 22.02.2013

Portzamparc Societe de Bourse NICOLAS ROYOT buy 5 M 27 Not Provided 21.02.2013


Goldman Sachs MICHAEL RAE Sell/Neutral 1 M 22 12 month 01.02.2013

JPMorgan ANDREW DOBBING overweight 5 U 27 9 month 01.02.2013

Oddo & Cie JEAN-FRANCOIS GRANJON neutral 3 M 24 Not Provided 29.01.2013

SpareBank 1 Markets AS CHRISTOPHER MOLLERLOKKEN buy 5 M 26 6 month 24.01.2013

CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 28 12 month 23.01.2013


HSBC DAVID PHILLIPS overweight 5 M 31 Not Provided 22.01.2013

RBC Capital Markets KATHERINE TONKS outperform 5 M 27 12 month 17.01.2013


Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 16.01.2013

Morgan Stanley ROBERT PULLEYN Equalwt/Attractive 3 M 27 12 month 11.01.2013

ABG Sundal Collier JOHN A SCHJ OLAISEN hold 3 M 23 6 month 10.01.2013

Natixis ANNE PUMIR buy 5 M 25 Not Provided 10.01.2013

Barclays MICK PICKUP underweight 1 D 25 Not Provided 10.01.2013

Societe Generale GUILLAUME DELABY buy 5 M 29 12 month 08.01.2013

Equita SIM SpA MASSIMO BONISOLI hold 3 N 28 12 month 27.11.2012

Pareto Securities KRISTIAN DIESEN buy 5 M 30 6 month 06.11.2012

CA Cheuvreux GEOFFROY STERN select list 5 M 30 Not Provided 15.10.2012

Canaccord Genuity Corp JAMES EVANS hold 3 M 28 Not Provided 25.09.2012

Nomura CHRISTYAN MALEK reduce 2 M 20 12 month 05.09.2012

Fearnley Fonds MORTEN NYSTROM buy 5 U 29 Not Provided 30.07.2012

Kepler Capital Markets TEAM COVERAGE buy 5 N 28 Not Provided 15.03.2012

Holdings By:

Cie Generale de Geophysique - Veritas ee


27.02.2013

Clariant, AG. develops, produces, markets and sales specialty chemical products.

The Company provides dyes and chemicals for the textile, leather and paper

industries, pigments for the use in paints, printing inks, decorative paints,

plastics, cosmetics, concentrated pigment and additive preparations for

engineering plastics, spin dyeing, and packaging.


LTM as of: 12/yy

52-Week High (20.02.2013) 14.54

52-Week Low (28.06.2012) 8.62

Daily Volume

13.82





4'087.30 1 Yr Total Return 11.27%







CLN VX EQUITY YTD Change - Average Volume 30 Day 2'717'684

CLN VX EQUITY YTD % CHANGE - Average Volume 3 Month 2'484'709


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

8'071.0 6'614.0 7'120.0 7'370.0 6'038.0 7'370.0 7'355.0 6'645.7 6'865.1 1'700.0 1'515.0

0.36x 0.51x 0.71x 0.60x 0.92x 2.71x 2.89x 0.81x 0.75x - -

746.0 470.0 880.0 874.0 772.0 874.0 819.0 869.9 962.6 185.0 208.0

3.85x 7.14x 5.76x 5.10x 7.19x 5.10x 6.77x 6.87x 6.21x 7.44x -

(45.0) (206.0) 180.0 227.0 217.0 227.0 217.0 334.9 411.9 73.0 91.0

- - 23.38x 10.78x 17.64x 10.11x 16.92x 12.70x 10.40x 13.42x -











EBITDA Margin 11.1%



Asset Turnover 0.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Clariant AGPrice/Volume

Valuation Analysis

1'502'369.00


'

.

1

3

5

-'

-.

-1

-3

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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27.02.2013


SHAREHOLDER GROUP n/a EXCH 44'738'756 15.13 1'598'001 31.12.2011 Other


CLARIANT AG n/a EXCH 15'353'421 5.19 510'682 06.02.2013 Corporation

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

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

WINTERSTEIN KONSTANT n/a EXCH 11'018'080 3.73 - 14.01.2013 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




UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 3'964'166 1.34 (74) 31.01.2013 Investment Advisor



SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 3'464'090 1.17 (15'145) 28.12.2012 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 3'209'033 1.09 570'336 30.11.2012 Mutual Fund Manager

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'827'000 0.62 (108'000) 31.10.2012 Investment Advisor

SPARINVEST n/a ULT-AGG 1'767'987 0.6 (36'425) 31.01.2013 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 906'686 0.31 214'247 31.10.2012 Mutual Fund Manager


Macquarie CHRISTIAN FAITZ outperform 5 U 18 12 month 25.02.2013

Bank Vontobel AG PATRICK RAFAISZ buy 5 M 18 Not Provided 20.02.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 20.02.2013

Goldman Sachs RAKESH PATEL Sell/Neutral 1 M 11 12 month 15.02.2013

Credit Suisse RHIAN O'CONNOR underperform 1 M 12 Not Provided 15.02.2013

Barclays GUNTHER ZECHMANN overweight 5 M 16 Not Provided 15.02.2013

Deutsche Bank TIMOTHY JONES hold 3 M 12 12 month 14.02.2013

Morgan Stanley PETER MACKEY Overwt/In-Line 5 M 15 12 month 14.02.2013

Nomura JEAN DE WATTEVILLE buy 5 M 16 12 month 14.02.2013

AlphaValue MARTIN SCHNEE add 4 M 15 6 month 14.02.2013

Main First Bank AG BERND POMREHN outperform 5 M 14 12 month 07.02.2013


Kepler Capital Markets MARKUS MAYER buy 5 M 17 Not Provided 01.02.2013


HSBC JESKO MAYER-WEGELIN underweight 1 D 12 Not Provided 11.01.2013

JPMorgan NEIL C TYLER underweight 1 M 11 9 month 07.12.2012

Societe Generale PETER CLARK sell 1 M 10 12 month 04.12.2012

Zuercher Kantonalbank MARTIN SCHREIBER outperform 5 U #N/A N/A Not Provided 07.11.2012

CA Cheuvreux OLIVER GIRAKHOU underperform 1 M 10 Not Provided 20.08.2012

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

Holdings By:

Clariant AG ee


27.02.2013

Cobham PLC designs and manufactures a wide range of equipment, specialized

systems and components for the aerospace, defense, energy, and electronics

industries. The Company products include refuelling equipment, aviation oxygen

systems, weapon system containers, and rescue and navigation lights. Cobham

also operates and maintains aircraft designed for special mission flights.


LTM as of: 01/yy

52-Week High (19.07.2012) 242.70

52-Week Low (01.03.2012) 185.90

Daily Volume

231.8





2'500.14 1 Yr Total Return 26.79%







COB LN EQUITY YTD Change - Average Volume 30 Day 1'858'006

COB LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'753'625


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 - -

1'061.1 1'466.5 1'880.4 1'902.6 1'854.4 - - 1'756.0 1'733.8 - -

2.16x 2.04x 1.75x 1.41x 1.27x - - 1.66x 1.62x - -

214.3 263.5 370.5 349.6 415.3 - - 406.1 390.1 - -

10.71x 11.33x 8.90x 7.65x 5.66x - - 7.48x 7.78x - -

131.7 95.4 185.8 152.7 187.9 - - 226.7 218.0 - -

18.83x 25.28x 15.47x 15.34x 10.92x - - 10.99x 11.48x - -











EBITDA Margin 22.4%



Asset Turnover 0.72







Fiscal Year Ended

Cobham PLCPrice/Volume

Valuation Analysis

1'468'441.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

.''

.2'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

-3!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


ABERDEEN n/a ULT-AGG 64'857'450 6.01 1'907'169 31.01.2013 Unclassified

SPRUCEGROVE INVESTME Multiple Portfolios REG 61'936'221 5.74 1'393'515 01.11.2012 Investment Advisor

INVESCO LTD Multiple Portfolios REG 54'494'692 5.05 (3'648'992) 01.11.2012 Investment Advisor



M&G INVESTMENT MANAG Multiple Portfolios REG 45'440'056 4.21 6'630'825 01.11.2012 Investment Advisor


ARTEMIS INVESTMENT M Multiple Portfolios REG 39'379'014 3.65 (154'957) 01.11.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 34'671'298 3.21 1'053'027 31.12.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 33'622'317 3.12 3'678'682 01.11.2012 Investment Advisor

WALTER SCOTT & PARTN Multiple Portfolios REG 33'413'500 3.1 1'901'180 01.11.2012 Investment Advisor


CAZENOVE CAPITAL MAN Multiple Portfolios REG 25'003'250 2.32 6'153'700 01.11.2012 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios REG 23'284'065 2.16 (1'237'731) 01.11.2012 Investment Advisor


JO HAMBRO CAPITAL MA Multiple Portfolios REG 19'464'450 1.8 1'951'626 01.11.2012 Mutual Fund Manager



MONDRIAN INVESTMENT Multiple Portfolios REG 15'019'719 1.39 468'467 01.11.2012 Hedge Fund Manager


Investec ANDREW GOLLAN hold 3 M 205 12 month 22.02.2013

AlphaValue THOMAS PICHERIT add 4 M 262 6 month 21.02.2013

RBC Capital Markets ROBERT STALLARD sector perform 3 M 230 12 month 20.02.2013

JPMorgan DAVID H. PERRY neutral 3 N 245 9 month 11.02.2013

Societe Generale ZAFAR KHAN sell 1 M 200 12 month 07.02.2013

Jefferies SANDY MORRIS buy 5 M 240 12 month 31.01.2013


Exane BNP Paribas TRISTAN SANSON neutral 3 M 205 Not Provided 16.01.2013

Barclays CHRISTIAN LAUGHLIN underweight 1 M 182 Not Provided 15.01.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 205 Not Provided 15.11.2012

Credit Suisse OLIVER SLEATH underperform 1 M 170 Not Provided 13.11.2012

Kepler Capital Markets CHRISTOPHE MENARD hold 3 U 195 Not Provided 13.11.2012

Deutsche Bank BEN FIDLER hold 3 M 200 12 month 12.11.2012

Morgan Stanley RUPINDER VIG Underwt/In-Line 1 M 175 12 month 12.11.2012

Arden Partners Ltd GRAHAM J WEBSTER neutral 3 M #N/A N/A Not Provided 01.10.2012

CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX underperform 1 D 220 Not Provided 09.08.2012

Canaccord Genuity Corp PAUL BRANT hold 3 M 190 Not Provided 26.03.2012

Holdings By:

Cobham PLC ee


27.02.2013

Coca-Cola Hellenic Bottling Company S.A. produces, sells, and distributes

soft drinks, fruit juices, and mineral water. The Company produces all kinds

of Coca-Cola brand name products such as Coke, Diet Coke, Sprite, Diet Sprite,

and Fanta. Coca-Cola Hellenic manufactures and distributes in 26 countries

worlwide.


LTM as of: 12/yy

52-Week High (08.02.2013) 21.00

52-Week Low (25.05.2012) 11.00

Daily Volume

20.44





7'492.35 1 Yr Total Return 49.14%







EEEK GA EQUITY YTD Change - Average Volume 30 Day 174'817

EEEK GA EQUITY YTD % CHANGE - Average Volume 3 Month 172'151


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

6'980.7 6'543.6 6'793.6 6'854.3 7'044.7 6'854.3 7'073.2 7'271.5 7'684.3 - -

0.88x 1.24x 1.33x 0.97x - 4.52x 2.97x 1.24x 1.15x - -

1'028.5 1'016.3 1'081.5 917.8 - 917.8 695.4 953.3 1'053.1 - -

5.97x 7.99x 8.38x 7.25x - 7.25x 0.00x 9.57x 8.66x - -

227.6 399.2 426.6 268.9 190.4 268.9 191.9 339.8 412.5 - -

16.67x 14.67x 16.55x 17.91x 34.04x 17.91x 34.04x 21.98x 18.23x - -


EBIT 539.90 Long-Term Rating BBB+ *-



Return on Assets 3.01% Short-Term Rating A-2 *-






EBITDA Margin 12.3%



Asset Turnover 0.93







Fiscal Year Ended

Coca Cola Hellenic Bottling Co SAPrice/Volume

Valuation Analysis

550'515.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

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



27.02.2013


COCA-COLA CO/THE #N/A N/A EXCH 87'862'873 23.97 - 22.02.2013 Corporation

KAR-TESS HOLDING S.A #N/A N/A 13D 85'355'019 23.29 - 25.02.2013 Holding Company

COCA-COLA OVERSEAS P n/a 13D 45'002'970 12.28 - 25.02.2013 n/a

ATLANTIC INDUSTRIES n/a 13D 28'774'369 7.85 - 25.02.2013 n/a

COMPETROL ESTABLISHM #N/A N/A EXCH 18'730'884 5.11 - 22.02.2013 Holding Company

REFRESHMENT PRODUCT n/a 13D 10'833'612 2.96 - 25.02.2013 n/a



UMB BANK N A Multiple Portfolios MF-AGG 3'828'430 1.04 - 31.12.2012 Investment Advisor

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 2'083'000 0.57 - 30.06.2011 Investment Advisor


ALPHA MUTUAL FUND MA Multiple Portfolios MF-AGG 973'848 0.27 (206'239) 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 623'330 0.17 (591) 31.12.2012 Investment Advisor

DIETHNIKI MUTUAL FUN Multiple Portfolios MF-AGG 604'882 0.17 (13'202) 28.09.2012 Mutual Fund Manager

EUROBANK EFG MUTUAL Multiple Portfolios MF-AGG 578'066 0.16 (167'923) 31.05.2012 Investment Advisor

BARLAN INC n/a 13D 497'566 0.14 - 25.02.2013 n/a

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 476'746 0.13 193'066 31.12.2011 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 396'877 0.11 391'719 31.12.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 344'997 0.09 (82'975) 31.12.2012 Investment Advisor


National Securities SA IAKOVOS KOURTESIS neutral 3 M 17 12 month 25.02.2013

Piraeus Securities S.A. GEORGE DOUKAS neutral 3 M 18 12 month 22.02.2013

PANTELAKIS SECURITIES SA PARIS MANTZAVRAS neutral 3 N 21 12 month 21.02.2013

Eurobank EFG STAMATIOS DRAZIOTIS hold 3 M 18 Not Provided 19.02.2013

Goldman Sachs CONOR PARSONS neutral/attractive 3 M 20 6 month 18.02.2013

HSBC LAUREN E TORRES neutral 3 M 20 Not Provided 18.02.2013

Societe Generale ANDREW HOLLAND sell 1 M 17 12 month 15.02.2013

Deutsche Bank JONATHAN FELL hold 3 M 20 12 month 15.02.2013

Nomura EDWARD MUNDY neutral 3 M 19 Not Provided 15.02.2013

Marfin Analysis (ESN) DIMITRIS BIRBOS hold 3 M 18 12 month 15.02.2013

JPMorgan MIKE J GIBBS overweight 5 M 23 12 month 14.02.2013

Barclays SAMAR CHAND underweight 1 M 14 Not Provided 23.01.2013


Euroxx Securities YIANNIS SINAPIS Under Review #N/A N/A M #N/A N/A Not Provided 10.01.2013

Jefferies DIRK VAN VLAANDEREN hold 3 N 16 12 month 14.09.2012

Renaissance Capital NATALYA ZAGVOZDINA hold 3 M 14 12 month 05.06.2012

Merit Securities CHRIS A SAMOTHRAKIS buy 5 U 18 Not Provided 10.10.2011

Alpha Finance NIKOS KATSENOS neutral 1 3 M 22 Not Provided 10.05.2011

Holdings By:

Coca Cola Hellenic Bottling Co SA ee


27.02.2013

Coloplast A/S develops and provides health care products and services. The

Company manufactures products for ostomy, incontinence, mastectomy, wound

healing, and skin care. Coloplast's research projects are carried out in

cooperation with professional caregivers and user groups. The Company sells to

health care professionals, dealers, and product users throughout the world.


LTM as of: 12/yy

52-Week High (22.02.2013) 301.00

52-Week Low (27.02.2012) 178.90

Daily Volume

295





62'127.00 1 Yr Total Return 66.30%







COLOB DC EQUITY YTD Change - Average Volume 30 Day 388'872

COLOB DC EQUITY YTD % CHANGE - Average Volume 3 Month 400'328


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

8'463.0 8'820.0 9'537.0 10'172.0 11'023.0 10'285.0 11'234.0 11'662.5 12'392.2 2'854.4 2'962.5

2.32x 2.23x 3.02x 3.26x 4.49x 13.35x 16.92x 5.13x 4.81x - -

1'691.0 2'024.0 2'667.0 3'108.0 3'756.0 3'178.0 3'958.0 4'198.7 4'531.7 999.3 1'064.3

11.63x 9.71x 10.79x 10.66x 13.17x 10.95x 14.47x 14.56x 13.49x 13.39x 13.42x

715.0 883.0 1'243.0 1'819.0 2'194.0 1'896.0 2'327.0 2'715.7 2'976.0 669.4 720.9

24.22x 20.72x 22.40x 18.55x 23.12x 18.27x 24.99x 22.82x 20.64x 22.31x 21.70x











EBITDA Margin 35.2%



Asset Turnover 1.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Coloplast A/SPrice/Volume

Valuation Analysis

244'552.00


'

2'

-''

-2'

.''

.2'

0''

02'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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27.02.2013


LOUIS-HANSEN NIELS P n/a Co File 39'537'001 19.1 - 30.09.2012 n/a

AAGE OG JOHANNE LOUI n/a Co File 22'356'000 10.8 - 30.09.2012 Other

COLOPLAST AS n/a Co File 13'662'000 6.6 - 30.09.2012 Corporation

BNEDICTE FIND n/a Co File 7'452'000 3.6 - 30.09.2012 n/a


NP LOUIS HANSEN APS n/a Co File 2'484'000 1.2 - 30.09.2012 n/a




NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 914'815 0.44 (4'025) 31.12.2012 Investment Advisor


SNS INVESTMENT FUND Multiple Portfolios MF-AGG 612'030 0.3 (65'930) 29.06.2012 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 486'168 0.23 (86'298) 31.01.2013 Investment Advisor



MADISON SQUARE INVES Multiple Portfolios MF-AGG 407'755 0.2 - 31.12.2012 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 403'235 0.19 (16'570) 31.12.2012 Investment Advisor

ACTIVEST MUNICH Multiple Portfolios MF-AGG 386'835 0.19 - 30.11.2012 Investment Advisor


AMERICAN CENTURY COM Multiple Portfolios MF-AGG 383'041 0.19 383'041 31.12.2012 Investment Advisor


Societe Generale JUSTIN SMITH hold 3 M 300 12 month 25.02.2013

AlphaValue KAMLA SINGH reduce 2 M 300 6 month 21.02.2013

Jefferies INGEBORG OIE underperform 1 M 230 12 month 05.02.2013

Commerzbank Corporates & Markets OLIVER METZGER add 4 M 350 6 month 04.02.2013

Barclays ALEXANDER KLEBAN overweight 5 M 293 Not Provided 01.02.2013

ABG Sundal Collier MORTEN LARSEN buy 5 M 325 6 month 31.01.2013

SEB Enskilda NIELS GRANHOLM-LETH hold 3 M 282 Not Provided 31.01.2013

Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 31.01.2013

Nordea Equity Research SOREN V HOLM SORENSEN buy 5 M 310 12 month 31.01.2013

Handelsbanken KLAUS MADSEN reduce 2 M 240 12 month 31.01.2013

S&P Capital IQ JACOB THRANE hold 3 M 310 12 month 31.01.2013

Danske Markets MARTIN PARKHOI sell 1 M 222 12 month 31.01.2013

Morgan Stanley MICHAEL K JUNGLING Equalwt/Attractive 3 M 260 12 month 30.01.2013

Alm Brand Markets MICHAEL FRIIS JORGENSEN sell 1 M 260 Not Provided 30.01.2013

Goldman Sachs VERONIKA DUBAJOVA Buy/Neutral 5 U 368 12 month 30.01.2013

Credit Suisse CHRISTOPH GRETLER outperform 5 M 305 Not Provided 30.01.2013

JPMorgan DAVID J ADLINGTON neutral 3 M 241 12 month 30.01.2013

DNB Markets RUNE MAJLUND DAHL sell 1 M 248 Not Provided 30.01.2013

Berenberg Bank SCOTT BARDO hold 3 M 275 Not Provided 23.01.2013


Jyske Bank FRANK HOERNING ANDERSEN reduce 2 N 290 Not Provided 09.01.2013

CA Cheuvreux RICHARD KOCH underperform 1 M 246 Not Provided 20.12.2012

Deutsche Bank YI-DAN WANG buy 5 M 320 12 month 18.12.2012

NYKREDIT KRESTEN JOHNSEN outperform 5 M #N/A N/A Not Provided 27.04.2012

Sydbank SOEREN LONTOFT HANSEN neutral 3 U #N/A N/A Not Provided 03.11.2011

Holdings By:

Coloplast A/S ee


27.02.2013

Colruyt SA retails goods and offers computer and printing services. The

Company retails food and non-food items through Colruyt supermarkets, and

Coccinelle, UGA, and Codi Cash supermarkets and cash and carry stores. It

retails toys, baby products, and school supplies through Dreamland stores.

Colruyt markets computers and offers programming services.


LTM as of: 01/yy

52-Week High (16.08.2012) 38.68

52-Week Low (27.02.2012) 28.55

Daily Volume

36.76





6'194.80 1 Yr Total Return 31.17%

Total Debt 34.20 YTD Return -1.97%






COLR BB EQUITY YTD Change - Average Volume 30 Day 135'247

COLR BB EQUITY YTD % CHANGE - Average Volume 3 Month 148'986


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 - -

5'673.8 6'309.6 6'752.6 7'280.1 7'847.6 - - 8'293.0 8'755.1 - -

0.88x 0.83x 0.82x 0.77x 0.57x - - 0.70x 0.66x - -

504.0 549.1 599.8 621.2 681.4 - - 687.4 730.6 - -

9.88x 9.53x 9.21x 9.08x 6.55x - - 8.43x 7.93x - -

288.2 306.0 329.6 338.0 342.9 - - 349.0 370.2 - -

18.38x 18.08x 17.46x 17.36x 13.83x - - 16.37x 15.52x - -











EBITDA Margin 8.5%



Asset Turnover 2.51







Fiscal Year Ended

Colruyt SAPrice/Volume

Valuation Analysis

106'494.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'12

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.02.2013


COLRUYT FAMILY n/a Research 78'351'430 46.49 (7'135) 18.10.2012 n/a

COLRUYT SA n/a Research 12'350'868 7.33 (92'468) 18.10.2012 Corporation

SOFINA SA n/a Research 8'750'000 5.19 - 18.10.2012 Holding Company

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'237'230 1.92 (74'500) 30.11.2012 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 1'045'853 0.62 31 31.12.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 866'268 0.51 167'480 31.12.2012 Investment Advisor


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 619'075 0.37 9'200 28.09.2012 Investment Advisor




MD MANAGEMENT LTD Multiple Portfolios MF-AGG 289'300 0.17 - 31.10.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 273'703 0.16 2'043 31.01.2013 Investment Advisor


NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 219'385 0.13 1'365 31.12.2012 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 175'188 0.1 16'961 29.06.2012 Investment Advisor

BROWN BROTHERS HARRI Multiple Portfolios MF-AGG 147'000 0.09 - 30.11.2012 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 140'276 0.08 - 28.12.2012 Investment Advisor


Rabobank International PATRICK ROQUAS hold 3 M 33 12 month 25.02.2013

AlphaValue VIRGINIE BLIN reduce 2 M 37 6 month 21.02.2013

JPMorgan JAIME VAZQUEZ overweight 5 N 40 12 month 18.02.2013

Jefferies JAMES GRZINIC underperform 1 M 29 12 month 01.02.2013

Nomura NICK COULTER reduce 2 M 32 Not Provided 01.02.2013

Credit Suisse XAVIER LE MENE neutral 3 M 36 Not Provided 29.01.2013


KBC Securities PASCALE WEBER hold 3 M 34 Not Provided 29.01.2013

Petercam FERNAND DE BOER reduce 2 M 38 Not Provided 29.01.2013

Oddo & Cie LAURENCE HOFMANN reduce 2 M 34 Not Provided 29.01.2013

ING Bank MARCO GULPERS hold 3 M 36 12 month 29.01.2013

Exane BNP Paribas ANDREW GWYNN underperform 1 M 31 Not Provided 29.01.2013

ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 33 Not Provided 29.01.2013


Kempen & Co ERWIN DUT sell 1 M 33 12 month 06.01.2013


Deutsche Bank JAMES G COLLINS hold 3 M 36 12 month 14.12.2012

HSBC EMMANUELLE VIGNERON underweight 1 M 32 Not Provided 04.12.2012


Main First Bank AG RICKIN THAKRAR sell 1 M 28 12 month 28.09.2012

Hammer Partners SA STEPHAN SEIP buy 5 N 40 Not Provided 06.07.2012

Macquarie SREEDHAR MAHAMKALI underperform 1 M 30 12 month 29.06.2012


Natixis ANTOINE PARISON neutral 3 U 33 Not Provided 28.06.2012

Goldman Sachs FRANKLIN WALDING Sell/Neutral 1 M 33 12 month 27.06.2012

Raymond James CEDRIC LECASBLE market perform 3 M 34 Not Provided 27.06.2012


Kepler Capital Markets TEAM COVERAGE buy 5 N 38 Not Provided 22.09.2011

Holdings By:

Colruyt SA ee


27.02.2013

Corio NV is a property investment company qualifying as an Investment

Institution under Dutch Law. The Company's portfolio consists primarily of

retail properties, but also offices and industrial properties in the

Netherlands, France, Italy, and Spain.


LTM as of: 12/yy

52-Week High (28.03.2012) 41.22

52-Week Low (09.11.2012) 31.57

Daily Volume

34.72












CORA NA EQUITY YTD Change - Average Volume 30 Day 366'046

CORA NA EQUITY YTD % CHANGE - Average Volume 3 Month 341'932


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

385.1 403.9 439.2 474.4 487.6 474.4 487.6 457.4 454.9 109.5 108.0

12.10x 14.71x 16.26x 13.24x 12.91x 56.98x 53.18x 13.64x 13.74x 57.96x 58.97x

294.6 309.8 323.1 376.0 336.3 376.0 336.3 369.1 368.8 93.4 91.2

15.82x 19.18x 22.10x 16.70x 18.71x 16.71x 18.71x 17.14x 17.15x 17.64x 18.14x

(239.6) (131.9) 375.7 218.2 16.0 218.2 16.0 257.8 265.1 47.1 49.2

- - 11.14x 14.12x 201.85x 14.06x 201.85x 12.90x 12.79x 13.25x 13.56x











EBITDA Margin 69.0%



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Corio NVPrice/Volume

Valuation Analysis

346'783.00


'

2

-'

-2

.'

.2

0'

02

1'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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



27.02.2013


STICHTING PENSIOEN F n/a Co File 33'935'768 35.28 - 31.12.2011 Pension Fund (ERISA)


PGGM FONDSENBEHEER B n/a Co File 4'568'454 4.75 - 31.12.2011 Other


LASALLE INVESTMENT M Multiple Portfolios MF-AGG 1'545'705 1.61 - 21.08.2012 Investment Advisor


STATE STREET n/a ULT-AGG 1'506'635 1.57 37'244 26.02.2013 Investment Advisor

SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 1'265'153 1.32 - 31.12.2012 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 930'275 0.97 (8'571) 31.12.2012 Investment Advisor

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 855'920 0.89 - 29.06.2012 Investment Advisor

ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 710'534 0.74 3'636 17.07.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 679'443 0.71 (29'382) 28.09.2012 Investment Advisor

WELLINGTON MANAGEMEN n/a Short (634'826) -0.66 - 01.11.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 487'431 0.51 (64) 31.01.2013 Investment Advisor

DIAM n/a ULT-AGG 388'504 0.4 - 27.02.2012 Unclassified


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 329'167 0.34 36'608 31.12.2012 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 320'000 0.33 3'000 30.12.2011 Mutual Fund Manager

FORTIS INVESTMENTS Multiple Portfolios MF-AGG 303'442 0.32 (1'057) 31.10.2012 Mutual Fund Manager


EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 26.02.2013

Oddo & Cie MARINE LAFITTE neutral 3 M 39 Not Provided 22.02.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 37 12 month 21.02.2013

AlphaValue PIERRE-LOUP ETIENNE buy 5 M 44 6 month 21.02.2013

Societe Generale MICHEL VARALDO buy 5 M 44 12 month 15.02.2013

Bank Degroof(ESN) DRIES DURY hold 3 M 39 12 month 15.02.2013

Rabobank International MARTIJN TER LAAK hold 3 D 37 12 month 15.02.2013

Kempen & Co THOMAS VAN DER MEIJ overweight 5 M 37 12 month 14.02.2013

Morgan Stanley BART GYSENS Underwt/Attractive 1 M 31 12 month 14.02.2013

Petercam STEPHAN VAN WEEREN hold 3 D 40 Not Provided 14.02.2013

Berenberg Bank KAI MALTE KLOSE buy 5 M 39 Not Provided 14.02.2013

Natixis SERGE DEMIRDJIAN neutral 3 M 37 Not Provided 14.02.2013

ING Bank JAAP KUIN buy 5 M 42 12 month 14.02.2013

Exane BNP Paribas VALERIE GUEZI neutral 3 M 36 Not Provided 14.02.2013

ABN Amro Bank N.V. RUUD VAN MAANEN buy 5 M 40 Not Provided 14.02.2013

Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 N 39 Not Provided 15.01.2013

JPMorgan HARM M MEIJER neutral 3 M 39 9 month 09.01.2013

HSBC THOMAS MARTIN overweight 5 M 38 Not Provided 27.11.2012

Barclays AARON GUY underweight 1 M 29 Not Provided 31.08.2012

Deutsche Bank MARTIN ALLEN buy 5 M 51 12 month 10.08.2012

Edge Capital Research KONSTANTIN BOYCHINOV neutral 3 N 37 12 month 29.09.2011

CA Cheuvreux BRUNO DUCLOS outperform 5 U 46 Not Provided 19.08.2011

Holdings By:

Corio NV ee


27.02.2013

Croda International plc is the holding company for a group of companies that

manufacture a diverse range of chemicals and chemical products, including

oleochemicals and industrial chemicals. Croda supplies its items to companies

that specialize in the personal care, pharmaceutical, plastics, food processing,

nutrition, fire prevention, engineering and automotive industries.


LTM as of: 09/yy

52-Week High (26.02.2013) 2'639.00

52-Week Low (01.11.2012) 2'000.00

Daily Volume

2555





3'575.72 1 Yr Total Return 21.13%







CRDA LN EQUITY YTD Change - Average Volume 30 Day 342'223

CRDA LN EQUITY YTD % CHANGE - Average Volume 3 Month 301'654


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

911.1 827.5 1'001.9 1'068.4 1'051.9 1'055.7 1'072.6 1'123.9 1'197.3 250.2 297.0

1.24x 1.70x 2.44x 2.58x 3.36x 0.00x 0.00x 3.33x 3.09x - -

143.5 136.7 232.7 275.1 286.5 0.0 0.0 313.5 341.9 72.2 78.6

7.87x 10.32x 10.49x 10.02x 12.33x 0.00x 0.00x 12.07x 11.07x 12.15x 12.03x

61.0 23.8 130.8 167.5 161.9 0.0 0.0 184.4 203.3 41.8 47.1

10.82x 18.78x 16.94x 14.73x 18.28x 0.00x 0.00x 18.72x 17.12x 18.77x 18.51x











EBITDA Margin 27.2%



Asset Turnover 1.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Croda International PLCPrice/Volume

Valuation Analysis

255'744.00


'

2''

-'''

-2''

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0'''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

2!''

-'!''

-2!''

.'!''

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



27.02.2013





MONDRIAN INVESTMENT Multiple Portfolios REG 4'804'219 3.43 - 01.11.2012 Hedge Fund Manager

M&G INVESTMENT MANAG Multiple Portfolios REG 4'447'443 3.18 44'464 01.11.2012 Investment Advisor



DANSKE BANK A/S Multiple Portfolios REG 2'790'602 1.99 (31'359) 01.11.2012 Bank


Ruane Cunniff & Gold Multiple Portfolios REG 2'241'096 1.6 (37'848) 01.11.2012 Unclassified

KUWAIT INVESTMENT AU Multiple Portfolios REG 2'170'605 1.55 (7'332) 01.11.2012 Government




WILLIAM BLAIR & COMP Multiple Portfolios REG 1'867'451 1.33 (54'503) 01.11.2012 Investment Advisor

FINANCIERE DE L'ECHI Multiple Portfolios REG 1'832'900 1.31 - 01.11.2012 Investment Advisor

MAWER INVESTMENT MAN Multiple Portfolios REG 1'819'942 1.3 88'500 01.11.2012 Investment Advisor


PRIVATE INDIVIDUALS Multiple Portfolios REG 1'598'572 1.14 10'401 01.11.2012 Other



Credit Suisse RHIAN O'CONNOR neutral 3 M 2'600 Not Provided 27.02.2013

Numis Securities Ltd CHARLES PICK hold 3 M 2'565 Not Provided 27.02.2013

Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 2'200 Not Provided 27.02.2013

Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 2'700 12 month 26.02.2013

JPMorgan MARTIN EVANS overweight 5 M 2'450 9 month 26.02.2013

Canaccord Genuity Corp ALICIA FORRY sell 1 M 1'900 12 month 26.02.2013

Barclays GUNTHER ZECHMANN equalweight 3 M 2'360 Not Provided 04.02.2013

Main First Bank AG THOMAS SWOBODA underperform 1 D 2'350 12 month 23.01.2013

Berenberg Bank JAIDEEP PANDYA buy 5 M 2'700 Not Provided 22.01.2013

Jefferies LAURENCE ALEXANDER hold 3 M 2'300 12 month 21.01.2013


HSBC SEBASTIAN SATZ neutral 3 M 2'450 Not Provided 11.01.2013

N+1 Singer Ltd JAMES TETLEY hold 3 M 2'275 12 month 03.01.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 2'400 Not Provided 13.12.2012

Deutsche Bank MARTIN DUNWOODIE hold 3 D 2'350 12 month 01.11.2012

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 3'150 12 month 01.11.2012

Holdings By:

Croda International PLC ee


27.02.2013

Dassault Systemes S.A. develops product life cycle management computer

software. The Company's software enables engineers to create a

three-dimensional model of a product, simulate its assembly, and test it before

building a prototype. Dassault markets its software under the brand names

Catia, Enovia, Delmia, Smarteam, Spatial, and SolidWorks.


LTM as of: 12/yy

52-Week High (27.02.2013) 88.25

52-Week Low (06.03.2012) 61.60

Daily Volume

85.75





10'736.87 1 Yr Total Return 38.92%







DSY FP EQUITY YTD Change - Average Volume 30 Day 213'846

DSY FP EQUITY YTD % CHANGE - Average Volume 3 Month 178'852


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

1'334.8 1'251.3 1'563.8 1'783.0 2'028.3 1'783.0 2'028.3 2'152.8 2'348.1 491.8 530.3

2.35x 3.07x 3.85x 3.63x 4.73x 13.43x 16.67x 4.23x 3.70x 19.21x 17.71x

340.2 272.6 393.8 511.5 594.7 511.5 594.7 734.7 839.4 144.0 162.0

9.20x 14.09x 15.28x 12.66x 16.12x 12.67x 16.12x 13.32x 11.66x 14.19x 13.85x

200.5 169.7 220.5 289.2 334.8 289.2 334.8 450.0 517.8 88.2 91.5

18.90x 27.60x 30.50x 26.02x 30.97x 25.87x 31.08x 23.12x 20.84x 25.67x 25.79x











EBITDA Margin 29.3%



Asset Turnover 0.57








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dassault Systemes SAPrice/Volume

Valuation Analysis

141'495.00


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

-''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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27.02.2013


GROUPE INDUSTRIEL MA n/a Co File 51'887'334 41.44 - 31.12.2011 Corporation

EDELSTENNE CHARLES n/a Co File 7'684'189 6.14 - 31.12.2011 n/a



UMB BANK N A Multiple Portfolios MF-AGG 1'215'483 0.97 54'022 31.12.2012 Investment Advisor


CHARLES BERNARD n/a Co File 1'165'139 0.93 - 31.12.2011 n/a



HIGHFIELDS CAPITAL M n/a Short (912'641) -0.73 (182'207) 01.10.2012 Hedge Fund Manager


HARDING LOEVNER LP Multiple Portfolios MF-AGG 654'150 0.52 (14'700) 30.06.2012 Investment Advisor

DASSAULT SYSTEMES SA n/a Co File 650'000 0.52 - 31.12.2011 Corporation





FMR LLC n/a ULT-AGG 424'875 0.34 60'860 31.12.2012 Investment Advisor





Griffin Securities JAY VLEESCHHOUWER neutral 3 M #N/A N/A Not Provided 21.02.2013


S&P Capital IQ JAMES CRAWSHAW buy 5 M 100 12 month 20.02.2013

Exane BNP Paribas JOSEP BORI outperform 5 M 93 Not Provided 20.02.2013

Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 93 12 month 19.02.2013

Baader Bank KNUT WOLLER sell 1 M 76 12 month 19.02.2013

Mirabaud Securities SUSAN ANTHONY add 4 M 85 12 month 14.02.2013

Societe Generale DERRIC MARCON hold 3 M 92 12 month 08.02.2013


Barclays GERARDUS VOS underweight 1 M 72 Not Provided 08.02.2013

Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 115 12 month 07.02.2013

HSBC ANTONIN BAUDRY neutral 3 M 90 Not Provided 07.02.2013

CM - CIC Securities(ESN) DOV LEVY reduce 2 M 68 12 month 07.02.2013

Kepler Capital Markets LAURENT DAURE reduce 2 M 69 Not Provided 07.02.2013

Natixis GWENAEL GIARD buy 5 M 96 Not Provided 04.02.2013


Credit Suisse CHARLES BRENNAN neutral 3 M 77 Not Provided 21.11.2012


CA Cheuvreux MICHAEL BEUCHER outperform 5 M 85 Not Provided 27.07.2012

Redburn Partners NEIL STEER sell 1 M #N/A N/A Not Provided 15.07.2011

Holdings By:

Dassault Systemes SA ee


27.02.2013

DE Master Blenders 1753 NV is a Dutch holding that owns international

coffee and tea businesses. The Company is a pure-play coffee and tea company

that offers an extensive range of coffee and tea products that are sold in

retail and out of home markets across Europe, Brazil, Australia and Thailand.


LTM as of: 01/yy

52-Week High (03.07.2012) 10.78

52-Week Low (12.06.2012) 7.75

Daily Volume

9.005


52-Week Low % Change 16.19% Beta -



5'356.71 1 Yr Total Return -


Preferred Stock 0.0 Adjusted BETA -





DE NA EQUITY YTD Change - Average Volume 30 Day 1'004'879

DE NA EQUITY YTD % CHANGE - Average Volume 3 Month 949'761


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2

- 2'234.5 2'315.5 2'593.3 2'795.0 - - 2'803.4 2'946.3 - -

- - - - 2.02x - - 1.97x 1.79x - -

- 431.2 430.7 417.2 215.6 - - 477.7 536.6 - -

- - - - 26.15x - - 11.76x 10.47x - -

- 338.5 240.0 263.2 132.2 - - 287.0 322.3 - -

- - - - 40.50x - - 18.96x 16.74x - -











EBITDA Margin 8.7%



Asset Turnover 0.78







Fiscal Year Ended

DE Master Blenders 1753 NVPrice/Volume

Valuation Analysis

2'115'709.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

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3'!' 9

4'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'0!'4!.''6 '0!'-!.'-' '0!'4!.'-' '0!'-!.'-- '0!'4!.'-- '0!'-!.'-. '0!'4!.'-. '0!'-!.'-0



27.02.2013


DONATA HOLDINGS SE n/a Research 89'532'998 15.05 17'017'426 17.10.2012 Corporation

MORGAN STANLEY n/a ULT-AGG 44'085'067 7.41 1'345'883 31.12.2012 Investment Advisor


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 12'185'768 2.05 (2'788'593) 31.01.2013 Investment Advisor



TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 4'742'332 0.8 123'082 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 4'109'500 0.69 (1'068'221) 28.09.2012 Unclassified

JENNISON ASSOCIATES Multiple Portfolios MF-AGG 3'279'707 0.55 - 31.12.2012 Investment Advisor


PIONEER INVESTMENT M Multiple Portfolios MF-AGG 2'714'638 0.46 - 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'478'391 0.42 6'000 31.12.2012 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 2'421'640 0.41 153'800 31.01.2013 Investment Advisor


LOOMIS SAYLES & COMP Multiple Portfolios MF-AGG 1'198'049 0.2 133'944 31.12.2012 Investment Advisor

GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 1'055'000 0.18 990'000 31.10.2012 Investment Advisor

SADOFF INVESTMENT MA SADOFF INVESTMENT MA 13F 1'032'350 0.17 (26'000) 31.12.2012 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'025'115 0.17 - 31.12.2012 Mutual Fund Manager


UNION INVESTMENT GMB Multiple Portfolios MF-AGG 863'560 0.15 863'560 28.09.2012 Investment Advisor


KBC Securities PASCALE WEBER hold 3 M 9 Not Provided 27.02.2013

SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 8 12 month 27.02.2013

Nomura DAVID HAYES buy 5 M 10 12 month 27.02.2013

ING Bank MARCO GULPERS buy 5 M 11 12 month 27.02.2013

ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 8 Not Provided 27.02.2013

Rabobank International KAREL ZOETE buy 5 M 11 12 month 21.02.2013

Petercam FERNAND DE BOER reduce 2 M 10 Not Provided 19.02.2013

JPMorgan CELINE PANNUTI overweight 5 M 11 9 month 13.02.2013

Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 9 12 month 11.02.2013

Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 10 12 month 29.01.2013

Liberum Capital Ltd PABLO ZUANIC hold 3 M 10 Not Provided 25.01.2013

Deutsche Bank JAMES ISENWATER hold 3 D 10 12 month 21.01.2013

Theodoor Gilissen Securities TOM MULLER hold 3 M 9 Not Provided 15.01.2013

Exane BNP Paribas JEFF STENT underperform 1 M 8 Not Provided 07.01.2013

Kempen & Co ERWIN DUT hold 3 M 9 12 month 05.01.2013

HSBC FLORENCE DOHAN overweight 5 M 11 Not Provided 31.10.2012

Spin-Off Research TEAM COVERAGE hold 3 M 9 Not Provided 25.10.2012

Kepler Capital Markets JON COX buy 5 M 10 Not Provided 23.10.2012

Redburn Partners JEREMY FIALKO sell 1 N #N/A N/A Not Provided 10.07.2012

Holdings By:

DE Master Blenders 1753 NV ee


27.02.2013

Delhaize Group operates supermarkets, drugstores, discount stores, and

health and beauty shops throughout Belgium and abroad. The stores operate under

the names Food Lion, MegaImage, AB Mega, Delvita, Tom & Company, SuperIndo, Le

Lion, A.D. Delhaize, Superettes Delhaize, Di, Caddy-Home, P.G., Alfa-Beta, Super

Discount Markets, Kash N' Karry, Hannaford, Shop N' Go, and Proxy Delhaize.


LTM as of: 09/yy

52-Week High (02.03.2012) 41.76

52-Week Low (13.06.2012) 25.59

Daily Volume

36.5





3'720.13 1 Yr Total Return -5.49%







DELB BB EQUITY YTD Change - Average Volume 30 Day 636'093

DELB BB EQUITY YTD % CHANGE - Average Volume 3 Month 590'434


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 03/13 Q1 06/13 Q2

18'957.2 19'024.0 19'938.0 20'850.0 21'119.0 20'722.0 22'628.0 22'759.7 23'112.1 5'632.0 5'762.5

0.45x 0.37x 0.38x 0.36x 0.34x 1.41x 1.10x 0.27x 0.25x - -

1'410.9 1'377.0 1'454.0 1'596.0 1'395.0 1'520.0 1'321.0 1'379.2 1'424.4 343.0 335.0

5.98x 5.11x 5.24x 4.71x 5.08x 4.77x 4.25x 4.56x 4.41x 4.42x 4.38x

410.1 467.0 514.0 574.0 475.0 566.0 365.0 391.3 415.0 88.7 80.8

15.20x 9.29x 10.58x 9.63x 9.22x 7.81x 8.30x 8.77x 8.85x 9.63x 9.43x











EBITDA Margin 5.8%



Asset Turnover 1.89







Fiscal Year Ended

Delhaize Group SAPrice/Volume

Valuation Analysis

229'951.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'12

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

16'000.0

17'000.0

18'000.0

19'000.0

20'000.0

21'000.0

22'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


CITIBANK NA n/a Co File 10'682'499 10.48 - 15.03.2012 Bank

BLACKROCK n/a ULT-AGG 5'446'596 5.34 853 25.02.2013 Investment Advisor


REBELCO SA n/a Co File 4'050'000 3.97 - 15.03.2012 Other

MAVERICK CAPITAL LTD n/a Short (2'221'889) -2.18 (91'729) 25.02.2013 Hedge Fund Manager

UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 2'124'185 2.08 156'662 31.01.2013 Investment Advisor


AKO CAPITAL LLP n/a Short (1'823'036) -1.79 62'512 02.01.2012 Investment Advisor

PENNANT CAPITAL MANA n/a Short (1'447'285) -1.42 (357'038) 09.01.2013 Hedge Fund Manager

ROBLE SL n/a Short (1'274'019) -1.25 - 06.12.2012 Other

COATUE MANAGEMENT LL n/a Short (1'253'634) -1.23 (122'306) 25.02.2013 Hedge Fund Manager

DELHAIZE GROUP n/a Co File 1'183'948 1.16 - 31.12.2011 Corporation

TIGER CONSUMER MANAG n/a Short (1'069'868) -1.05 (213'974) 04.12.2012 Hedge Fund Manager

SPARINVEST n/a ULT-AGG 964'984 0.95 - 31.01.2013 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 520'056 0.51 315 31.12.2012 Investment Advisor

SHEFFIELD ASSET MANA n/a Short (519'800) -0.51 - 02.01.2013 Hedge Fund Manager





Credit Suisse XAVIER LE MENE underperform 1 M 26 Not Provided 26.02.2013

AlphaValue VIRGINIE BLIN buy 5 M 59 6 month 21.02.2013

JPMorgan JAIME VAZQUEZ neutral 3 N 38 12 month 18.02.2013

Barclays NICOLAS CHAMP equalweight 3 M 35 Not Provided 14.02.2013


Nomura NICK COULTER neutral 3 U 36 Not Provided 01.02.2013

Exane BNP Paribas ANDREW GWYNN neutral 3 M 33 Not Provided 29.01.2013


Oddo & Cie LAURENCE HOFMANN neutral 3 M 36 12 month 28.01.2013

Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 36 12 month 23.01.2013

ING Bank MARCO GULPERS sell 1 M 29 12 month 21.01.2013

ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 36 12 month 21.01.2013


Raymond James CEDRIC LECASBLE outperform 5 M 40 Not Provided 18.01.2013

Aurel - BGC JEAN-MARIE L'HOME buy 5 M 39 6 month 18.01.2013

KBC Securities PASCALE WEBER buy 5 M 40 Not Provided 18.01.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 18.01.2013

Natixis ANTOINE PARISON neutral 3 M 36 Not Provided 18.01.2013

HSBC JEROME SAMUEL neutral 3 M 35 Not Provided 17.01.2013

Bank Degroof(ESN) MARC LEEMANS buy 5 M 39 12 month 17.01.2013

Petercam FERNAND DE BOER hold 3 M 37 Not Provided 17.01.2013

National Bank AG STEFFEN MANSKE buy 5 M 40 Not Provided 17.01.2013

Rabobank International PATRICK ROQUAS hold 3 M 31 Not Provided 17.01.2013


Hammer Partners SA STEPHAN SEIP buy 5 M 42 Not Provided 17.01.2013

Kempen & Co ERWIN DUT hold 3 M 32 12 month 05.01.2013

Macquarie SREEDHAR MAHAMKALI neutral 3 M 29 12 month 24.09.2012

Kepler Capital Markets FABIENNE CARON reduce 2 M 31 Not Provided 23.08.2012

Main First Bank AG RICKIN THAKRAR neutral 3 M 30 12 month 22.08.2012

CA Cheuvreux ARNAUD JOLY outperform 5 M 39 Not Provided 10.05.2012

Redburn Partners MARC DE SPEVILLE neutral 3 D #N/A N/A Not Provided 01.07.2011

Holdings By:

Delhaize Group SA ee


27.02.2013

Derwent London Plc is a real estate investment trust (REIT) with a focus on the

central London commmercial, residential and office development market.


LTM as of: 01/yy

52-Week High (08.01.2013) 2'219.00

52-Week Low (06.03.2012) 1'661.00

Daily Volume

2135





2'178.00 1 Yr Total Return 26.16%







DLN LN EQUITY YTD Change - Average Volume 30 Day 128'095

DLN LN EQUITY YTD % CHANGE - Average Volume 3 Month 124'169


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 - -

111.7 119.0 123.8 119.4 125.5 - - 120.3 127.6 - -

20.29x 13.71x 16.88x 20.92x 19.94x - - 25.77x 24.86x - -

84.3 77.2 - - - - - 93.3 99.4 - -

26.89x 21.14x - - - - - 33.24x 31.21x - -

97.0 (586.4) (26.8) 343.6 228.3 - - 50.8 55.3 - -

14.06x - - 4.60x 6.93x - - 42.19x 39.68x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Derwent London PLCPrice/Volume

Valuation Analysis

48'401.00


'

2''

-'''

-2''

.'''

.2''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


WITHERS TRUST CORP n/a Co File 6'217'444 6.09 - 01.03.2012 n/a


LORD RAYNE'S WILL TR n/a Co File 5'548'731 5.44 - 01.03.2012 n/a

COHEN & STEERS CAPIT Multiple Portfolios REG 5'240'658 5.14 (46'870) 01.02.2013 Investment Advisor



RAYNE ROBERT ANTHONY n/a RNS-DIR 4'409'295 4.32 - 13.06.2012 n/a


EUROPEAN INVESTORS I Multiple Portfolios REG 3'691'844 3.62 - 01.02.2013 Investment Advisor

RAYNE LADY n/a Co File 3'593'838 3.52 - 01.03.2012 n/a




THE RAYNE FAMILY Multiple Portfolios REG 2'512'372 2.46 - 01.02.2013 Unclassified





ING INV MANAGEMENT E Multiple Portfolios REG 1'845'598 1.81 (16'500) 01.02.2013 Investment Advisor



Numis Securities Ltd CHRISTOPHER SPEARING add 4 M 2'110 Not Provided 27.02.2013

Jefferies ROBERT DUNCAN hold 3 M 1'961 12 month 25.02.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 12.02.2013

Exane BNP Paribas NICK WEBB neutral 3 M 2'120 Not Provided 01.02.2013

Peel Hunt KEITH CRAWFORD hold 3 M 2'200 Not Provided 29.01.2013

Investec ALAN CARTER add 4 U 2'275 12 month 21.01.2013

Kempen & Co RYAN PALECEK neutral 3 U 2'250 12 month 14.01.2013

JPMorgan TIM LECKIE neutral 3 D 2'350 9 month 09.01.2013

Panmure Gordon & Co Limited MARK HUGHES hold 3 M 1'858 Not Provided 04.01.2013

Societe Generale MARC MOZZI sell 1 M 2'010 12 month 24.12.2012

Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 2'009 Not Provided 18.12.2012

Oriel Securities Ltd MIRANDA COCKBURN hold 3 M #N/A N/A Not Provided 15.11.2012

Deutsche Bank MARTIN ALLEN buy 5 M 2'690 12 month 13.11.2012

Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 2'000 12 month 04.10.2012

Credit Suisse STEVE BRAMLEY-JACKSON neutral 3 M 1'991 Not Provided 26.09.2012

Barclays JULIAN CAMPBELL-WOOD overweight 5 M 2'380 Not Provided 13.09.2012

Morgan Stanley CHRISTOPHER FREMANTLE Equalwt/Attractive 3 M 2'050 12 month 29.08.2012

JPMorgan HARM M MEIJER neutral 3 M 2'000 9 month 22.08.2012

Liberum Capital Ltd CONOR FINN hold 3 M 1'827 Not Provided 18.04.2012

Edge Capital Research GEORGE ANGELOV outperform 5 N 2'034 12 month 07.04.2011

Holdings By:

Derwent London PLC ee


27.02.2013

Deutsche Lufthansa AG provides passenger and cargo air transportation services

worldwide. The Company offers flight and connection programs in cooperation

with Star Alliance airline partners from North America, Scandinavia, and Asia.

Lufthansa also provides travel agency, catering, and aircraft maintenance

services.


LTM as of: 09/yy

52-Week High (19.02.2013) 16.09

52-Week Low (12.06.2012) 7.88

Daily Volume

14.895





6'850.91 1 Yr Total Return 50.52%







LHA GY EQUITY YTD Change - Average Volume 30 Day 3'349'776

LHA GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'034'072


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 Q1

22'420.0 24'842.0 22'283.0 26'459.0 28'734.0 27'776.0 29'417.0 30'092.0 31'043.9 7'354.8 -

0.36x 0.22x 0.36x 0.36x 0.24x 1.19x 0.95x 0.32x 0.31x - -

2'776.0 2'810.0 1'696.0 2'928.0 2'817.0 2'992.0 2'954.0 2'411.9 2'893.4 - -

2.95x 1.97x 4.68x 3.25x 2.43x 2.14x 2.42x 3.78x 3.16x - -

1'655.0 542.0 (34.0) 1'131.0 (13.0) 895.0 173.0 237.4 528.0 (6.3) -

7.25x 9.48x - 5.84x 15.57x 3.78x 11.53x 28.63x 13.05x - -











EBITDA Margin 10.0%



Asset Turnover 1.01







Fiscal Year Ended

Deutsche Lufthansa AGPrice/Volume

Valuation Analysis

1'756'727.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013



FRANKLIN RESOURCES n/a ULT-AGG 26'130'574 5.68 218'830 31.12.2012 Investment Advisor

GLEISS LUTZ HOOTZ HI n/a Research 14'234'585 3.09 - 01.11.2012 n/a


MACKENZIE FINANCIAL n/a Research 13'782'984 3 - 14.08.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 11'747'282 2.55 246'736 28.12.2012 Mutual Fund Manager




DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'948'900 0.42 (949'900) 28.09.2012 Mutual Fund Manager

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'534'116 0.33 (5'091'480) 30.11.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'526'150 0.33 - 28.12.2012 Mutual Fund Manager

PRUDENTIAL FINANCIAL n/a ULT-AGG 1'336'639 0.29 43'333 31.12.2012 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 1'323'657 0.29 144'952 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 1'254'019 0.27 (160'664) 26.02.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'162'260 0.25 (480'587) 28.09.2012 Investment Advisor

MASON STREET ADVISOR Multiple Portfolios MF-AGG 898'420 0.2 10'640 31.12.2012 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 839'000 0.18 50'000 31.10.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 797'631 0.17 - 31.10.2012 Unclassified

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 760'000 0.17 (520'500) 31.12.2012 Investment Advisor



Bankhaus Lampe SEBASTIAN HEIN hold 3 M 15 Not Provided 21.02.2013

DZ Bank AG ROBERT CZERWENSKY buy 5 M 18 12 month 21.02.2013

AlphaValue HANS-PETER WODNIOK sell 1 M 11 6 month 21.02.2013

Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 18 6 month 20.02.2013

Nord/LB FRANK SCHWOPE buy 5 M 18 12 month 20.02.2013

RBC Capital Markets DAMIAN BREWER sector perform 3 M 16 12 month 20.02.2013

HSBC ANDREW DAVID LOBBENBERG overweight 5 M 20 Not Provided 20.02.2013

Independent Research GmbH ZAFER RUZGAR sell 1 M 13 12 month 20.02.2013

Goodbody Stockbrokers Ltd DONAL O'NEILL buy 5 M 18 12 month 20.02.2013

National Bank AG MANFRED JAISFELD hold 3 M 15 Not Provided 20.02.2013

Oddo & Cie YAN DEROCLES neutral 3 M 17 Not Provided 20.02.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 16 12 month 20.02.2013

Nomura ANDREW EVANS buy 5 M 19 12 month 20.02.2013

Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER reduce 2 M 10 12 month 20.02.2013

Deutsche Bank MICHAEL KUHN buy 5 U 19 12 month 18.02.2013

Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 16 12 month 12.02.2013


Credit Suisse NEIL GLYNN outperform 5 M 18 Not Provided 21.01.2013


CA Cheuvreux BEAT KEISER outperform 5 M 14 Not Provided 14.01.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 15 Not Provided 11.01.2013

Natixis SARAH EMSELLEM buy 5 M 16 Not Provided 11.01.2013


Macquarie SAM DOBSON outperform 5 U 17 12 month 17.12.2012

Main First Bank AG LOIC SABATIER outperform 5 M 15 12 month 03.12.2012

Espirito Santo Investment Bank ResearchGERALD KHOO buy 5 U 19 Not Provided 26.11.2012

Barclays DAVID E FINTZEN equalweight 3 M 12 Not Provided 22.11.2012

Davy STEPHEN FURLONG neutral 3 M #N/A N/A Not Provided 19.11.2012

Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 07.11.2012

JPMorgan DAVID PITURA overweight 5 M 14 9 month 01.11.2012

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 13 12 month 01.11.2012

Redburn Partners TIM MARSHALL buy 5 M #N/A N/A Not Provided 01.11.2012

Silvia Quandt Research STEFAN KICK buy 5 M 12 12 month 31.10.2012

Liberum Capital Ltd PETER HYDE buy 5 M 15 Not Provided 31.10.2012


Kepler Capital Markets RUXANDRA HARADAU-DOESER reduce 2 M 8 Not Provided 07.03.2012

Societe Generale JONATHAN WOBER hold 3 M 9 12 month 17.02.2012

Investec ANDREW FITCHIE hold 3 N 17 12 month 22.11.2010

Equita SIM SpA FABIO FAZZARI not rated #N/A N/A M #N/A N/A Not Provided 15.09.2010

Steubing AG TEAM COVERAGE buy 5 M #N/A N/A Not Provided 04.01.2010

Holdings By:

Deutsche Lufthansa AG ee


27.02.2013

Distribuidora Internacional de Alimentacion SA was founded in 1966. The Company

distributes canned, dry, and food products.


LTM as of: 12/yy

52-Week High (21.02.2013) 6.15

52-Week Low (23.04.2012) 3.32

Daily Volume

5.837





3'965.28 1 Yr Total Return 70.33%







DIA SQ EQUITY YTD Change - Average Volume 30 Day 3'591'870

DIA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 3'760'140


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

9'239.8 9'226.6 9'588.0 9'728.5 10'124.3 4'942.7 10'124.3 10'854.3 11'609.4 - -

- - - 0.32x 0.39x 1.18x 1.37x 0.41x 0.37x - -

382.3 446.7 470.7 507.5 586.9 330.5 604.6 650.6 700.9 - -

- - - 6.05x 6.68x 0.00x 6.48x 7.25x 6.73x - -

82.1 124.0 122.1 98.5 157.9 91.7 158.0 211.8 249.6 - -

- - - 22.92x 19.27x 0.00x 19.28x 18.21x 15.46x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 3.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Distribuidora Internacional de Alimentacion SAPrice/Volume

Valuation Analysis

3'160'801.00


'

-

.

0

1

2

3

4

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

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



27.02.2013


BLUE CAPITAL SARL n/a Co File 64'047'813 9.43 - 31.12.2012 Other

AMUNDI n/a EXCH 20'699'676 3.05 (95'019) 20.04.2012 Investment Advisor

BAILLIE GIFFORD AND n/a Co File 20'402'234 3 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 20'393'467 3 - 25.02.2013 Investment Advisor

DISTRIBUIDORA INTL D n/a Co File 20'178'722 2.97 - 31.12.2012 Corporation


SOCIETE GENERALE n/a Co File 13'586'720 2 - 31.12.2012 Bank

SKAGEN AS Multiple Portfolios MF-AGG 12'266'933 1.81 - 31.01.2013 Mutual Fund Manager

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 8'371'976 1.23 (327'864) 29.06.2012 Investment Advisor



MANNING & NAPIER ADV Multiple Portfolios MF-AGG 5'210'625 0.77 (313'102) 31.12.2012 Investment Advisor


INVESCO LTD Multiple Portfolios MF-AGG 3'800'956 0.56 3'663'020 26.02.2013 Investment Advisor

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 3'388'465 0.5 - 29.06.2012 Investment Advisor



AGICAM Multiple Portfolios MF-AGG 2'636'482 0.39 (380'000) 30.04.2012 Mutual Fund Manager

GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 2'219'470 0.33 (1'823'515) 28.09.2012 Investment Advisor

FEDERAL GESTION Multiple Portfolios MF-AGG 2'176'000 0.32 - 30.11.2012 Investment Advisor


Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 7 12 month 27.02.2013

CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS underperform 1 M 6 Not Provided 27.02.2013

Raymond James CEDRIC LECASBLE market perform 3 D #N/A N/A Not Provided 26.02.2013

Grupo Santander TIM ATTENBOROUGH buy 5 M 7 Not Provided 25.02.2013

BPI JOSE RITO neutral 3 D 6 Not Provided 25.02.2013

La Caixa ANTONIO JOSE CASTELL NEYRA overweight 5 D 7 Not Provided 22.02.2013

Bankia Bolsa (ESN) SERGIO RUIZ MARTIN hold 3 D 6 12 month 22.02.2013

Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 6 Not Provided 22.02.2013

Natixis PIERRE-EDOUARD BOUDOT neutral 3 M 6 Not Provided 22.02.2013

Nomura NICK COULTER neutral 3 M 5 12 month 22.02.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 U 7 6 month 22.02.2013

Exane BNP Paribas JOHN KERSHAW outperform 5 M 6 Not Provided 22.02.2013

Hammer Partners SA STEPHAN SEIP hold 3 D 6 Not Provided 22.02.2013

Credit Suisse XAVIER LE MENE underperform 1 M 3 Not Provided 21.02.2013

JPMorgan JAIME VAZQUEZ overweight 5 M 6 12 month 21.02.2013


Banco Sabadell MARTA DIAZ buy 5 M 7 12 month 21.02.2013

Oddo & Cie LAURENCE HOFMANN buy 5 M 6 Not Provided 21.02.2013

Ahorro Corporacion Financiera SA ARANCHA PINEIRO buy 5 M 5 Not Provided 21.02.2013

Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO overweight 5 M 6 12 month 21.02.2013

Barclays JAMES ANSTEAD overweight 5 M 6 Not Provided 21.02.2013

Kepler Capital Markets FABIENNE CARON buy 5 M 6 Not Provided 08.02.2013


Interdin Bolsa SOFIA REBUELTA VILLEGAS buy 5 M 5 Not Provided 27.12.2012

HSBC JEROME SAMUEL neutral 3 M 5 Not Provided 05.12.2012

Link Securities PAULA SAMPEDRO buy 5 M 6 Not Provided 26.11.2012

Macquarie SREEDHAR MAHAMKALI outperform 5 M 5 12 month 21.09.2012

BBVA ISABEL CARBALLO outperform 5 M 4 Not Provided 10.07.2012

Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ overweight 5 M 4 12 month 29.02.2012

Holdings By:

Distribuidora Internacional de Alimentacion SA ee


27.02.2013

Drax Group PLC generates electricity. The Company owns a coal-fired generating

plant in the United Kingdom.


LTM as of: 01/yy

52-Week High (20.02.2013) 660.50

52-Week Low (25.07.2012) 390.00

Daily Volume

614





2'465.76 1 Yr Total Return 26.06%







DRX LN EQUITY YTD Change - Average Volume 30 Day 652'030

DRX LN EQUITY YTD % CHANGE - Average Volume 3 Month 551'856


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'752.8 1'475.8 1'648.4 1'835.9 1'779.8 - - 1'842.6 2'102.6 - -

1.22x 1.06x 0.69x 0.96x 1.05x - - 1.31x 1.21x - -

454.0 354.9 390.6 333.6 298.4 - - 206.9 235.4 - -

4.71x 4.42x 2.92x 5.29x 6.29x - - 10.41x 9.15x - -

332.9 110.9 188.4 464.6 163.8 - - 99.0 107.8 - -

5.72x 13.19x 7.13x 4.28x 12.36x - - 23.98x 21.70x - -











EBITDA Margin 16.8%



Asset Turnover 0.83








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Drax Group PLCPrice/Volume

Valuation Analysis

612'663.00


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200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

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27.02.2013


INVESCO LTD Multiple Portfolios REG 118'185'376 29.43 10'656'491 01.12.2012 Investment Advisor





SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'358'053 4.57 3'279'722 31.12.2012 Investment Advisor

KAMES CAPITAL PLC n/a RNS-MAJ 11'970'105 2.98 - 04.02.2013 Investment Advisor

ORBIS INVESTMENT MAN Multiple Portfolios REG 11'251'131 2.8 (1'315'962) 01.12.2012 Investment Advisor

AEGON n/a ULT-AGG 11'174'307 2.78 - 01.12.2012 Unclassified

ACADIAN ASSET MANAGE Multiple Portfolios REG 11'118'541 2.77 (1'683'295) 01.12.2012 Investment Advisor



NORGES BANK INVESTME Multiple Portfolios REG 8'950'334 2.23 590'055 01.12.2012 Government


SARASIN n/a ULT-AGG 8'078'066 2.01 1'125'683 28.12.2012 Unclassified

ARTEMIS INVESTMENT M Multiple Portfolios REG 7'960'167 1.98 7'762'511 01.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios REG 6'746'364 1.68 5'163'999 01.12.2012 Investment Advisor


LIONTRUST n/a ULT-AGG 5'889'180 1.47 (57'188) 31.12.2012 Unclassified



RBC Capital Markets JOHN MUSK outperform 5 M 770 12 month 26.02.2013

S&P Capital IQ CLIVE ROBERTS sell 1 M 531 12 month 26.02.2013

AlphaValue MYRIAM COHEN sell 1 M 574 6 month 22.02.2013

Societe Generale ASHLEY THOMAS sell 1 D 600 12 month 21.02.2013

Goldman Sachs ANDREW MEAD sell/attractive 1 D 669 12 month 21.02.2013

Barclays PETER BISZTYGA overweight 5 M 750 Not Provided 20.02.2013

Exane BNP Paribas IAIN TURNER outperform 5 M 630 Not Provided 19.02.2013

Credit Suisse MARK FRESHNEY neutral 3 M 570 Not Provided 25.01.2013

Liberum Capital Ltd GUILLAUME REDGWELL buy 5 M 675 Not Provided 25.01.2013


Deutsche Bank JAMES BRAND buy 5 M 630 12 month 07.01.2013

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 625 12 month 25.10.2012

HSBC VERITY MITCHELL neutral 3 M 540 Not Provided 25.10.2012

Nomura JONATHAN CONSTABLE neutral 3 M 470 12 month 25.10.2012

Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 16.10.2012

JPMorgan EDMUND REID underweight 1 M 405 Not Provided 26.07.2012

Holdings By:

Drax Group PLC ee


27.02.2013

DS Smith Plc is an International paper company focused on packaging and office

products. The Group collects waste paper, manufactures paper, converts

corrugated packaging and produces bag-in-box, plastic corrugated and heavy duty

corrugated packaging, as well as wholesales office supplies.


LTM as of: 01/yy

52-Week High (20.02.2013) 245.80

52-Week Low (14.06.2012) 131.70

Daily Volume

237.8





2'204.63 1 Yr Total Return 42.04%







SMDS LN EQUITY YTD Change - Average Volume 30 Day 2'224'545

SMDS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'202'995


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y - -

1'967.5 2'106.6 2'070.6 1'759.3 1'969.4 - - 3'663.6 4'181.0 - -

0.29x 0.28x 0.36x 0.72x 0.57x - - 0.83x 0.70x - -

180.5 162.7 163.6 188.7 197.8 - - 391.0 460.6 - -

3.13x 3.61x 4.51x 6.71x 5.71x - - 7.77x 6.60x - -

76.6 (11.8) 37.9 70.1 75.3 - - 137.6 192.7 - -

6.67x - 13.95x 25.22x 139.83x - - 14.59x 11.32x - -











EBITDA Margin 9.4%



Asset Turnover 0.95







Fiscal Year Ended

DS Smith PLCPrice/Volume

Valuation Analysis

532'969.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

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27.02.2013


STANDARD LIFE INVEST Multiple Portfolios REG 131'546'122 14.19 1'035'055 01.12.2012 Investment Advisor


LLOYDS BANKING GROUP n/a ULT-AGG 65'437'356 7.06 (9'987'439) 31.01.2013 Investment Advisor


SCHRODERS PLC n/a Co File 45'445'598 4.9 - 22.06.2012 Investment Advisor

SPARINVEST n/a ULT-AGG 42'865'997 4.62 9'819'387 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a Co File 38'453'324 4.15 - 22.06.2012 Investment Advisor


OLD MUTUAL n/a ULT-AGG 34'313'975 3.7 (195'989) 31.12.2012 Unclassified

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 30'563'424 3.3 116'836 31.10.2012 Investment Advisor

IGNIS INVESTMENT SER n/a RNS-MAJ 27'467'220 2.96 14'194'764 09.05.2012 Investment Advisor

CO-OPERATIVE INSURAN Multiple Portfolios REG 25'625'786 2.76 1'150'000 01.12.2012 Insurance Company

ROYAL LONDON ASSET M Multiple Portfolios REG 23'091'919 2.49 (1'270'324) 01.12.2012 Investment Advisor



JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 19'982'566 2.16 (4'979'033) 31.10.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios REG 18'084'753 1.95 (973'658) 01.12.2012 Investment Advisor


BT PENSION SCHEME n/a RNS-MAJ 16'633'799 1.79 (119'736) 22.02.2012 Pension Fund (ERISA)

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 15'490'111 1.67 (250'000) 30.11.2012 Investment Advisor


Investec THOMAS RANDS buy 5 M 310 12 month 25.02.2013

Oriel Securities Ltd HECTOR FORSYTHE buy 5 M 270 Not Provided 06.02.2013

Numis Securities Ltd MIKE MURPHY buy 5 M 258 Not Provided 31.01.2013

Goodbody Stockbrokers Ltd DAVID O'BRIEN buy 5 M 250 12 month 30.01.2013

Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 280 6 month 22.01.2013


JPMorgan ALEXANDER MEES overweight 5 M 256 9 month 06.12.2012

Davy BARRY DIXON underperform 1 M #N/A N/A Not Provided 20.09.2012

Northland Capital Partners Ltd ANDY HANSON not rated #N/A N/A M #N/A N/A Not Provided 27.10.2010

Holdings By:

DS Smith PLC ee


27.02.2013

DSV A/S is the parent company for a group of companies that offer transport

and logistics. The Group provides truck, ship, and plane transport services,

as well as warehousing and logistic services. DSV operates in Europe, North

America, and the Far East.


LTM as of: 12/yy

52-Week High (03.01.2013) 149.00

52-Week Low (14.06.2012) 107.50

Daily Volume

140.6





26'432.80 1 Yr Total Return 13.10%







DSV DC EQUITY YTD Change - Average Volume 30 Day 629'470

DSV DC EQUITY YTD % CHANGE - Average Volume 3 Month 542'305


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

37'435.0 36'085.0 42'562.0 43'710.0 44'912.0 43'710.0 44'912.0 46'574.6 48'719.7 11'246.0 11'786.6

0.53x 0.74x 0.74x 0.59x 0.72x 2.66x 2.68x 0.69x 0.64x - -

2'338.0 2'239.0 2'725.0 2'981.0 3'074.0 2'981.0 3'077.0 3'235.3 3'435.2 730.3 853.3

8.52x 11.85x 11.51x 8.63x 10.59x 8.63x 10.58x 10.21x 9.61x 10.15x -

1'227.0 185.0 1'184.0 1'440.0 1'427.0 1'440.0 1'427.0 1'763.2 1'905.0 370.7 490.3

8.48x 101.47x 21.70x 14.04x 18.65x 14.37x 18.74x 14.10x 12.51x 14.02x -











EBITDA Margin 6.9%



Asset Turnover 1.97







Fiscal Year Ended

DSV A/SPrice/Volume

Valuation Analysis

213'527.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

'!''

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27.02.2013


LONE PINE CAPITAL LL n/a Co File 10'260'000 5.46 - 31.12.2011 Hedge Fund Manager


DSV A/S n/a Co File 4'355'760 2.32 - 31.12.2011 Corporation


DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'919'238 1.55 (286'042) 31.01.2013 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'792'593 0.95 (46'350) 31.12.2012 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1'741'671 0.93 250'162 29.06.2012 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 1'263'812 0.67 1'263'812 30.11.2012 Investment Advisor



SCOTTISH WIDOWS n/a ULT-AGG 619'313 0.33 - 31.10.2012 Unclassified

ALLIANCE BERNSTEIN n/a ULT-AGG 597'532 0.32 - 31.12.2012 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 540'839 0.29 76'907 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 400'120 0.21 - 31.01.2013 Investment Advisor

SEB n/a ULT-AGG 352'722 0.19 (7'531) 31.12.2012 Unclassified


PEDERSEN ERIK B n/a Co File 300'000 0.16 - 31.12.2011 n/a


FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 250'686 0.13 - 31.12.2010 Mutual Fund Manager


Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 181 12 month 25.02.2013

Berenberg Bank WILLIAM FOGGON buy 5 M 162 Not Provided 22.02.2013

RBC Capital Markets DAMIAN BREWER outperform 5 M 160 12 month 21.02.2013

Credit Suisse NEIL GLYNN neutral 3 M 137 Not Provided 21.02.2013

HSBC JULIA WINARSO overweight 5 M 165 Not Provided 21.02.2013

Macquarie ROBERT JOYNSON neutral 3 M 141 12 month 21.02.2013

SEB Enskilda MIKKEL M NIELSEN hold 3 M 149 Not Provided 21.02.2013

Nordea Equity Research FINN BJARKE PETERSEN buy 5 M 160 12 month 21.02.2013

Handelsbanken DAN TOGO JENSEN accumulate 4 M 160 12 month 21.02.2013

Danske Markets ERIK BERGOO buy 5 M 155 12 month 21.02.2013

Alm Brand Markets JESPER CHRISTENSEN sell 1 M 140 Not Provided 20.02.2013

ABG Sundal Collier LARS HEINDORFF buy 5 M 175 6 month 20.02.2013


Nomura MARK MCVICAR buy 5 M 195 12 month 19.02.2013

Carnegie LARS TOPHOLM buy 5 M #N/A N/A Not Provided 30.01.2013


Davy STEPHEN FURLONG neutral 3 D #N/A N/A Not Provided 25.01.2013

Jyske Bank FRANS HOYER buy 5 M 175 Not Provided 16.01.2013


Barclays DAVID E FINTZEN overweight 5 M 160 Not Provided 09.01.2013



NYKREDIT RICKY S RASMUSSEN outperform 5 M #N/A N/A Not Provided 26.10.2012

Main First Bank AG TOBIAS SITTIG outperform 5 M 150 12 month 23.10.2012

Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 150 12 month 10.09.2012

Sydbank JACOB PEDERSEN overweight 5 M #N/A N/A Not Provided 29.04.2011

Holdings By:

DSV A/S ee


27.02.2013

Edenred offers prepaid vouchers for products and services. The Company's

vouchers for restaurant meals, childcare, and other products and services are

used to reward employees and loyal customers.


LTM as of: 01/yy

52-Week High (26.02.2013) 26.70

52-Week Low (06.03.2012) 19.26

Daily Volume

26.495





5'985.15 1 Yr Total Return 36.77%







EDEN FP EQUITY YTD Change - Average Volume 30 Day 297'205

EDEN FP EQUITY YTD % CHANGE - Average Volume 3 Month 282'199


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 - -

946.0 902.0 965.0 1'032.0 1'067.0 - - 1'153.8 1'258.1 - -

- - 4.20x 4.09x 4.87x - - 5.05x 4.49x - -

405.0 366.0 362.0 386.0 401.0 - - 437.4 494.7 - -

- - 11.18x 10.92x 12.95x - - 13.58x 12.00x - -

212.0 11.0 97.0 194.0 183.0 - - 232.3 269.9 - -

- - 41.20x 22.12x 28.77x - - 25.95x 22.32x - -






Return on Common Equity -





EBITDA Margin 37.6%

EBIT Margin 34.4% Total Debt/Equity -


Asset Turnover 0.25




Tot Debt to Common Equity - Accounts Payable Turnover Day -




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EdenredPrice/Volume

Valuation Analysis

173'368.00


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0!2 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

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27.02.2013


EURAZEO n/a Research 49'697'428 22 - 31.12.2012 Investment Advisor

MORGAN STANLEY INVES n/a Co File 19'944'400 8.83 - 31.12.2011 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 16'700'534 7.39 (118'862) 31.12.2012 Investment Advisor

INTERNATIONAL S&L AS n/a Co File 14'799'800 6.55 - 31.12.2011 Unclassified



TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 3'575'771 1.58 (74'524) 31.12.2012 Investment Advisor



MEDITOR CAPITAL MANA n/a Short (2'891'487) -1.28 225'897 20.11.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'765'331 0.78 1'514'946 31.12.2012 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'329'813 0.59 (1'472'656) 31.12.2012 Investment Advisor






CARMIGNAC GESTION Multiple Portfolios MF-AGG 782'328 0.35 (82'344) 31.12.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 776'613 0.34 (48'254) 31.12.2012 Mutual Fund Manager



Main First Bank AG MOURAD LAHMIDI outperform 5 U 30 12 month 25.02.2013

AlphaValue BERENICE LACROIX reduce 2 M 27 6 month 21.02.2013

Societe Generale SABRINA BLANC buy 5 M 28 12 month 19.02.2013

BPI HUBERT D'AILLIERES neutral 3 M 26 Not Provided 19.02.2013

Oddo & Cie GUILLAUME RASCOUSSIER neutral 3 M 23 Not Provided 15.02.2013

Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 30 12 month 14.02.2013


CA Cheuvreux THOMAS MESMIN outperform 5 M 25 Not Provided 14.02.2013

Kepler Capital Markets CATHERINE ROLLAND buy 5 M 31 Not Provided 14.02.2013

Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 25 6 month 14.02.2013

Natixis ANDRE JUILLARD buy 5 M 28 Not Provided 14.02.2013

Barclays ED BIRKIN overweight 5 M 25 Not Provided 14.02.2013

Credit Suisse ANDY GROBLER neutral 3 M 27 Not Provided 13.02.2013

CM - CIC Securities(ESN) ANNICK THEVENON accumulate 4 M 25 12 month 13.02.2013

Nomura RICHARD STUBER neutral 3 M 21 12 month 13.02.2013

HSBC LENA THAKKAR neutral 3 M 25 Not Provided 31.01.2013


Morgan Stanley VAUGHAN LEWIS Equalwt/In-Line 3 M 24 12 month 07.01.2013

Deutsche Bank RICHARD CARTER sell 1 M 17 12 month 31.10.2012

Redburn Partners PASCAL HAUTCOEUR buy 5 M #N/A N/A Not Provided 25.10.2012


Aurel - BGC JEAN-MARIE L'HOME suspended coverage #N/A N/A M #N/A N/A Not Provided 20.10.2010

Holdings By:

Edenred ee


27.02.2013

EDP - Energias de Portugal, S.A. generates, supplies and distributes

electricity and the supply of gas in Portugal and Spain. Through subsidiaries,

the Company is involved with electricity distribution, generation and supply in

Brazil, and wind power promotion, construction and operations in Spain,

Portugal, France and Belgium.


LTM as of: 09/yy

52-Week High (18.01.2013) 2.45

52-Week Low (31.05.2012) 1.63

Daily Volume

2.275





8'318.62 1 Yr Total Return 14.14%







EDP PL EQUITY YTD Change - Average Volume 30 Day 6'187'628

EDP PL EQUITY YTD % CHANGE - Average Volume 3 Month 5'662'016


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 Q1

11'010.8 13'671.2 12'198.2 14'170.7 15'120.9 15'094.0 16'048.9 14'932.7 15'273.3 - -

2.63x 1.89x 2.29x 2.00x 1.92x 7.55x 7.14x 1.98x 1.91x - -

2'691.2 3'174.9 3'399.3 3'509.2 3'754.9 3'677.8 3'720.6 3'720.3 3'731.6 973.0 676.5

10.76x 8.14x 8.22x 8.06x 7.72x 7.65x 7.89x 8.04x 8.01x 10.26x 11.30x

907.3 1'091.9 1'023.8 1'078.9 1'124.7 1'128.3 1'095.6 1'053.7 981.3 264.0 282.0

17.88x 9.06x 11.10x 8.30x 7.71x 7.53x 7.14x 7.95x 8.58x 7.04x 6.77x


EBIT 2'267.39 Long-Term Rating BB+









EBITDA Margin 23.2%



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EDP - Energias de Portugal SAPrice/Volume

Valuation Analysis

3'740'652.00


'

-

-

.

.

0

0

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

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0'!' 9

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


CHINA THREE GORGES I n/a Research 780'633'782 21.35 - 01.08.2012 Corporation

IBERDROLA SA n/a Research 248'437'516 6.79 - 01.08.2012 Corporation

LIBERBANK SA n/a Research 183'257'513 5.01 - 01.08.2012 Bank

JOSE DE MELLO SGPS S n/a Research 169'732'151 4.64 - 01.08.2012 Holding Company

SENFORA SARL n/a Research 148'431'999 4.06 - 01.08.2012 Other

BANCO COMERCIAL PORT n/a Research 122'956'051 3.36 - 01.08.2012 Bank

BANCO ESPIRITO SANTO n/a Research 89'708'375 2.45 - 01.08.2012 Bank

SONATRACH GROUP n/a Research 87'007'443 2.38 - 01.08.2012 Corporation

QATAR HOLDINGS LLC n/a Research 82'868'933 2.27 - 01.08.2012 Government



MASSACHUSETTS FINANC n/a EXCH 72'730'123 1.99 (765'338) 31.07.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 72'695'780 1.99 (3'857'488) 04.05.2011 Investment Advisor

NORGES BANK n/a EXCH 71'604'554 1.96 (25'643'334) 12.03.2012 Government

BARCLAYS GLOBAL INVE n/a EXCH 66'548'993 1.82 (8'674'929) 18.05.2012 Bank

JP MORGAN n/a ULT-AGG 53'267'648 1.46 (37'084'494) 31.10.2012 Unclassified

MASEVEU INTERNACIONA n/a EXCH 44'449'524 1.22 558'038 08.01.2013 Corporation


ENERGIAS DE PORTUGAL n/a Research 32'476'701 0.89 - 01.08.2012 Corporation

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 22'080'740 0.6 (942'354) 30.11.2012 Investment Advisor


BPI GONZALO SANCHEZ-BORDONA neutral 3 M 2 Not Provided 25.02.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 2 6 month 18.02.2013

Exane BNP Paribas MANUEL PALOMO underperform 1 M 2 Not Provided 13.02.2013

Goldman Sachs MANUEL LOSA neutral/attractive 3 M 3 12 month 08.02.2013

Societe Generale JORGE ALONSO SUILS hold 3 M 2 12 month 05.02.2013

Berenberg Bank ROBERT CHANTRY buy 5 N 3 Not Provided 05.02.2013

Grupo Santander JOAQUIN FERRER buy 5 M 3 Not Provided 04.02.2013

Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA buy 5 M 3 Not Provided 04.02.2013


Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 2 12 month 07.01.2013


Morgan Stanley CAROLINA DORES Overwt/In-Line 5 M 3 12 month 20.12.2012

Credit Suisse STEFANO BEZZATO outperform 5 N 3 Not Provided 14.12.2012

CA Cheuvreux JOSE PORTA SAUDAN outperform 5 M 3 Not Provided 19.11.2012

Banesto Bolsa SA Sociedad ANTONIO CRUZ overweight 5 M 3 12 month 07.11.2012

BCP Investimento VANDA MESQUITA buy 5 M 3 Not Provided 30.10.2012

Nomura JAVIER SUAREZ reduce 2 M 2 12 month 30.10.2012

BBVA DANIEL ORTEA HERNANDEZ market perform 3 D 3 Not Provided 17.09.2012

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 30.08.2012

Hammer Partners SA CHRIS MOORE sell 1 M 2 Not Provided 20.07.2012

Natixis PHILIPPE OURPATIAN neutral 3 M 2 Not Provided 24.05.2012

Caixa Banco de Investimento(ESN) HELENA BARBOSA suspended coverage #N/A N/A M #N/A N/A Not Provided 09.03.2012

Banif SOFIA CORDEIRO Under Review #N/A N/A M #N/A N/A Not Provided 07.02.2012

JPMorgan JAVIER GARRIDO overweight 5 M 3 Not Provided 27.01.2012

Holdings By:

EDP - Energias de Portugal SA ee


27.02.2013

Elan Corporation plc is a specialty pharmaceutical company. The Group's drug

delivery technologies are designed to aid and control the absorption and

utilization of active pharmaceutical compounds. Elan's Pharmaceutical division

focuses on the discovery, development and commercialization of products in the

areas of acute care, pain management, infectious diseases and neurology.


