+ All Categories
Home > Documents > Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

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

Date post: 10-Aug-2015
Category:
Upload: qms-advisors-llc
View: 260 times
Download: 0 times
Share this document with a friend
Description:
Fundamental Equity Analysis & Analyst Recommendations - STOXX Small 200 Index ComponentsThe STOXX Europe Small 200 Index is a fixed component index designed to provide a representation of small capitalisation companies in Europe. The index is derived from the STOXX Europe 600 Index and covers Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. AALB NA Equity Aalberts Industries NVANA SQ Equity Acciona SAACX SQ Equity Acerinox SAACKB BB Equity Ackermans & van Haaren NVAFR LN Equity Afren PLCAF FP Equity Air France-KLMAIXA GY Equity Aixtron SE NAALLN SE Equity Allreal Holding AGAMEAS FH Equity Amer Sports OyjASHM LN Equity Ashmore Group PLCAHT LN Equity Ashtead Group PLCASM NA Equity ASM International NVNDA GY Equity Aurubis AGAVV LN Equity Aveva Group PLCSPR GY Equity Axel Springer AGBMPS IM Equity Banca Monte dei Paschi di Siena SpABPE IM Equity Banca Popolare dell'Emilia Romagna ScrlPMI IM Equity Banca Popolare di Milano ScarlBPSO IM Equity Banca Popolare di Sondrio SCARLBES PL Equity Banco Espirito Santo SABKIR ID Equity Bank of IrelandBKIA SQ Equity Bankia SABCVN SE Equity Banque Cantonale VaudoiseBDEV LN Equity Barratt Developments PLCBARN SE Equity Barry Callebaut AGBWY LN Equity Bellway PLCBIM FP Equity BioMerieuxBME SQ Equity Bolsas y Mercados Espanoles SABOK LN Equity Booker Group PLCBVIC LN Equity Britvic PLCBTG LN Equity BTG PLCBPTY LN Equity Bwin.Party Digital Entertainment PLCGCC ID Equity C&C Group PLCCWC LN Equity Cable & Wireless Communications PLCCAPC LN Equity Capital & Counties Properties PLCCLLN LN Equity Carillion PLCCAST SS Equity Castellum ABCGL LN Equity Catlin Group LtdCLS1 GY Equity Celesio AGCBG LN Equity Close Brothers Group PLCCNP FP Equity CNP AssurancesCOFB BB Equity CofinimmoDMGT LN Equity Daily Mail & General Trust PLCCPR IM Equity Davide Campari-Milano SpADCC ID Equity DCC PLCDLAR LN Equity De La Rue PLCDEB LN Equity Debenhams PLCDL NA Equity Delta Lloyd NVDEQ GY Equity Deutsche Euroshop AGDWNI GY Equity Deutsche Wohnen AGDUFN SE Equity Dufry AGEZJ LN Equity easyJet PLCEBRO SQ Equity Ebro Foods SAFGR FP Equity Eiffage SAECM LN Equity Electrocomponents PLCELM LN Equity Elementis PLCEMSN SE Equity EMS-Chemie Holding AGELE SQ Equity Endesa SAMAU FP Equity Etablissements Maurel et PromENRC LN Equity Eurasian Natural Resources Corp PLCRF FP Equity EurazeoECMPA NA Equity Eurocommercial Properties NVEVR LN Equity Evraz PLCEXO IM Equity Exor SpAFLTR LN Equity Filtrona PLCFNC IM Equity Finmeccanica SpAFGP LN Equity Firstgroup PLCFHZN SE Equity Flughafen Zuerich AGFDR FP Equity Fonciere Des RegionsFRA GY Equity Fraport AG Frankfurt Airport Services WoFNTN GY Equity Freenet AGFPE3 GY Equity Fuchs Petrolub AGGAM SE Equity GAM Holding AGGFC FP Equity Gecina SAFI/N SE Equity Georg Fischer AGGXI GY Equity Gerresheimer AGGJF NO Equity Gjensidige Forsikring ASAGN DC Equity GN Store Nord A/SGPOR LN Equity Great Portland Estates PLCGNK LN Equity Greene King PLCGIB GY Equity GSW Immobilien AGHLMA LN Equity Halma PLCHL/ LN Equity Hargreaves Lansdown PLCHAV FP Equity Havas SAHAS LN Equity Hays PLCHELN SE Equity Helvetia Holding AGHGG LN Equity Henderson Group PLCRMS FP Equity Hermes InternationalHIK LN Equity Hikma Pharmaceuticals PLCHOT GY Equity Hochtief AGHOLMB SS Equity Holmen ABHWDN LN Equity Howden Joinery Group PLCHUFVA SS Equity Hufvudstaden ABBOSS GY Equity Hugo Boss AGHTG LN Equity Hunting PLCHUSQB SS Equity Husqvarna ABICAD FP Equity ICADEIGG LN Equity IG Group Holdings PLCIMG LN Equity Imagination Technologies Group PLCNK FP Equity Imerys SAINCH LN Equity Inchcape PLCINDUA SS Equity Industrivarden ABING FP Equity IngenicoICP LN Equity Intermediate Capital Group
Popular Tags:
401
Fundamental Analysis & Analyst Recommendations STOXX Europe Small 200 Index March 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] | 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.
Transcript
Page 1: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinIMEOO 7pnlmX IfSee .'' 8jTXr

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] |

efo h!pbnf!g albo ilp Tliopfprpb fisbophbip !asfTb !ia oelrga ilp .b sfbtba !o ! Trnnbip ln m!op nbTlhhbia!pfli ln ! olgfTfp!pfli lc !i lccbn pl .ru ln obgg !iu obTrnfpfbo ln pl !almp !iu fisbophbip opn!pbdu.

Page 2: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Aalberts Industries N.V. provides industrial services and flow control systems.

The Company manufactures extrusion tooling, precision parts, bimetallic barrels,

and other industrial products. Aalberts also develops and produces valves,

dispensing systems for beer and soft drinks, and other distribution systems for

water, gas, and energy.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (04.02.2013) 16.89

52-Week Low (27.06.2012) 11.40

Daily Volume

16.72

52-Week High % Change -1.01% Dividend Yield -

52-Week Low % Change 46.67% Beta 1.20

% 52 Week Price Range High/Low 96.90% Equity Float 84.06

Shares Out 31.12.2012 109.4 Short Int -

1'829.60 1 Yr Total Return 12.65%

Total Debt 541.60 YTD Return 6.50%

Preferred Stock 0.0 Adjusted BETA 1.197

Minority Interest 11.1 Analyst Recs 12

Cash and Equivalents 0.10 Consensus Rating 4.417

Enterprise Value 2'382.20

Average Volume 5 Day 246'672

AALB NA EQUITY YTD Change - Average Volume 30 Day 184'675

AALB NA EQUITY YTD % CHANGE - Average Volume 3 Month 171'517

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

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

1'750.8 1'404.9 1'682.8 1'937.4 2'024.5 - - 2'087.7 2'167.7 - -

0.74x 1.22x 1.36x 1.04x 1.12x - - 1.09x 0.99x - -

251.6 168.8 248.2 279.4 296.1 - - 312.9 330.0 - -

5.16x 10.14x 9.23x 7.22x 7.67x - - 7.61x 7.22x - -

92.8 41.5 104.4 131.3 135.1 - - 154.3 166.5 - -

4.96x 19.78x 14.34x 10.64x 12.66x - - 11.38x 10.58x - -

EBITDA 296.10 Long-Term Rating Date -

EBIT 202.10 Long-Term Rating -

Operating Margin 9.98% Long-Term Outlook -

Pretax Margin 8.98% Short-Term Rating Date -

Return on Assets 6.95% Short-Term Rating -

Return on Common Equity 14.86%

Return on Capital - EBITDA/Interest Exp. 10.21

Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 6.63

Net Debt/EBITDA 1.83

Gross Margin - Total Debt/EBITDA 1.83

EBITDA Margin 14.6%

EBIT Margin 10.0% Total Debt/Equity 55.9%

Net Income Margin 6.7% Total Debt/Capital 35.6%

Asset Turnover 1.04

Current Ratio 1.10 Net Fixed Asset Turnover 3.50

Quick Ratio 0.34 Accounts receivable turnover-days 36.51

Debt to Assets 27.70% Inventory Days -

Tot Debt to Common Equity 55.90% Accounts Payable Turnover Day -

Accounts Receivable Turnover 10.02 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Aalberts Industries NVPrice/Volume

Valuation Analysis

322'539.00

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

'.135

-'-.-1-3-5

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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

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

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

Page 3: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

AALBERTS BEHEER BV n/a Research 14'542'716 13.29 - 20.05.2011 Unclassified

FMR LLC n/a ULT-AGG 11'315'498 10.34 - 30.09.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7'259'676 6.63 - 30.12.2012 Investment Advisor

FORTIS UTRECHT NV n/a EXCH 6'022'588 5.5 - 09.04.2009 Other

NIB CAPITAL NV n/a EXCH 5'836'642 5.33 - 09.04.2009 Venture Capital

COLUMBIA WANGER ASSE n/a Research 5'511'788 5.04 - 20.05.2011 Investment Advisor

CANTILLON CAPITAL MA n/a Research 5'340'054 4.88 - 07.10.2010 Hedge Fund Manager

AALBERTS J n/a Research 2'402'582 2.2 - 03.02.2011 n/a

AALBERTS-VEEN J A M n/a Research 2'402'582 2.2 - 03.02.2011 Other

MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 1'333'741 1.22 - 30.11.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 1'297'544 1.19 - 31.08.2012 Mutual Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 1'067'214 0.98 (164'650) 31.12.2012 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 1'048'738 0.96 - 31.01.2013 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 996'333 0.91 16'023 31.12.2012 Investment Advisor

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 626'561 0.57 - 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 609'896 0.56 203'806 31.12.2012 Unclassified

BLACKROCK n/a ULT-AGG 596'362 0.54 - 26.02.2013 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 506'042 0.46 - 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 449'200 0.41 1'200 31.01.2013 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 436'065 0.4 25'900 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

KBC Securities MICHAEL ROEG buy 5 M 20 Not Provided 27.02.2013

Rabobank International DAVID TAILLEUR buy 5 M 19 12 month 27.02.2013

Kepler Capital Markets PETER OLOFSEN hold 3 D 17 Not Provided 27.02.2013

Kempen & Co DIRK VERBIESEN hold 3 M 17 12 month 26.02.2013

SNS Securities(ESN) GERT STEENS hold 3 M 17 12 month 26.02.2013

Berenberg Bank FELIX WIENEN buy 5 M 18 Not Provided 26.02.2013

ING Bank TIJS HOLLESTELLE buy 5 M 19 12 month 26.02.2013

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 19 Not Provided 26.02.2013

Theodoor Gilissen Securities TOM MULLER buy 5 M 20 Not Provided 22.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

CA Cheuvreux ROBERT VAN OVERBEEK outperform 5 M 17 Not Provided 26.10.2012

Petercam LUUK VAN BEEK add 4 M 17 Not Provided 24.10.2012

Holdings By:

Aalberts Industries NV ee

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

Page 4: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Acciona S.A. is a global developer and service provider of solutions in

renewable energy, large civil infrastructures and water treatment and reverse

osmosis desalination. The Company has sustainable development at the heart of

its strategy.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (09.01.2013) 65.00

52-Week Low (25.07.2012) 29.46

Daily Volume

46.52

52-Week High % Change -28.43% Dividend Yield -

52-Week Low % Change 57.91% Beta 1.04

% 52 Week Price Range High/Low 48.00% Equity Float 23.34

Shares Out 30.09.2012 57.3 Short Int -

2'663.71 1 Yr Total Return -16.15%

Total Debt 8'897.97 YTD Return -16.03%

Preferred Stock 0.0 Adjusted BETA 1.042

Minority Interest 301.0 Analyst Recs 23

Cash and Equivalents 1'963.00 Consensus Rating 2.652

Enterprise Value 10'649.71

Average Volume 5 Day 287'745

ANA SQ EQUITY YTD Change - Average Volume 30 Day 379'770

ANA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 254'713

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

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

7'952.6 7'207.8 6'512.3 6'263.0 6'646.0 6'489.0 7'015.0 6'820.6 6'861.3 1'816.2 1'744.0

4.24x 3.52x 2.03x 1.61x 1.67x 6.87x 6.08x 1.54x 1.52x - -

1'406.8 1'069.3 1'043.0 1'211.2 1'312.0 1'331.2 1'418.0 1'399.7 1'348.2 375.8 567.0

23.97x 23.70x 12.68x 8.35x 8.46x 8.21x 7.42x 7.61x 7.90x 5.89x 7.73x

950.4 464.5 1'263.2 167.2 202.0 380.2 2.0 160.6 101.4 42.5 247.0

14.92x 23.18x 39.19x 19.41x 19.64x 9.87x 0.00x 16.96x 26.95x 5.21x 26.89x

EBITDA 1'312.00 Long-Term Rating Date -

EBIT 595.00 Long-Term Rating -

Operating Margin 8.95% Long-Term Outlook -

Pretax Margin 3.37% Short-Term Rating Date -

Return on Assets 0.17% Short-Term Rating -

Return on Common Equity 0.63%

Return on Capital - EBITDA/Interest Exp. 2.62

Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 0.66

Net Debt/EBITDA 5.36

Gross Margin - Total Debt/EBITDA 6.70

EBITDA Margin 20.1%

EBIT Margin 9.3% Total Debt/Equity 166.5%

Net Income Margin 3.0% Total Debt/Capital 61.2%

Asset Turnover 0.34

Current Ratio 1.07 Net Fixed Asset Turnover 0.68

Quick Ratio 0.69 Accounts receivable turnover-days 110.83

Debt to Assets 43.77% Inventory Days -

Tot Debt to Common Equity 166.50% Accounts Payable Turnover Day -

Accounts Receivable Turnover 3.30 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Acciona SAPrice/Volume

Valuation Analysis

184'826.00

Current Price (2/dd/yy) Market Data

'

-'

.'

0'

1'

2'

3'

4'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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

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

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

Page 5: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

TUSSEN DE GRACHTEN B n/a EXCH 15'920'109 27.8 - 27.06.2012 Holding Company

ENTREAZCA BV n/a EXCH 15'706'109 27.43 - 27.06.2012 Holding Company

JELICO NETHERLANDS B n/a EXCH 2'005'686 3.5 - 27.06.2012 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 479'860 0.84 32'626 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 474'972 0.83 75 26.02.2013 Investment Advisor

EGERTON CAPITAL LIMI n/a Short (297'750) -0.52 - 20.02.2013 Hedge Fund Manager

ACCRUED EQUITIES INC Multiple Portfolios MF-AGG 110'000 0.19 (25'000) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 101'022 0.18 - 31.07.2012 Investment Advisor

DOMECQ DANIEL ENTREC n/a EXCH 88'450 0.15 - 27.06.2012 n/a

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 86'717 0.15 (4'272) 31.01.2013 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 84'113 0.15 (12'077) 30.09.2012 Mutual Fund Manager

ABANTE ASESORES GEST Multiple Portfolios MF-AGG 79'720 0.14 - 31.12.2012 Investment Advisor

ENTRECANALES D JOSE n/a EXCH 63'983 0.11 - 27.06.2012 n/a

STATE STREET BANQUE Multiple Portfolios MF-AGG 45'611 0.08 8'297 31.01.2013 Investment Advisor

BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 41'614 0.07 (500) 29.02.2012 Investment Advisor

CASTELLANOS BORREGO n/a EXCH 41'000 0.07 7'000 16.03.2012 n/a

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 39'879 0.07 7'591 28.12.2012 Mutual Fund Manager

ACCIONA SA n/a Research 35'833 0.06 - 27.06.2012 Corporation

NATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 31'120 0.05 - 30.11.2012 Investment Advisor

ESPIRITO SANTO GESTI Multiple Portfolios MF-AGG 28'991 0.05 (600) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BPI FLORA TRINDADE neutral 3 M 70 Not Provided 25.02.2013

Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 123 12 month 22.02.2013

Banco Sabadell MARIA CEBOLLERO sell 1 M 60 12 month 21.02.2013

Grupo Santander JOAQUIN FERRER underweight 1 M 60 Not Provided 18.02.2013

NMAS 1 Agencia de Valores JOSE RAMON OCINA neutral 3 M 55 6 month 18.02.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013

Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA sell 1 M 39 Not Provided 13.02.2013

Exane BNP Paribas MANUEL PALOMO underperform 1 M 41 Not Provided 13.02.2013

Goldman Sachs MANUEL LOSA sell/attractive 1 M 33 12 month 08.02.2013

Bankia Bolsa (ESN) RAFAEL FERNANDEZ DE HEREDIA hold 3 M 66 12 month 08.02.2013

Macquarie SHAI HILL outperform 5 M 62 12 month 05.02.2013

CA Cheuvreux JOSE PORTA SAUDAN underperform 1 D 51 Not Provided 04.02.2013

Ahorro Corporacion Financiera SA JUAN MORENO sell 1 D 51 Not Provided 04.02.2013

La Caixa FERNANDO MURILLO GUIRAO underweight 1 D 65 Not Provided 28.01.2013

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

HSBC SEAN D MCLOUGHLIN neutral 3 D 66 Not Provided 10.01.2013

Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 53 12 month 15.11.2012

Interdin Bolsa PABLO ORTIZ DE JUAN buy 5 M #N/A N/A Not Provided 14.11.2012

Intermoney Valores ALVARO NAVARRO buy 5 M #N/A N/A Not Provided 14.11.2012

Kepler Capital Markets EMILIO ROTONDO-INCLAN hold 3 D 49 Not Provided 22.10.2012

BBVA ISIDORO DEL ALAMO market perform 3 M 47 Not Provided 04.10.2012

Nomura MARTIN YOUNG suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012

AlphaValue VINCENT DOARE reduce 2 U 67 6 month 05.05.2010

Renta 4 SA SVB NURIA ALVAREZ overweight 5 M #N/A N/A Not Provided 02.03.2010

Holdings By:

Acciona SA ee

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

Page 6: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Acerinox, S.A. manufactures and distributes hot and cold-rolled stainless steel

products including slabs, billets, and bars. The Company operates plants in

Spain, the United States and South Africa, and piers used to ship raw

materials. The Company markets its products primarily in Europe, Asia, and the

Americas.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.03.2012) 10.82

52-Week Low (23.07.2012) 7.39

Daily Volume

8.244

52-Week High % Change -23.78% Dividend Yield -

52-Week Low % Change 11.62% Beta 0.84

% 52 Week Price Range High/Low 25.02% Equity Float 120.90

Shares Out 30.09.2012 249.3 Short Int -

2'055.27 1 Yr Total Return -19.97%

Total Debt 1'051.23 YTD Return -1.25%

Preferred Stock 0.0 Adjusted BETA 0.844

Minority Interest 160.2 Analyst Recs 24

Cash and Equivalents 181.88 Consensus Rating 3.250

Enterprise Value 3'135.18

Average Volume 5 Day 1'124'419

ACX SQ EQUITY YTD Change - Average Volume 30 Day 1'031'388

ACX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 994'987

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

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

6'900.9 5'050.6 2'993.4 4'500.5 4'672.2 4'773.6 4'568.6 4'569.9 4'997.2 1'053.0 1'235.0

0.78x 0.76x 1.61x 1.00x 0.75x 3.52x 3.01x 0.67x 0.65x 2.66x -

654.8 169.8 (194.1) 379.9 339.2 410.1 197.7 186.1 334.0 14.3 -

8.17x 22.59x - 11.82x 10.32x 7.70x 16.47x 16.85x 9.39x - -

312.3 (10.5) (229.2) 122.7 73.7 128.0 (20.4) (19.0) 87.3 (29.2) -

14.03x - - 26.79x 33.03x 16.58x 0.00x - 24.68x 80.04x -

EBITDA 339.22 Long-Term Rating Date -

EBIT 192.44 Long-Term Rating -

Operating Margin 4.12% Long-Term Outlook -

Pretax Margin 2.84% Short-Term Rating Date -

Return on Assets -0.49% Short-Term Rating -

Return on Common Equity -1.10%

Return on Capital - EBITDA/Interest Exp. 5.33

Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 2.54

Net Debt/EBITDA 5.46

Gross Margin - Total Debt/EBITDA 6.83

EBITDA Margin 4.3%

EBIT Margin 1.1% Total Debt/Equity 61.1%

Net Income Margin 1.6% Total Debt/Capital 35.8%

Asset Turnover 1.10

Current Ratio 1.51 Net Fixed Asset Turnover -

Quick Ratio 0.58 Accounts receivable turnover-days 41.11

Debt to Assets 25.82% Inventory Days -

Tot Debt to Common Equity 61.08% Accounts Payable Turnover Day -

Accounts Receivable Turnover 8.90 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Acerinox SAPrice/Volume

Valuation Analysis

834'311.00

Current Price (2/dd/yy) Market Data

'

.

1

3

5

-'

-.

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

5!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

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

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

Page 7: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

ALBA PARTICIPACIONES n/a Co File 60'437'949 24.24 - 31.12.2011 Other

NISSHIN STEEL CO LTD n/a Co File 38'144'820 15.3 - 31.12.2011 Corporation

FEYNMAN CAPITAL SL n/a Co File 29'533'292 11.85 - 31.12.2011 Other

CASA GRANDE CARTAGEN n/a Co File 12'465'247 5 - 31.12.2011 Other

METAL ONE CORP n/a Co File 9'361'560 3.76 - 31.12.2011 Corporation

MARATHON ASSET MANAG n/a Co File 7'785'588 3.12 - 31.12.2011 Investment Advisor

INDUSTRIAL DEVELOPME n/a Co File 7'733'332 3.1 - 31.12.2011 Unclassified

LUXOR CAPITAL GROUP n/a Short (5'285'255) -2.12 (299'165) 13.02.2013 Hedge Fund Manager

PENNANT CAPITAL MANA n/a Short (4'736'786) -1.9 (249'305) 21.02.2013 Hedge Fund Manager

BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 1'926'059 0.77 1'066'022 29.02.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'277'694 0.51 (420'796) 31.12.2012 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'073'600 0.43 (285'300) 28.09.2012 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 690'488 0.28 48'257 30.09.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 546'599 0.22 3'072 26.02.2013 Investment Advisor

MARCH GESTION DE FON Multiple Portfolios MF-AGG 475'399 0.19 32'454 31.05.2012 Mutual Fund Manager

RENTA 4 GESTORA SGII Multiple Portfolios MF-AGG 388'499 0.16 (82'485) 30.11.2011 Investment Advisor

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 341'777 0.14 71'400 30.11.2012 Mutual Fund Manager

IBERCAJA GESTION, S. Multiple Portfolios MF-AGG 335'250 0.13 103'000 31.12.2012 Mutual Fund Manager

BARCLAYS WEALTH MANA Multiple Portfolios MF-AGG 324'015 0.13 60'000 30.11.2011 Investment Advisor

ABANTE ASESORES GEST Multiple Portfolios MF-AGG 297'350 0.12 62'300 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale ALAIN WILLIAM hold 3 M 8 12 month 27.02.2013

JPMorgan ALESSANDRO ABATE underweight 1 M 9 9 month 27.02.2013

Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 8 Not Provided 27.02.2013

Espirito Santo Investment Bank ResearchRUI DIAS buy 5 M 11 Not Provided 26.02.2013

BPI MANUEL DIAS COELHO strong buy 5 M 11 Not Provided 25.02.2013

Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 11 Not Provided 22.02.2013

Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 11 Not Provided 22.02.2013

Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 21.02.2013

Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 9 12 month 20.02.2013

Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE hold 3 M 8 Not Provided 20.02.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 10 12 month 20.02.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.02.2013

Interdin Bolsa JAIME OJEDA DE DIEGO buy 5 U 10 Not Provided 05.02.2013

Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 11 12 month 04.02.2013

Grupo Santander PATRICIA LOPEZ DEL RIO buy 5 M 11 Not Provided 01.02.2013

Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 10 Not Provided 30.01.2013

Credit Suisse MICHAEL SHILLAKER neutral 3 M 8 Not Provided 25.01.2013

CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS select list 5 U 11 Not Provided 16.01.2013

Deutsche Bank BASTIAN SYNAGOWITZ sell 1 M 6 12 month 15.01.2013

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

La Caixa ICIAR GOMEZ BOTAS underweight 1 M 8 Not Provided 27.11.2012

BBVA LUIS DE TOLEDO underperform 1 D 9 Not Provided 09.10.2012

Link Securities JUAN JOSE FERNANDEZ FIGARES buy 5 M 10 Not Provided 26.09.2012

Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 D 9 12 month 18.09.2012

Nomura NEIL SAMPAT neutral 3 D 10 Not Provided 11.10.2011

Renta 4 SA SVB IVAN SAN FELIX overweight 5 M 16 Not Provided 28.04.2010

Holdings By:

Acerinox SA ee

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

Page 8: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Ackermans & van Haaren NV is an industrial holding company. The Company's

holdings are in the contracting-dredging environmental services, financial

services, staffing services, and private equity investing.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (28.01.2013) 70.49

52-Week Low (28.06.2012) 59.00

Daily Volume

68.49

52-Week High % Change -2.84% Dividend Yield -

52-Week Low % Change 16.08% Beta 1.01

% 52 Week Price Range High/Low 82.59% Equity Float -

Shares Out 30.06.2012 33.5 Short Int -

2'294.20 1 Yr Total Return 12.92%

Total Debt 529.78 YTD Return 9.99%

Preferred Stock 0.0 Adjusted BETA 1.008

Minority Interest 482.4 Analyst Recs 8

Cash and Equivalents 187.36 Consensus Rating 3.625

Enterprise Value 3'237.64

Average Volume 5 Day 31'309

ACKB BB EQUITY YTD Change - Average Volume 30 Day 30'161

ACKB BB EQUITY YTD % CHANGE - Average Volume 3 Month 29'840

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2

503.5 423.7 375.5 422.4 432.5 - - - - - -

3.77x 6.28x 8.67x 6.47x - - - - - - -

258.0 159.8 161.3 167.2 - - - - - - -

7.36x 16.64x 20.17x 16.35x - - - - - - -

114.6 117.5 160.8 177.5 167.5 - - 203.0 231.0 - -

10.55x 14.69x 12.86x 10.75x 12.45x - - 11.66x 10.46x - -

EBITDA 167.22 Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 19.58% Long-Term Outlook -

Pretax Margin 53.11% Short-Term Rating Date -

Return on Assets 2.31% Short-Term Rating -

Return on Common Equity 8.33%

Return on Capital 4.01% EBITDA/Interest Exp. -

Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 28.1%

Net Income Margin 38.7% Total Debt/Capital 18.3%

Asset Turnover 0.07

Current Ratio - Net Fixed Asset Turnover 4.36

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 8.13% Inventory Days -

Tot Debt to Common Equity 28.14% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Ackermans & van Haaren NVPrice/Volume

Valuation Analysis

29'210.00

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

'

-'

.'

0'

1'

2'

3'

4'

5'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!' 9!' 9!' 9!' 9!- 9!- 9!- 9!- 9!- 9!- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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

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

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

Page 9: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

SCALDIS INVEST n/a Co File 11'054'000 33 - 31.12.2010 Other

UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 477'867 1.43 6'404 31.01.2013 Investment Advisor

ACKERMANS & VAN HAAR n/a Co File 341'700 1.02 - 31.12.2010 Holding Company

VANGUARD GROUP INC Multiple Portfolios MF-AGG 251'627 0.75 3'423 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 216'340 0.65 - 31.12.2012 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 163'009 0.49 38'750 28.12.2012 Investment Advisor

ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 155'000 0.46 - 28.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 137'982 0.41 2'110 26.02.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 119'468 0.36 - 31.07.2012 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 104'684 0.31 32'950 30.12.2011 Mutual Fund Manager

THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 98'729 0.29 (37'788) 31.10.2012 Hedge Fund Manager

INVESCO LTD Multiple Portfolios MF-AGG 81'406 0.24 486 27.02.2013 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 79'357 0.24 1'526 31.01.2013 Investment Advisor

ALPS MUTUAL FUNDS SE Multiple Portfolios MF-AGG 71'986 0.21 6'946 30.09.2012 Investment Advisor

INVESCO GESTION Multiple Portfolios MF-AGG 68'093 0.2 34'707 31.01.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 65'000 0.19 - 31.07.2012 Mutual Fund Manager

DEGROOF GESTION INST Multiple Portfolios MF-AGG 56'000 0.17 50'000 29.03.2012 Investment Advisor

BANK DELEN SA Multiple Portfolios MF-AGG 54'500 0.16 - 31.12.2012 Investment Advisor

BRINVEST n/a Co File 51'300 0.15 - 31.12.2010 Other

PETERCAM SA Multiple Portfolios MF-AGG 42'962 0.13 (5'000) 30.12.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

KBC Securities TOM SIMONTS accumulate 4 M 74 Not Provided 27.02.2013

ABN Amro Bank N.V. MAURITS HELDRING hold 3 M 61 Not Provided 27.02.2013

Exane BNP Paribas DAVID VAGMAN outperform 5 M 74 Not Provided 26.02.2013

Bank Degroof(ESN) HANS D'HAESE hold 3 M 72 12 month 28.01.2013

Petercam MARC DEBROUWER hold 3 M 70 Not Provided 28.01.2013

ING Bank MATTHIAS MAENHAUT hold 3 M 64 Not Provided 28.01.2013

Rabobank International COR KLUIS buy 5 M 75 Not Provided 26.10.2012

Kempen & Co ERWIN DUT hold 3 M 64 12 month 10.06.2012

Holdings By:

Ackermans & van Haaren NV ee

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

Page 10: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Afren PLC is an independent oil and gas company. The Company conducts

exploration, appraisal, and development operations. Afren is currently

producing from its assets in offshore Nigeria and Cote d'Ivoire. The Company

has interests in the Kurdistan region of Iraq, Ghana, Congo Brazzaville, Kenya,

Ethiopia, Madagascar, Seychelles, Tanzania and South Africa.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (04.02.2013) 162.00

52-Week Low (27.06.2012) 92.85

Daily Volume

143.1

52-Week High % Change -11.67% Dividend Yield 0.00

52-Week Low % Change 54.12% Beta 1.76

% 52 Week Price Range High/Low 72.67% Equity Float 1'040.52

Shares Out 01.02.2013 1'088.6 Short Int -

1'557.84 1 Yr Total Return 6.95%

Total Debt 975.53 YTD Return 9.15%

Preferred Stock 0.0 Adjusted BETA 1.763

Minority Interest 0.0 Analyst Recs 32

Cash and Equivalents 291.69 Consensus Rating 4.375

Enterprise Value 2'863.16

Average Volume 5 Day 4'315'082

AFR LN EQUITY YTD Change - Average Volume 30 Day 7'320'910

AFR LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'140'602

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

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

0.0 42.5 335.8 319.4 596.7 396.8 1'361.4 1'569.1 1'529.9 - -

- 10.75x 3.47x 7.39x 3.54x 19.81x 7.78x 1.80x 1.76x - -

(35.1) (14.0) 200.6 184.6 429.3 285.1 1'007.2 1'132.8 1'124.2 513.0 -

- - 5.81x 12.80x 4.92x 0.00x 2.94x 2.53x 2.55x - -

(39.0) (56.1) (16.8) 45.3 121.7 71.0 181.5 302.2 287.9 - -

- - - 45.12x 10.81x 0.00x 13.23x 8.51x 8.07x - -

EBITDA 429.34 Long-Term Rating Date 23.12.2011

EBIT 269.21 Long-Term Rating B

Operating Margin 45.12% Long-Term Outlook STABLE

Pretax Margin 37.10% Short-Term Rating Date -

Return on Assets 6.15% Short-Term Rating -

Return on Common Equity 14.62%

Return on Capital 9.91% EBITDA/Interest Exp. 4.13

Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 0.10

Net Debt/EBITDA 0.50

Gross Margin 50.7% Total Debt/EBITDA 0.94

EBITDA Margin 74.0%

EBIT Margin 49.5% Total Debt/Equity 80.8%

Net Income Margin 20.4% Total Debt/Capital 44.7%

Asset Turnover 0.46

Current Ratio 0.66 Net Fixed Asset Turnover 0.95

Quick Ratio 0.56 Accounts receivable turnover-days -

Debt to Assets 33.29% Inventory Days 45.30

Tot Debt to Common Equity 80.80% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 94.70

Inventory Turnover 8.08

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Afren PLCPrice/Volume

Valuation Analysis

2'495'442.00

Current Price (2/dd/yy) Market Data

'.'1'3'5'

-''-.'-1'-3'-5'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

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

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

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

Page 11: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

STANDARD LIFE INVEST Multiple Portfolios REG 84'499'588 7.76 (1'842'426) 01.02.2013 Investment Advisor

SKAGEN FUNDS Multiple Portfolios REG 62'409'542 5.73 5'838'087 01.02.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a RNS-MAJ 54'041'493 4.96 - 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 54'037'599 4.96 11'485'677 01.02.2013 Unclassified

HSBC CLIENT HOLDINGS n/a Co File 52'931'686 4.86 - 26.03.2012 Holding Company

SKAGEN AS Multiple Portfolios MF-AGG 52'905'498 4.86 4'130'195 31.01.2013 Mutual Fund Manager

VAN ECK GLOBAL Multiple Portfolios REG 52'009'659 4.78 (1'992'400) 01.02.2013 Unclassified

LANSDOWNE PARTNERS L n/a RNS-MAJ 43'806'532 4.02 (28'244'649) 22.01.2010 Hedge Fund Manager

GLG PARTNERS LP n/a Co File 38'651'941 3.55 - 26.03.2012 Hedge Fund Manager

LEGAL & GENERAL n/a ULT-AGG 38'620'343 3.55 (918'691) 01.02.2013 Unclassified

BLACKROCK n/a ULT-AGG 33'707'211 3.1 4'281'295 26.02.2013 Investment Advisor

DEUTSCHE BANK AG n/a Co File 32'317'318 2.97 - 26.03.2012 Bank

LGT BANK IN LIECHTEN Multiple Portfolios REG 29'442'634 2.7 (20'000) 01.02.2013 Investment Advisor

UBS n/a ULT-AGG 26'382'092 2.42 (2'180'739) 01.02.2013 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 25'311'996 2.33 4'029'053 01.02.2013 Government

NEUBERGER BERMAN LLC Multiple Portfolios REG 23'891'511 2.19 2'555'815 01.02.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 23'127'394 2.12 2'267'133 01.02.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 22'476'440 2.06 623'034 31.12.2012 Investment Advisor

CARMIGNAC GESTION S Multiple Portfolios REG 22'448'383 2.06 - 01.02.2013 Unclassified

SCOTTISH WIDOWS n/a ULT-AGG 21'667'551 1.99 1'276'818 01.02.2013 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

FirstEnergy Capital Corp GERRY F DONNELLY market perform 3 M 145 12 month 27.02.2013

Canaccord Genuity Corp THOMAS MARTIN buy 5 M 200 12 month 25.02.2013

RBC Capital Markets JAMES HOSIE outperform 5 N 210 12 month 21.02.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 201 Not Provided 11.02.2013

Macquarie MARK WILSON neutral 3 M 148 12 month 08.02.2013

Finncap WILLIAM ARNSTEIN hold 3 M 150 12 month 05.02.2013

Investec STUART JOYNER hold 3 M 138 12 month 01.02.2013

HSBC PETER HITCHENS overweight 5 M 200 Not Provided 01.02.2013

JPMorgan JAMES THOMPSON neutral 3 D 195 9 month 30.01.2013

SBG Securities LIONEL THEROND buy 5 M 170 12 month 28.01.2013

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 25.01.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 123 Not Provided 22.01.2013

Global Hunter Securities JOHN MALONE buy 5 M 190 12 month 22.01.2013

Morgan Stanley JAMIE MADDOCK Overwt/Attractive 5 M 220 12 month 21.01.2013

Nomura TOM ROBINSON neutral 3 M 175 12 month 21.01.2013

Tudor Pickering & Co ANISH KAPADIA hold 3 M 180 Not Provided 17.01.2013

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

Deutsche Bank PHIL CORBETT buy 5 M 165 12 month 10.01.2013

VSA Capital Ltd DOUGIE YOUNGSON buy 5 M 245 Not Provided 10.01.2013

Barclays ALESSANDRO POZZI overweight 5 M 210 Not Provided 08.01.2013

Goldman Sachs CHRISTOPHOR JOST buy/attractive 5 M 224 12 month 17.12.2012

Mirabaud Securities TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 12.12.2012

CSL DAVID G STEDMAN buy 5 N 210 Not Provided 21.11.2012

N+1 Singer Ltd SIMON HAWKINS buy 5 M 160 12 month 07.11.2012

Jefferies LAURA LOPPACHER buy 5 M 155 12 month 24.10.2012

Fox-Davies Capital STEPHANE FOUCAUD buy 5 M 250 Not Provided 24.10.2012

Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 170 Not Provided 25.09.2012

Merrion Stockbrokers MUNA MULEYA buy 5 N 218 Not Provided 24.09.2012

Renaissance Capital DRAGAN TRAJKOV buy 5 M 170 12 month 23.08.2012

Westhouse Securities PETER BASSETT buy 5 M #N/A N/A Not Provided 25.01.2012

Holdings By:

Afren PLC ee

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

Page 12: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Air France-KLM offers air transportation services. The Company operates

airlines and offers travel booking, catering, freight transportation, aircraft

maintenance, and pilot training services.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (25.01.2013) 8.95

52-Week Low (14.06.2012) 3.01

Daily Volume

7.976

52-Week High % Change -10.88% Dividend Yield -

52-Week Low % Change 164.90% Beta 1.21

% 52 Week Price Range High/Low 83.60% Equity Float 216.15

Shares Out 31.12.2012 300.2 Short Int -

2'394.55 1 Yr Total Return 79.76%

Total Debt 11'256.00 YTD Return 13.96%

Preferred Stock 0.0 Adjusted BETA 1.210

Minority Interest 56.0 Analyst Recs 34

Cash and Equivalents 3'420.00 Consensus Rating 3.235

Enterprise Value 10'286.55

Average Volume 5 Day 5'935'102

AF FP EQUITY YTD Change - Average Volume 30 Day 4'061'500

AF FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'559'668

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

31.03.2009 31.03.2010 31.03.2011 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

23'970.0 23'310.0 24'363.0 24'363.0 25'633.0 24'363.0 25'633.0 26'363.8 27'046.5 6'182.4 -

0.32x 0.49x 0.39x 0.39x 0.39x 0.39x 1.48x 0.33x 0.31x - -

1'475.0 1'695.0 1'344.0 1'344.0 1'448.0 2'109.0 1'356.0 1'982.2 2'510.1 - -

5.27x 6.72x 7.07x 7.07x 6.88x 4.50x 7.35x 5.19x 4.10x - -

(814.0) 289.0 (809.0) (809.0) (1'192.0) (809.0) (1'192.0) (26.9) 329.1 (123.9) 35.7

- 13.91x - - - 0.00x 0.00x - 6.97x - 30.33x

EBITDA 1'448.00 Long-Term Rating Date -

EBIT -300.00 Long-Term Rating -

Operating Margin -1.17% Long-Term Outlook -

Pretax Margin -4.53% Short-Term Rating Date -

Return on Assets -4.35% Short-Term Rating -

Return on Common Equity -21.74%

Return on Capital - EBITDA/Interest Exp. 3.32

Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. -0.06

Net Debt/EBITDA 5.78

Gross Margin - Total Debt/EBITDA 8.30

EBITDA Margin 5.3%

EBIT Margin -1.2% Total Debt/Equity 228.6%

Net Income Margin -4.7% Total Debt/Capital 69.3%

Asset Turnover 0.94

Current Ratio 0.77 Net Fixed Asset Turnover 2.07

Quick Ratio 0.54 Accounts receivable turnover-days 25.94

Debt to Assets 40.97% Inventory Days -

Tot Debt to Common Equity 228.59% Accounts Payable Turnover Day -

Accounts Receivable Turnover 14.11 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Air France-KLMPrice/Volume

Valuation Analysis

3'584'360.00

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

'-.0123456

-'

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

0!2'

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

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

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

Page 13: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FRENCH STATE n/a Co File 48'035'088 16 - 31.12.2011 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 16'321'440 5.44 - 31.12.2012 Investment Advisor

CREDIT SUISSE n/a Co File 7'771'575 2.59 - 08.03.2012 Unclassified

SMITH DONALD n/a Co File 7'350'155 2.45 - 31.03.2011 n/a

PRIGEST n/a Co File 6'150'000 2.05 - 23.09.2011 Unclassified

AIR FRANCE-KLM n/a Co File 6'004'386 2 - 31.12.2011 Corporation

UBS LONDRES n/a Co File 5'572'841 1.86 - 24.02.2012 Other

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'722'804 1.24 - 31.07.2012 Investment Advisor

LONE CYPRESS LTD n/a Short (3'122'281) -1.04 (201'147) 19.04.2012 Other

NORGES BANK INVESTME n/a Co File 3'055'759 1.02 - 05.09.2011 Government

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 3'046'000 1.01 (95'000) 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE n/a Co File 2'993'609 1 - 29.11.2011 Investment Advisor

DNCA FINANCE Multiple Portfolios MF-AGG 2'925'000 0.97 95'000 28.09.2012 Investment Advisor

DNCA n/a Co File 2'664'300 0.89 - 14.04.2010 Other

HSBC HOLDINGS PLC n/a Co File 2'633'420 0.88 - 01.07.2011 Investment Advisor

BNP PARIBAS SA n/a Co File 2'276'699 0.76 - 31.03.2011 Bank

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'119'316 0.71 2'291 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG (1'879'889) -0.63 (2'489) 26.02.2013 Investment Advisor

AMUNDI n/a Co File 1'740'484 0.58 - 05.01.2012 Investment Advisor

FEDERAL GESTION Multiple Portfolios MF-AGG 1'618'171 0.54 - 30.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets DAMIAN BREWER sector perform 3 M 9 12 month 27.02.2013

Goldman Sachs OLIVER NEAL neutral/neutral 3 M 9 12 month 26.02.2013

HSBC ANDREW DAVID LOBBENBERG overweight 5 M 10 Not Provided 26.02.2013

Cantor Fitzgerald ROBIN BYDE buy 5 M 10 Not Provided 26.02.2013

Goodbody Stockbrokers Ltd DONAL O'NEILL hold 3 M 8 12 month 26.02.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 26.02.2013

Societe Generale PATRICK JOUSSEAUME hold 3 M 8 12 month 25.02.2013

Oddo & Cie YAN DEROCLES buy 5 M 10 Not Provided 25.02.2013

Nomura ANDREW EVANS neutral 3 M 8 12 month 25.02.2013

Investec JAMES HOLLINS sell 1 M 7 12 month 22.02.2013

Credit Suisse NEIL GLYNN neutral 3 M 9 Not Provided 22.02.2013

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX buy 5 M 10 12 month 22.02.2013

S&P Capital IQ JAWAHAR HINGORANI sell 1 D 8 12 month 22.02.2013

AlphaValue HELENE COUMES add 4 D 10 6 month 21.02.2013

Deutsche Bank MICHAEL KUHN hold 3 M 9 12 month 18.02.2013

Commerzbank Corporates & Markets FRANK SKODZIK hold 3 M 9 6 month 14.02.2013

Morgan Stanley PENNY BUTCHER Equalwt/In-Line 3 M 8 12 month 12.02.2013

Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 9 Not Provided 15.01.2013

CA Cheuvreux BEAT KEISER underperform 1 M 6 Not Provided 14.01.2013

Macquarie SAM DOBSON underperform 1 M 6 12 month 17.12.2012

Davy STEPHEN FURLONG neutral 3 M #N/A N/A Not Provided 11.12.2012

Kepler Capital Markets PIERRE BOUCHENY reduce 2 M 7 Not Provided 03.12.2012

Main First Bank AG LOIC SABATIER outperform 5 M 9 12 month 03.12.2012

Espirito Santo Investment Bank ResearchGERALD KHOO sell 1 M 4 Not Provided 26.11.2012

Barclays DAVID E FINTZEN equalweight 3 M 6 Not Provided 22.11.2012

JPMorgan DAVID PITURA underweight 1 M 7 9 month 15.11.2012

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 07.11.2012

Natixis SARAH EMSELLEM buy 5 M 9 Not Provided 01.11.2012

Liberum Capital Ltd ALEXIA DOGANI buy 5 M 9 Not Provided 01.11.2012

Redburn Partners TIM MARSHALL neutral 3 M #N/A N/A Not Provided 29.10.2012

Raymond James JULIEN RICHER outperform 5 M 8 Not Provided 19.03.2012

Holdings By:

Air France-KLM ee

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

Page 14: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Aixtron SE engineers and manufactures metal organic chemical vapor deposition

(MOCVD) equipment for the semiconductor industry. The Company's customers use

its equipment to produce compound semiconductor layer structures for use in

LED, laser, solar cell, transistor, telecommunications, and other applications.

Aixtron markets its products worldwide.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (02.05.2012) 14.85

52-Week Low (12.12.2012) 8.38

Daily Volume

9.292

52-Week High % Change -37.43% Dividend Yield -

52-Week Low % Change 10.95% Beta 0.88

% 52 Week Price Range High/Low 14.16% Equity Float 90.49

Shares Out 30.11.2012 102.0 Short Int -

947.55 1 Yr Total Return -24.01%

Total Debt 0.00 YTD Return 4.65%

Preferred Stock 0.0 Adjusted BETA 0.878

Minority Interest 0.0 Analyst Recs 31

Cash and Equivalents 295.22 Consensus Rating 3.000

Enterprise Value 738.53

Average Volume 5 Day 879'775

AIXA GY EQUITY YTD Change - Average Volume 30 Day 925'686

AIXA GY EQUITY YTD % CHANGE - Average Volume 3 Month 791'407

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

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

274.4 302.9 783.8 611.0 227.8 611.0 227.8 305.6 445.1 60.8 66.3

1.30x 6.73x 3.03x 1.14x - 10.08x 12.14x 2.46x 1.59x - -

43.2 75.3 288.9 127.3 - 127.3 (101.6) 11.1 78.4 (4.4) (5.8)

8.24x 27.09x 8.23x 5.47x - 5.47x 0.00x 63.76x 9.04x - -

23.0 44.8 192.5 79.5 (145.4) 79.5 (145.4) 10.9 50.7 (6.1) (2.9)

18.31x 47.96x 14.30x 12.47x - 12.31x 0.00x 89.35x 19.85x - -

EBITDA 127.27 Long-Term Rating Date -

EBIT 115.01 Long-Term Rating -

Operating Margin 18.82% Long-Term Outlook -

Pretax Margin 18.82% Short-Term Rating Date -

Return on Assets -15.59% Short-Term Rating -

Return on Common Equity -19.67%

Return on Capital - EBITDA/Interest Exp. 97.45

Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 76.63

Net Debt/EBITDA -

Gross Margin 37.9% Total Debt/EBITDA 0.00

EBITDA Margin -39.1%

EBIT Margin -44.0% Total Debt/Equity 0.0%

Net Income Margin -63.8% Total Debt/Capital 0.0%

Asset Turnover 0.40

Current Ratio 3.91 Net Fixed Asset Turnover 3.10

Quick Ratio 2.52 Accounts receivable turnover-days 45.25

Debt to Assets 0.00% Inventory Days 255.66

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 48.17

Accounts Receivable Turnover 8.09 Cash Conversion Cycle 191.38

Inventory Turnover 1.43

Fiscal Year Ended

Aixtron SE NAPrice/Volume

Valuation Analysis

1'035'491.00

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

'

.

1

3

5

-'

-.

-1

-3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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

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

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

Page 15: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

MAVERICK CAPITAL LTD n/a Short (7'969'268) -7.81 - 02.11.2012 Hedge Fund Manager

CAMMA GMBH n/a Research 7'650'000 7.5 - 12.10.2012 Corporation

ALLIANZ GLOBAL INVES #N/A N/A Research 5'035'959 4.94 - 20.02.2013 Investment Advisor

BAILLIE GIFFORD AND #N/A N/A Research 4'973'896 4.88 - 19.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'421'020 4.34 (635'351) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 4'221'361 4.14 (104'296) 26.02.2013 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 3'982'352 3.91 97'000 31.10.2012 Investment Advisor

GENERATION INVESTMEN n/a Research 3'089'151 3.03 - 30.05.2012 Investment Advisor

AMERIPRISE FINANCIAL n/a Research 3'010'974 2.95 - 29.04.2011 Investment Advisor

CAPITAL GROUP INTERN n/a Research 2'896'348 2.84 - 15.10.2010 Investment Advisor

NORGES BANK n/a Research 2'858'380 2.8 - 17.05.2011 Government

DWS INVESTMENT GMBH n/a Research 2'818'556 2.76 - 17.08.2012 Investment Advisor

JUPITER ASSET MANAGE n/a Research 2'613'333 2.56 - 18.10.2011 Investment Advisor

PENNANT CAPITAL MANA n/a Short (2'313'312) -2.27 - 01.11.2012 Hedge Fund Manager

BARRINGTON WILSHIRE n/a Short (1'896'735) -1.86 (163'160) 26.02.2013 Hedge Fund Manager

PENNANT WINDWARD MAS n/a Short (1'579'574) -1.55 101'908 29.10.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'403'808 1.38 90'004 31.01.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'230'347 1.21 538'825 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'186'736 1.16 57'205 31.12.2012 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (1'040'145) -1.02 (81'580) 25.02.2013 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Hauck & Aufhaeuser TIM OLIVER WUNDERLICH buy 5 M 13 12 month 26.02.2013

Bankhaus Lampe KARSTEN ILTGEN buy 5 M 14 12 month 25.02.2013

Sterne, Agee & Leach ANDREW HUANG neutral 3 M #N/A N/A Not Provided 25.02.2013

CA Cheuvreux KLAUS RINGEL underperform 1 M 8 Not Provided 22.02.2013

Societe Generale PETER KNOX sell 1 M 9 12 month 21.02.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 15 12 month 21.02.2013

Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M #N/A N/A Not Provided 21.02.2013

M.M. Warburg Investment Research MALTE SCHAUMANN sell 1 M 9 12 month 21.02.2013

Commerzbank Corporates & Markets THOMAS M BECKER add 4 M 11 6 month 19.02.2013

Equinet Institutional Services(ESN) ADRIAN PEHL reduce 2 M 8 12 month 19.02.2013

Bankhaus Metzler STEPHAN BAUER sell 1 M 8 12 month 18.02.2013

DZ Bank AG HARALD SCHNITZER hold 3 M 9 12 month 18.02.2013

HSBC CHRISTIAN DOMINIK RATH neutral 3 M 10 Not Provided 13.02.2013

Deutsche Bank UWE SCHUPP buy 5 M 14 12 month 08.02.2013

Exane BNP Paribas JEROME RAMEL outperform 5 M 15 Not Provided 04.02.2013

Berenberg Bank ALI FARID KHWAJA hold 3 D 9 Not Provided 18.01.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013

JPMorgan SANDEEP S DESHPANDE neutral 3 M 10 9 month 14.01.2013

Barclays ANDREW M GARDINER equalweight 3 M 10 Not Provided 14.01.2013

Canaccord Genuity Corp JONATHAN E DORSHEIMER sell 1 M 8 Not Provided 13.01.2013

Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 13 12 month 11.01.2013

Maxim Group LLC AARON CHEW sell 1 M 6 12 month 19.11.2012

Morgan Stanley ANDREW HUMPHREY Equalwt/Cautious 3 M 12 12 month 16.11.2012

Liberum Capital Ltd JANARDAN MENON buy 5 M 13 Not Provided 02.11.2012

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 29.10.2012

Independent Research GmbH MARKUS FRIEBEL sell 1 M 8 12 month 26.10.2012

Close Brothers Equity Markets VEYSEL TAZE buy 5 M 12 12 month 26.10.2012

Natixis MAXIME MALLET neutral 3 M 11 Not Provided 26.10.2012

Main First Bank AG JUERGEN WAGNER underperform 1 M 8 12 month 25.10.2012

Redburn Partners SUMANT WAHI neutral 3 M #N/A N/A Not Provided 14.03.2012

National Bank AG SVEN PAULSEN buy 5 M 35 Not Provided 28.07.2011

Holdings By:

Aixtron SE NA ee

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

Page 16: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Allreal Holding AG develops and manages real estate. The Company operates as a

general contractor offering planning, architect, and construction management

services. Allreal also provides renovation services and manages a portfolio of

apartment, office, and commercial buildings.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (10.04.2012) 143.48

52-Week Low (11.02.2013) 131.80

Daily Volume

135.1

52-Week High % Change -5.84% Dividend Yield -

52-Week Low % Change 2.50% Beta 0.54

% 52 Week Price Range High/Low 28.24% Equity Float 15.30

Shares Out 30.06.2012 15.9 Short Int -

2'153.72 1 Yr Total Return -1.38%

Total Debt 1'352.00 YTD Return -4.25%

Preferred Stock 0.0 Adjusted BETA 0.544

Minority Interest 0.0 Analyst Recs 4

Cash and Equivalents 33.90 Consensus Rating 2.500

Enterprise Value 3'560.62

Average Volume 5 Day 20'382

ALLN SE EQUITY YTD Change - Average Volume 30 Day 20'510

ALLN SE EQUITY YTD % CHANGE - Average Volume 3 Month 17'295

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2

207.9 215.8 723.8 251.7 - - - 292.7 295.0 - -

12.02x 13.28x 4.02x 13.74x - - - 13.62x 13.84x - -

136.9 137.9 170.3 173.4 - - - 194.5 211.5 - -

18.25x 20.78x 17.07x 19.95x - - - 18.31x 16.84x - -

90.7 88.6 116.4 140.8 98.0 - - 130.7 134.0 - -

13.39x 15.75x 15.48x 13.20x 22.29x - - 18.97x 16.95x - -

EBITDA 170.30 Long-Term Rating Date -

EBIT 135.30 Long-Term Rating -

Operating Margin 18.69% Long-Term Outlook -

Pretax Margin 20.86% Short-Term Rating Date -

Return on Assets 3.83% Short-Term Rating -

Return on Common Equity 8.12%

Return on Capital 4.34% EBITDA/Interest Exp. 4.98

Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. 1.77

Net Debt/EBITDA 8.10

Gross Margin - Total Debt/EBITDA 8.31

EBITDA Margin 30.6%

EBIT Margin - Total Debt/Equity 86.3%

Net Income Margin 16.1% Total Debt/Capital 46.3%

Asset Turnover 0.16

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 42.00% Inventory Days -

Tot Debt to Common Equity 86.32% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allreal Holding AGPrice/Volume

Valuation Analysis

19'017.00

Current Price (2/dd/yy) Market Data

'

.'

1'

3'

5'

-''

-.'

-1'

-3'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!' 9

!' 9

!- 9

!- 9

!- 9

!- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

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

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

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

Page 17: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

HELVETIA PATRIA GRUP n/a EXCH 6'737'352 42.26 382'059 20.09.2012 Other

BVK PERSONALVORSORGE n/a Co File 603'490 3.79 - 31.12.2009 Investment Advisor

SCHWEIZERISCHE MOBIL n/a EXCH 445'814 2.8 - 11.05.2010 Holding Company

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 384'917 2.41 (16'686) 28.12.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 170'144 1.07 254 26.02.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 163'496 1.03 - 31.07.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 159'310 1 (1'018) 28.12.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 152'811 0.96 3'391 31.12.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 150'860 0.95 - 31.10.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 92'738 0.58 (3'597) 31.10.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 80'244 0.5 (109) 30.11.2012 Mutual Fund Manager

IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 58'397 0.37 - 31.10.2012 Investment Advisor

RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 46'690 0.29 - 31.10.2012 Investment Advisor

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 30'749 0.19 (196) 31.12.2012 Mutual Fund Manager

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 17'426 0.11 1'260 31.01.2013 Investment Advisor

ALLREAL HOLDING AG n/a EXCH 15'496 0.1 (33'906) 16.05.2012 Holding Company

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 14'933 0.09 (1'000) 31.10.2012 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 14'535 0.09 (580) 31.01.2013 Investment Advisor

BETTONI BRUNO n/a Co File 11'280 0.07 - 31.12.2009 n/a

HOTTINGER CAPITAL CO Multiple Portfolios MF-AGG 11'200 0.07 - 30.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Bank Vontobel AG STEFAN SCHUERMANN hold 3 D 155 Not Provided 07.02.2013

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

Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 16.01.2013

Holdings By:

Allreal Holding AG ee

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

Page 18: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Amer Sports Oyj, through subsidiaries, develops, manufactures, and markets

sports and fitness equipment. The Company makes golf, racquet sports, winter

sports, and team sports equipment, as well as diving gear and workout equipment.

Amer Sports products are sold in stores around the world.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (20.02.2013) 13.48

52-Week Low (27.06.2012) 8.39

Daily Volume

12.8

52-Week High % Change -5.04% Dividend Yield -

52-Week Low % Change 52.65% Beta 0.97

% 52 Week Price Range High/Low 86.65% Equity Float -

Shares Out 31.12.2012 121.5 Short Int -

1'555.43 1 Yr Total Return 29.98%

Total Debt 568.20 YTD Return 13.78%

Preferred Stock 0.0 Adjusted BETA 0.969

Minority Interest 0.0 Analyst Recs 13

Cash and Equivalents 142.50 Consensus Rating 3.692

Enterprise Value 1'981.13

Average Volume 5 Day 251'354

AMEAS FH EQUITY YTD Change - Average Volume 30 Day 289'022

AMEAS FH EQUITY YTD % CHANGE - Average Volume 3 Month 234'379

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

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

1'576.6 1'533.4 1'740.4 1'880.8 2'064.0 1'880.8 2'064.0 2'170.9 2'297.5 524.0 377.4

0.62x 0.72x 0.89x 0.76x 0.85x 3.24x 3.19x 0.90x 0.83x - -

117.1 78.8 132.6 171.3 151.9 171.3 199.8 207.8 235.9 43.5 (1.1)

8.34x 14.06x 11.62x 8.39x 11.53x 8.39x 8.76x 9.53x 8.40x 9.20x -

33.9 31.3 68.8 90.8 57.5 90.8 57.5 108.6 131.0 21.9 (13.0)

11.47x 21.84x 18.37x 11.88x 23.03x 11.88x 23.24x 13.96x 11.47x 13.39x -

EBITDA 151.90 Long-Term Rating Date -

EBIT 111.70 Long-Term Rating -

Operating Margin 5.41% Long-Term Outlook -

Pretax Margin 3.96% Short-Term Rating Date -

Return on Assets 3.12% Short-Term Rating -

Return on Common Equity 7.25%

Return on Capital - EBITDA/Interest Exp. 6.30

Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 4.47

Net Debt/EBITDA 2.13

Gross Margin 43.6% Total Debt/EBITDA 2.84

EBITDA Margin 9.7%

EBIT Margin 6.6% Total Debt/Equity 74.9%

Net Income Margin 2.8% Total Debt/Capital 42.8%

Asset Turnover 1.12

Current Ratio 1.59 Net Fixed Asset Turnover 12.87

Quick Ratio 0.96 Accounts receivable turnover-days 91.78

Debt to Assets 30.51% Inventory Days 109.54

Tot Debt to Common Equity 74.87% Accounts Payable Turnover Day 63.10

Accounts Receivable Turnover 3.99 Cash Conversion Cycle 138.23

Inventory Turnover 3.34

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Amer Sports OyjPrice/Volume

Valuation Analysis

254'923.00

Current Price (2/dd/yy) Market Data

'

.

1

3

5

-'

-.

-1

-3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!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

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

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

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

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

Page 19: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

VARMA MUTUAL PENSION n/a Research 8'280'680 6.81 - 30.11.2012 Insurance Company

ILMARINEN MUTUAL PEN n/a Research 5'583'535 4.59 - 30.11.2012 Insurance Company

MAA JA VESITEKNIIKAN n/a Research 5'000'000 4.11 - 30.11.2012 Other

MANDATUM LIFE INSURA n/a Research 4'000'000 3.29 - 30.11.2012 Insurance Company

LOCAL GOVERNMENT PEN n/a Research 3'600'681 2.96 - 30.11.2012 Pension Fund (ERISA)

FMR LLC n/a ULT-AGG 2'902'600 2.39 (7'036) 31.12.2012 Investment Advisor

BROTHERUS ILKKA n/a Research 2'687'778 2.21 - 06.12.2012 n/a

TAPIOLA MUTUAL PENSI n/a Research 2'643'091 2.18 - 30.11.2012 Insurance Company

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'573'186 2.12 (35'000) 31.01.2013 Mutual Fund Manager

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'247'650 1.85 - 28.09.2012 Investment Advisor

OP-FOCUS NON UCITS F n/a Research 1'935'624 1.59 - 30.11.2012 n/a

ODIN NORDEN n/a Research 1'881'042 1.55 - 30.11.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'498'742 1.23 (3'744) 31.12.2012 Investment Advisor

DANSKE INVESTMENT FI n/a Research 1'454'545 1.2 - 30.11.2012 Mutual Fund Manager

OP DELTA FUND n/a Research 1'280'000 1.05 - 30.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'212'533 1 21'580 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'198'887 0.99 50'000 31.01.2013 Investment Advisor

FINLAND STATE PENSIO n/a Research 1'092'000 0.9 - 30.11.2012 Government

NORDEA FENNIA FUND n/a Co File 960'000 0.79 - 31.12.2011 n/a

KALEVA MUTUAL INSURA n/a Research 950'000 0.78 - 30.11.2012 Insurance Company

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 20.02.2013

Goldman Sachs MAYAN UTHAYAKUMAR neutral/neutral 3 M 12 6 month 12.02.2013

Pohjola Bank Plc (ESN) JARI RAISANEN accumulate 4 M 13 12 month 04.02.2013

SEB Enskilda JUTTA RAHIKAINEN buy 5 M 15 Not Provided 01.02.2013

Nordea Equity Research RAULI JUVA hold 3 M 12 12 month 01.02.2013

Handelsbanken ROBIN SANTAVIRTA accumulate 4 M 14 12 month 01.02.2013

Evli Bank Plc MIKA KARPPINEN buy 5 M 14 12 month 01.02.2013

Danske Markets KALLE KARPPINEN buy 5 M 13 12 month 01.02.2013

JPMorgan CHIARA BATTISTINI neutral 3 M 12 9 month 31.01.2013

Carnegie TOMMY ILMONI buy 5 M #N/A N/A Not Provided 31.01.2013

INDERES SAULI VILEN accumulate 4 U 13 Not Provided 31.01.2013

Swedbank TOMI TIILOLA neutral 3 U 11 12 month 26.10.2012

FIM MARTIN SUNDMAN hold 3 M 11 12 month 26.10.2012

Holdings By:

Amer Sports Oyj ee

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

Page 20: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Ashmore Group plc is a specialist Emerging Markets asset manager which focuses

on eight broad investment themes: external debt (primarily US Dollar), local

currencies and local currency debt, corporate debt, blended debt, alternatives

(special situations/infrastructure/real estate), public equities,

overlay/liquidity and multi-strategy.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (29.02.2012) 396.90

52-Week Low (12.07.2012) 300.30

Daily Volume

358.5

52-Week High % Change -9.67% Dividend Yield 4.21

52-Week Low % Change 19.38% Beta 1.24

% 52 Week Price Range High/Low 60.25% Equity Float 328.92

Shares Out 31.12.2012 707.4 Short Int -

2'535.93 1 Yr Total Return -3.22%

Total Debt 0.00 YTD Return -0.25%

Preferred Stock 0.0 Adjusted BETA 1.242

Minority Interest 20.8 Analyst Recs 19

Cash and Equivalents 401.20 Consensus Rating 3.158

Enterprise Value 2'123.63

Average Volume 5 Day 1'109'915

ASHM LN EQUITY YTD Change - Average Volume 30 Day 991'188

ASHM LN EQUITY YTD % CHANGE - Average Volume 3 Month 793'552

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

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 - -

241.5 245.7 281.4 342.8 334.2 - - 332.5 370.7 - -

5.21x 4.23x 4.73x 7.08x 6.24x - - 6.53x 5.71x - -

178.3 190.0 203.6 248.1 230.9 - - 225.7 252.8 - -

7.05x 5.48x 6.53x 9.78x 9.03x - - 9.41x 8.40x - -

140.8 115.0 160.0 189.0 181.5 - - 172.8 189.9 - -

10.30x 11.05x 10.19x 14.19x 12.99x - - 14.46x 13.13x - -

EBITDA 230.90 Long-Term Rating Date -

EBIT 223.10 Long-Term Rating -

Operating Margin 66.76% Long-Term Outlook -

Pretax Margin 72.77% Short-Term Rating Date -

Return on Assets 26.10% Short-Term Rating -

Return on Common Equity 34.84%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 64.6% Total Debt/Equity 0.0%

Net Income Margin 54.3% Total Debt/Capital 0.0%

Asset Turnover 0.46

Current Ratio 4.14 Net Fixed Asset Turnover 94.88

Quick Ratio 3.39 Accounts receivable turnover-days 102.85

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover 3.56 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Ashmore Group PLCPrice/Volume

Valuation Analysis

938'918.00

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

'2'

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

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

-3!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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

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

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

Page 21: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

COOMBS MARK n/a Co File 295'574'200 41.78 - 30.06.2012 n/a

FMR LLC n/a ULT-AGG 62'270'925 8.8 587'284 01.12.2012 Investment Advisor

BOOTH JEROME n/a Co File 48'355'024 6.84 - 10.09.2012 n/a

CAREY PENSIONS & BEN n/a Co File 32'668'764 4.62 - 10.09.2012 Pension Fund (ERISA)

BLACKROCK n/a ULT-AGG 30'997'089 4.38 - 26.02.2013 Investment Advisor

ASHMORE GROUP PLC ES Multiple Portfolios REG 30'504'601 4.31 (2'294'675) 01.12.2012 Unclassified

UBS n/a ULT-AGG 22'654'306 3.2 (242'555) 01.12.2012 Unclassified

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 20'108'612 2.84 6'440'171 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios REG 19'358'114 2.74 (25'000) 01.12.2012 Investment Advisor

LONE PINE CAPITAL LL Multiple Portfolios REG 18'745'288 2.65 - 01.12.2012 Hedge Fund Manager

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 15'654'713 2.21 (1'005'200) 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 15'183'040 2.15 1'337'778 31.01.2013 Unclassified

COLUMBIA UNIVERSITY Multiple Portfolios REG 11'743'021 1.66 (1'179'734) 01.12.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 8'226'254 1.16 - 01.12.2012 Government

HOARES BANK Multiple Portfolios REG 7'760'000 1.1 10'000 01.12.2012 Unclassified

WILLIAM BLAIR & COMP Multiple Portfolios REG 7'411'928 1.05 259'347 01.12.2012 Investment Advisor

LIONTRUST n/a ULT-AGG 7'411'702 1.05 (349'546) 31.12.2012 Unclassified

PRIVATE INDIVIDUALS Multiple Portfolios REG 6'802'799 0.96 - 01.12.2012 Other

GOVT OF SINGAPORE IN n/a ULT-AGG 6'524'064 0.92 740'647 01.12.2012 Government

SEYMOUR PIERCE ELLIS Multiple Portfolios REG 6'000'000 0.85 - 01.12.2012 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.02.2013

Societe Generale MICHAEL SANDERSON buy 5 M 420 12 month 25.02.2013

RBC Capital Markets PETER K LENARDOS outperform 5 M 400 12 month 25.02.2013

Espirito Santo Investment Bank ResearchPHILIP DOBBIN neutral 3 M 368 Not Provided 25.02.2013

Numis Securities Ltd DAVID MCCANN add 4 M 400 Not Provided 22.02.2013

Barclays DANIEL R GARROD equalweight 3 M 385 Not Provided 22.02.2013

JPMorgan RAE MAILE neutral 3 M 413 9 month 21.02.2013

Macquarie NEIL WELCH underperform 1 M 315 12 month 21.02.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 M 399 Not Provided 21.02.2013

Oriel Securities Ltd SARAH ING hold 3 N 370 Not Provided 11.02.2013

Morgan Stanley ANIL SHARMA Equalwt/In-Line 3 D 395 12 month 05.02.2013

Goldman Sachs CHRIS M. TURNER Buy/Neutral 5 M 450 12 month 15.01.2013

Credit Suisse GURJIT KAMBO underperform 1 M 375 Not Provided 15.01.2013

Peel Hunt STUART DUNCAN hold 3 D 390 Not Provided 15.01.2013

HSBC NITIN ARORA underweight 1 M 330 Not Provided 11.01.2013

Jefferies JASON STREETS buy 5 M 420 12 month 03.01.2013

Keefe, Bruyette & Woods TOM MILLS underperform 1 M 286 12 month 12.07.2012

Arden Partners Ltd JEREMY GRIME buy 5 M 350 12 month 05.10.2010

Holdings By:

Ashmore Group PLC ee

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

Page 22: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Ashtead Group plc operates as an investment holding and management company.

Through its subsidiaries, the Group hires out plant and machinery for the UK

and the US construction and allied industries. Ashtead has some 273 A-Plant and

41 UK Plant branches, supplying UK communications, petrochemical, defense and

retail customers. They also have 163 Sunbelt centers in 27 U.S. states.

Latest Fiscal Year: 04/2012

LTM as of: 10/yy

52-Week High (27.02.2013) 510.00

52-Week Low (01.06.2012) 212.20

Daily Volume

508.5

52-Week High % Change -0.29% Dividend Yield 0.79

52-Week Low % Change 139.63% Beta 1.46

% 52 Week Price Range High/Low 99.50% Equity Float 499.02

Shares Out 01.02.2013 503.3 Short Int -

2'559.50 1 Yr Total Return 108.47%

Total Debt 877.70 YTD Return 19.67%

Preferred Stock 0.0 Adjusted BETA 1.463

Minority Interest 0.0 Analyst Recs 16

Cash and Equivalents 23.40 Consensus Rating 4.188

Enterprise Value 3'628.20

Average Volume 5 Day 1'003'425

AHT LN EQUITY YTD Change - Average Volume 30 Day 1'075'828

AHT LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'183'193

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

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

1'047.8 1'073.5 838.4 948.5 1'134.6 1'039.7 1'239.5 1'290.3 1'400.0 299.0 316.7

1.24x 1.26x 1.70x 1.89x 1.86x 6.47x 7.59x 2.68x 2.40x - -

361.3 403.2 252.7 282.0 381.1 327.3 449.4 478.9 532.0 101.0 104.0

3.61x 3.36x 5.65x 6.36x 5.52x 5.10x 6.56x 7.58x 6.82x 7.26x 7.11x

77.6 63.0 2.1 0.9 88.5 37.9 107.4 135.0 161.5 21.2 24.8

4.73x 157.50x 595.00x 1011.00x 13.99x 20.33x 17.34x 18.97x 16.19x 17.41x 16.95x

EBITDA 381.10 Long-Term Rating Date 27.02.2013

EBIT 181.30 Long-Term Rating BB

Operating Margin 15.98% Long-Term Outlook STABLE

Pretax Margin 11.88% Short-Term Rating Date -

Return on Assets 5.52% Short-Term Rating -

Return on Common Equity 18.92%

Return on Capital 9.08% EBITDA/Interest Exp. 6.94

Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. -0.45

Net Debt/EBITDA 2.38

Gross Margin - Total Debt/EBITDA 2.38

EBITDA Margin 36.3%

EBIT Margin 18.9% Total Debt/Equity 158.2%

Net Income Margin 7.8% Total Debt/Capital 61.3%

Asset Turnover 0.64

Current Ratio 0.77 Net Fixed Asset Turnover 0.94

Quick Ratio 0.66 Accounts receivable turnover-days 60.59

Debt to Assets 46.58% Inventory Days -

Tot Debt to Common Equity 158.23% Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.04 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Ashtead Group PLCPrice/Volume

Valuation Analysis

934'814.00

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

'

-''

.''

0''

1''

2''

3''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

'-!'2!.''6 '-!--!.''6 '-!'2!.'-' '-!--!.'-' '-!'2!.'-- '-!--!.'-- '-!'2!.'-. '-!--!.'-.

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

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

Page 23: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

AEGON n/a ULT-AGG 71'981'584 14.3 (7'559'018) 01.11.2012 Unclassified

BLACKROCK n/a ULT-AGG 35'234'080 7 - 26.02.2013 Investment Advisor

OLD MUTUAL n/a ULT-AGG 31'386'772 6.24 (468'633) 31.12.2012 Unclassified

KAMES CAPITAL PLC n/a RNS-MAJ 24'841'399 4.94 (1'646'047) 27.06.2012 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios REG 22'868'104 4.54 2'692'525 01.11.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 21'623'685 4.3 (7'260'042) 01.11.2012 Unclassified

BAILLIE GIFFORD AND Multiple Portfolios REG 21'526'719 4.28 (295'887) 01.11.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios REG 18'573'396 3.69 (202'755) 01.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 15'318'618 3.04 - 17.12.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 15'125'000 3 (2'836'915) 01.11.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 14'675'810 2.92 1'202'610 31.12.2012 Unclassified

AVIVA INVESTORS Multiple Portfolios REG 13'663'734 2.71 (755'193) 01.11.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 12'959'451 2.57 - 31.07.2012 Investment Advisor

AXA FRAMLINGTON INV Multiple Portfolios REG 12'515'825 2.49 1'439'319 01.11.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 12'170'195 2.42 250'176 01.11.2012 Government

ROYAL LONDON ASSET M Multiple Portfolios REG 10'519'947 2.09 (463'244) 01.11.2012 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 9'239'602 1.84 3'685'912 01.11.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios REG 7'956'244 1.58 3'153'451 01.11.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'783'513 1.55 891'091 30.11.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 7'687'880 1.53 (434'258) 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies JUSTIN JORDAN buy 5 M 525 12 month 26.02.2013

Oriel Securities Ltd MARK HOWSON buy 5 M 550 Not Provided 15.02.2013

Cantor Fitzgerald CAROLINE DE LA SOUJEOLE buy 5 M 500 Not Provided 11.02.2013

Panmure Gordon & Co Limited PAUL JONES hold 3 D 447 Not Provided 07.02.2013

Credit Suisse EUGENE KLERK outperform 5 M 545 Not Provided 30.01.2013

Peel Hunt ANDREW NUSSEY hold 3 M 450 Not Provided 23.01.2013

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

Canaccord Genuity Corp JAMES GILBERT buy 5 M 475 Not Provided 04.01.2013

JPMorgan VICTORIA PRIOR neutral 3 M #N/A N/A Not Provided 13.12.2012

Barclays JANE SPARROW overweight 5 M 434 Not Provided 12.12.2012

Investec ANDREW GIBB buy 5 M 475 12 month 11.12.2012

Numis Securities Ltd MIKE MURPHY add 4 M 437 Not Provided 11.12.2012

HSBC ALEX MAGNI neutral 3 M 285 Not Provided 07.03.2012

Arden Partners Ltd GEOFF ALLUM buy 5 M 200 Not Provided 03.10.2011

Holdings By:

Ashtead Group PLC ee

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

Page 24: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

ASM International N.V. develops, manufactures, markets, and services machines

used to produce semiconductors. The Company manufactures machines that process

silicon wafers, and assemble and package semiconductors. ASM operates in

Europe, the United States, Japan, and elsewhere in Asia.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (19.07.2012) 32.98

52-Week Low (25.10.2012) 23.81

Daily Volume

29.975

52-Week High % Change -9.11% Dividend Yield -

52-Week Low % Change 25.89% Beta 1.09

% 52 Week Price Range High/Low 67.23% Equity Float 47.54

Shares Out 09.01.2013 63.1 Short Int -

1'891.30 1 Yr Total Return 8.37%

Total Debt 195.41 YTD Return 10.38%

Preferred Stock 0.0 Adjusted BETA 1.095

Minority Interest 297.9 Analyst Recs 12

Cash and Equivalents 390.25 Consensus Rating 4.333

Enterprise Value 2'133.91

Average Volume 5 Day 253'161

ASM NA EQUITY YTD Change - Average Volume 30 Day 255'421

ASM NA EQUITY YTD % CHANGE - Average Volume 3 Month 241'567

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

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

955.2 747.4 590.7 1'222.9 1'634.3 1'634.6 1'450.1 1'423.2 1'506.8 312.2 318.0

1.09x 0.59x 1.71x 1.22x 0.83x 3.45x 4.54x 1.33x 1.23x - -

182.8 102.2 50.5 377.6 424.9 397.6 276.2 164.9 240.9 22.0 -

5.71x 4.30x 20.07x 3.94x 3.21x 2.81x 6.12x 12.94x 8.86x - -

61.0 18.4 (106.6) 110.6 186.8 196.0 44.3 38.5 89.1 2.0 15.9

14.82x 17.60x - 12.56x 6.73x 5.27x 32.71x 45.28x 18.77x 37.70x 20.41x

EBITDA 424.94 Long-Term Rating Date 13.04.2011

EBIT 375.49 Long-Term Rating BB-

Operating Margin 22.97% Long-Term Outlook POS

Pretax Margin 21.59% Short-Term Rating Date -

Return on Assets 2.80% Short-Term Rating -

Return on Common Equity 6.86%

Return on Capital 9.11% EBITDA/Interest Exp. 23.74

Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 18.76

Net Debt/EBITDA -0.25

Gross Margin 34.9% Total Debt/EBITDA 0.83

EBITDA Margin 19.0%

EBIT Margin 15.1% Total Debt/Equity 29.6%

Net Income Margin 11.4% Total Debt/Capital 16.9%

Asset Turnover 0.92

Current Ratio 2.62 Net Fixed Asset Turnover 5.53

Quick Ratio 0.85 Accounts receivable turnover-days -

Debt to Assets 12.35% Inventory Days 172.26

Tot Debt to Common Equity 29.62% Accounts Payable Turnover Day 66.75

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover 2.12

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ASM International NVPrice/Volume

Valuation Analysis

214'397.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

1'600.0

1'800.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

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

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

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

Page 25: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

DEL PRADO ARTHUR H n/a Co File 11'346'323 17.98 - 29.02.2012 n/a

ABERDEEN n/a ULT-AGG 3'583'005 5.68 133'000 31.12.2012 Unclassified

TOKYO ELECTRON LTD n/a Co File 2'699'000 4.28 - 31.03.2012 Corporation

LAZARD ASSET MANAGEM n/a ULT-AGG 2'441'193 3.87 (275'542) 29.10.2010 Unclassified

FMR LLC n/a ULT-AGG 2'126'700 3.37 71'400 31.03.2011 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'441'949 2.29 58'263 31.12.2012 Investment Advisor

NORGES BANK n/a Research 1'374'402 2.18 (48'178) 31.12.2012 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 952'000 1.51 167'000 31.12.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 830'000 1.32 - 31.12.2012 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 795'339 1.26 - 31.12.2012 Mutual Fund Manager

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 778'978 1.23 (60'575) 30.06.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 731'659 1.16 107'743 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 535'245 0.85 (110'191) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 476'492 0.76 7'899 31.12.2012 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 441'379 0.7 (74'070) 31.01.2013 Mutual Fund Manager

DAIWA CAPITAL MARKET n/a Short (428'938) -0.68 - 01.11.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 401'610 0.64 59'545 27.02.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 324'670 0.51 (4'003) 31.12.2012 Investment Advisor

HIGHBRIDGE CAPITAL M n/a Short (290'242) -0.46 (75'715) 25.02.2013 Hedge Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 272'717 0.43 - 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 39 12 month 27.02.2013

Exane BNP Paribas JEROME RAMEL outperform 5 M 30 Not Provided 26.02.2013

ING Bank MARC ZWARTSENBURG buy 5 M 37 12 month 21.01.2013

EVA Dimensions TEAM COVERAGE dropped coverage #N/A N/A M #N/A N/A Not Provided 18.01.2013

KBC Securities MICHAEL ROEG hold 3 D 30 Not Provided 15.01.2013

JPMorgan SANDEEP S DESHPANDE overweight 5 M 35 Not Provided 14.01.2013

Kepler Capital Markets PETER OLOFSEN hold 3 M 30 Not Provided 08.01.2013

Kempen & Co ERWIN DUT buy 5 M 33 12 month 07.01.2013

Goldman Sachs SIMON F SCHAFER neutral/neutral 3 M 32 12 month 16.11.2012

Rabobank International PHILIP SCHOLTE buy 5 M 30 Not Provided 29.10.2012

Petercam MARCEL ACHTERBERG buy 5 M 38 Not Provided 26.10.2012

Natixis MAXIME MALLET neutral 3 M 25 Not Provided 26.10.2012

SNS Securities(ESN) VICTOR BARENO buy 5 M 37 Not Provided 25.10.2012

Theodoor Gilissen Securities JOS VERSTEEG Under Review #N/A N/A M #N/A N/A Not Provided 29.04.2010

Holdings By:

ASM International NV ee

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

Page 26: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Aurubis AG operates copper smelting and refining facilities. The Company

primarily produces copper rod used in the manufacture of power cables, building

wires and other wiring used in electrical applications. Aurubis also produces

copper cakes, cathodes, billets and bars and markets precious metals, chemicals

and other metals produced as by-products of copper smelting.

