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

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Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Mid 200 Index ComponentsIII LN Equity 3i Group PLCADN LN Equity Aberdeen Asset Management PLCABE SQ Equity Abertis Infraestructuras SAAC FP Equity Accor SAACS SQ Equity ACS Actividades de Construccion y ServicATLN VX Equity Actelion LtdADEN VX Equity Adecco SAADM LN Equity Admiral Group PLCAGS LN Equity Aegis Group PLCADP FP Equity Aeroports de ParisAGS BB Equity AgeasAKSO NO Equity Aker Solutions ASAALU FP Equity Alcatel-Lucent/FranceALFA SS Equity Alfa Laval ABAMS SQ Equity Amadeus IT Holding SAAMEC LN Equity AMEC PLCAML LN Equity Amlin PLCANDR AV Equity Andritz AGAKE FP Equity Arkema SAARYN SE Equity Aryzta AGATL IM Equity Atlantia SpAATO FP Equity AtoSBAB LN Equity Babcock International Group PLCBBY LN Equity Balfour Beatty PLCBALN VX Equity Baloise Holding AGSAB SQ Equity Banco de Sabadell SABP IM Equity Banco Popolare SCPOP SQ Equity Banco Popular Espanol SABEI GY Equity Beiersdorf AGBELG BB Equity Belgacom SABKG LN Equity Berkeley Group Holdings PLCGBF GY Equity Bilfinger SEBOL SS Equity Boliden ABEN FP Equity Bouygues SABNR GY Equity Brenntag AGBNZL LN Equity Bunzl PLCBVI FP Equity Bureau Veritas SACNE LN Equity Cairn Energy PLCCABK SQ Equity CaixaBankCCL LN Equity Carnival PLCCO FP Equity Casino Guichard Perrachon SACHR DC Equity Chr Hansen Holding A/SCGG FP Equity Cie Generale de Geophysique - VeritasCLN VX Equity Clariant AGCOB LN Equity Cobham PLCEEEK GA Equity Coca Cola Hellenic Bottling Co SACOLOB DC Equity Coloplast A/SCOLR BB Equity Colruyt SACORA NA Equity Corio NVCRDA LN Equity Croda International PLCDSY FP Equity Dassault Systemes SADE NA Equity DE Master Blenders 1753 NVDELB BB Equity Delhaize Group SADLN LN Equity Derwent London PLCLHA GY Equity Deutsche Lufthansa AGDIA SQ Equity Distribuidora Internacional de AlimentacDRX LN Equity Drax Group PLCSMDS LN Equity DS Smith PLCDSV DC Equity DSV A/SEDEN FP Equity EdenredEDP PL Equity EDP - Energias de Portugal SAELN ID Equity Elan Corp PLCEDF FP Equity Electricite de France SAELUXB SS Equity Electrolux ABEKTAB SS Equity Elekta ABELI1V FH Equity Elisa OYJENG SQ Equity Enagas SAEGPW IM Equity Enel Green Power SpAEBS AV Equity Erste Group Bank AGETL FP Equity Eutelsat Communications SAFER SQ Equity Ferrovial SAF IM Equity Fiat SpAFLS DC Equity FLSmidth & Co A/SFRES LN Equity Fresnillo PLCFUR NA Equity Fugro NVGFS LN Equity G4S PLCGALN SE Equity Galenica AGGALP PL Equity Galp Energia SGPS SAGAS SQ Equity Gas Natural SDG SAG1A GY Equity GEA Group AGGTO FP Equity Gemalto NVGETIB SS Equity Getinge ABGKN LN Equity GKN PLCGRF SQ Equity Grifols SAGBLB BB Equity Groupe Bruxelles Lambert SAGET FP Equity Groupe Eurotunnel SAHMSO LN Equity Hammerson PLCHNR1 GY Equity Hannover Rueckversicherung AGHEIO NA Equity Heineken Holding NVHEXAB SS Equity Hexagon ABIAP LN Equity ICAP PLCILD FP Equity Iliad SAIMI LN Equity IMI PLCIIA AV Equity IMMOFINANZ AGINF LN Equity Informa PLCISAT LN Equity Inmarsat PLCIHG LN Equity InterContinental Hotels Group PLCIAG LN Equity International Consolidated Airlines GrouITRK LN Equity Intertek Group PLCINTU LN Equity Intu Properties PLCISYS LN Equity Invensys PLCINVP LN Equity Investec PLCKINVB SS Equity Investment AB KinnevikITV LN Equity ITV PLCSBRY LN Equity J Sainsbury PLCJMT PL Equity Jeronimo Martins SGPS SAWG/ LN Equity John Wood Group PLCKD8 GY Equity Kabel Deutschland Holding AGKAZ LN Equity Kazakhmys PLCKBC BB Equity KBC Groep NVKYG ID Equity Kerry Group PLCLI FP Equity KlepierreBOKA NA Equity Koninklijke Boskalis Westminster NVVPK NA Equity Koninklijke Vopak NVKNIN VX Equity Kuehne + Nagel International AGMMB FP Equity Lagardere SCALXS GY Equity Lanxess AGLISN SE Equity Lindt & Spruengli AGLONN VX Equity Lonza Group AGLUPE SS Equity L
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This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst RecommendationsSTOXX Europe Mid 200 IndexMarch 2012

Q M S Advisors. .

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

27.02.2013

3i Group PLC3i 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. Price/Volume350 300 250 200 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M f-13

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance III LN EQUITY YTD Change III LN EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.03.2008 1'250.0 3.73x 828.0 4.10x 31.03.2009 31.03.2010 (2'097.0) 942.0 3.92x (1'948.0) 154.0 16.91x Profitability 31.03.2011 705.0 5.51x 186.0 15.28x

150

03/2012 01/yy 318.50 168.20 3'588'412.00 317.9 -0.19% 89.00% 92.52% 971.4 3'088.03 1'589.00 0.0 0.0 718.00 3'700.03

100 50 0 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q LTM 01/yy FY+1 FY+2 FQ+1 FQ+2

2.55 1.26 938.04 71.08% 46.36% 1.262 11 3.545 2'825'703 3'438'012 2'556'031

31.03.2012 (243.0) (783.0) -10.02% -16.69% -10.86% 0.06% 34.54% 60.49% -

01/yy

03/13 Y 03/14 Y 06/11 Q1 09/11 Q2 494.0 546.5 7.00x 5.77x 240.0 373.7 15.42x 9.90x 163.5 374.8 21.48x 9.41x S&P Issuer Ratings 27.03.2012 BBB STABLE 28.01.2009 A-2 60.5% 37.7% 0.06 22.58 -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

1.20 1.00 0.80 0.60 0.40 0.20

2'000.0 1'500.0 1'000.0 500.0 0.0 -500.0 -1'000.0 -1'500.0 -2'000.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0.00

-2'500.0

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

27.02.2013

3i Group PLCHoldings By:All

Holder Name BLACKROCK UBS FMR LLC ARTEMIS INVESTMENT M 3I GROUP PLC ESOP MAJEDIE ASSET MANAGE LEGAL & GENERAL ARTEMIS INVESTMENT M M&G INVESTMENT MANAG STANDARD LIFE INVEST HENDERSON GLOBAL INV JO HAMBRO CAPITAL MA THREADNEEDLE INVESTM VANGUARD GROUP INC SCHRODER INVESTMENT NORGES BANK INVESTME ROYAL LONDON ASSET M SCOTTISH WIDOWS SARASIN KUWAIT INVESTMENT AU

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Source ULT-AGG ULT-AGG ULT-AGG REG REG REG ULT-AGG MF-AGG REG REG REG MF-AGG MF-AGG MF-AGG REG REG REG ULT-AGG ULT-AGG REG

Amt Held 97'623'518 44'668'625 40'193'438 34'501'983 32'778'181 30'462'192 29'204'206 27'408'645 21'798'292 20'303'336 18'484'034 18'137'300 16'170'266 15'902'532 15'257'945 14'964'804 14'722'305 14'514'496 13'127'218 10'354'125

% Out 10.05 4.6 4.14 3.55 3.37 3.14 3.01 2.82 2.24 2.09 1.9 1.87 1.66 1.64 1.57 1.54 1.52 1.49 1.35 1.07

Latest Chg 8'182'632 (748'890) (3'142'759) (104'707) 41'202 (3'300) (61'728) (1'853'591) (6'021'169) 677'131 1'895'857 495'731 1'919'107 (606'607) 9'270 1'070'400

File Dt 25.02.2013 01.11.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 12.02.2013 31.12.2012 01.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 31.12.2012 01.11.2012 01.11.2012 01.11.2012 01.11.2012 28.12.2012 01.11.2012

Inst Type Investment Advisor Unclassified Investment Advisor Investment Advisor Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Unclassified Unclassified Government

Firm Name Oriel Securities Ltd Macquarie Societe Generale Barclays JPMorgan Morgan Stanley Investec EVA Dimensions Keefe, Bruyette & Woods

Analyst IAIN SCOULLER NEIL WELCH BILL BARNARD DANIEL R GARROD CHRISTOPHER BROWN BRUCE HAMILTON HENRY FREEMAN AUSTIN BURKETT TOM MILLS

Recommendation sell neutral hold overweight neutral Equalwt/In-Line hold hold outperform

Weighting 1 3 3 5 3 3 3 3 5

Change M U M M M M D M M

Target Price 250 293 305 340 #N/A N/A 291 278 #N/A N/A 230

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month

Date 27.02.2013 21.02.2013 14.02.2013 13.02.2013 12.02.2013 05.02.2013 01.02.2013 17.01.2013 15.11.2012

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

27.02.2013

Aberdeen Asset Management PLCAberdeen 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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (31.05.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADN LN EQUITY YTD Change ADN LN EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 30.09.2008 430.1 2.84x 114.9 10.64x 35.2 27.55x 30.09.2009 30.09.2010 421.9 638.2 4.39x 3.16x 132.0 226.4 14.02x 8.90x (8.1) 92.6 18.72x Profitability 30.09.2011 784.0 2.56x 313.2 6.40x 169.7 11.51x 30.09.2012 869.2 4.12x 361.0 9.91x 208.7 16.46x 361.00 274.60 31.59% 31.03% 6.00% 19.80% 17.03% 0.25% 41.5% 31.6% 24.0% 1.10 0.15 2.00% 7.49% Price/Volume500 450 400 350 300 250 200 150 100 50 0 f-12 m-12 a-12 m-12 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M f-13