LTM as of: 12/yy

52-Week High (28.06.2012) 11.78

52-Week Low (07.02.2013) 6.83

Daily Volume

8.419





5'023.63 1 Yr Total Return -8.43%







ELN ID EQUITY YTD Change - Average Volume 30 Day 455'819

ELN ID EQUITY YTD % CHANGE - Average Volume 3 Month 392'651


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

1'000.2 1'113.0 1'169.7 1'246.0 0.2 1'246.0 883.2 139.5 273.9 42.7 43.7

4.11x 3.77x 3.52x 6.84x 30711.09x 22.04x 32.98x 17.62x 8.56x 58.23x 57.47x

(41.7) 65.3 (70.3) 180.4 (366.0) 180.8 11.2 136.4 262.9 35.5 41.4

- 64.23x - 47.23x - 47.13x 548.41x 36.59x 18.99x 28.77x -

(71.0) (176.2) (324.7) 560.5 (137.4) 560.5 (137.4) (47.8) 66.7 (12.5) (27.2)

- - - 60.40x - 57.89x 0.00x - 100.43x - -

EBITDA -284.82 Long-Term Rating Date 25.09.2012

EBIT -293.77 Long-Term Rating B+





Return on Capital 37.70% EBITDA/Interest Exp. -6.47




EBITDA Margin 1.3%



Asset Turnover 0.52







Fiscal Year Ended

Elan Corp PLCPrice/Volume

Valuation Analysis

78'912.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

-1

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

2''!''

-''''!''

-'2''!''

.''''!''

.'2''!''

0''''!''

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



27.02.2013


JANSSEN PHARMACEUTIC n/a 20F 107'396'285 18 - 04.02.2013 Other


INVESCO LTD n/a RNS-MAJ 53'068'490 8.89 (632'443) 08.11.2012 Investment Advisor



TEMPLETON GLOBAL ADV n/a RNS-MAJ 18'811'720 3.15 - 07.02.2013 Investment Advisor

POWER CORP OF CANADA #N/A N/A RNS-RUL8 17'496'658 2.93 - 25.02.2013 Holding Company

T ROWE PRICE ASSOCIA #N/A N/A RNS-RUL8 15'626'762 2.62 - 25.02.2013 Investment Advisor


NORGES BANK n/a RNS-MAJ 8'288'947 1.39 (178'244) 08.04.2010 Government

GOLDMAN SACHS GROUP #N/A N/A RNS-RUL8 2'796'944 0.47 1'478'149 26.02.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 731'444 0.12 - 28.12.2012 Mutual Fund Manager

STATE STREET BANQUE Multiple Portfolios MF-AGG 550'564 0.09 319 31.01.2013 Investment Advisor

MARTIN G KELLY n/a RNS-DIR 355'177 0.06 16'725 07.02.2013 n/a


SJUNDE AP FONDEN Multiple Portfolios MF-AGG 300'340 0.05 28'192 31.12.2012 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 292'600 0.05 55'700 31.12.2012 Investment Advisor

COOKE SHANE n/a 20F 217'014 0.04 - 18.02.2011 n/a


NCB FINANCIAL Multiple Portfolios MF-AGG 197'329 0.03 - 31.01.2013 Investment Advisor


Davy JACK GORMAN restricted #N/A N/A M #N/A N/A Not Provided 25.02.2013

Deutsche Bank RICHARD J PARKES hold 3 M 8 12 month 22.02.2013

AlphaValue KAMLA SINGH reduce 2 D 7 6 month 21.02.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 13.02.2013

Exane BNP Paribas VINCENT MEUNIER neutral 3 M 7 Not Provided 07.02.2013

Helvea OLAV ZILIAN reduce 2 M 7 12 month 30.01.2013

Credit Suisse RICCARDO LOWI neutral 3 M 9 Not Provided 14.01.2013

Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 26.11.2012


Matrix ANNIE J CHENG hold 3 M 8 12 month 01.08.2011

Imperial Capital LLC DOUGLAS J DIETER sell 1 M #N/A N/A Not Provided 11.02.2010

CRT Capital Group LEAH A HARTMAN not rated #N/A N/A M #N/A N/A Not Provided 10.02.2009

Holdings By:

Elan Corp PLC ee


27.02.2013

EDF SA (Electricite de France) produces, transmits, distributes, imports and

exports electricity. The Company, using nuclear power, coal and gas, provides

electricity for French energy consumers.


LTM as of: 12/yy

52-Week High (02.03.2012) 19.72

52-Week Low (29.11.2012) 13.39

Daily Volume

14.43





26'679.15 1 Yr Total Return -16.20%







EDF FP EQUITY YTD Change - Average Volume 30 Day 1'855'944

EDF FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'019'696


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

63'847.0 59'140.0 65'320.0 65'307.0 72'729.0 63'282.0 72'729.0 72'636.4 75'658.2 - -

1.82x 2.09x 1.44x 1.10x 1.00x 0.00x 0.00x 1.01x 1.00x - -

13'624.0 16'102.0 15'688.0 14'571.0 15'094.0 0.0 0.0 16'089.5 16'875.3 - -

8.51x 7.67x 6.00x 4.93x 4.83x 0.00x 0.00x 4.58x 4.37x - -

3'484.0 3'902.0 1'020.0 3'010.0 3'316.0 0.0 0.0 3'416.3 3'675.7 - -

21.73x 21.10x 89.12x 11.53x 7.77x 0.00x 0.00x 8.06x 7.52x - -


EBIT 8'245.00 Long-Term Rating A+









EBITDA Margin 20.8%



Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Electricite de France SAPrice/Volume

Valuation Analysis

1'053'956.00


'.135

-'-.-1-3-5.'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

5!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

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



27.02.2013


FRENCH STATE n/a Co File 1'561'222'705 84.44 - 31.12.2011 Government

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'870'200 0.43 (2'229'800) 31.12.2012 Investment Advisor




NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 2'056'924 0.11 (93'060) 31.01.2013 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 1'966'710 0.11 1'964'810 30.06.2012 Investment Advisor



ELECTRICITE DE FRANC n/a Co File 1'175'594 0.06 - 31.12.2011 Government

ALLIANCE BERNSTEIN n/a ULT-AGG 1'171'218 0.06 5'290 31.12.2012 Investment Advisor



CI INVESTMENTS INC Multiple Portfolios MF-AGG 763'219 0.04 603'463 31.08.2012 Investment Advisor


ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 680'000 0.04 40'000 31.12.2012 Investment Advisor


AGICAM Multiple Portfolios MF-AGG 639'382 0.03 (5'309) 30.04.2012 Mutual Fund Manager

TAUBE HODSON STONEX Multiple Portfolios MF-AGG 610'970 0.03 (2'190) 30.11.2012 Investment Advisor

STATE STREET BANQUE Multiple Portfolios MF-AGG 591'042 0.03 (27'639) 31.01.2013 Investment Advisor


Raymond James EMMANUEL RETIF underperform 1 D 13 Not Provided 27.02.2013

Nomura MARTIN YOUNG buy 5 M 19 12 month 27.02.2013

Goldman Sachs ANDREW MEAD buy/attractive 5 M 19 12 month 26.02.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 25.02.2013

S&P Capital IQ CLIVE ROBERTS hold 3 U 15 12 month 21.02.2013


Societe Generale VINCENT AYRAL buy 5 M 20 12 month 20.02.2013

Kepler Capital Markets INGO BECKER reduce 2 M 13 Not Provided 15.02.2013

Bryan Garnier & Cie JULIEN DESMARETZ sell 1 M 12 6 month 15.02.2013


Exane BNP Paribas BENJAMIN LEYRE outperform 5 M 20 Not Provided 15.02.2013

Barclays JULIE ARAV underweight 1 M 13 Not Provided 15.02.2013

Macquarie ATALLAH ESTEPHAN outperform 5 M 19 12 month 07.02.2013

Berenberg Bank ROBERT CHANTRY hold 3 N 15 Not Provided 05.02.2013


Main First Bank AG ANDREAS THIELEN underperform 1 N 16 12 month 29.01.2013

Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 23 12 month 15.01.2013

Credit Suisse MICHEL DEBS underperform 1 D 12 Not Provided 11.01.2013

Deutsche Bank MARTIN BROUGH sell 1 D 13 12 month 07.01.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 U 17 Not Provided 03.12.2012

HSBC ADAM DICKENS neutral 3 D 17 Not Provided 14.11.2012

DZ Bank AG HASIM SENGUEL buy 5 M 33 12 month 15.11.2011

Holdings By:

Electricite de France SA ee


27.02.2013

Electrolux AB manufactures home appliances and appliances for professional use.

The Company's products include refrigerators, dishwashers, washing machines,

vacuum cleaners and cookers.


LTM as of: 12/yy

52-Week High (18.12.2012) 179.40

52-Week Low (14.06.2012) 122.70

Daily Volume

163.3





50'493.50 1 Yr Total Return 19.90%







ELUXB SS EQUITY YTD Change - Average Volume 30 Day 2'186'115

ELUXB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'766'976


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

104'792.0 109'132.0 106'326.0 101'598.0 109'994.0 101'598.0 109'994.0 110'860.4 115'344.5 25'692.8 27'544.9

0.25x 0.48x 0.56x 0.40x 0.53x 1.72x 1.95x 0.51x 0.47x 2.19x 2.04x

4'450.0 8'825.0 9'831.0 6'170.0 8'433.0 6'328.0 8'433.0 8'801.4 9'869.4 1'687.8 2'006.2

5.88x 5.98x 6.00x 6.59x 6.94x 6.40x 6.94x 6.41x 5.71x 6.60x 6.63x

366.0 2'607.0 3'997.0 2'064.0 2'596.0 2'064.0 2'596.0 3'870.5 4'714.6 656.0 857.3

51.63x 18.25x 13.60x 15.13x 18.78x 15.13x 18.78x 12.25x 10.08x 12.34x 10.91x











EBITDA Margin 7.7%



Asset Turnover 1.44







Fiscal Year Ended

Electrolux ABPrice/Volume

Valuation Analysis

804'922.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.'1'3'5'

-''-.'-1'-3'-5'.''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

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



27.02.2013


INVESTOR AB n/a Co File 46'609'675 15.5 - 31.12.2011 Investment Advisor

ALECTA PENSIONSFORSA n/a Research 16'048'000 5.34 - 30.09.2012 Pension Fund (ERISA)


NORDEA FONDER AB n/a Co File 9'321'935 3.1 - 31.12.2011 Investment Advisor



SEB FONDER AB n/a Research 4'602'613 1.53 - 30.09.2012 Mutual Fund Manager


SHB/SPP FUNDS n/a Research 4'465'684 1.49 - 30.09.2012 Investment Advisor

DIDNER & GERGE FONDE n/a Co File 4'209'906 1.4 - 31.12.2011 Investment Advisor

2ND SWEDISH NATIONAL n/a Research 3'603'396 1.2 - 30.09.2012 Pension Fund (ERISA)

GOVERNMENT OF NORWAY n/a Co File 3'307'783 1.1 - 31.12.2011 Government


HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 3'209'267 1.07 37'967 31.01.2013 Investment Advisor

UNIONEN n/a Research 3'092'955 1.03 - 30.09.2012 Corporation

CARNEGIE FONDER AB/S n/a Co File 3'007'076 1 - 31.12.2011 Investment Advisor

4TH NAT SWEDISH PENS n/a Research 2'904'791 0.97 - 30.09.2012 Pension Fund (ERISA)


ENTER FONDER AB n/a Research 2'372'950 0.79 - 30.09.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'000'000 0.67 1'250'000 30.06.2012 Pension Fund (ERISA)


Longbow Research DAVID S MACGREGOR neutral 3 M #N/A N/A Not Provided 22.02.2013


Credit Suisse ANDRE KUKHNIN outperform 5 M 180 Not Provided 20.02.2013

Handelsbanken RASMUS ENGBERG accumulate 4 M 178 12 month 20.02.2013

DNB Markets CHRISTER MAGNERGARD hold 3 M 155 Not Provided 20.02.2013

Deutsche Bank MARTIN WILKIE buy 5 M 180 12 month 13.02.2013

Canaccord Genuity Corp JAMES STETTLER buy 5 M 200 Not Provided 08.02.2013

Nomura DANIEL CUNLIFFE buy 5 M 200 Not Provided 08.02.2013

Exane BNP Paribas JONATHAN R MOUNSEY neutral 3 M 170 Not Provided 06.02.2013

Equita SIM SpA DOMENICO GHILOTTI buy 5 M 208 12 month 05.02.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 05.02.2013

JPMorgan ANDREAS WILLI overweight 5 U 175 9 month 04.02.2013

SEB Enskilda ANDERS TRAPP hold 3 M 157 Not Provided 04.02.2013

Carnegie KENNETH TOLL JOHANSSON sell 1 D #N/A N/A Not Provided 04.02.2013

Nordea Equity Research STEFAN STJERNHOLM sell 1 M 145 12 month 04.02.2013

Erik Penser Bankaktiebolag AB JOHAN DAHL hold 3 M 155 Not Provided 04.02.2013

Pareto Securities DAVID JACOBSSON hold 3 M 165 6 month 04.02.2013

Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 04.02.2013

Barclays DAVID VOS equalweight 3 M 145 Not Provided 04.02.2013

Danske Markets BJORN ENARSON buy 5 U 177 12 month 04.02.2013

ABG Sundal Collier ANDREAS LUNDBERG sell 1 M 135 6 month 03.02.2013


Espirito Santo Investment Bank ResearchROB VIRDEE sell 1 M 140 Not Provided 30.10.2012

CA Cheuvreux JOHAN ELIASON select list 5 U 190 Not Provided 06.09.2012

Swedbank CLAES RASMUSON neutral 3 M 125 12 month 16.11.2011

Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 10.10.2011

Prime Predictions PETER LJUNGGREN buy 5 D 197 12 month 11.01.2011

Holdings By:

Electrolux AB ee


27.02.2013

Elekta AB produces and sells advanced medical products for treatment of

neurological disorders and radiation of cancer. The Company has developed the

Gamma Knife, a non-invasive surgical tool for the management of small and

hard to locate intracranial lesions, as well as a complete system for

stereotactic neurosurgery. Elekta markets worldwide.


LTM as of: 10/yy

52-Week High (12.12.2012) 105.30

52-Week Low (02.03.2012) 75.60

Daily Volume

97.4





37'287.04 1 Yr Total Return 28.27%







EKTAB SS EQUITY YTD Change - Average Volume 30 Day 1'256'669

EKTAB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'504'082


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 10/yy 10/yy 04/13 Y 04/14 Y 01/13 Q3 04/13 Q4

5'081.0 6'689.0 7'392.0 7'904.0 9'048.0 7'762.0 9'864.0 10'386.0 11'544.7 2'673.5 3'511.3

2.11x 2.66x 2.35x 3.22x 3.86x 23.08x 14.27x 3.70x 3.26x 15.02x 11.30x

826.0 1'038.0 1'422.0 1'650.0 2'070.0 0.0 0.0 2'492.6 2'877.3 707.6 1'084.7

12.96x 17.17x 12.20x 15.44x 16.89x 0.00x 0.00x 16.12x 13.97x 18.89x 19.78x

411.0 552.0 838.0 1'031.0 1'227.0 1'019.0 1'201.0 1'479.9 1'784.2 433.7 726.3

23.39x 15.65x 20.85x 24.93x 26.15x 23.95x 29.65x 25.34x 20.93x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.74







Fiscal Year Ended

Elekta ABPrice/Volume

Valuation Analysis

1'326'658.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

-''

-.'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

'-!'2!.''6 '-!--!.''6 '-!'2!.'-' '-!--!.'-' '-!'2!.'-- '-!--!.'-- '-!'2!.'-. '-!--!.'-.



27.02.2013



ARTIO GLOBAL MANAGEM n/a Research 18'172'032 4.93 - 08.09.2011 Investment Advisor

AMF FONDER AB n/a Research 17'537'120 4.76 - 28.09.2012 Investment Advisor




CADIAN CAPITAL MANAG n/a Short (10'604'219) -2.88 1'186'754 15.02.2013 Hedge Fund Manager

LEKSELL LAURENT n/a Research 10'596'620 2.88 (13'333'080) 28.09.2012 n/a

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 10'380'862 2.82 1'664'495 31.01.2013 Investment Advisor

ZBI EQUITIES LLC n/a Short (9'532'312) -2.59 - 06.02.2013 Investment Advisor

GREENLIGHT CAPITAL I n/a Short (8'651'818) -2.35 9'279 08.02.2013 Hedge Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'334'926 2.26 (17'034) 31.12.2012 Investment Advisor




GOVERNMENT OF NORWAY n/a Co File 6'730'328 1.83 - 30.04.2012 Government




BNP PARIBAS n/a Research 4'654'640 1.26 - 28.09.2012 Investment Advisor


Danske Markets MATTIAS HAGGBLOM hold 3 D 100 12 month 26.02.2013

ABG Sundal Collier MORTEN LARSEN buy 5 M 115 6 month 25.02.2013


CA Cheuvreux RICHARD KOCH outperform 5 M 120 Not Provided 22.02.2013

Nordea Equity Research PATRIK LING buy 5 M 115 12 month 22.02.2013


Societe Generale JUSTIN SMITH buy 5 M 135 12 month 15.02.2013

Nomura MARTIN BRUNNINGER neutral 3 M 82 12 month 04.02.2013

Goldman Sachs VERONIKA DUBAJOVA Buy/Neutral 5 M 138 12 month 30.01.2013


SEB Enskilda LARS HEVRENG hold 3 M 105 Not Provided 15.01.2013

JPMorgan DAVID J ADLINGTON overweight 5 M 106 Not Provided 03.01.2013

Handelsbanken HANS MAHLER reduce 2 D 95 Not Provided 03.01.2013

Swedbank JOHAN UNNERUS buy 5 M 120 12 month 20.12.2012

Pareto Securities YILMAZ MAHSHID hold 3 M 102 6 month 05.12.2012

Exane BNP Paribas ROMAIN ZANA outperform 5 M 110 Not Provided 05.12.2012

Morgan Stanley MICHAEL K JUNGLING Equalwt/Attractive 3 M 93 12 month 04.12.2012

Barclays SALLY TAYLOR overweight 5 M 96 Not Provided 30.10.2012

Holdings By:

Elekta AB ee


27.02.2013

Elisa Oyj provides telecommunication solutions. The company provides local,

long distance, mobile telephone, and data transmission services. Elisa also

operates as a service integrator by connecting customers' telecom solutions

and related IT (information technology) applications. The company sells to

private individuals and businesses in Finland.


LTM as of: 12/yy

52-Week High (16.10.2012) 18.08

52-Week Low (05.06.2012) 14.82

Daily Volume

16.1












ELI1V FH EQUITY YTD Change - Average Volume 30 Day 623'856

ELI1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 524'563


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

1'485.0 1'430.4 1'463.2 1'530.0 1'553.4 1'530.0 1'553.4 1'580.8 1'596.7 384.1 397.9

1.84x 2.24x 2.38x 2.16x 2.23x 8.34x 9.05x 2.27x 2.24x 9.61x 9.17x

469.6 483.0 484.7 503.4 501.0 503.4 501.0 508.0 517.6 119.3 122.0

5.81x 6.63x 7.19x 6.58x 6.92x 6.58x 6.92x 6.95x 6.83x 6.94x -

176.3 176.3 149.7 201.5 208.7 201.5 208.7 207.6 215.3 45.5 47.3

10.98x 14.09x 16.93x 12.48x 12.55x 12.48x 12.55x 12.22x 11.76x 12.51x -











EBITDA Margin 32.3%



Asset Turnover 0.77







Fiscal Year Ended

Elisa OYJPrice/Volume

Valuation Analysis

290'993.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5.'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

1'200.0

1'250.0

1'300.0

1'350.0

1'400.0

1'450.0

1'500.0

1'550.0

1'600.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

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



27.02.2013


SOLIDIUM OY n/a Research 16'801'000 10.05 - 03.12.2012 Holding Company

ELISA CORP n/a Research 10'287'959 6.15 - 03.12.2012 Corporation

VARMA MUTUAL PENSION n/a Research 9'231'976 5.52 - 03.12.2012 Insurance Company

ILMARINEN MUTUAL PEN n/a Research 6'525'196 3.9 - 03.12.2012 Insurance Company


THE STATE PENSION FU n/a Research 1'710'000 1.02 - 03.12.2012 Private Equity


CITY OF HELSINKI n/a Research 1'124'690 0.67 - 03.12.2012 Government

KPY SIJOITUS OY n/a Research 1'077'163 0.64 - 03.12.2012 Holding Company

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'069'913 0.64 (2'577) 31.12.2012 Investment Advisor


SWISS NATIONAL BANK n/a Research 830'461 0.5 - 03.12.2012 Government

FINNISH LITERATURE S n/a Research 775'342 0.46 - 03.12.2012 Other

DANSKE INVESTMENT SU n/a Research 620'568 0.37 - 03.12.2012 Mutual Fund Manager


NORDEA SUOMI n/a Research 560'000 0.33 - 03.12.2012 n/a


SEB n/a ULT-AGG 442'685 0.26 (2'123) 31.12.2012 Unclassified

OP-DELTA MUTUAL FUND n/a Research 425'000 0.25 - 03.12.2012 n/a

ELISA OYJ-YHTEIDTILI n/a Research 417'085 0.25 - 03.12.2012 n/a


AlphaValue JEAN-MICHEL SALVADOR add 4 M 17 6 month 21.02.2013

Goldman Sachs ANDREW LEE Sell/Neutral 1 M 16 12 month 18.02.2013

Nomura JAMES BRITTON reduce 2 M 15 Not Provided 18.02.2013

INDERES MIKAEL RAUTANEN reduce 2 M 15 Not Provided 13.02.2013

CA Cheuvreux PETER KURT NIELSEN outperform 5 M 18 Not Provided 11.02.2013

FIM MICHAEL SCHROEDER hold 3 D 17 12 month 08.02.2013

Deutsche Bank KEVAL KHIROYA hold 3 M 17 12 month 07.02.2013

Pohjola Bank Plc (ESN) KIMMO STENVALL reduce 2 D 16 12 month 07.02.2013

HSBC DOMINIK KLARMANN underweight 1 M 14 Not Provided 07.02.2013

Carnegie MATTI RIIKONEN hold 3 D #N/A N/A Not Provided 07.02.2013

Nordea Equity Research SAMI SARKAMIES hold 3 M 17 12 month 07.02.2013

Handelsbanken THOMAS HEATH reduce 2 M 14 12 month 07.02.2013

DNB Markets FREDRIK THORESEN sell 1 M 14 Not Provided 07.02.2013

Barclays ROMAN ARBUZOV underweight 1 M 15 Not Provided 07.02.2013

Danske Markets PANU LAITINMAKI sell 1 M 15 12 month 07.02.2013

SEB Enskilda ARTEM BELETSKI sell 1 M 15 Not Provided 06.02.2013

Pareto Securities THOMAS NIELSEN sell 1 M 12 6 month 06.02.2013

Swedbank SVEN SKOLD reduce 2 M 16 12 month 06.02.2013

Evli Bank Plc MIKKO ERVASTI sell 1 M 15 12 month 06.02.2013

New Street Research JAKUB DUBANIEWICZ reduce 2 N 14 Not Provided 06.02.2013

Berenberg Bank BARRY ZEITOUNE sell 1 D 16 Not Provided 31.01.2013

Credit Suisse JAKOB BLUESTONE neutral 3 M 18 Not Provided 24.01.2013

JPMorgan AKHIL DATTANI neutral 3 M 18 9 month 21.01.2013


Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 D 14 Not Provided 24.07.2012

SpareBank 1 Markets AS TORE A TONSETH sell 1 N 15 6 month 11.04.2012

Holdings By:

Elisa OYJ ee


27.02.2013

Enagas SA imports, stores, and transports natural gas. The Company imports

liquid natural gas on methane carriers and operates regasification plants in

Barcelona, Huelva, and Cartagena. Enagas also receives natural gas through

pipelines over the Pyrenees Mountains and across the Strait of Gibraltar. The

Company transports gas throughout Spain through its high-pressure pipelines.


LTM as of: 12/yy

52-Week High (25.02.2013) 18.58

52-Week Low (01.06.2012) 12.51

Daily Volume

17.91





4'275.73 1 Yr Total Return 26.43%







ENG SQ EQUITY YTD Change - Average Volume 30 Day 1'874'852

ENG SQ EQUITY YTD % CHANGE - Average Volume 3 Month 3'643'681


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

813.1 866.8 966.0 1'096.3 1'140.4 1'088.7 1'140.4 1'293.2 1'357.5 - -

7.58x 7.65x 7.01x 6.30x 6.56x 25.61x 24.92x 6.22x 5.93x - -

629.7 696.2 781.4 867.8 934.4 859.2 934.5 1'021.2 1'077.0 - -

9.79x 9.52x 8.67x 7.96x 8.01x 8.04x 8.01x 7.74x 7.34x - -

258.9 298.0 333.5 364.6 379.5 364.7 379.5 400.9 422.1 - -

14.35x 12.34x 10.68x 9.36x 10.15x 9.35x 10.15x 10.68x 10.14x - -











EBITDA Margin 81.9%



Asset Turnover 0.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Enagas SAPrice/Volume

Valuation Analysis

1'039'782.00


'.135

-'-.-1-3-5.'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

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



27.02.2013


CANTABRICA DE INVERS n/a Co File 11'937'395 5 - 31.12.2011 Other

SAGANE INVERSIONES S n/a Co File 11'936'714 5 - 31.12.2011 Holding Company

SOCIEDAD ESTATAL DE n/a Co File 11'936'713 5 - 31.12.2011 Holding Company

KARTERA 1 SL n/a EXCH 11'936'713 5 - 01.01.2012 Bank

OMAN OIL HOLDINGS ES n/a Co File 11'936'702 5 - 31.12.2011 Other

HSBC HOLDINGS PLC n/a EXCH 10'349'464 4.34 - 28.12.2010 Investment Advisor

TALOS CAPITAL LIMITE n/a EXCH 10'003'792 4.19 - 27.12.2012 Other


CAUSEWAY CAPITAL MAN n/a EXCH 7'241'723 3.03 (172'289) 24.01.2012 Investment Advisor




THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'879'100 1.21 569'700 31.12.2012 Investment Advisor

RETAIL OEICS AGGREGA n/a EXCH 2'410'274 1.01 - 27.07.2010 Other








BPI BRUNO ALMEIDA DA SILVA buy 5 M 20 Not Provided 25.02.2013

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER neutral 3 M 18 Not Provided 25.02.2013


Grupo Santander BOSCO MUGUIRO underweight 1 M 17 Not Provided 21.02.2013

Deutsche Bank VIRGINIA SANZ DE MADRID buy 5 M 20 12 month 21.02.2013



Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO accumulate 4 M 21 Not Provided 21.02.2013

Banco Sabadell JAVIER ESTEBAN buy 5 M 20 12 month 21.02.2013

Espirito Santo Investment Bank ResearchFELIPE ECHEVARRIA sell 1 M 14 Not Provided 21.02.2013

Nomura JAVIER SUAREZ neutral 3 M 17 Not Provided 21.02.2013

Exane BNP Paribas OLIVIER VAN DOOSSELAERE outperform 5 M 21 Not Provided 21.02.2013

Morgan Stanley CAROLINA DORES Equalwt/In-Line 3 M 18 12 month 20.02.2013

Goldman Sachs FRED BARASI neutral/attractive 3 M 21 12 month 20.02.2013

Intermoney Valores ALVARO NAVARRO hold 3 D 17 Not Provided 20.02.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE buy 5 M 20 12 month 20.02.2013

Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 17 12 month 20.02.2013

JPMorgan JAVIER GARRIDO overweight 5 M 21 9 month 29.01.2013

La Caixa FERNANDO MURILLO GUIRAO underweight 1 D 17 Not Provided 28.01.2013

Barclays MONICA GIRARDI overweight 5 M 17 Not Provided 25.01.2013


Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 M 17 Not Provided 24.10.2012

Hammer Partners SA CHRIS MOORE buy 5 N 19 Not Provided 03.09.2012

Kepler Capital Markets TEAM COVERAGE buy 5 M 17 Not Provided 05.07.2012

BBVA ISIDORO DEL ALAMO outperform 5 M 17 Not Provided 26.04.2012

Renta 4 SA SVB NATALIA AGUIRRE overweight 5 M 17 Not Provided 19.07.2011

Link Securities INIGO ISARDO accumulate 4 M 17 Not Provided 22.03.2010

Holdings By:

Enagas SA ee


27.02.2013

Enel Green Power SpA develops and manages plants that generate electricity from

renewable resources. The Company operates wind, solar, hydroelectric,

geothermal and biomass powered plants. Enel Green Power operates plants in

Europe, North America, and Latin America. The Company manufactures

photovoltaic systems for homes and businesses.


LTM as of: 09/yy

52-Week High (22.01.2013) 1.57

52-Week Low (25.07.2012) 1.02

Daily Volume

1.38





6'900.00 1 Yr Total Return -5.33%







EGPW IM EQUITY YTD Change - Average Volume 30 Day 9'170'116

EGPW IM EQUITY YTD % CHANGE - Average Volume 3 Month 8'894'574


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 Q1

- 1'789.0 1'733.0 2'121.0 2'253.0 2'275.0 2'277.0 2'625.3 2'860.8 784.3 -

- - - 5.78x 6.03x 24.08x 22.49x 4.79x 4.51x 15.90x -

- 1'141.0 1'207.0 1'313.0 1'583.0 1'533.0 1'519.0 1'624.3 1'798.8 510.0 -

- - - 9.33x 8.58x 9.04x 8.23x 7.89x 7.12x - -

- 810.0 418.0 452.0 408.0 463.0 323.0 450.3 511.5 167.0 -

- - - 15.81x 20.18x 20.79x 21.43x 15.33x 13.66x - -











EBITDA Margin 61.7%



Asset Turnover 0.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Enel Green Power SpAPrice/Volume

Valuation Analysis

3'814'064.00


'''-----..

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


ENEL SPA n/a Co File 3'414'500'000 68.29 - 31.12.2011 Corporation




JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 4'302'610 0.09 25'436 29.02.2012 Mutual Fund Manager

ARCA SGR SPA Multiple Portfolios MF-AGG 4'108'200 0.08 - 28.12.2012 Mutual Fund Manager

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 3'600'000 0.07 - 31.12.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 3'066'805 0.06 150'000 31.01.2013 Investment Advisor


DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'535'000 0.05 2'394'000 28.12.2012 Mutual Fund Manager


KBC GROUP NV Multiple Portfolios MF-AGG 2'006'998 0.04 (150) 31.01.2013 Investment Advisor



VAN ECK ASSOCIATES C Market Vectors Globa ETF 1'538'024 0.03 (38'894) 26.02.2013 Investment Advisor

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'538'024 0.03 (38'894) 26.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 1'532'541 0.03 - 31.12.2012 Investment Advisor

TAPIOLA ASSET MANAGE Multiple Portfolios MF-AGG 1'525'000 0.03 - 31.07.2011 Mutual Fund Manager

MEDIOLANUM INTERNATI Multiple Portfolios MF-AGG 1'408'667 0.03 1'108'667 29.06.2012 Investment Advisor

PIONEER INVESTMENT M Multiple Portfolios MF-AGG 1'401'325 0.03 - 30.11.2012 Mutual Fund Manager


Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 N 1 Not Provided 13.02.2013

Exane BNP Paribas MANUEL PALOMO underperform 1 M 1 Not Provided 13.02.2013

Goldman Sachs DARIO CARRADORI neutral/attractive 3 M 2 12 month 08.02.2013

Societe Generale JORGE ALONSO SUILS buy 5 M 2 12 month 05.02.2013

Macquarie SHAI HILL underperform 1 M 1 12 month 05.02.2013

Centrobanca EDOARDO MONTALBANO buy 5 N 2 12 month 05.02.2013

Berenberg Bank ANDREW FISHER buy 5 N 2 Not Provided 05.02.2013

Grupo Santander JOAQUIN FERRER hold 3 D 2 Not Provided 04.02.2013

Banca IMI ROBERTO RANIERI buy 5 M 2 12 month 04.02.2013

Banca Akros(ESN) DARIO MICHI hold 3 M 1 12 month 04.02.2013

Barclays SUSANNA INVERNIZZI overweight 5 M 2 Not Provided 25.01.2013



CA Cheuvreux FRANCESCA PEZZOLI outperform 5 M 2 Not Provided 14.11.2012

Equita SIM SpA ROBERTO LETIZIA buy 5 M 2 12 month 14.11.2012

Nomura JAVIER SUAREZ reduce 2 M #N/A N/A Not Provided 06.11.2012

Kepler Capital Markets CLAUDIA INTROVIGNE buy 5 M 2 Not Provided 26.10.2012

BPI FLORA TRINDADE neutral 3 N 2 Not Provided 16.10.2012

Morgan Stanley ALLEN WELLS Overwt/No Rating 5 M 2 12 month 18.09.2012

Mediobanca SpA MARIA BEATRICE GEROSA neutral 3 M 2 Not Provided 02.08.2012

BBVA DANIEL ORTEA HERNANDEZ market perform 3 M 2 Not Provided 14.02.2012

Natixis PHILIPPE OURPATIAN buy 5 U 2 Not Provided 16.09.2011

JPMorgan JAVIER GARRIDO overweight 5 M 2 Not Provided 07.07.2011

Holdings By:

Enel Green Power SpA ee


27.02.2013

Erste Group Bank AG is a universal bank. The Bank attracts deposits and offers

retail, corporate, and investment banking services. The Bank has subsidiaries in

Austria, the Czech Republic, the Slovak Republic, Hungary and Croatia, and

branches in New York, London, and Hong Kong.


LTM as of: 09/yy

52-Week High (14.01.2013) 26.90

52-Week Low (26.06.2012) 13.33

Daily Volume

23.46





9'256.58 1 Yr Total Return 29.26%





Enterprise Value -


EBS AV EQUITY YTD Change - Average Volume 30 Day 623'069

EBS AV EQUITY YTD % CHANGE - Average Volume 3 Month 655'333


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 Q1

12'468.1 14'131.7 13'264.2 11'676.3 11'838.0 11'695.1 11'652.8 7'251.0 7'295.2 1'797.5 -

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

- - - - - 0.0 0.0 - - - -

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

1'174.7 859.6 903.4 878.7 (718.9) (703.6) 851.4 583.8 960.9 (176.3) -

13.14x 20.25x 11.00x 17.84x - 0.00x 9.00x 15.64x 10.17x 26.51x 14.26x


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Erste Group Bank AGPrice/Volume

Valuation Analysis

364'461.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'



27.02.2013


ERSTE OSTERREICHISCH n/a Research 73'064'034 18.52 - 05.10.2012 Unclassified

CAIXABANK n/a Research 38'195'848 9.68 - 23.11.2011 Investment Advisor

AUSTRIAN SAVINGS BAN n/a Research 15'969'966 4.05 - 05.10.2012 Bank

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'092'939 2.81 - 31.12.2012 Investment Advisor

SPARKASSEN BETEILIGU n/a Research 6'350'000 1.61 - 05.10.2012 Other



SIF MUNTENIA SA n/a Co File 4'025'566 1.02 - 29.06.2012 Investment Advisor


SIF MOLDOVA n/a Co File 3'673'520 0.93 - 30.03.2012 Investment Advisor


SIF 3 TRANSILVANIA B n/a Co File 3'341'216 0.85 - 31.12.2011 Mutual Fund Manager



RINGTURM KAG Multiple Portfolios MF-AGG 2'680'000 0.68 (99'372) 31.10.2012 Mutual Fund Manager


CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'760'628 0.45 1'760'628 31.12.2012 Investment Advisor

SIF 1 BANAT-CRISANA n/a Co File 1'716'865 0.44 - 31.12.2011 Mutual Fund Manager

FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 1'356'426 0.34 (80'859) 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'229'968 0.31 (100) 30.09.2012 Investment Advisor


Fio, Burzovni Spolecnost, AS ROBIN KOKLAR accumulate 4 M 27 Not Provided 26.02.2013

Wood & Company MARK MACRAE buy 5 M 27 12 month 25.02.2013

Berenberg Bank ELENI PAPOULA sell 1 M 13 Not Provided 21.02.2013

J&T Banka MILAN LAVICKA hold 3 M 20 Not Provided 21.02.2013

AlphaValue DIETER HEIN add 4 M 25 6 month 21.02.2013

HSBC JOHANNES THORMANN overweight 5 M 31 Not Provided 19.02.2013

Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 21 Not Provided 15.02.2013

Keefe, Bruyette & Woods RONNY REHN market perform 3 M 25 12 month 14.02.2013

Nomura DOMENICO SANTORO neutral 3 M 27 Not Provided 12.02.2013

Barclays CRISTINA MARZEA equalweight 3 M 24 Not Provided 01.02.2013

JPMorgan PAUL FORMANKO overweight 5 M 32 9 month 29.01.2013

Goldman Sachs PAWEL DZIEDZIC Buy/Neutral 5 M 36 12 month 28.01.2013

Societe Generale ALAN WEBBORN buy 5 M 31 12 month 25.01.2013

BH Securities PETR HLINOMAZ hold 3 M 28 12 month 21.01.2013


Deutsche Bank ALEXANDER HENDRICKS hold 3 M 22 12 month 16.01.2013

Macquarie THOMAS STOEGNER outperform 5 M 29 12 month 16.01.2013

Credit Suisse HUGO SWANN neutral 3 M 18 Not Provided 15.01.2013

SSIF Broker ANDREI RADULESCU hold 3 N 26 12 month 13.12.2012

VTB Capital MIKHAIL SHLEMOV hold 3 D 24 12 month 10.12.2012

Raiffeisenbank AG STEFAN MAXIAN hold 3 D 24 12 month 03.12.2012

Concorde Securities Rt GABOR KEMENY underweight 1 D 17 Not Provided 15.11.2012

Kepler Capital Markets DIRK BECKER buy 5 M 25 Not Provided 31.10.2012

Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 21 12 month 30.10.2012

Cyrrus MAREK HATLAPATKA buy 5 M 28 Not Provided 30.10.2012

Komercni Banka AS JOSEF NEMY buy 5 M 21 12 month 14.09.2012

Mediobanca SpA RICCARDO ROVERE outperform 5 M 25 12 month 02.08.2012

KBC Securities MARTA CZAJKOWSKA-BALDYGA buy 5 M 41 12 month 03.11.2010

Holdings By:

Erste Group Bank AG ee


27.02.2013

Eutelsat Communications is a KU-band satellite operator. The Company offers

television and radio broadcasting, video broadcasting, corporate networks,

Internet access, and mobile communications. Eutelsat serves Europe, the Middle

East, Africa, Asia, eastern North America, and South America.


LTM as of: 06/yy

52-Week High (13.03.2012) 28.86

52-Week Low (08.06.2012) 20.16

Daily Volume

27.35












ETL FP EQUITY YTD Change - Average Volume 30 Day 590'269

ETL FP EQUITY YTD % CHANGE - Average Volume 3 Month 504'427


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2

877.8 940.5 1'047.2 1'168.1 1'222.2 1'047.2 1'222.2 1'290.1 1'375.9 310.3 321.0

7.26x 6.84x 8.17x 7.78x 6.36x 0.00x 0.00x 6.78x 6.37x - -

679.7 765.9 822.0 925.7 950.2 0.0 0.0 1'004.8 1'071.1 - -

9.37x 8.40x 10.41x 9.81x 8.18x 0.00x 0.00x 8.41x 7.89x - -

172.3 247.3 269.5 338.5 326.1 0.0 0.0 355.9 381.4 - -

22.39x 16.33x 22.52x 20.14x 16.36x 0.00x 0.00x 16.73x 15.68x - -











EBITDA Margin 77.7%



Asset Turnover 0.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Eutelsat Communications SAPrice/Volume

Valuation Analysis

482'090.00


'

2

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-2

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0'

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!2 9

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.!2 9

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0!2 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

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1!''

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5!''

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27.02.2013


FONDS STRATEGIQUE D' n/a Co File 56'399'660 25.62 - 30.09.2010 Investment Advisor

ABERTIS TELECOM S.A. n/a Research 18'396'773 8.36 (15'407'979) 02.07.2012 Corporation



CHINA INVESTMENT COR n/a Research 15'541'767 7.06 - 28.06.2012 Government

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'925'000 2.24 (1'078'400) 31.12.2012 Investment Advisor




ENTREPRISE DES POSTE n/a Co File 2'395'886 1.09 - 30.09.2010 Corporation

RADIOTELEVIZIJA SLOV n/a Co File 2'332'724 1.06 - 30.09.2010 Corporation





MEDITOR CAPITAL MANA n/a Short (968'502) -0.44 550'285 20.11.2012 Investment Advisor

AKO CAPITAL LLP n/a Short (968'502) -0.44 244'326 11.02.2013 Investment Advisor


UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 912'628 0.41 (11'989) 30.11.2012 Mutual Fund Manager

FEDERAL GESTION Multiple Portfolios MF-AGG 605'000 0.27 - 30.11.2012 Investment Advisor


Societe Generale PETER KNOX hold 3 M 27 12 month 27.02.2013



JPMorgan TORSTEN ACHTMANN overweight 5 M 33 9 month 20.02.2013

CM - CIC Securities(ESN) JEAN-MICHEL KOSTER accumulate 4 M 28 12 month 15.02.2013

CA Cheuvreux DAVID CERDAN outperform 5 M 32 Not Provided 14.02.2013

HSBC OLIVIER MORAL overweight 5 M 30 Not Provided 12.02.2013

Exane BNP Paribas MATHIEU ROBILLIARD outperform 5 M 31 Not Provided 12.02.2013

Deutsche Bank LAURIE DAVISON sell 1 M 20 12 month 11.02.2013

Morgan Stanley JULIEN ROSSI Overwt/Attractive 5 M 30 12 month 11.02.2013


Nomura HENRIK NYBLOM buy 5 U 31 12 month 11.02.2013

Barclays NICK DEMPSEY overweight 5 M 30 Not Provided 11.02.2013

Jefferies GILES THORNE buy 5 M 30 12 month 07.02.2013

Credit Suisse PAUL SIDNEY outperform 5 M 33 Not Provided 24.01.2013

ABN Amro Bank N.V. MAURITS HELDRING buy 5 N 30 12 month 18.01.2013


Goldman Sachs MARK WALKER Buy/Neutral 5 M 33 12 month 05.11.2012

Berenberg Bank SARAH SIMON sell 1 M 23 Not Provided 05.11.2012

Main First Bank AG LOIC SABATIER neutral 3 M 25 12 month 31.07.2012

Natixis ERIC BEAUDET buy 5 M 30 Not Provided 20.07.2012

Holdings By:

Eutelsat Communications SA ee


27.02.2013

Ferrovial SA is an infrastructure operator and industrial company. The Company

operates in multiple countries in a range of sectors including construction,

airport, toll road, and municipal services. Ferrovial SA also has a services

division in which they provide facility management, infrastructure maintenance

and upkeep, and energy and waste management services.


LTM as of: 12/yy

52-Week High (14.01.2013) 12.20

52-Week Low (04.06.2012) 7.41

Daily Volume

11.86





8'699.43 1 Yr Total Return 40.04%







FER SQ EQUITY YTD Change - Average Volume 30 Day 2'734'208

FER SQ EQUITY YTD % CHANGE - Average Volume 3 Month 6'650'353


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

13'146.0 12'095.0 9'384.0 7'446.0 7'686.4 7'640.0 7'686.4 7'547.8 7'651.3 - -

2.03x 2.52x 2.90x 1.69x 1.98x 12.81x 7.13x 2.06x 2.15x - -

2'545.0 2'540.0 3'970.0 1'157.0 978.8 428.0 978.8 919.1 990.6 - -

10.49x 11.98x 6.86x 10.85x 15.54x 0.00x 15.54x 17.08x 15.85x - -

(812.0) (92.0) 2'163.0 1'269.0 709.7 1'269.0 709.7 242.6 270.2 - -

- - 2.07x 16.10x 11.55x 0.00x 11.55x 34.48x 30.73x - -











EBITDA Margin 12.7%



Asset Turnover 0.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ferrovial SAPrice/Volume

Valuation Analysis

1'610'459.00


'

.

1

3

5

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-1

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-'!' 9

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0'!' 9

1'!' 9

2'!' 9

3'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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



27.02.2013


PORTMAN BAELA SL n/a EXCH 319'912'186 43.61 (1'003) 16.05.2012 Corporation

SOUTHEASTERN ASSET M n/a EXCH 35'244'909 4.8 (1'518'012) 20.12.2012 Investment Advisor

BANCO SANTANDER SA n/a EXCH 24'804'396 3.38 1'901'156 12.12.2012 Bank


NORGES BANK n/a EXCH 21'745'181 2.96 (329'979) 18.01.2011 Government

CALVO-SOTEL RAFAEL D n/a EXCH 9'191'610 1.25 6'654 16.05.2012 n/a



COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 2'675'850 0.36 2'613'650 31.12.2012 Investment Advisor

BUSQUET SANTIAGO BER n/a EXCH 2'458'721 0.34 5'822 16.05.2012 n/a


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'177'139 0.3 1'523'027 31.12.2012 Investment Advisor

LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 2'160'700 0.29 322'700 31.12.2012 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 1'747'267 0.24 (54'955) 30.09.2012 Mutual Fund Manager

BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 1'647'594 0.22 32'905 29.02.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'597'200 0.22 (536'900) 28.09.2012 Investment Advisor

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 1'413'526 0.19 57'027 30.11.2012 Investment Advisor


FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 939'895 0.13 (295'142) 31.05.2012 Investment Advisor

LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 839'000 0.11 - 31.01.2013 Mutual Fund Manager


AlphaValue MYRIAM COHEN reduce 2 M 11 6 month 27.02.2013


Ahorro Corporacion Financiera SA JUAN MORENO buy 5 M 12 Not Provided 25.02.2013

Grupo Santander ARANZAZU BUENO buy 5 M 14 Not Provided 22.02.2013


Raymond James ARNAUD PALLIEZ outperform 5 M 13 Not Provided 22.02.2013

Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA buy 5 M 13 12 month 22.02.2013

Banesto Bolsa SA Sociedad MARTA OLBA overweight 5 M 13 Not Provided 22.02.2013

Banco Sabadell MARIA CEBOLLERO buy 5 M 13 12 month 21.02.2013

NMAS 1 Agencia de Valores JOSE RAMON OCINA strong buy 5 M 15 12 month 21.02.2013

Espirito Santo Investment Bank ResearchJUAN CARLOS CALVO buy 5 M 14 Not Provided 20.02.2013


Deutsche Bank LUIS PRIETO buy 5 M 14 12 month 15.02.2013

Morgan Stanley JAIME ROWBOTHAM Equalwt/In-Line 3 M 12 12 month 13.02.2013

RBC Capital Markets OLIVIA PETERS underperform 1 D 11 12 month 13.02.2013

Exane BNP Paribas NICOLAS MORA underperform 1 M 9 Not Provided 24.01.2013


La Caixa SANTIAGO MOLINA underweight 1 D 13 Not Provided 16.01.2013

Natixis ABDELKADER BENCHIHA buy 5 M 13 Not Provided 04.01.2013

Interdin Bolsa PABLO ORTIZ DE JUAN buy 5 M 13 Not Provided 27.12.2012


CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 D 12 Not Provided 05.11.2012


Macquarie SAM DOBSON outperform 5 M 12 12 month 28.09.2012

BBVA ANTONIO RODRIGUEZ VICENS outperform 5 M 11 Not Provided 02.08.2012

Equita SIM SpA STEFANO GAMBERINI hold 3 M 10 12 month 10.06.2011

Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 10 Not Provided 23.02.2010

Holdings By:

Ferrovial SA ee


27.02.2013

Fiat S.p.A. manufactures and markets automobiles, commercial vehicles, and

agricultural and construction equipment. The Company also produces

metallurgical products and production systems for the automobile industry, and

owns publishing and insurance companies.


LTM as of: 12/yy

52-Week High (14.03.2012) 4.91

52-Week Low (07.05.2012) 3.25

Daily Volume

4.062





5'079.14 1 Yr Total Return -8.92%







F IM EQUITY YTD Change - Average Volume 30 Day 23'132'400

F IM EQUITY YTD % CHANGE - Average Volume 3 Month 22'043'010


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

59'380.0 32'684.0 35'880.0 59'559.0 83'957.0 59'559.0 83'957.0 87'461.3 92'559.8 - -

0.42x 0.90x 0.80x 0.28x 0.22x 1.10x 0.65x 0.19x 0.19x - -

6'263.0 2'772.0 3'298.0 5'750.0 7'948.0 5'750.0 5'932.0 8'698.8 9'945.1 - -

4.01x 10.64x 8.66x 2.94x 2.35x 2.94x 0.00x 2.20x 1.92x - -

1'612.0 (838.0) 520.0 1'334.0 348.0 1'334.0 348.0 530.2 940.6 - -

3.53x - 134.40x 3.29x 13.25x 3.29x 13.47x 10.61x 5.82x - -


EBIT 3'814.00 Long-Term Rating BB-









EBITDA Margin 9.5%



Asset Turnover 1.02







Fiscal Year Ended

Fiat SpAPrice/Volume

Valuation Analysis

9'900'496.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

'!''

'!2'

-!''

-!2'

.!''

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27.02.2013


EXOR SPA n/a EXCH 375'808'571 30.06 - 20.11.2012 Corporation


FIAT SPA n/a EXCH 40'337'995 3.23 - 20.11.2012 Corporation

BAILLIE GIFFORD OVER n/a EXCH 26'933'677 2.15 - 20.11.2012 Investment Advisor

VANGUARD INT GROWTH n/a EXCH 25'083'081 2.01 - 20.11.2012 n/a


CAPITAL GROUP COMPAN n/a ULT-AGG 12'037'500 0.96 (2'219'500) 31.12.2012 Investment Advisor

BROOKSIDE CAPITAL MA n/a Short (11'003'545) -0.88 (1'625'524) 14.01.2013 Investment Advisor

CAXTON INTERNATIONAL n/a ULT-AGG (7'502'417) -0.6 (1'125'363) 25.02.2013 Investment Advisor

EGERTON CAPITAL LIMI n/a Short (7'002'256) -0.56 - 06.12.2012 Hedge Fund Manager

MARSHALL WACE LLP n/a Short (6'877'216) -0.55 - 07.02.2013 Hedge Fund Manager

ODEY ASSET MANAGEMEN n/a Short (6'377'054) -0.51 - 21.02.2013 Investment Advisor

BAILLIE GIFFORD AND n/a EXCH 6'089'462 0.49 - 20.11.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 4'680'041 0.37 83'703 31.10.2012 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 3'884'966 0.31 (2'979'717) 31.12.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 3'503'456 0.28 (1'109'545) 28.09.2012 Mutual Fund Manager

GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 3'082'632 0.25 432'906 31.12.2012 Investment Advisor


JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 2'440'163 0.2 120'151 31.12.2012 Mutual Fund Manager



Mediobanca SpA MASSIMO VECCHIO neutral 3 M 5 6 month 26.02.2013

Banca IMI MONICA BOSIO hold 3 M 5 12 month 26.02.2013

Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 5 12 month 21.02.2013

Centrobanca MARCO CRISTOFORI hold 3 M 4 12 month 21.02.2013

Exane BNP Paribas RABIH FREIHA underperform 1 M 3 Not Provided 21.02.2013


Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 12.02.2013

Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 5 12 month 06.02.2013

Macquarie JENS SCHATTNER underperform 1 M 3 12 month 06.02.2013

Barclays KRISTINA CHURCH underweight 1 M 2 Not Provided 05.02.2013

Commerzbank Corporates & Markets SASCHA GOMMEL hold 3 M 4 6 month 04.02.2013

Morgan Stanley STUART PEARSON Underwt/In-Line 1 M 3 12 month 04.02.2013

Landesbank Baden-Wuerttemberg Fabian Suessenguth hold 3 N 5 Not Provided 04.02.2013

Societe Generale STEPHEN REITMAN sell 1 M 4 12 month 31.01.2013

JPMorgan JOSE ASUMENDI neutral 3 M 4 9 month 31.01.2013

Equita SIM SpA MARTINO DEAMBROGGI hold 3 M 5 12 month 31.01.2013

Oddo & Cie FRANCOIS MAURY buy 5 M 5 Not Provided 31.01.2013

Banca Akros(ESN) GABRIELE GAMBAROVA hold 3 D 5 12 month 31.01.2013

Kepler Capital Markets GIANANTONIO VILLANI hold 3 M 4 Not Provided 31.01.2013


Credit Suisse ERICH HAUSER underperform 1 M 4 Not Provided 17.01.2013


ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 16.01.2013

Main First Bank AG BRUNO LAPIERRE underperform 1 D 4 12 month 12.12.2012

Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 4 12 month 16.11.2012

Deutsche Bank JOCHEN GEHRKE sell 1 D 3 12 month 07.11.2012

Natixis GEORGES DIENG reduce 2 D 3 Not Provided 31.10.2012

CA Cheuvreux ARNAUD JOLY outperform 5 M 7 Not Provided 07.02.2012

Hammer Partners SA ALBERTO ROLLA buy 5 M 5 Not Provided 23.01.2012

Cyrrus JAN ROH sell 1 D 4 12 month 11.10.2011

Holdings By:

Fiat SpA ee


27.02.2013

FLSmidth & Company A/S is a machinery company. The Company designs,

manufactures, and supplies production plants, equipment, single machinery, and

spare parts primarily to the cement and minerals industries. FLSmidth is based

in Denmark.


LTM as of: 12/yy

52-Week High (27.02.2012) 457.60

52-Week Low (14.06.2012) 288.50

Daily Volume

390.1





20'753.32 1 Yr Total Return -10.61%







FLS DC EQUITY YTD Change - Average Volume 30 Day 430'496

FLS DC EQUITY YTD % CHANGE - Average Volume 3 Month 380'740


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

25'285.0 23'134.0 20'186.0 20'538.0 24'849.0 20'538.0 24'849.0 28'126.8 27'985.7 6'063.0 6'807.0

0.41x 0.78x 1.32x 0.85x 0.80x 3.72x 3.20x 0.84x 0.81x 3.45x 3.06x

2'877.0 2'721.0 2'389.0 2'515.0 2'723.0 2'515.0 2'759.0 2'910.8 3'284.6 554.3 650.0

3.57x 6.64x 11.13x 6.96x 7.28x 6.96x 7.18x 8.11x 7.19x 8.46x 7.87x

1'515.0 1'670.0 1'284.0 1'427.0 1'306.0 1'427.0 1'306.0 1'604.1 1'857.6 299.0 362.5

6.53x 11.25x 21.76x 13.18x 13.36x 13.18x 13.43x 12.64x 10.90x 13.02x 12.05x











EBITDA Margin 11.1%



Asset Turnover 0.87







Fiscal Year Ended

FLSmidth & Co A/SPrice/Volume

Valuation Analysis

228'057.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2'

-''-2'.''.2'0''02'1''12'2''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

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



27.02.2013


OPPENHEIMERFUNDS INC n/a Research 2'743'887 5.16 - 13.07.2012 Investment Advisor


GREENLIGHT CAPITAL I n/a Short (1'415'120) -2.66 106'400 21.12.2012 Hedge Fund Manager

FLSMIDTH & CO A/S n/a Co File 927'425 1.74 - 31.12.2011 Unclassified

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 896'347 1.68 (73'235) 31.12.2012 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (707'560) -1.33 (58'520) 11.02.2013 Hedge Fund Manager

DANSKE INVEST A/S Multiple Portfolios MF-AGG 681'997 1.28 900 31.01.2013 Investment Advisor

MAVERICK CAPITAL LTD n/a Short (675'640) -1.27 (79'800) 12.02.2013 Hedge Fund Manager


D E SHAW & CO LP n/a Short (537'320) -1.01 (58'520) 18.01.2013 Unclassified

CITADEL EUROPE LLP n/a Short (430'920) -0.81 (53'200) 12.02.2013 Unclassified


UBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 330'031 0.62 (21'903) 31.10.2012 Mutual Fund Manager

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 280'854 0.53 - 31.01.2013 Mutual Fund Manager

HIGHBRIDGE CAPITAL M n/a Short (262'650) -0.49 29'950 13.02.2013 Hedge Fund Manager

MARSHALL WACE LLP n/a Short (254'838) -0.48 27'122 25.01.2013 Hedge Fund Manager


MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 213'155 0.4 - 31.03.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 207'154 0.39 35'750 31.12.2012 Investment Advisor



AlphaValue LIONEL PELLICER add 4 M 409 6 month 21.02.2013

JPMorgan ALEXANDER WHIGHT overweight 5 M 435 12 month 19.02.2013

Carnegie LARS TOPHOLM hold 3 M #N/A N/A Not Provided 19.02.2013

SEB Enskilda DANIEL PATTERSON buy 5 M 430 Not Provided 18.02.2013

CA Cheuvreux JOHAN ELIASON outperform 5 M 450 Not Provided 15.02.2013

Exane BNP Paribas ALEXIS DENAUD neutral 3 M 450 Not Provided 15.02.2013

Alm Brand Markets STIG NYMANN buy 5 M 475 Not Provided 13.02.2013

Jyske Bank JANNE VINCENT KJAER strong buy 5 M 445 Not Provided 13.02.2013


Nordea Equity Research PATRIK SETTERBERG buy 5 M 430 12 month 13.02.2013

NYKREDIT KLAUS KEHL outperform 5 M #N/A N/A Not Provided 13.02.2013

Handelsbanken FASIAL KALIM AHMAD accumulate 4 M 416 12 month 13.02.2013

DNB Markets SAMPSA KARHUNEN hold 3 M 365 Not Provided 13.02.2013

Danske Markets KENNETH LEILING hold 3 M 365 12 month 13.02.2013

Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 502 12 month 12.02.2013


Sydbank JACOB PEDERSEN overweight 5 M #N/A N/A Not Provided 09.05.2011

LD Invest Markets TORSTEN BECH buy 5 M 475 Not Provided 28.10.2010

Holdings By:

FLSmidth & Co A/S ee


27.02.2013

Fresnillo plc is a silver and gold mining and exploration company. The Company

owns and operates silver and gold mines in Mexico. Fresnillo also holds a

portfolio of development and exploration projects located along the silver and

gold belts of Mexico.


LTM as of: 01/yy

52-Week High (27.11.2012) 2'033.00

52-Week Low (01.06.2012) 1'259.00

Daily Volume

1548





11'101.64 1 Yr Total Return -14.83%







FRES LN EQUITY YTD Change - Average Volume 30 Day 656'859

FRES LN EQUITY YTD % CHANGE - Average Volume 3 Month 565'498


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 - -

647.9 720.5 849.9 1'409.6 2'192.7 - - 2'179.1 2'464.1 - -

- 3.17x 10.57x 12.98x 7.56x - - 7.60x 6.68x - -

274.5 335.5 496.0 938.7 1'535.8 - - 1'321.7 1'550.6 - -

- 6.80x 18.12x 19.49x 10.80x - - 12.61x 10.75x - -

143.5 127.9 322.0 665.1 901.7 - - 740.5 818.2 - -

- 18.02x 28.48x 28.04x 18.83x - - 23.02x 20.20x - -











EBITDA Margin 66.0%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fresnillo PLCPrice/Volume

Valuation Analysis

404'378.00


'

2''

-'''

-2''

.'''

.2''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


PENOLES n/a Co File 552'595'191 77.05 - 05.03.2012 Corporation

INDUSTRIAS PENOLES S Multiple Portfolios REG 552'591'460 77.05 - 01.01.2013 Corporation


FIRST EAGLE INVESTME Multiple Portfolios REG 11'417'058 1.59 110'630 01.01.2013 Hedge Fund Manager

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 11'264'908 1.57 33'045 30.09.2012 Hedge Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios REG 7'635'318 1.06 (1'026'498) 01.01.2013 Investment Advisor



AGF MANAGEMENT LIMIT Multiple Portfolios REG 4'258'906 0.59 (190'902) 01.01.2013 Investment Advisor



VONTOBEL Multiple Portfolios REG 3'337'617 0.47 290'950 01.01.2013 Unclassified

GAMCO n/a ULT-AGG 3'079'500 0.43 (20'000) 01.01.2013 Unclassified


AMF PENSION Multiple Portfolios REG 2'633'800 0.37 1'347'444 01.01.2013 Pension Fund (ERISA)


BARING ASSET MANAGEM Multiple Portfolios REG 1'739'410 0.24 150'933 01.01.2013 Investment Advisor

APG ALGEMENE PENSIOE Multiple Portfolios REG 1'604'401 0.22 278'282 01.01.2013 Pension Fund (ERISA)




VSA Capital Ltd JESSICA PENDAL buy 5 M 2'260 12 month 27.02.2013

BMO Capital Markets ANDREW KAIP market perform 3 M 2'000 Not Provided 25.02.2013

Societe Generale BRUCE ALWAY sell 1 M 1'200 12 month 22.02.2013

RBC Capital Markets JONATHAN GUY sector perform 3 M 1'800 12 month 25.01.2013

BBVA JEAN-BAPTISTE BRUNY underperform 1 M 1'649 Not Provided 25.01.2013

Goldman Sachs EUGENE KING neutral/attractive 3 M 1'900 12 month 23.01.2013

Deutsche Bank GRANT SPORRE hold 3 M 1'705 12 month 22.01.2013

JPMorgan ROGER BELL overweight 5 M 2'070 9 month 22.01.2013


Numis Securities Ltd CAILEY BARKER hold 3 M 1'900 Not Provided 14.01.2013

Barclays DAVID BUTLER overweight 5 M 2'150 Not Provided 14.01.2013

Credit Suisse VANESSA QUIROGA neutral 3 N 1'870 Not Provided 13.12.2012

Canaccord Genuity Corp DMITRY KALACHEV hold 3 M 1'900 Not Provided 28.05.2012

Holdings By:

Fresnillo PLC ee


27.02.2013

Fugro N.V. collects, processes, and interprets geological data. The Company

collects data at sea, on land, and from the air of land areas and the sea bed.

The data is used in building offshore oil platforms, tunnels, roads, pipelines,

factories, and communications cables, and to explore for oil, gas, and minerals.

The Company operates worldwide.


LTM as of: 01/yy

52-Week High (24.09.2012) 57.88

52-Week Low (18.02.2013) 35.12

Daily Volume

36.28





3'005.59 1 Yr Total Return -30.94%







FUR NA EQUITY YTD Change - Average Volume 30 Day 630'900

FUR NA EQUITY YTD % CHANGE - Average Volume 3 Month 568'186


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 - -

1'802.7 2'154.5 2'053.0 2'280.4 2'577.8 - - 2'910.8 2'824.3 - -

2.32x 0.95x 1.78x 2.51x 1.89x - - 1.45x 1.20x - -

439.6 537.5 552.6 561.9 583.1 - - 678.2 666.8 - -

9.53x 3.81x 6.62x 10.20x 8.35x - - 6.73x 6.84x - -

216.2 283.4 263.4 272.2 287.6 - - 288.6 311.8 - -

16.98x 5.28x 11.64x 17.72x 12.37x - - 10.13x 9.68x - -











EBITDA Margin 23.1%



Asset Turnover 0.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fugro NVPrice/Volume

Valuation Analysis

324'745.00


'

-'

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0'

1'

2'

3'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

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1!' 9

2!' 9

3!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


ING GROEP NV n/a Co File 7'846'285 9.47 - 01.03.2012 Investment Advisor

WAM ACQUISITION n/a Co File 4'281'272 5.17 - 01.03.2012 Corporation

CAPITAL GROUP INTERN n/a Co File 4'142'904 5 - 01.03.2012 Investment Advisor

KRAMER GERT-JAN n/a Research 4'031'026 4.87 3'333'818 20.11.2012 n/a



COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 1'437'624 1.74 - 31.12.2012 Investment Advisor



ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'042'959 1.26 9'644 31.12.2012 Investment Advisor




AKO CAPITAL LLP n/a Short (679'324) -0.82 (57'991) 22.02.2013 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 642'587 0.78 (1'387) 29.06.2012 Investment Advisor

EGERTON CAPITAL LIMI n/a Short (588'195) -0.71 (33'138) 31.01.2013 Hedge Fund Manager

AQR CAPITAL MANAGEME n/a Short (538'489) -0.65 (49'707) 07.12.2012 Hedge Fund Manager

ABERDEEN n/a ULT-AGG 534'000 0.64 1'000 31.12.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 454'886 0.55 38'834 31.12.2012 Investment Advisor

MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 444'000 0.54 - 30.11.2012 Investment Advisor


Natixis ALAIN PARENT neutral 3 M 38 Not Provided 26.02.2013


EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 20.02.2013


KBC Securities MICHAEL ROEG hold 3 M 44 Not Provided 18.02.2013

ABN Amro Bank N.V. WIM GILLE buy 5 M 52 Not Provided 18.02.2013

SNS Securities(ESN) MARTIJN DEN DRIJVER buy 5 M 61 12 month 12.02.2013

Kepler Capital Markets ANDRE MULDER buy 5 M 45 Not Provided 12.02.2013

Goldman Sachs MICHAEL RAE Buy/Neutral 5 M 49 12 month 11.02.2013

Petercam LUUK VAN BEEK add 4 M 46 Not Provided 11.02.2013

Rabobank International MICHEL AUPERS buy 5 M 60 Not Provided 11.02.2013

ING Bank QUIRIJN MULDER buy 5 M 45 12 month 11.02.2013

Kempen & Co DIRK VERBIESEN hold 3 M 51 12 month 06.01.2013

S&P Capital IQ CHRISTINE TISCARENO hold 3 M 43 12 month 19.11.2012


Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 63 Not Provided 04.09.2012

CA Cheuvreux HANS PLUIJGERS underperform 1 M 48 Not Provided 28.05.2012


Holdings By:

Fugro NV ee


27.02.2013

G4S PLC offers security services. The Company offers security guards, alarms,

monitoring, management and transportation of cash and valuables, prison

management, and electronic monitoring of offenders.


LTM as of: 01/yy

52-Week High (20.02.2013) 295.30

52-Week Low (23.07.2012) 237.30

Daily Volume

287.4












GFS LN EQUITY YTD Change - Average Volume 30 Day 2'754'664

GFS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'869'090


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 - -

4'483.5 5'928.5 7'009.0 7'258.0 7'522.0 - - 8'030.8 8'352.5 - -

0.89x 0.75x 0.74x 0.71x 0.75x - - 0.73x 0.69x - -

393.4 532.2 637.0 645.0 641.0 - - 674.5 729.7 - -

10.13x 8.31x 8.19x 8.00x 8.75x - - 8.75x 8.09x - -

147.2 151.2 202.0 223.0 181.0 - - 314.2 357.9 - -

21.28x 15.53x 17.49x 15.07x 18.49x - - 12.77x 11.45x - -











EBITDA Margin 8.4%



Asset Turnover 1.38







Fiscal Year Ended

G4S PLCPrice/Volume

Valuation Analysis

1'219'776.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

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02'

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2!' 9

-'!' 9

-2!' 9

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.2!' 9

0'!' 9

02!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.02.2013


INVESCO LTD n/a RNS-MAJ 212'071'075 15.03 13'104'798 29.01.2013 Investment Advisor



HARRIS ASSOCIATES LP Multiple Portfolios REG 69'584'044 4.93 - 03.12.2012 Investment Advisor




ABU DHABI INVESTMENT Multiple Portfolios REG 36'783'075 2.61 441'193 03.12.2012 Government

TWEEDY BROWNE COMPAN Multiple Portfolios REG 35'940'397 2.55 186'277 03.12.2012 Investment Advisor




MARATHON ASSET MANAG Multiple Portfolios REG 29'110'022 2.06 211'223 03.12.2012 Investment Advisor

Danish Depositary In Multiple Portfolios REG 28'308'205 2.01 (61'607'397) 03.12.2012 Unclassified

LONGVIEW PARTNERS (G Multiple Portfolios REG 25'823'670 1.83 (2'252'600) 03.12.2012 Unclassified

ALLIANZ ASSET MANAGE n/a ULT-AGG 21'330'557 1.51 (2'860'235) 31.01.2013 Investment Advisor




RCM Multiple Portfolios REG 15'086'520 1.07 (487'041) 03.12.2012 Investment Advisor


RBC Capital Markets DAVID GREENALL top pick 5 M 320 12 month 27.02.2013

SEB Enskilda DANIEL PATTERSON hold 3 M 304 Not Provided 25.02.2013

HSBC ALEX MAGNI underweight 1 D 270 Not Provided 21.02.2013

Goldman Sachs CHARLES WILSON Sell/Neutral 1 M 242 12 month 18.02.2013

Investec GIDEON ADLER buy 5 M 330 12 month 14.02.2013


Numis Securities Ltd STEVE WOOLF buy 5 M 315 Not Provided 12.02.2013

Panmure Gordon & Co Limited MIKE ALLEN buy 5 M 320 Not Provided 11.02.2013

Jefferies KEAN MARDEN buy 5 M 275 12 month 29.01.2013

Canaccord Genuity Corp JULIAN CATER buy 5 M 325 Not Provided 29.01.2013


Credit Suisse ANDY GROBLER outperform 5 U 330 Not Provided 14.01.2013


Danske Markets KASPER FROM LARSEN hold 3 M 286 12 month 06.11.2012


Barclays PAUL CHECKETTS overweight 5 M 280 Not Provided 30.08.2012

Espirito Santo Investment Bank ResearchDAVID BROCKTON neutral 3 M 265 Not Provided 20.07.2012

Deutsche Bank ANDY CHU hold 3 D 294 12 month 17.07.2012

Equita SIM SpA GIANMARCO BONACINA hold 3 D 306 Not Provided 16.07.2012

Sydbank SOEREN LONTOFT HANSEN overweight 5 M #N/A N/A Not Provided 10.05.2011

CA Cheuvreux NIKLAS KRISTOFFERSSONN outperform 5 M 310 Not Provided 03.03.2010

Holdings By:

G4S PLC ee


27.02.2013

Galenica AG manufactures and distributes pharmaceuticals and offers related

services. The Company produces prescription and over-the-counter drugs,

toiletries and hygiene products, and operates pharmacies.


LTM as of: 01/yy

52-Week High (11.07.2012) 626.00

52-Week Low (16.11.2012) 479.25

Daily Volume

540





3'510.00 1 Yr Total Return -1.97%







GALN SE EQUITY YTD Change - Average Volume 30 Day 20'887

GALN SE EQUITY YTD % CHANGE - Average Volume 3 Month 18'968


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 - -

2'529.1 3'128.1 3'279.1 3'446.6 3'480.6 - - 3'441.6 3'558.3 - -

1.40x 0.94x 1.14x 1.37x 1.26x - - 1.23x 1.13x - -

191.6 470.1 401.6 443.7 399.9 - - 417.9 421.7 - -

18.47x 6.26x 9.28x 10.65x 10.99x - - 10.60x 10.49x - -

134.1 188.2 210.2 230.4 223.1 - - 243.5 251.7 - -

23.94x 11.80x 11.55x 15.91x 15.89x - - 14.29x 13.84x - -











EBITDA Margin 11.5%



Asset Turnover 1.17







Fiscal Year Ended

Galenica AGPrice/Volume

Valuation Analysis

12'194.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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2''

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4''

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!' 9

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!- 9

!- 9

!- 9

!- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


ALLIANCE BOOTS LTD n/a EXCH 1'656'172 25.48 - 30.07.2012 Corporation

MORGAN STANLEY n/a ULT-AGG 354'593 5.46 - 31.12.2011 Investment Advisor

CREDIT SUISSE AG n/a EXCH 262'962 4.05 - 06.02.2013 Investment Advisor

PATINEX AG n/a EXCH 253'335 3.9 - 21.12.2012 Private Equity

ALECTA PENSIONSFORSA n/a Co File 210'000 3.23 - 31.12.2011 Pension Fund (ERISA)

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 102'664 1.58 (1'601) 28.12.2012 Mutual Fund Manager

GALENICA AG n/a Co File 75'941 1.17 - 31.12.2011 Corporation

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 63'327 0.97 (1'175) 31.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 51'016 0.78 718 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 47'108 0.72 156 31.10.2012 Investment Advisor


LB SWISS INVESTMENT Multiple Portfolios MF-AGG 37'258 0.57 4'162 31.12.2012 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 31'250 0.48 (127) 30.11.2012 Mutual Fund Manager

IST FUND MANAGERS Multiple Portfolios MF-AGG 28'672 0.44 52 31.12.2012 Mutual Fund Manager


LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 21'736 0.33 40 31.12.2012 Investment Advisor


DWS INVESTMENTS SCHW Multiple Portfolios MF-AGG 21'060 0.32 3'570 28.12.2012 Investment Advisor

SARASIN n/a ULT-AGG 20'607 0.32 367 30.11.2012 Unclassified

JORNOD ETIENNE n/a Co File 16'251 0.25 - 31.12.2011 n/a


AlphaValue ARMELLE MOULIN reduce 2 M 506 6 month 21.02.2013

Helvea OLAV ZILIAN buy 5 M 720 12 month 12.02.2013

Goldman Sachs VERONIKA DUBAJOVA Sell/Neutral 1 M 454 12 month 30.01.2013


Bank Vontobel AG CARLA BAENZIGER reduce 2 M 490 Not Provided 18.01.2013

Credit Suisse CHRISTOPH GRETLER neutral 3 M 600 Not Provided 17.01.2013

Berenberg Bank ADRIAN HOWD sell 1 M 500 Not Provided 17.01.2013

Kepler Capital Markets MARTIN VOEGTLI buy 5 M 650 Not Provided 17.01.2013


Main First Bank AG MARCUS WIEPRECHT underperform 1 D 500 12 month 24.10.2012

Deutsche Bank HOLGER BLUM buy 5 M 660 12 month 12.01.2012

Neue Zuercher Bank LILIAN MONTERO buy 5 M 650 Not Provided 16.03.2011

Holdings By:

Galenica AG ee


27.02.2013

Galp Energia, SGPS, S.A. is an integrated energy company with diversified

activities Worldwide. The Company is focused in the prolific South Atlantic

area, including Brazil's pre-salt Santos basin and the Angolan offshore, and in

the world class Rovuma basin in Mozambique. Downstream activities are centred

in Iberia and comprise the Refining & Marketing and the Gas & Power businesses.


LTM as of: 12/yy

52-Week High (09.03.2012) 13.78

52-Week Low (14.06.2012) 8.33

Daily Volume

11.85





9'826.62 1 Yr Total Return -6.09%







GALP PL EQUITY YTD Change - Average Volume 30 Day 1'358'800

GALP PL EQUITY YTD % CHANGE - Average Volume 3 Month 1'604'817


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

15'085.8 12'008.3 14'063.7 16'803.9 18'507.0 16'803.9 18'508.0 19'602.5 20'718.3 5'474.5 5'312.5

0.52x 1.00x 1.05x 0.77x 0.69x 3.58x 2.65x 0.66x 0.64x 2.34x 2.41x

407.0 766.3 969.9 1'045.6 969.0 1'046.6 970.0 1'226.4 1'446.6 283.5 323.0

19.26x 15.62x 15.22x 12.43x 13.15x 12.42x 13.14x 10.44x 8.85x 9.87x 9.23x

117.0 347.3 441.4 432.7 343.0 432.7 343.0 408.4 476.7 81.0 104.0

51.29x 28.76x 27.06x 21.88x 28.68x 21.88x 28.00x 23.80x 20.75x 21.82x 20.68x











EBITDA Margin 5.2%



Asset Turnover 1.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Galp Energia SGPS SAPrice/Volume

Valuation Analysis

750'831.00


'

.

1

3

5

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-3

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.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.02.2013


AMORIM ENERGIA n/a Research 317'934'693 38.34 - 26.09.2012 Other

ENI SPA n/a EXCH 201'839'604 24.34 - 27.11.2012 Corporation

PARPUBLICA - PARTICI n/a Research 58'079'514 7 - 26.09.2012 Other


JP MORGAN SECURITIES n/a EXCH 11'928'253 1.44 (4'810'350) 24.09.2012 Investment Advisor


CAIXA GERAL DE DEPOS n/a EXCH 6'590'294 0.79 - 26.11.2012 Government




HARTFORD INVESTMENTS Multiple Portfolios MF-AGG 2'140'000 0.26 315'000 30.12.2011 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'000'000 0.24 - 30.06.2012 Pension Fund (ERISA)

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'621'208 0.2 1'356 31.10.2012 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'252'455 0.15 1'137'925 30.09.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'231'369 0.15 (663'578) 28.12.2012 Mutual Fund Manager


NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 1'126'421 0.14 - 31.01.2013 Investment Advisor

MASON STREET ADVISOR Multiple Portfolios MF-AGG 1'126'050 0.14 1'126'050 31.12.2012 Investment Advisor




Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 19 12 month 27.02.2013

Caixa Banco de Investimento(ESN) CARLOS JESUS buy 5 M 16 12 month 26.02.2013

Deutsche Bank MARK BLOOMFIELD buy 5 U 16 12 month 25.02.2013

Morgan Stanley HAYTHEM RASHED Overwt/In-Line 5 M 17 12 month 25.02.2013


NMAS 1 Agencia de Valores FERNANDO LAFUENTE buy 5 M 14 6 month 25.02.2013

Canaccord Genuity Corp GORDON GRAY buy 5 M 15 12 month 21.02.2013

AlphaValue ALEXANDRE ANDLAUER sell 1 M 10 6 month 21.02.2013


Macquarie MARC B KOFLER outperform 5 M 16 12 month 14.02.2013


Societe Generale MEHDI ENNEBATI buy 5 M 14 12 month 12.02.2013

Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 15 Not Provided 12.02.2013

Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 17 Not Provided 12.02.2013

Nomura MATTHEW LOFTING buy 5 M 15 12 month 12.02.2013

Barclays LYDIA RAINFORTH overweight 5 M 17 Not Provided 12.02.2013

Investec STUART JOYNER hold 3 M 13 12 month 11.02.2013

JPMorgan NITIN SHARMA overweight 5 M 16 9 month 06.02.2013

Tudor Pickering & Co ANISH KAPADIA buy 5 M 16 Not Provided 31.01.2013

BCP Investimento VANDA MESQUITA buy 5 M 17 Not Provided 30.01.2013

Grupo Santander JASON KENNEY buy 5 M 14 Not Provided 22.01.2013

Goldman Sachs HENRY MORRIS neutral/cautious 3 M 14 12 month 11.01.2013

BBVA LUIS DE TOLEDO outperform 5 N 19 Not Provided 05.12.2012

Equita SIM SpA MASSIMO BONISOLI hold 3 D 13 12 month 04.12.2012

Jefferies BRENDAN MICHAEL WARN buy 5 M 15 12 month 29.10.2012

Banif SOFIA CORDEIRO Under Review #N/A N/A M #N/A N/A Not Provided 10.02.2012

Holdings By:

Galp Energia SGPS SA ee


27.02.2013

Gas Natural SDG, S.A. distributes natural gas in Spain and Latin America. The

Company also operates gas storage facilities, owns and operates a fiber optic

backbone telecommunications network, markets energy management products and

household gas appliances, and installs gas heating systems.


LTM as of: 12/yy

52-Week High (14.02.2013) 15.48

52-Week Low (23.07.2012) 8.36

Daily Volume

15.075





15'085.39 1 Yr Total Return 28.55%







GAS SQ EQUITY YTD Change - Average Volume 30 Day 2'706'698

GAS SQ EQUITY YTD % CHANGE - Average Volume 3 Month 4'021'823


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

13'544.0 14'879.0 19'630.0 21'076.0 24'904.0 21'076.0 24'904.0 23'937.0 24'808.8 - -

1.02x 2.35x 1.50x 1.44x 1.20x 5.71x 4.60x 1.31x 1.22x - -

2'520.0 3'863.0 4'609.0 4'697.0 4'865.0 4'697.0 4'885.0 4'911.6 5'057.4 - -

5.46x 9.04x 6.38x 6.47x 6.16x 6.47x 6.13x 6.40x 6.22x - -

1'057.0 1'195.0 1'201.0 1'325.0 1'441.0 1'325.0 1'441.0 1'357.1 1'470.3 380.0 380.0

8.17x 10.76x 8.84x 9.54x 9.37x 9.25x 9.37x 11.18x 10.31x 9.19x -











EBITDA Margin 19.6%



Asset Turnover 0.53







Fiscal Year Ended

Gas Natural SDG SAPrice/Volume

Valuation Analysis

968'765.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

1'!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.02.2013


CAIXA HOLDING SA n/a Co File 349'806'340 34.96 - 31.12.2011 Holding Company

REPSOL YPF SA n/a Co File 297'602'843 29.74 - 31.12.2011 Holding Company

LA SOCIETE NATIONALE n/a Co File 36'183'600 3.62 - 31.12.2011 Other



PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'791'916 0.28 1'135'409 30.11.2012 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 1'273'208 0.13 121'285 31.12.2012 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 1'189'089 0.12 330'907 30.09.2012 Mutual Fund Manager

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 1'121'665 0.11 (29'528) 31.05.2012 Investment Advisor



HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 750'000 0.07 750'000 31.12.2012 Investment Advisor




BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 609'015 0.06 (32'071) 29.02.2012 Investment Advisor


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 499'536 0.05 36'871 28.12.2012 Mutual Fund Manager

UBS n/a ULT-AGG 485'127 0.05 1'415 28.12.2012 Unclassified

BANQUE DEGROOF Multiple Portfolios MF-AGG 453'491 0.05 (23'000) 01.02.2013 Investment Advisor


Exane BNP Paribas MANUEL PALOMO outperform 5 M 17 Not Provided 26.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 26.02.2013

BPI GONZALO SANCHEZ-BORDONA neutral 3 M 15 Not Provided 25.02.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 18 12 month 25.02.2013

Societe Generale JORGE ALONSO SUILS buy 5 M 17 12 month 20.02.2013

Goldman Sachs FRED BARASI neutral/attractive 3 M 16 12 month 20.02.2013

Natixis PHILIPPE OURPATIAN reduce 2 M 11 Not Provided 20.02.2013

Nomura JAVIER SUAREZ buy 5 M 17 Not Provided 20.02.2013


Morgan Stanley CAROLINA DORES Overwt/In-Line 5 M 17 12 month 19.02.2013

Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO hold 3 M 14 12 month 19.02.2013

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 13 12 month 19.02.2013

Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 M 16 Not Provided 19.02.2013

Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 16 12 month 19.02.2013


Berenberg Bank ANDREW FISHER sell 1 N 12 Not Provided 05.02.2013

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 18 Not Provided 05.02.2013

Grupo Santander BOSCO MUGUIRO hold 3 M 12 Not Provided 04.02.2013

Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 14 Not Provided 04.02.2013

Macquarie ATALLAH ESTEPHAN underperform 1 M 13 12 month 01.02.2013

La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 15 Not Provided 28.01.2013

Credit Suisse STEFANO BEZZATO neutral 3 M 13 Not Provided 28.11.2012

JPMorgan JAVIER GARRIDO overweight 5 U 16 9 month 14.11.2012

Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 13 Not Provided 21.09.2012

BBVA ISIDORO DEL ALAMO market perform 3 M 13 Not Provided 16.09.2012

Hammer Partners SA CHRIS MOORE buy 5 M 13 Not Provided 25.07.2012


CS Capital CHRISTOPHER PARKINSON sell 1 M 12 Not Provided 15.08.2011

Holdings By:

Gas Natural SDG SA ee


27.02.2013

GEA Group AG offers engineering services. The Company designs and constructs

factories that refine metals, produce hydrocarbon products and chemicals, and

treat sewage. GEA designs production lines for food processors, beverage

bottlers, and chemical, pharmaceuticals, and cosmetics manufacturers.