Latest Fiscal Year: 09/2012

LTM as of: 12/yy

52-Week High (04.02.2013) 57.79

52-Week Low (05.06.2012) 35.15

Daily Volume

53.74

52-Week High % Change -7.01% Dividend Yield -

52-Week Low % Change 52.91% Beta 0.90

% 52 Week Price Range High/Low 82.12% Equity Float 33.68

Shares Out 31.12.2012 45.0 Short Int -

2'415.97 1 Yr Total Return 23.59%

Total Debt 774.47 YTD Return -0.19%

Preferred Stock 0.0 Adjusted BETA 0.896

Minority Interest 4.0 Analyst Recs 17

Cash and Equivalents 669.67 Consensus Rating 3.235

Enterprise Value 2'480.79

Average Volume 5 Day 153'726

NDA GY EQUITY YTD Change - Average Volume 30 Day 144'034

NDA GY EQUITY YTD % CHANGE - Average Volume 3 Month 133'923

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

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

8'384.6 6'686.9 9'865.4 13'335.8 13'789.2 13'754.8 14'033.8 14'049.0 14'348.6 3'618.0 3'578.0

0.24x 0.23x 0.19x 0.15x 0.16x 0.60x 0.61x 0.18x 0.17x - -

374.8 77.3 581.4 579.0 744.7 665.4 564.8 473.8 507.3 - -

5.28x 19.89x 3.28x 3.40x 2.89x 3.19x 4.40x 5.22x 4.88x - -

169.0 (47.1) 324.2 320.8 361.1 376.4 235.2 221.5 236.5 - -

7.20x - 4.41x 5.23x 5.66x 4.77x 10.29x 10.91x 10.21x - -

EBITDA 744.73 Long-Term Rating Date -

EBIT 583.29 Long-Term Rating -

Operating Margin 4.23% Long-Term Outlook -

Pretax Margin 3.72% Short-Term Rating Date -

Return on Assets 4.94% Short-Term Rating -

Return on Common Equity 11.13%

Return on Capital 11.29% EBITDA/Interest Exp. 6.91

Asset Turnover 2.95% (EBITDA-Capex)/Interest Exp. 5.34

Net Debt/EBITDA 0.11

Gross Margin - Total Debt/EBITDA 1.29

EBITDA Margin 4.0%

EBIT Margin 2.9% Total Debt/Equity 35.3%

Net Income Margin 2.6% Total Debt/Capital 26.1%

Asset Turnover 2.95

Current Ratio 2.25 Net Fixed Asset Turnover 11.34

Quick Ratio 0.78 Accounts receivable turnover-days 10.30

Debt to Assets 15.84% Inventory Days -

Tot Debt to Common Equity 35.31% Accounts Payable Turnover Day -

Accounts Receivable Turnover 35.54 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Aurubis AGPrice/Volume

Valuation Analysis

147'102.00

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

'

-'

.'

0'

1'

2'

3'

4'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

!4 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'.!-'!.''6 '.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-.

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

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

Page 27: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

SALZGITTER AG n/a Research 11'240'000 25 - 29.08.2011 Corporation

BLACKROCK n/a ULT-AGG 1'886'104 4.2 - 26.02.2013 Investment Advisor

DJE INVESTMENT SA n/a Research 1'325'794 2.95 - 19.08.2011 Mutual Fund Manager

DEUTSCHE BANK AG n/a Research 1'295'644 2.88 - 06.01.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'107'494 2.46 - 31.07.2012 Investment Advisor

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 510'600 1.14 - 31.10.2012 Investment Advisor

FMR LLC n/a ULT-AGG 450'000 1 - 30.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 376'952 0.84 (1'154) 31.12.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 371'600 0.83 100'000 28.12.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 268'061 0.6 127'228 28.12.2012 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 252'208 0.56 (17'661) 31.01.2013 Mutual Fund Manager

S.A.C. GLOBAL INVEST n/a Short (220'288) -0.49 31'470 14.05.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 210'951 0.47 (35'312) 31.12.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 192'606 0.43 - 31.10.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 185'586 0.41 (2'202) 31.12.2012 Mutual Fund Manager

BARING FUND MANAGERS Multiple Portfolios MF-AGG 165'707 0.37 - 31.10.2012 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 146'388 0.33 (3'854) 31.05.2012 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 106'100 0.24 24'100 01.02.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 105'757 0.24 25'029 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 85'000 0.19 - 28.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Bankhaus Lampe MARC GABRIEL hold 3 M 60 12 month 25.02.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 20.02.2013

Deutsche Bank BENJAMIN KOHNKE hold 3 M 58 12 month 19.02.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 50 6 month 15.02.2013

Nord/LB HOLGER FECHNER hold 3 M 53 12 month 15.02.2013

HSBC THORSTEN ZIMMERMANN underweight 1 M 55 Not Provided 15.02.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 56 12 month 15.02.2013

Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 76 12 month 15.02.2013

M.M. Warburg Investment Research EGGERT KULS buy 5 M 68 12 month 15.02.2013

DZ Bank AG DIRK SCHLAMP buy 5 M 56 12 month 15.02.2013

Baader Bank CHRISTIAN OBST buy 5 M 65 12 month 07.02.2013

Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 55 Not Provided 04.02.2013

Morgan Stanley ALAIN GABRIEL Underwt/In-Line 1 M 48 12 month 24.01.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 53 Not Provided 09.01.2013

SRH AlsterResearch OLIVER DREBING sell 1 D 45 12 month 14.12.2012

Main First Bank AG ALEXANDER HAUENSTEIN outperform 5 M 55 12 month 29.11.2012

Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 15.02.2012

Solventis WPH-Bank GmbH KLAUS SOER buy 5 U 49 12 month 25.01.2012

Holdings By:

Aurubis AG ee

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

Page 28: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Aveva Group plc, a holding company, markets and develops computer software and

services for engineering and related solutions.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (25.02.2013) 2'332.00

52-Week Low (18.05.2012) 1'463.00

Daily Volume

2315

52-Week High % Change -0.73% Dividend Yield 0.93

52-Week Low % Change 58.24% Beta 0.85

% 52 Week Price Range High/Low 98.04% Equity Float 67.45

Shares Out 01.02.2013 68.1 Short Int -

1'576.03 1 Yr Total Return 36.87%

Total Debt 0.22 YTD Return 6.32%

Preferred Stock 0.0 Adjusted BETA 0.846

Minority Interest 0.0 Analyst Recs 18

Cash and Equivalents 48.89 Consensus Rating 3.222

Enterprise Value 1'525.71

Average Volume 5 Day 72'553

AVV LN EQUITY YTD Change - Average Volume 30 Day 106'793

AVV LN EQUITY YTD % CHANGE - Average Volume 3 Month 107'268

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 - -

127.6 164.0 148.3 174.0 195.9 - - 222.6 249.2 - -

5.39x 1.59x 5.14x 6.14x 5.50x - - 6.20x 5.39x - -

49.3 63.1 52.3 56.6 63.7 - - 72.6 83.8 - -

13.94x 4.14x 14.59x 18.87x 16.93x - - 21.02x 18.21x - -

34.2 42.2 33.4 34.5 40.0 - - 50.2 57.9 - -

22.42x 9.06x 24.01x 31.76x 28.15x - - 30.83x 26.79x - -

EBITDA 63.67 Long-Term Rating Date -

EBIT 58.06 Long-Term Rating -

Operating Margin 29.63% Long-Term Outlook -

Pretax Margin 29.47% Short-Term Rating Date -

Return on Assets 14.53% Short-Term Rating -

Return on Common Equity 19.53%

Return on Capital 20.36% EBITDA/Interest Exp. 23.37

Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 22.42

Net Debt/EBITDA -0.77

Gross Margin 91.8% Total Debt/EBITDA 0.00

EBITDA Margin 31.5%

EBIT Margin 28.6% Total Debt/Equity 0.1%

Net Income Margin 20.4% Total Debt/Capital 0.1%

Asset Turnover 0.73

Current Ratio 3.21 Net Fixed Asset Turnover 24.74

Quick Ratio 1.46 Accounts receivable turnover-days 88.64

Debt to Assets 0.07% Inventory Days -

Tot Debt to Common Equity 0.10% Accounts Payable Turnover Day 78.89

Accounts Receivable Turnover 4.13 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aveva Group PLCPrice/Volume

Valuation Analysis

88'005.00

Current Price (2/dd/yy) Market Data

'

2''

-'''

-2''

.'''

.2''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

50.0

100.0

150.0

200.0

250.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

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

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

Page 29: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

BLACKROCK n/a ULT-AGG 9'521'971 13.99 1'130'294 26.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'861'946 7.14 65'541 31.01.2013 Investment Advisor

OLD MUTUAL n/a ULT-AGG 4'164'793 6.12 39'182 02.01.2013 Unclassified

STANDARD LIFE INVEST n/a Co File 2'867'283 4.21 - 28.05.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 2'733'900 4.02 654'059 11.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 2'261'602 3.32 (16'103) 02.01.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 2'207'305 3.24 (53'253) 02.01.2013 Unclassified

THREADNEEDLE ASSET M Multiple Portfolios REG 2'120'818 3.12 128 02.01.2013 Investment Advisor

BT PENSION SCHEME n/a RNS-MAJ 2'003'003 2.94 (38'930) 29.03.2012 Pension Fund (ERISA)

SCOTTISH WIDOWS n/a ULT-AGG 1'903'680 2.8 46'256 02.01.2013 Unclassified

NEWSMITH CAPITAL PAR Multiple Portfolios REG 1'700'354 2.5 (193'869) 02.01.2013 Investment Advisor

RCM Multiple Portfolios REG 1'550'853 2.28 22'300 02.01.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios REG 1'515'362 2.23 338'169 02.01.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'477'756 2.17 - 30.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'469'269 2.16 150'910 30.11.2012 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios REG 1'390'771 2.04 (8'110) 02.01.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 1'335'579 1.96 12'600 31.01.2013 Unclassified

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'201'917 1.77 (26'688) 31.12.2012 Investment Advisor

BAE SYSTEMS PENSION Multiple Portfolios REG 1'198'680 1.76 (185'651) 02.01.2013 Pension Fund (ERISA)

ALLIANCE BERNSTEIN n/a ULT-AGG 1'122'302 1.65 (221'460) 02.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Merchant Securities ROGER PHILLIPS sell 1 M 1'980 12 month 25.02.2013

Numis Securities Ltd DAVID TOMS buy 5 M 2'470 Not Provided 31.01.2013

JPMorgan STACY E POLLARD neutral 3 M 2'300 6 month 29.01.2013

Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 2'400 12 month 28.01.2013

Investec JULIAN YATES buy 5 M 2'450 12 month 28.01.2013

Jefferies MILAN RADIA buy 5 M 2'560 12 month 28.01.2013

Berenberg Bank DAUD KHAN hold 3 M 2'000 Not Provided 28.01.2013

Panmure Gordon & Co Limited GEORGE O'CONNOR hold 3 M 1'900 Not Provided 28.01.2013

Exane BNP Paribas JOSEP BORI underperform 1 M 1'400 Not Provided 28.01.2013

N+1 Singer Ltd TINTIN STORMONT hold 3 M 2'000 12 month 28.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013

Barclays GERARDUS VOS equalweight 3 M 2'000 Not Provided 14.01.2013

Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 3'400 12 month 11.01.2013

Credit Suisse CHARLES BRENNAN neutral 3 N 2'013 Not Provided 19.11.2012

RBC Capital Markets ANDREW DUNN sector perform 3 U 1'800 12 month 13.11.2012

Canaccord Genuity Corp JONATHAN IMLAH hold 3 M 2'000 12 month 13.11.2012

Holdings By:

Aveva Group PLC ee

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

Page 30: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Axel Springer AG is a publisher. The Company publishes daily and weekly

newspapers, books, and magazines for young adults, families, and men and women.

Springer produces television and radio programming, holds interests in

television and radio stations, and offers electronic media on-line business

services. The Company also offers commercial printing services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (14.03.2012) 39.87

52-Week Low (01.06.2012) 30.92

Daily Volume

35.86

52-Week High % Change -10.05% Dividend Yield -

52-Week Low % Change 15.98% Beta 0.77

% 52 Week Price Range High/Low 55.23% Equity Float 40.76

Shares Out 30.09.2012 98.9 Short Int -

3'547.99 1 Yr Total Return 5.16%

Total Debt 726.60 YTD Return 11.07%

Preferred Stock 0.0 Adjusted BETA 0.772

Minority Interest 236.6 Analyst Recs 20

Cash and Equivalents 244.00 Consensus Rating 3.550

Enterprise Value 4'154.49

Average Volume 5 Day 156'012

SPR GY EQUITY YTD Change - Average Volume 30 Day 134'390

SPR GY EQUITY YTD % CHANGE - Average Volume 3 Month 139'423

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

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

2'577.9 2'728.5 2'611.6 2'893.9 3'184.9 3'136.7 3'274.5 3'303.3 3'441.1 895.5 -

1.51x 0.71x 0.95x 1.43x 1.25x 5.05x 5.00x 1.31x 1.20x - -

411.6 458.7 290.2 536.4 570.5 558.4 574.6 614.5 653.3 171.0 -

9.48x 4.22x 8.56x 7.72x 7.00x 5.82x 6.88x 6.76x 6.36x - -

(299.6) 560.1 303.5 252.7 257.8 215.0 209.6 272.8 300.5 - -

10.98x 2.77x 7.36x 14.88x 12.67x 11.84x 15.20x 12.74x 11.77x - -

EBITDA 570.50 Long-Term Rating Date -

EBIT 432.80 Long-Term Rating -

Operating Margin 13.59% Long-Term Outlook -

Pretax Margin 13.23% Short-Term Rating Date -

Return on Assets 4.89% Short-Term Rating -

Return on Common Equity 12.08%

Return on Capital - EBITDA/Interest Exp. 12.57

Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 10.08

Net Debt/EBITDA 0.35

Gross Margin - Total Debt/EBITDA 1.06

EBITDA Margin 17.5%

EBIT Margin 12.3% Total Debt/Equity 42.9%

Net Income Margin 8.1% Total Debt/Capital 27.3%

Asset Turnover 0.76

Current Ratio 1.01 Net Fixed Asset Turnover 4.76

Quick Ratio 0.79 Accounts receivable turnover-days 46.96

Debt to Assets 17.35% Inventory Days -

Tot Debt to Common Equity 42.89% Accounts Payable Turnover Day -

Accounts Receivable Turnover 7.79 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Axel Springer AGPrice/Volume

Valuation Analysis

213'424.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

0'

02

1'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!- 9

!. 9

!. 9

!0 9

!0 9

!1 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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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

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

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

Page 31: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

AXEL SPRINGER GESELL n/a Co File 50'954'101 51.5 - 31.12.2011 Corporation

SPRINGER FRIEDE n/a Co File 6'925'800 7 - 31.12.2011 n/a

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 4'295'627 4.34 228'109 31.03.2012 Investment Advisor

DEUTSCHE BANK AG n/a Research 2'933'511 2.96 - 16.09.2011 Investment Advisor

CADIAN CAPITAL MANAG n/a Short (1'296'114) -1.31 (79'152) 20.02.2013 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 962'667 0.97 1'979 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 873'197 0.88 (709'536) 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 555'904 0.56 (7'233) 31.12.2012 Unclassified

MAVERICK CAPITAL LTD n/a Short (465'018) -0.47 79'152 06.11.2012 Hedge Fund Manager

LUXOR CAPITAL GROUP n/a Short (455'124) -0.46 118'728 06.02.2013 Hedge Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 363'299 0.37 (18'408) 28.12.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 326'945 0.33 - 31.12.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 311'900 0.32 (17'748) 28.12.2012 Mutual Fund Manager

AXEL SPRINGER AG n/a Co File 296'820 0.3 - 31.12.2011 Corporation

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 285'500 0.29 30'600 28.09.2012 Investment Advisor

VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 235'100 0.24 23'300 30.11.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 208'000 0.21 42'185 31.12.2012 Investment Advisor

LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 204'400 0.21 (18'400) 28.12.2012 Mutual Fund Manager

EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 173'472 0.18 3'258 31.12.2012 Mutual Fund Manager

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 160'000 0.16 30'000 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Commerzbank Corporates & Markets SONIA RABUSSIER hold 3 M 38 6 month 25.02.2013

Bankhaus Metzler STEFAN WIMMER buy 5 M 39 12 month 21.02.2013

AlphaValue VERONIQUE CABIOC'H add 4 M 39 6 month 21.02.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.02.2013

HSBC CHRISTOPHER JOHNEN neutral 3 U 39 Not Provided 19.02.2013

M.M. Warburg Investment Research JOCHEN REICHERT buy 5 M 46 12 month 05.02.2013

Barclays NICK DEMPSEY underweight 1 M 33 Not Provided 24.01.2013

Societe Generale LAURENT PICARD hold 3 M 33 12 month 16.01.2013

Goldman Sachs VIGHNESH PADIACHY neutral/neutral 3 M 38 12 month 09.01.2013

Morgan Stanley CHRISTOPHER SELLERS Underwt/Attractive 1 M 30 12 month 17.12.2012

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 40 Not Provided 12.12.2012

Hammer Partners SA STEPHAN SEIP buy 5 M 42 Not Provided 12.12.2012

Berenberg Bank SARAH SIMON hold 3 M 38 Not Provided 08.11.2012

DZ Bank AG HARALD HEIDER buy 5 M 43 12 month 08.11.2012

Close Brothers Equity Markets MARCUS SILBE hold 3 M 35 12 month 07.11.2012

Kepler Capital Markets CONOR O'SHEA hold 3 M 37 Not Provided 07.11.2012

Silvia Quandt Research MARK JOSEFSON buy 5 M 43 12 month 07.11.2012

Deutsche Bank MARK BRALEY hold 3 M 40 12 month 30.10.2012

JPMorgan MARCUS DIEBEL neutral 3 M 41 9 month 12.09.2012

CA Cheuvreux NIKLAS KRISTOFFERSSONN outperform 5 N 45 Not Provided 29.03.2012

Equinet Institutional Services(ESN) MARTIN POSSIENKE buy 5 M 45 12 month 02.05.2011

Holdings By:

Axel Springer AG ee

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

Page 32: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Banca Monte dei Paschi di Siena S.p.A. attracts deposits and offers commercial

banking services. The Bank offers credit, asset management services, insurance,

mutual funds, Internet banking, and investment banking services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.03.2012) 0.44

52-Week Low (23.07.2012) 0.14

Daily Volume

0.2084

52-Week High % Change -52.55% Dividend Yield -

52-Week Low % Change 45.53% Beta 1.21

% 52 Week Price Range High/Low 22.03% Equity Float 6'508.14

Shares Out 16.01.2013 11'681.5 Short Int -

2'434.43 1 Yr Total Return -48.03%

Total Debt 123'458.32 YTD Return -7.67%

Preferred Stock 0.0 Adjusted BETA 1.206

Minority Interest 217.2 Analyst Recs 25

Cash and Equivalents 21'573.23 Consensus Rating 1.880

Enterprise Value -

Average Volume 5 Day #########

BMPS IM EQUITY YTD Change - Average Volume 30 Day #########

BMPS IM EQUITY YTD % CHANGE - Average Volume 3 Month #########

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

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

9'663.0 12'254.4 9'242.9 8'751.8 9'511.4 9'116.1 7'592.3 5'401.8 4'955.8 1'173.5 1'264.0

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

- - - - - 0.0 0.0 - - - -

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

1'437.6 922.8 220.1 985.5 (4'685.3) 932.1 (6'653.4) (406.4) (50.8) - -

15.77x 7.72x 804.19x 4.79x - 2.97x 0.00x - - - -

EBITDA - Long-Term Rating Date 31.01.2013

EBIT - Long-Term Rating BB *-

Operating Margin -9.17% Long-Term Outlook -

Pretax Margin -84.69% Short-Term Rating Date 05.12.2012

Return on Assets -2.78% Short-Term Rating B

Return on Common Equity -50.04%

Return on Capital -5.35% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 1146.9%

Net Income Margin -83.9% Total Debt/Capital 91.8%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 51.29% Inventory Days -

Tot Debt to Common Equity 1146.90% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banca Monte dei Paschi di Siena SpAPrice/Volume

Valuation Analysis

216'756'886.00

Current Price (2/dd/yy) Market Data

''''''''''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

.''!' 9

1''!' 9

3''!' 9

5''!' 9

-'''!' 9

-.''!' 9

-1''!' 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

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

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

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

Page 33: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FONDAZIONE MONTE DEI n/a EXCH 4'387'586'439 37.56 - 20.09.2012 Other

FINAMONTE SRL n/a EXCH 467'261'602 4 - 20.09.2012 Other

UNICOOP FIRENZE SOC n/a EXCH 318'555'597 2.73 - 20.09.2012 Other

JP MORGAN SECURITIES n/a EXCH 295'192'517 2.53 - 20.09.2012 Investment Advisor

EGERTON CAPITAL LIMI n/a Short (130'833'248) -1.12 (17'522'310) 06.02.2013 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 129'361'146 1.11 304'188 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 112'747'830 0.97 2'768'423 31.12.2012 Investment Advisor

ODEY ASSET MANAGEMEN n/a Short (92'284'166) -0.79 (25'699'388) 01.02.2013 Investment Advisor

WELLINGTON MANAGEMEN n/a Short (80'602'626) -0.69 1'168'154 01.02.2013 Investment Advisor

AXA FRANCE IARD n/a EXCH 69'621'979 0.6 - 20.09.2012 Insurance Company

MARSHALL WACE LLP n/a Short (59'575'854) -0.51 (8'177'078) 25.02.2013 Hedge Fund Manager

AXA BELGIUM SA n/a EXCH 54'435'977 0.47 - 20.09.2012 Insurance Company

PARVUS ASSET MANAGEM n/a Short (50'230'622) -0.43 12'849'694 15.01.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 31'634'600 0.27 (18'638'500) 30.11.2012 Investment Advisor

AXA ASSICURAZIONI n/a EXCH 27'101'173 0.23 - 20.09.2012 Unclassified

AXA n/a EXCH 26'633'911 0.23 - 20.09.2012 Investment Advisor

AXA AURORA IBERICA n/a EXCH 25'933'019 0.22 - 20.09.2012 Insurance Company

AXA KONZERN AG n/a EXCH 21'844'480 0.19 - 20.09.2012 Insurance Company

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 20'993'756 0.18 - 31.12.2012 Investment Advisor

AXA WINTERTHUR SWITZ n/a EXCH 19'040'910 0.16 - 20.09.2012 Insurance Company

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Keefe, Bruyette & Woods RONNY REHN underperform 1 M 0 12 month 27.02.2013

Mediobanca SpA RICCARDO ROVERE neutral 3 M 0 6 month 22.02.2013

Banca IMI MANUELA MERONI sell 1 M 0 12 month 22.02.2013

Exane BNP Paribas ANDREA VERCELLONE underperform 1 M 0 Not Provided 22.02.2013

Centrobanca GUGLIELMO MARCO OPIPARI sell 1 M 0 Not Provided 20.02.2013

ICBPI LUCA COMI sell 1 M 0 12 month 12.02.2013

Banca Akros(ESN) LUIGI TRAMONTANA hold 3 U 0 12 month 08.02.2013

Nomura DOMENICO SANTORO neutral 3 M 0 12 month 08.02.2013

Kepler Capital Markets ANNA MARIA BENASSI reduce 2 D 0 Not Provided 31.01.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 0 6 month 31.01.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 0 12 month 28.01.2013

CA Cheuvreux ALDO COMI sell 1 M 0 Not Provided 28.01.2013

Equita SIM SpA GIOVANNI RAZZOLI hold 3 M 0 12 month 28.01.2013

Societe Generale CARLO TOMMASELLI sell 1 M 0 12 month 25.01.2013

Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 0 12 month 22.01.2013

Credit Suisse ANDREA UNZUETA underperform 1 M 0 Not Provided 21.01.2013

Deutsche Bank PAOLA SABBIONE sell 1 M 0 12 month 17.01.2013

Grupo Santander TANIA GOLD underweight 1 M 0 12 month 16.01.2013

JPMorgan MARTA BASTONI underweight 1 M 0 Not Provided 07.01.2013

HSBC JASON KEPAPTSOGLOU underweight 1 M 0 Not Provided 12.12.2012

Natixis STEVEN GOULD reduce 2 D 0 Not Provided 15.11.2012

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

Main First Bank AG ALBERTO SEGAFREDO buy 5 M 1 12 month 26.08.2011

Holdings By:

Banca Monte dei Paschi di Siena SpA ee

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

Page 34: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Banca Popolare dell'Emilia Romagna Scrl is a cooperative bank that operates

branches throughout Italy. The Bank attracts deposits and offers loans, credit

cards, pension plans, investment funds, insurance, and asset management and

online trading services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (30.01.2013) 6.67

52-Week Low (25.07.2012) 2.80

Daily Volume

5.56

52-Week High % Change -16.64% Dividend Yield -

52-Week Low % Change 98.57% Beta 1.12

% 52 Week Price Range High/Low 71.32% Equity Float 326.06

Shares Out 30.09.2012 332.7 Short Int -

1'849.93 1 Yr Total Return -9.98%

Total Debt 24'816.29 YTD Return 6.31%

Preferred Stock 0.0 Adjusted BETA 1.122

Minority Interest 715.7 Analyst Recs 8

Cash and Equivalents 3'295.44 Consensus Rating 3.625

Enterprise Value -

Average Volume 5 Day 2'796'892

BPE IM EQUITY YTD Change - Average Volume 30 Day 2'151'705

BPE IM EQUITY YTD % CHANGE - Average Volume 3 Month 2'265'944

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

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

3'118.8 3'450.9 3'148.0 2'727.7 3'036.9 2'879.3 3'268.1 2'251.4 2'218.3 568.0 -

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

- - - - - 0.0 0.0 - - - -

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

374.5 133.7 115.8 293.1 214.6 161.1 217.1 173.8 177.8 44.0 -

10.81x 18.70x 24.71x 12.71x 8.28x 40.04x 7.82x 12.36x 9.93x - -

EBITDA - Long-Term Rating Date 03.08.2012

EBIT - Long-Term Rating BB+

Operating Margin 22.48% Long-Term Outlook NEG

Pretax Margin 17.96% Short-Term Rating Date 03.08.2012

Return on Assets 0.35% Short-Term Rating B

Return on Common Equity 5.80%

Return on Capital 0.72% EBITDA/Interest Exp. -

Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 631.3%

Net Income Margin 9.5% Total Debt/Capital 84.2%

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 3.33

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 41.03% Inventory Days -

Tot Debt to Common Equity 631.34% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Banca Popolare dell'Emilia Romagna ScrlPrice/Volume

Valuation Analysis

1'927'835.00

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

'

-

.

0

1

2

3

4

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

3'000.0

3'500.0

4'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

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

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

Page 35: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

NORGES BANK n/a EXCH 6'664'413 2 - 20.09.2012 Government

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'723'574 1.12 - 31.07.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'453'662 1.04 65'640 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 2'576'615 0.77 6'984 26.02.2013 Investment Advisor

UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 1'082'242 0.33 - 30.11.2012 Mutual Fund Manager

ARCA SGR SPA Multiple Portfolios MF-AGG 562'667 0.17 12'000 28.12.2012 Mutual Fund Manager

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 499'406 0.15 172'888 31.12.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 417'455 0.13 - 28.12.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 222'709 0.07 (4'000) 31.01.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 186'871 0.06 (96'000) 31.12.2012 Mutual Fund Manager

STATE STREET n/a ULT-AGG 182'552 0.05 - 27.02.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 178'243 0.05 8'806 28.09.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 174'127 0.05 30'082 30.11.2012 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 151'200 0.05 151'200 31.10.2012 Mutual Fund Manager

PRINCIPAL FINANCIAL n/a ULT-AGG 146'965 0.04 120'970 31.01.2013 Investment Advisor

LEMANIK FUNDS Multiple Portfolios MF-AGG 133'488 0.04 13'847 31.01.2013 Mutual Fund Manager

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 131'149 0.04 22'458 31.10.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 125'428 0.04 90'000 28.12.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 121'714 0.04 - 28.09.2012 Investment Advisor

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 112'161 0.03 (35'158) 30.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Kepler Capital Markets ANNA MARIA BENASSI hold 3 M 6 Not Provided 25.02.2013

Exane BNP Paribas ANDREA VERCELLONE outperform 5 M 8 Not Provided 22.02.2013

Equita SIM SpA GIOVANNI RAZZOLI hold 3 D 6 12 month 28.01.2013

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

Mediobanca SpA RICCARDO ROVERE outperform 5 M 6 Not Provided 14.01.2013

Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 4 12 month 14.01.2013

ICBPI MARCO SALLUSTIO neutral 3 M 5 12 month 11.12.2012

Nomura DOMENICO SANTORO reduce 2 M 4 12 month 25.10.2012

Holdings By:

Banca Popolare dell'Emilia Romagna Scrl ee

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

Page 36: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Banca Popolare di Milano Scarl (BPM) attracts deposits and offers commercial

banking services. The Bank offers brokerage, trust, lease financing, asset

management, private banking, and factoring services, manages mutual funds, and

offers insurance services. BPM serves its customers through a branch network

located primarily in Italy, London, and New York.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (13.02.2013) 0.62

52-Week Low (29.05.2012) 0.29

Daily Volume

0.5175

52-Week High % Change -16.40% Dividend Yield -

52-Week Low % Change 76.02% Beta 1.30

% 52 Week Price Range High/Low 68.77% Equity Float 2'658.46

Shares Out 30.09.2012 3'229.6 Short Int -

1'671.33 1 Yr Total Return 5.35%

Total Debt 23'721.76 YTD Return 14.49%

Preferred Stock 0.0 Adjusted BETA 1.305

Minority Interest 48.1 Analyst Recs 16

Cash and Equivalents 2'345.32 Consensus Rating 2.500

Enterprise Value -

Average Volume 5 Day 75'466'260

PMI IM EQUITY YTD Change - Average Volume 30 Day 73'262'750

PMI IM EQUITY YTD % CHANGE - Average Volume 3 Month 63'627'160

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

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

3'102.5 2'950.3 2'600.8 1'968.6 2'128.8 2'047.6 2'244.1 1'522.3 1'485.1 356.0 -

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

- - - - - 0.0 0.0 - - - -

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

323.8 75.3 103.6 106.0 (614.3) 44.9 (767.1) 88.0 102.3 (173.0) -

11.95x 22.98x 19.38x - - 0.00x 0.00x 20.70x 16.17x - -

EBITDA - Long-Term Rating Date 03.08.2012

EBIT - Long-Term Rating BB+

Operating Margin -20.38% Long-Term Outlook NEG

Pretax Margin -50.76% Short-Term Rating Date 03.08.2012

Return on Assets -1.47% Short-Term Rating B

Return on Common Equity -19.45%

Return on Capital -2.95% EBITDA/Interest Exp. -

Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 590.9%

Net Income Margin -44.1% Total Debt/Capital 85.4%

Asset Turnover 0.04

Current Ratio - Net Fixed Asset Turnover 3.02

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 45.68% Inventory Days -

Tot Debt to Common Equity 590.90% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Banca Popolare di Milano ScarlPrice/Volume

Valuation Analysis

69'565'338.00

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

'

'

'

'

'

-

-

-

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

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

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

Page 37: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

BI INVEST GP n/a EXCH 277'812'027 8.6 - 19.04.2012 Corporation

TIME AND LIFE SA n/a EXCH 266'992'796 8.27 - 19.04.2012 Other

CAISSE FED DU CREDIT n/a EXCH 221'778'097 6.87 - 19.04.2012 Corporation

DIMENSIONAL FUND ADV n/a EXCH 82'161'567 2.54 - 19.04.2012 Investment Advisor

NORGES BANK n/a EXCH 71'568'409 2.22 - 19.04.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'669'426 1.01 (1'271'889) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 24'853'869 0.77 67'816 26.02.2013 Investment Advisor

SAEMOR CAPITAL BV n/a Short (23'899'198) -0.74 (7'105'167) 08.02.2013 Investment Advisor

GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 22'182'180 0.69 (1'677'800) 31.10.2012 Investment Advisor

OXFORD ASSET MANAGEM n/a Short (21'638'463) -0.67 (4'198'508) 12.02.2013 Investment Advisor

DISCOVERY CAPITAL MA n/a Short (18'408'842) -0.57 - 01.11.2012 Hedge Fund Manager

MARSHALL WACE LLP n/a Short (15'502'182) -0.48 (645'925) 26.02.2013 Hedge Fund Manager

FMR LLC n/a ULT-AGG 13'226'506 0.41 13'226'401 30.04.2012 Investment Advisor

ARCA SGR SPA Multiple Portfolios MF-AGG 9'080'000 0.28 2'461'711 28.12.2012 Mutual Fund Manager

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 7'648'479 0.24 7'648'479 31.05.2012 Investment Advisor

ACOMEA SGR Multiple Portfolios MF-AGG 5'824'609 0.18 - 28.12.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 5'785'784 0.18 (5'863'000) 31.01.2013 Investment Advisor

UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 5'524'140 0.17 - 30.11.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'130'336 0.16 2'167'280 31.12.2012 Investment Advisor

LEMANIK FUNDS Multiple Portfolios MF-AGG 4'502'877 0.14 64'900 31.01.2013 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Keefe, Bruyette & Woods RONNY REHN underperform 1 M 0 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 1 Not Provided 22.02.2013

Mediobanca SpA RICCARDO ROVERE outperform 5 M 1 6 month 21.02.2013

Banca IMI MANUELA MERONI hold 3 M 0 12 month 21.02.2013

ICBPI MARCO SALLUSTIO sell 1 M 0 12 month 18.02.2013

Equita SIM SpA GIOVANNI RAZZOLI buy 5 M 1 12 month 15.02.2013

Nomura DOMENICO SANTORO neutral 3 M 0 12 month 04.02.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 0 12 month 28.01.2013

Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 0 12 month 22.01.2013

Deutsche Bank PAOLA SABBIONE hold 3 M 0 12 month 17.01.2013

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

HSBC JASON KEPAPTSOGLOU underweight 1 M 0 Not Provided 27.11.2012

JPMorgan KIAN ABOUHOSSEIN underweight 1 M 0 Not Provided 28.05.2012

Holdings By:

Banca Popolare di Milano Scarl ee

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

Page 38: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Banca Popolare di Sondrio Scrl attracts deposits and offers co-operative

banking services. The Bank offers mortgage and other consumer loans, business

loans, closed-end funds, treasury and securities brokerage services, asset

management, and portfolio management. Banca Popolare operates in Italy,

Switzerland and Hong Kong.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.03.2012) 6.47

52-Week Low (23.07.2012) 3.76

Daily Volume

4.724

52-Week High % Change -26.99% Dividend Yield -

52-Week Low % Change 25.50% Beta 0.84

% 52 Week Price Range High/Low 35.48% Equity Float 301.98

Shares Out 30.09.2012 308.1 Short Int -

1'455.69 1 Yr Total Return -22.09%

Total Debt 7'593.55 YTD Return 7.85%

Preferred Stock 0.0 Adjusted BETA 0.845

Minority Interest 65.9 Analyst Recs 1

Cash and Equivalents 1'595.11 Consensus Rating 5.000

Enterprise Value -

Average Volume 5 Day 531'424

BPSO IM EQUITY YTD Change - Average Volume 30 Day 381'012

BPSO IM EQUITY YTD % CHANGE - Average Volume 3 Month 443'398

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

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

1'064.2 1'105.0 1'125.3 908.8 1'111.4 1'033.6 1'478.3 - - - -

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

- - - - - 0.0 0.0 - - - -

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

147.3 43.6 201.1 135.1 74.4 56.2 167.6 - - - -

19.89x 46.15x 11.19x 14.02x 25.74x 0.00x 8.42x - - - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 18.45% Long-Term Outlook -

Pretax Margin 18.82% Short-Term Rating Date -

Return on Assets 0.57% Short-Term Rating -

Return on Common Equity 8.92%

Return on Capital 2.20% EBITDA/Interest Exp. -

Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 416.6%

Net Income Margin 9.5% Total Debt/Capital 80.1%

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 6.48

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 25.93% Inventory Days -

Tot Debt to Common Equity 416.62% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banca Popolare di Sondrio SCARLPrice/Volume

Valuation Analysis

514'615.00

Current Price (2/dd/yy) Market Data

'

-

.

0

1

2

3

4

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

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

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

Page 39: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

NORGES BANK n/a Research 6'166'042 2 - 19.02.2013 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'161'077 1.03 11'268 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'722'348 0.56 - 26.02.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 474'406 0.15 - 31.07.2012 Investment Advisor

ARCA SGR SPA Multiple Portfolios MF-AGG 464'776 0.15 86'237 28.12.2012 Mutual Fund Manager

GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 350'505 0.11 26'363 30.09.2012 Investment Advisor

BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 257'579 0.08 - 31.05.2012 Mutual Fund Manager

STATE STREET n/a ULT-AGG 182'696 0.06 - 27.02.2013 Investment Advisor

OPTIMA SGR SPA Multiple Portfolios MF-AGG 133'000 0.04 (35'400) 30.11.2011 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 119'000 0.04 - 31.01.2013 Investment Advisor

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 116'525 0.04 52'772 31.10.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 107'950 0.04 - 31.10.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 105'000 0.03 - 28.09.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 98'735 0.03 - 26.02.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 89'966 0.03 - 28.09.2012 Mutual Fund Manager

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 71'307 0.02 (1'108) 30.09.2012 Investment Advisor

BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 64'579 0.02 (1'095) 30.09.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 64'081 0.02 1'903 30.11.2012 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 55'150 0.02 (4'467) 27.02.2013 Investment Advisor

SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 50'605 0.02 (4'310) 30.06.2011 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

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

Holdings By:

Banca Popolare di Sondrio SCARL ee

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

Page 40: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Banco Espirito Santo, S.A. (BES) provides commercial and investment banking

services. The Bank offers commercial, consumer, and mortgage loans, foreign

exchange, mutual funds, government debt securities, project financing, advice on

corporate restructuring and privatization, and securities brokerage services,

and underwrites equity and debt securities.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (11.01.2013) 1.19

52-Week Low (01.06.2012) 0.43

Daily Volume

0.935

52-Week High % Change -21.43% Dividend Yield -

52-Week Low % Change 115.44% Beta 1.73

% 52 Week Price Range High/Low 66.27% Equity Float 2'233.81

Shares Out 31.12.2012 4'017.9 Short Int -

3'756.76 1 Yr Total Return -6.58%

Total Debt 32'245.86 YTD Return 4.47%

Preferred Stock 193.3 Adjusted BETA 1.729

Minority Interest 669.4 Analyst Recs 15

Cash and Equivalents 7'485.14 Consensus Rating 3.333

Enterprise Value -

Average Volume 5 Day 20'231'700

BES PL EQUITY YTD Change - Average Volume 30 Day 16'501'720

BES PL EQUITY YTD % CHANGE - Average Volume 3 Month 20'349'130

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

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

5'811.4 4'978.2 5'001.7 5'127.0 5'929.6 5'220.5 5'929.6 2'326.5 2'353.1 600.7 610.3

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

- - - - - 0.0 0.0 - - - -

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

402.3 522.1 556.9 (108.8) 96.1 (86.2) 96.1 150.1 350.6 14.6 25.8

8.26x 9.33x 6.40x - 35.85x 0.00x 31.05x 26.71x 10.51x 26.71x 22.26x

EBITDA - Long-Term Rating Date 14.02.2012

EBIT - Long-Term Rating BB-

Operating Margin 18.14% Long-Term Outlook NEG

Pretax Margin 6.48% Short-Term Rating Date 16.12.2011

Return on Assets 0.12% Short-Term Rating B

Return on Common Equity 1.57%

Return on Capital 0.29% EBITDA/Interest Exp. -

Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 469.4%

Net Income Margin 3.0% Total Debt/Capital 80.7%

Asset Turnover 0.07

Current Ratio - Net Fixed Asset Turnover 6.65

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 38.53% Inventory Days -

Tot Debt to Common Equity 469.37% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Banco Espirito Santo SAPrice/Volume

Valuation Analysis

21'090'253.00

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

'

'

'

-

-

-

-

-

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

5'!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

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

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

Page 41: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

BESPAR SGPS SA n/a Research 1'418'328'749 35.3 - 30.06.2012 Other

CREDIT AGRICOLE SA n/a Research 433'936'274 10.8 - 30.06.2012 Investment Advisor

SILCHESTER INTL INVE n/a Research 229'021'923 5.7 - 30.06.2012 Investment Advisor

BRADPORT n/a Research 192'860'566 4.8 - 30.06.2012 Other

PORTUGAL TELECOM SGP n/a Research 84'376'498 2.1 - 30.06.2012 Corporation

WELLINGTON MANAGEMEN n/a EXCH 81'297'790 2.02 - 08.01.2013 Investment Advisor

BANCO ESPIRITO SANTO Multiple Portfolios MF-AGG 51'574'005 1.28 (6'455'740) 30.11.2012 Bank

VANGUARD GROUP INC Multiple Portfolios MF-AGG 36'811'941 0.92 3'178'463 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 23'062'536 0.57 58'985 26.02.2013 Investment Advisor

FUNDO INV MOBILIARIO n/a EXCH 22'407'642 0.56 - 25.04.2012 n/a

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 20'026'833 0.5 12'744'348 30.06.2012 Pension Fund (ERISA)

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 11'095'612 0.28 4'641'950 31.10.2012 Investment Advisor

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 9'070'000 0.23 (1'250'000) 31.12.2012 Investment Advisor

SANTANDER SGFIM SA Multiple Portfolios MF-AGG 6'047'688 0.15 (1'508'447) 30.11.2012 Mutual Fund Manager

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 4'433'077 0.11 2'882'901 31.01.2013 Investment Advisor

MILLENNIUM BCP GFI S Multiple Portfolios MF-AGG 4'023'089 0.1 (592'000) 30.11.2012 Mutual Fund Manager

METZLER ASSET MANAGE Multiple Portfolios MF-AGG 3'960'000 0.1 (40'000) 31.08.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'850'000 0.1 - 31.12.2012 Investment Advisor

SANTO SILVA RICARDO n/a EXCH 3'806'915 0.09 2'422'582 11.05.2012 n/a

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 3'543'839 0.09 1'799'688 28.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue DAVID GRINSZTAJN reduce 2 U 1 6 month 27.02.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 1 12 month 26.02.2013

BPI CARLOS JOAQUIM PEIXOTO neutral 3 M 1 Not Provided 25.02.2013

Nomura DARAGH QUINN reduce 2 M 1 Not Provided 25.02.2013

Societe Generale CARLOS GARCIA GONZALEZ buy 5 M 1 12 month 11.02.2013

Caixa Banco de Investimento(ESN) ANDRE RODRIGUES accumulate 4 M 1 12 month 08.02.2013

Macquarie BENJIE CREELAN-SANDFORD neutral 3 M 1 12 month 07.02.2013

JPMorgan JAIME BECERRIL neutral 3 D 1 18 month 06.02.2013

BCP Investimento RITA SILVA buy 5 U 1 Not Provided 29.01.2013

Goldman Sachs PAWEL DZIEDZIC neutral/neutral 3 M 1 12 month 28.01.2013

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

Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 1 12 month 26.11.2012

BBVA IGNACIO ULARGUI outperform 5 M 1 Not Provided 08.10.2012

Grupo Santander MARIANO COLMENAR Under Review #N/A N/A M #N/A N/A Not Provided 07.09.2012

Holdings By:

Banco Espirito Santo SA ee

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

Page 42: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Bank of Ireland provides a range of banking, life insurance and other financial

services to customers in Ireland and United Kingdom. Services include branch

banking, personal and business loans, loan insurance, mortgages, foreign

exchange, correspondent banking, credit cards and stockbroking.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (16.03.2012) 0.15

52-Week Low (16.05.2012) 0.08

Daily Volume

0.133

52-Week High % Change -8.28% Dividend Yield 0.00

52-Week Low % Change 68.35% Beta 1.75

% 52 Week Price Range High/Low 81.82% Equity Float 18'005.82

Shares Out 30.06.2012 30'132.5 Short Int -

4'007.62 1 Yr Total Return -1.48%

Total Debt 52'084.00 YTD Return 16.67%

Preferred Stock 0.0 Adjusted BETA 1.752

Minority Interest 50.0 Analyst Recs 11

Cash and Equivalents 16'683.00 Consensus Rating 2.364

Enterprise Value -

Average Volume 5 Day 49'452'030

BKIR ID EQUITY YTD Change - Average Volume 30 Day 93'212'090

BKIR ID EQUITY YTD % CHANGE - Average Volume 3 Month 80'928'590

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

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

9'386.0 13'173.0 10'236.0 5'983.0 5'297.0 - - 1'879.3 2'255.7 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

1'651.0 1'699.0 69.0 (614.0) 45.0 - - (1'424.4) (741.8) - -

9.29x 5.35x 7.45x - 28.61x - - - - - -

EBITDA - Long-Term Rating Date 20.01.2012

EBIT - Long-Term Rating BB+

Operating Margin -46.00% Long-Term Outlook NEG

Pretax Margin -8.59% Short-Term Rating Date 11.07.2011

Return on Assets -0.35% Short-Term Rating B

Return on Common Equity -7.05%

Return on Capital -0.83% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 510.5%

Net Income Margin 2.0% Total Debt/Capital 83.6%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 14.36

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 33.63% Inventory Days -

Tot Debt to Common Equity 510.53% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bank of IrelandPrice/Volume

Valuation Analysis

63'537'400.00

Current Price (2/dd/yy) Market Data

'

'

'

'

'

'

'

'

'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

2'!' 9

-''!' 9

-2'!' 9

.''!' 9

.2'!' 9

0''!' 9

02'!' 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'

-!''

-!.'

-!1'

-!3'

-!5'

.!''

'1!'1!.''5 '1!-'!.''5 '1!'1!.''6 '1!-'!.''6 '1!'1!.'-' '1!-'!.'-' '1!'1!.'-- '1!-'!.'-- '1!'1!.'-. '1!-'!.'-.

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

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

Page 43: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

NATIONAL PENSIONS RE n/a 20F 4'558'025'000 15.13 - 20.03.2012 Government

ROSS JR WILBUR LOUIS n/a RNS-DIR 2'933'636'858 9.74 - 26.06.2012 n/a

WATSA V PREM n/a RNS-DIR 2'807'563'858 9.32 - 27.06.2012 n/a

FMR LLC n/a ULT-AGG 2'416'635'336 8.02 (346) 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 2'121'604'203 7.04 293'915'000 05.02.2013 Investment Advisor

EUROPACIFIC GROWTH F n/a RNS-MAJ 1'818'681'676 6.04 261'839'400 04.02.2013 n/a

HARRIS ASSOCIATES LP n/a RNS-MAJ 1'195'893'491 3.97 (274'081'500) 28.01.2013 Investment Advisor

FRIEDBERG GLBL MACRO n/a 20F 912'346'577 3.03 - 20.03.2012 n/a

WENTWORTH INSURANCE n/a RNS-MAJ 848'528'493 2.82 - 15.08.2011 Insurance Company

ODYSSEY REINS CO ODYSSEY REINS CO Sch-D 498'000'000 1.65 498'000'000 30.09.2012 Insurance Company

ZENITH INSURANCE COM ZENITH INSURANCE COM Sch-D 409'000'000 1.36 409'000'000 30.09.2012 Insurance Company

VANGUARD GROUP INC Multiple Portfolios MF-AGG 265'438'889 0.88 3'135'277 31.12.2012 Investment Advisor

UNITED STATES FIRE I UNITED STATES FIRE I Sch-D 250'000'000 0.83 250'000'000 30.09.2012 Insurance Company

CLEARWATER INS CO CLEARWATER INS CO Sch-D 170'000'000 0.56 170'000'000 30.09.2012 Insurance Company

TIG INSURANCE COMPAN TIG INSURANCE COMPAN Sch-D 139'000'000 0.46 139'000'000 30.09.2012 Insurance Company

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 126'580'000 0.42 35'500'000 30.11.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 122'445'864 0.41 - 26.02.2013 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 117'327'280 0.39 117'327'280 31.12.2012 Investment Advisor

ODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 102'509'430 0.34 (89'270'244) 31.01.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 53'806'226 0.18 - 31.12.2012 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goodbody Stockbrokers Ltd EAMONN HUGHES sell 1 M 0 12 month 25.02.2013

Nomura OMAR KEENAN buy 5 M 0 Not Provided 21.02.2013

Deutsche Bank DAVID LOCK hold 3 M 0 12 month 18.02.2013

AlphaValue DAVID GRINSZTAJN reduce 2 M 0 6 month 14.02.2013

Credit Suisse MOHAMED SOUIDI underperform 1 D 0 Not Provided 06.02.2013

Goldman Sachs PAWEL DZIEDZIC neutral/neutral 3 M 0 12 month 28.01.2013

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

Davy EMER LANG neutral 3 D #N/A N/A Not Provided 14.08.2012

Bloxham Stockbrokers KEVIN MCCONNELL market weight 3 M #N/A N/A Not Provided 20.03.2012

Barclays ROHITH CHANDRA-RAJAN suspended coverage #N/A N/A M #N/A N/A Not Provided 12.01.2011

Prosdocimi TEAM COVERAGE accumulate 4 N #N/A N/A Not Provided 31.03.2010

Holdings By:

Bank of Ireland ee

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

Page 44: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Bankia SA accepts deposits and offers commercial banking services. The Bank

offers retail banking, business banking, corporate finance, capital markets, and

asset and private banking management services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (29.02.2012) 3.07

52-Week Low (25.02.2013) 0.26

Daily Volume

0.301

52-Week High % Change -90.18% Dividend Yield 0.00

52-Week Low % Change 14.45% Beta -

% 52 Week Price Range High/Low 1.36% Equity Float 960.76

Shares Out 30.09.2012 1'994.0 Short Int -

600.18 1 Yr Total Return -90.09%

Total Debt 127'522.39 YTD Return -23.02%

Preferred Stock 0.0 Adjusted BETA -

Minority Interest 128.2 Analyst Recs 15

Cash and Equivalents 24'469.83 Consensus Rating 1.400

Enterprise Value -

Average Volume 5 Day 17'987'730

BKIA SQ EQUITY YTD Change - Average Volume 30 Day 14'019'070

BKIA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 15'351'080

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

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

- - - 9'327.0 9'527.4 2'276.9 4'102.8 4'146.4 3'901.7 487.0 -

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

- - - - - 0.0 0.0 - - - -

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

- - - 357.0 (2'978.7) 34.8 (5'670.7) (15'209.3) 483.0 (14'619.0) -

- - - - - 0.00x 0.00x - 2.87x - -

EBITDA - Long-Term Rating Date 16.10.2012

EBIT - Long-Term Rating BB *-

Operating Margin -37.13% Long-Term Outlook -

Pretax Margin -94.40% Short-Term Rating Date 25.05.2012

Return on Assets -1.00% Short-Term Rating B

Return on Common Equity -23.25%

Return on Capital -2.23% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 1031.3%

Net Income Margin -65.3% Total Debt/Capital 91.1%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 2.67

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 42.11% Inventory Days -

Tot Debt to Common Equity 1031.33% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bankia SAPrice/Volume

Valuation Analysis

9'815'437.00

Current Price (2/dd/yy) Market Data

'

-

-

.

.

0

0

1

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

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

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

Page 45: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

BANCO FINANCIERO Y D n/a EXCH 958'000'000 48.05 50'000'000 02.11.2012 Bank

CARTERA MAPFRE SL n/a Co File 74'666'670 3.74 - 31.12.2011 Holding Company

VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'810'242 0.79 505'552 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 13'918'516 0.7 33'864 26.02.2013 Investment Advisor

BANKIA SA n/a Co File 8'048'703 0.4 - 31.12.2011 Bank

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'467'023 0.07 (12'673) 28.12.2012 Mutual Fund Manager

STATE STREET BANQUE Multiple Portfolios MF-AGG 1'020'793 0.05 93'750 31.01.2013 Investment Advisor

INVERCAIXA GESTION S Multiple Portfolios MF-AGG 927'626 0.05 279'271 30.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 900'338 0.05 - 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 894'047 0.04 (131'615) 31.12.2012 Investment Advisor

GESIURIS SA SGIIC Multiple Portfolios MF-AGG 765'000 0.04 500'000 31.12.2012 Mutual Fund Manager

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 519'893 0.03 462'192 31.01.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 512'450 0.03 504'237 28.09.2012 Mutual Fund Manager

SJUNDE AP FONDEN Multiple Portfolios MF-AGG 479'031 0.02 65'870 31.12.2012 Investment Advisor

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 341'767 0.02 341'767 31.10.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 334'427 0.02 - 30.11.2012 Mutual Fund Manager

KBC GROUP NV Multiple Portfolios MF-AGG 330'947 0.02 (1'303) 31.01.2013 Investment Advisor

NATIONWIDE FUND ADVI Multiple Portfolios MF-AGG 295'226 0.01 - 30.11.2012 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 288'050 0.01 (435) 30.09.2012 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 235'900 0.01 - 01.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BPI CARLOS JOAQUIM PEIXOTO sell 1 M 0 Not Provided 25.02.2013

Societe Generale CARLOS GARCIA GONZALEZ sell 1 M 0 12 month 15.02.2013

Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 0 Not Provided 15.02.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL sell 1 M 0 6 month 14.02.2013

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA Under Review #N/A N/A M #N/A N/A Not Provided 13.02.2013

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ sell 1 M 0 Not Provided 23.01.2013

Nomura DARAGH QUINN reduce 2 M 0 12 month 22.01.2013

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

Keefe, Bruyette & Woods ANTONIO RAMIREZ underperform 1 M 0 12 month 09.01.2013

Mediobanca SpA ANDREA FILTRI underperform 1 M 1 12 month 01.10.2012

Natixis FREDERIC TESCHNER reduce 2 M 0 Not Provided 03.09.2012

JPMorgan JAIME BECERRIL underweight 1 M 0 9 month 26.06.2012

BBVA SILVIA RIGOL CARNEIRO not rated #N/A N/A M #N/A N/A Not Provided 22.06.2012

Deutsche Bank CARLOS BERASTAIN GONZALEZ sell 1 M 1 12 month 28.05.2012

La Caixa DAVID FERNANDEZ underweight 1 M #N/A N/A Not Provided 16.03.2012

Holdings By:

Bankia SA ee

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

Page 46: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Banque Cantonale Vaudoise (BCV) attracts deposits and offers retail, private,

and corporate banking services. The Bank offers consumer loans, treasury

management, pension funds, and investment management services, trades in

commodities, advises on mergers and acquisitions, and offers securities

brokerage services. BCV operates primarily in the Canton of Vaud.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (25.02.2013) 533.00

52-Week Low (07.03.2012) 456.96

Daily Volume

530

52-Week High % Change -0.56% Dividend Yield -

52-Week Low % Change 15.98% Beta 0.79

% 52 Week Price Range High/Low 96.05% Equity Float 2.82

Shares Out 14.02.2013 8.6 Short Int -

4'561.28 1 Yr Total Return 18.57%

Total Debt 8'415.00 YTD Return 9.33%

Preferred Stock 0.0 Adjusted BETA 0.790

Minority Interest 1.0 Analyst Recs 5

Cash and Equivalents 6'742.00 Consensus Rating 2.200

Enterprise Value -

Average Volume 5 Day 13'332

BCVN SE EQUITY YTD Change - Average Volume 30 Day 12'568

BCVN SE EQUITY YTD % CHANGE - Average Volume 3 Month 10'503

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

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

1'565.7 1'371.2 1'351.6 1'351.7 1'321.2 0.0 1'229.4 1'029.3 1'050.3 252.0 254.0

- - - - - #DIV/0! 0.00x - - - -

- - - - - 0.0 0.0 - - - -

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

356.3 300.6 313.2 302.1 311.0 0.0 311.0 311.7 316.0 - -

7.68x 11.77x 13.49x 13.00x 13.41x 0.00x 13.74x 14.65x 14.46x - -

EBITDA - Long-Term Rating Date 05.12.2011

EBIT - Long-Term Rating AA

Operating Margin 36.52% Long-Term Outlook NEG

Pretax Margin 37.66% Short-Term Rating Date 02.12.2008

Return on Assets 0.80% Short-Term Rating A-1+

Return on Common Equity 11.99%

Return on Capital 2.88% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 322.4%

Net Income Margin 29.1% Total Debt/Capital 76.3%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 2.12

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 21.14% Inventory Days -

Tot Debt to Common Equity 322.41% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Banque Cantonale VaudoisePrice/Volume

Valuation Analysis

7'559.00

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

'

-''

.''

0''

1''

2''

3''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!' 9!' 9!- 9!- 9!- 9!- 9!- 9!. 9!. 9!. 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

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

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

Page 47: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

CANTON OF VAUD n/a Co File 5'762'252 66.95 - 01.01.2012 Government

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 99'092 1.15 (291) 31.10.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 58'874 0.68 7'695 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 55'668 0.65 1'997 31.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 54'169 0.63 (11'500) 31.07.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 45'660 0.53 775 28.12.2012 Mutual Fund Manager

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 44'400 0.52 - 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 31'940 0.37 (514) 28.12.2012 Mutual Fund Manager

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 24'618 0.29 - 30.06.2012 Pension Fund (ERISA)

PICTET & CIE Multiple Portfolios MF-AGG 23'529 0.27 (82) 30.11.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 22'742 0.26 - 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'595 0.22 3'950 30.06.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 18'366 0.21 (149) 31.12.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 16'600 0.19 3'350 31.10.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 16'170 0.19 - 28.09.2012 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 12'574 0.15 - 31.10.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 10'313 0.12 191 31.01.2013 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 9'890 0.11 (5'912) 31.03.2012 Investment Advisor

SARASIN n/a ULT-AGG 9'201 0.11 - 30.11.2012 Unclassified

STEIMER OLIVIER n/a Co File 8'074 0.09 - 31.12.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 20.02.2013

Bank Vontobel AG TERESA NIELSEN hold 3 M 530 Not Provided 19.02.2013

Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 15.02.2013

Main First Bank AG KILIAN MAIER underperform 1 M 490 12 month 14.02.2013

Helvea TIM DAWSON neutral 3 M 525 12 month 14.02.2013

Holdings By:

Banque Cantonale Vaudoise ee

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

Page 48: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Barratt Developments plc develops and builds properties. The Group's UK

Operations include the building of houses and housing complexes, general

building and civil engineering services, participation in urban renewal and the

development of commercial properties.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (20.02.2013) 243.10

52-Week Low (01.06.2012) 112.50

Daily Volume

235.1

52-Week High % Change -3.29% Dividend Yield 0.00

52-Week Low % Change 108.98% Beta 1.36

% 52 Week Price Range High/Low 93.87% Equity Float 917.45

Shares Out 01.02.2013 978.7 Short Int -

2'300.96 1 Yr Total Return 59.71%

Total Debt 343.30 YTD Return 13.25%

Preferred Stock 0.0 Adjusted BETA 1.356

Minority Interest 0.0 Analyst Recs 19

Cash and Equivalents 150.30 Consensus Rating 3.789

Enterprise Value 2'646.86

Average Volume 5 Day 3'711'827

BDEV LN EQUITY YTD Change - Average Volume 30 Day 3'220'564

BDEV LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'933'936

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

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 - -

3'554.7 2'285.2 2'035.2 2'035.4 2'323.4 - - 2'446.1 2'574.8 - -

0.52x 0.80x 0.64x 0.71x 0.67x - - 1.00x 0.93x - -

555.6 38.9 93.7 136.8 192.7 - - 261.9 317.9 - -

3.34x 46.70x 13.98x 10.57x 8.05x - - 10.11x 8.33x - -

86.4 (468.6) (118.4) (13.8) 67.4 - - 137.0 205.8 - -

2.32x - - - 19.89x - - 16.91x 11.52x - -

EBITDA 192.70 Long-Term Rating Date -

EBIT 191.10 Long-Term Rating -

Operating Margin 8.23% Long-Term Outlook -

Pretax Margin 4.30% Short-Term Rating Date -

Return on Assets 1.84% Short-Term Rating -

Return on Common Equity 2.98%

Return on Capital 4.56% EBITDA/Interest Exp. 1.97

Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 1.95

Net Debt/EBITDA 1.63

Gross Margin 12.7% Total Debt/EBITDA 1.70

EBITDA Margin 9.1%

EBIT Margin 9.1% Total Debt/Equity 11.5%

Net Income Margin 2.9% Total Debt/Capital 10.3%

Asset Turnover 0.48

Current Ratio 3.38 Net Fixed Asset Turnover 464.34

Quick Ratio 0.15 Accounts receivable turnover-days 9.20

Debt to Assets 7.22% Inventory Days 613.24

Tot Debt to Common Equity 11.54% Accounts Payable Turnover Day -

Accounts Receivable Turnover 39.79 Cash Conversion Cycle -

Inventory Turnover 0.60

Fiscal Year Ended

Barratt Developments PLCPrice/Volume

Valuation Analysis

3'741'967.00

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

'

2'

-''

-2'

.''

.2'

0''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9.!' 91!' 93!' 95!' 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

3'500.0

4'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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

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

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

Page 49: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FMR LLC n/a ULT-AGG 127'191'750 13 5'920'676 01.11.2012 Investment Advisor

UBS n/a ULT-AGG 49'925'715 5.1 10'379'817 01.11.2012 Unclassified

STANDARD LIFE INVEST n/a Co File 47'711'714 4.87 - 13.09.2011 Investment Advisor

OLD MUTUAL n/a ULT-AGG 38'371'905 3.92 569'530 31.12.2012 Unclassified

DIMENSIONAL FUND ADV Multiple Portfolios REG 37'466'561 3.83 1'273'047 01.11.2012 Investment Advisor

RUFFER INVESTMENT MA Multiple Portfolios REG 36'659'428 3.75 (11'733'739) 01.11.2012 Investment Advisor

POLARIS CAPITAL MANA Multiple Portfolios REG 34'772'620 3.55 1'253'394 01.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 34'543'176 3.53 1'615'402 01.11.2012 Unclassified

PHOENIX ASSET MANAGE #N/A N/A RNS-MAJ 28'917'013 2.95 (10'086'265) 20.02.2013 Private Equity

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 24'666'192 2.52 - 31.07.2012 Investment Advisor

PRIVATE INDIVIDUALS Multiple Portfolios REG 24'124'963 2.46 (575'376) 01.11.2012 Other

BLACKROCK n/a ULT-AGG 23'427'143 2.39 941'561 26.02.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 22'839'243 2.33 (349'665) 01.11.2012 Government

JP MORGAN n/a ULT-AGG 22'397'670 2.29 846'697 01.11.2012 Unclassified

SEB n/a ULT-AGG 21'044'351 2.15 (1'843'957) 01.11.2012 Unclassified

COLLINS STEWART LTD Multiple Portfolios REG 15'288'135 1.56 (2'675'458) 01.11.2012 Investment Advisor

TD WATERHOUSE GROUP Multiple Portfolios REG 14'838'237 1.52 (888'441) 01.11.2012 Investment Advisor

BARCLAYS PERSONAL IN Multiple Portfolios REG 14'642'856 1.5 (544'501) 01.11.2012 Investment Advisor

CO-OPERATIVE INSURAN Multiple Portfolios REG 14'550'000 1.49 - 01.11.2012 Insurance Company

PRINCIPAL GLOBAL INV Multiple Portfolios REG 14'043'229 1.43 2'232'513 01.11.2012 Corporation

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Numis Securities Ltd CHRISTOPHER MILLINGTON hold 3 M 244 Not Provided 27.02.2013

Panmure Gordon & Co Limited RACHAEL APPLEGATE hold 3 M 220 Not Provided 27.02.2013

Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 238 6 month 18.02.2013

Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 259 Not Provided 05.02.2013

Northland Capital Partners Ltd SIMON BROWN add 4 M 240 Not Provided 05.02.2013

Peel Hunt ROBIN HARDY sell 1 M 148 Not Provided 04.02.2013

JPMorgan EMILY BIDDULPH underweight 1 D 200 9 month 22.01.2013

Deutsche Bank GLYNIS JOHNSON buy 5 M 279 12 month 17.01.2013

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

Jefferies ANTHONY CODLING buy 5 M 250 12 month 16.01.2013

Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 11.01.2013

Credit Suisse HARRY GOAD neutral 3 M 223 Not Provided 17.12.2012

HSBC JEFFREY G DAVIS overweight 5 M 241 Not Provided 28.11.2012

Investec MIKE BESSELL buy 5 M 180 12 month 13.08.2012

Shore Capital Stockbrokers JON BELL buy 5 M #N/A N/A Not Provided 19.07.2012

Canaccord Genuity Corp ALASTAIR STEWART sell 1 M 95 12 month 16.05.2012

Davy ROBERT GARDINER underperform 1 M #N/A N/A Not Provided 23.05.2011

Holdings By:

Barratt Developments PLC ee

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

Page 50: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Barry Callebaut AG manufactures cocoa, chocolate, and confectionery products.

The Company markets to industrial food manufacturers, chocolatiers, pastry

chefs, bakers, and retailers globally. Barry Callebaut also offers product

development, processing, training, and marketing services.

Latest Fiscal Year: 08/2012

LTM as of: 11/yy

52-Week High (03.12.2012) 932.34

52-Week Low (06.06.2012) 806.52

Daily Volume

896.5

52-Week High % Change -3.84% Dividend Yield -

52-Week Low % Change 11.16% Beta 0.72

% 52 Week Price Range High/Low 71.51% Equity Float 1.80

Shares Out 30.09.2012 5.2 Short Int -

4'634.90 1 Yr Total Return 2.93%

Total Debt 997.47 YTD Return 3.64%

Preferred Stock 0.0 Adjusted BETA 0.715

Minority Interest 4.7 Analyst Recs 13

Cash and Equivalents 54.56 Consensus Rating 2.692

Enterprise Value 5'582.48

Average Volume 5 Day 4'996

BARN SE EQUITY YTD Change - Average Volume 30 Day 5'135

BARN SE EQUITY YTD % CHANGE - Average Volume 3 Month 6'001

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

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

4'815.4 4'880.2 4'524.5 4'459.9 4'829.5 3'787.8 4'804.8 5'213.2 6'188.9 1'369.0 1'200.0

0.99x 0.80x 0.99x 1.06x 1.16x 2.88x 0.00x 1.05x 0.91x - -

422.6 448.1 443.2 458.3 441.3 176.8 0.0 470.8 539.8 - -

11.30x 8.72x 10.15x 10.34x 12.72x 0.00x 0.00x 11.86x 10.34x - -

204.6 226.9 251.2 177.6 142.1 118.9 0.0 269.8 304.0 - -

17.93x 13.05x 15.32x 14.94x 19.40x 0.00x 0.00x 17.09x 15.58x - -

EBITDA 441.32 Long-Term Rating Date 14.12.2012

EBIT 356.44 Long-Term Rating BBB- *-

Operating Margin 7.38% Long-Term Outlook -

Pretax Margin 5.76% Short-Term Rating Date -

Return on Assets 4.16% Short-Term Rating -

Return on Common Equity 11.04%

Return on Capital - EBITDA/Interest Exp. 6.01

Asset Turnover 1.41% (EBITDA-Capex)/Interest Exp. 3.58

Net Debt/EBITDA 2.14

Gross Margin 13.9% Total Debt/EBITDA 2.26

EBITDA Margin 9.1%

EBIT Margin 7.4% Total Debt/Equity 73.5%

Net Income Margin 2.9% Total Debt/Capital 42.3%

Asset Turnover 1.41

Current Ratio 1.73 Net Fixed Asset Turnover 6.64

Quick Ratio 0.30 Accounts receivable turnover-days 22.66

Debt to Assets 27.89% Inventory Days 95.70

Tot Debt to Common Equity 73.50% Accounts Payable Turnover Day 46.74

Accounts Receivable Turnover 16.16 Cash Conversion Cycle 71.62

Inventory Turnover 3.82

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Barry Callebaut AGPrice/Volume

Valuation Analysis

5'637.00

Current Price (2/dd/yy) Market Data

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

-'''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!' 9

!' 9

!' 9

!' 9

!- 9

!- 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

'1!'6!.''6 '1!'0!.'-' '1!'6!.'-' '1!'0!.'-- '1!'6!.'-- '1!'0!.'-. '1!'6!.'-.

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

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

Page 51: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

JACOBS HOLDINGS AG n/a Co File 2'590'687 50.11 - 31.08.2012 Corporation

JACOBS RENATA n/a Co File 438'416 8.48 - 31.08.2012 n/a

JACOBS NATHALIE n/a Co File 159'236 3.08 - 31.08.2012 n/a

JACOBS NICOLAS n/a Co File 159'236 3.08 - 31.08.2012 n/a

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 78'613 1.52 - 30.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 55'200 1.07 (754) 28.12.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'174 0.62 (338) 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 28'886 0.56 (324) 28.12.2012 Mutual Fund Manager

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 23'213 0.45 (359) 31.10.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 16'081 0.31 27 26.02.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 14'885 0.29 (151) 30.11.2012 Mutual Fund Manager

IST FUND MANAGERS Multiple Portfolios MF-AGG 13'303 0.26 (19) 31.12.2012 Mutual Fund Manager

FMR LLC n/a ULT-AGG 9'784 0.19 8'124 31.12.2012 Investment Advisor

SCHMID ANDREAS n/a Co File 8'790 0.17 - 31.08.2012 n/a

ALLIANZ ASSET MANAGE n/a ULT-AGG 8'591 0.17 1'913 31.12.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 8'570 0.17 200 31.12.2012 Unclassified

SARASIN n/a ULT-AGG 6'292 0.12 (105) 30.11.2012 Unclassified

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 6'027 0.12 (30) 31.12.2012 Mutual Fund Manager

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 5'790 0.11 - 31.12.2012 Investment Advisor

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 5'263 0.1 - 31.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'081 6 month 06.02.2013

Berenberg Bank JAMES TARGETT hold 3 M 940 Not Provided 21.01.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 800 12 month 18.01.2013

Helvea ANDREAS VON ARX neutral 3 M 900 12 month 18.01.2013

Societe Generale ALEX SLOANE hold 3 M 885 12 month 17.01.2013

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

Kepler Capital Markets JON COX hold 3 D 900 Not Provided 21.12.2012

Deutsche Bank CATHERINE FARRANT hold 3 D 1'000 12 month 13.12.2012

Credit Suisse PATRICK JNGLIN restricted #N/A N/A M #N/A N/A Not Provided 13.12.2012

Zuercher Kantonalbank DANIEL BUERKI market perform 3 M #N/A N/A Not Provided 13.12.2012

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 900 Not Provided 12.12.2012

Equita SIM SpA FABIO FAZZARI buy 5 U 1'109 12 month 20.11.2012

CA Cheuvreux CHRISTOPH WIRTZ underperform 1 M 730 Not Provided 06.07.2012

GSC Research MATTHIAS SCHRADE sell 1 M #N/A N/A Not Provided 17.03.2011

Holdings By:

Barry Callebaut AG ee

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

Page 52: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Bellway p.l.c. is a holding company whose subsidiaries build residential houses

and conduct associated trading activities. The subsidiaries build starter or

first time buyer homes, featuring two and three bedroom semi-detached houses,

apartments and terraced houses. The Company operates in England, Wales and

Scotland.

Latest Fiscal Year: 07/2012

LTM as of: 01/yy

52-Week High (25.02.2013) 1'188.00

52-Week Low (25.05.2012) 656.00

Daily Volume

1134

52-Week High % Change -4.55% Dividend Yield 1.76

52-Week Low % Change 72.87% Beta 0.97

% 52 Week Price Range High/Low 89.85% Equity Float 120.92

Shares Out 01.02.2013 121.6 Short Int -

1'379.01 1 Yr Total Return 42.16%

Total Debt 82.00 YTD Return 9.67%

Preferred Stock 0.0 Adjusted BETA 0.969

Minority Interest (0.1) Analyst Recs 19

Cash and Equivalents 21.41 Consensus Rating 3.737

Enterprise Value 1'439.53

Average Volume 5 Day 153'874

BWY LN EQUITY YTD Change - Average Volume 30 Day 180'242

BWY LN EQUITY YTD % CHANGE - Average Volume 3 Month 177'987

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

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 - -

1'149.5 683.8 768.3 886.1 1'004.2 - - 1'069.3 1'139.8 - -

0.68x 1.32x 0.85x 0.92x 1.03x - - 1.35x 1.24x - -

188.0 47.8 52.7 76.6 116.7 - - 135.8 159.2 - -

4.18x 18.88x 12.41x 10.62x 8.87x - - 10.60x 9.04x - -

27.0 (27.4) 35.8 50.1 79.3 - - 99.0 113.7 - -

20.26x - 19.52x 15.89x 12.26x - - 14.32x 12.19x - -

EBITDA 116.68 Long-Term Rating Date -

EBIT 114.84 Long-Term Rating -

Operating Margin 11.44% Long-Term Outlook -

Pretax Margin 10.48% Short-Term Rating Date -

Return on Assets 5.24% Short-Term Rating -

Return on Common Equity 7.18%

Return on Capital 7.33% EBITDA/Interest Exp. 10.59

Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 10.17

Net Debt/EBITDA 0.52

Gross Margin 16.1% Total Debt/EBITDA 0.70

EBITDA Margin 11.6%

EBIT Margin 11.4% Total Debt/Equity 7.2%

Net Income Margin 7.9% Total Debt/Capital 6.7%

Asset Turnover 0.66

Current Ratio 4.27 Net Fixed Asset Turnover 98.31

Quick Ratio 0.12 Accounts receivable turnover-days 8.62

Debt to Assets 5.28% Inventory Days 580.24

Tot Debt to Common Equity 7.24% Accounts Payable Turnover Day 42.22

Accounts Receivable Turnover 42.47 Cash Conversion Cycle 546.64

Inventory Turnover 0.63

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bellway PLCPrice/Volume

Valuation Analysis

160'059.00

Current Price (2/dd/yy) Market Data

'

.''