09/2012 01/yy 442.30 232.70 2'028'902.00 425.6 -3.78% 82.90% 91.60% 1'198.4 5'100.41 81.50 0.0 212.1 406.40 4'987.61

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 01/yy LTM 01/yy FY+1 FY+2 FQ+1 FQ+2 -

2.70 1.06 918.68 76.66% 15.94% 1.057 23 4.174 3'329'283 4'051'840 3'811'913

09/13 Y 09/14 Y 996.2 1'119.2 4.93x 4.21x 414.4 476.4 12.04x 10.47x 324.1 370.3 16.06x 13.82x S&P Issuer Ratings

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

48.78 47.76 -0.90 0.23 7.5% 5.9% 0.25 44.35 -

100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012

1'000.0 900.0 800.0 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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

27.02.2013

Aberdeen Asset Management PLCHoldings By:All

Holder Name MITSUBISHI UFJ FINAN BLACKROCK APPLEBY TRUST (JERSE MASSACHUSETTS FINANC ABERDEEN ASSET MANAG LEGAL & GENERAL NEWTON INV MGMT BANK OF NEW YORK MEL UBS FMR LLC NORGES BANK INVESTME OLD MUTUAL ROYAL BANK OF CANADA HANSBERGER GLOBAL IN STANDARD LIFE INVEST CAPITAL GROUP COMPAN VANGUARD GROUP INC SKAGEN FUNDS FRANKLIN RESOURCES SCOTTISH WIDOWS

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a

Source ULT-AGG ULT-AGG RNS-MAJ REG REG ULT-AGG REG MF-AGG ULT-AGG ULT-AGG REG ULT-AGG ULT-AGG REG REG ULT-AGG MF-AGG REG ULT-AGG ULT-AGG

Amt Held 226'032'919 57'119'257 47'936'218 43'320'397 42'009'653 41'521'633 40'703'100 33'107'285 32'040'599 28'046'325 25'526'935 18'919'308 18'578'175 18'034'335 17'811'055 16'153'600 15'735'842 14'584'554 12'603'020 12'154'070

% Out 18.86 4.77 4 3.61 3.51 3.46 3.4 2.76 2.67 2.34 2.13 1.58 1.55 1.5 1.49 1.35 1.31 1.22 1.05 1.01

Latest Chg 1'646'457 (753'989) 1'392'097 7'067'513 (2'947'145) 639'539 1'389'402 2'034'629 6'833'979 (102'894) 571'724 398'285 (21'994'650) (329'609) (6'042'690)

File Dt Inst Type 05.12.2012 Holding Company 25.02.2013 Investment Advisor 21.12.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Unclassified 31.01.2013 Unclassified 01.11.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 01.11.2012 Unclassified 31.12.2012 Investment Advisor 01.11.2012 Government 31.12.2012 Unclassified 01.11.2012 Bank 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 01.11.2012 Unclassified

Firm Name

Analyst

Recommendation buy neutral Overwt/In-Line hold buy add outperform hold buy outperform overweight outperform overweight buy Buy/Neutral neutral hold hold neutral outperform

Weighting 5 3 5 3 5 4 5 3 5 5 5 5 5 5 5 3 3 3 3 5

Change M M M M N M M M M M M M M M U M M M D U

Target Price #N/A N/A 455 460 420 489 475 465 400 460 505 490 470 498 460 510 385 365 #N/A N/A 390 310

Date Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 9 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 26.02.2013 21.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 24.01.2013 22.01.2013 17.01.2013 17.01.2013 14.01.2013 23.07.2012

Shore Capital Stockbrokers OWEN JONES Macquarie NEIL WELCH Morgan Stanley BRUCE HAMILTON Societe Generale MICHAEL SANDERSON Cantor Fitzgerald CATHERINE HEATH Numis Securities Ltd DAVID MCCANN RBC Capital Markets PETER K LENARDOS Jefferies JASON STREETS Canaccord Genuity Corp ARUN MELMANE Exane BNP Paribas ABHISHEK PARTHASARATHY Barclays DANIEL R GARROD Credit Suisse GURJIT KAMBO JPMorgan RAE MAILE Oriel Securities Ltd SARAH ING Goldman Sachs CHRIS M. TURNER Espirito Santo Investment Bank Research PHILIP DOBBIN Peel Hunt STUART DUNCAN EVA Dimensions AUSTIN BURKETT HSBC NITIN ARORA Keefe, Bruyette & Woods TOM MILLS

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

27.02.2013

Abertis Infraestructuras SAAbertis 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. Price/Volume16 14 12 10 8 100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M f-13

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (24.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ABE SQ EQUITY YTD Change ABE SQ EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 3'575.1 6.72x 2'255.8 10.64x 618.4 14.16x 31.12.2009 31.12.2010 3'836.7 3'802.3 7.08x 6.86x 2'435.1 2'407.0 11.15x 10.83x 653.1 661.6 16.55x 17.13x Profitability 31.12.2011 3'810.7 6.49x 2'453.7 10.07x 720.1 13.64x 31.12.2012 4'039.0 5.94x 2'459.0 9.75x 1'024.0 9.87x 2'459.00 1'290.00 31.94% 29.12% 3.95% 20.43% 10.82% 0.16% 60.9% 31.9% 25.4% 1.33 1.33 56.77% 237.21% 5.05 12/2012 12/yy 13.49 9.33 1'041'916.00 13.275 -1.93% 42.36% 92.80% 814.8 10'816.33 16'512.00 0.0 1'351.4 2'636.00 24'692.33

6 4 2 0 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13

Market Data 0.88 332.59 16.15% 6.88% 0.876 31 3.871 2'182'075 3'011'680 2'642'806 FY+2 FQ+1 FQ+2

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 12/yy 3'772.7 13.73x 2'453.9 10.07x 720.3 13.74x LTM 12/yy 4'039.0 22.82x 3'200.8 7.49x 1'024.0 9.81x FY+1

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 4'845.6 5'120.1 1'272.0 1'272.0 5.38x 4.97x 2'984.3 3'171.8 8.27x 7.78x 704.6 807.5 202.0 201.0 15.31x 13.67x 16.43x S&P Issuer Ratings 10.09.2012 BBB NEG 4.17 3.72 5.64 6.71 237.2% 70.3% 0.16 2.28 72.24 -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

12.00 10.00 8.00 6.00 4.00 2.00 0.00 01.01.2010

4'500.0 4'000.0 3'500.0 3'000.0 2'500.0 2'000.0 1'500.0 1'000.0 500.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

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

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

27.02.2013

Abertis Infraestructuras SAHoldings By:All

Holder Name CAJA AHORROS PENSION OBRASCON HUARTE LAIN INMOBILIARIA ESPACIO TREBOL HOLDINGS SARL ADMIRABLIA SL INVERSIONES AUTOPIST VILLA AUREA SL ABERTIS INFRAESTRUCT VANGUARD GROUP INC BLACKROCK NATEXIS ASSET MANAGE COHEN & STEERS CAPIT CI INVESTMENTS INC G3T SL ING INTERNATIONAL AD FRANK RUSSELL TRUST COMMONWEALTH BANK OF MACQUARIE INFRASTRUC UNION INVESTMENT GMB CI INVESTMENTS INC

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Source Research EXCH EXCH EXCH Co File Co File EXCH Co File MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Amt Held 243'621'966 124'622'434 124'279'716 120'681'879 79'772'767 60'161'580 33'071'941 29'885'288 6'667'909 4'902'157 3'423'421 2'899'511 2'289'276 2'236'959 1'712'632 1'559'394 1'442'455 1'261'593 1'232'650 905'639

% Out 29.9 15.3 15.25 14.81 9.79 7.38 4.06 3.67 0.82 0.6 0.42 0.36 0.28 0.27 0.21 0.19 0.18 0.15 0.15 0.11

Latest Chg (8'962'929) 442'718 1'571'941 35'073 46'850 3'423'421 13'000 59'695 (152'866) (4'255) 160'902 104'650 -

File Dt 05.07.2012 11.02.2013 21.01.2013 25.04.2012 31.12.2011 31.12.2011 01.07.2010 31.12.2011 31.12.2012 25.02.2013 31.12.2012 31.12.2012 30.06.2012 31.12.2011 31.08.2012 31.05.2012 31.10.2012 31.08.2012 28.09.2012 30.06.2012

Inst Type Unclassified Corporation Holding Company Corporation Other Other Holding Company Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor

Firm Name

Analyst

Recommendation buy sell neutral hold buy Overwt/In-Line neutral buy hold neutral outperform market perform buy buy buy neutral add buy outperform underweight neutral buy buy buy overweight outperform buy neutral underweight market perform overweight buy

Weighting 5 1 3 3 5 5 3 5 3 3 5 3 5 5 5 3 4 5 5 1 3 5 5 5 5 5 5 3 1 3 5 5

Change M D M N M M M M M M M M M M M M M M M M M M M M M M M M M M M M

Target Price 15 #N/A N/A 13 13 14 14 13 14 #N/A N/A 14 14 #N/A N/A 14 14 15 13 14 14 15 13 12 14 14 14 16 17 13 13 12 11 15 16

Date Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 6 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Date 26.02.2013 26.02.2013 25.02.2013 25.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 19.02.2013 14.02.2013 13.02.2013 06.02.2013 23.01.2013 16.01.2013 14.12.2012 20.11.2012 06.11.2012 18.10.2012 27.09.2012 25.06.2012 05.06.2012 21.05.2012 12.09.2011 18.05.2011 12.11.2010