LTM as of: 09/yy

52-Week High (28.01.2013) 28.20

52-Week Low (28.06.2012) 19.47

Daily Volume

26.545












G1A GY EQUITY YTD Change - Average Volume 30 Day 539'282

G1A GY EQUITY YTD % CHANGE - Average Volume 3 Month 435'775


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 Q1

4'856.0 5'179.0 4'411.2 4'418.4 5'416.5 5'074.8 5'732.7 5'856.0 6'052.1 1'652.5 1'343.0

0.84x 0.42x 0.62x 0.86x 0.79x 3.38x 3.30x 0.98x 0.91x - -

418.3 542.3 382.8 371.9 594.7 454.7 591.9 635.0 718.3 305.3 -

9.75x 4.06x 7.09x 10.28x 7.21x 8.21x 8.36x 8.84x 7.81x - -

282.4 99.6 160.6 129.3 312.0 215.8 309.6 342.9 394.5 149.5 59.2

18.50x 6.43x 17.89x 30.90x 12.85x 14.92x 14.07x 14.31x 13.06x 12.18x 12.11x











EBITDA Margin 10.3%



Asset Turnover 0.94








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GEA Group AGPrice/Volume

Valuation Analysis

312'505.00


'

2

-'

-2

.'

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0'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013



KUWAIT INVESTMENT AU n/a Co File 15'164'144 7.88 - 31.12.2011 Government


SCHRODERS PLC n/a Research 5'840'105 3.03 - 04.02.2013 Investment Advisor

AMUNDI n/a Research 5'809'555 3.02 - 18.01.2013 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 5'007'048 2.6 - 31.12.2012 Investment Advisor







ADIG INVESTMENT Multiple Portfolios MF-AGG 1'498'364 0.78 (74'209) 31.10.2012 Investment Advisor


ROYAL BANK OF CANADA n/a ULT-AGG 1'195'505 0.62 (300) 28.09.2012 Bank



DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 846'600 0.44 - 09.07.2012 Investment Advisor



CA Cheuvreux HANS-JOACHIM HEIMBUERGER outperform 5 M 30 Not Provided 26.02.2013

AlphaValue HANS-PETER WODNIOK reduce 2 M 26 6 month 21.02.2013

Equita SIM SpA GIANMARCO BONACINA hold 3 M 27 12 month 14.02.2013

Baader Bank PETER ROTHENAICHER buy 5 M 31 12 month 13.02.2013

Deutsche Bank PETER REILLY buy 5 U 30 12 month 08.02.2013

Commerzbank Corporates & Markets SEBASTIAN GROWE buy 5 U 30 6 month 07.02.2013

Independent Research GmbH ZAFER RUZGAR hold 3 M 27 12 month 07.02.2013

Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 32 12 month 07.02.2013

Bankhaus Lampe GORDON SCHOENELL hold 3 M 27 12 month 07.02.2013

M.M. Warburg Investment Research ROLAND RAPELIUS buy 5 M 30 12 month 07.02.2013

Bankhaus Metzler HELENA WUESTENFELD sell 1 D 22 12 month 07.02.2013

Kepler Capital Markets STEFAN AUGUSTIN hold 3 M 26 Not Provided 07.02.2013

S&P Capital IQ JACOB THRANE sell 1 D 24 12 month 07.02.2013

DZ Bank AG MARKUS TURNWALD sell 1 M 24 12 month 07.02.2013

Main First Bank AG CHRISTOPHER YOUL underperform 1 M 24 12 month 07.02.2013

Exane BNP Paribas ALEXIS DENAUD outperform 5 M 32 Not Provided 07.02.2013

Barclays ALLAN SMYLIE overweight 5 M 29 Not Provided 07.02.2013

Montega THOMAS RAU buy 5 M 29 12 month 07.02.2013

BHF-Bank HERMANN REITH market weight 3 M 25 12 month 06.02.2013

Nord/LB HEINO HAMMANN hold 3 M 25 12 month 06.02.2013

JPMorgan GLEN H LIDDY neutral 3 M 27 9 month 06.02.2013

Landesbank Baden-Wuerttemberg HARALD REHMET hold 3 M 25 Not Provided 06.02.2013

Hamburger Sparkasse INGO SCHMIDT hold 3 U 23 12 month 06.02.2013

National Bank AG STEFFEN MANSKE hold 3 M 26 Not Provided 06.02.2013

Berenberg Bank BENJAMIN GLAESER buy 5 M 28 Not Provided 06.02.2013

Equinet Institutional Services(ESN) HOLGER SCHMIDT hold 3 M 22 12 month 06.02.2013




Steubing AG TOBIAS SCHMIDT buy 5 M 30 Not Provided 14.01.2013

HSBC JUERGEN SIEBRECHT overweight 5 M 33 Not Provided 09.01.2013

Silvia Quandt Research EERIK KD BUDARZ buy 5 M 29 12 month 29.10.2012

Holdings By:

GEA Group AG ee


27.02.2013

Gemalto NV designs and manufactures security software for e-identity documents,

chip payment cards, network authentication devices and wireless modules. The

Company also provides and operates systems to manage confidential data and

secure transactions. Gemalto serves the telecommunications, financial

services, e-government, and information technology security markets.


LTM as of: 06/yy

52-Week High (10.12.2012) 75.95

52-Week Low (27.02.2012) 41.65

Daily Volume

69.91





6'153.19 1 Yr Total Return 66.97%







GTO FP EQUITY YTD Change - Average Volume 30 Day 432'011

GTO FP EQUITY YTD % CHANGE - Average Volume 3 Month 462'602


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

1'629.5 1'680.5 1'601.9 1'905.6 2'015.4 1'693.9 2'092.5 2'208.4 2'429.8 553.0 622.0

0.92x 0.68x 1.24x 1.19x 1.30x 0.00x 0.00x 2.61x 2.30x - -

55.1 215.9 214.0 256.5 287.6 0.0 0.0 354.8 424.9 - -

27.07x 5.29x 9.26x 8.85x 9.13x 0.00x 0.00x 16.51x 13.79x - -

(50.2) 111.9 114.8 163.9 160.1 0.0 0.0 251.6 307.6 - -

- 13.26x 22.43x 15.93x 19.28x 0.00x 0.00x 23.30x 19.09x - -











EBITDA Margin 14.3%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gemalto NVPrice/Volume

Valuation Analysis

195'905.00


'

-'

.'

0'

1'

2'

3'

4'

5'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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27.02.2013




GEMALTO NV n/a Research 4'327'341 4.92 (224'732) 03.10.2012 Corporation

MAVERICK CAPITAL LTD n/a Short (1'593'086) -1.81 (52'809) 01.02.2013 Hedge Fund Manager




GEORGETOWN ASSET HOL n/a Short (1'047'388) -1.19 44'008 14.12.2012 Other

LONE CYPRESS LTD n/a Short (877'518) -1 - 10.09.2012 Other



UMB BANK N A Multiple Portfolios MF-AGG 612'832 0.7 26'855 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 593'000 0.67 (4'431'904) 16.01.2013 Investment Advisor

KYNIKOS ASSOCIATES L n/a Short (536'896) -0.61 - 20.11.2012 Hedge Fund Manager


GCIC LTD/CANADA Multiple Portfolios MF-AGG 432'576 0.49 386'776 31.10.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 372'210 0.42 (125'552) 31.12.2012 Investment Advisor





Exane BNP Paribas ALEXANDRE FAURE neutral 3 M 70 Not Provided 27.02.2013

Barclays YOUSSEF ESSAEGH overweight 5 M 82 Not Provided 21.02.2013

AlphaValue JEAN-MICHEL SALVADOR sell 1 D 61 6 month 21.02.2013

Deutsche Bank JOHANNES SCHALLER buy 5 M 85 12 month 13.02.2013

Oddo & Cie EMMANUEL MATOT buy 5 M 72 Not Provided 29.01.2013

Berenberg Bank ALI FARID KHWAJA sell 1 M 46 Not Provided 17.01.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013

Goldman Sachs ALEXANDER DUVAL Buy/Neutral 5 M 93 12 month 13.01.2013

Kepler Capital Markets SEBASTIEN SZTABOWICZ buy 5 M 86 Not Provided 11.01.2013

Gilbert Dupont JEAN BAPTISTE SERGEANT add 4 M 70 Not Provided 14.12.2012

Natixis STEPHANE HOURI buy 5 M 90 Not Provided 12.12.2012

Morgan Stanley ANDREW HUMPHREY Equalwt/No Rating 3 D 70 12 month 28.11.2012

Main First Bank AG JUERGEN WAGNER outperform 5 M 79 12 month 30.10.2012

HSBC ANTONIN BAUDRY overweight 5 M 79 Not Provided 29.10.2012

CM - CIC Securities(ESN) SEBASTIEN LIAGRE hold 3 M 72 12 month 26.10.2012

Mirabaud Securities SUSAN ANTHONY add 4 M 72 12 month 26.10.2012

Societe Generale ANDY PERKINS buy 5 M 75 12 month 25.10.2012

CA Cheuvreux ODON DE LAPORTE outperform 5 M 74 Not Provided 31.08.2012

Jefferies LEE SIMPSON buy 5 M 43 12 month 05.03.2012

Holdings By:

Gemalto NV ee


27.02.2013

Getinge AB develops, manufactures, and sells equipment and systems for

sterilization and disinfection. The Company markets to the pharmaceutical

industry, hospitals, dental clinics, and laboratories. Getinge produces in the

United Kingdom, France, the United States, and Australia. The products are sold

by subsidiaries, sales offices, and distributors worldwide.


LTM as of: 12/yy

52-Week High (03.01.2013) 225.10

52-Week Low (28.06.2012) 165.40

Daily Volume

195.3





46'544.56 1 Yr Total Return 5.78%







GETIB SS EQUITY YTD Change - Average Volume 30 Day 973'297

GETIB SS EQUITY YTD % CHANGE - Average Volume 3 Month 797'953


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

19'272.0 22'816.0 22'172.0 21'854.0 24'248.0 21'854.0 24'248.0 25'989.4 27'169.9 5'615.1 6'007.0

1.65x 2.07x 2.03x 2.61x 2.81x 7.01x 5.42x 2.41x 2.22x - -

4'067.0 4'787.0 5'292.0 5'488.0 5'317.0 5'488.0 5'772.0 6'199.4 6'877.4 1'138.0 1'355.2

7.82x 9.85x 8.49x 10.40x 12.82x 10.40x 11.81x 10.04x 9.06x 9.91x 9.48x

1'524.0 1'911.0 2'277.0 2'529.0 2'521.0 2'529.0 2'522.0 2'985.1 3'450.3 376.4 545.3

12.94x 17.00x 14.75x 16.43x 20.80x 16.43x 20.79x 15.07x 13.06x 15.64x 14.66x











EBITDA Margin 23.8%



Asset Turnover 0.57







Fiscal Year Ended

Getinge ABPrice/Volume

Valuation Analysis

203'219.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.02.2013


BENNET CARL n/a Research 40'251'377 18.1 13'097'529 29.06.2012 n/a




NORWEGIAN GOVT MINIS n/a Research 4'670'049 2.1 - 29.06.2012 Government





NORDEA n/a Research 3'113'366 1.4 - 29.06.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'780'592 1.25 (1'301'788) 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 2'611'292 1.17 (282'895) 31.01.2013 Investment Advisor

SHB/SPP FUNDS n/a Co File 2'596'520 1.17 - 31.12.2011 Investment Advisor


FJARDE AP-FONDEN n/a Research 2'223'833 1 - 29.06.2012 Pension Fund (ERISA)


TREDJE AP-FONDEN n/a Co File 2'086'961 0.94 - 31.12.2011 Government


SHB PENSION FUND n/a Co File 1'625'000 0.73 - 31.12.2011 Pension Fund (ERISA)


AlphaValue KAMLA SINGH add 4 M 210 6 month 14.02.2013

Morgan Stanley MICHAEL K JUNGLING Overwt/Attractive 5 M 218 12 month 12.02.2013

JPMorgan DAVID J ADLINGTON underweight 1 M 167 9 month 11.02.2013

Jefferies INGEBORG OIE hold 3 M 180 12 month 11.02.2013


Nordea Equity Research PATRIK LING sell 1 M 185 12 month 11.02.2013

Handelsbanken HANS MAHLER buy 5 M 225 12 month 11.02.2013

Berenberg Bank SCOTT BARDO buy 5 M 230 Not Provided 11.02.2013

Swedbank JOHAN UNNERUS buy 5 U 210 12 month 11.02.2013

Danske Markets MATTIAS HAGGBLOM sell 1 M 170 12 month 11.02.2013

ABG Sundal Collier MORTEN LARSEN sell 1 M 175 6 month 10.02.2013

DNB Markets RUNE MAJLUND DAHL buy 5 M 220 Not Provided 08.02.2013

Commerzbank Corporates & Markets VOLKER BRAUN hold 3 M 209 6 month 04.02.2013

Pareto Securities YILMAZ MAHSHID sell 1 M #N/A N/A Not Provided 31.01.2013

S&P Capital IQ JACOB THRANE sell 1 M 175 12 month 29.01.2013

SEB Enskilda LARS HEVRENG hold 3 M 203 Not Provided 28.01.2013




Holdings By:

Getinge AB ee


27.02.2013

GKN plc produces automotive components and aerospace vehicles, and supplies a

variety of industrial services. The Company manufactures and provides driveline

systems, vehicle chassis assemblies, sub-assemblies and power take-off shafts,

in addition to aircraft transmissions and helicopters.


LTM as of: 12/yy

52-Week High (20.02.2013) 267.00

52-Week Low (28.06.2012) 171.50

Daily Volume

262.2





4'280.56 1 Yr Total Return 16.27%







GKN LN EQUITY YTD Change - Average Volume 30 Day 4'945'088

GKN LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'518'447


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

4'376.0 4'223.0 5'084.0 5'746.0 6'510.0 0.0 6'510.0 7'276.2 7'630.9 - -

0.32x 0.52x 0.80x 0.66x 0.76x #DIV/0! 0.00x 0.75x 0.68x - -

379.0 344.0 570.0 619.0 739.0 0.0 0.0 853.8 947.5 - -

3.68x 6.41x 7.13x 6.17x 6.71x 0.00x 0.00x 6.45x 5.81x - -

(109.0) (36.0) 305.0 279.0 480.0 0.0 0.0 421.1 479.4 - -

- - 11.34x 10.17x 7.58x 0.00x 0.00x 10.20x 9.01x - -


EBIT 471.00 Long-Term Rating NR









EBITDA Margin 11.4%



Asset Turnover 1.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GKN PLCPrice/Volume

Valuation Analysis

4'640'848.00


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2!' 9

-'!' 9

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.2!' 9

0'!' 9

02!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

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02'!''

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27.02.2013


STANDARD LIFE INVEST n/a RNS-MAJ 178'306'426 10.92 7'746'713 13.07.2012 Investment Advisor







AXA FRAMLINGTON INV Multiple Portfolios REG 40'177'308 2.46 4'764'681 01.11.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 38'576'923 2.36 (2'475'929) 31.01.2013 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 37'252'941 2.28 1'505'522 01.11.2012 Government

SANDERSON ASSET MANA Multiple Portfolios REG 36'420'958 2.23 (26'665) 01.11.2012 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 35'582'204 2.18 2'639'633 01.11.2012 Investment Advisor

INVESCO LTD Multiple Portfolios REG 32'282'628 1.98 (535'847) 01.11.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios REG 32'056'676 1.96 (1'331'900) 01.11.2012 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios REG 28'203'963 1.73 2'473'789 01.11.2012 Investment Advisor



UBS n/a ULT-AGG 24'059'597 1.47 9'490'187 28.12.2012 Unclassified


Societe Generale ALASDAIR LESLIE hold 3 M 260 12 month 27.02.2013

Investec ANDREW GOLLAN buy 5 M 300 12 month 27.02.2013

Nomura JUHO LAHDENPERA neutral 3 M 260 12 month 27.02.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 210 12 month 26.02.2013

JPMorgan GLEN H LIDDY neutral 3 D 260 9 month 26.02.2013

Jefferies SANDY MORRIS buy 5 M 275 12 month 26.02.2013

Oriel Securities Ltd HARRY PHILIPS buy 5 M 350 Not Provided 26.02.2013

Credit Suisse JONATHAN HURN outperform 5 M 255 Not Provided 17.01.2013

Arden Partners Ltd DAVID LARKAM neutral 3 D 250 12 month 17.01.2013


Goldman Sachs STEPHAN PUETTER sell/attractive 1 M 195 12 month 10.01.2013

Barclays MICHAEL TYNDALL overweight 5 M 258 Not Provided 20.07.2012

Holdings By:

GKN PLC ee


27.02.2013

Grifols S.A. develops, manufactures, and markets plasma derivatives, IV Therapy,

Enteral nutrition, diagnostic systems, and medical materials.


LTM as of: 09/yy

52-Week High (25.02.2013) 27.60

52-Week Low (27.02.2012) 14.67

Daily Volume

27.165





8'590.88 1 Yr Total Return 81.60%







GRF SQ EQUITY YTD Change - Average Volume 30 Day 738'633

GRF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 804'666


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 Q1

703.3 814.3 913.2 990.7 1'795.6 1'457.5 2'549.6 2'626.8 2'839.8 659.1 -

5.11x 3.75x 3.49x 2.83x 3.90x 4.76x 13.72x 4.22x 3.80x 16.77x -

177.9 209.5 267.2 255.8 405.5 146.3 461.1 840.3 958.6 203.2 -

20.21x 14.58x 11.91x 10.98x 17.26x 0.00x 23.70x 13.25x 11.61x - -

87.8 121.7 148.0 115.5 50.3 62.3 203.9 289.1 390.7 66.7 -

37.24x 21.30x 17.29x 18.89x 68.42x 53.87x 0.00x 30.45x 23.22x - -


EBIT 314.81 Long-Term Rating BB









EBITDA Margin 18.1%



Asset Turnover 0.45







Fiscal Year Ended

Grifols SAPrice/Volume

Valuation Analysis

449'667.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

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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

'!''

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27.02.2013



DERIA SA n/a Co File 18'687'588 8.77 - 31.12.2011 Corporation

SCRANTON ENTERPRISES n/a Co File 16'149'937 7.58 - 31.12.2011 Corporation

THORTHOL HOLDINGS BV n/a EXCH 15'042'766 7.06 - 31.12.2011 Corporation

LUCAS VICTOR GRIFOLS n/a Co File 13'112'187 6.15 - 31.12.2011 n/a



VISIUM ASSET MANAGEM n/a 13G 9'033'076 4.24 - 25.07.2011 Hedge Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'859'361 1.81 (120'365) 30.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 3'789'554 1.78 1'626'496 31.12.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 3'233'856 1.52 (740'397) 31.12.2012 Investment Advisor




BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'085'899 0.51 (88'664) 30.09.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 1'057'787 0.5 - 30.11.2012 Mutual Fund Manager



MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 877'739 0.41 - 31.03.2012 Investment Advisor



Bankia Bolsa (ESN) ANA ISABEL GONZALEZ GARCIA reduce 2 M 25 12 month 27.02.2013

BPI IGNACIO ORTIZ DE MENDIVIL buy 5 M 33 Not Provided 25.02.2013

Exane BNP Paribas JULIEN DORMOIS outperform 5 M 28 Not Provided 25.02.2013


Grupo Santander VICENTE MARTIN BROGERAS underweight 1 M 24 Not Provided 20.02.2013


Banesto Bolsa SA Sociedad LUIS DE BLAS overweight 5 M 22 12 month 20.02.2013

Espirito Santo Investment Bank ResearchLUIS NAVIA neutral 3 M 24 Not Provided 18.02.2013

Banco Sabadell JAVIER ESTEBAN sell 1 M 26 12 month 07.02.2013



BBVA ISABEL CARBALLO market perform 3 M 26 Not Provided 17.01.2013

Bryan Garnier & Cie MATHIEU CHABERT buy 5 M 30 6 month 17.01.2013


La Caixa SANTIAGO MARIN underweight 1 M 23 Not Provided 27.11.2012

Berenberg Bank TOM JONES hold 3 M 24 Not Provided 19.11.2012

JPMorgan JAMES D GORDON neutral 3 M 27 9 month 12.11.2012


Kepler Capital Markets NATALIA BOBO BJOERK hold 3 D 25 Not Provided 25.09.2012

Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO underweight 1 M 21 12 month 17.09.2012

Renta 4 SA SVB IVAN SAN FELIX hold 3 M #N/A N/A Not Provided 20.04.2012

Intermoney Valores ESTHER MARTIN hold 3 D 16 12 month 27.03.2012

Morgan Stanley ANDREW S BAUM not rated #N/A N/A M #N/A N/A Not Provided 01.06.2011

Holdings By:

Grifols SA ee


27.02.2013

Groupe Bruxelles Lambert S.A. is a holding company with interests in energy,

media, and utility companies. The Company, through its subsidiaries, produces

petroleum, manufactures chemicals, operates gasoline filling stations, owns and

operates television and radio stations, supplies water, generates and transports

electricity, transports natural gas, and offers waste management services.


LTM as of: 09/yy

52-Week High (01.02.2013) 62.18

52-Week Low (18.05.2012) 49.14

Daily Volume

60.53





9'767.02 1 Yr Total Return 15.07%







GBLB BB EQUITY YTD Change - Average Volume 30 Day 117'924

GBLB BB EQUITY YTD % CHANGE - Average Volume 3 Month 108'030


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 Q1

720.2 117.3 286.8 429.0 2'855.2 0.0 0.0 4'011.7 4'143.5 - -

17.15x 72.14x 35.14x 22.80x 3.97x #DIV/0! #DIV/0! 3.06x 2.92x - -

697.5 98.2 263.6 - 391.1 0.0 0.0 643.5 964.5 - -

17.71x 86.17x 38.23x - 28.95x 0.00x 0.00x 19.14x 12.77x - -

778.9 (687.5) 1'057.7 640.8 75.0 159.1 875.1 873.8 790.0 - -

16.80x - 9.71x 15.24x 107.31x 0.00x 0.00x 14.57x 11.76x - -











EBITDA Margin 36.8%



Asset Turnover 0.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Groupe Bruxelles Lambert SAPrice/Volume

Valuation Analysis

87'968.00


'

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2'

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

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!. 9

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!1 9

-500.0

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!''

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27.02.2013


PARGESA HOLDING SA n/a Co File 80'680'729 50 - 31.12.2011 Investment Advisor

SAGERPAR n/a Co File 6'099'444 3.78 - 31.12.2011 Holding Company



FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 1'661'327 1.03 19'985 31.12.2012 Investment Advisor


UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 1'032'518 0.64 - 31.01.2013 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 573'119 0.36 (29'894) 31.12.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 570'000 0.35 - 28.09.2012 Hedge Fund Manager


ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 405'000 0.25 - 28.09.2012 Investment Advisor

MANDARINE GESTION Multiple Portfolios MF-AGG 336'505 0.21 25'474 31.12.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 192'235 0.12 (104'065) 28.12.2012 Mutual Fund Manager

UBS FUND SERVICES Multiple Portfolios MF-AGG 188'952 0.12 1'215 31.10.2012 Investment Advisor

FRERE GERALD n/a Co File 183'014 0.11 - 31.12.2011 n/a


DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 137'828 0.09 - 28.12.2012 Investment Advisor

CAPITAL & FINANCE AS Multiple Portfolios MF-AGG 134'000 0.08 - 31.12.2012 Mutual Fund Manager



AlphaValue PIERRE-YVES GAUTHIER buy 5 M 77 6 month 14.02.2013

Goldman Sachs MARKUS IWAR neutral/neutral 3 M 74 12 month 25.01.2013

Bank Degroof(ESN) HANS D'HAESE hold 3 M 64 12 month 25.01.2013

KBC Securities TOM SIMONTS hold 3 M 60 Not Provided 25.01.2013

Petercam MARC DEBROUWER add 4 M 67 Not Provided 25.01.2013

Natixis CELINE CHERUBIN neutral 3 M 61 Not Provided 25.01.2013

Exane BNP Paribas DAVID VAGMAN outperform 5 M 68 Not Provided 25.01.2013

ING Bank MATTHIAS MAENHAUT hold 3 M 62 12 month 24.01.2013



HSBC PIERRE BOSSET neutral 3 M 67 Not Provided 10.12.2012

Societe Generale PATRICK JOUSSEAUME hold 3 D 63 12 month 12.11.2012

CA Cheuvreux DAVID CERDAN outperform 5 N 69 Not Provided 16.10.2012

ABN Amro Bank N.V. MAURITS HELDRING hold 3 M 56 Not Provided 08.11.2011

Holdings By:

Groupe Bruxelles Lambert SA ee


27.02.2013

Groupe Eurotunnel SA holds the concession to operate the two rail tunnels

beneath the English Channel, terminals in Folkestone in the United Kingdom and

Coquelles in France, and shuttle cars that transport cars and trucks.


LTM as of: 09/yy

52-Week High (14.03.2012) 6.80

52-Week Low (08.10.2012) 5.21

Daily Volume

6.396












GET FP EQUITY YTD Change - Average Volume 30 Day 1'042'238

GET FP EQUITY YTD % CHANGE - Average Volume 3 Month 920'912


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

401.8 703.9 571.1 736.6 844.8 306.8 979.2 988.2 1'011.3 233.0 -

12.01x 5.71x 11.28x 9.32x 7.70x 0.00x 0.00x 7.53x 7.28x - -

311.0 449.7 325.2 345.5 404.7 0.0 0.0 447.5 444.0 - -

15.51x 8.93x 19.80x 19.86x 16.07x 0.00x 0.00x 16.16x 16.29x - -

3'317.8 43.6 1.6 (56.8) 11.3 0.0 0.0 28.7 20.6 - -

- 11.32x 654.00x - 263.00x 0.00x 0.00x 125.41x 156.00x - -











EBITDA Margin 45.7%



Asset Turnover 0.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Groupe Eurotunnel SAPrice/Volume

Valuation Analysis

345'830.00


'

-

.

0

1

2

3

4

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

'!''

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1!''

3!''

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27.02.2013


GOLDMAN SACHS GROUP n/a Research 85'289'551 15.51 - 22.09.2011 Investment Advisor



DNCA FINANCE Multiple Portfolios MF-AGG 8'390'000 1.53 (510'000) 28.09.2012 Investment Advisor


BLACKROCK n/a ULT-AGG 5'508'726 1 245'864 25.02.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 3'877'932 0.71 (275'000) 31.12.2012 Mutual Fund Manager


AVIVA PLC Multiple Portfolios MF-AGG 2'910'100 0.53 (33'440) 31.01.2013 Investment Advisor


ROYAL BANK OF CANADA n/a ULT-AGG 1'493'981 0.27 (1'112'000) 28.09.2012 Bank

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 1'431'687 0.26 - 31.12.2012 Investment Advisor


LEONARDO INVEST FUND Multiple Portfolios MF-AGG 1'250'000 0.23 (220'770) 28.09.2012 Mutual Fund Manager

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 1'105'652 0.2 (259'774) 31.12.2012 Investment Advisor


KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 1'032'510 0.19 (7'490) 30.11.2012 Mutual Fund Manager


COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 876'383 0.16 30'850 31.12.2012 Investment Advisor



BPI FILIPE MARTINS LEITE buy 5 M 8 Not Provided 25.02.2013

Societe Generale JEAN-BAPTISTE ROUSSILLE buy 5 M 9 12 month 22.02.2013


RBC Capital Markets ANDREW JONES outperform 5 M 8 12 month 19.02.2013

Aurel - BGC ERIC LEMARIE buy 5 M 8 6 month 19.02.2013

HSBC JOSEPH P THOMAS overweight 5 M 9 Not Provided 18.02.2013

Goldman Sachs NICK EDELMAN neutral/neutral 3 M 7 18 month 08.02.2013

Oddo & Cie CHRISTOPHE CHAPUT buy 5 M 8 Not Provided 04.02.2013

Main First Bank AG LOIC SABATIER underperform 1 M 5 12 month 04.02.2013

Barclays SUSANNA INVERNIZZI underweight 1 M 6 Not Provided 23.01.2013

Nomura PETER LARKIN buy 5 M 8 Not Provided 21.01.2013

Exane BNP Paribas NICOLAS MORA outperform 5 M 8 Not Provided 21.01.2013


Natixis GREGOIRE THIBAULT buy 5 U 8 Not Provided 16.01.2013


Kepler Capital Markets XAVIER CAROEN buy 5 M 8 Not Provided 23.10.2012

Morgan Stanley JAIME ROWBOTHAM Equalwt/In-Line 3 M 6 12 month 05.10.2012


Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 25.07.2012

Holdings By:

Groupe Eurotunnel SA ee


27.02.2013

Hammerson plc invests in and develops property. The Company develops, builds

and manages commercial buildings, offices and shopping centers. Hammerson

operates throughout the United Kingdom, but also has investment and development

activities in France and Germany.


LTM as of: 01/yy

52-Week High (20.02.2013) 507.00

52-Week Low (07.03.2012) 386.20

Daily Volume

489.6





3'490.02 1 Yr Total Return 27.61%







HMSO LN EQUITY YTD Change - Average Volume 30 Day 1'581'259

HMSO LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'537'225


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 - -

368.8 408.5 404.8 401.5 409.7 - - 294.3 306.7 - -

15.08x 12.25x 12.88x 12.08x 11.32x - - 18.56x 18.33x - -

269.5 210.4 67.6 273.1 250.8 - - 235.6 246.0 - -

20.63x 23.78x 77.10x 17.75x 18.50x - - 22.98x 22.01x - -

101.0 (1'572.6) (344.5) 615.4 335.7 - - 142.8 152.2 - -

29.34x - - 4.78x 7.61x - - 24.71x 22.99x - -











EBITDA Margin 51.1%



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hammerson PLCPrice/Volume

Valuation Analysis

1'000'255.00


'

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0''

1''

2''

3''

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0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

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27.02.2013


APG ALGEMENE PENSIOE Multiple Portfolios REG 69'816'792 9.79 (443'226) 03.12.2012 Pension Fund (ERISA)



COHEN & STEERS CAPIT Multiple Portfolios REG 26'460'738 3.71 (89'850) 03.12.2012 Investment Advisor


SUMITOMO MITSUI TRUS n/a ULT-AGG 20'867'623 2.93 (46'474) 17.08.2012 Bank




EUROPEAN INVESTORS I n/a Research 14'944'691 2.1 346'739 31.12.2012 Investment Advisor


MORGAN STANLEY INVES Multiple Portfolios REG 14'283'054 2 (3'462) 03.12.2012 Investment Advisor


ING INV MANAGEMENT E Multiple Portfolios REG 10'188'837 1.43 (65'212) 03.12.2012 Investment Advisor

DAIWA ASSET MANAGEME Multiple Portfolios REG 10'143'807 1.42 (2'623'235) 03.12.2012 Investment Advisor


CBRE CLARION SECURIT Multiple Portfolios REG 9'011'224 1.26 (2'182) 03.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 8'942'371 1.25 (1'170'130) 31.12.2012 Investment Advisor


AEW CAPITAL MANAGEME Multiple Portfolios REG 8'024'264 1.13 10'257 03.12.2012 Hedge Fund Manager


Jefferies MICHAEL PREW hold 3 M 476 12 month 25.02.2013

Numis Securities Ltd CHRISTOPHER SPEARING hold 3 M 515 Not Provided 25.02.2013

AlphaValue PIERRE-LOUP ETIENNE reduce 2 M 456 6 month 21.02.2013

Peel Hunt KEITH CRAWFORD hold 3 M 440 Not Provided 13.02.2013

Exane BNP Paribas NICK WEBB outperform 5 M 570 Not Provided 13.02.2013


Investec ALAN CARTER reduce 2 D 490 12 month 21.01.2013

Morgan Stanley CHRISTOPHER FREMANTLE Equalwt/Attractive 3 M 500 12 month 17.01.2013



Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 525 Not Provided 15.01.2013

Kempen & Co RYAN PALECEK overweight 5 M 515 12 month 14.01.2013

Credit Suisse STEVE BRAMLEY-JACKSON neutral 3 D 500 Not Provided 04.01.2013

Panmure Gordon & Co Limited MARK HUGHES hold 3 M 453 Not Provided 04.01.2013

Societe Generale MARC MOZZI buy 5 M 570 12 month 18.12.2012

JPMorgan HARM M MEIJER overweight 5 M 555 9 month 18.12.2012



Barclays AARON GUY equalweight 3 M 534 Not Provided 30.07.2012

Liberum Capital Ltd ALISON WATSON hold 3 D 449 Not Provided 20.07.2012

CS Capital CHRISTOPHER PARKINSON sell 1 M 400 Not Provided 15.08.2011

Holdings By:

Hammerson PLC ee


27.02.2013

Hannover Rueckversicherung AG provides reinsurance services. The Company offers

life, health, accident, damage, property, and high risk specialty reinsurance.

Hannover Rueckversicherung operates worldwide.


LTM as of: 09/yy

52-Week High (03.01.2013) 60.60

52-Week Low (07.03.2012) 40.01

Daily Volume

58.6





7'066.99 1 Yr Total Return 44.27%







HNR1 GY EQUITY YTD Change - Average Volume 30 Day 166'960

HNR1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 162'041


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 Q1

8'404.8 7'343.2 10'569.4 11'418.9 12'125.7 11'712.1 13'374.4 12'971.6 13'601.4 2'892.0 -

0.65x 0.57x 0.52x 0.62x 0.55x 2.21x 2.22x 0.70x 0.67x - -

- - - - - 0.0 0.0 - - - -

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

733.7 (127.0) 733.7 748.9 606.0 548.6 895.1 826.5 803.5 166.4 199.0

5.21x - 5.38x 6.46x 7.63x 7.48x 6.72x 8.64x 8.85x 9.46x 8.88x


EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26







Fiscal Year Ended

Hannover Rueckversicherung AGPrice/Volume

Valuation Analysis

92'481.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

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!- 9

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!1 9

!2 9

!3 9

!4 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


TALANX AG n/a Co File 60'563'863 50.22 - 31.12.2011 Insurance Company



SKAGEN AS Multiple Portfolios MF-AGG 1'276'911 1.06 (83'516) 31.01.2013 Mutual Fund Manager



DJE INVESTMENT SA Multiple Portfolios MF-AGG 740'800 0.61 (44'000) 30.11.2012 Mutual Fund Manager


AGF INVESTMENTS INC Multiple Portfolios MF-AGG 458'460 0.38 39'600 28.09.2012 Investment Advisor

WS MANAGEMENT LLLP n/a Short (434'150) -0.36 - 01.11.2012 Other

PRINCIPAL FINANCIAL n/a ULT-AGG 405'396 0.34 23'224 31.01.2013 Investment Advisor



CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 224'928 0.19 - 28.12.2012 Mutual Fund Manager

VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 197'180 0.16 (13'320) 30.11.2012 Mutual Fund Manager


MEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 192'088 0.16 51'733 30.09.2012 Investment Advisor

PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 189'900 0.16 33'100 30.09.2012 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 179'393 0.15 (420) 31.01.2013 Mutual Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 159'788 0.13 233 28.12.2012 Mutual Fund Manager


Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 55 12 month 27.02.2013

Exane BNP Paribas NICCOLO DALLA PALMA outperform 5 M 64 Not Provided 25.02.2013

Bankhaus Lampe ANDREAS SCHAEFER hold 3 N 63 Not Provided 20.02.2013

CA Cheuvreux FRANK KOPFINGER underperform 1 M 57 Not Provided 18.02.2013

Credit Suisse ADAM MCINALLY outperform 5 M 65 Not Provided 15.02.2013

AlphaValue DIETER HEIN reduce 2 M 58 6 month 14.02.2013

JPMorgan MICHAEL HUTTNER neutral 3 M 54 9 month 12.02.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 62 12 month 12.02.2013

Berenberg Bank TOM CARSTAIRS hold 3 D 63 Not Provided 06.02.2013

Nord/LB JULIA SIEKMANN hold 3 M 54 12 month 05.02.2013

Oddo & Cie NICOLAS JACOB reduce 2 M 44 Not Provided 05.02.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 64 12 month 05.02.2013

DZ Bank AG THORSTEN WENZEL sell 1 D 56 12 month 05.02.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 60 Not Provided 04.02.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 59 6 month 04.02.2013

Nomura MICHAEL KLIEN reduce 2 M 48 12 month 04.02.2013

Helvea DANIEL BISCHOF reduce 2 M 50 12 month 04.02.2013

Barclays ANDREW BROADFIELD overweight 5 M 62 Not Provided 04.02.2013

Main First Bank AG MICHAEL HAID underperform 1 M 63 12 month 01.02.2013

Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 61 12 month 31.01.2013

Mediobanca SpA MARC THIELE neutral 3 M 70 6 month 30.01.2013

Kepler Capital Markets FABRIZIO CROCE hold 3 M 53 Not Provided 21.01.2013

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 59 12 month 18.01.2013


HSBC THOMAS FOSSARD overweight 5 M 71 Not Provided 16.01.2013

Canaccord Genuity Corp BEN COHEN hold 3 M 60 Not Provided 09.01.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 60 12 month 02.01.2013

Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 07.12.2012

Macquarie HADLEY COHEN underperform 1 D 57 12 month 27.11.2012

Deutsche Bank ROBIN BUCKLEY sell 1 M 50 12 month 26.11.2012

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 37 12 month 13.11.2012

SRC Research STEFAN SCHARFF accumulate 4 D 59 12 month 21.10.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 48 Not Provided 24.09.2012

Societe Generale JASON KALAMBOUSSIS hold 3 M 42 12 month 10.08.2012

Holdings By:

Hannover Rueckversicherung AG ee


27.02.2013

Heineken Holding NV, through its subsidiary produces and distributes beverages

internationally. The Company produces beers, spirits, wines, and soft drinks

under various brand names. Heineken operates through numerous subsidiaries and

associated companies worldwide.


LTM as of: 03/yy

52-Week High (27.02.2013) 46.99

52-Week Low (05.06.2012) 31.34

Daily Volume

46.91





13'511.50 1 Yr Total Return 43.97%







HEIO NA EQUITY YTD Change - Average Volume 30 Day 168'131

HEIO NA EQUITY YTD % CHANGE - Average Volume 3 Month 183'349


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

14'319.0 14'701.0 16'133.0 17'123.0 18'383.0 0.0 15'051.0 20'710.0 21'802.0 - -

1.18x 1.24x 1.46x 1.34x 1.71x #DIV/0! 0.00x 1.55x 1.42x - -

2'388.0 2'713.0 3'419.0 3'386.0 5'007.0 0.0 0.0 5'041.0 5'515.5 - -

7.06x 6.74x 6.87x 6.78x 6.27x 0.00x 0.00x 6.53x 5.97x - -

105.0 510.0 726.0 717.0 1'477.0 0.0 0.0 898.5 1'022.0 - -

47.47x 14.06x 12.27x 12.70x 8.08x 0.00x 0.00x 13.48x 11.57x - -











EBITDA Margin 27.2%



Asset Turnover 0.58







Fiscal Year Ended

Heineken Holding NVPrice/Volume

Valuation Analysis

71'251.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'122'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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



27.02.2013


L'ARCHE GREEN NV n/a Research 147'134'458 51.08 - 07.08.2012 Other

CB EQUITY LLP n/a Co File 43'031'714 14.94 - 31.12.2011 Holding Company

GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 9'227'183 3.2 59'206 31.12.2012 Hedge Fund Manager

DAVIS INVESTMENTS LL n/a Research 8'514'203 2.96 - 16.02.2012 Other

DAVIS SELECTED ADVIS Multiple Portfolios MF-AGG 4'049'392 1.41 (557'800) 31.10.2012 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'884'300 0.65 (686'100) 31.12.2012 Investment Advisor


CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 1'405'500 0.49 29'500 28.09.2012 Mutual Fund Manager



FROSTROW CAPITAL LLP Multiple Portfolios MF-AGG 702'000 0.24 27'000 30.09.2012 Unclassified


TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 495'540 0.17 - 30.09.2012 Unclassified

TWEEDY BROWNE COMPAN TWEEDY BROWNE COMPAN 13F 281'618 0.1 (5'192) 31.12.2012 Investment Advisor

LINDSELL TRAIN LTD Multiple Portfolios MF-AGG 260'000 0.09 - 31.12.2012 Hedge Fund Manager


UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 250'000 0.09 50'000 31.01.2013 Investment Advisor



LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 219'746 0.08 16'616 31.12.2012 Investment Advisor


AlphaValue ISABELLE COMBEMALE buy 5 M 58 6 month 21.02.2013


Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 56 12 month 14.02.2013

KBC Securities TOM SIMONTS buy 5 M 54 Not Provided 13.02.2013


Petercam KRIS KIPPERS hold 3 M 45 Not Provided 08.01.2013

ING Bank GERARD RIJK buy 5 M 48 12 month 04.05.2012

Rabobank International KAREL ZOETE hold 3 D 42 12 month 02.05.2012

Holdings By:

Heineken Holding NV ee


27.02.2013

Hexagon AB is a global provider of design, measurement and visualisation

technologies. The main business area, Measurement Technologies, includes three

application areas: Geosystems, Metrology and Technology, that provide systems to

design, measure and position objects, and process and present data.


LTM as of: 12/yy

52-Week High (20.02.2013) 185.80

52-Week Low (26.06.2012) 110.50

Daily Volume

181.3





64'184.98 1 Yr Total Return 37.75%







HEXAB SS EQUITY YTD Change - Average Volume 30 Day 584'407

HEXAB SS EQUITY YTD % CHANGE - Average Volume 3 Month 581'371


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

1'506.3 1'113.1 1'479.0 2'169.1 2'380.0 2'169.1 2'380.0 2'499.2 2'692.0 590.9 636.1

1.39x 3.09x 4.76x 2.69x 3.46x 12.21x 12.34x 3.58x 3.22x - -

328.5 225.0 246.5 533.7 - 533.9 444.9 664.5 734.8 155.4 164.9

6.38x 15.31x 28.58x 10.94x - 10.93x 0.00x 13.81x 12.48x 14.08x 13.75x

192.1 119.1 90.0 295.2 354.5 295.7 354.5 397.5 447.2 90.4 102.5

5.44x 22.07x 51.17x 13.78x 18.83x 13.75x 18.83x 18.94x 16.59x 18.91x 18.22x











EBITDA Margin 25.3%



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hexagon ABPrice/Volume

Valuation Analysis

224'163.00


'.'1'3'5'

-''-.'-1'-3'-5'.''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

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



27.02.2013


MELKER SCHORLING & C n/a Research 78'711'582 23.27 - 28.09.2012 Investment Advisor

RAMSBURY INVEST AB n/a Research 22'196'387 6.56 - 28.09.2012 Private Equity

JP MORGAN n/a ULT-AGG 22'115'380 6.54 - 31.12.2012 Unclassified

SSB CL OMNIBUS n/a Research 19'092'009 5.64 - 28.09.2012 Other


COLUMBIA WANGER ASSE n/a Research 11'390'499 3.37 - 28.09.2012 Investment Advisor


AMF PENSION n/a Research 9'510'320 2.81 - 28.09.2012 Pension Fund (ERISA)




NORDEA INVESTMENT FU n/a Research 5'307'250 1.57 - 28.09.2012 Mutual Fund Manager


BNP PARIBAS SECURITI n/a Research 5'155'744 1.52 - 28.09.2012 Investment Advisor


MELLON OMNIBUS n/a Research 4'672'987 1.38 - 28.09.2012 Other



DIDNER & GERGE FONDE n/a Research 3'930'000 1.16 - 28.09.2012 Investment Advisor



SEB Enskilda DANIEL SCHMIDT sell 1 M 167 Not Provided 13.02.2013

Carnegie MIKAEL LASEEN hold 3 M #N/A N/A Not Provided 13.02.2013

Nordea Equity Research ANDREAS KOSKI hold 3 M 185 12 month 13.02.2013

Erik Penser Bankaktiebolag AB MAX FRYDEN sell 1 M 159 12 month 13.02.2013

Handelsbanken JON HYLTNER reduce 2 M 160 12 month 13.02.2013

Danske Markets CARL GUSTAFSSON hold 3 M 179 12 month 13.02.2013

ABG Sundal Collier ERIK PETTERSSON-GOLRANG buy 5 M 188 6 month 12.02.2013

DNB Markets LARS BRORSON buy 5 M 190 Not Provided 12.02.2013

CA Cheuvreux JOAKIM HOGLUND outperform 5 M 140 Not Provided 29.01.2013

Deutsche Bank JOHAN WETTERGREN hold 3 D 170 12 month 21.01.2013

Pareto Securities DAVID JACOBSSON sell 1 M 150 6 month 15.01.2013


Goldman Sachs SIVA KRISHNA PRASAD BORRA buy/attractive 5 M 230 12 month 11.01.2013

Swedbank HAKAN WRANNE reduce 2 D 150 12 month 03.01.2013

Holdings By:

Hexagon AB ee


27.02.2013

ICAP plc provides independent broking services to commercial banks, investment

banks, and other liquidity providers that trade in the wholesale financial

markets. The Group is active in the wholesale markets for OTC derivatives,

fixed income securities, money market products, foreign exchange, energy,

credit, and equity derivatives.


LTM as of: 01/yy

52-Week High (16.03.2012) 431.50

52-Week Low (15.11.2012) 272.80

Daily Volume

328





2'119.51 1 Yr Total Return -9.55%







IAP LN EQUITY YTD Change - Average Volume 30 Day 2'133'764

IAP LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'019'972


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 - -

1'304.0 1'585.0 1'605.0 1'741.0 1'681.0 - - 1'509.3 1'544.5 - -

2.88x 1.33x 1.68x 2.12x 1.59x - - 1.46x 1.37x - -

372.0 421.0 471.0 529.0 486.0 - - 343.1 370.6 - -

10.10x 5.02x 5.73x 6.97x 5.51x - - 6.76x 6.26x - -

168.0 175.0 116.0 187.0 137.0 - - 206.5 222.9 - -

21.51x 10.79x 14.66x 18.79x 18.62x - - 10.07x 9.43x - -











EBITDA Margin 28.1%



Asset Turnover 0.02







Fiscal Year Ended

ICAP PLCPrice/Volume

Valuation Analysis

1'471'249.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2'

-''-2'.''.2'0''02'1''12'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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



27.02.2013



INCAP FINANCIAL SERV n/a RNS-DIR 105'069'560 16.26 - 15.01.2013 Other

SCHRODERS PLC n/a RNS-MAJ 80'442'955 12.45 8'934'744 24.01.2013 Investment Advisor


SILCHESTER INTL INVE n/a RNS-MAJ 33'313'941 5.16 - 05.12.2012 Investment Advisor




OPPENHEIMERFUNDS INC Multiple Portfolios REG 21'058'862 3.26 2'326'300 03.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 19'415'322 3 - 30.12.2012 Investment Advisor

MARATHON ASSET MANAG Multiple Portfolios REG 18'871'890 2.92 (357'001) 03.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 16'890'612 2.61 (3'853'641) 25.02.2013 Investment Advisor






RUFFER INVESTMENT MA Multiple Portfolios REG 9'950'614 1.54 (50'723) 03.12.2012 Investment Advisor

NEPTUNE INVESTMENT M Multiple Portfolios REG 9'677'488 1.5 (819'012) 03.12.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios REG 8'569'955 1.33 733'000 03.12.2012 Mutual Fund Manager


Macquarie NEIL WELCH neutral 3 M 328 12 month 21.02.2013

Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 20.02.2013

HSBC NITIN ARORA underweight 1 M 330 Not Provided 13.02.2013

Numis Securities Ltd JAMES HAMILTON reduce 2 M 295 Not Provided 12.02.2013

Espirito Santo Investment Bank ResearchPHILIP DOBBIN sell 1 M 270 Not Provided 11.02.2013

Oriel Securities Ltd SARAH ING buy 5 N 410 Not Provided 11.02.2013

BMO Capital Markets JILLIAN MILLER market perform 3 M 400 Not Provided 07.02.2013

JPMorgan RAE MAILE neutral 3 M 409 9 month 07.02.2013

Canaccord Genuity Corp ROBIN SAVAGE sell 1 D 300 Not Provided 07.02.2013


Goldman Sachs CHRIS M. TURNER neutral/neutral 3 M 360 12 month 24.01.2013

Societe Generale BILL BARNARD buy 5 M 365 12 month 23.01.2013

Berenberg Bank RICHARD PERROTT hold 3 M 370 Not Provided 21.01.2013


Keefe, Bruyette & Woods TOM MILLS outperform 5 M 337 12 month 19.12.2012

Credit Suisse GURJIT KAMBO neutral 3 D 320 Not Provided 12.12.2012

Morgan Stanley BRUCE HAMILTON Underwt/In-Line 1 M 290 12 month 15.11.2012

N+1 Singer Ltd ANDREW WATSON hold 3 M 345 12 month 03.10.2012

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

Day by Day VALERIE GASTALDY hold 3 U #N/A N/A Not Provided 10.08.2012

Holdings By:

ICAP PLC ee


27.02.2013

Iliad S.A. provides a wide range of telecommunications services which include

national telecommunication and dial-up, and high speed DSL and TV Internet

access.


LTM as of: 09/yy

52-Week High (14.02.2013) 145.95

52-Week Low (07.05.2012) 94.00

Daily Volume

144.1





8'305.61 1 Yr Total Return 49.42%







ILD FP EQUITY YTD Change - Average Volume 30 Day 100'238

ILD FP EQUITY YTD % CHANGE - Average Volume 3 Month 99'762


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

1'212.4 1'565.0 1'954.5 2'038.3 2'122.1 1'999.7 2'799.9 3'086.4 3'765.1 857.0 -

3.39x 2.72x 2.67x 2.52x 3.02x 0.00x 0.00x 3.10x 2.56x - -

440.5 519.4 654.1 786.1 823.4 0.0 0.0 825.7 1'006.4 230.0 -

9.32x 8.20x 7.98x 6.54x 7.78x 0.00x 0.00x 11.42x 9.37x - -

150.1 100.3 175.7 313.2 251.6 0.0 0.0 160.7 243.7 - -

29.17x 33.49x 26.01x 14.18x 20.73x 0.00x 0.00x 49.97x 36.04x - -











EBITDA Margin 32.6%



Asset Turnover 0.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Iliad SAPrice/Volume

Valuation Analysis

55'548.00


'

.'

1'

3'

5'

-''

-.'

-1'

-3'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!- 9!. 9!. 9!0 9!0 9!1 9!1 9!2 9!2 9

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!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


NIEL XAVIER n/a Co File 33'806'900 58.65 - 29.02.2012 n/a


ASSAF RANI n/a Co File 942'590 1.64 - 29.02.2012 n/a

POIDATZ CYRIL n/a Co File 690'614 1.2 - 29.02.2012 n/a

CAPITAL GROUP COMPAN n/a ULT-AGG 657'500 1.14 - 31.12.2012 Investment Advisor

LEVAVASSEUR ANTOINE n/a Co File 537'324 0.93 - 29.02.2012 n/a


ETON PARK FUND LP n/a Short (320'240) -0.56 38'246 03.09.2012 Mutual Fund Manager

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 279'710 0.49 13'692 31.10.2012 Investment Advisor




GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 190'800 0.33 800 31.10.2012 Investment Advisor

FIDELITY INVESTMENT Multiple Portfolios MF-AGG 146'380 0.25 - 30.12.2011 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 129'949 0.23 - 31.12.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 128'283 0.22 (5'293) 31.12.2012 Investment Advisor

ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 110'185 0.19 (51'113) 31.10.2012 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 107'500 0.19 - 31.01.2013 Investment Advisor

CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 99'000 0.17 (7'500) 31.01.2013 Mutual Fund Manager

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 93'696 0.16 2'785 31.12.2012 Mutual Fund Manager


Societe Generale STEPHANE SCHLATTER buy 5 M 150 12 month 25.02.2013

AlphaValue JEAN-MICHEL SALVADOR reduce 2 M 139 6 month 21.02.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 170 12 month 20.02.2013

Exane BNP Paribas ANTOINE PRADAYROL outperform 5 M 150 Not Provided 04.02.2013

HSBC NICOLAS COTE-COLISSON overweight 5 M 165 Not Provided 31.01.2013

Oddo & Cie ALEXANDRE IATRIDES buy 5 M 180 Not Provided 30.01.2013

Goldman Sachs ANDREW LEE Buy/Neutral 5 M 174 12 month 28.01.2013

Credit Suisse JAKOB BLUESTONE neutral 3 M 129 Not Provided 24.01.2013

Barclays SAN DHILLON overweight 5 M 162 Not Provided 24.01.2013


CM - CIC Securities(ESN) JEAN-MICHEL KOSTER buy 5 M 155 12 month 16.01.2013

Natixis JACQUES DE GRELING buy 5 M 155 Not Provided 10.01.2013

JPMorgan HANNES C WITTIG overweight 5 M 160 9 month 08.01.2013

Morgan Stanley SAROOP PUREWAL Overwt/In-Line 5 M 174 12 month 18.12.2012



Espirito Santo Investment Bank ResearchNICK BROWN sell 1 M 110 Not Provided 16.11.2012

Nomura HENRIK NYBLOM buy 5 M 155 Not Provided 16.11.2012

Berenberg Bank STUART GORDON hold 3 M 125 Not Provided 09.11.2012

CA Cheuvreux PETER KURT NIELSEN outperform 5 M 131 Not Provided 26.09.2012

Deutsche Bank MATTHEW BLOXHAM hold 3 M 149 12 month 07.09.2012

Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 07.09.2012

Gabelli & Co EVAN D MILLER buy 5 N #N/A N/A Not Provided 19.05.2011

Holdings By:

Iliad SA ee


27.02.2013

IMI PLC manufactures fluid controls, retail displays, and other products. The

Company produces severe service valves, beverage dispensing machines,

merchandise displays for retail stores that encourage impulse buying, and

heating, ventilation and air conditioning equipment.


LTM as of: 01/yy

52-Week High (25.02.2013) 1'223.00

52-Week Low (26.07.2012) 763.50

Daily Volume

1214





3'903.60 1 Yr Total Return 28.99%







IMI LN EQUITY YTD Change - Average Volume 30 Day 596'581

IMI LN EQUITY YTD % CHANGE - Average Volume 3 Month 610'886


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 - -

1'599.0 1'897.0 1'785.0 1'917.0 2'135.0 - - 2'221.9 2'286.3 - -

0.97x 0.64x 1.07x 1.77x 1.28x - - 1.85x 1.74x - -

243.3 275.0 308.6 370.0 420.5 - - 421.5 455.4 - -

6.40x 4.40x 6.21x 9.16x 6.48x - - 9.96x 9.22x - -

117.0 112.9 130.2 224.7 200.4 - - 260.1 274.0 - -

11.31x 7.68x 12.71x 14.23x 12.03x - - 14.84x 14.13x - -











EBITDA Margin 19.5%



Asset Turnover 1.25







Fiscal Year Ended

IMI PLCPrice/Volume

Valuation Analysis

269'387.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.''

1''

3''

5''

-'''

-.''

-1''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


STANDARD LIFE INVEST n/a RNS-MAJ 22'449'807 6.98 (3'163'225) 03.01.2013 Investment Advisor





BT PENSION SCHEME n/a RNS-MAJ 9'609'771 2.99 (64'946) 24.10.2011 Pension Fund (ERISA)

AEGON n/a ULT-AGG 7'765'484 2.42 (1'460'179) 01.09.2012 Unclassified



SPRUCEGROVE INVESTME Multiple Portfolios REG 6'579'478 2.05 5'140 01.09.2012 Investment Advisor



IMI PLC AESOP Multiple Portfolios REG 5'372'804 1.67 (28'157) 01.09.2012 Unclassified

Ruane Cunniff & Gold Multiple Portfolios REG 5'348'607 1.66 - 01.09.2012 Unclassified

PEOPLES REPUBLIC OF Multiple Portfolios REG 4'585'690 1.43 - 01.09.2012 Government



BREWIN DOLPHIN LIMIT Multiple Portfolios REG 4'519'334 1.41 249'025 01.09.2012 Investment Advisor




Investec MICHAEL BLOGG buy 5 M 1'245 12 month 22.02.2013

AlphaValue LIONEL PELLICER reduce 2 M 1'174 6 month 21.02.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 1'000 12 month 19.02.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 D 1'192 12 month 14.02.2013

Peel Hunt DOMINIC CONVEY buy 5 M 1'020 Not Provided 04.02.2013

Arden Partners Ltd DAVID LARKAM reduce 2 D #N/A N/A Not Provided 04.02.2013

Oriel Securities Ltd HARRY PHILIPS buy 5 M 1'450 Not Provided 01.02.2013

Numis Securities Ltd SCOTT CAGEHIN add 4 M 1'300 Not Provided 31.01.2013

Exane BNP Paribas JONATHAN R MOUNSEY outperform 5 M 1'325 Not Provided 25.01.2013

Goldman Sachs ADAM PINCKARD Buy/Neutral 5 M 1'297 12 month 17.01.2013

Credit Suisse JONATHAN HURN outperform 5 U 1'460 Not Provided 17.01.2013


JPMorgan GLEN H LIDDY overweight 5 M 1'210 9 month 14.01.2013

Berenberg Bank ALEXANDER VIRGO buy 5 M 1'300 Not Provided 08.01.2013

Societe Generale ALASDAIR LESLIE buy 5 M 1'080 12 month 04.12.2012

Nomura JUHO LAHDENPERA reduce 2 M 750 12 month 19.11.2012

Jefferies ANDREW DOUGLAS hold 3 M 930 12 month 16.11.2012

N+1 Singer Ltd JON LIENARD hold 3 M 826 12 month 03.10.2012

Barclays NICK WEBSTER overweight 5 M 1'070 Not Provided 24.08.2012

Holdings By:

IMI PLC ee


27.02.2013

Immofinanz AG purchases, sells, constructs, and leases real estate properties.

The Company invests in properties in Austria, Germany, Switzerland, Croatia,

Poland, Romania, Russia, Slovakia, the Czech Republic, Hungary and the United

States. The properties are utilized for offices, shops, apartments, and

logistics.


LTM as of: 10/yy

52-Week High (19.12.2012) 3.43

52-Week Low (04.06.2012) 2.10

Daily Volume

3.202





3'614.91 1 Yr Total Return 27.76%







IIA AV EQUITY YTD Change - Average Volume 30 Day 1'850'068

IIA AV EQUITY YTD % CHANGE - Average Volume 3 Month 2'200'152


30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 10/yy 10/yy 04/13 Y 04/14 Y 01/13 Q3 04/13 Q4

1'022.6 993.7 1'025.8 1'059.1 910.2 1'023.4 931.8 752.0 769.2 165.0 166.0

11.69x 7.96x 8.15x 7.38x 8.63x 29.50x 33.46x 11.71x 11.36x - -

372.4 (437.9) 302.6 468.6 327.8 467.0 351.5 482.2 504.9 113.0 114.0

32.10x - 27.63x 16.69x 23.96x 15.47x 23.26x 18.08x 17.25x 18.53x 18.12x

304.9 (1'967.6) 80.8 315.8 272.0 472.0 110.6 266.2 283.8 48.4 49.3

10.74x - 19.06x 10.03x 9.84x 4.97x 26.85x 13.23x 12.27x 17.79x 15.25x











EBITDA Margin 37.7%



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

IMMOFINANZ AGPrice/Volume

Valuation Analysis

1'004'420.00


'

-

-

.

.

0

0

1

1

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

1''!''

'-!'2!.''6 '-!--!.''6 '-!'2!.'-' '-!--!.'-' '-!'2!.'-- '-!--!.'-- '-!'2!.'-. '-!--!.'-.



27.02.2013


IMMOFINANZ AG n/a Co File 104'467'888 9.25 - 31.07.2012 Corporation

FRIES FAMILY n/a Co File 63'866'831 5.66 - 31.07.2012 n/a






SKAGEN AS Multiple Portfolios MF-AGG 9'566'450 0.85 1'455'194 31.01.2013 Mutual Fund Manager

PIONEER INVESTMENTS Multiple Portfolios MF-AGG 9'179'800 0.81 467'000 31.05.2011 Investment Advisor

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 5'312'218 0.47 (26'248) 31.10.2012 Investment Advisor

BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 4'265'874 0.38 - 30.06.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 4'089'403 0.36 - 31.12.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'532'162 0.31 79'900 28.09.2012 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 3'350'011 0.3 (791'245) 31.10.2012 Investment Advisor

AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 3'134'303 0.28 - 30.06.2012 Investment Advisor


PRINCIPAL FINANCIAL n/a ULT-AGG 2'494'630 0.22 - 31.01.2013 Investment Advisor


UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'178'800 0.19 250'000 28.09.2012 Investment Advisor



AlphaValue PIERRE-LOUP ETIENNE add 4 M 4 6 month 21.02.2013

Baader Bank CHRISTINE REITSAMER hold 3 M 3 12 month 14.02.2013

ABN Amro Bank N.V. MICHIEL DE JONGE hold 3 M 3 Not Provided 14.02.2013

HSBC THOMAS MARTIN overweight 5 M 4 Not Provided 13.02.2013


Kempen & Co THOMAS VAN DER MEIJ underweight 1 D 3 12 month 14.01.2013

Rabobank International MARTIJN TER LAAK reduce 2 D 3 Not Provided 27.12.2012

Societe Generale HENRI QUADRELLI sell 1 M 3 12 month 24.12.2012

Raiffeisenbank AG CHRISTOPH THURNBERGER hold 3 D 3 12 month 20.12.2012

Kepler Capital Markets THOMAS NEUHOLD buy 5 M 4 Not Provided 20.12.2012

Erste Bank MARTINA VALENTA buy 5 M 3 12 month 04.11.2012

Credit Suisse STEVE BRAMLEY-JACKSON neutral 3 D 3 Not Provided 26.09.2012

KBC Securities LUCIAN ALBULESCU hold 3 M 3 12 month 20.09.2012

Deutsche Bank MARKUS SCHEUFLER hold 3 D 3 12 month 07.08.2012

Morgan Stanley CHRISTOPHER FREMANTLE Equalwt/Attractive 3 M 3 12 month 06.08.2012

Prosdocimi TEAM COVERAGE buy 5 M #N/A N/A Not Provided 11.01.2011

Holdings By:

IMMOFINANZ AG ee


27.02.2013

Informa PLC provides business information on a worldwide basis. The Company

provides information in the finance and insurance, maritime transport and trade,

law and tax, telecom and media, commodities and energy, and biomedical and

pharmaceutical global markets. Informa provides its information through

newspapers, magazines, electronic media, books, and journals.


LTM as of: 01/yy

52-Week High (25.02.2013) 502.00

52-Week Low (01.06.2012) 335.90

Daily Volume

492.6





2'968.94 1 Yr Total Return 16.98%







INF LN EQUITY YTD Change - Average Volume 30 Day 1'150'071

INF LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'214'785


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'278.0 1'221.7 1'226.5 1'275.3 1'232.5 - - 1'283.2 1'338.2 - -

1.87x 2.28x 2.63x 2.32x 2.85x - - 2.81x 2.58x - -

321.6 333.6 335.4 302.5 374.6 - - 384.5 402.3 - -

7.43x 8.37x 9.62x 9.77x 9.37x - - 9.81x 9.37x - -

84.9 105.6 98.9 75.4 90.7 - - 256.6 276.2 - -

12.32x 16.99x 24.74x 28.80x 29.82x - - 11.59x 10.80x - -











EBITDA Margin 30.4%



Asset Turnover 0.41







Fiscal Year Ended

Informa PLCPrice/Volume

Valuation Analysis

647'042.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-''

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1''

2''

3''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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



27.02.2013



LAZARD ASSET MANAGEM n/a ULT-AGG 32'264'687 5.35 (51'476) 31.01.2013 Unclassified

MARATHON ASSET MANAG n/a Co File 31'709'102 5.26 - 29.02.2012 Investment Advisor

PRUDENTIAL PLC n/a RNS-MAJ 30'196'067 5.01 - 09.01.2013 Investment Advisor

AXA n/a RNS-MAJ 29'941'074 4.97 - 06.07.2011 Investment Advisor

NORGES BANK n/a Co File 29'328'774 4.87 - 29.02.2012 Government

M&G INVESTMENT MANAG n/a Co File 29'148'896 4.84 - 29.02.2012 Investment Advisor

STANDARD LIFE INVEST n/a RNS-MAJ 29'130'452 4.83 (12'910) 16.08.2012 Investment Advisor


F&C ASSET MANAGEMENT n/a Co File 21'361'623 3.54 - 29.02.2012 Investment Advisor

INVESCO PERPETUAL UK n/a Co File 20'014'356 3.32 - 29.02.2012 Investment Advisor


NEWTON INVESTMENT MA n/a Co File 18'280'812 3.03 - 29.02.2012 Investment Advisor

KAMES CAPITAL PLC n/a Co File 18'096'537 3 - 29.02.2012 Investment Advisor




ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 6'025'358 1 83'000 30.11.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 5'719'545 0.95 - 31.10.2012 Unclassified



HSBC DAN GRAHAM underweight 1 M 440 Not Provided 26.02.2013

Peel Hunt PATRICK YAU hold 3 M 485 Not Provided 26.02.2013


Numis Securities Ltd GARETH R DAVIES add 4 M 563 Not Provided 25.02.2013


Exane BNP Paribas SAMI KASSAB neutral 3 M 520 Not Provided 25.02.2013

Deutsche Bank MARK BRALEY buy 5 M 620 12 month 22.02.2013

Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 530 12 month 22.02.2013

Investec STEVEN LIECHTI hold 3 M 520 12 month 22.02.2013

Macquarie ANGUS TWEEDIE outperform 5 M 540 12 month 22.02.2013

Canaccord Genuity Corp SIMON DAVIES buy 5 M 560 12 month 22.02.2013

Nomura MATTHEW WALKER buy 5 M 545 12 month 22.02.2013

Goldman Sachs VIGHNESH PADIACHY Buy/Neutral 5 M 555 12 month 21.02.2013

Espirito Santo Investment Bank ResearchGIASONE SALATI neutral 3 M 465 Not Provided 21.02.2013

Westhouse Securities RODDY DAVIDSON add 4 U 525 12 month 21.02.2013

AlphaValue VERONIQUE CABIOC'H reduce 2 M 466 6 month 21.02.2013


Liberum Capital Ltd IAN WHITTAKER sell 1 D 450 Not Provided 19.02.2013

CA Cheuvreux ANDREA BENEVENTI outperform 5 M 640 Not Provided 15.02.2013

Jefferies DAVID REYNOLDS buy 5 M 580 12 month 22.01.2013

Credit Suisse JOSEPH BARNET-LAMB outperform 5 M 440 Not Provided 21.01.2013

JPMorgan MARK O'DONNELL neutral 3 M 435 9 month 24.10.2012

N+1 Singer Ltd JOHNATHAN BARRETT hold 3 M 408 12 month 17.10.2012

Berenberg Bank SARAH SIMON buy 5 M 500 Not Provided 06.08.2012

Holdings By:

Informa PLC ee


27.02.2013

Inmarsat PLC operates a global communications satellite system. The Company's

satellites provide voice and high-speed data services on a worldwide basis.

Inmarsat's customers include major corporations from the maritime, media, oil

and gas, construction and aeronautical industries, as well as governments and

aid agencies.


LTM as of: 09/yy

52-Week High (15.02.2013) 671.50

52-Week Low (21.05.2012) 388.80

Daily Volume

648





2'902.14 1 Yr Total Return 43.21%







ISAT LN EQUITY YTD Change - Average Volume 30 Day 623'888

ISAT LN EQUITY YTD % CHANGE - Average Volume 3 Month 645'633


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 Q1

576.5 996.7 1'038.1 1'171.6 1'408.5 645.6 1'371.6 1'325.4 1'295.3 316.0 -

11.08x 4.59x 6.19x 5.08x 2.97x 0.00x 0.00x 4.52x 4.93x - -

388.1 531.2 594.2 695.2 713.0 0.0 0.0 693.5 654.8 157.0 -

16.46x 8.61x 10.81x 8.57x 5.86x 0.00x 0.00x 8.40x 8.89x - -

96.3 355.3 152.7 260.9 249.3 0.0 0.0 266.3 233.6 15.5 -

51.07x 8.86x 33.60x 18.52x 11.49x 0.00x 0.00x 16.35x 18.82x - -











EBITDA Margin 47.3%



Asset Turnover 0.40





Accounts Receivable Turnover - Cash Conversion Cycle -41.78


Fiscal Year Ended

Inmarsat PLCPrice/Volume

Valuation Analysis

152'871.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-''

.''

0''

1''

2''

3''

4''

5''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

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 2011

'!''

.!''

1!''

3!''

5!''

-'!''

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27.02.2013


LANSDOWNE PARTNERS L Multiple Portfolios REG 59'142'059 13.21 - 01.10.2012 Hedge Fund Manager


KDDI CORP Multiple Portfolios REG 21'739'149 4.85 - 01.10.2012 Corporation




ALLIANZ SE n/a Co File 13'852'655 3.09 - 06.03.2012 Insurance Company

AVIVA INVESTORS Multiple Portfolios REG 12'602'665 2.81 (340'784) 01.10.2012 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 11'364'299 2.54 8'590'392 01.10.2012 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios REG 10'316'932 2.3 882'485 01.10.2012 Investment Advisor

CHARLES SCHWAB & CO Multiple Portfolios REG 8'829'611 1.97 9'949 01.10.2012 Investment Advisor




OPPENHEIMERFUNDS INC Multiple Portfolios REG 8'442'960 1.89 1'929'850 01.10.2012 Investment Advisor



PICTET & CIE Multiple Portfolios REG 7'919'503 1.77 4'312'535 01.10.2012 Mutual Fund Manager

AXA INVESTMENT MANAG Multiple Portfolios REG 7'076'030 1.58 59'395 01.10.2012 Investment Advisor

SVENSKA HANDELSBANKE Multiple Portfolios REG 6'261'957 1.4 2'931'279 01.10.2012 Bank


Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 675 Not Provided 22.02.2013

AlphaValue JEAN-MICHEL SALVADOR add 4 M 734 6 month 21.02.2013

Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 690 12 month 18.02.2013


Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 810 12 month 25.01.2013

Credit Suisse PAUL SIDNEY outperform 5 M 700 Not Provided 24.01.2013

Barclays JOHN-PAUL DAVIDS overweight 5 M 645 Not Provided 24.01.2013

HSBC OLIVIER MORAL neutral 3 M 650 Not Provided 22.01.2013

JPMorgan TORSTEN ACHTMANN overweight 5 M 700 9 month 21.01.2013

Jefferies GILES THORNE buy 5 M 655 12 month 21.01.2013


Nomura HENRIK NYBLOM neutral 3 M 675 Not Provided 06.11.2012

RBC Capital Markets JONATHAN ATKIN sector perform 3 M 570 12 month 05.11.2012

S&P Capital IQ JAMES CRAWSHAW buy 5 M 650 12 month 05.11.2012

Natixis ERIC BEAUDET neutral 3 M 530 Not Provided 06.08.2012

Prosdocimi TEAM COVERAGE accumulate 4 M #N/A N/A Not Provided 25.01.2011

Holdings By:

Inmarsat PLC ee


27.02.2013

InterContinental Hotels Group PLC operates a global hotel business comprised of

various owned, leased, managed, and franchised hotels in countries worldwide.


LTM as of: 12/yy

52-Week High (18.02.2013) 2'009.00

52-Week Low (06.03.2012) 1'375.60

Daily Volume

1910





5'124.99 1 Yr Total Return 37.39%







IHG LN EQUITY YTD Change - Average Volume 30 Day 941'230

IHG LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'006'359


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

1'897.0 1'538.0 1'628.0 1'768.0 1'835.0 1'768.0 1'835.0 1'988.3 2'099.5 428.0 495.0

1.90x 3.40x 3.88x 3.24x 4.63x 13.96x 17.16x 4.54x 4.21x 20.78x 18.01x

661.0 472.0 552.0 658.0 708.0 658.0 685.0 783.7 847.2 150.0 207.0

5.47x 11.06x 11.46x 8.71x 12.01x 8.71x 12.42x 11.28x 10.43x 11.52x 11.32x

262.0 213.0 293.0 460.0 544.0 460.0 544.0 416.7 449.2 - -

9.15x 19.86x 19.19x 11.27x 14.63x 11.27x 14.63x 18.09x 16.46x 19.98x 19.57x











EBITDA Margin 37.3%



Asset Turnover 0.59







Fiscal Year Ended

InterContinental Hotels Group PLCPrice/Volume

Valuation Analysis

556'351.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2''

-'''

-2''

.'''

.2''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

1!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.02.2013




CEDAR ROCK CAPITAL L Multiple Portfolios REG 13'520'828 5.04 (1'783'003) 01.12.2012 Investment Advisor



TRIAN FUND MANAGEMEN n/a RNS-MAJ 11'606'880 4.33 - 31.05.2012 Hedge Fund Manager

NOMURA INTERNATIONAL n/a RNS-MAJ 10'946'065 4.08 (4'168'885) 25.09.2012 Investment Advisor

TRIAN FUND MANAGEMEN Multiple Portfolios REG 10'524'816 3.92 (1'927'099) 01.12.2012 Hedge Fund Manager







WILLIAM BLAIR & COMP Multiple Portfolios REG 4'784'880 1.78 2'294'535 01.12.2012 Investment Advisor

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 3'926'900 1.46 3'926'900 31.12.2012 Investment Advisor

AXA INVESTMENT MANAG Multiple Portfolios REG 3'713'280 1.38 (237'561) 01.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios REG 3'425'022 1.28 (167'805) 01.12.2012 Mutual Fund Manager

PEOPLES REPUBLIC OF Multiple Portfolios REG 3'305'965 1.23 - 01.12.2012 Government



Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 2'200 Not Provided 27.02.2013

Credit Suisse TIM RAMSKILL neutral 3 M 1'906 Not Provided 26.02.2013


Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 2'000 Not Provided 22.02.2013


AlphaValue BERENICE LACROIX add 4 M 2'117 6 month 21.02.2013

Morgan Stanley JAMIE ROLLO Overwt/In-Line 5 M 2'200 12 month 20.02.2013


Raymond James JULIEN RICHER outperform 5 M 2'150 Not Provided 20.02.2013

CA Cheuvreux MARCO BACCAGLIO underperform 1 M 1'850 Not Provided 20.02.2013

Natixis ANDRE JUILLARD buy 5 M 2'200 Not Provided 20.02.2013

Barclays VICTORIA LEE overweight 5 M 2'085 Not Provided 20.02.2013

Investec JAMES HOLLINS hold 3 M 2'000 12 month 19.02.2013

JPMorgan KOMAL DHILLON neutral 3 M 1'860 9 month 19.02.2013

Cantor Fitzgerald ROBIN BYDE buy 5 M 2'200 Not Provided 19.02.2013

Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 1'650 6 month 19.02.2013

Nomura TIM BARRETT neutral 3 M 1'670 12 month 19.02.2013

S&P Capital IQ WILLIAM MACK sell 1 M 1'600 12 month 19.02.2013

Numis Securities Ltd WYN ELLIS hold 3 M 2'000 Not Provided 19.02.2013

Oriel Securities Ltd JEFFREY HARWOOD hold 3 D #N/A N/A Not Provided 19.02.2013

Panmure Gordon & Co Limited SIMON FRENCH hold 3 M 1'724 Not Provided 19.02.2013

Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 2'100 Not Provided 19.02.2013

Liberum Capital Ltd PATRICK COFFEY buy 5 M 1'943 Not Provided 18.02.2013

HSBC LENA THAKKAR neutral 3 M 1'900 Not Provided 31.01.2013

Goldman Sachs OLIVER NEAL Buy/Neutral 5 M 2'150 12 month 28.01.2013

Deutsche Bank GEOF COLLYER hold 3 M 1'845 12 month 19.12.2012

Shore Capital Stockbrokers GREG JOHNSON sell 1 M #N/A N/A Not Provided 16.11.2012

Holdings By:

InterContinental Hotels Group PLC ee


27.02.2013

International Consolidated Airlines Group SA provides international and

domestic air passenger and cargo transportation services. The Company and its

subsidiaries serve Europe, the Americas, Africa, Asia, Australia and the Middle

East.


LTM as of: 09/yy

52-Week High (20.02.2013) 230.90

52-Week Low (28.05.2012) 136.00

Daily Volume

221





4'100.37 1 Yr Total Return 35.67%







IAG LN EQUITY YTD Change - Average Volume 30 Day 6'350'746

IAG LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'553'046


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 Q1

- - 13'456.0 14'798.0 16'103.0 15'839.0 17'664.0 17'946.6 18'529.5 4'384.0 -

- - 0.41x 0.48x 0.29x 0.82x 0.57x 0.38x 0.41x - -

- - (134.0) 1'069.0 1'505.0 1'416.0 1'190.0 1'049.8 1'655.4 228.0 -

- - - 6.58x 3.14x 0.00x 0.00x 5.95x 3.77x - -

- - (777.0) 100.0 562.0 445.0 168.0 (147.6) 233.0 (295.0) -

- - - 58.52x 5.67x 7.44x 15.49x - 21.28x - -











EBITDA Margin 6.9%



Asset Turnover 0.83








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

International Consolidated Airlines Group SAPrice/Volume

Valuation Analysis

3'109'246.00


'

2'

-''

-2'

.''

.2'

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2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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27.02.2013


BANKIA SA n/a Co File 224'253'769 12.09 - 31.12.2011 Bank

TEMPLETON GLOBAL ADV n/a Co File 92'969'270 5.01 - 31.12.2011 Investment Advisor



SCHRODERS PLC n/a Co File 59'204'543 3.19 - 31.12.2011 Investment Advisor

UNION BANK OF SWITZE n/a Research 56'707'515 3.06 - 22.08.2011 Other


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 38'502'627 2.08 886'000 30.11.2012 Investment Advisor


Och-Ziff Management n/a Short (29'871'451) -1.61 (742'148) 13.02.2013 Unclassified






PRUDENTIAL FINANCIAL n/a ULT-AGG 7'498'271 0.4 - 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'121'022 0.33 (155'684) 31.12.2012 Investment Advisor

HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 5'908'547 0.32 274'842 30.11.2012 Investment Advisor


MASON STREET ADVISOR Multiple Portfolios MF-AGG 5'205'520 0.28 3'278'220 31.12.2012 Investment Advisor


Grupo Santander JOSE MANUEL ARROYAS hold 3 M 181 Not Provided 26.02.2013


Deutsche Bank GEOF COLLYER buy 5 M 230 12 month 22.02.2013


Goodbody Stockbrokers Ltd DONAL O'NEILL buy 5 M 250 12 month 21.02.2013

Nomura ANDREW EVANS buy 5 M 283 12 month 21.02.2013

Banco Sabadell FRANCISCO JOSE RODRIGUEZ sell 1 M 217 12 month 19.02.2013


HSBC ANDREW DAVID LOBBENBERG overweight 5 M 290 Not Provided 15.02.2013


Credit Suisse NEIL GLYNN outperform 5 M 259 Not Provided 14.02.2013

Oriel Securities Ltd EDWARD STANFORD buy 5 M #N/A N/A Not Provided 14.02.2013

NMAS 1 Agencia de Valores RODRIGO VAZQUEZ neutral 3 M 215 6 month 14.02.2013

AlphaValue HELENE COUMES reduce 2 M 200 6 month 14.02.2013

Investec JAMES HOLLINS buy 5 M 270 12 month 13.02.2013

Morgan Stanley PENNY BUTCHER Equalwt/In-Line 3 M 206 12 month 12.02.2013

Liberum Capital Ltd PETER HYDE sell 1 M 180 Not Provided 11.02.2013

RBC Capital Markets DAMIAN BREWER outperform 5 M 210 12 month 04.02.2013

Goldman Sachs OLIVER NEAL Buy/Neutral 5 M 255 12 month 25.01.2013

JPMorgan DAVID PITURA overweight 5 U 264 9 month 25.01.2013



Natixis SARAH EMSELLEM neutral 3 M 190 Not Provided 08.01.2013

Macquarie SAM DOBSON underperform 1 M 140 12 month 17.12.2012

Main First Bank AG LOIC SABATIER underperform 1 M 162 12 month 03.12.2012

Espirito Santo Investment Bank ResearchGERALD KHOO sell 1 M 140 Not Provided 26.11.2012

La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 U 201 Not Provided 21.11.2012

Davy STEPHEN FURLONG outperform 5 U #N/A N/A Not Provided 19.11.2012

Redburn Partners TIM MARSHALL buy 5 M #N/A N/A Not Provided 12.11.2012

Barclays DAVID E FINTZEN overweight 5 M 210 Not Provided 27.07.2012

BBVA JUAN ROS PADILLA outperform 5 M 225 Not Provided 18.06.2012

Raymond James JULIEN RICHER market perform 3 M #N/A N/A Not Provided 06.06.2012

Charles Stanley Securities DOUGLAS MCNEILL buy 5 M 220 Not Provided 10.01.2012

Renta 4 SA SVB TEAM COVERAGE hold 3 M 169 Not Provided 13.12.2011

Panmure Gordon & Co Limited GERT ZONNEVELD hold 3 M 275 Not Provided 23.11.2010

Holdings By:

International Consolidated Airlines Group SA ee


27.02.2013

Intertek Group plc offers product inspection services. The Company tests

textiles, toys, petroleum products, chemicals, electronic products, building

materials, and agricultural products. Intertek inspects and certifies products

for safety to governments, exporters and importers, and certifies that import

duties are declared and paid.