1''

3''

5''

-'''

-.''

-1''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

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

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

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

Page 53: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FMR LLC n/a ULT-AGG 29'170'741 23.99 417'317 02.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 13'183'635 10.84 - 26.02.2013 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios REG 11'283'607 9.28 (1'438'985) 02.01.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 10'107'747 8.31 (318'200) 02.01.2013 Unclassified

DIMENSIONAL FUND ADV Multiple Portfolios REG 5'351'751 4.4 160'916 02.01.2013 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 5'124'717 4.21 224'748 31.12.2012 Investment Advisor

KAMES CAPITAL PLC n/a RNS-MAJ 4'855'643 3.99 (45'599) 17.10.2012 Investment Advisor

POLARIS CAPITAL MANA Multiple Portfolios REG 4'774'922 3.93 180'509 02.01.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 4'605'274 3.79 115'235 31.01.2013 Unclassified

STANDARD LIFE INVEST Multiple Portfolios REG 4'529'189 3.72 (270'275) 02.01.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 4'519'440 3.72 (1'038'663) 02.01.2013 Investment Advisor

AEGON n/a ULT-AGG 4'506'849 3.71 (665'331) 02.01.2013 Unclassified

HBOS PLC n/a Co File 4'261'453 3.5 - 15.10.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 4'017'927 3.3 (233'982) 02.01.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'661'814 3.01 - 31.07.2012 Investment Advisor

LEGAL & GENERAL n/a RNS-MAJ 3'658'355 3.01 - 09.01.2013 Investment Advisor

THIRD AVENUE MANAGEM n/a RNS-MAJ 3'559'321 2.93 (108'799) 20.10.2011 Hedge Fund Manager

CAPITAL GROUP INTERN n/a RNS-MAJ 3'488'215 2.87 - 25.08.2011 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 3'027'099 2.49 (400) 02.01.2013 Government

ABERDEEN n/a ULT-AGG 3'015'567 2.48 (209'391) 31.01.2013 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 1'174 6 month 18.02.2013

Panmure Gordon & Co Limited MARK HUGHES hold 3 M 1'072 Not Provided 12.02.2013

Deutsche Bank GLYNIS JOHNSON hold 3 M 1'188 12 month 07.02.2013

Jefferies ANTHONY CODLING hold 3 M 1'100 12 month 07.02.2013

Numis Securities Ltd CHRISTOPHER MILLINGTON hold 3 M 1'012 Not Provided 06.02.2013

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 1'189 Not Provided 05.02.2013

Northland Capital Partners Ltd SIMON BROWN buy 5 M 1'350 Not Provided 05.02.2013

Peel Hunt ROBIN HARDY hold 3 M 750 Not Provided 29.01.2013

JPMorgan EMILY BIDDULPH neutral 3 D 1'130 9 month 22.01.2013

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

Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 11.01.2013

Credit Suisse HARRY GOAD outperform 5 M 1'202 Not Provided 17.12.2012

HSBC JEFFREY G DAVIS overweight 5 M 1'259 Not Provided 28.11.2012

Investec MIKE BESSELL buy 5 U 925 12 month 13.08.2012

Shore Capital Stockbrokers JON BELL hold 3 D #N/A N/A Not Provided 19.07.2012

Canaccord Genuity Corp ALASTAIR STEWART hold 3 M 765 12 month 08.06.2012

Davy ROBERT GARDINER neutral 3 M #N/A N/A Not Provided 17.05.2011

Holdings By:

Bellway PLC ee

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

Page 54: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

bioMerieux designs, develops, manufactures, and markets systems in the field of

in vitro diagnostics for medical and industrial applications. The Company is

specialized in the diagnosis of infectious diseases and pathologies.

bioMerieux is also active in the analysis of food, pharmaceuticals, and

environmental samples to determine their microbiological quality.

Latest Fiscal Year: 12/2011

LTM as of: 06/yy

52-Week High (23.01.2013) 77.30

52-Week Low (22.03.2012) 57.25

Daily Volume

73.25

52-Week High % Change -5.24% Dividend Yield -

52-Week Low % Change 27.95% Beta 0.62

% 52 Week Price Range High/Low 79.80% Equity Float 14.17

Shares Out 31.08.2012 39.5 Short Int -

2'889.99 1 Yr Total Return 18.81%

Total Debt 173.90 YTD Return 1.74%

Preferred Stock 0.0 Adjusted BETA 0.616

Minority Interest 8.1 Analyst Recs 17

Cash and Equivalents 42.70 Consensus Rating 3.176

Enterprise Value 2'992.29

Average Volume 5 Day 18'419

BIM FP EQUITY YTD Change - Average Volume 30 Day 31'146

BIM FP EQUITY YTD % CHANGE - Average Volume 3 Month 25'703

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

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/11 Q3 12/11 Q4

1'062.8 1'110.5 1'223.4 1'357.0 1'427.2 589.5 1'383.9 1'566.6 1'626.2 - -

2.91x 2.17x 2.64x 2.13x 1.62x 0.00x 0.00x 1.89x 1.76x - -

239.9 261.9 287.1 335.3 341.2 0.0 0.0 358.2 375.7 - -

12.90x 9.20x 11.24x 8.62x 6.79x 0.00x 0.00x 8.35x 7.97x - -

98.0 129.9 147.8 158.7 158.2 0.0 0.0 169.5 178.8 - -

31.89x 18.24x 21.78x 18.32x 13.78x 0.00x 0.00x 17.00x 16.26x - -

EBITDA 341.20 Long-Term Rating Date -

EBIT 257.60 Long-Term Rating -

Operating Margin 18.05% Long-Term Outlook -

Pretax Margin 16.65% Short-Term Rating Date -

Return on Assets 9.96% Short-Term Rating -

Return on Common Equity 15.30%

Return on Capital 14.12% EBITDA/Interest Exp. 81.24

Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 56.93

Net Debt/EBITDA 0.26

Gross Margin 53.3% Total Debt/EBITDA 0.50

EBITDA Margin 23.9%

EBIT Margin 18.1% Total Debt/Equity 15.9%

Net Income Margin 11.1% Total Debt/Capital 13.6%

Asset Turnover 0.92

Current Ratio 1.36 Net Fixed Asset Turnover 4.32

Quick Ratio 0.86 Accounts receivable turnover-days 99.92

Debt to Assets 9.87% Inventory Days 111.88

Tot Debt to Common Equity 15.88% Accounts Payable Turnover Day 61.74

Accounts Receivable Turnover 3.66 Cash Conversion Cycle 146.99

Inventory Turnover 3.27

Fiscal Year Ended

BioMerieuxPrice/Volume

Valuation Analysis

9'662.00

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

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

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!- 9

!. 9

!. 9

!0 9

!0 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

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

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

Page 55: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

INSTITUT MERIEUX n/a Co File 23'240'090 58.9 - 31.12.2011 Corporation

GROUPE INDUSTRIEL MA n/a Co File 2'013'470 5.1 - 31.12.2011 Corporation

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 469'355 1.19 117'450 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 183'769 0.47 26'130 30.09.2012 Investment Advisor

HARTFORD INVESTMENTS Multiple Portfolios MF-AGG 178'660 0.45 128'660 30.12.2011 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 155'217 0.39 - 30.09.2012 Hedge Fund Manager

FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 142'387 0.36 - 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 112'645 0.29 10'870 31.12.2012 Mutual Fund Manager

AMUNDI Multiple Portfolios MF-AGG 96'788 0.25 - 28.09.2012 Mutual Fund Manager

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 91'590 0.23 - 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 89'450 0.23 - 31.10.2012 Investment Advisor

COVEA FINANCE SAS Multiple Portfolios MF-AGG 89'020 0.23 (160) 30.09.2011 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 76'366 0.19 - 31.12.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 65'000 0.16 (5'000) 31.07.2012 Mutual Fund Manager

FEDERAL GESTION Multiple Portfolios MF-AGG 62'500 0.16 - 30.11.2012 Investment Advisor

ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 58'941 0.15 65 31.10.2012 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 55'600 0.14 - 28.12.2012 Investment Advisor

CIBC GLOBAL ASSET MA Multiple Portfolios MF-AGG 54'600 0.14 900 30.06.2012 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 50'000 0.13 800 31.12.2012 Investment Advisor

NEUFLIZE OBC ASSET M Multiple Portfolios MF-AGG 45'888 0.12 - 30.12.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue ARMELLE MOULIN buy 5 M 88 6 month 21.02.2013

Oddo & Cie CHRISTOPHE-RAPHAEL GANET neutral 3 M 72 12 month 28.01.2013

Societe Generale JUSTIN SMITH hold 3 M 77 12 month 25.01.2013

Exane BNP Paribas ROMAIN ZANA neutral 3 D 77 Not Provided 25.01.2013

Jefferies PETER WELFORD hold 3 M 74 12 month 24.01.2013

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 69 12 month 24.01.2013

Kepler Capital Markets SAMUEL HENRY-DIESBACH hold 3 D 72 Not Provided 24.01.2013

Portzamparc Societe de Bourse ARNAUD GUERIN hold 3 M 77 12 month 24.01.2013

Bryan Garnier & Cie MATHIEU CHABERT neutral 3 M 66 6 month 24.01.2013

Gilbert Dupont GUILLAUME CUVILLIER reduce 2 M 75 Not Provided 23.01.2013

Piper Jaffray WILLIAM R QUIRK neutral 3 M 70 12 month 23.01.2013

Natixis STEPHANE SUMAR buy 5 M 86 Not Provided 17.01.2013

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

Berenberg Bank ADRIAN HOWD hold 3 M 65 Not Provided 20.11.2012

HSBC MURIELLE ANDRE-PINARD underweight 1 M 63 Not Provided 25.10.2012

CA Cheuvreux AMANDINE LATOUR outperform 5 M 74 Not Provided 31.05.2012

Holdings By:

BioMerieux ee

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

Page 56: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Bolsas y Mercados Espanoles is made up of the Barcelona, Bilbao, Madrid, and

Valencia Stock Exchanges, MF Mercados Financeiros, and Iberclear. The Group

encompasses the equity, fixed-income and derivatives markets, and their

clearing and settlement systems.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (11.01.2013) 21.94

52-Week Low (01.06.2012) 13.87

Daily Volume

19.975

52-Week High % Change -8.96% Dividend Yield -

52-Week Low % Change 44.02% Beta 0.71

% 52 Week Price Range High/Low 75.65% Equity Float 76.20

Shares Out 31.12.2012 83.6 Short Int -

1'670.22 1 Yr Total Return 11.39%

Total Debt 36'059.48 YTD Return 8.27%

Preferred Stock 0.0 Adjusted BETA 0.711

Minority Interest 0.2 Analyst Recs 21

Cash and Equivalents 36'328.84 Consensus Rating 2.762

Enterprise Value 1'401.06

Average Volume 5 Day 600'425

BME SQ EQUITY YTD Change - Average Volume 30 Day 425'716

BME SQ EQUITY YTD % CHANGE - Average Volume 3 Month 427'984

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

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

349.1 297.0 314.0 316.1 292.1 316.1 292.1 301.6 303.7 73.7 -

3.15x 5.09x 3.59x 4.35x 4.36x 12.91x 15.65x 4.70x 4.68x - -

250.0 209.8 223.0 223.1 199.5 110.9 199.5 201.1 201.3 - -

4.40x 7.20x 5.06x 6.17x 6.38x 0.00x 6.38x 6.97x 6.96x - -

190.7 150.0 154.2 155.1 135.5 155.1 135.5 137.4 137.0 - -

8.07x 12.50x 9.59x 11.18x 11.32x 11.15x 11.38x 12.09x 12.02x 12.33x -

EBITDA 199.47 Long-Term Rating Date -

EBIT 189.40 Long-Term Rating -

Operating Margin 64.84% Long-Term Outlook -

Pretax Margin 65.62% Short-Term Rating Date -

Return on Assets 0.40% Short-Term Rating -

Return on Common Equity 31.86%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.01% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -1.35

Gross Margin - Total Debt/EBITDA 180.78

EBITDA Margin 68.3%

EBIT Margin 64.8% Total Debt/Equity 8738.9%

Net Income Margin 46.4% Total Debt/Capital 98.9%

Asset Turnover 0.01

Current Ratio 1.01 Net Fixed Asset Turnover 6.05

Quick Ratio 1.01 Accounts receivable turnover-days 26.47

Debt to Assets 98.57% Inventory Days -

Tot Debt to Common Equity 8738.92% Accounts Payable Turnover Day -

Accounts Receivable Turnover 13.83 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bolsas y Mercados Espanoles SAPrice/Volume

Valuation Analysis

352'961.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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

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

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

Page 57: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

BANCO DE ESPANA n/a Co File 4'460'913 5.34 - 31.12.2011 Bank

BANCO BILBAO VIZCAYA n/a Co File 4'191'982 5.01 - 31.12.2011 Bank

CAIXABANK n/a Co File 4'189'139 5.01 - 31.12.2011 Investment Advisor

CORP FINANCIERA CAJA n/a Co File 2'955'318 3.53 - 31.12.2011 Other

BNP PARIBAS SA n/a EXCH 2'510'454 3 (12'829) 23.03.2012 Bank

BANCO SANTANDER SA n/a EXCH 2'120'034 2.54 - 22.02.2010 Bank

ADELPHI CAPITAL LLP n/a Short (986'664) -1.18 (100'339) 26.02.2013 Investment Advisor

MARSHALL WACE LLP n/a Short (836'156) -1 (50'169) 25.02.2013 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 717'785 0.86 5'896 31.12.2012 Investment Advisor

UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 688'240 0.82 (8'584) 30.11.2012 Mutual Fund Manager

EMINENCE CAPITAL LLC n/a Short (635'479) -0.76 (49'334) 01.11.2012 Hedge Fund Manager

LIONTRUST n/a ULT-AGG 572'300 0.68 (9'875) 31.12.2012 Unclassified

BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 439'036 0.53 6'500 30.09.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 419'941 0.5 - 31.12.2012 Investment Advisor

CAJA MADRID BOLSA SV n/a EXCH 411'389 0.49 - 23.05.2011 Unclassified

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 389'837 0.47 389'837 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 383'337 0.46 367'056 31.12.2012 Investment Advisor

RENTA 4 GESTORA SGII Multiple Portfolios MF-AGG 356'892 0.43 2'926 30.11.2011 Investment Advisor

BLACKROCK n/a ULT-AGG 317'906 0.38 4'721 26.02.2013 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 263'199 0.31 151'391 27.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Grupo Santander JAVIER ECHANOVE hold 3 M 20 Not Provided 26.02.2013

NMAS 1 Agencia de Valores RODRIGO VAZQUEZ buy 5 M 23 12 month 26.02.2013

BPI TIAGO VEIGA ANJOS neutral 3 M 21 Not Provided 25.02.2013

Espirito Santo Investment Bank ResearchMARIA LUZ PEREZ LOPEZ buy 5 M 23 Not Provided 25.02.2013

Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 20 12 month 22.02.2013

Banco Sabadell MARIO LODOS sell 1 M 17 12 month 22.02.2013

Berenberg Bank RICHARD PERROTT sell 1 M 19 Not Provided 22.02.2013

Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE buy 5 M 26 Not Provided 22.02.2013

Ahorro Corporacion Financiera SA JUAN MORENO hold 3 M 21 Not Provided 22.02.2013

Banesto Bolsa SA Sociedad LUIS DE BLAS overweight 5 M 21 Not Provided 22.02.2013

AlphaValue CHRISTOPHE NIJDAM reduce 2 M 22 6 month 21.02.2013

Morgan Stanley ANIL SHARMA Underwt/In-Line 1 M 18 12 month 14.02.2013

Day by Day VALERIE GASTALDY buy 5 U 24 3 month 08.02.2013

Goldman Sachs CHRIS M. TURNER Sell/Neutral 1 M 22 12 month 24.01.2013

La Caixa BORJA PAGOAGA underweight 1 D 19 Not Provided 21.01.2013

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

Keefe, Bruyette & Woods TOM MILLS market perform 3 M 18 12 month 29.10.2012

BBVA SILVIA RIGOL CARNEIRO market perform 3 D 17 Not Provided 08.10.2012

Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 24 Not Provided 06.02.2012

Holdings By:

Bolsas y Mercados Espanoles SA ee

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

Page 58: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Booker Group PLC wholesales grocery products. The Company is an

Internet-enabled grocery wholesaler for the independent sector utilizing a

just-in-time distribution system, and also operates cash and carry outlets.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (20.02.2013) 117.40

52-Week Low (21.05.2012) 72.05

Daily Volume

115

52-Week High % Change -2.04% Dividend Yield 2.03

52-Week Low % Change 59.61% Beta 0.76

% 52 Week Price Range High/Low 94.71% Equity Float 1'376.28

Shares Out 04.02.2013 1'727.0 Short Int -

1'986.05 1 Yr Total Return 57.37%

Total Debt 0.10 YTD Return 17.77%

Preferred Stock 0.0 Adjusted BETA 0.755

Minority Interest 0.0 Analyst Recs 12

Cash and Equivalents 63.50 Consensus Rating 3.667

Enterprise Value 1'916.35

Average Volume 5 Day 1'882'351

BOK LN EQUITY YTD Change - Average Volume 30 Day 2'436'369

BOK LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'478'821

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 - -

3'078.2 3'179.2 3'386.9 3'595.8 3'932.8 - - 4'066.2 4'568.1 - -

0.13x 0.13x 0.20x 0.24x 0.32x - - 0.47x 0.41x - -

62.3 72.3 80.6 89.3 102.4 - - 112.1 133.6 - -

6.49x 5.75x 8.22x 9.71x 12.28x - - 17.09x 14.34x - -

29.8 39.2 47.6 59.1 74.9 - - 78.3 89.7 - -

11.78x 9.97x 14.04x 14.96x 17.46x - - 25.00x 22.12x - -

EBITDA 102.40 Long-Term Rating Date -

EBIT 89.60 Long-Term Rating -

Operating Margin 2.28% Long-Term Outlook -

Pretax Margin 2.31% Short-Term Rating Date -

Return on Assets 8.15% Short-Term Rating -

Return on Common Equity 19.29%

Return on Capital 19.76% EBITDA/Interest Exp. 20.08

Asset Turnover 4.09% (EBITDA-Capex)/Interest Exp. 15.35

Net Debt/EBITDA -0.64

Gross Margin 3.8% Total Debt/EBITDA 0.00

EBITDA Margin 2.7%

EBIT Margin 2.4% Total Debt/Equity 0.0%

Net Income Margin 1.9% Total Debt/Capital 0.0%

Asset Turnover 4.09

Current Ratio 0.85 Net Fixed Asset Turnover 58.35

Quick Ratio 0.23 Accounts receivable turnover-days -

Debt to Assets 0.01% Inventory Days 22.52

Tot Debt to Common Equity 0.03% Accounts Payable Turnover Day 44.12

Accounts Receivable Turnover - Cash Conversion Cycle -9.69

Inventory Turnover 16.48

Fiscal Year Ended

Booker Group PLCPrice/Volume

Valuation Analysis

2'807'309.00

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

'

.'

1'

3'

5'

-''

-.'

-1'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

4'000.0

4'500.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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

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

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

Page 59: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

METRO AG n/a RNS-MAJ 156'621'525 9.07 - 04.07.2012 Corporation

THREADNEEDLE ASSET M Multiple Portfolios REG 131'457'289 7.61 2'505'066 01.02.2013 Investment Advisor

DIRECTOR & RELATED H Multiple Portfolios REG 130'143'108 7.54 - 01.02.2013 Other

LANSDOWNE PARTNERS L Multiple Portfolios REG 123'980'364 7.18 6'320'113 01.02.2013 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 118'215'535 6.85 5'954'563 26.02.2013 Investment Advisor

WILSON CHARLES n/a Co File 108'241'986 6.27 - 23.05.2012 n/a

M&G INVESTMENT MANAG Multiple Portfolios REG 98'214'643 5.69 (13'906'934) 01.02.2013 Investment Advisor

AMERIPRISE FINANCIAL n/a Co File 89'669'972 5.19 - 23.05.2012 Investment Advisor

AXA FRAMLINGTON INV Multiple Portfolios REG 72'202'961 4.18 (200'750) 01.02.2013 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 70'099'462 4.06 635'770 01.02.2013 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 65'631'455 3.8 (175'349) 31.10.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 56'260'614 3.26 (108'967) 01.02.2013 Unclassified

TD WATERHOUSE GROUP Multiple Portfolios REG 51'563'038 2.99 (2'133'597) 01.02.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 49'629'034 2.87 12'206'734 01.02.2013 Investment Advisor

BT PENSION SCHEME n/a RNS-MAJ 45'575'805 2.64 - 01.07.2011 Pension Fund (ERISA)

BAE SYSTEMS PENSION Multiple Portfolios REG 39'023'729 2.26 11'114'281 01.02.2013 Pension Fund (ERISA)

NORGES BANK INVESTME Multiple Portfolios REG 37'778'157 2.19 (12'696'179) 01.02.2013 Government

F&C ASSET MANAGEMENT Multiple Portfolios REG 37'030'840 2.14 444'530 01.02.2013 Investment Advisor

UBS n/a ULT-AGG 36'783'215 2.13 13'725'713 01.02.2013 Unclassified

STANDARD LIFE INVEST Multiple Portfolios REG 35'170'652 2.04 8'631'632 01.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

JPMorgan JAIME VAZQUEZ overweight 5 N 122 12 month 18.02.2013

Peel Hunt CHARLES HALL buy 5 M 110 Not Provided 04.02.2013

Exane BNP Paribas ANDREW GWYNN underperform 1 M 85 Not Provided 25.01.2013

Investec NICOLA MALLARD buy 5 M 108 12 month 17.01.2013

Shore Capital Stockbrokers DARREN SHIRLEY sell 1 M #N/A N/A Not Provided 17.01.2013

Panmure Gordon & Co Limited PHILIP DORGAN buy 5 M 108 Not Provided 17.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013

Barclays RICHARD TAYLOR overweight 5 M 115 Not Provided 19.10.2012

N+1 Singer Ltd MATTHEW MCEACHRAN sell 1 M 95 12 month 19.10.2012

Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 121 12 month 31.05.2012

Holdings By:

Booker Group PLC ee

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

Page 60: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Britvic Plc supplies a wide range of soft drinks. The Company manufactures and

markets its own brand of soft drinks as well as supplies drinks manufactured by

other companies.

Latest Fiscal Year: 09/2012

LTM as of: 12/yy

52-Week High (28.01.2013) 472.70

52-Week Low (11.07.2012) 250.00

Daily Volume

417.6

52-Week High % Change -11.66% Dividend Yield 4.24

52-Week Low % Change 67.04% Beta 0.79

% 52 Week Price Range High/Low 75.26% Equity Float 221.40

Shares Out 11.02.2013 242.7 Short Int -

1'013.63 1 Yr Total Return 15.26%

Total Debt 561.20 YTD Return 2.63%

Preferred Stock 0.0 Adjusted BETA 0.787

Minority Interest 0.0 Analyst Recs 16

Cash and Equivalents 49.60 Consensus Rating 3.125

Enterprise Value 1'525.23

Average Volume 5 Day 754'448

BVIC LN EQUITY YTD Change - Average Volume 30 Day 1'101'856

BVIC LN EQUITY YTD % CHANGE - Average Volume 3 Month 790'474

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

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 - -

926.5 978.8 1'138.6 1'290.4 1'256.4 0.0 303.2 1'310.8 1'358.4 - -

0.93x 1.20x 1.47x 1.00x 1.11x #DIV/0! 0.00x 1.11x 1.05x - -

139.4 152.2 181.0 183.4 159.0 0.0 0.0 176.6 189.4 - -

6.19x 7.72x 9.22x 7.02x 8.77x 0.00x 0.00x 8.64x 8.05x - -

31.8 46.8 (48.2) 58.4 57.4 0.0 0.0 77.4 87.0 - -

14.40x 16.18x - 12.97x 15.33x 0.00x 0.00x 13.47x 11.80x - -

EBITDA 159.00 Long-Term Rating Date -

EBIT 115.10 Long-Term Rating -

Operating Margin 9.16% Long-Term Outlook -

Pretax Margin 6.17% Short-Term Rating Date -

Return on Assets 5.49% Short-Term Rating -

Return on Common Equity 192.62%

Return on Capital 13.13% EBITDA/Interest Exp. 5.62

Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 4.07

Net Debt/EBITDA 3.22

Gross Margin 50.3% Total Debt/EBITDA 3.53

EBITDA Margin 12.7%

EBIT Margin 9.2% Total Debt/Equity 1512.7%

Net Income Margin 4.6% Total Debt/Capital 93.8%

Asset Turnover 1.20

Current Ratio 1.02 Net Fixed Asset Turnover 5.23

Quick Ratio 0.69 Accounts receivable turnover-days 60.38

Debt to Assets 54.71% Inventory Days 47.29

Tot Debt to Common Equity 1512.67% Accounts Payable Turnover Day 139.30

Accounts Receivable Turnover 6.03 Cash Conversion Cycle -31.63

Inventory Turnover 7.70

Fiscal Year Ended

Britvic PLCPrice/Volume

Valuation Analysis

372'121.00

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

'2'

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

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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!''

'.!-'!.''6 '.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-.

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

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

Page 61: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FMR LLC n/a ULT-AGG 30'638'306 12.62 343'448 14.02.2013 Investment Advisor

STANDARD LIFE INVEST n/a RNS-MAJ 17'028'961 7.02 361'050 18.02.2013 Investment Advisor

PEPSICO INC n/a RNS-RUL8 11'813'032 4.87 1'073'912 18.09.2012 Corporation

PRUDENTIAL PLC n/a RNS-RUL8 9'815'334 4.04 (658) 28.01.2013 Investment Advisor

ROUTE ONE INVESTMENT n/a RNS-RUL8 9'511'576 3.92 (237'100) 28.01.2013 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 9'093'591 3.75 - 26.02.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 8'971'936 3.7 (1'144'877) 31.12.2012 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 8'593'099 3.54 716'519 01.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 8'220'292 3.39 (45'964) 07.02.2013 Unclassified

APG ALGEMENE PENSIOE Multiple Portfolios REG 7'529'350 3.1 - 01.11.2012 Pension Fund (ERISA)

EMINENCE CAPITAL LLC n/a RNS-RUL8 6'983'850 2.88 (3'126) 12.02.2013 Hedge Fund Manager

BRITVIC PLC ESOP Multiple Portfolios REG 5'423'918 2.23 (122'230) 01.11.2012 Unclassified

CREDIT SUISSE AG Multiple Portfolios REG 5'357'590 2.21 5'300'640 01.11.2012 Investment Advisor

ARTISAN PARTNERS LIM n/a RNS-RUL8 5'339'559 2.2 46'245 12.02.2013 Investment Advisor

JENNISON ASSOCIATES n/a RNS-RUL8 5'019'708 2.07 533'000 07.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios REG 4'881'323 2.01 474'232 01.11.2012 Investment Advisor

TROY ASSET MANAGEMEN n/a RNS-RUL8 4'580'000 1.89 749'994 11.12.2012 Investment Advisor

HARRIS ASSOCIATES LP n/a RNS-RUL8 4'257'370 1.75 (544'909) 13.02.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 4'148'703 1.71 4'027'585 01.11.2012 Government

STATE STREET n/a ULT-AGG 4'114'349 1.7 109'532 27.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Numis Securities Ltd CHARLES PICK hold 3 M 440 Not Provided 25.02.2013

Nomura IAN SHACKLETON buy 5 M 480 Not Provided 19.02.2013

Goldman Sachs CONOR PARSONS neutral/attractive 3 M 410 6 month 18.02.2013

Societe Generale ANDREW HOLLAND sell 1 D 370 12 month 14.02.2013

Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 14.02.2013

Canaccord Genuity Corp WAYNE BROWN hold 3 M 380 Not Provided 14.02.2013

Panmure Gordon & Co Limited DAMIAN MCNEELA hold 3 M 380 Not Provided 14.02.2013

Barclays SIMON HALES equalweight 3 D 400 Not Provided 14.02.2013

JPMorgan MATTHEW WEBB underweight 1 D 380 9 month 13.02.2013

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

Deutsche Bank JONATHAN FELL hold 3 M 425 12 month 28.11.2012

Investec NICOLA MALLARD buy 5 N 315 Not Provided 19.07.2012

Davy BARRY GALLAGHER neutral 3 M #N/A N/A Not Provided 12.07.2012

Holdings By:

Britvic PLC ee

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

Page 62: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

BTG plc licenses, develops and commercializes pharmaceuticals and has a

pipeline of development programs targeting neurological and other disorders,

including varicose veins. The Company also has a substantial and growing

revenue stream of milestone payments and royalties from out-licensed products.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (04.07.2012) 426.00

52-Week Low (29.08.2012) 297.00

Daily Volume

327.8

52-Week High % Change -23.05% Dividend Yield 0.00

52-Week Low % Change 10.37% Beta 0.94

% 52 Week Price Range High/Low 23.88% Equity Float 222.65

Shares Out 31.01.2013 328.3 Short Int -

1'076.07 1 Yr Total Return -7.32%

Total Debt 0.00 YTD Return -1.27%

Preferred Stock 0.0 Adjusted BETA 0.936

Minority Interest 0.0 Analyst Recs 10

Cash and Equivalents 111.90 Consensus Rating 4.000

Enterprise Value 925.37

Average Volume 5 Day 423'095

BTG LN EQUITY YTD Change - Average Volume 30 Day 565'578

BTG LN EQUITY YTD % CHANGE - Average Volume 3 Month 431'765

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 - -

75.0 84.8 98.5 111.4 197.2 - - 213.0 225.7 - -

0.97x 2.84x 3.84x 6.04x 4.97x - - 4.37x 3.93x - -

18.6 13.0 17.0 16.0 58.6 - - 58.1 62.2 - -

3.92x 18.53x 22.24x 42.04x 16.73x - - 15.92x 14.87x - -

8.8 (13.1) 11.3 9.2 14.6 - - 39.5 45.5 - -

14.63x - 40.38x 66.43x 74.51x - - 27.32x 24.65x - -

EBITDA 58.60 Long-Term Rating Date -

EBIT 23.50 Long-Term Rating -

Operating Margin 11.92% Long-Term Outlook -

Pretax Margin 11.66% Short-Term Rating Date -

Return on Assets 3.92% Short-Term Rating -

Return on Common Equity 4.83%

Return on Capital 4.83% EBITDA/Interest Exp. 36.63

Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 34.31

Net Debt/EBITDA -1.94

Gross Margin 73.6% Total Debt/EBITDA 0.00

EBITDA Margin 33.7%

EBIT Margin 12.9% Total Debt/Equity 0.0%

Net Income Margin 7.4% Total Debt/Capital 0.0%

Asset Turnover 0.45

Current Ratio 2.99 Net Fixed Asset Turnover 10.45

Quick Ratio 2.27 Accounts receivable turnover-days -

Debt to Assets 0.00% Inventory Days 112.32

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 132.20

Inventory Turnover 3.26

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BTG PLCPrice/Volume

Valuation Analysis

516'326.00

Current Price (2/dd/yy) Market Data

'2'

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

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

1!' 9

0.0

50.0

100.0

150.0

200.0

250.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

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

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

Page 63: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

INVESCO LTD n/a RNS-MAJ 95'198'413 29 388'514 08.08.2012 Investment Advisor

PRUDENTIAL PLC n/a RNS-MAJ 42'044'886 12.81 (2'044'362) 13.12.2012 Investment Advisor

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 29'101'475 8.87 - 31.07.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 13'169'505 4.01 489'250 31.01.2013 Unclassified

AXA FRAMLINGTON INV Multiple Portfolios REG 12'755'184 3.89 1'000'000 03.12.2012 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 12'738'296 3.88 (746'780) 03.12.2012 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 10'651'041 3.24 (2'664) 03.12.2012 Investment Advisor

AEGON n/a ULT-AGG 8'986'863 2.74 89'830 03.12.2012 Unclassified

SCHRODER INVESTMENT Multiple Portfolios REG 8'300'000 2.53 - 03.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 6'236'926 1.9 155'315 26.02.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 5'742'581 1.75 - 03.12.2012 Government

OPPENHEIMERFUNDS INC n/a BUS 5'488'991 1.67 (22'280) 19.01.2011 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 5'098'472 1.55 1'598'472 03.12.2012 Investment Advisor

BARCLAYS PERSONAL IN Multiple Portfolios REG 4'035'966 1.23 (122'722) 03.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 3'975'647 1.21 6'897 27.02.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'950'000 1.2 (500'000) 31.07.2012 Investment Advisor

HARGREAVE n/a ULT-AGG 3'947'033 1.2 72'545 03.12.2012 Unclassified

SARASIN n/a ULT-AGG 3'386'981 1.03 5'659 28.12.2012 Unclassified

PRINCIPAL GLOBAL INV Multiple Portfolios REG 3'249'301 0.99 1'859'300 03.12.2012 Corporation

HUNTER HALL INVESTME Multiple Portfolios REG 3'060'540 0.93 (1'319'643) 03.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura Code Securities GARY WAANDERS neutral 3 M 360 6 month 04.02.2013

Peel Hunt PAUL CUDDON hold 3 M 352 Not Provided 31.01.2013

Daniel Stewart & Co VADIM K ALEXANDRE buy 5 M 430 12 month 31.01.2013

Finncap DR KEITH REDPATH hold 3 M 270 12 month 30.01.2013

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

Deutsche Bank RICHARD J PARKES buy 5 M 420 12 month 13.11.2012

Jefferies PETER WELFORD hold 3 M 375 12 month 12.11.2012

JPMorgan JAMES D GORDON overweight 5 M 425 6 month 08.11.2012

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 400 Not Provided 08.11.2012

Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 03.10.2012

Ambrian Partners Ltd CHRISTOPHER REDHEAD buy 5 N #N/A N/A Not Provided 31.08.2010

Holdings By:

BTG PLC ee

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

Page 64: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Bwin.Party Digital Entertainment PLC offers Internet gambling services. The

Company operates gambling websites offering sports betting, poker, casino

games, and audio and video streams of sporting events.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (09.03.2012) 166.50

52-Week Low (04.09.2012) 91.05

Daily Volume

150

52-Week High % Change -9.91% Dividend Yield 1.89

52-Week Low % Change 64.74% Beta 1.00

% 52 Week Price Range High/Low 78.13% Equity Float 622.67

Shares Out 31.01.2013 806.9 Short Int -

1'210.31 1 Yr Total Return -2.74%

Total Debt 33.20 YTD Return 34.89%

Preferred Stock 0.0 Adjusted BETA 0.998

Minority Interest (3.8) Analyst Recs 18

Cash and Equivalents 328.70 Consensus Rating 3.444

Enterprise Value 1'180.74

Average Volume 5 Day 4'061'210

BPTY LN EQUITY YTD Change - Average Volume 30 Day 4'104'694

BPTY LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'172'446

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

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

347.8 323.2 319.8 348.4 674.5 89.6 707.2 801.5 824.2 - -

4.43x 2.04x 3.48x 2.37x 1.98x 0.00x 0.00x 1.51x 1.35x - -

34.9 86.4 91.0 80.0 (249.2) 0.0 0.0 160.1 160.0 - -

44.13x 7.65x 12.22x 10.30x - 0.00x 0.00x 7.38x 7.38x - -

30.4 45.7 (19.1) 38.9 (428.9) 0.0 0.0 116.8 116.6 - -

191.66x 14.78x 22.33x 24.46x - 0.00x 0.00x 12.37x 12.46x - -

EBITDA -249.20 Long-Term Rating Date -

EBIT -395.70 Long-Term Rating -

Operating Margin -58.67% Long-Term Outlook -

Pretax Margin -62.70% Short-Term Rating Date -

Return on Assets -27.39% Short-Term Rating -

Return on Common Equity -41.57%

Return on Capital - EBITDA/Interest Exp. -27.38

Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. -30.75

Net Debt/EBITDA -

Gross Margin 91.7% Total Debt/EBITDA -0.16

EBITDA Margin -22.6%

EBIT Margin -40.7% Total Debt/Equity 4.2%

Net Income Margin -63.6% Total Debt/Capital 4.0%

Asset Turnover 0.55

Current Ratio 1.38 Net Fixed Asset Turnover 24.96

Quick Ratio 1.05 Accounts receivable turnover-days 23.71

Debt to Assets 2.54% Inventory Days 1.74

Tot Debt to Common Equity 4.16% Accounts Payable Turnover Day 56.19

Accounts Receivable Turnover 15.44 Cash Conversion Cycle -122.18

Inventory Turnover 210.40

Fiscal Year Ended

Bwin.Party Digital Entertainment PLCPrice/Volume

Valuation Analysis

9'102'204.00

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

'.'1'3'5'

-''-.'-1'-3'-5'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

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

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

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

Page 65: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

JANUS CAPITAL MANAGE n/a ULT-AGG 72'129'136 8.94 (8'419'479) 08.02.2013 Investment Advisor

PARASOL RUTH n/a Co File 58'498'667 7.25 - 19.03.2012 n/a

DELEON J RUSSELL n/a Co File 58'498'666 7.25 - 19.03.2012 n/a

SRS INVESTMENT MANAG n/a RNS-MAJ 40'645'349 5.04 (2'205'651) 08.05.2012 Hedge Fund Manager

FMR LLC n/a ULT-AGG 40'366'940 5 (1'031'513) 01.04.2011 Investment Advisor

ANDROSCH PVT FOUNDAT n/a Co File 38'650'591 4.79 - 19.03.2012 Other

STEINBERG ASSET MANA n/a RNS-MAJ 20'305'696 2.52 (81'556) 29.03.2011 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 14'833'262 1.84 (846'843) 26.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 12'306'219 1.53 (2'056'972) 31.12.2012 Investment Advisor

BODNER MANFRED n/a RNS-DIR 12'298'427 1.52 - 31.08.2012 n/a

TEUFELBERGER NORBERT n/a Co File 12'298'427 1.52 - 31.12.2011 n/a

AKRE CAPITAL MANAGEM Multiple Portfolios MF-AGG 10'000'000 1.24 - 31.12.2012 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'805'994 0.97 103'650 31.12.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 5'324'831 0.66 71'851 31.12.2012 Investment Advisor

LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 4'959'300 0.61 - 31.12.2012 Investment Advisor

HIGHBRIDGE CAPITAL M n/a Short (4'115'070) -0.51 (244'608) 12.02.2013 Hedge Fund Manager

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 2'775'543 0.34 817'953 31.12.2012 Mutual Fund Manager

LEGG MASON INC Multiple Portfolios MF-AGG 2'410'379 0.3 - 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 2'354'059 0.29 41'481 31.01.2013 Unclassified

RYAN JAMES A n/a RNS-DIR 2'255'758 0.28 225'000 31.12.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Daniel Stewart & Co MICHAEL CAMPBELL buy 5 M 173 12 month 27.02.2013

Morgan Stanley VAUGHAN LEWIS Overwt/In-Line 5 M 200 12 month 26.02.2013

Investec JAMES HOLLINS hold 3 M 140 12 month 26.02.2013

AlphaValue THOMAS PICHERIT buy 5 M 193 6 month 21.02.2013

Canaccord Genuity Corp SIMON DAVIES hold 3 M 122 12 month 11.02.2013

Barclays ED BIRKIN equalweight 3 M 130 Not Provided 11.02.2013

Numis Securities Ltd IVOR JONES buy 5 M 145 Not Provided 08.02.2013

Peel Hunt NICHOLAS BATRAM hold 3 M 124 Not Provided 29.01.2013

Macquarie ANGUS TWEEDIE underperform 1 M 100 12 month 25.01.2013

Goodbody Stockbrokers Ltd GAVIN KELLEHER sell 1 M 95 12 month 16.01.2013

Panmure Gordon & Co Limited SIMON FRENCH buy 5 M 157 Not Provided 11.01.2013

Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 04.12.2012

Exane BNP Paribas ROBERTA CIACCIA outperform 5 M 155 Not Provided 02.11.2012

CA Cheuvreux MARCO BACCAGLIO underperform 1 M 100 Not Provided 03.09.2012

Davy DAVID JENNINGS underperform 1 M #N/A N/A Not Provided 25.07.2012

Oriel Securities Ltd JEFFREY HARWOOD hold 3 M #N/A N/A Not Provided 27.06.2012

Deutsche Bank RICHARD CARTER buy 5 M 195 12 month 22.05.2012

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011

Equita SIM SpA GIANMARCO BONACINA not rated #N/A N/A M #N/A N/A Not Provided 19.04.2011

Holdings By:

Bwin.Party Digital Entertainment PLC ee

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

Page 66: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

C&C Group plc is a manufacturer, marketer and distributor of branded ciders and

beers. The Company's core markets are England & Wales, Ireland, Scotland and

Northern Ireland and it also exports to many countries Internationally.

Latest Fiscal Year: 02/2012

LTM as of: 01/yy

52-Week High (15.02.2013) 4.99

52-Week Low (26.06.2012) 3.17

Daily Volume

4.779

52-Week High % Change -4.23% Dividend Yield 1.78

52-Week Low % Change 50.76% Beta 0.79

% 52 Week Price Range High/Low 88.41% Equity Float 329.91

Shares Out 01.02.2013 344.2 Short Int -

1'645.09 1 Yr Total Return 33.52%

Total Debt 60.00 YTD Return 4.87%

Preferred Stock 0.0 Adjusted BETA 0.786

Minority Interest 0.0 Analyst Recs 16

Cash and Equivalents 128.30 Consensus Rating 3.375

Enterprise Value 1'565.49

Average Volume 5 Day 964'259

GCC ID EQUITY YTD Change - Average Volume 30 Day 1'571'318

GCC ID EQUITY YTD % CHANGE - Average Volume 3 Month 1'294'028

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

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 - -

597.5 514.4 362.7 509.9 480.8 - - 488.3 735.3 - -

2.79x 1.04x 3.50x 2.26x 2.31x - - 3.67x 2.35x - -

143.9 119.8 91.6 122.2 131.5 - - 134.6 157.8 - -

11.57x 4.47x 13.87x 9.44x 8.45x - - 11.63x 9.92x - -

234.9 (60.9) 73.5 300.4 95.7 - - 94.2 106.6 - -

15.85x - 14.89x 16.00x 12.03x - - 16.77x 14.89x - -

EBITDA 131.50 Long-Term Rating Date -

EBIT 111.20 Long-Term Rating -

Operating Margin 23.13% Long-Term Outlook -

Pretax Margin 23.07% Short-Term Rating Date -

Return on Assets 10.24% Short-Term Rating -

Return on Common Equity 14.11%

Return on Capital 13.95% EBITDA/Interest Exp. 22.67

Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 19.41

Net Debt/EBITDA -0.61

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin 27.3%

EBIT Margin 23.0% Total Debt/Equity 8.4%

Net Income Margin 19.9% Total Debt/Capital 7.7%

Asset Turnover 0.49

Current Ratio 1.26 Net Fixed Asset Turnover 2.58

Quick Ratio 0.98 Accounts receivable turnover-days -

Debt to Assets 6.24% Inventory Days -

Tot Debt to Common Equity 8.40% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

C&C Group PLCPrice/Volume

Valuation Analysis

1'742'933.00

Current Price (2/dd/yy) Market Data

'

-

.

0

1

2

3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 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!''

'3!'0!.''6 '3!'6!.''6 '3!'0!.'-' '3!'6!.'-' '3!'0!.'-- '3!'6!.'-- '3!'0!.'-. '3!'6!.'-.

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

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

Page 67: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FRANKLIN RESOURCES n/a ULT-AGG 24'272'307 7.05 (229'270) 30.01.2013 Investment Advisor

STANDARD LIFE INVEST n/a RNS-MAJ 19'053'987 5.54 8'193'151 01.02.2013 Investment Advisor

OPPENHEIMERFUNDS INC n/a RNS-MAJ 18'719'580 5.44 398'357 28.06.2012 Investment Advisor

INVESCO LTD n/a RNS-MAJ 15'543'674 4.52 (8'111'578) 09.11.2012 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 14'133'822 4.11 - 30.09.2012 Unclassified

PRUDENTIAL PLC n/a RNS-MAJ 13'803'563 4.01 2'363'563 09.10.2012 Investment Advisor

INDEPENDENT FRANCHIS n/a RNS-MAJ 13'422'336 3.9 (6'877'129) 01.02.2013 Investment Advisor

F&C ASSET MANAGEMENT n/a RNS-MAJ 13'185'114 3.83 (1'653'323) 27.06.2012 Investment Advisor

DEUTSCHE BANK AG n/a Co File 10'890'718 3.16 - 16.05.2012 Bank

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 10'884'958 3.16 1'614'165 31.12.2012 Investment Advisor

SOUTHEASTERN ASSET M n/a RNS-MAJ 10'187'990 2.96 (3'208'322) 11.02.2013 Investment Advisor

INVESTEC ASSET MANAG #N/A N/A RNS-MAJ 9'626'623 2.8 (2'446'027) 15.02.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 9'524'604 2.77 - 01.04.2011 Investment Advisor

GLANCEY STEPHEN n/a Co File 5'120'000 1.49 - 29.02.2012 n/a

DUNSMORE JOHN M n/a Co File 5'120'000 1.49 - 29.02.2012 n/a

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 4'592'547 1.33 (91) 31.12.2012 Mutual Fund Manager

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 3'475'870 1.01 - 31.01.2013 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'424'748 0.99 69'936 31.12.2012 Investment Advisor

NEISON KENNY n/a Co File 2'561'530 0.74 - 29.02.2012 n/a

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'335'629 0.68 (66'592) 31.07.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goodbody Stockbrokers Ltd LIAM IGOE buy 5 M 6 12 month 27.02.2013

Exane BNP Paribas FRANCOIS MOSNIER neutral 3 M 4 Not Provided 22.02.2013

Societe Generale ANDREW HOLLAND sell 1 M 4 12 month 17.01.2013

JPMorgan MIKE J GIBBS neutral 3 M 4 3 month 17.01.2013

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

Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 16.01.2013

Canaccord Genuity Corp WAYNE BROWN sell 1 M 4 Not Provided 16.01.2013

Berenberg Bank JOSH PUDDLE buy 5 M 5 Not Provided 16.01.2013

Nomura EDWARD MUNDY buy 5 M 6 Not Provided 16.01.2013

Goldman Sachs CONOR PARSONS buy/attractive 5 M 6 12 month 08.01.2013

Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 06.11.2012

Natixis OLIVIER DELAHOUSSE neutral 3 M 4 Not Provided 24.10.2012

Deutsche Bank JONATHAN FELL hold 3 M 4 12 month 17.10.2012

Bloxham Stockbrokers JOE R GILL market weight 3 M #N/A N/A Not Provided 20.03.2012

Holdings By:

C&C Group PLC ee

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

Page 68: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Cable & Wireless Communications is a global full-service communications

business that operates through four regional units - the Caribbean, Panama,

Macau and Monaco & Islands. Services include mobile, broadband and domestic and

international fixed line services as well as pay TV, data centre and hosting,

carrier and managed service/social telecom solutions.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (18.02.2013) 43.14

52-Week Low (01.06.2012) 27.07

Daily Volume

42.14

52-Week High % Change -2.32% Dividend Yield 10.42

52-Week Low % Change 55.67% Beta 1.03

% 52 Week Price Range High/Low 93.78% Equity Float 2'356.04

Shares Out 02.01.2013 2'528.1 Short Int -

1'065.35 1 Yr Total Return 40.06%

Total Debt 1'707.00 YTD Return 19.21%

Preferred Stock 0.0 Adjusted BETA 1.029

Minority Interest 493.0 Analyst Recs 16

Cash and Equivalents 312.00 Consensus Rating 3.375

Enterprise Value 3'728.35

Average Volume 5 Day 4'659'672

CWC LN EQUITY YTD Change - Average Volume 30 Day 5'947'733

CWC LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'317'351

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 - -

6'327.3 6'264.6 2'346.0 2'440.0 2'875.0 - - 2'758.6 2'521.9 - -

1.18x 1.15x 1.37x 1.38x 1.14x - - 1.28x 1.25x - -

1'425.3 1'379.7 819.0 820.0 889.0 - - 852.4 779.4 - -

5.25x 5.21x 3.93x 4.10x 3.67x - - 4.37x 4.78x - -

329.2 245.7 304.0 197.0 (77.0) - - 147.8 128.4 - -

21.90x 25.83x 17.16x 9.63x - - - 11.22x 12.54x - -

EBITDA 889.00 Long-Term Rating Date 26.03.2010

EBIT 531.00 Long-Term Rating BB

Operating Margin 18.47% Long-Term Outlook NEG

Pretax Margin 3.62% Short-Term Rating Date 23.01.2003

Return on Assets -2.18% Short-Term Rating B

Return on Common Equity -

Return on Capital 4.07% EBITDA/Interest Exp. 5.17

Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 3.25

Net Debt/EBITDA 1.78

Gross Margin - Total Debt/EBITDA 2.08

EBITDA Margin 31.2%

EBIT Margin 18.9% Total Debt/Equity -

Net Income Margin -2.7% Total Debt/Capital 80.4%

Asset Turnover 0.73

Current Ratio 0.54 Net Fixed Asset Turnover 1.54

Quick Ratio 0.34 Accounts receivable turnover-days -

Debt to Assets 45.44% Inventory Days -

Tot Debt to Common Equity - Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Cable & Wireless Communications PLCPrice/Volume

Valuation Analysis

4'275'206.00

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

'2

-'-2.'.20'021'12

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

1!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

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

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

Page 69: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

ORBIS HOLDINGS LIMIT n/a RNS-MAJ 370'326'609 14.65 (13'555'337) 06.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 292'295'344 11.56 (50'544'061) 01.01.2013 Investment Advisor

NEWTON INV MGMT Multiple Portfolios REG 211'999'285 8.39 9'720'476 01.01.2013 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 158'092'684 6.25 (79'521) 26.02.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 128'893'539 5.1 11'415'521 01.01.2013 Unclassified

LEGAL & GENERAL n/a ULT-AGG 92'630'235 3.66 (1'326'605) 31.01.2013 Unclassified

MARATHON ASSET MANAG Multiple Portfolios REG 91'582'818 3.62 (4'004'418) 01.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 80'940'656 3.2 38'905'831 01.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 80'448'316 3.18 9'173'865 26.02.2013 Investment Advisor

LSV ASSET MANAGEMENT Multiple Portfolios REG 74'063'345 2.93 310'544 01.01.2013 Investment Advisor

AXA INVESTMENT MANAG Multiple Portfolios REG 48'435'096 1.92 (116'787) 01.01.2013 Investment Advisor

GLOBAL ASSET MANAGEM Multiple Portfolios REG 45'634'817 1.81 (244'318) 01.01.2013 Investment Advisor

STICHTING DEPOSITARY Multiple Portfolios REG 44'273'584 1.75 (1'967'130) 01.01.2013 Unclassified

INVESCO LTD Multiple Portfolios REG 42'540'648 1.68 (4'351'325) 01.01.2013 Investment Advisor

CABLE & WIRE ESOT n/a Co File 37'524'230 1.48 - 31.03.2012 n/a

JUPITER ASSET MANAGE Multiple Portfolios REG 36'364'142 1.44 12'559'973 01.01.2013 Investment Advisor

DIRECTOR & RELATED H Multiple Portfolios REG 32'492'883 1.29 - 01.01.2013 Other

SCOTTISH WIDOWS n/a ULT-AGG 31'109'974 1.23 1'564'924 01.01.2013 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 29'534'037 1.17 720'268 31.12.2012 Investment Advisor

BARCLAYS PERSONAL IN Multiple Portfolios REG 29'004'556 1.15 412'552 01.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue JEAN-MICHEL SALVADOR add 4 M 49 6 month 21.02.2013

Exane BNP Paribas MICHAEL WILLIAMS underperform 1 M 39 Not Provided 20.02.2013

Deutsche Bank DAVID A WRIGHT buy 5 M 53 12 month 19.02.2013

HSBC ADAM M RUMLEY neutral 3 M 41 Not Provided 12.02.2013

JPMorgan CARL MURDOCK-SMITH not rated #N/A N/A M #N/A N/A Not Provided 08.02.2013

Jefferies JEREMY A DELLIS hold 3 M 40 12 month 08.02.2013

Nomura JAMES BRITTON reduce 2 M 42 12 month 08.02.2013

Barclays JOHN-PAUL DAVIDS equalweight 3 M 41 Not Provided 24.01.2013

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

Berenberg Bank STUART GORDON hold 3 M 40 Not Provided 14.01.2013

Espirito Santo Investment Bank ResearchNICK BROWN buy 5 M 50 Not Provided 14.01.2013

Goldman Sachs ANDREW LEE neutral/neutral 3 M 46 12 month 20.12.2012

Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 44 12 month 18.12.2012

Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 26.10.2012

Liberum Capital Ltd LAWRENCE SUGARMAN hold 3 M 33 Not Provided 28.09.2012

Holdings By:

Cable & Wireless Communications PLC ee

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

Page 70: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Capital & Counties Properties PLC is a real estate company. The Company offers

retail and commercial property investment, management, and development services.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (20.02.2013) 258.90

52-Week Low (11.04.2012) 184.60

Daily Volume

252.4

52-Week High % Change -2.51% Dividend Yield 0.59

52-Week Low % Change 36.73% Beta 0.96

% 52 Week Price Range High/Low 91.25% Equity Float 452.61

Shares Out 31.12.2012 752.7 Short Int -

1'899.81 1 Yr Total Return 33.64%

Total Debt 553.30 YTD Return 4.30%

Preferred Stock 0.0 Adjusted BETA 0.958

Minority Interest 0.0 Analyst Recs 17

Cash and Equivalents 89.60 Consensus Rating 2.647

Enterprise Value 2'302.91

Average Volume 5 Day 914'652

CAPC LN EQUITY YTD Change - Average Volume 30 Day 898'752

CAPC LN EQUITY YTD % CHANGE - Average Volume 3 Month 993'208

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

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

98.3 148.1 126.4 113.6 108.4 - - 110.8 81.3 - -

- - - 12.44x 15.92x - - 18.90x 27.09x - -

48.7 53.7 66.1 49.2 48.3 - - 40.7 38.2 - -

- - - 28.72x 35.74x - - 56.57x 60.23x - -

2.1 (364.5) (131.5) 131.6 153.7 - - 11.7 13.1 - -

- - - 7.12x 7.95x - - 168.27x 140.22x - -

EBITDA 48.30 Long-Term Rating Date -

EBIT 47.60 Long-Term Rating -

Operating Margin 43.91% Long-Term Outlook -

Pretax Margin 149.35% Short-Term Rating Date -

Return on Assets 10.18% Short-Term Rating -

Return on Common Equity 16.30%

Return on Capital 12.68% EBITDA/Interest Exp. 1.26

Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -2.95

Net Debt/EBITDA 8.73

Gross Margin 63.7% Total Debt/EBITDA 9.88

EBITDA Margin 46.1%

EBIT Margin 45.3% Total Debt/Equity 50.2%

Net Income Margin 141.8% Total Debt/Capital 33.4%

Asset Turnover 0.06

Current Ratio 1.06 Net Fixed Asset Turnover 0.06

Quick Ratio 0.95 Accounts receivable turnover-days 31.23

Debt to Assets 30.91% Inventory Days 93.67

Tot Debt to Common Equity 50.16% Accounts Payable Turnover Day 141.33

Accounts Receivable Turnover 11.72 Cash Conversion Cycle -158.78

Inventory Turnover 3.91

Fiscal Year Ended

Capital & Counties Properties PLCPrice/Volume

Valuation Analysis

1'290'157.00

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

'

2'

-''

-2'

.''

.2'

0''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

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

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

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

Page 71: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

BLACKROCK n/a ULT-AGG 122'647'764 16.29 (4'258'275) 26.02.2013 Investment Advisor

GORDON FAMILY n/a RNS-MAJ 92'143'204 12.24 1 28.09.2012 n/a

GORDON GRAEME JOHN n/a RNS-DIR 92'143'203 12.24 - 01.11.2011 n/a

CORONATION FUND MANA Multiple Portfolios REG 91'098'284 12.1 36'308'994 03.12.2012 Investment Advisor

GORDON FAMILY INTERE Multiple Portfolios REG 61'693'143 8.2 1 03.12.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 58'005'475 7.71 20'748'110 03.12.2012 Government

PUBLIC INVESTMENT CO n/a RNS-MAJ 37'326'761 4.96 - 13.02.2013 Government

DIRECTOR & RELATED H Multiple Portfolios REG 32'146'403 4.27 - 03.12.2012 Other

LEGAL & GENERAL n/a ULT-AGG 27'131'560 3.6 483'579 31.01.2013 Unclassified

SCOTTISH WIDOWS n/a ULT-AGG 20'453'264 2.72 1'327'237 03.12.2012 Unclassified

GOVT OF SINGAPORE IN n/a ULT-AGG 17'835'046 2.37 47'853 03.12.2012 Government

OLD MUTUAL n/a ULT-AGG 16'282'051 2.16 1'586'096 31.12.2012 Unclassified

STATE STREET n/a ULT-AGG 14'291'061 1.9 (593'111) 27.02.2013 Investment Advisor

APG ALGEMENE PENSIOE Multiple Portfolios REG 14'002'560 1.86 2'075'767 03.12.2012 Pension Fund (ERISA)

CREDIT SUISSE PRIVAT Multiple Portfolios REG 13'523'453 1.8 2'731'617 03.12.2012 Bank

UBS n/a ULT-AGG 11'640'843 1.55 (856'441) 03.12.2012 Unclassified

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 11'389'520 1.51 2'347'684 31.12.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios REG 10'151'067 1.35 - 03.12.2012 Investment Advisor

GREENVERT INVESTMENT Multiple Portfolios REG 9'677'419 1.29 - 03.12.2012 Unclassified

FMR LLC n/a ULT-AGG 9'613'923 1.28 6'028'949 03.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Numis Securities Ltd CHRISTOPHER SPEARING hold 3 M 215 Not Provided 27.02.2013

Jefferies ROBERT DUNCAN hold 3 M 235 12 month 25.02.2013

Morgan Stanley BART GYSENS Overwt/Attractive 5 M 290 12 month 18.02.2013

Exane BNP Paribas NICK WEBB underperform 1 M 220 Not Provided 01.02.2013

Barclays AARON GUY overweight 5 M 290 Not Provided 24.01.2013

Investec ALAN CARTER sell 1 M 210 12 month 21.01.2013

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

Kempen & Co RYAN PALECEK underweight 1 M 245 12 month 14.01.2013

Oriel Securities Ltd MIRANDA COCKBURN hold 3 D #N/A N/A Not Provided 10.01.2013

Deutsche Bank MARTIN ALLEN hold 3 D 270 12 month 20.12.2012

Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 217 Not Provided 18.12.2012

Peel Hunt KEITH CRAWFORD hold 3 M 220 Not Provided 27.11.2012

Credit Suisse STEVE BRAMLEY-JACKSON underperform 1 M 220 Not Provided 08.11.2012

JPMorgan HARM M MEIJER underweight 1 M 240 9 month 07.11.2012

Liberum Capital Ltd ALISON WATSON buy 5 M 256 Not Provided 18.10.2012

Holdings By:

Capital & Counties Properties PLC ee

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

Page 72: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Carillion plc provides support and construction services in Europe, Canada, the

Middle East, North Africa, and the Caribbean. The Company offers services in

the areas of health, education and regeneration, road, rail, defense, and

commercial property.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (29.02.2012) 344.20

52-Week Low (25.07.2012) 234.60

Daily Volume

312.7

52-Week High % Change -9.15% Dividend Yield 5.52

52-Week Low % Change 33.29% Beta 1.01

% 52 Week Price Range High/Low 71.26% Equity Float 403.30

Shares Out 02.11.2012 430.3 Short Int -

1'345.41 1 Yr Total Return 2.37%

Total Debt 812.90 YTD Return -1.36%

Preferred Stock 0.0 Adjusted BETA 1.010

Minority Interest 10.6 Analyst Recs 14

Cash and Equivalents 659.60 Consensus Rating 3.286

Enterprise Value 1'509.31

Average Volume 5 Day 1'678'271

CLLN LN EQUITY YTD Change - Average Volume 30 Day 1'363'480

CLLN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'362'836

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

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

4'433.8 4'504.2 4'236.5 4'153.2 3'666.2 - - 4'672.8 4'986.4 - -

0.27x 0.26x 0.33x 0.33x 0.42x - - 0.32x 0.29x - -

137.1 168.0 183.8 198.4 215.7 - - 260.6 267.2 - -

8.84x 7.07x 7.67x 6.81x 7.08x - - 5.79x 5.65x - -

108.3 132.4 147.2 134.6 160.1 - - 172.4 179.8 - -

8.73x 9.10x 10.42x 9.41x 8.52x - - 7.68x 7.38x - -

EBITDA 215.70 Long-Term Rating Date -

EBIT 153.50 Long-Term Rating -

Operating Margin 4.19% Long-Term Outlook -

Pretax Margin 4.90% Short-Term Rating Date -

Return on Assets 4.23% Short-Term Rating -

Return on Common Equity 16.24%

Return on Capital 17.29% EBITDA/Interest Exp. 1.62

Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 1.51

Net Debt/EBITDA 0.71

Gross Margin 10.6% Total Debt/EBITDA 3.77

EBITDA Margin 5.9%

EBIT Margin 4.2% Total Debt/Equity 81.4%

Net Income Margin 4.4% Total Debt/Capital 44.6%

Asset Turnover 0.97

Current Ratio 1.09 Net Fixed Asset Turnover 28.06

Quick Ratio 0.39 Accounts receivable turnover-days -

Debt to Assets 21.05% Inventory Days 7.08

Tot Debt to Common Equity 81.38% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -25.79

Inventory Turnover 51.68

Fiscal Year Ended

Carillion PLCPrice/Volume

Valuation Analysis

3'304'036.00

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

'

2'

-''

-2'

.''

.2'

0''

02'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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

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

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

Page 73: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FRANKLIN RESOURCES n/a ULT-AGG 52'528'187 12.21 (322'772) 31.12.2012 Investment Advisor

STANDARD LIFE INVEST n/a RNS-MAJ 26'950'671 6.26 4'343'933 08.11.2012 Investment Advisor

EAGA PARTNERSHIP TRU Multiple Portfolios REG 22'947'415 5.33 - 01.11.2012 Unclassified

TEMPLETON GLOBAL ADV n/a Co File 22'461'659 5.22 - 29.02.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 22'376'884 5.2 - 01.11.2012 Investment Advisor

AMERIPRISE FINANCIAL n/a Co File 20'998'639 4.88 - 29.02.2012 Investment Advisor

F&C ASSET MANAGEMENT n/a Co File 19'234'409 4.47 - 29.02.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 18'476'337 4.29 4'199'735 26.02.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 17'433'739 4.05 (294'929) 31.01.2013 Unclassified

ROYAL BANK OF CANADA n/a ULT-AGG 17'126'966 3.98 (414'275) 30.11.2012 Bank

EAGA PSHIP TRUST n/a RNS-MAJ 16'879'323 3.92 - 28.01.2013 Other

T ROWE PRICE ASSOCIA Multiple Portfolios REG 14'669'264 3.41 91'709 01.11.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 14'409'029 3.35 (2'703'054) 01.11.2012 Investment Advisor

HBOS PLC n/a Co File 14'027'780 3.26 - 29.02.2012 Investment Advisor

BREWIN DOLPHIN LIMIT Multiple Portfolios REG 13'915'655 3.23 2'788'593 01.11.2012 Investment Advisor

UBS INVESTMENT BANK n/a Co File 13'425'360 3.12 - 29.02.2012 Bank

RATHBONE UNIT TRUST Multiple Portfolios REG 12'451'234 2.89 (305'883) 01.11.2012 Investment Advisor

ALLIANZ GLOBAL INVES n/a RNS-RUL8 11'388'229 2.65 10'666 18.04.2011 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 10'258'053 2.38 - 01.11.2012 Government

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'437'849 1.73 (112'574) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Investec ANDREW GIBB buy 5 M 350 12 month 27.02.2013

Canaccord Genuity Corp JAMES GILBERT hold 3 D 350 12 month 27.02.2013

Panmure Gordon & Co Limited ANDY BROWN buy 5 M 400 Not Provided 25.02.2013

Numis Securities Ltd HOWARD SEYMOUR buy 5 M 350 Not Provided 20.02.2013

Berenberg Bank CHRIS MOORE buy 5 U 370 Not Provided 18.02.2013

Oriel Securities Ltd MARK HOWSON buy 5 M 362 Not Provided 15.02.2013

RBC Capital Markets OLIVIA PETERS sector perform 3 M 300 12 month 29.01.2013

Peel Hunt ANDREW NUSSEY sell 1 D 280 Not Provided 22.01.2013

Credit Suisse EUGENE KLERK neutral 3 D 349 Not Provided 15.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

Liberum Capital Ltd JOE BRENT sell 1 M 235 Not Provided 09.01.2013

Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 360 6 month 31.10.2012

HSBC JEFFREY G DAVIS underweight 1 N 250 Not Provided 19.09.2012

JPMorgan EMILY BIDDULPH neutral 3 M #N/A N/A Not Provided 05.09.2011

Holdings By:

Carillion PLC ee

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

Page 74: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Castellum AB is a real estate investment company. The Company, through

subsidiaries, buys, develops, improves, and manages properties in selected

areas, with good service and communications, in Sweden. Castellum leases out

commercial space for stores, offices, schools, warehousing, and industrial use,

as well as apartments. The Company's properties are managed locally.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (27.02.2013) 97.55

52-Week Low (14.06.2012) 76.30

Daily Volume

97.4

52-Week High % Change -0.15% Dividend Yield -

52-Week Low % Change 27.65% Beta 0.86

% 52 Week Price Range High/Low 99.29% Equity Float -

Shares Out 26.02.2013 172.0 Short Int -

16'753.45 1 Yr Total Return 16.75%

Total Debt 19'094.00 YTD Return 5.53%

Preferred Stock 0.0 Adjusted BETA 0.862

Minority Interest 0.0 Analyst Recs 15

Cash and Equivalents 44.00 Consensus Rating 3.333

Enterprise Value 35'803.45

Average Volume 5 Day 318'050

CAST SS EQUITY YTD Change - Average Volume 30 Day 309'937

CAST SS EQUITY YTD % CHANGE - Average Volume 3 Month 338'784

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

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

2'505.0 2'696.0 2'760.0 2'921.0 3'080.0 2'921.0 3'073.0 3'257.6 3'403.2 801.8 811.3

9.80x 10.08x 11.15x 10.63x 11.10x 42.76x 42.44x 11.10x 10.64x 45.42x 44.78x

1'603.0 1'673.0 1'714.0 1'841.0 1'945.0 1'674.0 1'938.0 2'051.8 2'153.8 469.0 531.3

15.32x 16.24x 17.96x 16.87x 17.58x 18.55x 17.64x 17.45x 16.62x 17.45x 17.26x

(663.0) 160.0 1'964.0 711.0 1'473.0 711.0 1'473.0 1'224.5 1'300.6 254.2 330.0

- 74.31x 7.64x 19.68x 10.28x 19.68x 10.27x 13.17x 12.46x 13.18x 13.16x

EBITDA 1'945.00 Long-Term Rating Date -

EBIT 1'945.00 Long-Term Rating -

Operating Margin 40.75% Long-Term Outlook -

Pretax Margin 34.94% Short-Term Rating Date -

Return on Assets 4.16% Short-Term Rating -

Return on Common Equity 12.66%

Return on Capital 4.95% EBITDA/Interest Exp. 2.82

Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -1.24

Net Debt/EBITDA 9.83

Gross Margin - Total Debt/EBITDA 9.85

EBITDA Margin 63.1%

EBIT Margin - Total Debt/Equity 158.3%

Net Income Margin 47.8% Total Debt/Capital 61.3%

Asset Turnover 0.09

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 52.13% Inventory Days -

Tot Debt to Common Equity 158.26% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Castellum ABPrice/Volume

Valuation Analysis

415'125.00

Current Price (2/dd/yy) Market Data

'

.'

1'

3'

5'

-''

-.'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!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

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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

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

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

Page 75: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

EUROPEAN INVESTORS I n/a Research 6'776'987 3.94 - 31.12.2012 Investment Advisor

SZOMBATFALVY LASZLO n/a Co File 5'000'000 2.91 - 31.12.2012 n/a

SZOMBATFALVY MAGDALE n/a Co File 4'935'000 2.87 - 31.12.2012 n/a

AFA SJUKFOERSAEKRING n/a Co File 3'830'871 2.23 - 31.12.2012 Insurance Company

BLACKROCK n/a ULT-AGG 3'493'451 2.03 5'488 26.02.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 3'288'718 1.91 (9'730) 31.12.2012 Investment Advisor

LANNEBO FONDER AB n/a Co File 2'103'941 1.22 - 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'088'508 1.21 342'885 31.12.2012 Investment Advisor

FJARDE AP-FONDEN n/a Co File 2'050'972 1.19 - 31.12.2012 Pension Fund (ERISA)

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 1'999'839 1.16 65'283 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'979'478 1.15 54'874 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 1'857'673 1.08 15'272 27.02.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'854'756 1.08 20'109 31.01.2013 Investment Advisor

LANSFORSAKRINGAR FAS n/a Co File 1'822'209 1.06 - 31.12.2012 Insurance Company

CACEIS BANK18129 n/a Co File 1'783'658 1.04 - 31.12.2012 Bank

AMF PENSION INSURANC n/a Research 1'685'000 0.98 - 30.06.2012 Insurance Company

TREDJE AP-FONDEN n/a Co File 1'599'903 0.93 - 31.12.2012 Government

ANDRA AP FONDEN n/a Co File 1'491'095 0.87 - 31.12.2012 Pension Fund (ERISA)

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'388'700 0.81 326'500 31.10.2012 Investment Advisor

LIVFORSAKRINGS AB SK n/a Co File 1'095'711 0.64 - 31.12.2012 Corporation

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

SEB Enskilda BENGT CLAESSON hold 3 M 93 Not Provided 25.02.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 108 12 month 12.02.2013

Pareto Securities JOHAN EDBERG hold 3 M 93 6 month 24.01.2013

Morgan Stanley BART GYSENS Overwt/Attractive 5 M 105 12 month 23.01.2013

Carnegie TOBIAS KAJ hold 3 M #N/A N/A Not Provided 23.01.2013

Nordea Equity Research JONAS L ANDERSSON hold 3 M 93 12 month 23.01.2013

Danske Markets PETER TRIGARSZKY hold 3 D 96 12 month 23.01.2013

ABG Sundal Collier FREDRIC CYON hold 3 M 93 6 month 22.01.2013

DNB Markets SIMEN MORTENSEN hold 3 M 95 Not Provided 22.01.2013

Handelsbanken ALBIN SANDBERG accumulate 4 D 101 Not Provided 21.01.2013

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

Swedbank ANDREAS DAAG neutral 3 M 95 12 month 14.01.2013

Kempen & Co ROBERT WOERDEMAN overweight 5 M 99 12 month 13.01.2013

ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 M 90 Not Provided 05.07.2012

Edge Capital Research GEIR ROENNESTAD neutral 3 N 110 12 month 27.04.2011

Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 19.10.2010

Holdings By:

Castellum AB ee

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

Page 76: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Catlin Group Limited underwrites specialty insurance and reinsurance worldwide.

The Group specializes in property and casualty treaty reinsurance, structured

risk and other coverages, as well as professional indemnity, property, general

liability, D&O and commercial crime coverage for UK policyholders.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (07.02.2013) 549.00

52-Week Low (01.06.2012) 396.50

Daily Volume

500

52-Week High % Change -8.93% Dividend Yield 6.06

52-Week Low % Change 26.10% Beta 0.90

% 52 Week Price Range High/Low 67.87% Equity Float 337.64

Shares Out 01.02.2013 361.8 Short Int -

1'809.13 1 Yr Total Return 27.50%

Total Debt 92.00 YTD Return 3.25%

Preferred Stock 590.0 Adjusted BETA 0.904

Minority Interest 0.0 Analyst Recs 21

Cash and Equivalents 2'474.00 Consensus Rating 3.476

Enterprise Value 952.81

Average Volume 5 Day 1'236'647

CGL LN EQUITY YTD Change - Average Volume 30 Day 874'471

CGL LN EQUITY YTD % CHANGE - Average Volume 3 Month 709'060

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

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

2'486.8 3'335.0 3'414.0 3'873.0 3'755.0 - - 4'391.2 4'788.7 - -

- 0.04x 0.01x 0.19x 0.29x - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

(2.9) 553.0 381.0 82.0 349.0 - - 344.2 376.4 - -

- 3.60x 5.90x 56.02x 9.36x - - 8.29x 7.56x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 9.40% Long-Term Outlook -

Pretax Margin 9.03% Short-Term Rating Date -

Return on Assets 2.59% Short-Term Rating -

Return on Common Equity 10.83%

Return on Capital 14.79% EBITDA/Interest Exp. -

Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 3.1%

Net Income Margin 9.3% Total Debt/Capital 2.6%

Asset Turnover 0.28

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 0.66% Inventory Days -

Tot Debt to Common Equity 3.15% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Catlin Group LtdPrice/Volume

Valuation Analysis

636'627.00

Current Price (2/dd/yy) Market Data

'

-''

.''