Nomura PETER LARKIN EVA Dimensions CRAIG STERLING BPI BRUNO ALMEIDA DA SILVA Equita SIM SpA STEFANO GAMBERINI Societe Generale VICTOR ACITORES Morgan Stanley JAIME ROWBOTHAM Espirito Santo Investment Bank Research JUAN CARLOS CALVO NMAS 1 Agencia de Valores JOSE RAMON OCINA Day by Day VALERIE GASTALDY Exane BNP Paribas NICOLAS MORA RBC Capital Markets ANDREW JONES Raymond James ARNAUD PALLIEZ Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA Banco Sabadell MARIA CEBOLLERO Ahorro Corporacion Financiera SA RAFAEL CAVANILLAS Banesto Bolsa SA Sociedad MARTA OLBA AlphaValue MYRIAM COHEN Interdin Bolsa PABLO ORTIZ DE JUAN CA Cheuvreux BORJA CASTRO PEREZ MANZUCO Barclays SUSANNA INVERNIZZI Natixis GREGOIRE THIBAULT Deutsche Bank JOSE FRANCISCO RUIZ SOLERA Kepler Capital Markets EMILIO ROTONDO-INCLAN La Caixa BORJA PAGOAGA JPMorgan ELODIE RALL Macquarie ROBERT JOYNSON Grupo Santander JOAQUIN FERRER Oddo & Cie OLIVIER BECKER Mirabaud Finanzas Sociedad de ValoresJAVIER MIELGO S BBVA ANTONIO RODRIGUEZ VICENS Renta 4 SA SVB NURIA ALVAREZ Iberian Equities DAVID STIX

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27.02.2013

Accor SAAccor SA operates hotel chains and offers human resources, marketing, and expense management services. The Company operates hotels ranging from budget to upscale worldwide. Price/Volume35 30 25 20 5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.02.2013) 52-Week Low (14.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AC FP EQUITY YTD Change AC FP EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 7'610.0 1.20x 1'376.0 6.61x 575.0 13.50x 31.12.2009 31.12.2010 5'490.0 5'948.0 1.92x 1.46x 808.0 1'046.0 13.08x 8.31x (282.0) 3'600.0 Profitability 31.12.2011 6'100.0 0.82x 983.0 5.12x 27.0 152.05x 31.12.2012 5'649.0 1.20x 1'046.0 6.50x (599.0) 76.78x 1'046.00 526.00 9.31% 4.21% -7.70% -19.03% -10.14% 0.73% 18.5% 9.3% -10.6% 1.07 0.83 31.49% 86.30% 14.75 12/2012 03/yy 29.63 21.98 494'314.00 27.5 -7.17% 25.14% 70.65% 227.3 6'250.14 2'381.00 0.0 230.0 1'878.00 6'983.14

15 10 5 0 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13

Market Data 1.18 167.37 10.64% 3.02% 1.178 29 3.862 1'184'694 718'414 638'630 FY+2 FQ+1 FQ+2

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 03/yy 5'636.0 0.00x 0.0 0.00x 0.0 0.00x LTM 03/yy 6'116.0 0.00x 0.0 0.00x 0.0 0.00x FY+1

12/13 Y 12/14 Y 06/12 Q2 09/12 Q3 5'553.1 5'451.8 1'592.5 1'469.8 1.22x 1.20x 859.1 889.2 8.12x 7.84x 317.7 360.0 19.73x 17.26x S&P Issuer Ratings 05.04.2011 BBBSTABLE 05.04.2011 A-3 12.45 0.85 0.48 2.28 86.3% 44.3% 0.73 1.93 24.81 -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

60.00 50.00 40.00 30.00 20.00 10.00 0.00 01.01.2010

9'000.0 8'000.0 7'000.0 6'000.0 5'000.0 4'000.0 3'000.0 2'000.0 1'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

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

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27.02.2013

Accor SAHoldings By:All

Holder Name COLDAY SARL LEGENDRE HOLDING 19 MANNING & NAPIER ADV CAISSE DES DEPOTS ET HARBOR CAPITAL ADVIS FRANKLIN RESOURCES MANNING & NAPIER ADV DODGE & COX NATIXIS ASSET MANAGE VANGUARD GROUP INC AVIVA PLC BLACKROCK AMUNDI SOUTHEASTERN ASSET M INVESCO LTD SCHRODER INVESTMENT AMUNDI ACHMEA BELEGGINSFOND HARTFORD INVESTMENT JANUS CAPITAL MANAGE

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Source Research Research Research Research MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Amt Held 25'506'869 23'061'291 11'374'332 11'333'481 11'028'426 9'119'385 6'628'710 4'958'051 4'373'486 2'901'677 1'501'900 1'356'460 1'155'241 1'040'673 1'003'355 771'574 705'717 680'153 671'616 656'980

% Out 11.22 10.15 5 4.99 4.85 4.01 2.92 2.18 1.92 1.28 0.66 0.6 0.51 0.46 0.44 0.34 0.31 0.3 0.3 0.29

Latest Chg (269'130) 1'221'050 (228'030) 55'972 2'852 97'299 (75'853) 128'661 7'982 (21'387) 35'207 100'649

File Dt 06.12.2012 06.12.2012 15.11.2012 26.11.2012 31.12.2012 31.12.2012 31.12.2012 29.01.2013 31.12.2012 31.12.2012 31.01.2013 25.02.2013 28.09.2012 30.09.2012 26.02.2013 31.07.2012 30.11.2012 31.12.2012 31.01.2013 31.12.2012

Inst Type Unclassified Unclassified Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Investment Advisor Investment Advisor Investment Advisor Mutual Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor

Firm Name Oddo & Cie Raymond James Goldman Sachs Societe Generale CA Cheuvreux Cantor Fitzgerald Kepler Capital Markets Natixis Exane BNP Paribas Telsey Advisory Group CM - CIC Securities(ESN) Bryan Garnier & Cie Nomura S&P Capital IQ JPMorgan Deutsche Bank Day by Day AlphaValue Barclays Morgan Stanley Jefferies HSBC Main First Bank AG Credit Suisse EVA Dimensions Redburn Partners Gabelli & Co Aurel - BGC

Analyst GUILLAUME RASCOUSSIER JULIEN RICHER OLIVER NEAL SABRINA BLANC MARCO BACCAGLIO ROBIN BYDE CATHERINE ROLLAND ANDRE JUILLARD MATTHIAS DESMARAIS CHRISTOPHER E JONES ANNICK THEVENON BRUNO DE LA ROCHEBROCHARD TIM BARRETT WILLIAM MACK KOMAL DHILLON GEOF COLLYER VALERIE GASTALDY BERENICE LACROIX VICTORIA LEE VAUGHAN LEWIS IAN RENNARDSON LENA THAKKAR LOIC SABATIER TIM RAMSKILL CRAIG STERLING PASCAL HAUTCOEUR AMIT KAPOOR JEAN-MARIE L'HOME

Recommendation buy outperform neutral/neutral buy outperform buy reduce buy outperform no rating system hold buy reduce strong buy overweight sell buy add overweight Equalwt/In-Line buy underweight outperform outperform hold buy buy suspended coverage

Weighting 5 5 3 5 5 5 2 5 5 #N/A N/A 3 5 2 5 5 1 5 4 5 3 5 1 5 5 3 5 5 #N/A N/A

Change M M M M M M M M M M M M M M U D M M M M M M M M M M M M

Target Price 32 33 31 32 31 33 26 33 33 30 31 32 20 32 32 25 34 31 32 28 31 27 35 29 #N/A N/A #N/A N/A #N/A N/A #N/A N/A

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 6 month 12 month 12 month 9 month 12 month 3 month 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Date 27.02.2013 26.02.2013 25.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 20.02.2013 18.02.2013 16.02.2013 14.02.2013 14.02.2013 07.02.2013 04.02.2013 01.02.2013 31.01.2013 24.01.2013 18.01.2013 17.01.2013 18.09.2012 23.05.2012 21.10.2010

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27.02.2013

ACS Actividades de Construccion y Servicios SAACS, 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). Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.02.2012) 52-Week Low (25.07.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ACS SQ EQUITY YTD Change ACS SQ EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2007 15'344.9 2.36x 1'948.9 18.58x 1'551.1 40.06x 31.12.2008 31.12.2009 16'010.0 15'605.9 1.64x 1.29x 1'587.7 1'011.7 16.55x 19.95x 1'805.0 1'951.5 52.96x 16.08x Profitability 31.12.2010 14'328.5 1.30x 1'411.4 13.21x 1'312.6 8.54x 31.12.2011 28'471.9 0.66x 2'247.0 8.40x 961.9 7.42x 2'246.97 1'293.02 4.54% 4.37% -1.86% -30.05% 0.82% 7.9% 3.9% 3.4% 0.99 0.59 34.37% 496.99% 3.48 12/2011 09/yy 23.13 10.38 500'106.00 18.42 -20.35% 77.46% 61.51% 314.7 5'796.12 16'495.58 0.0 2'872.2 7'161.40 18'302.12 Price/Volume25 20 15 10 5 0 f-12 m-12 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M f-13

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 09/yy 21'306.5 3.89x 1'817.4 11.60x 919.6 9.11x LTM 09/yy 38'730.9 1.88x 3'052.0 5.75x (876.1) 0.00x FY+1 FY+2 FQ+1 FQ+2

1.08 205.72 -12.85% -3.26% 1.085 26 2.885 1'463'646 1'877'982 1'209'114

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 37'397.9 38'029.7 9'048.5 9'365.0 0.43x 0.41x 2'857.6 3'019.6 735.8 6.40x 6.06x (451.3) 759.7 (295.7) 7.41x 28.61x S&P Issuer Ratings 3.14 4.97 497.0% 72.7% 0.82 12.19 105.10 -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

14.00 12.00 10.00 8.00

30'000.0 25'000.0 20'000.0 15'000.0

6.00

10'000.04.00 2.00 0.00 02.01.2009

5'000.0 0.002.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013

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

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

27.02.2013

ACS Actividades de Construccion y Servicios SAHoldings By:All

Holder Name ALBA PARTICIPACIONES INVERSIONES VESAN SA INVERNELIN PATRIMONI SOUTHEASTERN ASSET M IBEROSTAR HTLS Y APA BANCO BILBAO VIZCAYA BATUECAS TORREGO AGU VANGUARD GROUP INC AMBER CAPITAL LP ONTARIO TEACHERS PEN BLACKROCK BALBOA PARTICIPACION LBPAM CORPORACION FINANCIE LOPEZ JIMENEZ PEDRO CINAINVEST HOLDING S AGUIRRE GONZALE JOSE LONGLEAF MANAGEMENT VANTAGEPOINT INVESTM DEL VALLE PEREZ JOSE

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a

Source Co File EXCH EXCH Co File Co File EXCH EXCH MF-AGG Short Research ULT-AGG Co File MF-AGG EXCH EXCH Co File EXCH MF-AGG MF-AGG Co File