LTM as of: 01/yy

52-Week High (22.02.2013) 3'435.00

52-Week Low (06.03.2012) 2'249.00

Daily Volume

3311





5'324.64 1 Yr Total Return 47.55%







ITRK LN EQUITY YTD Change - Average Volume 30 Day 329'900

ITRK LN EQUITY YTD % CHANGE - Average Volume 3 Month 300'912


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 - -

775.4 1'003.5 1'237.3 1'374.2 1'749.4 - - 2'066.7 2'243.4 - -

2.25x 1.56x 1.79x 2.20x 2.21x - - 2.83x 2.55x - -

151.7 204.8 260.4 274.9 319.6 - - 403.1 450.2 - -

11.49x 7.62x 8.49x 11.00x 12.09x - - 14.81x 13.26x - -

73.2 93.8 114.7 128.6 138.8 - - 205.6 234.8 - -

21.22x 13.18x 17.33x 21.99x 23.44x - - 25.81x 22.59x - -











EBITDA Margin 18.6%



Asset Turnover 1.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intertek Group PLCPrice/Volume

Valuation Analysis

188'307.00


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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

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27.02.2013




MARATHON ASSET MANAG n/a Research 10'387'486 6.46 - 01.12.2012 Investment Advisor

MORGAN STANLEY INVES Multiple Portfolios REG 9'127'492 5.68 (2'298'044) 01.12.2012 Investment Advisor



Cantillon Capital Multiple Portfolios REG 6'727'263 4.18 (401'459) 01.12.2012 Unclassified





WALTER SCOTT & PARTN Multiple Portfolios REG 3'103'000 1.93 270'000 01.12.2012 Investment Advisor



T ROWE PRICE ASSOCIA Multiple Portfolios REG 2'352'943 1.46 (6'381) 01.12.2012 Investment Advisor


CREDIT AGRICOLE GROU Multiple Portfolios REG 2'263'914 1.41 (288'049) 01.12.2012 Bank


SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 2'117'053 1.32 87'638 30.11.2012 Investment Advisor

KUWAIT INVESTMENT AU Multiple Portfolios REG 2'109'219 1.31 514'940 01.12.2012 Government


Societe Generale PATRICK JOUSSEAUME hold 3 M 3'040 12 month 26.02.2013

Berenberg Bank SIMON MEZZANOTTE buy 5 M 3'340 Not Provided 26.02.2013

Helvea CHRISTIAN BURGER neutral 3 M 3'120 12 month 13.02.2013

Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 3'650 Not Provided 12.02.2013


Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 4'335 12 month 22.01.2013


Credit Suisse DAVID RIGBY outperform 5 M 3'550 Not Provided 14.01.2013

Jefferies WILLIAM KIRKNESS underperform 1 D 2'700 12 month 10.01.2013

Oddo & Cie GUILLAUME RASCOUSSIER neutral 3 M 3'100 Not Provided 07.01.2013

Numis Securities Ltd STEVE WOOLF buy 5 U 3'782 Not Provided 12.12.2012

Natixis OLIVIER LEBRUN neutral 3 M 2'850 Not Provided 03.12.2012

Kepler Capital Markets BETTINA EDMONDSTON buy 5 N 3'100 Not Provided 20.11.2012

Shore Capital Stockbrokers ROBIN SPEAKMAN sell 1 M #N/A N/A Not Provided 19.11.2012

S&P Capital IQ JOHNSON IMODE hold 3 M 3'000 12 month 02.11.2012

HSBC ALEX MAGNI neutral 3 D 2'940 Not Provided 13.09.2012

Deutsche Bank THOMAS SYKES hold 3 M 2'566 12 month 07.08.2012

RBC Capital Markets ANDREW BROOKE underperform 1 M 2'150 12 month 26.07.2012

Main First Bank AG MOURAD LAHMIDI buy 5 M 3'150 12 month 26.07.2012

CA Cheuvreux BEAT KEISER underperform 1 M 2'500 Not Provided 18.04.2012

Holdings By:

Intertek Group PLC ee


27.02.2013

Intu Properties PLC is a real estate investment trust. The trust invests in

regional shopping centers outside of London. Through a subsidiary, Intu

Properties PLC owns and operates retail, office and mixed-use properties in

California.


LTM as of: 12/yy

52-Week High (14.01.2013) 369.80

52-Week Low (06.06.2012) 302.00

Daily Volume

333.6












INTU LN EQUITY YTD Change - Average Volume 30 Day 1'533'014

INTU LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'264'467


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

607.4 400.0 410.0 508.6 525.7 415.3 607.4 373.0 398.4 - -

9.86x 16.28x 13.38x 12.21x 12.80x 74.19x 46.40x 17.06x 15.98x - -

321.1 236.1 252.4 349.1 364.1 0.0 321.1 348.7 353.6 - -

18.64x 27.59x 21.74x 17.79x 18.48x 0.00x 18.64x 18.89x 18.62x - -

(2'451.3) (338.8) 511.8 30.0 155.9 (105.0) (2'451.3) 139.3 158.2 - -

- - 6.11x 107.69x 19.90x 0.00x 0.00x 20.23x 19.74x - -











EBITDA Margin 69.3%



Asset Turnover 0.07







Fiscal Year Ended

Intu Properties PLCPrice/Volume

Valuation Analysis

9'017'663.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

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27.02.2013


WHITTAKER JOHN n/a RNS-DIR 174'131'209 20.05 645 14.09.2012 n/a

Tokenhouse Holdings Multiple Portfolios REG 173'930'564 20.03 - 03.12.2012 Unclassified

CORONATION FUND MANA Multiple Portfolios REG 123'278'246 14.19 18'838'440 03.12.2012 Investment Advisor

GORDON FAMILY INTERE Multiple Portfolios REG 92'143'203 10.61 - 03.12.2012 Unclassified

PUBLIC INVESTMENT CO Multiple Portfolios REG 35'565'906 4.1 - 03.12.2012 Government

STATE STREET n/a ULT-AGG 35'481'819 4.09 (699'006) 26.02.2013 Investment Advisor

SIMON PROPERTY GROUP Multiple Portfolios REG 35'355'794 4.07 - 03.12.2012 Unclassified


SANLAM INVESTMENT MA n/a RNS-MAJ 25'812'716 2.97 - 02.08.2012 Mutual Fund Manager




GOVT OF SINGAPORE IN n/a ULT-AGG 15'713'568 1.81 72'839 03.12.2012 Government




OLD MUTUAL n/a ULT-AGG 11'708'806 1.35 186'192 30.09.2012 Unclassified

GREENVERT INVESTMENT Multiple Portfolios REG 9'637'719 1.11 - 03.12.2012 Unclassified


VANGUARD GROUP INC Multiple Portfolios REG 8'823'176 1.02 1'364'637 03.12.2012 Investment Advisor


Societe Generale MARC MOZZI sell 1 M 320 12 month 27.02.2013

Morgan Stanley BART GYSENS Underwt/Attractive 1 M 300 12 month 27.02.2013

Investec ALAN CARTER sell 1 M #N/A N/A Not Provided 27.02.2013

Jefferies ROBERT DUNCAN hold 3 M 335 12 month 25.02.2013

Numis Securities Ltd CHRISTOPHER SPEARING reduce 2 D 320 Not Provided 25.02.2013


Deutsche Bank MARTIN ALLEN buy 5 N 480 12 month 18.02.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 340 12 month 18.02.2013

Barclays AARON GUY overweight 5 M 409 Not Provided 18.02.2013

Peel Hunt KEITH CRAWFORD hold 3 M 364 Not Provided 04.02.2013

Exane BNP Paribas NICK WEBB neutral 3 M 360 Not Provided 01.02.2013


JPMorgan HARM M MEIJER neutral 3 U 400 9 month 15.01.2013

Espirito Santo Investment Bank ResearchMICHAEL BURT sell 1 D 320 Not Provided 15.01.2013

Kempen & Co RYAN PALECEK underweight 1 M 310 12 month 14.01.2013

Macquarie LEON ALLISON neutral 3 M 350 12 month 10.01.2013

Avior Research NAEEM TILLY neutral 3 M 326 Not Provided 16.11.2012

Credit Suisse STEVE BRAMLEY-JACKSON neutral 3 M 350 Not Provided 06.11.2012


Liberum Capital Ltd ALISON WATSON sell 1 D 285 Not Provided 20.07.2012

Holdings By:

Intu Properties PLC ee


27.02.2013

Invensys plc offers production assets and energy resources management services.

The Company offers strategies to improve productivity and reliability in its

manufacturing customers' supply chains and conserve energy and water usage in

commercial, industrial and residential buildings, and manufactures railroad

signaling and control equipment.


LTM as of: 03/yy

52-Week High (25.02.2013) 367.60

52-Week Low (23.04.2012) 184.10

Daily Volume

359.7





2'933.43 1 Yr Total Return 73.68%







ISYS LN EQUITY YTD Change - Average Volume 30 Day 1'798'829

ISYS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'731'830


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 03/yy 03/yy 03/13 Y 03/14 Y 06/12 Q1 09/12 Q2

2'108.0 2'284.0 2'243.0 2'486.0 2'539.0 1'999.0 2'269.0 2'271.5 2'020.9 - 1'252.0

0.85x 0.49x 1.10x 1.00x 0.54x 4.68x 4.23x 1.03x 1.08x - -

341.0 309.0 316.0 329.0 277.0 282.0 327.0 237.0 226.4 - -

5.25x 3.59x 7.81x 7.55x 4.97x 9.00x 5.47x 11.73x 12.28x - -

334.0 130.0 147.0 174.0 98.0 207.0 334.0 144.6 140.9 - 61.0

10.66x 9.56x 18.42x 15.41x 15.55x 152.89x 10.32x 19.55x 20.32x - -











EBITDA Margin 11.1%



Asset Turnover 1.28







Fiscal Year Ended

Invensys PLCPrice/Volume

Valuation Analysis

1'262'538.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

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27.02.2013






RUFFER INVESTMENT MA Multiple Portfolios REG 40'663'847 4.99 (2'848'845) 01.12.2012 Investment Advisor

LLOYDS BANKING GROUP n/a ULT-AGG 39'958'165 4.9 (15'408'925) 31.01.2013 Investment Advisor







CREDIT AGRICOLE GROU Multiple Portfolios REG 17'433'961 2.14 2'521'437 01.12.2012 Bank


GLOBAL ASSET MANAGEM Multiple Portfolios REG 15'190'226 1.86 - 01.12.2012 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios REG 13'034'290 1.6 (4'358'866) 01.12.2012 Investment Advisor

Black Creek Investme Multiple Portfolios REG 12'926'296 1.59 40'000 01.12.2012 Unclassified

PROP TRADING/MARKET Multiple Portfolios REG 11'290'144 1.38 8'067'117 01.12.2012 Other

HARTFORD INVESTMENTS Multiple Portfolios MF-AGG 10'424'366 1.28 8'624'366 30.12.2011 Investment Advisor

MARATHON ASSET MANAG Multiple Portfolios REG 10'333'088 1.27 - 01.12.2012 Investment Advisor


Deutsche Bank MARTIN WILKIE hold 3 M 340 12 month 25.02.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 350 12 month 19.02.2013

Morgan Stanley BEN UGLOW Overwt/Cautious 5 U 390 12 month 14.02.2013

N+1 Singer Ltd TINTIN STORMONT buy 5 M 400 12 month 12.02.2013



Peel Hunt PAUL GILMER MORLAND buy 5 M 370 Not Provided 25.01.2013

JPMorgan GLEN H LIDDY restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013

Nomura JUHO LAHDENPERA buy 5 M 370 12 month 24.01.2013

Barclays NICK WEBSTER overweight 5 M 385 Not Provided 24.01.2013


Credit Suisse JONATHAN HURN neutral 3 M 368 Not Provided 17.01.2013


Goldman Sachs ADAM PINCKARD not rated #N/A N/A M #N/A N/A Not Provided 28.11.2012

Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 235 Not Provided 30.10.2012

Arden Partners Ltd DAVID LARKAM neutral 3 M #N/A N/A Not Provided 30.04.2012

CS Capital CHRISTOPHER PARKINSON buy 5 M 350 Not Provided 15.08.2011

Holdings By:

Invensys PLC ee


27.02.2013

Investec PLC is an international specialist bank and asset manager. The Group

provides corporate and investment banking, private banking, securities trading,

asset management, property trading and management and trade finance services.

Dually-listed company with INL SJ.


LTM as of: 01/yy

52-Week High (25.02.2013) 500.50

52-Week Low (21.05.2012) 308.90

Daily Volume

480.3





4'235.73 1 Yr Total Return 24.93%





Enterprise Value -


INVP LN EQUITY YTD Change - Average Volume 30 Day 1'466'481

INVP LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'380'816


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 - -

3'034.6 3'441.3 3'152.8 3'620.9 3'662.0 - - 1'964.0 2'080.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

391.6 292.0 346.1 420.5 247.5 - - 342.7 415.8 - -

5.24x 6.35x 12.24x 8.63x 12.50x - - 12.56x 10.21x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Investec PLCPrice/Volume

Valuation Analysis

2'283'879.00


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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

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27.02.2013


PUBLIC INVESTMENT CO Multiple Portfolios REG 85'878'003 14.19 (3'112) 03.12.2012 Government

BARCLAYS PLC n/a Short (53'461'209) -8.83 (273'625) 21.12.2011 Investment Advisor

BARCLAYS PLC n/a RNS-RUL8 51'366'842 8.49 78'777 21.12.2011 Investment Advisor

CORONATION FUND MANA Multiple Portfolios REG 46'256'861 7.64 - 03.12.2012 Investment Advisor

ALLAN GRAY INVESTMEN Multiple Portfolios REG 45'953'028 7.59 - 03.12.2012 Investment Advisor

SANLAM LIFE INSURANC Multiple Portfolios REG 41'952'739 6.93 - 03.12.2012 Insurance Company


ALLAN GRAY LTD n/a RNS-MAJ 30'095'884 4.97 - 24.12.2012 Investment Advisor

SANLAM INVESTMENT MA n/a Co File 25'170'696 4.16 - 31.03.2012 Mutual Fund Manager

NORGES BANK n/a RNS-MAJ 24'446'399 4.04 8'288'340 21.12.2012 Government


ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 20'482'302 3.38 20'482'302 30.06.2012 Investment Advisor



M&G INVESTMENT MANAG Multiple Portfolios REG 16'137'165 2.67 - 03.12.2012 Investment Advisor

ABAX INVESTMENTS LTD n/a Co File 14'141'267 2.34 - 31.03.2012 Investment Advisor


INVESTEC STAFF SHARE Multiple Portfolios REG 13'515'600 2.23 268'281 03.12.2012 Other

CORONATION ASSET MAN Multiple Portfolios MF-AGG 12'332'545 2.04 (182'688) 30.09.2012 Investment Advisor

DIRECTOR & RELATED H Multiple Portfolios REG 11'859'956 1.96 691'455 03.12.2012 Other


Numis Securities Ltd JAMES HAMILTON add 4 M 576 Not Provided 12.02.2013

Macquarie ELAN LEVY neutral 3 M 444 12 month 11.02.2013

Morgan Stanley GREG SAFFY Overwt/In-Line 5 M 525 12 month 29.01.2013

Avior Research HARRY BOTHA neutral 3 D 492 Not Provided 22.01.2013


Nedgroup Securities NAZEEM SAMSODIEN buy 5 M 425 Not Provided 28.11.2012

JPMorgan NANA FRANCOIS neutral 3 D 446 9 month 20.11.2012

HSBC JAN ROST overweight 5 N 466 Not Provided 26.10.2012

Goldman Sachs WALEED MOHSIN neutral/neutral 3 D 479 12 month 12.10.2012

Holdings By:

Investec PLC ee


27.02.2013

Investment AB Kinnevik is a holding company. The Company invests in and

managesa long-term portfolio of listed and unlisted companies, and seeks to

exert influence in the companies by board representation and other means.

Kinnevik's portfolio includes shares in telecommunication, media, insurance, and

finance companies.


LTM as of: 12/yy

52-Week High (27.03.2012) 155.20

52-Week Low (13.11.2012) 120.30

Daily Volume

147.3





40'991.01 1 Yr Total Return 3.92%







KINVB SS EQUITY YTD Change - Average Volume 30 Day 867'523

KINVB SS EQUITY YTD % CHANGE - Average Volume 3 Month 753'111


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

7'719.0 8'397.0 8'593.0 8'789.0 1'591.0 4'625.0 3'895.0 9'492.4 9'823.8 - -

3.20x 4.48x 5.24x 4.97x 25.45x 38.37x 45.13x 3.86x 3.65x - -

997.0 1'476.0 1'514.0 1'473.0 - 0.0 0.0 1'653.0 1'886.5 - -

24.74x 25.49x 29.73x 29.64x - 0.00x 0.00x 26.55x 23.26x - -

(25'765.0) 16'361.0 13'602.0 6'553.0 478.0 6'553.0 477.0 1'899.0 2'576.0 - -

- 1.74x 2.79x 5.67x - 6.02x 0.00x 22.02x 18.15x - -


EBIT -98.00 Long-Term Rating -

Operating Margin -6.16% Long-Term Outlook -






Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Investment AB KinnevikPrice/Volume

Valuation Analysis

529'358.00


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2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

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27.02.2013


ALECTA PENSIONSFORSA n/a Co File 16'625'000 7.27 - 31.12.2011 Pension Fund (ERISA)

JP MORGAN BANK LUXEM n/a Co File 9'972'863 4.36 - 31.12.2011 Investment Advisor

SWEDBANK ROBUR FONDE n/a Co File 7'904'049 3.46 - 31.12.2011 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 6'330'035 2.77 (2'919'360) 31.01.2013 Investment Advisor

UNIONEN n/a Co File 5'179'890 2.27 - 31.12.2011 Corporation

SKANDIA AB n/a Co File 4'432'369 1.94 - 31.12.2011 Insurance Company

INVESCO LTD Multiple Portfolios MF-AGG 4'376'388 1.91 1'708'974 31.12.2012 Investment Advisor

SEB FONDER AB n/a Co File 4'358'480 1.91 - 31.12.2011 Mutual Fund Manager



AMF FONDER AB n/a Co File 3'625'948 1.59 - 31.12.2011 Investment Advisor


TREDJE AP-FONDEN n/a Co File 3'196'540 1.4 - 31.12.2011 Government

GOLDMAN SACHS n/a Co File 3'173'592 1.39 - 31.12.2011 Investment Advisor

HANDELSBANKEN FONDER n/a Co File 2'998'747 1.31 - 31.12.2011 Investment Advisor

NORDEA FONDER AB n/a Co File 2'832'617 1.24 - 31.12.2011 Investment Advisor

FOLKSAM LO FOND AB n/a Co File 2'809'389 1.23 - 31.12.2011 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'750'000 1.2 253'468 30.06.2012 Pension Fund (ERISA)

CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 2'569'993 1.12 (127) 28.12.2012 Investment Advisor

KLINGSPOR FAMILY n/a Co File 2'202'158 0.96 - 31.12.2011 Other


AlphaValue PIERRE-YVES GAUTHIER add 4 M 157 6 month 21.02.2013

Handelsbanken ELIAS PORSE reduce 2 M 145 12 month 20.02.2013


SEB Enskilda SVANTE KROKFORS hold 3 M 144 Not Provided 19.02.2013

Goldman Sachs MARKUS IWAR Buy/Neutral 5 M 242 12 month 18.02.2013

Nordea Equity Research CATRIN JANSSON hold 3 M 154 12 month 18.02.2013

Swedbank NICLAS HOGLUND buy 5 M 180 12 month 18.02.2013

ABG Sundal Collier RICKARD HENZE hold 3 M 149 6 month 17.02.2013

Carnegie JOHAN SJOBERG hold 3 M #N/A N/A Not Provided 15.02.2013

Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 14.12.2012

CA Cheuvreux BJORN GUSTAFSSON select list 5 U 174 Not Provided 22.10.2012

Holdings By:

Investment AB Kinnevik ee


27.02.2013

ITV plc is a United Kingdom media company covering broadcasting, news, and

production. The Company owns all of the regional Channel 3 licenses in England

and Wales. ITV owns ITV1, a commercial television channel, as well as ITV2, a

partial interest in GMTV, and other interests.


LTM as of: 12/yy

52-Week High (20.02.2013) 125.00

52-Week Low (01.06.2012) 68.55

Daily Volume

117.9





4'612.37 1 Yr Total Return 52.38%







ITV LN EQUITY YTD Change - Average Volume 30 Day 12'688'590

ITV LN EQUITY YTD % CHANGE - Average Volume 3 Month 11'812'970


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 12/12 Q4 03/13 Q1

2'029.0 1'879.0 2'064.0 2'140.0 2'196.0 1'965.0 2'196.0 2'278.5 2'349.2 456.0 -

1.21x 1.54x 1.52x 1.30x 1.86x 0.00x 0.00x 1.91x 1.77x 11.49x -

247.0 240.0 438.0 488.0 547.0 0.0 0.0 578.8 605.3 - -

9.96x 12.06x 7.18x 5.68x 7.46x 0.00x 0.00x 7.91x 7.55x - -

(2'556.0) 91.0 269.0 247.0 267.0 0.0 0.0 380.0 399.9 - -

- 22.33x 10.11x 10.71x 15.32x 0.00x 0.00x 12.41x 11.66x - -


EBIT 460.00 Long-Term Rating BB+









EBITDA Margin 24.9%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ITV PLCPrice/Volume

Valuation Analysis

25'911'270.00


'

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3'

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-'!' 9

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1'!' 9

2'!' 9

3'!' 9

4'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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



27.02.2013


BRITISH SKY BROADCAS Multiple Portfolios REG 291'684'730 7.46 - 01.11.2012 Corporation

SKY HOLDINGS LIMITED n/a Co File 291'684'730 7.46 - 31.12.2011 Investment Advisor



AXA #N/A N/A RNS-MAJ 197'928'322 5.06 - 20.02.2013 Investment Advisor


BRANDES INVESTMENT P n/a Co File 194'304'930 4.97 - 31.12.2011 Investment Advisor


LEGAL AND GENERAL IN n/a Co File 153'692'144 3.93 - 31.12.2011 n/a

AXA FRAMLINGTON INV Multiple Portfolios REG 146'078'266 3.73 14'235'016 01.11.2012 Investment Advisor




MARATHON ASSET MANAG Multiple Portfolios REG 80'787'915 2.07 (2'384'446) 01.11.2012 Investment Advisor





RUFFER LLP Multiple Portfolios MF-AGG 65'931'596 1.69 - 28.09.2012 Hedge Fund Manager



Investec STEVEN LIECHTI sell 1 M #N/A N/A Not Provided 27.02.2013

Credit Suisse OMAR SHEIKH outperform 5 M 130 Not Provided 27.02.2013

JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 M 126 9 month 27.02.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI outperform 5 M 110 12 month 27.02.2013

Nomura WILLIAM MAIRS buy 5 M 130 12 month 27.02.2013

Numis Securities Ltd PAUL RICHARDS add 4 M 140 Not Provided 27.02.2013

Westhouse Securities RODDY DAVIDSON add 4 M 133 Not Provided 27.02.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 155 Not Provided 21.02.2013

AlphaValue VERONIQUE CABIOC'H reduce 2 M 111 6 month 21.02.2013

Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 135 12 month 20.02.2013

Deutsche Bank LAURIE DAVISON sell 1 M 90 12 month 19.02.2013

S&P Capital IQ ALEXANDER WISCH buy 5 U 135 12 month 19.02.2013

Macquarie ANGUS TWEEDIE outperform 5 M 130 12 month 12.02.2013

Exane BNP Paribas ADRIEN DE SAINT HILAIRE outperform 5 M 135 Not Provided 05.02.2013


Barclays JULIEN ROCH equalweight 3 M 110 Not Provided 24.01.2013



Goldman Sachs RICHARD JONES Buy/Neutral 5 M 130 12 month 09.01.2013

Peel Hunt PATRICK YAU buy 5 M 130 Not Provided 09.01.2013

Espirito Santo Investment Bank ResearchGIASONE SALATI sell 1 M 62 Not Provided 08.01.2013

Berenberg Bank SARAH SIMON hold 3 U 91 Not Provided 14.11.2012

Kepler Capital Markets CONOR O'SHEA hold 3 M 90 Not Provided 13.11.2012

HSBC DAN GRAHAM underweight 1 M 83 Not Provided 25.10.2012

Jefferies WILL SMITH hold 3 M 77 12 month 26.07.2012

CS Capital CHRISTOPHER PARKINSON neutral 3 M #N/A N/A Not Provided 16.09.2010

Holdings By:

ITV PLC ee


27.02.2013

J Sainsbury plc retails food. The Company operates Sainsbury supermarkets in

the United Kingdom, convenience stores, an Internet-based home delivery

service, and Sainsbury Bank. The Bank offers saving accounts, credit cards,

mortgages, insurance products, and consumer loans.


LTM as of: 01/yy

52-Week High (19.10.2012) 362.20

52-Week Low (13.06.2012) 278.60

Daily Volume

341.6





6'451.42 1 Yr Total Return 20.44%







SBRY LN EQUITY YTD Change - Average Volume 30 Day 4'482'892

SBRY LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'412'919


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

17'837.0 18'911.0 19'964.0 21'102.0 22'294.0 0.0 0.0 23'166.4 24'005.4 - -

0.41x 0.38x 0.39x 0.40x 0.35x #DIV/0! #DIV/0! 0.37x 0.36x - -

1'002.0 1'074.0 1'156.0 1'220.0 1'281.0 0.0 0.0 1'355.7 1'416.4 - -

7.28x 6.70x 6.74x 6.95x 6.04x 0.00x 0.00x 6.40x 6.13x - -

329.0 289.0 585.0 640.0 598.0 0.0 0.0 571.6 609.2 - -

17.38x 18.83x 10.37x 10.19x 9.48x 0.00x 0.00x 11.54x 10.91x - -











EBITDA Margin 5.6%



Asset Turnover 1.86







Fiscal Year Ended

J Sainsbury PLCPrice/Volume

Valuation Analysis

1'213'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

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0''

02'

1''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 92'!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

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



27.02.2013


QATAR INVESTMENT AUT Multiple Portfolios REG 490'143'746 25.95 (546'227) 03.12.2012 Government

SCHRODER PRIVATE BAN Multiple Portfolios REG 99'243'792 5.25 2'146'692 03.12.2012 Unclassified

SAINSBURY TURVILLE D n/a Co File 94'009'955 4.98 - 09.05.2012 n/a

Innotech Advisors Lt Multiple Portfolios REG 89'250'000 4.73 - 03.12.2012 Unclassified

PORTRAIT JUDITH n/a Co File 73'851'508 3.91 - 09.05.2012 n/a

SAINSBURY FAMILY Multiple Portfolios REG 61'593'788 3.26 - 03.12.2012 Unclassified



M1 Capital Ltd Multiple Portfolios REG 45'599'916 2.41 - 03.12.2012 Unclassified



SANDERSON ASSET MANA Multiple Portfolios REG 29'726'261 1.57 - 03.12.2012 Investment Advisor

LANSDOWNE PARTNERS n/a Short (29'273'126) -1.55 (2'077'448) 12.02.2013 Investment Advisor


BREWIN DOLPHIN LIMIT Multiple Portfolios REG 28'423'279 1.51 2'028'992 03.12.2012 Investment Advisor



SPARINVEST n/a ULT-AGG 17'700'577 0.94 63'995 31.01.2013 Investment Advisor


PELHAM CAPITAL LONG/ n/a Short (14'539'772) -0.77 - 01.11.2012 Other


Shore Capital Stockbrokers CLIVE WILLIAM BLACK hold 3 M #N/A N/A Not Provided 27.02.2013


Nomura NICK COULTER neutral 3 M 355 12 month 26.02.2013

Oriel Securities Ltd JONATHAN PRITCHARD hold 3 M 300 Not Provided 25.02.2013

AlphaValue VIRGINIE BLIN reduce 2 M 323 6 month 21.02.2013

JPMorgan JAIME VAZQUEZ underweight 1 N 325 12 month 18.02.2013

Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 390 Not Provided 18.02.2013

Exane BNP Paribas ANDREW GWYNN underperform 1 M 325 Not Provided 13.02.2013

Redburn Partners JAMES TRACEY sell 1 M #N/A N/A Not Provided 31.01.2013


Macquarie SREEDHAR MAHAMKALI neutral 3 M 290 12 month 12.01.2013

Deutsche Bank SALLY RONALD hold 3 M 309 12 month 10.01.2013


Credit Suisse ANDREW KASOULIS underperform 1 M 285 Not Provided 09.01.2013

HSBC JEROME SAMUEL underweight 1 D 325 Not Provided 09.01.2013

S&P Capital IQ WILLIAM MACK sell 1 M 315 12 month 09.01.2013

Panmure Gordon & Co Limited PHILIP DORGAN buy 5 M 400 Not Provided 09.01.2013

Espirito Santo Investment Bank ResearchCAROLINE GULLIVER neutral 3 M 350 Not Provided 07.01.2013

Barclays JAMES ANSTEAD overweight 5 M 380 Not Provided 04.01.2013

Goldman Sachs FRANKLIN WALDING Sell/Neutral 1 M 295 12 month 05.12.2012

Natixis ANTOINE PARISON neutral 3 M 337 Not Provided 15.11.2012


Investec DAVID MCCARTHY sell 1 N 280 12 month 10.09.2012


Holdings By:

J Sainsbury PLC ee


27.02.2013

Jeronimo Martins, SGPS, S.A. is a holding company. The Company, through

subsidiaries, distributes food in Portugal and Poland. The Company operates

supermarkets and cash and carry stores in Portugal as well as retail stores in

Poland. Jeronimo Martins also manufactures various food products as well as

provides services to the restaurant industry.


LTM as of: 12/yy

52-Week High (25.02.2013) 16.66

52-Week Low (25.07.2012) 11.07

Daily Volume

15.225





9'580.99 1 Yr Total Return 16.15%







JMT PL EQUITY YTD Change - Average Volume 30 Day 468'723

JMT PL EQUITY YTD % CHANGE - Average Volume 3 Month 515'080


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

6'893.7 7'317.1 8'691.1 9'838.2 10'876.0 9'838.2 10'875.8 12'295.7 13'831.5 - -

0.52x 0.73x 0.92x 0.87x 0.90x 3.42x 3.45x 0.82x 0.72x - -

458.1 518.2 614.3 709.3 746.0 721.9 745.4 891.3 1'023.9 - -

7.85x 10.30x 13.02x 12.05x 13.15x 11.84x 13.16x 11.43x 9.95x - -

163.2 200.3 281.0 340.3 360.0 340.3 359.5 465.4 547.6 - -

15.29x 21.91x 25.49x 23.62x 25.61x 23.62x 25.55x 20.77x 17.70x - -











EBITDA Margin 6.9%



Asset Turnover 2.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Jeronimo Martins SGPS SAPrice/Volume

Valuation Analysis

2'172'992.00


'.135

-'-.-1-3-5

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!.'

'!1'

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27.02.2013


SOC FRANCISCO MANUEL n/a Research 353'033'492 56.1 - 31.12.2011 Unclassified

ASTECK n/a Research 62'929'321 10 - 31.12.2011 Other

CARMIGNAC GESTION n/a Research 16'990'917 2.7 - 31.12.2011 Investment Advisor

BNP PARIBAS INVESTME n/a EXCH 13'123'849 2.09 - 12.12.2012 Investment Advisor







SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 3'378'593 0.54 26'191 31.12.2012 Investment Advisor




BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'580'603 0.25 - 30.11.2012 Investment Advisor


BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 1'207'663 0.19 (109'433) 30.09.2012 Investment Advisor

CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 969'000 0.15 156'525 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 945'662 0.15 - 31.12.2012 Investment Advisor

UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 887'005 0.14 (75'773) 30.11.2012 Mutual Fund Manager


JPMorgan JAIME VAZQUEZ overweight 5 M 18 12 month 27.02.2013


Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 27.02.2013

BPI JOSE RITO neutral 3 M 16 Not Provided 25.02.2013

Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 14 Not Provided 25.02.2013


Exane BNP Paribas ANDREW GWYNN outperform 5 M 17 Not Provided 15.02.2013

AlphaValue VIRGINIE BLIN sell 1 M 13 6 month 14.02.2013

Renaissance Capital NATALYA ZAGVOZDINA hold 3 M 17 12 month 21.01.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A N #N/A N/A Not Provided 18.01.2013

Natixis ANTOINE PARISON buy 5 M 18 Not Provided 18.01.2013

HSBC JEROME SAMUEL overweight 5 M 18 Not Provided 15.01.2013


BCP Investimento JOAO C FLORES neutral 3 D 17 Not Provided 11.01.2013

NMAS 1 Agencia de Valores RODRIGO VAZQUEZ neutral 3 M 15 6 month 11.01.2013

Main First Bank AG RICKIN THAKRAR neutral 3 M 13 12 month 11.01.2013


Redburn Partners JAMES TRACEY sell 1 M #N/A N/A Not Provided 17.12.2012

BBVA JUAN ROS PADILLA underperform 1 M 14 Not Provided 30.11.2012


Erste Bank MAREK CZACHOR accumulate 4 U 16 12 month 26.11.2012

Wood & Company PATRICK SHIELDS hold 3 M 15 12 month 23.10.2012

Macquarie SREEDHAR MAHAMKALI outperform 5 M 15 12 month 21.09.2012

Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 20 12 month 25.07.2012

Banif TERESA MARTINHO Under Review #N/A N/A M #N/A N/A Not Provided 07.02.2012

Holdings By:

Jeronimo Martins SGPS SA ee


27.02.2013

John Wood Group PLC is an international energy service company that provides

products and services to the oil and gas and power industries. The Company

designs and manufactures submersible pumping systems, well-head systems, and

pressure controls. John Wood also provides aftermarket services for heavy

industrial turbines and aero gas turbines.


LTM as of: 01/yy

52-Week High (19.10.2012) 883.50

52-Week Low (26.06.2012) 649.00

Daily Volume

773.5












WG/ LN EQUITY YTD Change - Average Volume 30 Day 928'984

WG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'151'630


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 - -

4'432.7 5'243.1 4'927.1 4'085.1 5'666.8 - - 6'835.9 7'311.1 - -

1.08x 0.33x 0.56x 1.14x 0.65x - - 0.65x 0.58x - -

388.1 485.1 424.6 284.8 396.0 - - 507.8 594.1 - -

12.34x 3.53x 6.46x 16.32x 9.36x - - 8.85x 7.56x - -

165.0 251.6 163.2 166.0 2'302.3 - - 302.2 360.8 - -

26.05x 5.54x 15.52x 58.32x 93.55x - - 13.98x 11.75x - -











EBITDA Margin 7.0%



Asset Turnover 1.49







Fiscal Year Ended

John Wood Group PLCPrice/Volume

Valuation Analysis

744'683.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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5!' 9

-'!' 9

-.!' 9

-1!' 9

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!''

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.2!''

0'!''

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27.02.2013



DIRECTOR & RELATED H Multiple Portfolios REG 29'055'698 7.79 (483'610) 01.10.2012 Other

ABERDEEN n/a ULT-AGG 25'611'397 6.86 7'616'256 31.01.2013 Unclassified


ABERDEEN ASSET MANAG n/a RNS-MAJ 18'696'597 5.01 - 29.08.2012 Investment Advisor



THREADNEEDLE ASSET M Multiple Portfolios REG 12'788'201 3.43 (635'992) 01.10.2012 Investment Advisor

JOHN WOOD GRP EMP SH n/a Co File 12'618'916 3.38 - 26.03.2012 n/a

CHILDRENS SETTLEMENT n/a PRN 12'019'827 3.22 (12'055'559) 16.06.2010 Other


WOOD GROUP (JOHN) PL Multiple Portfolios REG 10'589'063 2.84 (970'565) 01.10.2012 Unclassified


GOLDMAN SACHS INTERN Multiple Portfolios REG 8'463'301 2.27 566'130 01.10.2012 Investment Advisor




HSBC INVESTMENTS UK Multiple Portfolios REG 5'769'296 1.55 (84'437) 01.10.2012 Investment Advisor

NOBLE GROSSART INVES Multiple Portfolios REG 5'509'718 1.48 - 01.10.2012 Unclassified

PRIVATE INDIVIDUALS Multiple Portfolios REG 5'491'681 1.47 (1'337'391) 01.10.2012 Other


Canaccord Genuity Corp JAMES EVANS buy 5 M 900 12 month 13.02.2013

Exane BNP Paribas ALEXANDRE MARIE outperform 5 N 1'080 Not Provided 12.02.2013

Oriel Securities Ltd DAVID ROUND add 4 M #N/A N/A Not Provided 11.02.2013

Numis Securities Ltd SANJEEV BAHL hold 3 M 804 Not Provided 31.01.2013


JPMorgan ANDREW DOBBING neutral 3 D 963 9 month 29.01.2013



Deutsche Bank SEBASTIAN YOSHIDA buy 5 U 870 12 month 10.01.2013

Goldman Sachs HENRY TARR Buy/Neutral 5 U 912 12 month 08.01.2013

HSBC PHILLIP LINDSAY neutral 3 M 790 Not Provided 20.12.2012

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 741 Not Provided 14.12.2012

Investec KEITH ADAM MORRIS hold 3 M 800 12 month 05.10.2012

Morgan Stanley ROBERT PULLEYN Equalwt/Attractive 3 M 1'065 12 month 12.09.2012

Barclays MICK PICKUP overweight 5 M 1'000 Not Provided 22.08.2012

Fox-Davies Capital PAUL SINGER buy 5 M 805 12 month 07.03.2012

Holdings By:

John Wood Group PLC ee


27.02.2013

Kabel Deutschland Holding AG, through its subsidiary, is a cable operator. The

Company offers its customers analog and digital TV, broadband Internet and

fixed line phone services via cable as well mobile services in cooperation with

an industry partner.


LTM as of: 12/yy

52-Week High (13.02.2013) 72.75

52-Week Low (27.02.2012) 42.14

Daily Volume

67.63





5'986.81 1 Yr Total Return 63.65%







KD8 GY EQUITY YTD Change - Average Volume 30 Day 271'015

KD8 GY EQUITY YTD % CHANGE - Average Volume 3 Month 208'455


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

1'196.9 1'370.3 1'501.6 1'598.9 1'699.7 1'665.1 1'803.9 1'835.8 1'987.3 472.0 -

- - 3.15x 3.80x 4.01x 15.39x 16.48x 4.78x 4.51x - -

433.5 539.3 651.5 697.1 768.8 744.5 797.6 853.1 952.6 220.5 -

- - 7.26x 8.71x 8.87x 8.63x 10.02x 10.53x 9.43x - -

(33.8) (145.2) (40.1) (45.3) 159.4 99.7 259.0 283.9 269.3 74.1 -

- - - - 25.98x 35.39x 0.00x 21.10x 22.46x - -


EBIT 372.90 Long-Term Rating BB-









EBITDA Margin 44.2%



Asset Turnover 0.77




Tot Debt to Common Equity - Accounts Payable Turnover Day 113.08



Fiscal Year Ended

Kabel Deutschland Holding AGPrice/Volume

Valuation Analysis

779'264.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

5'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

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!3 9

!5 9

-!' 9

-!. 9

-!1 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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



27.02.2013




THREADNEEDLE ASSET M n/a Research 4'354'466 4.92 - 10.12.2012 Investment Advisor


ZIEGLER CARLENE MURP n/a Research 2'823'982 3.19 - 10.01.2013 n/a

SCOUT CAPITAL MANAGE n/a Co File 2'725'000 3.08 - 31.03.2012 Hedge Fund Manager


MORGAN STANLEY n/a Research 1'275'691 1.44 - 03.10.2012 Investment Advisor


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 993'281 1.12 (400'000) 31.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 909'582 1.03 (300) 28.09.2012 Bank


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 869'318 0.98 (23'630) 31.10.2012 Investment Advisor





GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 519'785 0.59 900 31.10.2012 Investment Advisor


PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 391'017 0.44 (85'021) 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 57 12 month 27.02.2013

Hauck & Aufhaeuser SASCHA BERRESCH buy 5 U 73 12 month 27.02.2013

M.M. Warburg Investment Research MALTE RAETHER sell 1 M 57 12 month 27.02.2013

DZ Bank AG KARSTEN OBLINGER sell 1 M 60 12 month 27.02.2013

Morgan Stanley SAROOP PUREWAL not rated #N/A N/A M #N/A N/A Not Provided 26.02.2013

Bankhaus Lampe WOLFGANG SPECHT sell 1 M 60 12 month 26.02.2013

Commerzbank Corporates & Markets HEIKE PAULS add 4 M 78 6 month 22.02.2013


Macquarie ALEX GRANT outperform 5 M 80 12 month 22.02.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 68 Not Provided 22.02.2013

Bankhaus Metzler ULRICH TRABERT sell 1 M 62 12 month 21.02.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 M 78 Not Provided 21.02.2013

Main First Bank AG STEPHAN VOLLERT outperform 5 M 75 12 month 21.02.2013

Barclays JONATHAN DANN overweight 5 M 70 Not Provided 21.02.2013

Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 78 12 month 21.02.2013

Grupo Santander JOHN DAVIES underweight 1 M 55 Not Provided 20.02.2013



HSBC DOMINIK KLARMANN overweight 5 U 80 Not Provided 20.02.2013

Nomura HENRIK NYBLOM neutral 3 M 54 12 month 20.02.2013

New Street Research FRANK KNOWLES neutral 3 M 55 Not Provided 20.02.2013

Exane BNP Paribas MICHAEL ZORKO outperform 5 M 76 Not Provided 20.02.2013

Credit Suisse JUSTIN FUNNELL neutral 3 M 43 Not Provided 21.01.2013


Deutsche Bank MATTHEW BLOXHAM buy 5 M 61 12 month 16.01.2013

Berenberg Bank STUART GORDON sell 1 M 40 Not Provided 13.11.2012

Silvia Quandt Research JACQUES ABRAMOWICZ neutral 3 M 55 18 month 27.09.2012

Equita SIM SpA GIANMARCO BONACINA hold 3 N 50 12 month 23.04.2012

Holdings By:

Kabel Deutschland Holding AG ee


27.02.2013

Kazakhmys PLC is an international natural resources company with principal

operations in Kazakhstan and the surrounding region. The core business is the

production and sale of copper. Kazakhmys is fully integrated from mining ore

through to the production of finished metal. The copper division also produces

other metals as by-products, including zinc, silver and gold.


LTM as of: 01/yy

52-Week High (29.02.2012) 1'168.00

52-Week Low (05.09.2012) 569.00

Daily Volume

674





3'529.86 1 Yr Total Return -39.66%







KAZ LN EQUITY YTD Change - Average Volume 30 Day 1'569'154

KAZ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'460'363


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 - -

5'256.0 3'276.0 2'404.0 3'237.0 3'563.0 - - 3'330.7 3'455.1 - -

2.33x 1.05x 5.13x 4.27x 2.16x - - 1.89x 2.09x - -

2'200.0 1'937.0 580.0 1'404.0 1'440.0 - - 1'076.8 1'138.3 - -

5.56x 1.78x 21.27x 9.85x 5.34x - - 5.36x 5.07x - -

1'416.0 909.0 554.0 1'450.0 930.0 - - 614.8 725.3 - -

8.95x 2.02x 14.89x 9.68x 5.47x - - 8.77x 7.86x - -











EBITDA Margin 27.0%



Asset Turnover 0.28







Fiscal Year Ended

Kazakhmys PLCPrice/Volume

Valuation Analysis

1'344'019.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.''

1''

3''

5''

-'''

-.''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013



KIM VLADIMIR SERGE n/a Co File 149'306'795 28.51 - 26.03.2012 n/a

The State Property & Multiple Portfolios REG 80'286'050 15.33 - 02.01.2013 Unclassified

MINISTRY OF FINANCE n/a Co File 80'286'050 15.33 - 26.03.2012 Other

NOVACHUK OLEG NIKOLA n/a Co File 34'923'423 6.67 - 26.03.2012 n/a


LGT BANK IN LIECHTEN Multiple Portfolios REG 11'797'494 2.25 1'066'614 02.01.2013 Investment Advisor


GOVT OF SINGAPORE IN n/a ULT-AGG 7'513'385 1.43 446'899 02.01.2013 Government



BANK FRICK & CO AG Multiple Portfolios REG 6'781'344 1.29 678'472 02.01.2013 Unclassified

DEUTSCHE PRIVATE BAN Multiple Portfolios REG 5'766'033 1.1 - 02.01.2013 Unclassified



AVIVA INVESTORS Multiple Portfolios REG 4'197'976 0.8 321'143 02.01.2013 Investment Advisor

OGAY EDUARD n/a Co File 3'834'427 0.73 - 26.03.2012 n/a


Hexam Capital Partne Multiple Portfolios REG 3'299'621 0.63 272'803 02.01.2013 Unclassified

APG ALGEMENE PENSIOE Multiple Portfolios REG 3'143'312 0.6 524'114 02.01.2013 Pension Fund (ERISA)


Societe Generale ABHISHEK SHUKLA buy 5 M 850 12 month 27.02.2013

JPMorgan ROGER BELL underweight 1 M 635 12 month 27.02.2013

Numis Securities Ltd CAILEY BARKER hold 3 M 750 Not Provided 27.02.2013

Exane BNP Paribas RAPHAEL VEVERKA underperform 1 M 620 Not Provided 27.02.2013

Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 810 12 month 26.02.2013

Credit Suisse LIAM FITZPATRICK underperform 1 M 800 Not Provided 25.02.2013

Visor Capital LEILA KULBAYEVA buy 5 M 953 Not Provided 18.02.2013

Jefferies Christopher LaFemina hold 3 M 800 12 month 08.02.2013

Goldman Sachs FAWZI HANANO neutral/attractive 3 M 800 12 month 06.02.2013

Centras Securities MARZHAN IBRAYEVA market perform 3 M 1'047 12 month 31.01.2013

Sberbank CIB MIKHAIL STISKIN sell 1 M 610 Not Provided 28.01.2013

Morgan Stanley ALAIN GABRIEL Overwt/In-Line 5 M 870 12 month 23.01.2013


Alfa-Bank BARRY EHRLICH equalweight 3 M 995 Not Provided 16.01.2013

Nomura PATRICK JONES reduce 2 M 700 12 month 16.01.2013

Barclays DAVID BUTLER underweight 1 D 765 Not Provided 14.01.2013

Macquarie ALON OLSHA neutral 3 M 810 12 month 10.01.2013

Deutsche Bank ROBERT CLIFFORD hold 3 M 735 12 month 08.01.2013

VTB Capital NIKOLAY SOSNOVSKIY buy 5 M 950 12 month 21.12.2012

Redburn Partners TIM JARRATT sell 1 M #N/A N/A Not Provided 06.12.2012

China International Capital Corp CAI HONGYU accumulate 4 M 750 12 month 26.11.2012

Halyk Finance MARIYAM ZHUMADIL hold 3 M 650 Not Provided 27.08.2012

Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 18.06.2012

Renaissance Capital EKATERINA GAZADZE buy 5 M 1'475 Not Provided 29.02.2012

GuoSen Securities Co Ltd CHENGMING GAO buy 5 N 1'833 12 month 28.02.2012

Holdings By:

Kazakhmys PLC ee


27.02.2013

KBC GROEP NV attracts deposits and offers banking and insurance services. The

Bank offers mortgage and consumer loans, project financing, lease financing and

factoring, and life, health, commercial, automobile, liability, industrial

accident, and occupational insurance, and manages investment funds.


LTM as of: 12/yy

52-Week High (14.02.2013) 30.93

52-Week Low (18.05.2012) 11.15

Daily Volume

27.54





10'844.66 1 Yr Total Return 65.68%


Preferred Stock 3'500.0 Adjusted BETA 1.909



Enterprise Value -


KBC BB EQUITY YTD Change - Average Volume 30 Day 1'411'856

KBC BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'662'798


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

18'322.0 11'424.0 13'607.0 14'592.0 13'889.0 14'592.0 13'888.0 6'858.5 6'972.2 - -

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

- - - - - 0.0 0.0 - - - -

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

(2'484.0) (2'466.0) 1'860.0 13.0 612.0 13.0 612.0 1'575.7 1'739.7 - -

- - 4.66x 3.08x 16.08x 60.57x 29.94x 7.67x 6.66x - -


EBIT - Long-Term Rating BBB+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

KBC Groep NVPrice/Volume

Valuation Analysis

1'046'903.00


'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

1!''

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



27.02.2013


KBC ANCORA n/a Co File 82'216'380 20.88 - 31.12.2011 Holding Company

MRBB n/a Co File 46'289'864 11.76 - 31.12.2011 Other

CERA n/a Co File 26'127'166 6.63 - 31.12.2011 Unclassified

KBC GROUP NV n/a Co File 18'169'054 4.61 - 31.12.2011 Investment Advisor




HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 2'158'275 0.55 2'158'275 31.12.2012 Investment Advisor



DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 1'730'869 0.44 28'360 28.12.2012 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 1'453'615 0.37 (58'610) 31.12.2012 Investment Advisor


CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 860'500 0.22 277'000 31.12.2012 Investment Advisor


ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 521'955 0.13 207'353 30.11.2012 Investment Advisor


DWS INVESTMENT S A Multiple Portfolios MF-AGG 510'933 0.13 (5'000) 28.12.2012 Mutual Fund Manager




Oddo & Cie JEAN SASSUS neutral 3 M 28 Not Provided 27.02.2013

AlphaValue CHRISTOPHE NIJDAM reduce 2 M 28 6 month 21.02.2013

Macquarie THOMAS STOEGNER underperform 1 M 23 12 month 20.02.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 32 12 month 18.02.2013

ING Bank ALBERT PLOEGH buy 5 M 34 12 month 18.02.2013

Societe Generale PHILIP RICHARDS hold 3 M 31 12 month 15.02.2013

Deutsche Bank FLORA BENHAKOUN buy 5 M 37 12 month 15.02.2013

Berenberg Bank ELENI PAPOULA buy 5 M 30 Not Provided 15.02.2013

Natixis ALEX KOAGNE buy 5 M 35 Not Provided 15.02.2013

Exane BNP Paribas FRANCOIS BOISSIN outperform 5 M 34 Not Provided 15.02.2013

Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 39 12 month 14.02.2013

HSBC JOHANNES THORMANN overweight 5 M 42 Not Provided 14.02.2013


Petercam MATTHIAS DE WIT hold 3 M 29 Not Provided 14.02.2013

Rabobank International COR KLUIS buy 5 M 33 12 month 14.02.2013

Nomura DOMENICO SANTORO neutral 3 M 32 Not Provided 14.02.2013

ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 34 12 month 14.02.2013


Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 28 12 month 11.01.2013

Kepler Capital Markets BENOIT PETRARQUE buy 5 M 34 Not Provided 18.12.2012

CA Cheuvreux HANS PLUIJGERS underperform 1 D 25 Not Provided 11.12.2012

Goldman Sachs PAWEL DZIEDZIC not rated #N/A N/A M #N/A N/A Not Provided 07.12.2012

Barclays JEREMY SIGEE overweight 5 M 27 Not Provided 23.11.2012


JPMorgan PAUL FORMANKO overweight 5 M 21 Not Provided 24.01.2012

Holdings By:

KBC Groep NV ee


27.02.2013

Kerry Group Plc processes and distributes consumer foods and food ingredients

internationally. Through its subsidiaries, the Group specializes in dairy

products, food ingredients, agricultural trading, liquid milk, desserts, and

fish, poultry and meat products.


LTM as of: 01/yy

52-Week High (26.02.2013) 42.51

52-Week Low (27.02.2012) 31.31

Daily Volume

42.2





7'411.46 1 Yr Total Return 33.12%







KYG ID EQUITY YTD Change - Average Volume 30 Day 333'185

KYG ID EQUITY YTD % CHANGE - Average Volume 3 Month 260'265


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

4'790.8 4'520.7 4'960.0 5'302.2 5'848.3 - - 6'062.1 6'386.9 - -

0.71x 1.04x 1.11x 1.19x 1.42x - - 1.39x 1.27x - -

488.4 502.8 603.9 574.8 645.6 - - 726.2 795.8 - -

6.98x 9.38x 9.15x 11.00x 12.87x - - 11.95x 10.92x - -

177.0 201.2 324.2 360.7 267.0 - - 452.9 514.9 - -

12.93x 17.89x 13.50x 13.76x 26.34x - - 16.32x 14.46x - -











EBITDA Margin 11.0%



Asset Turnover 1.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kerry Group PLCPrice/Volume

Valuation Analysis

200'609.00


'2

-'-2.'.20'021'12

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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



27.02.2013


Kerry Co-operative C n/a Co File 30'057'906 17.11 - 31.12.2011 Unclassified


THE GROWTH FUND OF A n/a RNS-MAJ 8'723'824 4.97 (242'000) 22.06.2012 n/a

M&G INVESTMENT MANAG n/a RNS-MAJ 5'273'494 3 (237'366) 25.10.2012 Investment Advisor







F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 564'836 0.32 (1'249) 31.12.2012 Mutual Fund Manager


PIONEER INVESTMENT M Multiple Portfolios MF-AGG 400'505 0.23 110'844 30.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 394'171 0.22 - 31.12.2012 Investment Advisor

PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 378'982 0.22 (15'419) 31.01.2013 Insurance Company


CI INVESTMENTS INC Multiple Portfolios MF-AGG 340'000 0.19 20'000 30.06.2012 Investment Advisor


NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 327'607 0.19 (37'955) 31.01.2013 Investment Advisor

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 326'227 0.19 (25'373) 31.12.2012 Investment Advisor


Societe Generale ALEX SLOANE sell 1 M 39 12 month 27.02.2013

Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 45 12 month 26.02.2013

Goodbody Stockbrokers Ltd LIAM IGOE hold 3 M 41 12 month 26.02.2013

Exane BNP Paribas JEFF STENT outperform 5 M 45 Not Provided 26.02.2013

AlphaValue SOPHIE CABO-BROSETA reduce 2 M 36 6 month 21.02.2013

Berenberg Bank JAMES TARGETT buy 5 M 46 Not Provided 21.01.2013


Deutsche Bank CATHERINE FARRANT sell 1 D 35 12 month 09.01.2013

Goldman Sachs FULVIO CAZZOL neutral/neutral 3 M 42 12 month 09.01.2013

Jefferies ALEX HOWSON hold 3 M 39 12 month 14.08.2012

JPMorgan ANKUR GUPTA overweight 5 M 40 9 month 10.08.2012

Davy JOHN O'REILLY outperform 5 M #N/A N/A Not Provided 10.08.2012

Bloxham Stockbrokers JOE R GILL overweight 5 M #N/A N/A Not Provided 20.03.2012

Merrion Stockbrokers AOIFE WYER buy 5 M 33 Not Provided 15.04.2011

Holdings By:

Kerry Group PLC ee


27.02.2013

Klepierre owns and manages shopping centers in continental Europe, and office

buildings in the Paris metropolitan area. The Company opted for the SIIC legal

status in 2003.


LTM as of: 01/yy

52-Week High (27.02.2013) 31.30

52-Week Low (23.04.2012) 22.39

Daily Volume

30.975





6'178.59 1 Yr Total Return 41.14%







LI FP EQUITY YTD Change - Average Volume 30 Day 218'731

LI FP EQUITY YTD % CHANGE - Average Volume 3 Month 180'152


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 - -

943.8 1'092.9 1'166.8 1'212.3 992.1 - - 976.5 1'005.2 - -

11.80x 12.63x 11.82x 10.92x - - - 15.07x 14.65x - -

763.6 848.1 916.5 951.4 - - - 837.1 858.2 - -

14.58x 16.28x 15.04x 13.92x - - - 18.33x 17.88x - -

200.3 162.1 124.6 142.4 166.6 - - 369.4 410.1 - -

12.50x 31.54x 38.56x 27.55x 34.71x - - 14.96x 14.48x - -











EBITDA Margin 52.9%



Asset Turnover 0.11







Fiscal Year Ended

KlepierrePrice/Volume

Valuation Analysis

249'191.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

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



27.02.2013


SIMON PROPERTY GROUP n/a Research 54'429'031 27.29 - 14.03.2012 Unclassified

BNP PARIBAS SA n/a Research 45'714'512 22.92 1'656'773 30.09.2012 Bank

KLEPIERRE n/a Co File 2'880'158 1.44 - 31.12.2010 Corporation



COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'683'745 0.84 (134'090) 25.02.2013 Investment Advisor

EUROPEAN INVESTORS I n/a Research 1'629'584 0.82 (46'313) 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'326'536 0.67 (7'762) 31.12.2012 Investment Advisor





ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 702'193 0.35 (257'751) 17.07.2012 Investment Advisor



ING INVESTMENT MANAG Multiple Portfolios MF-AGG 582'569 0.29 (9'428) 31.12.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 540'597 0.27 (3'916) 28.09.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 474'804 0.24 633 31.12.2012 Investment Advisor

BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 437'789 0.22 (1'739) 30.09.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 435'836 0.22 (10'850) 31.12.2012 Mutual Fund Manager


Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 M 36 Not Provided 26.02.2013

Oddo & Cie MARINE LAFITTE buy 5 M 37 Not Provided 25.02.2013



Espirito Santo Investment Bank ResearchJON STEWART buy 5 M 34 Not Provided 14.02.2013

Societe Generale MICHEL VARALDO buy 5 M 34 12 month 05.02.2013

Rabobank International MARTIJN VAN DEN EIJNDEN buy 5 M 34 Not Provided 05.02.2013

Petercam STEPHAN VAN WEEREN reduce 2 M 28 Not Provided 01.02.2013


ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 28 Not Provided 01.02.2013

Morgan Stanley BART GYSENS restricted #N/A N/A M #N/A N/A Not Provided 31.01.2013

Natixis SERGE DEMIRDJIAN buy 5 M 33 Not Provided 29.01.2013

Kepler Capital Markets SAMUEL HENRY-DIESBACH hold 3 M 30 Not Provided 24.01.2013


Kempen & Co BOUDEWIJN SCHOON neutral 3 M 30 12 month 14.01.2013


JPMorgan HARM M MEIJER neutral 3 M 31 9 month 09.01.2013

Berenberg Bank KAI MALTE KLOSE sell 1 M 29 Not Provided 03.01.2013

HSBC STEPHANIE DOSSMANN neutral 3 M 31 Not Provided 02.11.2012

CA Cheuvreux BRUNO DUCLOS select list 5 U 31 Not Provided 11.09.2012

Barclays AARON GUY equalweight 3 M 30 Not Provided 31.08.2012

Edge Capital Research KONSTANTIN BOYCHINOV outperform 5 N 26 12 month 29.09.2011

Tradition Securities & Futures LAETITIA D'EPREMESNIL hold 3 M 27 Not Provided 06.07.2011

Holdings By:

Klepierre ee


27.02.2013

Koninklijke Boskalis Westminster NV is an international group that constructs

and maintains ports, waterways, coastlines, and riverbanks. The Company provides

dredging services and also engages in land reclamation activities. Boskalis has

positions in strategic partnerships in the Middle East (Archirodon) and in

offshore services (Lamnalco). The Company operates its own fleet of vessels.


LTM as of: 01/yy

52-Week High (02.01.2013) 34.84

52-Week Low (18.05.2012) 23.27

Daily Volume

33.135





3'876.15 1 Yr Total Return 23.88%







BOKA NA EQUITY YTD Change - Average Volume 30 Day 282'794

BOKA NA EQUITY YTD % CHANGE - Average Volume 3 Month 316'172


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 - -

1'868.5 2'093.8 2'175.2 2'674.4 2'801.0 - - 3'059.6 3'297.8 - -

1.86x 0.72x 1.07x 1.59x 1.23x - - 1.39x 1.32x - -

348.1 454.6 444.9 621.5 590.5 - - 573.3 646.9 - -

9.98x 3.30x 5.23x 6.83x 5.84x - - 7.39x 6.55x - -

204.4 249.1 227.9 310.5 254.3 - - 239.0 279.6 - -

17.50x 5.72x 10.48x 11.48x 11.45x - - 14.61x 13.20x - -











EBITDA Margin 19.3%



Asset Turnover 0.65







Fiscal Year Ended

Koninklijke Boskalis Westminster NVPrice/Volume

Valuation Analysis

217'380.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

1'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


HAL HOLDING NV n/a Co File 34'528'507 29.52 - 31.12.2011 Investment Advisor

SPRUCEGROVE INVESTME n/a Research 5'540'809 4.74 310'642 28.01.2013 Investment Advisor

MONDRIAN INVESTMENT n/a Research 5'377'314 4.6 (135'729) 23.01.2013 Hedge Fund Manager




DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'018'867 0.87 172'783 31.10.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 780'795 0.67 - 30.11.2012 Bank



BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 545'691 0.47 41'646 31.10.2012 Investment Advisor

FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 440'210 0.38 (244'000) 31.12.2012 Investment Advisor


FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 350'000 0.3 50'000 28.12.2012 Mutual Fund Manager


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 326'692 0.28 (1'194) 31.12.2012 Investment Advisor


CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 300'535 0.26 283'605 26.02.2013 Investment Advisor

MANDARINE GESTION Multiple Portfolios MF-AGG 249'633 0.21 (87'989) 31.12.2012 Investment Advisor



AlphaValue GAETAN DUPONT buy 5 M 42 6 month 21.02.2013

ABN Amro Bank N.V. THIJS BERKELDER buy 5 M 38 Not Provided 19.02.2013

ING Bank TIJS HOLLESTELLE buy 5 M 38 12 month 13.02.2013

SNS Securities(ESN) EDWIN DE JONG buy 5 M 37 12 month 30.01.2013

Theodoor Gilissen Securities TOM MULLER hold 3 M 35 Not Provided 22.01.2013


KBC Securities WOUTER VANDERHAEGHEN accumulate 4 M 35 Not Provided 11.01.2013

Exane BNP Paribas DAVID VAGMAN neutral 3 M 26 Not Provided 11.01.2013


Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 33 6 month 30.11.2012

CA Cheuvreux ROBERT VAN OVERBEEK underperform 1 M 30 Not Provided 27.11.2012

Kempen & Co ARUN RAMBOCUS restricted #N/A N/A M #N/A N/A Not Provided 26.11.2012

Petercam LUUK VAN BEEK hold 3 M 35 Not Provided 26.11.2012

Rabobank International MICHEL AUPERS hold 3 M 31 Not Provided 13.11.2012

Holdings By:

Koninklijke Boskalis Westminster NV ee


27.02.2013

Koninklijke Vopak NV is an independent tank terminal operator. The Company

provides conditioned storage facilities for bulk liquids such as oil products,

gaseous chemicals, petrochemicals, biofuels and vegetable oils.


LTM as of: 01/yy

52-Week High (29.11.2012) 58.07

52-Week Low (27.02.2012) 40.80

Daily Volume

54.77





7'001.55 1 Yr Total Return 34.98%







VPK NA EQUITY YTD Change - Average Volume 30 Day 222'996

VPK NA EQUITY YTD % CHANGE - Average Volume 3 Month 235'078


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 - -

853.0 923.5 1'001.1 1'106.3 1'171.9 - - 1'316.2 1'410.1 - -

3.58x 2.98x 4.50x 5.45x 5.90x - - 6.66x 6.18x - -

361.1 393.7 461.7 510.1 543.1 - - 649.2 705.2 - -

8.45x 7.00x 9.76x 11.81x 12.72x - - 13.68x 12.59x - -

181.1 213.2 251.2 270.1 400.6 - - 347.6 386.5 - -

14.81x 7.94x 14.16x 17.00x 13.25x - - 20.17x 18.02x - -











EBITDA Margin 48.5%



Asset Turnover 0.30







Fiscal Year Ended

Koninklijke Vopak NVPrice/Volume

Valuation Analysis

111'615.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

'!''

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27.02.2013


HAL HOLDING NV n/a Co File 61'552'747 48.15 - 31.12.2011 Investment Advisor

ING GROEP NV n/a Co File 15'135'712 11.84 - 31.12.2011 Investment Advisor

AVIVA PLC n/a Co File 10'316'317 8.07 - 31.12.2011 Investment Advisor

ASR NEDERLAND NV n/a Co File 9'523'738 7.45 - 31.12.2011 Government



DELTA LLOYD NV n/a ULT-AGG 1'523'194 1.19 - 06.05.2011 Bank








COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 558'193 0.44 200 31.12.2012 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 372'706 0.29 1'466 31.10.2012 Bank

DE KREIJ JACK P n/a Research 330'722 0.26 17'732 27.04.2012 n/a

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 323'661 0.25 14'639 31.12.2012 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 321'910 0.25 (21'400) 30.06.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 315'040 0.25 (1'647) 31.12.2012 Investment Advisor


Rabobank International MICHA TIEKINK hold 3 M 49 12 month 26.02.2013

KBC Securities MICHAEL ROEG hold 3 M 53 12 month 22.02.2013

ABN Amro Bank N.V. BJORN KROOK reduce 2 M 52 Not Provided 13.02.2013

Morgan Stanley DOUG F HAYES Overwt/In-Line 5 M 62 12 month 05.02.2013

Exane BNP Paribas CHARLES-HENRI DE MORTEMART outperform 5 U 59 Not Provided 28.01.2013

ING Bank QUIRIJN MULDER hold 3 M 57 12 month 21.01.2013


Kempen & Co ARUN RAMBOCUS hold 3 M 51 12 month 06.01.2013

SNS Securities(ESN) MARTIJN DEN DRIJVER accumulate 4 M 59 12 month 18.12.2012

Petercam LUUK VAN BEEK hold 3 M 59 Not Provided 10.12.2012

Kepler Capital Markets ANDRE MULDER reduce 2 D 48 Not Provided 10.12.2012

Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 55 Not Provided 13.11.2012

Deutsche Bank JOSE FRANCISCO RUIZ SOLERA hold 3 M 52 12 month 12.11.2012

JPMorgan ELODIE RALL overweight 5 M 66 9 month 09.11.2012

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 74 6 month 31.10.2012

CA Cheuvreux HANS PLUIJGERS underperform 1 M 53 Not Provided 31.08.2012

Holdings By:

Koninklijke Vopak NV ee


27.02.2013

Kuehne + Nagel International AG transports freight worldwide. The Company

operates sea, land, and rail freight transportation businesses and warehousing

and distribution facilities. Kuehne + Nagel also provides related special

services.


LTM as of: 09/yy

52-Week High (03.04.2012) 124.50

52-Week Low (27.06.2012) 93.10

Daily Volume

107.5





12'900.00 1 Yr Total Return -6.79%







KNIN VX EQUITY YTD Change - Average Volume 30 Day 168'596

KNIN VX EQUITY YTD % CHANGE - Average Volume 3 Month 149'927


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 Q1

17'120.0 17'992.0 14'336.0 16'858.0 16'218.0 16'305.0 16'868.0 17'096.8 17'949.7 4'679.0 4'366.0

0.71x 0.39x 0.77x 0.85x 0.73x 3.36x 2.88x 0.70x 0.65x 2.52x 2.66x

1'033.0 1'038.0 905.0 1'038.0 994.0 986.0 872.0 898.5 1'029.0 249.8 253.0

11.77x 6.80x 12.26x 13.75x 11.92x 11.72x 13.67x 13.45x 11.74x 11.76x 11.56x

536.0 585.0 467.0 601.0 601.0 606.0 500.0 561.9 650.4 151.3 153.0

23.90x 13.62x 25.44x 25.69x 20.93x 20.24x 25.35x 22.69x 19.95x 20.13x 19.72x











EBITDA Margin 5.2%



Asset Turnover 2.77








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

75'458.00


'

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!0 9

!1 9

!2 9

!3 9

!4 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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27.02.2013


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

HARRIS ASSOCIATES LP n/a EXCH 3'664'427 3.05 - 21.06.2012 Investment Advisor

DAVIS SELECTED ADVIS Multiple Portfolios MF-AGG 2'936'773 2.45 2'180 31.10.2012 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'661'224 2.22 307'524 31.12.2012 Investment Advisor






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





FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 526'255 0.44 - 30.09.2012 Hedge Fund Manager


SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 352'378 0.29 (129'942) 30.11.2012 Investment Advisor






Bankhaus Metzler GUIDO HOYMANN buy 5 M 137 12 month 27.02.2013

Berenberg Bank WILLIAM FOGGON buy 5 M 123 Not Provided 27.02.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 177 12 month 25.02.2013

AlphaValue HEINZ STEFFEN add 4 M 128 6 month 21.02.2013

Cantor Fitzgerald ROBIN BYDE sell 1 M 95 Not Provided 20.02.2013




Davy STEPHEN FURLONG underperform 1 D #N/A N/A Not Provided 25.01.2013

Credit Suisse NEIL GLYNN underperform 1 D 106 Not Provided 22.01.2013

Equita SIM SpA GIANMARCO BONACINA reduce 2 D 103 12 month 22.01.2013

Bank Vontobel AG MICHAEL FOETH hold 3 M 115 Not Provided 22.01.2013

Nomura MARK MCVICAR buy 5 M 125 Not Provided 21.01.2013

Stifel Nicolaus DAVID G ROSS hold 3 M #N/A N/A Not Provided 17.01.2013


Zuercher Kantonalbank MARCO STRITTMATTER outperform 5 M #N/A N/A Not Provided 10.01.2013

Barclays DAVID E FINTZEN underweight 1 M 105 Not Provided 09.01.2013

CA Cheuvreux BEAT KEISER outperform 5 U 124 Not Provided 06.12.2012

Morgan Stanley PENNY BUTCHER Underwt/In-Line 1 D 100 12 month 03.12.2012

HSBC JULIA WINARSO underweight 1 M 90 Not Provided 20.11.2012


Main First Bank AG TOBIAS SITTIG outperform 5 M 115 12 month 23.10.2012

Deutsche Bank JOSE FRANCISCO RUIZ SOLERA hold 3 D 112 12 month 16.10.2012

JPMorgan CHRISTOPHER G COMBE neutral 3 M 123 9 month 16.10.2012


Liberum Capital Ltd PETER HYDE hold 3 M #N/A N/A Not Provided 16.10.2012

Holdings By:

Kuehne + Nagel International AG ee


27.02.2013

Lagardere S.C.A. operates communications and media, and high technology

businesses. The Company publishes newspapers, magazines, and books, operates

radio broadcasting stations, produces movies and television programming, offers

Internet access, hosts Internet websites, and manufactures airplanes,

helicopters, missiles, and satellites.


LTM as of: 09/yy

52-Week High (29.01.2013) 27.00

52-Week Low (13.06.2012) 18.48

Daily Volume

26.87





3'523.55 1 Yr Total Return 27.57%







MMB FP EQUITY YTD Change - Average Volume 30 Day 332'627

MMB FP EQUITY YTD % CHANGE - Average Volume 3 Month 371'006


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

8'582.0 8'214.0 7'892.0 7'966.0 7'657.0 3'720.0 7'334.0 7'382.7 7'499.9 1'990.0 -

1.09x 0.78x 0.70x 0.73x 0.51x 0.00x 0.00x 0.68x 0.68x - -

868.0 791.0 739.0 733.0 641.0 0.0 0.0 567.6 604.8 - -

10.75x 8.08x 7.51x 7.94x 6.15x 0.00x 0.00x 9.36x 8.79x - -

534.0 593.0 137.0 163.0 (707.0) 0.0 0.0 253.3 290.5 - -

12.73x 6.28x 26.31x 23.90x - 0.00x 0.00x 14.28x 12.44x - -











EBITDA Margin 8.0%



Asset Turnover 0.77







Fiscal Year Ended

Lagardere SCAPrice/Volume

Valuation Analysis

552'508.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.02.2013


QATAR HOLDINGS LLC n/a Research 16'820'531 12.83 3'613'638 14.03.2012 Government

LAGARDERE CAPITAL & n/a Co File 12'610'893 9.62 - 31.12.2011 Corporation

CREDIT AGRICOLE SA n/a Research 6'938'523 5.29 - 01.10.2012 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 3'777'230 2.88 241'400 30.06.2012 Investment Advisor

LAGARDERE SCA n/a Co File 3'765'198 2.87 - 31.12.2011 Corporation


CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 1'771'930 1.35 - 28.09.2012 Mutual Fund Manager



TAUBE HODSON STONEX Multiple Portfolios MF-AGG 871'131 0.66 (46'310) 30.11.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 768'389 0.59 182'130 31.12.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 667'843 0.51 - 30.06.2012 Investment Advisor



FMR LLC n/a ULT-AGG 327'483 0.25 114'786 31.12.2012 Investment Advisor

LEONARDO INVEST FUND Multiple Portfolios MF-AGG 320'000 0.24 60'000 28.09.2012 Mutual Fund Manager


BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 286'287 0.22 935 30.09.2012 Investment Advisor


COVEA FINANCE SAS Multiple Portfolios MF-AGG 235'100 0.18 (8'200) 30.09.2011 Investment Advisor



AlphaValue VERONIQUE CABIOC'H add 4 M 32 6 month 21.02.2013

CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 27 12 month 13.02.2013

Oddo & Cie BRUNO HARENG neutral 3 M 25 Not Provided 13.02.2013

Nomura MATTHEW WALKER neutral 3 M 28 Not Provided 08.02.2013

Barclays JULIEN ROCH equalweight 3 M 29 Not Provided 08.02.2013

Kepler Capital Markets CONOR O'SHEA reduce 2 M 20 Not Provided 07.02.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 28 12 month 07.02.2013

Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 29 Not Provided 07.02.2013


Natixis PAVEL GOVCIYAN buy 5 M 29 Not Provided 23.01.2013

Credit Suisse OMAR SHEIKH outperform 5 M 30 Not Provided 21.01.2013

Societe Generale CHRISTOPHE CHERBLANC buy 5 M 31 12 month 17.01.2013

Deutsche Bank MARK BRALEY sell 1 M 22 12 month 14.01.2013

Goldman Sachs RICHARD JONES neutral/neutral 3 M 28 12 month 09.01.2013

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 D 27 12 month 08.01.2013

HSBC OLIVIER MORAL overweight 5 M 30 Not Provided 06.12.2012

JPMorgan FILIPPO PIETRO LO FRANCO underweight 1 M 22 3 month 12.09.2012

CA Cheuvreux RICHARD HOUBRON outperform 5 M 29 Not Provided 31.08.2012

Holdings By:

Lagardere SCA ee


27.02.2013

Lanxess AG is a specialty chemicals company. The Company's core business is the

development, manufacturing, and marketing of plastics, rubber, intermediates,

and specialty chemicals.


LTM as of: 09/yy

52-Week High (20.02.2013) 69.99

52-Week Low (27.06.2012) 45.75

Daily Volume

65.11





5'417.33 1 Yr Total Return 16.29%







LXS GY EQUITY YTD Change - Average Volume 30 Day 617'928

LXS GY EQUITY YTD % CHANGE - Average Volume 3 Month 553'520


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 Q1

6'608.0 6'576.0 5'057.0 7'120.0 8'775.0 8'484.0 9'094.0 9'137.8 9'469.0 2'128.3 2'217.7

0.47x 0.29x 0.57x 0.82x 0.56x 2.55x 2.70x 0.77x 0.73x - -

677.0 635.0 417.0 910.0 1'099.0 1'134.0 1'102.0 1'194.9 1'238.8 210.6 325.5

4.55x 3.01x 6.95x 6.40x 4.45x 3.89x 6.39x 5.91x 5.70x 5.99x 5.89x

112.0 183.0 40.0 379.0 506.0 527.0 468.0 550.8 554.3 68.0 156.0

25.39x 6.24x 54.88x 12.96x 6.58x 5.75x 11.54x 9.81x 9.66x 10.55x 9.86x











EBITDA Margin 12.1%



Asset Turnover 1.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lanxess AGPrice/Volume

Valuation Analysis

367'970.00


'

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2'

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.!2 9

0!' 9

0!2 9

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

'!''

.!''

1!''

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27.02.2013



DODGE & COX n/a Co File 8'262'028 9.93 - 15.02.2012 Investment Advisor

NORGES BANK #N/A N/A Research 4'163'746 5 - 21.02.2013 Government





TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'250'215 1.5 (74'161) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 803'493 0.97 (1'170'958) 31.12.2012 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 762'547 0.92 358'302 31.01.2013 Investment Advisor


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 612'360 0.74 (1'484) 31.10.2012 Investment Advisor




DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 520'745 0.63 63'873 29.06.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 461'811 0.56 (14'334) 31.12.2012 Investment Advisor

HIGHBRIDGE CAPITAL M n/a Short (440'974) -0.53 (8'320) 05.11.2012 Hedge Fund Manager

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 417'065 0.5 (7'283) 31.01.2013 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 354'392 0.43 (157'000) 31.10.2012 Investment Advisor



Commerzbank Corporates & Markets STEPHAN KIPPE hold 3 M 65 6 month 18.02.2013


Bank of Valletta TEAM COVERAGE overweight 5 M 81 Not Provided 15.02.2013

Main First Bank AG RONALD KOEHLER outperform 5 U 71 12 month 15.02.2013

Hauck & Aufhaeuser NILS-PETER FITZL buy 5 M 77 12 month 07.02.2013

HSBC JESKO MAYER-WEGELIN neutral 3 M 70 Not Provided 06.02.2013

Bankhaus Metzler LARS HETTCHE buy 5 M 75 12 month 05.02.2013

Nomura JEAN DE WATTEVILLE buy 5 M 85 12 month 04.02.2013


Barclays ANDREAS HEINE equalweight 3 M 71 Not Provided 04.02.2013

Kepler Capital Markets MARKUS MAYER reduce 2 M 59 Not Provided 01.02.2013



Morgan Stanley PAUL R WALSH Equalwt/In-Line 3 D 70 12 month 25.01.2013


JPMorgan MARTIN EVANS neutral 3 M 77 9 month 07.12.2012

Deutsche Bank MARTIN DUNWOODIE buy 5 M 80 12 month 06.12.2012

Macquarie CHRISTIAN FAITZ neutral 3 M 60 12 month 21.11.2012

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 73 Not Provided 08.11.2012

DZ Bank AG PETER SPENGLER buy 5 M 70 12 month 08.11.2012

Societe Generale PETER CLARK buy 5 M 80 12 month 07.11.2012

Nord/LB THORSTEN STRAUSS hold 3 D 64 12 month 07.11.2012


CA Cheuvreux MARTIN ROEDIGER underperform 1 M 59 Not Provided 07.11.2012

Bankhaus Lampe HEIKO FEBER buy 5 M 80 12 month 07.11.2012

National Bank AG STEFFEN MANSKE hold 3 M 66 Not Provided 07.11.2012


Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 M 70 12 month 06.11.2012

S&P Capital IQ SHO MATSUBARA hold 3 D 68 12 month 06.11.2012

Silvia Quandt Research ALBRECHT DENNINGHOFF buy 5 M 79 12 month 06.11.2012

Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 10.10.2012

M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 63 12 month 08.10.2012

Baader Bank NORBERT BARTH buy 5 M 72 12 month 27.09.2012

Holdings By:

Lanxess AG ee


27.02.2013

Lindt & Spruengli AG manufactures a broad range of chocolate and confectionery

products. The Company markets its products through its own specialty stores and

boutiques, as well as through retail outlets and catalog sales. Lindt operates

subsidiaries in Europe, North America and Asia and also sells its products

through various distributors in other world regions.


LTM as of: 01/yy

52-Week High (26.02.2013) 39'515.00

52-Week Low (06.03.2012) 30'621.90

Daily Volume

39245





8'337.97 1 Yr Total Return 21.07%






Average Volume 5 Day 87

LISN SE EQUITY YTD Change - Average Volume 30 Day 122

LISN SE EQUITY YTD % CHANGE - Average Volume 3 Month 123


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 - -

2'946.2 2'573.2 2'524.8 2'579.3 2'488.6 - - 2'674.1 2'852.1 - -

3.02x 1.85x 2.03x 2.42x 2.68x - - 2.94x 2.71x - -

444.3 466.1 382.5 423.3 421.9 - - 464.1 504.5 - -

20.04x 10.21x 13.41x 14.77x 15.83x - - 17.04x 15.68x - -

250.5 261.5 193.1 241.9 246.5 - - 277.1 304.7 - -

35.41x 19.52x 29.86x 28.38x 28.95x - - 31.57x 28.53x - -











EBITDA Margin 17.0%



Asset Turnover 1.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lindt & Spruengli AGPrice/Volume

Valuation Analysis

55.00


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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

'!''

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27.02.2013


TANNER ERNST n/a Co File 2'803 2.05 - 31.12.2011 n/a

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'239 1.64 (38) 28.12.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'901 1.39 - 31.12.2012 Investment Advisor

AXA FUNDS MANAGEMENT Multiple Portfolios MF-AGG 1'400 1.02 - 30.06.2012 Mutual Fund Manager

SPRUENGLI RUDOLF K n/a Co File 1'014 0.74 - 31.12.2011 n/a

BULGHERONI ANTONIO n/a Co File 1'000 0.73 - 31.12.2011 n/a

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 877 0.64 (12) 28.12.2012 Mutual Fund Manager

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 707 0.52 - 30.09.2012 Hedge Fund Manager

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 622 0.46 9 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 609 0.45 (182) 25.02.2013 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 608 0.44 (10) 31.10.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 516 0.38 (5) 30.11.2012 Mutual Fund Manager

FMR LLC n/a ULT-AGG 325 0.24 20 31.12.2012 Investment Advisor

IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 255 0.19 (12) 31.10.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 239 0.17 30 31.10.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 234 0.17 6 31.12.2012 Investment Advisor

UBS ETF Multiple Portfolios MF-AGG 216 0.16 3 31.10.2012 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 189 0.14 1 31.10.2012 Mutual Fund Manager

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 184 0.13 - 31.12.2012 Mutual Fund Manager

ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 174 0.13 (2) 31.10.2012 Mutual Fund Manager


Berenberg Bank JAMES TARGETT hold 3 M 37'500 Not Provided 21.01.2013


HSBC FLORENCE DOHAN underweight 1 M 35'500 Not Provided 16.01.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 36'000 Not Provided 16.01.2013

Natixis NICOLAS LANGLET neutral 3 M 36'000 Not Provided 16.01.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 15.01.2013

Goldman Sachs ALEXIS COLOMBO neutral/neutral 3 M 39'400 12 month 09.01.2013

Kepler Capital Markets JON COX hold 3 M 34'000 Not Provided 21.08.2012

GSC Research MATTHIAS SCHRADE hold 3 U #N/A N/A Not Provided 27.04.2012

Holdings By:

Lindt & Spruengli AG ee


27.02.2013

Lonza Group AG produces organic fine chemicals, biocides, active ingredients,

and biotechnology products. The Company offers custom chemical manufacturing

and fermentation processing and manufactures its products for the life sciences,

pharmaceuticals, food processing, and agricultural products industries. Lonza

operates production sites in Europe, the United States, and China.


LTM as of: 01/yy

52-Week High (20.02.2013) 60.90

52-Week Low (04.06.2012) 32.81

Daily Volume

58.1





3'074.66 1 Yr Total Return 24.25%







LONN VX EQUITY YTD Change - Average Volume 30 Day 377'817

LONN VX EQUITY YTD % CHANGE - Average Volume 3 Month 313'574


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

2'937.0 2'690.0 2'680.0 2'692.0 3'925.0 - - 3'958.4 4'134.9 - -

2.20x 1.91x 1.91x 2.10x 1.27x - - 1.35x 1.27x - -

691.0 517.0 647.0 537.0 - - - 705.7 765.4 - -

9.36x 9.91x 7.91x 10.50x - - - 7.72x 7.12x - -

420.0 162.0 291.0 154.0 182.0 - - 243.3 292.5 - -

11.07x 22.88x 13.50x 18.62x 14.02x - - 12.44x 10.52x - -











EBITDA Margin 17.3%



Asset Turnover 0.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lonza Group AGPrice/Volume

Valuation Analysis

149'689.00


'

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-!. 9

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

'!''

-!''

.!''

0!''

1!''

2!''

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27.02.2013


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 Other


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'801'813 5.29 (816'138) 31.12.2012 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



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




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


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 276'233 0.52 1'980 30.11.2012 Investment Advisor



PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 170'548 0.32 (4'266) 30.11.2012 Investment Advisor




Helvea OLAV ZILIAN accumulate 4 M 63 12 month 20.02.2013

Commerzbank Corporates & Markets STEPHAN KIPPE hold 3 M 55 6 month 04.02.2013

Bank Vontobel AG CARLA BAENZIGER hold 3 M 52 Not Provided 31.01.2013


EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 30.01.2013

Credit Suisse LUISA HECTOR neutral 3 M 55 Not Provided 25.01.2013

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 25.01.2013

Main First Bank AG BERND POMREHN underperform 1 M 57 12 month 25.01.2013

Jefferies PETER WELFORD hold 3 M 55 12 month 24.01.2013

Deutsche Bank HOLGER BLUM hold 3 M 47 12 month 22.01.2013

CA Cheuvreux MARCEL BRAND outperform 5 M 60 Not Provided 18.01.2013

Kempen & Co SACHIN SONI hold 3 D 58 12 month 15.01.2013

JPMorgan RICHARD VOSSER neutral 3 M 40 3 month 10.08.2012

Holdings By:

Lonza Group AG ee


27.02.2013

Lundin Petroleum AB explores for and produces oil and natural gas. The Company

operates in France, Ireland, Netherlands, Norway, Russia, Congo, Tunisia,

Indonesia, Malaysia, and Vietnam.