0''

1''

2''

3''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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

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

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

Page 77: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

INVESCO LTD n/a Co File 36'241'220 10.02 - 08.02.2012 Investment Advisor

VERITAS ASSET MANAGE n/a RNS-MAJ 17'192'617 4.75 - 05.04.2012 Investment Advisor

CANTILLON CAPITAL MA n/a RNS-MAJ 16'563'125 4.58 (1'538'412) 18.11.2011 Hedge Fund Manager

CATLIN EBT n/a RNS-DIR 16'121'068 4.46 - 12.10.2011 n/a

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 9'749'377 2.69 - 31.03.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 9'576'827 2.65 - 31.07.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 7'951'939 2.2 21'715 26.02.2013 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 7'557'967 2.09 215'850 31.12.2012 Investment Advisor

MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 5'832'717 1.61 200'000 30.11.2012 Investment Advisor

CATLIN STEPHEN n/a RNS-DIR 5'564'887 1.54 141'300 20.02.2012 n/a

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 4'950'000 1.37 270'000 31.10.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 4'425'161 1.22 - 30.11.2012 Bank

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'852'789 1.06 111'548 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 3'214'505 0.89 (496'194) 31.12.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'162'069 0.87 - 28.09.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'780'000 0.77 - 30.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 2'667'707 0.74 68'299 31.12.2012 Investment Advisor

AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 2'595'045 0.72 - 31.01.2013 Mutual Fund Manager

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 1'905'260 0.53 179'000 31.12.2012 Investment Advisor

ST JAMES' PLACE UNIT Multiple Portfolios MF-AGG 1'530'605 0.42 - 31.03.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Keefe, Bruyette & Woods CHRISTOPHER HITCHINGS underperform 1 M 455 12 month 14.02.2013

Shore Capital Stockbrokers EAMONN FLANAGAN hold 3 M #N/A N/A Not Provided 14.02.2013

Credit Suisse RICHARD BURDEN underperform 1 D 495 Not Provided 13.02.2013

Bank of Valletta TEAM COVERAGE overweight 5 M 580 Not Provided 12.02.2013

Goldman Sachs COLIN L SIMPSON neutral/neutral 3 D 570 12 month 11.02.2013

JPMorgan ANDREAS VAN EMBDEN overweight 5 M 520 3 month 11.02.2013

Canaccord Genuity Corp BEN COHEN hold 3 M 530 12 month 11.02.2013

Berenberg Bank TOM CARSTAIRS sell 1 D 530 Not Provided 11.02.2013

Nomura FAHAD CHANGAZI buy 5 M 555 Not Provided 11.02.2013

Numis Securities Ltd NICHOLAS JOHNSON hold 3 M 540 12 month 11.02.2013

Oriel Securities Ltd MARCUS BARNARD buy 5 M 570 Not Provided 11.02.2013

Westhouse Securities JOANNA PARSONS neutral 3 M 530 Not Provided 08.02.2013

Barclays OLIVIA BRINDLE overweight 5 M 620 Not Provided 08.02.2013

Peel Hunt MARK WILLIAMSON hold 3 M 471 Not Provided 04.02.2013

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

RBC Capital Markets KAMRAN HOSSAIN outperform 5 U 600 12 month 16.01.2013

HSBC THOMAS FOSSARD neutral 3 D 582 Not Provided 16.01.2013

Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 503 12 month 05.12.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 535 Not Provided 12.06.2012

Holdings By:

Catlin Group Ltd ee

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

Page 78: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Celesio AG wholesales and retails pharmaceuticals to customers in Europe. The

Company wholesales pharmaceuticals, operates retail pharmacies, and provides

logistics and transportation services for pharmaceuticals at local, national and

European level.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (22.10.2012) 15.57

52-Week Low (05.06.2012) 10.72

Daily Volume

13.53

52-Week High % Change -13.07% Dividend Yield -

52-Week Low % Change 26.21% Beta 0.90

% 52 Week Price Range High/Low 58.00% Equity Float 77.23

Shares Out 30.09.2012 170.1 Short Int -

2'301.45 1 Yr Total Return -0.63%

Total Debt 2'067.00 YTD Return 3.72%

Preferred Stock 0.0 Adjusted BETA 0.902

Minority Interest 32.2 Analyst Recs 24

Cash and Equivalents 448.30 Consensus Rating 3.875

Enterprise Value 4'147.05

Average Volume 5 Day 361'736

CLS1 GY EQUITY YTD Change - Average Volume 30 Day 354'790

CLS1 GY EQUITY YTD % CHANGE - Average Volume 3 Month 418'192

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

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

22'349.5 21'166.6 21'497.2 23'277.6 23'026.4 22'442.7 22'560.6 22'542.0 22'562.5 5'657.0 -

0.43x 0.26x 0.24x 0.21x 0.16x 0.77x 0.71x 0.18x 0.17x - -

881.4 657.4 595.9 664.7 486.6 631.5 597.0 554.7 612.1 145.0 -

10.86x 8.32x 8.50x 7.37x 7.67x 5.42x 7.05x 7.47x 6.77x - -

430.6 (21.0) 3.4 259.2 2.2 111.5 (91.1) 195.5 231.6 66.1 -

16.73x - 885.00x 12.24x 1224.00x 9.26x 13.76x 11.31x 10.12x - -

EBITDA 486.60 Long-Term Rating Date -

EBIT 343.20 Long-Term Rating -

Operating Margin 1.49% Long-Term Outlook -

Pretax Margin 0.45% Short-Term Rating Date -

Return on Assets -1.12% Short-Term Rating -

Return on Common Equity -3.76%

Return on Capital 0.56% EBITDA/Interest Exp. 3.09

Asset Turnover 2.78% (EBITDA-Capex)/Interest Exp. 1.74

Net Debt/EBITDA 3.04

Gross Margin 11.9% Total Debt/EBITDA 3.32

EBITDA Margin 2.6%

EBIT Margin 2.0% Total Debt/Equity 81.2%

Net Income Margin 0.0% Total Debt/Capital 44.5%

Asset Turnover 2.78

Current Ratio 1.30 Net Fixed Asset Turnover 40.25

Quick Ratio 0.75 Accounts receivable turnover-days 38.39

Debt to Assets 23.50% Inventory Days 29.43

Tot Debt to Common Equity 81.20% Accounts Payable Turnover Day 44.86

Accounts Receivable Turnover 9.53 Cash Conversion Cycle 23.77

Inventory Turnover 12.43

Fiscal Year Ended

Celesio AGPrice/Volume

Valuation Analysis

247'889.00

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

'.135

-'-.-1-3-5

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

1!' 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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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

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

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

Page 79: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FRANZ HANIEL & CIE G n/a Co File 92'874'603 54.6 - 31.12.2011 Holding Company

BLACKROCK n/a ULT-AGG 7'421'570 4.36 97'201 26.02.2013 Investment Advisor

TEMPLETON INVEST COU n/a Research 5'051'067 2.97 - 07.03.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 4'467'000 2.63 - 31.12.2012 Investment Advisor

AKO CAPITAL LLP n/a Short (4'422'600) -2.6 (561'330) 02.11.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 2'261'837 1.33 1'014'435 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'635'634 0.96 35'206 31.12.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 1'361'025 0.8 111'913 31.01.2013 Investment Advisor

ADELPHI CAPITAL LLP n/a Short (1'258'740) -0.74 (221'130) 04.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 781'257 0.46 (757) 31.12.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 641'000 0.38 255'000 28.09.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 514'600 0.3 (300) 28.12.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 433'963 0.26 - 31.07.2012 Investment Advisor

ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 400'000 0.24 - 28.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 323'742 0.19 - 30.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 299'375 0.18 23'810 26.02.2013 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 258'411 0.15 7'000 01.02.2013 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 240'000 0.14 200'000 28.12.2012 Mutual Fund Manager

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 238'000 0.14 78'000 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 237'012 0.14 (268'464) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue EILEEN RYAN add 4 M 14 6 month 21.02.2013

Commerzbank Corporates & Markets VOLKER BRAUN buy 5 M 19 6 month 05.02.2013

Nomura MARTIN BRUNNINGER buy 5 M 20 12 month 04.02.2013

Solventis WPH-Bank GmbH KLAUS SCHLOTE buy 5 N 16 12 month 30.01.2013

Exane BNP Paribas ANDREAS INDERST outperform 5 M 18 Not Provided 25.01.2013

DZ Bank AG THOMAS MAUL buy 5 M 18 12 month 23.01.2013

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

Steubing AG TOBIAS SCHMIDT buy 5 M 20 Not Provided 14.01.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 14 Not Provided 08.01.2013

Equinet Institutional Services(ESN) EDOUARD AUBERY hold 3 M 15 12 month 07.12.2012

Morgan Stanley MICHAEL K JUNGLING Equalwt/In-Line 3 M 13 12 month 03.12.2012

Independent Research GmbH LARS LUSEBRINK hold 3 M 15 12 month 03.12.2012

M.M. Warburg Investment Research ULRICH HUWALD buy 5 U 16 12 month 28.11.2012

Berenberg Bank SCOTT BARDO hold 3 M 15 Not Provided 28.11.2012

Kepler Capital Markets MARTIN VOEGTLI hold 3 M 15 Not Provided 28.11.2012

Nord/LB THORSTEN STRAUSS hold 3 M 15 12 month 19.11.2012

Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 15 12 month 14.11.2012

Deutsche Bank HOLGER BLUM hold 3 M 14 12 month 06.11.2012

Main First Bank AG MARCUS WIEPRECHT buy 5 M 20 12 month 21.08.2012

Jefferies INGEBORG OIE hold 3 M 13 12 month 30.07.2012

CA Cheuvreux OLIVER REINBERG outperform 5 U 16 Not Provided 08.06.2012

Bankhaus Metzler STEFAN WIMMER buy 5 M 18 12 month 26.04.2012

Holdings By:

Celesio AG ee

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

Page 80: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Close Brothers Group PLC is a specialist financial services group. The Company

makes loans, trades securities and provides advice and investment management

solutions to a wide range of clients. Close Brothers operates through three

divisions: Banking, Securities and Asset Management.

Latest Fiscal Year: 07/2012

LTM as of: 01/yy

52-Week High (25.02.2013) 1'066.00

52-Week Low (01.06.2012) 673.50

Daily Volume

1040

52-Week High % Change -2.44% Dividend Yield 3.99

52-Week Low % Change 54.42% Beta 1.02

% 52 Week Price Range High/Low 93.38% Equity Float 128.58

Shares Out 31.01.2013 147.5 Short Int -

1'534.29 1 Yr Total Return 48.22%

Total Debt 1'651.50 YTD Return 20.51%

Preferred Stock 0.0 Adjusted BETA 1.017

Minority Interest 3.7 Analyst Recs 12

Cash and Equivalents 816.80 Consensus Rating 3.833

Enterprise Value -

Average Volume 5 Day 417'715

CBG LN EQUITY YTD Change - Average Volume 30 Day 430'536

CBG LN EQUITY YTD % CHANGE - Average Volume 3 Month 408'581

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

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 - -

687.2 676.7 624.4 694.7 686.9 - - 586.6 656.6 - -

- - - - - - - 1.49x 1.30x - -

- - - - - - - - - - -

- - - - - - - - - - -

90.0 71.7 65.9 14.6 99.7 - - 118.8 141.1 - -

10.25x 15.86x 14.26x 25.48x 10.86x - - 12.81x 10.84x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 22.38% Long-Term Outlook -

Pretax Margin 24.73% Short-Term Rating Date -

Return on Assets 1.60% Short-Term Rating -

Return on Common Equity 13.36%

Return on Capital 4.01% EBITDA/Interest Exp. -

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

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 215.6%

Net Income Margin 18.3% Total Debt/Capital 68.2%

Asset Turnover 0.11

Current Ratio - Net Fixed Asset Turnover 10.01

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 25.98% Inventory Days -

Tot Debt to Common Equity 215.57% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Close Brothers Group PLCPrice/Volume

Valuation Analysis

394'055.00

Current Price (2/dd/yy) Market Data

'

.''

1''

3''

5''

-'''

-.''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

900.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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

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

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

Page 81: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

SCOTTISH WIDOWS n/a ULT-AGG 17'192'594 11.65 (1'648'668) 02.01.2013 Unclassified

LLOYDS BANKING GROUP n/a ULT-AGG 11'774'465 7.98 (1'446'857) 28.01.2013 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 9'587'768 6.5 (150'034) 02.01.2013 Investment Advisor

STANDARD LIFE INVEST n/a RNS-MAJ 9'246'716 6.27 (2'962'924) 28.01.2013 Investment Advisor

CALEDONIA INVESTMENT #N/A N/A RNS-MAJ 8'826'405 5.98 (1'477'623) 22.02.2013 Investment Advisor

NORGES BANK n/a Co File 6'619'684 4.49 - 14.09.2012 Government

SCHRODER INVESTMENT Multiple Portfolios REG 6'557'544 4.44 344'977 02.01.2013 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios REG 6'182'308 4.19 (142'335) 02.01.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 5'902'691 4 (98'791) 31.01.2013 Unclassified

BLACKROCK n/a ULT-AGG 4'811'203 3.26 467'830 26.02.2013 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 4'014'789 2.72 146'784 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'472'383 2.35 155'613 31.12.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 3'395'191 2.3 (220'500) 02.01.2013 Unclassified

BREWIN DOLPHIN LIMIT Multiple Portfolios REG 3'018'913 2.05 119'024 02.01.2013 Investment Advisor

ROYAL LONDON ASSET M Multiple Portfolios REG 2'494'659 1.69 100'558 02.01.2013 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 2'334'000 1.58 64'657 31.10.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'158'228 1.46 - 26.02.2013 Investment Advisor

PRIVATE INDIVIDUALS Multiple Portfolios REG 2'155'049 1.46 (461) 02.01.2013 Other

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'121'803 1.44 - 31.07.2012 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 2'013'303 1.36 145'043 02.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Peel Hunt STUART DUNCAN buy 5 U 1'135 Not Provided 26.02.2013

Macquarie NEIL WELCH outperform 5 M 1'206 12 month 13.02.2013

Berenberg Bank PRAS JEYANANDHAN buy 5 M 1'150 Not Provided 30.01.2013

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'050 6 month 23.01.2013

JPMorgan RAE MAILE overweight 5 M 997 9 month 23.01.2013

Shore Capital Stockbrokers GARY GREENWOOD hold 3 D #N/A N/A Not Provided 23.01.2013

Canaccord Genuity Corp ROBIN SAVAGE buy 5 M 1'200 Not Provided 23.01.2013

Numis Securities Ltd JAMES HAMILTON hold 3 M 779 Not Provided 23.01.2013

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

HSBC NITIN ARORA neutral 3 D 910 Not Provided 08.10.2012

Daniel Stewart & Co SIMON WILLIS buy 5 M 870 12 month 07.02.2012

Holdings By:

Close Brothers Group PLC ee

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

Page 82: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

CNP Assurances offers group and individual life, health, accident, disability

and credit insurance, and pensions. The Company markets its products for

individuals through banks. CNP operates in parts of Europe and South America.

Latest Fiscal Year: 12/2012

LTM as of: 09/yy

52-Week High (19.03.2012) 12.90

52-Week Low (24.07.2012) 7.52

Daily Volume

11.31

52-Week High % Change -12.33% Dividend Yield -

52-Week Low % Change 50.32% Beta 1.13

% 52 Week Price Range High/Low 70.42% Equity Float 186.16

Shares Out 31.12.2012 643.5 Short Int -

7'277.99 1 Yr Total Return 13.85%

Total Debt 2'688.90 YTD Return -2.54%

Preferred Stock 2'515.8 Adjusted BETA 1.130

Minority Interest 1'441.1 Analyst Recs 17

Cash and Equivalents 955.20 Consensus Rating 3.824

Enterprise Value 12'968.59

Average Volume 5 Day 541'478

CNP FP EQUITY YTD Change - Average Volume 30 Day 292'457

CNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 281'143

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

24'981.9 46'648.6 43'405.6 35'270.7 41'374.1 6'927.4 0.0 33'039.4 33'961.6 6'628.0 -

0.44x 0.29x 0.30x 0.31x 0.32x 0.00x #DIV/0! 0.44x 0.43x - -

- - - - - 0.0 0.0 - - - -

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

730.6 1'004.1 1'050.0 871.9 951.4 526.0 783.0 1'081.4 1'139.5 179.8 -

11.64x 10.66x 8.09x 6.51x 7.49x 0.00x 0.00x 7.05x 6.77x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating A+

Operating Margin 5.99% Long-Term Outlook NEG

Pretax Margin 5.21% Short-Term Rating Date -

Return on Assets 0.28% Short-Term Rating -

Return on Common Equity 8.86%

Return on Capital 7.90% EBITDA/Interest Exp. -

Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 23.1%

Net Income Margin 2.3% Total Debt/Capital 14.7%

Asset Turnover 0.12

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 0.76% Inventory Days -

Tot Debt to Common Equity 23.12% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

CNP AssurancesPrice/Volume

Valuation Analysis

481'127.00

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

'

.

1

3

5

-'

-.

-1

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

40'000.0

45'000.0

50'000.0

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

'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

-!1'

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

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

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

Page 83: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

CAISSE DES DEPOTS ET n/a Co File 237'660'516 36.93 - 31.12.2011 Government

SOPASSURE n/a Co File 210'821'912 32.76 - 31.12.2011 Holding Company

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 8'883'341 1.38 - 31.03.2012 Investment Advisor

FRENCH STATE n/a Co File 6'475'364 1.01 - 31.12.2011 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'462'071 0.69 177'150 31.12.2012 Investment Advisor

CNP ASSURANCES n/a Co File 2'367'164 0.37 - 31.12.2011 Insurance Company

BLACKROCK n/a ULT-AGG 1'471'898 0.23 11'406 26.02.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'381'975 0.21 (71'114) 31.12.2012 Mutual Fund Manager

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 1'092'782 0.17 (141) 31.01.2013 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 891'035 0.14 (40'652) 31.12.2012 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 552'975 0.09 14'000 01.02.2013 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 490'998 0.08 (1'019'647) 30.06.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 447'301 0.07 (7'582) 31.12.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 341'969 0.05 - 31.07.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 307'000 0.05 36'000 31.10.2012 Investment Advisor

STATE STREET BANQUE Multiple Portfolios MF-AGG 261'595 0.04 6'133 31.01.2013 Investment Advisor

STATE STREET n/a ULT-AGG 254'535 0.04 105'843 31.01.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 233'711 0.04 23'157 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 225'351 0.04 28'306 28.12.2012 Mutual Fund Manager

LBBW ASSET MANAGEMEN Multiple Portfolios MF-AGG 214'148 0.03 (25'452) 30.11.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 13 12 month 27.02.2013

Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 D 13 12 month 26.02.2013

Credit Suisse RICHARD BURDEN neutral 3 M 13 Not Provided 26.02.2013

Oddo & Cie NICOLAS JACOB neutral 3 M 12 Not Provided 25.02.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 14 12 month 25.02.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT neutral 3 M 14 6 month 22.02.2013

AlphaValue JEROME CASSAGNE buy 5 M 16 6 month 21.02.2013

Exane BNP Paribas THOMAS JACQUET neutral 3 M 13 Not Provided 15.02.2013

JPMorgan MICHAEL HUTTNER overweight 5 M 15 9 month 11.02.2013

Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.02.2013

HSBC THOMAS FOSSARD overweight 5 M 17 Not Provided 06.02.2013

Barclays CLAUDIA GASPARI equalweight 3 M 13 Not Provided 04.02.2013

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

Natixis BENOIT VALLEAUX buy 5 M 15 Not Provided 10.01.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013

CA Cheuvreux ALEXIS ARQUIE outperform 5 M 12 Not Provided 22.06.2012

Nomura MICHAEL KLIEN neutral 3 M 15 Not Provided 23.02.2012

Holdings By:

CNP Assurances ee

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

Page 84: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Cofinimmo is a Belgian real estate company that specialises in rental property.

The Company's main investment segments are office property, care homes and

distribution property networks. Cofinimmo is an independent company, which

manages its properties in-house.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (16.03.2012) 95.76

52-Week Low (04.06.2012) 82.63

Daily Volume

90.22

52-Week High % Change -5.79% Dividend Yield -

52-Week Low % Change 9.19% Beta 0.76

% 52 Week Price Range High/Low 57.81% Equity Float -

Shares Out 08.01.2013 16.4 Short Int -

1'594.37 1 Yr Total Return 7.27%

Total Debt 1'740.09 YTD Return 0.69%

Preferred Stock - Adjusted BETA 0.762

Minority Interest 66.3 Analyst Recs 13

Cash and Equivalents 3.04 Consensus Rating 2.923

Enterprise Value 3'397.68

Average Volume 5 Day 31'694

COFB BB EQUITY YTD Change - Average Volume 30 Day 36'797

COFB BB EQUITY YTD % CHANGE - Average Volume 3 Month 35'922

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

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

190.0 200.6 195.4 188.8 192.2 188.6 193.6 200.4 207.7 51.1 51.4

15.42x 15.01x 15.29x 15.93x 16.52x 63.68x 65.31x 17.32x 16.82x - -

170.8 185.5 185.2 178.0 - 0.0 0.0 182.6 188.2 - -

17.15x 16.24x 16.13x 16.89x - 0.00x 0.00x 18.61x 18.05x - -

(5.3) 32.5 83.8 118.5 98.1 122.4 99.4 107.4 117.2 25.5 25.2

- 42.69x 17.27x 11.64x 13.99x 10.98x 13.35x 13.45x 12.66x 14.47x -

EBITDA 178.01 Long-Term Rating Date 03.01.2007

EBIT 188.84 Long-Term Rating BBB

Operating Margin 98.24% Long-Term Outlook NEG

Pretax Margin 55.65% Short-Term Rating Date 18.01.2011

Return on Assets 2.77% Short-Term Rating A-2

Return on Common Equity 6.77%

Return on Capital 5.12% EBITDA/Interest Exp. 2.85

Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -0.27

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 97.5% Total Debt/Equity 117.9%

Net Income Margin 51.0% Total Debt/Capital 53.0%

Asset Turnover 0.05

Current Ratio 0.20 Net Fixed Asset Turnover 0.06

Quick Ratio 0.05 Accounts receivable turnover-days 41.09

Debt to Assets 47.77% Inventory Days -

Tot Debt to Common Equity 117.89% Accounts Payable Turnover Day -

Accounts Receivable Turnover 8.91 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

CofinimmoPrice/Volume

Valuation Analysis

29'553.00

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

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

-''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!' 9

!' 9

!- 9

!- 9

!- 9

!- 9

0.0

50.0

100.0

150.0

200.0

250.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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

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

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

Page 85: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

COFINIMMO n/a Co File 870'595 5.3 - 10.10.2012 Corporation

BLACKROCK n/a ULT-AGG 362'756 2.21 152 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 189'122 1.15 5'548 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 166'356 1.01 1'368 27.02.2013 Investment Advisor

COLONIAL FIRST STATE Multiple Portfolios MF-AGG 154'060 0.94 (32'940) 08.05.2012 Investment Advisor

LASALLE INVESTMENT M Multiple Portfolios MF-AGG 115'217 0.7 - 21.08.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 107'081 0.65 (8'912) 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 76'721 0.47 (516) 31.12.2012 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 61'940 0.38 - 28.12.2012 Investment Advisor

DIAM n/a ULT-AGG 57'314 0.35 - 11.01.2012 Unclassified

PETERCAM SA Multiple Portfolios MF-AGG 56'450 0.34 19'392 30.12.2011 Mutual Fund Manager

KBC GROUP NV Multiple Portfolios MF-AGG 52'305 0.32 781 31.01.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 50'839 0.31 (4'700) 31.12.2012 Mutual Fund Manager

ING ASSET MANAGEMENT Multiple Portfolios MF-AGG 49'000 0.3 - 28.09.2012 Investment Advisor

BANK DELEN SA Multiple Portfolios MF-AGG 48'313 0.29 4'104 31.12.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 46'744 0.28 - 28.09.2012 Mutual Fund Manager

STATE STREET BANQUE Multiple Portfolios MF-AGG 34'629 0.21 792 31.01.2013 Investment Advisor

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 30'048 0.18 84 31.12.2012 Mutual Fund Manager

KREDIETRUST LUXEMBOU Multiple Portfolios MF-AGG 29'752 0.18 - 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 27'338 0.17 - 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale HENRI QUADRELLI hold 3 M 94 12 month 12.02.2013

KBC Securities KOEN OVERLAET-MICHIELS accumulate 4 M 97 Not Provided 11.02.2013

Bank Degroof(ESN) JEAN-MARIE CAUCHETEUX hold 3 M 93 12 month 08.02.2013

Petercam JOEL GORSELE hold 3 D 92 Not Provided 08.02.2013

Exane BNP Paribas NICK WEBB neutral 3 M 90 Not Provided 08.02.2013

ING Bank JAAP KUIN hold 3 M 91 12 month 21.01.2013

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

ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 85 Not Provided 17.01.2013

Kempen & Co ROBERT WOERDEMAN neutral 3 M 88 12 month 13.01.2013

JPMorgan ANNELIES J VERMEULEN underweight 1 M 97 9 month 09.01.2013

HSBC THOMAS MARTIN overweight 5 M 104 Not Provided 05.12.2012

Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 83 12 month 27.11.2012

Edge Capital Research KONSTANTIN BOYCHINOV outperform 5 M 107 12 month 29.09.2011

Holdings By:

Cofinimmo ee

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

Page 86: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Daily Mail and General Trust PLC owns and administers a wide range of media

interests. The Company specializes in the publication and printing of newspapers

and periodicals. Daily Mail is active in television, radio, teletext, magazines,

exhibitions, book publishing, and operates a number of internet sites.

Latest Fiscal Year: 09/2012

LTM as of: 12/yy

52-Week High (27.02.2013) 708.50

52-Week Low (14.06.2012) 361.40

Daily Volume

705.5

52-Week High % Change -0.42% Dividend Yield 2.55

52-Week Low % Change 95.21% Beta 1.07

% 52 Week Price Range High/Low 99.14% Equity Float 281.04

Shares Out 27.02.2013 357.8 Short Int -

2'633.44 1 Yr Total Return 70.43%

Total Debt 728.00 YTD Return 28.04%

Preferred Stock 0.0 Adjusted BETA 1.073

Minority Interest 95.3 Analyst Recs 21

Cash and Equivalents 104.70 Consensus Rating 3.667

Enterprise Value 3'352.04

Average Volume 5 Day 1'240'130

DMGT LN EQUITY YTD Change - Average Volume 30 Day 743'290

DMGT LN EQUITY YTD % CHANGE - Average Volume 3 Month 684'811

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

30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

2'311.7 2'062.4 1'968.0 1'748.5 1'746.8 1'485.0 1'754.8 1'806.5 1'828.4 - -

0.99x 1.32x 1.47x 1.23x 1.47x 0.00x 0.00x 1.82x 1.75x - -

377.1 424.7 423.4 320.9 242.8 0.0 0.0 360.8 373.7 - -

6.09x 6.41x 6.82x 6.72x 10.55x 0.00x 0.00x 9.29x 8.97x - -

0.0 (303.4) 199.8 108.5 257.2 0.0 0.0 194.4 204.8 - -

1621.25x - 12.08x 12.23x 9.10x 0.00x 0.00x 13.83x 12.92x - -

EBITDA 242.80 Long-Term Rating Date 23.04.2009

EBIT 104.50 Long-Term Rating BB+

Operating Margin 5.98% Long-Term Outlook POS

Pretax Margin 11.81% Short-Term Rating Date 23.04.2009

Return on Assets 11.79% Short-Term Rating B

Return on Common Equity 272.75%

Return on Capital - EBITDA/Interest Exp. 3.79

Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 2.85

Net Debt/EBITDA 2.57

Gross Margin - Total Debt/EBITDA 3.00

EBITDA Margin 13.9%

EBIT Margin 6.0% Total Debt/Equity 453.0%

Net Income Margin 14.7% Total Debt/Capital 74.0%

Asset Turnover 0.80

Current Ratio 0.65 Net Fixed Asset Turnover 6.43

Quick Ratio 0.41 Accounts receivable turnover-days 47.77

Debt to Assets 33.53% Inventory Days -

Tot Debt to Common Equity 453.02% Accounts Payable Turnover Day -

Accounts Receivable Turnover 7.62 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Daily Mail & General Trust PLCPrice/Volume

Valuation Analysis

2'660'271.00

Current Price (2/dd/yy) Market Data

'

-''

.''

0''

1''

2''

3''

4''

5''

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

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'6!-'!.''6 '6!'1!.'-' '6!-'!.'-' '6!'1!.'-- '6!-'!.'-- '6!'1!.'-. '6!-'!.'-.

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

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

Page 87: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

DIRECTOR & RELATED H Multiple Portfolios REG 76'699'940 21.44 (99'002) 01.12.2012 Other

ROTHERMERE VISCOUNT n/a Co File 75'134'502 21 - 30.09.2012 n/a

CAPITAL GROUP COMPAN n/a ULT-AGG 51'342'798 14.35 1'313'221 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 41'950'846 11.73 32'552 01.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 25'584'806 7.15 2'002'575 31.10.2012 Investment Advisor

GREENLIGHT CAPITAL I n/a Short (16'075'828) -4.49 (217'732) 02.11.2012 Hedge Fund Manager

AVIVA INVESTORS Multiple Portfolios REG 11'461'879 3.2 (60'365) 01.12.2012 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios REG 11'061'849 3.09 350'518 01.12.2012 Investment Advisor

UBS n/a ULT-AGG 11'013'707 3.08 3'146'995 01.12.2012 Unclassified

THREADNEEDLE ASSET M Multiple Portfolios REG 10'392'638 2.9 - 01.12.2012 Investment Advisor

LINDSELL TRAIN INVES Multiple Portfolios REG 8'283'870 2.32 459'990 01.12.2012 Unclassified

F&C ASSET MANAGEMENT Multiple Portfolios REG 7'163'435 2 (23'949) 01.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios REG 6'881'450 1.92 - 01.12.2012 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 6'766'162 1.89 3'399'504 31.03.2012 Investment Advisor

IGNIS ASSET MANAGEME Multiple Portfolios REG 6'759'755 1.89 (2'246'924) 01.12.2012 Investment Advisor

RWC PARTNERS LTD Multiple Portfolios REG 6'186'108 1.73 - 01.12.2012 Investment Advisor

CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 5'372'218 1.5 96'500 28.09.2012 Mutual Fund Manager

CAZENOVE CAPITAL MAN Multiple Portfolios REG 5'368'892 1.5 (6'437) 01.12.2012 Investment Advisor

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 5'165'200 1.44 1'250'200 31.12.2012 Investment Advisor

HOARES BANK Multiple Portfolios REG 4'880'860 1.36 - 01.12.2012 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 635 Not Provided 26.02.2013

Macquarie ANGUS TWEEDIE neutral 3 U 650 12 month 25.02.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 625 Not Provided 21.02.2013

HSBC DAN GRAHAM underweight 1 M 490 Not Provided 19.02.2013

Westhouse Securities RODDY DAVIDSON neutral 3 N 604 12 month 12.02.2013

Deutsche Bank MARK BRALEY hold 3 U 630 12 month 08.02.2013

Exane BNP Paribas WILLIAM PACKER neutral 3 U 620 Not Provided 07.02.2013

Barclays NICK DEMPSEY equalweight 3 M 675 Not Provided 07.02.2013

Investec STEVEN LIECHTI buy 5 M 665 12 month 06.02.2013

Credit Suisse JOSEPH BARNET-LAMB outperform 5 M 700 Not Provided 06.02.2013

Canaccord Genuity Corp SIMON DAVIES hold 3 M 600 Not Provided 06.02.2013

Numis Securities Ltd GARETH R DAVIES buy 5 M 705 Not Provided 06.02.2013

Jefferies DAVID REYNOLDS buy 5 N 683 12 month 04.02.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 29.01.2013

Peel Hunt PATRICK YAU hold 3 M 556 Not Provided 23.01.2013

Espirito Santo Investment Bank ResearchMARK EVANS neutral 3 N 555 Not Provided 14.01.2013

JPMorgan MARCUS DIEBEL neutral 3 M 642 6 month 11.01.2013

Goldman Sachs VIGHNESH PADIACHY neutral/neutral 3 M 590 12 month 09.01.2013

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 545 12 month 25.11.2012

N+1 Singer Ltd JOHNATHAN BARRETT not rated #N/A N/A M #N/A N/A Not Provided 24.02.2012

Nomura MATTHEW WALKER reduce 2 M 440 Not Provided 01.09.2011

Holdings By:

Daily Mail & General Trust PLC ee

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

Page 88: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Davide Campari - Milano S.p.A. is a global producer and distributor of branded

spirits, wines, and soft drinks. The Company's products include aperitifs,

vodka, tequila, liquors, vermouths and various wines as well as flavored sodas.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (17.10.2012) 6.55

52-Week Low (30.03.2012) 5.00

Daily Volume

5.975

52-Week High % Change -8.71% Dividend Yield -

52-Week Low % Change 19.50% Beta 0.58

% 52 Week Price Range High/Low 63.11% Equity Float 284.59

Shares Out 30.09.2012 580.8 Short Int -

3'470.28 1 Yr Total Return 7.86%

Total Debt 1'049.90 YTD Return 3.02%

Preferred Stock 0.0 Adjusted BETA 0.575

Minority Interest 3.7 Analyst Recs 22

Cash and Equivalents 414.20 Consensus Rating 2.955

Enterprise Value 4'139.98

Average Volume 5 Day 1'679'738

CPR IM EQUITY YTD Change - Average Volume 30 Day 1'491'199

CPR IM EQUITY YTD % CHANGE - Average Volume 3 Month 1'534'382

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

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

957.5 942.3 1'008.4 1'163.0 1'274.2 1'257.4 1'316.5 1'337.4 1'599.4 406.5 -

2.29x 1.80x 2.80x 2.99x 2.83x 5.88x 5.65x 3.15x 2.65x - -

220.1 214.7 260.8 295.0 325.8 322.0 332.8 337.6 383.3 - -

9.97x 7.92x 10.84x 11.78x 11.08x 0.00x 0.00x 12.26x 10.80x - -

125.2 126.5 137.1 156.2 159.2 162.6 155.9 169.7 198.9 - -

15.24x 10.91x 30.40x 18.04x 19.06x 21.36x 22.68x 20.19x 17.47x - -

EBITDA 325.80 Long-Term Rating Date -

EBIT 295.50 Long-Term Rating -

Operating Margin 23.19% Long-Term Outlook -

Pretax Margin 19.68% Short-Term Rating Date -

Return on Assets 5.83% Short-Term Rating -

Return on Common Equity 12.29%

Return on Capital 8.35% EBITDA/Interest Exp. 7.26

Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 6.36

Net Debt/EBITDA 2.00

Gross Margin 57.7% Total Debt/EBITDA 3.14

EBITDA Margin 25.6%

EBIT Margin 23.2% Total Debt/Equity 77.0%

Net Income Margin 12.5% Total Debt/Capital 43.4%

Asset Turnover 0.47

Current Ratio 1.95 Net Fixed Asset Turnover 4.11

Quick Ratio 1.26 Accounts receivable turnover-days 80.09

Debt to Assets 36.19% Inventory Days 230.56

Tot Debt to Common Equity 76.99% Accounts Payable Turnover Day 114.16

Accounts Receivable Turnover 4.57 Cash Conversion Cycle 177.97

Inventory Turnover 1.59

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Davide Campari-Milano SpAPrice/Volume

Valuation Analysis

1'409'772.00

Current Price (2/dd/yy) Market Data

'

-

.

0

1

2

3

4

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 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!''

0'!''

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

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

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

Page 89: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

ALICROS SPA n/a EXCH 296'207'994 51 - 05.11.2012 Investment Advisor

CEDAR ROCK CAPITAL L n/a EXCH 60'989'807 10.5 - 05.11.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 13'442'273 2.31 (122'371) 31.12.2012 Investment Advisor

MORGAN STANLEY INVES n/a EXCH 11'865'744 2.04 - 05.11.2012 Investment Advisor

INDEPENDENT FRANCHIS n/a EXCH 11'749'584 2.02 - 05.11.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 5'388'500 0.93 - 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 4'433'000 0.76 92'000 28.09.2012 Unclassified

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 4'313'200 0.74 - 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'214'699 0.55 29'694 31.12.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'470'279 0.43 579'022 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'367'647 0.41 (1'408'957) 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'189'628 0.38 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 2'017'308 0.35 30'818 26.02.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 1'966'500 0.34 1'835'922 30.06.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'634'797 0.28 117'649 28.12.2012 Investment Advisor

AGF INVESTMENTS INC Multiple Portfolios MF-AGG 1'609'933 0.28 893'989 28.09.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'188'236 0.2 37'408 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 971'598 0.17 970'419 30.04.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 940'858 0.16 - 28.12.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 888'738 0.15 38'290 28.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

JPMorgan MIKE J GIBBS overweight 5 M 6 6 month 26.02.2013

Exane BNP Paribas FRANCOIS MOSNIER neutral 3 M 6 Not Provided 22.02.2013

Mediobanca SpA EMANUELA MAZZONI neutral 3 M 6 6 month 18.02.2013

Banca Akros(ESN) CLAUDIO GIACOMIELLO hold 3 M 6 12 month 18.02.2013

Banca IMI LUCA BACOCCOLI hold 3 M 6 12 month 05.02.2013

Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013

Barclays SAMAR CHAND underweight 1 M 5 Not Provided 23.01.2013

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

Nomura EDWARD MUNDY neutral 3 D 6 Not Provided 16.01.2013

Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 6 12 month 09.01.2013

Societe Generale NICOLAS CERON sell 1 M 6 12 month 04.12.2012

Kepler Capital Markets LAETITIA DELAYE reduce 2 M 5 Not Provided 16.11.2012

Deutsche Bank JAMES ISENWATER hold 3 M 6 12 month 13.11.2012

Berenberg Bank PHILIP MORRISEY hold 3 M 6 Not Provided 29.10.2012

Centrobanca SIMONE RAGAZZI buy 5 M 7 12 month 04.10.2012

Equita SIM SpA PAOLA CARBONI hold 3 M 6 12 month 05.09.2012

CA Cheuvreux MARCO BACCAGLIO select list 5 M 7 Not Provided 04.09.2012

Natixis OLIVIER DELAHOUSSE buy 5 U 7 Not Provided 04.09.2012

Hammer Partners SA ALBERTO ROLLA buy 5 M 7 Not Provided 04.09.2012

Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 15.06.2010

Ricerca Finanza MASSIMO INTROPIDO outperform 5 N #N/A N/A Not Provided 01.06.2010

Holdings By:

Davide Campari-Milano SpA ee

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

Page 90: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

DCC is a sales, marketing, distribution and business support services Group.

The Group operates in the following sectors, energy, IT & entertainment

products, healthcare, environmental services and food & beverage. DCC's

strategy is to grow a sustainable, diversified business.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (15.02.2013) 27.40

52-Week Low (10.04.2012) 17.55

Daily Volume

26.7

52-Week High % Change -2.55% Dividend Yield 2.99

52-Week Low % Change 52.14% Beta 0.71

% 52 Week Price Range High/Low 92.89% Equity Float 77.90

Shares Out 26.02.2013 83.7 Short Int -

2'234.61 1 Yr Total Return 44.16%

Total Debt 919.36 YTD Return 7.66%

Preferred Stock 0.0 Adjusted BETA 0.708

Minority Interest 2.7 Analyst Recs 4

Cash and Equivalents 630.02 Consensus Rating 3.500

Enterprise Value 2'621.74

Average Volume 5 Day 179'766

DCC ID EQUITY YTD Change - Average Volume 30 Day 223'229

DCC ID EQUITY YTD % CHANGE - Average Volume 3 Month 177'450

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 - -

5'532.0 6'400.1 6'725.0 8'680.6 10'690.3 - - 13'129.0 13'566.7 - -

0.26x 0.19x 0.27x 0.24x 0.18x - - 0.19x 0.18x - -

213.1 224.6 239.8 282.5 240.7 - - 288.3 309.3 - -

6.63x 5.39x 7.65x 7.39x 8.02x - - 9.09x 8.48x - -

164.5 116.3 130.8 145.1 102.4 - - 155.0 177.0 - -

7.32x 8.01x 12.09x 12.88x 15.12x - - 13.48x 12.44x - -

EBITDA 240.73 Long-Term Rating Date -

EBIT 173.92 Long-Term Rating -

Operating Margin 1.63% Long-Term Outlook -

Pretax Margin 1.24% Short-Term Rating Date -

Return on Assets 3.03% Short-Term Rating -

Return on Common Equity 10.64%

Return on Capital 7.62% EBITDA/Interest Exp. 4.77

Asset Turnover 3.57% (EBITDA-Capex)/Interest Exp. 3.38

Net Debt/EBITDA 1.54

Gross Margin 7.1% Total Debt/EBITDA 3.90

EBITDA Margin 2.0%

EBIT Margin 1.4% Total Debt/Equity 90.9%

Net Income Margin 1.0% Total Debt/Capital 47.6%

Asset Turnover 3.57

Current Ratio 1.37 Net Fixed Asset Turnover 26.95

Quick Ratio 1.05 Accounts receivable turnover-days -

Debt to Assets 24.29% Inventory Days 10.88

Tot Debt to Common Equity 90.91% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 8.06

Inventory Turnover 33.65

Fiscal Year Ended

DCC PLCPrice/Volume

Valuation Analysis

122'393.00

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

'

2

-'

-2

.'

.2

0'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

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

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

Page 91: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FMR LLC n/a ULT-AGG 10'721'808 12.81 (73'444) 22.10.2012 Investment Advisor

INVESCO LTD n/a RNS-MAJ 7'520'037 8.99 804'091 15.06.2012 Investment Advisor

PRUDENTIAL PLC n/a RNS-MAJ 5'823'560 6.96 (857'398) 01.02.2013 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 4'881'284 5.83 - 30.09.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 4'420'984 5.28 (11'807) 31.12.2012 Investment Advisor

SETANTA ASSET MANAGE n/a RNS-MAJ 2'598'147 3.1 - 19.05.2011 Unclassified

FLAVIN JAMES FRANCIS n/a Co File 2'532'850 3.03 - 31.03.2012 n/a

BESTINVER GESTION SG n/a RNS-MAJ 2'365'865 2.83 (823'081) 19.06.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'265'846 2.71 (1'398) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'592'385 1.9 24'042 31.12.2012 Investment Advisor

MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 1'138'378 1.36 86'668 30.11.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 553'324 0.66 57'759 26.02.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 528'705 0.63 (3'744) 31.12.2012 Investment Advisor

INVESCO CANADA LTD Multiple Portfolios MF-AGG 511'411 0.61 - 30.09.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 496'592 0.59 33'418 31.12.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 490'778 0.59 - 28.09.2012 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 461'721 0.55 84'324 31.12.2012 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 436'799 0.52 (39'000) 30.09.2012 Hedge Fund Manager

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 376'200 0.45 1'200 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 317'555 0.38 (17'804) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goodbody Stockbrokers Ltd DAVID O'BRIEN buy 5 M 27 12 month 27.02.2013

JPMorgan ROBERT PLANT neutral 3 M 26 12 month 06.02.2013

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

Davy JOSHUA GOLDMAN outperform 5 M #N/A N/A Not Provided 06.11.2012

Holdings By:

DCC PLC ee

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

Page 92: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

De La Rue plc group specializes in the supply of cash handling equipment and

security products. The Company produces approximately 150 national currencies,

electric transaction solutions and identity systems. Their various security

items include stamps, vouchers, passports, travelers checks, drivers licenses

and ATM mechanisms, as well as security papers, threads and tear tapes.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (26.10.2012) 1'080.00

52-Week Low (10.04.2012) 883.00

Daily Volume

939

52-Week High % Change -13.06% Dividend Yield 4.50

52-Week Low % Change 6.34% Beta 0.32

% 52 Week Price Range High/Low 28.43% Equity Float 94.15

Shares Out 31.01.2013 99.6 Short Int -

935.52 1 Yr Total Return 2.94%

Total Debt 48.80 YTD Return 2.90%

Preferred Stock 0.0 Adjusted BETA 0.316

Minority Interest 3.9 Analyst Recs 8

Cash and Equivalents 24.00 Consensus Rating 3.750

Enterprise Value 1'091.82

Average Volume 5 Day 121'175

DLAR LN EQUITY YTD Change - Average Volume 30 Day 235'772

DLAR LN EQUITY YTD % CHANGE - Average Volume 3 Month 222'903

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 - -

467.0 502.4 561.1 463.9 528.3 - - 509.2 577.0 - -

2.62x 1.93x 1.68x 1.77x 1.75x - - 2.02x 1.80x - -

106.1 123.0 124.7 67.2 91.7 - - 87.9 130.2 - -

11.54x 7.89x 7.57x 12.25x 10.08x - - 12.43x 8.39x - -

88.1 363.0 69.9 66.9 31.6 - - 43.4 70.3 - -

20.43x 18.76x 13.24x 11.76x 28.28x - - 21.05x 13.28x - -

EBITDA 91.70 Long-Term Rating Date -

EBIT 65.10 Long-Term Rating -

Operating Margin 12.32% Long-Term Outlook -

Pretax Margin 6.23% Short-Term Rating Date -

Return on Assets 8.74% Short-Term Rating -

Return on Common Equity -

Return on Capital - EBITDA/Interest Exp. 20.84

Asset Turnover 1.27% (EBITDA-Capex)/Interest Exp. 13.55

Net Debt/EBITDA 1.60

Gross Margin - Total Debt/EBITDA 1.85

EBITDA Margin 17.8%

EBIT Margin 12.7% Total Debt/Equity -

Net Income Margin 6.0% Total Debt/Capital 1525.0%

Asset Turnover 1.27

Current Ratio 0.61 Net Fixed Asset Turnover 3.31

Quick Ratio 0.30 Accounts receivable turnover-days 60.06

Debt to Assets 11.95% Inventory Days -

Tot Debt to Common Equity - Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.18 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

De La Rue PLCPrice/Volume

Valuation Analysis

92'015.00

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

'

.''

1''

3''

5''

-'''

-.''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

-!3 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!''

0'!''

02!''

1'!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

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

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

Page 93: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

PRUDENTIAL PLC n/a RNS-MAJ 14'753'114 14.81 3'802'329 15.02.2013 Investment Advisor

MONDRIAN INVESTMENT Multiple Portfolios REG 7'709'584 7.74 1'137'232 03.12.2012 Hedge Fund Manager

SCHRODERS PLC n/a RNS-MAJ 6'135'926 6.16 (213'180) 18.06.2012 Investment Advisor

KAMES CAPITAL PLC n/a RNS-MAJ 6'011'600 6.03 153'412 12.12.2012 Investment Advisor

AEGON n/a ULT-AGG 5'673'342 5.69 (254'498) 03.12.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 5'520'290 5.54 (1'086'690) 31.12.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 5'320'663 5.34 (126'757) 03.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 5'166'224 5.19 (4'460'412) 03.12.2012 Investment Advisor

JUPITER ASSET MANAGE n/a RNS-MAJ 5'072'695 5.09 3'174'584 03.01.2013 Investment Advisor

RUANE CUNNIFF & GOLD n/a RNS-MAJ 4'641'718 4.66 (1'788'681) 27.08.2010 Investment Advisor

BLACKROCK n/a ULT-AGG 4'518'593 4.54 - 26.02.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 4'218'601 4.23 42'819 31.01.2013 Unclassified

LIONTRUST n/a ULT-AGG 3'934'027 3.95 (1'011'241) 31.12.2012 Unclassified

MASSACHUSETTS MUTUAL n/a Co File 3'008'890 3.02 - 31.03.2012 Insurance Company

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'790'500 2.8 (130'550) 28.09.2012 Investment Advisor

NORDEA BANK AB Multiple Portfolios REG 2'790'500 2.8 (130'550) 03.12.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 2'431'250 2.44 (3'781) 03.12.2012 Government

T ROWE PRICE ASSOCIA n/a RNS-RUL8 2'403'582 2.41 317 17.01.2011 Investment Advisor

ALTA ADVISERS LTD n/a RNS-RUL8 2'334'296 2.34 - 06.12.2010 Other

NEWTON INV MGMT Multiple Portfolios REG 2'297'322 2.31 1'154'123 03.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Investec THOMAS RANDS buy 5 M 960 12 month 22.02.2013

Numis Securities Ltd CHARLES PICK hold 3 M 1'009 Not Provided 04.02.2013

JPMorgan ALEXANDER MEES overweight 5 M 1'170 12 month 01.02.2013

Panmure Gordon & Co Limited PAUL JONES hold 3 M 932 Not Provided 01.02.2013

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'175 6 month 22.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013

Holdings By:

De La Rue PLC ee

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

Page 94: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Debenhams PLC operates department stores in the United Kingdom and Ireland.

The Company's stores retail men's, women's, and children's clothes, cosmetics,

electrical appliances, home furnishings, bicycles, luggage, garden products,

flowers, and giftware. Their stores are situated in high street locations and

out of town retail parks.

Latest Fiscal Year: 08/2012

LTM as of: 01/yy

52-Week High (02.11.2012) 124.80

52-Week Low (09.03.2012) 70.05

Daily Volume

93.6

52-Week High % Change -25.00% Dividend Yield 3.53

52-Week Low % Change 33.62% Beta 1.01

% 52 Week Price Range High/Low 43.01% Equity Float 1'083.45

Shares Out 31.01.2013 1'255.9 Short Int -

1'175.53 1 Yr Total Return 31.12%

Total Debt 412.70 YTD Return -17.89%

Preferred Stock 0.0 Adjusted BETA 1.015

Minority Interest 0.0 Analyst Recs 23

Cash and Equivalents 44.00 Consensus Rating 3.870

Enterprise Value 1'544.23

Average Volume 5 Day 6'925'337

DEB LN EQUITY YTD Change - Average Volume 30 Day 6'661'620

DEB LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'687'607

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

31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 01/yy 01/yy 08/13 Y 08/14 Y - -

1'839.2 1'915.6 2'119.9 2'209.8 2'229.8 - - 2'620.5 2'705.1 - -

0.78x 0.84x 0.60x 0.49x 0.72x - - 0.59x 0.56x - -

260.8 275.1 283.4 263.1 252.0 - - 278.1 295.7 - -

5.48x 5.86x 4.49x 4.12x 6.39x - - 5.55x 5.22x - -

77.1 95.1 97.0 117.2 125.3 - - 130.6 139.7 - -

5.55x 7.94x 7.79x 5.97x 9.87x - - 9.00x 8.14x - -

EBITDA 252.00 Long-Term Rating Date -

EBIT 160.40 Long-Term Rating -

Operating Margin 7.19% Long-Term Outlook -

Pretax Margin 7.10% Short-Term Rating Date -

Return on Assets 6.10% Short-Term Rating -

Return on Common Equity 18.98%

Return on Capital 13.00% EBITDA/Interest Exp. 14.08

Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 8.41

Net Debt/EBITDA 1.46

Gross Margin 13.6% Total Debt/EBITDA 1.64

EBITDA Margin 11.3%

EBIT Margin 7.2% Total Debt/Equity 62.4%

Net Income Margin 5.6% Total Debt/Capital 38.4%

Asset Turnover 1.09

Current Ratio 0.63 Net Fixed Asset Turnover 3.44

Quick Ratio 0.09 Accounts receivable turnover-days 3.54

Debt to Assets 19.74% Inventory Days 61.71

Tot Debt to Common Equity 62.44% Accounts Payable Turnover Day 56.82

Accounts Receivable Turnover 102.76 Cash Conversion Cycle 8.44

Inventory Turnover 5.90

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Debenhams PLCPrice/Volume

Valuation Analysis

5'708'248.00

Current Price (2/dd/yy) Market Data

'

.'

1'

3'

5'

-''

-.'

-1'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

'1!'6!.''6 '1!'0!.'-' '1!'6!.'-' '1!'0!.'-- '1!'6!.'-- '1!'0!.'-. '1!'6!.'-.

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

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

Page 95: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

SCHRODER INVESTMENT Multiple Portfolios REG 191'851'820 15.28 4'030'496 01.11.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 127'246'115 10.13 (5'865'286) 31.10.2012 Investment Advisor

MILESTONE RESOURCES Multiple Portfolios REG 89'183'155 7.1 - 01.11.2012 Unclassified

DELTA LLOYD NV n/a ULT-AGG 74'272'310 5.91 35'809'159 15.02.2013 Bank

MAJEDIE ASSET MANAGE n/a RNS-MAJ 66'480'510 5.29 - 01.02.2013 Investment Advisor

BESTINVER GESTION SG n/a Co File 61'554'348 4.9 - 19.10.2012 Investment Advisor

OLD MUTUAL n/a ULT-AGG 61'131'734 4.87 (1'261'230) 31.12.2012 Unclassified

JP MORGAN n/a ULT-AGG 51'411'547 4.09 (1'938'087) 31.12.2012 Unclassified

LEGAL & GENERAL n/a ULT-AGG 46'538'959 3.71 3'131'453 01.11.2012 Unclassified

LSV ASSET MANAGEMENT Multiple Portfolios REG 42'795'709 3.41 1'443'000 01.11.2012 Investment Advisor

UBS n/a ULT-AGG 38'881'131 3.1 12'967'409 01.11.2012 Unclassified

BESTINFOND FL n/a RNS-MAJ 38'168'003 3.04 72'433 06.07.2012 n/a

AEGON n/a ULT-AGG 33'044'727 2.63 19'398'848 01.11.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 32'263'085 2.57 - 01.11.2012 Government

BANK OF NEW YORK MEL Multiple Portfolios REG 31'815'149 2.53 26'997'970 01.11.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 31'046'972 2.47 (3'522'070) 01.11.2012 Unclassified

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 29'351'769 2.34 966'769 31.10.2012 Investment Advisor

GLOBEFLEX CAPITAL LP Multiple Portfolios REG 20'718'087 1.65 (317'000) 01.11.2012 Hedge Fund Manager

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 20'377'423 1.62 1'891'770 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios REG 18'839'419 1.5 967'167 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Espirito Santo Investment Bank ResearchSANJAY VIDYARTHI buy 5 M 125 Not Provided 15.02.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 15.02.2013

Cantor Fitzgerald KATE CALVERT reduce 2 M 95 Not Provided 11.02.2013

Investec BETHANY HOCKING buy 5 M 130 12 month 07.02.2013

Nomura FRASER RAMZAN neutral 3 M 120 12 month 05.02.2013

Redburn Partners GEOFF LOWERY sell 1 D #N/A N/A Not Provided 05.02.2013

JPMorgan GEORGINA JOHANAN overweight 5 M 137 6 month 04.02.2013

N+1 Singer Ltd MATTHEW MCEACHRAN buy 5 M 122 12 month 31.01.2013

Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 D 110 12 month 27.01.2013

Oriel Securities Ltd EITHNE O'LEARY buy 5 M 150 Not Provided 25.01.2013

Peel Hunt JOHN STEVENSON buy 5 M 130 Not Provided 23.01.2013

Exane BNP Paribas BEN SPRUNTULIS neutral 3 M 105 Not Provided 22.01.2013

Numis Securities Ltd ANDREW WADE reduce 2 D 95 Not Provided 16.01.2013

Societe Generale ANNE CRITCHLOW buy 5 M 130 12 month 09.01.2013

Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 105 Not Provided 09.01.2013

HSBC PAUL ROSSINGTON overweight 5 M 135 Not Provided 08.01.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 08.01.2013

Panmure Gordon & Co Limited JEAN ROCHE hold 3 M 112 Not Provided 08.01.2013

Deutsche Bank WARWICK OKINES hold 3 M 120 12 month 18.12.2012

Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 121 12 month 06.12.2012

Merchant Securities AMISHA CHOHAN hold 3 M #N/A N/A Not Provided 19.04.2012

Holdings By:

Debenhams PLC ee

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

Page 96: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Delta Lloyd N.V. provides insurance and financial services. The Company

provides life, health, and other types of insurance, as well as pension, asset

management, and banking products and services, to customers in the Netherlands,

Belgium, and Germany.

Latest Fiscal Year: 12/2012

LTM as of: 09/yy

52-Week High (30.01.2013) 14.82

52-Week Low (14.06.2012) 9.20

Daily Volume

13.14

52-Week High % Change -11.31% Dividend Yield -

52-Week Low % Change 42.78% Beta 1.37

% 52 Week Price Range High/Low 70.15% Equity Float 166.65

Shares Out 23.01.2013 176.8 Short Int -

2'493.87 1 Yr Total Return 4.09%

Total Debt 6'898.60 YTD Return 6.53%

Preferred Stock 0.0 Adjusted BETA 1.368

Minority Interest 309.4 Analyst Recs 18

Cash and Equivalents 3'543.40 Consensus Rating 3.944

Enterprise Value 6'971.57

Average Volume 5 Day 1'156'153

DL NA EQUITY YTD Change - Average Volume 30 Day 876'260

DL NA EQUITY YTD % CHANGE - Average Volume 3 Month 1'506'467

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

7'123.3 8'344.2 9'071.0 9'743.6 - 0.0 0.0 10'127.5 8'996.0 - -

- 1.19x 1.10x 0.60x - #DIV/0! #DIV/0! 1.07x 1.15x - -

- - - - - 0.0 0.0 - - - -

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

(160.8) (124.4) 620.8 (312.7) (1'495.0) 0.0 0.0 427.1 437.0 - -

- - 4.32x - - 0.00x 0.00x 5.11x 5.34x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating BBB+

Operating Margin 2.68% Long-Term Outlook STABLE

Pretax Margin -4.25% Short-Term Rating Date -

Return on Assets 0.00% Short-Term Rating -

Return on Common Equity -

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.16% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin -3.2% Total Debt/Capital 62.3%

Asset Turnover 0.16

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 9.22% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Delta Lloyd NVPrice/Volume

Valuation Analysis

1'180'823.00

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

'

.

1

3

5

-'

-.

-1

-3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 92!' 9-'!' 9-2!' 9.'!' 9.2!' 90'!' 902!' 91'!' 912!' 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!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

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

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

Page 97: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

EINHORN D n/a Co File 8'931'508 5.05 - 31.12.2010 n/a

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 4'959'228 2.81 518'728 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'680'409 2.08 61'787 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'598'468 0.9 225'296 31.12.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 1'439'716 0.81 - 31.12.2012 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 1'400'000 0.79 (100'000) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'281'336 0.72 21'144 26.02.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'257'156 0.71 (86'894) 31.07.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'200'523 0.68 - 31.07.2012 Investment Advisor

FMR LLC n/a ULT-AGG 1'199'012 0.68 206'917 31.12.2012 Investment Advisor

STICHTING FONDS NUTS n/a Research 1'068'790 0.6 - 31.12.2009 Other

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 1'064'840 0.6 (4'684) 31.10.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 961'123 0.54 247'801 28.09.2012 Mutual Fund Manager

PRINCIPAL FINANCIAL n/a ULT-AGG 869'791 0.49 381'594 31.01.2013 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 778'658 0.44 - 31.12.2012 Mutual Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 649'695 0.37 - 30.12.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 533'762 0.3 96'645 31.12.2012 Mutual Fund Manager

LBBW ASSET MANAGEMEN Multiple Portfolios MF-AGG 502'900 0.28 - 30.11.2012 Mutual Fund Manager

SMITH & WILLIAMSON H n/a ULT-AGG 495'800 0.28 - 31.01.2013 Investment Advisor

MCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 487'150 0.28 (141'680) 30.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

ING Bank ALBERT PLOEGH buy 5 M 16 12 month 27.02.2013

JPMorgan ASHIK MUSADDI neutral 3 M 14 9 month 19.02.2013

HSBC STEVEN HAYWOOD neutral 3 N 16 Not Provided 11.02.2013

Credit Suisse RICHARD BURDEN neutral 3 M 16 Not Provided 07.02.2013

Rabobank International COR KLUIS buy 5 M 19 Not Provided 21.01.2013

Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 16 12 month 18.01.2013

ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 14 12 month 18.01.2013

Theodoor Gilissen Securities TOM MULLER buy 5 M 16 Not Provided 15.01.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013

Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 16 12 month 10.01.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 14 12 month 09.01.2013

SNS Securities(ESN) LEMER SALAH accumulate 4 M 17 12 month 09.01.2013

Societe Generale JASON KALAMBOUSSIS buy 5 M 17 12 month 04.12.2012

Petercam MATTHIAS DE WIT buy 5 M 17 Not Provided 26.11.2012

CA Cheuvreux HANS PLUIJGERS underperform 1 D 12 Not Provided 20.11.2012

Deutsche Bank ROBIN BUCKLEY hold 3 M 14 12 month 26.07.2012

Kepler Capital Markets BENOIT PETRARQUE hold 3 M 17 Not Provided 12.04.2011

Nomura TEAM COVERAGE neutral 3 M 21 Not Provided 31.03.2011

Holdings By:

Delta Lloyd NV ee

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

Page 98: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Deutsche Euroshop AG invests in shopping centers. The Company owns shopping

centers in locations throughout Europe. The properties are primarily in city

centers.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (20.12.2012) 32.45

52-Week Low (11.04.2012) 25.36

Daily Volume

31.19

52-Week High % Change -3.88% Dividend Yield -

52-Week Low % Change 23.01% Beta 0.63

% 52 Week Price Range High/Low 82.24% Equity Float 43.23

Shares Out 19.11.2012 53.9 Short Int -

1'682.56 1 Yr Total Return 25.50%

Total Debt 1'472.15 YTD Return -1.42%

Preferred Stock 0.0 Adjusted BETA 0.626

Minority Interest 280.1 Analyst Recs 26

Cash and Equivalents 64.41 Consensus Rating 3.462

Enterprise Value 3'080.50

Average Volume 5 Day 72'074

DEQ GY EQUITY YTD Change - Average Volume 30 Day 77'430

DEQ GY EQUITY YTD % CHANGE - Average Volume 3 Month 98'279

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

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

100.8 120.2 130.8 147.6 193.1 177.6 212.8 209.1 216.3 52.5 54.4

17.00x 15.07x 14.30x 20.30x 15.37x 62.90x 53.98x 16.66x 16.09x 60.47x 58.07x

81.2 102.2 113.0 126.5 167.8 152.0 186.9 184.3 190.9 44.3 48.7

21.11x 17.72x 16.55x 23.69x 17.69x 18.82x 15.50x 16.70x 16.12x 16.16x 15.80x

94.2 68.9 34.4 81.8 93.4 83.5 103.3 100.7 105.8 32.0 21.4

8.64x 12.15x 25.45x 16.10x 13.70x 15.56x 14.53x 18.02x 17.24x 16.04x 16.20x

EBITDA 167.81 Long-Term Rating Date -

EBIT 102.02 Long-Term Rating -

Operating Margin 52.83% Long-Term Outlook -

Pretax Margin 74.62% Short-Term Rating Date -

Return on Assets 3.29% Short-Term Rating -

Return on Common Equity 8.96%

Return on Capital 4.11% EBITDA/Interest Exp. 2.55

Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 1.38

Net Debt/EBITDA 7.48

Gross Margin - Total Debt/EBITDA 7.95

EBITDA Margin 87.9%

EBIT Margin - Total Debt/Equity 123.4%

Net Income Margin 48.4% Total Debt/Capital 50.0%

Asset Turnover 0.07

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 45.65% Inventory Days -

Tot Debt to Common Equity 123.39% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deutsche Euroshop AGPrice/Volume

Valuation Analysis

75'760.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9

0.0

50.0

100.0

150.0

200.0

250.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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

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

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

Page 99: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

OTTO ALEXANDER n/a Research 5'163'390 9.57 - 14.11.2012 n/a

OTTO BENJAMIN n/a Co File 3'996'270 7.41 - 31.12.2011 n/a

BLACKROCK n/a ULT-AGG 3'162'039 5.86 (6'070) 26.02.2013 Investment Advisor

HERTIE FOUNDATION n/a Co File 1'559'268 2.89 - 31.12.2011 Other

WELLINGTON MANAGEMEN n/a Short (1'375'610) -2.55 118'680 09.01.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'202'605 2.23 (15'500) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 912'183 1.69 (1'462) 31.12.2012 Investment Advisor

BAY POND PARTNERS LP n/a Short (681'534) -1.26 (51'631) 27.07.2012 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 569'244 1.06 15'937 31.12.2012 Investment Advisor

BAY POND INVESTORS B n/a Short (423'377) -0.78 (41'305) 30.07.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 366'492 0.68 (144'000) 31.10.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 317'700 0.59 53'754 31.12.2012 Mutual Fund Manager

CQS UK LLP n/a Short (312'884) -0.58 37'762 14.02.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 262'977 0.49 65'958 28.12.2012 Mutual Fund Manager

DEXIA n/a Co File 247'831 0.46 - 31.12.2011 Bank

VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 245'000 0.45 (16'700) 30.11.2012 Mutual Fund Manager

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 240'000 0.44 (50'596) 28.09.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 224'674 0.42 (47'876) 31.10.2012 Unclassified

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 210'000 0.39 3'000 28.09.2012 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 178'745 0.33 172'606 25.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Commerzbank Corporates & Markets THOMAS ROTHAEUSLER hold 3 M 31 6 month 27.02.2013

HSBC THOMAS MARTIN neutral 3 M 33 Not Provided 26.02.2013

Deutsche Bank MARKUS SCHEUFLER hold 3 M 33 12 month 23.02.2013

Oddo & Cie MARINE LAFITTE neutral 3 M 34 12 month 29.01.2013

Natixis SERGE DEMIRDJIAN reduce 2 M 27 Not Provided 29.01.2013

Petercam STEPHAN VAN WEEREN reduce 2 M 29 Not Provided 22.01.2013

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

Kempen & Co THOMAS VAN DER MEIJ overweight 5 U 33 12 month 13.01.2013

Bankhaus Lampe GEORG KANDERS hold 3 M 33 12 month 21.12.2012

GSC Research MATTHIAS SCHRADE buy 5 M #N/A N/A Not Provided 21.12.2012

Societe Generale MICHEL VARALDO buy 5 U 35 12 month 18.12.2012

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 33 12 month 12.12.2012

Independent Research GmbH STEFAN BONGARDT hold 3 M 32 12 month 06.12.2012

Berenberg Bank KAI MALTE KLOSE buy 5 M 34 Not Provided 05.12.2012

M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 34 12 month 26.11.2012

Kepler Capital Markets DIRK BECKER hold 3 M 32 Not Provided 26.11.2012

LFG Kronos Investment Services GmbH THOMAS ANEY add 4 M 34 6 month 20.11.2012

Close Brothers Equity Markets MANUEL MARTIN hold 3 M 30 12 month 19.11.2012

DZ Bank AG ULRICH GEIS hold 3 M 30 12 month 19.11.2012

Rabobank International MARTIJN VAN DEN EIJNDEN buy 5 U 34 Not Provided 15.11.2012

Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER hold 3 M 30 12 month 14.11.2012

Silvia Quandt Research RALF GROENEMEYER neutral 3 M 31 12 month 14.11.2012

Baader Bank ANDRE REMKE hold 3 M 33 12 month 10.11.2012

ABN Amro Bank N.V. MICHIEL DE JONGE reduce 2 M 27 Not Provided 14.08.2012

Edge Capital Research MARIYA PANAYOTOVA outperform 5 M 30 12 month 12.08.2011

Holdings By:

Deutsche Euroshop AG ee

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

Page 100: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Deutsche Wohnen AG develops, rents and sells residential properties.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (03.12.2012) 14.96

52-Week Low (06.03.2012) 9.47

Daily Volume

13.99

52-Week High % Change -6.45% Dividend Yield -

52-Week Low % Change 47.78% Beta 0.73

% 52 Week Price Range High/Low 82.42% Equity Float 140.11

Shares Out 31.01.2013 160.7 Short Int -

2'242.80 1 Yr Total Return 47.16%

Total Debt 1'834.67 YTD Return -0.07%

Preferred Stock 0.0 Adjusted BETA 0.729

Minority Interest 0.3 Analyst Recs 23

Cash and Equivalents 167.83 Consensus Rating 3.261

Enterprise Value 4'711.59

Average Volume 5 Day 226'149

DWNI GY EQUITY YTD Change - Average Volume 30 Day 282'891

DWNI GY EQUITY YTD % CHANGE - Average Volume 3 Month 331'328

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

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

266.7 417.0 404.4 479.7 387.6 501.5 445.0 328.8 413.3 64.3 72.1

10.08x 5.57x 5.74x 5.42x 7.01x 21.04x 29.57x 14.64x 11.69x 72.12x 67.74x

110.7 102.4 133.4 137.3 142.8 145.2 95.0 194.7 248.1 46.8 57.4

24.29x 22.69x 17.40x 18.92x 19.02x 18.52x 47.08x 24.20x 18.99x 21.34x 21.08x

29.8 (255.9) (13.3) 23.8 50.6 33.4 81.6 85.9 122.1 39.9 27.3

15.83x - - 36.21x 16.83x 24.48x 16.42x 21.39x 18.53x 17.21x 17.06x

EBITDA 142.85 Long-Term Rating Date -

EBIT 139.45 Long-Term Rating -

Operating Margin 11.80% Long-Term Outlook -

Pretax Margin 22.14% Short-Term Rating Date -

Return on Assets 2.10% Short-Term Rating -

Return on Common Equity 6.80%

Return on Capital 2.35% EBITDA/Interest Exp. 1.52

Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -1.25

Net Debt/EBITDA 25.99

Gross Margin - Total Debt/EBITDA 27.70

EBITDA Margin 21.3%

EBIT Margin - Total Debt/Equity 169.4%

Net Income Margin 13.0% Total Debt/Capital 62.9%

Asset Turnover 0.11

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 55.56% Inventory Days -

Tot Debt to Common Equity 169.40% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deutsche Wohnen AGPrice/Volume

Valuation Analysis

191'726.00

Current Price (2/dd/yy) Market Data

'

.

1

3

5

-'

-.

-1

-3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

.''!''

1''!''

3''!''

5''!''

-''''!''

-'.''!''

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

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

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

Page 101: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9'718'785 6.05 290'949 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 9'219'199 5.74 (17'237) 26.02.2013 Investment Advisor

FIRST EAGLE INVESTME n/a Research 7'582'897 4.72 - 17.01.2013 Hedge Fund Manager

INTL KAPITALANAGEGES n/a Research 6'802'161 4.23 - 16.08.2012 Unclassified

ZURICH DEUTSCHE HERO n/a Research 5'880'313 3.66 - 27.06.2012 Insurance Company

SUN LIFE FINANCIAL I n/a Co File 5'140'499 3.2 - 24.02.2012 Investment Advisor

CAPITAL GROUP INTERN #N/A N/A Research 4'852'637 3.02 - 19.02.2013 Investment Advisor

MFS INTERNATIONAL LT n/a Research 4'730'559 2.94 - 17.01.2013 Investment Advisor

COHEN & STEERS CAPIT n/a Research 4'391'101 2.73 - 19.09.2012 Investment Advisor

AXA INVESTMENT MGRS n/a Research 3'815'480 2.37 - 26.09.2012 Investment Advisor

AERZTEVERSORGUNG WES n/a Co File 3'403'153 2.12 - 24.02.2012 Other

APG ALGEMENE PENSIOE n/a Research 3'198'760 1.99 - 24.02.2012 Pension Fund (ERISA)

ASSET VALUE INVESTOR n/a Research 2'953'855 1.84 - 12.03.2012 Investment Advisor

RUFFER LLP n/a Research 2'442'913 1.52 - 28.04.2011 Hedge Fund Manager

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'424'745 1.51 1'592'288 31.12.2012 Investment Advisor

OYSTER ASSET MGMT SA n/a Research 2'421'800 1.51 - 22.07.2011 Mutual Fund Manager

GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 1'823'017 1.13 95'682 31.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'816'180 1.13 75'815 31.12.2012 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 1'783'268 1.11 200'268 30.11.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'693'479 1.05 188'406 31.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Commerzbank Corporates & Markets THOMAS ROTHAEUSLER buy 5 M 17 6 month 27.02.2013

HSBC THOMAS MARTIN underweight 1 M 13 Not Provided 26.02.2013

DZ Bank AG ULRICH GEIS buy 5 M 15 12 month 29.01.2013

Bankhaus Lampe GEORG KANDERS hold 3 M 15 12 month 24.01.2013

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

Morgan Stanley BIANCA RIEMER Overwt/Attractive 5 M 15 12 month 16.01.2013

Independent Research GmbH STEFAN BONGARDT sell 1 M 14 12 month 16.01.2013

M.M. Warburg Investment Research TORSTEN KLINGNER buy 5 M 15 12 month 16.01.2013

Berenberg Bank KAI MALTE KLOSE buy 5 M 15 Not Provided 16.01.2013

Close Brothers Equity Markets MANUEL MARTIN hold 3 M 14 12 month 14.01.2013

Kempen & Co THOMAS VAN DER MEIJ neutral 3 M 14 12 month 13.01.2013

Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 M 16 Not Provided 11.01.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 11 12 month 10.01.2013

Deutsche Bank MARKUS SCHEUFLER hold 3 D 16 12 month 17.12.2012

Baader Bank ANDRE REMKE hold 3 M 15 12 month 29.11.2012

ABN Amro Bank N.V. MICHIEL DE JONGE sell 1 M 13 12 month 26.11.2012

JPMorgan NEIL GREEN neutral 3 M 16 9 month 21.11.2012

Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 15 12 month 13.11.2012

Kepler Capital Markets BURKHARD SAWAZKI buy 5 M 15 Not Provided 12.11.2012

Silvia Quandt Research RALF GROENEMEYER neutral 3 M 13 12 month 12.11.2012

Barclays AARON GUY overweight 5 N 17 Not Provided 15.10.2012

Edge Capital Research MARIYA PANAYOTOVA outperform 5 N 13 12 month 07.04.2011

Holdings By:

Deutsche Wohnen AG ee

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

Page 102: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Dufry AG operates duty-free shops in countries such as Tunisia, Italy, Mexico,

France, Russia, the United Arab Emirates, Singapore, the Caribbean and the

United States.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (13.02.2013) 133.20

52-Week Low (04.06.2012) 101.60

Daily Volume

127.1

52-Week High % Change -4.58% Dividend Yield -

52-Week Low % Change 25.10% Beta 1.02

% 52 Week Price Range High/Low 80.70% Equity Float 24.09

Shares Out 12.10.2012 29.7 Short Int -

3'771.54 1 Yr Total Return 16.18%

Total Debt 1'560.40 YTD Return 6.27%

Preferred Stock 0.0 Adjusted BETA 1.021

Minority Interest 84.1 Analyst Recs 12

Cash and Equivalents 199.10 Consensus Rating 4.000

Enterprise Value 5'168.54

Average Volume 5 Day 269'545

DUFN SE EQUITY YTD Change - Average Volume 30 Day 227'924

DUFN SE EQUITY YTD % CHANGE - Average Volume 3 Month 180'800

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

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

1'930.3 2'113.5 2'378.7 2'610.2 2'637.7 2'523.0 3'122.6 3'187.2 3'768.1 851.5 -

1.22x 0.79x 0.95x 1.56x 1.43x 5.86x 5.58x 1.65x 1.36x - -

245.2 277.3 288.1 328.0 344.3 319.7 457.3 480.9 596.1 136.0 -

9.62x 6.02x 7.85x 12.43x 10.94x 11.37x 9.71x 10.75x 8.67x - -

75.0 95.0 38.5 116.6 111.9 112.2 149.0 229.2 273.3 42.0 -

23.55x 8.62x 34.88x 27.17x 20.78x 18.79x 20.34x 15.24x 12.97x - -

EBITDA 344.30 Long-Term Rating Date 15.10.2012

EBIT 212.80 Long-Term Rating BB+

Operating Margin 8.07% Long-Term Outlook STABLE

Pretax Margin 6.18% Short-Term Rating Date -

Return on Assets 4.50% Short-Term Rating -

Return on Common Equity 16.51%

Return on Capital 9.60% EBITDA/Interest Exp. 6.24

Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 5.06

Net Debt/EBITDA 2.79

Gross Margin 58.2% Total Debt/EBITDA 3.18

EBITDA Margin 14.6%

EBIT Margin 9.3% Total Debt/Equity 179.4%

Net Income Margin 4.2% Total Debt/Capital 62.1%

Asset Turnover 0.94

Current Ratio 1.33 Net Fixed Asset Turnover 12.60

Quick Ratio 0.40 Accounts receivable turnover-days 8.11

Debt to Assets 47.03% Inventory Days 116.85

Tot Debt to Common Equity 179.36% Accounts Payable Turnover Day 73.25

Accounts Receivable Turnover 45.16 Cash Conversion Cycle 53.93

Inventory Turnover 3.13

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dufry AGPrice/Volume

Valuation Analysis

147'822.00

Current Price (2/dd/yy) Market Data

'

.'

1'

3'

5'

-''

-.'

-1'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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

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

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

Page 103: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

TRAVEL RETAIL INVEST n/a EXCH 3'912'464 13.18 1'688'901 17.01.2013 Other

HUDSON MEDIA INC n/a Co File 1'154'677 3.89 - 31.12.2011 Other

ARTIO GLOBAL MANAGEM n/a EXCH 804'639 2.71 (492'317) 20.03.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 730'057 2.46 566'414 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 502'706 1.69 (10'660) 28.12.2012 Mutual Fund Manager

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 481'071 1.62 9'686 31.10.2012 Investment Advisor

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 450'386 1.52 84 31.12.2012 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 325'827 1.1 25'022 31.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 301'972 1.02 (31'284) 28.09.2012 Bank

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 279'892 0.94 - 30.12.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 267'504 0.9 (381) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 259'351 0.87 104'818 31.01.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 251'929 0.85 14'422 31.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 230'042 0.78 - 31.07.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 227'802 0.77 (3'499) 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 217'039 0.73 (1'589) 28.12.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 202'091 0.68 202'091 31.07.2012 Investment Advisor

GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 177'210 0.6 1'700 31.10.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 175'007 0.59 5'467 27.02.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 171'545 0.58 22'100 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs MAYAN UTHAYAKUMAR Buy/Neutral 5 M 176 6 month 06.02.2013

Bank Vontobel AG RENE WEBER buy 5 M 140 Not Provided 04.02.2013

Exane BNP Paribas ROBERTA CIACCIA neutral 3 D 123 Not Provided 29.01.2013

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

Grupo Santander REBECCA MCCLELLAN buy 5 M 141 Not Provided 11.12.2012

Credit Suisse PATRICK JNGLIN outperform 5 M 140 Not Provided 05.12.2012

Kepler Capital Markets JON COX buy 5 M 140 Not Provided 18.11.2012

CA Cheuvreux MARCO BACCAGLIO underperform 1 M 114 Not Provided 06.11.2012

Natixis MATTHIEU DETROYAT buy 5 M 140 Not Provided 31.07.2012

Deutsche Bank CHARLIE MUIR-SANDS buy 5 M 150 12 month 08.05.2012

Holdings By:

Dufry AG ee

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

Page 104: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

easyJet plc, a low-cost passenger airline, conducts operations throughout the

United Kingdom and mainland Europe. The Company sells the majority of its

tickets through its Web site.