Amt Held % Out 56'050'975 17.81 39'537'469 12.56 27'306'595 8.68 23'527'063 7.48 17'643'657 5.61 6'252'323 1.99 3'611'212 1.15 2'732'861 0.87 (2'422'918) -0.77 2'100'000 0.67 1'625'431 0.52 1'548'257 0.49 1'446'774 0.46 932'880 0.3 903'797 0.29 477'162 0.15 421'500 0.13 399'000 0.13 300'022 0.1 278'902 0.09

Latest Chg (3'497'676) 51'682 314'664 300'000 1'702 1'235'193 (4'990) (6'800) -

File Dt 31.12.2011 31.05.2012 30.07.2012 31.12.2011 31.12.2011 02.05.2011 31.05.2012 31.12.2012 11.02.2013 31.12.2010 25.02.2013 31.12.2011 31.12.2012 30.07.2012 21.09.2012 31.12.2011 14.04.2011 31.01.2013 31.01.2013 31.12.2011

Inst Type Other Corporation Other Investment Advisor Other Bank n/a Investment Advisor Hedge Fund Manager Pension Fund (ERISA) Investment Advisor Holding Company Mutual Fund Manager Unclassified n/a Holding Company n/a Mutual Fund Manager Investment Advisor n/a

Firm Name

Analyst

Recommendation hold hold neutral underperform neutral sell buy neutral neutral buy accumulate sell sell neutral/neutral hold sell buy buy buy underperform neutral market perform sector perform hold

Weighting 3 3 3 1 3 1 5 3 3 5 4 1 1 3 3 1 5 5 5 1 3 3 3 3

Change M M M M M M M M M U M M M M M M M M M M N M M M

Target Price 19 19 19 18 21 #N/A N/A 25 19 20 20 24 21 #N/A N/A 19 18 14 21 21 20 17 17 14 39 37

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 6 month Not Provided Not Provided 3 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided

Date 27.02.2013 27.02.2013 26.02.2013 26.02.2013 25.02.2013 21.02.2013 21.02.2013 18.02.2013 29.01.2013 28.01.2013 24.01.2013 24.01.2013 15.01.2013 14.01.2013 19.12.2012 13.12.2012 26.11.2012 16.11.2012 12.11.2012 05.11.2012 19.09.2012 02.08.2012 05.07.2012 18.04.2012

Grupo Santander ARANZAZU BUENO Ahorro Corporacion Financiera SA JUAN MORENO Banesto Bolsa SA Sociedad MARTA OLBA Exane BNP Paribas ANTONIO LOPEZ SILVESTRE BPI FLORA TRINDADE Banco Sabadell MARIA CEBOLLERO AlphaValue GAETAN DUPONT Espirito Santo Investment Bank Research JUAN CARLOS CALVO Interdin Bolsa PABLO ORTIZ DE JUAN Day by Day VALERIE GASTALDY Bankia Bolsa (ESN) VICTOR PEIRO PEREZ NMAS 1 Agencia de Valores JOSE RAMON OCINA EVA Dimensions CRAIG STERLING Goldman Sachs WILL MORGAN Deutsche Bank LUIS PRIETO S&P Capital IQ JAWAHAR HINGORANI Kepler Capital Markets EMILIO ROTONDO-INCLAN La Caixa SANTIAGO MOLINA Societe Generale VICTOR ACITORES CA Cheuvreux BORJA CASTRO PEREZ MANZUCO HSBC TOBIAS LOSKAMP BBVA ANTONIO RODRIGUEZ VICENS RBC Capital Markets OLIVIA PETERS Renta 4 SA SVB NURIA ALVAREZ

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27.02.2013

Actelion LtdActelion 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. Price/Volume60 50 40 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (23.04.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ATLN VX EQUITY YTD Change ATLN VX EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 1'428.9 4.58x 414.2 15.80x 306.1 22.93x 31.12.2009 31.12.2010 1'698.0 1'826.3 3.32x 2.80x 403.4 536.1 13.98x 9.53x 311.3 390.6 21.07x 15.61x Profitability 31.12.2011 1'713.0 1.56x 435.6 6.14x (146.3) 31.12.2012 1'722.1 2.34x 503.4 8.00x 303.2 16.68x 503.36 421.47 24.47% 20.82% 11.18% 20.02% 17.85% 0.63% 88.6% 29.2% 24.5% 17.6% 3.54 3.34 8.74% 15.50% 3.63 3.27 12/2012 12/yy 48.88 31.24 271'301.00 47.37 -3.09% 51.62% 93.08% 126.8 6'005.24 235.43 0.0 0.0 1'123.02 5'117.65

30 20 10 0 f-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 12/yy 1'713.0 9.02x 435.6 6.14x (146.3) 0.00x LTM 12/yy 1'722.1 9.55x 503.4 8.00x 303.2 16.68x FY+1 FY+2 FQ+1 FQ+2

1.15 104.03 39.11% 8.82% 1.149 21 4.190 436'335 401'417 422'481

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 1'697.0 1'758.8 398.0 429.7 3.00x 2.73x 12.73x 11.56x 509.3 555.2 103.9 147.5 10.04x 9.21x 10.56x 354.8 397.6 74.1 110.5 14.38x 12.69x 15.60x S&P Issuer Ratings 6.02 5.56 -1.76 0.47 15.5% 13.4% 0.63 4.16 100.89 112.08 186.73 26.24

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

25.00

2'000.0 1'800.0 1'600.0 1'400.0 1'200.0 1'000.0 800.0 600.0 400.0 200.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

20.00

15.00

10.00

5.00

0.00 01.01.2010

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

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

27.02.2013

Actelion LtdHoldings By:All

Holder Name ACTELION LTD ORBIS INVESTMENT MAN CLOZEL JEAN-PAUL TRIDENT MERGER MAAG RUDOLF BB BIOTECH AG LAZARD ASSET MANAGEM BLACKROCK VANGUARD GROUP INC CREDIT SUISSE ASSET PICTET & CIE UBS FUND MANAGEMENT ALLIANCE BERNSTEIN CAWTHORN ROBERT E EATON VANCE MANAGEME LAZARD GLOBAL ACTIVE SANFORD C BERNSTEIN FROSTROW CAPITAL LLP INVESCO LTD ARTISAN PARTNERS HOL

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Source EXCH Co File Co File EXCH Co File Co File ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Amt Held 12'606'321 6'519'600 5'248'883 4'083'119 3'911'760 3'911'760 3'911'760 3'728'814 2'137'787 2'014'254 1'183'396 1'057'406 901'792 692'119 526'952 509'576 497'770 378'200 331'462 306'680

% Out 9.94 5.14 4.14 3.22 3.09 3.09 3.09 2.94 1.69 1.59 0.93 0.83 0.71 0.55 0.42 0.4 0.39 0.3 0.26 0.24

Latest Chg 244'000 23'390 (5'978) (58'777) (6'165) (8'069) (7) 181'433 (217'900) (249'337) 6'517

File Dt Inst Type 13.11.2012 Other 31.12.2011 Investment Advisor 31.12.2011 n/a 02.05.2012 Other 31.12.2011 n/a 31.12.2011 Investment Advisor 31.12.2011 Unclassified 25.02.2013 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 30.11.2012 Mutual Fund Manager 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2011 n/a 31.12.2012 Investment Advisor 31.01.2013 Investment Advisor 30.11.2012 Investment Advisor 30.09.2012 Unclassified 26.02.2013 Investment Advisor 31.12.2012 Investment Advisor

Firm Name JPMorgan AlphaValue Helvea Jefferies Kepler Capital Markets Barclays Deutsche Bank Bank Vontobel AG Bryan Garnier & Cie S&P Capital IQ Credit Suisse Zuercher Kantonalbank Berenberg Bank Nomura Code Securities Exane BNP Paribas Goldman Sachs EVA Dimensions Redburn Partners Matrix Neue Zuercher Bank

Analyst JAMES D GORDON FABRICE FARIGOULE OLAV ZILIAN PETER WELFORD FABIAN WENNER MICHAEL LEUCHTEN RICHARD J PARKES ANDREW C WEISS ERIC LE BERRIGAUD JACOB THRANE RAVI MEHROTRA SIBYLLE BISCHOFBERGER FRICK ADRIAN HOWD SAMIR DEVANI NICOLAS GUYON-GELLIN KEYUR PAREKH ANDREW S ZAMFOTIS TEAM COVERAGE ANNIE J CHENG LILIAN MONTERO

Recommendation neutral add buy buy buy equalweight buy buy buy buy outperform market perform buy buy neutral neutral/neutral overweight neutral buy neutral

Weighting 3 4 5 5 5 3 5 5 5 5 5 3 5 5 3 3 5 3 5 3

Change M M M M M M M M M M M M M M M M M N M M

Target Price 52 54 72 56 53 47 60 69 57 53 50 #N/A N/A 57 55 50 44 #N/A N/A #N/A N/A 54 #N/A N/A

Date 3 month 6 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 6 month 12 month Not Provided Not Provided Not Provided 6 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Date 22.02.2013 21.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 16.02.2013 15.02.2013 15.02.2013 15.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 14.02.2013 28.01.2013 15.01.2013 18.04.2012 30.08.2011 28.03.2011

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

27.02.2013

Adecco SAAdecco 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. Price/Volume60 50 40 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M f-13

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADEN VX EQUITY YTD Change ADEN VX EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2007 21'090.0 0.36x 1'170.0 6.51x 735.0 9.30x 31.12.2008 31.12.2009 19'965.0 14'797.0 0.24x 0.46x 992.0 380.0 4.84x 17.88x 495.0 8.0 8.51x 959.73x Profitability 31.12.2010 18'656.0 0.50x 809.0 11.58x 423.0 22.41x 31.12.2011 20'545.0 0.31x 939.0 6.82x 519.0 11.89x 939.00 763.00 3.71% 3.34% 4.94% 12.66% 9.62% 2.15% 17.4% 4.2% 3.6% 2.5% 1.24 1.13 15.24% 37.45% 5.35 12/2011 09/yy 54.70 36.13 307'022.00 52.65 -3.75% 45.72% 88.15% 189.3 9'964.72 1'426.00 0.0 3.0 534.00 9'276.58