LTM as of: 12/yy

52-Week High (25.01.2013) 170.80

52-Week Low (04.06.2012) 117.40

Daily Volume

146.5





46'573.90 1 Yr Total Return -5.91%







LUPE SS EQUITY YTD Change - Average Volume 30 Day 1'565'301

LUPE SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'303'702


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

958.9 803.9 785.2 1'257.7 1'319.5 1'257.7 1'319.5 1'310.2 1'482.8 326.3 322.1

2.91x 3.59x 5.52x 6.24x 5.67x 18.21x 21.28x 6.41x 5.91x 24.01x 24.96x

459.6 357.7 489.6 872.0 - 0.0 300.3 983.3 1'139.7 264.8 263.0

6.07x 8.08x 8.86x 9.00x - 0.00x 0.00x 7.72x 6.66x 6.93x 6.43x

85.9 (380.3) 511.9 160.1 108.2 160.1 108.2 197.8 241.2 59.2 57.7

23.11x - 26.90x 48.21x 65.93x 48.21x 65.92x 36.21x 29.81x 31.37x 30.53x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.44







Fiscal Year Ended

Lundin Petroleum ABPrice/Volume

Valuation Analysis

614'546.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.'1'3'5'

-''-.'-1'-3'-5'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.02.2013


LORITO HOLDINGS LTD n/a Research 76'342'895 24.01 - 31.12.2011 Holding Company

LANDOR PARTICIPATION n/a Research 11'538'956 3.63 - 31.12.2011 Investment Advisor


ZEBRA HOLDINGS n/a Research 10'844'643 3.41 - 31.12.2011 Holding Company

SIX SIS AG n/a Research 9'817'821 3.09 - 31.12.2011 Bank

AMF FONDER AB n/a Research 8'974'500 2.82 - 30.06.2011 Investment Advisor


AFA FORSAKRINGAR n/a Research 7'113'547 2.24 - 31.12.2011 Insurance Company


LUNDIN PETROLEUM AB n/a Research 6'882'638 2.16 - 31.12.2011 Corporation


CLEARSTREAM BANKING n/a Research 5'957'698 1.87 - 31.12.2011 Bank

SSB CL OMNIBUS AC OM n/a Research 4'340'188 1.37 - 31.12.2011 Pension Fund (ERISA)

STATE STREET CUSTODI n/a ULT-AGG 4'248'595 1.34 - 31.12.2011 Other

LGT BANK IN LIECHTEN n/a Research 4'050'383 1.27 - 31.12.2011 Investment Advisor


BNP PARIBAS SECURITI n/a Research 3'722'727 1.17 - 31.12.2011 Investment Advisor


LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 2'918'807 0.92 562'201 31.12.2012 Investment Advisor

DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 2'730'000 0.86 365'000 31.12.2012 Investment Advisor


Societe Generale DAVID MIRZAI sell 1 M 165 12 month 25.02.2013

Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 139 Not Provided 25.02.2013

RBC Capital Markets JAMES HOSIE sector perform 3 D 165 12 month 18.02.2013

ABG Sundal Collier ANDERS HOLTE buy 5 M 214 6 month 13.02.2013

Nordea Equity Research CHRISTIAN KOPFER buy 5 M 190 12 month 13.02.2013

Handelsbanken KJETIL SORUM accumulate 4 M 170 12 month 13.02.2013

SpareBank 1 Markets AS KRISTOFFER DAHLBERG buy 5 M 180 6 month 13.02.2013

Arctic Securities ASA CHRISTIAN YGGESETH hold 3 D 160 Not Provided 13.02.2013

Danske Markets ANDRE BAUSTAD BENONISEN buy 5 M 170 12 month 13.02.2013

Swedbank First Securities TEODOR SVEEN NILSEN buy 5 M 186 Not Provided 13.02.2013

SEB Enskilda JULIAN BEER buy 5 M 189 Not Provided 12.02.2013

Canaccord Genuity Corp THOMAS MARTIN buy 5 M 175 12 month 12.02.2013

Pareto Securities PETTER HJERTSTEDT buy 5 M 170 6 month 12.02.2013


Exane BNP Paribas ALEX TOPOUZOGLOU neutral 3 M 177 Not Provided 11.02.2013


Carnegie ALEXANDER VILVAL buy 5 M #N/A N/A Not Provided 06.02.2013

Scotia Capital GAVIN WYLIE sector perform 3 M 174 12 month 04.02.2013

TD Securities SHAHIN AMINI hold 3 M 163 12 month 23.01.2013

GMP RITESH GAGGAR buy 5 M 165 Not Provided 08.01.2013

Goldman Sachs CHRISTOPHOR JOST sell/attractive 1 M 148 12 month 17.12.2012

Morgan Stanley JAMIE MADDOCK Overwt/Attractive 5 N 200 12 month 14.11.2012

Deutsche Bank PHIL CORBETT hold 3 M 165 12 month 01.11.2012

Nomura THEEPAN JOTHILINGAM buy 5 M 170 Not Provided 31.07.2012

CA Cheuvreux JOAKIM AHLBERG underperform 1 M 82 Not Provided 02.05.2011

Holdings By:

Lundin Petroleum AB ee


27.02.2013

Luxottica Group S.p.A. and its subsidiaries design, manufacture, distribute,

and market traditional and designer eyeglass frames and sunglasses. The

Company's LensCrafter retail chain of optical stores operates in North America.

Luxottica distributes its products around the world. The Company also sells

sunglasses through its Sunglass Hut retail chain.


LTM as of: 09/yy

52-Week High (30.01.2013) 35.10

52-Week Low (05.06.2012) 24.61

Daily Volume

34.23





16'218.51 1 Yr Total Return 37.84%







LUX IM EQUITY YTD Change - Average Volume 30 Day 689'237

LUX IM EQUITY YTD % CHANGE - Average Volume 3 Month 843'660


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 Q1

4'966.1 5'201.6 5'094.3 5'798.0 6'222.5 6'059.9 6'962.9 7'100.4 7'644.1 1'643.4 -

2.58x 1.68x 2.08x 2.18x 1.94x 7.62x 7.78x 2.54x 2.33x 10.94x -

1'066.1 1'014.7 856.5 1'034.2 1'131.0 1'081.4 1'304.6 1'353.1 1'506.1 250.0 -

12.02x 8.64x 12.40x 12.25x 10.66x 10.21x 11.32x 13.39x 12.03x - -

492.2 379.7 299.1 402.2 452.3 443.1 529.3 575.0 680.8 99.5 -

20.11x 15.27x 27.77x 27.26x 22.14x 20.71x 14.95x 27.67x 23.25x - -











EBITDA Margin 18.7%



Asset Turnover 0.82







Fiscal Year Ended

Luxottica Group SpAPrice/Volume

Valuation Analysis

339'358.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

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0'

02

1'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


DELFIN SARL n/a EXCH 312'726'567 66 - 19.09.2012 Investment Advisor

ARMANI GIORGIO n/a EXCH 23'099'950 4.88 - 19.09.2012 n/a


FRANCAVILLA LUIGI n/a 20F 3'625'000 0.77 - 31.12.2011 n/a




OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'771'994 0.37 (192'527) 30.12.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'636'158 0.35 1'636'158 31.12.2012 Investment Advisor

FILUNI SA n/a 20F 1'077'875 0.23 - 31.12.2011 Corporation

GENERAL ELECTRIC COM Multiple Portfolios MF-AGG 785'897 0.17 (30'643) 31.12.2012 Corporation


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 612'308 0.13 - 31.10.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 522'081 0.11 76'430 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 497'295 0.1 - 31.12.2012 Investment Advisor



ARCA SGR SPA Multiple Portfolios MF-AGG 423'490 0.09 (2'315) 28.12.2012 Mutual Fund Manager


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 361'574 0.08 77'591 31.01.2013 Investment Advisor


AlphaValue ARMELLE MOULIN sell 1 M 27 6 month 21.02.2013

Berenberg Bank BASSEL CHOUGHARI buy 5 M 36 Not Provided 15.02.2013

Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 35 6 month 08.02.2013

Banca IMI GIAN LUCA PACINI reduce 2 M 28 12 month 01.02.2013

Mediobanca SpA CHIARA ROTELLI neutral 3 M 34 6 month 31.01.2013

Raymond James MARC WILLAUME outperform 5 M 38 Not Provided 30.01.2013

Cantor Fitzgerald ALLEGRA PERRY buy 5 M 36 Not Provided 30.01.2013

Banca Akros(ESN) GIADA MARIA CABRINO accumulate 4 M 37 12 month 30.01.2013

Barclays JULIAN EASTHOPE overweight 5 M 37 Not Provided 30.01.2013

Morgan Stanley LOUISE SINGLEHURST Underwt/In-Line 1 M 28 12 month 29.01.2013

HSBC ANTOINE BELGE neutral 3 M 36 Not Provided 24.01.2013


Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 35 12 month 16.01.2013

Nomura CHRISTOPHER WALKER reduce 2 M 31 Not Provided 16.01.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO hold 3 M 32 12 month 14.01.2013

Equita SIM SpA DOMENICO GHILOTTI buy 5 M 34 12 month 20.12.2012

Kepler Capital Markets DANIELE RIDOLFI hold 3 M 28 Not Provided 17.10.2012

CA Cheuvreux MARCO BACCAGLIO outperform 5 M 33 Not Provided 30.08.2012

Centrobanca SIMONE RAGAZZI hold 3 D 30 12 month 30.07.2012

Banca Profilo MELANIA GRIPPO hold 3 M 27 12 month 29.05.2012

Redburn Partners PASCAL HAUTCOEUR neutral 3 M #N/A N/A Not Provided 30.06.2009

Holdings By:

Luxottica Group SpA ee


27.02.2013

Man Group PLC is a global provider of alternative investment

products and solutions for private and institutional investors to deliver

returns with a low correlation to equity and bond market benchmarks.


LTM as of: 01/yy

52-Week High (02.03.2012) 152.80

52-Week Low (06.07.2012) 61.10

Daily Volume

101.6





1'850.94 1 Yr Total Return -14.32%







EMG LN EQUITY YTD Change - Average Volume 30 Day 11'183'110

EMG LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'902'400


31.03.2007 31.03.2008 31.03.2009 31.03.2010 31.03.2011 01/yy 01/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

2'214.0 3'222.0 2'488.0 1'345.0 1'655.0 - - 1'156.9 1'132.0 301.0 -

8.74x 4.80x 0.94x 2.69x 3.12x - - 2.01x 2.08x - -

1'399.0 2'128.0 1'500.0 624.0 592.0 - - 289.6 307.8 - -

13.82x 7.26x 1.56x 5.80x 8.73x - - 4.30x 4.05x - -

1'285.0 3'471.0 503.0 445.0 211.0 - - 140.8 167.7 - -

18.24x 11.87x 10.89x 14.62x 27.82x - - 19.26x 16.93x - -











EBITDA Margin 28.7%



Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Man Group PLCPrice/Volume

Valuation Analysis

5'865'990.00


'

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1'

3'

5'

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-1'

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1'!' 9

3'!' 9

5'!' 9

-''!' 9

-.'!' 9

-1'!' 9

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

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27.02.2013



PRUDENTIAL FINANCIAL n/a ULT-AGG 101'226'938 5.56 10'236'082 01.12.2012 Investment Advisor

G&S TRUSTEES LTD n/a RNS-MAJ 63'942'242 3.51 (220'251) 06.11.2012 n/a

Point Pleasant Ventu Multiple Portfolios REG 63'942'242 3.51 - 01.12.2012 Unclassified



ODEY ASSET MANAGEMEN n/a RNS-MAJ 55'337'105 3.04 133'806 06.11.2012 Investment Advisor

ODEY ASSET MANAGEMEN Multiple Portfolios REG 55'298'497 3.04 38'547'597 01.12.2012 Hedge Fund Manager


COLLINS STEWART LTD Multiple Portfolios REG 46'463'132 2.55 1'099'773 01.12.2012 Investment Advisor


MELLON CAPITAL MANAG Multiple Portfolios REG 39'254'663 2.15 735'478 01.12.2012 Investment Advisor


PRIVATE INDIVIDUALS Multiple Portfolios REG 38'026'382 2.09 27'459'429 01.12.2012 Other

COUTTS PRIVATE BANKI Multiple Portfolios REG 37'549'973 2.06 (2'411'696) 01.12.2012 Unclassified

LANSDOWNE PARTNERS n/a Short (33'338'762) -1.83 (2'550'506) 06.02.2013 Investment Advisor

ODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 33'104'008 1.82 2'393'847 31.01.2013 Investment Advisor


DIRECTOR & RELATED H Multiple Portfolios REG 27'257'500 1.5 (876'281) 01.12.2012 Other

TD WATERHOUSE GROUP Multiple Portfolios REG 26'477'262 1.45 1'406'084 01.12.2012 Investment Advisor


Numis Securities Ltd DAVID MCCANN sell 1 M 64 Not Provided 27.02.2013

Societe Generale MICHAEL SANDERSON hold 3 M 88 12 month 26.02.2013

Shore Capital Stockbrokers OWEN JONES corporate #N/A N/A M #N/A N/A Not Provided 26.02.2013

Macquarie NEIL WELCH outperform 5 U 121 12 month 21.02.2013

Exane BNP Paribas ABHISHEK PARTHASARATHY underperform 1 M 70 Not Provided 20.02.2013

RBC Capital Markets PETER K LENARDOS sector perform 3 M 95 12 month 19.02.2013

Credit Suisse GURJIT KAMBO neutral 3 M 104 Not Provided 19.02.2013


Oriel Securities Ltd SARAH ING buy 5 N 110 Not Provided 11.02.2013

Morgan Stanley BRUCE HAMILTON Equalwt/In-Line 3 M 90 12 month 05.02.2013

Barclays DANIEL R GARROD equalweight 3 M 91 Not Provided 05.02.2013

Goldman Sachs CHRIS M. TURNER neutral/neutral 3 D 111 12 month 24.01.2013


JPMorgan RAE MAILE neutral 3 M 57 9 month 14.01.2013

HSBC NITIN ARORA underweight 1 D 84 Not Provided 14.01.2013

Jefferies JASON STREETS hold 3 M 75 12 month 03.01.2013

Canaccord Genuity Corp ARUN MELMANE hold 3 M 75 12 month 11.12.2012

Peel Hunt STUART DUNCAN hold 3 M 100 Not Provided 03.12.2012

Espirito Santo Investment Bank ResearchPHILIP DOBBIN neutral 3 M 78 Not Provided 19.10.2012

N+1 Singer Ltd ANDREW WATSON buy 5 M 85 12 month 04.10.2012

Holdings By:

Man Group PLC ee


27.02.2013

MAN SE manufactures vehicles, engines, turbines and defense products, and offers

engineering services. The Company manufactures trucks, buses, diesel engines,

compressors, turbines, and aerospace and defense systems, and offers industrial

plant design and project management services.


LTM as of: 12/yy

52-Week High (19.04.2012) 103.00

52-Week Low (05.09.2012) 70.39

Daily Volume

87.44





12'822.55 1 Yr Total Return 5.76%







MAN GY EQUITY YTD Change - Average Volume 30 Day 151'440

MAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 148'912


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

14'945.0 12'026.0 14'675.0 16'472.0 15'772.0 16'472.0 15'772.0 15'979.2 16'698.7 - -

0.49x 0.89x 1.02x 0.75x 1.00x 3.24x 4.07x 1.01x 0.96x - -

1'803.0 974.0 1'194.0 2'363.0 1'487.0 2'363.0 1'487.0 1'501.7 1'785.1 - -

4.09x 10.97x 12.50x 5.24x 10.65x 5.24x 10.68x 11.21x 9.43x - -

1'233.0 (270.0) 713.0 238.0 177.0 238.0 177.0 595.3 761.9 - -

4.99x - 16.79x 14.87x 67.29x 14.87x 67.29x 24.58x 18.40x - -











EBITDA Margin 9.4%



Asset Turnover 0.82








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MAN SEPrice/Volume

Valuation Analysis

133'195.00


'

.'

1'

3'

5'

-''

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

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



27.02.2013


VOLKSWAGEN AG n/a Co File 105'773'020 75.03 - 30.09.2012 Corporation


FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 997'719 0.71 (234'145) 31.01.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 892'050 0.63 (269'150) 28.12.2012 Mutual Fund Manager







MAINFIRST SICAV Multiple Portfolios MF-AGG 146'458 0.1 (2'000) 31.10.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 125'830 0.09 (60'920) 28.09.2012 Mutual Fund Manager


IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 82'307 0.06 (9'597) 28.09.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 75'391 0.05 - 28.12.2012 Unclassified

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 57'359 0.04 152 28.12.2012 Mutual Fund Manager


METZLER ASSET MANAGE Multiple Portfolios MF-AGG 52'100 0.04 14'500 31.08.2012 Investment Advisor





Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 87 Not Provided 15.02.2013


Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 83 12 month 11.02.2013

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

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 100 12 month 11.02.2013

Natixis KATHLEEN GAILLIOT reduce 2 M 65 Not Provided 11.02.2013


Commerzbank Corporates & Markets SASCHA GOMMEL hold 3 M 91 6 month 08.02.2013

Nord/LB FRANK SCHWOPE sell 1 M 80 12 month 08.02.2013

JPMorgan ALEXANDER WHIGHT neutral 3 M 79 9 month 08.02.2013

Berenberg Bank FREDERIK BITTER hold 3 M 95 Not Provided 08.02.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 66 12 month 08.02.2013

DZ Bank AG MICHAEL PUNZET buy 5 M 95 12 month 08.02.2013

Equinet Institutional Services(ESN) TIM SCHULDT hold 3 M 85 12 month 30.01.2013


Barclays MICHAEL TYNDALL equalweight 3 U 83 Not Provided 17.01.2013


Makor Capital ALBERT SAPORTA buy 5 M 93 Not Provided 16.01.2013

Morgan Stanley LAURA LEMBKE not rated #N/A N/A M #N/A N/A Not Provided 14.01.2013

Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 U 91 12 month 10.01.2013

Credit Suisse GEORGE GALLIERS restricted #N/A N/A M #N/A N/A Not Provided 10.01.2013

Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 70 12 month 16.11.2012

Main First Bank AG CHRISTOPHER YOUL outperform 5 M 90 12 month 31.10.2012

BHF-Bank HERMANN REITH market weight 3 M 90 12 month 30.10.2012

National Bank AG MANFRED JAISFELD sell 1 M #N/A N/A Not Provided 23.10.2012

Deutsche Bank JOCHEN GEHRKE buy 5 U 94 12 month 10.10.2012

Bankhaus Metzler JUERGEN PIEPER sell 1 M 66 12 month 31.07.2012

Exane BNP Paribas RABIH FREIHA neutral 3 M 80 Not Provided 04.05.2012

Holdings By:

MAN SE ee


27.02.2013

Meggitt plc operates an engineering group, which specializes in aerospace,

defense and electronics products. The Company manufactures aircraft instruments

and valves, water injection systems, compact heat exchangers, smoke detection

systems and defense systems, including aerial target systems and surveillance

drones. Meggitt markets its products internationally.


LTM as of: 01/yy

52-Week High (25.02.2013) 462.60

52-Week Low (14.06.2012) 362.50

Daily Volume

450.1





3'533.67 1 Yr Total Return 18.40%







MGGT LN EQUITY YTD Change - Average Volume 30 Day 1'523'927

MGGT LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'305'589


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 03/12 Q1 06/12 Q2

878.2 1'162.6 1'150.5 1'162.0 1'455.3 - - 1'605.5 1'689.7 - -

3.42x 1.82x 2.25x 2.84x 2.43x - - 2.66x 2.46x - -

217.1 290.1 379.3 362.5 425.5 - - 465.1 500.8 - -

13.85x 7.29x 6.83x 9.11x 8.31x - - 9.31x 8.64x - -

89.3 99.1 138.8 138.8 184.9 - - 255.2 279.8 - -

22.83x 10.67x 12.67x 18.43x 14.69x - - 13.29x 12.30x - -











EBITDA Margin 29.1%



Asset Turnover 0.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Meggitt PLCPrice/Volume

Valuation Analysis

431'745.00


'2'

-''-2'.''.2'0''02'1''12'2''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

5!' 9

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 2011

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013




BAILLIE GIFFORD AND Multiple Portfolios REG 65'315'756 8.32 (955'419) 02.01.2013 Investment Advisor







JP MORGAN n/a ULT-AGG 16'703'377 2.13 2'007'887 02.01.2013 Unclassified

AXA FRAMLINGTON INV Multiple Portfolios REG 15'417'435 1.96 - 02.01.2013 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 14'566'634 1.86 394'338 02.01.2013 Investment Advisor


ARTISAN PARTNERS HOL Multiple Portfolios REG 14'432'822 1.84 1'923'956 02.01.2013 Investment Advisor








Investec ANDREW GOLLAN buy 5 M 480 12 month 22.02.2013


RBC Capital Markets ROBERT STALLARD top pick 5 M 455 12 month 20.02.2013

JPMorgan DAVID H. PERRY neutral 3 N 480 9 month 11.02.2013

Societe Generale ZAFAR KHAN hold 3 M 450 12 month 28.01.2013

Jefferies SANDY MORRIS hold 3 M 365 12 month 21.01.2013

Barclays CHRISTIAN LAUGHLIN overweight 5 U 520 Not Provided 18.01.2013


Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 495 Not Provided 08.01.2013

Deutsche Bank BEN FIDLER buy 5 M 445 12 month 12.12.2012

Credit Suisse OLIVER SLEATH neutral 3 M 400 Not Provided 02.11.2012

Arden Partners Ltd GRAHAM J WEBSTER buy 5 M #N/A N/A Not Provided 01.10.2012

Liberum Capital Ltd BENJAMIN BOURNE hold 3 M 430 Not Provided 08.08.2012

Holdings By:

Meggitt PLC ee


27.02.2013

Melrose Industries PLC is an international engineering group with worldwide

interests in the design, development and manufacture of specialist components

for a wide range of markets, including aerospace, IT, telecommunications,

consumer electronics, automotive, medical and consumer durables.


LTM as of: 01/yy

52-Week High (14.09.2012) 261.50

52-Week Low (16.11.2012) 198.20

Daily Volume

257.1





3'256.50 1 Yr Total Return 18.93%







MRO LN EQUITY YTD Change - Average Volume 30 Day 2'329'874

MRO LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'532'162


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 - -

288.6 895.3 1'298.5 1'035.4 1'153.9 - - 1'545.7 2'358.2 - -

0.65x 1.09x 0.94x 1.77x 1.40x - - 2.74x 1.77x - -

33.5 103.6 156.6 147.2 180.2 - - 274.0 424.5 - -

5.59x 9.45x 7.78x 12.47x 8.99x - - 13.00x 8.39x - -

214.8 (48.3) 79.5 141.1 286.4 - - 153.8 219.2 - -

18.16x 21.16x 16.36x 14.95x 13.49x - - 16.07x 14.95x - -











EBITDA Margin 15.8%



Asset Turnover 0.61







Fiscal Year Ended

Melrose Industries PLCPrice/Volume

Valuation Analysis

1'878'996.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

.''

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0''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-'!' 9.'!' 90'!' 91'!' 92'!' 93'!' 94'!' 95'!' 96'!' 9-''!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013




LLOYDS BANKING GROUP n/a ULT-AGG 70'905'404 5.6 2'964'910 31.01.2013 Investment Advisor



ARTEMIS INVESTMENT M n/a RNS-MAJ 63'280'471 5 - 26.09.2012 Investment Advisor


F&C ASSET MANAGEMENT Multiple Portfolios REG 50'985'934 4.03 36'435'203 01.10.2012 Investment Advisor




AVIVA PLC n/a RNS-MAJ 38'617'671 3.05 18'621'495 17.10.2012 Investment Advisor

IGNIS ASSET MANAGEME Multiple Portfolios REG 36'463'359 2.88 16'503'951 01.10.2012 Investment Advisor

DIRECTOR & RELATED H Multiple Portfolios REG 35'747'369 2.82 27'819'892 01.10.2012 Other

CREDIT SUISSE AG n/a RNS-MAJ 30'037'368 2.37 - 01.08.2012 Investment Advisor

AEGON n/a ULT-AGG 29'204'177 2.31 24'932'501 01.10.2012 Unclassified

JUPITER ASSET MANAGE Multiple Portfolios REG 25'186'105 1.99 16'720'051 01.10.2012 Investment Advisor


AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 17'955'909 1.42 550'838 31.01.2013 Mutual Fund Manager



Investec CHRIS DYETT buy 5 M 260 12 month 22.02.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 245 12 month 19.02.2013


Credit Suisse JONATHAN HURN neutral 3 M 245 Not Provided 17.01.2013


Arden Partners Ltd DAVID LARKAM neutral 3 U 220 12 month 27.11.2012

Barclays RICHARD PAIGE overweight 5 M 270 Not Provided 23.11.2012

JPMorgan ANDREW J WILSON overweight 5 M 255 9 month 16.11.2012

Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 250 Not Provided 16.11.2012

Holdings By:

Melrose Industries PLC ee


27.02.2013

Metro AG operates retail stores and markets products over the Internet. The

Company operates cash and carry stores, supermarkets and hypermarkets, consumer

electronics stores, department stores, theme stores, and online sales services.


LTM as of: 12/yy

52-Week High (20.03.2012) 32.15

52-Week Low (26.07.2012) 19.52

Daily Volume

23.425





7'653.94 1 Yr Total Return -14.89%







MEO GY EQUITY YTD Change - Average Volume 30 Day 1'319'795

MEO GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'321'860


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 03/13 Q1 06/13 Q2

64'210.0 67'955.0 65'529.0 67'258.0 66'702.0 66'702.0 47'380.0 66'844.4 66'485.2 15'699.0 15'768.0

0.36x 0.21x 0.28x 0.32x 0.20x 1.15x 1.01x 0.18x 0.18x - -

3'127.0 3'246.0 3'005.0 3'333.0 3'201.0 3'201.0 1'540.0 3'287.0 3'360.7 381.0 643.0

7.45x 4.37x 6.11x 6.37x 4.14x 4.14x 0.00x 4.68x 4.57x 4.65x -

825.0 401.0 383.0 850.0 631.0 631.0 (25.0) 736.0 832.6 - -

22.24x 11.25x 36.38x 20.72x 14.61x 14.65x 0.00x 9.90x 9.50x - -











EBITDA Margin 4.2%



Asset Turnover 2.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Metro AGPrice/Volume

Valuation Analysis

547'850.00


'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


FRANZ HANIEL & CIE G n/a Research 97'265'288 30.01 (13'709'836) 06.02.2013 Holding Company

SCHMIDT-RUTHENBECK n/a Research 51'112'077 15.77 - 08.02.2013 n/a

BEISHEIM OTTO n/a Co File 32'313'726 9.97 - 17.10.2012 n/a


AKO CAPITAL LLP n/a Short (4'764'411) -1.47 - 02.11.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'774'948 1.16 21'651 31.12.2012 Investment Advisor



DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'924'513 0.9 48'000 28.12.2012 Mutual Fund Manager



FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 1'009'670 0.31 (264'728) 31.01.2013 Investment Advisor


WELLS FARGO n/a ULT-AGG 699'866 0.22 69'810 31.12.2012 Unclassified




ADELPHI CAPITAL LLP n/a Short (550'986) -0.17 - 18.01.2013 Investment Advisor


THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 498'600 0.15 258'150 31.10.2012 Investment Advisor


Nord/LB WOLFGANG VASTERLING hold 3 M 24 12 month 19.02.2013

Commerzbank Corporates & Markets JUERGEN ELFERS add 4 M 25 6 month 18.02.2013

JPMorgan JAIME VAZQUEZ underweight 1 N 24 12 month 18.02.2013

Exane BNP Paribas JOHN KERSHAW underperform 1 M 21 Not Provided 15.02.2013

AlphaValue EILEEN RYAN add 4 M 26 6 month 14.02.2013

Baader Bank VOLKER BOSSE buy 5 U 30 12 month 12.02.2013

Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 30 Not Provided 06.02.2013


Nomura NICK COULTER neutral 3 M 23 Not Provided 01.02.2013

Oddo & Cie LAURENCE HOFMANN reduce 2 M 21 Not Provided 28.01.2013

Credit Suisse XAVIER LE MENE underperform 1 D 21 Not Provided 18.01.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 18.01.2013


Bankhaus Metzler STEFAN WIMMER buy 5 M 27 12 month 17.01.2013


Hammer Partners SA STEPHAN SEIP buy 5 M 32 Not Provided 17.01.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 22 Not Provided 16.01.2013


DZ Bank AG HERBERT STURM hold 3 M 23 12 month 16.01.2013

Steubing AG TOBIAS SCHMIDT buy 5 N 37 Not Provided 14.01.2013

M.M. Warburg Investment Research THILO KLEIBAUER hold 3 M 23 12 month 10.01.2013

Barclays JAMES ANSTEAD equalweight 3 M 23 Not Provided 04.01.2013


HSBC JEROME SAMUEL underweight 1 M 20 Not Provided 05.12.2012

BHF-Bank PETER STEINER market weight 3 M 24 12 month 03.12.2012

Goldman Sachs FRANKLIN WALDING not rated #N/A N/A M #N/A N/A Not Provided 03.12.2012

Main First Bank AG MATTHIAS EIFERT outperform 5 M 26 12 month 03.12.2012

Redburn Partners MARC DE SPEVILLE buy 5 M #N/A N/A Not Provided 02.11.2012

Silvia Quandt Research MARK JOSEFSON neutral 3 M 22 12 month 02.11.2012

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 30.10.2012

Kepler Capital Markets FABIENNE CARON hold 3 M 20 Not Provided 22.10.2012

Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 23 12 month 19.10.2012


Raymond James CEDRIC LECASBLE underperform 1 M 21 Not Provided 08.10.2012

CA Cheuvreux JUERGEN KOLB underperform 1 M 22 Not Provided 08.10.2012

Natixis PIERRE-EDOUARD BOUDOT reduce 2 M 20 Not Provided 08.10.2012


Macquarie SREEDHAR MAHAMKALI underperform 1 M 22 12 month 21.09.2012

Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 31 12 month 16.08.2012

Equita SIM SpA FABIO FAZZARI buy 5 M 40 12 month 09.08.2012


Prosdocimi TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.01.2011

Holdings By:

Metro AG ee


27.02.2013

Metso Corporation is a global supplier of process industry machinery and

systems. The Company's core businesses are divided between Metso Paper (fiber

and paper technology), Metso Minerals (rock and mineral processing), and Metso

Automation (automation and control technology). Metso's main market areas are

Europe and North America. The Company also invests in venture companies.


LTM as of: 12/yy

52-Week High (16.03.2012) 37.27

52-Week Low (04.06.2012) 24.88

Daily Volume

32.55





4'893.84 1 Yr Total Return -1.87%







MEO1V FH EQUITY YTD Change - Average Volume 30 Day 626'109

MEO1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 734'597


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

6'400.0 5'016.0 5'552.0 6'646.0 7'504.0 6'646.0 7'504.0 7'217.1 7'188.5 1'677.6 1'822.1

0.37x 0.89x 1.22x 0.70x 0.72x 3.16x 2.62x 0.73x 0.71x 3.22x 3.00x

767.0 416.0 580.0 745.0 764.0 745.0 764.0 796.2 811.4 168.4 206.1

3.05x 10.77x 11.72x 6.24x 7.04x 6.24x 7.04x 6.88x 6.74x 6.77x 6.60x

389.0 150.0 257.0 356.0 373.0 356.0 373.0 416.1 427.6 85.8 104.7

3.10x 23.23x 24.35x 12.04x 12.86x 12.03x 12.86x 11.97x 11.61x 11.87x 11.41x











EBITDA Margin 10.2%



Asset Turnover 1.13







Fiscal Year Ended

Metso OYJPrice/Volume

Valuation Analysis

551'490.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

1'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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



27.02.2013



CEVIAN CAPITAL AB n/a Research 7'790'060 5.18 - 03.08.2012 Venture Capital



LANSDOWNE PARTNERS n/a Short (2'751'374) -1.83 (240'557) 03.01.2013 Investment Advisor



FINLAND STATE PENSIO n/a Research 1'940'000 1.29 - 31.10.2012 Government

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'746'811 1.16 85'856 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'609'591 1.07 277'893 31.12.2012 Investment Advisor

LOCAL GOVERNMENT PEN n/a Research 1'462'871 0.97 - 31.10.2012 Pension Fund (ERISA)

OP FUND MANAGEMENT C n/a Research 1'405'973 0.94 (29'027) 31.10.2012 Investment Advisor

MANDATUM LIFE INSURA n/a Research 1'400'000 0.93 - 31.10.2012 Insurance Company

SVENSKA LITTERATURSA n/a Research 1'174'876 0.78 - 31.10.2012 Other

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 1'001'386 0.67 70'856 31.01.2013 Mutual Fund Manager

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 905'101 0.6 100'643 31.01.2013 Investment Advisor

KYNIKOS ASSOCIATES L n/a Short (856'985) -0.57 - 01.11.2012 Hedge Fund Manager

ODIN FONDER n/a Research 840'020 0.56 - 31.10.2012 Mutual Fund Manager


NORDEA FENNIA FUND n/a Research 775'000 0.52 - 31.10.2012 n/a




SEB Enskilda TOMI RAILO buy 5 M 38 Not Provided 18.02.2013

Deutsche Bank ANETTE LUOMANPERA hold 3 M 30 12 month 12.02.2013

Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 M 38 Not Provided 11.02.2013

Pareto Securities JARI HARJUNPAA hold 3 D 34 6 month 11.02.2013

FIM SANNA KAJE accumulate 4 M 37 12 month 11.02.2013



HSBC COLIN GIBSON underweight 1 M 26 Not Provided 08.02.2013

Carnegie TIMO HEINONEN buy 5 M #N/A N/A Not Provided 08.02.2013

Nordea Equity Research JAN KAIJALA buy 5 M 38 12 month 08.02.2013

Handelsbanken TOM SKOGMAN buy 5 M 41 12 month 08.02.2013

DNB Markets SAMPSA KARHUNEN buy 5 M 40 Not Provided 08.02.2013

Barclays ALLAN SMYLIE equalweight 3 M 32 Not Provided 08.02.2013

Danske Markets ANTTI SUTTELIN hold 3 D 36 12 month 08.02.2013

Morgan Stanley MARKUS ALMERUD Overwt/Cautious 5 M 40 12 month 07.02.2013

Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 40 12 month 07.02.2013

JPMorgan ALEXANDER WHIGHT underweight 1 M 32 9 month 07.02.2013

Nomura KLAS BERGELIND reduce 2 M 26 12 month 07.02.2013

Evli Bank Plc ELINA RIUTTA buy 5 M 35 12 month 07.02.2013

INDERES JUHA KINNUNEN accumulate 4 M 35 Not Provided 07.02.2013

CA Cheuvreux JOHAN ELIASON outperform 5 M 39 Not Provided 18.01.2013


Berenberg Bank ALEXANDER VIRGO buy 5 M 38 Not Provided 08.01.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 40 Not Provided 17.12.2012

Swedbank ERKKI VESOLA buy 5 M 30 12 month 26.10.2012

ICECAPITAL Markets LAURI LEINO buy 5 M 34 6 month 01.07.2010

Holdings By:

Metso OYJ ee


27.02.2013

Mondi Plc is is an integrated paper and packaging group. The Company

manufactures packaging paper, converted packaging products and office paper.

Mondi has operations and interests in Western Europe, Emerging Europe And South

Africa. Dually-listed company with MND SJ.


LTM as of: 01/yy

52-Week High (22.02.2013) 862.00

52-Week Low (01.06.2012) 494.20

Daily Volume

840





4'081.10 1 Yr Total Return 47.68%







MNDI LN EQUITY YTD Change - Average Volume 30 Day 1'655'835

MNDI LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'217'327


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

6'345.0 5'257.0 5'610.0 5'739.0 5'807.0 - - 6'668.8 6'799.6 - -

0.50x 0.74x 0.87x 0.68x 1.06x - - 1.00x 0.96x - -

801.0 654.0 803.0 960.0 923.0 - - 1'050.1 1'085.4 - -

3.94x 5.94x 6.11x 4.09x 6.69x - - 6.56x 6.34x - -

(211.0) (33.0) 224.0 330.0 244.0 - - 388.3 417.3 - -

- - 15.85x 9.47x 16.32x - - 12.24x 11.57x - -











EBITDA Margin 15.9%



Asset Turnover 0.95







Fiscal Year Ended

Mondi PLCPrice/Volume

Valuation Analysis

636'040.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

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27.02.2013


INVESTEC ASSET MANAG n/a Co File 17'789'698 4.84 - 31.12.2011 Investment Advisor

Investec Asset Manag Multiple Portfolios REG 17'789'698 4.84 - 01.11.2012 Unclassified

ALLAN GRAY INVESTMEN Multiple Portfolios REG 17'301'819 4.71 - 01.11.2012 Investment Advisor

CORONATION ASSET MAN Multiple Portfolios MF-AGG 15'928'065 4.34 1'775'247 30.09.2012 Investment Advisor



ALLAN GRAY UNIT TRUS n/a RNS-MAJ 10'993'007 2.99 - 28.01.2013 Investment Advisor

SANLAM ASSET MANAGEM Multiple Portfolios REG 10'936'128 2.98 - 01.11.2012 Investment Advisor

SANLAM INVESTMENT MA n/a Co File 10'936'128 2.98 - 31.12.2011 Mutual Fund Manager



ACADIAN ASSET MANAGE Multiple Portfolios REG 9'133'239 2.49 390'890 01.11.2012 Investment Advisor




LSV ASSET MANAGEMENT Multiple Portfolios REG 7'907'246 2.15 (1'377'800) 01.11.2012 Investment Advisor


PRINCIPAL GLOBAL INV Multiple Portfolios REG 4'400'317 1.2 1'379'193 01.11.2012 Corporation




Deutsche Bank MATTHIAS PFEIFENBERGER buy 5 M 950 12 month 22.02.2013

BNP Paribas Cadiz Securities BRIAN MORGAN buy 5 M 939 12 month 22.02.2013

Jefferies JUSTIN JORDAN buy 5 M 960 12 month 21.02.2013

Credit Suisse LARS KJELLBERG outperform 5 U 980 Not Provided 11.02.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 04.02.2013

Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 750 6 month 22.01.2013

Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 31.10.2012

Holdings By:

Mondi PLC ee


27.02.2013

MTU Aero Engines Holding AG develops and manufactures engines and offers

commercial engine services and support. The Company sells to manufacturers and

operators of engines and industrial gas turbines across the world.


LTM as of: 12/yy

52-Week High (20.02.2013) 73.85

52-Week Low (04.06.2012) 55.34

Daily Volume

70.86





3'684.72 1 Yr Total Return 26.50%







MTX GY EQUITY YTD Change - Average Volume 30 Day 127'596

MTX GY EQUITY YTD % CHANGE - Average Volume 3 Month 119'252


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

2'724.3 2'610.8 2'707.4 2'932.1 3'378.6 2'932.1 3'378.6 3'767.3 4'083.9 - -

0.45x 0.77x 0.95x 0.83x - 3.32x 2.90x 1.07x 0.98x - -

407.5 368.3 398.9 419.2 - 419.2 349.7 545.3 605.9 - -

2.99x 5.48x 6.43x 5.80x - 5.80x 0.00x 7.54x 6.78x - -

179.7 141.0 142.2 158.2 173.9 158.2 173.9 252.1 286.9 63.9 62.1

5.38x 13.21x 17.39x 15.26x 20.06x 15.26x 20.06x 14.10x 12.59x 13.71x -











EBITDA Margin 12.8%



Asset Turnover 0.85







Fiscal Year Ended

MTU Aero Engines Holding AGPrice/Volume

Valuation Analysis

81'145.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!''

2!''

-'!''

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27.02.2013



FMR LLC n/a ULT-AGG 4'147'075 7.98 - 05.02.2013 Investment Advisor


GOLDMAN SACHS GROUP n/a Research 1'966'413 3.78 - 11.05.2012 Investment Advisor

UBS n/a ULT-AGG 1'886'923 3.63 - 11.05.2012 Unclassified

GRYPHON INTERNATIONA n/a Co File 1'570'400 3.02 - 31.12.2011 Investment Advisor


INVESTEC ASSET MANAG n/a Research 1'559'657 3 - 29.11.2012 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'382'150 2.66 500 31.12.2012 Investment Advisor

MTU AERO ENGINES HOL n/a Research 1'367'315 2.63 (285) 23.01.2012 Other





THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 418'966 0.81 - 31.10.2012 Investment Advisor

DJE INVESTMENT SA Multiple Portfolios MF-AGG 373'415 0.72 1'915 30.11.2012 Mutual Fund Manager

PRINCIPAL FINANCIAL n/a ULT-AGG 325'178 0.63 (55'600) 31.01.2013 Investment Advisor





Berenberg Bank FREDERIK BITTER hold 3 D 72 Not Provided 21.02.2013

AlphaValue HEINZ STEFFEN reduce 2 M 67 6 month 21.02.2013


Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 83 6 month 20.02.2013

Deutsche Bank BEN FIDLER buy 5 M 78 12 month 20.02.2013

Nord/LB WOLFGANG DONIE buy 5 M 81 12 month 20.02.2013

JPMorgan DAVID H. PERRY overweight 5 U 84 9 month 20.02.2013

Bankhaus Lampe SEBASTIAN HEIN hold 3 D 76 Not Provided 20.02.2013


Natixis ERIC CHADEYRAS neutral 3 D 76 Not Provided 20.02.2013

DZ Bank AG MARKUS TURNWALD buy 5 M 88 12 month 20.02.2013

Main First Bank AG CHLOE LEMARIE underperform 1 M 61 12 month 20.02.2013

Exane BNP Paribas OLIVIER BROCHET underperform 1 M 67 Not Provided 20.02.2013

Barclays CHRISTIAN LAUGHLIN equalweight 3 M 67 Not Provided 20.02.2013

Morgan Stanley RUPINDER VIG Equalwt/In-Line 3 M 60 12 month 19.02.2013

HSBC RICHARD SCHRAMM neutral 3 M 73 Not Provided 19.02.2013

Landesbank Baden-Wuerttemberg STEFAN MAICHL hold 3 M 66 Not Provided 19.02.2013

Kepler Capital Markets CHRISTOPHE MENARD buy 5 M 79 Not Provided 19.02.2013

Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 80 12 month 19.02.2013


Credit Suisse OLIVER SLEATH outperform 5 M 77 Not Provided 16.01.2013

Bankhaus Metzler HELENA WUESTENFELD buy 5 M 82 12 month 11.01.2013

Silvia Quandt Research EERIK KD BUDARZ neutral 3 M 51 12 month 23.10.2012

CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX outperform 5 M 75 Not Provided 26.07.2012


Steubing AG MICHAEL BROEKER buy 5 M #N/A N/A Not Provided 18.02.2009

Holdings By:

MTU Aero Engines Holding AG ee


27.02.2013

Natixis attracts deposits and offers commercial banking services. The Bank

lends to medium-sized and large businesses in France. Natixis offers investment

banking, underwriting, bond and equity brokerage, asset management, insurance,

and venture capital services and manages mutual funds. The Bank makes real

estate loans and owns and manages real estate.


LTM as of: 12/yy

52-Week High (18.02.2013) 3.69

52-Week Low (24.07.2012) 1.76

Daily Volume

3.187





9'835.77 1 Yr Total Return 31.36%





Enterprise Value -


KN FP EQUITY YTD Change - Average Volume 30 Day 5'898'824

KN FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'563'964


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

18'885.0 10'750.0 11'546.0 13'021.0 6'132.0 5'180.0 4'728.0 6'834.9 7'211.3 1'697.0 1'641.5

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

- - - - - 0.0 0.0 - - - -

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

(2'799.0) (1'707.0) 1'732.0 1'562.0 901.0 1'563.0 902.0 997.5 1'161.6 201.0 166.0

- - 7.45x 4.52x 8.70x 3.77x 8.70x 9.93x 8.50x 9.96x -


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NatixisPrice/Volume

Valuation Analysis

2'881'907.00


'

-

-

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.

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2'!' 9

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

'!''

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0!''

1!''

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27.02.2013


BPCE SA n/a Co File 2'080'441'556 67.41 - 01.03.2011 Bank




FEDERAL GESTION Multiple Portfolios MF-AGG 7'970'000 0.26 800'000 30.11.2012 Investment Advisor

NATIXIS n/a Co File 4'653'020 0.15 - 31.12.2010 Bank

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 4'342'981 0.14 (3'941) 31.12.2012 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 2'486'398 0.08 80'000 01.02.2013 Investment Advisor


MMA FINANCE Multiple Portfolios MF-AGG 1'801'949 0.06 128'649 29.06.2012 Mutual Fund Manager


COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 1'637'446 0.05 - 31.12.2012 Investment Advisor



KBC GROUP NV Multiple Portfolios MF-AGG 1'407'374 0.05 367'995 31.01.2013 Investment Advisor

COVEA FINANCE SAS Multiple Portfolios MF-AGG 1'396'250 0.05 (3'750) 30.09.2011 Investment Advisor



KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 1'160'000 0.04 560'000 30.11.2012 Mutual Fund Manager



Oddo & Cie JEAN SASSUS buy 5 M 5 Not Provided 27.02.2013

Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 4 12 month 25.02.2013

AlphaValue CHRISTOPHE NIJDAM add 4 M 4 6 month 21.02.2013

JPMorgan DELPHINE LEE restricted #N/A N/A M #N/A N/A Not Provided 20.02.2013

CA Cheuvreux CYRIL MEILLAND underperform 1 M 3 Not Provided 19.02.2013

Nomura JON PEACE reduce 2 M 3 Not Provided 19.02.2013

Exane BNP Paribas GUILLAUME TIBERGHIEN neutral 3 M 4 Not Provided 19.02.2013

Societe Generale SEBASTIEN LEMAIRE buy 5 U 4 12 month 18.02.2013

Morgan Stanley THIBAULT NARDIN not rated #N/A N/A M 4 12 month 18.02.2013

Credit Suisse MAXENCE LE GOUVELLO neutral 3 M 3 Not Provided 18.02.2013

CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 3 12 month 18.02.2013


HSBC ROBIN DOWN neutral 3 M 3 Not Provided 30.01.2013


Natixis ALEX KOAGNE not rated #N/A N/A M #N/A N/A Not Provided 23.05.2012

Kepler Capital Markets TEAM COVERAGE hold 3 N 3 Not Provided 27.03.2012

Holdings By:

Natixis ee


27.02.2013

Nokian Renkaat Oyj develops, manufactures, and markets summer and winter tires

for cars and bicycles and tires for heavy machinery. The Company primarily

operates in the tire replacement market. Nokian also runs the Vianor tire

chain which owns retail outlets in Scandinavia and the Baltic states. The

Company produces in Europe, the United States, and Asia.


LTM as of: 12/yy

52-Week High (03.04.2012) 38.20

52-Week Low (26.06.2012) 26.92

Daily Volume

34.45












NRE1V FH EQUITY YTD Change - Average Volume 30 Day 756'676

NRE1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 626'116


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

1'080.9 798.5 1'058.1 1'456.8 1'612.4 1'456.8 1'612.5 1'740.3 1'931.8 368.0 438.8

1.21x 2.99x 3.31x 2.21x 2.42x 10.39x 11.00x 2.56x 2.26x 12.40x 10.34x

302.9 164.1 291.7 452.2 496.9 263.4 497.0 543.1 600.5 101.6 137.2

4.32x 14.54x 12.02x 7.12x 7.86x 0.00x 7.86x 8.25x 7.46x 8.54x 8.46x

139.9 58.3 169.7 308.9 330.9 308.9 331.0 361.9 406.7 69.3 96.6

7.05x 36.41x 20.50x 10.40x 11.94x 10.36x 11.88x 12.84x 11.49x 13.16x 12.12x











EBITDA Margin 30.8%



Asset Turnover 0.83








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nokian Renkaat OYJPrice/Volume

Valuation Analysis

361'500.00


'

2

-'

-2

.'

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02

1'

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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

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27.02.2013







OP INVESTMENT FUNDS n/a Research 2'344'000 1.78 - 31.10.2012 n/a



SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'812'179 1.37 332'654 31.12.2012 Investment Advisor



AQR CAPITAL MANAGEME n/a Short (1'332'767) -1.01 (145'429) 11.02.2013 Hedge Fund Manager


ETON PARK INTERNATIO n/a Short (1'253'302) -0.95 - 01.11.2012 Hedge Fund Manager



ODIN FORVALTNING AS Multiple Portfolios MF-AGG 804'061 0.61 - 31.01.2013 Mutual Fund Manager

TAPIOLA MUTUAL PENSI n/a Research 800'000 0.61 - 31.10.2012 Insurance Company

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 750'000 0.57 (250'000) 30.06.2012 Pension Fund (ERISA)

MANDATUM LIFE INSURA n/a Research 736'404 0.56 - 31.10.2012 Insurance Company


HSBC NIELS FEHRE neutral 3 M 36 Not Provided 21.02.2013

Pohjola Bank Plc (ESN) JARI RAISANEN accumulate 4 M 39 12 month 11.02.2013

INDERES SAULI VILEN accumulate 4 M 35 Not Provided 08.02.2013

Goldman Sachs STEPHAN PUETTER neutral/attractive 3 M 38 12 month 07.02.2013

SEB Enskilda ARTEM BELETSKI hold 3 M 34 Not Provided 07.02.2013

Carnegie TOMMY ILMONI hold 3 M #N/A N/A Not Provided 07.02.2013

Nordea Equity Research RAULI JUVA buy 5 M 38 12 month 07.02.2013

Handelsbanken TOM SKOGMAN buy 5 U 43 12 month 07.02.2013

Natixis MICHAEL FOUNDOUKIDIS reduce 2 M 29 Not Provided 07.02.2013

Evli Bank Plc MIKA KARPPINEN buy 5 M 40 12 month 07.02.2013

Danske Markets KALLE KARPPINEN buy 5 M 37 12 month 07.02.2013



Morgan Stanley EDOARDO SPINA Underwt/In-Line 1 M 32 12 month 20.12.2012

Swedbank TOMI TIILOLA buy 5 M 37 12 month 01.11.2012

FIM MARTIN SUNDMAN accumulate 4 M 33 12 month 30.10.2012

CA Cheuvreux THOMAS BESSON underperform 1 M 30 Not Provided 23.10.2012

Aton LLC MIKHAIL PAK buy 5 N 43 12 month 27.07.2012

Deutsche Bank GAETAN TOULEMONDE hold 3 D 35 12 month 16.04.2012

Holdings By:

Nokian Renkaat OYJ ee


27.02.2013

Norsk Hydro ASA is a supplier of aluminum and aluminum products. The company

provides automotive and transport products, building systems, casthouse

products, extruded products, rolled products, and wire rod.


LTM as of: 12/yy

52-Week High (29.02.2012) 34.23

52-Week Low (26.07.2012) 22.97

Daily Volume

26.01





53'814.64 1 Yr Total Return -20.64%







NHY NO EQUITY YTD Change - Average Volume 30 Day 5'804'389

NHY NO EQUITY YTD % CHANGE - Average Volume 3 Month 4'891'950


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

88'643.0 67'409.0 75'754.0 91'444.0 64'181.0 91'444.0 77'941.0 70'890.8 78'565.6 17'162.6 18'070.8

0.35x 0.86x 0.76x 0.68x 0.95x 3.53x 3.23x 0.86x 0.75x 3.30x 3.19x

8'041.0 3'859.0 6'767.0 17'386.0 6'429.0 17'475.0 6'185.0 7'887.7 9'846.3 1'813.0 1'963.4

3.90x 14.96x 8.53x 3.55x 9.47x 3.53x 9.85x 7.34x 5.88x 7.07x 6.10x

(3'925.0) 299.0 1'888.0 6'705.0 (1'233.0) 6'705.0 (1'233.0) 2'199.8 3'649.6 434.7 579.6

- 196.37x 32.03x 8.13x - 7.53x 0.00x 24.17x 14.69x 23.58x 16.72x











EBITDA Margin 7.9%



Asset Turnover 0.63







Fiscal Year Ended

Norsk Hydro ASAPrice/Volume

Valuation Analysis

7'162'180.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.02.2013


NORWEGIAN GOVT MINIS n/a EXCH 708'865'253 34.26 - 18.02.2013 Government

VALE AUSTRIA HOLDING n/a EXCH 447'834'465 21.64 - 18.02.2013 Other



NORTHERN TRUST CO n/a EXCH 60'341'671 2.92 - 18.02.2013 Investment Advisor



RASMUSSENGRUPPEN n/a EXCH 32'377'000 1.56 - 18.02.2013 Corporation

NORSK HYDRO ASA n/a EXCH 31'430'114 1.52 - 18.02.2013 Corporation

EUROCLEAR BANK SA n/a EXCH 22'140'587 1.07 - 18.02.2013 Bank

BANK OF NEW YORK MEL n/a EXCH 20'758'626 1 - 18.02.2013 Investment Advisor



DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 14'069'696 0.68 (239'828) 31.01.2013 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 11'633'670 0.56 - 31.01.2013 Mutual Fund Manager

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 9'476'260 0.46 255'837 31.01.2013 Investment Advisor

RBC DEXIA INVESTOR S n/a EXCH 9'469'743 0.46 - 18.02.2013 Investment Advisor

STATOILS PENSJONSKAS n/a EXCH 9'331'983 0.45 - 18.02.2013 Pension Fund (ERISA)


KLP AKSJENORGE n/a EXCH 8'529'457 0.41 - 18.02.2013 Investment Advisor


Exane BNP Paribas LUC PEZ underperform 1 M 22 Not Provided 27.02.2013

Nomura NEIL SAMPAT reduce 2 M 22 12 month 26.02.2013

AlphaValue SACHIN KUMAR buy 5 M 35 6 month 21.02.2013

Fondsfinans AS ARNE EGIL ROENNING neutral 3 M 29 Not Provided 18.02.2013

Deutsche Bank ROBERT CLIFFORD hold 3 M 32 12 month 13.02.2013

SEB Enskilda TRULS KOLSRUD ENGENE buy 5 M 35 Not Provided 13.02.2013

Carnegie BENGT JONASSEN buy 5 M #N/A N/A Not Provided 13.02.2013

Nordea Equity Research ANDRE HOLO ADOLFSEN buy 5 M 33 12 month 13.02.2013

Handelsbanken ANNE GJOEN accumulate 4 M 30 12 month 13.02.2013

DNB Markets KNUT-IVAR BAKKEN buy 5 M 38 Not Provided 13.02.2013

Norne Securities AS IRMANTAS VASKELA buy 5 M 35 12 month 13.02.2013

Swedbank First Securities HANS-ERIK JACOBSEN buy 5 M 35 Not Provided 13.02.2013

ABG Sundal Collier MARTIN MELBYE buy 5 M 40 6 month 12.02.2013

JPMorgan BENJAMIN DEFAY underweight 1 M 20 9 month 12.02.2013

HSBC THORSTEN ZIMMERMANN neutral 3 M 28 Not Provided 12.02.2013

Pareto Securities EIRIK VEGEM DAHLE buy 5 M 40 6 month 12.02.2013

S&P Capital IQ CHRISTINE TISCARENO hold 3 U 28 12 month 12.02.2013

Arctic Securities ASA THOMAS LORCK buy 5 M 35 Not Provided 12.02.2013

BMO Capital Markets TONY ROBSON underperform 1 M 20 Not Provided 29.01.2013


Goldman Sachs EUGENE KING sell/attractive 1 D 20 12 month 15.01.2013

SpareBank 1 Markets AS HENRIK SCHULTZ buy 5 M 33 12 month 30.11.2012

CA Cheuvreux JOAKIM AHLBERG outperform 5 M 35 Not Provided 25.07.2012

Dahlman Rose & Co ANTHONY B RIZZUTO JR hold 3 M #N/A N/A Not Provided 25.07.2012

Redburn Partners TIM JARRATT buy 5 M #N/A N/A Not Provided 24.07.2012

Holdings By:

Norsk Hydro ASA ee


27.02.2013

Novozymes A/S is a biotechnology based company. The Company researches,

develops, produces, and sells enzymes for industrial use. Novozymes works

within three main segments: the technical enzyme market, the food enzyme market,

and the animal feed enzyme market. The Company has a worldwide distribution

network, as well as operates sales and service centers online.


LTM as of: 12/yy

52-Week High (27.02.2013) 199.00

52-Week Low (06.08.2012) 144.40

Daily Volume

199





64'675.00 1 Yr Total Return 22.31%







NZYMB DC EQUITY YTD Change - Average Volume 30 Day 675'681

NZYMB DC EQUITY YTD % CHANGE - Average Volume 3 Month 536'260


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

8'146.0 8'448.0 9'724.0 10'510.0 11'234.0 10'510.0 11'234.0 11'978.9 12'919.4 2'917.3 2'990.8

3.39x 3.73x 4.55x 5.43x 4.92x 18.65x 16.70x 5.43x 4.97x - -

2'060.0 2'252.0 2'732.0 3'096.0 3'448.0 0.0 0.0 3'697.3 4'031.9 924.3 929.5

13.39x 13.99x 16.19x 18.43x 16.03x 0.00x 0.00x 17.90x 16.42x 17.58x -

1'062.0 1'194.0 1'613.0 1'826.0 2'015.0 1'826.0 2'014.0 2'212.4 2'418.5 539.5 547.0

24.35x 28.06x 30.17x 30.60x 24.81x 29.11x 24.82x 28.65x 26.21x 28.31x 27.74x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.78







Fiscal Year Ended

Novozymes A/SPrice/Volume

Valuation Analysis

309'800.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

.''

.2'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.02.2013


BAILLIE GIFFORD AND n/a Research 24'845'307 9.16 - 12.09.2012 Investment Advisor

NOVOZYMES A/S n/a Co File 12'749'051 4.7 - 31.12.2012 Corporation




STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 5'388'500 1.99 5'388'500 30.09.2012 Insurance Company




AQR CAPITAL MANAGEME n/a Short (1'410'533) -0.52 217'005 12.11.2012 Hedge Fund Manager

DANSKE INVEST A/S Multiple Portfolios MF-AGG 938'146 0.35 74'485 31.01.2013 Investment Advisor


LORING WOLCOTT AND C LORING WOLCOTT & COO 13F 598'765 0.22 37'616 31.12.2012 Investment Advisor

STATE FARM LIFE INSU STATE FARM LIFE INSU Sch-D 545'000 0.2 545'000 30.09.2012 Insurance Company

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 530'100 0.2 - 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 529'025 0.2 (25'840) 31.12.2012 Investment Advisor

JUPITER GLOBAL ACTIV Multiple Portfolios MF-AGG 483'199 0.18 - 31.07.2012 Investment Advisor

WCM INVESTMENT MANAG Multiple Portfolios MF-AGG 346'710 0.13 26'150 31.10.2012 Investment Advisor

EDINBURGH FUND MANAG Multiple Portfolios MF-AGG 336'500 0.12 - 30.11.2012 Investment Advisor

GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 304'585 0.11 127'700 31.12.2012 Investment Advisor



Jyske Bank JONAS GULDBORG HANSEN buy 5 M 215 Not Provided 08.02.2013

NYKREDIT KLAUS KEHL neutral 3 M #N/A N/A Not Provided 05.02.2013


Danske Markets TOBIAS CORNELIUS BJORKLUND buy 5 U 225 12 month 04.02.2013


Kempen & Co DENIS LEPADATU hold 3 M 180 12 month 31.01.2013

Handelsbanken CASPER BLOM reduce 2 M 161 12 month 31.01.2013

Goldman Sachs FULVIO CAZZOL Buy/Neutral 5 M 225 12 month 25.01.2013

JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 168 9 month 25.01.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 185 12 month 23.01.2013


SEB Enskilda SOREN SAMSOE buy 5 U 200 Not Provided 22.01.2013

Nordea Equity Research HANS GREGERSEN sell 1 M 150 12 month 22.01.2013

ABG Sundal Collier MICHAEL K RASMUSSEN buy 5 M 200 6 month 21.01.2013

Jefferies LAURENCE ALEXANDER hold 3 M 171 12 month 21.01.2013

Carnegie LARS TOPHOLM sell 1 M #N/A N/A Not Provided 04.01.2013

Alm Brand Markets MICHAEL FRIIS JORGENSEN neutral 3 M 170 Not Provided 25.10.2012

Deutsche Bank CATHERINE FARRANT hold 3 M 170 12 month 17.10.2012


Sydbank MORTEN IMSGARD underweight 1 M #N/A N/A Not Provided 29.04.2011

Holdings By:

Novozymes A/S ee


27.02.2013

OMV AG explores for and refines crude oil and natural gas. The Company sells

refined products through gas stations and distributors. The Company also

manufactures plastics such as polyolefins and technical plastics. Customers are

in the automotive, electrical, and construction industries.


LTM as of: 12/yy

52-Week High (25.02.2013) 33.27

52-Week Low (04.06.2012) 21.21

Daily Volume

32.66





10'688.73 1 Yr Total Return 21.41%







OMV AV EQUITY YTD Change - Average Volume 30 Day 259'779

OMV AV EQUITY YTD % CHANGE - Average Volume 3 Month 265'988


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

25'542.6 17'917.3 23'323.4 34'053.2 42'649.2 34'053.2 42'649.2 38'921.3 38'151.1 8'009.0 7'480.0

0.43x 0.82x 0.72x 0.44x 0.36x 1.87x 1.44x 0.42x 0.42x 1.84x 2.05x

3'786.1 2'842.2 3'961.3 4'290.9 5'137.4 4'290.9 5'137.5 4'897.7 5'025.5 1'418.0 1'452.0

2.93x 5.14x 4.22x 3.48x 2.98x 3.48x 2.98x 3.48x 3.39x 2.93x 2.93x

1'374.4 571.7 920.6 1'063.4 1'363.4 1'063.4 1'363.4 1'452.5 1'528.4 353.0 369.0

4.07x 16.07x 10.10x 6.93x 6.54x 6.94x 6.54x 7.49x 7.13x 6.88x 6.83x











EBITDA Margin 12.0%



Asset Turnover 1.45







Fiscal Year Ended

OMV AGPrice/Volume

Valuation Analysis

167'067.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

-!3 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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



27.02.2013


OESTERR INDUSTRIE AG #N/A N/A Research 103'090'902 31.5 - 30.06.2012 Other

INTERNATIONAL PETROL #N/A N/A Research 81'490'904 24.9 - 30.06.2012 Government






PIONEER INVESTMENTS Multiple Portfolios MF-AGG 1'014'800 0.31 7'000 31.05.2011 Investment Advisor

SPARINVEST n/a ULT-AGG 1'003'021 0.31 (50'320) 31.01.2013 Investment Advisor

OMV AG n/a Research 981'818 0.3 - 30.06.2012 n/a

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 790'855 0.24 - 30.09.2012 Investment Advisor

LEGG MASON TFI SA Multiple Portfolios MF-AGG 752'823 0.23 - 30.06.2012 Mutual Fund Manager

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 670'699 0.2 (3'256) 31.10.2012 Investment Advisor



BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 571'471 0.17 - 30.06.2012 Investment Advisor


LBBW ASSET MANAGEMEN Multiple Portfolios MF-AGG 481'187 0.15 - 30.11.2012 Mutual Fund Manager




Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 30 Not Provided 27.02.2013

Nomura MATTHEW LOFTING neutral 3 M 29 12 month 27.02.2013

Credit Suisse THOMAS YOICHI ADOLFF underperform 1 M 27 Not Provided 25.02.2013

Societe Generale MEHDI ENNEBATI buy 5 U 36 12 month 22.02.2013

Morgan Stanley HAYTHEM RASHED Equalwt/In-Line 3 M 29 12 month 22.02.2013

Natixis ANNE PUMIR neutral 3 M 34 Not Provided 22.02.2013

Barclays LYDIA RAINFORTH underweight 1 M 29 Not Provided 22.02.2013

Canaccord Genuity Corp GORDON GRAY sell 1 M 26 12 month 21.02.2013

Kepler Capital Markets THOMAS NEUHOLD hold 3 M 31 Not Provided 21.02.2013


JPMorgan NITIN SHARMA neutral 3 M 27 3 month 19.02.2013

Raymond James BERTRAND HODEE underperform 1 M 30 Not Provided 12.02.2013

Macquarie MARC B KOFLER neutral 3 M 27 12 month 06.02.2013

KBC Securities PETER CSASZAR buy 5 M 34 12 month 30.01.2013

Erste Bank TAMAS PLETSER accumulate 4 M 35 Not Provided 28.01.2013


Raiffeisenbank AG OLEG GALBUR buy 5 M 32 12 month 23.11.2012

Goldman Sachs HENRY MORRIS neutral/cautious 3 M 31 12 month 17.10.2012

Deutsche Bank MARK BLOOMFIELD hold 3 M 30 12 month 04.10.2012

CA Cheuvreux JEAN-CHARLES LACOSTE suspended coverage #N/A N/A M #N/A N/A Not Provided 19.09.2012

Jefferies BRENDAN MICHAEL WARN hold 3 M 25 12 month 17.09.2012

Wood & Company BRAM BURING buy 5 M 34 12 month 13.08.2012

HSBC PAUL SPEDDING neutral 3 M 29 Not Provided 10.08.2012

Concorde Securities Rt ATTILA VAGO equalweight 3 D 32 Not Provided 13.07.2012

Holdings By:

OMV AG ee


27.02.2013

Orkla ASA manufactures branded consumer goods to the Nordic grocery market, and

operates in the branded consumer goods, materials, renewable energy and

financial investment sectors.


LTM as of: 12/yy

52-Week High (03.01.2013) 49.98

52-Week Low (09.05.2012) 39.21

Daily Volume

47.26





48'154.68 1 Yr Total Return 8.15%







ORK NO EQUITY YTD Change - Average Volume 30 Day 1'508'855

ORK NO EQUITY YTD % CHANGE - Average Volume 3 Month 1'512'582


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

65'579.0 50'233.0 57'338.0 61'009.0 30'001.0 53'346.0 45'617.0 32'557.2 33'250.8 7'357.3 7'622.6

1.19x 1.69x 1.38x 0.94x 1.84x 4.74x 4.86x 1.71x 1.63x 7.31x 8.07x

7'070.0 8'395.0 6'871.0 5'257.0 3'795.0 4'699.0 4'697.0 4'617.9 5'118.9 919.7 1'012.4

10.99x 10.12x 11.51x 10.91x 14.51x 12.20x 11.73x 11.74x 10.59x 11.77x 9.98x

(2'828.0) 2'591.0 (917.0) (776.0) 1'583.0 (776.0) 1'583.0 2'876.5 3'328.0 566.0 574.8

- 26.75x - - 15.16x 0.00x 14.85x 16.65x 14.67x 16.75x 12.62x











EBITDA Margin 10.3%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Orkla ASAPrice/Volume

Valuation Analysis

1'014'452.00


'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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



27.02.2013



TVIST 5 AS n/a EXCH 77'000'000 7.56 - 18.02.2013 Unclassified



FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 21'881'000 2.15 21'881'000 31.12.2012 Investment Advisor




CANICA AS n/a EXCH 16'000'000 1.57 - 18.02.2013 Other


UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 12'725'000 1.25 - 31.01.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 12'589'393 1.24 1'243'807 31.12.2012 Investment Advisor


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 11'266'283 1.11 (983'790) 31.01.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 8'743'745 0.86 1'242'876 30.09.2012 Hedge Fund Manager


ORKLA ASA n/a EXCH 7'986'233 0.78 - 18.02.2013 Corporation


SIX SIS AG n/a EXCH 7'076'864 0.69 - 18.02.2013 Bank

CREDIT SUISSE SECURI n/a EXCH 6'869'376 0.67 - 18.02.2013 Investment Advisor


Danske Markets MARTIN STENSHALL sell 1 M 43 12 month 27.02.2013


SEB Enskilda ATLE VEREIDE hold 3 M 51 Not Provided 08.02.2013

Carnegie PREBEN RASCH-OLSEN hold 3 M #N/A N/A Not Provided 08.02.2013

Fondsfinans AS PER HAAGENSEN neutral 3 M 45 Not Provided 08.02.2013

SpareBank 1 Markets AS LARS DANIEL WESTBY neutral 3 M 48 6 month 08.02.2013

DNB Markets HAAKON ASCHEHOUG hold 3 M 52 Not Provided 08.02.2013

Swedbank First Securities HENNING C STEFFENRUD reduce 2 M 46 Not Provided 08.02.2013

ABG Sundal Collier PETTER NYSTROM hold 3 M 48 6 month 07.02.2013

Goldman Sachs MARKUS IWAR Buy/Neutral 5 M 62 12 month 07.02.2013

Handelsbanken KJETIL LYE accumulate 4 M 50 12 month 07.02.2013

Pareto Securities EIRIK VEGEM DAHLE hold 3 M 50 6 month 07.02.2013

Arctic Securities ASA KENNETH SIVERTSEN sell 1 M 43 Not Provided 07.02.2013

RS Platou Markets TERJE MAUER neutral 3 M 49 6 month 02.11.2012

CA Cheuvreux DANIEL OVIN outperform 5 M 51 Not Provided 23.07.2012

Holdings By:

Orkla ASA ee


27.02.2013

Paddy Power PLC is an international betting and gaming group, founded in Ireland

in 1988. The Group provides betting services through the Internet, licensed

bookmakers, and by telephone. Paddy Power also offers online gaming services.


LTM as of: 01/yy

52-Week High (20.02.2013) 66.36

52-Week Low (28.02.2012) 43.50

Daily Volume

64.5





3'168.35 1 Yr Total Return 48.81%







PWL ID EQUITY YTD Change - Average Volume 30 Day 99'160

PWL ID EQUITY YTD % CHANGE - Average Volume 3 Month 100'236


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 - -

279.0 283.7 295.9 426.7 499.3 - - 631.7 722.7 - -

3.48x 1.98x 3.83x 3.19x 4.14x - - 4.70x 4.00x - -

93.2 93.0 85.1 128.2 144.3 - - 171.6 190.6 - -

10.43x 6.04x 13.32x 10.62x 14.34x - - 17.63x 15.87x - -

62.8 68.8 56.9 90.0 121.5 - - 122.1 137.0 - -

17.66x 9.22x 20.31x 15.93x 17.44x - - 26.05x 23.27x - -











EBITDA Margin 27.8%



Asset Turnover 1.41







Fiscal Year Ended

Paddy Power PLCPrice/Volume

Valuation Analysis

49'201.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9

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 2011

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013



POWER DAVID HENRY n/a RNS-DIR 3'858'692 7.86 (70'000) 31.08.2011 n/a



MARATHON ASSET MANAG n/a RNS-MAJ 1'954'060 3.98 487'312 01.08.2012 Investment Advisor

SMALLCAP WORLD FUND n/a RNS-MAJ 1'506'226 3.07 - 06.12.2011 n/a


CORCORAN JOHN JAMES n/a Co File 1'500'000 3.05 - 04.03.2011 n/a

AMERIPRISE FINANCIAL n/a RNS-MAJ 1'447'320 2.95 (353'333) 10.06.2011 Investment Advisor





KENNEDY PATRICK T n/a RNS-DIR 441'111 0.9 (22'200) 08.03.2012 n/a

KENNY STEWART ROSS n/a RNS-DIR 428'502 0.87 8'280 23.05.2012 n/a

MANGAN JIMMY n/a RNS-DIR 424'511 0.86 (150'000) 31.08.2011 n/a

PIONEER INVESTMENT M Multiple Portfolios MF-AGG 412'586 0.84 182'339 30.11.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 327'140 0.67 - 31.12.2012 Investment Advisor


GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 289'540 0.59 27'263 31.12.2012 Investment Advisor


Goodbody Stockbrokers Ltd GAVIN KELLEHER buy 5 M 67 12 month 27.02.2013



Peel Hunt NICHOLAS BATRAM hold 3 M 58 Not Provided 25.01.2013

Natixis MATTHIEU DETROYAT neutral 3 M 55 Not Provided 21.01.2013


Morgan Stanley VAUGHAN LEWIS Underwt/In-Line 1 M 53 12 month 07.01.2013

Deutsche Bank ANAND DATE hold 3 M 53 12 month 19.12.2012

Nomura RICHARD STUBER buy 5 N 72 Not Provided 29.11.2012

Credit Suisse MATTHEW GERARD outperform 5 M 63 Not Provided 19.11.2012

Exane BNP Paribas ROBERTA CIACCIA neutral 3 M 54 Not Provided 19.11.2012


Jefferies JAMES WHEATCROFT buy 5 M 68 12 month 07.09.2012

Investec JAMES HOLLINS hold 3 D 53 12 month 29.08.2012

Daniel Stewart & Co MICHAEL CAMPBELL hold 3 M 54 12 month 29.08.2012

Numis Securities Ltd IVOR JONES hold 3 M 50 Not Provided 29.08.2012

Davy DAVID JENNINGS outperform 5 M #N/A N/A Not Provided 08.03.2012

Holdings By:

Paddy Power PLC ee


27.02.2013

Pennon Group Plc operates and invests primarily in the areas of water and

sewerage services and waste management. Their principal subsidiary, SouthWest

Water Limited, holds the water and sewerage appointments for Devon, Cornwall and

parts of Somerset and Dorset. Viridor Waste Limited operates a waste treatment

and disposal businesses in the United Kingdom.


LTM as of: 01/yy

52-Week High (19.07.2012) 797.00

52-Week Low (19.11.2012) 589.00

Daily Volume

650





2'370.17 1 Yr Total Return -3.82%







PNN LN EQUITY YTD Change - Average Volume 30 Day 1'252'076

PNN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'508'046


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 - -

875.0 958.2 1'068.9 1'159.2 1'233.1 - - 1'241.3 1'302.8 - -

4.60x 3.57x 3.49x 3.59x 3.79x - - 3.83x 3.84x - -

370.0 386.2 398.1 400.3 413.0 - - 415.3 438.3 - -

10.87x 8.86x 9.38x 10.40x 11.31x - - 10.94x 10.37x - -

133.6 89.8 141.5 171.6 172.4 - - 155.3 165.3 - -

16.95x 15.70x 12.92x 12.92x 14.80x - - 15.19x 14.48x - -











EBITDA Margin 33.2%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Pennon Group PLCPrice/Volume

Valuation Analysis

459'515.00


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

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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



27.02.2013



PICTET ASSET MANAGEM n/a Co File 25'582'778 7.02 - 13.06.2011 Investment Advisor

PICTET & CIE Multiple Portfolios REG 25'467'353 6.98 1'535'980 01.11.2012 Mutual Fund Manager

AXA INVESTMENT MANAG Multiple Portfolios REG 18'719'291 5.13 (1'233'975) 01.11.2012 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 18'166'741 4.98 - 01.11.2012 Investment Advisor

INVESCO LTD Multiple Portfolios REG 16'044'190 4.4 1'616'666 01.11.2012 Investment Advisor



NORGES BANK n/a RNS-MAJ 11'180'615 3.07 - 15.02.2013 Government


PICTET & CIE Multiple Portfolios MF-AGG 9'094'487 2.49 - 31.08.2012 Mutual Fund Manager




ARTEMIS INVESTMENT M Multiple Portfolios REG 6'857'907 1.88 850'510 01.11.2012 Investment Advisor

EFG HARRIS ALLDAY Multiple Portfolios REG 6'073'376 1.67 (69'387) 01.11.2012 Unclassified


ROYAL LONDON ASSET M Multiple Portfolios REG 5'955'081 1.63 (64'916) 01.11.2012 Investment Advisor


ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 5'440'267 1.49 15'000 30.11.2012 Investment Advisor


RBC Capital Markets JOHN MUSK outperform 5 M 760 12 month 26.02.2013

Societe Generale ASHLEY THOMAS hold 3 M 691 12 month 25.02.2013

Nomura JONATHAN CONSTABLE neutral 3 M 705 Not Provided 21.02.2013

JPMorgan EDMUND REID neutral 3 M 670 12 month 18.02.2013

Credit Suisse GUY MACKENZIE neutral 3 M 660 Not Provided 15.02.2013

Bryan Garnier & Cie JULIEN DESMARETZ buy 5 M 800 6 month 15.02.2013

Goldman Sachs ANDREW MEAD sell/attractive 1 M 671 12 month 08.02.2013

Exane BNP Paribas IAIN TURNER neutral 3 M 660 Not Provided 08.02.2013

HSBC VERITY MITCHELL overweight 5 M 800 Not Provided 28.01.2013

Barclays HARRY WYBURD equalweight 3 M 670 Not Provided 25.01.2013


Deutsche Bank JAMES BRAND hold 3 M 650 12 month 16.11.2012

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 740 12 month 04.09.2012

Holdings By:

Pennon Group PLC ee


27.02.2013

Persimmon plc designs, builds and develops residential housing. The Company has

regional branches in Yorkshire, the North East and North West, Scotland, the

Midlands, Anglia, Wessex, Thames Valley, the South East, South Coast, South West

and Wales.


LTM as of: 01/yy

52-Week High (25.02.2013) 932.00

52-Week Low (01.06.2012) 521.50

Daily Volume

888





2'689.88 1 Yr Total Return 43.13%







PSN LN EQUITY YTD Change - Average Volume 30 Day 587'862

PSN LN EQUITY YTD % CHANGE - Average Volume 3 Month 571'442


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'755.1 1'420.6 1'569.5 1'535.0 1'721.4 - - 1'830.7 1'934.1 - -

0.81x 1.18x 0.85x 0.90x 1.29x - - 1.41x 1.26x - -

193.5 59.3 132.1 156.7 227.3 - - 266.9 304.5 - -

7.30x 28.38x 10.13x 8.81x 9.77x - - 9.32x 8.17x - -

(625.0) 74.1 115.3 109.0 170.2 - - 200.4 232.2 - -

- 19.03x 10.88x 12.99x 14.22x - - 13.64x 11.94x - -











EBITDA Margin 13.2%



Asset Turnover 0.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Persimmon PLCPrice/Volume

Valuation Analysis

465'977.00


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5!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

'!''

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27.02.2013




ALLIANZ GLOBAL INVES n/a Co File 18'098'600 5.97 - 27.02.2012 Investment Advisor



TEMPLETON FOREIGN FU n/a Co File 14'827'805 4.9 - 27.02.2012 n/a



PRIVATE INDIVIDUALS Multiple Portfolios REG 12'660'596 4.18 (1'050'000) 01.11.2012 Other



T ROWE PRICE ASSOCIA Multiple Portfolios REG 10'566'663 3.49 930'180 01.11.2012 Investment Advisor




POLARIS CAPITAL MANA Multiple Portfolios REG 7'607'371 2.51 1'229'728 01.11.2012 Investment Advisor






Numis Securities Ltd CHRISTOPHER MILLINGTON reduce 2 M 800 Not Provided 25.02.2013

Panmure Gordon & Co Limited RACHAEL APPLEGATE hold 3 M 815 Not Provided 25.02.2013


Northland Capital Partners Ltd SIMON BROWN buy 5 M 950 Not Provided 15.02.2013

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 855 Not Provided 05.02.2013

Peel Hunt ROBIN HARDY hold 3 M 730 Not Provided 04.02.2013

JPMorgan EMILY BIDDULPH neutral 3 M 850 9 month 22.01.2013


Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 11.01.2013

Deutsche Bank GLYNIS JOHNSON hold 3 M 849 12 month 09.01.2013

Jefferies ANTHONY CODLING hold 3 M 850 12 month 08.01.2013

Credit Suisse HARRY GOAD outperform 5 M 949 Not Provided 17.12.2012

HSBC JEFFREY G DAVIS overweight 5 U 957 Not Provided 28.11.2012

Investec MIKE BESSELL buy 5 M 760 12 month 13.08.2012

Shore Capital Stockbrokers JON BELL sell 1 M #N/A N/A Not Provided 19.07.2012

Canaccord Genuity Corp ALASTAIR STEWART sell 1 M 406 12 month 16.05.2012

Davy ROBERT GARDINER outperform 5 M #N/A N/A Not Provided 09.01.2012

Holdings By:

Persimmon PLC ee


27.02.2013

Petroleum Geo-Services ASA is an oilfield service company primarily involved in

geophysical and floating production services. The Company provides a range of

seismic- and reservoir services, including acquisition, processing,

interpretation, and field evaluation. Petroleum operates in a worldwide basis.


LTM as of: 12/yy

52-Week High (02.11.2012) 104.50

52-Week Low (26.06.2012) 64.30

Daily Volume

92.2





20'081.16 1 Yr Total Return 10.76%







PGS NO EQUITY YTD Change - Average Volume 30 Day 1'524'940

PGS NO EQUITY YTD % CHANGE - Average Volume 3 Month 1'626'179


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

1'647.4 1'350.2 1'135.1 1'253.3 1'518.3 1'253.3 1'518.3 1'753.8 1'997.3 383.3 436.1

1.11x 2.26x 3.27x 2.31x 2.79x 10.64x 9.99x 2.37x 2.01x 10.77x 9.54x

1'026.9 694.8 475.4 539.2 777.3 539.2 777.3 1'001.2 1'154.0 199.5 252.6

1.78x 4.39x 7.80x 5.36x 5.46x 5.36x 5.46x 4.05x 3.51x 4.09x 3.88x

417.4 165.8 (14.0) 33.7 185.5 33.7 185.5 344.7 447.8 64.7 86.2

1.69x 12.46x - 73.02x 19.92x 72.50x 19.88x 10.39x 8.08x 10.40x 9.54x











EBITDA Margin 51.2%



Asset Turnover 0.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Petroleum Geo-Services ASAPrice/Volume

Valuation Analysis

1'193'267.00


'

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3!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

.!''

1!''

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5!''

-'!''