Latest Fiscal Year: 09/2012

LTM as of: 12/yy

52-Week High (19.02.2013) 1'023.00

52-Week Low (05.03.2012) 422.00

Daily Volume

977.5

52-Week High % Change -4.45% Dividend Yield 2.20

52-Week Low % Change 131.64% Beta 0.88

% 52 Week Price Range High/Low 92.43% Equity Float 249.52

Shares Out 21.02.2013 396.3 Short Int -

3'873.59 1 Yr Total Return 126.33%

Total Debt 957.00 YTD Return 30.50%

Preferred Stock 0.0 Adjusted BETA 0.877

Minority Interest 0.0 Analyst Recs 29

Cash and Equivalents 883.00 Consensus Rating 3.862

Enterprise Value 3'947.59

Average Volume 5 Day 1'084'982

EZJ LN EQUITY YTD Change - Average Volume 30 Day 1'394'688

EZJ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'277'595

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

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

2'362.8 2'666.8 2'973.0 3'452.0 3'854.0 3'561.0 3'924.0 4'139.8 4'410.0 - -

0.46x 0.62x 0.55x 0.40x 0.62x 0.00x 0.00x 0.90x 0.80x - -

138.0 108.9 259.0 359.0 437.0 0.0 0.0 532.6 579.2 - -

7.94x 15.22x 6.30x 3.85x 5.43x 0.00x 0.00x 7.41x 6.82x - -

83.2 71.2 121.0 225.0 255.0 0.0 0.0 317.3 344.0 - -

15.88x 22.47x 13.05x 6.56x 9.29x 0.00x 0.00x 12.50x 11.58x - -

EBITDA 437.00 Long-Term Rating Date -

EBIT 332.00 Long-Term Rating -

Operating Margin 8.61% Long-Term Outlook -

Pretax Margin 8.23% Short-Term Rating Date -

Return on Assets 5.82% Short-Term Rating -

Return on Common Equity 14.58%

Return on Capital 9.56% EBITDA/Interest Exp. 17.48

Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 2.32

Net Debt/EBITDA 0.17

Gross Margin - Total Debt/EBITDA 2.19

EBITDA Margin 11.3%

EBIT Margin 8.6% Total Debt/Equity 53.3%

Net Income Margin 6.6% Total Debt/Capital 34.8%

Asset Turnover 0.88

Current Ratio 1.05 Net Fixed Asset Turnover 1.70

Quick Ratio 0.79 Accounts receivable turnover-days 9.54

Debt to Assets 22.28% Inventory Days -

Tot Debt to Common Equity 53.34% Accounts Payable Turnover Day -

Accounts Receivable Turnover 38.35 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

easyJet PLCPrice/Volume

Valuation Analysis

1'067'500.00

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

'

.''

1''

3''

5''

-'''

-.''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 9-'!' 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'.!-'!.''6 '.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-.

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

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

Page 105: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

EASYGROUP HOLDINGS L Multiple Portfolios REG 102'753'438 25.93 (388'952) 01.02.2013 Holding Company

POLYS HOLDINGS LTD Multiple Portfolios REG 43'758'360 11.04 (183'796) 01.02.2013 Unclassified

STANDARD LIFE INVEST n/a RNS-MAJ 31'621'565 7.98 (134'424) 10.01.2013 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 22'080'526 5.57 (2'459'832) 01.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 16'107'847 4.06 - 26.02.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 10'674'683 2.69 986'358 01.02.2013 Unclassified

LEGAL & GENERAL n/a ULT-AGG 9'834'374 2.48 52'558 01.02.2013 Unclassified

EGERTON CAPITAL LIMI Multiple Portfolios REG 8'415'473 2.12 4'011'991 01.02.2013 Hedge Fund Manager

UBS n/a ULT-AGG 7'367'065 1.86 11'454 01.02.2013 Unclassified

DEUTSCHE BANK PROP T Multiple Portfolios REG 7'165'220 1.81 (1'764'690) 01.02.2013 Other

NORGES BANK INVESTME Multiple Portfolios REG 6'612'908 1.67 - 01.02.2013 Government

THREADNEEDLE ASSET M Multiple Portfolios REG 6'396'041 1.61 (467'463) 01.02.2013 Investment Advisor

OLD MUTUAL n/a ULT-AGG 6'168'130 1.56 (47'085) 01.02.2013 Unclassified

SCHRODER INVESTMENT Multiple Portfolios REG 6'034'060 1.52 679'058 01.02.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios REG 5'859'625 1.48 (252'401) 01.02.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios REG 5'542'880 1.4 (6'540'359) 01.02.2013 Investment Advisor

Easyjet plc LTIP Multiple Portfolios REG 5'433'741 1.37 (290'596) 01.02.2013 Unclassified

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'319'833 1.09 - 31.07.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 4'300'356 1.09 (20'325) 31.10.2012 Investment Advisor

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 3'940'833 0.99 997'000 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets DAMIAN BREWER sector perform 3 M 930 12 month 27.02.2013

Cantor Fitzgerald ROBIN BYDE hold 3 M 920 Not Provided 26.02.2013

AlphaValue HELENE COUMES sell 1 M 746 6 month 21.02.2013

Numis Securities Ltd WYN ELLIS add 4 M 1'075 Not Provided 20.02.2013

Goodbody Stockbrokers Ltd DONAL O'NEILL buy 5 M 1'050 12 month 19.02.2013

Oriel Securities Ltd EDWARD STANFORD buy 5 M #N/A N/A Not Provided 19.02.2013

Main First Bank AG LOIC SABATIER outperform 5 M 1'130 Not Provided 18.02.2013

Oddo & Cie YAN DEROCLES buy 5 M 1'036 Not Provided 15.02.2013

Nomura ANDREW EVANS buy 5 M 1'020 Not Provided 07.02.2013

Commerzbank Corporates & Markets JOHANNES BRAUN hold 3 M 980 6 month 04.02.2013

Macquarie SAM DOBSON neutral 3 D 1'000 12 month 01.02.2013

Redburn Partners TIM MARSHALL buy 5 M #N/A N/A Not Provided 01.02.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 29.01.2013

Credit Suisse NEIL GLYNN neutral 3 M 1'000 Not Provided 28.01.2013

Barclays DAVID E FINTZEN equalweight 3 M 950 Not Provided 28.01.2013

Deutsche Bank GEOF COLLYER buy 5 M 1'040 12 month 25.01.2013

Goldman Sachs OLIVER NEAL neutral/neutral 3 M 1'010 12 month 25.01.2013

HSBC ANDREW DAVID LOBBENBERG overweight 5 M 1'100 Not Provided 25.01.2013

Espirito Santo Investment Bank ResearchGERALD KHOO buy 5 M 1'025 Not Provided 25.01.2013

Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 1'060 12 month 24.01.2013

Investec JAMES HOLLINS hold 3 M 900 12 month 24.01.2013

Panmure Gordon & Co Limited GERT ZONNEVELD buy 5 M 1'000 Not Provided 24.01.2013

Liberum Capital Ltd PETER HYDE buy 5 M 930 Not Provided 24.01.2013

Davy STEPHEN FURLONG neutral 3 D #N/A N/A Not Provided 16.01.2013

CA Cheuvreux BEAT KEISER outperform 5 M 900 Not Provided 11.01.2013

JPMorgan DAVID PITURA underweight 1 M 625 6 month 19.11.2012

Holdings By:

easyJet PLC ee

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

Page 106: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Ebro Foods SA processes food products. The Company produces rice, pasta, dairy

products, and truffles.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.01.2013) 15.25

52-Week Low (25.07.2012) 12.16

Daily Volume

14.48

52-Week High % Change -5.05% Dividend Yield 3.25

52-Week Low % Change 19.10% Beta 0.61

% 52 Week Price Range High/Low 75.10% Equity Float 76.02

Shares Out 04.12.2012 153.9 Short Int -

2'227.97 1 Yr Total Return -0.41%

Total Debt 489.15 YTD Return -2.41%

Preferred Stock 0.0 Adjusted BETA 0.611

Minority Interest 1.2 Analyst Recs 20

Cash and Equivalents 102.08 Consensus Rating 4.150

Enterprise Value 2'586.54

Average Volume 5 Day 467'170

EBRO SQ EQUITY YTD Change - Average Volume 30 Day 480'420

EBRO SQ EQUITY YTD % CHANGE - Average Volume 3 Month 619'167

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

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

2'004.2 2'367.9 1'765.4 1'702.0 1'804.1 1'754.0 2'016.7 2'069.4 2'111.8 544.1 -

1.47x 1.04x 1.58x 1.44x 1.41x 0.00x 0.00x 1.22x 1.16x - -

230.9 264.8 228.2 259.7 270.8 0.0 0.0 298.5 303.0 89.5 -

12.73x 9.30x 12.21x 9.42x 9.41x 0.00x 0.00x 8.67x 8.54x - -

99.5 130.6 176.5 388.8 151.5 135.4 169.0 162.8 158.1 53.2 -

31.91x 19.86x 22.62x 18.78x 14.44x 14.60x 12.49x 13.76x 13.96x - -

EBITDA 270.84 Long-Term Rating Date -

EBIT 219.07 Long-Term Rating -

Operating Margin 12.14% Long-Term Outlook -

Pretax Margin 12.33% Short-Term Rating Date -

Return on Assets 6.09% Short-Term Rating -

Return on Common Equity 10.38%

Return on Capital - EBITDA/Interest Exp. 29.79

Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 22.46

Net Debt/EBITDA 1.17

Gross Margin - Total Debt/EBITDA 1.50

EBITDA Margin 15.4%

EBIT Margin 12.6% Total Debt/Equity 30.8%

Net Income Margin 8.4% Total Debt/Capital 23.5%

Asset Turnover 0.74

Current Ratio 1.56 Net Fixed Asset Turnover 4.30

Quick Ratio 0.79 Accounts receivable turnover-days 54.68

Debt to Assets 18.05% Inventory Days -

Tot Debt to Common Equity 30.82% Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.69 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Ebro Foods SAPrice/Volume

Valuation Analysis

675'820.00

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

'

.

1

3

5

-'

-.

-1

-3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

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

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

Page 107: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

ALIMENTOS Y ACEITES n/a EXCH 15'880'688 10.32 - 11.12.2012 Other

CORP ECONOMICA DAMM n/a Co File 14'850'000 9.65 - 31.12.2011 Other

INST HISPANICO DEL A n/a EXCH 13'725'601 8.92 - 11.12.2012 Other

ALBA PARTICIPACIONES n/a Co File 12'498'830 8.12 - 31.12.2011 Other

HISPAFOODS INVEST SL n/a EXCH 10'707'282 6.96 - 11.12.2012 Corporation

UBS n/a ULT-AGG 6'164'894 4.01 803'373 11.01.2013 Unclassified

CASA GRANDE CARTAGEN n/a Co File 5'193'290 3.38 - 31.12.2011 Other

DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'031'982 1.97 30'319 28.12.2012 Mutual Fund Manager

CASTELLO CLEMENTE FE n/a EXCH 2'307'828 1.5 23'078 11.12.2012 n/a

COMENGE SANCH JOSE I n/a EXCH 2'027'279 1.32 20'272 11.12.2012 n/a

BEGINDAU SL n/a EXCH 1'267'851 0.82 - 11.12.2012 Pension Fund (ERISA)

HANDELSBANKEN FONDBO Multiple Portfolios MF-AGG 1'200'000 0.78 - 31.01.2013 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 896'867 0.58 8'373 31.12.2012 Investment Advisor

SOCIETE GENERALE Multiple Portfolios MF-AGG 751'185 0.49 13'523 28.09.2012 Bank

BNP PARIBAS INV PART n/a ULT-AGG 702'669 0.46 (6'426) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 686'008 0.45 5'789 28.12.2012 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 573'204 0.37 221'504 31.12.2012 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 562'698 0.37 620 30.09.2012 Investment Advisor

Y CALVO-SOT LEOPOLDO n/a EXCH 546'000 0.35 - 21.11.2012 n/a

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 529'292 0.34 5'292 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Grupo Santander JOSE MANUEL ARROYAS buy 5 M 16 12 month 27.02.2013

BPI JOAO SAFARA SILVA neutral 3 M 16 Not Provided 25.02.2013

Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 16 Not Provided 22.02.2013

Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE hold 3 D 14 Not Provided 21.02.2013

Exane BNP Paribas FRANCISCO RUIZ outperform 5 M 16 Not Provided 21.02.2013

AlphaValue SOPHIE CABO-BROSETA buy 5 M 20 6 month 21.02.2013

Bankia Bolsa (ESN) SERGIO RUIZ MARTIN hold 3 M 15 12 month 20.02.2013

NMAS 1 Agencia de Valores ANA FUENTES neutral 3 M 16 12 month 18.02.2013

Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO overweight 5 M 17 12 month 18.02.2013

Interdin Bolsa SOFIA REBUELTA VILLEGAS neutral 3 N 15 Not Provided 15.02.2013

Link Securities PAULA SAMPEDRO accumulate 4 M 16 Not Provided 22.01.2013

Espirito Santo Investment Bank ResearchMANUEL ALBUQUERQUE buy 5 M 18 Not Provided 21.01.2013

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

CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS select list 5 M 17 Not Provided 16.01.2013

Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS hold 3 D 16 Not Provided 09.01.2013

Banco Sabadell IGNACIO ROMERO buy 5 M 17 Not Provided 21.11.2012

BBVA JUAN ROS PADILLA outperform 5 M 17 Not Provided 08.10.2012

La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 M 17 Not Provided 14.09.2012

Mirabaud Finanzas Sociedad de Valores SENRIQUE YAGUEZ AVILES overweight 5 M 16 12 month 25.05.2012

Holdings By:

Ebro Foods SA ee

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

Page 108: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Eiffage SA is a contractor and a concessionaire. It operates through five

business lines, including concessions and public-private partnerships,

construction, public works, energy, metal. The Company is mainly active in

European countries and also in Senegal.

Latest Fiscal Year: 12/2012

LTM as of: 09/yy

52-Week High (10.01.2013) 37.75

52-Week Low (26.07.2012) 20.53

Daily Volume

33.995

52-Week High % Change -9.95% Dividend Yield -

52-Week Low % Change 65.63% Beta 1.23

% 52 Week Price Range High/Low 78.20% Equity Float 38.13

Shares Out 31.12.2012 87.2 Short Int -

2'963.08 1 Yr Total Return 19.82%

Total Debt 16'112.00 YTD Return 1.27%

Preferred Stock 0.0 Adjusted BETA 1.232

Minority Interest (1.0) Analyst Recs 18

Cash and Equivalents 2'402.00 Consensus Rating 3.722

Enterprise Value 17'070.08

Average Volume 5 Day 178'062

FGR FP EQUITY YTD Change - Average Volume 30 Day 134'727

FGR FP EQUITY YTD % CHANGE - Average Volume 3 Month 167'664

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

13'673.0 13'639.0 13'553.0 13'802.0 14'000.0 0.0 9'969.0 14'192.7 14'573.7 3'737.5 -

1.14x 1.20x 1.25x 1.11x - #DIV/0! 0.00x 1.13x 1.08x - -

1'858.0 1'807.0 1'852.0 1'939.0 - 0.0 0.0 2'105.2 2'192.1 - -

8.36x 9.09x 9.11x 7.90x - 0.00x 0.00x 8.11x 7.79x - -

293.0 190.0 232.0 205.0 220.0 0.0 0.0 274.4 321.8 - -

11.57x 18.10x 12.36x 7.93x 13.30x 0.00x 0.00x 10.86x 9.64x - -

EBITDA 1'939.00 Long-Term Rating Date -

EBIT 1'104.00 Long-Term Rating -

Operating Margin 8.00% Long-Term Outlook -

Pretax Margin 2.77% Short-Term Rating Date -

Return on Assets 0.80% Short-Term Rating -

Return on Common Equity 9.14%

Return on Capital 4.33% EBITDA/Interest Exp. 2.91

Asset Turnover 0.52% (EBITDA-Capex)/Interest Exp. 2.60

Net Debt/EBITDA 7.13

Gross Margin - Total Debt/EBITDA 7.97

EBITDA Margin 14.3%

EBIT Margin 8.3% Total Debt/Equity 686.2%

Net Income Margin 1.6% Total Debt/Capital 87.3%

Asset Turnover 0.52

Current Ratio 0.95 Net Fixed Asset Turnover 9.84

Quick Ratio 0.76 Accounts receivable turnover-days 118.49

Debt to Assets 59.30% Inventory Days -

Tot Debt to Common Equity 686.20% Accounts Payable Turnover Day -

Accounts Receivable Turnover 3.09 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Eiffage SAPrice/Volume

Valuation Analysis

197'190.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

0'

02

1'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

14'000.0

16'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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

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

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

Page 109: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

PRO BTP FINANCE n/a Research 22'150'890 25.41 - 15.12.2011 Unclassified

FONDS STRATEGIQUE D' n/a Co File 17'966'000 20.61 - 31.12.2011 Investment Advisor

EIFFAIME n/a Co File 7'225'354 8.29 - 31.12.2011 Other

GROUPAMA SA n/a Co File 6'037'520 6.93 - 31.12.2011 Insurance Company

BLACKROCK n/a ULT-AGG 1'673'204 1.92 955 26.02.2013 Investment Advisor

EIFFAGE n/a Co File 1'594'128 1.83 - 31.12.2011 Holding Company

MEDITOR CAPITAL MANA n/a Short (950'067) -1.09 8'716 21.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 462'675 0.53 10'926 31.12.2012 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (409'662) -0.47 190'013 04.04.2012 Hedge Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 274'943 0.32 - 31.10.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 184'500 0.21 83'200 31.12.2012 Mutual Fund Manager

LBPAM Multiple Portfolios MF-AGG 175'351 0.2 (32'596) 31.12.2012 Mutual Fund Manager

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 170'000 0.2 14'621 31.12.2012 Investment Advisor

MM ASSET MANAGEMENT Multiple Portfolios MF-AGG 143'571 0.16 (5'079) 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 132'531 0.15 - 31.07.2012 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 129'100 0.15 1'000 01.02.2013 Investment Advisor

ETOILE GESTION Multiple Portfolios MF-AGG 129'000 0.15 15'000 28.09.2012 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 125'942 0.14 45'585 31.10.2012 Investment Advisor

CPR ASSET MANAGEMENT Multiple Portfolios MF-AGG 99'691 0.11 (8'239) 31.07.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 77'891 0.09 (3'486) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BPI FILIPE MARTINS LEITE reduce 2 M 34 Not Provided 25.02.2013

Aurel - BGC ERIC LEMARIE hold 3 M 31 6 month 22.02.2013

Kepler Capital Markets JOSEP PUJAL reduce 2 M 35 Not Provided 22.02.2013

Exane BNP Paribas NICOLAS MORA outperform 5 M 43 Not Provided 21.02.2013

AlphaValue GAETAN DUPONT add 4 M 36 6 month 21.02.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.02.2013

Deutsche Bank MANU RIMPELA buy 5 M 40 12 month 15.02.2013

Societe Generale MURIEL FELLOUS hold 3 M 34 12 month 14.02.2013

Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 33 6 month 11.02.2013

Natixis GREGOIRE THIBAULT buy 5 M 41 Not Provided 16.01.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 M 41 12 month 14.01.2013

CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 46 12 month 11.01.2013

Day by Day VALERIE GASTALDY buy 5 M 38 3 month 09.01.2013

Raymond James ARNAUD PALLIEZ market perform 3 D #N/A N/A Not Provided 07.01.2013

HSBC PIERRE BOSSET overweight 5 M 39 Not Provided 07.01.2013

Oddo & Cie OLIVIER BECKER buy 5 M 39 Not Provided 05.10.2012

JPMorgan ELODIE RALL neutral 3 M 29 6 month 30.08.2012

CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 M 50 Not Provided 11.07.2011

Holdings By:

Eiffage SA ee

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

Page 110: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Electrocomponents plc distributes electronics and maintenance products. The

Company offers products through catalogues, the internet, and at trade

counters. Electrocomponents PLC's products include electronics, electrical,

mechanical, automation, and health and safety components.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (16.03.2012) 267.20

52-Week Low (14.06.2012) 193.70

Daily Volume

258.2

52-Week High % Change -3.37% Dividend Yield 4.55

52-Week Low % Change 33.30% Beta 1.13

% 52 Week Price Range High/Low 87.76% Equity Float 437.49

Shares Out 01.02.2013 438.1 Short Int -

1'131.18 1 Yr Total Return 13.06%

Total Debt 181.60 YTD Return 8.49%

Preferred Stock 0.0 Adjusted BETA 1.131

Minority Interest 0.0 Analyst Recs 17

Cash and Equivalents 19.80 Consensus Rating 2.765

Enterprise Value 1'298.08

Average Volume 5 Day 1'079'506

ECM LN EQUITY YTD Change - Average Volume 30 Day 1'060'452

ECM LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'069'383

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 - -

924.8 974.6 972.6 1'182.2 1'267.4 - - 1'240.5 1'279.8 - -

1.02x 0.77x 1.16x 1.12x 0.98x - - 1.03x 0.99x - -

129.4 141.4 108.9 146.7 156.1 - - 133.8 146.0 - -

7.28x 5.29x 10.39x 9.05x 7.97x - - 9.70x 8.89x - -

63.9 66.2 52.6 78.2 84.9 - - 67.7 76.0 - -

12.37x 8.23x 18.20x 14.88x 12.73x - - 16.55x 15.01x - -

EBITDA 156.10 Long-Term Rating Date -

EBIT 128.20 Long-Term Rating -

Operating Margin 10.12% Long-Term Outlook -

Pretax Margin 9.65% Short-Term Rating Date -

Return on Assets 8.83% Short-Term Rating -

Return on Common Equity 20.17%

Return on Capital 14.28% EBITDA/Interest Exp. 20.54

Asset Turnover 1.54% (EBITDA-Capex)/Interest Exp. 15.49

Net Debt/EBITDA 1.22

Gross Margin 46.8% Total Debt/EBITDA 1.31

EBITDA Margin 10.9%

EBIT Margin 8.9% Total Debt/Equity 49.6%

Net Income Margin 6.7% Total Debt/Capital 33.2%

Asset Turnover 1.54

Current Ratio 2.20 Net Fixed Asset Turnover 11.29

Quick Ratio 1.00 Accounts receivable turnover-days 58.70

Debt to Assets 21.34% Inventory Days 138.27

Tot Debt to Common Equity 49.62% Accounts Payable Turnover Day 100.75

Accounts Receivable Turnover 6.24 Cash Conversion Cycle 124.16

Inventory Turnover 2.65

Fiscal Year Ended

Electrocomponents PLCPrice/Volume

Valuation Analysis

549'295.00

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

'

2'

-''

-2'

.''

.2'

0''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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!-'!.'-.

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

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

Page 111: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

SILCHESTER INTL INVE n/a Co File 83'089'855 18.97 - 23.05.2012 Investment Advisor

FMR LLC n/a ULT-AGG 43'083'056 9.83 (2'907'836) 01.12.2012 Investment Advisor

MAJEDIE ASSET MANAGE Multiple Portfolios REG 38'553'549 8.8 6'829'322 01.12.2012 Investment Advisor

SPRUCEGROVE INVESTME n/a Co File 33'046'296 7.54 - 23.05.2012 Investment Advisor

AMERIPRISE FINANCIAL n/a RNS-MAJ 22'304'805 5.09 - 06.02.2013 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 19'632'721 4.48 1'724'982 01.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 19'194'146 4.38 883'532 31.01.2013 Unclassified

SANDERSON ASSET MANA n/a Co File 18'240'445 4.16 - 23.05.2012 Investment Advisor

OPPENHEIMERFUNDS INC n/a Co File 17'649'626 4.03 - 23.05.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 16'824'897 3.84 1'949'532 31.10.2012 Investment Advisor

UBS n/a ULT-AGG 11'526'266 2.63 (187'549) 01.12.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 10'515'308 2.4 2'722'093 01.12.2012 Government

THREADNEEDLE ASSET M Multiple Portfolios REG 8'496'918 1.94 (4'975'126) 01.12.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 7'720'725 1.76 (2'180'000) 31.10.2012 Investment Advisor

HERONBRIDGE INVESTME Multiple Portfolios REG 7'691'702 1.76 1'015'066 01.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 6'441'928 1.47 (2'495'167) 01.12.2012 Unclassified

JO HAMBRO CAPITAL MA Multiple Portfolios REG 5'595'725 1.28 (2'870'000) 01.12.2012 Mutual Fund Manager

STANDARD LIFE INVEST Multiple Portfolios REG 4'968'000 1.13 103'135 01.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'889'172 1.12 80'720 31.12.2012 Investment Advisor

CHEVIOT ASSET MANAGE Multiple Portfolios REG 4'871'655 1.11 407'292 01.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Cantor Fitzgerald CAROLINE DE LA SOUJEOLE hold 3 M 250 Not Provided 21.02.2013

Canaccord Genuity Corp JULIAN CATER buy 5 M 265 Not Provided 18.02.2013

Credit Suisse DAVID RIGBY outperform 5 M 280 Not Provided 07.02.2013

Numis Securities Ltd STEVE WOOLF hold 3 M 260 Not Provided 04.02.2013

RBC Capital Markets DAVID GREENALL sector perform 3 M 260 12 month 01.02.2013

Shore Capital Stockbrokers ROBIN SPEAKMAN sell 1 M #N/A N/A Not Provided 01.02.2013

Panmure Gordon & Co Limited ANDY BROWN sell 1 M 175 Not Provided 01.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 314 12 month 18.12.2012

Espirito Santo Investment Bank ResearchGUY HEWETT neutral 3 U 200 Not Provided 07.12.2012

HSBC MATTHEW LLOYD neutral 3 M 225 Not Provided 28.11.2012

Peel Hunt HENRY CARVER sell 1 M 190 Not Provided 23.11.2012

Jefferies KEAN MARDEN hold 3 M 200 12 month 31.10.2012

Deutsche Bank ANDY CHU hold 3 M 205 12 month 17.10.2012

Barclays JANE SPARROW equalweight 3 M 216 Not Provided 02.10.2012

Holdings By:

Electrocomponents PLC ee

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

Page 112: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Elementis plc is a global specialty chemicals company. The Company comprises

three businesses. Specialty Products produces rheology additives that enhance

the flow characteristics of liquids in a wide range of applications, such as in

coatings, cosmetics and oilfield drilling. Surfactants produces surface active

ingredients. Chromium manufactures a range of chromium chemicals.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (27.02.2013) 246.60

52-Week Low (29.02.2012) 160.20

Daily Volume

242.2

52-Week High % Change -1.78% Dividend Yield 2.11

52-Week Low % Change 51.19% Beta 1.04

% 52 Week Price Range High/Low 94.91% Equity Float 429.65

Shares Out 31.01.2013 453.6 Short Int -

1'098.55 1 Yr Total Return 49.04%

Total Debt 19.10 YTD Return 4.17%

Preferred Stock 0.0 Adjusted BETA 1.040

Minority Interest 1.6 Analyst Recs 9

Cash and Equivalents 63.10 Consensus Rating 3.444

Enterprise Value 1'624.32

Average Volume 5 Day 1'153'203

ELM LN EQUITY YTD Change - Average Volume 30 Day 1'032'636

ELM LN EQUITY YTD % CHANGE - Average Volume 3 Month 792'560

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

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

741.7 569.5 697.4 760.5 757.0 - - 798.4 832.9 - -

0.58x 0.84x 1.55x 1.23x 2.21x - - 2.01x 1.90x - -

135.6 68.3 124.4 157.9 165.2 - - 179.1 189.1 - -

3.17x 6.98x 8.69x 5.91x 10.11x - - 9.07x 8.59x - -

36.7 (57.9) 74.1 124.1 107.1 - - 112.7 117.6 - -

8.28x - 13.34x 7.66x 15.93x - - 14.70x 13.76x - -

EBITDA 165.20 Long-Term Rating Date -

EBIT 143.90 Long-Term Rating -

Operating Margin 19.01% Long-Term Outlook -

Pretax Margin 18.65% Short-Term Rating Date -

Return on Assets 13.08% Short-Term Rating -

Return on Common Equity 23.04%

Return on Capital 22.72% EBITDA/Interest Exp. 35.15

Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 27.00

Net Debt/EBITDA -0.27

Gross Margin 38.5% Total Debt/EBITDA 0.12

EBITDA Margin 21.8%

EBIT Margin 19.0% Total Debt/Equity 4.0%

Net Income Margin 14.1% Total Debt/Capital 3.8%

Asset Turnover 0.92

Current Ratio 2.56 Net Fixed Asset Turnover 4.19

Quick Ratio 1.50 Accounts receivable turnover-days 50.38

Debt to Assets 2.21% Inventory Days 97.71

Tot Debt to Common Equity 3.97% Accounts Payable Turnover Day -

Accounts Receivable Turnover 7.26 Cash Conversion Cycle 99.05

Inventory Turnover 3.75

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Elementis PLCPrice/Volume

Valuation Analysis

881'436.00

Current Price (2/dd/yy) Market Data

'

2'

-''

-2'

.''

.2'

0''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

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

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

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

Page 113: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

SCHRODERS PLC n/a Co File 44'613'178 9.84 - 28.02.2012 Investment Advisor

AXA FRAMLINGTON INV Multiple Portfolios REG 40'437'780 8.92 1'679'900 01.12.2012 Investment Advisor

NORGES BANK n/a RNS-MAJ 23'037'188 5.08 198'125 22.01.2013 Government

AMERIPRISE FINANCIAL n/a RNS-MAJ 22'734'503 5.01 431'268 11.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 22'051'259 4.86 - 26.02.2013 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 19'546'152 4.31 (3'122'498) 01.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 19'541'689 4.31 (5'304'843) 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 17'219'369 3.8 (8'359'130) 22.01.2013 Unclassified

FMR LLC n/a ULT-AGG 14'618'386 3.22 5'156'560 31.12.2012 Investment Advisor

CAZENOVE CAPITAL MAN Multiple Portfolios REG 12'674'250 2.79 3'310'958 01.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 12'232'908 2.7 1'688'720 31.12.2012 Investment Advisor

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 11'365'000 2.51 888'488 31.12.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 10'732'682 2.37 3'521'513 01.12.2012 Unclassified

ARTEMIS INVESTMENT M Multiple Portfolios REG 10'223'019 2.25 (209'994) 01.12.2012 Investment Advisor

WILLIAM BLAIR & COMP Multiple Portfolios REG 9'818'242 2.16 5'355'481 01.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios REG 9'756'885 2.15 (309'235) 01.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 9'662'042 2.13 (4'125'012) 01.12.2012 Unclassified

HARGREAVE n/a ULT-AGG 8'756'597 1.93 (498'145) 01.12.2012 Unclassified

SMITH & WILLIAMSON H n/a ULT-AGG 8'425'685 1.86 (186'437) 31.01.2013 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 8'393'379 1.85 (1'476'165) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs RAKESH PATEL neutral/neutral 3 M 265 12 month 27.02.2013

Numis Securities Ltd CHARLES PICK hold 3 M 220 Not Provided 25.02.2013

Berenberg Bank JAIDEEP PANDYA buy 5 M 275 Not Provided 21.02.2013

Barclays GUNTHER ZECHMANN underweight 1 M 203 Not Provided 04.02.2013

N+1 Singer Ltd JAMES TETLEY corporate #N/A N/A M #N/A N/A Not Provided 28.01.2013

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

JPMorgan MARTIN EVANS neutral 3 M 200 9 month 07.12.2012

Westhouse Securities RICKY PLATT suspended coverage #N/A N/A M #N/A N/A Not Provided 01.11.2012

Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 223 Not Provided 26.10.2012

Holdings By:

Elementis PLC ee

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

Page 114: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Ems-Chemie Holding AG manufactures and markets performance polymers, high-grade

chemical intermediates, fine chemicals, and protective bonding, coating and

sealing products. The Company supplies its products to the automotive,

transportation, and textile industries.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (20.02.2013) 266.75

52-Week Low (24.05.2012) 161.00

Daily Volume

262.5

52-Week High % Change -1.59% Dividend Yield -

52-Week Low % Change 63.04% Beta 0.81

% 52 Week Price Range High/Low 95.98% Equity Float 7.08

Shares Out 30.06.2012 23.4 Short Int -

6'139.62 1 Yr Total Return 57.95%

Total Debt 162.77 YTD Return 21.87%

Preferred Stock 0.0 Adjusted BETA 0.813

Minority Interest 15.1 Analyst Recs 6

Cash and Equivalents 433.11 Consensus Rating 3.333

Enterprise Value 5'884.38

Average Volume 5 Day 25'411

EMSN SE EQUITY YTD Change - Average Volume 30 Day 28'217

EMSN SE EQUITY YTD % CHANGE - Average Volume 3 Month 39'506

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

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

1'503.9 1'197.7 1'595.6 1'657.7 1'755.0 0.0 254.0 1'836.8 1'936.6 - 434.0

1.16x 2.02x 2.17x 2.09x - #DIV/0! 0.00x 3.12x 2.93x - -

283.2 272.2 351.4 347.3 - 0.0 0.0 391.6 416.2 - -

6.15x 8.91x 9.88x 9.98x - 0.00x 0.00x 15.03x 14.14x - -

211.8 216.1 225.9 237.1 273.0 0.0 0.0 272.4 290.4 - -

9.57x 12.82x 17.08x 15.69x 18.45x 0.00x 0.00x 22.50x 21.11x - -

EBITDA 347.27 Long-Term Rating Date -

EBIT 295.26 Long-Term Rating -

Operating Margin 17.81% Long-Term Outlook -

Pretax Margin 17.79% Short-Term Rating Date -

Return on Assets 14.33% Short-Term Rating -

Return on Common Equity 21.17%

Return on Capital - EBITDA/Interest Exp. 103.63

Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 80.99

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 18.1% Total Debt/Equity 15.6%

Net Income Margin 15.6% Total Debt/Capital 13.3%

Asset Turnover 0.97

Current Ratio 2.87 Net Fixed Asset Turnover 3.38

Quick Ratio 1.83 Accounts receivable turnover-days 73.78

Debt to Assets 9.96% Inventory Days -

Tot Debt to Common Equity 15.63% Accounts Payable Turnover Day -

Accounts Receivable Turnover 4.96 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EMS-Chemie Holding AGPrice/Volume

Valuation Analysis

16'068.00

Current Price (2/dd/yy) Market Data

'

2'

-''

-2'

.''

.2'

0''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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!''

-5!''

.'!''

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

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

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

Page 115: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

EMESTA HOLDING AG n/a Co File 14'225'190 60.82 - 31.12.2011 Corporation

BLOCHER MIRIAM n/a Co File 2'079'282 8.89 - 31.12.2011 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 159'531 0.68 33'309 31.12.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 81'618 0.35 3'304 31.12.2012 Investment Advisor

IST FUND MANAGERS Multiple Portfolios MF-AGG 68'686 0.29 (580) 31.12.2012 Mutual Fund Manager

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 68'620 0.29 271 28.12.2012 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 65'943 0.28 447 28.12.2012 Mutual Fund Manager

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 64'216 0.27 (782) 31.10.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 48'320 0.21 371 26.02.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 37'766 0.16 (465) 30.11.2012 Mutual Fund Manager

RAIFFEISEN SCHWEIZ L Multiple Portfolios MF-AGG 27'500 0.12 27'500 31.10.2012 Investment Advisor

LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 24'450 0.1 (3'250) 28.12.2012 Mutual Fund Manager

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 11'991 0.05 (1'070) 31.12.2012 Mutual Fund Manager

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 11'100 0.05 3'450 31.10.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 10'929 0.05 - 31.07.2012 Investment Advisor

SEB n/a ULT-AGG 9'750 0.04 3'129 31.12.2012 Unclassified

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 9'087 0.04 (6'175) 31.10.2012 Mutual Fund Manager

LEGAL & GENERAL n/a ULT-AGG 8'953 0.04 - 28.12.2012 Unclassified

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8'947 0.04 - 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'123 0.03 8'123 31.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Zuercher Kantonalbank MARTIN SCHREIBER market perform 3 M #N/A N/A Not Provided 11.02.2013

Main First Bank AG BERND POMREHN outperform 5 U 265 12 month 10.02.2013

Kepler Capital Markets BETTINA EDMONDSTON reduce 2 M 200 Not Provided 09.02.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

Bank Vontobel AG PATRICK RAFAISZ reduce 2 D 180 Not Provided 16.11.2012

Holdings By:

EMS-Chemie Holding AG ee

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

Page 116: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Endesa, S.A. generates, distributes, and trades electricity in Spain, Italy,

France, Portugal, North Africa, and Latin America. The Company distributes

natural gas, operates co-generation plants, and treats and distributes water.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (09.01.2013) 17.88

52-Week Low (25.07.2012) 11.30

Daily Volume

17.18

52-Week High % Change -3.89% Dividend Yield -

52-Week Low % Change 52.04% Beta 0.84

% 52 Week Price Range High/Low 89.43% Equity Float 84.03

Shares Out 31.12.2012 1'058.8 Short Int -

18'189.36 1 Yr Total Return 16.46%

Total Debt 10'860.00 YTD Return 1.84%

Preferred Stock 0.0 Adjusted BETA 0.843

Minority Interest 5'716.0 Analyst Recs 25

Cash and Equivalents 7'423.00 Consensus Rating 4.040

Enterprise Value 27'342.36

Average Volume 5 Day 618'331

ELE SQ EQUITY YTD Change - Average Volume 30 Day 382'318

ELE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 613'653

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

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

22'836.0 25'925.0 31'177.0 32'686.0 33'642.0 32'401.0 33'490.0 32'650.1 33'687.6 - -

2.10x 1.84x 1.02x 0.84x 0.80x 3.93x 3.16x 0.90x 0.78x - -

6'903.0 7'228.0 7'474.0 7'265.0 7'310.0 7'288.0 7'336.0 6'710.3 6'952.9 - -

6.93x 6.61x 4.25x 3.80x 3.70x 3.79x 3.68x 4.07x 3.93x - -

7'169.0 3'430.0 4'129.0 2'212.0 2'034.0 2'212.0 2'034.0 1'894.4 2'088.9 495.0 495.0

13.26x 7.39x 4.95x 7.58x 8.79x 7.59x 8.78x 9.67x 8.80x - -

EBITDA 7'310.00 Long-Term Rating Date 08.03.2012

EBIT 4'723.00 Long-Term Rating BBB+

Operating Margin 14.04% Long-Term Outlook NEG

Pretax Margin 11.37% Short-Term Rating Date 14.12.2007

Return on Assets 3.46% Short-Term Rating A-2

Return on Common Equity 10.18%

Return on Capital - EBITDA/Interest Exp. 9.29

Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 5.69

Net Debt/EBITDA 0.47

Gross Margin 31.3% Total Debt/EBITDA 1.48

EBITDA Margin 21.9%

EBIT Margin 14.2% Total Debt/Equity 52.6%

Net Income Margin 6.0% Total Debt/Capital 29.2%

Asset Turnover 0.57

Current Ratio 1.32 Net Fixed Asset Turnover -

Quick Ratio 1.20 Accounts receivable turnover-days 57.57

Debt to Assets 18.48% Inventory Days 17.64

Tot Debt to Common Equity 52.58% Accounts Payable Turnover Day 114.49

Accounts Receivable Turnover 6.36 Cash Conversion Cycle -53.94

Inventory Turnover 20.75

Fiscal Year Ended

Endesa SAPrice/Volume

Valuation Analysis

1'223'600.00

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

'.135

-'-.-1-3-5.'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9-!' 9.!' 90!' 91!' 92!' 93!' 94!' 95!' 96!' 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

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

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

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

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

Page 117: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

ENEL SPA n/a Co File 974'717'763 92.06 - 31.12.2011 Corporation

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'056'600 0.19 (3'000) 31.01.2013 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 1'017'715 0.1 (21'018) 31.01.2013 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 947'536 0.09 672 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 511'000 0.05 (30'000) 31.10.2012 Unclassified

BLACKROCK n/a ULT-AGG 304'337 0.03 703 26.02.2013 Investment Advisor

OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 282'060 0.03 127'897 31.10.2012 Mutual Fund Manager

BPI FUNDOS GFIM SA/P Multiple Portfolios MF-AGG 252'479 0.02 (8'000) 30.11.2012 Mutual Fund Manager

SYMPHONIA SGR SPA Multiple Portfolios MF-AGG 212'743 0.02 26'465 28.12.2012 Investment Advisor

ABANTE ASESORES GEST Multiple Portfolios MF-AGG 142'000 0.01 - 31.12.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 127'588 0.01 (37'057) 31.08.2012 Mutual Fund Manager

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 126'749 0.01 16'504 31.12.2012 Mutual Fund Manager

BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 115'360 0.01 115'360 30.09.2012 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 106'229 0.01 - 26.02.2013 Investment Advisor

INVERCAIXA GESTION S Multiple Portfolios MF-AGG 103'035 0.01 46'450 30.11.2012 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 102'773 0.01 - 31.05.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 86'613 0.01 (28'087) 31.07.2012 Investment Advisor

VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 86'582 0.01 - 31.08.2012 Mutual Fund Manager

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 83'000 0.01 - 31.12.2012 Investment Advisor

DEGROOF GESTION INST Multiple Portfolios MF-AGG 80'800 0.01 - 30.03.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Banesto Bolsa SA Sociedad ANTONIO CRUZ overweight 5 M 22 12 month 27.02.2013

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 12 month 26.02.2013

Goldman Sachs FRED BARASI neutral/attractive 3 M 23 12 month 19.02.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE buy 5 M 20 6 month 18.02.2013

Exane BNP Paribas MANUEL PALOMO neutral 3 M 19 Not Provided 13.02.2013

Societe Generale JORGE ALONSO SUILS hold 3 M 17 12 month 05.02.2013

Berenberg Bank ROBERT CHANTRY buy 5 N 20 Not Provided 05.02.2013

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 U 21 Not Provided 05.02.2013

Grupo Santander BOSCO MUGUIRO buy 5 M 24 Not Provided 04.02.2013

Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 M 18 Not Provided 04.02.2013

Nomura JAVIER SUAREZ neutral 3 M 16 12 month 30.01.2013

La Caixa FERNANDO MURILLO GUIRAO buy 5 M 24 Not Provided 28.01.2013

S&P Capital IQ CLIVE ROBERTS hold 3 M 17 12 month 28.01.2013

Barclays MONICA GIRARDI overweight 5 M 22 Not Provided 25.01.2013

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

CA Cheuvreux JOSE PORTA SAUDAN outperform 5 M 19 Not Provided 12.12.2012

Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 M 18 Not Provided 19.10.2012

Bankia Bolsa (ESN) VICTOR PEIRO PEREZ hold 3 M 18 12 month 10.10.2012

Macquarie ATALLAH ESTEPHAN underperform 1 M 15 12 month 20.09.2012

Morgan Stanley ANNA MARIA SCAGLIA Equalwt/In-Line 3 M 21 12 month 17.09.2012

BBVA ISIDORO DEL ALAMO market perform 3 M 16 Not Provided 16.09.2012

Hammer Partners SA CHRIS MOORE buy 5 M 17 Not Provided 30.05.2012

JPMorgan JAVIER GARRIDO neutral 3 U 19 Not Provided 27.01.2012

Natixis PHILIPPE OURPATIAN reduce 2 M 18 Not Provided 09.11.2011

AlphaValue VINCENT DOARE buy 5 M 32 6 month 05.05.2010

Holdings By:

Endesa SA ee

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

Page 118: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Etablissements Maurel et Prom is a mid-size oil and gas company. The Company

has operations in Africa and Latin America.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (18.02.2013) 15.05

52-Week Low (04.06.2012) 10.16

Daily Volume

14.155

52-Week High % Change -5.95% Dividend Yield -

52-Week Low % Change 39.32% Beta 0.98

% 52 Week Price Range High/Low 81.70% Equity Float 86.62

Shares Out 30.06.2012 121.5 Short Int -

1'719.74 1 Yr Total Return 2.89%

Total Debt 349.24 YTD Return 11.63%

Preferred Stock 0.0 Adjusted BETA 0.980

Minority Interest 0.0 Analyst Recs 9

Cash and Equivalents 60.77 Consensus Rating 3.667

Enterprise Value 2'122.43

Average Volume 5 Day 459'704

MAU FP EQUITY YTD Change - Average Volume 30 Day 621'654

MAU FP EQUITY YTD % CHANGE - Average Volume 3 Month 455'362

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

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

289.5 93.0 191.9 217.0 373.6 52.9 346.2 452.7 534.6 - -

4.67x 12.23x 7.76x 6.73x 4.41x 0.00x 0.00x 4.81x 4.17x - -

93.9 21.1 78.7 125.1 247.3 0.0 0.0 323.2 399.2 - -

14.38x 53.84x 18.92x 11.67x 6.66x 0.00x 0.00x 6.57x 5.32x - -

766.1 62.5 (50.7) (138.8) 164.6 0.0 0.0 95.6 151.9 - -

- - - - 8.91x 0.00x 0.00x 20.69x 13.18x - -

EBITDA 247.27 Long-Term Rating Date -

EBIT 145.14 Long-Term Rating -

Operating Margin 38.85% Long-Term Outlook -

Pretax Margin 66.07% Short-Term Rating Date -

Return on Assets 6.41% Short-Term Rating -

Return on Common Equity 13.04%

Return on Capital 9.61% EBITDA/Interest Exp. 6.14

Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 1.70

Net Debt/EBITDA 1.79

Gross Margin - Total Debt/EBITDA 1.96

EBITDA Margin 65.0%

EBIT Margin 25.7% Total Debt/Equity 45.6%

Net Income Margin 44.1% Total Debt/Capital 31.3%

Asset Turnover 0.21

Current Ratio 1.23 Net Fixed Asset Turnover 0.55

Quick Ratio 0.62 Accounts receivable turnover-days 92.81

Debt to Assets 23.47% Inventory Days -

Tot Debt to Common Equity 45.65% Accounts Payable Turnover Day -

Accounts Receivable Turnover 3.94 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Etablissements Maurel et PromPrice/Volume

Valuation Analysis

477'609.00

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

'

.

1

3

5

-'

-.

-1

-3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9

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!''

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

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

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

Page 119: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

PACIFICO n/a Co File 28'750'246 23.66 - 31.12.2011 Corporation

MACIF n/a Co File 8'324'204 6.85 - 31.12.2011 Insurance Company

MAUREL ET PROM n/a Research 5'968'825 4.91 (301'293) 31.01.2012 Corporation

CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'109'013 0.91 84'650 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 910'522 0.75 21'676 31.12.2012 Investment Advisor

HIGHBRIDGE CAPITAL M n/a Short (814'006) -0.67 36'448 20.02.2013 Hedge Fund Manager

PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 711'606 0.59 179'200 30.09.2012 Investment Advisor

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 618'104 0.51 - 31.12.2012 Investment Advisor

BNP PARIBAS SA n/a Short (595'318) -0.49 36'448 14.02.2013 Bank

MMA FINANCE Multiple Portfolios MF-AGG 572'670 0.47 (58'590) 29.06.2012 Mutual Fund Manager

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 427'642 0.35 192'642 31.12.2012 Mutual Fund Manager

PALATINE ASSET MANAG Multiple Portfolios MF-AGG 400'000 0.33 (100'000) 31.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 371'688 0.31 - 26.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 356'215 0.29 - 28.09.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 350'000 0.29 - 28.12.2012 Investment Advisor

GENERALI FINANCES Multiple Portfolios MF-AGG 333'722 0.27 (4'800) 29.11.2012 Investment Advisor

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 310'000 0.26 - 31.12.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 306'350 0.25 - 31.12.2012 Mutual Fund Manager

DWS INVESTMENT SA Multiple Portfolios MF-AGG 290'000 0.24 (60'000) 28.12.2012 Mutual Fund Manager

COVEA FINANCE SAS Multiple Portfolios MF-AGG 266'130 0.22 - 30.09.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Arkeon Finance MATHIEU JASMIN buy 5 M 16 Not Provided 27.02.2013

Societe Generale DAVID MIRZAI sell 1 M 13 12 month 25.02.2013

SBG Securities LIONEL THEROND sell 1 M 13 12 month 19.02.2013

Exane BNP Paribas ALEX TOPOUZOGLOU outperform 5 M 19 Not Provided 11.02.2013

CM - CIC Securities(ESN) JEAN-LUC ROMAIN hold 3 M 15 12 month 08.02.2013

Tudor Pickering & Co ANISH KAPADIA buy 5 M 24 Not Provided 08.02.2013

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

Goldman Sachs CHRISTOPHOR JOST buy/attractive 5 M 21 12 month 17.12.2012

Natixis JULIEN LAURENT buy 5 M 20 Not Provided 22.11.2012

Kepler Capital Markets TEAM COVERAGE buy 5 N 16 Not Provided 15.12.2011

Oddo & Cie OLIVIER BECKER add 4 M 9 Not Provided 21.01.2011

Holdings By:

Etablissements Maurel et Prom ee

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

Page 120: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Eurasian Natural Resources Corporation is a diversified international miner.

The Company's main products are ferrochrome, iron ore, alumina and aluminium,

copper, cobalt, coal and electricity. Eurasian Natural Resources has operations

in Kazakhstan, Russia, and the PRC.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (29.02.2012) 727.50

52-Week Low (16.11.2012) 259.60

Daily Volume

347

52-Week High % Change -52.30% Dividend Yield 3.32

52-Week Low % Change 33.67% Beta 1.63

% 52 Week Price Range High/Low 18.68% Equity Float 311.73

Shares Out 30.06.2012 1'287.8 Short Int -

4'468.49 1 Yr Total Return -49.31%

Total Debt 1'593.00 YTD Return 22.18%

Preferred Stock 0.0 Adjusted BETA 1.626

Minority Interest 336.0 Analyst Recs 25

Cash and Equivalents 508.00 Consensus Rating 3.440

Enterprise Value 10'520.60

Average Volume 5 Day 4'987'453

ENRC LN EQUITY YTD Change - Average Volume 30 Day 4'131'952

ENRC LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'825'492

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

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

4'106.0 6'823.0 3'831.0 6'605.0 7'705.0 - - 6'422.5 7'007.0 - -

3.69x 0.66x 4.93x 3.24x 1.83x - - 1.84x 1.78x - -

1'883.0 4'233.0 1'408.0 3'056.0 3'328.0 - - 1'973.6 2'166.8 - -

8.05x 1.07x 13.42x 6.99x 4.24x - - 5.33x 4.86x - -

798.0 2'642.0 1'045.0 2'185.0 1'974.0 - - 656.5 738.1 - -

16.15x 2.34x 18.21x 9.63x 6.43x - - 10.28x 9.27x - -

EBITDA 3'328.00 Long-Term Rating Date 15.02.2012

EBIT 2'789.00 Long-Term Rating BB-

Operating Margin 36.20% Long-Term Outlook NEG

Pretax Margin 35.76% Short-Term Rating Date 02.12.2009

Return on Assets 7.32% Short-Term Rating B

Return on Common Equity 11.63%

Return on Capital 9.96% EBITDA/Interest Exp. 18.09

Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 6.56

Net Debt/EBITDA 1.34

Gross Margin 54.4% Total Debt/EBITDA 1.95

EBITDA Margin 36.4%

EBIT Margin 27.7% Total Debt/Equity 14.6%

Net Income Margin 25.6% Total Debt/Capital 12.4%

Asset Turnover 0.40

Current Ratio 1.90 Net Fixed Asset Turnover 0.67

Quick Ratio 0.74 Accounts receivable turnover-days -

Debt to Assets 10.27% Inventory Days 114.12

Tot Debt to Common Equity 14.61% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 99.94

Inventory Turnover 3.21

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Eurasian Natural Resources Corp PLCPrice/Volume

Valuation Analysis

5'715'892.00

Current Price (2/dd/yy) Market Data

'

-''

.''

0''

1''

2''

3''

4''

5''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 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

9'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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

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

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

Page 121: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

KAZAKHMYS EURASIA BV Multiple Portfolios REG 331'216'976 25.72 - 03.12.2012 Corporation

CHODIEV PATOKH n/a Co File 187'836'250 14.59 - 16.04.2012 n/a

MACHKEVITCH ALEXANDE n/a Co File 187'836'250 14.59 - 16.04.2012 n/a

The State Property & Multiple Portfolios REG 150'047'116 11.65 - 03.12.2012 Unclassified

REPUBLIC OF KAZAKHST n/a Co File 150'047'116 11.65 - 16.04.2012 Government

IBRAGIMOV ALIJAN n/a Co File 113'836'250 8.84 - 16.04.2012 n/a

IBRAGIMOV FAMILY Multiple Portfolios REG 74'000'000 5.75 - 03.12.2012 Unclassified

BLACKROCK n/a ULT-AGG 35'026'781 2.72 (11'035'331) 26.02.2013 Investment Advisor

Chodiev`s Family Multiple Portfolios REG 33'783'625 2.62 - 03.12.2012 Unclassified

SKAGEN AS Multiple Portfolios MF-AGG 14'369'377 1.12 3'677'616 31.01.2013 Mutual Fund Manager

GOVT OF SINGAPORE IN n/a ULT-AGG 13'373'609 1.04 1'237'467 03.12.2012 Government

SKAGEN FUNDS Multiple Portfolios REG 10'691'761 0.83 - 03.12.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 10'270'539 0.8 (1'976'745) 03.12.2012 Government

JP MORGAN n/a ULT-AGG 9'855'942 0.77 2'908'642 31.12.2012 Unclassified

LEGAL & GENERAL n/a ULT-AGG 9'287'929 0.72 (457'684) 31.01.2013 Unclassified

BANK OF NEW YORK MEL Multiple Portfolios REG 8'167'419 0.63 4'356'680 03.12.2012 Investment Advisor

CAUSEWAY CAPITAL MAN Multiple Portfolios REG 5'635'291 0.44 (527'435) 03.12.2012 Investment Advisor

UBS n/a ULT-AGG 5'560'767 0.43 96'884 28.12.2012 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'092'032 0.4 180'707 31.12.2012 Investment Advisor

MAJEDIE ASSET MANAGE Multiple Portfolios REG 4'871'600 0.38 1'962'227 03.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Exane BNP Paribas RAPHAEL VEVERKA neutral 3 M 340 Not Provided 27.02.2013

BMO Capital Markets TONY ROBSON market perform 3 M 350 Not Provided 25.02.2013

RBC Capital Markets TIMOTHY HUFF sector perform 3 M 325 12 month 25.02.2013

VTB Capital NIKOLAY SOSNOVSKIY hold 3 D 420 12 month 19.02.2013

Goldman Sachs YULIA CHEKUNAEVA neutral/attractive 3 M 400 12 month 15.02.2013

Macquarie ALON OLSHA outperform 5 M 430 12 month 11.02.2013

Halyk Finance MARIYAM ZHUMADIL buy 5 M 340 12 month 08.02.2013

Centras Securities MARZHAN IBRAYEVA market perform 3 M 652 12 month 07.02.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 07.02.2013

Societe Generale ABHISHEK SHUKLA hold 3 M 385 12 month 06.02.2013

Deutsche Bank ROBERT CLIFFORD buy 5 M 562 12 month 06.02.2013

Credit Suisse LIAM FITZPATRICK outperform 5 M 400 Not Provided 06.02.2013

Sberbank CIB MIKHAIL STISKIN buy 5 M 424 Not Provided 28.01.2013

Morgan Stanley ALAIN GABRIEL Equalwt/In-Line 3 M 380 12 month 23.01.2013

Liberum Capital Ltd ASH LAZENBY hold 3 M #N/A N/A Not Provided 18.01.2013

JPMorgan FRASER JAMIESON neutral 3 M 300 9 month 16.01.2013

Alfa-Bank BARRY EHRLICH equalweight 3 M 378 Not Provided 16.01.2013

Nomura PATRICK JONES reduce 2 M 275 12 month 16.01.2013

Barclays IAN ROSSOUW equalweight 3 M 341 Not Provided 14.01.2013

Visor Capital STANISLAV CHUYEV buy 5 M 427 Not Provided 14.12.2012

Redburn Partners TIM JARRATT neutral 3 M #N/A N/A Not Provided 11.12.2012

Otkritie Capital DENIS GABRIELIK hold 3 M 400 12 month 09.11.2012

Renaissance Capital EKATERINA GAZADZE buy 5 M 985 12 month 03.02.2012

Prosdocimi TEAM COVERAGE buy 5 M #N/A N/A Not Provided 10.06.2010

Holdings By:

Eurasian Natural Resources Corp PLC ee

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

Page 122: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Eurazeo is an investment company that invests in French mid to large-sized

companies. The Company is a long-term investor and works alongside management

to provide company transformation support. Eurazeo's investments include

buiness support services,transportation services, real estate & leisure, and

financial services sectors.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (25.02.2013) 42.78

52-Week Low (27.06.2012) 27.21

Daily Volume

41.125

52-Week High % Change -3.86% Dividend Yield -

52-Week Low % Change 51.14% Beta 1.30

% 52 Week Price Range High/Low 89.40% Equity Float 41.97

Shares Out 31.08.2012 66.0 Short Int -

2'715.13 1 Yr Total Return 25.99%

Total Debt 6'990.45 YTD Return 13.59%

Preferred Stock 0.0 Adjusted BETA 1.299

Minority Interest 444.4 Analyst Recs 11

Cash and Equivalents 511.98 Consensus Rating 4.000

Enterprise Value 9'985.08

Average Volume 5 Day 71'026

RF FP EQUITY YTD Change - Average Volume 30 Day 70'544

RF FP EQUITY YTD % CHANGE - Average Volume 3 Month 62'017

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

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

4'253.0 4'152.4 3'924.9 4'315.6 4'275.3 2'907.2 4'587.2 4'381.3 4'500.8 - -

2.92x 2.21x 2.35x 2.17x 2.01x 0.00x 0.00x 2.14x 2.09x - -

1'628.8 817.8 738.7 1'038.4 798.6 0.0 0.0 1'115.3 1'163.8 - -

7.63x 11.21x 12.49x 9.03x 10.77x 0.00x 0.00x 8.95x 8.58x - -

901.1 (68.0) (199.3) 115.0 (97.5) 0.0 0.0 63.3 150.3 - -

5.39x - - 26.55x - 0.00x 0.00x 59.60x 17.59x - -

EBITDA 798.58 Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin -1.92% Long-Term Outlook -

Pretax Margin -1.81% Short-Term Rating Date -

Return on Assets -0.80% Short-Term Rating -

Return on Common Equity -3.47%

Return on Capital -1.18% EBITDA/Interest Exp. -

Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA 8.86

Gross Margin - Total Debt/EBITDA 9.90

EBITDA Margin 17.2%

EBIT Margin - Total Debt/Equity 203.5%

Net Income Margin -2.3% Total Debt/Capital 64.3%

Asset Turnover 0.30

Current Ratio - Net Fixed Asset Turnover 5.25

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 48.01% Inventory Days -

Tot Debt to Common Equity 203.47% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EurazeoPrice/Volume

Valuation Analysis

40'719.00

Current Price (2/dd/yy) Market Data

'2

-'-2.'.20'021'12

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!- 9

!. 9

!. 9

!0 9

!0 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

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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

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

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

Page 123: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

CREDIT AGRICOLE SA n/a Co File 11'323'885 17.15 - 31.12.2011 Investment Advisor

VINCENT MEYER n/a Research 4'317'655 6.54 241'725 09.05.2012 n/a

SOFINA SA n/a Co File 3'600'000 5.45 - 31.12.2011 Holding Company

MONTREUX LLC n/a Research 3'323'246 5.03 158'249 24.12.2012 Other

DAVID-WEILL MICHEL T n/a Research 2'950'303 4.47 140'489 24.12.2012 n/a

INDIVISION MDW n/a Research 2'322'953 3.52 110'616 24.12.2012 Other

EURAZEO n/a Co File 2'260'117 3.42 - 31.12.2011 Investment Advisor

DE SOLAGES AMAURY n/a Research 1'077'772 1.63 51'321 24.12.2012 n/a

DE SOLAGES JEAN-MANU n/a Research 1'063'419 1.61 50'638 24.12.2012 n/a

DE SOLAGES CONSTANCE n/a Research 999'532 1.51 47'597 24.12.2012 n/a

BERNHEIM-ORSINI MART n/a Research 605'628 0.92 28'812 24.12.2012 n/a

BERNHEIM PIERRE-ANTO n/a Research 605'628 0.92 28'812 24.12.2012 n/a

TAUBE HODSON STONEX Multiple Portfolios MF-AGG 530'403 0.8 (31'538) 30.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 497'674 0.75 3'787 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 432'071 0.65 (168'300) 26.02.2013 Investment Advisor

SAYER PATRICK n/a Co File 316'345 0.48 - 31.12.2011 n/a

SEB n/a ULT-AGG 272'969 0.41 548 31.12.2012 Unclassified

SPARINVEST n/a ULT-AGG 261'304 0.4 (22'246) 31.01.2013 Investment Advisor

GUYOT ALAIN n/a Research 211'191 0.32 30'056 24.12.2012 n/a

INVESCO LTD Multiple Portfolios MF-AGG 197'672 0.3 590 27.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue PIERRE-YVES GAUTHIER add 4 M 50 6 month 20.02.2013

Societe Generale PATRICK JOUSSEAUME buy 5 M 46 12 month 18.02.2013

Oddo & Cie CHRISTOPHE CHAPUT neutral 3 M 39 Not Provided 15.02.2013

HSBC PIERRE BOSSET overweight 5 U 47 Not Provided 31.01.2013

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

Goldman Sachs MARKUS IWAR neutral/neutral 3 M 49 12 month 25.01.2013

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

Exane BNP Paribas CHARLES-HENRI DE MORTEMART neutral 3 M 38 Not Provided 28.11.2012

JPMorgan CHRISTOPHER BROWN neutral 3 M #N/A N/A Not Provided 18.10.2012

CA Cheuvreux DAVID CERDAN suspended coverage #N/A N/A M #N/A N/A Not Provided 10.05.2012

Kepler Capital Markets PIERRE BOUCHENY buy 5 M 40 Not Provided 14.03.2012

Redburn Partners PASCAL HAUTCOEUR sell 1 M #N/A N/A Not Provided 08.06.2009

Holdings By:

Eurazeo ee

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

Page 124: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Eurocommercial Properties N.V. is a real estate investment company. The Company

owns and operates shopping centers in France, Italy and Sweden.

Latest Fiscal Year: 06/2012

LTM as of: 12/yy

52-Week High (07.01.2013) 31.44

52-Week Low (14.06.2012) 24.54

Daily Volume

29.11

52-Week High % Change -7.40% Dividend Yield -

52-Week Low % Change 18.62% Beta 1.03

% 52 Week Price Range High/Low 66.28% Equity Float 33.57

Shares Out 31.12.2012 41.8 Short Int -

1'216.16 1 Yr Total Return 15.19%

Total Debt 1'252.74 YTD Return -3.42%

Preferred Stock 0.0 Adjusted BETA 1.028

Minority Interest 0.0 Analyst Recs 15

Cash and Equivalents 120.95 Consensus Rating 3.267

Enterprise Value 2'363.41

Average Volume 5 Day 104'300

ECMPA NA EQUITY YTD Change - Average Volume 30 Day 77'840

ECMPA NA EQUITY YTD % CHANGE - Average Volume 3 Month 78'644

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

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

191.5 155.7 163.1 180.1 192.6 186.5 200.6 160.8 164.9 39.9 40.5

10.50x 10.86x 12.34x 13.30x 11.67x 49.45x 46.78x 14.96x 14.70x 62.74x 61.34x

144.5 105.1 111.2 122.0 129.8 127.1 133.6 132.9 136.5 34.0 35.0

13.92x 16.10x 18.12x 19.62x 17.32x 16.88x 18.00x 17.78x 17.32x 17.10x 16.94x

110.3 (180.7) 93.7 201.3 (12.1) 60.6 48.2 81.6 85.4 19.6 20.8

9.76x - 10.80x 6.92x - 16.46x 25.76x 16.09x 14.54x 15.04x 14.81x

EBITDA 129.81 Long-Term Rating Date -

EBIT 129.81 Long-Term Rating -

Operating Margin 40.89% Long-Term Outlook -

Pretax Margin -5.37% Short-Term Rating Date -

Return on Assets 1.77% Short-Term Rating -

Return on Common Equity 3.76%

Return on Capital 1.96% EBITDA/Interest Exp. 2.54

Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 0.81

Net Debt/EBITDA 8.58

Gross Margin - Total Debt/EBITDA 8.87

EBITDA Margin 66.6%

EBIT Margin - Total Debt/Equity 96.4%

Net Income Margin -6.3% Total Debt/Capital 49.1%

Asset Turnover 0.07

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 44.06% Inventory Days -

Tot Debt to Common Equity 96.35% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Eurocommercial Properties NVPrice/Volume

Valuation Analysis

132'847.00

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

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

0.0

50.0

100.0

150.0

200.0

250.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

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

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

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

Page 125: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

GOVT OF SINGAPORE IN n/a ULT-AGG 5'138'696 12.3 - 30.06.2010 Government

NORGES BANK n/a Research 3'026'247 7.24 - 31.12.2011 Government

CBRE CLARION SECURIT n/a Research 2'100'963 5.03 - 08.02.2013 Investment Advisor

COHEN & STEERS CAPIT n/a Research 2'055'866 4.92 - 19.03.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 2'049'234 4.91 - 23.11.2010 Investment Advisor

BLACKROCK n/a ULT-AGG 885'990 2.12 1'479 26.02.2013 Investment Advisor

SARASIN n/a ULT-AGG 739'948 1.77 986 28.12.2012 Unclassified

COLONIAL FIRST STATE Multiple Portfolios MF-AGG 662'172 1.58 (100'828) 08.05.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 517'304 1.24 (2'238) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 479'835 1.15 6'587 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 405'055 0.97 3'160 27.02.2013 Investment Advisor

WELLINGTON MANAGEMEN n/a Short (389'058) -0.93 - 01.11.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 321'984 0.77 321'984 31.12.2012 Investment Advisor

LASALLE INVESTMENT M Multiple Portfolios MF-AGG 284'598 0.68 - 21.08.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 273'715 0.66 83'514 31.12.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 229'086 0.55 15'086 28.09.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 208'088 0.5 10'900 31.12.2012 Mutual Fund Manager

SCOTTISH WIDOWS n/a ULT-AGG 198'454 0.48 (1'822) 31.10.2012 Unclassified

PETERCAM SA Multiple Portfolios MF-AGG 192'000 0.46 20'000 30.12.2011 Mutual Fund Manager

PRUDENTIAL FINANCIAL n/a ULT-AGG 183'031 0.44 - 31.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 30 12 month 20.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 13.02.2013

Societe Generale MICHEL VARALDO buy 5 M 35 12 month 11.02.2013

Rabobank International MARTIJN TER LAAK hold 3 M 31 12 month 11.02.2013

Berenberg Bank KAI MALTE KLOSE buy 5 M 34 Not Provided 08.02.2013

Petercam STEPHAN VAN WEEREN hold 3 M 30 Not Provided 04.02.2013

Exane BNP Paribas NICK WEBB underperform 1 M 29 Not Provided 01.02.2013

ING Bank JAAP KUIN buy 5 U 34 12 month 21.01.2013

Espirito Santo Investment Bank ResearchJON STEWART buy 5 N 35 Not Provided 15.01.2013

Kempen & Co ROBERT WOERDEMAN neutral 3 M 30 12 month 14.01.2013

JPMorgan HARM M MEIJER neutral 3 M 33 9 month 09.01.2013

HSBC THOMAS MARTIN overweight 5 M 34 Not Provided 27.11.2012

ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 M 30 Not Provided 18.09.2012

CA Cheuvreux BRUNO DUCLOS underperform 1 M 34 Not Provided 02.08.2011

AEK HENK J BROUWER outperform 5 M #N/A N/A Not Provided 08.02.2010

Holdings By:

Eurocommercial Properties NV ee

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

Page 126: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Evraz PLC mines iron ore and coal, and manufactures steel. The Company mines

iron ore in Russia and Ukraine, and coal in Western Siberia. Evraz produces

steel beams, channels, reinforcement bars, slabs, billets, railroad rails,

armor plate, and tubular products. The Company produces steel in Russia, North

America, Ukraine, Italy, the Czech Republic, and South Africa.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (29.02.2012) 428.00

52-Week Low (26.07.2012) 206.80

Daily Volume

270

52-Week High % Change -36.92% Dividend Yield 4.15

52-Week Low % Change 30.56% Beta -

% 52 Week Price Range High/Low 28.57% Equity Float 334.65

Shares Out 16.01.2013 1'472.6 Short Int -

3'975.97 1 Yr Total Return -31.68%

Total Debt 7'245.00 YTD Return 4.29%

Preferred Stock 0.0 Adjusted BETA -

Minority Interest 236.0 Analyst Recs 27

Cash and Equivalents 801.00 Consensus Rating 3.741

Enterprise Value 12'297.35

Average Volume 5 Day 3'029'118

EVR LN EQUITY YTD Change - Average Volume 30 Day 3'261'932

EVR LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'022'907

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

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q1

- 20'380.0 9'772.0 13'394.0 16'400.0 0.0 4'157.0 14'495.1 15'025.4 - 3'923.0

- - - - 0.88x #DIV/0! 0.00x 0.88x 0.85x - -

- 5'335.0 1'057.0 2'203.0 2'794.0 0.0 0.0 2'014.8 2'172.0 - -

- - - - 5.17x 0.00x 0.00x 6.10x 5.66x - -

- 1'797.0 (295.0) 486.0 461.0 0.0 0.0 115.8 260.7 - -

- - - - 16.31x 0.00x 0.00x 77.29x 25.76x - -

EBITDA 2'794.00 Long-Term Rating Date -

EBIT 1'641.00 Long-Term Rating -

Operating Margin 10.01% Long-Term Outlook -

Pretax Margin 5.32% Short-Term Rating Date -

Return on Assets 0.90% Short-Term Rating -

Return on Common Equity 2.67%

Return on Capital 2.33% EBITDA/Interest Exp. 3.95

Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 2.14

Net Debt/EBITDA 2.64

Gross Margin 23.9% Total Debt/EBITDA 3.41

EBITDA Margin 14.7%

EBIT Margin 6.2% Total Debt/Equity 130.7%

Net Income Margin 2.8% Total Debt/Capital 55.6%

Asset Turnover 0.85

Current Ratio 1.77 Net Fixed Asset Turnover 1.83

Quick Ratio 0.67 Accounts receivable turnover-days -

Debt to Assets 42.68% Inventory Days 70.29

Tot Debt to Common Equity 130.66% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 58.86

Inventory Turnover 5.21

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Evraz PLCPrice/Volume

Valuation Analysis

1'403'491.00

Current Price (2/dd/yy) Market Data

'2'

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

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

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

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

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

Page 127: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

LANEBROOK LTD n/a RNS-MAJ 934'440'556 63.46 (78'380'113) 04.02.2013 Other

KADRE ENTERPRISES LT #N/A N/A RNS-MAJ 83'200'964 5.65 - 04.02.2013 Other

VEROCCHIO ENTERPRISE #N/A N/A RNS-MAJ 82'887'014 5.63 - 04.02.2013 Other

TORCENSTA HOLDING LT n/a RNS-MAJ 33'737'970 2.29 (26'127'465) 12.02.2013 Unclassified

CREDIT SUISSE PRIVAT Multiple Portfolios REG 25'541'460 1.73 (429'768) 01.11.2012 Bank

UBS n/a ULT-AGG 16'936'986 1.15 (53'525) 01.11.2012 Unclassified

BLACKROCK n/a ULT-AGG 15'075'209 1.02 2'214'818 26.02.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 13'139'803 0.89 (634'979) 31.01.2013 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 9'583'685 0.65 199'685 01.11.2012 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 9'067'977 0.62 1'400'034 01.11.2012 Government

AVIVA INVESTORS Multiple Portfolios REG 9'043'316 0.61 3'123'716 01.11.2012 Investment Advisor

SEB n/a ULT-AGG 8'861'970 0.6 2'132'998 31.12.2012 Unclassified

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 8'152'085 0.55 6'537'693 31.12.2012 Investment Advisor

HSBC PRIVATE BANKING Multiple Portfolios REG 8'042'193 0.55 (399'633) 01.11.2012 Bank

CITIBANK SWITZERLAND Multiple Portfolios REG 7'563'282 0.51 - 01.11.2012 Bank

BANK OF NEW YORK MEL Multiple Portfolios REG 6'814'020 0.46 (1'116'326) 01.11.2012 Unclassified

CLEARSTREAM BANKING Multiple Portfolios REG 6'191'363 0.42 (2'803'454) 01.11.2012 Bank

JP Morgan Chase Bank Multiple Portfolios REG 5'444'927 0.37 - 01.11.2012 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'093'086 0.35 94'551 31.12.2012 Investment Advisor

NEPTUNE INVESTMENT M Multiple Portfolios REG 5'000'000 0.34 - 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Gazprombank SERGEI KANIN overweight 5 M 514 12 month 27.02.2013

Uralsib VALENTINA BOGOMOLOVA hold 3 M 284 Not Provided 25.02.2013

Raiffeisenbank AG IRYNA TRYGUB-KAINZ hold 3 D 327 12 month 21.02.2013

Goldman Sachs YULIA CHEKUNAEVA neutral/neutral 3 M 340 12 month 20.02.2013

Sovlink Securities ALEKSANDR MORIN buy 5 N 368 Not Provided 08.02.2013

Renaissance Capital BORIS KRASNOJENOV buy 5 M 390 12 month 07.02.2013

Morgan Stanley DMITRIY KOLOMYTSYN Overwt/No Rating 5 U 355 12 month 23.01.2013

Credit Suisse SEMYON MIRONOV neutral 3 U 280 Not Provided 23.01.2013

UFS-Finance Investment Company ILYA BALAKIREV buy 5 M 379 Not Provided 21.01.2013

Deutsche Bank GEORGE BUZHENITSA buy 5 M 404 12 month 17.01.2013

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

Alfa-Bank BARRY EHRLICH equalweight 3 M 300 Not Provided 16.01.2013

BCS KIRILL CHUYKO sell 1 M 210 Not Provided 19.12.2012

Otkritie Capital DENIS GABRIELIK buy 5 M 312 Not Provided 29.11.2012

Sberbank CIB MIKHAIL STISKIN buy 5 U 275 Not Provided 21.11.2012

Societe Generale SERGEY DONSKOY sell 1 M 190 12 month 13.11.2012

VTB Capital IGOR LEBEDINETS buy 5 M 340 12 month 08.11.2012

HSBC VLADIMIR ZHUKOV overweight 5 M 320 Not Provided 25.10.2012

Barclays VLADIMIR SERGIEVSKIY underweight 1 M 253 Not Provided 05.10.2012

Nomos Bank YURI VOLOV buy 5 M 334 Not Provided 04.10.2012

JPMorgan YURIY A VLASOV neutral 3 M 274 9 month 12.09.2012

Aton LLC DINNUR GALIKHANOV hold 3 M 235 12 month 03.09.2012

RMG Securities ANDREY TRETELNIKOV buy 5 M 554 Not Provided 27.06.2012

Grandis Capital ANDREW KUCHEROV buy 5 N 499 12 month 12.04.2012

Cyrrus JIRI SIMARA buy 5 M 572 12 month 30.01.2012

Holdings By:

Evraz PLC ee

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

Page 128: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

EXOR S.p.a. is an Italy-based investment company. The Company makes medium to

long-term investments. Its investment portfolio consists of interests held in

companies from various sectors, including automobile, agricultural and

construction equipment, trucks and commercial vehicles, financial services,

real estate services, business services, tourism and entertainment.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (14.02.2013) 22.77

52-Week Low (18.05.2012) 15.38

Daily Volume

21.26

52-Week High % Change -6.63% Dividend Yield -

52-Week Low % Change 38.23% Beta 1.00

% 52 Week Price Range High/Low 79.57% Equity Float 61.97

Shares Out 30.09.2012 160.3 Short Int -

5'207.82 1 Yr Total Return 15.01%

Total Debt 48'901.00 YTD Return 11.89%

Preferred Stock 0.0 Adjusted BETA 1.003

Minority Interest 13'568.0 Analyst Recs 5

Cash and Equivalents 23'494.00 Consensus Rating 3.800

Enterprise Value 46'103.82

Average Volume 5 Day 595'156

EXO IM EQUITY YTD Change - Average Volume 30 Day 539'954

EXO IM EQUITY YTD % CHANGE - Average Volume 3 Month 413'849

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

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

2'661.0 2'664.0 52'520.0 57'762.0 84'359.0 63'536.0 50'169.0 99'135.5 104'254.5 - -

- - 0.91x 0.55x 0.50x 1.09x 1.73x - 0.24x - -

- - - 5'035.0 9'164.0 0.0 0.0 9'229.0 10'242.5 - -

- - - 6.34x 4.64x 0.00x 0.00x 5.00x 4.50x - -

444.0 302.0 (389.0) 137.0 504.0 565.6 306.3 362.5 464.5 - -

- - - 44.81x 6.91x 6.33x 13.24x 7.39x 10.85x - -

EBITDA 9'164.00 Long-Term Rating Date 26.10.2005

EBIT 5'046.00 Long-Term Rating BBB+

Operating Margin 5.98% Long-Term Outlook STABLE

Pretax Margin 3.89% Short-Term Rating Date 30.06.2003

Return on Assets 0.20% Short-Term Rating A-2

Return on Common Equity 3.64%

Return on Capital 4.30% EBITDA/Interest Exp. 6.82

Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 1.86

Net Debt/EBITDA 2.36

Gross Margin 15.7% Total Debt/EBITDA 4.55

EBITDA Margin 10.8%

EBIT Margin 6.1% Total Debt/Equity 763.7%

Net Income Margin 0.6% Total Debt/Capital 71.0%

Asset Turnover 0.86

Current Ratio 1.90 Net Fixed Asset Turnover 4.30

Quick Ratio 0.80 Accounts receivable turnover-days 18.14

Debt to Assets 39.75% Inventory Days 60.79

Tot Debt to Common Equity 763.72% Accounts Payable Turnover Day 86.38

Accounts Receivable Turnover 20.18 Cash Conversion Cycle -7.54

Inventory Turnover 6.02

Fiscal Year Ended

Exor SpAPrice/Volume

Valuation Analysis

397'020.00

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

'

2

-'

-2

.'