30 20 10 0 f-12

m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 09/yy 20'344.0 1.74x 974.0 6.99x 527.0 10.82x LTM 09/yy 20'703.0 1.48x 878.0 9.24x 475.0 14.81x FY+1 FY+2 FQ+1 FQ+2

1.43 148.02 19.27% 9.60% 1.428 27 3.704 371'530 546'208 572'930

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 20'579.1 20'683.0 5'030.7 4'809.0 0.45x 0.44x 904.5 1'010.5 10.26x 9.18x 514.8 573.8 128.0 15.64x 13.97x S&P Issuer Ratings 12.10.2011 BBB STABLE 12.10.2011 A-2 13.23 11.69 1.25 2.29 37.4% 27.2% 2.15 68.67 68.43 -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

35.00 30.00 25.00 20.00 15.00 10.00

25'000.0 20'000.0 15'000.0 10'000.0 5'000.0

5.00 0.00 02.01.2009

0.002.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013

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

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

27.02.2013

Adecco SAHoldings By:All

Holder Name JACOBS HOLDING AKILA FINANCE SA HARRIS ASSOCIATES LP FRANKLIN RESOURCES ADECCO SA MFS INVESTMENT MANAG ARTISAN PARTNERS HOL VANGUARD GROUP INC MANNING & NAPIER ADV TIAA CREF INVESTMENT CREDIT SUISSE ASSET FMR LLC UBS FUND MANAGEMENT MASSACHUSETTS FINANC PICTET & CIE BLACKROCK SEB MFS FINANCIAL SERVIC LITMAN/GREGORY FUND SWISSCANTO FONDSLEIT

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Source Co File Co File Co File ULT-AGG EXCH RNS-MAJ EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Amt Held 35'392'275 10'163'580 9'660'727 5'802'061 5'775'632 5'693'009 5'595'344 2'828'400 2'236'720 2'188'744 1'766'918 1'492'666 1'371'009 1'278'453 1'089'489 1'044'761 479'090 441'973 428'200 423'333

% Out 18.7 5.37 5.1 3.07 3.05 3.01 2.96 1.49 1.18 1.16 0.93 0.79 0.72 0.68 0.58 0.55 0.25 0.23 0.23 0.22

Latest Chg 19'900 31'328 678'600 16'847 (10'005) (980'533) (20'659) 46'950 5'982 (4'891) 74'900 (37'800) (15'931)

File Dt Inst Type 31.12.2011 Private Equity 31.12.2011 Investment Advisor 31.12.2011 Investment Advisor 31.12.2012 Investment Advisor 27.11.2012 Corporation 27.07.2012 Investment Advisor 19.04.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager 31.12.2012 Investment Advisor 31.10.2012 Investment Advisor 31.12.2012 Investment Advisor 30.11.2012 Mutual Fund Manager 25.02.2013 Investment Advisor 31.12.2012 Unclassified 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 28.12.2012 Mutual Fund Manager

Firm Name

Analyst

Recommendation outperform neutral/neutral add hold neutral outperform buy buy hold outperform buy top pick underweight neutral market perform buy equalweight neutral buy hold buy buy sell overweight

Weighting 5 3 4 3 3 5 5 5 3 5 5 5 1 3 3 5 3 3 5 3 5 5 1 5

Change M M M M M M M M M M M M M M M M M M M M M M N M

Target Price 70 57 63 #N/A N/A 57 62 58 59 49 62 57 65 #N/A N/A 52 #N/A N/A 57 50 45 58 47 58 52 39 60

Date 12 month 12 month 6 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 6 month Not Provided Not Provided Not Provided 3 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 25.02.2013 21.02.2013 21.02.2013 20.02.2013 15.02.2013 14.02.2013 07.02.2013 01.02.2013 31.01.2013 30.01.2013 28.01.2013 21.01.2013 17.01.2013 15.01.2013 10.01.2013 20.12.2012 07.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 05.11.2012 18.10.2012 11.09.2012

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER Goldman Sachs CHARLES WILSON AlphaValue HEINZ STEFFEN Day by Day VALERIE GASTALDY Helvea CHRISTIAN BURGER Credit Suisse ANDY GROBLER Natixis OLIVIER LEBRUN Deutsche Bank THOMAS SYKES Jefferies KEAN MARDEN Exane BNP Paribas LAURENT BRUNELLE Rabobank International DAVID TAILLEUR RBC Capital Markets ANDREW BROOKE EVA Dimensions CRAIG STERLING Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD Zuercher Kantonalbank MARCO STRITTMATTER Bank Vontobel AG MICHAEL FOETH Barclays PAUL D A SULLIVAN JPMorgan ROBERT PLANT Berenberg Bank KONRAD ZOMER S&P Capital IQ CLIVE ROBERTS ABN Amro Bank N.V. TEUN TEEUWISSE Kepler Capital Markets MATTHIJS VAN LEIJENHORST Espirito Santo Investment Bank Research HEWETT GUY HSBC MATTHEW LLOYD

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

27.02.2013

Admiral Group PLCAdmiral 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. Price/Volume1400 1200 1000 800 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (06.03.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADM LN EQUITY YTD Change ADM LN EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2007 364.1 7.51x 127.4 22.62x 31.12.2008 31.12.2009 422.8 507.5 5.35x 5.83x 144.9 156.9 16.56x 20.14x Profitability 31.12.2010 640.8 5.97x 193.8 20.94x 31.12.2011 870.3 2.39x 221.2 10.40x 34.37% 34.37% 8.88% 56.34% 0.36% 25.4% 0.03% 0.23% 12/2011 09/yy 1'300.00 970.22 130'220.00 1248 -3.92% 28.63% 83.63% 273.5 3'413.57 0.90 0.0 0.5 224.60 3'141.67

600 400 200 0 f-12 m-12 a-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 03/yy 0.0 #DIV/0! 0.0 0.00x 0.0 0.00x LTM 09/yy 1'738.0 0.00x 0.0 0.00x 0.0 0.00x FY+1 FY+2 FQ+1 FQ+2

6.54 0.72 225.20 26.18% 7.59% 0.722 24 2.708 445'787 399'920 399'209

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 1'967.3 1'955.8 1.54x 1.51x 247.8 262.9 13.71x 13.01x S&P Issuer Ratings 0.2% 0.2% 0.36 -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 02.01.2009

1'000.0 900.0 800.0 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.002.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013

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

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

27.02.2013

Admiral Group PLCHoldings By:All

Holder Name DIRECTOR & RELATED H ENGELHARDT HENRY ALL MORGAN STANLEY MUENCHENER RUECKVERS MUNICH RE GROUP FMR LLC BLACKROCK MORGAN STANLEY INVES ALLIANCE BERNSTEIN STEVENS DAVID GRAHAM MORGAN STANLEY INVES MACKENZIE FINANCIAL MANNING & NAPIER ADV MANNING & NAPIER ADV LEGAL & GENERAL SARASIN BARING ASSET MANAGEM TIGER GLOBAL MANAGEM MARATHON ASSET MANAG VANGUARD GROUP INC

Portfolio Name Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Source REG RNS-DIR ULT-AGG Research REG ULT-AGG ULT-AGG REG ULT-AGG RNS-DIR REG REG REG MF-AGG ULT-AGG ULT-AGG REG REG REG MF-AGG

Amt Held 49'217'919 37'005'472 28'892'084 27'499'400 27'149'400 15'395'905 14'047'726 12'467'412 11'209'387 10'631'950 9'716'105 9'600'602 9'400'997 7'094'500 6'914'106 5'861'401 5'643'623 5'215'000 4'752'031 3'861'376

% Out 17.99 13.53 10.56 10.05 9.93 5.63 5.14 4.56 4.1 3.89 3.55 3.51 3.44 2.59 2.53 2.14 2.06 1.91 1.74 1.41

Latest Chg 192'033 (1'000'000) (712'004) 378'747 1'111'939 97'500 13'628 (358'600) 2'312'377 1'728'350 (44'781) 651'800 1'144'122 1'502'660 (164'514) 102'723

File Dt Inst Type 01.11.2012 Other 07.12.2012 n/a 30.09.2012 Investment Advisor 17.10.2012 Insurance Company 01.11.2012 Unclassified 01.11.2012 Investment Advisor 25.02.2013 Investment Advisor 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor 08.11.2012 n/a 01.11.2012 Investment Advisor 01.11.2012 Investment Advisor 01.11.2012 Unclassified 31.12.2012 Investment Advisor 01.11.2012 Unclassified 28.12.2012 Unclassified 01.11.2012 Investment Advisor 01.11.2012 Hedge Fund Manager 01.11.2012 Investment Advisor 31.12.2012 Investment Advisor

Firm Name

Analyst

Recommendation outperform neutral underperform underperform reduce buy buy equalweight sell Buy/Neutral sell underweight neutral overweight sell sell Equalwt/In-Line sell sell hold neutral

Weighting 5 3 1 1 2 5 5 3 1 5 1 1 3 5 1 1 3 1 1 3 3

Change M N M M M M M M M U M M M M M M M M M M M

Target Price 1'392 1'246 890 866 1'040 1'350 1'226 1'266 #N/A N/A 1'500 740 #N/A N/A 1'320 1'420 900 582 1'201 1'050 1'000 1'140 #N/A N/A

Date 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided

Date 27.02.2013 21.02.2013 20.02.2013 19.02.2013 11.02.2013 05.02.2013 04.02.2013 04.02.2013 01.02.2013 18.01.2013 18.01.2013 17.01.2013 14.01.2013 14.01.2013 08.01.2013 07.01.2013 05.12.2012 26.11.2012 02.11.2012 05.10.2012 15.03.2012

Keefe, Bruyette & Woods GREIG N PATERSON JPMorgan ANDREAS VAN EMBDEN RBC Capital Markets GORDON AITKEN Exane BNP Paribas ANDY HUGHES Numis Securities Ltd NICHOLAS JOHNSON Nomura FAHAD CHANGAZI Peel Hunt MARK WILLIAMSON Barclays ANDREW BROADFIELD Shore Capital Stockbrokers EAMONN FLANAGAN Goldman Sachs RAVI TANNA Oriel Securities Ltd MARCUS BARNARD EVA Dimensions AUSTIN BURKETT Credit Suisse CHRIS ESSON HSBC DHRUV GAHLAUT Espirito Santo Investment Bank Research FERNEYHOUGH JOY Investec KEVIN RYAN Morgan Stanley JON HOCKING Canaccord Genuity Corp BEN COHEN Berenberg Bank PETER ELIOT Deutsche Bank OLIVER STEEL Redburn Partners PAUL GOODHIND