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27.02.2013





EUROCLEAR BANK SA n/a EXCH 7'135'548 3.28 - 18.02.2013 Bank


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 6'612'370 3.04 71'242 31.01.2013 Investment Advisor




STOREBRAND FUND MANA Multiple Portfolios MF-AGG 3'890'292 1.79 53'763 31.01.2013 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 3'707'397 1.7 624 31.01.2013 Mutual Fund Manager

CACEIS BANK LUXEMBOU n/a EXCH 3'664'658 1.68 - 18.02.2013 Bank


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 3'230'380 1.48 - 31.12.2012 Investment Advisor


TAPIOLA MUTUAL PENSI n/a EXCH 3'000'000 1.38 - 18.02.2013 Insurance Company



NORDEA FONDENE AS Multiple Portfolios MF-AGG 2'823'783 1.3 (61'106) 28.09.2012 Mutual Fund Manager

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'524'091 1.16 - 28.12.2012 Investment Advisor



Fondsfinans AS ARNE EGIL ROENNING buy 5 M 115 Not Provided 19.02.2013

Nordea Equity Research JORGEN ANDREAS LANDE hold 3 M 105 12 month 18.02.2013


Swedbank First Securities EIVIND TONNESSEN buy 5 M 113 Not Provided 18.02.2013

Morgan Stanley ROBERT PULLEYN Overwt/Attractive 5 M 140 12 month 15.02.2013


Carnegie OLE MARTIN WESTGAARD buy 5 M #N/A N/A Not Provided 15.02.2013

Handelsbanken KNUT ERIK LOVSTAD buy 5 M 125 12 month 15.02.2013

DNB Markets MATS OLIMB buy 5 M 110 Not Provided 15.02.2013

Dahlman Rose & Co PETER HATFIELD buy 5 M 124 Not Provided 15.02.2013

Arctic Securities ASA CHRISTIAN YGGESETH buy 5 M 125 Not Provided 15.02.2013

Barclays MICK PICKUP overweight 5 M 140 Not Provided 15.02.2013

Norne Securities AS STIG MJELDE buy 5 M 120 12 month 15.02.2013

ABG Sundal Collier JOHN A SCHJ OLAISEN buy 5 M 122 6 month 14.02.2013

Fearnley Fonds MORTEN NYSTROM buy 5 M 120 Not Provided 14.02.2013

SpareBank 1 Markets AS CHRISTOPHER MOLLERLOKKEN buy 5 M 112 12 month 14.02.2013




Danske Markets J HENRIK ERIKSEN buy 5 M 110 12 month 29.01.2013

Goldman Sachs MICHAEL RAE Sell/Neutral 1 D 99 12 month 23.01.2013

RBC Capital Markets KATHERINE TONKS outperform 5 M 120 12 month 17.01.2013


Canaccord Genuity Corp JAMES EVANS buy 5 M 120 12 month 19.12.2012


Natixis ANNE PUMIR buy 5 M 115 Not Provided 26.10.2012

RS Platou Markets THOMAS ORNER buy 5 M 125 6 month 26.10.2012

Holdings By:

Petroleum Geo-Services ASA ee


27.02.2013

Portugal Telecom, SGPS, S.A. offers telecommunications services in Portugal.

The Company offers domestic, long distance, and international telephone, mobile

telephone, paging, Internet access, and data communications services. Portugal

Telecom also distributes television programming over the Internet. The Company

offers some of its services in Brazil, Africa, and Asia.


LTM as of: 09/yy

52-Week High (18.01.2013) 4.46

52-Week Low (31.05.2012) 3.00

Daily Volume

3.905












PTC PL EQUITY YTD Change - Average Volume 30 Day 3'999'645

PTC PL EQUITY YTD % CHANGE - Average Volume 3 Month 3'959'370


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 Q1

6'068.0 6'610.8 3'689.1 3'681.6 6'000.7 5'032.8 6'017.9 6'558.8 6'378.1 1'599.6 1'555.0

2.32x 1.80x 3.82x 2.62x 1.86x 11.01x 7.61x 1.81x 1.82x 7.32x -

2'356.7 2'305.6 1'452.4 1'308.0 2'129.5 1'845.8 2'225.7 2'247.8 2'172.4 533.3 513.0

5.98x 5.17x 9.71x 7.38x 5.23x 7.73x 5.30x 5.27x 5.45x 5.53x 5.47x

741.9 576.1 684.7 5'672.2 339.1 355.9 194.2 255.2 292.5 43.3 92.0

13.39x 9.48x 12.42x 66.59x 11.41x 14.03x 15.90x 12.52x 11.19x - -











EBITDA Margin 37.0%



Asset Turnover 0.28







Fiscal Year Ended

Portugal Telecom SGPS SAPrice/Volume

Valuation Analysis

3'036'329.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'--..001122

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

'!2'

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-!2'

.!''

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27.02.2013


RS HOLDING SGPS SA n/a Research 90'111'159 10.05 - 02.07.2012 Holding Company

BANCO ESPIRITO SANTO n/a EXCH 90'020'566 10.04 (1'000'000) 09.10.2012 Bank

TELEMAR NORTE LESTE n/a 13D 89'651'205 10 - 24.05.2012 Corporation

CAIXA GERAL DE DEPOS n/a Research 56'812'686 6.34 653'721 06.03.2012 Government

BRANDES INVESTMENT P n/a Research 46'953'365 5.24 - 06.03.2012 Investment Advisor

NORGES BANK n/a EXCH 44'442'888 4.96 (410'031) 01.02.2012 Government



VISABEIRA GROUP n/a 20F 23'642'885 2.64 - 19.04.2012 Holding Company


CONTROLINVESTE FINAN n/a 20F 20'419'325 2.28 - 19.04.2012 Holding Company

WELLINGTON MANAGEMEN n/a EXCH 18'409'822 2.05 - 10.10.2012 Investment Advisor

ONTARIO TEACHERS PEN n/a EXCH 18'000'000 2.01 - 23.10.2012 Pension Fund (ERISA)

TELEFONICA SA n/a EXCH 17'912'661 2 (210'000) 20.01.2012 Corporation

GOLDMAN SACHS GROUP n/a EXCH 17'707'893 1.98 - 23.02.2012 Investment Advisor

INCOME FUND OF AMERI n/a EXCH 17'670'082 1.97 - 31.01.2012 n/a

BARCLAYS PLC n/a EXCH 17'448'794 1.95 (4'978'424) 21.01.2013 Investment Advisor

EUROPACIFIC GROWTH F n/a EXCH 15'831'045 1.77 - 07.08.2012 n/a

TPG-AXON MANAGEMENT n/a EXCH 15'666'668 1.75 (2'066'670) 21.03.2011 Hedge Fund Manager

MORGAN STANLEY n/a ULT-AGG 15'004'899 1.67 (16'154'533) 31.12.2012 Investment Advisor


Societe Generale OTTAVIO ADORISIO hold 3 M 4 12 month 25.02.2013

BPI PEDRO OLIVEIRA buy 5 M 5 Not Provided 25.02.2013

Espirito Santo Investment Bank ResearchNUNO MATIAS buy 5 M 5 Not Provided 25.02.2013

Morgan Stanley LUIS PROTA Underwt/In-Line 1 M 4 12 month 22.02.2013


Caixa Banco de Investimento(ESN) GUIDO VARATOJO SANTOS buy 5 M 5 12 month 15.02.2013

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 5 Not Provided 15.02.2013

Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 4 Not Provided 14.02.2013

New Street Research SOOMIT DATTA reduce 2 M 4 Not Provided 11.02.2013


Macquarie GUY R PEDDY outperform 5 M 5 12 month 28.01.2013


Barclays JONATHAN DANN equalweight 3 M 4 Not Provided 24.01.2013


Credit Suisse JUSTIN FUNNELL underperform 1 M 4 Not Provided 21.01.2013


Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 6 Not Provided 14.01.2013

BCP Investimento ALEXANDRA DELGADO buy 5 M 5 Not Provided 14.01.2013

JPMorgan DANIEL MORRIS underweight 1 M 4 12 month 19.12.2012



HSBC LUIGI MINERVA neutral 3 M 4 Not Provided 07.12.2012

Nomura FREDERIC BOULAN neutral 3 M 4 Not Provided 30.11.2012

Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 4 12 month 28.09.2012


BBVA IVON LEAL market perform 3 M 4 Not Provided 30.07.2012

Natixis BENOIT MAYNARD buy 5 M 5 Not Provided 28.06.2012

Banif TERESA MARTINHO Under Review #N/A N/A M #N/A N/A Not Provided 30.03.2012

Gabelli & Co EVAN D MILLER hold 3 M #N/A N/A Not Provided 19.07.2011

Holdings By:

Portugal Telecom SGPS SA ee


27.02.2013

Premier Oil plc is an international oil and gas exploration and development

company with producing interests in the United Kingdom, Indonesia, and

Pakistan. The Company has continuing exploration and appraisal efforts in the

United Kingdom, South and South East Asia, and Africa.


LTM as of: 01/yy

52-Week High (28.02.2012) 451.70

52-Week Low (21.12.2012) 314.30

Daily Volume

381.1





2'016.44 1 Yr Total Return -13.78%







PMO LN EQUITY YTD Change - Average Volume 30 Day 1'297'119

PMO LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'301'205


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 - -

578.2 655.2 621.1 763.6 826.8 - - 1'435.3 1'766.9 - -

3.55x 1.62x 3.80x 5.14x 4.07x - - 2.83x 2.39x - -

327.3 402.3 344.9 391.3 355.7 - - 916.1 1'147.4 - -

6.27x 2.63x 6.85x 10.03x 9.45x - - 4.23x 3.37x - -

39.0 98.3 113.0 129.8 171.2 - - 309.0 400.6 - -

54.61x 11.89x 17.15x 27.17x 15.37x - - 10.62x 7.71x - -











EBITDA Margin 52.7%



Asset Turnover 0.30







Fiscal Year Ended

Premier Oil PLCPrice/Volume

Valuation Analysis

652'854.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2'

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

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1!' 9

2!' 9

3!' 9

4!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.02.2013


AXA INVESTMENT MGRS n/a Co File 40'173'814 7.59 - 21.03.2012 Investment Advisor



AXA FRAMLINGTON INV Multiple Portfolios REG 27'811'111 5.26 (623'593) 02.01.2013 Investment Advisor





BNP PARIBAS INVESTME n/a RNS-MAJ 15'604'990 2.95 2'090'971 03.01.2013 Investment Advisor



ARTEMIS INVESTMENT M n/a RNS-RUL8 12'495'315 2.36 171'390 12.12.2011 Investment Advisor




ROYAL LONDON ASSET M Multiple Portfolios REG 9'443'213 1.78 602'936 02.01.2013 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'953'998 1.69 (1'257) 30.11.2012 Investment Advisor

HERMES INVESTMENT MA n/a RNS-RUL8 8'534'852 1.61 70'294 23.11.2011 Investment Advisor

TD WATERHOUSE GROUP Multiple Portfolios REG 8'288'042 1.57 (258'836) 02.01.2013 Investment Advisor


Goodbody Stockbrokers Ltd GERRY F HENNIGAN buy 5 M 540 12 month 26.02.2013

Societe Generale DAVID MIRZAI buy 5 M 460 12 month 25.02.2013

RBC Capital Markets NATHAN PIPER outperform 5 M 600 12 month 21.02.2013

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 14.02.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 387 Not Provided 11.02.2013


Finncap WILLIAM ARNSTEIN buy 5 M 430 12 month 05.02.2013

Investec JERRY HO hold 3 M 364 12 month 01.02.2013

Numis Securities Ltd SANJEEV BAHL add 4 U 423 Not Provided 30.01.2013

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 570 12 month 29.01.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 352 Not Provided 25.01.2013

Morgan Stanley JAMIE MADDOCK Equalwt/Attractive 3 M 425 12 month 18.01.2013

FirstEnergy Capital Corp STEPHANE FOUCAUD market perform 3 M 430 12 month 18.01.2013

Deutsche Bank PHIL CORBETT buy 5 M 570 12 month 17.01.2013

Jefferies MATTHEW LAMBOURNE hold 3 M 415 12 month 17.01.2013

Canaccord Genuity Corp THOMAS MARTIN buy 5 M 475 12 month 17.01.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 500 12 month 17.01.2013

Fox-Davies Capital ZAC PHILLIPS buy 5 M 485 Not Provided 17.01.2013


GMP RITESH GAGGAR buy 5 M 490 Not Provided 08.01.2013

Barclays ALESSANDRO POZZI overweight 5 M 600 Not Provided 08.01.2013

Goldman Sachs CHRISTOPHOR JOST buy/attractive 5 M 579 12 month 17.12.2012

Davy JOB LANGBROEK outperform 5 M #N/A N/A Not Provided 26.11.2012

N+1 Singer Ltd SIMON HAWKINS buy 5 M 530 12 month 24.10.2012

Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 540 Not Provided 25.09.2012

Merrion Stockbrokers MUNA MULEYA hold 3 N 514 Not Provided 24.09.2012

HSBC PETER HITCHENS overweight 5 M 500 Not Provided 28.08.2012

Holdings By:

Premier Oil PLC ee


27.02.2013

Prysmian SpA develops, designs, produces, supplies and installs a wide range of

cables for applications in the energy and telecommunications industries.


LTM as of: 09/yy

52-Week High (22.01.2013) 16.42

52-Week Low (14.06.2012) 10.55

Daily Volume

15.9





3'410.69 1 Yr Total Return 26.42%







PRY IM EQUITY YTD Change - Average Volume 30 Day 1'151'085

PRY IM EQUITY YTD % CHANGE - Average Volume 3 Month 1'112'629


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 Q1

5'117.7 5'144.0 3'731.0 4'571.0 7'583.0 6'845.0 7'909.0 7'998.9 8'183.4 2'051.1 -

0.76x 0.51x 0.72x 0.64x 0.41x 2.29x 1.97x 0.57x 0.54x 2.20x -

529.2 479.0 496.0 428.0 544.0 306.0 734.0 641.5 692.8 173.8 -

7.30x 5.46x 5.43x 6.87x 5.78x 11.73x 6.08x 7.63x 7.06x - -

300.2 237.0 248.0 148.0 (136.0) (97.0) 165.0 256.1 308.1 74.4 -

10.11x 8.41x 8.71x 15.55x - 0.00x 17.57x 13.03x 10.81x - -











EBITDA Margin 9.3%



Asset Turnover 1.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Prysmian SpAPrice/Volume

Valuation Analysis

782'890.00


'.135

-'-.-1-3-5

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

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27.02.2013


CLUBTRE SRL n/a EXCH 13'297'401 6.2 - 30.11.2012 Other





JP MORGAN SECURITIES n/a EXCH 4'620'520 2.15 - 30.11.2012 Investment Advisor


SCHRODER INVESTMENT n/a EXCH 4'309'482 2.01 - 30.11.2012 Investment Advisor

OPPENHEIMERFUNDS INC n/a EXCH 4'292'321 2 - 30.11.2012 Investment Advisor

T ROWE PRICE ASSOCIA n/a EXCH 4'292'321 2 - 20.11.2012 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'656'220 1.24 (1'221'890) 31.12.2012 Investment Advisor

GENERALI ASSET MANAG Multiple Portfolios MF-AGG 2'328'432 1.09 (5'280) 31.01.2013 Mutual Fund Manager

UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 1'984'776 0.93 30'760 30.11.2012 Mutual Fund Manager


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'546'300 0.72 (49'500) 31.12.2012 Investment Advisor

ACTIVEST MUNICH Multiple Portfolios MF-AGG 1'219'934 0.57 - 30.11.2012 Investment Advisor


AMBER CAPITAL UK LLP n/a Short (1'158'348) -0.54 - 25.02.2013 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 926'038 0.43 1'038 31.01.2013 Mutual Fund Manager


Mediobanca SpA ALESSANDRO TORTORA neutral 3 M 16 6 month 27.02.2013

Banca IMI MONICA BOSIO add 4 M 18 12 month 27.02.2013

Banca Akros(ESN) FRANCESCO PREVITERA accumulate 4 M 16 12 month 27.02.2013

Credit Suisse MAX YATES outperform 5 M 19 Not Provided 25.02.2013

AlphaValue LIONEL PELLICER buy 5 M 20 6 month 21.02.2013

Exane BNP Paribas ARNAUD BROSSARD outperform 5 M 19 Not Provided 04.02.2013

Natixis ARNAUD SCHMIT neutral 3 M 16 Not Provided 24.01.2013

Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 22 12 month 17.01.2013


JPMorgan ANDREAS WILLI overweight 5 M 18 9 month 14.01.2013

Berenberg Bank MAGGIE PAXTON buy 5 M 16 Not Provided 08.01.2013

Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 19 Not Provided 08.01.2013

Barclays DAVID VOS overweight 5 M 16 Not Provided 21.12.2012

CA Cheuvreux GIORGIO IANNELLA outperform 5 D 16 Not Provided 11.12.2012

Equita SIM SpA LUIGI DE BELLIS buy 5 M 17 12 month 12.11.2012

HSBC CHRISTOPHE QUARANTE overweight 5 M 18 Not Provided 09.11.2012

Kepler Capital Markets ENRICO COCO buy 5 M 16 Not Provided 09.11.2012

Hammer Partners SA ALBERTO ROLLA buy 5 M #N/A N/A Not Provided 11.05.2012

Centrobanca MARCO CRISTOFORI buy 5 M 15 12 month 14.02.2012

Holdings By:

Prysmian SpA ee


27.02.2013

PSP Swiss Property AG owns and manages real estate. The Company owns a

portfolio of office and business premises at exclusive locations in

Switzerland's key economic centers, including Zurich, Geneva, Basel, Bern and

Lausanne.


LTM as of: 09/yy

52-Week High (20.08.2012) 89.95

52-Week Low (27.02.2012) 73.44

Daily Volume

84.15





3'859.78 1 Yr Total Return 14.01%







PSPN SE EQUITY YTD Change - Average Volume 30 Day 83'064

PSPN SE EQUITY YTD % CHANGE - Average Volume 3 Month 73'642


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 Q1

195.6 205.7 221.9 224.1 284.2 246.3 236.9 265.0 270.9 65.3 68.1

22.95x 20.75x 20.97x 23.15x 18.75x 86.69x 93.27x 21.45x 21.29x 87.17x -

132.6 147.4 164.8 169.5 231.3 213.8 229.1 228.3 230.1 54.7 54.2

33.85x 28.96x 28.23x 30.61x 23.04x 25.79x 24.92x 24.78x 24.57x 26.14x 26.25x

291.2 224.0 231.2 280.8 404.0 366.5 385.2 155.7 156.5 38.3 -

8.72x 9.96x 10.73x 11.52x 8.36x 9.50x 9.73x 23.82x 24.02x 23.57x -











EBITDA Margin 96.7%



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

PSP Swiss Property AGPrice/Volume

Valuation Analysis

42'692.00


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

-''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!- 9

!- 9

!. 9

!. 9

!0 9

!0 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


HETZ NATHAN n/a Co File 7'000'000 15.26 - 31.12.2011 n/a

ALONY HETZ PROPERTIE n/a EXCH 6'685'000 14.57 (668'972) 31.08.2012 Other



UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 612'882 1.34 2'572 31.10.2012 Investment Advisor





BNP PARIBAS INV PART n/a ULT-AGG 263'062 0.57 (346) 31.12.2012 Investment Advisor


IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 213'111 0.46 (2'506) 31.10.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 193'798 0.42 7'254 31.12.2012 Investment Advisor




GABRIEL LUCIANO n/a Co File 143'251 0.31 - 31.12.2011 n/a



COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 123'840 0.27 38'047 25.02.2013 Investment Advisor


Berenberg Bank KAI MALTE KLOSE hold 3 M 90 Not Provided 20.02.2013


Zuercher Kantonalbank MARKUS WAEBER outperform 5 M #N/A N/A Not Provided 01.02.2013



Kempen & Co ROBERT WOERDEMAN neutral 3 M 90 12 month 13.01.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 80 12 month 26.11.2012

ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 N 85 12 month 15.11.2012

JPMorgan TIM LECKIE overweight 5 U 97 9 month 07.11.2012

Morgan Stanley BIANCA RIEMER Equalwt/Attractive 3 M 88 12 month 29.08.2012

Deutsche Bank MARKUS SCHEUFLER hold 3 M 73 12 month 24.11.2011

Edge Capital Research MARIYA PANAYOTOVA underperform 1 N 74 12 month 08.08.2011

Holdings By:

PSP Swiss Property AG ee


27.02.2013

QIAGEN N.V. provides sample and assay technologies. The Company's technologies

(in the format of consumables and automated solutions) are used to process

biological samples and to analyze analytes contained therein, such as DNA and

RNA. QIAGEN provides these technologies to customers conducting molecular

diagnostics, applied testing, pharmaceutical R&D and academic research.


LTM as of: 12/yy

52-Week High (18.02.2013) 16.55

52-Week Low (14.03.2012) 11.13

Daily Volume

16.18





3'826.30 1 Yr Total Return 37.35%







QIA GY EQUITY YTD Change - Average Volume 30 Day 474'527

QIA GY EQUITY YTD % CHANGE - Average Volume 3 Month 445'410


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

893.0 1'009.8 1'087.4 1'169.7 1'254.5 1'169.7 1'254.5 1'347.0 1'428.8 306.9 324.9

4.61x 5.22x 4.13x 3.04x 3.72x 13.80x 14.15x 3.74x 3.37x 17.86x 16.71x

266.7 318.8 354.8 293.7 - 287.5 282.1 455.7 503.0 95.1 107.4

15.44x 16.52x 12.67x 12.12x - 12.38x 0.00x 11.82x 10.71x 12.17x 11.72x

89.0 137.8 144.3 96.0 129.5 96.0 129.5 262.9 295.3 53.7 63.2

22.81x 24.81x 30.08x 23.02x 26.69x 20.31x 23.27x 18.56x 16.65x 19.20x 18.81x











EBITDA Margin 25.5%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

QIAGEN NVPrice/Volume

Valuation Analysis

287'870.00


'.135

-'-.-1-3-5

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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



27.02.2013



CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 10'205'811 4.32 219'068 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 9'984'919 4.22 (176'620) 31.12.2012 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 8'592'261 3.63 13'000 31.12.2012 Investment Advisor

HARDING LOEVNER LP HARDING LOEVNER LP 13F 7'868'116 3.33 (3'890'496) 31.12.2012 Investment Advisor

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 6'081'286 2.57 (3'048'920) 31.12.2012 Investment Advisor

COLPAN METIN n/a Research 4'440'961 1.88 (100'000) 21.11.2012 n/a

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 4'306'600 1.82 382'300 31.12.2012 Investment Advisor

JOHNSTON ASSET MANAG JOHNSTON ASSET MANAG 13F 4'220'610 1.78 128'983 31.12.2012 Investment Advisor


ARROWGRASS CAPITAL P n/a Short (2'623'707) -1.11 - 02.11.2012 Hedge Fund Manager

PLATINUM INVESTMENT PLATINUM INVESTMENT 13F 2'358'976 1 - 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'339'119 0.99 (406'786) 31.12.2012 Investment Advisor



CASTLE CREEK ARBITRA n/a Short (1'938'234) -0.82 - 02.11.2012 Hedge Fund Manager

FMR LLC n/a ULT-AGG 1'878'575 0.79 (595) 31.12.2012 Investment Advisor

SCHATZ PEER M n/a Research 1'771'128 0.75 - 03.07.2012 n/a

DOUGLAS C LANE & ASS DOUGLAS C LANE & ASS 13F 1'655'975 0.7 47'570 31.12.2012 Hedge Fund Manager

RIESNER DETLEV H n/a Research 1'654'993 0.7 - 02.01.2013 n/a


Hamburger Sparkasse MARCO GUENTHER hold 3 D #N/A N/A Not Provided 26.02.2013

Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 25.02.2013

Cowen and Company DOUG SCHENKEL underperform 1 M #N/A N/A Not Provided 25.02.2013

Piper Jaffray WILLIAM R QUIRK neutral 3 M 17 12 month 22.02.2013

Wedbush ZARAK KHURSHID neutral 3 M 14 12 month 21.02.2013

Bryan Garnier & Cie MATHIEU CHABERT buy 5 M 17 6 month 21.02.2013


Main First Bank AG MARCUS WIEPRECHT outperform 5 M 20 12 month 19.02.2013

Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 19 6 month 14.02.2013

JPMorgan TYCHO W PETERSON overweight 5 M 16 9 month 08.02.2013

DZ Bank AG SVEN OLAF KUERTEN hold 3 M 16 12 month 06.02.2013

Exane BNP Paribas ROMAIN ZANA neutral 3 M 15 Not Provided 04.02.2013

Credit Suisse VAMIL DIVAN neutral 3 M 15 Not Provided 31.01.2013

Jefferies PETER WELFORD hold 3 M 14 12 month 31.01.2013

Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 19 12 month 31.01.2013

William Blair & Co BRIAN WEINSTEIN market perform 3 M #N/A N/A Not Provided 31.01.2013

Macquarie JONATHAN P GROBERG neutral 3 M 15 12 month 31.01.2013

CA Cheuvreux OLIVER REINBERG underperform 1 M 15 Not Provided 31.01.2013


Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 17 12 month 31.01.2013

Barclays CHARLES ANTHONY BUTLER overweight 5 M 15 Not Provided 31.01.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 16 Not Provided 30.01.2013

ISI Group ROSS MUKEN neutral 3 M 17 12 month 30.01.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 17 12 month 30.01.2013

Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 14 12 month 29.01.2013

HSBC JAN KEPPELER underweight 1 M 14 Not Provided 28.01.2013

M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 13 12 month 24.01.2013

Kempen & Co SACHIN SONI hold 3 M 14 12 month 15.01.2013


Goldman Sachs ISAAC RO neutral/neutral 3 M 15 6 month 18.11.2012

Berenberg Bank ADRIAN HOWD hold 3 M 14 Not Provided 15.11.2012

Deutsche Bank HOLGER BLUM buy 5 M 17 12 month 25.10.2012

Credit Suisse RAVI MEHROTRA restricted #N/A N/A M #N/A N/A Not Provided 04.04.2011

Holdings By:

QIAGEN NV ee


27.02.2013

Randstad Holding N.V. provides temporary employees. The Company places workers

for temporary assignments in educational, secretarial and banking, information

technology, engineering, and finance positions. The Company operates primarily

in the Benelux countries, Germany, Canada, Denmark, France, Italy, Portugal,

Spain, the United Kingdom, Switzerland, and the United States.


LTM as of: 12/yy

52-Week High (25.02.2013) 33.08

52-Week Low (01.06.2012) 20.53

Daily Volume

32.33





5'563.12 1 Yr Total Return 19.18%







RAND NA EQUITY YTD Change - Average Volume 30 Day 689'556

RAND NA EQUITY YTD % CHANGE - Average Volume 3 Month 552'475


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

14'038.4 12'399.9 14'179.3 16'224.9 17'086.8 16'224.9 17'086.8 16'924.3 17'813.1 3'876.0 4'192.0

0.29x 0.56x 0.54x 0.32x 0.34x 1.53x 1.03x 0.39x 0.35x 1.68x 1.63x

172.5 346.0 598.9 633.6 547.7 633.6 547.7 663.6 766.3 - -

23.84x 20.04x 12.72x 8.23x 10.74x 8.23x 10.74x 10.02x 8.68x - -

18.2 68.3 288.0 178.8 36.7 178.8 36.7 362.7 429.2 65.5 88.7

207.86x 96.94x 23.94x 22.86x 163.56x 22.63x 139.03x 15.72x 13.17x 8.44x -











EBITDA Margin 3.2%



Asset Turnover 2.35







Fiscal Year Ended

Randstad Holding NVPrice/Volume

Valuation Analysis

556'060.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.02.2013


GOLDSCHMEDING FRITS n/a Co File 59'029'872 34.31 - 15.02.2011 n/a

ALLIANCEBERNSTEIN CO n/a Research 9'611'993 5.59 (1'448'784) 01.11.2010 Investment Advisor

ING GROEP NV n/a Research 3'644'432 2.12 (820'176) 23.01.2013 Investment Advisor






TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'803'800 1.05 25'140 30.11.2012 Investment Advisor

STCH RANDSTAD OPTIEF n/a Research 1'771'096 1.03 - 20.01.2011 Other

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'211'479 0.7 31'549 30.11.2012 Investment Advisor



CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 886'210 0.52 - 28.09.2012 Mutual Fund Manager

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 812'800 0.47 176'300 31.12.2012 Investment Advisor



HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 397'018 0.23 (524) 31.12.2012 Investment Advisor

VALIC CO I Multiple Portfolios MF-AGG 315'862 0.18 (87) 31.12.2012 Investment Advisor

MASON STREET ADVISOR Multiple Portfolios MF-AGG 293'300 0.17 - 31.12.2012 Investment Advisor


AlphaValue HELENE COUMES buy 5 M 43 6 month 21.02.2013


S&P Capital IQ CLIVE ROBERTS hold 3 M 31 12 month 19.02.2013

KBC Securities MARGO JORIS accumulate 4 M 35 Not Provided 15.02.2013

Rabobank International DAVID TAILLEUR hold 3 M 30 12 month 15.02.2013

Natixis OLIVIER LEBRUN buy 5 M 35 Not Provided 15.02.2013

Exane BNP Paribas LAURENT BRUNELLE neutral 3 M 34 Not Provided 15.02.2013

Barclays PAUL D A SULLIVAN overweight 5 M 36 Not Provided 15.02.2013

Kempen & Co ARUN RAMBOCUS buy 5 M 35 12 month 14.02.2013


RBC Capital Markets ANDREW BROOKE outperform 5 M 37 12 month 14.02.2013

Credit Suisse ANDY GROBLER neutral 3 M 33 Not Provided 14.02.2013


Petercam MARCEL ACHTERBERG hold 3 M 30 Not Provided 14.02.2013

Berenberg Bank KONRAD ZOMER hold 3 M 28 Not Provided 14.02.2013


ING Bank MARC ZWARTSENBURG hold 3 M 27 12 month 14.02.2013

ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 M 33 Not Provided 14.02.2013

Deutsche Bank THOMAS SYKES hold 3 D 32 12 month 01.02.2013

SNS Securities(ESN) GERT STEENS buy 5 M 40 12 month 22.11.2012

Kepler Capital Markets MATTHIJS VAN LEIJENHORST hold 3 M 24 Not Provided 22.11.2012

Espirito Santo Investment Bank ResearchGUY HEWETT sell 1 N 21 Not Provided 18.10.2012

HSBC MATTHEW LLOYD overweight 5 M 40 Not Provided 11.09.2012



Holdings By:

Randstad Holding NV ee


27.02.2013

Red Electrica Corporacion S.A. maintains and operates Spain's electricity

transmission grid . The Company extends the high-voltage grid and coordinates

the production and transmission systems.


LTM as of: 12/yy

52-Week High (16.01.2013) 44.00

52-Week Low (04.06.2012) 29.00

Daily Volume

43.225





5'847.05 1 Yr Total Return 24.52%







REE SQ EQUITY YTD Change - Average Volume 30 Day 818'345

REE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'549'115


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

1'154.7 1'212.9 1'412.5 1'647.4 1'768.8 1'647.4 1'768.8 1'838.3 1'938.4 - -

6.71x 6.91x 7.28x 6.06x 6.09x 12.81x 11.79x 5.89x 5.56x - -

779.8 854.9 1'012.3 1'226.6 1'311.8 1'226.6 1'311.8 1'354.5 1'424.4 - -

9.93x 9.80x 10.16x 8.14x 8.21x 8.14x 8.21x 8.54x 8.12x - -

286.1 330.4 390.2 460.3 492.3 460.3 492.3 530.8 575.4 - -

16.98x 15.84x 12.14x 9.75x 10.25x 9.72x 10.25x 11.07x 10.20x - -











EBITDA Margin 74.2%



Asset Turnover 0.20

Current Ratio 0.36 Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Red Electrica Corp SAPrice/Volume

Valuation Analysis

468'867.00


'2

-'-2.'.20'021'122'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

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



27.02.2013


SOCIEDAD ESTATAL DE n/a Co File 27'054'000 20 - 31.12.2011 Holding Company




HSBC BANK PLC n/a Co File 4'381'395 3.24 - 31.12.2011 Bank

TALOS CAPITAL LIMITE n/a Co File 4'175'785 3.09 - 31.12.2011 Other

FIRST EAGLE INVESTME n/a Co File 4'132'499 3.06 - 31.12.2011 Hedge Fund Manager

MFS INVESTMENT MANAG n/a Co File 4'120'324 3.05 - 31.12.2011 Investment Advisor

BNP PARIBAS SA #N/A N/A EXCH 4'094'627 3.03 35'198 19.02.2013 Bank

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 2'991'693 2.21 2'988'889 29.06.2012 Mutual Fund Manager





MEDITOR CAPITAL MANA n/a Short (1'028'052) -0.76 (175'851) 25.02.2013 Investment Advisor

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 758'854 0.56 97'928 29.06.2012 Investment Advisor

RED ELECTRICA DE ESP n/a Co File 667'511 0.49 - 31.12.2011 Corporation

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 587'619 0.43 (31'266) 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 539'313 0.4 (128) 31.12.2012 Unclassified

LAZARD ASSET MANAGEM n/a ULT-AGG 467'789 0.35 93'917 31.01.2013 Unclassified


Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO hold 3 M 40 12 month 27.02.2013

Ahorro Corporacion Financiera SA TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 27.02.2013

Banesto Bolsa SA Sociedad ANTONIO CRUZ overweight 5 M 39 12 month 27.02.2013


Intermoney Valores ALVARO NAVARRO hold 3 D 40 Not Provided 22.02.2013

Exane BNP Paribas OLIVIER VAN DOOSSELAERE neutral 3 M 45 Not Provided 22.02.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 52 6 month 20.02.2013

Goldman Sachs FRED BARASI buy/attractive 5 M 57 12 month 18.02.2013

Espirito Santo Investment Bank ResearchFELIPE ECHEVARRIA buy 5 U 45 Not Provided 06.02.2013


Interdin Bolsa ALEJANDRO MIRANDA FOURNIER neutral 3 M 42 Not Provided 05.02.2013

Grupo Santander BOSCO MUGUIRO underweight 1 M 41 Not Provided 04.02.2013

Banco Sabadell JAVIER ESTEBAN buy 5 M 51 12 month 04.02.2013

JPMorgan JAVIER GARRIDO overweight 5 M 49 9 month 29.01.2013

La Caixa FERNANDO MURILLO GUIRAO sell 1 D 36 Not Provided 28.01.2013

Barclays MONICA GIRARDI equalweight 3 M 44 Not Provided 25.01.2013



CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 48 Not Provided 16.01.2013

Nomura JAVIER SUAREZ buy 5 M 40 Not Provided 12.12.2012


Macquarie ATALLAH ESTEPHAN neutral 3 M 38 12 month 26.10.2012

Morgan Stanley CAROLINA DORES Underwt/In-Line 1 D 38 12 month 12.10.2012

Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS underperform 1 N 36 12 month 19.09.2012

Kepler Capital Markets TEAM COVERAGE buy 5 M 39 Not Provided 30.07.2012

BBVA DANIEL ORTEA HERNANDEZ market perform 3 D 37 Not Provided 26.04.2012

Equita SIM SpA STEFANO GAMBERINI hold 3 D 41 12 month 02.04.2012

Renta 4 SA SVB NATALIA AGUIRRE buy 5 M 40 Not Provided 19.04.2011

Hammer Partners SA CHRIS MOORE buy 5 N 48 Not Provided 25.03.2011

Holdings By:

Red Electrica Corp SA ee


27.02.2013

Rentokil Initial plc is a global business services company. The Group

structures its business into the areas of Hygiene, Security, Facilities

Management, and Parcels Delivery. The Group operates worldwide in the regions

of Europe, North America, Asia Pacific and Africa.


LTM as of: 09/yy

52-Week High (02.01.2013) 98.85

52-Week Low (18.06.2012) 68.70

Daily Volume

91.45





1'659.66 1 Yr Total Return 17.42%







RTO LN EQUITY YTD Change - Average Volume 30 Day 3'376'426

RTO LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'992'320


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 Q1

2'203.4 2'409.9 2'530.8 2'496.5 2'544.3 2'528.3 2'541.5 2'549.3 2'677.8 655.0 -

1.43x 0.90x 1.27x 1.09x 0.81x 0.00x 0.00x 1.03x 0.96x - -

424.0 407.3 400.8 454.1 431.3 0.0 0.0 428.6 470.3 - -

7.45x 5.33x 8.02x 5.99x 4.77x 0.00x 0.00x 6.12x 5.58x - -

656.3 18.8 47.6 (23.4) (69.7) 0.0 0.0 136.7 156.6 - -

19.95x 57.89x 43.95x - - 0.00x 0.00x 12.03x 10.51x - -











EBITDA Margin 16.5%



Asset Turnover 1.41




Tot Debt to Common Equity - Accounts Payable Turnover Day -



Fiscal Year Ended

Rentokil Initial PLCPrice/Volume

Valuation Analysis

1'425'390.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

-''

-.'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

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27.02.2013


INVESCO LTD n/a RNS-MAJ 443'762'709 24.45 - 04.01.2013 Investment Advisor


THREADNEEDLE ASSET M Multiple Portfolios REG 124'427'705 6.86 - 01.11.2012 Investment Advisor



AMERIPRISE FINANCIAL n/a Co File 90'790'221 5 - 01.03.2012 Investment Advisor


SOCIETE GENERALE n/a Co File 87'287'805 4.81 - 01.03.2012 Bank


PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 74'351'339 4.1 1'047'558 31.07.2012 Investment Advisor

ORBIS INVESTMENT MAN Multiple Portfolios REG 64'277'495 3.54 (115'557'270) 01.11.2012 Investment Advisor



MAJEDIE ASSET MANAGE Multiple Portfolios REG 39'882'813 2.2 (2'680'478) 01.11.2012 Investment Advisor


GLOBAL ASSET MANAGEM Multiple Portfolios REG 22'603'564 1.25 - 01.11.2012 Investment Advisor



HENDERSON GLOBAL INV Multiple Portfolios REG 18'585'663 1.02 2'718'601 01.11.2012 Investment Advisor

HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 17'274'794 0.95 (1'106'964) 30.11.2012 Investment Advisor


Exane BNP Paribas PIERRE-EMMANUEL CAUSSE underperform 1 M 78 Not Provided 27.02.2013

Peel Hunt CHRISTOPHER BAMBERRY sell 1 M 82 Not Provided 04.02.2013

RBC Capital Markets DAVID GREENALL outperform 5 U 105 12 month 01.02.2013

JPMorgan ROBERT PLANT underweight 1 M 59 9 month 01.02.2013


Investec GIDEON ADLER hold 3 M 94 12 month 14.01.2013

HSBC MATTHEW LLOYD underweight 1 D 77 Not Provided 09.01.2013

Panmure Gordon & Co Limited MIKE ALLEN hold 3 M 85 Not Provided 02.01.2013


Jefferies JUSTIN JORDAN hold 3 M 88 12 month 07.12.2012

Canaccord Genuity Corp JAMES GILBERT sell 1 M 72 Not Provided 28.11.2012


Espirito Santo Investment Bank ResearchDAVID BROCKTON buy 5 M 95 Not Provided 13.11.2012

Oriel Securities Ltd HECTOR FORSYTHE hold 3 M 84 Not Provided 13.11.2012

Numis Securities Ltd MIKE MURPHY add 4 M 100 12 month 09.11.2012

Barclays JANE SPARROW overweight 5 M 96 Not Provided 09.11.2012

Baden Hill LLP CRAIG FRASER buy 5 N #N/A N/A Not Provided 17.10.2012

Deutsche Bank THOMAS SYKES hold 3 M 76 12 month 27.06.2012

Holdings By:

Rentokil Initial PLC ee


27.02.2013

Rexam Plc manufactures and distributes packaging materials. The Company

supplies packaging solutions to the beauty, food, beverages, and healthcare

industry. Rexam's products are marketed worldwide.


LTM as of: 01/yy

52-Week High (22.02.2013) 517.00

52-Week Low (25.05.2012) 391.87

Daily Volume

512.5





4'051.55 1 Yr Total Return 27.09%







REX LN EQUITY YTD Change - Average Volume 30 Day 2'041'477

REX LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'641'871


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

4'618.0 4'533.0 4'619.0 4'734.0 4'312.0 - - 4'556.0 4'718.0 - -

1.09x 1.00x 1.01x 0.95x 1.10x - - 1.16x 1.10x - -

644.0 619.0 710.0 740.0 653.0 - - 697.1 728.7 - -

7.83x 7.32x 6.60x 6.11x 7.25x - - 7.11x 6.80x - -

172.0 (29.0) 124.0 376.0 214.0 - - 321.3 349.5 - -

13.10x 25.49x 12.28x 10.17x 14.39x - - 12.59x 11.57x - -











EBITDA Margin 15.1%



Asset Turnover 0.69







Fiscal Year Ended

Rexam PLCPrice/Volume

Valuation Analysis

613'886.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-''

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1''

2''

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-!' 9

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2!' 9

3!' 9

4!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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27.02.2013






MONDRIAN INVESTMENT Multiple Portfolios REG 26'729'064 3.38 2'672'919 01.12.2012 Hedge Fund Manager


WELLINGTON MANAGEMEN Multiple Portfolios REG 22'173'693 2.8 1'096'853 01.12.2012 Investment Advisor


LAZARD ASSET MANAGEM n/a ULT-AGG 19'923'934 2.52 2'502'698 31.01.2013 Unclassified

CAUSEWAY CAPITAL MAN Multiple Portfolios REG 19'552'669 2.47 2'030'809 01.12.2012 Investment Advisor



ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 14'254'851 1.8 245'701 31.12.2012 Investment Advisor

MARATHON ASSET MANAG Multiple Portfolios REG 12'815'850 1.62 1'286'448 01.12.2012 Investment Advisor





HSBC Prop Trading/Ma Multiple Portfolios REG 10'631'385 1.34 (139'671) 01.12.2012 Unclassified




S&P Capital IQ CARL SHORT hold 3 M 540 12 month 22.02.2013

Oriel Securities Ltd HECTOR FORSYTHE buy 5 M 570 Not Provided 22.02.2013

AlphaValue THOMAS PICHERIT add 4 D 585 6 month 22.02.2013

Credit Suisse LARS KJELLBERG neutral 3 M 555 Not Provided 21.02.2013

Robert W. Baird & Co GHANSHAM PANJABI neutral 3 M 500 12 month 21.02.2013

Barclays PAUL CHECKETTS overweight 5 M 611 Not Provided 21.02.2013

Jefferies SANDY MORRIS hold 3 M 556 12 month 20.02.2013


Deutsche Bank DEBBIE JONES buy 5 M 572 12 month 22.01.2013

Wells Fargo Securities, LLC CHRISTOPHER MANUEL outperform 5 M #N/A N/A Not Provided 14.05.2012

Holdings By:

Rexam PLC ee


27.02.2013

Rhoen-Klinikum AG operates general, rehabilitation, and emergency health care

facilities which offer inpatient and outpatient medical care to various

communities in Germany. These clinics and hospitals offer cardiological,

surgical, psychiatric, neurological and neurosurgical, orthopedic, addiction

treatment, and physical therapy services.


LTM as of: 12/yy

52-Week High (26.04.2012) 22.26

52-Week Low (12.04.2012) 13.56

Daily Volume

16.205





2'240.05 1 Yr Total Return 13.71%







RHK GY EQUITY YTD Change - Average Volume 30 Day 370'921

RHK GY EQUITY YTD % CHANGE - Average Volume 3 Month 361'836


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

2'130.3 2'320.1 2'550.4 2'629.1 2'864.0 2'629.1 2'864.0 3'012.1 3'126.4 724.0 745.0

1.14x 1.22x 1.13x 1.01x - 4.23x 3.20x 1.00x 0.94x - -

264.4 284.6 310.2 357.9 - 370.8 215.6 336.6 379.2 78.7 81.0

9.20x 9.95x 9.31x 7.45x - 7.19x 0.00x 9.05x 8.03x 9.28x -

117.3 125.7 139.7 156.1 92.0 156.1 92.0 117.4 155.3 25.4 (14.6)

15.11x 16.00x 16.31x 13.03x 23.00x 13.03x 23.00x 18.68x 14.09x 20.01x -











EBITDA Margin 11.7%



Asset Turnover 0.90







Fiscal Year Ended

Rhoen Klinikum AGPrice/Volume

Valuation Analysis

619'576.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

'!''

2!''

-'!''

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27.02.2013


MUENCH FAMILY n/a Co File 17'278'999 12.5 - 31.12.2011 n/a

ALECTA PENSIONSFORSA n/a Co File 12'335'000 8.92 - 31.12.2011 Pension Fund (ERISA)

ASKLEPIOS KLINIKEN G n/a Research 6'931'238 5.01 - 27.06.2012 Corporation

BRAUN LUDWIG GEORG n/a Research 6'911'897 5 - 27.08.2012 n/a

FRESENIUS SE & CO KG n/a Research 6'911'601 5 - 03.09.2012 Corporation

JP MORGAN CLEARING C n/a Research 5'895'660 4.27 - 24.01.2013 Investment Advisor

PAULSON & CO n/a Research 5'040'000 3.65 - 22.05.2012 Hedge Fund Manager


CREDIT SUISSE AG n/a Research 4'099'089 2.97 - 27.07.2012 Investment Advisor

TEMPLETON INVEST COU n/a Research 4'057'091 2.93 - 08.05.2012 Investment Advisor



SKAGEN AS Multiple Portfolios MF-AGG 1'925'941 1.39 64'069 31.01.2013 Mutual Fund Manager

SUN LIFE FINANCIAL I n/a Research 1'819'760 1.32 - 30.04.2012 Investment Advisor








Bankhaus Lampe THERESA DICK buy 5 U 17 Not Provided 27.02.2013

CA Cheuvreux OLIVER REINBERG underperform 1 M 16 Not Provided 25.02.2013

Kepler Capital Markets MAJA PATAKI hold 3 M 16 Not Provided 25.02.2013

DZ Bank AG SVEN OLAF KUERTEN buy 5 M 18 12 month 25.02.2013

Main First Bank AG MARCUS WIEPRECHT outperform 5 U 20 12 month 25.02.2013

Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 16 12 month 22.02.2013

Berenberg Bank TOM JONES hold 3 M 16 Not Provided 22.02.2013

Commerzbank Corporates & Markets VOLKER BRAUN buy 5 M 19 6 month 21.02.2013

JPMorgan DAVID J ADLINGTON underweight 1 M 11 9 month 21.02.2013

HSBC JAN KEPPELER overweight 5 M 18 Not Provided 21.02.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 18 Not Provided 21.02.2013


M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 16 12 month 21.02.2013

Nomura MARTIN BRUNNINGER neutral 3 M 17 12 month 21.02.2013

Equinet Institutional Services(ESN) EDOUARD AUBERY buy 5 M 19 12 month 21.02.2013


Exane BNP Paribas JULIEN DORMOIS neutral 3 M 15 Not Provided 21.02.2013

AlphaValue EILEEN RYAN add 4 M 16 6 month 21.02.2013



Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 27.11.2012

Nord/LB HOLGER FECHNER hold 3 M 15 12 month 14.11.2012

Deutsche Bank HOLGER BLUM hold 3 M 17 12 month 02.11.2012

Credit Suisse MARK WADLEY outperform 5 M 17 Not Provided 05.10.2012

Close Brothers Equity Markets IGOR KIM hold 3 U 16 12 month 03.09.2012

GSC Research MATTHIAS SCHRADE buy 5 U #N/A N/A Not Provided 20.07.2012

Equita SIM SpA GIANMARCO BONACINA reduce 2 D 17 12 month 27.04.2012

Hauck & Aufhaeuser THOMAS WISSLER sell 1 D 15 12 month 26.04.2012

Donner & Reuschel MARKUS NEUBURGER buy 5 U 20 12 month 04.11.2010

Holdings By:

Rhoen Klinikum AG ee


27.02.2013

Rotork plc is a holding company. The Group provides actuation solutions

through the design, manufacture and support of actuators, systems and related

products to the valve industry. The main business operations are: Process

Control, Electric, Fluid Systems and Gears. Rotork operates worldwide.


LTM as of: 01/yy

52-Week High (20.02.2013) 2'935.00

52-Week Low (26.06.2012) 1'837.00

Daily Volume

2849





2'473.30 1 Yr Total Return 40.10%







ROR LN EQUITY YTD Change - Average Volume 30 Day 100'835

ROR LN EQUITY YTD % CHANGE - Average Volume 3 Month 94'903


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 - -

235.7 320.2 353.5 380.6 447.8 - - 519.7 572.1 - -

3.39x 2.01x 2.68x 3.91x 3.63x - - 4.62x 4.14x - -

59.3 82.3 96.7 104.2 121.4 - - 140.6 157.1 - -

13.46x 7.82x 9.81x 14.27x 13.40x - - 17.19x 15.39x - -

39.3 53.4 64.0 69.5 80.4 - - 93.7 105.6 - -

21.20x 12.76x 15.98x 22.72x 20.76x - - 25.88x 23.26x - -











EBITDA Margin 27.0%



Asset Turnover 1.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rotork PLCPrice/Volume

Valuation Analysis

78'334.00


'

2''

-'''

-2''

.'''

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02''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

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!0 9

!1 9

!2 9

!3 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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27.02.2013




MONDRIAN INVESTMENT Multiple Portfolios REG 4'386'272 5.05 679 01.01.2013 Hedge Fund Manager



WALTER SCOTT & PARTN Multiple Portfolios REG 2'728'400 3.14 - 01.01.2013 Investment Advisor

NORGES BANK n/a Co File 2'600'766 3 - 31.12.2011 Government

KAMES CAPITAL PLC n/a RNS-MAJ 2'596'832 2.99 (10'500) 09.07.2012 Investment Advisor



SCHRODER INVESTMENT Multiple Portfolios REG 1'430'022 1.65 - 01.01.2013 Investment Advisor



Cantillon Capital Multiple Portfolios REG 1'400'207 1.61 - 01.01.2013 Unclassified

LIONTRUST n/a ULT-AGG 1'327'208 1.53 - 01.01.2013 Unclassified


WILLIAM BLAIR & COMP Multiple Portfolios REG 1'147'811 1.32 51'614 01.01.2013 Investment Advisor

SARASIN n/a ULT-AGG 1'051'467 1.21 (34'811) 01.01.2013 Unclassified

PICTET & CIE Multiple Portfolios REG 993'131 1.14 30'873 01.01.2013 Mutual Fund Manager



Investec MICHAEL BLOGG hold 3 M 2'370 12 month 22.02.2013

Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 3'200 6 month 18.02.2013

Arden Partners Ltd BEN THEFAUT add 4 M #N/A N/A Not Provided 18.02.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 2'540 12 month 14.02.2013

Peel Hunt DOMINIC CONVEY hold 3 M 2'200 Not Provided 04.02.2013

Credit Suisse JONATHAN HURN outperform 5 M 2'780 Not Provided 23.01.2013

JPMorgan ANDREW J WILSON overweight 5 M 2'700 9 month 18.01.2013

Jefferies ANDREW DOUGLAS hold 3 M 2'600 12 month 17.01.2013



Berenberg Bank ALEXANDER VIRGO hold 3 M 2'260 Not Provided 08.01.2013

N+1 Singer Ltd JAMES TETLEY hold 3 M 2'135 12 month 03.10.2012

Barclays NICK WEBSTER equalweight 3 M 2'200 Not Provided 03.08.2012

Liberum Capital Ltd BENJAMIN BOURNE sell 1 M 1'790 Not Provided 01.08.2012

Finncap DAVID BUXTON hold 3 M 1'800 12 month 21.04.2011

Holdings By:

Rotork PLC ee


27.02.2013

RSA Insurance Group PLC is a worldwide commercial insurer. The Company

provides property, automobile, liability, and specialty insurance products.


LTM as of: 09/yy

52-Week High (19.02.2013) 137.30

52-Week Low (18.05.2012) 97.00

Daily Volume

120





4'317.00 1 Yr Total Return 19.46%







RSA LN EQUITY YTD Change - Average Volume 30 Day 15'784'930

RSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 12'424'400


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 09/11 Q3 12/11 Q4

7'143.0 7'458.0 7'924.0 8'735.0 8'842.0 3'185.0 0.0 8'908.9 9'316.5 - -

0.67x 0.67x 0.62x 0.49x 0.57x 0.72x #DIV/0! 0.43x 0.47x - -

- - - - - 0.0 0.0 - - - -

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

574.0 418.0 346.0 426.0 344.0 234.0 561.0 452.9 484.4 - -

3.97x 4.88x 6.23x 8.86x 13.26x 9.99x 8.23x 9.52x 9.09x - -


EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

RSA Insurance Group PLCPrice/Volume

Valuation Analysis

6'789'777.00


'

.'

1'

3'

5'

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3'!' 9

5'!' 9

-''!' 9

-.'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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-5!''

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27.02.2013








PRUDENTIAL FINANCIAL n/a ULT-AGG 116'142'905 3.23 49'459'017 31.12.2012 Investment Advisor








SCHRODER INVESTMENT Multiple Portfolios MF-AGG 58'841'227 1.64 (2'967'483) 31.12.2012 Investment Advisor


ABBEY NATIONAL TREAS n/a RNS-MAJ 50'807'479 1.41 (69'312'086) 01.10.2012 Investment Advisor

MELLON CAPITAL MANAG Multiple Portfolios REG 47'366'254 1.32 29'268'532 01.09.2012 Investment Advisor


BARCLAYS PERSONAL IN Multiple Portfolios REG 39'971'158 1.11 1'701'238 01.09.2012 Investment Advisor


Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 27.02.2013

RBC Capital Markets GORDON AITKEN sector perform 3 M 120 12 month 22.02.2013

Credit Suisse CHRIS ESSON neutral 3 M 125 Not Provided 22.02.2013

Berenberg Bank SAMI TAIPALUS buy 5 M 150 Not Provided 22.02.2013

Deutsche Bank OLIVER STEEL hold 3 D 122 12 month 21.02.2013

Raymond James RAPHAEL CARUSO underperform 1 D 112 Not Provided 21.02.2013


Canaccord Genuity Corp BEN COHEN hold 3 M 120 Not Provided 21.02.2013

Nomura FAHAD CHANGAZI neutral 3 U 124 Not Provided 21.02.2013

Numis Securities Ltd NICHOLAS JOHNSON hold 3 M 115 Not Provided 21.02.2013

Exane BNP Paribas ANDY HUGHES outperform 5 M 152 Not Provided 21.02.2013

Barclays ANDREW BROADFIELD underweight 1 M 115 Not Provided 21.02.2013

AlphaValue JEROME CASSAGNE buy 5 U 146 6 month 21.02.2013

Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 128 12 month 20.02.2013

JPMorgan ANDREAS VAN EMBDEN overweight 5 M 130 3 month 20.02.2013

Keefe, Bruyette & Woods GREIG N PATERSON underperform 1 M 100 12 month 20.02.2013

Daniel Stewart & Co SIMON WILLIS hold 3 D 135 12 month 20.02.2013

Oriel Securities Ltd MARCUS BARNARD hold 3 M 110 Not Provided 20.02.2013

Panmure Gordon & Co Limited BARRIE CORNES sell 1 D 120 Not Provided 20.02.2013



Investec KEVIN RYAN sell 1 D 101 12 month 07.01.2013

Jyske Bank ROBERT JAKOBSEN strong buy 5 M 130 Not Provided 06.12.2012

Morgan Stanley JON HOCKING Underwt/In-Line 1 M 124 12 month 05.12.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH sell 1 M 112 Not Provided 17.09.2012

Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012

Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 138 Not Provided 01.03.2011

Holdings By:

RSA Insurance Group PLC ee


27.02.2013

The Sage Group plc is a software publishing company. The Group develops,

publishes and distributes accounting and payroll software for personal computer

systems. Via its subsidiaries, Sage also maintains a registered user database

which provides a market for their related products and services, including

computer forms, software support contracts, program upgrades and training.


LTM as of: 01/yy

52-Week High (20.02.2013) 345.60

52-Week Low (18.05.2012) 245.30

Daily Volume

338





4'022.77 1 Yr Total Return 13.81%







SGE LN EQUITY YTD Change - Average Volume 30 Day 2'729'694

SGE LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'907'124


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

1'295.0 1'439.3 1'277.7 1'334.1 1'340.2 - - 1'388.5 1'428.0 - -

2.38x 2.42x 2.99x 2.55x 3.22x - - 3.06x 2.92x - -

322.6 346.2 363.0 394.8 391.2 - - 397.1 424.3 - -

9.54x 10.06x 10.53x 8.63x 11.02x - - 10.50x 9.82x - -

166.3 189.5 227.3 189.0 296.6 - - 255.6 269.5 - -

15.34x 16.14x 16.95x 13.19x 16.82x - - 15.43x 14.20x - -











EBITDA Margin 29.2%



Asset Turnover 0.51







Fiscal Year Ended

Sage Group PLC/ThePrice/Volume

Valuation Analysis

1'197'324.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

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3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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-3!''

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27.02.2013




LLOYDS BANKING GROUP n/a ULT-AGG 62'470'961 5.25 176'753 31.01.2013 Investment Advisor

AVIVA PLC n/a RNS-MAJ 61'775'580 5.19 (5'206'036) 18.01.2013 Investment Advisor


MARATHON ASSET MANAG Multiple Portfolios REG 42'105'963 3.54 (3'084'345) 01.10.2012 Investment Advisor



NEWTON INV MGMT Multiple Portfolios REG 36'248'668 3.05 3'543'652 01.10.2012 Mutual Fund Manager




JUPITER ASSET MANAGE Multiple Portfolios REG 23'708'269 1.99 (1'485'688) 01.10.2012 Investment Advisor


LINDSELL TRAIN INVES Multiple Portfolios REG 23'169'030 1.95 (12'000) 01.10.2012 Unclassified

F&C ASSET MANAGEMENT Multiple Portfolios REG 21'089'988 1.77 (5'644'336) 01.10.2012 Investment Advisor



TROY ASSET MANAGEMEN Multiple Portfolios REG 19'223'500 1.62 7'586'799 01.10.2012 Investment Advisor



Merchant Securities ROGER PHILLIPS hold 3 M 305 12 month 25.02.2013

Morgan Stanley ADAM WOOD Equalwt/In-Line 3 M 320 12 month 22.02.2013


JPMorgan STACY E POLLARD neutral 3 M 327 9 month 20.02.2013

Numis Securities Ltd DAVID TOMS add 4 M 342 Not Provided 20.02.2013

Credit Suisse CHARLES BRENNAN underperform 1 M 284 Not Provided 18.02.2013

Berenberg Bank DAUD KHAN hold 3 M 325 Not Provided 18.02.2013


Panmure Gordon & Co Limited GEORGE O'CONNOR hold 3 U 315 Not Provided 18.02.2013

Baader Bank KNUT WOLLER hold 3 M 340 12 month 15.02.2013

S&P Capital IQ JAMES CRAWSHAW hold 3 M 335 12 month 15.02.2013


Exane BNP Paribas JOSEP BORI underperform 1 M 235 Not Provided 28.01.2013

Societe Generale RICHARD NGUYEN sell 1 M 280 12 month 23.01.2013

Canaccord Genuity Corp BOB LIAO hold 3 M 327 Not Provided 23.01.2013

Peel Hunt PAUL GILMER MORLAND sell 1 M 280 Not Provided 23.01.2013

Espirito Santo Investment Bank ResearchVIJAY ANAND buy 5 M 355 Not Provided 23.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 23.01.2013

Barclays GERARDUS VOS underweight 1 D 260 Not Provided 14.01.2013

Goldman Sachs MOHAMMED MOAWALLA neutral/attractive 3 M 330 12 month 11.01.2013

Natixis GWENAEL GIARD neutral 3 M 316 Not Provided 10.01.2013

N+1 Singer Ltd CHRIS GLASPER not rated #N/A N/A M #N/A N/A Not Provided 14.12.2012

RBC Capital Markets ANDREW DUNN outperform 5 M 325 12 month 12.12.2012

Investec JULIAN YATES sell 1 M 270 12 month 05.12.2012

Jefferies MILAN RADIA hold 3 M 320 12 month 05.12.2012

CA Cheuvreux MICHAEL BEUCHER underperform 1 M 285 Not Provided 11.05.2012

Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 15.11.2011

Holdings By:

Sage Group PLC/The ee


27.02.2013

SBM Offshore NV, through subsidiaries, offers services to the offshore oil and

gas industry worldwide. The Company supplies and installs floating production

and/or storage facilities and terminals for the loading or unloading of

tankers. SBM offers, on long-term lease, floating facilities for the

production, storage, and export of crude oil and gas.


LTM as of: 09/yy

52-Week High (08.03.2012) 16.41

52-Week Low (20.11.2012) 7.73

Daily Volume

10.685





2'020.98 1 Yr Total Return -19.63%







SBMO NA EQUITY YTD Change - Average Volume 30 Day 1'961'599

SBMO NA EQUITY YTD % CHANGE - Average Volume 3 Month 2'883'677


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

3'060.3 2'956.5 3'055.8 3'156.8 3'695.2 0.0 816.5 4'007.8 3'962.8 1'962.0 -

1.10x 1.59x 1.79x 1.76x 1.21x #DIV/0! 0.00x 1.18x 1.20x - -

530.1 - - - - 0.0 0.0 883.0 924.9 322.0 -

6.36x - - - - 0.00x 0.00x 5.10x 4.87x - -

223.2 221.0 240.0 (472.7) (79.5) 0.0 0.0 432.5 464.9 (260.0) -

8.47x 13.43x 15.56x - - 0.00x 0.00x 6.27x 5.65x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.64







Fiscal Year Ended

SBM Offshore NVPrice/Volume

Valuation Analysis

1'226'046.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

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



27.02.2013


HAL TRUST n/a Research 25'152'814 13.3 - 20.12.2012 Other

BIELFELDT & COMPANY n/a Research 8'643'841 4.57 - 27.01.2012 Unclassified

SPRUCEGROVE INVESTME n/a Research 8'636'128 4.57 49'060 05.11.2012 Investment Advisor


ING INVESTMENT MANAG Multiple Portfolios MF-AGG 3'782'070 2 653'093 31.12.2012 Investment Advisor

ENCOMPASS CAPITAL AD n/a Short (2'458'849) -1.3 - 29.01.2013 Hedge Fund Manager


SNS INVESTMENT FUND Multiple Portfolios MF-AGG 2'009'677 1.06 (130'646) 29.06.2012 Investment Advisor


ROYAL BANK OF CANADA n/a ULT-AGG 1'534'761 0.81 (7'783) 28.09.2012 Bank






FORTIS INVESTMENTS Multiple Portfolios MF-AGG 1'075'425 0.57 (1'812) 31.10.2012 Mutual Fund Manager

FEDERAL GESTION Multiple Portfolios MF-AGG 999'996 0.53 - 30.11.2012 Investment Advisor


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 906'338 0.48 (539'000) 30.09.2012 Investment Advisor



Societe Generale GUILLAUME DELABY buy 5 M 14 12 month 27.02.2013

KBC Securities MICHAEL ROEG buy 5 M 15 Not Provided 22.02.2013

Rabobank International MICHEL AUPERS buy 5 M 15 12 month 22.02.2013

ABN Amro Bank N.V. WIM GILLE buy 5 M 15 12 month 22.02.2013


Kempen & Co DIRK VERBIESEN buy 5 M 17 12 month 20.02.2013


National Bank AG MANFRED JAISFELD buy 5 M 13 Not Provided 15.02.2013

ING Bank QUIRIJN MULDER buy 5 M 17 12 month 15.02.2013

Goldman Sachs HENRY TARR neutral/neutral 3 M 13 12 month 14.02.2013

Petercam LUUK VAN BEEK buy 5 M 15 Not Provided 14.02.2013

Nomura CHRISTYAN MALEK neutral 3 M 12 12 month 29.01.2013

Morgan Stanley ROBERT PULLEYN Equalwt/Attractive 3 U 14 12 month 27.01.2013


Kepler Capital Markets ANDRE MULDER hold 3 M 9 Not Provided 21.12.2012

Natixis JULIEN LAURENT buy 5 U 16 Not Provided 21.12.2012

Barclays MICK PICKUP overweight 5 M 14 Not Provided 21.12.2012

Pareto Securities KRISTIAN DIESEN hold 3 M 9 6 month 21.11.2012

S&P Capital IQ CHRISTINE TISCARENO hold 3 D 13 12 month 15.11.2012



Fearnley Fonds HAAKON MAGNE ORE buy 5 M 18 Not Provided 23.08.2011

Holdings By:

SBM Offshore NV ee


27.02.2013

Scania AB develops, produces, and market large trucks, buses, and coaches.

The Company has manufacturing facilities in Europe and Latin America. Scania

operates a network of workshops and part distribution centers in many countries

throughout the world. The Company also makes industrial and marine engines for

boats, electrical generators, earthmoving machines, and harvesters.


LTM as of: 12/yy

52-Week High (03.04.2012) 142.20

52-Week Low (28.06.2012) 111.20

Daily Volume

132.3





104'240.00 1 Yr Total Return 6.79%







SCVB SS EQUITY YTD Change - Average Volume 30 Day 1'271'101

SCVB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'153'214


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

88'977.0 62'074.0 78'168.0 87'686.0 79'603.0 87'686.0 79'603.0 83'477.4 88'870.3 19'953.5 19'956.9

1.25x 1.82x 1.90x 1.22x 1.73x 5.71x 6.57x 1.25x 1.14x 4.70x 4.76x

21'996.0 11'164.0 20'277.0 19'931.0 14'066.0 19'931.0 14'066.0 12'674.4 14'247.5 2'730.7 2'722.7

5.05x 10.13x 7.31x 5.38x 9.80x 5.45x 9.80x 10.63x 9.45x 11.68x 12.01x

8'890.0 1'129.0 9'103.0 9'422.0 6'646.0 9'422.0 6'646.0 7'420.0 8'654.4 1'599.3 1'679.2

7.00x 65.40x 13.60x 8.66x 16.17x 8.66x 16.17x 14.38x 12.40x 15.05x 14.89x


EBIT 11'368.00 Long-Term Rating A-









EBITDA Margin 17.7%



Asset Turnover 0.72







Fiscal Year Ended

Scania ABPrice/Volume

Valuation Analysis

791'871.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

-''

-.'

-1'

-3'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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



27.02.2013


VOLKSWAGEN AG n/a Research 59'037'822 14.76 - 31.10.2012 Corporation


MAN AG n/a Research 33'718'857 8.43 - 31.10.2012 Corporation



AMF PENSION n/a Research 12'760'520 3.19 - 31.10.2012 Pension Fund (ERISA)

JP MORGAN n/a ULT-AGG 10'572'476 2.64 - 31.10.2012 Unclassified

SEB n/a ULT-AGG 8'655'850 2.16 1'094'335 31.12.2012 Unclassified





DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 4'430'000 1.11 250'000 31.12.2012 Investment Advisor

SCANIA RESULTTATBONU n/a Research 4'069'408 1.02 - 31.10.2012 n/a


SKANDIA FONDER AB Multiple Portfolios MF-AGG 3'032'463 0.76 334'022 31.12.2012 Mutual Fund Manager


LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 2'506'024 0.63 1'779'668 31.12.2012 Investment Advisor


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'686'759 0.42 200'860 31.12.2012 Investment Advisor


AlphaValue HANS-PETER WODNIOK reduce 2 M 138 6 month 21.02.2013

Redburn Partners MARTIN VIECHA buy 5 M #N/A N/A Not Provided 05.02.2013

Evli Bank Plc ANTTI KANSANEN accumulate 4 M 145 12 month 01.02.2013

Barclays MICHAEL TYNDALL underweight 1 M 108 Not Provided 01.02.2013


Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 140 12 month 31.01.2013

Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 130 12 month 31.01.2013

SEB Enskilda ANDERS TRAPP hold 3 M 135 Not Provided 31.01.2013

Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 31.01.2013

Nordea Equity Research ANDREAS BROCK buy 5 M 150 12 month 31.01.2013

Handelsbanken HAMPUS ENGELLAU accumulate 4 M 155 12 month 31.01.2013

Pareto Securities DAVID JACOBSSON hold 3 M 140 6 month 31.01.2013

Natixis KATHLEEN GAILLIOT neutral 3 U 129 Not Provided 31.01.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 110 12 month 31.01.2013

DNB Markets CHRISTER MAGNERGARD hold 3 M 140 Not Provided 31.01.2013

Danske Markets BJORN ENARSON buy 5 M 158 12 month 31.01.2013


JPMorgan ALEXANDER WHIGHT overweight 5 M 147 9 month 30.01.2013


Morgan Stanley LAURA LEMBKE not rated #N/A N/A M #N/A N/A Not Provided 14.01.2013

Credit Suisse ERICH HAUSER underperform 1 M 115 Not Provided 08.01.2013

Silvia Quandt Research ALBRECHT DENNINGHOFF avoid 1 M 105 12 month 16.11.2012

Deutsche Bank JOCHEN GEHRKE hold 3 M 115 12 month 23.10.2012

Main First Bank AG CHRISTOPHER YOUL outperform 5 M 157 12 month 23.10.2012

Exane BNP Paribas RABIH FREIHA underperform 1 M 110 Not Provided 27.04.2012

Swedbank FREDRIK NILHOV buy 5 M 120 12 month 14.02.2012

Sydbank MORTEN IMSGARD underweight 1 D #N/A N/A Not Provided 28.04.2011

Holdings By:

Scania AB ee


27.02.2013

Schibsted ASA, through subsidiaries, operates media businesses. The Company

operates Media houses with print and online newspapers and services in

Scandinavia as well as in selected markets internationally. Schibsted also

offers Online classifieds with operations in Scandinavia and several

international markets.


LTM as of: 12/yy

52-Week High (04.01.2013) 253.40

52-Week Low (28.02.2012) 178.60

Daily Volume

240.8





26'007.27 1 Yr Total Return 32.45%







SCH NO EQUITY YTD Change - Average Volume 30 Day 272'322

SCH NO EQUITY YTD % CHANGE - Average Volume 3 Month 233'824


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

13'740.0 12'745.0 13'768.0 14'378.0 14'763.0 10'620.0 14'763.0 15'315.6 16'039.8 3'707.2 3'955.8

0.79x 1.29x 1.45x 1.23x 1.82x 6.96x 6.72x 1.76x 1.62x - -

3'073.0 1'732.0 2'273.0 2'337.0 2'570.0 1'695.0 2'570.0 2'229.2 2'684.3 392.3 636.8

3.54x 9.49x 8.80x 7.59x 10.47x 0.00x 10.47x 12.42x 10.32x 12.71x 11.97x

(906.0) 395.0 2'794.0 742.0 185.0 402.0 185.0 1'053.5 1'356.7 165.0 308.8

- 159.29x 6.36x 21.28x 136.24x 0.00x 137.75x 24.29x 19.14x 25.10x 22.74x











EBITDA Margin 17.4%



Asset Turnover 0.93








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schibsted ASAPrice/Volume

Valuation Analysis

415'935.00


'

2'

-''

-2'

.''

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0''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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27.02.2013


BLOMMENHOLM INDUSTRI n/a EXCH 28'188'589 26.1 - 18.02.2013 Unclassified



NWT MEDIA AS n/a EXCH 4'545'815 4.21 - 18.02.2013 Other

GOLDMAN SACHS & CO n/a EXCH 3'935'507 3.64 - 18.02.2013 Investment Advisor



DEUTSCHE BANK AG/LON n/a EXCH 2'835'983 2.63 - 18.02.2013 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 2'659'500 2.46 4'000 31.03.2012 Investment Advisor


JP MORGAN CLEARING C n/a EXCH 2'080'337 1.93 - 18.02.2013 Investment Advisor



SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'528'922 1.42 (74'288) 31.12.2012 Investment Advisor


SVENSKA HANDELSBANKE n/a EXCH 1'288'508 1.19 - 18.02.2013 Bank

SEB n/a ULT-AGG 1'277'364 1.18 455 18.02.2013 Unclassified


MONTAGUE PLACE CUSTO n/a EXCH 1'023'001 0.95 - 18.02.2013 Corporation




Carnegie PREBEN RASCH-OLSEN buy 5 M #N/A N/A Not Provided 14.02.2013

Handelsbanken RASMUS ENGBERG reduce 2 M 230 12 month 14.02.2013

SpareBank 1 Markets AS LARS DANIEL WESTBY buy 5 M 320 12 month 14.02.2013

DNB Markets CHRISTER ROTH sell 1 M 201 Not Provided 14.02.2013

Danske Markets MARTIN STENSHALL buy 5 M 290 12 month 14.02.2013

SEB Enskilda ATLE VEREIDE buy 5 M 255 Not Provided 13.02.2013

Arctic Securities ASA MARKUS BJERKE buy 5 M 277 Not Provided 13.02.2013

JPMorgan MARCUS DIEBEL neutral 3 M 244 9 month 21.01.2013

Deutsche Bank MARK BRALEY sell 1 D 200 12 month 10.12.2012

ABG Sundal Collier ALEXANDER HOST sell 1 M 180 6 month 07.11.2012


Berenberg Bank SARAH SIMON sell 1 N 182 Not Provided 15.08.2012

Pareto Securities THOMAS NIELSEN sell 1 M 170 6 month 11.05.2012

Swedbank First Securities ANDREAS BERTHEUSSEN neutral 3 N 190 Not Provided 16.02.2012

Natixis JEROME BODIN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.02.2010

Holdings By:

Schibsted ASA ee


27.02.2013

Schindler Holding AG manufactures and installs elevators, escalators, and moving

walkways internationally. The Company's products are used in airports, subway

stations, railroad terminals, shopping centers, cruise ships, hotels, and office

buildings. Schindler also offers maintenance services.


LTM as of: 12/yy

52-Week High (27.02.2013) 144.00

52-Week Low (27.06.2012) 102.60

Daily Volume

142.9





16'624.29 1 Yr Total Return 31.38%







SCHP VX EQUITY YTD Change - Average Volume 30 Day 85'269

SCHP VX EQUITY YTD % CHANGE - Average Volume 3 Month 78'969


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

14'027.0 8'281.0 8'187.0 7'854.0 8'258.0 5'699.0 8'258.0 8'777.1 9'246.3 - -

0.34x 0.95x 1.35x 1.39x 1.63x 0.00x 0.00x 1.63x 1.49x - -

1'018.0 996.0 1'089.0 933.0 1'104.0 0.0 0.0 1'221.2 1'323.8 - -

4.70x 7.86x 10.16x 11.68x 12.16x 0.00x 0.00x 12.11x 11.17x - -

615.0 625.0 677.0 576.0 702.0 679.0 730.0 773.7 838.3 - -

9.34x 15.44x 20.11x 23.83x 21.78x 17.74x 22.26x 21.59x 20.01x - -











EBITDA Margin 13.4%



Asset Turnover 1.07







Fiscal Year Ended

Schindler Holding AGPrice/Volume

Valuation Analysis

53'137.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

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!- 9

!- 9

!. 9

!. 9

!0 9

!0 9

!1 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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27.02.2013








UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 628'089 1.34 3'869 31.10.2012 Investment Advisor



WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 522'668 1.11 - 30.09.2012 Hedge Fund Manager




ABERDEEN n/a ULT-AGG 227'100 0.48 (23'000) 31.12.2012 Unclassified

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 189'071 0.4 - 31.12.2012 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 176'160 0.38 1'780 30.06.2012 Investment Advisor

NATCAN INVESTMENT MA Multiple Portfolios MF-AGG 163'832 0.35 - 31.12.2012 Investment Advisor

MIRABAUD & CIE Multiple Portfolios MF-AGG 121'000 0.26 31'000 29.06.2012 Mutual Fund Manager

FRANKLIN MUTUAL ADVI Multiple Portfolios MF-AGG 116'465 0.25 (8'194) 30.09.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 116'216 0.25 3'455 31.12.2012 Mutual Fund Manager


Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 155 12 month 25.02.2013



Bank Vontobel AG SERGE ROTZER hold 3 M 140 Not Provided 20.02.2013

Kepler Capital Markets CHRISTOPH LADNER hold 3 M 140 Not Provided 20.02.2013

Helvea VOLKAN GOCMEN buy 5 M 160 12 month 20.02.2013

Canaccord Genuity Corp JAMES STETTLER buy 5 M 160 Not Provided 08.02.2013

Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 07.01.2013

Espirito Santo Investment Bank ResearchROB VIRDEE sell 1 M 105 Not Provided 30.10.2012


EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.03.2012

Holdings By:

Schindler Holding AG ee


27.02.2013

Schroders PLC is an international asset management group. The Group manages

funds across all asset categories, including equities, bonds, cash, and

alternative investments and Venture Capital. Schroders clients comprise

charities, insurance companies, public authorities, pension funds and unit trust

holders.


LTM as of: 01/yy

52-Week High (25.02.2013) 2'083.00

52-Week Low (23.05.2012) 1'163.00

Daily Volume

1966





5'335.17 1 Yr Total Return 28.63%





Enterprise Value 868.87


SDR LN EQUITY YTD Change - Average Volume 30 Day 314'289

SDR LN EQUITY YTD % CHANGE - Average Volume 3 Month 251'786


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 12/12 Q4 03/13 Q1

1'191.8 1'230.2 1'037.6 1'394.8 1'501.9 - - 1'132.8 1'253.9 276.0 -

0.95x - 0.87x 1.25x - - - 2.58x 2.05x - -

358.0 110.2 149.1 395.1 404.9 - - 356.4 415.8 - -

3.17x - 6.05x 4.43x - - - 2.44x 2.09x - -

299.7 76.7 95.4 307.9 315.8 - - 273.7 319.2 139.0 -

12.42x 31.27x 38.78x 16.59x 11.33x - - 19.90x 17.07x - -


EBIT 390.80 Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin 25.5%



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schroders PLCPrice/Volume

Valuation Analysis

368'248.00


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2!' 9

3!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

'!''

2'!''

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-2'!''

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02'!''

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27.02.2013


FLAVIDA LIMITED n/a Co File 60'951'886 26.97 - 07.03.2012 Unclassified

FERVIDA LTD n/a RNS-MAJ 36'795'041 16.28 - 08.03.2012 Unclassified

SCHRODER BRUNO L n/a Co File 13'946'216 6.17 - 31.12.2011 n/a

SCHRODERS EMPLOY BEN n/a Co File 12'895'329 5.71 - 31.12.2011 n/a

SCHRODERS PLC ESOP Multiple Portfolios REG 12'709'419 5.62 29'051 02.01.2013 Unclassified


NIPPON LIFE INSURANC n/a ULT-AGG 5'721'822 2.53 - 02.01.2013 Insurance Company

LINDSELL TRAIN INVES Multiple Portfolios REG 5'036'554 2.23 (23'000) 02.01.2013 Unclassified






CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 2'456'119 1.09 (62'631) 28.09.2012 Mutual Fund Manager


Schroders Investment Multiple Portfolios REG 1'874'758 0.83 - 02.01.2013 Unclassified


PEOPLES REPUBLIC OF Multiple Portfolios REG 1'501'221 0.66 43'500 02.01.2013 Government

TRILOGY GLOBAL ADVIS Multiple Portfolios REG 1'361'809 0.6 (106'119) 02.01.2013 Hedge Fund Manager



Shore Capital Stockbrokers OWEN JONES sell 1 D #N/A N/A Not Provided 26.02.2013

Macquarie NEIL WELCH underperform 1 M 1'635 12 month 21.02.2013

Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 2'290 12 month 20.02.2013

Cantor Fitzgerald CATHERINE HEATH buy 5 N 2'232 Not Provided 19.02.2013

Exane BNP Paribas ABHISHEK PARTHASARATHY neutral 3 M 1'830 Not Provided 15.02.2013

Oriel Securities Ltd SARAH ING hold 3 N 2'000 Not Provided 11.02.2013

Numis Securities Ltd DAVID MCCANN hold 3 M 1'875 Not Provided 08.02.2013

Barclays DANIEL R GARROD underweight 1 M 1'770 Not Provided 05.02.2013

Goldman Sachs CHRIS M. TURNER Buy/Neutral 5 M 2'480 12 month 24.01.2013

Societe Generale MICHAEL SANDERSON hold 3 M 1'850 12 month 23.01.2013

RBC Capital Markets PETER K LENARDOS outperform 5 M 2'000 12 month 18.01.2013


JPMorgan RAE MAILE overweight 5 M 2'556 9 month 14.01.2013

HSBC NITIN ARORA overweight 5 U 2'100 Not Provided 14.01.2013

Credit Suisse GURJIT KAMBO neutral 3 U 1'800 Not Provided 11.01.2013

Jefferies JASON STREETS buy 5 M 1'940 12 month 03.01.2013

Canaccord Genuity Corp ARUN MELMANE sell 1 M 1'320 Not Provided 06.12.2012

Peel Hunt STUART DUNCAN hold 3 M 1'415 Not Provided 03.12.2012

S&P Capital IQ FRANK BRADEN hold 3 M 1'575 12 month 08.11.2012

Holdings By:

Schroders PLC ee


27.02.2013

SCOR SE offers life, accident, property/casualty, health, and special needs

reinsurance. The Company offers services through subsidiaries in Europe, the

Americas, Asia, and Africa. SCOR also holds real estate investments.


LTM as of: 09/yy

52-Week High (07.02.2013) 22.24

52-Week Low (01.06.2012) 17.06

Daily Volume

21.51





4'129.50 1 Yr Total Return 13.73%







SCR FP EQUITY YTD Change - Average Volume 30 Day 329'477

SCR FP EQUITY YTD % CHANGE - Average Volume 3 Month 331'367


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 Q1

5'075.0 5'754.0 6'312.0 6'724.0 7'405.0 6'987.0 8'988.0 9'062.4 9'581.5 2'152.5 2'058.0

0.40x 0.36x 0.42x 0.46x 0.47x 0.00x 0.46x 0.62x 0.55x - -

- - - - - 0.0 0.0 - - - -

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

407.0 315.0 370.0 418.0 330.0 0.0 2'205.0 417.3 476.3 96.8 119.0

6.29x 9.27x 8.49x 8.19x 10.04x 0.00x 0.00x 9.65x 8.47x 8.58x 8.04x


EBIT - Long-Term Rating A+


Pretax Margin - Short-Term Rating Date -





Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SCOR SEPrice/Volume

Valuation Analysis

96'394.00


'

2

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-2

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


PATINEX AG n/a Co File 15'000'000 7.81 - 31.12.2011 Private Equity


ALECTA PENSIONSFORSA n/a Research 9'400'000 4.9 (600'000) 04.07.2012 Pension Fund (ERISA)

SCOR n/a Co File 7'262'600 3.78 - 31.12.2011 Insurance Company

GENERALI INVESTMENTS n/a Co File 5'903'700 3.08 - 31.12.2011 Investment Advisor

MALAKOFF MEDERIC GRO n/a Co File 5'875'506 3.06 - 31.12.2011 Insurance Company

AMUNDI ASSET MANAGEM n/a Co File 5'113'300 2.66 - 31.12.2011 Other

OFI ASSET MANAGEMENT n/a Co File 3'965'500 2.07 - 31.12.2011 Mutual Fund Manager

COVEA FINANCE SAS n/a Co File 3'937'500 2.05 - 31.12.2011 Investment Advisor




THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'600'000 0.83 - 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'456'378 0.76 1'303'329 31.12.2012 Mutual Fund Manager



EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 911'400 0.47 1'700 31.12.2012 Hedge Fund Manager


JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 847'788 0.44 (16'743) 31.12.2012 Mutual Fund Manager

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 776'400 0.4 99'900 28.09.2012 Investment Advisor


CA Cheuvreux FRANK KOPFINGER outperform 5 M 25 Not Provided 18.02.2013

Credit Suisse ADAM MCINALLY underperform 1 M 21 Not Provided 15.02.2013

AlphaValue JEROME CASSAGNE add 4 M 23 6 month 14.02.2013

JPMorgan MICHAEL HUTTNER neutral 3 M 21 9 month 12.02.2013

Canaccord Genuity Corp BEN COHEN sell 1 M 20 Not Provided 11.02.2013

Berenberg Bank TOM CARSTAIRS buy 5 M 26 Not Provided 08.02.2013

Oddo & Cie NICOLAS JACOB neutral 3 M 23 Not Provided 07.02.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 24 6 month 07.02.2013


Exane BNP Paribas THOMAS JACQUET outperform 5 M 24 Not Provided 07.02.2013

Helvea DANIEL BISCHOF accumulate 4 M 25 12 month 07.02.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 25 12 month 04.02.2013

Mediobanca SpA GIANLUCA FERRARI outperform 5 M 27 6 month 30.01.2013


HSBC THOMAS FOSSARD overweight 5 M 26 Not Provided 16.01.2013

Societe Generale JASON KALAMBOUSSIS buy 5 M 24 12 month 15.01.2013


Natixis BENOIT VALLEAUX neutral 3 M 23 Not Provided 10.01.2013


Macquarie HADLEY COHEN outperform 5 M 25 12 month 27.11.2012

Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 26 12 month 19.11.2012

Morgan Stanley MACIEJ WASILEWICZ Underwt/In-Line 1 M 20 12 month 15.11.2012

Raymond James DANNY JACQUES outperform 5 M 24 Not Provided 06.09.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 23 Not Provided 09.02.2012

Holdings By:

SCOR SE ee


27.02.2013

Securitas AB sells products and services for the protection of homes, work

places, and community. The Company's services include specialized guarding and

mobile services, monitoring, and consulting and investigations. Securitas

operates in Europe, North and South America, the Middle East and Asia.