.2

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 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

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

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

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

Page 129: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

GIOVANNI AGNELLI & C n/a EXCH 94'706'958 59.1 - 24.09.2012 Holding Company

MACKENZIE FINANCIAL n/a EXCH 11'605'993 7.24 - 24.09.2012 Investment Advisor

EXOR SPA n/a EXCH 3'274'102 2.04 - 24.09.2012 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'323'444 0.83 44'316 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'211'982 0.76 1'839 26.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 445'923 0.28 (10'638) 31.12.2012 Investment Advisor

LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 321'800 0.2 - 31.01.2013 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 314'958 0.2 (103'505) 31.01.2013 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 260'491 0.16 14'100 28.09.2012 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 251'022 0.16 (109'105) 31.12.2012 Investment Advisor

ARCA SGR SPA Multiple Portfolios MF-AGG 240'326 0.15 25'326 28.12.2012 Mutual Fund Manager

FIRST CANADIAN MUTUA Multiple Portfolios MF-AGG 191'132 0.12 - 31.10.2012 Investment Advisor

COUNSEL PORTFOLIO SE Multiple Portfolios MF-AGG 189'859 0.12 - 28.09.2012 Investment Advisor

GABETTI GIANLUIGI n/a Research 172'780 0.11 - 31.12.2011 n/a

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 169'146 0.11 23'500 31.10.2012 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 159'950 0.1 (27'191) 30.09.2012 Mutual Fund Manager

DNCA FINANCE Multiple Portfolios MF-AGG 150'000 0.09 - 28.09.2012 Investment Advisor

SEB n/a ULT-AGG 125'413 0.08 653 31.12.2012 Unclassified

FABBRI PIO TEODORANI n/a Research 124'285 0.08 - 31.12.2011 n/a

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 119'735 0.07 18'800 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Mediobanca SpA MASSIMO VECCHIO neutral 3 M 20 6 month 12.02.2013

Goldman Sachs MARKUS IWAR not rated #N/A N/A M #N/A N/A Not Provided 12.02.2013

Banca IMI MONICA BOSIO buy 5 M 22 12 month 12.02.2013

CA Cheuvreux MARCO BACCAGLIO outperform 5 M 24 Not Provided 12.02.2013

Exane BNP Paribas GIUSEPPE MARSELLA neutral 3 M 22 Not Provided 12.02.2013

Equita SIM SpA MARTINO DEAMBROGGI buy 5 M 21 12 month 08.11.2011

Holdings By:

Exor SpA ee

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

Page 130: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Filtrona Plc is an international supplier of specialty plastic and fiber

products. The Company produces plastic molded and adhesive coated foam and

metal products, custom bonded fiber and foam components, self adhesive tear

tape, labels, products and technologies for brand protection, document

authentication and personal identification, and cigarette filters.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (27.02.2013) 641.00

52-Week Low (06.06.2012) 420.70

Daily Volume

633.5

52-Week High % Change -1.17% Dividend Yield 1.97

52-Week Low % Change 50.58% Beta 0.82

% 52 Week Price Range High/Low 96.60% Equity Float 207.65

Shares Out 01.02.2013 211.4 Short Int -

1'339.24 1 Yr Total Return 44.07%

Total Debt 204.90 YTD Return 15.18%

Preferred Stock 0.0 Adjusted BETA 0.821

Minority Interest 5.3 Analyst Recs 8

Cash and Equivalents 41.40 Consensus Rating 3.500

Enterprise Value 1'508.04

Average Volume 5 Day 1'007'390

FLTR LN EQUITY YTD Change - Average Volume 30 Day 394'468

FLTR LN EQUITY YTD % CHANGE - Average Volume 3 Month 356'988

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

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

431.7 444.0 489.6 540.7 663.4 - - 707.8 754.8 - -

1.09x 1.13x 1.23x 1.75x 2.00x - - 2.07x 1.89x - -

75.7 76.9 95.4 105.2 127.9 - - 143.8 155.6 - -

6.21x 6.54x 6.29x 8.99x 10.40x - - 10.48x 9.69x - -

35.0 11.8 47.7 43.1 52.2 - - 72.9 80.3 - -

9.24x 20.77x 12.15x 19.02x 22.00x - - 18.05x 16.24x - -

EBITDA 127.90 Long-Term Rating Date -

EBIT 97.00 Long-Term Rating -

Operating Margin 14.62% Long-Term Outlook -

Pretax Margin 11.59% Short-Term Rating Date -

Return on Assets 8.84% Short-Term Rating -

Return on Common Equity 23.62%

Return on Capital 16.11% EBITDA/Interest Exp. 6.30

Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 4.14

Net Debt/EBITDA 1.28

Gross Margin - Total Debt/EBITDA 1.60

EBITDA Margin 19.3%

EBIT Margin 14.6% Total Debt/Equity 87.2%

Net Income Margin 7.9% Total Debt/Capital 46.0%

Asset Turnover 1.12

Current Ratio 1.64 Net Fixed Asset Turnover 3.81

Quick Ratio 0.32 Accounts receivable turnover-days -

Debt to Assets 32.89% Inventory Days -

Tot Debt to Common Equity 87.19% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Filtrona PLCPrice/Volume

Valuation Analysis

559'026.00

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

'

-''

.''

0''

1''

2''

3''

4''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

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

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

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

Page 131: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

BLACKROCK n/a ULT-AGG 37'435'215 17.71 1'939'593 26.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 22'726'972 10.75 1'141'441 03.12.2012 Investment Advisor

AXA FRAMLINGTON INV Multiple Portfolios REG 16'615'477 7.86 (182'500) 03.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios REG 14'816'147 7.01 78'065 03.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'212'865 5.78 (1'073'753) 30.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 11'599'656 5.49 1'052'295 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 11'385'341 5.39 (382'387) 03.12.2012 Unclassified

TIAA CREF INVESTMENT n/a RNS-MAJ 10'469'124 4.95 (225'619) 06.12.2012 Investment Advisor

CAZENOVE CAPITAL MAN n/a Co File 10'423'740 4.93 - 21.02.2012 Investment Advisor

AMERIPRISE FINANCIAL n/a RNS-MAJ 10'134'152 4.79 (482'387) 24.05.2012 Investment Advisor

INVESCO LTD n/a Co File 10'005'955 4.73 - 21.02.2012 Investment Advisor

ALLIANZ SE n/a Co File 9'901'509 4.68 - 21.02.2012 Insurance Company

LEGAL & GENERAL n/a ULT-AGG 8'607'330 4.07 706'799 03.12.2012 Unclassified

THREADNEEDLE ASSET M Multiple Portfolios REG 8'467'235 4.01 (1'646'474) 03.12.2012 Investment Advisor

IGNIS INVESTMENT SER n/a Co File 8'188'590 3.87 - 21.02.2012 Investment Advisor

HERMES SPEC UK FOCUS n/a Co File 8'125'922 3.84 - 21.02.2012 n/a

OLD MUTUAL n/a ULT-AGG 7'783'386 3.68 990'470 31.12.2012 Unclassified

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 7'284'707 3.45 (125'654) 31.10.2012 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 6'886'074 3.26 (898'859) 03.12.2012 Investment Advisor

BT PENSION SCHEME n/a RNS-MAJ 6'092'208 2.88 (2'126'936) 23.02.2012 Pension Fund (ERISA)

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 26.02.2013

Canaccord Genuity Corp MICHAEL O'BRIEN buy 5 M 690 12 month 22.02.2013

Numis Securities Ltd MIKE MURPHY hold 3 M 568 Not Provided 21.02.2013

Deutsche Bank THOMAS SYKES hold 3 M 490 12 month 03.12.2012

JPMorgan VICTORIA PRIOR neutral 3 M 524 9 month 04.09.2012

Panmure Gordon & Co Limited PAUL JONES hold 3 M 445 Not Provided 14.06.2012

WH Ireland Ltd MATTHEW DAVIS buy 5 M 290 12 month 31.08.2010

Holdings By:

Filtrona PLC ee

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

Page 132: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Finmeccanica SpA manufactures high technology products and is very active in

aerospace, defence and security. The Group focuses heavily on helicopters,

defence and security electronics and aeronautics as well as a well-established

position on the global transport and power generation markets.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (22.01.2013) 5.17

52-Week Low (14.06.2012) 2.61

Daily Volume

3.766

52-Week High % Change -27.16% Dividend Yield -

52-Week Low % Change 44.40% Beta 1.00

% 52 Week Price Range High/Low 45.20% Equity Float 391.93

Shares Out 30.09.2012 578.2 Short Int -

2'177.31 1 Yr Total Return -0.84%

Total Debt 5'885.00 YTD Return -13.47%

Preferred Stock 0.0 Adjusted BETA 1.003

Minority Interest 303.0 Analyst Recs 19

Cash and Equivalents 1'371.00 Consensus Rating 2.842

Enterprise Value 8'144.31

Average Volume 5 Day 9'738'759

FNC IM EQUITY YTD Change - Average Volume 30 Day 8'403'556

FNC IM EQUITY YTD % CHANGE - Average Volume 3 Month 7'301'296

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

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

13'431.0 15'037.0 18'176.0 18'695.0 17'318.0 18'023.0 17'217.0 17'193.7 17'334.7 4'853.0 -

0.79x 0.70x 0.58x 0.49x 0.37x 2.15x 1.71x 0.35x 0.32x 1.23x -

1'793.0 1'832.0 2'119.0 1'869.0 304.0 560.0 1'487.0 1'668.6 1'767.4 - -

5.93x 5.74x 4.97x 4.89x 21.28x 15.91x 5.45x 4.88x 4.61x - -

484.0 571.0 654.0 493.0 (2'345.0) (149.0) (1'869.0) 267.5 380.1 11.6 -

19.27x 8.42x 9.87x 9.96x - 0.00x 0.00x 7.70x 5.65x - -

EBITDA 304.00 Long-Term Rating Date 18.01.2013

EBIT -1'477.00 Long-Term Rating BB+

Operating Margin -8.53% Long-Term Outlook STABLE

Pretax Margin -14.16% Short-Term Rating Date 18.01.2013

Return on Assets -6.03% Short-Term Rating B

Return on Common Equity -35.62%

Return on Capital - EBITDA/Interest Exp. 0.94

Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. -1.90

Net Debt/EBITDA 3.80

Gross Margin - Total Debt/EBITDA 4.54

EBITDA Margin 8.6%

EBIT Margin -1.5% Total Debt/Equity 136.8%

Net Income Margin -13.5% Total Debt/Capital 56.1%

Asset Turnover 0.56

Current Ratio 0.98 Net Fixed Asset Turnover 5.45

Quick Ratio 0.38 Accounts receivable turnover-days 204.28

Debt to Assets 19.24% Inventory Days -

Tot Debt to Common Equity 136.83% Accounts Payable Turnover Day -

Accounts Receivable Turnover 1.79 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Finmeccanica SpAPrice/Volume

Valuation Analysis

7'288'042.00

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

'

-

.

0

1

2

3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 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

18'000.0

20'000.0

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

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

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

Page 133: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

MINISTERO DELL'ECONO n/a EXCH 174'601'418 30.2 - 30.01.2013 Government

TRADEWINDS GLOBAL IN n/a EXCH 28'791'889 4.98 - 30.01.2013 Investment Advisor

AKO CAPITAL LLP n/a Short (22'779'125) -3.94 (404'705) 22.02.2013 Investment Advisor

DEUTSCHE BANK TRUST n/a EXCH 20'813'414 3.6 - 30.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 12'950'569 2.24 - 26.02.2013 Investment Advisor

GRANTHAM MAYO VAN OT n/a EXCH 11'794'268 2.04 - 30.01.2013 Investment Advisor

LIBYAN INVESTMENT AU n/a EXCH 11'620'823 2.01 - 30.01.2013 Other

EGERTON CAPITAL LIMI n/a Short (9'597'296) -1.66 (1'040'671) 25.02.2013 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'448'228 1.29 218'706 31.12.2012 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (5'087'723) -0.88 173'446 27.12.2012 Hedge Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'841'276 0.84 - 31.07.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 4'107'141 0.71 (532'114) 31.01.2013 Investment Advisor

AMBER CAPITAL LTD n/a Short (3'526'717) -0.61 - 28.11.2012 Investment Advisor

UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 2'357'935 0.41 35'274 30.11.2012 Mutual Fund Manager

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 1'482'695 0.26 (161'787) 31.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'345'927 0.23 (30'821) 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 1'097'588 0.19 50'700 31.01.2013 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 885'960 0.15 6'505 31.12.2012 Mutual Fund Manager

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 820'000 0.14 820'000 31.12.2012 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 788'824 0.14 (5'200) 31.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Banca IMI MONICA BOSIO Under Review #N/A N/A M #N/A N/A Not Provided 27.02.2013

Banca Akros(ESN) GABRIELE GAMBAROVA hold 3 M 4 12 month 27.02.2013

Mediobanca SpA MASSIMO VECCHIO underperform 1 M 3 6 month 22.02.2013

AlphaValue THOMAS PICHERIT buy 5 M 6 6 month 21.02.2013

Oddo & Cie YAN DEROCLES buy 5 M 7 Not Provided 13.02.2013

JPMorgan DAVID H. PERRY neutral 3 N 4 9 month 11.02.2013

Societe Generale ZAFAR KHAN sell 1 M 5 12 month 28.01.2013

CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX select list 5 M 6 Not Provided 21.01.2013

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

Exane BNP Paribas TRISTAN SANSON underperform 1 M 3 Not Provided 16.01.2013

Barclays CHRISTIAN LAUGHLIN equalweight 3 M 4 Not Provided 15.01.2013

Kepler Capital Markets CHRISTOPHE MENARD reduce 2 M 4 Not Provided 04.01.2013

Deutsche Bank MILENE KERNER sell 1 M 3 12 month 12.12.2012

Morgan Stanley RUPINDER VIG Equalwt/In-Line 3 M 4 12 month 15.11.2012

Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 4 Not Provided 16.08.2012

Equita SIM SpA MARTINO DEAMBROGGI hold 3 M 4 12 month 11.07.2012

Hammer Partners SA ALBERTO ROLLA buy 5 M 4 Not Provided 26.03.2012

Centrobanca MARCO CRISTOFORI hold 3 M 10 12 month 04.03.2011

National Bank AG STEFFEN MANSKE buy 5 M 12 12 month 29.07.2010

Holdings By:

Finmeccanica SpA ee

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

Page 134: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

FirstGroup plc is an international passenger group which has bus and rail

operations in the United Kingdom and North America. The Group's operations

comprise bus and passenger rail franchises, in addition to transit management,

school bus operations, and fleet maintenance.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (27.03.2012) 300.60

52-Week Low (21.11.2012) 174.60

Daily Volume

190.5

52-Week High % Change -36.63% Dividend Yield 12.43

52-Week Low % Change 9.11% Beta 0.89

% 52 Week Price Range High/Low 12.62% Equity Float 479.93

Shares Out 07.02.2013 481.9 Short Int -

918.03 1 Yr Total Return -27.05%

Total Debt 2'448.20 YTD Return -5.48%

Preferred Stock 0.0 Adjusted BETA 0.886

Minority Interest 22.4 Analyst Recs 20

Cash and Equivalents 499.70 Consensus Rating 2.600

Enterprise Value 3'106.83

Average Volume 5 Day 1'935'746

FGP LN EQUITY YTD Change - Average Volume 30 Day 1'746'321

FGP LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'011'240

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 - -

4'707.6 6'187.3 6'261.9 6'416.7 6'678.7 - - 6'745.8 6'115.1 - -

1.00x 0.61x 0.64x 0.56x 0.47x - - 0.42x 0.47x - -

579.7 772.2 849.6 777.7 756.6 - - 681.0 658.1 - -

8.11x 4.86x 4.74x 4.63x 4.12x - - 4.56x 4.72x - -

120.4 143.3 132.1 103.2 196.2 - - 142.0 140.1 - -

20.35x 8.86x 13.35x 16.32x 5.57x - - 6.52x 6.37x - -

EBITDA 756.60 Long-Term Rating Date 23.04.2007

EBIT 397.60 Long-Term Rating BBB-

Operating Margin 5.95% Long-Term Outlook NEG

Pretax Margin 4.19% Short-Term Rating Date 23.04.2007

Return on Assets 2.42% Short-Term Rating A-3

Return on Common Equity 16.58%

Return on Capital 8.82% EBITDA/Interest Exp. 4.76

Asset Turnover 1.30% (EBITDA-Capex)/Interest Exp. 3.68

Net Debt/EBITDA 2.87

Gross Margin - Total Debt/EBITDA 3.29

EBITDA Margin 11.2%

EBIT Margin 5.7% Total Debt/Equity 285.1%

Net Income Margin 2.9% Total Debt/Capital 73.5%

Asset Turnover 1.30

Current Ratio 0.83 Net Fixed Asset Turnover 3.33

Quick Ratio 0.62 Accounts receivable turnover-days 25.27

Debt to Assets 46.08% Inventory Days -

Tot Debt to Common Equity 285.14% Accounts Payable Turnover Day -

Accounts Receivable Turnover 14.48 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Firstgroup PLCPrice/Volume

Valuation Analysis

1'588'407.00

Current Price (2/dd/yy) Market Data

'

2'

-''

-2'

.''

.2'

0''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

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

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

Page 135: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FRANKLIN RESOURCES n/a ULT-AGG 45'309'650 9.4 5'964'028 11.02.2013 Investment Advisor

MAJEDIE ASSET MANAGE Multiple Portfolios REG 43'612'226 9.05 2'436'720 01.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 24'297'017 5.04 - 26.02.2013 Investment Advisor

LLOYDS BANKING GROUP n/a ULT-AGG 23'464'316 4.87 - 23.05.2012 Investment Advisor

ARTEMIS INVESTMENT M n/a Co File 20'586'417 4.27 - 23.05.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 20'402'033 4.23 105'571 31.01.2013 Unclassified

BREWIN DOLPHIN LIMIT Multiple Portfolios REG 19'269'731 4 (803'434) 01.01.2013 Investment Advisor

EPOCH INVESTMENT PAR Multiple Portfolios REG 19'115'314 3.97 (3'174'468) 01.01.2013 Hedge Fund Manager

LSV ASSET MANAGEMENT Multiple Portfolios REG 15'219'760 3.16 2'783'092 01.01.2013 Investment Advisor

UNIVERSITIES SUPERAN n/a RNS-MAJ 14'907'952 3.09 - 11.01.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 14'162'264 2.94 - 31.07.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 13'997'470 2.9 (2'004'024) 01.01.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios REG 12'625'026 2.62 (2'849'911) 01.01.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 11'421'347 2.37 (60'861) 01.01.2013 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 11'192'732 2.32 - 01.01.2013 Government

ELLIOTT MANAGEMENT C n/a Short (11'180'214) -2.32 (578'287) 08.01.2013 Hedge Fund Manager

PRIVATE INDIVIDUALS Multiple Portfolios REG 10'620'173 2.2 100'000 01.01.2013 Other

STATE STREET n/a ULT-AGG 8'894'056 1.85 (1'045'273) 27.02.2013 Investment Advisor

SARASIN n/a ULT-AGG 8'711'922 1.81 1'622'041 01.01.2013 Unclassified

BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 8'657'750 1.8 1'681'740 31.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

HSBC JOSEPH P THOMAS underweight 1 M 180 Not Provided 04.02.2013

RBC Capital Markets DAMIAN BREWER sector perform 3 M 230 12 month 31.01.2013

Oriel Securities Ltd EDWARD STANFORD sell 1 M #N/A N/A Not Provided 31.01.2013

Panmure Gordon & Co Limited GERT ZONNEVELD hold 3 M 200 Not Provided 31.01.2013

Espirito Santo Investment Bank ResearchGERALD KHOO sell 1 M 170 Not Provided 28.01.2013

Liberum Capital Ltd PETER HYDE buy 5 M 230 Not Provided 25.01.2013

JPMorgan DAVID PITURA overweight 5 M 237 12 month 24.01.2013

Jefferies JOSEPH SPOONER hold 3 M 190 12 month 24.01.2013

Shore Capital Stockbrokers KARL BURNS hold 3 M #N/A N/A Not Provided 21.01.2013

Nomura ANDREW EVANS neutral 3 M 204 12 month 21.01.2013

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

Morgan Stanley JAIME ROWBOTHAM Underwt/In-Line 1 D 195 12 month 10.12.2012

Barclays ADRIAN YANOSHIK equalweight 3 M 190 Not Provided 03.12.2012

Goldman Sachs OLIVER NEAL Buy/Neutral 5 M 238 12 month 08.11.2012

Investec JOHN LAWSON hold 3 M 180 12 month 07.11.2012

Charles Stanley Securities DOUGLAS MCNEILL hold 3 M 240 Not Provided 07.11.2012

Deutsche Bank ANAND DATE sell 1 M 175 12 month 05.10.2012

Holdings By:

Firstgroup PLC ee

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

Page 136: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Flughafen Zuerich AG operates the Zurich Airport. The Company constructs,

leases, and maintains airport structures and equipment.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (21.12.2012) 432.50

52-Week Low (04.06.2012) 316.00

Daily Volume

427.75

52-Week High % Change -1.10% Dividend Yield -

52-Week Low % Change 35.36% Beta 0.95

% 52 Week Price Range High/Low 95.92% Equity Float 3.60

Shares Out 30.06.2012 6.1 Short Int -

2'626.55 1 Yr Total Return 25.65%

Total Debt 1'217.03 YTD Return 1.18%

Preferred Stock 0.0 Adjusted BETA 0.949

Minority Interest 0.0 Analyst Recs 18

Cash and Equivalents 69.51 Consensus Rating 4.000

Enterprise Value 3'700.29

Average Volume 5 Day 11'702

FHZN SE EQUITY YTD Change - Average Volume 30 Day 13'151

FHZN SE EQUITY YTD % CHANGE - Average Volume 3 Month 10'881

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

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

855.1 820.2 863.0 905.4 - - - 969.2 1'002.8 - -

3.14x 3.56x 3.83x 3.48x - - - 3.69x 3.52x - -

421.0 402.9 437.1 485.7 - - - 523.7 548.0 - -

6.37x 7.24x 7.57x 6.48x - - - 7.07x 6.75x - -

121.3 190.6 138.5 170.9 - - - 185.1 203.1 - -

12.61x 9.98x 16.93x 11.71x - - - 14.45x 13.21x - -

EBITDA 485.67 Long-Term Rating Date 20.04.2012

EBIT 283.80 Long-Term Rating A

Operating Margin 31.34% Long-Term Outlook STABLE

Pretax Margin 23.39% Short-Term Rating Date -

Return on Assets 4.78% Short-Term Rating -

Return on Common Equity 9.99%

Return on Capital - EBITDA/Interest Exp. 8.08

Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 2.54

Net Debt/EBITDA 2.14

Gross Margin - Total Debt/EBITDA 2.30

EBITDA Margin 54.4%

EBIT Margin 31.5% Total Debt/Equity 67.5%

Net Income Margin 18.9% Total Debt/Capital 40.3%

Asset Turnover 0.25

Current Ratio 0.76 Net Fixed Asset Turnover 0.32

Quick Ratio 0.35 Accounts receivable turnover-days 40.38

Debt to Assets 31.91% Inventory Days -

Tot Debt to Common Equity 67.54% Accounts Payable Turnover Day -

Accounts Receivable Turnover 9.06 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Flughafen Zuerich AGPrice/Volume

Valuation Analysis

12'821.00

Current Price (2/dd/yy) Market Data

'2'

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

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!' 9

!' 9

!' 9

!' 9

!- 9

!- 9

!- 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

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

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

Page 137: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

CANTON OF ZURICH n/a Co File 2'050'894 33.4 - 31.12.2011 Government

UNIVERSITIES SUPERAN n/a EXCH 342'593 5.58 - 19.07.2012 Investment Advisor

CITY OF ZURICH n/a Co File 309'476 5.04 - 31.12.2011 Government

LAZARD ASSET MANAGEM n/a ULT-AGG 200'484 3.27 7'800 31.01.2013 Unclassified

CREDIT SUISSE AG n/a EXCH 199'712 3.25 - 21.11.2012 Investment Advisor

ARTIO GLOBAL MANAGEM n/a EXCH 183'681 2.99 (122'936) 22.02.2012 Investment Advisor

TAUBE HODSON STONEX n/a EXCH 174'707 2.85 (104'647) 21.05.2008 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 60'698 0.99 (2'354) 31.10.2012 Bank

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 60'417 0.98 (220) 31.10.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 56'858 0.93 - 31.07.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 53'213 0.87 2'479 26.02.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 48'984 0.8 212 28.12.2012 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 46'095 0.75 (762) 28.12.2012 Mutual Fund Manager

ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 39'311 0.64 94 31.10.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 38'420 0.63 (400) 31.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 37'359 0.61 153 31.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 37'053 0.6 12 30.11.2012 Mutual Fund Manager

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 36'922 0.6 (3'746) 31.05.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 35'400 0.58 35'400 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 24'223 0.39 24'223 30.06.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs NICK EDELMAN neutral/neutral 3 M 466 12 month 21.02.2013

Morgan Stanley DANIEL RUIVO Overwt/In-Line 5 M 440 12 month 05.02.2013

Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 500 6 month 04.02.2013

Main First Bank AG CHRISTIAN KORTH outperform 5 M 520 12 month 04.02.2013

Berenberg Bank WILLIAM FOGGON hold 3 M 458 Not Provided 24.01.2013

Barclays SUSANNA INVERNIZZI underweight 1 D 430 Not Provided 23.01.2013

Nomura PETER LARKIN reduce 2 D 437 Not Provided 21.01.2013

HSBC JOSEPH P THOMAS overweight 5 M 460 Not Provided 18.01.2013

Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 M #N/A N/A Not Provided 18.01.2013

RBC Capital Markets ANDREW JONES sector perform 3 M 400 12 month 16.01.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 380 Not Provided 15.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

Credit Suisse PATRICK JNGLIN outperform 5 M 450 Not Provided 10.01.2013

CA Cheuvreux CRAIG ABBOTT outperform 5 M 455 Not Provided 17.12.2012

JPMorgan ELODIE RALL overweight 5 M 470 9 month 27.11.2012

Silvia Quandt Research STEFAN KICK buy 5 M 410 12 month 21.08.2012

Kepler Capital Markets RUXANDRA HARADAU-DOESER reduce 2 M 292 Not Provided 22.03.2012

Holdings By:

Flughafen Zuerich AG ee

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

Page 138: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Fonciere des Regions manages a diversified real estate portfolio including

offices, residential building, and car parking lots. The Company opted for the

SIIC legal status in 2003.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (30.11.2012) 64.95

52-Week Low (14.06.2012) 49.36

Daily Volume

63.49

52-Week High % Change -2.25% Dividend Yield -

52-Week Low % Change 28.63% Beta 0.96

% 52 Week Price Range High/Low 90.64% Equity Float 40.08

Shares Out 19.09.2012 57.9 Short Int -

3'675.86 1 Yr Total Return 25.84%

Total Debt 7'275.85 YTD Return 0.30%

Preferred Stock 0.0 Adjusted BETA 0.962

Minority Interest 2'107.1 Analyst Recs 16

Cash and Equivalents 184.00 Consensus Rating 3.250

Enterprise Value 12'568.86

Average Volume 5 Day 55'822

FDR FP EQUITY YTD Change - Average Volume 30 Day 44'140

FDR FP EQUITY YTD % CHANGE - Average Volume 3 Month 49'159

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

613.7 681.7 821.1 805.0 - 0.0 410.2 494.4 498.4 - -

23.33x 18.54x 16.10x 14.77x - #DIV/0! 0.00x 22.49x 21.89x - -

409.1 492.5 688.5 669.0 - 0.0 0.0 454.5 455.9 - -

35.00x 25.67x 19.20x 17.78x - 0.00x 0.00x 27.65x 27.57x - -

(556.5) (262.1) 627.2 349.5 (26.5) 0.0 0.0 296.1 306.3 - -

- - 5.99x 7.80x - 0.00x 0.00x 11.96x 11.83x - -

EBITDA 668.98 Long-Term Rating Date 28.09.2012

EBIT 340.46 Long-Term Rating BBB-

Operating Margin 42.29% Long-Term Outlook STABLE

Pretax Margin 57.96% Short-Term Rating Date 28.09.2012

Return on Assets 0.44% Short-Term Rating A-3

Return on Common Equity 1.68%

Return on Capital 0.62% EBITDA/Interest Exp. 2.14

Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA 11.99

Gross Margin - Total Debt/EBITDA 12.32

EBITDA Margin 81.4%

EBIT Margin - Total Debt/Equity 185.0%

Net Income Margin 43.4% Total Debt/Capital 54.6%

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 49.69% Inventory Days -

Tot Debt to Common Equity 185.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Fonciere Des RegionsPrice/Volume

Valuation Analysis

66'943.00

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

'

-'

.'

0'

1'

2'

3'

4'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!- 9

!. 9

!. 9

!0 9

!0 9

!1 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!''

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

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

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

Page 139: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

DELFIN SARL n/a Co File 17'188'789 29.69 - 30.06.2012 Investment Advisor

COVEA FINANCE SAS n/a Research 4'887'123 8.44 - 28.12.2012 Investment Advisor

CREDIT AGRICOLE SA n/a Co File 4'686'137 8.09 - 30.06.2012 Investment Advisor

ACM VIE SA n/a Co File 3'474'342 6 - 30.06.2012 Insurance Company

BLACKROCK n/a ULT-AGG 782'607 1.35 1'186 26.02.2013 Investment Advisor

SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 683'787 1.18 - 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 671'728 1.16 45'934 31.12.2012 Investment Advisor

FONCIERE DES REGIONS n/a Co File 628'792 1.09 - 30.06.2012 Corporation

LASALLE INVESTMENT M Multiple Portfolios MF-AGG 525'826 0.91 86'257 21.08.2012 Investment Advisor

STATE STREET n/a ULT-AGG 473'468 0.82 3'288 27.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 449'930 0.78 826 31.01.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 398'263 0.69 92'671 31.12.2012 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 269'002 0.46 (39'004) 18.09.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 213'490 0.37 12'750 31.12.2012 Mutual Fund Manager

MORGAN STANLEY n/a ULT-AGG 182'495 0.32 (4'232) 31.12.2012 Investment Advisor

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 181'416 0.31 (1'513) 31.12.2012 Mutual Fund Manager

DIAM n/a ULT-AGG 166'559 0.29 - 27.02.2012 Unclassified

EUROPEAN INVESTORS I n/a Research 161'200 0.28 7'600 31.12.2012 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 141'507 0.24 59 30.09.2012 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 124'000 0.21 (6'000) 30.12.2011 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale HENRI QUADRELLI buy 5 M 71 12 month 26.02.2013

Rabobank International MARTIJN VAN DEN EIJNDEN buy 5 M 73 12 month 22.02.2013

Natixis VLADIMIR MINOT neutral 3 M 68 Not Provided 22.02.2013

Morgan Stanley CHRISTOPHER FREMANTLE Equalwt/Attractive 3 M 59 12 month 21.02.2013

AlphaValue PIERRE-LOUP ETIENNE buy 5 M 79 6 month 21.02.2013

ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 65 Not Provided 21.02.2013

Exane BNP Paribas NICK WEBB outperform 5 M 66 Not Provided 01.02.2013

Petercam JOEL GORSELE hold 3 D 63 Not Provided 22.01.2013

HSBC STEPHANIE DOSSMANN neutral 3 M 67 Not Provided 17.01.2013

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

Kempen & Co BOUDEWIJN SCHOON neutral 3 D 63 12 month 14.01.2013

JPMorgan HARM M MEIJER neutral 3 M 69 9 month 09.01.2013

Barclays JULIAN CAMPBELL-WOOD equalweight 3 M 65 Not Provided 08.08.2012

Kepler Capital Markets SAMUEL HENRY-DIESBACH buy 5 M 66 Not Provided 02.08.2012

Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 48 12 month 02.07.2012

Edge Capital Research KONSTANTIN BOYCHINOV underperform 1 N 51 12 month 29.09.2011

Tradition Securities & Futures LAETITIA D'EPREMESNIL reduce 2 M 72 Not Provided 06.07.2011

CA Cheuvreux BRUNO DUCLOS underperform 1 M 72 Not Provided 03.05.2011

Holdings By:

Fonciere Des Regions ee

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

Page 140: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Fraport AG offers airport services. The Company operates the Frankfurt-Main,

Frankfurt-Hahn and other airports in Germany, the airport in Lima, Peru, and

the international terminal in Antalya, Turkey. Fraport also provides services

to domestic and international carriers including traffic and terminal

management, ground handling, security, and real estate and facility management.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.05.2012) 49.84

52-Week Low (04.06.2012) 39.66

Daily Volume

44.905

52-Week High % Change -9.90% Dividend Yield -

52-Week Low % Change 13.22% Beta 0.84

% 52 Week Price Range High/Low 51.52% Equity Float 30.07

Shares Out 31.01.2013 92.2 Short Int -

4'140.98 1 Yr Total Return 0.12%

Total Debt 4'253.90 YTD Return 2.21%

Preferred Stock 0.0 Adjusted BETA 0.838

Minority Interest 29.4 Analyst Recs 29

Cash and Equivalents 927.10 Consensus Rating 4.000

Enterprise Value 7'820.88

Average Volume 5 Day 133'172

FRA GY EQUITY YTD Change - Average Volume 30 Day 124'603

FRA GY EQUITY YTD % CHANGE - Average Volume 3 Month 130'431

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

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

2'329.0 2'101.6 1'972.6 2'194.6 2'371.2 2'348.7 2'434.4 2'477.0 2'604.5 680.0 587.0

2.52x 1.89x 2.94x 3.17x 2.89x 12.80x 12.47x 3.03x 2.90x 11.42x -

612.7 613.0 567.5 719.8 807.1 799.3 843.9 851.4 924.8 184.0 69.7

9.58x 6.49x 10.23x 9.65x 8.49x 9.04x 9.29x 9.21x 8.48x 12.76x 13.77x

208.7 189.7 150.0 262.9 240.4 325.0 261.3 245.6 259.0 47.7 17.1

23.62x 14.93x 22.12x 16.49x 14.50x 12.60x 15.83x 16.95x 16.35x 17.61x 16.04x

EBITDA 807.10 Long-Term Rating Date -

EBIT 501.40 Long-Term Rating -

Operating Margin 21.15% Long-Term Outlook -

Pretax Margin 14.65% Short-Term Rating Date -

Return on Assets 2.79% Short-Term Rating -

Return on Common Equity 9.17%

Return on Capital 6.03% EBITDA/Interest Exp. 4.21

Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. 0.06

Net Debt/EBITDA 4.32

Gross Margin - Total Debt/EBITDA 5.16

EBITDA Margin 34.7%

EBIT Margin 21.1% Total Debt/Equity 150.8%

Net Income Margin 10.1% Total Debt/Capital 59.9%

Asset Turnover 0.26

Current Ratio 1.57 Net Fixed Asset Turnover 0.43

Quick Ratio 1.17 Accounts receivable turnover-days 32.86

Debt to Assets 46.12% Inventory Days -

Tot Debt to Common Equity 150.77% Accounts Payable Turnover Day -

Accounts Receivable Turnover 11.14 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fraport AG Frankfurt Airport Services WorldwidePrice/Volume

Valuation Analysis

97'568.00

Current Price (2/dd/yy) Market Data

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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

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

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

Page 141: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

STATE OF HESSEN n/a Research 28'956'902 31.4 - 09.03.2012 Other

CITY OF FRANKFURT n/a Research 18'492'324 20.05 - 09.03.2012 Unclassified

DEUTSCHE LUFTHANSA A n/a Research 9'122'022 9.89 - 09.03.2012 Corporation

ARTIO GLOBAL INVESTO n/a Research 4'509'210 4.89 - 29.02.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 3'269'159 3.55 204'960 31.01.2013 Unclassified

RARE INFRASTRUCTURE n/a Research 2'822'978 3.06 - 28.11.2012 Other

TAUBE HODSON STONEX n/a Co File 2'753'171 2.99 - 29.04.2011 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'241'237 2.43 500'405 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 1'014'217 1.1 - 30.09.2012 Hedge Fund Manager

ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 959'809 1.04 (524'035) 31.10.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 901'249 0.98 820 26.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 856'288 0.93 (445'932) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 699'754 0.76 20'338 31.12.2012 Investment Advisor

SPARINVEST n/a ULT-AGG 694'199 0.75 (16'224) 31.01.2013 Investment Advisor

LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 338'288 0.37 29'340 31.01.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 293'416 0.32 60'443 31.05.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 230'845 0.25 18'047 31.12.2012 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 214'077 0.23 (61'480) 31.12.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 212'410 0.23 2'736 31.12.2012 Mutual Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 209'652 0.23 10'856 28.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Commerzbank Corporates & Markets JOHANNES BRAUN hold 3 M 47 6 month 25.02.2013

Grupo Santander JOAQUIN FERRER buy 5 N 56 Not Provided 22.02.2013

Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 54 12 month 21.02.2013

AlphaValue HANS-PETER WODNIOK add 4 M 49 6 month 21.02.2013

Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER accumulate 4 M 50 12 month 12.02.2013

DZ Bank AG ROBERT CZERWENSKY buy 5 M 52 12 month 12.02.2013

Main First Bank AG TOBIAS SITTIG outperform 5 M 53 12 month 04.02.2013

RBC Capital Markets DAMIAN BREWER outperform 5 M 60 12 month 28.01.2013

Berenberg Bank WILLIAM FOGGON hold 3 M 48 Not Provided 24.01.2013

Barclays SUSANNA INVERNIZZI overweight 5 U 52 Not Provided 23.01.2013

Nomura PETER LARKIN buy 5 M 55 Not Provided 21.01.2013

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

Bankhaus Metzler GUIDO HOYMANN buy 5 M 56 12 month 16.01.2013

Natixis GREGOIRE THIBAULT reduce 2 M 36 Not Provided 16.01.2013

CA Cheuvreux CRAIG ABBOTT outperform 5 M 54 Not Provided 17.12.2012

Bankhaus Lampe SEBASTIAN HEIN buy 5 M 54 12 month 14.12.2012

Raymond James ARNAUD PALLIEZ outperform 5 M 54 Not Provided 11.12.2012

Macquarie SAM DOBSON outperform 5 M 58 12 month 05.12.2012

Morgan Stanley DANIEL RUIVO Equalwt/In-Line 3 M 48 12 month 29.11.2012

JPMorgan ELODIE RALL overweight 5 M 51 9 month 27.11.2012

HSBC JOSEPH P THOMAS underweight 1 D 42 Not Provided 23.11.2012

Nord/LB FRANK SCHWOPE hold 3 M 43 12 month 14.11.2012

Deutsche Bank MICHAEL KUHN buy 5 M 60 12 month 07.11.2012

Exane BNP Paribas NICOLAS MORA neutral 3 N 53 Not Provided 07.11.2012

S&P Capital IQ JAWAHAR HINGORANI buy 5 M 52 12 month 06.11.2012

Silvia Quandt Research STEFAN KICK buy 5 M 52 12 month 06.11.2012

Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 58 Not Provided 13.08.2012

Kepler Capital Markets RUXANDRA HARADAU-DOESER hold 3 D 50 Not Provided 02.02.2012

Equita SIM SpA GIANMARCO BONACINA not rated #N/A N/A M 46 Not Provided 10.09.2010

Holdings By:

Fraport AG Frankfurt Airport Services Worldwide ee

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

Page 142: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Freenet AG provides internet and telecommunications services in Germany. The

company offers mobile and fixed line telephone, internet access services,

information and news services, its own internet catalog, DINO-Online, e-mail

accounts, e-commerce services and and set-up of homepages. Through its

subsidiary mobilcom is also the franchiser of the MobilCom retail shops.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (27.02.2013) 16.98

52-Week Low (29.02.2012) 10.13

Daily Volume

16.925

52-Week High % Change -0.32% Dividend Yield -

52-Week Low % Change 67.16% Beta 0.61

% 52 Week Price Range High/Low 99.20% Equity Float 100.07

Shares Out 30.09.2012 128.1 Short Int -

2'167.43 1 Yr Total Return 83.65%

Total Debt 715.08 YTD Return 20.89%

Preferred Stock 0.0 Adjusted BETA 0.613

Minority Interest 0.3 Analyst Recs 16

Cash and Equivalents 185.67 Consensus Rating 4.563

Enterprise Value 2'679.88

Average Volume 5 Day 642'527

FNTN GY EQUITY YTD Change - Average Volume 30 Day 461'598

FNTN GY EQUITY YTD % CHANGE - Average Volume 3 Month 456'443

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

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

1'690.8 2'776.5 3'601.8 3'339.5 3'217.9 3'235.2 3'085.5 3'029.6 3'133.8 783.8 745.0

0.93x 0.66x 0.55x 0.49x 0.56x 2.06x 2.60x 0.87x 0.81x - -

216.0 187.7 347.8 335.8 336.3 338.4 352.8 347.8 358.6 87.0 87.2

7.29x 9.78x 5.73x 4.88x 5.38x 5.03x 6.07x 7.71x 7.47x 7.43x 4.24x

(51.4) 112.2 256.5 112.4 143.8 117.1 197.0 171.1 232.1 44.3 -

- 3.61x 67.07x 8.49x 8.93x 9.06x 8.32x 11.89x 9.29x - -

EBITDA 336.30 Long-Term Rating Date -

EBIT 167.40 Long-Term Rating -

Operating Margin 5.20% Long-Term Outlook -

Pretax Margin 3.65% Short-Term Rating Date -

Return on Assets 8.35% Short-Term Rating -

Return on Common Equity 17.44%

Return on Capital - EBITDA/Interest Exp. 5.99

Asset Turnover 1.31% (EBITDA-Capex)/Interest Exp. 5.59

Net Debt/EBITDA 1.45

Gross Margin - Total Debt/EBITDA 1.60

EBITDA Margin 11.4%

EBIT Margin 6.7% Total Debt/Equity 61.1%

Net Income Margin 4.5% Total Debt/Capital 37.9%

Asset Turnover 1.31

Current Ratio 0.92 Net Fixed Asset Turnover 108.67

Quick Ratio 0.80 Accounts receivable turnover-days 47.18

Debt to Assets 28.28% Inventory Days -

Tot Debt to Common Equity 61.06% Accounts Payable Turnover Day -

Accounts Receivable Turnover 7.76 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Freenet AGPrice/Volume

Valuation Analysis

667'467.00

Current Price (2/dd/yy) Market Data

'.135

-'-.-1-3-5

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

4'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

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

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

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

Page 143: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

DRILLISCH AG n/a Research 27'994'136 21.86 - 29.02.2012 Corporation

FLOSSBACH VON STORCH n/a Research 6'318'741 4.93 - 01.01.2013 n/a

DWS INVESTMENT GMBH n/a Co File 6'198'153 4.84 - 31.12.2010 Investment Advisor

JP MORGAN n/a ULT-AGG 4'366'479 3.41 1'109 31.12.2012 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'486'924 1.94 18'049 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 1'746'660 1.36 1'746'405 30.04.2012 Investment Advisor

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 1'147'257 0.9 (806'429) 28.09.2012 Mutual Fund Manager

DE SHAW & CO UK LTD n/a Short (1'101'325) -0.86 (102'449) 04.02.2013 Other

BLACKROCK n/a ULT-AGG 920'703 0.72 5'787 26.02.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 898'777 0.7 - 31.07.2012 Investment Advisor

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 898'167 0.7 (101'400) 31.12.2012 Mutual Fund Manager

BARING FUND MANAGERS Multiple Portfolios MF-AGG 840'177 0.66 100'000 31.10.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 793'771 0.62 (22'705) 31.01.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 781'674 0.61 (31'116) 28.09.2012 Bank

DWS INVESTMENT S A Multiple Portfolios MF-AGG 740'000 0.58 (17'057) 28.12.2012 Mutual Fund Manager

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 627'350 0.49 - 31.12.2012 Investment Advisor

VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 607'800 0.47 (20'200) 30.11.2012 Mutual Fund Manager

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 582'291 0.45 (45'000) 31.10.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 561'559 0.44 (181'717) 31.12.2012 Investment Advisor

S.A.C. GLOBAL INVEST n/a Short (550'662) -0.43 89'643 05.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Hauck & Aufhaeuser SASCHA BERRESCH buy 5 M 19 12 month 26.02.2013

Deutsche Bank BENJAMIN KOHNKE buy 5 M 17 12 month 23.02.2013

Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 M 16 Not Provided 22.02.2013

DZ Bank AG KARSTEN OBLINGER buy 5 M 17 12 month 21.02.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 18 Not Provided 19.02.2013

Kepler Capital Markets THOMAS KARLOVITS reduce 2 M 12 Not Provided 18.02.2013

Commerzbank Corporates & Markets HEIKE PAULS buy 5 M 18 6 month 15.02.2013

Close Brothers Equity Markets MARCUS SILBE buy 5 U 18 12 month 29.01.2013

M.M. Warburg Investment Research JOCHEN REICHERT buy 5 M 17 12 month 23.01.2013

Bankhaus Metzler ULRICH TRABERT buy 5 M 18 12 month 21.01.2013

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

Independent Research GmbH MARKUS FRIEBEL hold 3 M 16 12 month 20.12.2012

Berenberg Bank USMAN GHAZI buy 5 M 16 Not Provided 10.12.2012

HSBC DOMINIK KLARMANN overweight 5 U 15 Not Provided 08.11.2012

Nomura HENRIK NYBLOM neutral 3 M 9 Not Provided 17.12.2010

Holdings By:

Freenet AG ee

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

Page 144: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Fuchs Petrolub AG refines and produces industrial and automotive lubricants,

hydraulic oils, and polishing products. The Company also produces

biodegradable oils. Fuchs manufactures and markets its products worldwide.

Latest Fiscal Year: 12/2011

LTM as of: 12/yy

52-Week High (25.02.2013) 60.90

52-Week Low (07.03.2012) 37.37

Daily Volume

59.47

52-Week High % Change -2.35% Dividend Yield -

52-Week Low % Change 59.14% Beta 0.86

% 52 Week Price Range High/Low 93.92% Equity Float 35.49

Shares Out 30.09.2012 35.5 Short Int -

4'041.60 1 Yr Total Return 52.60%

Total Debt 16.20 YTD Return 5.84%

Preferred Stock 0.0 Adjusted BETA 0.855

Minority Interest 1.5 Analyst Recs 22

Cash and Equivalents 81.50 Consensus Rating 2.727

Enterprise Value 3'959.70

Average Volume 5 Day 150'785

FPE3 GY EQUITY YTD Change - Average Volume 30 Day 91'609

FPE3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 93'543

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

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

1'393.7 1'178.1 1'458.6 1'668.1 1'819.0 1'652.8 1'819.0 1'903.6 1'997.5 457.0 453.0

0.74x 1.19x 1.55x 1.24x - 5.34x 4.82x 1.99x 1.85x 7.76x 7.83x

193.5 202.2 266.0 288.4 - 286.0 233.9 340.9 363.9 83.9 84.7

5.34x 6.95x 8.51x 7.19x - 7.25x 0.00x 11.61x 10.88x 11.73x 11.49x

109.4 120.8 170.7 182.4 207.0 182.4 207.0 220.8 236.2 54.3 52.7

8.71x 11.89x 13.75x 11.76x 18.18x 11.78x 18.18x 19.12x 17.83x - -

EBITDA 288.40 Long-Term Rating Date -

EBIT 261.60 Long-Term Rating -

Operating Margin 15.68% Long-Term Outlook -

Pretax Margin 15.60% Short-Term Rating Date -

Return on Assets 19.62% Short-Term Rating -

Return on Common Equity 30.12%

Return on Capital - EBITDA/Interest Exp. 55.46

Asset Turnover 1.74% (EBITDA-Capex)/Interest Exp. 48.23

Net Debt/EBITDA -0.27

Gross Margin 36.7% Total Debt/EBITDA 0.03

EBITDA Margin 17.0%

EBIT Margin 15.5% Total Debt/Equity 2.5%

Net Income Margin 11.4% Total Debt/Capital 2.4%

Asset Turnover 1.74

Current Ratio 2.10 Net Fixed Asset Turnover 8.09

Quick Ratio 1.16 Accounts receivable turnover-days 54.25

Debt to Assets 1.64% Inventory Days 79.82

Tot Debt to Common Equity 2.47% Accounts Payable Turnover Day 42.23

Accounts Receivable Turnover 6.75 Cash Conversion Cycle 67.99

Inventory Turnover 4.59

Fiscal Year Ended

Fuchs Petrolub AGPrice/Volume

Valuation Analysis

69'858.00

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

'

-'

.'

0'

1'

2'

3'

4'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

1'800.0

2'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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

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

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

Page 145: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'697'652 7.6 (142'399) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 881'312 2.48 (34'900) 28.12.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 741'142 2.09 - 30.11.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 615'096 1.73 (5'885) 26.02.2013 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 471'319 1.33 59'319 30.11.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 404'800 1.14 (120'700) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 365'117 1.03 (26'084) 31.12.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 331'298 0.93 7'600 28.12.2012 Mutual Fund Manager

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 304'151 0.86 8'018 31.12.2012 Investment Advisor

MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 278'000 0.78 93'000 29.06.2012 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 221'244 0.62 85'644 31.10.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 178'800 0.5 800 31.12.2012 Unclassified

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 99'000 0.28 - 31.07.2012 Mutual Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 94'655 0.27 (7'100) 30.12.2012 Investment Advisor

LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 84'800 0.24 (11'200) 28.12.2012 Mutual Fund Manager

DANSKE INVEST A/S Multiple Portfolios MF-AGG 80'043 0.23 - 31.01.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 75'000 0.21 - 28.09.2012 Investment Advisor

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 74'737 0.21 (6'540) 28.09.2012 Mutual Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 73'554 0.21 (14'106) 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 70'200 0.2 17'000 31.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 62 12 month 27.02.2013

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 67 6 month 26.02.2013

Landesbank Baden-Wuerttemberg ULLE WORNER hold 3 M 59 Not Provided 26.02.2013

Hauck & Aufhaeuser THOMAS WISSLER sell 1 D 49 12 month 25.02.2013

Bankhaus Metzler LARS HETTCHE sell 1 M 54 12 month 25.02.2013

Nord/LB THORSTEN STRAUSS hold 3 M 56 12 month 22.02.2013

Macquarie CHRISTIAN FAITZ neutral 3 M 37 12 month 22.02.2013

Bankhaus Lampe HEIKO FEBER sell 1 M 50 Not Provided 22.02.2013

M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 51 12 month 22.02.2013

Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 51 Not Provided 22.02.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA reduce 2 M 48 12 month 22.02.2013

Steubing AG TOBIAS SCHMIDT hold 3 M 50 12 month 22.02.2013

DZ Bank AG HEINZ MUELLER buy 5 M 58 12 month 22.02.2013

Baader Bank NORBERT BARTH buy 5 U 67 12 month 21.02.2013

Commerzbank Corporates & Markets LUTZ GRUETEN hold 3 M 52 6 month 14.02.2013

Kepler Capital Markets MARKUS MAYER reduce 2 M 47 Not Provided 01.02.2013

Main First Bank AG HOLGER OCHS underperform 1 D 54 12 month 16.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

HSBC JESKO MAYER-WEGELIN underweight 1 M 48 Not Provided 14.01.2013

Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 D 55 12 month 05.11.2012

CA Cheuvreux MARTIN ROEDIGER underperform 1 M 52 Not Provided 24.10.2012

GSC Research MATTHIAS SCHRADE buy 5 M #N/A N/A Not Provided 24.05.2012

Holdings By:

Fuchs Petrolub AG ee

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

Page 146: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

GAM Holding AG is an independent, well-diversified asset management business,

with a focus on the manufacturing and distribution of investment products and

services.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (25.02.2013) 16.30

52-Week Low (25.05.2012) 9.92

Daily Volume

15.7

52-Week High % Change -3.68% Dividend Yield -

52-Week Low % Change 58.27% Beta 1.32

% 52 Week Price Range High/Low 90.60% Equity Float 143.87

Shares Out 30.06.2012 183.4 Short Int -

2'878.67 1 Yr Total Return 36.83%

Total Debt 17.50 YTD Return 27.13%

Preferred Stock 0.0 Adjusted BETA 1.320

Minority Interest 0.0 Analyst Recs 9

Cash and Equivalents 600.10 Consensus Rating 3.667

Enterprise Value -

Average Volume 5 Day 526'353

GAM SE EQUITY YTD Change - Average Volume 30 Day 635'867

GAM SE EQUITY YTD % CHANGE - Average Volume 3 Month 862'464

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

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

4'831.2 4'144.8 1'020.2 964.9 812.2 - - 581.8 621.8 - -

- - - - - - - 4.39x 4.15x - -

- - - - - - - - - - -

- - - - - - - - - - -

939.8 661.2 3'636.9 10.2 (95.0) - - 147.8 171.4 - -

21.47x 12.53x 0.96x 309.00x - - - 18.05x 14.39x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin -7.87% Long-Term Outlook -

Pretax Margin -5.76% Short-Term Rating Date -

Return on Assets -2.53% Short-Term Rating -

Return on Common Equity -2.94%

Return on Capital -2.88% EBITDA/Interest Exp. -

Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.8%

Net Income Margin -11.7% Total Debt/Capital 0.8%

Asset Turnover 0.41

Current Ratio - Net Fixed Asset Turnover 43.61

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 0.72% Inventory Days -

Tot Debt to Common Equity 0.83% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

GAM Holding AGPrice/Volume

Valuation Analysis

846'448.00

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

'.135

-'-.-1-3-5

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

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

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

Page 147: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

SILCHESTER INTL INVE n/a EXCH 18'507'694 10.09 8'377'112 29.06.2012 Investment Advisor

GAM HOLDING LTD n/a EXCH 18'370'281 10.02 1'319'416 05.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 16'257'398 8.87 3'232'422 26.02.2013 Investment Advisor

UBS n/a ULT-AGG 13'197'709 7.2 (312) 31.10.2012 Unclassified

GLOBAL ASSET MANAGEM n/a EXCH 12'175'617 6.64 (4'785'293) 27.06.2012 Investment Advisor

FMR LLC n/a ULT-AGG 11'048'680 6.03 (1'687'436) 30.06.2012 Investment Advisor

CREDIT SUISSE FUNDS n/a EXCH 8'862'325 4.83 - 30.11.2012 n/a

CREDIT SUISSE ASSET n/a Co File 6'715'501 3.66 - 31.12.2010 Mutual Fund Manager

DAVIS SELECTED ADVIS n/a EXCH 6'130'364 3.34 - 07.06.2011 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 5'706'882 3.11 107'624 19.02.2013 Unclassified

T ROWE PRICE ASSOCIA n/a EXCH 5'610'993 3.06 - 03.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'019'068 2.19 (743'800) 31.12.2012 Investment Advisor

FARALLON CAPITAL MAN n/a EXCH 3'194'408 1.74 - 23.04.2012 Hedge Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 2'912'206 1.59 (2'133) 30.11.2012 Mutual Fund Manager

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 2'613'850 1.43 320'603 31.10.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'576'107 1.4 4 28.12.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'372'736 1.29 - 31.07.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'664'000 0.91 - 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 1'246'000 0.68 - 28.09.2012 Unclassified

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 985'000 0.54 (42'570) 31.10.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets PETER K LENARDOS outperform 5 M 17 12 month 28.01.2013

Goldman Sachs CHRIS M. TURNER neutral/neutral 3 M 18 12 month 24.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013

Credit Suisse GURJIT KAMBO outperform 5 U 15 Not Provided 11.01.2013

Bank Vontobel AG TERESA NIELSEN hold 3 M 13 Not Provided 24.10.2012

Helvea TIM DAWSON neutral 3 M 13 12 month 24.10.2012

Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 23.10.2012

Main First Bank AG KILIAN MAIER outperform 5 U 14 12 month 23.10.2012

Holdings By:

GAM Holding AG ee

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

Page 148: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Gecina SA is a real estate investment company. It specializes in the rental of

commercial real estate and residential properties. Gecina develops, buys, sells

and rent properties in France. The Company's client base includes international

businesses and organizations from a wide range of sectors. The Company opted

for the SIIC legal status in 2003.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (21.01.2013) 89.90

52-Week Low (23.04.2012) 64.92

Daily Volume

85.4

52-Week High % Change -5.01% Dividend Yield -

52-Week Low % Change 31.55% Beta 1.07

% 52 Week Price Range High/Low 81.99% Equity Float 24.68

Shares Out 07.01.2012 62.8 Short Int -

5'361.17 1 Yr Total Return 26.05%

Total Debt 5'059.93 YTD Return 0.59%

Preferred Stock 0.0 Adjusted BETA 1.072

Minority Interest 43.9 Analyst Recs 18

Cash and Equivalents 33.25 Consensus Rating 3.167

Enterprise Value 10'562.72

Average Volume 5 Day 36'988

GFC FP EQUITY YTD Change - Average Volume 30 Day 39'114

GFC FP EQUITY YTD % CHANGE - Average Volume 3 Month 71'670

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

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

555.8 559.8 626.9 640.6 - 0.0 0.0 587.7 612.1 - -

13.96x 17.05x 16.36x 14.11x - #DIV/0! #DIV/0! 16.28x 15.27x - -

301.7 304.7 391.6 403.6 - 0.0 0.0 491.1 508.1 - -

25.71x 31.33x 26.19x 22.39x - 0.00x 0.00x 21.51x 20.79x - -

(875.4) (773.7) 998.2 411.2 225.5 (1'548.5) 79.9 314.8 330.8 - -

- - 5.02x 9.64x 22.87x 0.00x 0.00x 16.65x 15.73x - -

EBITDA 403.58 Long-Term Rating Date 17.10.2012

EBIT 207.39 Long-Term Rating BBB

Operating Margin 32.37% Long-Term Outlook STABLE

Pretax Margin 54.88% Short-Term Rating Date 17.10.2012

Return on Assets 0.70% Short-Term Rating A-2

Return on Common Equity 1.37%

Return on Capital 0.74% EBITDA/Interest Exp. 2.11

Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA 17.59

Gross Margin - Total Debt/EBITDA 17.60

EBITDA Margin 57.3%

EBIT Margin - Total Debt/Equity 80.8%

Net Income Margin 64.2% Total Debt/Capital 44.5%

Asset Turnover 0.04

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 42.07% Inventory Days -

Tot Debt to Common Equity 80.78% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Gecina SAPrice/Volume

Valuation Analysis

28'467.00

Current Price (2/dd/yy) Market Data

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

-''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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

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

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

Page 149: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

METROVACESA n/a Co File 16'809'610 26.78 - 31.12.2011 Corporation

RIVERO JOAQUIN n/a Co File 10'094'735 16.08 - 31.12.2011 n/a

MAG IMPORT n/a Research 9'567'841 15.24 - 31.12.2011 Other

PREDICA n/a Co File 5'145'738 8.2 - 31.12.2011 Insurance Company

GECINA SA n/a Co File 1'621'476 2.58 - 31.12.2011 Corporation

BLACKROCK n/a ULT-AGG 538'773 0.86 3'464 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 514'441 0.82 16'595 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 353'283 0.56 1'701 31.01.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 293'773 0.47 (3'081) 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 285'007 0.45 2'336 27.02.2013 Investment Advisor

LASALLE INVESTMENT M Multiple Portfolios MF-AGG 190'524 0.3 - 21.08.2012 Investment Advisor

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 151'655 0.24 (2'399) 31.12.2012 Mutual Fund Manager

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 135'702 0.22 14'750 31.12.2012 Mutual Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 130'083 0.21 (37'418) 31.12.2012 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 114'883 0.18 29'425 25.02.2013 Investment Advisor

DIAM n/a ULT-AGG 112'961 0.18 - 27.02.2012 Unclassified

DEUTSCHE ASSET MGMT Multiple Portfolios MF-AGG 106'701 0.17 106'701 18.04.2012 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 100'808 0.16 94'220 15.08.2012 Unclassified

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 88'000 0.14 8'250 28.09.2012 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 81'100 0.13 (3'505) 31.05.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale HENRI QUADRELLI hold 3 M 90 12 month 27.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 26.02.2013

Morgan Stanley CHRISTOPHER FREMANTLE Overwt/Attractive 5 M 87 12 month 22.02.2013

Oddo & Cie MARINE LAFITTE reduce 2 M 83 Not Provided 22.02.2013

Rabobank International MARTIJN VAN DEN EIJNDEN hold 3 M 80 12 month 22.02.2013

ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG buy 5 M 95 12 month 22.02.2013

AlphaValue PIERRE-LOUP ETIENNE reduce 2 M 89 6 month 21.02.2013

Exane BNP Paribas NICK WEBB outperform 5 M 89 Not Provided 01.02.2013

Petercam JOEL GORSELE reduce 2 M 86 Not Provided 22.01.2013

HSBC STEPHANIE DOSSMANN underweight 1 D 86 Not Provided 17.01.2013

Kempen & Co BOUDEWIJN SCHOON overweight 5 M 92 12 month 14.01.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013

JPMorgan NEIL GREEN neutral 3 M 93 9 month 09.01.2013

Natixis SERGE DEMIRDJIAN not rated #N/A N/A M #N/A N/A Not Provided 29.10.2012

Kepler Capital Markets SAMUEL HENRY-DIESBACH hold 3 M 84 Not Provided 03.10.2012

Barclays AARON GUY equalweight 3 M 81 Not Provided 08.08.2012

Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 68 12 month 02.07.2012

Edge Capital Research KONSTANTIN BOYCHINOV neutral 3 N 73 12 month 29.09.2011

Tradition Securities & Futures LAETITIA D'EPREMESNIL hold 3 U 103 Not Provided 06.07.2011

Holdings By:

Gecina SA ee

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

Page 150: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Georg Fischer AG produces automobile parts, piping systems, plastics processing

equipment, and tool and mold making machinery. The Company manufactures cast

and machined components for road vehicles and machinery, plastic and metal

pipes and fittings, electric discharge machines, milling centers, automation

equipment, and plastics factories and compounding systems.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (19.03.2012) 434.65

52-Week Low (15.06.2012) 302.25

Daily Volume

422

52-Week High % Change -2.91% Dividend Yield -

52-Week Low % Change 39.62% Beta 1.45

% 52 Week Price Range High/Low 90.44% Equity Float 4.07

Shares Out 31.12.2012 4.1 Short Int -

1'730.58 1 Yr Total Return 1.74%

Total Debt 640.00 YTD Return 14.67%

Preferred Stock 0.0 Adjusted BETA 1.454

Minority Interest 44.0 Analyst Recs 10

Cash and Equivalents 338.00 Consensus Rating 3.300

Enterprise Value 2'076.58

Average Volume 5 Day 35'842

FI/N SE EQUITY YTD Change - Average Volume 30 Day 20'357

FI/N SE EQUITY YTD % CHANGE - Average Volume 3 Month 18'883

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

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

4'465.0 2'906.0 3'447.0 3'638.0 3'602.0 - - 3'616.1 3'737.6 - -

0.34x 0.53x 0.72x 0.45x 0.52x - - 0.54x 0.50x - -

390.0 111.0 329.0 375.0 354.0 - - 363.3 386.6 - -

3.87x 13.90x 7.56x 4.32x 5.24x - - 5.72x 5.37x - -

56.0 (246.0) 99.0 160.0 121.0 - - 152.4 165.9 - -

17.14x - 21.98x 8.23x 9.95x - - 11.38x 10.37x - -

EBITDA 354.00 Long-Term Rating Date -

EBIT 221.00 Long-Term Rating -

Operating Margin 6.14% Long-Term Outlook -

Pretax Margin 5.25% Short-Term Rating Date -

Return on Assets 4.16% Short-Term Rating -

Return on Common Equity 10.00%

Return on Capital 8.11% EBITDA/Interest Exp. 10.41

Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 6.53

Net Debt/EBITDA 0.85

Gross Margin - Total Debt/EBITDA 1.81

EBITDA Margin 9.8%

EBIT Margin 6.1% Total Debt/Equity 51.5%

Net Income Margin 3.4% Total Debt/Capital 33.2%

Asset Turnover 1.24

Current Ratio 1.89 Net Fixed Asset Turnover 3.71

Quick Ratio 1.03 Accounts receivable turnover-days 53.29

Debt to Assets 22.08% Inventory Days -

Tot Debt to Common Equity 51.53% Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.87 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Georg Fischer AGPrice/Volume

Valuation Analysis

41'098.00

Current Price (2/dd/yy) Market Data

'2'

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

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!' 9

!' 9

!' 9

!' 9

!- 9

!- 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

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

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

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

Page 151: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

BLACKROCK n/a ULT-AGG 209'132 5.1 (9'558) 26.02.2013 Investment Advisor

UBS FUND MANAGEMENT n/a EXCH 123'905 3.02 - 11.02.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 98'281 2.4 (8'319) 31.10.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 91'971 2.24 (241) 28.12.2012 Mutual Fund Manager

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 76'999 1.88 (2'548) 28.12.2012 Mutual Fund Manager

SARASIN n/a ULT-AGG 59'484 1.45 (93) 30.11.2012 Unclassified

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 50'623 1.23 (3'563) 31.01.2013 Mutual Fund Manager

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 41'800 1.02 (450) 31.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'024 1 (62) 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 35'197 0.86 (1'200) 30.11.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 31'189 0.76 - 30.06.2012 Pension Fund (ERISA)

IST FUND MANAGERS Multiple Portfolios MF-AGG 30'865 0.75 112 31.12.2012 Mutual Fund Manager

PRUDENTIAL FINANCIAL n/a ULT-AGG 25'816 0.63 (500) 31.01.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 25'718 0.63 (440) 30.11.2012 Mutual Fund Manager

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 23'350 0.57 (40) 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 20'564 0.5 15'540 31.12.2012 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 19'214 0.47 3'975 31.10.2012 Mutual Fund Manager

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 16'950 0.41 - 31.01.2013 Mutual Fund Manager

KBC GROUP NV Multiple Portfolios MF-AGG 14'475 0.35 (2'089) 31.01.2013 Investment Advisor

PIONEER ASSET MANAGE Multiple Portfolios MF-AGG 13'680 0.33 (93) 30.11.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Kepler Capital Markets CHRISTOPH LADNER buy 5 M 450 Not Provided 27.02.2013

Helvea VOLKAN GOCMEN neutral 3 M 370 12 month 27.02.2013

Credit Suisse PATRICK LAAGER outperform 5 M 480 Not Provided 26.02.2013

Bank Vontobel AG FABIAN HAECKI reduce 2 M 350 Not Provided 26.02.2013

Main First Bank AG TOBIAS FAHRENHOLZ underperform 1 M 375 12 month 25.02.2013

Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 390 6 month 12.02.2013

Zuercher Kantonalbank ARMIN RECHBERGER market perform 3 M #N/A N/A Not Provided 18.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

CA Cheuvreux OLIVER GIRAKHOU underperform 1 D 320 Not Provided 16.11.2012

Holdings By:

Georg Fischer AG ee

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

Page 152: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Gerresheimer AG develops and produces specialty products made of glass and

plastic. The Company produces containers for a variety of substances and

medicines.

Latest Fiscal Year: 11/2012

LTM as of: 11/yy

52-Week High (21.02.2013) 44.78

52-Week Low (11.04.2012) 31.34

Daily Volume

43.95

52-Week High % Change -1.84% Dividend Yield -

52-Week Low % Change 40.23% Beta 0.68

% 52 Week Price Range High/Low 93.86% Equity Float 27.60

Shares Out 31.12.2012 31.4 Short Int -

1'380.03 1 Yr Total Return 34.13%

Total Debt 463.04 YTD Return 9.61%

Preferred Stock 0.0 Adjusted BETA 0.681

Minority Interest 45.0 Analyst Recs 18

Cash and Equivalents 91.41 Consensus Rating 4.611

Enterprise Value 1'796.68

Average Volume 5 Day 127'200

GXI GY EQUITY YTD Change - Average Volume 30 Day 168'471

GXI GY EQUITY YTD % CHANGE - Average Volume 3 Month 133'349

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

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

1'060.1 1'000.2 1'024.8 1'094.7 1'219.1 1'094.7 1'219.1 1'292.7 1'373.6 286.5 334.5

1.24x 1.15x 1.21x 1.27x 1.36x 5.19x 5.28x 1.41x 1.28x - -

171.2 179.9 204.3 209.8 228.2 209.9 228.2 253.8 281.5 47.7 62.1

7.70x 6.37x 6.07x 6.62x 7.25x 6.61x 7.25x 7.07x 6.38x 7.08x -

0.7 5.8 43.2 50.5 60.2 50.5 60.2 86.1 103.0 11.2 21.7

1349.00x 128.06x 20.38x 19.30x 20.54x 19.35x 20.54x 15.82x 13.40x 15.45x -

EBITDA 228.17 Long-Term Rating Date 23.02.2011

EBIT 128.13 Long-Term Rating BBB-

Operating Margin 10.51% Long-Term Outlook STABLE

Pretax Margin 7.85% Short-Term Rating Date -

Return on Assets 3.92% Short-Term Rating -

Return on Common Equity 11.50%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA 1.63

Gross Margin 29.3% Total Debt/EBITDA 2.03

EBITDA Margin 18.7%

EBIT Margin 10.5% Total Debt/Equity 86.5%

Net Income Margin 4.9% Total Debt/Capital 44.4%

Asset Turnover 0.79

Current Ratio 1.33 Net Fixed Asset Turnover 2.45

Quick Ratio 0.74 Accounts receivable turnover-days 51.38

Debt to Assets 29.72% Inventory Days 74.09

Tot Debt to Common Equity 86.53% Accounts Payable Turnover Day 56.20

Accounts Receivable Turnover 7.12 Cash Conversion Cycle 69.28

Inventory Turnover 4.94

Fiscal Year Ended

Gerresheimer AGPrice/Volume

Valuation Analysis

77'799.00

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

'2

-'-2.'.20'021'122'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

'1!-.!.''6 '1!'3!.'-' '1!-.!.'-' '1!'3!.'-- '1!-.!.'-- '1!'3!.'-. '1!-.!.'-.

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

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

Page 153: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

BLACKROCK n/a ULT-AGG 1'603'519 5.11 (21'300) 26.02.2013 Investment Advisor

AMERIPRISE FINANCIAL n/a Co File 1'582'560 5.04 - 30.11.2012 Investment Advisor

CREDIT SUISSE GROUP n/a Research 1'569'340 5 - 24.01.2013 Investment Advisor

ETON PARK CAPITAL MA n/a Co File 1'544'880 4.92 - 30.11.2012 Hedge Fund Manager

HOUND PARTNERS LLC n/a Research 1'333'222 4.25 - 04.01.2013 Hedge Fund Manager

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 990'736 3.16 - 31.12.2012 Investment Advisor

EDINBURGH PARTNERS L n/a Co File 976'540 3.11 - 30.11.2012 Investment Advisor

BERG GILCHRIST B n/a Co File 973'400 3.1 - 30.11.2012 n/a

ALLIANZ GLOBAL INVES n/a Co File 957'700 3.05 - 30.11.2012 Other

GOVERNANCE FOR OWNER n/a Research 939'380 2.99 - 24.11.2011 Other

TREMBLANT HOLDINGS L n/a Research 932'893 2.97 - 14.10.2011 Other

MORGAN STANLEY #N/A N/A Research 886'544 2.82 - 21.02.2013 Investment Advisor

EDGEPOINT INVESTMENT n/a Research 842'679 2.68 - 17.10.2012 Hedge Fund Manager

BLUE HARBOUR GROUP L n/a Research 839'697 2.67 - 05.07.2012 Hedge Fund Manager

DJE INVESTMENT SA Multiple Portfolios MF-AGG 478'035 1.52 7'700 30.11.2012 Mutual Fund Manager

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 452'780 1.44 31'390 31.12.2011 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 389'165 1.24 35'000 31.10.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 306'929 0.98 - 31.07.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 300'000 0.96 - 30.06.2012 Pension Fund (ERISA)

VANGUARD GROUP INC Multiple Portfolios MF-AGG 276'863 0.88 378 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 51 6 month 25.02.2013

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 49 Not Provided 19.02.2013

Jefferies INGEBORG OIE buy 5 M 50 12 month 18.02.2013

Independent Research GmbH ZAFER RUZGAR buy 5 U 50 12 month 18.02.2013

DZ Bank AG SVEN OLAF KUERTEN hold 3 M 44 12 month 18.02.2013

Main First Bank AG MARCUS WIEPRECHT outperform 5 M 50 12 month 18.02.2013

Deutsche Bank GUNNAR ROMER hold 3 M 45 12 month 17.02.2013

Credit Suisse CHRISTOPH GRETLER outperform 5 M 46 Not Provided 15.02.2013

JPMorgan DAVID J ADLINGTON overweight 5 M 56 9 month 15.02.2013

HSBC JAN KEPPELER overweight 5 M 48 Not Provided 15.02.2013

CA Cheuvreux OLIVER REINBERG outperform 5 U 48 Not Provided 15.02.2013

National Bank AG MANFRED JAISFELD buy 5 M 49 Not Provided 15.02.2013

Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 51 12 month 15.02.2013

Berenberg Bank SCOTT BARDO buy 5 M 50 Not Provided 15.02.2013

Kepler Capital Markets MAJA PATAKI hold 3 M 40 Not Provided 15.02.2013

Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 47 12 month 15.02.2013

Hauck & Aufhaeuser THOMAS WISSLER buy 5 M 48 12 month 14.02.2013

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

Holdings By:

Gerresheimer AG ee

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

Page 154: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Gjensidige Forsikring ASA is a Norwegian insurance company. The Company offers

general insurance products to private individuals and businesses in Norway.