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

27.02.2013

Aegis Group PLCAegis 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. Price/Volume300 250 200 200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M f-13

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (15.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGS LN EQUITY YTD Change AGS LN EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2007 1'106.4 1.40x 167.7 9.25x 88.5 14.94x 31.12.2008 31.12.2009 1'342.0 1'346.5 0.83x 1.18x 200.7 171.6 5.56x 9.25x 82.8 62.7 10.20x 21.68x Profitability 31.12.2010 941.0 2.19x 124.6 16.55x 41.2 87.81x

150

12/2011 01/yy 239.30 151.90 1'742'496.00 238.7 -0.25% 57.14% 99.20% 1'173.2 2'800.37 754.50 0.0 (12.9) 626.10 3'112.67

100 50 0 f-12 m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data 0.84 1.03 724.98 41.73% 1.66% 1.030 21 2.810 4'325'532 5'987'660 4'029'651 FY+2 FQ+1 FQ+2 4.53 3.52 1.47 3.34 158.6% 62.0% 0.28 22.09 694.12 82.15 25472.83 -48510.77

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q LTM 01/yy FY+1

31.12.2011 1'135.0 1.56x 216.1 8.20x 164.1 22.22x 216.10 145.30 12.80% 9.37% 3.80% 28.03% 16.14% 0.28% 97.6% 18.2% 12.3% 14.5% 0.96 0.91 17.13% 158.64% 0.53 4.46

01/yy

12/12 Y 12/13 Y 1'275.9 1'361.0 2.28x 2.10x 253.9 274.7 12.26x 11.33x 146.8 158.4 19.41x 17.68x S&P Issuer Ratings

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 02.01.2009

8'000.0 7'000.0 6'000.0 5'000.0 4'000.0 3'000.0 2'000.0 1'000.0 0.002.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013

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

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

27.02.2013

Aegis Group PLCHoldings By:All

Holder Name DENTSU INC CREDIT SUISSE GROUP NORD SUMATRA INVESTI BANK OF NEW YORK MEL BOLLORE GROUP UBS AG/LONDON MORGAN STANLEY SECUR DEUTSCHE BANK AG DEUTSCHE BANK PROP T FMR LLC CREDIT SUISSE SECURI JP MORGAN MITCHELL HAROLD CHAR DIRECTOR & RELATED H STANDARD LIFE INVEST UBS MAGNETAR FINANCIAL U WESTCHESTER CAPITAL NORGES BANK BARCLAYS PLC

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a #N/A N/A n/a n/a #N/A N/A

Source RNS-MAJ RNS-MAJ RNS-RUL8 REG RNS-MAJ RNS-MAJ RNS-MAJ RNS-MAJ REG ULT-AGG REG ULT-AGG RNS-DIR REG Co File ULT-AGG RNS-MAJ RNS-RUL8 RNS-RUL8 RNS-RUL8

Amt Held 234'571'301 139'296'771 133'991'451 126'469'266 75'348'626 74'428'395 70'739'707 68'405'862 56'499'658 56'045'974 49'815'036 43'242'042 41'598'988 41'019'905 39'495'036 35'376'423 30'563'708 29'251'340 29'000'000 28'805'272

% Out 19.99 11.87 11.42 10.78 6.42 6.34 6.03 5.83 4.82 4.78 4.25 3.69 3.55 3.5 3.37 3.02 2.61 2.49 2.47 2.46

Latest Chg (4'311'796) 21'874'321 (5'099'620) 11'955'042 (3'068'744) 53'844'880 (17'152'520) 1'342'930 510'018 (652'139) (6'077'541) (8'468'763) 3'584'669 15'000'000 (711'461)

File Dt Inst Type 16.08.2012 Corporation 12.02.2013 Investment Advisor 12.07.2012 Holding Company 03.12.2012 Investment Advisor 12.12.2012 Holding Company 08.02.2013 Investment Advisor 14.12.2012 Investment Advisor 13.02.2013 Investment Advisor 03.12.2012 Other 05.12.2012 Investment Advisor 03.12.2012 Investment Advisor 11.02.2013 Unclassified 03.05.2012 n/a 03.12.2012 Other 31.12.2011 Investment Advisor 03.12.2012 Unclassified 20.02.2013 Private Equity 20.02.2013 Hedge Fund Manager 04.02.2013 Government 26.02.2013 Investment Advisor

Firm Name AlphaValue Nomura Exane BNP Paribas Investec Barclays Peel Hunt Panmure Gordon & Co Limited EVA Dimensions Societe Generale Liberum Capital Ltd Oddo & Cie Westhouse Securities Macquarie Kepler Capital Markets Numis Securities Ltd Goldman Sachs CA Cheuvreux Deutsche Bank HSBC Natixis Morgan Stanley JPMorgan Dr. Kalliwoda Equity Research WYT Ltd

Analyst VERONIQUE CABIOC'H MATTHEW WALKER ADRIEN DE SAINT HILAIRE STEVEN LIECHTI NATASHA BRILLIANT MALCOLM MORGAN ALEX DE GROOTE CRAIG STERLING LAURENT PICARD IAN WHITTAKER BRUNO HARENG RODDY DAVIDSON TIMOTHY W NOLLEN CONOR O'SHEA PAUL RICHARDS RICHARD JONES THOMAS JORION PATRICK KIRBY DAN GRAHAM JEROME BODIN PATRICK WELLINGTON FILIPPO PIETRO LO FRANCO ADRIAN KOWOLLIK ANTHONY DE LARRINAGA

Recommendation sell neutral neutral hold equalweight hold buy hold hold hold buy neutral underperform accept the offer suspended coverage neutral/neutral underperform hold underweight tender restricted restricted hold hold

Weighting 1 3 3 3 3 3 5 3 3 3 5 3 1 #N/A N/A #N/A N/A 3 1 3 1 #N/A N/A #N/A N/A #N/A N/A 3 3

Change M M M M M M M M M M M M M D M M M M D M M M M M

Target Price 189 240 240 240 240 240 240 #N/A N/A 240 240 #N/A N/A 240 240 240 #N/A N/A 240 240 240 240 240 #N/A N/A #N/A N/A 172 177

Date 6 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Date 21.02.2013 19.02.2013 05.02.2013 28.01.2013 25.01.2013 24.01.2013 22.01.2013 17.01.2013 16.01.2013 02.01.2013 29.11.2012 01.11.2012 23.08.2012 23.08.2012 16.08.2012 13.08.2012 16.07.2012 13.07.2012 13.07.2012 13.07.2012 12.07.2012 12.07.2012 04.05.2012 18.03.2012

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

27.02.2013

Aeroports de ParisAeroports 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. Price/Volume80 70 60 50 40 .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.08.2012) 52-Week Low (27.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADP FP EQUITY YTD Change ADP FP EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2007 2'292.4 3.82x 757.3 11.56x 322.2 21.47x 31.12.2008 31.12.2009 2'527.0 2'633.4 2.81x 3.03x 848.2 882.9 8.37x 9.04x 272.6 269.5 17.53x 20.63x Profitability 31.12.2010 2'479.6 3.31x 921.9 8.91x 300.1 18.94x 31.12.2011 2'501.5 3.04x 972.2 7.82x 347.8 14.54x 972.23 589.11 23.55% 22.10% 3.71% 9.00% 6.36% 0.29% 40.0% 24.5% 13.9% 1.21 1.06 39.39% 96.90% 3.87 12/2011 09/yy 67.29 55.70 43'978.00 61.99 -7.88% 11.29% 53.32% 99.0 6'134.57 3'487.71 0.0 0.2 1'133.67 9'380.06

30 20 10 0 f-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 09/yy 2'787.5 0.00x 0.0 0.00x 0.0 0.00x LTM 09/yy 2'389.3 0.00x 0.0 0.00x 0.0 0.00x FY+1 FY+2 FQ+1 FQ+2

0.70 30.88 6.28% 6.20% 0.702 27 3.222 48'665 60'510 64'840

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 2'620.0 2'703.2 665.0 3.51x 3.36x 998.7 1'027.6 9.39x 9.13x 341.6 359.4 17.87x 16.94x S&P Issuer Ratings 17.01.2012 A+ NEG 5.57 1.64 3.34 4.01 96.9% 49.2% 0.29 0.40 94.52 -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

12.00 10.00 8.00 6.00 4.00 2.00 0.00 02.01.2009

3'000.0 2'500.0 2'000.0 1'500.0 1'000.0 500.0 0.002.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013

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

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

27.02.2013

All

Holder Name FRENCH STATE FONDS STRATEGIQUE D' SCHIPHOL GROUP BNP PARIBAS INV PART VANGUARD GROUP INC BNP ASSET MANAGEMENT BLACKROCK COMMONWEALTH BANK OF BNP ASSET MANAGEMENT

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios BNP PARIBAS ACTIONS

Source Research Research Research ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-FRA

Amt Held 51'558'474 8'609'572 7'916'848 1'560'284 533'818 371'384 316'187 224'032 199'383

% Out 52.1 8.7 8 1.58 0.54 0.38 0.32 0.23 0.2

Latest Chg 322'732 7'613 (18'048) 1'896 (17'326)

File Dt 31.12.2011 31.12.2011 31.12.2011 31.12.2012 31.12.2012 30.09.2012 25.02.2013 31.10.2012 30.09.2012

Inst Type Government Investment Advisor Holding Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Bank Investment Advisor

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

27.02.2013

AgeasAgeas offers international insurance services such as life and non-life, disability, and medical to individuals and groups. Price/Volume30 25 20 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (04.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AGS BB EQUITY YTD Change AGS BB EQUITY YTD % CHANGE Fiscal Year Ended 31.12.2008 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

15

12/2012 12/yy 27.27 12.17 570'982.00 25.72 -5.83% 111.34% 87.19% 243.1 6'253.08 5'070.30 0.0 875.5 2'449.90 9'748.98