LTM as of: 12/yy

52-Week High (03.04.2012) 65.50

52-Week Low (01.11.2012) 47.85

Daily Volume

59.45





21'702.75 1 Yr Total Return -1.36%







SECUB SS EQUITY YTD Change - Average Volume 30 Day 1'489'757

SECUB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'618'296


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

56'571.6 62'666.7 61'339.8 64'057.1 66'458.2 64'057.1 66'458.2 66'485.3 68'729.7 16'043.7 16'546.6

0.58x 0.55x 0.61x 0.50x 0.47x 2.08x 1.89x 0.47x 0.44x 2.08x 2.06x

4'535.9 4'688.1 4'625.9 4'289.1 3'731.8 4'070.9 3'731.8 4'333.2 4'507.0 990.8 1'025.0

7.29x 7.30x 8.04x 7.52x 8.29x 7.92x 8.29x 7.37x 7.08x 7.35x -

2'323.6 2'116.2 2'083.1 1'735.7 1'211.6 1'735.7 1'211.6 2'031.0 2'162.0 412.0 446.7

12.40x 12.08x 13.78x 12.49x 17.08x 12.49x 17.08x 10.50x 9.86x 10.36x 9.97x











EBITDA Margin 5.6%



Asset Turnover 1.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Securitas ABPrice/Volume

Valuation Analysis

758'395.00


'

-'

.'

0'

1'

2'

3'

4'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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



27.02.2013


DOUGLAS CARL n/a Research 29'390'000 8.45 - 23.01.2013 n/a

DOUGLAS ELISABETH n/a Research 29'370'000 8.44 - 23.01.2013 n/a

DOUGLAS GUSTAF n/a Research 29'370'000 8.44 - 23.01.2013 n/a

DOUGLAS ERIC n/a Research 29'290'000 8.42 - 23.01.2013 n/a

JP MORGAN n/a ULT-AGG 16'904'677 4.86 (95) 01.11.2012 Unclassified

SCHORLING MELKER n/a Research 16'003'900 4.6 - 23.01.2013 n/a


NORDEA INVESTMENT FU n/a Research 14'401'820 4.14 - 01.11.2012 Mutual Fund Manager




LANNEBO FONDER AB n/a Research 10'842'575 3.12 - 01.11.2012 Investment Advisor


CARNEGIE FONDER AB/S n/a Research 9'200'000 2.64 - 01.11.2012 Investment Advisor


CACEIS BANK LUXEMBOU n/a Research 8'000'000 2.3 - 01.11.2012 Bank



AFA INSURANCE n/a Research 5'610'294 1.61 - 01.11.2012 Insurance Company

HANDELSBANKEN FUNDS n/a Research 5'375'600 1.55 - 01.11.2012 Mutual Fund Manager


Carnegie MIKAEL LOFDAHL buy 5 M #N/A N/A Not Provided 25.02.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 25.02.2013




Nordea Equity Research JOHAN GRABE buy 5 M 68 12 month 11.02.2013

Exane BNP Paribas LAURENT BRUNELLE underperform 1 M 52 Not Provided 11.02.2013

Danske Markets PETER TRIGARSZKY sell 1 D 54 12 month 11.02.2013

Handelsbanken ANDERS TEGEBACK reduce 2 M 55 12 month 10.02.2013

RBC Capital Markets ANDREW BROOKE underperform 1 M 45 12 month 08.02.2013

JPMorgan ROBERT PLANT underweight 1 M 54 12 month 08.02.2013

SEB Enskilda STEFAN ANDERSSON buy 5 M 69 Not Provided 08.02.2013

Swedbank SVEN SKOLD neutral 3 M 60 12 month 05.02.2013

Deutsche Bank SYLVIA FOTEVA buy 5 U 68 12 month 25.01.2013

HSBC RAJESH KUMAR neutral 3 U 60 Not Provided 07.01.2013

Goldman Sachs CHARLES WILSON Sell/Neutral 1 M 50 12 month 18.12.2012

Barclays PAUL CHECKETTS underweight 1 M 47 Not Provided 09.08.2012

Sydbank SOEREN LONTOFT HANSEN underweight 1 D #N/A N/A Not Provided 04.05.2011

Holdings By:

Securitas AB ee


27.02.2013

SEGRO is a property investment and development company that provides flexible

business space across Europe. SEGRO's property portfolio includes offices,

light industrial, logistics, warehouses and datacentre properties.


LTM as of: 01/yy

52-Week High (19.03.2012) 260.20

52-Week Low (13.06.2012) 207.90

Daily Volume

251.2





1'864.07 1 Yr Total Return 14.05%







SGRO LN EQUITY YTD Change - Average Volume 30 Day 1'247'671

SGRO LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'407'793


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2

321.4 358.6 378.7 369.1 305.4 - - 275.8 273.0 - -

11.13x 13.81x 11.42x 10.44x 12.84x - - 14.53x 14.41x - -

231.9 229.0 253.3 250.9 239.9 - - 229.0 225.3 - -

15.42x 21.62x 17.08x 15.35x 16.35x - - 17.27x 17.56x - -

(938.1) (233.1) 210.3 (30.4) (197.3) - - 130.7 135.2 - -

- - 10.05x - - - - 14.27x 14.11x - -











EBITDA Margin 78.6%



Asset Turnover 0.06







Fiscal Year Ended

Segro PLCPrice/Volume

Valuation Analysis

1'251'781.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2'

-''

-2'

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0''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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



27.02.2013




COHEN & STEERS INC n/a RNS-MAJ 42'076'063 5.67 (12'706'786) 11.08.2011 Corporation

THIRD AVENUE MANAGEM Multiple Portfolios REG 39'249'338 5.29 - 01.11.2012 Hedge Fund Manager


AXA INVESTMENT MANAG n/a Co File 29'673'312 4 - 20.02.2012 Investment Advisor


SUMITOMO MITSUI FINA n/a ULT-AGG 28'343'732 3.82 (2'012'938) 01.11.2012 Bank



SUMITOMO MITSUI TRUS n/a ULT-AGG 22'267'100 3 (1'212'263) 17.08.2012 Bank


ALECTA INVESTMENT MA Multiple Portfolios REG 20'974'485 2.83 - 01.11.2012 Unclassified


ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 19'963'498 2.69 - 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 17'939'085 2.42 (2'113'025) 31.12.2012 Investment Advisor


ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 16'043'280 2.16 (206'646) 17.07.2012 Investment Advisor




Societe Generale MARC MOZZI buy 5 M 290 12 month 27.02.2013

Morgan Stanley BART GYSENS Equalwt/Attractive 3 M 240 12 month 27.02.2013

Investec ALAN CARTER buy 5 M 260 12 month 27.02.2013

Numis Securities Ltd CHRISTOPHER SPEARING hold 3 M 255 Not Provided 26.02.2013

Jefferies ROBERT DUNCAN hold 3 M 228 12 month 25.02.2013

AlphaValue PIERRE-LOUP ETIENNE add 4 M 291 6 month 21.02.2013

Panmure Gordon & Co Limited MARK HUGHES buy 5 M 270 Not Provided 07.02.2013


Oriel Securities Ltd MATTHEW S SAPERIA add 4 M #N/A N/A Not Provided 24.01.2013

Peel Hunt KEITH CRAWFORD buy 5 M 260 Not Provided 23.01.2013

Barclays AARON GUY equalweight 3 D 270 Not Provided 15.01.2013

Kempen & Co RYAN PALECEK underweight 1 D 235 12 month 14.01.2013

Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 M 270 Not Provided 10.01.2013

JPMorgan NEIL GREEN overweight 5 M 280 9 month 09.01.2013


Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 247 Not Provided 18.12.2012

Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 232 12 month 04.10.2012

Liberum Capital Ltd CONOR FINN hold 3 M 242 Not Provided 19.07.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 01.05.2012

Holdings By:

Segro PLC ee


27.02.2013

Serco Group plc provides outsourcing services to governments, international

agencies, and corporations located throughout the world. The Company manages

facilities, projects, and information technology systems. Serco runs scientific

establishments, provides critical information to manage traffic, maintains

buildings, and operates railways.


LTM as of: 01/yy

52-Week High (07.08.2012) 606.00

52-Week Low (23.05.2012) 507.50

Daily Volume

568.5












SRP LN EQUITY YTD Change - Average Volume 30 Day 964'639

SRP LN EQUITY YTD % CHANGE - Average Volume 3 Month 975'215


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 - -

2'810.7 3'123.5 3'970.0 4'326.7 4'646.4 - - 4'899.9 5'137.4 - -

0.86x 0.87x 0.75x 0.69x 0.64x - - 0.70x 0.64x - -

187.0 207.7 285.6 326.9 359.9 - - 383.1 402.2 - -

12.87x 13.03x 10.37x 9.14x 8.31x - - 9.07x 8.64x - -

81.9 99.5 130.2 156.7 175.1 - - 199.7 209.3 - -

27.23x 21.99x 19.81x 17.42x 13.28x - - 14.00x 13.13x - -











EBITDA Margin 7.5%



Asset Turnover 1.63







Fiscal Year Ended

Serco Group PLCPrice/Volume

Valuation Analysis

1'087'674.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-''

.''

0''

1''

2''

3''

4''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013



INVESCO LTD n/a RNS-MAJ 60'109'307 12.06 5'107'528 10.12.2012 Investment Advisor

LANSDOWNE PARTNERS L Multiple Portfolios REG 45'447'363 9.12 205'651 01.11.2012 Hedge Fund Manager

UBS INVESTMENT BANK n/a Co File 29'359'875 5.89 - 27.02.2012 Bank


LLOYDS BANKING GROUP n/a ULT-AGG 24'682'200 4.95 - 27.02.2012 Investment Advisor


HBOS PLC n/a Co File 20'999'775 4.21 - 27.02.2012 Investment Advisor


LONGVIEW PARTNERS (G Multiple Portfolios REG 14'341'613 2.88 (403'276) 01.11.2012 Unclassified

IGNIS ASSET MANAGEME Multiple Portfolios REG 14'273'373 2.86 31'524 01.11.2012 Investment Advisor



SELFTRADE Multiple Portfolios REG 10'934'453 2.19 (93'749) 01.11.2012 Investment Advisor


GRYPHON INVESTMENT C Multiple Portfolios REG 9'067'505 1.82 371'747 01.11.2012 Unclassified






HSBC ALEX MAGNI neutral 3 D 590 Not Provided 27.02.2013

Berenberg Bank SIMON MEZZANOTTE hold 3 M 600 Not Provided 26.02.2013


Westhouse Securities MICHAEL DONNELLY add 4 M 630 Not Provided 07.02.2013


Credit Suisse DAVID RIGBY neutral 3 M 620 Not Provided 14.01.2013

Liberum Capital Ltd JOE BRENT buy 5 M 600 Not Provided 09.01.2013

Espirito Santo Investment Bank ResearchDAVID BROCKTON buy 5 U 630 Not Provided 03.01.2013

Peel Hunt CHRISTOPHER BAMBERRY hold 3 M 590 Not Provided 02.01.2013

Panmure Gordon & Co Limited MIKE ALLEN buy 5 M 630 Not Provided 02.01.2013


S&P Capital IQ CLIVE ROBERTS buy 5 M 730 12 month 20.12.2012

Oriel Securities Ltd HECTOR FORSYTHE hold 3 M 500 Not Provided 20.12.2012

Numis Securities Ltd MIKE MURPHY hold 3 M 544 Not Provided 19.12.2012

Canaccord Genuity Corp JULIAN CATER buy 5 M 700 Not Provided 12.12.2012

Jefferies KEAN MARDEN buy 5 M 655 12 month 28.11.2012

Shore Capital Stockbrokers ROBIN SPEAKMAN buy 5 M #N/A N/A Not Provided 23.11.2012

Investec GIDEON ADLER sell 1 M 500 12 month 16.11.2012

Barclays PAUL D A SULLIVAN equalweight 3 M 600 Not Provided 30.08.2012

RBC Capital Markets ANDREW BROOKE underperform 1 M 475 12 month 29.08.2012

Deutsche Bank ANDY CHU hold 3 D 600 12 month 23.08.2012

Arden Partners Ltd GEOFF ALLUM buy 5 M 590 12 month 30.09.2011

Holdings By:

Serco Group PLC ee


27.02.2013

Severn Trent plc supplies water, waste, and utility services throughout the

United Kingdom, Europe, and the United States. The Group offers a range of water

purification, sewage treatment and disposal, and recycling services. Severn

also provides utility companies with a range of information technology services

and software solutions, as well as engineering consultancy services.


LTM as of: 01/yy

52-Week High (14.08.2012) 1'836.00

52-Week Low (05.04.2012) 1'442.71

Daily Volume

1619





3'859.06 1 Yr Total Return 14.05%







SVT LN EQUITY YTD Change - Average Volume 30 Day 577'510

SVT LN EQUITY YTD % CHANGE - Average Volume 3 Month 634'808


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 - -

1'552.4 1'642.2 1'703.9 1'711.3 1'770.6 - - 1'832.8 1'878.3 - -

4.38x 3.74x 3.86x 4.38x 4.39x - - 4.46x 4.40x - -

699.7 713.6 813.9 792.5 786.7 - - 828.3 851.8 - -

9.73x 8.60x 8.07x 9.45x 9.89x - - 9.70x 9.43x - -

209.5 (57.8) 249.2 272.6 171.8 - - 226.0 234.1 - -

15.89x - 11.32x 12.69x 21.30x - - 17.50x 16.81x - -











EBITDA Margin 43.1%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Severn Trent PLCPrice/Volume

Valuation Analysis

173'542.00


'.''1''3''5''

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

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27.02.2013



NEWTON INV MGMT Multiple Portfolios REG 13'005'607 5.46 (310'070) 01.10.2012 Mutual Fund Manager

PICTET ASSET MANAGEM n/a RNS-MAJ 11'804'658 4.95 - 11.03.2011 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'729'881 4.92 2'170'589 25.02.2013 Investment Advisor


KAMES CAPITAL PLC n/a RNS-MAJ 7'052'477 2.96 - 21.02.2012 Investment Advisor



INVESCO LTD n/a RNS-MAJ 4'468'410 1.87 (7'512'220) 27.09.2010 Investment Advisor

NOMURA n/a ULT-AGG 4'454'074 1.87 (2'047'110) 01.10.2012 Unclassified



STANDARD LIFE INVEST Multiple Portfolios REG 4'179'531 1.75 (289'400) 01.10.2012 Investment Advisor


PICTET & CIE Multiple Portfolios REG 2'917'992 1.22 (453'801) 01.10.2012 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 2'852'152 1.2 128 30.11.2012 Mutual Fund Manager



WELLINGTON MANAGEMEN Multiple Portfolios REG 2'474'972 1.04 958'545 01.10.2012 Investment Advisor



RBC Capital Markets JOHN MUSK sector perform 3 M 1'690 12 month 26.02.2013

Nomura JONATHAN CONSTABLE neutral 3 M 1'695 Not Provided 21.02.2013

Societe Generale ASHLEY THOMAS hold 3 M 1'504 12 month 15.02.2013

HSBC VERITY MITCHELL neutral 3 M 1'745 Not Provided 15.02.2013

JPMorgan EDMUND REID neutral 3 M 1'520 12 month 13.02.2013

Exane BNP Paribas IAIN TURNER neutral 3 M 1'740 Not Provided 08.02.2013

Goldman Sachs ANDREW MEAD neutral/attractive 3 M 1'979 12 month 29.01.2013

S&P Capital IQ CLIVE ROBERTS hold 3 M 1'600 12 month 28.01.2013

Barclays HARRY WYBURD equalweight 3 M 1'640 Not Provided 25.01.2013


Credit Suisse GUY MACKENZIE underperform 1 D 1'460 Not Provided 13.12.2012

Deutsche Bank JAMES BRAND hold 3 M 1'500 12 month 02.11.2012


Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 1'645 12 month 30.05.2012

Holdings By:

Severn Trent PLC ee


27.02.2013

Sika AG manufactures construction materials and offers related services. The

Company produces concrete and mixtures, mortar, sealants and adhesives, tooling

resins, anti-static industrial flooring, acoustic materials for automobiles,

and waterproof membranes. Sika also offers specialized contracting services.


LTM as of: 09/yy

52-Week High (25.02.2013) 2'388.00

52-Week Low (05.06.2012) 1'704.00

Daily Volume

2345





5'966.44 1 Yr Total Return 21.36%







SIK VX EQUITY YTD Change - Average Volume 30 Day 4'222

SIK VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'337


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

4'573.2 4'624.5 4'154.9 4'416.0 4'556.4 0.0 2'516.4 4'808.7 5'087.8 1'190.7 -

1.23x 0.59x 1.89x 1.21x 1.05x #DIV/0! 0.00x 1.29x 1.20x - -

637.8 556.1 560.0 576.7 477.4 0.0 0.0 564.2 634.2 125.7 -

8.85x 4.89x 14.00x 9.27x 9.99x 0.00x 0.00x 11.32x 10.07x - -

341.6 266.7 225.9 310.5 213.3 0.0 153.4 283.8 334.7 61.0 -

15.78x 8.41x 17.74x 14.13x 17.84x 0.00x 0.00x 20.59x 17.52x - -


EBIT 348.50 Long-Term Rating A-









EBITDA Margin 10.8%



Asset Turnover 1.18








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

2'400.00


'

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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

'!''

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1!''

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27.02.2013


SCHENKER WINKLER HOL n/a Co File 1'140'136 53 - 31.12.2011 Investment Advisor

THREADNEEDLE ASSET M n/a EXCH 129'571 6.02 - 03.11.2011 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 54'836 2.55 (841) 28.12.2012 Mutual Fund Manager


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 38'500 1.79 240 28.12.2012 Mutual Fund Manager

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 37'620 1.75 (346) 31.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'584 1.65 577 31.12.2012 Investment Advisor




THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 17'814 0.83 971 31.10.2012 Investment Advisor

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 17'507 0.81 - 31.12.2012 Investment Advisor

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 17'142 0.8 (4) 31.12.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 16'070 0.75 200 31.10.2012 Investment Advisor

SARASIN n/a ULT-AGG 12'844 0.6 (440) 30.11.2012 Unclassified


MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 10'442 0.49 348 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'350 0.48 (1'100) 31.12.2012 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 9'707 0.45 36 31.12.2012 Investment Advisor


Main First Bank AG BERND POMREHN outperform 5 M 2'450 12 month 25.02.2013

Helvea PATRICK APPENZELLER neutral 3 M 2'300 12 month 21.02.2013

Credit Suisse PATRICK LAAGER neutral 3 M 1'980 Not Provided 14.02.2013


Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 2'900 6 month 14.01.2013

Bank Vontobel AG SERGE ROTZER hold 3 M 2'200 Not Provided 11.01.2013

Zuercher Kantonalbank MARTIN HUESLER market perform 3 M #N/A N/A Not Provided 10.01.2013

CA Cheuvreux OLIVER GIRAKHOU underperform 1 M 1'720 Not Provided 17.09.2012

Kepler Capital Markets CHRISTOPH LADNER buy 5 M 2'200 Not Provided 26.07.2012

Holdings By:

Sika AG ee


27.02.2013

Skanska AB offers construction related and project development services. The

Company focuses on construction of housing, commercial buildings, roads, and

railways, as well as develops and carries out civil engineering projects.

Skanska is also a provider of facilities management services and provides all

services internationally.


LTM as of: 12/yy

52-Week High (29.02.2012) 121.20

52-Week Low (01.06.2012) 93.30

Daily Volume

114.4





48'321.73 1 Yr Total Return 0.62%







SKAB SS EQUITY YTD Change - Average Volume 30 Day 1'862'572

SKAB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'579'019


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

143'674.0 139'124.0 122'224.0 118'734.0 129'350.0 118'734.0 129'350.0 129'846.1 133'178.8 27'335.1 33'138.5

0.19x 0.33x 0.44x 0.42x 0.38x 1.66x 1.60x 0.39x 0.38x - -

4'521.0 7'106.0 6'224.0 4'864.0 4'462.0 3'186.0 4'462.0 6'146.7 6'548.7 1'028.1 1'494.0

6.12x 6.49x 8.62x 10.26x 11.03x 0.00x 11.03x 8.76x 8.22x 8.71x 8.72x

3'102.0 4'216.0 4'022.0 7'589.0 2'853.0 7'589.0 2'853.0 3'483.0 3'715.9 523.5 829.5

10.42x 11.97x 13.66x 6.19x 15.34x 6.19x 15.33x 13.74x 12.69x 13.19x 13.20x











EBITDA Margin 3.4%



Asset Turnover 1.51








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Skanska ABPrice/Volume

Valuation Analysis

929'206.00


'

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3'

5'

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0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

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27.02.2013


AMF FORSAKRING n/a Research 191'244'600 47.82 - 30.09.2012 Other


INDUSTRIVARDEN AB n/a Research 21'443'238 5.36 - 30.09.2012 Holding Company




LUNDBERGS n/a Research 7'550'000 1.89 - 30.09.2012 Corporation



AMF FONDER AB Multiple Portfolios MF-AGG 6'639'600 1.66 - 31.12.2012 Investment Advisor

CARNEGIE FONDER AB/S n/a Research 6'100'000 1.53 - 30.09.2012 Investment Advisor

LANSFORSAKRINGAR GRO n/a Research 5'762'867 1.44 - 30.09.2012 Other




HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 4'070'392 1.02 (602'851) 31.01.2013 Investment Advisor

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 3'944'877 0.99 (495'581) 31.12.2012 Investment Advisor


XACT FONDER AB Multiple Portfolios MF-AGG 1'443'800 0.36 (6'272) 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'251'222 0.31 (11'714) 31.12.2012 Mutual Fund Manager


Carnegie TOBIAS KAJ hold 3 D #N/A N/A Not Provided 27.02.2013

Berenberg Bank CHRIS MOORE sell 1 M 99 Not Provided 11.02.2013

Nordea Equity Research JONAS L ANDERSSON hold 3 M 118 12 month 08.02.2013

Swedbank NICLAS HOGLUND neutral 3 D 115 12 month 08.02.2013


DNB Markets SIMEN MORTENSEN hold 3 D 120 Not Provided 08.02.2013

Danske Markets PETER TRIGARSZKY sell 1 M 104 12 month 08.02.2013

ABG Sundal Collier FREDRIC CYON hold 3 M 113 6 month 07.02.2013

SEB Enskilda STEFAN ANDERSSON hold 3 M 115 Not Provided 07.02.2013

Handelsbanken ALBIN SANDBERG reduce 2 M 104 12 month 07.02.2013


Goldman Sachs WILL MORGAN Sell/Neutral 1 M 108 12 month 14.01.2013

Deutsche Bank MANU RIMPELA hold 3 M 112 12 month 21.12.2012

HSBC TOBIAS LOSKAMP underweight 1 M 95 Not Provided 21.12.2012

CA Cheuvreux BJORN GUSTAFSSON underperform 1 M 105 Not Provided 17.12.2012


Holdings By:

Skanska AB ee


27.02.2013

Smiths Group plc is a global technology company. The company delivers products

and services for the threat & contraband detection, medical devices, energy and

communications market worldwide.


LTM as of: 01/yy

52-Week High (20.02.2013) 1'268.00

52-Week Low (01.06.2012) 975.00

Daily Volume

1250





4'916.92 1 Yr Total Return 19.45%







SMIN LN EQUITY YTD Change - Average Volume 30 Day 747'479

SMIN LN EQUITY YTD % CHANGE - Average Volume 3 Month 762'192


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 01/yy 01/yy 07/13 Y 07/14 Y - -

2'321.2 2'664.6 2'769.6 2'842.0 3'030.1 - - 3'126.0 3'251.4 - -

2.08x 1.38x 1.88x 1.83x 1.65x - - 1.81x 1.70x - -

431.7 544.3 580.3 598.7 603.4 - - 657.7 698.7 - -

11.20x 6.78x 8.96x 8.67x 8.27x - - 8.69x 8.18x - -

268.5 269.5 310.0 383.8 256.6 - - 370.9 397.7 - -

16.62x 10.17x 14.82x 14.59x 16.32x - - 13.16x 12.28x - -











EBITDA Margin 19.9%



Asset Turnover 0.84







Fiscal Year Ended

Smiths Group PLCPrice/Volume

Valuation Analysis

359'280.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

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-.!' 9

-1!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

'!''

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27.02.2013









DWS INVESTMENT SA Multiple Portfolios REG 9'346'725 2.38 (574'814) 01.10.2012 Unclassified

HARRIS ASSOCIATES LP Multiple Portfolios REG 9'068'255 2.31 837'780 01.10.2012 Investment Advisor








TIAA CREF INVESTMENT Multiple Portfolios REG 6'797'052 1.73 - 01.10.2012 Investment Advisor


ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 5'957'384 1.51 (3'115'615) 31.12.2012 Investment Advisor



Investec CHRIS DYETT buy 5 M 1'290 12 month 22.02.2013

RBC Capital Markets ANDREW CARTER underperform 1 M 875 12 month 19.02.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 1'281 12 month 14.02.2013

HSBC SEAN D MCLOUGHLIN overweight 5 N 1'400 Not Provided 07.02.2013



Jefferies SANDY MORRIS buy 5 M 1'400 12 month 29.01.2013

Day by Day VALERIE GASTALDY buy 5 M 1'338 3 month 24.01.2013

Credit Suisse ANDRE KUKHNIN outperform 5 M 1'200 Not Provided 17.01.2013



Deutsche Bank MARTIN WILKIE buy 5 U 1'335 12 month 14.12.2012

Societe Generale ALASDAIR LESLIE sell 1 M 940 12 month 04.12.2012

Numis Securities Ltd SCOTT CAGEHIN hold 3 M 1'180 Not Provided 19.11.2012

Nomura JUHO LAHDENPERA neutral 3 M 1'150 12 month 06.11.2012

Arden Partners Ltd DAVID LARKAM add 4 M 1'150 12 month 01.10.2012


Barclays ALLAN SMYLIE underweight 1 M 1'100 Not Provided 20.03.2012

Gabelli & Co WAYNE PINSENT buy 5 M #N/A N/A Not Provided 05.05.2011

Holdings By:

Smiths Group PLC ee


27.02.2013

Societe BIC SA manufactures pens, pencils, lighters, shavers, and correcting

fluid. The Company also imprints its pens with company names for use as

promotional items by its customers. BIC markets pens under the BIC, Ballograf,

and Sheaffer brands.


LTM as of: 12/yy

52-Week High (01.02.2013) 101.50

52-Week Low (07.03.2012) 71.87

Daily Volume

88.59





4'282.83 1 Yr Total Return 24.40%







BB FP EQUITY YTD Change - Average Volume 30 Day 109'121

BB FP EQUITY YTD % CHANGE - Average Volume 3 Month 86'233


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

1'420.9 1'562.7 1'831.5 1'824.1 1'898.7 1'824.1 1'898.7 1'955.7 2'045.0 - -

1.26x 1.33x 1.52x 1.64x 2.16x 0.00x 0.00x 1.98x 1.85x - -

284.1 300.0 381.9 418.8 468.7 0.0 0.0 473.1 498.9 - -

6.31x 6.94x 7.27x 7.14x 8.74x 0.00x 0.00x 8.45x 8.01x - -

144.9 151.7 207.5 237.9 263.1 237.9 263.1 277.2 296.9 - -

13.72x 15.33x 14.99x 13.70x 16.24x 13.78x 16.22x 15.05x 14.00x - -











EBITDA Margin 24.7%



Asset Turnover 0.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Societe BIC SAPrice/Volume

Valuation Analysis

42'313.00


'

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3'

5'

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!- 9

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!0 9

!1 9

!2 9

!3 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!''

2!''

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27.02.2013


BICH FAMILY n/a Research 28'097'254 58.12 - 23.01.2012 n/a


BIC n/a Co File 817'808 1.69 - 31.12.2011 Corporation



NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 365'030 0.76 - 28.09.2012 Investment Advisor

DNCA FINANCE Multiple Portfolios MF-AGG 256'948 0.53 (46'366) 28.09.2012 Investment Advisor




CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 202'886 0.42 20'000 31.12.2012 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 155'500 0.32 - 31.12.2012 Investment Advisor



BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 125'247 0.26 (64) 30.09.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 122'562 0.25 (640) 30.11.2012 Investment Advisor





Goldman Sachs MAYAN UTHAYAKUMAR neutral/neutral 3 M 96 6 month 21.02.2013

AlphaValue ARMELLE MOULIN add 4 U 98 6 month 21.02.2013


BPI HUBERT D'AILLIERES reduce 2 D 87 Not Provided 19.02.2013

Societe Generale MARIE-LINE FORT hold 3 M 93 12 month 18.02.2013

CA Cheuvreux AMANDINE LATOUR outperform 5 M 100 Not Provided 14.02.2013

Oddo & Cie CHRISTOPHE CHAPUT neutral 3 M 96 Not Provided 14.02.2013

Kepler Capital Markets FELIX LEVIOUS buy 5 M 100 Not Provided 14.02.2013

Bryan Garnier & Cie CEDRIC ROSSI neutral 3 M 90 6 month 14.02.2013

Natixis NICOLAS LANGLET neutral 3 M 91 Not Provided 14.02.2013

Main First Bank AG MOURAD LAHMIDI outperform 5 M 105 12 month 14.02.2013

Exane BNP Paribas LAURENT GELEBART outperform 5 M 97 Not Provided 14.02.2013

Baden Hill LLP ANTOINE HNEIN neutral 3 M #N/A N/A Not Provided 13.02.2013

Berenberg Bank SETH PETERSON buy 5 M 113 Not Provided 11.01.2013

Holdings By:

Societe BIC SA ee


27.02.2013

Sonova Holding AG provides hearing healthcare solutions. The Company develops

and manufactures hearing systems, such as wireless communication systems for

audio applications and cochlear implant systems. Sonova also provides solutions

for hearing protection.


LTM as of: 01/yy

52-Week High (15.02.2013) 115.30

52-Week Low (22.05.2012) 82.23

Daily Volume

111.2





7'427.28 1 Yr Total Return 10.10%







SOON VX EQUITY YTD Change - Average Volume 30 Day 126'532

SOON VX EQUITY YTD % CHANGE - Average Volume 3 Month 125'414


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 - - 1'839.0 1'988.6 - -

4.75x 3.42x 5.84x 3.43x 4.16x - - 3.99x 3.59x - -

364.3 366.0 459.6 373.7 366.1 - - 462.0 522.1 - -

15.72x 11.68x 19.05x 14.82x 18.39x - - 16.19x 14.33x - -

274.5 284.8 217.2 231.0 246.8 - - 329.5 378.1 - -

22.29x 15.82x 39.46x 23.39x 27.04x - - 22.17x 19.42x - -











EBITDA Margin 24.1%



Asset Turnover 0.78







Fiscal Year Ended

Sonova Holding AGPrice/Volume

Valuation Analysis

110'721.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

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-1'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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27.02.2013


MFS INVESTMENT MANAG n/a EXCH 6'648'384 9.95 (15'577) 06.12.2012 Investment Advisor

DIETHELM BEDA n/a Co File 6'638'137 9.94 - 31.03.2012 n/a

RIHS ANDREAS E n/a Co File 5'604'598 8.39 - 31.03.2012 n/a

RIHS HANS-UELI n/a Co File 4'217'013 6.31 - 31.03.2012 n/a




AKO CAPITAL LLP n/a EXCH 2'031'623 3.04 - 05.02.2013 Investment Advisor

HARDING LOEVNER LP n/a EXCH 2'010'767 3.01 - 01.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA n/a EXCH 2'003'478 3 - 09.10.2012 Investment Advisor

LONE PINE CAPITAL LL n/a EXCH 1'940'832 2.91 - 20.09.2011 Hedge Fund Manager



MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 1'260'086 1.89 (21'200) 30.11.2012 Investment Advisor








Helvea SIMON GOETSCHMANN neutral 3 M 90 12 month 22.02.2013

AlphaValue FABRICE FARIGOULE reduce 2 M 102 6 month 14.02.2013

Credit Suisse CHRISTOPH GRETLER outperform 5 M 130 Not Provided 13.02.2013

Morgan Stanley MICHAEL K JUNGLING Overwt/Attractive 5 M 115 12 month 05.02.2013

Commerzbank Corporates & Markets OLIVER METZGER buy 5 M 140 6 month 04.02.2013

Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 111 12 month 30.01.2013


Deutsche Bank YI-DAN WANG hold 3 M 92 12 month 08.01.2013

JPMorgan DAVID J ADLINGTON overweight 5 M 109 12 month 03.01.2013

Kepler Capital Markets MAJA PATAKI hold 3 M 106 Not Provided 20.11.2012


CA Cheuvreux DANIEL JELOVCAN select list 5 M 123 Not Provided 15.11.2012

HSBC HENDRIK LOFRUTHE overweight 5 M 115 Not Provided 14.11.2012

Bank Vontobel AG CARLA BAENZIGER buy 5 M 117 Not Provided 14.11.2012

Main First Bank AG STEPHAN VOLLERT underperform 1 M 100 12 month 14.11.2012

Exane BNP Paribas ROMAIN ZANA underperform 1 M 88 Not Provided 14.11.2012


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


27.02.2013

Spectris plc manufactures, designs and markets products for the electronic

control and process instrumentation sectors. The Company's products include

digital indication and control products, industrial computer circuit boards,

semiconductor related devices, infrared equipment for temperature measurement,

flying controls, gas analysis products, and analytical x-ray systems.


LTM as of: 01/yy

52-Week High (22.02.2013) 2'509.00

52-Week Low (18.06.2012) 1'423.00

Daily Volume

2363





2'774.65 1 Yr Total Return 39.53%







SXS LN EQUITY YTD Change - Average Volume 30 Day 237'806

SXS LN EQUITY YTD % CHANGE - Average Volume 3 Month 217'778


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

787.1 787.3 901.9 1'106.2 1'230.8 - - 1'249.8 1'321.3 - -

1.02x 1.31x 1.90x 1.77x 2.15x - - 2.27x 2.06x - -

131.3 96.1 158.8 215.5 249.5 - - 258.7 279.7 - -

6.13x 10.70x 10.78x 9.08x 10.61x - - 11.66x 10.79x - -

81.1 42.6 96.2 126.3 141.3 - - 163.5 179.0 - -

7.61x 19.99x 15.78x 11.86x 16.98x - - 16.35x 15.12x - -











EBITDA Margin 20.3%



Asset Turnover 0.91







Fiscal Year Ended

Spectris PLCPrice/Volume

Valuation Analysis

151'027.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2''

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-2''

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

'!''

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1!''

3!''

5!''

-'!''

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27.02.2013





F&C ASSET MANAGEMENT n/a RNS-MAJ 5'212'550 4.44 (851'949) 20.04.2012 Investment Advisor


MASSACHUSETTS FINANC Multiple Portfolios REG 4'421'240 3.77 (1'219'686) 01.01.2013 Investment Advisor

MARATHON ASSET MANAG Multiple Portfolios REG 3'674'643 3.13 1'527'938 01.01.2013 Investment Advisor


KAMES CAPITAL PLC n/a RNS-MAJ 3'331'727 2.84 (1'160'627) 14.06.2012 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios REG 2'978'705 2.54 338'618 01.01.2013 Investment Advisor


HSBC INVESTMENTS UK Multiple Portfolios REG 2'438'364 2.08 23'066 01.01.2013 Investment Advisor





ROYAL LONDON ASSET M Multiple Portfolios REG 1'760'095 1.5 (105'432) 01.01.2013 Investment Advisor




Investec MICHAEL BLOGG hold 3 M 2'575 12 month 22.02.2013

Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 3'250 6 month 21.02.2013


Jefferies ANDREW DOUGLAS buy 5 M 2'270 12 month 20.02.2013


Oriel Securities Ltd HARRY PHILIPS buy 5 M 2'700 Not Provided 20.02.2013

Peel Hunt DOMINIC CONVEY hold 3 M 2'200 Not Provided 04.02.2013

N+1 Singer Ltd JO REEDMAN hold 3 M 2'135 12 month 22.01.2013

Credit Suisse JONATHAN HURN outperform 5 M 2'370 Not Provided 17.01.2013


Liberum Capital Ltd BENJAMIN BOURNE hold 3 M 1'860 Not Provided 23.11.2012

Arden Partners Ltd CHRIS THOMAS neutral 3 M #N/A N/A Not Provided 01.10.2012

Barclays RICHARD PAIGE overweight 5 M 2'110 Not Provided 02.05.2012

Holdings By:

Spectris PLC ee


27.02.2013

STMicroelectronics N.V. designs, develops, manufactures, and markets

semiconductor integrated circuits and discrete devices. The Company's products

are used in the telecommunications, consumer electronics, automotive, computer,

and industrial sectors. Geographically, customers are located in North America,

Europe, and the Asia/Pacific region.


LTM as of: 12/yy

52-Week High (01.02.2013) 6.78

52-Week Low (18.05.2012) 3.62

Daily Volume

6.08





5'536.20 1 Yr Total Return 21.21%







STM IM EQUITY YTD Change - Average Volume 30 Day 5'181'110

STM IM EQUITY YTD % CHANGE - Average Volume 3 Month 5'666'964


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

9'792.0 8'465.0 10'262.0 9'630.0 8'380.0 9'630.0 8'380.0 8'736.1 9'097.5 2'045.1 2'165.1

0.65x 1.00x 0.83x 0.50x 0.62x 3.13x 2.52x 0.75x 0.70x - -

1'453.0 799.0 1'820.0 1'400.0 - 1'400.0 (64.0) 807.6 1'336.1 49.7 152.5

4.36x 10.58x 4.71x 3.41x - 3.41x 0.00x 7.69x 4.65x 8.66x -

(519.0) (1'003.0) 830.0 650.0 (1'158.0) 650.0 (1'157.0) 39.9 448.9 (83.1) (12.7)

- - 11.10x 8.07x - 9.79x 0.00x 92.69x 17.34x 71.23x 29.12x


EBIT -2'081.00 Long-Term Rating BBB







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.74







Fiscal Year Ended

STMicroelectronics NVPrice/Volume

Valuation Analysis

2'809'816.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

5'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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27.02.2013


STMICROELECTRONICS H n/a 13G 250'704'754 27.53 - 31.12.2012 Holding Company

BRANDES INVESTMENT P n/a Research 36'257'953 3.98 - 13.03.2012 Investment Advisor

DNCA FINANCE Multiple Portfolios MF-AGG 13'540'000 1.49 1'290'000 28.09.2012 Investment Advisor




UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 4'916'085 0.54 (79'362) 30.11.2012 Mutual Fund Manager

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 4'355'000 0.48 (15'000) 31.12.2012 Investment Advisor



CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 3'242'940 0.36 - 31.12.2012 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 2'868'786 0.32 (263'091) 31.01.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 2'770'451 0.3 1'429'115 31.12.2012 Mutual Fund Manager


LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 1'829'481 0.2 (4'897) 31.01.2013 Mutual Fund Manager


LEONARDO INVEST FUND Multiple Portfolios MF-AGG 1'500'000 0.16 300'000 28.09.2012 Mutual Fund Manager

COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 1'482'670 0.16 (377'800) 31.12.2012 Investment Advisor


NOMURA n/a ULT-AGG 1'206'085 0.13 - 06.09.2012 Unclassified


Jefferies LEE SIMPSON hold 3 M 6 12 month 26.02.2013

Banca Akros(ESN) FRANCESCO PREVITERA buy 5 M 7 12 month 25.02.2013



HSBC CHRISTIAN DOMINIK RATH neutral 3 M 7 Not Provided 13.02.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 7 12 month 05.02.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 05.02.2013

Equita SIM SpA LUIGI DE BELLIS hold 3 M 6 12 month 04.02.2013

JPMorgan SANDEEP S DESHPANDE restricted #N/A N/A M #N/A N/A Not Provided 01.02.2013

Oddo & Cie EMMANUEL MATOT neutral 3 M 6 Not Provided 01.02.2013

Barclays ANDREW M GARDINER equalweight 3 M 5 Not Provided 01.02.2013

Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 5 Not Provided 31.01.2013

Morgan Stanley FRANCOIS MEUNIER Equalwt/Cautious 3 M 5 12 month 31.01.2013

S&P Capital IQ JAMES CRAWSHAW hold 3 M 7 12 month 31.01.2013

CA Cheuvreux BERND LAUX outperform 5 M 7 Not Provided 28.01.2013

Main First Bank AG JUERGEN WAGNER outperform 5 M 8 12 month 10.01.2013

Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 8 12 month 09.01.2013

Liberum Capital Ltd JANARDAN MENON hold 3 M 6 Not Provided 13.12.2012

Deutsche Bank KAI KORSCHELT hold 3 M 4 12 month 25.10.2012

Societe Generale PETER KNOX buy 5 M 8 12 month 19.10.2012

Berenberg Bank ADNAAN AHMAD sell 1 M 4 Not Provided 04.09.2012

Williams Financial Group CODY G ACREE hold 3 U #N/A N/A Not Provided 15.06.2012

Robert W. Baird & Co TRISTAN GERRA outperform 5 M 8 Not Provided 03.11.2009

Holdings By:

STMicroelectronics NV ee


27.02.2013

Stora Enso Oyj is an integrated, paper, packaging, and forest products company.

The Company produces publication and fine papers, packaging boards, and wood

products. Stora Enso operates in more than 40 countries around the world.

Stora Enso sells its products to publishers, printing houses, and merchants, as

well as the packaging, joinery, and construction industries worldwide.


LTM as of: 12/yy

52-Week High (16.03.2012) 5.81

52-Week Low (04.06.2012) 4.14

Daily Volume

5.02





4'267.29 1 Yr Total Return -5.72%







STERV FH EQUITY YTD Change - Average Volume 30 Day 3'761'940

STERV FH EQUITY YTD % CHANGE - Average Volume 3 Month 3'191'567


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

11'028.8 8'945.1 10'296.9 10'964.9 10'814.8 10'964.9 10'814.8 10'931.7 11'200.4 2'673.2 2'724.8

0.73x 0.80x 0.88x 0.64x 0.69x 2.97x 2.79x 0.69x 0.68x - -

723.6 403.3 1'201.0 1'213.9 1'112.9 1'213.9 968.1 1'175.4 1'303.9 226.8 264.0

11.15x 17.68x 7.50x 5.74x 6.75x 5.74x 7.76x 6.50x 5.86x 7.32x -

(673.4) (879.7) 766.0 339.7 480.5 339.7 480.5 334.8 408.8 10.4 73.4

- - 7.91x 10.74x 8.61x 10.74x 8.61x 12.04x 9.49x 13.83x -











EBITDA Margin 9.0%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Stora Enso OYJPrice/Volume

Valuation Analysis

3'547'475.00


'

-

.

0

1

2

3

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

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27.02.2013



REPUBLIC OF FINLAND n/a Co File 41'483'501 6.77 - 31.12.2011 Government


NORDEA ALFA n/a Research 17'767'691 2.9 - 31.10.2012 Other

FOUNDATION ASSET MAN n/a Research 17'000'000 2.78 - 31.10.2012 Other




MAVERICK CAPITAL LTD n/a Short (7'899'840) -1.29 1'041'064 11.02.2013 Hedge Fund Manager

NORDEA FONDER AB/SWE n/a Research 7'691'905 1.26 - 31.10.2012 Investment Advisor



UNIONEN n/a Research 5'997'200 0.98 - 31.10.2012 Corporation


LONE PINE CAPITAL LL n/a Short (5'633'994) -0.92 - 01.11.2012 Hedge Fund Manager

MERCHANTS' GATE CAPI n/a Short (5'205'321) -0.85 (857'347) 26.02.2013 Hedge Fund Manager

SWEDBANK ROBUR FONDE n/a Co File 4'803'241 0.78 - 31.12.2011 Investment Advisor


SKANDIA FONDER AB n/a Co File 4'174'571 0.68 - 31.12.2011 Mutual Fund Manager

COATUE MANAGEMENT LL n/a Short (3'796'822) -0.62 - 01.11.2012 Hedge Fund Manager


ABG Sundal Collier MARTIN MELBYE buy 5 U 6 6 month 25.02.2013


Credit Suisse LARS KJELLBERG neutral 3 M 5 Not Provided 11.02.2013

Pohjola Bank Plc (ESN) HENRI PARKKINEN reduce 2 M 5 12 month 06.02.2013

SEB Enskilda LINUS LARSSON buy 5 M 6 Not Provided 06.02.2013

Carnegie JOHAN SJOBERG buy 5 M #N/A N/A Not Provided 06.02.2013

Nordea Equity Research HARRI TAITTONEN hold 3 M 5 12 month 06.02.2013

Evli Bank Plc MARKKU JARVINEN accumulate 4 D 6 12 month 06.02.2013

Danske Markets ANTTI KOSKIVUORI buy 5 U 6 12 month 06.02.2013

INDERES ANTTI-PEKKA VILJAKAINEN accumulate 4 M 5 Not Provided 06.02.2013

Handelsbanken KARRI RINTA accumulate 4 M 6 12 month 05.02.2013

Goldman Sachs ESHAN TOORABALLY Sell/Neutral 1 M 4 6 month 22.01.2013

Swedbank KATJA KEITAANNIEMI strong buy 5 M 9 12 month 24.10.2012

Morgan Stanley MARKUS ALMERUD Overwt/Attractive 5 M 7 12 month 23.03.2012

CA Cheuvreux MIKAEL JAFS select list 5 M 7 Not Provided 29.11.2011


Holdings By:

Stora Enso OYJ ee


27.02.2013

Suez Environnement Co. provides equipment and services for potable water supply.

The Company also collects, treats, and distributes drinkable water. Suez

Environnement also provides services for waste collection, recycling, recovery,

treatment and disposal of urban and industrial waste.


LTM as of: 12/yy

52-Week High (16.03.2012) 12.23

52-Week Low (19.11.2012) 7.81

Daily Volume

9.968












SEV FP EQUITY YTD Change - Average Volume 30 Day 1'549'830

SEV FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'344'208


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'363.7 12'296.4 13'869.3 14'829.6 15'102.0 14'053.3 15'102.0 15'331.7 15'911.4 - -

1.01x 1.21x 1.22x 0.94x - 0.00x 0.00x 0.96x 0.93x - -

1'851.5 1'764.1 1'999.9 2'077.9 - 0.0 0.0 2'513.8 2'682.1 - -

6.76x 8.42x 8.47x 6.71x - 0.00x 0.00x 5.97x 5.60x - -

533.2 403.0 564.7 322.8 251.0 0.0 0.0 346.8 399.8 - -

11.06x 19.66x 13.43x 14.84x 18.48x 0.00x 0.00x 15.31x 13.45x - -











EBITDA Margin 13.4%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Suez Environnement CoPrice/Volume

Valuation Analysis

788'059.00


'

.

1

3

5

-'

-.

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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27.02.2013


GDF SUEZ n/a Co File 182'057'361 35.68 - 31.12.2012 Corporation

GROUPE BRUXELLES LAM n/a Co File 36'746'488 7.2 - 31.12.2012 Holding Company



AREVA SA n/a Co File 7'251'292 1.42 - 31.12.2012 Corporation

CNP ASSURANCES n/a Co File 6'500'390 1.27 - 31.12.2012 Insurance Company



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'102'689 1 557'267 25.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'685'020 0.92 2'137'486 31.01.2013 Investment Advisor

SOFINA SA n/a Co File 4'125'000 0.81 - 31.12.2012 Holding Company

JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 3'617'086 0.71 (1'791) 31.10.2012 Mutual Fund Manager




MEDITOR CAPITAL MANA n/a Short (2'245'029) -0.44 (612'280) 25.02.2013 Investment Advisor


DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'779'500 0.35 181'500 28.12.2012 Mutual Fund Manager




Nomura MARTIN YOUNG neutral 3 M 13 12 month 27.02.2013

Macquarie ATALLAH ESTEPHAN neutral 3 M 10 12 month 26.02.2013

JPMorgan NATHALIE F CASALI neutral 3 D 11 9 month 22.02.2013

Exane BNP Paribas OLIVIER VAN DOOSSELAERE outperform 5 M 12 Not Provided 20.02.2013


AlphaValue FABRICE FARIGOULE buy 5 M 12 6 month 18.02.2013

Morgan Stanley EMMANUEL TURPIN Overwt/In-Line 5 M 11 12 month 15.02.2013

Credit Suisse VINCENT GILLES outperform 5 M 12 Not Provided 15.02.2013

Raymond James EMMANUEL RETIF outperform 5 M 11 Not Provided 15.02.2013


CM - CIC Securities(ESN) OLIVIER BAILS hold 3 M 10 12 month 15.02.2013

Bryan Garnier & Cie JULIEN DESMARETZ neutral 3 M 11 6 month 15.02.2013



BPI LOUIS BOUJARD neutral 3 M 10 Not Provided 11.02.2013

Berenberg Bank LAWSON STEELE buy 5 N 11 Not Provided 05.02.2013

Barclays JULIE ARAV equalweight 3 M 8 Not Provided 25.01.2013


Goldman Sachs DARIO CARRADORI neutral/attractive 3 M 11 12 month 18.12.2012


S&P Capital IQ STEWART SCHARF hold 3 M 10 12 month 26.10.2012

Hammer Partners SA CHRIS MOORE sell 1 M 8 Not Provided 01.08.2012

Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011

National Bank AG SVEN PAULSEN buy 5 M 16 12 month 21.07.2011

Holdings By:

Suez Environnement Co ee


27.02.2013

Sulzer AG manufactures machinery and equipment, and operates in a surfacing

technology business. The Company provides pumping and surface technology

solution and services, services and repair of thermal turbo machinery, and

service for separation columns and static mixing.


LTM as of: 01/yy

52-Week High (20.02.2013) 167.60

52-Week Low (28.06.2012) 105.70

Daily Volume

164.1





5'622.46 1 Yr Total Return 33.08%







SUN VX EQUITY YTD Change - Average Volume 30 Day 93'045

SUN VX EQUITY YTD % CHANGE - Average Volume 3 Month 84'329


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

3'713.5 3'350.4 3'183.7 3'577.9 4'021.6 - - 4'244.0 4'514.0 - -

0.47x 0.62x 1.34x 1.04x 1.25x - - 1.30x 1.17x - -

575.3 471.2 508.0 481.8 552.0 - - 603.9 674.0 - -

3.06x 4.38x 8.38x 7.76x 9.07x - - 9.46x 8.47x - -

322.9 270.4 300.4 279.8 307.1 - - 336.5 386.9 - -

6.26x 10.06x 15.98x 12.17x 15.96x - - 16.19x 14.08x - -











EBITDA Margin 13.7%



Asset Turnover 0.88







Fiscal Year Ended

Sulzer AGPrice/Volume

Valuation Analysis

65'876.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.'1'3'5'

-''-.'-1'-3'-5'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!- 9

!- 9

!. 9

!. 9

!0 9

!0 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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27.02.2013


LIWET HOLDING AG n/a EXCH 10'699'797 31.23 - 02.08.2011 Other


THREADNEEDLE ASSET M n/a EXCH 1'000'794 2.92 (27'416) 02.02.2011 Investment Advisor



SULZER LTD n/a Co File 457'863 1.34 - 31.12.2011 Corporation




NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 323'304 0.94 (123) 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 298'667 0.87 591 31.10.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 294'990 0.86 11'000 31.10.2012 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 192'039 0.56 480 31.12.2012 Investment Advisor

SARASIN n/a ULT-AGG 142'720 0.42 12'249 30.11.2012 Unclassified


RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 132'430 0.39 39'300 31.10.2012 Investment Advisor

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 128'664 0.38 825 31.12.2012 Investment Advisor


SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 117'721 0.34 (15'047) 30.11.2012 Investment Advisor



CA Cheuvreux OLIVER GIRAKHOU select list 5 U 190 Not Provided 20.02.2013

Credit Suisse PATRICK LAAGER neutral 3 M 160 Not Provided 19.02.2013

Bank Vontobel AG FABIAN HAECKI buy 5 M 180 Not Provided 19.02.2013

Berenberg Bank ALEXANDER VIRGO hold 3 M 152 Not Provided 18.02.2013

Kepler Capital Markets CHRISTOPH LADNER buy 5 M 185 Not Provided 18.02.2013

Main First Bank AG BERND POMREHN outperform 5 M 170 12 month 18.02.2013

Helvea VOLKAN GOCMEN accumulate 4 M 195 12 month 18.02.2013

Barclays RIZK MAIDI underweight 1 M 125 Not Provided 18.02.2013

HSBC JOERG-ANDRE FINKE neutral 3 M 145 Not Provided 29.11.2012

Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 180 6 month 31.10.2012

Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 D #N/A N/A Not Provided 23.07.2012

Holdings By:

Sulzer AG ee


27.02.2013

Swiss Life Holding is a financial services company. The Company provides life

and property insurance, institutional investment management, and private banking

services.


LTM as of: 09/yy

52-Week High (27.02.2013) 151.60

52-Week Low (01.06.2012) 74.35

Daily Volume

151.5





4'860.28 1 Yr Total Return 57.08%







SLHN VX EQUITY YTD Change - Average Volume 30 Day 149'464

SLHN VX EQUITY YTD % CHANGE - Average Volume 3 Month 153'841


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

15'356.0 17'816.0 17'844.0 17'291.0 19'076.0 0.0 0.0 17'414.0 17'761.5 - -

- - - 0.02x 0.01x #DIV/0! #DIV/0! -0.01x -0.01x - -

- - - - - 0.0 0.0 - - - -

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

350.0 278.0 557.0 605.0 92.0 0.0 0.0 575.1 616.6 - -

- 12.74x 7.74x 4.55x 42.10x 0.00x 0.00x 8.42x 7.66x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12







Fiscal Year Ended

Swiss Life Holding AGPrice/Volume

Valuation Analysis

460'563.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

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!. 9

!0 9

!1 9

!2 9

!3 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

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



27.02.2013


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






T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 210'987 0.66 (49) 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 185'183 0.58 (369) 31.10.2012 Investment Advisor


LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 165'732 0.52 (3'743) 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 155'657 0.49 933 31.12.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 111'400 0.35 - 31.10.2012 Investment Advisor

IST FUND MANAGERS Multiple Portfolios MF-AGG 96'831 0.3 (25'351) 31.12.2012 Mutual Fund Manager


UBS ETF Multiple Portfolios MF-AGG 65'870 0.21 728 31.10.2012 Investment Advisor

LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 56'000 0.17 (7'500) 31.12.2012 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 54'870 0.17 8'071 31.10.2012 Mutual Fund Manager


Credit Suisse RICHARD BURDEN underperform 1 M 129 Not Provided 27.02.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 137 12 month 27.02.2013

Berenberg Bank PETER ELIOT hold 3 M 170 Not Provided 27.02.2013


Main First Bank AG RENE LOCHER outperform 5 M 165 12 month 25.02.2013

Helvea DANIEL BISCHOF buy 5 M 150 12 month 21.02.2013

AlphaValue DIETER HEIN buy 5 M 181 6 month 21.02.2013

Kepler Capital Markets FABRIZIO CROCE hold 3 M 133 Not Provided 15.02.2013

JPMorgan MICHAEL HUTTNER overweight 5 U 210 9 month 08.02.2013

Mediobanca SpA MARC THIELE outperform 5 M 177 6 month 30.01.2013


Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 17.01.2013



Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 160 Not Provided 14.01.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 94 12 month 08.01.2013

Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 114 12 month 05.12.2012

Societe Generale EMMANUELLE CALES hold 3 N 102 12 month 31.05.2012

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


27.02.2013

Swiss Prime Site AG is a real estate investment company. The Company owns

business and mixed-use business/residential buildings in commercial centers in

Switzerland.


LTM as of: 01/yy

52-Week High (06.08.2012) 82.23

52-Week Low (06.03.2012) 65.73

Daily Volume

74.4





4'466.32 1 Yr Total Return 12.62%







SPSN VX EQUITY YTD Change - Average Volume 30 Day 106'601

SPSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 144'461


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 - - 452.3 466.7 - -

17.15x 15.65x 25.04x 13.01x 13.78x - - 18.69x 18.51x - -

150.1 158.8 171.5 357.9 355.2 - - 379.3 361.0 - -

23.39x 20.65x 42.87x 21.86x 22.17x - - 22.97x 24.13x - -

198.9 116.4 187.4 235.0 355.1 - - 224.0 217.3 - -

7.07x 10.26x 9.52x 16.07x 10.80x - - 20.96x 21.38x - -











EBITDA Margin 61.6%



Asset Turnover 0.07







Fiscal Year Ended

Swiss Prime Site AGPrice/Volume

Valuation Analysis

36'992.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

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-3'!''

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27.02.2013



CREDIT SUISSE FUND M n/a EXCH 2'983'393 4.97 - 29.11.2012 Investment Advisor


GROUP OF SHAREHOLDER n/a EXCH 1'802'110 3 - 23.11.2012 n/a

FUST WALTER n/a EXCH 1'619'979 2.7 (717'875) 31.07.2012 n/a



UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'082'458 1.8 7'666 31.10.2012 Investment Advisor


SWISS FURNISHING INS n/a EXCH 861'000 1.43 - 29.09.2009 Insurance Company

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 766'218 1.28 16'576 28.12.2012 Mutual Fund Manager

SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 694'894 1.16 - 31.12.2012 Investment Advisor


JELMOLI HOLDING AG n/a EXCH 532'478 0.89 - 21.04.2010 n/a





IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 142'332 0.24 - 31.10.2012 Investment Advisor

UBS ETF Multiple Portfolios MF-AGG 137'129 0.23 1'657 31.10.2012 Investment Advisor


ABN Amro Bank N.V. RUUD VAN MAANEN sell 1 M 68 12 month 14.02.2013


Kempen & Co ROBERT WOERDEMAN neutral 3 M 77 12 month 13.01.2013

Zuercher Kantonalbank MARKUS WAEBER market perform 3 M #N/A N/A Not Provided 18.12.2012


Edge Capital Research MARIYA PANAYOTOVA neutral 3 N 73 12 month 08.08.2011

Holdings By:

Swiss Prime Site AG ee


27.02.2013

Symrise AG is a diversified chemical manufacturer. The Company produces perfume

oils, fragrance bases, cosmetic raw materials and ingredients, plant extracts,

aroma chemicals, flavorings, fruit powders, and seasonings. Symrise's customers

manufacture fragrances, cosmetics, soaps, hair care products, detergents,

household products, foods, beverages, and pharmaceuticals.


LTM as of: 09/yy

52-Week High (22.02.2013) 29.31

52-Week Low (22.03.2012) 20.35

Daily Volume

28.73





3'395.12 1 Yr Total Return 36.83%







SY1 GY EQUITY YTD Change - Average Volume 30 Day 226'018

SY1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 198'341


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 Q1

1'274.5 1'319.9 1'362.0 1'571.9 1'583.6 1'570.5 1'696.9 1'716.9 1'785.0 403.6 454.5

2.19x 1.38x 1.74x 1.87x 1.84x 7.42x 7.64x 2.24x 2.10x - -

272.0 262.1 269.5 337.0 315.9 311.3 337.7 345.3 369.8 80.2 92.0

10.27x 6.95x 8.77x 8.74x 9.24x 8.32x 10.70x 11.25x 10.50x 10.75x 10.58x

97.4 90.4 84.3 133.5 146.5 123.6 155.0 170.3 189.9 38.4 47.0

23.38x 13.13x 21.10x 18.16x 16.63x 16.79x 20.00x 19.69x 17.66x 18.70x 18.65x











EBITDA Margin 19.9%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Symrise AGPrice/Volume

Valuation Analysis

81'525.00


'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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-1!''

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-5!''

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27.02.2013


M&G INVESTMENT MANAG n/a Research 17'700'530 14.98 - 03.09.2012 Investment Advisor

GERBERDING VERMOGENS n/a Research 6'924'955 5.86 - 30.11.2012 n/a

MASSACHUSETTS FINANC n/a Research 5'929'174 5.02 - 01.04.2012 Investment Advisor


MONDRIAN INVESTMENT n/a Research 3'727'760 3.15 - 01.04.2012 Hedge Fund Manager

STANDARD LIFE INVEST n/a Research 3'631'647 3.07 - 01.04.2012 Investment Advisor

JAHR GMBH n/a Research 3'600'000 3.05 - 01.04.2012 Other


SCHRODERS PLC n/a Research 3'495'642 2.96 - 22.03.2012 Investment Advisor






DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'319'162 1.12 - 31.10.2012 Investment Advisor

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 999'620 0.85 - 31.12.2012 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 782'000 0.66 (385'000) 31.12.2012 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 703'672 0.6 (2'070'900) 31.12.2012 Investment Advisor


AlphaValue MARTIN SCHNEE reduce 2 M 27 6 month 14.02.2013

Baader Bank NORBERT BARTH hold 3 M 28 12 month 11.02.2013

Helvea ANDREAS VON ARX neutral 3 M 29 12 month 08.02.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA reduce 2 M 24 12 month 05.02.2013

DZ Bank AG THOMAS MAUL hold 3 M 26 12 month 05.02.2013

Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 30 6 month 04.02.2013

Nomura JEAN DE WATTEVILLE neutral 3 U 30 Not Provided 04.02.2013

Bankhaus Metzler LARS HETTCHE sell 1 M 22 12 month 28.01.2013

Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 29 Not Provided 25.01.2013


HSBC JESKO MAYER-WEGELIN underweight 1 M 25 Not Provided 11.01.2013


Main First Bank AG THOMAS SWOBODA underperform 1 D 27 12 month 10.01.2013

Liberum Capital Ltd ADAM COLLINS hold 3 M 25 Not Provided 13.12.2012


Deutsche Bank VIRGINIE BOUCHER-FERTE hold 3 M 26 12 month 06.12.2012

Bankhaus Lampe HEIKO FEBER hold 3 M 29 12 month 03.12.2012

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 26.11.2012

Landesbank Baden-Wuerttemberg ULLE WORNER hold 3 M 26 Not Provided 12.11.2012

Nord/LB THORSTEN STRAUSS buy 5 M 31 12 month 08.11.2012

CA Cheuvreux HANS-JOACHIM HEIMBUERGER underperform 1 M 21 Not Provided 08.11.2012


Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 25 12 month 07.11.2012


Berenberg Bank JAIDEEP PANDYA hold 3 M 25 Not Provided 07.11.2012

Davy JACK GORMAN outperform 5 N #N/A N/A Not Provided 21.06.2012

National Bank AG STEFFEN MANSKE buy 5 M 25 12 month 09.11.2010

Holdings By:

Symrise AG ee


27.02.2013

Tate & Lyle PLC is the holding company for an international group of companies

which produces and markets ingredients and solutions for the food, beverage,

industrials and agriculture industries around the world. The Company's range

of products includes nutritive sweeteners, industrial starches, ethanol,

acidulants and animal feed.


LTM as of: 01/yy

52-Week High (25.01.2013) 834.00

52-Week Low (10.09.2012) 627.50

Daily Volume

804





3'748.89 1 Yr Total Return 17.70%







TATE LN EQUITY YTD Change - Average Volume 30 Day 1'234'977

TATE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'155'189


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 - -

2'867.0 3'553.0 2'533.0 2'720.0 3'088.0 - - 3'264.7 3'469.1 - -

1.23x 0.69x 1.15x 1.17x 1.24x - - 1.29x 1.18x - -

339.0 296.0 373.0 418.0 440.0 - - 457.1 489.7 - -

10.44x 8.24x 7.83x 7.62x 8.70x - - 9.17x 8.56x - -

194.0 65.0 15.0 163.0 305.0 - - 264.1 287.6 - -

22.69x 13.36x - 13.56x 10.70x - - 14.51x 13.38x - -











EBITDA Margin 12.0%



Asset Turnover 1.13







Fiscal Year Ended

Tate & Lyle PLCPrice/Volume

Valuation Analysis

555'013.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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27.02.2013





LLOYDS BANKING GROUP n/a ULT-AGG 23'518'956 5.04 (19'093) 31.01.2013 Investment Advisor

INVESCO LTD n/a RNS-MAJ 23'111'061 4.96 (21'930'011) 02.10.2012 Investment Advisor




KAMES CAPITAL PLC n/a Co File 18'569'241 3.98 - 30.05.2012 Investment Advisor

TIAA CREF INVESTMENT #N/A N/A RNS-MAJ 18'370'285 3.94 (503'245) 22.02.2013 Investment Advisor

LEHMAN BROTHERS INTE n/a Co File 18'122'510 3.89 - 30.05.2012 Bank

BARCLAYS GLOBAL INVE n/a Co File 17'568'133 3.77 - 30.05.2012 Investment Advisor



HARBINGER HOLDINGS L n/a BUS 13'311'182 2.85 (4'933'557) 27.08.2010 Hedge Fund Manager

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 12'064'928 2.59 (442'069) 31.12.2012 Investment Advisor


JUPITER ASSET MANAGE Multiple Portfolios REG 8'929'794 1.92 2'302'530 01.01.2013 Investment Advisor




Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 790 12 month 25.02.2013

Investec MARTIN DEBOO hold 3 M 825 12 month 15.02.2013

Exane BNP Paribas JEFF STENT neutral 3 D 800 Not Provided 15.02.2013

Canaccord Genuity Corp ALICIA FORRY buy 5 M 900 Not Provided 08.02.2013

Mirabaud Securities JULIAN LAKIN add 4 M 870 12 month 07.02.2013

Jefferies DIRK VAN VLAANDEREN buy 5 M 900 12 month 05.02.2013

Numis Securities Ltd CHARLES PICK hold 3 M 870 Not Provided 05.02.2013

Societe Generale WARREN L ACKERMAN buy 5 M 900 12 month 04.02.2013

Berenberg Bank JAMES TARGETT buy 5 M 950 Not Provided 04.02.2013

Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 01.02.2013

Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 730 Not Provided 01.02.2013

Credit Suisse CHARLES MILLS outperform 5 M 845 Not Provided 17.01.2013


Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 18.12.2012

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 10.10.2012

JPMorgan ANKUR GUPTA underweight 1 M 615 9 month 05.07.2012

Deutsche Bank HAROLD THOMPSON buy 5 M 900 12 month 14.05.2012

Holdings By:

Tate & Lyle PLC ee


27.02.2013

TDC A/S provides telecommunications solutions. The Company offers fixed and

mobile telephone service, data communications, systems integration, website

hosting, broadband Internet access, and cable television services. TDC serves

customers and clients throughout Europe.


LTM as of: 12/yy

52-Week High (29.02.2012) 44.75

52-Week Low (04.06.2012) 36.90

Daily Volume

43





35'475.00 1 Yr Total Return 9.84%







TDC DC EQUITY YTD Change - Average Volume 30 Day 2'910'421

TDC DC EQUITY YTD % CHANGE - Average Volume 3 Month 2'455'801


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

26'917.0 26'079.0 26'167.0 26'304.0 26'116.0 26'304.0 26'116.0 25'607.7 25'474.4 6'439.3 6'404.2

3.02x 3.15x 2.38x 2.26x 2.14x 8.96x 8.67x 2.25x 2.24x - -

10'063.0 10'549.0 10'776.0 10'940.0 10'411.0 10'940.0 10'411.0 10'024.4 9'923.1 2'431.0 2'399.5

8.07x 7.78x 5.79x 5.42x 5.38x 5.42x 5.38x 5.83x 5.89x 5.92x -

708.0 2'424.0 3'007.0 2'808.0 3'593.0 2'808.0 3'593.0 2'941.0 3'027.3 695.5 672.8

23300.00x 123.48x 26.33x 13.35x 8.94x 13.35x 8.97x 11.45x 11.13x 11.49x -











EBITDA Margin 39.9%



Asset Turnover 0.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

TDC A/SPrice/Volume

Valuation Analysis

2'316'014.00


'2

-'-2.'.20'021'122'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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



27.02.2013


NTC HOLDING GP & CIE n/a Research 146'025'000 17.7 - 13.02.2013 Unclassified

BANK OF NEW YORK MEL n/a Research 46'775'725 5.67 - 13.06.2012 Investment Advisor


THORNBURG INVESTMENT Multiple Portfolios MF-AGG 32'450'000 3.93 - 31.12.2012 Investment Advisor


TDC A/S n/a Co File 8'367'121 1.01 - 31.12.2011 Corporation




FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 3'832'675 0.46 (1'225'538) 31.01.2013 Investment Advisor

MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 3'551'012 0.43 233'265 31.12.2012 Mutual Fund Manager


SARASIN n/a ULT-AGG 3'346'198 0.41 1'154'665 28.12.2012 Unclassified

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 3'310'000 0.4 - 31.12.2012 Investment Advisor


NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 1'719'805 0.21 (267'818) 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'569'191 0.19 - 31.12.2012 Investment Advisor


INVESCO LTD Multiple Portfolios MF-AGG 1'501'095 0.18 - 26.02.2013 Investment Advisor

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 1'400'228 0.17 - 31.01.2013 Investment Advisor


EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 26.02.2013

ABG Sundal Collier OLE PETTER KJERKREIT buy 5 M 47 6 month 22.02.2013

Barclays MAURICE PATRICK underweight 1 M 42 Not Provided 13.02.2013

Goldman Sachs ANDREW LEE neutral/neutral 3 M 48 12 month 07.02.2013

Handelsbanken THOMAS HEATH accumulate 4 M 42 12 month 07.02.2013


HSBC DOMINIK KLARMANN overweight 5 M 48 Not Provided 06.02.2013

SEB Enskilda ANDREAS JOELSSON hold 3 M 44 Not Provided 06.02.2013

Nordea Equity Research JESPER JENSEN hold 3 M 41 12 month 06.02.2013

Nomura JAMES BRITTON buy 5 M 45 12 month 06.02.2013

DNB Markets FREDRIK THORESEN hold 3 M 43 Not Provided 06.02.2013

Danske Markets POUL ERNST JESSEN buy 5 M 46 12 month 06.02.2013

Alm Brand Markets MICHAEL FRIIS JORGENSEN buy 5 M 46 Not Provided 05.02.2013

NYKREDIT KRESTEN JOHNSEN outperform 5 M #N/A N/A Not Provided 05.02.2013

Pareto Securities THOMAS NIELSEN sell 1 D 39 6 month 05.02.2013

New Street Research JAKUB DUBANIEWICZ buy 5 M 50 Not Provided 05.02.2013

Exane BNP Paribas ANTOINE PRADAYROL outperform 5 M 47 Not Provided 05.02.2013

Credit Suisse JAKOB BLUESTONE outperform 5 M 47 Not Provided 25.01.2013


Berenberg Bank BARRY ZEITOUNE buy 5 M 45 Not Provided 10.01.2013

Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 47 12 month 18.12.2012


Carnegie ESPEN TORGERSEN hold 3 D #N/A N/A Not Provided 19.11.2012

Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 U 51 Not Provided 08.11.2012

Swedbank SVEN SKOLD buy 5 M 47 12 month 07.11.2012

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 47 Not Provided 10.08.2012

SpareBank 1 Markets AS TORE A TONSETH buy 5 M 45 6 month 18.06.2012

Jyske Bank TEAM COVERAGE reduce 2 M 47 Not Provided 05.09.2011

Sydbank MORTEN IMSGARD overweight 5 M #N/A N/A Not Provided 04.05.2011

Holdings By:

TDC A/S ee


27.02.2013

Tele2 AB is a telecommunications company. The Company, through subsidiaries,

offers fixed and mobile telephony, data network, and Internet services under

the Tele2, Tango, and Comviq brands. Tele2 also provides systems integration,

credit card processing, web payment solutions, billing processing, pre-paid

calling cards, and cable TV services. The Company is active throughout Europe.


LTM as of: 12/yy

52-Week High (03.04.2012) 130.39

52-Week Low (21.02.2013) 101.50

Daily Volume

103.3





46'308.35 1 Yr Total Return -14.09%







TEL2B SS EQUITY YTD Change - Average Volume 30 Day 2'087'532

TEL2B SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'703'297


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

39'505.0 39'265.0 40'164.0 40'750.0 43'726.0 40'919.0 43'726.0 45'048.4 46'741.6 10'804.7 11'242.1

0.89x 1.28x 1.57x 1.77x 1.54x 6.71x 6.24x 1.40x 1.34x - -

8'016.0 9'178.0 10'761.0 10'724.0 10'395.0 10'862.0 10'393.0 11'439.3 12'187.0 2'645.1 2'789.4

4.41x 5.49x 5.86x 6.71x 6.48x 6.63x 6.48x 5.43x 5.09x 5.52x 5.40x

2'433.0 4'519.0 6'926.0 4'897.0 3'264.0 4'897.0 3'264.0 4'436.3 4'907.9 994.1 1'066.9

17.81x 10.63x 9.51x 12.14x 15.95x 12.12x 15.95x 10.34x 9.27x 10.59x 10.25x











EBITDA Margin 23.8%



Asset Turnover 0.91








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tele2 ABPrice/Volume

Valuation Analysis

608'243.00


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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

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27.02.2013


KINNEVIK INVESTMENT n/a Research 116'988'645 27.61 - 28.09.2012 Holding Company





SSB CL OMNIBUS n/a Research 7'808'027 1.84 - 28.09.2012 Other







PICTET & CIE n/a Research 5'049'424 1.19 - 28.09.2012 Mutual Fund Manager

AMF FONDER AB Multiple Portfolios MF-AGG 4'929'585 1.16 2'202'255 31.12.2012 Investment Advisor






SSB TC LENDING OMNIB n/a Research 3'713'188 0.88 - 28.09.2012 Other


Morgan Stanley TERENCE TSUI Underwt/In-Line 1 M 110 12 month 22.02.2013

ABG Sundal Collier KRISTOFER ERIKSSON hold 3 M 112 6 month 22.02.2013

DNB Markets FREDRIK THORESEN sell 1 M 98 Not Provided 21.02.2013


EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 21.02.2013

New Street Research JAKUB DUBANIEWICZ buy 5 M 145 Not Provided 14.02.2013

Berenberg Bank BARRY ZEITOUNE buy 5 M 137 Not Provided 12.02.2013

Nomura JAMES BRITTON neutral 3 M 124 Not Provided 07.02.2013

Deutsche Bank KEVAL KHIROYA buy 5 M 127 12 month 06.02.2013

Goldman Sachs ANDREW LEE neutral/neutral 3 M 114 12 month 06.02.2013

SEB Enskilda ANDREAS JOELSSON hold 3 M 110 Not Provided 06.02.2013

Carnegie LENA OSTERBERG hold 3 M #N/A N/A Not Provided 06.02.2013

Nordea Equity Research STEFAN GAUFFIN buy 5 M 120 12 month 06.02.2013

Handelsbanken THOMAS HEATH reduce 2 M 100 12 month 06.02.2013

Swedbank SVEN SKOLD strong buy 5 U 125 12 month 06.02.2013

SpareBank 1 Markets AS TORE A TONSETH neutral 3 M 110 6 month 06.02.2013

Exane BNP Paribas MAXIME REY neutral 3 M 123 Not Provided 06.02.2013

Barclays JOHN-PAUL DAVIDS overweight 5 M 145 Not Provided 06.02.2013

Danske Markets ERIK STRANDIN PERS hold 3 D 110 12 month 06.02.2013

Pareto Securities THOMAS NIELSEN hold 3 U 101 6 month 05.02.2013

Credit Suisse JAKOB BLUESTONE underperform 1 M 100 Not Provided 24.01.2013

JPMorgan AKHIL DATTANI overweight 5 M 165 9 month 21.01.2013

Jefferies ULRICH RATHE buy 5 M 125 12 month 21.01.2013

HSBC DOMINIK KLARMANN neutral 3 M 130 Not Provided 13.12.2012

CA Cheuvreux PETER KURT NIELSEN underperform 1 M 115 Not Provided 05.11.2012

Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 D 125 Not Provided 19.10.2012

Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 24.09.2012

Alandsbanken Equities LARS SOEDERFJELL neutral 3 M 157 12 month 09.02.2011


Holdings By:

Tele2 AB ee


27.02.2013

Terna - Rete Elettrica Nazionale SpA transmits electricity over the

high-voltage and extra-high voltage grid in Italy. Through subsidiaries, the

Company owns a substantial share of the national electricity transmission grid.


LTM as of: 09/yy

52-Week High (13.02.2013) 3.22

52-Week Low (25.07.2012) 2.50

Daily Volume

3.132





6'295.29 1 Yr Total Return 19.71%







TRN IM EQUITY YTD Change - Average Volume 30 Day 8'623'531

TRN IM EQUITY YTD % CHANGE - Average Volume 3 Month 8'730'369


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 Q1

1'296.2 1'152.0 1'317.3 1'533.1 1'591.3 1'592.9 1'672.0 1'791.8 1'856.5 481.3 -

6.34x 7.10x 7.82x 7.48x 6.86x 29.43x 28.58x 6.81x 6.90x 25.22x -

971.4 869.2 997.6 1'165.8 1'221.1 1'222.8 1'310.8 1'374.6 1'441.9 327.7 -

8.46x 9.40x 10.33x 9.83x 8.94x 9.52x 9.13x 9.04x 8.62x - -

415.3 327.5 771.0 613.6 440.0 556.4 480.4 453.3 462.6 87.0 -

13.26x 16.27x 16.99x 13.58x 15.98x 17.65x 12.60x 13.92x 13.56x - -


EBIT 835.60 Long-Term Rating A-









EBITDA Margin 78.4%



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Terna Rete Elettrica Nazionale SpAPrice/Volume

Valuation Analysis

8'031'679.00


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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

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

'!''

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27.02.2013


CASSA DEPOSITI E PRE n/a Research 602'977'483 30 - 19.02.2013 Other

MINOZZI ROMANO n/a Research 69'867'320 3.48 - 19.02.2013 n/a

IRIS CERAMICA SPA n/a EXCH 33'968'864 1.69 - 19.02.2013 Corporation





DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'037'487 0.35 103'843 31.12.2012 Investment Advisor

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 6'053'269 0.3 (90'500) 31.12.2012 Mutual Fund Manager

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 4'941'223 0.25 (111'892) 31.12.2012 Mutual Fund Manager



ARCA SGR SPA Multiple Portfolios MF-AGG 4'273'845 0.21 70'875 28.12.2012 Mutual Fund Manager

EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 4'261'000 0.21 (74'400) 31.12.2012 Hedge Fund Manager

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 3'574'862 0.18 444'930 31.01.2013 Investment Advisor


NOMURA n/a ULT-AGG 3'350'866 0.17 - 06.09.2012 Unclassified

CASTELLARANO FIANDRE n/a Research 3'256'187 0.16 - 19.02.2013 Other

AMUNDI Multiple Portfolios MF-AGG 3'170'710 0.16 1'247'533 28.09.2012 Mutual Fund Manager



Banca Akros(ESN) DARIO MICHI buy 5 M 4 12 month 25.02.2013


Centrobanca EDOARDO MONTALBANO buy 5 M 4 12 month 15.02.2013


Berenberg Bank LAWSON STEELE hold 3 M 3 Not Provided 13.02.2013

Credit Suisse STEFANO BEZZATO outperform 5 M 3 Not Provided 12.02.2013

Equita SIM SpA STEFANO GAMBERINI buy 5 M 4 12 month 11.02.2013

Societe Generale ALBERTO PONTI hold 3 M 3 12 month 08.02.2013

Goldman Sachs FRED BARASI sell/attractive 1 M 3 12 month 08.02.2013

Banca IMI ROBERTO RANIERI hold 3 M 3 12 month 08.02.2013

Nomura JAVIER SUAREZ buy 5 M 3 12 month 08.02.2013

CA Cheuvreux FRANCESCA PEZZOLI select list 5 M 4 Not Provided 07.02.2013

ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 07.02.2013

Kepler Capital Markets CLAUDIA INTROVIGNE buy 5 M 4 Not Provided 07.02.2013

Exane BNP Paribas OLIVIER VAN DOOSSELAERE neutral 3 U 3 Not Provided 07.02.2013

Morgan Stanley ANNA MARIA SCAGLIA Overwt/In-Line 5 M 3 12 month 06.02.2013

JPMorgan SARAH L LAITUNG overweight 5 M 3 9 month 01.02.2013



Mediobanca SpA MARIA BEATRICE GEROSA outperform 5 M 3 Not Provided 25.07.2012

Hammer Partners SA CHRIS MOORE buy 5 M 3 Not Provided 25.07.2012

Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 3 Not Provided 19.04.2011

Holdings By:

Terna Rete Elettrica Nazionale SpA ee


27.02.2013

TGS Nopec Geophysical Company ASA offers geophysical consulting and contracting

services. The Company also collects and processes magnetic and gravitational

data. TGS focuses on planning, collection, processing, and sale of

marine seismic data. The Company's customers are international oil and

exploration companies.


LTM as of: 12/yy

52-Week High (20.02.2013) 218.40

52-Week Low (14.06.2012) 139.70

Daily Volume

218.4

52-Week High % Change 0.00% Dividend Yield -




22'583.08 1 Yr Total Return 39.33%







TGS NO EQUITY YTD Change - Average Volume 30 Day 440'964

TGS NO EQUITY YTD % CHANGE - Average Volume 3 Month 456'436


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

565.8 477.7 568.3 608.6 932.2 608.6 932.2 1'038.1 1'140.1 224.5 245.9

0.62x 3.39x 3.49x 3.15x 3.19x 13.99x 11.77x 3.46x 3.08x 15.61x 14.66x

449.0 386.9 475.0 481.9 802.1 481.9 793.2 884.9 965.8 190.7 208.9

0.78x 4.19x 4.17x 3.98x 3.71x 3.98x 3.75x 4.10x 3.76x 4.07x 3.93x

113.8 162.5 155.8 170.6 284.5 170.7 284.5 313.6 346.0 66.7 73.3

4.49x 11.42x 14.69x 13.26x 11.65x 13.25x 11.63x 12.51x 11.30x 12.63x 11.96x











EBITDA Margin 85.1%



Asset Turnover 0.62







Fiscal Year Ended

TGS Nopec Geophysical Co ASAPrice/Volume

Valuation Analysis

514'946.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

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27.02.2013


STATE STREET n/a ULT-AGG 10'483'213 10.14 534 26.02.2013 Investment Advisor





SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'575'610 3.46 (30'456) 31.12.2012 Investment Advisor



EGERTON CAPITAL LIMI n/a EXCH 1'978'069 1.91 - 18.02.2013 Hedge Fund Manager



HAMILTON III HENRY H n/a EXCH 1'352'400 1.31 - 18.02.2013 n/a

TGS NOPEC GEOPHYSICA n/a EXCH 1'317'200 1.27 - 18.02.2013 Corporation

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 1'234'479 1.19 (717) 31.01.2013 Investment Advisor

RBC DEXIA INVESTOR S n/a EXCH 1'220'048 1.18 - 18.02.2013 Investment Advisor




DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 888'336 0.86 (266'100) 28.09.2012 Investment Advisor

WASATCH ADVISORS INC Multiple Portfolios MF-AGG 832'754 0.81 38'600 31.12.2012 Investment Advisor


Fearnley Fonds MORTEN NYSTROM reduce 2 M 197 Not Provided 11.02.2013

Dahlman Rose & Co PETER HATFIELD hold 3 M #N/A N/A Not Provided 11.02.2013

Carnegie OLE MARTIN WESTGAARD buy 5 M #N/A N/A Not Provided 08.02.2013

Nordea Equity Research JORGEN ANDREAS LANDE buy 5 M 235 12 month 08.02.2013

DNB Markets MATS OLIMB hold 3 M 210 Not Provided 08.02.2013

Barclays MICK PICKUP underweight 1 M 230 Not Provided 08.02.2013

Danske Markets J HENRIK ERIKSEN buy 5 M 235 12 month 08.02.2013

Swedbank First Securities EIVIND TONNESSEN neutral 3 M 205 Not Provided 08.02.2013

Morgan Stanley ROBERT PULLEYN Equalwt/Attractive 3 M 243 12 month 07.02.2013

ABG Sundal Collier JOHN A SCHJ OLAISEN hold 3 M 190 6 month 07.02.2013

Goldman Sachs MICHAEL RAE neutral/neutral 3 M 222 12 month 07.02.2013

Handelsbanken KNUT ERIK LOVSTAD accumulate 4 M 215 12 month 07.02.2013


SpareBank 1 Markets AS CHRISTOPHER MOLLERLOKKEN neutral 3 M 210 6 month 07.02.2013

Arctic Securities ASA CHRISTIAN YGGESETH buy 5 M 230 Not Provided 07.02.2013

JPMorgan ANDREW DOBBING underweight 1 M 214 9 month 29.01.2013





RS Platou Markets GORAN ANDREASSEN buy 5 M 255 6 month 09.01.2013

Canaccord Genuity Corp JAMES EVANS hold 3 M 200 12 month 25.09.2012

Fondsfinans AS ARNE EGIL ROENNING Under Review #N/A N/A M #N/A N/A Not Provided 13.02.2012

Holdings By:

TGS Nopec Geophysical Co ASA ee


27.02.2013

Thales SA manufactures aerospace systems and industrial electronics products.