Gjensidige Forsikring provides property insurance and insurances of the person

in the household and the business markets.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (14.02.2013) 95.00

52-Week Low (04.06.2012) 63.90

Daily Volume

90.6

52-Week High % Change -4.63% Dividend Yield -

52-Week Low % Change 41.78% Beta 0.66

% 52 Week Price Range High/Low 85.85% Equity Float 168.19

Shares Out 27.02.2013 500.0 Short Int -

45'300.00 1 Yr Total Return 44.67%

Total Debt 5'355.50 YTD Return 14.11%

Preferred Stock 0.0 Adjusted BETA 0.663

Minority Interest 0.0 Analyst Recs 21

Cash and Equivalents 2'331.50 Consensus Rating 2.810

Enterprise Value 48'324.00

Average Volume 5 Day 522'360

GJF NO EQUITY YTD Change - Average Volume 30 Day 790'263

GJF NO EQUITY YTD % CHANGE - Average Volume 3 Month 730'334

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

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

16'024.5 19'195.2 21'050.3 21'325.6 22'132.1 21'325.6 22'131.9 19'257.5 19'524.0 - -

- - 1.50x 1.71x 1.93x 6.53x 7.21x - - - -

- - - - - 0.0 0.0 - - - -

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

252.3 2'304.8 2'950.4 2'747.9 4'280.1 2'747.9 4'280.0 3'583.6 3'645.4 800.3 969.0

- - 9.91x 12.61x 9.28x 12.61x 9.28x 12.60x 12.39x 12.72x 13.21x

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating A

Operating Margin 26.06% Long-Term Outlook STABLE

Pretax Margin 25.45% Short-Term Rating Date -

Return on Assets 4.69% Short-Term Rating -

Return on Common Equity 17.52%

Return on Capital 15.86% EBITDA/Interest Exp. -

Asset Turnover 0.24% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 20.9%

Net Income Margin 19.3% Total Debt/Capital 17.3%

Asset Turnover 0.24

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 5.68% Inventory Days -

Tot Debt to Common Equity 20.91% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Gjensidige Forsikring ASAPrice/Volume

Valuation Analysis

425'862.00

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

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

-''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

19961997199819992000200120022003200420052006200720082009201020112012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

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

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

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

Page 155: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

GJENSIDIGESTIFTELSEN n/a EXCH 311'201'322 62.24 - 18.02.2013 Corporation

STATE STREET n/a ULT-AGG 33'565'033 6.71 - 27.02.2013 Investment Advisor

GOVERNMENT PENSION F n/a EXCH 20'519'213 4.1 - 18.02.2013 Government

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 9'808'539 1.96 (2'265) 31.12.2012 Investment Advisor

CLEARSTREAM BANKING n/a EXCH 7'834'011 1.57 - 18.02.2013 Bank

SKAGEN AS Multiple Portfolios MF-AGG 5'547'423 1.11 (636'329) 31.01.2013 Mutual Fund Manager

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'990'000 1 - 31.12.2012 Investment Advisor

GOLDMAN SACHS & CO n/a EXCH 4'432'343 0.89 - 18.02.2013 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 3'986'484 0.8 1'067'756 31.01.2013 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 3'804'416 0.76 - 18.02.2013 Investment Advisor

SEB n/a ULT-AGG 3'539'809 0.71 180'341 18.02.2013 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'283'833 0.66 61'607 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 2'927'229 0.59 (545'198) 31.12.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 2'600'561 0.52 (13'435) 28.12.2012 Mutual Fund Manager

JP MORGAN CHASE BANK n/a EXCH 2'545'593 0.51 - 18.02.2013 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'044'764 0.41 - 31.01.2013 Mutual Fund Manager

DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 1'902'412 0.38 (28'900) 28.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'690'655 0.34 7'274 26.02.2013 Investment Advisor

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 1'659'254 0.33 2'986 31.01.2013 Investment Advisor

KLP AKSJENORGE n/a EXCH 1'601'780 0.32 - 18.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Barclays CLAUDIA GASPARI underweight 1 D 73 Not Provided 20.02.2013

Macquarie HADLEY COHEN underperform 1 M 80 12 month 19.02.2013

ABG Sundal Collier RICKARD HENZE hold 3 M 89 6 month 15.02.2013

SEB Enskilda CHRISTOFFER J ADAMS hold 3 M 91 Not Provided 15.02.2013

Carnegie GIANANDREA ROBERTI hold 3 D #N/A N/A Not Provided 15.02.2013

Nordea Equity Research THOMAS SVENDSEN sell 1 M 78 12 month 15.02.2013

Handelsbanken MATTI AHOKAS accumulate 4 M 94 12 month 15.02.2013

Pareto Securities VEGARD EID MEDIAS hold 3 M 88 6 month 15.02.2013

Berenberg Bank SAMI TAIPALUS hold 3 M 88 Not Provided 15.02.2013

DNB Markets HAKON FURE hold 3 D 90 Not Provided 15.02.2013

Credit Suisse CHRIS ESSON neutral 3 D 91 Not Provided 14.02.2013

Arctic Securities ASA FRIDTJOF BERENTS hold 3 D 94 Not Provided 14.02.2013

Norne Securities AS ANDRIUS VALIVONIS Under Review #N/A N/A M #N/A N/A Not Provided 14.02.2013

Danske Markets PER GRONBORG buy 5 M 105 12 month 14.02.2013

Swedbank First Securities BENGT KIRKOEN reduce 2 M 80 Not Provided 14.02.2013

Keefe, Bruyette & Woods KARL MORRIS outperform 5 M 90 12 month 11.02.2013

Mediobanca SpA SIMONETTA CHIRIOTTI underperform 1 M 85 6 month 30.01.2013

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

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 81 12 month 05.12.2012

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 80 12 month 11.10.2012

Fondsfinans AS ARILD NYSAETHER neutral 3 M 72 Not Provided 17.07.2012

Holdings By:

Gjensidige Forsikring ASA ee

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

Page 156: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

GN Store Nord A/S (GN Great Nordic) is the parent company to an international

group of companies that manufactures and markets communication solutions. The

Company develops wireless technology and provides hand-free solutions, and

products for the hearing impaired. The Company also works with cable systems.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (25.02.2013) 105.50

52-Week Low (23.03.2012) 57.90

Daily Volume

102.4

52-Week High % Change -2.94% Dividend Yield -

52-Week Low % Change 76.86% Beta 0.95

% 52 Week Price Range High/Low 93.49% Equity Float -

Shares Out 26.02.2013 193.7 Short Int -

19'834.58 1 Yr Total Return 67.55%

Total Debt 399.00 YTD Return 25.18%

Preferred Stock 0.0 Adjusted BETA 0.954

Minority Interest 0.0 Analyst Recs 19

Cash and Equivalents 169.00 Consensus Rating 3.000

Enterprise Value 20'064.58

Average Volume 5 Day 1'883'391

GN DC EQUITY YTD Change - Average Volume 30 Day 965'551

GN DC EQUITY YTD % CHANGE - Average Volume 3 Month 849'618

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

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

5'624.0 4'729.0 5'145.0 5'564.0 6'251.0 5'564.0 6'251.0 6'617.7 7'054.2 1'584.9 1'612.3

0.65x 1.42x 2.12x 1.91x 2.27x 7.33x 2.27x 2.96x 2.76x - -

506.0 389.0 822.0 1'009.0 1'013.0 1'009.0 1'013.0 1'362.8 1'587.6 253.5 288.0

7.25x 17.20x 13.27x 10.51x 13.99x 10.51x 13.99x 14.72x 12.64x 15.63x 14.50x

(56.0) (70.0) 1'855.0 865.0 321.0 865.0 321.0 808.8 947.7 141.2 164.8

- - 5.56x 11.23x 45.57x 11.23x 46.01x 21.16x 17.75x 22.72x 21.07x

EBITDA 1'013.00 Long-Term Rating Date -

EBIT 571.00 Long-Term Rating -

Operating Margin 9.13% Long-Term Outlook -

Pretax Margin 7.37% Short-Term Rating Date -

Return on Assets 3.31% Short-Term Rating -

Return on Common Equity 5.17%

Return on Capital - EBITDA/Interest Exp. 144.71

Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 130.00

Net Debt/EBITDA 0.23

Gross Margin 58.0% Total Debt/EBITDA 0.39

EBITDA Margin 16.2%

EBIT Margin 9.1% Total Debt/Equity 7.2%

Net Income Margin 5.1% Total Debt/Capital 6.7%

Asset Turnover 0.65

Current Ratio 1.57 Net Fixed Asset Turnover 24.23

Quick Ratio 0.97 Accounts receivable turnover-days 76.64

Debt to Assets 4.87% Inventory Days 71.16

Tot Debt to Common Equity 7.20% Accounts Payable Turnover Day 69.82

Accounts Receivable Turnover 4.78 Cash Conversion Cycle 77.99

Inventory Turnover 5.14

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GN Store Nord A/SPrice/Volume

Valuation Analysis

954'125.00

Current Price (2/dd/yy) Market Data

'

.'

1'

3'

5'

-''

-.'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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

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

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

Page 157: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

ATP n/a Co File 20'419'310 10.54 - 31.12.2011 Government

MARATHON ASSET MANAG n/a Research 19'171'743 9.9 - 01.05.2012 Investment Advisor

GN STORE NORD n/a Co File 15'418'663 7.96 - 31.12.2011 Corporation

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3'910'424 2.02 2'850'902 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 2'755'199 1.42 (840'000) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'265'156 1.17 2'971 31.12.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'142'027 1.11 72'000 31.01.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'832'180 0.95 1'832'180 31.12.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'427'564 0.74 36'700 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 825'832 0.43 364'000 31.01.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 675'862 0.35 - 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 631'888 0.33 (493'644) 31.12.2012 Investment Advisor

INTERFUND ADVISORY C Multiple Portfolios MF-AGG 546'534 0.28 (163'145) 31.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 513'760 0.27 (2'849) 26.02.2013 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 507'850 0.26 42'280 28.12.2012 Mutual Fund Manager

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 350'000 0.18 - 31.01.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 341'592 0.18 - 31.05.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 329'958 0.17 - 31.07.2012 Investment Advisor

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 313'212 0.16 - 30.09.2012 Mutual Fund Manager

SPARINVEST n/a ULT-AGG 294'074 0.15 4'000 31.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 96 12 month 26.02.2013

Morgan Stanley MICHAEL K JUNGLING Overwt/Attractive 5 M 110 12 month 25.02.2013

Alm Brand Markets MICHAEL FRIIS JORGENSEN sell 1 M 95 12 month 22.02.2013

Jyske Bank JANNE VINCENT KJAER reduce 2 M 105 Not Provided 22.02.2013

SEB Enskilda NIELS GRANHOLM-LETH hold 3 M 104 Not Provided 22.02.2013

Carnegie CLAUS ALMER hold 3 M #N/A N/A Not Provided 22.02.2013

Nordea Equity Research SOREN V HOLM SORENSEN sell 1 D 90 12 month 22.02.2013

Handelsbanken KLAUS MADSEN accumulate 4 M 110 12 month 22.02.2013

Kepler Capital Markets MAJA PATAKI buy 5 M 105 Not Provided 22.02.2013

Danske Markets POUL ERNST JESSEN hold 3 M 102 12 month 22.02.2013

ABG Sundal Collier MORTEN LARSEN buy 5 M 115 6 month 21.02.2013

Credit Suisse CHRISTOPH GRETLER underperform 1 M 85 Not Provided 21.02.2013

NYKREDIT KRESTEN JOHNSEN neutral 3 M #N/A N/A Not Provided 21.02.2013

DNB Markets RUNE MAJLUND DAHL hold 3 M 100 Not Provided 21.02.2013

Commerzbank Corporates & Markets OLIVER METZGER hold 3 M 97 6 month 13.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

Swedbank JOHAN UNNERUS neutral 3 M 84 12 month 16.11.2012

Jefferies INGEBORG OIE hold 3 M 65 12 month 09.08.2012

Sydbank MORTEN IMSGARD overweight 5 M #N/A N/A Not Provided 05.05.2011

Holdings By:

GN Store Nord A/S ee

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

Page 158: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Great Portland Estates PLC invests and develops freehold and leasehold

properties. The Company's focus is in the office market in central London.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (27.12.2012) 502.00

52-Week Low (23.04.2012) 342.90

Daily Volume

488.2

52-Week High % Change -2.75% Dividend Yield 1.74

52-Week Low % Change 42.37% Beta 0.92

% 52 Week Price Range High/Low 91.33% Equity Float 302.98

Shares Out 19.11.2012 343.9 Short Int -

1'679.05 1 Yr Total Return 41.17%

Total Debt 538.70 YTD Return -0.18%

Preferred Stock 0.0 Adjusted BETA 0.918

Minority Interest 0.0 Analyst Recs 20

Cash and Equivalents 4.00 Consensus Rating 3.600

Enterprise Value 2'418.45

Average Volume 5 Day 508'618

GPOR LN EQUITY YTD Change - Average Volume 30 Day 635'672

GPOR LN EQUITY YTD % CHANGE - Average Volume 3 Month 699'216

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 - -

84.9 54.6 51.8 63.7 46.4 - - 68.0 78.9 - -

16.34x 15.37x 23.51x 24.87x 35.78x - - 34.34x 30.00x - -

31.6 33.5 32.2 46.5 25.8 - - 37.4 48.0 - -

43.90x 25.05x 37.82x 34.06x 64.34x - - 64.60x 50.37x - -

(4.1) (436.1) 156.4 260.1 155.2 - - 20.4 29.2 - -

- - 5.67x 4.60x 7.16x - - 77.49x 55.48x - -

EBITDA 25.80 Long-Term Rating Date -

EBIT 25.80 Long-Term Rating -

Operating Margin 55.60% Long-Term Outlook -

Pretax Margin 334.48% Short-Term Rating Date -

Return on Assets 8.05% Short-Term Rating -

Return on Common Equity 12.36%

Return on Capital 10.01% EBITDA/Interest Exp. 1.15

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -5.93

Net Debt/EBITDA -

Gross Margin 86.4% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 58.5% Total Debt/Equity 43.5%

Net Income Margin 334.5% Total Debt/Capital 30.3%

Asset Turnover 0.03

Current Ratio 0.31 Net Fixed Asset Turnover 0.03

Quick Ratio 0.04 Accounts receivable turnover-days 53.53

Debt to Assets 27.43% Inventory Days -

Tot Debt to Common Equity 43.50% Accounts Payable Turnover Day 868.47

Accounts Receivable Turnover 6.84 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Great Portland Estates PLCPrice/Volume

Valuation Analysis

375'163.00

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

'

-''

.''

0''

1''

2''

3''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

-5'!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

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

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

Page 159: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

NORGES BANK n/a RNS-MAJ 30'638'164 8.91 6'750'000 19.11.2012 Government

BLACKROCK n/a ULT-AGG 27'895'916 8.11 (379'799) 26.02.2013 Investment Advisor

EUROPEAN INVESTORS I n/a Research 14'622'528 4.25 2'081'218 31.12.2012 Investment Advisor

PGGM VERMOGENSBEHEER n/a Co File 11'835'515 3.44 - 14.05.2012 Investment Advisor

STANDARD LIFE INVEST n/a Co File 11'001'263 3.2 - 14.05.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 10'659'881 3.1 187'716 01.11.2012 Unclassified

APG ALGEMENE PENSIOE n/a RNS-MAJ 10'234'975 2.98 (181'200) 21.11.2012 Pension Fund (ERISA)

WESTBROOK PARTNERS L n/a RNS-MAJ 8'933'502 2.6 (2'107'539) 28.03.2012 Other

OLD MUTUAL n/a ULT-AGG 8'841'000 2.57 53'000 31.12.2012 Unclassified

ABERDEEN n/a ULT-AGG 7'868'522 2.29 (604'500) 31.12.2012 Unclassified

STICHTING PENSIOENFO Multiple Portfolios REG 7'745'515 2.25 - 01.11.2012 Investment Advisor

INVESCO LTD Multiple Portfolios REG 7'233'505 2.1 1'901'310 01.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 7'152'813 2.08 - 20.11.2012 Unclassified

FMR LLC n/a ULT-AGG 7'012'442 2.04 334'278 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 6'886'443 2 (959'919) 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'147'265 1.79 918'300 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'973'172 1.74 1'414'771 26.02.2013 Investment Advisor

ING INV MANAGEMENT E Multiple Portfolios REG 5'470'806 1.59 741'800 01.11.2012 Investment Advisor

CBRE CLARION SECURIT Multiple Portfolios REG 5'375'985 1.56 479'400 01.11.2012 Investment Advisor

DAIWA ASSET MANAGEME Multiple Portfolios REG 5'076'564 1.48 (984'029) 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies MICHAEL PREW hold 3 M 454 12 month 25.02.2013

Numis Securities Ltd CHRISTOPHER SPEARING add 4 M 550 Not Provided 25.02.2013

Peel Hunt KEITH CRAWFORD hold 3 M 500 Not Provided 04.02.2013

Exane BNP Paribas NICK WEBB neutral 3 M 490 Not Provided 01.02.2013

Morgan Stanley CHRISTOPHER FREMANTLE Overwt/Attractive 5 M 490 12 month 31.01.2013

Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 M 515 Not Provided 31.01.2013

Oriel Securities Ltd MATTHEW S SAPERIA hold 3 M #N/A N/A Not Provided 31.01.2013

Panmure Gordon & Co Limited MARK HUGHES hold 3 N 473 Not Provided 31.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 23.01.2013

Investec ALAN CARTER add 4 M 515 12 month 21.01.2013

Kempen & Co RYAN PALECEK underweight 1 D 480 12 month 14.01.2013

JPMorgan TIM LECKIE overweight 5 M 550 9 month 09.01.2013

Societe Generale MARC MOZZI sell 1 M 480 12 month 18.12.2012

Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 472 Not Provided 18.12.2012

Deutsche Bank MARTIN ALLEN buy 5 M 660 12 month 27.11.2012

Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 485 12 month 15.11.2012

Liberum Capital Ltd ALISON WATSON buy 5 M 486 Not Provided 12.09.2012

Barclays JULIAN CAMPBELL-WOOD overweight 5 M 523 Not Provided 19.07.2012

Holdings By:

Great Portland Estates PLC ee

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

Page 160: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Greene King PLC brews, wholesales, and retails beer, in addition to owning

managed and tenanted public houses. The Company's also operates inns across the

south of the United Kingdom.

Latest Fiscal Year: 04/2012

LTM as of: 01/yy

52-Week High (20.02.2013) 717.00

52-Week Low (06.06.2012) 470.70

Daily Volume

693.5

52-Week High % Change -3.28% Dividend Yield 3.64

52-Week Low % Change 47.33% Beta 0.78

% 52 Week Price Range High/Low 90.46% Equity Float 216.03

Shares Out 31.01.2013 217.8 Short Int -

1'510.58 1 Yr Total Return 44.03%

Total Debt 1'530.00 YTD Return 10.87%

Preferred Stock 0.0 Adjusted BETA 0.784

Minority Interest 0.0 Analyst Recs 17

Cash and Equivalents 43.00 Consensus Rating 3.765

Enterprise Value 2'965.78

Average Volume 5 Day 235'330

GNK LN EQUITY YTD Change - Average Volume 30 Day 249'868

GNK LN EQUITY YTD % CHANGE - Average Volume 3 Month 315'792

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

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 - -

960.5 954.6 984.1 1'042.7 1'140.4 - - 1'209.4 1'270.7 - -

2.41x 2.50x 2.37x 2.37x 2.31x - - 2.47x 2.34x - -

283.3 267.3 264.4 276.6 292.0 - - 307.5 321.3 - -

8.16x 8.93x 8.81x 8.92x 9.01x - - 9.65x 9.23x - -

124.3 39.5 79.9 106.8 102.4 - - 122.9 130.7 - -

5.80x 20.65x 12.00x 9.85x 11.04x - - 12.25x 11.58x - -

EBITDA 292.00 Long-Term Rating Date -

EBIT 236.20 Long-Term Rating -

Operating Margin 20.71% Long-Term Outlook -

Pretax Margin 10.97% Short-Term Rating Date -

Return on Assets 4.02% Short-Term Rating -

Return on Common Equity 13.71%

Return on Capital 8.17% EBITDA/Interest Exp. 3.35

Asset Turnover 0.37% (EBITDA-Capex)/Interest Exp. 1.90

Net Debt/EBITDA 4.84

Gross Margin - Total Debt/EBITDA 5.02

EBITDA Margin 25.5%

EBIT Margin 20.6% Total Debt/Equity 161.9%

Net Income Margin 9.0% Total Debt/Capital 61.8%

Asset Turnover 0.37

Current Ratio 0.48 Net Fixed Asset Turnover 0.54

Quick Ratio 0.31 Accounts receivable turnover-days -

Debt to Assets 47.99% Inventory Days -

Tot Debt to Common Equity 161.85% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Greene King PLCPrice/Volume

Valuation Analysis

223'693.00

Current Price (2/dd/yy) Market Data

'

-''

.''

0''

1''

2''

3''

4''

5''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

'5!'2!.''6 '5!--!.''6 '5!'2!.'-' '5!--!.'-' '5!'2!.'-- '5!--!.'-- '5!'2!.'-. '5!--!.'-.

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

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

Page 161: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

STANDARD LIFE INVEST Multiple Portfolios REG 19'645'639 9.02 27'244 01.11.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 17'453'075 8.01 153'449 25.02.2013 Investment Advisor

OLD MUTUAL n/a ULT-AGG 10'483'106 4.81 291'771 31.12.2012 Unclassified

AXA INVESTMENT MANAG Multiple Portfolios REG 8'908'696 4.09 - 01.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 8'212'568 3.77 40'775 31.01.2013 Unclassified

DIMENSIONAL FUND ADV Multiple Portfolios REG 7'589'262 3.48 (92'174) 01.11.2012 Investment Advisor

BREWIN DOLPHIN LIMIT Multiple Portfolios REG 7'567'854 3.47 504'410 01.11.2012 Investment Advisor

PRIVATE INDIVIDUALS Multiple Portfolios REG 5'746'121 2.64 (32'900) 01.11.2012 Other

BLACKROCK n/a ULT-AGG 5'612'477 2.58 326'527 26.02.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'288'801 2.43 - 31.07.2012 Investment Advisor

CAPITAL GROUP INTERN Multiple Portfolios REG 4'948'515 2.27 - 01.11.2012 Investment Advisor

CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 4'883'980 2.24 75'000 31.01.2013 Mutual Fund Manager

SMITH & WILLIAMSON H n/a ULT-AGG 3'710'417 1.7 (91'214) 31.01.2013 Investment Advisor

SANTANDER ASSET MANA Multiple Portfolios MF-AGG 3'151'548 1.45 117'419 31.12.2012 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 3'109'317 1.43 (38'283) 01.11.2012 Investment Advisor

LSV ASSET MANAGEMENT Multiple Portfolios REG 3'103'784 1.42 - 01.11.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 3'066'699 1.41 (408'735) 01.11.2012 Unclassified

RATHBONE UNIT TRUST Multiple Portfolios REG 3'001'428 1.38 31'237 01.11.2012 Investment Advisor

BAE SYSTEMS PENSION Multiple Portfolios REG 2'529'636 1.16 - 01.11.2012 Pension Fund (ERISA)

HENDERSON GLOBAL INV Multiple Portfolios REG 2'474'779 1.14 (6'000) 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

JPMorgan VICTORIA GREER overweight 5 M 740 9 month 25.02.2013

Liberum Capital Ltd PATRICK COFFEY buy 5 M 709 Not Provided 12.02.2013

Barclays RICHARD TAYLOR equalweight 3 M 735 Not Provided 06.02.2013

HSBC LENA THAKKAR overweight 5 U 750 Not Provided 31.01.2013

Goldman Sachs OLIVER NEAL neutral/neutral 3 D 720 12 month 28.01.2013

Peel Hunt NICHOLAS BATRAM buy 5 M 702 Not Provided 25.01.2013

Oriel Securities Ltd JEFFREY HARWOOD buy 5 M #N/A N/A Not Provided 21.01.2013

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

Nomura TIM BARRETT neutral 3 M 585 12 month 14.01.2013

Numis Securities Ltd DOUGLAS JACK add 4 M 710 Not Provided 14.01.2013

Panmure Gordon & Co Limited SIMON FRENCH hold 3 M 607 Not Provided 14.01.2013

Deutsche Bank GEOF COLLYER buy 5 M 750 12 month 19.12.2012

Jefferies JAMES WHEATCROFT hold 3 M 625 12 month 11.12.2012

Shore Capital Stockbrokers KARL BURNS buy 5 M #N/A N/A Not Provided 04.12.2012

Investec JAMES HOLLINS hold 3 N 530 12 month 04.09.2012

Holdings By:

Greene King PLC ee

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

Page 162: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

GSW Immobilien AG owns and operates real estate. The Company owns apartment

buildings and manages apartment buildings owned by others.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (19.12.2012) 33.48

52-Week Low (07.03.2012) 22.12

Daily Volume

30.5

52-Week High % Change -8.89% Dividend Yield -

52-Week Low % Change 37.86% Beta 0.72

% 52 Week Price Range High/Low 73.79% Equity Float 47.58

Shares Out 30.09.2012 50.5 Short Int -

1'541.05 1 Yr Total Return 36.99%

Total Debt 1'770.89 YTD Return -4.69%

Preferred Stock 0.0 Adjusted BETA 0.719

Minority Interest 0.3 Analyst Recs 19

Cash and Equivalents 62.62 Consensus Rating 3.579

Enterprise Value 3'036.91

Average Volume 5 Day 77'520

GIB GY EQUITY YTD Change - Average Volume 30 Day 104'937

GIB GY EQUITY YTD % CHANGE - Average Volume 3 Month 119'384

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

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

214.7 224.3 176.4 199.2 326.9 241.3 386.9 221.1 231.4 55.6 58.0

- - - - 8.04x 19.19x 28.96x 14.11x 14.10x - -

164.0 194.4 136.7 116.1 161.8 127.3 174.3 142.5 158.8 32.7 34.6

- - - - 16.24x 0.00x 16.99x 21.35x 19.16x 22.47x 22.36x

72.8 107.7 172.1 49.3 105.1 45.8 91.8 68.6 91.1 16.3 19.3

- - - - 8.39x 0.00x 13.66x 22.63x 17.82x 14.59x 11.25x

EBITDA 161.83 Long-Term Rating Date -

EBIT 160.89 Long-Term Rating -

Operating Margin 15.50% Long-Term Outlook -

Pretax Margin 32.99% Short-Term Rating Date -

Return on Assets 3.08% Short-Term Rating -

Return on Common Equity 7.52%

Return on Capital 3.20% EBITDA/Interest Exp. 1.47

Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. 1.29

Net Debt/EBITDA 8.58

Gross Margin - Total Debt/EBITDA 9.92

EBITDA Margin 45.0%

EBIT Margin - Total Debt/Equity 151.9%

Net Income Margin 32.2% Total Debt/Capital 60.3%

Asset Turnover 0.13

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 58.26% Inventory Days -

Tot Debt to Common Equity 151.86% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GSW Immobilien AGPrice/Volume

Valuation Analysis

85'892.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

!4 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'!''

02!''

1'!''

12!''

2'!''

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

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

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

Page 163: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

SUN LIFE FINANCIAL I n/a Research 5'072'682 10.04 - 04.09.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'831'745 7.58 126'735 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 3'213'364 6.36 (1'689) 26.02.2013 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 2'545'261 5.04 - 29.02.2012 Government

CBRE CLARION SECURIT n/a Research 2'484'113 4.92 - 02.11.2012 n/a

PGGM VERMOGENSBEHEER n/a Research 1'506'102 2.98 - 08.10.2012 Investment Advisor

WELLINGTON MANAGEMEN n/a Research 1'497'459 2.96 - 08.10.2012 Investment Advisor

CREDIT SUISSE GROUP n/a Research 1'468'863 2.91 - 14.02.2013 Investment Advisor

F&C ASSET MANAGEMENT n/a Research 1'329'407 2.63 - 17.01.2012 Investment Advisor

THAMES RIVER CAPITAL n/a Research 1'170'946 2.32 - 16.02.2012 Investment Advisor

FMR LLC n/a ULT-AGG 1'022'901 2.02 (204'008) 31.12.2012 Investment Advisor

AXA #N/A N/A Research 911'491 1.8 - 22.02.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 751'929 1.49 (234'820) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 551'612 1.09 (967) 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 550'279 1.09 - 05.07.2012 Investment Advisor

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 531'100 1.05 50'000 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 521'454 1.03 13'049 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 512'917 1.02 1'402 31.12.2012 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 477'352 0.94 10'400 31.01.2013 Mutual Fund Manager

SCOTTISH WIDOWS n/a ULT-AGG 433'416 0.86 (4'052) 31.10.2012 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Commerzbank Corporates & Markets THOMAS ROTHAEUSLER add 4 M 35 6 month 27.02.2013

HSBC THOMAS MARTIN underweight 1 M 31 Not Provided 25.02.2013

Kempen & Co THOMAS VAN DER MEIJ neutral 3 M 31 12 month 14.01.2013

Close Brothers Equity Markets MANUEL MARTIN buy 5 M 36 12 month 14.01.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 25 12 month 02.01.2013

M.M. Warburg Investment Research TORSTEN KLINGNER buy 5 M 35 12 month 05.12.2012

Kepler Capital Markets BURKHARD SAWAZKI hold 3 M 32 Not Provided 27.11.2012

Morgan Stanley BIANCA RIEMER Overwt/Attractive 5 U 33 12 month 26.11.2012

JPMorgan NEIL GREEN overweight 5 N 34 9 month 21.11.2012

S&P Capital IQ JACOB THRANE hold 3 M 32 12 month 16.11.2012

Silvia Quandt Research RALF GROENEMEYER neutral 3 M 29 12 month 16.11.2012

Berenberg Bank KAI MALTE KLOSE buy 5 M 34 Not Provided 15.11.2012

DZ Bank AG ULRICH GEIS hold 3 M 29 12 month 15.11.2012

Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 32 12 month 07.11.2012

Baader Bank ANDRE REMKE hold 3 M 33 12 month 05.11.2012

ABN Amro Bank N.V. MICHIEL DE JONGE hold 3 M 32 Not Provided 26.10.2012

Barclays AARON GUY overweight 5 N 37 Not Provided 15.10.2012

Deutsche Bank MARKUS SCHEUFLER buy 5 M 35 12 month 20.08.2012

Holdings By:

GSW Immobilien AG ee

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

Page 164: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Halma is a health and safety sensor technology group which manufactures products

that detect hazards and also protect assets and people at work in public and

commercial buildings. Halma develops technologies and products that are used for

analysis in safety, environmental and leisure related markets, including water,

to improve personal and public health. Operations are in Europe, USA, and Asia.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (22.02.2013) 500.50

52-Week Low (15.06.2012) 371.00

Daily Volume

496.6

52-Week High % Change -0.78% Dividend Yield 2.02

52-Week Low % Change 33.85% Beta 1.03

% 52 Week Price Range High/Low 96.99% Equity Float 360.68

Shares Out 01.02.2013 377.8 Short Int -

1'876.09 1 Yr Total Return 29.38%

Total Debt 64.01 YTD Return 9.05%

Preferred Stock 0.0 Adjusted BETA 1.032

Minority Interest 0.0 Analyst Recs 12

Cash and Equivalents 45.31 Consensus Rating 3.250

Enterprise Value 1'950.20

Average Volume 5 Day 414'265

HLMA LN EQUITY YTD Change - Average Volume 30 Day 438'609

HLMA LN EQUITY YTD % CHANGE - Average Volume 3 Month 555'751

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 - -

395.1 455.9 459.1 518.4 579.9 - - 624.6 667.4 - -

1.94x 1.39x 2.11x 2.66x 2.52x - - 3.11x 2.85x - -

84.1 96.1 105.0 120.8 153.7 - - 150.6 162.1 - -

9.10x 6.61x 9.22x 11.42x 9.49x - - 12.95x 12.03x - -

50.3 52.6 60.4 72.4 86.7 - - 99.3 106.0 - -

14.76x 11.05x 16.09x 18.46x 16.54x - - 18.88x 17.49x - -

EBITDA 153.73 Long-Term Rating Date -

EBIT 126.06 Long-Term Rating -

Operating Margin 21.74% Long-Term Outlook -

Pretax Margin 19.31% Short-Term Rating Date -

Return on Assets 14.31% Short-Term Rating -

Return on Common Equity 25.05%

Return on Capital 21.55% EBITDA/Interest Exp. 13.35

Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 12.03

Net Debt/EBITDA 0.47

Gross Margin - Total Debt/EBITDA 0.74

EBITDA Margin 26.6%

EBIT Margin 21.7% Total Debt/Equity 16.1%

Net Income Margin 15.0% Total Debt/Capital 13.9%

Asset Turnover 0.89

Current Ratio 2.02 Net Fixed Asset Turnover 8.23

Quick Ratio 1.34 Accounts receivable turnover-days -

Debt to Assets 9.92% Inventory Days -

Tot Debt to Common Equity 16.08% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Halma PLCPrice/Volume

Valuation Analysis

406'383.00

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

'

-''

.''

0''

1''

2''

3''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

.'!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

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

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

Page 165: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

MASSACHUSETTS FINANC Multiple Portfolios REG 24'809'564 6.57 1'493'435 02.01.2013 Investment Advisor

SPRUCEGROVE INVESTME n/a Co File 22'317'670 5.91 - 20.06.2011 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 18'609'469 4.93 (362'779) 02.01.2013 Investment Advisor

BARCLAYS GLOBAL INVE n/a Co File 15'724'354 4.16 - 20.06.2011 Investment Advisor

SANDERSON ASSET MANA n/a Co File 14'891'762 3.94 - 20.06.2011 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 14'106'538 3.73 (273'243) 31.01.2013 Unclassified

NEPTUNE INVESTMENT M Multiple Portfolios REG 13'934'280 3.69 (65'720) 02.01.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 11'636'850 3.08 (82'054) 02.01.2013 Investment Advisor

MAWER INVESTMENT MAN Multiple Portfolios REG 10'883'858 2.88 372'842 02.01.2013 Investment Advisor

PRIVATE INDIVIDUALS Multiple Portfolios REG 9'699'028 2.57 33'864 02.01.2013 Other

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'558'344 2.27 (127'655) 31.12.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 8'526'358 2.26 (810'135) 02.01.2013 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 8'508'765 2.25 (523'108) 02.01.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 8'244'102 2.18 1'803'097 02.01.2013 Unclassified

BLACKROCK n/a ULT-AGG 7'418'935 1.96 1'964'796 26.02.2013 Investment Advisor

WILLIAM BLAIR & COMP Multiple Portfolios REG 6'811'919 1.8 67'376 02.01.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 6'619'831 1.75 (2'463'143) 02.01.2013 Government

UBS n/a ULT-AGG 6'405'060 1.7 80'371 02.01.2013 Unclassified

Cantillon Capital Multiple Portfolios REG 6'144'514 1.63 231'056 02.01.2013 Unclassified

M&G INVESTMENT MANAG Multiple Portfolios REG 5'878'086 1.56 50'482 02.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Investec CHRIS DYETT buy 5 M 550 12 month 22.02.2013

Credit Suisse JONATHAN HURN outperform 5 M 510 Not Provided 15.02.2013

Numis Securities Ltd SCOTT CAGEHIN add 4 M 530 Not Provided 15.02.2013

N+1 Singer Ltd JON LIENARD hold 3 M 491 12 month 14.02.2013

Peel Hunt DOMINIC CONVEY hold 3 M 395 Not Provided 04.02.2013

JPMorgan ANDREW J WILSON neutral 3 M 435 9 month 23.01.2013

Goldman Sachs ADAM PINCKARD neutral/neutral 3 M 484 12 month 17.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013

Arden Partners Ltd CHRIS THOMAS neutral 3 M #N/A N/A Not Provided 01.10.2012

Barclays RICHARD PAIGE equalweight 3 D 430 Not Provided 02.05.2012

Holdings By:

Halma PLC ee

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

Page 166: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Hargreaves Lansdown PLC provides investment management and financial planning

services. The Company's services include fund research, pension management,

financial planning, and currency services.

Latest Fiscal Year: 06/2012

LTM as of: 12/yy

52-Week High (22.02.2013) 866.50

52-Week Low (29.02.2012) 422.36

Daily Volume

849

52-Week High % Change -2.02% Dividend Yield 2.00

52-Week Low % Change 101.01% Beta 1.26

% 52 Week Price Range High/Low 96.06% Equity Float 206.63

Shares Out 31.12.2012 474.3 Short Int -

4'026.97 1 Yr Total Return 105.90%

Total Debt 0.00 YTD Return 24.67%

Preferred Stock 0.0 Adjusted BETA 1.260

Minority Interest 0.4 Analyst Recs 12

Cash and Equivalents 159.95 Consensus Rating 3.250

Enterprise Value 3'878.22

Average Volume 5 Day 547'966

HL/ LN EQUITY YTD Change - Average Volume 30 Day 731'460

HL/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 995'718

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

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 09/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

120.3 132.8 159.0 207.9 238.7 0.0 202.4 285.8 326.5 - -

5.26x 6.63x 9.63x 13.26x 9.85x #DIV/0! 0.00x 13.46x 11.62x - -

59.0 71.6 87.8 126.8 153.0 0.0 0.0 185.3 214.8 - -

10.72x 12.32x 17.44x 21.75x 15.37x 0.00x 0.00x 20.93x 18.05x - -

42.4 52.1 61.3 91.8 113.0 0.0 0.0 141.0 164.4 - -

16.20x 9.16x 25.66x 30.65x 21.90x 0.00x 0.00x 27.56x 23.72x - -

EBITDA 153.03 Long-Term Rating Date -

EBIT 150.61 Long-Term Rating -

Operating Margin 63.09% Long-Term Outlook -

Pretax Margin 64.02% Short-Term Rating Date -

Return on Assets 47.03% Short-Term Rating -

Return on Common Equity 100.15%

Return on Capital 100.23% EBITDA/Interest Exp. -

Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -0.86

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin 65.4%

EBIT Margin 64.5% Total Debt/Equity 0.0%

Net Income Margin 47.3% Total Debt/Capital 0.0%

Asset Turnover 0.96

Current Ratio 1.95 Net Fixed Asset Turnover 44.60

Quick Ratio 1.71 Accounts receivable turnover-days 136.80

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover 2.68 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hargreaves Lansdown PLCPrice/Volume

Valuation Analysis

587'952.00

Current Price (2/dd/yy) Market Data

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

-'''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

-3!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

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

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

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

Page 167: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

DIRECTOR & RELATED H Multiple Portfolios REG 249'011'024 52.5 - 01.11.2012 Other

HARGREAVES PETER K n/a Co File 152'717'606 32.2 - 30.06.2011 n/a

LANSDOWN STEPHEN PHI n/a Co File 95'500'000 20.13 - 30.06.2011 n/a

HARGREAVES LANSDOWN Multiple Portfolios REG 46'259'909 9.75 2'227'361 01.11.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 23'499'832 4.95 151'230 01.11.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 20'532'831 4.33 (661'005) 26.02.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 13'675'773 2.88 225'071 31.01.2013 Unclassified

BARRY THERESA n/a RNS-DIR 13'599'781 2.87 - 08.11.2011 n/a

BARCLAYS PRIVATE BAN Multiple Portfolios REG 12'206'757 2.57 - 01.11.2012 Bank

STANDARD LIFE INVEST Multiple Portfolios REG 10'702'308 2.26 1'481'200 01.11.2012 Investment Advisor

LINDSELL TRAIN INVES Multiple Portfolios REG 9'120'991 1.92 58'000 01.11.2012 Unclassified

Cantillon Capital Multiple Portfolios REG 7'993'931 1.69 (319'132) 01.11.2012 Unclassified

Hargreaves Lansdown Multiple Portfolios REG 7'263'396 1.53 (3'951'378) 01.11.2012 Unclassified

CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 6'159'432 1.3 4'468 31.12.2012 Mutual Fund Manager

MSD CAPITAL EUROPE L n/a Short (5'976'414) -1.26 (711'478) 06.02.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 5'412'756 1.14 (312'000) 01.11.2012 Government

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'724'342 1 (908'762) 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'248'181 0.9 1'000'629 31.12.2012 Investment Advisor

AEGON n/a ULT-AGG 4'148'042 0.87 - 01.11.2012 Unclassified

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'115'517 0.45 880'226 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies JASON STREETS buy 5 N 1'000 12 month 26.02.2013

Peel Hunt STUART DUNCAN hold 3 M 620 Not Provided 26.02.2013

Macquarie NEIL WELCH neutral 3 U 908 12 month 21.02.2013

Oriel Securities Ltd SARAH ING add 4 N 850 Not Provided 11.02.2013

Numis Securities Ltd JAMES HAMILTON hold 3 M 715 Not Provided 08.02.2013

HSBC NITIN ARORA underweight 1 M 600 Not Provided 07.02.2013

Barclays DANIEL R GARROD overweight 5 M 850 Not Provided 07.02.2013

Credit Suisse GURJIT KAMBO underperform 1 M 655 Not Provided 06.02.2013

Canaccord Genuity Corp ROBIN SAVAGE buy 5 M 850 Not Provided 06.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013

Morgan Stanley JON HOCKING Equalwt/In-Line 3 D 759 12 month 05.12.2012

Holdings By:

Hargreaves Lansdown PLC ee

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

Page 168: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Havas SA offers advertising, and media consultation and production services.

The Company operates in many countries throughout Europe, North America, and

the Asia Pacific Region. Havas provides public relations, sales promotion,

media planning, and advertising services to major corporations.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (06.02.2013) 5.03

52-Week Low (26.06.2012) 3.48

Daily Volume

4.772

52-Week High % Change -5.03% Dividend Yield -

52-Week Low % Change 36.97% Beta 0.88

% 52 Week Price Range High/Low 83.58% Equity Float 232.76

Shares Out 31.12.2012 384.8 Short Int -

1'836.06 1 Yr Total Return 28.41%

Total Debt 729.00 YTD Return 14.46%

Preferred Stock 0.0 Adjusted BETA 0.878

Minority Interest 4.0 Analyst Recs 27

Cash and Equivalents 780.00 Consensus Rating 3.630

Enterprise Value 2'351.06

Average Volume 5 Day 577'602

HAV FP EQUITY YTD Change - Average Volume 30 Day 705'762

HAV FP EQUITY YTD % CHANGE - Average Volume 3 Month 609'847

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

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

1'532.0 1'568.0 1'441.0 1'558.0 1'645.0 0.0 757.0 1'773.9 1'818.2 - -

1.04x 0.41x 0.76x 0.97x 0.80x #DIV/0! 0.00x 1.17x 1.09x - -

204.0 224.0 216.0 239.0 256.0 0.0 0.0 273.7 287.9 - -

7.81x 2.89x 5.06x 6.35x 5.17x 0.00x 0.00x 8.59x 8.16x - -

83.0 104.0 92.0 110.0 120.0 0.0 0.0 139.6 150.4 - -

17.58x 6.12x 13.29x 14.96x 11.36x 0.00x 0.00x 13.91x 12.33x - -

EBITDA 256.00 Long-Term Rating Date -

EBIT 219.00 Long-Term Rating -

Operating Margin 13.31% Long-Term Outlook -

Pretax Margin 10.09% Short-Term Rating Date -

Return on Assets 2.70% Short-Term Rating -

Return on Common Equity 10.95%

Return on Capital 8.15% EBITDA/Interest Exp. 6.10

Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. 1.33

Net Debt/EBITDA 1.95

Gross Margin - Total Debt/EBITDA 3.52

EBITDA Margin 15.3%

EBIT Margin 13.0% Total Debt/Equity 56.0%

Net Income Margin 7.3% Total Debt/Capital 35.8%

Asset Turnover 0.38

Current Ratio 1.02 Net Fixed Asset Turnover 11.59

Quick Ratio 0.80 Accounts receivable turnover-days 312.89

Debt to Assets 15.00% Inventory Days -

Tot Debt to Common Equity 55.99% Accounts Payable Turnover Day -

Accounts Receivable Turnover 1.17 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Havas SAPrice/Volume

Valuation Analysis

366'078.00

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

'

-

.

0

1

2

3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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

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

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

Page 169: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FINANCIERE DE SAINTE n/a Research 114'269'037 29.7 - 13.03.2012 Unclassified

PARVUS ASSET MANAGEM n/a Research 59'708'320 15.52 (11'766'343) 29.06.2012 Investment Advisor

BOLLORE INVESTISSEME n/a Research 20'435'916 5.31 - 13.03.2012 Holding Company

RODES CASTANE LEOPOL n/a Co File 9'393'984 2.44 - 31.12.2011 n/a

FINANCIERE DU LOCH n/a Research 6'855'000 1.78 - 13.03.2012 Corporation

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'842'233 1.52 - 31.07.2012 Investment Advisor

UBS n/a ULT-AGG 2'933'004 0.76 (49'739'089) 30.03.2012 Unclassified

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'921'985 0.76 19'778 31.12.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'700'987 0.7 148'215 31.12.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2'340'407 0.61 161'943 31.12.2012 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'217'314 0.58 (3'431) 30.09.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'059'223 0.54 1'013'458 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 1'720'938 0.45 (40'034) 31.12.2012 Investment Advisor

KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 1'511'782 0.39 32'270 30.11.2012 Mutual Fund Manager

BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 1'217'635 0.32 (4'837) 30.09.2012 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 1'022'721 0.27 (125'200) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG (988'147) -0.26 - 26.02.2013 Investment Advisor

MMA FINANCE Multiple Portfolios MF-AGG 949'983 0.25 (130'017) 29.06.2012 Mutual Fund Manager

BNP ASSET MANAGEMENT BNP PARIBAS SMALLCAP MF-FRA 867'644 0.23 - 30.09.2012 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 762'033 0.2 (276'489) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue VERONIQUE CABIOC'H reduce 2 M 5 6 month 25.02.2013

Societe Generale LAURENT PICARD buy 5 M 5 12 month 20.02.2013

Goldman Sachs RICHARD JONES Buy/Neutral 5 M 6 12 month 20.02.2013

HSBC OLIVIER MORAL neutral 3 D 5 Not Provided 20.02.2013

CM - CIC Securities(ESN) EMMANUEL CHEVALIER accumulate 4 M 6 Not Provided 20.02.2013

Oddo & Cie BRUNO HARENG buy 5 M 6 Not Provided 20.02.2013

Espirito Santo Investment Bank ResearchMARK EVANS buy 5 M 7 Not Provided 20.02.2013

Nomura MATTHEW WALKER neutral 3 M 5 12 month 20.02.2013

Liberum Capital Ltd IAN WHITTAKER hold 3 D 5 Not Provided 20.02.2013

Gilbert Dupont JEAN BAPTISTE SERGEANT add 4 M 5 Not Provided 18.02.2013

Deutsche Bank PATRICK KIRBY buy 5 M 5 12 month 15.02.2013

Exane BNP Paribas CHARLES BEDOUELLE outperform 5 M 6 Not Provided 05.02.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 29.01.2013

Barclays NATASHA BRILLIANT overweight 5 M 5 Not Provided 25.01.2013

Credit Suisse NICK BERTOLOTTI underperform 1 M 3 Not Provided 21.01.2013

Natixis JEROME BODIN buy 5 M 5 Not Provided 14.01.2013

Macquarie TIMOTHY W NOLLEN neutral 3 M 5 12 month 03.01.2013

Equita SIM SpA FABIO FAZZARI buy 5 M 5 12 month 20.12.2012

JPMorgan NICOLAS J DUBOURG neutral 3 M 4 9 month 12.12.2012

CA Cheuvreux THOMAS JORION underperform 1 M 4 Not Provided 07.12.2012

Kepler Capital Markets CONOR O'SHEA hold 3 D 5 Not Provided 11.10.2012

IDMidcaps TEAM COVERAGE buy 5 M 5 6 month 11.09.2012

Morgan Stanley JULIEN ROSSI Underwt/Attractive 1 M 4 12 month 25.04.2012

WYT Ltd ANTHONY DE LARRINAGA hold 3 M 4 12 month 18.03.2012

Holdings By:

Havas SA ee

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

Page 170: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Hays Plc provides specialist recruitment and human resource services for

clients and candidates requiring permanent and temporary, professional and

technical staff.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (20.02.2013) 99.00

52-Week Low (18.07.2012) 66.00

Daily Volume

96.05

52-Week High % Change -2.98% Dividend Yield 2.60

52-Week Low % Change 45.53% Beta 1.34

% 52 Week Price Range High/Low 91.06% Equity Float 1'233.55

Shares Out 31.12.2012 1'398.8 Short Int -

1'343.57 1 Yr Total Return 21.84%

Total Debt 171.60 YTD Return 16.71%

Preferred Stock 0.0 Adjusted BETA 1.344

Minority Interest 0.0 Analyst Recs 24

Cash and Equivalents 38.70 Consensus Rating 3.625

Enterprise Value 1'476.47

Average Volume 5 Day 2'722'799

HAS LN EQUITY YTD Change - Average Volume 30 Day 2'884'268

HAS LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'283'397

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

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

2'540.0 2'447.7 2'691.1 3'256.0 3'654.6 - - 3'542.4 3'719.8 - -

0.55x 0.51x 0.53x 0.50x 0.33x - - 0.41x 0.38x - -

265.1 169.6 95.1 134.4 151.3 - - 140.4 154.7 - -

5.30x 7.40x 14.93x 12.22x 8.01x - - 10.52x 9.54x - -

188.2 105.8 9.3 80.1 86.5 - - 65.7 78.1 - -

6.77x 11.11x 191.04x 18.10x 13.46x - - 20.44x 17.79x - -

EBITDA 151.30 Long-Term Rating Date -

EBIT 128.10 Long-Term Rating -

Operating Margin 3.51% Long-Term Outlook -

Pretax Margin 3.35% Short-Term Rating Date -

Return on Assets 9.94% Short-Term Rating -

Return on Common Equity 44.70%

Return on Capital 24.20% EBITDA/Interest Exp. 22.92

Asset Turnover 4.20% (EBITDA-Capex)/Interest Exp. 21.00

Net Debt/EBITDA 0.88

Gross Margin 20.1% Total Debt/EBITDA 1.13

EBITDA Margin 4.1%

EBIT Margin 3.5% Total Debt/Equity 90.0%

Net Income Margin 2.4% Total Debt/Capital 47.4%

Asset Turnover 4.20

Current Ratio 1.25 Net Fixed Asset Turnover 153.55

Quick Ratio 0.84 Accounts receivable turnover-days 34.90

Debt to Assets 19.90% Inventory Days -

Tot Debt to Common Equity 90.03% Accounts Payable Turnover Day 13.97

Accounts Receivable Turnover 10.49 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hays PLCPrice/Volume

Valuation Analysis

2'945'594.00

Current Price (2/dd/yy) Market Data

'

.'

1'

3'

5'

-''

-.'

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

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

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

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

Page 171: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FRANKLIN RESOURCES n/a ULT-AGG 151'279'781 10.81 (2'045'133) 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 91'310'129 6.53 - 31.12.2012 Investment Advisor

VIRTUS TRUST n/a Co File 80'315'146 5.74 - 29.08.2012 Unclassified

FROST RONALD EDWIN n/a PRN 80'000'000 5.72 - 09.06.2011 n/a

CEDAR ROCK CAPITAL L Multiple Portfolios REG 74'021'823 5.29 1'099'191 01.11.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 69'476'770 4.97 (856'536) 31.12.2012 Investment Advisor

BAILLIE GIFFORD AND n/a Co File 69'476'770 4.97 - 29.08.2012 Investment Advisor

TEMPLETON GLOBAL ADV n/a Co File 69'476'770 4.97 - 29.08.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 60'600'441 4.33 2'162'458 31.01.2013 Unclassified

MASSACHUSETTS FINANC Multiple Portfolios REG 50'306'191 3.6 2'516'748 01.11.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 43'283'555 3.09 (13'277'058) 31.12.2012 Investment Advisor

MARATHON ASSET MANAG Multiple Portfolios REG 42'704'229 3.05 14'469'509 01.11.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 40'633'279 2.9 (4'789'349) 26.02.2013 Investment Advisor

MAJEDIE ASSET MANAGE Multiple Portfolios REG 35'122'131 2.51 3'903'164 01.11.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 33'362'796 2.39 420'000 01.11.2012 Government

JP MORGAN n/a ULT-AGG 28'027'013 2 3'827'025 01.11.2012 Unclassified

SG ASSET MANAGEMENT/ Multiple Portfolios REG 27'187'429 1.94 3'985'557 01.11.2012 Investment Advisor

HERONBRIDGE INVESTME Multiple Portfolios REG 26'847'960 1.92 2'171'500 01.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 25'304'917 1.81 (14'423'945) 31.12.2012 Investment Advisor

LIONTRUST n/a ULT-AGG 19'952'199 1.43 (4'981'799) 31.12.2012 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Numis Securities Ltd STEVE WOOLF hold 3 M 80 Not Provided 27.02.2013

RBC Capital Markets DAVID GREENALL sector perform 3 M 90 12 month 25.02.2013

Berenberg Bank KONRAD ZOMER hold 3 M 95 Not Provided 21.02.2013

JPMorgan ROBERT PLANT neutral 3 M 71 12 month 18.02.2013

Cantor Fitzgerald KEVIN LAPWOOD buy 5 M 100 Not Provided 11.02.2013

Canaccord Genuity Corp JAMES GILBERT buy 5 M 110 Not Provided 11.02.2013

Investec SEBASTIEN JANTET add 4 D 94 12 month 04.02.2013

Credit Suisse ANDY GROBLER neutral 3 M 95 Not Provided 30.01.2013

Peel Hunt HENRY CARVER buy 5 M 100 Not Provided 25.01.2013

Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 107 Not Provided 23.01.2013

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

Panmure Gordon & Co Limited PAUL JONES hold 3 M 84 Not Provided 16.01.2013

Oriel Securities Ltd HECTOR FORSYTHE hold 3 M #N/A N/A Not Provided 11.01.2013

Barclays PAUL CHECKETTS overweight 5 M 100 Not Provided 11.01.2013

Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 110 12 month 10.01.2013

Jefferies KEAN MARDEN buy 5 M 105 12 month 10.01.2013

Shore Capital Stockbrokers DAVID O'BRIEN hold 3 M #N/A N/A Not Provided 10.01.2013

Espirito Santo Investment Bank ResearchGUY HEWETT neutral 3 N 85 Not Provided 18.10.2012

Deutsche Bank THOMAS SYKES hold 3 M 81 12 month 05.10.2012

HSBC RAJESH KUMAR neutral 3 M 80 Not Provided 11.09.2012

Charles Stanley Securities ANDY SMITH hold 3 M 90 Not Provided 19.07.2012

CA Cheuvreux HANS PLUIJGERS underperform 1 M 95 Not Provided 22.09.2010

Holdings By:

Hays PLC ee

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

Page 172: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Helvetia Holding AG provides a broad range of life, casualty, liability,

accident and transportation insurance. The Company insures individuals,

property such as vehicles and buildings, and consumer goods and personal

belongings during transportation. Helvetia and subsidiaries operate in

Switzerland, in other European countries, and North America.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (25.02.2013) 380.00

52-Week Low (04.06.2012) 259.00

Daily Volume

374.25

52-Week High % Change -1.51% Dividend Yield -

52-Week Low % Change 44.50% Beta 1.22

% 52 Week Price Range High/Low 95.25% Equity Float 6.04

Shares Out 30.06.2012 8.7 Short Int -

3'238.34 1 Yr Total Return 23.61%

Total Debt 182.30 YTD Return 8.01%

Preferred Stock 300.0 Adjusted BETA 1.224

Minority Interest 27.9 Analyst Recs 11

Cash and Equivalents 1'250.50 Consensus Rating 3.727

Enterprise Value 2'498.04

Average Volume 5 Day 14'746

HELN SE EQUITY YTD Change - Average Volume 30 Day 12'648

HELN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'696

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

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

6'372.1 5'559.2 7'279.3 7'366.2 7'496.2 - - 7'337.3 7'564.8 - -

0.53x 0.35x 0.36x 0.36x 0.24x - - 0.32x 0.31x - -

- - - - - - - - - - -

- - - - - - - - - - -

401.0 230.6 323.4 339.0 287.0 - - 334.0 357.0 - -

8.71x 8.52x 8.54x 9.14x 9.06x - - 9.81x 9.17x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 4.82% Long-Term Outlook -

Pretax Margin 4.79% Short-Term Rating Date -

Return on Assets 0.71% Short-Term Rating -

Return on Common Equity 8.56%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 5.5%

Net Income Margin 3.8% Total Debt/Capital 4.8%

Asset Turnover 0.19

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 0.47% Inventory Days -

Tot Debt to Common Equity 5.48% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Helvetia Holding AGPrice/Volume

Valuation Analysis

12'646.00

Current Price (2/dd/yy) Market Data

'

2'

-''

-2'

.''

.2'

0''

02'

1''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!' 9

!' 9

!' 9

!' 9

!' 9

!' 9

!' 9

!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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

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

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

Page 173: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

PATRIA GENOSSENSCHAF n/a Co File 2'603'658 30.09 - 31.12.2011 n/a

VONTOBEL BETEILIGUNG n/a Co File 346'116 4 - 31.12.2011 n/a

RAIFFEISEN SWITZERLA n/a Co File 346'116 4 - 31.12.2011 Unclassified

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 164'913 1.91 (735) 31.10.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 136'521 1.58 (1'354) 28.12.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 130'401 1.51 - 31.07.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 126'990 1.47 1'029 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 91'011 1.05 20'422 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 80'975 0.94 (677) 28.12.2012 Mutual Fund Manager

DJE INVESTMENT SA Multiple Portfolios MF-AGG 59'744 0.69 - 31.10.2012 Mutual Fund Manager

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 49'523 0.57 1'550 31.10.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 39'585 0.46 (583) 31.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 35'013 0.4 (420) 30.11.2012 Mutual Fund Manager

LB SWISS INVESTMENT Multiple Portfolios MF-AGG 31'587 0.37 - 31.12.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 31'140 0.36 6'113 26.02.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 26'100 0.3 - 28.09.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 24'000 0.28 - 28.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 22'132 0.26 943 31.01.2013 Investment Advisor

LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 21'700 0.25 - 31.12.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 18'941 0.22 1'560 28.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura MICHAEL KLIEN buy 5 M 430 12 month 12.02.2013

Main First Bank AG RENE LOCHER underperform 1 M 370 12 month 01.02.2013

Helvea DANIEL BISCHOF neutral 3 D 402 12 month 01.02.2013

Mediobanca SpA MARC THIELE neutral 3 M 404 6 month 30.01.2013

Kepler Capital Markets FABRIZIO CROCE buy 5 M 383 Not Provided 29.01.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 410 12 month 28.01.2013

Zuercher Kantonalbank GEORG MARTI outperform 5 M #N/A N/A Not Provided 18.01.2013

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

Berenberg Bank PETER ELIOT buy 5 M 450 Not Provided 14.01.2013

Credit Suisse RICHARD BURDEN underperform 1 M 371 Not Provided 31.10.2012

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 369 12 month 11.10.2012

Bank Vontobel AG STEFAN SCHUERMANN not rated #N/A N/A M #N/A N/A Not Provided 07.10.2011

Holdings By:

Helvetia Holding AG ee

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

Page 174: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Henderson Group PLC is a financial services group focused on asset management

operations in Europe, Asia and the United States. The Company provides its

institutional, retail and high net-worth clients with access to investment

advisors representing a broad range of asset classes, including equities, fixed

income, property and private equity.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (20.02.2013) 170.60

52-Week Low (25.07.2012) 89.45

Daily Volume

153.9

52-Week High % Change -9.79% Dividend Yield 4.65

52-Week Low % Change 72.05% Beta 1.52

% 52 Week Price Range High/Low 79.42% Equity Float 1'066.85

Shares Out 06.11.2012 1'113.7 Short Int -

1'713.99 1 Yr Total Return 37.44%

Total Debt 148.50 YTD Return 16.33%

Preferred Stock 0.0 Adjusted BETA 1.519

Minority Interest 0.6 Analyst Recs 21

Cash and Equivalents 196.90 Consensus Rating 3.238

Enterprise Value 1'666.19

Average Volume 5 Day 3'855'398

HGG LN EQUITY YTD Change - Average Volume 30 Day 2'113'498

HGG LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'892'423

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 12/11 Q4 03/12 Q1

340.7 366.3 488.7 686.1 656.9 - - 458.8 490.5 - -

1.34x 2.97x 2.32x 1.66x 2.17x - - 3.63x 3.29x - -

95.0 83.8 110.5 186.2 153.2 - - 174.2 191.6 - -

4.79x 13.00x 10.25x 6.13x 9.31x - - 9.57x 8.70x - -

(20.9) 13.8 77.9 34.0 99.7 - - 128.5 142.2 - -

- 68.39x 13.71x 28.74x 13.72x - - 13.04x 11.75x - -

EBITDA 153.20 Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 12.85% Long-Term Outlook -

Pretax Margin 14.64% Short-Term Rating Date -

Return on Assets 6.27% Short-Term Rating -

Return on Common Equity 12.72%

Return on Capital 9.95% EBITDA/Interest Exp. -

Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -0.32

Gross Margin - Total Debt/EBITDA 0.97

EBITDA Margin 23.3%

EBIT Margin - Total Debt/Equity 19.0%

Net Income Margin 15.2% Total Debt/Capital 16.0%

Asset Turnover 0.41

Current Ratio - Net Fixed Asset Turnover 34.85

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 9.97% Inventory Days -

Tot Debt to Common Equity 19.02% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Henderson Group PLCPrice/Volume

Valuation Analysis

8'515'371.00

Current Price (2/dd/yy) Market Data

'.'1'3'5'

-''-.'-1'-3'-5'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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

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

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

Page 175: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

PERPETUAL LTD n/a RNS-MAJ 119'924'360 10.77 (12'249'753) 07.12.2012 Investment Advisor

AMP LIMITED n/a RNS-MAJ 55'915'469 5.02 - 01.05.2012 Investment Advisor

COMMONWEALTH BANK OF n/a RNS-MAJ 54'612'039 4.9 (653'741) 03.04.2012 Bank

IOOF HOLDINGS LTD n/a RNS-MAJ 49'005'304 4.4 (19'839'511) 15.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 41'670'544 3.74 - 26.02.2013 Investment Advisor

WESTPAC BANKING CORP n/a RNS-MAJ 36'487'919 3.28 5'225'293 25.01.2013 Bank

JCP INVESTMENT PARTN n/a RNS-MAJ 31'064'663 2.79 (11'930'000) 03.02.2012 Investment Advisor

HEND EMPLOYEE TRUST n/a RNS-RUL8 19'125'651 1.72 - 18.01.2011 n/a

HEND EMPLOYY TRUST 2 n/a RNS-RUL8 14'807'210 1.33 - 18.01.2011 n/a

HEND GR EMPLOYEE TR n/a RNS-RUL8 12'129'575 1.09 - 18.01.2011 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'904'449 1.07 238'280 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 3'674'098 0.33 - 31.01.2013 Unclassified

SCOTTISH WIDOWS n/a ULT-AGG 2'599'061 0.23 - 31.10.2012 Unclassified

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 2'076'802 0.19 - 30.11.2012 Investment Advisor

CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 1'951'949 0.18 528'949 31.12.2012 Mutual Fund Manager

HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 1'801'609 0.16 272'200 30.11.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'483'678 0.13 - 30.11.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'475'850 0.13 - 31.07.2012 Investment Advisor

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 1'434'584 0.13 - 31.12.2012 Investment Advisor

UBS SECURITIES AUSTR n/a RNS-RUL8 1'100'258 0.1 - 18.01.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets PETER K LENARDOS sector perform 3 M 160 12 month 28.02.2013

Credit Suisse GURJIT KAMBO outperform 5 M 180 Not Provided 28.02.2013

Barclays DANIEL R GARROD underweight 1 M 145 Not Provided 28.02.2013

Societe Generale MICHAEL SANDERSON sell 1 M 135 12 month 27.02.2013

Morgan Stanley HUBERT LAM Equalwt/In-Line 3 M 154 12 month 27.02.2013

JPMorgan RAE MAILE neutral 3 M 183 9 month 27.02.2013

Cantor Fitzgerald CATHERINE HEATH hold 3 M 179 Not Provided 27.02.2013

Canaccord Genuity Corp ARUN MELMANE hold 3 M 161 12 month 27.02.2013

Numis Securities Ltd DAVID MCCANN hold 3 M 154 Not Provided 27.02.2013

Oriel Securities Ltd SARAH ING reduce 2 M 145 12 month 27.02.2013

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

Macquarie NEIL WELCH neutral 3 D 146 12 month 13.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013

HSBC NITIN ARORA neutral 3 M 140 Not Provided 14.01.2013

Jefferies JASON STREETS hold 3 M 120 12 month 03.01.2013

Peel Hunt STUART DUNCAN buy 5 M 145 Not Provided 03.12.2012

Espirito Santo Investment Bank ResearchPHILIP DOBBIN buy 5 M 146 Not Provided 08.11.2012

N+1 Singer Ltd ANDREW WATSON hold 3 M 110 12 month 03.10.2012

Holdings By:

Henderson Group PLC ee

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

Page 176: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Hermes International designs, produces, and distributes personal luxury

accessories and apparel. The Company operates a chain of boutiques under the

Hermes name that sells items such as leather, scarves, men's clothes, ties,

women's fashions, perfume, watches, stationery, shoes, hats, gloves, and

jewelry.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.03.2012) 280.92

52-Week Low (25.10.2012) 207.70

Daily Volume

256.7

52-Week High % Change -8.62% Dividend Yield 2.92

52-Week Low % Change 23.59% Beta 0.55

% 52 Week Price Range High/Low 66.92% Equity Float 13.54

Shares Out 15.01.2013 105.6 Short Int -

27'099.67 1 Yr Total Return -5.86%

Total Debt 38.90 YTD Return 14.10%

Preferred Stock 0.0 Adjusted BETA 0.546

Minority Interest 12.7 Analyst Recs 21

Cash and Equivalents 1'048.20 Consensus Rating 2.095

Enterprise Value 26'689.47

Average Volume 5 Day 24'103

RMS FP EQUITY YTD Change - Average Volume 30 Day 30'889

RMS FP EQUITY YTD % CHANGE - Average Volume 3 Month 28'357

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

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

1'625.1 1'764.6 1'914.3 2'400.8 2'841.2 2'724.7 3'292.5 3'458.9 3'793.6 995.8 -

5.37x 5.74x 4.89x 6.54x 8.08x 0.00x 0.00x 7.56x 6.79x - -

483.5 527.6 548.1 769.2 1'004.0 0.0 0.0 1'212.8 1'336.4 - -

18.06x 19.20x 17.08x 20.41x 22.88x 0.00x 0.00x 22.01x 19.97x - -

288.0 290.2 288.8 421.7 594.3 0.0 0.0 710.6 788.9 - -

31.90x 36.23x 33.93x 39.09x 40.55x 0.00x 0.00x 37.82x 34.07x - -

EBITDA 1'004.00 Long-Term Rating Date -

EBIT 885.20 Long-Term Rating -

Operating Margin 31.16% Long-Term Outlook -

Pretax Margin 31.44% Short-Term Rating Date -

Return on Assets 21.50% Short-Term Rating -

Return on Common Equity 30.77%

Return on Capital 29.94% EBITDA/Interest Exp. 2510.00

Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. 2098.75

Net Debt/EBITDA -0.38

Gross Margin 68.8% Total Debt/EBITDA 0.10

EBITDA Margin 35.1%

EBIT Margin 31.3% Total Debt/Equity 1.7%

Net Income Margin 20.9% Total Debt/Capital 1.6%

Asset Turnover 1.05

Current Ratio 2.41 Net Fixed Asset Turnover 3.39

Quick Ratio 1.58 Accounts receivable turnover-days 20.01

Debt to Assets 1.20% Inventory Days 219.04

Tot Debt to Common Equity 1.68% Accounts Payable Turnover Day 73.51

Accounts Receivable Turnover 18.29 Cash Conversion Cycle 125.63

Inventory Turnover 1.67

Fiscal Year Ended

Hermes InternationalPrice/Volume

Valuation Analysis

16'834.00

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

'

2'

-''

-2'

.''

.2'

0''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

3'000.0

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

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

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

Page 177: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

FAMILY HERMES n/a Research 66'373'512 62.87 - 20.02.2012 n/a

LVMH MOET HENNESSY L n/a Research 23'518'942 22.28 - 15.12.2011 Holding Company

HERMES INTERNATIONAL n/a Research 1'477'927 1.4 - 31.05.2012 Corporation

CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'194'734 1.13 148'481 31.12.2012 Investment Advisor

DUMAS PIERRE-ALEXIS n/a Co File 416'309 0.39 - 31.12.2011 n/a

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 168'783 0.16 168'783 31.12.2012 Investment Advisor

ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 121'216 0.11 16'216 28.12.2012 Investment Advisor

MOMMEJA RENAUD n/a Co File 121'139 0.11 - 31.12.2011 n/a

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 90'880 0.09 (26) 30.11.2012 Investment Advisor

BAUER CHARLES-ERIC n/a Co File 88'948 0.08 - 31.12.2011 n/a

GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 79'775 0.08 (32'106) 28.09.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 67'970 0.06 (2'315) 31.12.2012 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 57'896 0.05 - 28.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 50'919 0.05 - 31.12.2012 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 43'937 0.04 (69) 30.09.2012 Investment Advisor

CLARIDEN SICAV Multiple Portfolios MF-AGG 41'000 0.04 (500) 28.12.2012 Investment Advisor

BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 39'978 0.04 (159) 30.09.2012 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 38'400 0.04 38'400 30.06.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 34'737 0.03 (39) 26.02.2013 Investment Advisor

SOCIETE GENERALE Multiple Portfolios MF-AGG 34'342 0.03 815 28.09.2012 Bank

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue VIRGINIE BLIN sell 1 M 195 6 month 21.02.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA underperform 1 M 224 Not Provided 19.02.2013

Main First Bank AG GAEL COLCOMBET outperform 5 M 270 12 month 18.02.2013

Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 295 12 month 14.02.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO sell 1 M 200 12 month 13.02.2013

Raymond James MARC WILLAUME underperform 1 M 225 Not Provided 13.02.2013

Oddo & Cie LEOPOLD AUTHIE reduce 2 M 228 Not Provided 13.02.2013

Natixis JOSEPHINE CHEVALLIER reduce 2 M 192 Not Provided 13.02.2013

Credit Suisse ROGERIO FUJIMORI underperform 1 M 225 Not Provided 12.02.2013

JPMorgan MELANIE A FLOUQUET underweight 1 M 190 9 month 12.02.2013

Aurel - BGC DAVID DA MAIA hold 3 M 233 Not Provided 12.02.2013

Kepler Capital Markets CATHERINE ROLLAND reduce 2 M 200 Not Provided 12.02.2013

Bryan Garnier & Cie LOIC MORVAN neutral 3 M 194 6 month 12.02.2013

S&P Capital IQ MICHAEL SOUERS sell 1 M 240 12 month 12.02.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.01.2013

HSBC SOPHIE DARGNIES neutral 3 M 260 Not Provided 24.01.2013

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

Renaissance Capital REY WIUM sell 1 M 175 12 month 03.12.2012

CA Cheuvreux THOMAS MESMIN underperform 1 M 200 Not Provided 09.11.2012

Holdings By:

Hermes International ee

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

Page 178: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Hikma Pharmaceuticals PLC is a multinational pharmaceutical group focused on

developing, manufacturing, and marketing a range of both branded and non-branded

generic and in-licensed pharmaceutical products. The Company's operations are

conducted in the United States, the Middle East, and North Africa region, as

well as Europe.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (20.02.2013) 888.00

52-Week Low (16.05.2012) 598.50

Daily Volume

862.5

52-Week High % Change -2.87% Dividend Yield 1.03

52-Week Low % Change 44.11% Beta 0.99

% 52 Week Price Range High/Low 91.19% Equity Float 126.79

Shares Out 03.01.2013 197.0 Short Int -

1'699.44 1 Yr Total Return 19.13%

Total Debt 472.01 YTD Return 13.34%

Preferred Stock 0.0 Adjusted BETA 0.990

Minority Interest 22.1 Analyst Recs 12

Cash and Equivalents 94.72 Consensus Rating 4.000

Enterprise Value 3'070.76

Average Volume 5 Day 217'517

HIK LN EQUITY YTD Change - Average Volume 30 Day 189'459

HIK LN EQUITY YTD % CHANGE - Average Volume 3 Month 184'472

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

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

448.8 580.7 636.9 730.9 918.0 - - 1'104.3 1'237.7 - -

4.19x 1.82x 2.68x 3.46x 2.49x - - 2.69x 2.43x - -

118.0 127.3 152.4 195.1 182.2 - - 212.4 255.6 - -

15.92x 8.31x 11.19x 12.97x 12.53x - - 14.46x 12.01x - -

62.6 57.1 77.7 98.8 80.1 - - 108.5 141.4 - -

25.37x 16.78x 20.12x 24.61x 23.30x - - 23.33x 18.30x - -

EBITDA 182.19 Long-Term Rating Date -

EBIT 135.19 Long-Term Rating -

Operating Margin 14.73% Long-Term Outlook -

Pretax Margin 10.23% Short-Term Rating Date -

Return on Assets 5.67% Short-Term Rating -

Return on Common Equity 11.25%

Return on Capital 9.01% EBITDA/Interest Exp. 7.80

Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 4.84

Net Debt/EBITDA 2.30

Gross Margin 43.1% Total Debt/EBITDA 2.84

EBITDA Margin 19.8%

EBIT Margin 14.6% Total Debt/Equity 60.8%

Net Income Margin 8.7% Total Debt/Capital 37.1%

Asset Turnover 0.69

Current Ratio 1.69 Net Fixed Asset Turnover 2.62

Quick Ratio 0.99 Accounts receivable turnover-days 98.51

Debt to Assets 29.96% Inventory Days 165.47

Tot Debt to Common Equity 60.78% Accounts Payable Turnover Day 64.23

Accounts Receivable Turnover 3.72 Cash Conversion Cycle 193.87

Inventory Turnover 2.21

Fiscal Year Ended

Hikma Pharmaceuticals PLCPrice/Volume

Valuation Analysis

288'614.00

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

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

-'''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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

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

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

Page 179: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

DARHOLD LTD Multiple Portfolios REG 57'183'028 29.02 - 01.11.2012 Other

FMR LLC n/a ULT-AGG 18'986'992 9.64 1'090'595 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 17'743'904 9.01 1'910'189 31.12.2012 Investment Advisor

HSBC PRIVATE BANKING Multiple Portfolios REG 7'057'920 3.58 (34'149) 01.11.2012 Bank

DUPONT CAPITAL MANAG Multiple Portfolios REG 5'952'422 3.02 - 01.11.2012 Investment Advisor

ARTIO GLOBAL MANAGEM n/a RNS-MAJ 5'874'223 2.98 (1'112'169) 08.03.2012 Investment Advisor

ARTIO GLOBAL INVESTO Multiple Portfolios REG 5'874'223 2.98 - 01.11.2012 Investment Advisor

DUPONT CAPITAL MANAG n/a RNS-MAJ 5'594'936 2.84 (357'486) 06.08.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 4'648'957 2.36 285'000 31.12.2012 Unclassified

PRIVATE INDIVIDUALS Multiple Portfolios REG 4'537'359 2.3 (89'504) 01.11.2012 Other

DIRECTOR & RELATED H Multiple Portfolios REG 4'523'983 2.3 - 01.11.2012 Other

LEGAL & GENERAL n/a ULT-AGG 4'498'904 2.28 (146'760) 31.01.2013 Unclassified

BNP PARIBAS INV PART n/a ULT-AGG 3'692'364 1.87 621'801 30.11.2012 Investment Advisor

PICTET & CIE Multiple Portfolios REG 3'029'696 1.54 352'832 01.11.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios REG 2'969'961 1.51 2'278 01.11.2012 Investment Advisor

SECTORAL ASSET MANAG Multiple Portfolios REG 2'967'495 1.51 (867'866) 01.11.2012 Hedge Fund Manager

NORGES BANK INVESTME Multiple Portfolios REG 2'504'813 1.27 - 01.11.2012 Government

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'483'130 1.26 (1'679) 30.11.2012 Investment Advisor

HARDING LOEVNER LP Multiple Portfolios MF-AGG 2'373'173 1.2 692'700 30.06.2012 Investment Advisor

DARWAZAH SAMIH TALIB n/a RNS-DIR 2'136'299 1.08 - 15.06.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU buy 5 M 930 Not Provided 14.02.2013

Peel Hunt PAUL CUDDON hold 3 M 700 Not Provided 04.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

Jefferies JAMES VANE-TEMPEST buy 5 M 900 12 month 15.01.2013

Credit Suisse MARK WADLEY outperform 5 M 820 Not Provided 09.01.2013

Morgan Stanley SIMON MATHER Overwt/Attractive 5 M 850 12 month 13.12.2012

Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 05.12.2012

JPMorgan ALEXANDRA M HAUBER-SCHUELE overweight 5 M 860 9 month 18.09.2012

HSBC RAJ SINHA neutral 3 N 745 Not Provided 19.07.2012

Holdings By:

Hikma Pharmaceuticals PLC ee

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

Page 180: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Hochtief AG provides construction and construction related services worldwide.