10 5 0 f-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q LTM 12/yy 13'462.5 2.28x 0.0 0.00x 743.0 5.21x FY+1 FY+2 FQ+1 FQ+2

1.53 0.02 69.57% 15.78% 1.530 21 3.619 1'162'375 722'658 646'867

(28'000.0) -

31.12.2009 31.12.2010 16'667.7 13'460.8 0.53x 0.61x 1'209.8 223.1 5.37x 19.03x Profitability

31.12.2011 12'151.3 0.51x (578.2) -

31.12.2012 13'462.5 0.63x 743.0 7.10x 7.69% 9.42% 0.79% 8.41% 7.54% 0.14% 5.5% 5.22% 51.16% -

12/yy 12'151.3 2.73x 0.0 0.00x (578.2) 0.00x

12/13 Y 12/14 Y 12/12 Q4 03/13 Q1 12'364.4 12'172.8 0.59x 0.84x 626.3 650.6 185.1 9.48x 9.03x S&P Issuer Ratings 51.2% 32.0% 0.14 -

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 01.01.2010

18'000.0 16'000.0 14'000.0 12'000.0 10'000.0 8'000.0 6'000.0 4'000.0 2'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

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

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

27.02.2013

AgeasHoldings By:All

Holder Name AGEAS FRANKLIN RESOURCES NORGES BANK FORTIS BANK SA/NV PING AN INSURANCE GR VANGUARD GROUP INC BRUCKNER RONNY BLACKROCK SCHRODER INVESTMENT BNP PARIBAS INV PART AXXION SA KBC GROUP NV BANQUE DEGROOF JO HAMBRO CAPITAL MA DEXIA ASSET MANAGEME ING ASSET MANAGEMENT FMR LLC MACKENZIE FINANCIAL UNIVERSAL INVEST CON IG INVESTMENT MANAGE

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Source Co File ULT-AGG Research Co File Co File MF-AGG Co File ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Amt Held 17'678'167 15'642'668 12'632'239 12'531'328 12'099'626 4'244'324 3'100'000 2'370'705 1'835'796 1'637'532 838'885 788'255 588'697 559'524 522'944 480'000 459'815 440'972 400'000 396'761

% Out 7.27 6.43 5.2 5.15 4.98 1.75 1.28 0.98 0.76 0.67 0.35 0.32 0.24 0.23 0.22 0.2 0.19 0.18 0.16 0.16

Latest Chg (583'370) 68'135 316'901 (285'244) (7'268) (2'581) 7'000 98'587 408 (37'500) (1'528'513) 41'112 142'143

File Dt 31.12.2011 26.02.2013 03.02.2012 31.12.2011 31.12.2011 31.12.2012 31.12.2011 25.02.2013 31.12.2012 31.12.2012 31.12.2011 31.01.2013 01.02.2013 30.06.2012 28.12.2012 31.08.2012 31.12.2012 30.11.2012 31.01.2013 28.09.2012

Inst Type Bank Investment Advisor Government Bank Insurance Company Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Firm Name HSBC Goldman Sachs Credit Suisse JPMorgan Deutsche Bank Keefe, Bruyette & Woods Oddo & Cie ING Bank AlphaValue ABN Amro Bank N.V. Bank Degroof(ESN) Petercam Rabobank International Exane BNP Paribas Societe Generale CA Cheuvreux EVA Dimensions Morgan Stanley Kepler Capital Markets Nomura

Analyst STEVEN HAYWOOD WILLIAM ELDERKIN CHRIS ESSON ASHIK MUSADDI ROBIN BUCKLEY WILLIAM HAWKINS MAXIME DUPUIS ALBERT PLOEGH JEROME CASSAGNE JAN WILLEM WEIDEMA MARC LEEMANS MATTHIAS DE WIT COR KLUIS FRANCOIS BOISSIN JASON KALAMBOUSSIS HANS PLUIJGERS AUSTIN BURKETT DAVID ANDRICH BENOIT PETRARQUE FAHAD CHANGAZI

Recommendation overweight neutral/neutral outperform overweight hold underperform neutral buy reduce buy hold buy hold outperform buy outperform sell Equalwt/In-Line buy neutral

Weighting 5 3 5 5 3 1 3 5 2 5 3 5 3 5 5 5 1 3 5 3

Change M M M M M M M M M M M M M M M M M M M M

Target Price 32 29 30 33 26 26 26 28 24 32 29 30 28 30 23 27 #N/A N/A 21 25 23

Date Not Provided 12 month Not Provided 9 month 12 month 12 month Not Provided 12 month 6 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 27.02.2013 26.02.2013 26.02.2013 26.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 21.02.2013 20.02.2013 20.02.2013 20.02.2013 12.02.2013 31.01.2013 24.01.2013 17.01.2013 05.12.2012 06.08.2012 31.03.2011

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

27.02.2013

Aker Solutions ASAAker 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. Price/Volume140 120 100 80 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.01.2013) 52-Week Low (26.06.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AKSO NO EQUITY YTD Change AKSO NO EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 58'252.0 0.26x 3'382.0 4.48x 1'438.0 8.42x 31.12.2009 31.12.2010 49'527.0 33'207.0 0.50x 0.96x 4'108.0 3'380.0 6.04x 9.45x 2'260.0 1'957.0 9.60x 20.85x Profitability 31.12.2011 35'667.0 0.61x 3'465.0 6.30x 5'218.0 10.91x 31.12.2012 44'922.0 0.83x 4'739.0 7.84x 2'249.0 13.55x 4'739.00 3'573.00 7.95% 6.58% 5.99% 19.37% 1.21% 10.5% 7.9% 5.0% 1.14 0.07 19.12% 65.05% 12/2012 12/yy 124.60 72.20 1'243'684.00 114 -8.51% 57.89% 75.95% 274.0 31'236.00 7'691.00 0.0 157.0 1'214.00 37'870.00

60 40 20 0 f-12 m-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 12/yy 32'195.0 3.37x 3'070.0 7.12x 5'218.0 13.40x LTM 12/yy 44'922.0 3.01x 4'701.0 7.91x 2'225.0 13.68x FY+1 FY+2 FQ+1 FQ+2

1.47 145.58 22.57% 0.97% 1.474 24 4.125 1'537'574 1'137'733 1'022'582

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 49'526.4 55'135.6 11'649.7 12'332.5 0.75x 0.65x 3.22x 3.14x 5'330.5 6'519.7 1'171.7 1'312.9 7.10x 5.81x 7.14x 6.69x 2'599.4 3'449.8 530.5 630.1 11.85x 8.94x 11.85x 10.93x S&P Issuer Ratings 10.13 0.23 1.38 1.64 65.1% 39.1% 1.21 5.15 -

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 01.01.2010

70'000.0 60'000.0 50'000.0 40'000.0 30'000.0 20'000.0 10'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

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

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

27.02.2013

Aker Solutions ASAHoldings By:All

Holder Name AKER KVAERNER ASA STATE STREET GOVERNMENT PENSION F FMR LLC JP MORGAN CHASE BANK BANK OF NEW YORK MEL CLEARSTREAM BANKING DANSKE BANK A/S SEB DANSKE INVEST A/S AKER SOLUTIONS ASA RBC INVESTOR SERVICE DNB NOR ASSET MANAGE VANGUARD GROUP INC FRANKLIN RESOURCES CITIBANK NA DANSKE INVEST MANAGE VARMA MUTUAL PENSION STATOILS PENSJONSKAS STOREBRAND FUND MANA

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Source EXCH ULT-AGG EXCH ULT-AGG EXCH EXCH EXCH EXCH ULT-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG ULT-AGG EXCH MF-AGG EXCH EXCH MF-AGG

Amt Held 110'333'615 14'972'515 14'538'795 10'617'174 9'238'529 8'094'350 5'972'994 5'427'563 3'928'857 3'774'607 3'490'985 3'487'391 3'109'670 3'057'075 3'042'260 2'726'200 2'168'000 1'780'796 1'765'482 1'703'233

% Out 40.27 5.46 5.31 3.87 3.37 2.95 2.18 1.98 1.43 1.38 1.27 1.27 1.13 1.12 1.11 0.99 0.79 0.65 0.64 0.62

Latest Chg (110'388) 143'651 19'843 7'420 43'085 207'895 (189'672)

File Dt Inst Type 18.02.2013 Corporation 26.02.2013 Investment Advisor 18.02.2013 Government 31.12.2012 Investment Advisor 18.02.2013 Investment Advisor 18.02.2013 Investment Advisor 18.02.2013 Bank 18.02.2013 Bank 18.02.2013 Unclassified 31.01.2013 Investment Advisor 18.02.2013 Corporation 18.02.2013 n/a 31.01.2013 Investment Advisor 31.12.2012 Investment Advisor 31.12.2012 Investment Advisor 18.02.2013 Bank 29.06.2012 Investment Advisor 18.02.2013 Insurance Company 18.02.2013 Pension Fund (ERISA) 31.01.2013 Investment Advisor

Firm Name SpareBank 1 Markets AS Guggenheim Securities LLC Fearnley Fonds HSBC Carnegie Fondsfinans AS Nordea Equity Research Handelsbanken Pareto Securities DNB Markets Arctic Securities ASA Barclays RS Platou Markets Danske Markets Swedbank First Securities ABG Sundal Collier Goldman Sachs Nomura RBC Capital Markets SEB Enskilda EVA Dimensions JPMorgan

Analyst ERIK TONNE DARREN GACICIA TRULS OLSEN PHILLIP LINDSAY FREDERIK H LUNDE PETTER NARVESTAD ANNE SCHULT ULRIKSEN DANIEL RAVIK STEFFEN RODSJO EIRIK RONOLD MATHISEN KJETIL GARSTAD MICK PICKUP GORAN ANDREASSEN ENDRE STORLOKKEN EIVIND TONNESSEN HAAKON AMUNDSEN HENRY TARR CHRISTYAN MALEK KATHERINE TONKS TERJE FATNES CRAIG STERLING ANDREW DOBBING

Recommendation neutral buy buy overweight hold buy buy accumulate buy buy buy underweight buy buy buy hold Buy/Neutral buy sector perform buy hold overweight