The Company manufactures radar and countermeasure systems, optronics and

electron tubes, communications, navigation, and identification systems, air

traffic management systems, computer hardware and software, missile defense

systems, and semiconductors. Thales serves the civilian and military markets.


LTM as of: 09/yy

52-Week High (14.03.2012) 28.91

52-Week Low (14.06.2012) 23.07

Daily Volume

26.53












HO FP EQUITY YTD Change - Average Volume 30 Day 222'074

HO FP EQUITY YTD % CHANGE - Average Volume 3 Month 211'437


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 Q1

12'295.6 12'664.8 12'881.5 13'124.8 13'028.4 13'077.4 13'766.0 13'814.6 13'845.3 4'707.0 -

0.68x 0.50x 0.56x 0.38x 0.34x 0.00x 0.00x 0.32x 0.30x - -

1'185.9 1'217.9 588.7 401.4 1'254.1 0.0 0.0 1'301.4 1'386.3 - -

7.01x 5.22x 12.31x 12.53x 3.54x 0.00x 0.00x 4.02x 3.77x - -

887.4 559.9 (201.8) (107.6) 511.8 0.0 0.0 510.8 606.2 - -

8.94x 10.39x - - 9.38x 0.00x 0.00x 10.03x 8.51x - -











EBITDA Margin 9.3%



Asset Turnover 0.67







Fiscal Year Ended

Thales SAPrice/Volume

Valuation Analysis

137'887.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

'!''

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27.02.2013


FRENCH STATE n/a Co File 54'786'654 27.08 - 31.12.2011 Government

DASSAULT AVIATION SA n/a Research 52'531'431 25.96 - 09.07.2012 Corporation

TRADEWINDS GLOBAL IN n/a Research 10'029'597 4.96 (102'974) 10.02.2012 Investment Advisor

THALES SA n/a Co File 3'542'173 1.75 - 31.12.2011 Corporation


FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 2'850'886 1.41 (139'114) 31.12.2012 Investment Advisor






MAVERICK CAPITAL LTD n/a Short (1'011'699) -0.5 - 14.02.2013 Hedge Fund Manager

PIONEER INVESTMENT M Multiple Portfolios MF-AGG 753'568 0.37 (33'006) 30.11.2012 Investment Advisor


NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 696'646 0.34 (46'356) 31.01.2013 Investment Advisor




LEONARDO INVEST FUND Multiple Portfolios MF-AGG 490'800 0.24 - 28.09.2012 Mutual Fund Manager




AlphaValue THOMAS PICHERIT buy 5 M 44 6 month 21.02.2013

RBC Capital Markets ROBERT STALLARD underperform 1 M 26 12 month 20.02.2013

JPMorgan DAVID H. PERRY overweight 5 N 33 9 month 11.02.2013

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX buy 5 M 38 12 month 05.02.2013



Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 32 12 month 18.01.2013


Exane BNP Paribas TRISTAN SANSON neutral 3 M 28 Not Provided 16.01.2013


Barclays CARTER COPELAND equalweight 3 M 26 Not Provided 15.01.2013

Deutsche Bank MILENE KERNER hold 3 M 30 12 month 12.12.2012


Natixis ERIC CHADEYRAS buy 5 M 39 Not Provided 02.08.2012


Holdings By:

Thales SA ee


27.02.2013

TNT Express NV transports goods and documents by truck and air. The Company

primarily transports high-tech electronics, automotive, industrial, healthcare

and fashion products. TNT specializes in time-certain and day-definite

delivery of freight.


LTM as of: 12/yy

52-Week High (19.03.2012) 9.54

52-Week Low (14.01.2013) 4.05

Daily Volume

5.703





3'098.28 1 Yr Total Return -38.89%







TNTE NA EQUITY YTD Change - Average Volume 30 Day 5'482'648

TNTE NA EQUITY YTD % CHANGE - Average Volume 3 Month 6'013'539


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

- - 6'945.0 7'156.0 7'162.0 7'156.0 7'162.0 7'434.0 7'732.3 - -

- - - 0.43x 0.61x 1.38x 2.61x 0.37x 0.34x - -

- - 389.0 389.0 380.0 389.0 382.0 508.3 582.9 - -

- - - 8.00x 11.53x 8.00x 11.47x 5.70x 4.97x - -

- - 66.0 (270.0) (83.0) (270.0) (83.0) 177.2 230.4 - -

- - - - - 0.00x 0.00x 19.33x 13.81x 27.15x -







Return on Capital -5.63% EBITDA/Interest Exp. 8.26




EBITDA Margin 5.3%



Asset Turnover 1.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

TNT Express NVPrice/Volume

Valuation Analysis

1'826'280.00


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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

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27.02.2013


POSTNL NV n/a Research 162'130'035 29.84 - 01.06.2011 Corporation

ALBERTA INVESTMENT M n/a Research 24'926'005 4.59 - 22.02.2012 Government

JANA PARTNERS LLC n/a Research 24'371'653 4.49 - 22.02.2012 Hedge Fund Manager

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 14'309'904 2.63 (3'314'165) 30.09.2012 Hedge Fund Manager

WATER ISLAND CAPITAL Multiple Portfolios MF-AGG 7'944'330 1.46 (2'954'408) 30.11.2012 Investment Advisor


HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 7'021'283 1.29 6'031'650 31.12.2012 Investment Advisor


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 4'246'313 0.78 - 31.12.2012 Investment Advisor

ODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 3'214'995 0.59 3'214'995 31.01.2013 Investment Advisor

GENERALI ASSET MANAG Multiple Portfolios MF-AGG 2'822'940 0.52 (8'810) 31.01.2013 Mutual Fund Manager

GAMCO n/a ULT-AGG 2'200'000 0.4 (130'000) 31.10.2012 Unclassified

HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 2'008'227 0.37 - 30.09.2011 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 1'866'507 0.34 (1'617'589) 31.12.2012 Investment Advisor

AQR CAPITAL MANAGEME Multiple Portfolios MF-AGG 1'578'472 0.29 - 31.12.2012 Hedge Fund Manager


FORTIS INVESTMENTS Multiple Portfolios MF-AGG 1'286'784 0.24 - 31.10.2012 Mutual Fund Manager

IBERCAJA GESTION, S. Multiple Portfolios MF-AGG 1'257'148 0.23 - 31.12.2012 Mutual Fund Manager

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 883'190 0.16 883'190 31.01.2013 Investment Advisor



KBC Securities DIETER FURNIERE hold 3 M 6 Not Provided 25.02.2013




Kempen & Co ARUN RAMBOCUS hold 3 M 6 12 month 19.02.2013

Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 8 12 month 19.02.2013


Rabobank International PHILIP SCHOLTE buy 5 M 7 12 month 19.02.2013

Wolfe Trahan & Co SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 19.02.2013

SNS Securities(ESN) GERT STEENS hold 3 M 4 12 month 18.02.2013

Petercam MARCEL ACHTERBERG reduce 2 M 5 Not Provided 18.02.2013

ING Bank MARC ZWARTSENBURG buy 5 M 6 12 month 18.02.2013

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 7 Not Provided 18.02.2013

JPMorgan CHRISTOPHER G COMBE overweight 5 M 7 9 month 14.02.2013

Morgan Stanley PENNY BUTCHER Underwt/In-Line 1 M 5 12 month 13.02.2013

Nomura MARK MCVICAR neutral 3 M 5 12 month 13.02.2013

Makor Capital ALBERT SAPORTA hold 3 M 7 Not Provided 01.02.2013

Davy STEPHEN FURLONG outperform 5 U #N/A N/A Not Provided 25.01.2013

Barclays DAVID E FINTZEN equalweight 3 M 5 Not Provided 21.01.2013

HSBC JULIA WINARSO neutral 3 M 5 Not Provided 15.01.2013

Credit Suisse NEIL GLYNN neutral 3 M 10 Not Provided 24.09.2012

Thompson, Davis & Company DAVID P CAMPBELL hold 3 M 16 Not Provided 07.05.2012

Deutsche Bank ANDY CHU restricted #N/A N/A M #N/A N/A Not Provided 20.03.2012

Theodoor Gilissen Securities JOS VERSTEEG Under Review #N/A N/A M #N/A N/A Not Provided 27.10.2011

Main First Bank AG TOBIAS SITTIG neutral 3 M 8 12 month 02.08.2011

Holdings By:

TNT Express NV ee


27.02.2013

Travis Perkins plc markets and distributes products to the UK construction and

building trade industries, including timber, building, and plumbing and heating

materials.


LTM as of: 01/yy

52-Week High (19.02.2013) 1'311.00

52-Week Low (25.05.2012) 901.50

Daily Volume

1256





3'076.05 1 Yr Total Return 20.56%







TPK LN EQUITY YTD Change - Average Volume 30 Day 672'659

TPK LN EQUITY YTD % CHANGE - Average Volume 3 Month 643'277


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

3'178.6 2'930.9 3'152.8 4'779.1 4'844.9 - - 4'986.7 5'287.9 - -

0.45x 0.75x 1.04x 0.52x 0.64x - - 0.68x 0.63x - -

217.5 336.7 285.2 360.8 378.9 - - 415.1 462.4 - -

6.62x 6.56x 11.50x 6.91x 8.22x - - 8.50x 7.63x - -

101.9 157.4 141.3 212.4 259.6 - - 234.7 270.1 - -

3.90x 9.64x 15.21x 8.81x 9.99x - - 12.61x 10.97x - -











EBITDA Margin 7.8%



Asset Turnover 1.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Travis Perkins PLCPrice/Volume

Valuation Analysis

206'558.00


'

.''

1''

3''

5''

-'''

-.''

-1''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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



27.02.2013



LLOYDS BANKING GROUP n/a ULT-AGG 17'384'404 7.1 55'839 31.01.2013 Investment Advisor

SPRUCEGROVE INVESTME Multiple Portfolios REG 13'162'803 5.37 (4'170) 02.01.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 12'920'606 5.28 15'559 31.12.2012 Investment Advisor

TEACHERS ADVISORS IN n/a RNS-MAJ 9'877'826 4.03 2'028'385 11.02.2013 Investment Advisor


SANDERSON ASSET MANA Multiple Portfolios REG 8'926'940 3.65 (45'260) 02.01.2013 Investment Advisor


INVESTEC ASSET MANAG Multiple Portfolios REG 8'580'144 3.5 118'620 02.01.2013 Investment Advisor

UBS n/a ULT-AGG 8'512'604 3.48 - 02.01.2013 Unclassified

TRAVIS PERKINS FAMIL Multiple Portfolios REG 8'211'177 3.35 (236'701) 02.01.2013 Unclassified


PZENA INVESTMENT MAN Multiple Portfolios REG 7'149'678 2.92 (294'263) 02.01.2013 Hedge Fund Manager

AXA FRAMLINGTON INV Multiple Portfolios REG 6'862'121 2.8 - 02.01.2013 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 6'169'829 2.52 - 31.12.2012 Investment Advisor

MORGAN STANLEY INVES Multiple Portfolios REG 6'122'076 2.5 (209'155) 02.01.2013 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios REG 5'627'577 2.3 395'601 02.01.2013 Investment Advisor

TRAVIS PERKINS ESOP Multiple Portfolios REG 5'532'060 2.26 5'317'923 02.01.2013 Other



Deutsche Bank GLYNIS JOHNSON hold 3 M 1'213 12 month 22.02.2013

Goodbody Stockbrokers Ltd ROBERT EASON hold 3 M 1'235 12 month 22.02.2013

Panmure Gordon & Co Limited ANDY BROWN buy 5 M 1'350 Not Provided 22.02.2013

Jefferies SAM CULLEN hold 3 M 1'130 12 month 21.02.2013

Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 1'400 Not Provided 21.02.2013

AlphaValue LIONEL PELLICER reduce 2 M 1'281 6 month 21.02.2013

Oriel Securities Ltd MARK HOWSON add 4 M #N/A N/A Not Provided 20.02.2013

Numis Securities Ltd HOWARD SEYMOUR hold 3 M 1'000 Not Provided 19.02.2013

Redburn Partners JOHN MESSENGER buy 5 M #N/A N/A Not Provided 24.01.2013

Peel Hunt ANDREW NUSSEY sell 1 D 1'000 Not Provided 22.01.2013


Goldman Sachs JOHN WOODMAN neutral/neutral 3 M 1'342 12 month 18.12.2012

Credit Suisse HARRY GOAD neutral 3 M 1'050 Not Provided 17.12.2012

Davy FLORENCE O'DONOGHUE outperform 5 U #N/A N/A Not Provided 04.12.2012

Berenberg Bank MICHAEL WATTS sell 1 M 1'000 Not Provided 17.10.2012

Barclays PAUL CHECKETTS equalweight 3 M 1'150 Not Provided 15.10.2012

JPMorgan EMILY BIDDULPH neutral 3 M 999 Not Provided 05.05.2012

Shore Capital Stockbrokers JON BELL buy 5 M #N/A N/A Not Provided 02.05.2012

HSBC MATTHEW LLOYD restricted #N/A N/A M #N/A N/A Not Provided 28.05.2010

Holdings By:

Travis Perkins PLC ee


27.02.2013

UCB SA is a biopharmaceutical company. The Company specializes in the treatment

of central nervous system disorders, inflammatory diseases, and oncology. UCB

operates worldwide.


LTM as of: 12/yy

52-Week High (06.11.2012) 46.14

52-Week Low (02.03.2012) 29.12

Daily Volume

44.14





8'093.73 1 Yr Total Return 49.56%







UCB BB EQUITY YTD Change - Average Volume 30 Day 184'329

UCB BB EQUITY YTD % CHANGE - Average Volume 3 Month 163'345


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

3'027.0 2'683.0 2'786.0 2'876.0 3'462.0 0.0 3'462.0 3'393.4 3'611.4 - -

2.22x 2.65x 2.20x 2.53x - #DIV/0! 0.00x 2.80x 2.55x - -

711.0 674.0 722.0 681.0 - 0.0 0.0 713.6 834.3 - -

9.46x 10.54x 8.50x 10.69x - 0.00x 0.00x 13.86x 11.86x - -

42.0 513.0 103.0 235.0 252.0 0.0 0.0 332.9 435.5 - -

- 10.40x 44.26x 26.18x 30.22x 0.00x 0.00x 23.35x 18.26x - -











EBITDA Margin 19.9%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

UCB SAPrice/Volume

Valuation Analysis

347'276.00


'2

-'-2.'.20'021'122'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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



27.02.2013


FINANCIERE DE TUBIZE n/a Co File 66'370'000 36.2 - 29.02.2012 Holding Company



UCB FIPAR n/a Co File 3'136'150 1.71 - 29.02.2012 Other

COSYLVA SA n/a Co File 3'000'000 1.64 - 29.02.2012 Corporation

PHARMAHOLD SA n/a Co File 3'000'000 1.64 - 29.02.2012 Other

SCHWARZ VERMOEGENSVE n/a Co File 2'471'404 1.35 - 29.02.2012 n/a

COMPAR FINANCE SA n/a Co File 2'065'830 1.13 - 29.02.2012 Other

SCOPIA MANAGEMENT IN n/a Short (1'485'257) -0.81 - 02.01.2013 Hedge Fund Manager

LEVIMMO SA n/a Co File 1'230'770 0.67 - 29.02.2012 Other







NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 659'605 0.36 - 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 607'611 0.33 (34'518) 31.12.2012 Investment Advisor




Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 49 12 month 27.02.2013

Jefferies PETER WELFORD underperform 1 M 34 12 month 27.02.2013

Bank Degroof(ESN) BERNARD HANSSENS hold 3 M 45 12 month 27.02.2013

KBC Securities JAN DE KERPEL hold 3 M 44 Not Provided 27.02.2013


Bryan Garnier & Cie MARTIAL DESCOUTURES neutral 3 M 42 6 month 27.02.2013

Nomura AMIT ROY buy 5 M 35 12 month 27.02.2013

ING Bank FABIAN SMEETS hold 3 M 39 12 month 27.02.2013

ABN Amro Bank N.V. MARK VAN DER GEEST reduce 2 M 30 Not Provided 27.02.2013

Credit Suisse LUISA HECTOR neutral 3 M 47 Not Provided 26.02.2013

Kepler Capital Markets FABIAN WENNER reduce 2 M 36 Not Provided 25.02.2013

Exane BNP Paribas NICOLAS GUYON-GELLIN outperform 5 M 50 Not Provided 22.02.2013


Barclays BRIAN BOURDOT equalweight 3 M 39 Not Provided 19.02.2013


Goldman Sachs KEYUR PAREKH neutral/neutral 3 U 38 12 month 28.01.2013

Petercam Roderick Verhelst hold 3 M 43 Not Provided 25.01.2013

Kempen & Co SACHIN SONI hold 3 M 39 12 month 15.01.2013


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

Natixis PHILIPPE LANONE neutral 3 M 41 Not Provided 15.11.2012

S&P Capital IQ SHO MATSUBARA sell 1 M 32 12 month 29.10.2012

JPMorgan RICHARD VOSSER overweight 5 M 51 9 month 05.10.2012

Societe Generale STEPHEN MCGARRY buy 5 M 49 12 month 27.09.2012

CA Cheuvreux LAURENT FLAMME underperform 1 M 42 Not Provided 10.09.2012

Main First Bank AG MARCUS WIEPRECHT neutral 3 N 30 12 month 07.11.2011

Holdings By:

UCB SA ee


27.02.2013

Umicore SA is a materials technology company. The Company operates in advanced

materials, precious metal products and catalysts, along with zinc specialties.

Umicore has industrial operations on all continents.


LTM as of: 01/yy

52-Week High (17.04.2012) 44.90

52-Week Low (25.07.2012) 32.79

Daily Volume

38.065












UMI BB EQUITY YTD Change - Average Volume 30 Day 554'615

UMI BB EQUITY YTD % CHANGE - Average Volume 3 Month 445'558


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

9'124.0 6'937.4 9'691.1 14'480.9 12'548.0 - - 14'236.4 15'066.4 - -

0.21x 0.41x 0.50x 0.27x 0.39x - - 0.34x 0.32x - -

474.6 232.7 427.7 560.3 487.1 - - 518.7 580.6 - -

4.12x 12.29x 11.31x 6.87x 10.14x - - 9.35x 8.35x - -

121.7 73.8 248.7 325.0 233.4 - - 266.6 301.9 - -

13.03x 33.91x 17.69x 11.10x 19.95x - - 16.01x 13.99x - -











EBITDA Margin 3.9%



Asset Turnover 3.40







Fiscal Year Ended

Umicore SAPrice/Volume

Valuation Analysis

378'442.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'122'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

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



27.02.2013


FMR LLC n/a ULT-AGG 11'982'559 9.99 (445) 30.09.2012 Investment Advisor


UMICORE n/a Co File 9'243'186 7.7 - 31.12.2011 Corporation





MANNING & NAPIER ADV Multiple Portfolios MF-AGG 950'360 0.79 35'350 31.12.2012 Investment Advisor


LEYSEN THOMAS ANDRE n/a Co File 871'320 0.73 - 31.12.2011 n/a




ALLIANCE BERNSTEIN n/a ULT-AGG 661'042 0.55 198'353 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 654'802 0.55 (2'860) 31.12.2012 Investment Advisor


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 559'256 0.47 (331'255) 31.01.2013 Investment Advisor

FIDELITY INVESTMENT Multiple Portfolios MF-AGG 521'854 0.43 - 30.12.2011 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 493'992 0.41 5'371 31.12.2012 Investment Advisor



Rabobank International FRANK CLAASSEN hold 3 M 37 12 month 25.02.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 44 Not Provided 25.02.2013


Equita SIM SpA MASSIMO BONISOLI hold 3 M 41 12 month 19.02.2013

Kepler Capital Markets PETER OLOFSEN buy 5 M 43 Not Provided 18.02.2013


ING Bank FILIP DE PAUW hold 3 M 39 12 month 14.02.2013

Credit Suisse RHIAN O'CONNOR neutral 3 M 35 Not Provided 12.02.2013


Bank Degroof(ESN) BERNARD HANSSENS hold 3 M 38 Not Provided 11.02.2013

Petercam MARC DEBROUWER hold 3 M 40 Not Provided 11.02.2013

KBC Securities WIM HOSTE hold 3 M 36 12 month 08.02.2013

Deutsche Bank MARTIN DUNWOODIE hold 3 M 37 12 month 07.02.2013

HSBC GEOFF HAIRE underweight 1 M 36 Not Provided 07.02.2013

ABN Amro Bank N.V. MARK VAN DER GEEST hold 3 M 44 Not Provided 31.01.2013


Kempen & Co DENIS LEPADATU hold 3 M 39 12 month 07.01.2013

Exane BNP Paribas ARNAUD W GOOSSENS neutral 3 M 40 Not Provided 17.10.2012

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 30.01.2012

Holdings By:

Umicore SA ee


27.02.2013

UBI Banca - Unione di Banche Italiane ScpA attracts deposits and offers business

loans, pension and investment fund management, mortgages, insurance, and online

securities brokerage services. UBI Banca operates network banks throughout

Italy, Germany, France, and Switzerland and performs centralized functions of

governance, control and organization for those banks.


LTM as of: 09/yy

52-Week High (21.01.2013) 4.04

52-Week Low (24.07.2012) 1.82

Daily Volume

3.462










Enterprise Value -


UBI IM EQUITY YTD Change - Average Volume 30 Day 7'880'230

UBI IM EQUITY YTD % CHANGE - Average Volume 3 Month 8'336'645


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 Q1

7'123.0 7'113.8 5'886.5 5'151.3 5'534.6 5'330.9 5'314.4 3'486.8 3'419.8 828.3 826.0

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

- - - - - 0.0 0.0 - - - -

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

880.8 69.0 270.1 172.1 (1'841.5) 157.1 (1'801.4) 169.0 212.3 - -

18.59x 77.62x 24.22x 47.17x - 17.67x 0.00x 18.03x 15.05x 18.32x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Unione di Banche Italiane SCPAPrice/Volume

Valuation Analysis

5'396'381.00


'--..00112

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013



SILCHESTER INTL INVE n/a EXCH 45'096'359 5 - 14.01.2013 Investment Advisor

FONDAZIONE CASSA RIS n/a EXCH 20'541'793 2.28 - 14.01.2013 Other

FONDAZIONE BANCA MON n/a EXCH 20'325'373 2.25 - 14.01.2013 Other



BLACKROCK LIFE LTD n/a EXCH 3'706'179 0.41 - 14.01.2013 Investment Advisor


BLACKROCK ADVISORS U n/a EXCH 3'083'974 0.34 - 14.01.2013 Investment Advisor



BANQUE DEGROOF Multiple Portfolios MF-AGG 1'792'459 0.2 22'000 01.02.2013 Investment Advisor


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'312'485 0.15 - 28.12.2012 Mutual Fund Manager



STATE STREET BANQUE Multiple Portfolios MF-AGG 988'055 0.11 40'686 31.01.2013 Investment Advisor


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 839'457 0.09 - 31.12.2012 Investment Advisor

BLACKROCK ASSET MANA n/a EXCH 838'625 0.09 - 14.01.2013 Investment Advisor


Keefe, Bruyette & Woods RONNY REHN underperform 1 M 3 12 month 27.02.2013


Banca IMI MANUELA MERONI add 4 M 3 12 month 25.02.2013

Kepler Capital Markets ANNA MARIA BENASSI hold 3 M 4 Not Provided 25.02.2013

Exane BNP Paribas ANDREA VERCELLONE outperform 5 M 4 Not Provided 22.02.2013

Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 4 12 month 14.02.2013


Equita SIM SpA GIOVANNI RAZZOLI reduce 2 D 4 12 month 28.01.2013

Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 4 12 month 22.01.2013

ICBPI MARCO SALLUSTIO sell 1 M 3 12 month 22.01.2013

Societe Generale CARLO TOMMASELLI hold 3 M 4 12 month 21.01.2013

Deutsche Bank PAOLA SABBIONE hold 3 M 4 12 month 17.01.2013


Credit Suisse ANDREA UNZUETA underperform 1 M 3 Not Provided 15.01.2013

CA Cheuvreux ALDO COMI underperform 1 M 3 Not Provided 30.11.2012


Natixis STEVEN GOULD neutral 3 M 3 Not Provided 15.11.2012

Nomura DOMENICO SANTORO reduce 2 M 3 12 month 25.10.2012

JPMorgan KIAN ABOUHOSSEIN underweight 1 M 3 Not Provided 28.05.2012

Holdings By:

Unione di Banche Italiane SCPA ee


27.02.2013

UPM-Kymmene Oyj manufactures forest products. The Company focuses on magazine

papers, newsprint, and fine and specialty papers. UPM-Kymmene also makes

self-adhesive labels, siliconized papers, industrial wrappings, and packaging

papers. The Company's Wood Products division produces sawn products, plywood,

and other building materials. UPM-Kymmene is active in many countries.


LTM as of: 12/yy

52-Week High (14.03.2012) 10.69

52-Week Low (04.06.2012) 7.82

Daily Volume

8.85





4'656.20 1 Yr Total Return -9.84%







UPM1V FH EQUITY YTD Change - Average Volume 30 Day 2'573'431

UPM1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 2'291'873


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

9'461.0 7'719.0 8'924.0 10'068.0 10'438.0 10'068.0 10'438.0 10'165.4 10'311.8 2'518.8 2'568.2

1.00x 1.08x 1.19x 0.86x 0.78x 3.90x 3.30x 0.74x 0.70x - -

1'109.0 967.0 1'308.0 1'120.0 1'206.0 1'120.0 1'206.0 1'272.6 1'331.5 262.5 288.3

8.51x 8.65x 8.10x 7.69x 6.71x 7.69x 6.71x 6.38x 6.10x 6.98x -

(179.0) 169.0 561.0 457.0 (1'254.0) 457.0 (1'254.0) 408.9 494.5 107.3 102.7

- 25.60x 12.25x 9.72x - 9.72x 0.00x 11.08x 9.68x 10.65x -


EBIT -1'381.00 Long-Term Rating BB









EBITDA Margin 11.6%



Asset Turnover 0.74







Fiscal Year Ended

UPM-Kymmene OYJPrice/Volume

Valuation Analysis

1'451'055.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.

1

3

5

-'

-.

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

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



27.02.2013











MERCHANTS' GATE CAPI n/a Short (4'208'995) -0.8 (528'234) 29.01.2013 Hedge Fund Manager



SERLACHIUS GUSTAF n/a Co File 3'815'870 0.73 - 31.12.2011 n/a

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 3'618'179 0.69 1'235'892 31.12.2012 Investment Advisor


SWISS NATIONAL BANK n/a Research 3'155'503 0.6 - 28.12.2012 Government

ETERA MUTUAL PENSION n/a Co File 3'100'000 0.59 - 31.12.2011 Insurance Company

AVENUE CAPITAL MANAG n/a Short (2'681'601) -0.51 - 01.11.2012 Hedge Fund Manager

GOSTA SERLACHIUS ART n/a Research 2'666'292 0.51 - 31.10.2012 Other

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'386'425 0.45 - 31.01.2013 Mutual Fund Manager



Credit Suisse LARS KJELLBERG neutral 3 D 10 Not Provided 11.02.2013

Evli Bank Plc MARKKU JARVINEN reduce 2 D 9 12 month 06.02.2013

Pohjola Bank Plc (ESN) HENRI PARKKINEN sell 1 M 8 12 month 01.02.2013

SEB Enskilda LINUS LARSSON buy 5 M 12 Not Provided 01.02.2013

Nordea Equity Research HARRI TAITTONEN hold 3 U 9 12 month 01.02.2013

Danske Markets ANTTI KOSKIVUORI hold 3 U 10 12 month 01.02.2013

ABG Sundal Collier MARTIN MELBYE hold 3 D 10 6 month 31.01.2013

Carnegie JOHAN SJOBERG buy 5 M #N/A N/A Not Provided 31.01.2013

Handelsbanken KARRI RINTA accumulate 4 D 11 12 month 31.01.2013

INDERES ANTTI-PEKKA VILJAKAINEN accumulate 4 M 9 Not Provided 31.01.2013

Goldman Sachs ESHAN TOORABALLY Sell/Neutral 1 M 8 6 month 22.01.2013


Swedbank KATJA KEITAANNIEMI buy 5 D 11 12 month 26.10.2012

Morgan Stanley MARKUS ALMERUD Overwt/Attractive 5 M 13 12 month 07.08.2012

CA Cheuvreux MIKAEL JAFS outperform 5 M 12 Not Provided 21.12.2011

Holdings By:

UPM-Kymmene OYJ ee


27.02.2013

Valeo SA manufactures automobile components. The Company manufactures clutches,

engine cooling, parts, lighting, electrical systems, windshield wipers, motors

and actuators, security systems, electronics, and connective systems for

automobile manufacturers and the aftermarket. Valeo's products are sold in

Europe, Asia, North America, and South America.


LTM as of: 06/yy

52-Week High (14.03.2012) 43.31

52-Week Low (27.06.2012) 29.80

Daily Volume

42.675





3'391.06 1 Yr Total Return 11.25%







FR FP EQUITY YTD Change - Average Volume 30 Day 330'424

FR FP EQUITY YTD % CHANGE - Average Volume 3 Month 302'026


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

8'677.0 7'499.0 9'632.0 10'868.0 11'759.0 10'179.0 11'533.0 11'615.5 12'350.8 - -

0.19x 0.36x 0.38x 0.28x 0.32x 0.00x 0.00x 0.34x 0.32x - -

510.0 604.0 1'132.0 1'239.0 1'223.0 0.0 0.0 1'263.9 1'353.7 - -

3.29x 4.44x 3.19x 2.44x 3.07x 0.00x 0.00x 3.38x 3.15x - -

(207.0) (153.0) 365.0 427.0 380.0 0.0 0.0 395.3 449.5 - -

- - 8.68x 5.39x 7.44x 0.00x 0.00x 8.43x 7.34x - -











EBITDA Margin 10.4%



Asset Turnover 1.35







Fiscal Year Ended

Valeo SAPrice/Volume

Valuation Analysis

357'008.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2

-'-2.'.20'021'12

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

1!''

1!2'

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



27.02.2013


SOCIETE GENERALE n/a Research 7'057'175 8.88 - 20.06.2011 Bank

FONDS STRATEGIQUE D' n/a Co File 4'620'567 5.81 - 31.12.2011 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 4'415'779 5.56 213'154 31.01.2013 Unclassified

VALEO SA n/a Co File 4'241'206 5.34 - 31.12.2011 Corporation





PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 1'315'600 1.66 (132'379) 31.12.2012 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 777'065 0.98 (7'400) 31.12.2012 Investment Advisor






PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 450'615 0.57 33'233 31.01.2013 Insurance Company

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 390'470 0.49 324'260 30.11.2012 Investment Advisor




CM - CIC Securities(ESN) FLORENT COUVREUR buy 5 M 50 12 month 26.02.2013

Societe Generale STEPHEN REITMAN buy 5 M 50 12 month 25.02.2013

Deutsche Bank GAETAN TOULEMONDE buy 5 U 53 12 month 25.02.2013

CA Cheuvreux THOMAS BESSON outperform 5 M 50 Not Provided 25.02.2013

Oddo & Cie JEAN-FRANCOIS GRANJON buy 5 M 44 Not Provided 25.02.2013

Natixis MICHAEL FOUNDOUKIDIS neutral 3 M 40 Not Provided 25.02.2013

Exane BNP Paribas RABIH FREIHA neutral 3 M 36 Not Provided 22.02.2013

HSBC NIELS FEHRE neutral 3 M 45 Not Provided 21.02.2013

AlphaValue HANS-PETER WODNIOK add 4 M 43 6 month 21.02.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 20.02.2013

Kepler Capital Markets XAVIER CAROEN buy 5 M 46 Not Provided 25.01.2013

Goldman Sachs STEPHAN PUETTER buy/attractive 5 M 51 12 month 10.01.2013

Main First Bank AG BRUNO LAPIERRE outperform 5 M 46 12 month 21.12.2012

Barclays MICHAEL TYNDALL overweight 5 M 47 Not Provided 04.12.2012

Morgan Stanley EDOARDO SPINA Equalwt/In-Line 3 D 37 12 month 28.11.2012

Equita SIM SpA FABIO FAZZARI buy 5 M 50 12 month 16.05.2012

Holdings By:

Valeo SA ee


27.02.2013

Vallourec SA, through subsidiaries, manufactures steel and alloy tubing and a

wide range of components. The Company's products are used by the automobile,

oil and gas refining, petrochemical, transport mechanical, construction, and

aerospace industries. Vallourec has operating and commercial subsidiaries

worldwide.


LTM as of: 12/yy

52-Week High (01.03.2012) 54.88

52-Week Low (14.06.2012) 25.69

Daily Volume

40.96





5'117.80 1 Yr Total Return -18.88%







VK FP EQUITY YTD Change - Average Volume 30 Day 648'056

VK FP EQUITY YTD % CHANGE - Average Volume 3 Month 573'539


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

6'437.0 4'464.5 4'491.3 5'295.9 5'326.0 5'295.9 5'326.0 5'770.2 6'397.1 1'239.0 1'481.0

0.74x 1.57x 2.20x 1.44x 1.31x 6.73x 4.99x 1.28x 1.13x 5.93x 4.93x

1'693.9 980.6 924.8 939.7 785.7 939.3 785.7 956.2 1'211.4 183.5 261.0

2.82x 7.16x 10.68x 8.12x 8.86x 8.12x 8.86x 7.48x 5.90x 7.42x 6.62x

967.2 517.7 409.6 401.5 216.8 401.6 216.8 294.9 446.3 42.8 92.6

4.43x 27.03x 21.83x 14.75x 21.94x 14.89x 22.15x 16.79x 11.43x 16.91x 13.84x











EBITDA Margin 14.8%



Asset Turnover 0.58







Fiscal Year Ended

Vallourec SAPrice/Volume

Valuation Analysis

424'852.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

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



27.02.2013



FSI n/a Co File 8'427'464 6.74 - 31.12.2011 n/a


BOLLORE GROUP n/a Co File 2'046'475 1.64 - 31.12.2011 Holding Company

SUMITOMO METAL INDUS n/a Co File 1'973'134 1.58 - 31.12.2011 Corporation



MORGAN STANLEY n/a ULT-AGG 1'030'803 0.82 43'944 31.12.2012 Investment Advisor

VALLOUREC n/a Co File 1'012'231 0.81 - 31.12.2011 Corporation


ADAGE CAPITAL MANAGE n/a Short (574'753) -0.46 124'947 04.02.2013 Investment Advisor


SPARINVEST n/a ULT-AGG 491'469 0.39 - 31.01.2013 Investment Advisor

INSTITUTIONAL CAPITA Multiple Portfolios MF-AGG 487'750 0.39 (47'950) 31.12.2012 Investment Advisor


GENERAL ELECTRIC COM Multiple Portfolios MF-AGG 461'632 0.37 (25'508) 31.12.2012 Corporation


HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 412'337 0.33 (26'213) 31.12.2012 Investment Advisor


RUFFER LLP Multiple Portfolios MF-AGG 394'800 0.32 - 28.09.2012 Hedge Fund Manager


Societe Generale GAEL DE BRAY hold 3 M 38 12 month 27.02.2013

Exane BNP Paribas RAPHAEL VEVERKA neutral 3 M 39 Not Provided 27.02.2013

Kepler Capital Markets ROCHUS BRAUNEISER reduce 2 M 38 Not Provided 22.02.2013


JPMorgan ALESSANDRO ABATE neutral 3 M 38 9 month 21.02.2013


CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 U 52 12 month 21.02.2013

Oddo & Cie JEAN-FRANCOIS GRANJON neutral 3 M 41 Not Provided 21.02.2013

Natixis JULIEN LAURENT reduce 2 M 32 Not Provided 21.02.2013


Goldman Sachs HENRY TARR neutral/neutral 3 M 44 12 month 20.02.2013

BPI ALEXANDRE LEROY buy 5 M 50 Not Provided 19.02.2013

Credit Suisse MICHAEL SHILLAKER neutral 3 M 40 Not Provided 25.01.2013



Morgan Stanley ROBERT PULLEYN Overwt/Attractive 5 M 52 12 month 07.11.2012

Simmons & Company International STEPHEN WILLIAMS overweight 5 U #N/A N/A Not Provided 13.01.2010

Holdings By:

Vallourec SA ee


27.02.2013

Veolia Environnement operates utility and public transportation businesses.

The Company supplies drinking water, provides waste management services,

manages and maintains heating and air conditioning systems, and operates rail

and road passenger transportation systems.


LTM as of: 09/yy

52-Week High (16.03.2012) 13.06

52-Week Low (16.11.2012) 7.38

Daily Volume

9.458





4'937.90 1 Yr Total Return 12.88%







VIE FP EQUITY YTD Change - Average Volume 30 Day 4'222'846

VIE FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'760'700


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 06/11 Q2 09/11 Q3

32'628.2 35'764.8 33'951.8 28'764.2 29'647.3 32'253.6 27'283.0 29'161.6 27'947.4 - 23'953.0

1.42x 0.83x 0.86x 1.02x 0.76x 0.00x 0.00x 0.69x 0.67x - 0.83x

3'709.7 3'384.1 3'392.4 3'697.7 3'805.3 0.0 0.0 2'704.3 2'624.4 - 1'537.5

12.45x 8.74x 8.61x 7.91x 5.89x 0.00x 0.00x 8.47x 8.73x - -

927.9 405.1 584.1 558.5 (489.8) 0.0 0.0 163.2 318.6 - -

28.21x 38.43x 17.83x 20.44x - 0.00x 0.00x 25.08x 15.78x - -











EBITDA Margin 12.0%



Asset Turnover 0.62








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Veolia Environnement SAPrice/Volume

Valuation Analysis

4'445'362.00


'

.

1

3

5

-'

-.

-1

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9.'!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

1!''

1!2'

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013



GROUPE INDUSTRIEL MA n/a Co File 32'888'732 6.3 - 31.12.2011 Corporation

GROUPAMA ASSET MANAG n/a Co File 29'366'758 5.62 - 31.12.2011 Investment Advisor

VELO INVEST n/a Co File 24'681'519 4.73 - 31.12.2011 Other

ELECTRICITE DE FRANC n/a Co File 20'577'271 3.94 - 31.12.2011 Government

VEOLIA ENVIRONNEMENT n/a Co File 14'237'927 2.73 - 31.12.2011 Corporation

AMUNDI n/a 13G 13'947'585 2.67 (16'312'801) 31.12.2011 Investment Advisor


PICTET & CIE Multiple Portfolios MF-AGG 6'461'052 1.24 304 30.11.2012 Mutual Fund Manager



MANDARINE GESTION Multiple Portfolios MF-AGG 5'455'490 1.04 933'457 31.12.2012 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 4'809'617 0.92 1'501'575 31.01.2013 Investment Advisor

B & G FUND PLC n/a Short (4'072'277) -0.78 (730'922) 21.02.2013 Unclassified

MARSHALL WACE LLP n/a Short (3'811'234) -0.73 (522'087) 25.02.2013 Hedge Fund Manager






JPMorgan NATHALIE F CASALI underweight 1 M 7 Not Provided 22.02.2013

Macquarie ATALLAH ESTEPHAN underperform 1 M 8 12 month 22.02.2013

AlphaValue FABRICE FARIGOULE buy 5 M 13 6 month 21.02.2013

Bryan Garnier & Cie JULIEN DESMARETZ buy 5 M 13 6 month 20.02.2013


BPI LOUIS BOUJARD buy 5 M 11 Not Provided 11.02.2013

Goldman Sachs DARIO CARRADORI buy/attractive 5 M 12 12 month 08.02.2013

Exane BNP Paribas OLIVIER VAN DOOSSELAERE underperform 1 M 9 Not Provided 08.02.2013

CM - CIC Securities(ESN) OLIVIER BAILS hold 3 M 10 12 month 05.02.2013

Berenberg Bank ANDREW FISHER buy 5 N 11 Not Provided 05.02.2013

Raymond James EMMANUEL RETIF outperform 5 M 11 Not Provided 25.01.2013

Barclays JULIE ARAV overweight 5 M 11 Not Provided 25.01.2013



Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 10 12 month 09.01.2013


Nomura MARTIN YOUNG buy 5 M 10 Not Provided 12.12.2012


S&P Capital IQ STEWART SCHARF hold 3 M 10 12 month 07.08.2012

Natixis PHILIPPE OURPATIAN buy 5 M 15 Not Provided 03.08.2012

Hammer Partners SA CHRIS MOORE sell 1 D 7 Not Provided 24.04.2012

Credit Suisse VINCENT GILLES restricted #N/A N/A M #N/A N/A Not Provided 01.03.2012

DZ Bank AG HASIM SENGUEL buy 5 M 13 12 month 29.02.2012

Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011

Brean Murray Carret & Co MICHAEL E GAUGLER hold 3 M #N/A N/A Not Provided 06.09.2011

Holdings By:

Veolia Environnement SA ee


27.02.2013

Vesuvius PLC is a materials technology company. The Company provides

materials, processes, and services to customers worldwide. The Group's

operations consist of electronics, ceramics, and precious metals.


LTM as of: 01/yy

52-Week High (14.02.2013) 393.90

52-Week Low (08.10.2012) 251.78

Daily Volume

377.6





1'051.42 1 Yr Total Return 14.80%







VSVS LN EQUITY YTD Change - Average Volume 30 Day 658'019

VSVS LN EQUITY YTD % CHANGE - Average Volume 3 Month 953'812


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 - -

1'619.5 2'202.5 1'960.6 2'545.5 2'826.4 - - 1'837.3 1'766.4 - -

0.95x 0.46x 0.79x 0.85x 0.64x - - 0.76x 0.76x - -

204.9 314.9 169.3 311.6 346.5 - - 203.7 204.3 - -

7.54x 3.24x 9.19x 6.97x 5.19x - - 7.50x 7.48x - -

105.0 46.1 (48.5) 145.3 146.8 - - 102.3 99.1 - -

13.03x 5.83x - 12.42x 9.57x - - 10.29x 10.49x - -











EBITDA Margin 12.6%



Asset Turnover 1.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vesuvius PLCPrice/Volume

Valuation Analysis

449'902.00


'2'

-''-2'.''.2'0''02'1''12'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

5!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0



27.02.2013


CEVIAN CAPITAL Multiple Portfolios REG 55'693'446 20 - 01.12.2012 Other

ARTISAN PARTNERS HOL n/a RNS-MAJ 17'070'165 6.13 2'963'911 17.12.2012 Investment Advisor

PELHAM CAPITAL LONG/ n/a RNS-MAJ 16'464'223 5.91 - 19.12.2012 Other


MORGAN STANLEY SECUR n/a RNS-MAJ 13'965'644 5.02 - 28.01.2013 Investment Advisor

LLOYDS BANKING GROUP n/a ULT-AGG 13'213'742 4.75 - 31.12.2011 Investment Advisor




LSV ASSET MANAGEMENT Multiple Portfolios REG 9'809'519 3.52 (970'940) 01.12.2012 Investment Advisor



MORGAN STANLEY n/a ULT-AGG 8'776'464 3.15 1'003'504 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios REG 8'574'262 3.08 128'348 01.12.2012 Investment Advisor

IGNIS INVESTMENT SER n/a RNS-MAJ 8'254'302 2.96 (2'797'487) 27.09.2012 Investment Advisor


GOVERNANCE FOR OWNER n/a RNS-MAJ 7'860'465 2.82 (1'781'384) 18.02.2013 Other



CREDIT SUISSE PRIVAT Multiple Portfolios REG 5'227'822 1.88 2'891'787 01.12.2012 Bank


Investec MICHAEL BLOGG hold 3 M 360 12 month 22.02.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 410 12 month 19.02.2013



Peel Hunt DOMINIC CONVEY hold 3 M 360 Not Provided 28.01.2013

JPMorgan GLEN H LIDDY overweight 5 N 420 9 month 25.01.2013


Goldman Sachs ADAM PINCKARD neutral/neutral 3 M 422 12 month 17.01.2013

Credit Suisse JONATHAN HURN neutral 3 N 400 Not Provided 17.01.2013


Deutsche Bank PETER REILLY hold 3 M 350 12 month 10.01.2013

Nomura JUHO LAHDENPERA neutral 3 N 400 Not Provided 10.01.2013

Arden Partners Ltd DAVID LARKAM neutral 3 M #N/A N/A Not Provided 21.12.2012

Spin-Off Research TEAM COVERAGE buy 5 M 382 Not Provided 20.12.2012

Numis Securities Ltd SCOTT CAGEHIN hold 3 M 169 Not Provided 18.12.2012

Barclays NICK WEBSTER equalweight 3 M 288 Not Provided 16.10.2012

N+1 Singer Ltd JAMES TETLEY hold 3 M 279 12 month 08.10.2012

Holdings By:

Vesuvius PLC ee


27.02.2013

Voestalpine AG produces, processes, and distributes steel products. The

Company supplies flat and long steel products to the automotive, household

appliance, railroad equipment, and oil and gas industries.


LTM as of: 12/yy

52-Week High (03.01.2013) 28.78

52-Week Low (01.06.2012) 19.72

Daily Volume

25.665





4'425.91 1 Yr Total Return -1.33%







VOE AV EQUITY YTD Change - Average Volume 30 Day 224'566

VOE AV EQUITY YTD % CHANGE - Average Volume 3 Month 244'939


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

10'481.2 11'724.9 8'550.0 10'953.7 12'058.2 11'894.3 11'833.5 11'590.9 11'784.7 2'902.7 3'115.7

1.07x 0.50x 1.03x 0.81x 0.62x 2.79x 2.46x 0.66x 0.64x 2.84x 2.62x

2'097.1 1'707.0 1'009.1 1'661.2 1'306.5 0.0 0.0 1'391.9 1'480.3 345.0 363.5

5.35x 3.40x 8.72x 5.37x 5.68x 0.00x 0.00x 5.42x 5.09x 5.30x 5.22x

718.2 529.8 108.4 512.7 333.5 525.3 291.0 415.9 492.2 89.7 121.0

9.38x 3.02x 46.08x 10.90x 12.73x 6.97x 16.08x 10.57x 9.10x 10.20x 9.72x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.96







Fiscal Year Ended

Voestalpine AGPrice/Volume

Valuation Analysis

69'638.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

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



27.02.2013


RAIFFEISENLANDESBANK n/a Research 25'765'818 14.94 - 24.11.2012 Bank

VOESTALPINE EMP SHAR n/a Co File 21'807'346 12.65 - 31.03.2012 Other

OBERBANK AG n/a Co File 13'354'886 7.74 - 31.03.2012 Bank






MAINFIRST SICAV Multiple Portfolios MF-AGG 855'316 0.5 - 31.10.2012 Investment Advisor

PIONEER INVESTMENTS Multiple Portfolios MF-AGG 774'500 0.45 85'000 31.05.2011 Investment Advisor

LBBW ASSET MANAGEMEN Multiple Portfolios MF-AGG 617'131 0.36 - 30.11.2012 Mutual Fund Manager

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 595'905 0.35 (63'167) 31.12.2012 Investment Advisor


ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 342'979 0.2 19'345 31.10.2012 Investment Advisor


AGF INVESTMENTS INC Multiple Portfolios MF-AGG 323'729 0.19 (48'540) 28.09.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 281'267 0.16 (53'835) 30.11.2012 Investment Advisor





Exane BNP Paribas RAPHAEL VEVERKA neutral 3 M 28 Not Provided 27.02.2013

Nomura NEIL SAMPAT neutral 3 M 23 12 month 22.02.2013

AlphaValue HANS-PETER WODNIOK add 4 M 29 6 month 21.02.2013

Societe Generale ABHISHEK SHUKLA hold 3 N 27 12 month 19.02.2013

Raiffeisenbank AG MARKUS REMIS hold 3 D 29 12 month 14.02.2013

Jefferies SETH ROSENFELD buy 5 M 33 12 month 08.02.2013

HSBC THORSTEN ZIMMERMANN neutral 3 M 29 Not Provided 08.02.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL add 4 M 29 6 month 07.02.2013

Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 27 12 month 07.02.2013

Goldman Sachs STEPHEN BENSON Buy/Neutral 5 M 32 12 month 07.02.2013

Baader Bank CHRISTIAN OBST hold 3 M 28 12 month 07.02.2013

JPMorgan ALESSANDRO ABATE overweight 5 M 34 12 month 07.02.2013

Steubing AG MICHAEL BROEKER hold 3 M 31 12 month 07.02.2013

Kepler Capital Markets ROCHUS BRAUNEISER buy 5 M 27 Not Provided 30.01.2013

Credit Suisse MICHAEL SHILLAKER neutral 3 M 27 Not Provided 25.01.2013


Deutsche Bank BASTIAN SYNAGOWITZ buy 5 M 33 12 month 15.01.2013

Main First Bank AG ALEXANDER HAUENSTEIN outperform 5 M 28 12 month 09.11.2012

Erste Bank FRANZ HOERL buy 5 M 31 12 month 04.11.2012

VTB Capital WIKTOR BIELSKI buy 5 M 31 12 month 15.10.2012

Davy TIM CAHILL outperform 5 M #N/A N/A Not Provided 03.10.2012

Cyrrus JIRI SIMARA buy 5 M 35 12 month 30.01.2012

Nord/LB HOLGER FECHNER hold 3 M 28 Not Provided 03.03.2010

Holdings By:

Voestalpine AG ee


27.02.2013

Wartsila OYJ provides solutions for power generation and marine propulsion.

The Company delivers customized power plant solutions including gas and oil

fired power plants.


LTM as of: 12/yy

52-Week High (20.02.2013) 37.92

52-Week Low (26.07.2012) 23.30

Daily Volume

35.33





6'968.53 1 Yr Total Return 39.66%







WRT1V FH EQUITY YTD Change - Average Volume 30 Day 362'843

WRT1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 328'381


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

4'612.0 5'260.0 4'553.0 4'209.0 4'725.0 4'209.0 4'724.0 5'021.6 5'403.1 1'083.2 1'176.4

0.55x 0.61x 1.21x 1.07x 1.49x 4.31x 5.34x 1.47x 1.33x 6.47x 5.96x

613.0 749.0 515.0 543.0 613.0 543.0 610.0 691.1 761.3 146.0 161.2

4.17x 4.28x 10.70x 8.27x 11.50x 8.27x 11.56x 10.95x 9.94x 10.80x 10.53x

380.0 389.0 386.0 283.0 339.0 283.0 339.0 392.8 450.8 78.1 90.6

5.42x 7.12x 14.59x 15.56x 19.04x 15.56x 19.10x 17.67x 15.30x 17.47x 17.19x











EBITDA Margin 12.9%



Asset Turnover 0.98







Fiscal Year Ended

Wartsila OYJ AbpPrice/Volume

Valuation Analysis

194'371.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

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0'

02

1'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

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0!' 9

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2!' 9

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4!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

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0'!''

02!''

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12!''

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



27.02.2013


AVLIS AB n/a Research 25'641'347 13 - 28.11.2012 Corporation






SOCIAL INSURANCE INS n/a Research 1'935'910 0.98 - 28.11.2012 Other

JENNY & ANTTI WIHURI n/a Research 1'263'216 0.64 - 28.11.2012 Other

KUNTIEN ELAEKEVAKUUT n/a Research 1'211'204 0.61 - 28.11.2012 Other

FINNISH CULTURAL FOU n/a Research 1'161'865 0.59 - 28.11.2012 Other


SIGRID JUSELIUS FOUN n/a Research 1'065'000 0.54 - 28.11.2012 Other


SWISS NATIONAL BANK n/a Research 1'007'555 0.51 - 28.11.2012 Government

TAPIOLA MUTUAL PENSI n/a Research 1'000'000 0.51 - 28.11.2012 Insurance Company

ENTER FONDER AB Multiple Portfolios MF-AGG 885'200 0.45 79'400 31.12.2012 Investment Advisor

INEZ & JULIUS POLINS n/a Research 810'507 0.41 - 28.11.2012 Endowment

LIVRANTEANSTALTEN HE n/a Research 755'498 0.38 - 28.11.2012 Other

SIGNE & ANE GYLLENBE n/a Research 745'888 0.38 - 28.11.2012 n/a

SAVOX INVESTMENTS SA n/a Research 730'000 0.37 - 28.11.2012 Other


AlphaValue LIONEL PELLICER sell 1 M 31 6 month 21.02.2013

Pohjola Bank Plc (ESN) PEKKA SPOLANDER reduce 2 D 34 12 month 28.01.2013

SEB Enskilda TOMI RAILO buy 5 M 40 Not Provided 28.01.2013

Carnegie TIMO HEINONEN hold 3 D #N/A N/A Not Provided 28.01.2013

Nordea Equity Research JAN KAIJALA sell 1 M 33 12 month 28.01.2013

Handelsbanken TOM SKOGMAN accumulate 4 M 37 12 month 28.01.2013


Danske Markets ANTTI SUTTELIN buy 5 M 40 12 month 28.01.2013

INDERES SAULI SAUMALA sell 1 M 25 Not Provided 27.01.2013

Deutsche Bank JOHAN WETTERGREN hold 3 M 30 12 month 26.01.2013

ABG Sundal Collier ANDERS IDBORG hold 3 M 34 6 month 25.01.2013

FIM SANNA KAJE hold 3 M 35 12 month 25.01.2013

DNB Markets CHRISTER MAGNERGARD buy 5 M 38 Not Provided 25.01.2013

Evli Bank Plc ELINA RIUTTA reduce 2 M 29 12 month 25.01.2013

Goldman Sachs DANIELA COSTA Sell/Neutral 1 M 30 12 month 17.01.2013


CA Cheuvreux JOHAN ELIASON underperform 1 M 27 Not Provided 17.12.2012

HSBC COLIN GIBSON neutral 3 M 34 Not Provided 29.11.2012

Swedbank ERKKI VESOLA reduce 2 M 27 12 month 18.10.2012

Fearnley Fonds RIKARD VABO reduce 2 M 22 6 month 17.10.2012

ICECAPITAL Markets LAURI LEINO buy 5 M 22 6 month 22.07.2010

Holdings By:

Wartsila OYJ Abp ee


27.02.2013

The Weir Group PLC is an engineering solutions provider focused on the minerals,

oil and gas and power markets. The Company manufactures and supplies engineering

products and services for mining and minerals processing, power generation, oil

and gas production, water supply and other industrial uses. The Weir Group

supplies pumps, valves, compressors and turbines.


LTM as of: 01/yy

52-Week High (27.02.2013) 2'309.00

52-Week Low (14.06.2012) 1'352.00

Daily Volume

2282












WEIR LN EQUITY YTD Change - Average Volume 30 Day 782'229

WEIR LN EQUITY YTD % CHANGE - Average Volume 3 Month 743'128


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2

1'353.6 1'390.2 1'635.0 2'292.0 2'538.3 - - 2'670.3 2'831.7 - -

0.66x 1.17x 2.47x 2.17x 1.84x - - 2.06x 1.87x - -

203.7 230.1 338.7 449.7 491.9 - - 555.6 604.5 - -

4.38x 7.08x 11.91x 11.05x 9.51x - - 9.97x 9.17x - -

170.8 128.8 185.1 298.9 315.4 - - 310.4 343.3 - -

5.76x 12.20x 18.88x 15.38x 12.75x - - 15.00x 13.66x - -











EBITDA Margin 19.4%



Asset Turnover 0.83







Fiscal Year Ended

Weir Group PLC/ThePrice/Volume

Valuation Analysis

1'978'680.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2''

-'''

-2''

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a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

-!' 9

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1!' 9

2!' 9

3!' 9

4!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

'!''

2!''

-'!''

-2!''

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0'!''

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27.02.2013


ABERDEEN n/a ULT-AGG 10'952'594 5.15 - 01.11.2012 Unclassified





LANSDOWNE PARTNERS n/a Short (7'268'078) -3.42 - 01.11.2012 Investment Advisor

BLUE RIDGE CAPITAL L n/a Short (6'651'779) -3.13 - 01.11.2012 Hedge Fund Manager






EAST SIDE CAPITAL LL Multiple Portfolios REG 4'394'732 2.07 (302'768) 01.11.2012 Unclassified

STEADFAST CAPITAL MA n/a Short (4'292'842) -2.02 (148'762) 31.12.2012 Other




JO HAMBRO CAPITAL MA Multiple Portfolios REG 2'694'329 1.27 74'505 01.11.2012 Mutual Fund Manager


OPPENHEIMERFUNDS INC Multiple Portfolios REG 2'444'890 1.15 19'740 01.11.2012 Investment Advisor


Societe Generale ALASDAIR LESLIE sell 1 M 1'870 12 month 27.02.2013

Investec THOMAS RANDS Under Review #N/A N/A M #N/A N/A Not Provided 27.02.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 2'400 12 month 27.02.2013

Nomura JUHO LAHDENPERA neutral 3 M 1'950 12 month 27.02.2013

Numis Securities Ltd SCOTT CAGEHIN buy 5 M 2'600 Not Provided 27.02.2013

Baden Hill LLP ANTOINE HNEIN sell 1 M 1'720 12 month 27.02.2013

Oriel Securities Ltd HARRY PHILIPS add 4 M 2'200 Not Provided 25.02.2013

Barclays NICK WEBSTER overweight 5 M 2'405 Not Provided 25.02.2013

JPMorgan GLEN H LIDDY overweight 5 U 2'500 10 month 21.02.2013

CA Cheuvreux OLIVER GIRAKHOU outperform 5 N 2'400 Not Provided 21.02.2013

Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 1'830 12 month 14.02.2013

Deutsche Bank PETER REILLY buy 5 M 2'400 12 month 11.02.2013

Dahlman Rose & Co DOUG GARBER sell 1 M 1'530 Not Provided 11.02.2013


Goldman Sachs ADAM PINCKARD Buy/Neutral 5 M 3'150 12 month 17.01.2013

Credit Suisse JONATHAN HURN neutral 3 M 1'970 Not Provided 17.01.2013



Jefferies ANDREW DOUGLAS hold 3 M 1'994 12 month 20.12.2012

Arden Partners Ltd DAVID LARKAM neutral 3 D #N/A N/A Not Provided 05.11.2012

N+1 Singer Ltd JO REEDMAN not rated #N/A N/A M #N/A N/A Not Provided 19.06.2012

McCall Aitken McKenzie & Co TEAM COVERAGE sell 1 N #N/A N/A Not Provided 25.11.2010

Holdings By:

Weir Group PLC/The ee


27.02.2013

Wendel invests in manufacturing and service companies. Through its investments,

the Company manufactures switches, plugs, and other electrical components,

abrasive pellets, and automobile transmissions, cooling, heating and electrical

systems, explores for oil and natural gas, invests in real estate, and offers

telecommunications, consulting, and IT services.


LTM as of: 09/yy

52-Week High (25.02.2013) 85.98

52-Week Low (14.06.2012) 49.70

Daily Volume

83.16





4'203.62 1 Yr Total Return 36.85%







MF FP EQUITY YTD Change - Average Volume 30 Day 78'462

MF FP EQUITY YTD % CHANGE - Average Volume 3 Month 82'085


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

4'712.0 5'038.4 4'672.7 5'068.3 5'953.1 2'407.9 6'472.1 6'624.1 7'053.0 - -

2.85x 2.24x 2.25x 2.43x 1.80x 0.00x 0.00x 1.71x 1.57x - -

906.0 864.5 732.6 833.6 954.5 0.0 0.0 969.9 1'170.3 - -

14.80x 13.04x 14.36x 14.79x 11.20x 0.00x 0.00x 12.77x 10.58x - -

879.3 158.1 (918.3) 1'002.3 525.4 0.0 0.0 587.1 387.4 - -

6.22x - - 5.20x 5.06x 0.00x 0.00x 7.58x 11.40x - -











EBITDA Margin 15.2%



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wendel SAPrice/Volume

Valuation Analysis

49'220.00


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

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9!- 9!- 9!. 9!. 9!0 9!0 9!1 9!1 9!2 9

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!''

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-2!''

.'!''

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27.02.2013


WENDEL PARTICIPATION n/a Co File 17'392'295 34.41 - 31.12.2011 Holding Company

WENDEL SA n/a Co File 1'971'801 3.9 - 31.12.2011 Corporation

FIRST EAGLE FUNDS n/a Co File 1'668'447 3.3 - 31.12.2011 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1'465'617 2.9 - 30.09.2012 Hedge Fund Manager

SEILLIERE ERNEST-ANT n/a Co File 806'911 1.6 - 31.12.2011 n/a



GAUTIER BERNARD n/a Co File 320'248 0.63 - 31.12.2011 n/a

DE WENDEL HUMBERT n/a Co File 267'226 0.53 - 31.12.2011 n/a




INVESCO LTD Multiple Portfolios MF-AGG 113'507 0.22 348 26.02.2013 Investment Advisor

ALPS MUTUAL FUNDS SE Multiple Portfolios MF-AGG 87'000 0.17 (5'800) 30.09.2012 Investment Advisor

WENDEL FRANCOIS DE n/a Co File 77'693 0.15 - 31.12.2011 n/a


CCR GESTION Multiple Portfolios MF-AGG 68'869 0.14 (1'610) 28.09.2012 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 63'489 0.13 (62'736) 31.05.2012 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 58'416 0.12 6'367 31.12.2012 Investment Advisor

CPR ASSET MANAGEMENT Multiple Portfolios MF-AGG 54'041 0.11 12'221 31.07.2012 Investment Advisor


AlphaValue PIERRE-YVES GAUTHIER add 4 M 94 6 month 21.02.2013

Societe Generale PATRICK JOUSSEAUME buy 5 M 95 12 month 08.02.2013

Oddo & Cie CHRISTOPHE CHAPUT buy 5 M 89 Not Provided 05.02.2013

HSBC PIERRE BOSSET neutral 3 M 86 Not Provided 31.01.2013


CA Cheuvreux DAVID CERDAN outperform 5 M 92 Not Provided 16.01.2013

Natixis CELINE CHERUBIN neutral 3 M 80 Not Provided 15.01.2013


Kepler Capital Markets PIERRE BOUCHENY buy 5 M 92 Not Provided 07.12.2012

Exane BNP Paribas CHARLES-HENRI DE MORTEMART neutral 3 M 68 Not Provided 06.12.2012

CM - CIC Securities(ESN) JEAN-PASCAL BRIVADY buy 5 M 86 12 month 04.07.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 09.04.2012

Holdings By:

Wendel SA ee


27.02.2013

Whitbread PLC is a hotel and restaurant group. The Company operates businesses

in budget hotels, restaurants and coffee shops.


LTM as of: 01/yy

52-Week High (08.02.2013) 2'694.00

52-Week Low (06.03.2012) 1'633.00

Daily Volume

2469





4'425.62 1 Yr Total Return 47.35%







WTB LN EQUITY YTD Change - Average Volume 30 Day 452'580

WTB LN EQUITY YTD % CHANGE - Average Volume 3 Month 431'782


29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 01/yy 01/yy 02/13 Y 02/14 Y - -

1'216.7 1'334.6 1'435.0 1'599.6 1'778.0 - - 2'017.7 2'239.6 - -

2.24x 1.45x 2.16x 2.20x 1.98x - - 2.46x 2.23x - -

339.6 354.6 364.9 427.1 467.3 - - 502.4 551.9 - -

8.04x 5.44x 8.51x 8.23x 7.52x - - 9.87x 8.98x - -

557.9 91.8 161.0 223.3 267.3 - - 261.5 293.6 - -

25.77x 14.17x 15.94x 13.43x 11.13x - - 16.63x 14.82x - -











EBITDA Margin 25.7%



Asset Turnover 0.63







Fiscal Year Ended

Whitbread PLCPrice/Volume

Valuation Analysis

460'332.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2''

-'''

-2''

.'''

.2''

0'''

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

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27.02.2013



CAPITAL GROUP COMPAN n/a ULT-AGG 10'746'506 6 (1'666'235) 25.02.2013 Investment Advisor










HSBC INVESTMENTS UK Multiple Portfolios REG 3'133'553 1.75 (141'102) 02.01.2013 Investment Advisor

MARGATE CAPITAL LP Multiple Portfolios REG 3'083'584 1.72 2'984 02.01.2013 Unclassified

VANGUARD GROUP INC Multiple Portfolios REG 2'985'389 1.67 1'158'799 02.01.2013 Investment Advisor



AEGON n/a ULT-AGG 2'553'219 1.42 - 02.01.2013 Unclassified

BREWIN DOLPHIN LIMIT Multiple Portfolios REG 2'512'444 1.4 (153'082) 02.01.2013 Investment Advisor


BAE SYSTEMS PENSION Multiple Portfolios REG 2'201'562 1.23 (57'365) 02.01.2013 Pension Fund (ERISA)


Raymond James JULIEN RICHER outperform 5 M 2'780 Not Provided 27.02.2013

Oddo & Cie FEHMI BEN NAAMANE neutral 3 M 2'050 Not Provided 27.02.2013

Natixis ANDRE JUILLARD neutral 3 M 2'300 Not Provided 27.02.2013

Oriel Securities Ltd JEFFREY HARWOOD hold 3 M #N/A N/A Not Provided 27.02.2013

Deutsche Bank GEOF COLLYER hold 3 M 2'710 12 month 26.02.2013

Investec JAMES HOLLINS sell 1 M 2'000 12 month 26.02.2013

Credit Suisse TIM RAMSKILL outperform 5 M 2'760 Not Provided 26.02.2013

JPMorgan KOMAL DHILLON overweight 5 M 2'700 12 month 26.02.2013


Nomura TIM BARRETT buy 5 M 2'650 12 month 26.02.2013

Numis Securities Ltd WYN ELLIS hold 3 M 2'700 Not Provided 26.02.2013

Panmure Gordon & Co Limited SIMON FRENCH hold 3 M 2'500 Not Provided 26.02.2013

AlphaValue BERENICE LACROIX reduce 2 U 2'439 6 month 22.02.2013

Exane BNP Paribas ROBERTA CIACCIA outperform 5 U 3'000 Not Provided 18.02.2013

Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 2'500 12 month 15.02.2013

Liberum Capital Ltd PATRICK COFFEY buy 5 M 2'741 Not Provided 12.02.2013

Barclays VICTORIA LEE overweight 5 M 2'810 Not Provided 07.02.2013

HSBC LENA THAKKAR overweight 5 M 2'900 Not Provided 31.01.2013

Goldman Sachs OLIVER NEAL Buy/Neutral 5 M 3'000 12 month 28.01.2013



Holdings By:

Whitbread PLC ee


27.02.2013

William Hill plc provides bookmaking services in the United Kingdom. The Group,

which operates licensed betting offices, telephone based-betting operations, and

online betting, offers odds and takes bets on an assortment of sporting and

other events. William Hill's betting offices provide access to real-time sports

information via television and audio satellite links.


LTM as of: 01/yy

52-Week High (20.02.2013) 411.60

52-Week Low (06.03.2012) 220.70

Daily Volume

402.9





2'844.14 1 Yr Total Return 84.47%







WMH LN EQUITY YTD Change - Average Volume 30 Day 3'243'153

WMH LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'354'504


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 - -

933.6 963.7 997.9 1'071.8 1'136.7 - - 1'266.1 1'407.5 - -

3.15x 1.82x 1.90x 1.54x 1.48x - - 2.51x 2.45x - -

322.6 318.0 296.3 310.8 311.8 - - 362.7 368.2 - -

9.11x 5.53x 6.41x 5.31x 5.38x - - 8.63x 8.50x - -

157.4 234.0 61.1 129.7 115.2 - - 198.5 199.2 - -

11.74x 3.18x 20.03x 9.21x 11.45x - - 14.04x 14.19x - -


EBIT 270.40 Long-Term Rating BB+









EBITDA Margin 27.9%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

William Hill PLCPrice/Volume

Valuation Analysis

4'015'926.00


'2'

-''-2'.''.2'0''02'1''12'

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.!''

1!''

3!''

5!''

-'!''

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27.02.2013




SCHRODER INVESTMENT Multiple Portfolios MF-AGG 37'332'461 5.29 (8'027'859) 31.12.2012 Investment Advisor

MASSACHUSETTS FINANC n/a Co File 34'409'505 4.87 - 24.02.2012 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios REG 27'327'910 3.87 244'520 01.11.2012 Investment Advisor




JUPITER ASSET MANAGE Multiple Portfolios REG 18'581'462 2.63 (307'178) 01.11.2012 Investment Advisor





AVIVA INVESTORS Multiple Portfolios REG 15'439'501 2.19 143'309 01.11.2012 Investment Advisor






Goodbody Stockbrokers Ltd GAVIN KELLEHER buy 5 M 495 12 month 26.02.2013

Panmure Gordon & Co Limited SIMON FRENCH buy 5 M 436 Not Provided 25.02.2013

Jefferies JAMES WHEATCROFT buy 5 M 500 12 month 22.02.2013

Numis Securities Ltd IVOR JONES add 4 M 460 Not Provided 22.02.2013

Barclays ED BIRKIN underweight 1 M 317 Not Provided 22.02.2013

AlphaValue BERENICE LACROIX add 4 M 449 6 month 21.02.2013

Deutsche Bank RICHARD CARTER buy 5 M 436 12 month 12.02.2013


JPMorgan MATTHEW WEBB overweight 5 M 410 9 month 06.02.2013

Nomura RICHARD STUBER reduce 2 M 320 Not Provided 06.02.2013


Morgan Stanley VAUGHAN LEWIS Overwt/In-Line 5 M 410 12 month 01.02.2013

Peel Hunt NICHOLAS BATRAM hold 3 M 374 Not Provided 31.01.2013

Natixis MATTHIEU DETROYAT buy 5 M 420 Not Provided 31.01.2013


Oriel Securities Ltd JEFFREY HARWOOD buy 5 M #N/A N/A Not Provided 29.01.2013

Exane BNP Paribas ROBERTA CIACCIA underperform 1 M 340 Not Provided 21.12.2012

Canaccord Genuity Corp SIMON DAVIES hold 3 M 285 Not Provided 07.11.2012

Credit Suisse MATTHEW GERARD restricted #N/A N/A M #N/A N/A Not Provided 24.10.2012

Daniel Stewart & Co MICHAEL CAMPBELL buy 5 M 353 12 month 02.08.2012

Investec JAMES HOLLINS buy 5 M 345 12 month 27.07.2012

Davy DAVID JENNINGS outperform 5 M #N/A N/A Not Provided 23.01.2012

Holdings By:

William Hill PLC ee


27.02.2013

Wolters Kluwer NV publishes offers products and services for the health, tax,

accounting, corporate, financial services, legal and regulatory professions.

The Company publishes looseleaf publications, magazines, reference CDs, online

databases, and tax compliance software packages. Wolters Kluwer operates in

Europe, North America, and the Asia Pacific region.


LTM as of: 12/yy

52-Week High (02.01.2013) 15.89

52-Week Low (04.06.2012) 11.39

Daily Volume

15.115





4'563.17 1 Yr Total Return 12.79%







WKL NA EQUITY YTD Change - Average Volume 30 Day 1'026'756

WKL NA EQUITY YTD % CHANGE - Average Volume 3 Month 972'230


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 06/11 Q2 09/11 Q3

3'374.0 3'425.0 3'308.0 3'354.0 3'603.0 3'377.0 3'413.0 3'583.0 3'656.4 - -

1.83x 1.90x 2.11x 1.85x 1.79x 7.40x 9.83x 1.79x 1.67x - -

705.0 703.0 747.0 705.0 887.0 635.0 747.0 897.7 923.5 - -

8.73x 9.24x 9.34x 8.78x 7.27x 13.71x 10.92x 7.17x 6.97x - -

313.0 118.0 288.0 120.0 322.0 321.0 917.0 452.2 483.5 - -

12.31x 37.32x 16.40x 16.29x 13.34x 24.21x 20.55x 9.58x 9.14x - -











EBITDA Margin 24.6%



Asset Turnover 0.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wolters Kluwer NVPrice/Volume

Valuation Analysis

566'428.00


'.135

-'-.-1-3-5

a -. f -. S -. f -. e -. e -. S -. o -. j -. i -. T -. e -0 a -0!' 9

!2 9

-!' 9

-!2 9

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.!2 9

0!' 9

0!2 9

1!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

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27.02.2013



BESTINVER GESTION SG n/a Co File 15'143'377 5.02 - 31.12.2011 Investment Advisor

DEUTSCHE BANK AG n/a Research 12'079'675 4 (71'244) 26.04.2012 Investment Advisor







ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'935'953 0.64 - 31.12.2012 Mutual Fund Manager

GLG PARTNERS LP n/a Short (1'630'242) -0.54 - 18.12.2012 Hedge Fund Manager

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'169'908 0.39 (5'720) 31.12.2012 Mutual Fund Manager

DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'073'968 0.36 987 28.12.2012 Mutual Fund Manager



ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 730'000 0.24 - 31.12.2012 Investment Advisor


CAPITAL FUND MANAGEM n/a Short (603'793) -0.2 905'690 16.01.2013 Hedge Fund Manager

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 557'450 0.18 - 31.12.2012 Mutual Fund Manager

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 506'217 0.17 (124'436) 31.05.2012 Investment Advisor


Kempen & Co SANDER VAN OORT buy 5 M 18 12 month 27.02.2013

AlphaValue VERONIQUE CABIOC'H add 4 M 18 6 month 26.02.2013

Rabobank International HANS SLOB hold 3 M 17 12 month 25.02.2013

Kepler Capital Markets PETER OLOFSEN hold 3 M 16 Not Provided 25.02.2013

Macquarie TIMOTHY W NOLLEN neutral 3 M 16 12 month 23.02.2013

Societe Generale CHRISTOPHE CHERBLANC hold 3 M 17 12 month 21.02.2013

KBC Securities MARGO JORIS hold 3 M 17 Not Provided 21.02.2013

Nomura MATTHEW WALKER neutral 3 M 17 Not Provided 21.02.2013

S&P Capital IQ ALEXANDER WISCH hold 3 D 17 12 month 21.02.2013

Exane BNP Paribas SAMI KASSAB neutral 3 M 17 Not Provided 21.02.2013


Deutsche Bank MARK BRALEY hold 3 M 14 12 month 20.02.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 15 12 month 20.02.2013

SNS Securities(ESN) JOHAN VAN DEN HOOVEN accumulate 4 M 16 12 month 20.02.2013

Petercam KRIS KIPPERS hold 3 M 14 Not Provided 20.02.2013

Espirito Santo Investment Bank ResearchGIASONE SALATI sell 1 M 12 Not Provided 20.02.2013

ING Bank FABIAN SMEETS buy 5 M 18 12 month 20.02.2013


ABN Amro Bank N.V. MAURITS HELDRING hold 3 D 16 12 month 31.01.2013

Credit Suisse JOSEPH BARNET-LAMB underperform 1 M 13 Not Provided 21.01.2013


Goldman Sachs VIGHNESH PADIACHY Sell/Neutral 1 M 15 12 month 09.01.2013

JPMorgan MARK O'DONNELL underweight 1 M 14 9 month 30.11.2012

Berenberg Bank SARAH SIMON hold 3 M 14 Not Provided 08.11.2012

Natixis PAVEL GOVCIYAN buy 5 M 17 Not Provided 08.11.2012

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 15 12 month 07.11.2012

CA Cheuvreux ANDREA BENEVENTI underperform 1 M 15 Not Provided 26.07.2012


Holdings By:

Wolters Kluwer NV ee


27.02.2013

Ziggo NV provides telecommunications and media services. The Company offers

entertainment, information, and communication through television, broadband

Internet, and telephony services. Ziggo serves customers throughout the

Netherlands.


LTM as of: 12/yy

52-Week High (10.10.2012) 27.63

52-Week Low (20.03.2012) 18.50

Daily Volume

25.98





5'196.00 1 Yr Total Return -







ZIGGO NA EQUITY YTD Change - Average Volume 30 Day 690'695

ZIGGO NA EQUITY YTD % CHANGE - Average Volume 3 Month 725'897


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

- 1'284.4 1'375.7 1'478.2 1'536.9 1'478.2 1'536.9 1'585.7 1'631.2 388.5 393.0

- - - - 5.08x 0.00x 20.62x 5.11x 5.05x - -

- 648.7 775.1 834.6 840.8 834.6 840.8 904.8 932.2 216.5 223.0

- - - - 9.28x 0.00x 9.28x 8.90x 8.64x 8.86x -

- (237.1) (200.4) 14.5 192.8 (26.3) 192.8 307.5 324.4 74.9 81.5

- - - - 25.79x 0.00x 25.79x 16.86x 15.89x 13.90x -











EBITDA Margin 54.7%



Asset Turnover 0.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ziggo NVPrice/Volume

Valuation Analysis

398'250.00


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0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

'!''

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27.02.2013


CINVEN CABLE INVESTM n/a Research 27'328'391 13.66 (14'792'613) 30.10.2012 Investment Advisor

WP HOLDINGS IV BV n/a Research 27'328'391 13.66 (14'792'613) 30.10.2012 Corporation




THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'997'000 1 - 31.12.2012 Investment Advisor





ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 1'233'947 0.62 23'342 31.12.2012 Investment Advisor



ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 957'255 0.48 - 31.12.2012 Investment Advisor

ODEY ASSET MANAGEMEN n/a Short (820'000) -0.41 320'000 13.02.2013 Investment Advisor



DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 781'501 0.39 2'500 31.10.2012 Investment Advisor





ABN Amro Bank N.V. MARC HESSELINK buy 5 M 28 Not Provided 19.02.2013

Morgan Stanley SAROOP PUREWAL Overwt/In-Line 5 M 28 12 month 05.02.2013

Kempen & Co SANDER VAN OORT buy 5 M 29 12 month 29.01.2013

Kepler Capital Markets MATTHIJS VAN LEIJENHORST buy 5 M 27 Not Provided 29.01.2013

Nomura HENRIK NYBLOM buy 5 M 28 Not Provided 29.01.2013


JPMorgan AKHIL DATTANI overweight 5 M 28 9 month 28.01.2013

Societe Generale THIERRY COTA hold 3 M 27 12 month 25.01.2013


HSBC LUIGI MINERVA overweight 5 M 30 Not Provided 25.01.2013

Rabobank International FRANK CLAASSEN buy 5 M 29 Not Provided 25.01.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 U 25 Not Provided 25.01.2013

ING Bank EMMANUEL CARLIER buy 5 M 27 12 month 25.01.2013

New Street Research FRANK KNOWLES neutral 3 M 23 Not Provided 25.01.2013

Exane BNP Paribas MICHAEL ZORKO outperform 5 M 27 Not Provided 25.01.2013

Barclays JONATHAN DANN overweight 5 M 32 Not Provided 25.01.2013

Petercam STEFAAN GENOE add 4 M 27 Not Provided 24.01.2013

Deutsche Bank MATTHEW BLOXHAM buy 5 M 25 12 month 16.01.2013

SNS Securities(ESN) VICTOR BARENO buy 5 M 34 12 month 17.12.2012

Raymond James STEPHANE BEYAZIAN underperform 1 N 22 Not Provided 28.11.2012

Holdings By:

Ziggo NV ee


27.02.2013

Zodiac Aerospace manufactures and sells aeronautical equipment for airplanes,

helicopters, and weapons systems manufacturers. The Company provides

high-technology equipment and systems for essential functions in airplanes and

helicopters. Zodiac also manufactures and markets passenger and crew seats for

civil aircraft, and cabin systems and equipment.


LTM as of: 11/yy

52-Week High (10.12.2012) 89.32

52-Week Low (07.03.2012) 69.20

Daily Volume

85.5





4'862.80 1 Yr Total Return 21.63%







ZC FP EQUITY YTD Change - Average Volume 30 Day 149'968

ZC FP EQUITY YTD % CHANGE - Average Volume 3 Month 143'958


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 11/yy 11/yy 08/13 Y 08/14 Y 02/13 Q2 05/13 Q3

2'014.5 2'205.7 2'150.3 2'734.8 3'440.6 2'869.8 3'573.0 3'846.1 4'089.5 - -

1.28x 0.93x 1.48x 1.38x 1.50x 0.00x 0.00x 1.45x 1.32x - -

286.1 308.0 298.5 446.3 556.5 0.0 0.0 646.3 697.5 - -

9.01x 6.67x 10.65x 8.44x 9.29x 0.00x 0.00x 8.82x 8.18x - -

511.3 173.2 148.5 238.3 318.9 0.0 0.0 358.0 388.4 - -

13.71x 8.07x 16.94x 12.60x 12.87x 0.00x 0.00x 13.16x 12.10x - -











EBITDA Margin 16.2%



Asset Turnover 0.96







Fiscal Year Ended

Zodiac AerospacePrice/Volume

Valuation Analysis

57'934.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

'!''

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27.02.2013


SOCIETE FONCIERE FIN n/a Co File 3'303'329 5.81 - 31.08.2012 Holding Company

ZODIAC AEROSPACE n/a Co File 2'780'000 4.89 - 31.08.2012 Corporation

DOMANGE ELISABETH n/a Co File 1'664'319 2.93 - 31.08.2012 n/a

MARECHAL ROBERT n/a Co File 1'597'756 2.81 - 31.08.2012 n/a

GERONDEAU VINCENT n/a Co File 1'203'440 2.12 - 31.08.2012 n/a


DESANGES LOUIS n/a Co File 1'043'165 1.83 - 31.08.2012 n/a



PINAULT MAURICE n/a Co File 450'050 0.79 - 31.08.2012 n/a

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 392'276 0.69 (3'384) 31.12.2012 Investment Advisor

SCHELCHER MARC n/a Co File 370'480 0.65 - 31.08.2012 n/a




BLACKROCK n/a ULT-AGG 282'614 0.5 31 25.02.2013 Investment Advisor




PALATINE ASSET MANAG Multiple Portfolios MF-AGG 227'890 0.4 (98'045) 31.01.2013 Investment Advisor





Barclays CHRISTIAN LAUGHLIN equalweight 3 D 88 Not Provided 18.01.2013


Exane BNP Paribas OLIVIER BROCHET outperform 5 M 90 Not Provided 16.01.2013


HSBC CHRISTOPHE QUARANTE neutral 3 M 94 Not Provided 20.12.2012

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX hold 3 M 84 12 month 19.12.2012

Deutsche Bank MILENE KERNER hold 3 M 92 12 month 12.12.2012

Main First Bank AG CHLOE LEMARIE outperform 5 N 105 12 month 04.12.2012



Natixis ERIC CHADEYRAS buy 5 M 98 Not Provided 13.06.2012

Redburn Partners PASCAL HAUTCOEUR neutral 3 D #N/A N/A Not Provided 03.05.2011

Holdings By:

Zodiac Aerospace ee


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