Weighting 3 5 5 5 3 5 5 4 5 5 5 1 5 5 5 3 5 5 3 5 3 5

Change M M M M D M M D M M M M M M M D M M M M M M

Target Price 115 135 140 144 #N/A N/A 138 130 120 140 130 125 130 135 120 128 120 128 160 120 136 #N/A N/A 80

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 6 month 12 month Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided 3 month

Date 26.02.2013 22.02.2013 19.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 18.02.2013 17.02.2013 15.02.2013 29.01.2013 17.01.2013 15.01.2013 15.01.2013 21.07.2010

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

27.02.2013

Alcatel-Lucent/FranceAlcatel-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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.02.2012) 52-Week Low (11.10.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.12.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALU FP EQUITY YTD Change ALU FP EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 16'984.0 0.27x 1'200.0 3.80x (5'215.0) 31.12.2009 31.12.2010 15'157.0 15'996.0 0.34x 0.33x 907.0 980.0 5.66x 5.38x (524.0) (334.0) Profitability 31.12.2011 15'327.0 0.24x 1'151.0 3.15x 1'095.0 4.06x 31.12.2012 14'446.0 0.20x 423.0 6.86x (1'374.0) 423.00 -490.00 -3.39% -10.99% -6.03% -47.38% 0.63% 30.1% 2.9% -3.4% -9.5% 1.28 0.94 22.52% 247.23% 4.61 5.16 12/2012 12/yy 1.95 0.71 23'047'908.00 1.075 -44.94% 51.41% 28.05% 2'326.6 2'501.06 4'811.00 0.0 745.0 4'929.00 3'128.06 Price/Volume3 2 2 1 1 0 f-12 m-12 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 .0 M f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 12/yy 15'064.0 1.98x 1'176.0 3.09x 1'095.0 4.16x LTM 12/yy 14'446.0 0.92x 423.0 6.86x (1'374.0) 0.00x FY+1 FY+2 FQ+1 FQ+2

1.21 2'102.95 -43.63% 7.18% 1.210 30 2.500 40'232'160 39'431'150 46'069'980

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 14'325.2 14'454.1 3'183.6 3'433.4 0.28x 0.29x 1.10x 1.13x 837.8 1'036.7 126.0 221.5 3.73x 3.01x 3.21x 3.22x (229.4) 75.9 (197.0) (89.3) 19.91x S&P Issuer Ratings 18.02.2013 B NEG 18.02.2013 B 1.18 -0.45 -0.28 11.37 247.2% 64.1% 0.63 11.90 79.40 70.94 138.58 11.77

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

900.00 800.00 700.00 600.00 500.00 400.00 300.00 200.00 100.00 0.00 01.01.2010

30'000.0 25'000.0 20'000.0 15'000.0 10'000.0 5'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

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

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

27.02.2013

Alcatel-Lucent/FranceHoldings By:All

Holder Name FMR LLC CAISSE DES DEPOTS ET MANNING & NAPIER ADV BLACKROCK CREDIT AGRICOLE SA NORGES BANK INVESTME GROUPAMA ASSET MANAG NATIXIS ASSET MANAGE BRANDES INVESTMENT P FCP 2AL ARTIS CAPITAL MANAGE NATIXIS ASSET MANAGE STATE STREET VANGUARD GROUP INC ALCATEL-LUCENT ODEY ASSET MANAGEMEN AQR CAPITAL MANAGEME SARASIN MARSHALL WACE LLP CAXTON INTERNATIONAL

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a

Source ULT-AGG Co File Co File ULT-AGG 20F Co File Co File Co File Co File Co File Co File MF-AGG ULT-AGG MF-AGG Co File Short Short ULT-AGG Short ULT-AGG

Amt Held % Out 111'850'900 4.81 83'857'900 3.6 77'433'500 3.33 57'801'158 2.48 57'032'900 2.45 49'965'500 2.15 38'900'000 1.67 36'358'200 1.56 36'274'000 1.56 34'381'763 1.48 33'890'800 1.46 31'478'968 1.35 29'601'602 1.27 25'910'540 1.11 25'343'255 1.09 (22'102'355) -0.95 (17'914'541) -0.77 11'412'433 0.49 (10'934'849) -0.47 (10'702'193) -0.46

Latest Chg (3'397'043) 150'819 (1'575'953) (9'245'061) (1'628'594) (1'628'594) 140'488 2'791'877 1'675'126

File Dt 30.04.2012 31.12.2011 31.12.2011 25.02.2013 31.12.2009 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2011 31.12.2012 26.02.2013 31.12.2012 31.12.2011 07.01.2013 25.02.2013 28.12.2012 17.01.2013 20.11.2012

Inst Type Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor n/a Hedge Fund Manager Mutual Fund Manager Investment Advisor Investment Advisor Corporation Investment Advisor Hedge Fund Manager Unclassified Hedge Fund Manager Investment Advisor

Firm Name Exane BNP Paribas HSBC Morgan Stanley Credit Suisse Jefferies Oddo & Cie AlphaValue Kepler Capital Markets Societe Generale JPMorgan Sanford C. Bernstein & Co Landesbank Baden-Wuerttemberg Nomura Barclays Grupo Santander CM - CIC Securities(ESN) Berenberg Bank S&P Capital IQ Day by Day EVA Dimensions Goldman Sachs Natixis Deutsche Bank Liberum Capital Ltd MKM Partners CA Cheuvreux DZ Bank AG

Analyst ALEXANDER PETERC RICHARD DINEEN FRANCOIS MEUNIER ACHAL SULTANIA GEORGE C NOTTER VINCENT MAULAY JEAN-MICHEL SALVADOR SEBASTIEN SZTABOWICZ ANDY PERKINS SANDEEP S DESHPANDE PIERRE FERRAGU MIRKO MAIER STUART JEFFREY ANDREW M GARDINER CARLOS JAVIER TREVINO SEBASTIEN LIAGRE ADNAAN AHMAD JAMES CRAWSHAW VALERIE GASTALDY ANDREW S ZAMFOTIS SIMON F SCHAFER ERIC BEAUDET KAI KORSCHELT JANARDAN MENON MICHAEL GENOVESE ODON DE LAPORTE OLIVER FINGER

Recommendation neutral underweight Overwt/In-Line neutral underperform neutral buy reduce sell neutral underperform sell neutral equalweight buy sell sell sell hold hold Sell/Neutral buy hold buy neutral underperform hold

Weighting 3 1 5 3 1 3 5 2 1 3 1 1 3 3 5 1 1 1 3 3 1 5 3 5 3 1 3

Change M D M M M M M M M M M M M M M M M D D M M U M M M D D

Target Price 1 1 2 1 1 2 2 1 1 1 1 1 1 1 #N/A N/A 1 1 1 #N/A N/A #N/A N/A 1 2 1 2 1 1 #N/A N/A

Date Not Provided Not Provided 12 month Not Provided 12 month Not Provided 6 month Not Provided 12 month 9 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Date 26.02.2013 25.02.2013 22.02.2013 22.02.2013 22.02.2013 22.02.2013 21.02.2013 11.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 08.02.2013 07.02.2013 07.02.2013 07.02.2013 07.02.2013 31.01.2013 15.01.2013 07.01.2013 17.12.2012 03.12.2012 05.11.2012 02.11.2012 10.09.2012 19.07.2012

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

27.02.2013

Alfa Laval ABAlfa 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. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (25.02.2013) 52-Week Low (05.09.2012) Daily Volume Current Price (2/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 26.02.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALFA SS EQUITY YTD Change ALFA SS EQUITY YTD % CHANGE Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E 31.12.2008 27'850.0 1.10x 6'296.0 4.85x 3'774.0 7.65x 31.12.2009 31.12.2010 26'039.0 24'720.0 1.61x 2.40x 4'751.0 5'197.0 8.84x 11.39x 2'710.0 3'088.0 15.42x 19.30x Profitability 31.12.2011 28'652.0 1.96x 5'566.0 10.08x 3'223.0 16.97x 31.12.2012 29'813.0 1.94x 5'306.0 10.90x 3'190.0 17.79x 5'306.00 4'372.00 14.66% 15.11% 9.17% 21.05% 0.86% 35.7% 17.8% 14.7% 10.7% 1.48 0.61 6.97% 15.96% 5.79 3.11 12/2012 12/yy 153.20 110.40 684'325.00 148.5 -3.13% 34.51% 88.32% 419.5 62'289.26 2'446.00 0.0 61.0 1'404.00 63'392.26 Price/Volume160 140 120 100 80 60 40 20 0 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M f-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month LTM-4Q 12/yy 28'652.0 7.65x 5'566.0 10.08x 3'223.0 16.97x LTM 12/yy 29'813.0 7.31x 5'306.0 10.90x 3'190.0 17.79x FY+1 FY+2 FQ+1 FQ+2

1.04 14.08% 9.76% 1.042 25 2.720 1'446'865 1'304'994 1'229'169

12/13 Y 12/14 Y 03/13 Q1 06/13 Q2 30'395.5 32'021.6 7'027.6 7'711.5 2.13x 1.97x 9.44x 8.56x 5'559.2 5'987.2 1'244.1 1'399.6 11.40x 10.59x 11.22x 12.29x 3'403.9 3'712.7 723.3 836.9 18.33x 16.79x 18.28x 18.11x S&P Issuer Ratings 07.06.2012 BBB+ POS 27.69 24.93 0.20 0.46 16.0% 13.7% 0.86 7.68 63.17 117.65 46.35 134.47

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory TurnoverPrice/ Cash Flow

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion CycleSales/Revenue/Turnover

20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 01.01.2010

35'000.0 30'000.0 25'000.0 20'000.0 15'000.0 10'000.0 5'000.0 0.001.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

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

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

27.02.2013

Alfa Laval ABHoldings By:All

Holder Name TETRA LAVAL BV ALECTA PENSIONSFORSA FOUNDATION ASSET MAN SWEDBANK ROBUR FONDE VANGUARD GROUP INC AMF PENSION INSURANC SEB LANNEBO FONDER AB ETON PARK INTERNATIO FORSTA AP FONDEN FIRST AP FUND FOLKSAM GROUP ANDRA AP FONDEN HANDELSBANKEN FONDER FJARDE AP-FONDEN NTC UN JOINT STAFF FOLKSAM LO FOND AB AMF FONDER AB SPP FONDER AB ENTER FONDER AB

Portfolio Name n/a n/a n/a n/a Multipl

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