The Company finances, designs, builds, constructs and operates a wide variety

of facilities through its five divisions, Airport, Development, Construction

Services Americas, Construction Services Asia Pacific, and Construction

Services Europe.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (27.02.2013) 55.54

52-Week Low (06.09.2012) 34.64

Daily Volume

55.54

52-Week High % Change 0.00% Dividend Yield -

52-Week Low % Change 60.33% Beta 1.04

% 52 Week Price Range High/Low 100.00% Equity Float 24.09

Shares Out 31.12.2012 77.0 Short Int -

4'276.58 1 Yr Total Return 5.97%

Total Debt 3'794.39 YTD Return 26.43%

Preferred Stock 0.0 Adjusted BETA 1.040

Minority Interest 1'512.0 Analyst Recs 22

Cash and Equivalents 2'657.65 Consensus Rating 4.182

Enterprise Value 8'204.51

Average Volume 5 Day 215'530

HOT GY EQUITY YTD Change - Average Volume 30 Day 183'806

HOT GY EQUITY YTD % CHANGE - Average Volume 3 Month 174'246

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

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

18'703.1 18'166.1 20'159.3 23'282.2 25'527.7 23'282.2 25'527.7 26'698.1 27'961.6 5'850.0 6'767.0

0.19x 0.28x 0.29x 0.26x - 1.08x 0.79x 0.27x 0.25x - -

622.0 1'029.1 1'480.3 1'674.2 - 1'604.7 1'122.1 1'667.9 1'796.9 - -

5.79x 4.97x 3.92x 3.55x - 3.70x 0.00x 4.88x 4.53x - -

156.7 191.7 288.0 (160.3) 158.1 (160.3) 158.1 285.1 364.9 - -

15.81x 18.59x 14.74x - 20.43x 0.00x 20.43x 14.62x 12.11x - -

EBITDA 1'674.21 Long-Term Rating Date -

EBIT 696.01 Long-Term Rating -

Operating Margin 2.99% Long-Term Outlook -

Pretax Margin -0.55% Short-Term Rating Date -

Return on Assets -0.07% Short-Term Rating -

Return on Common Equity -0.44%

Return on Capital 4.42% EBITDA/Interest Exp. 6.04

Asset Turnover 1.64% (EBITDA-Capex)/Interest Exp. 0.61

Net Debt/EBITDA 1.44

Gross Margin - Total Debt/EBITDA 2.76

EBITDA Margin 6.2%

EBIT Margin 2.3% Total Debt/Equity 146.0%

Net Income Margin 0.6% Total Debt/Capital 48.0%

Asset Turnover 1.64

Current Ratio 1.25 Net Fixed Asset Turnover 13.13

Quick Ratio 0.86 Accounts receivable turnover-days 69.53

Debt to Assets 24.02% Inventory Days -

Tot Debt to Common Equity 146.03% Accounts Payable Turnover Day -

Accounts Receivable Turnover 5.26 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hochtief AGPrice/Volume

Valuation Analysis

188'296.00

Current Price (2/dd/yy) Market Data

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

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

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

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

Page 181: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

ACS ACTIVIDADES CONS n/a Research 41'794'571 54.28 - 24.07.2012 Corporation

QATAR INVESTMENT AUT n/a Co File 7'700'000 10 - 31.12.2011 Government

SOUTHEASTERN ASSET M n/a Research 3'980'943 5.17 - 20.04.2012 Investment Advisor

HOCHTIEF AG n/a Research 3'418'800 4.44 - 31.12.2011 Corporation

BLACKROCK n/a ULT-AGG 3'012'459 3.91 3'770 26.02.2013 Investment Advisor

SPARINVEST n/a ULT-AGG 709'937 0.92 (65'689) 31.01.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 610'326 0.79 8'718 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 206'428 0.27 - 30.11.2012 Investment Advisor

LONGLEAF MANAGEMENT Multiple Portfolios MF-AGG 189'435 0.25 - 31.01.2013 Mutual Fund Manager

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 145'417 0.19 - 28.09.2012 Investment Advisor

UBS INVEST KAG Multiple Portfolios MF-AGG 131'400 0.17 34'500 31.10.2012 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 99'335 0.13 13'141 30.09.2012 Mutual Fund Manager

LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 93'000 0.12 51'000 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 87'264 0.11 - 31.12.2012 Investment Advisor

COUNSEL PORTFOLIO SE Multiple Portfolios MF-AGG 68'800 0.09 - 28.09.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 61'063 0.08 - 31.07.2012 Investment Advisor

RENTA 4 GESTORA SGII Multiple Portfolios MF-AGG 53'550 0.07 5'500 30.11.2011 Investment Advisor

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 50'000 0.06 (2'000) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 49'414 0.06 - 31.12.2012 Investment Advisor

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 46'946 0.06 (4'004) 28.09.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Main First Bank AG CHRISTIAN KORTH outperform 5 M 55 12 month 25.02.2013

Goldman Sachs WILL MORGAN Buy/Neutral 5 M 67 12 month 24.02.2013

Commerzbank Corporates & Markets NORBERT KRETLOW hold 3 M 51 6 month 22.02.2013

M.M. Warburg Investment Research FRANK LASER buy 5 M 60 12 month 21.02.2013

Equinet Institutional Services(ESN) INGBERT FAUST buy 5 M 60 12 month 21.02.2013

Bankhaus Metzler STEPHAN BAUER buy 5 M 61 12 month 20.02.2013

DZ Bank AG MARC NETTELBECK buy 5 M 52 12 month 20.02.2013

Societe Generale VICTOR ACITORES hold 3 M 57 12 month 19.02.2013

Espirito Santo Investment Bank ResearchJUAN CARLOS CALVO buy 5 N 65 Not Provided 18.02.2013

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN buy 5 M 58 Not Provided 13.02.2013

Bankhaus Lampe MARC GABRIEL buy 5 M 60 12 month 13.02.2013

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

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 50 12 month 14.01.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 42 12 month 13.12.2012

Berenberg Bank CHRIS MOORE buy 5 U 51 Not Provided 12.12.2012

Kepler Capital Markets EMILIO ROTONDO-INCLAN buy 5 U 50 Not Provided 28.11.2012

CA Cheuvreux BORJA CASTRO PEREZ MANZUCO outperform 5 U 50 Not Provided 26.11.2012

HSBC TOBIAS LOSKAMP overweight 5 M 60 Not Provided 19.11.2012

Nord/LB HEINO HAMMANN buy 5 U 46 12 month 07.11.2012

National Bank AG STEFFEN MANSKE hold 3 M 42 Not Provided 07.11.2012

Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 21.08.2012

Deutsche Bank MICHAEL KUHN restricted #N/A N/A M #N/A N/A Not Provided 27.09.2010

Holdings By:

Hochtief AG ee

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

Page 182: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holmen AB manufactures forest products. The Company owns and manages forest

land and produces sawn timber, pulp, paper, and paperboard. Holmen's main

products are papers for newsprint, magazines, directories, and advertising, and

paperboard for packaging and graphical applications. The Company produces and

markets in Europe, and owns sales offices in United States, Australia, and Asia.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (27.02.2013) 199.90

52-Week Low (05.09.2012) 168.00

Daily Volume

199.3

52-Week High % Change -0.30% Dividend Yield -

52-Week Low % Change 18.63% Beta 0.84

% 52 Week Price Range High/Low 98.12% Equity Float -

Shares Out 26.02.2013 62.1 Short Int -

16'889.64 1 Yr Total Return 8.26%

Total Debt 6'612.00 YTD Return 3.59%

Preferred Stock 0.0 Adjusted BETA 0.837

Minority Interest 0.0 Analyst Recs 11

Cash and Equivalents 308.00 Consensus Rating 3.182

Enterprise Value 23'193.64

Average Volume 5 Day 287'713

HOLMB SS EQUITY YTD Change - Average Volume 30 Day 227'530

HOLMB SS EQUITY YTD % CHANGE - Average Volume 3 Month 259'142

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

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

19'334.0 18'071.0 17'581.0 18'656.0 17'852.0 18'656.0 17'853.0 17'503.0 17'511.3 4'435.6 4'414.5

1.22x 1.15x 1.39x 1.21x 1.27x 4.93x 4.91x 1.35x 1.31x - -

2'136.0 2'686.0 1'964.0 6'750.0 2'588.0 6'750.0 2'591.0 2'859.6 2'994.5 705.8 688.0

11.04x 7.75x 12.43x 3.35x 8.75x 3.35x 8.67x 8.11x 7.75x 8.32x -

642.0 1'006.0 704.0 3'955.0 1'853.0 3'955.0 1'853.0 1'015.4 1'129.4 230.4 227.3

25.41x 15.28x 26.42x 4.20x 8.71x 4.20x 8.76x 16.22x 14.62x 17.41x -

EBITDA 2'588.00 Long-Term Rating Date 09.12.2009

EBIT 1'275.00 Long-Term Rating BBB

Operating Margin 7.14% Long-Term Outlook STABLE

Pretax Margin 7.25% Short-Term Rating Date 15.12.2010

Return on Assets 4.99% Short-Term Rating A-2

Return on Common Equity 9.13%

Return on Capital - EBITDA/Interest Exp. 26.89

Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 19.70

Net Debt/EBITDA 2.43

Gross Margin - Total Debt/EBITDA 2.55

EBITDA Margin 14.5%

EBIT Margin 7.2% Total Debt/Equity 31.8%

Net Income Margin 10.4% Total Debt/Capital 24.1%

Asset Turnover 0.48

Current Ratio 0.78 Net Fixed Asset Turnover 1.42

Quick Ratio 0.32 Accounts receivable turnover-days 47.73

Debt to Assets 17.85% Inventory Days -

Tot Debt to Common Equity 31.77% Accounts Payable Turnover Day -

Accounts Receivable Turnover 7.67 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Holmen ABPrice/Volume

Valuation Analysis

416'504.00

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

'

2'

-''

-2'

.''

.2'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

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

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

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

Page 183: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

LE LUNDBERGFORETAGEN n/a Research 19'323'332 31.1 - 31.08.2012 Holding Company

KEMPE FOUNDATIONS n/a Research 4'349'303 7 - 31.08.2012 Other

CARNEGIE FONDER AB/S n/a Research 4'316'000 6.95 - 10.01.2013 Investment Advisor

ALECTA PENSIONSFORSA n/a Research 2'236'784 3.6 - 31.08.2012 Pension Fund (ERISA)

LANNEBO FONDER AB n/a Research 1'863'987 3 - 31.08.2012 Investment Advisor

GOVERNMENT OF NORWAY n/a Research 1'491'190 2.4 - 31.08.2012 Government

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'478'008 2.38 - 31.07.2012 Investment Advisor

DIMENSIONAL FUND ADV n/a Research 1'242'658 2 - 31.08.2012 Investment Advisor

SEB n/a ULT-AGG 1'065'772 1.72 7'750 31.12.2012 Unclassified

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'037'507 1.67 21'925 31.01.2013 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 841'900 1.35 (87'000) 31.12.2012 Investment Advisor

SHB FUNDS n/a Research 807'728 1.3 - 31.08.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 807'217 1.3 5'793 31.12.2012 Investment Advisor

4TH NAT SWEDISH PENS n/a Research 745'595 1.2 - 31.08.2012 Pension Fund (ERISA)

LUNDBERG FREDRIK n/a Co File 734'424 1.18 - 31.12.2011 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 586'699 0.94 (224'695) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 565'915 0.91 590 26.02.2013 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 547'724 0.88 - 31.12.2012 Investment Advisor

LONE PINE CAPITAL LL n/a Short (503'276) -0.81 - 01.11.2012 Hedge Fund Manager

KEMPE CARL n/a Co File 386'000 0.62 - 31.12.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

SEB Enskilda LINUS LARSSON hold 3 M 199 Not Provided 25.02.2013

AlphaValue SACHIN KUMAR add 4 M 214 6 month 25.02.2013

Credit Suisse LARS KJELLBERG neutral 3 M 210 Not Provided 11.02.2013

Carnegie JOHAN SJOBERG buy 5 M #N/A N/A Not Provided 08.02.2013

Nordea Equity Research HARRI TAITTONEN sell 1 D 190 12 month 08.02.2013

Swedbank MARKO ZIVKOVIC neutral 3 M 200 12 month 08.02.2013

Danske Markets OSKAR LINDSTROM hold 3 M 200 12 month 08.02.2013

ABG Sundal Collier MARTIN MELBYE buy 5 M 215 6 month 07.02.2013

Handelsbanken KARRI RINTA accumulate 4 M 205 12 month 07.02.2013

Goldman Sachs ESHAN TOORABALLY Sell/Neutral 1 M 165 6 month 22.01.2013

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

CA Cheuvreux MIKAEL JAFS outperform 5 M 225 Not Provided 09.08.2011

Alandsbanken Equities PER HANSSON neutral 3 M 240 12 month 09.05.2011

Prime Predictions PETER LJUNGGREN underperform 1 D 226 12 month 01.02.2011

Holdings By:

Holmen AB ee

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

Page 184: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Howden Joinery Group PLC designs, manufactures and sells 'fitted' kitchens. The

Company sells its products to small local builders throughout the United Kingdom

via its own network of 'depots'.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (14.02.2013) 202.40

52-Week Low (21.05.2012) 109.40

Daily Volume

190.4

52-Week High % Change -5.93% Dividend Yield 0.42

52-Week Low % Change 74.04% Beta 1.08

% 52 Week Price Range High/Low 87.10% Equity Float 608.70

Shares Out 16.01.2013 642.0 Short Int -

1'222.40 1 Yr Total Return 64.89%

Total Debt 2.30 YTD Return 10.12%

Preferred Stock 0.0 Adjusted BETA 1.082

Minority Interest 0.0 Analyst Recs 15

Cash and Equivalents 59.40 Consensus Rating 4.000

Enterprise Value 1'185.00

Average Volume 5 Day 2'183'223

HWDN LN EQUITY YTD Change - Average Volume 30 Day 2'083'257

HWDN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'794'620

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

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

976.5 805.7 769.5 807.9 853.8 - - 892.7 935.7 - -

0.60x 0.19x 0.62x 0.73x 0.67x - - 1.31x 1.22x - -

94.9 102.3 109.4 123.3 132.1 - - 135.3 144.3 - -

6.20x 1.51x 4.39x 4.77x 4.35x - - 8.76x 8.21x - -

43.9 (51.2) 45.7 66.9 73.3 - - 87.0 92.9 - -

10.45x 1.58x 9.15x 8.85x 7.44x - - 14.21x 13.50x - -

EBITDA 132.10 Long-Term Rating Date -

EBIT 114.50 Long-Term Rating -

Operating Margin 13.41% Long-Term Outlook -

Pretax Margin 12.88% Short-Term Rating Date -

Return on Assets 19.71% Short-Term Rating -

Return on Common Equity 116.63%

Return on Capital 110.06% EBITDA/Interest Exp. 30.72

Asset Turnover 2.27% (EBITDA-Capex)/Interest Exp. 26.16

Net Debt/EBITDA -0.28

Gross Margin 59.5% Total Debt/EBITDA 0.02

EBITDA Margin 15.3%

EBIT Margin 13.5% Total Debt/Equity 3.3%

Net Income Margin 8.6% Total Debt/Capital 3.2%

Asset Turnover 2.27

Current Ratio 1.74 Net Fixed Asset Turnover 10.93

Quick Ratio 0.84 Accounts receivable turnover-days -

Debt to Assets 0.57% Inventory Days 115.59

Tot Debt to Common Equity 3.28% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 81.13

Inventory Turnover 3.15

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Howden Joinery Group PLCPrice/Volume

Valuation Analysis

3'392'530.00

Current Price (2/dd/yy) Market Data

'

2'

-''

-2'

.''

.2'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

1'600.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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

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

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

Page 185: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

STANDARD LIFE INVEST n/a RNS-MAJ 90'920'250 14.16 1'097'618 08.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 62'354'710 9.71 (756'654) 26.02.2013 Investment Advisor

OLD MUTUAL n/a ULT-AGG 45'132'865 7.03 (1'704'018) 31.12.2012 Unclassified

JP MORGAN n/a ULT-AGG 43'553'643 6.78 272'102 01.11.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 29'150'000 4.54 (2'149'486) 01.11.2012 Investment Advisor

CAZENOVE CAPITAL MAN Multiple Portfolios REG 26'846'447 4.18 491'800 01.11.2012 Investment Advisor

HOWDEN EMP SHARE TRU n/a Co File 24'595'913 3.83 - 29.02.2012 n/a

JUPITER ASSET MANAGE Multiple Portfolios REG 23'053'381 3.59 (844'841) 01.11.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 22'202'404 3.46 2'657'124 01.11.2012 Unclassified

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 21'686'372 3.38 1'814'372 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 20'474'615 3.19 - 11.01.2013 Unclassified

ABERFORTH PARTNERS Multiple Portfolios REG 19'806'351 3.09 (531'000) 01.11.2012 Investment Advisor

INVESCO LTD Multiple Portfolios REG 14'648'034 2.28 1'692'309 01.11.2012 Investment Advisor

ODEY ASSET MANAGEMEN Multiple Portfolios REG 14'343'407 2.23 28'182 01.11.2012 Hedge Fund Manager

NORGES BANK INVESTME Multiple Portfolios REG 13'772'986 2.15 (2'139'395) 01.11.2012 Government

ABERFORTH PARTNERS Multiple Portfolios MF-AGG 13'225'865 2.06 (18'500) 31.01.2013 Investment Advisor

JM FINN & CO Multiple Portfolios REG 11'266'892 1.75 (5'533'125) 01.11.2012 Investment Advisor

AEGON n/a ULT-AGG 10'302'594 1.6 3'491'388 01.11.2012 Unclassified

UBS n/a ULT-AGG 10'263'780 1.6 2'491'158 01.11.2012 Unclassified

MARATHON ASSET MANAG Multiple Portfolios REG 9'867'490 1.54 (3'776'313) 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Numis Securities Ltd HOWARD SEYMOUR add 4 M 185 Not Provided 27.02.2013

Panmure Gordon & Co Limited ANDY BROWN sell 1 M 145 Not Provided 25.02.2013

Peel Hunt ANDREW NUSSEY hold 3 M 190 Not Provided 15.02.2013

Goodbody Stockbrokers Ltd SARAH REILLY buy 5 M 225 12 month 13.02.2013

Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 220 Not Provided 31.01.2013

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

Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 15.01.2013

Jefferies ANTHONY CODLING hold 3 N 160 12 month 07.01.2013

JPMorgan ALEXANDER MEES overweight 5 M 162 3 month 05.12.2012

NFinance PIERRE SCHANG buy 5 N 182 12 month 04.12.2012

N+1 Singer Ltd MATTHEW MCEACHRAN hold 3 M 164 12 month 08.11.2012

Canaccord Genuity Corp GRAHAM BROWN hold 3 N 174 Not Provided 10.10.2012

Espirito Santo Investment Bank ResearchSANJAY VIDYARTHI buy 5 M 165 Not Provided 23.07.2012

Shore Capital Stockbrokers JON BELL hold 3 D #N/A N/A Not Provided 16.11.2011

Holdings By:

Howden Joinery Group PLC ee

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

Page 186: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Hufvudstaden AB manages, acquires, develops and sells properties in Sweden.

The Company rents out centrally located residential and commercial properties

primarily in the Stockholm area. Hufvudstaden's holdings, which include the

NK-stores, consist of shops, offices, hotels, cinemas, restaurants, warehouses,

garages and apartments.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (20.02.2013) 90.65

52-Week Low (19.06.2012) 68.40

Daily Volume

89

52-Week High % Change -1.82% Dividend Yield -

52-Week Low % Change 30.12% Beta 0.81

% 52 Week Price Range High/Low 92.58% Equity Float -

Shares Out 26.02.2013 203.0 Short Int -

19'194.61 1 Yr Total Return 25.42%

Total Debt 4'700.00 YTD Return 8.60%

Preferred Stock 0.0 Adjusted BETA 0.811

Minority Interest 0.0 Analyst Recs 14

Cash and Equivalents 497.20 Consensus Rating 3.071

Enterprise Value 23'397.41

Average Volume 5 Day 254'389

HUFVA SS EQUITY YTD Change - Average Volume 30 Day 257'876

HUFVA SS EQUITY YTD % CHANGE - Average Volume 3 Month 274'502

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

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

1'364.9 1'374.6 1'409.8 1'450.3 1'541.7 1'437.3 1'541.7 1'613.7 1'628.3 391.5 403.5

10.83x 10.60x 14.56x 12.72x 13.69x 51.76x 52.03x 15.26x 15.08x 63.97x 61.68x

924.2 946.8 961.6 977.6 1'051.1 932.9 1'051.1 1'125.5 1'156.2 264.8 276.3

15.99x 15.39x 21.35x 18.87x 20.08x 19.81x 20.08x 20.79x 20.24x 21.19x 20.83x

(449.2) (357.5) 1'733.3 1'435.3 1'939.4 1'435.3 1'939.4 788.9 815.5 183.7 195.2

- - 9.35x 10.07x 8.72x 10.07x 8.71x 23.16x 22.48x 23.23x 23.09x

EBITDA 1'051.10 Long-Term Rating Date -

EBIT 1'051.10 Long-Term Rating -

Operating Margin 68.18% Long-Term Outlook -

Pretax Margin 96.36% Short-Term Rating Date -

Return on Assets 8.37% Short-Term Rating -

Return on Common Equity 14.69%

Return on Capital 10.93% EBITDA/Interest Exp. 7.23

Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 0.22

Net Debt/EBITDA 4.00

Gross Margin - Total Debt/EBITDA 4.47

EBITDA Margin 68.2%

EBIT Margin - Total Debt/Equity 33.8%

Net Income Margin 125.8% Total Debt/Capital 25.2%

Asset Turnover 0.07

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 19.87% Inventory Days -

Tot Debt to Common Equity 33.76% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Hufvudstaden ABPrice/Volume

Valuation Analysis

144'834.00

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

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

-''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!1 9

!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

1'800.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

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

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

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

Page 187: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

LUNDBERGS n/a Co File 85'200'000 41.97 - 31.12.2011 Corporation

STATE STREET n/a ULT-AGG 10'013'586 4.93 - 31.12.2011 Investment Advisor

SEB n/a ULT-AGG 7'785'146 3.84 (201'844) 31.12.2012 Unclassified

MELLON FUNDS n/a Co File 6'241'639 3.07 - 31.12.2011 n/a

SWEDBANK ROBUR FONDE n/a Co File 3'675'825 1.81 - 31.12.2011 Investment Advisor

JP MORGAN FUNDS n/a Co File 3'607'121 1.78 - 31.12.2011 n/a

HANDELSBANKEN FONDER n/a Co File 3'421'652 1.69 - 31.12.2011 Investment Advisor

LANSFORSAKRINGAR FON n/a Co File 2'900'032 1.43 - 31.12.2011 Investment Advisor

BLACKROCK n/a ULT-AGG 2'862'213 1.41 4'733 26.02.2013 Investment Advisor

SIX SIS AG n/a Co File 2'562'742 1.26 - 31.12.2011 Bank

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'788'167 0.88 110'843 31.01.2013 Investment Advisor

LUNDBERG FREDRIK n/a Co File 1'659'412 0.82 - 31.12.2011 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'472'233 0.73 37'462 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'237'195 0.61 (133'604) 31.12.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'054'982 0.52 89'269 28.09.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 760'888 0.37 37'067 31.12.2012 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 760'565 0.37 - 31.01.2013 Investment Advisor

SKANDIA FONDER AB Multiple Portfolios MF-AGG 752'878 0.37 (253'612) 31.12.2012 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 721'985 0.36 47'005 31.12.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 673'500 0.33 - 28.09.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

SEB Enskilda BENGT CLAESSON hold 3 M 84 Not Provided 25.02.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 73 12 month 19.02.2013

Danske Markets PETER TRIGARSZKY hold 3 M 88 12 month 18.02.2013

Kempen & Co ROBERT WOERDEMAN overweight 5 U 89 12 month 15.02.2013

Carnegie TOBIAS KAJ sell 1 M #N/A N/A Not Provided 15.02.2013

Nordea Equity Research JONAS L ANDERSSON buy 5 M 95 12 month 15.02.2013

Handelsbanken ALBIN SANDBERG accumulate 4 M 88 12 month 15.02.2013

ABG Sundal Collier FREDRIC CYON hold 3 M 85 6 month 14.02.2013

DNB Markets SIMEN MORTENSEN sell 1 M 76 Not Provided 14.02.2013

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

Swedbank ANDREAS DAAG buy 5 M 90 12 month 16.01.2013

Pareto Securities JOHAN EDBERG sell 1 M 73 6 month 15.01.2013

ABN Amro Bank N.V. RUUD VAN MAANEN hold 3 M 75 Not Provided 24.08.2012

Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 19.10.2010

Holdings By:

Hufvudstaden AB ee

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

Page 188: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Hugo Boss AG designs, produces, and markets brand name clothing. The Company's

products, which are marketed under branded names are sold through subsidiaries,

franchises, and retail outlets throughout the world. Hugo Boss licenses its

name for eyeglass frames, fragrances, watches, shoes, and leather goods.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (13.02.2013) 90.65

52-Week Low (26.09.2012) 65.00

Daily Volume

88.3

52-Week High % Change -2.59% Dividend Yield -

52-Week Low % Change 35.85% Beta 0.87

% 52 Week Price Range High/Low 90.84% Equity Float 23.72

Shares Out 30.09.2012 70.4 Short Int -

6'216.32 1 Yr Total Return 29.24%

Total Debt 388.51 YTD Return 10.65%

Preferred Stock 0.0 Adjusted BETA 0.868

Minority Interest 23.8 Analyst Recs 32

Cash and Equivalents 212.10 Consensus Rating 3.938

Enterprise Value 6'498.02

Average Volume 5 Day 135'286

BOSS GY EQUITY YTD Change - Average Volume 30 Day 126'950

BOSS GY EQUITY YTD % CHANGE - Average Volume 3 Month 121'771

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

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

1'686.1 1'561.9 1'729.4 2'058.8 2'346.0 2'058.8 2'346.0 2'510.3 2'729.3 - -

1.07x 1.15x 2.10x 1.95x - 8.05x 7.17x 2.51x 2.27x - -

251.1 227.6 334.9 467.5 - 467.5 389.0 584.8 657.4 - -

7.16x 7.92x 10.84x 8.58x - 8.58x 0.00x 11.07x 9.85x - -

112.1 104.0 185.9 284.5 307.0 284.5 307.0 359.0 408.0 - -

10.68x 13.48x 18.23x 13.40x 18.30x 13.40x 18.30x 17.13x 15.05x - -

EBITDA 467.51 Long-Term Rating Date -

EBIT 394.09 Long-Term Rating -

Operating Margin 19.14% Long-Term Outlook -

Pretax Margin 18.57% Short-Term Rating Date -

Return on Assets 21.02% Short-Term Rating -

Return on Common Equity 59.35%

Return on Capital - EBITDA/Interest Exp. 11.17

Asset Turnover 1.62% (EBITDA-Capex)/Interest Exp. 8.58

Net Debt/EBITDA 0.53

Gross Margin 63.3% Total Debt/EBITDA 0.79

EBITDA Margin 21.6%

EBIT Margin 18.1% Total Debt/Equity 77.8%

Net Income Margin 13.1% Total Debt/Capital 42.6%

Asset Turnover 1.62

Current Ratio 1.99 Net Fixed Asset Turnover 7.76

Quick Ratio 0.83 Accounts receivable turnover-days 40.60

Debt to Assets 26.81% Inventory Days 192.79

Tot Debt to Common Equity 77.79% Accounts Payable Turnover Day 77.93

Accounts Receivable Turnover 9.02 Cash Conversion Cycle 138.71

Inventory Turnover 1.90

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hugo Boss AGPrice/Volume

Valuation Analysis

91'684.00

Current Price (2/dd/yy) Market Data

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

-''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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

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

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

Page 189: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

RED & BLACK LUX SARL n/a Research 46'156'312 65.56 - 15.06.2012 Private Equity

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'049'384 1.49 (171'088) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'018'911 1.45 - 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 797'489 1.13 71'391 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 544'024 0.77 1'021 26.02.2013 Investment Advisor

HUGO BOSS AG n/a Research 528'555 0.75 - 27.02.2012 Corporation

MEDITOR CAPITAL MANA n/a Short (492'800) -0.7 77'440 08.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 436'031 0.62 8'802 31.12.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 433'750 0.62 (25'250) 28.12.2012 Mutual Fund Manager

ADIG INVESTMENT Multiple Portfolios MF-AGG 429'249 0.61 - 31.10.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 381'766 0.54 47'553 31.10.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 280'231 0.4 - 31.12.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 211'430 0.3 3'326 31.01.2013 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 204'316 0.29 - 30.09.2012 Unclassified

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 175'000 0.25 - 28.12.2012 Mutual Fund Manager

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 162'788 0.23 98 30.11.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 140'000 0.2 140'000 28.09.2012 Investment Advisor

FIDELITY INVESTMENT Multiple Portfolios MF-AGG 133'056 0.19 - 30.12.2011 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 120'865 0.17 120'865 29.06.2012 Investment Advisor

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 104'950 0.15 - 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 107 12 month 27.02.2013

M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 84 12 month 25.02.2013

Berenberg Bank ANNA PATRICE buy 5 M 106 Not Provided 22.02.2013

Nord/LB WOLFGANG VASTERLING buy 5 M 96 12 month 19.02.2013

Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 D 92 Not Provided 18.02.2013

Barclays JULIAN EASTHOPE underweight 1 M 83 Not Provided 18.02.2013

Landesbank Baden-Wuerttemberg BERND MUELL hold 3 N 93 Not Provided 14.02.2013

Baader Bank VOLKER BOSSE buy 5 U 100 12 month 12.02.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 104 12 month 11.02.2013

Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 92 12 month 11.02.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 100 12 month 11.02.2013

Exane BNP Paribas ANDREAS INDERST outperform 5 M 97 Not Provided 11.02.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 94 6 month 08.02.2013

Deutsche Bank WARWICK OKINES buy 5 M 96 12 month 08.02.2013

Morgan Stanley ADRIENNE LIM Overwt/In-Line 5 M 95 12 month 08.02.2013

Credit Suisse ROGERIO FUJIMORI neutral 3 M 88 Not Provided 08.02.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 85 9 month 08.02.2013

Hauck & Aufhaeuser CHRISTIAN NIKOLAS SCHWENKENBECHER buy 5 M 99 12 month 08.02.2013

Bryan Garnier & Cie PETER FARREN buy 5 M 95 6 month 08.02.2013

Equinet Institutional Services(ESN) INGBERT FAUST hold 3 M 80 12 month 08.02.2013

DZ Bank AG HERBERT STURM buy 5 M 102 12 month 08.02.2013

HSBC ANTOINE BELGE overweight 5 U 105 Not Provided 24.01.2013

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

Nomura FRASER RAMZAN neutral 3 M 90 12 month 16.01.2013

CA Cheuvreux JUERGEN KOLB outperform 5 M 92 Not Provided 18.12.2012

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 20.11.2012

BHF-Bank PETER STEINER market weight 3 M 82 12 month 12.11.2012

Close Brothers Equity Markets ANNA VON KLOPMANN hold 3 M 80 12 month 31.10.2012

Hammer Partners SA STEPHAN SEIP sell 1 N 65 Not Provided 02.10.2012

Silvia Quandt Research MARK JOSEFSON not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012

Holdings By:

Hugo Boss AG ee

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

Page 190: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Hunting PLC is an industrial holding company for a group of companies that

provide oil and gas services. The Group markets, transports and stores crude

oil, processes and markets liquid petroleum gas, and distributes propane.

Hunting also supplies oil process equipment, shipbroking services, shipping

consultancy and data services, in addition to manufacturing industrial coatings.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (16.03.2012) 977.00

52-Week Low (28.06.2012) 680.50

Daily Volume

850

52-Week High % Change -13.00% Dividend Yield 1.82

52-Week Low % Change 24.91% Beta 1.33

% 52 Week Price Range High/Low 57.17% Equity Float 117.00

Shares Out 02.01.2013 147.0 Short Int -

1'249.92 1 Yr Total Return 5.32%

Total Debt 291.50 YTD Return 7.53%

Preferred Stock 0.0 Adjusted BETA 1.327

Minority Interest 16.8 Analyst Recs 17

Cash and Equivalents 71.20 Consensus Rating 3.824

Enterprise Value 1'459.42

Average Volume 5 Day 604'510

HTG LN EQUITY YTD Change - Average Volume 30 Day 318'216

HTG LN EQUITY YTD % CHANGE - Average Volume 3 Month 316'930

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

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

398.7 418.5 359.9 423.3 608.8 - - 820.6 890.2 - -

2.72x 0.45x 1.15x 1.80x 2.18x - - 1.74x 1.58x - -

66.6 74.7 58.3 73.4 105.8 - - 155.0 174.6 - -

16.29x 2.51x 7.08x 10.40x 12.54x - - 9.42x 8.36x - -

57.4 304.2 28.7 21.8 79.1 - - 78.8 89.3 - -

42.07x - 32.01x 46.86x 36.23x - - 15.15x 13.51x - -

EBITDA 105.80 Long-Term Rating Date -

EBIT 69.60 Long-Term Rating -

Operating Margin 11.43% Long-Term Outlook -

Pretax Margin 6.37% Short-Term Rating Date -

Return on Assets 3.82% Short-Term Rating -

Return on Common Equity 6.32%

Return on Capital 6.10% EBITDA/Interest Exp. 18.56

Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 11.93

Net Debt/EBITDA 1.15

Gross Margin 33.6% Total Debt/EBITDA 1.68

EBITDA Margin 21.8%

EBIT Margin 14.8% Total Debt/Equity 40.8%

Net Income Margin 13.0% Total Debt/Capital 28.5%

Asset Turnover 0.69

Current Ratio 1.88 Net Fixed Asset Turnover 3.75

Quick Ratio 0.86 Accounts receivable turnover-days -

Debt to Assets 22.54% Inventory Days 142.00

Tot Debt to Common Equity 40.76% Accounts Payable Turnover Day 84.12

Accounts Receivable Turnover - Cash Conversion Cycle 199.63

Inventory Turnover 2.58

Fiscal Year Ended

Hunting PLCPrice/Volume

Valuation Analysis

294'671.00

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

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

-'''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

1'600.0

1'800.0

2'000.0

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

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

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

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

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

Page 191: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

AXA INVESTMENT MANAG n/a RNS-MAJ 17'016'457 11.57 2'296'189 20.02.2013 Investment Advisor

AXA FRAMLINGTON INV Multiple Portfolios REG 13'862'520 9.43 1'745'530 01.12.2012 Investment Advisor

HUNTING INVESTMENTS Multiple Portfolios REG 10'884'743 7.4 - 01.12.2012 Unclassified

M&G INVESTMENT MANAG Multiple Portfolios REG 10'726'037 7.29 (2'394'948) 01.12.2012 Investment Advisor

AMERIPRISE FINANCIAL n/a Co File 8'150'409 5.54 - 31.12.2011 Investment Advisor

SCHRODER INVESTMENT n/a Co File 7'535'972 5.12 - 31.12.2011 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 7'434'297 5.06 453 01.12.2012 Investment Advisor

Mirabaud Asset Manag Multiple Portfolios REG 7'358'050 5 2'004'904 01.12.2012 Unclassified

BLACKROCK n/a ULT-AGG 7'250'294 4.93 - 26.02.2013 Investment Advisor

SLALEY INVESTMENTS L Multiple Portfolios REG 6'411'679 4.36 - 01.12.2012 Unclassified

LEGAL & GENERAL n/a ULT-AGG 5'221'034 3.55 (150'922) 31.01.2013 Unclassified

HUNTING FAMILY TRUST Multiple Portfolios REG 4'737'296 3.22 - 01.12.2012 Unclassified

OLD MUTUAL n/a ULT-AGG 3'189'896 2.17 (136'213) 31.12.2012 Unclassified

CO-OPERATIVE INSURAN Multiple Portfolios REG 3'151'599 2.14 (357'315) 01.12.2012 Insurance Company

ROYAL LONDON ASSET M Multiple Portfolios REG 3'126'818 2.13 92'649 01.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 2'900'453 1.97 2'100'000 01.12.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'574'200 1.75 (3'501) 31.10.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 2'263'487 1.54 - 01.12.2012 Government

ARTEMIS INVESTMENT M Multiple Portfolios REG 2'146'578 1.46 - 01.12.2012 Investment Advisor

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 2'089'062 1.42 15'000 30.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets KATHERINE TONKS outperform 5 M 1'050 12 month 01.02.2013

Oriel Securities Ltd DAVID ROUND buy 5 M #N/A N/A Not Provided 30.01.2013

JPMorgan ANDREW DOBBING underweight 1 D 761 9 month 29.01.2013

Nomura CHRISTYAN MALEK neutral 3 M 745 12 month 29.01.2013

Investec KEITH ADAM MORRIS buy 5 R 975 12 month 25.01.2013

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

Arden Partners Ltd BEN THEFAUT neutral 3 D #N/A N/A Not Provided 19.12.2012

HSBC PHILLIP LINDSAY overweight 5 M 1'020 Not Provided 18.12.2012

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 770 Not Provided 18.12.2012

Deutsche Bank SEBASTIAN YOSHIDA buy 5 M 1'000 12 month 17.12.2012

VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 17.12.2012

Finncap DAVID BUXTON buy 5 M 980 12 month 17.12.2012

Clarkson Capital Markets LLC TODD P SCHOLL market perform 3 M 900 12 month 17.12.2012

Barclays MICK PICKUP overweight 5 M 1'060 Not Provided 16.12.2012

Goldman Sachs WILLIAM WYMAN Buy/Neutral 5 M 1'100 6 month 06.11.2012

Fox-Davies Capital PAUL SINGER buy 5 M 1'025 12 month 12.03.2012

Westhouse Securities ANDREW MATHARU hold 3 M #N/A N/A Not Provided 17.11.2011

Holdings By:

Hunting PLC ee

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

Page 192: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Husqvarna AB manufactures outdoor maintenance and recreational products. The

Company produces chain saws, trimmers, blowers, commercial lawn mowers,

tillers, generators, snow blowers, stump grinders, and utility vehicles.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (19.03.2012) 42.00

52-Week Low (14.06.2012) 29.38

Daily Volume

39.91

52-Week High % Change -4.98% Dividend Yield -

52-Week Low % Change 35.84% Beta 1.05

% 52 Week Price Range High/Low 83.44% Equity Float -

Shares Out 10.01.2013 448.6 Short Int -

22'930.33 1 Yr Total Return 4.11%

Total Debt 8'081.00 YTD Return 1.84%

Preferred Stock 0.0 Adjusted BETA 1.048

Minority Interest 21.0 Analyst Recs 15

Cash and Equivalents 1'245.00 Consensus Rating 3.067

Enterprise Value 29'787.33

Average Volume 5 Day 1'679'262

HUSQB SS EQUITY YTD Change - Average Volume 30 Day 2'162'960

HUSQB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'758'488

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

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

32'342.0 34'074.0 32'240.0 30'357.0 30'834.0 30'357.0 30'834.0 30'574.2 31'875.1 9'231.4 10'421.4

0.86x 1.06x 1.18x 0.83x 0.95x 3.93x 3.69x 0.96x 0.90x 3.39x 2.87x

3'570.0 2'888.0 3'627.0 2'659.0 2'677.0 2'663.0 2'677.0 3'593.9 3'969.1 1'166.4 1'579.4

7.84x 12.49x 10.48x 9.46x 11.00x 9.44x 11.00x 8.29x 7.50x 8.48x 8.28x

1'278.0 899.0 1'739.0 990.0 1'018.0 990.0 1'018.0 1'675.3 2'013.4 623.1 912.8

12.38x 32.19x 18.51x 18.34x 22.04x 18.34x 22.04x 13.67x 11.37x 13.98x 12.73x

EBITDA 2'677.00 Long-Term Rating Date -

EBIT 1'615.00 Long-Term Rating -

Operating Margin 5.24% Long-Term Outlook -

Pretax Margin 3.79% Short-Term Rating Date -

Return on Assets 3.56% Short-Term Rating -

Return on Common Equity 8.52%

Return on Capital - EBITDA/Interest Exp. 7.19

Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 5.29

Net Debt/EBITDA 2.55

Gross Margin 26.9% Total Debt/EBITDA 3.02

EBITDA Margin 8.7%

EBIT Margin 5.2% Total Debt/Equity 69.9%

Net Income Margin 3.3% Total Debt/Capital 41.1%

Asset Turnover 1.08

Current Ratio 2.02 Net Fixed Asset Turnover 8.29

Quick Ratio 0.63 Accounts receivable turnover-days 39.72

Debt to Assets 28.84% Inventory Days 130.99

Tot Debt to Common Equity 69.88% Accounts Payable Turnover Day 44.79

Accounts Receivable Turnover 9.22 Cash Conversion Cycle 125.91

Inventory Turnover 2.79

Fiscal Year Ended

Husqvarna ABPrice/Volume

Valuation Analysis

1'768'251.00

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

'2

-'-2.'.20'021'12

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

30'000.0

35'000.0

40'000.0

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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

2'!''

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

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

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

Page 193: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

INVESTOR AB n/a Research 49'643'014 11.07 - 28.09.2012 Investment Advisor

ALECTA PENSIONSFORSA n/a Research 36'376'350 8.11 - 28.09.2012 Pension Fund (ERISA)

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 30'479'080 6.79 845'978 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE n/a Research 29'703'270 6.62 - 26.10.2012 Investment Advisor

NORDEA FONDER AB n/a Research 28'721'210 6.4 - 06.02.2013 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 11'761'201 2.62 526'105 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 10'319'901 2.3 (53'745) 31.12.2012 Unclassified

DIDNER & GERGE FONDE n/a Research 10'210'000 2.28 - 28.09.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 9'456'892 2.11 68'044 31.01.2013 Investment Advisor

SHB FUNDS n/a Research 8'223'565 1.83 - 28.09.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 7'899'215 1.76 - 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'366'256 1.64 142'606 31.12.2012 Investment Advisor

DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 7'295'000 1.63 (2'459'000) 31.12.2012 Investment Advisor

GOVERNMENT OF NORWAY n/a Research 6'898'408 1.54 - 28.09.2012 Government

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 6'490'623 1.45 322'727 31.12.2012 Investment Advisor

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 6'231'184 1.39 258'723 31.12.2012 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (3'050'298) -0.68 224'286 10.12.2012 Hedge Fund Manager

IF P&C INSURANCE LTD n/a Research 2'249'321 0.5 - 28.09.2012 Insurance Company

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'828'112 0.41 - 31.12.2012 Mutual Fund Manager

LANNEBO FONDER AB Multiple Portfolios MF-AGG 1'740'000 0.39 (1'360'444) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue HELENE COUMES buy 5 M 51 6 month 22.02.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 20.02.2013

CA Cheuvreux JOHAN ELIASON underperform 1 M 38 Not Provided 15.02.2013

Nordea Equity Research STEFAN STJERNHOLM sell 1 M 37 12 month 15.02.2013

Erik Penser Bankaktiebolag AB JOHAN DAHL buy 5 M 46 Not Provided 15.02.2013

Handelsbanken RASMUS ENGBERG reduce 2 M 34 12 month 15.02.2013

DNB Markets CHRISTER MAGNERGARD buy 5 M 45 Not Provided 15.02.2013

Danske Markets BJORN ENARSON buy 5 M 46 12 month 15.02.2013

ABG Sundal Collier ANDREAS LUNDBERG buy 5 M 45 6 month 14.02.2013

Carnegie KENNETH TOLL JOHANSSON sell 1 M #N/A N/A Not Provided 13.02.2013

SEB Enskilda STEFAN CEDERBERG buy 5 M 44 Not Provided 30.01.2013

Goldman Sachs AARON IBBOTSON Sell/Neutral 1 M 36 12 month 17.01.2013

Pareto Securities DAVID JACOBSSON sell 1 M 35 6 month 26.04.2012

Prime Predictions PETER LJUNGGREN hold 3 M 54 12 month 18.11.2011

Swedbank CLAES RASMUSON neutral 3 M 35 12 month 21.10.2011

Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.09.2011

Holdings By:

Husqvarna AB ee

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

Page 194: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

ICADE specializes in business real estate. The Company finances and leases

business parks. It offers customized rental design services and other services

such as telecommunication, catering, and maintenance. The Company opted for

the SIIC legal status in 2003.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (30.11.2012) 71.16

52-Week Low (13.07.2012) 56.00

Daily Volume

67.76

52-Week High % Change -4.78% Dividend Yield -

52-Week Low % Change 21.00% Beta 1.00

% 52 Week Price Range High/Low 77.57% Equity Float 22.64

Shares Out 30.06.2012 52.0 Short Int -

3'523.27 1 Yr Total Return 15.88%

Total Debt 2'999.10 YTD Return 1.26%

Preferred Stock 0.0 Adjusted BETA 0.997

Minority Interest 1.7 Analyst Recs 15

Cash and Equivalents 414.30 Consensus Rating 4.000

Enterprise Value 6'271.87

Average Volume 5 Day 49'878

ICAD FP EQUITY YTD Change - Average Volume 30 Day 40'118

ICAD FP EQUITY YTD % CHANGE - Average Volume 3 Month 44'935

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'916.4 2'057.5 2'650.2 1'536.6 1'499.3 348.6 1'499.3 1'463.1 1'556.2 - -

2.82x 2.64x 2.32x 3.72x - 0.00x 0.00x 4.60x 4.41x - -

575.3 789.4 1'511.4 395.1 - 0.0 0.0 429.5 524.8 - -

9.38x 6.88x 4.07x 14.48x - 0.00x 0.00x 14.60x 11.95x - -

312.5 527.1 1'218.0 93.0 52.7 0.0 0.0 239.9 280.8 - -

9.28x 6.17x 3.19x 33.77x 66.00x 0.00x 0.00x 15.25x 14.08x - -

EBITDA 395.10 Long-Term Rating Date -

EBIT 141.10 Long-Term Rating -

Operating Margin 9.18% Long-Term Outlook -

Pretax Margin 9.25% Short-Term Rating Date -

Return on Assets 1.82% Short-Term Rating -

Return on Common Equity 4.63%

Return on Capital 2.34% EBITDA/Interest Exp. 3.75

Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -3.14

Net Debt/EBITDA 5.83

Gross Margin - Total Debt/EBITDA 6.52

EBITDA Margin 28.5%

EBIT Margin - Total Debt/Equity 109.5%

Net Income Margin 3.5% Total Debt/Capital 52.3%

Asset Turnover 0.22

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 41.20% Inventory Days -

Tot Debt to Common Equity 109.52% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

ICADEPrice/Volume

Valuation Analysis

62'002.00

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

'

-'

.'

0'

1'

2'

3'

4'

5'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

3'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

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

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

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

Page 195: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

CAISSE DES DEPOTS ET n/a Co File 28'895'228 55.57 - 31.12.2011 Government

EUROPEAN INVESTORS I n/a Research 1'531'645 2.95 130'146 31.12.2012 Investment Advisor

AMBER CAPITAL LP n/a Short (603'157) -1.16 57'196 15.02.2013 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 586'026 1.13 739 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 556'902 1.07 29'645 31.12.2012 Investment Advisor

CM-CIC SECURITIES n/a Short (519'963) -1 - 17.10.2012 Other

ICADE n/a Co File 456'229 0.88 - 31.12.2011 Corporation

BNP PARIBAS INV PART n/a ULT-AGG 426'354 0.82 4'159 31.12.2012 Investment Advisor

LASALLE INVESTMENT M Multiple Portfolios MF-AGG 412'939 0.79 - 21.08.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 369'568 0.71 (1'643) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 344'771 0.66 (197) 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 326'030 0.63 44'400 31.10.2012 Investment Advisor

ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 318'303 0.61 51'089 17.07.2012 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 266'926 0.51 (138'401) 25.02.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 262'213 0.5 (52'957) 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 230'439 0.44 12'150 31.12.2012 Mutual Fund Manager

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 157'508 0.3 (454) 30.09.2012 Investment Advisor

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 144'899 0.28 (661) 31.12.2012 Mutual Fund Manager

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 135'328 0.26 (31'225) 31.12.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 122'342 0.24 (1'151) 31.10.2012 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Morgan Stanley CHRISTOPHER FREMANTLE Equalwt/Attractive 3 M 69 12 month 21.02.2013

Oddo & Cie MARINE LAFITTE buy 5 M 84 Not Provided 21.02.2013

Rabobank International MARTIJN VAN DEN EIJNDEN buy 5 M 80 12 month 21.02.2013

Exane BNP Paribas VALERIE GUEZI outperform 5 M 74 Not Provided 21.02.2013

AlphaValue PIERRE-LOUP ETIENNE add 4 M 79 6 month 21.02.2013

ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG sell 1 M 62 Not Provided 21.02.2013

Petercam JOEL GORSELE buy 5 U 78 Not Provided 22.01.2013

HSBC STEPHANIE DOSSMANN overweight 5 M 81 Not Provided 17.01.2013

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

Kempen & Co BOUDEWIJN SCHOON overweight 5 M 69 12 month 14.01.2013

Kepler Capital Markets SAMUEL HENRY-DIESBACH buy 5 M 73 Not Provided 29.11.2012

Societe Generale HENRI QUADRELLI not rated #N/A N/A M #N/A N/A Not Provided 19.11.2012

Barclays JULIAN CAMPBELL-WOOD overweight 5 M 79 Not Provided 08.08.2012

Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 63 12 month 02.07.2012

CA Cheuvreux BRUNO DUCLOS outperform 5 M 84 Not Provided 07.02.2012

Edge Capital Research KONSTANTIN BOYCHINOV neutral 3 N 62 12 month 29.09.2011

Natixis SERGE DEMIRDJIAN buy 5 M 88 Not Provided 27.09.2011

Tradition Securities & Futures LAETITIA D'EPREMESNIL hold 3 M 84 Not Provided 06.07.2011

Holdings By:

ICADE ee

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

Page 196: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

IG Group Holdings PLC runs a spread betting market, trades as principal and

market maker for foreign exchange, contracts for difference, and acts as a fixed

odds bookmaker. The Company hedges unmatched bets and trades, and offers

investment products worldwide to a retail and professional client base.

Latest Fiscal Year: 05/2012

LTM as of: 11/yy

52-Week High (06.02.2013) 505.50

52-Week Low (27.11.2012) 413.80

Daily Volume

492.8

52-Week High % Change -2.51% Dividend Yield 4.57

52-Week Low % Change 19.09% Beta 0.95

% 52 Week Price Range High/Low 86.15% Equity Float 349.26

Shares Out 01.02.2013 364.8 Short Int -

1'797.73 1 Yr Total Return 16.99%

Total Debt 0.00 YTD Return 10.88%

Preferred Stock 0.0 Adjusted BETA 0.949

Minority Interest 0.1 Analyst Recs 12

Cash and Equivalents 228.16 Consensus Rating 4.000

Enterprise Value 1'689.50

Average Volume 5 Day 1'055'986

IGG LN EQUITY YTD Change - Average Volume 30 Day 1'614'288

IGG LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'438'641

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

31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 11/yy 11/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4

184.0 257.1 350.2 354.5 410.8 0.0 383.4 349.3 372.7 83.1 87.5

4.24x 1.15x 3.56x 4.24x 3.28x #DIV/0! 0.00x 4.51x 4.06x - -

92.2 157.0 169.2 178.0 195.4 0.0 0.0 180.6 195.3 - -

8.46x 1.88x 7.37x 8.44x 6.88x 0.00x 0.00x 9.36x 8.65x - -

67.3 78.0 101.3 (25.5) 136.8 0.0 0.0 127.4 140.9 - -

18.53x 5.04x 13.48x - 11.43x 0.00x 0.00x 14.33x 13.21x - -

EBITDA 195.43 Long-Term Rating Date -

EBIT 184.67 Long-Term Rating -

Operating Margin 44.96% Long-Term Outlook -

Pretax Margin 45.21% Short-Term Rating Date -

Return on Assets 22.00% Short-Term Rating -

Return on Common Equity 28.25%

Return on Capital 28.64% EBITDA/Interest Exp. 85.60

Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 83.54

Net Debt/EBITDA -0.63

Gross Margin 89.6% Total Debt/EBITDA 0.00

EBITDA Margin 45.2%

EBIT Margin 42.4% Total Debt/Equity 0.0%

Net Income Margin 33.3% Total Debt/Capital 0.0%

Asset Turnover 0.70

Current Ratio 2.95 Net Fixed Asset Turnover 24.06

Quick Ratio 2.89 Accounts receivable turnover-days 227.91

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 410.00

Accounts Receivable Turnover 1.61 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

IG Group Holdings PLCPrice/Volume

Valuation Analysis

563'637.00

Current Price (2/dd/yy) Market Data

'

-''

.''

0''

1''

2''

3''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 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

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

5''!''

6''!''

'2!'3!.''6 '2!-.!.''6 '2!'3!.'-' '2!-.!.'-' '2!'3!.'-- '2!-.!.'-- '2!'3!.'-. '2!-.!.'-.

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

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

Page 197: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

MASSACHUSETTS FINANC Multiple Portfolios REG 27'931'135 7.66 8'097'568 03.12.2012 Investment Advisor

Cantillon Capital Multiple Portfolios REG 21'385'396 5.86 (467'793) 03.12.2012 Unclassified

ALLIANCE BERNSTEIN n/a ULT-AGG 20'057'882 5.5 30'690 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 19'650'815 5.39 (743'113) 03.12.2012 Unclassified

CANTILLON CAPITAL MA n/a RNS-MAJ 18'246'245 5 11'000 04.02.2013 Hedge Fund Manager

AMERIPRISE FINANCIAL n/a Co File 17'774'188 4.87 - 17.07.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 17'292'297 4.74 658'290 26.02.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 16'860'700 4.62 - 31.12.2012 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 12'964'441 3.55 309'141 03.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 12'031'327 3.3 (163'027) 03.12.2012 Unclassified

BAILLIE GIFFORD AND Multiple Portfolios REG 11'646'010 3.19 - 03.12.2012 Investment Advisor

CVC SHAREHOLDER GROU n/a RNS-MAJ 10'616'628 2.91 (3'338'251) 23.07.2010 Holding Company

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'636'199 2.64 108'701 26.02.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 9'603'081 2.63 (185'023) 31.12.2012 Investment Advisor

IGNIS ASSET MANAGEME Multiple Portfolios REG 9'268'528 2.54 (1'396'240) 03.12.2012 Investment Advisor

WILLIAM BLAIR & COMP Multiple Portfolios REG 8'680'904 2.38 (4'740) 03.12.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 8'297'393 2.27 29'032 31.01.2013 Unclassified

INVESCO LTD Multiple Portfolios REG 8'076'918 2.21 652'035 03.12.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 8'042'973 2.2 1'056'675 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 8'042'009 2.2 (1'631'426) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 745 6 month 18.02.2013

Oriel Securities Ltd SARAH ING hold 3 N 500 Not Provided 11.02.2013

Numis Securities Ltd JAMES HAMILTON buy 5 M 556 Not Provided 06.02.2013

Canaccord Genuity Corp ROBIN SAVAGE hold 3 M 400 Not Provided 30.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 23.01.2013

Espirito Santo Investment Bank ResearchPHILIP DOBBIN buy 5 M 510 Not Provided 16.01.2013

Barclays RICHARD TAYLOR overweight 5 M 500 Not Provided 16.01.2013

Investec JAMES HOLLINS buy 5 M 560 12 month 15.01.2013

Keefe, Bruyette & Woods TOM MILLS underperform 1 M 357 12 month 17.07.2012

Finncap DUNCAN HALL sell 1 D 470 12 month 18.01.2011

Holdings By:

IG Group Holdings PLC ee

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

Page 198: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Imagination Technologies Group plc develops and licenses silicon and software

intellectual property for system-on-chip devices. The Company's products are

used in multimedia and communication applications. Products include add-in

boards, two and three dimensional graphics accelerators, silicon chips, game

consoles, and digital television set-top boxes.

Latest Fiscal Year: 04/2012

LTM as of: 01/yy

52-Week High (19.04.2012) 734.00

52-Week Low (17.12.2012) 378.50

Daily Volume

519

52-Week High % Change -29.29% Dividend Yield 0.00

52-Week Low % Change 37.12% Beta 1.29

% 52 Week Price Range High/Low 39.52% Equity Float 192.67

Shares Out 05.02.2013 265.1 Short Int -

1'375.98 1 Yr Total Return -15.68%

Total Debt 5.53 YTD Return 31.26%

Preferred Stock 0.0 Adjusted BETA 1.292

Minority Interest 0.0 Analyst Recs 19

Cash and Equivalents 66.26 Consensus Rating 3.737

Enterprise Value 1'326.93

Average Volume 5 Day 651'920

IMG LN EQUITY YTD Change - Average Volume 30 Day 850'002

IMG LN EQUITY YTD % CHANGE - Average Volume 3 Month 914'423

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

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 - -

60.0 64.1 80.9 98.0 127.5 - - 155.9 195.9 - -

2.58x 3.34x 7.93x 12.72x 13.77x - - 8.39x 6.52x - -

3.4 3.6 11.7 20.4 37.5 - - 46.0 60.4 - -

45.83x 59.69x 54.93x 61.25x 46.82x - - 28.88x 21.96x - -

2.3 8.1 14.2 19.3 20.5 - - 31.8 43.8 - -

71.16x 27.39x 45.89x 64.90x 87.53x - - 41.52x 31.27x - -

EBITDA 37.51 Long-Term Rating Date -

EBIT 31.70 Long-Term Rating -

Operating Margin 24.86% Long-Term Outlook -

Pretax Margin 22.39% Short-Term Rating Date -

Return on Assets 9.98% Short-Term Rating -

Return on Common Equity 12.37%

Return on Capital 12.02% EBITDA/Interest Exp. 326.14

Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 249.17

Net Debt/EBITDA -1.36

Gross Margin 83.5% Total Debt/EBITDA 0.15

EBITDA Margin 25.4%

EBIT Margin 21.1% Total Debt/Equity 3.1%

Net Income Margin 16.0% Total Debt/Capital 3.0%

Asset Turnover 0.68

Current Ratio 4.20 Net Fixed Asset Turnover 5.44

Quick Ratio 3.39 Accounts receivable turnover-days 122.17

Debt to Assets 2.60% Inventory Days 146.12

Tot Debt to Common Equity 3.12% Accounts Payable Turnover Day -

Accounts Receivable Turnover 3.00 Cash Conversion Cycle 64.07

Inventory Turnover 2.50

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Imagination Technologies Group PLCPrice/Volume

Valuation Analysis

491'613.00

Current Price (2/dd/yy) Market Data

'

-''

.''

0''

1''

2''

3''

4''

5''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

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

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

'-!'2!.''6 '-!--!.''6 '-!'2!.'-' '-!--!.'-' '-!'2!.'-- '-!--!.'-- '-!'2!.'-. '-!--!.'-.

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

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

Page 199: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

INTEL CORPORATION n/a Co File 38'396'664 14.48 - 07.06.2012 Corporation

INTEL CAPITAL CORP Multiple Portfolios REG 38'396'664 14.48 - 01.11.2012 Corporation

AXA INVESTMENT MGRS #N/A N/A RNS-MAJ 28'141'542 10.61 - 22.02.2013 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 25'885'805 9.76 (20'128) 01.11.2012 Investment Advisor

APPLE INC Multiple Portfolios REG 23'047'770 8.69 - 01.11.2012 Corporation

AXA FRAMLINGTON INV Multiple Portfolios REG 22'743'465 8.58 254'375 01.11.2012 Investment Advisor

NORGES BANK n/a RNS-MAJ 9'990'160 3.77 (593'304) 30.01.2013 Government

FMR LLC n/a ULT-AGG 6'841'714 2.58 (1'041'542) 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 6'788'282 2.56 (1'257'403) 01.11.2012 Unclassified

KILLIK & CO Multiple Portfolios REG 6'085'514 2.3 162'026 01.11.2012 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 5'273'332 1.99 (2'813) 01.11.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'050'216 1.9 318'587 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 4'623'309 1.74 (41'061) 01.11.2012 Unclassified

BARCLAYS PERSONAL IN Multiple Portfolios REG 4'220'221 1.59 251'099 01.11.2012 Investment Advisor

TD WATERHOUSE GROUP Multiple Portfolios REG 4'189'151 1.58 13'645 01.11.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios REG 3'069'811 1.16 850'197 01.11.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 2'782'972 1.05 (612'208) 26.02.2013 Investment Advisor

AEGON n/a ULT-AGG 2'670'366 1.01 (42'769) 01.11.2012 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'379'508 0.9 61'222 31.12.2012 Investment Advisor

SELFTRADE Multiple Portfolios REG 2'187'416 0.83 313'110 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies LEE SIMPSON buy 5 M 628 12 month 27.02.2013

Exane BNP Paribas JEROME RAMEL outperform 5 M 610 Not Provided 26.02.2013

Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 570 12 month 18.02.2013

Deutsche Bank JOHANNES SCHALLER buy 5 M 600 12 month 13.02.2013

Peel Hunt ALEXANDRA JARVIS buy 5 M 630 Not Provided 07.02.2013

Numis Securities Ltd NICK JAMES buy 5 M 590 Not Provided 31.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

Barclays YOUSSEF ESSAEGH overweight 5 M 650 Not Provided 14.01.2013

Investec JAMES GOODMAN hold 3 M 490 12 month 07.01.2013

Finncap LORNE DANIEL hold 3 M 375 12 month 17.12.2012

Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 600 12 month 13.12.2012

RBC Capital Markets ANDREW DUNN underperform 1 M 400 12 month 13.12.2012

Credit Suisse JUSTIS MCEVILLY underperform 1 M 347 Not Provided 13.12.2012

Liberum Capital Ltd EOIN LAMBE hold 3 M 415 Not Provided 13.12.2012

JPMorgan SANDEEP S DESHPANDE overweight 5 M 750 9 month 12.12.2012

Berenberg Bank ADNAAN AHMAD sell 1 M 360 Not Provided 29.11.2012

Canaccord Genuity Corp BOB LIAO buy 5 M 570 12 month 07.11.2012

N+1 Singer Ltd PIA TAPLEY buy 5 M 625 12 month 03.10.2012

WH Ireland Ltd ANNE MARGARET CROW sell 1 M 300 Not Provided 17.03.2011

Holdings By:

Imagination Technologies Group PLC ee

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

Page 200: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Imerys SA processes minerals and manufactures and sells building materials

worldwide. The Company produces pigments and additives such as kaolin, ground

calcium carbonate, and precipitated calcium carbonate, clay roofing tiles,

chimney blocks, bricks, and natural slate, ceramic materials used in tableware,

tiles, and sanitary ware, and minerals for refractories.

Latest Fiscal Year: 12/2012

LTM as of: 09/yy

52-Week High (15.02.2013) 53.24

52-Week Low (26.07.2012) 36.37

Daily Volume

51.26

52-Week High % Change -3.72% Dividend Yield -

52-Week Low % Change 40.94% Beta 0.97

% 52 Week Price Range High/Low 88.26% Equity Float 28.52

Shares Out 07.02.2013 75.4 Short Int -

3'863.39 1 Yr Total Return 17.31%

Total Debt 1'463.10 YTD Return 6.37%

Preferred Stock 0.0 Adjusted BETA 0.968

Minority Interest 30.8 Analyst Recs 14

Cash and Equivalents 430.60 Consensus Rating 3.429

Enterprise Value 4'942.39

Average Volume 5 Day 73'521

NK FP EQUITY YTD Change - Average Volume 30 Day 69'888

NK FP EQUITY YTD % CHANGE - Average Volume 3 Month 57'800

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

3'449.2 2'773.7 3'346.7 3'674.8 3'884.8 3'581.7 3'894.8 3'888.1 4'044.2 926.0 -

1.05x 1.50x 1.39x 1.02x - 0.00x 0.00x 1.18x 1.10x - -

590.3 423.9 611.0 679.9 - 0.0 0.0 704.5 742.3 - -

6.14x 9.79x 7.64x 5.49x - 0.00x 0.00x 7.02x 6.66x - -

161.3 41.3 243.7 282.0 300.8 285.0 286.8 301.0 326.8 57.5 -

12.64x 73.71x 15.44x 9.49x 11.67x 9.72x 12.08x 12.79x 11.75x - -

EBITDA 679.90 Long-Term Rating Date -

EBIT 476.70 Long-Term Rating -

Operating Margin 12.97% Long-Term Outlook -

Pretax Margin 11.07% Short-Term Rating Date -

Return on Assets 6.04% Short-Term Rating -

Return on Common Equity 13.45%

Return on Capital 9.40% EBITDA/Interest Exp. 11.50

Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 7.66

Net Debt/EBITDA 1.47

Gross Margin - Total Debt/EBITDA 1.95

EBITDA Margin 18.4%

EBIT Margin 12.7% Total Debt/Equity 67.1%

Net Income Margin 7.7% Total Debt/Capital 39.8%

Asset Turnover 0.81

Current Ratio 1.58 Net Fixed Asset Turnover 2.18

Quick Ratio 0.87 Accounts receivable turnover-days 52.42

Debt to Assets 29.52% Inventory Days -

Tot Debt to Common Equity 67.11% Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.98 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Imerys SAPrice/Volume

Valuation Analysis

82'989.00

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

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!- 9

!. 9

!. 9

!0 9

!0 9

!1 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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

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

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

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

Page 201: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

BELGIAN SECURITIES n/a Research 42'851'473 56.86 - 04.05.2012 Unclassified

PRUDENTIAL PLC n/a Co File 5'217'507 6.92 - 31.12.2011 Investment Advisor

THE VANGUARD GROUP n/a Co File 3'650'000 4.84 - 31.12.2011 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'428'494 4.55 (231'861) 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 886'219 1.18 31'880 28.09.2012 Investment Advisor

PALATINE ASSET MANAG Multiple Portfolios MF-AGG 546'900 0.73 3'200 31.01.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 342'126 0.45 8'797 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 327'746 0.43 721 26.02.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 324'280 0.43 18'300 31.12.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 317'824 0.42 (30'450) 31.12.2012 Investment Advisor

PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 223'383 0.3 69'158 30.09.2012 Investment Advisor

BUFFIERE GERARD n/a Co File 210'539 0.28 - 31.12.2011 n/a

JP MORGAN n/a ULT-AGG 128'100 0.17 (15'048) 31.12.2012 Unclassified

MANDARINE GESTION Multiple Portfolios MF-AGG 111'451 0.15 - 31.12.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 104'469 0.14 - 28.09.2012 Mutual Fund Manager

BARING FUND MANAGERS Multiple Portfolios MF-AGG 94'226 0.13 (26'569) 31.10.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 84'000 0.11 - 28.09.2012 Investment Advisor

HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 82'887 0.11 - 31.12.2012 Mutual Fund Manager

LBPAM Multiple Portfolios MF-AGG 82'059 0.11 18'198 31.12.2012 Mutual Fund Manager

PRUDENTIAL FINANCIAL n/a ULT-AGG 72'899 0.1 - 31.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Exane BNP Paribas LUC PEZ outperform 5 M 56 Not Provided 27.02.2013

AlphaValue GAETAN DUPONT add 4 D 60 6 month 21.02.2013

Natixis RAFIC EL HADDAD neutral 3 M 48 Not Provided 19.02.2013

Societe Generale MURIEL FELLOUS hold 3 M 55 12 month 15.02.2013

HSBC PIERRE BOSSET underweight 1 M 47 Not Provided 15.02.2013

Aurel - BGC ERIC LEMARIE hold 3 M 50 Not Provided 15.02.2013

Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 60 Not Provided 14.02.2013

Kepler Capital Markets JOSEP PUJAL hold 3 M 53 Not Provided 14.02.2013

Bryan Garnier & Cie SVEN EDELFELT sell 1 M 44 6 month 14.02.2013

CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 55 12 month 12.02.2013

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

Raymond James ARNAUD PALLIEZ outperform 5 M 54 Not Provided 06.11.2012

CA Cheuvreux AMANDINE LATOUR outperform 5 M 51 Not Provided 04.09.2012

Holdings By:

Imerys SA ee

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

Page 202: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Inchcape PLC is a global automotive distributor and retailer. The Company acts

as a vehicle and parts distributor in multiple markets. In these markets,

Inchcape has exclusive responsibility for managing the value chain on behalf of

a focused portfolio of premium and luxury brand partners. Over two thirds of

the Group profit is derived from Asia Pacific and emerging markets.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (20.02.2013) 528.00

52-Week Low (01.06.2012) 303.50

Daily Volume

500.5

52-Week High % Change -5.21% Dividend Yield 2.28

52-Week Low % Change 64.91% Beta 1.38

% 52 Week Price Range High/Low 87.75% Equity Float 426.35

Shares Out 01.02.2013 465.5 Short Int -

2'329.58 1 Yr Total Return 37.75%

Total Debt 440.50 YTD Return 16.15%

Preferred Stock 0.0 Adjusted BETA 1.376

Minority Interest 28.4 Analyst Recs 12

Cash and Equivalents 559.40 Consensus Rating 4.333

Enterprise Value 2'250.98

Average Volume 5 Day 644'972

INCH LN EQUITY YTD Change - Average Volume 30 Day 569'605

INCH LN EQUITY YTD % CHANGE - Average Volume 3 Month 619'299

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

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

6'056.8 6'259.8 5'583.7 5'885.4 5'826.3 0.0 6'085.7 6'094.8 6'468.0 - -

0.34x 0.12x 0.27x 0.27x 0.22x #DIV/0! 0.00x 0.35x 0.33x - -

289.7 272.0 208.2 259.5 277.8 0.0 0.0 300.0 322.1 - -

7.20x 2.81x 7.14x 6.09x 4.57x 0.00x 0.00x 7.50x 6.99x - -

176.4 51.4 92.0 127.9 142.2 0.0 0.0 179.9 194.6 - -

9.96x 3.28x 13.01x 12.80x 9.48x 0.00x 0.00x 13.14x 12.12x - -

EBITDA 277.80 Long-Term Rating Date -

EBIT 244.30 Long-Term Rating -

Operating Margin 4.19% Long-Term Outlook -

Pretax Margin 3.49% Short-Term Rating Date -

Return on Assets 4.70% Short-Term Rating -

Return on Common Equity 11.01%

Return on Capital 11.44% EBITDA/Interest Exp. 3.87

Asset Turnover 1.90% (EBITDA-Capex)/Interest Exp. 2.75

Net Debt/EBITDA -0.37

Gross Margin 14.7% Total Debt/EBITDA 1.48

EBITDA Margin 4.7%

EBIT Margin 4.2% Total Debt/Equity 33.1%

Net Income Margin 2.4% Total Debt/Capital 24.5%

Asset Turnover 1.90

Current Ratio 1.37 Net Fixed Asset Turnover 9.39

Quick Ratio 0.53 Accounts receivable turnover-days -

Debt to Assets 13.71% Inventory Days 63.99

Tot Debt to Common Equity 33.14% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 18.71

Inventory Turnover 5.72

Fiscal Year Ended

Inchcape PLCPrice/Volume

Valuation Analysis

860'839.00

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

'

-''

.''

0''

1''

2''

3''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 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!''

-3!''

-5!''

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

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

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

Page 203: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

PRUDENTIAL PLC #N/A N/A RNS-MAJ 55'451'508 11.91 - 25.02.2013 Investment Advisor

HORESH GEORGE n/a Co File 36'857'693 7.92 - 12.03.2012 n/a

FMR LLC n/a ULT-AGG 32'474'971 6.98 (2'988'058) 02.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 30'340'380 6.52 3'137'127 02.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 29'366'613 6.31 4'552'167 26.02.2013 Investment Advisor

STANDARD LIFE INVEST n/a RNS-MAJ 28'169'791 6.05 250'000 31.01.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 22'259'821 4.78 1'098'639 31.01.2013 Unclassified

AXA n/a Co File 22'188'424 4.77 - 12.03.2012 Investment Advisor

LEGAL & GENERAL n/a RNS-MAJ 18'474'256 3.97 - 13.08.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'039'075 3.88 84'239 31.12.2012 Investment Advisor

RONIN INVESTMENT MAN Multiple Portfolios REG 16'215'690 3.48 (598'090) 02.01.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios REG 15'879'165 3.41 (123'561) 02.01.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 14'519'347 3.12 - 21.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 12'425'000 2.67 (1'865'000) 02.01.2013 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios REG 12'186'729 2.62 1'120'605 02.01.2013 Investment Advisor

UNION MOTORS LTD Multiple Portfolios REG 11'420'042 2.45 - 02.01.2013 Corporation

BAILLIE GIFFORD AND Multiple Portfolios REG 10'839'491 2.33 4'822'781 02.01.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 10'325'352 2.22 (350'000) 02.01.2013 Government

AEGON n/a ULT-AGG 9'724'218 2.09 1'381'762 02.01.2013 Unclassified

JP MORGAN n/a ULT-AGG 9'680'661 2.08 518'317 02.01.2013 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Deutsche Bank CHARLIE MUIR-SANDS buy 5 M 585 12 month 21.02.2013

Numis Securities Ltd MATTHEW TAYLOR hold 3 M 500 Not Provided 21.02.2013

Investec BETHANY HOCKING buy 5 M 580 12 month 20.02.2013

Panmure Gordon & Co Limited MIKE ALLEN hold 3 M 558 Not Provided 20.02.2013

Exane BNP Paribas BEN SPRUNTULIS outperform 5 M 550 Not Provided 18.02.2013

Nomura FRASER RAMZAN neutral 3 M 485 12 month 05.02.2013

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

Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 23.11.2012

Espirito Santo Investment Bank ResearchSANJAY VIDYARTHI buy 5 M 460 Not Provided 06.09.2012

Holdings By:

Inchcape PLC ee

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

Page 204: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Industrivarden AB is an investment company. The Company's holdings consists of

a portfolio of listed Nordic industrial companies.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (20.02.2013) 124.80

52-Week Low (28.06.2012) 87.55

Daily Volume

118.4

52-Week High % Change -5.13% Dividend Yield -

52-Week Low % Change 35.24% Beta 1.15

% 52 Week Price Range High/Low 82.82% Equity Float -

Shares Out 26.02.2013 268.5 Short Int -

45'169.36 1 Yr Total Return 17.22%

Total Debt 18'493.00 YTD Return 6.76%

Preferred Stock 0.0 Adjusted BETA 1.148

Minority Interest 0.0 Analyst Recs 6

Cash and Equivalents 141.00 Consensus Rating 2.667

Enterprise Value 63'521.36

Average Volume 5 Day 140'990

INDUA SS EQUITY YTD Change - Average Volume 30 Day 127'411

INDUA SS EQUITY YTD % CHANGE - Average Volume 3 Month 152'270

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

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

(28'587.0) 21'078.0 15'256.0 2'403.0 2'391.0 1'771.0 1'348.0 - - - -

- 2.13x 3.90x 21.01x 25.59x 123.24x 166.52x - - - -

(28'666.0) 19'152.0 16'540.0 - - 0.0 0.0 1'554.0 1'829.0 - -

- 2.34x 3.60x - - 0.00x 0.00x 40.88x 34.73x - -

(29'114.0) 20'699.0 14'870.0 (15'647.0) 11'008.0 (15'745.0) 11'008.0 1'303.0 1'578.0 - -

- 1.65x 3.11x - 3.89x 0.00x 3.89x 38.69x 32.00x - -

EBITDA 16'540.00 Long-Term Rating Date 11.11.2011

EBIT 11'591.00 Long-Term Rating A-

Operating Margin 484.78% Long-Term Outlook STABLE

Pretax Margin 104.99% Short-Term Rating Date 11.11.2011

Return on Assets 17.51% Short-Term Rating A-2

Return on Common Equity 25.14%

Return on Capital - EBITDA/Interest Exp. 30.97

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

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 38.2%

Net Income Margin 460.4% Total Debt/Capital 27.6%

Asset Turnover -

Current Ratio 0.09 Net Fixed Asset Turnover -

Quick Ratio 0.03 Accounts receivable turnover-days -

Debt to Assets 26.96% Inventory Days -

Tot Debt to Common Equity 38.18% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Industrivarden ABPrice/Volume

Valuation Analysis

140'934.00

Current Price (2/dd/yy) Market Data

'

.'

1'

3'

5'

-''

-.'

-1'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9

-40'000.0

-30'000.0

-20'000.0

-10'000.0

0.0

10'000.0

20'000.0

30'000.0

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

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

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

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

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

Page 205: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

LE LUNDBERGFORETAGEN n/a Research 50'000'000 18.62 - 31.12.2012 Holding Company

HANDELSBANKEN PENSIO n/a Research 29'800'000 11.1 - 31.12.2012 Other

HANDELSBANKEN PENSIO n/a Research 29'350'000 10.93 - 31.12.2012 n/a

JAN WALLANDER & TOM n/a Research 25'800'000 9.61 - 31.12.2012 Other

SCA PENSION FOUNDATI n/a Research 17'526'642 6.53 - 31.12.2012 Other

SCA GROUP HOLDING n/a Research 10'525'655 3.92 - 31.12.2012 Holding Company

SCA VORSORGE TREUHAN n/a Research 9'514'630 3.54 - 31.12.2012 Other

GOVERNMENT OF NORWAY n/a Research 8'712'115 3.24 - 31.12.2012 Government

SVENSKA HANDELSBANKE n/a Research 6'823'789 2.54 - 31.12.2012 n/a

LUNDBERG FREDRIK n/a Research 5'260'000 1.96 - 04.02.2013 n/a

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'992'600 0.74 26'484 31.01.2013 Investment Advisor

SEB n/a ULT-AGG 1'958'575 0.73 (6'258) 31.12.2012 Unclassified

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 568'664 0.21 156'781 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 527'196 0.2 9'904 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 405'289 0.15 18'854 26.02.2013 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 370'528 0.14 (5'731) 31.01.2013 Investment Advisor

MEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 330'190 0.12 68'530 30.09.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 312'910 0.12 - 28.09.2012 Investment Advisor

E OHMAN J:OR FONDER Multiple Portfolios MF-AGG 248'711 0.09 550 31.12.2012 Investment Advisor

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 208'385 0.08 40'995 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

SEB Enskilda SVANTE KROKFORS hold 3 M 115 Not Provided 12.02.2013

Goldman Sachs MARKUS IWAR neutral/neutral 3 M 134 12 month 08.02.2013

CA Cheuvreux BJORN GUSTAFSSON outperform 5 M 115 Not Provided 07.02.2013

Swedbank NICLAS HOGLUND reduce 2 D 106 12 month 07.02.2013

Handelsbanken ELIAS PORSE reduce 2 D 106 12 month 25.09.2012

Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 23.03.2012

Carnegie JOHAN SJOBERG hold 3 M #N/A N/A Not Provided 30.09.2011

Holdings By:

Industrivarden AB ee

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

Page 206: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Ingenico manufactures, designs, and distributes electronic terminals, systems,

and related products for electronic payment transactions. The Company's products

include pin pad, countertop, wireless, Payment PDA's, signature capture,

unattended, satellite terminals, and WebPOS.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (04.02.2013) 49.00

52-Week Low (01.06.2012) 33.14

Daily Volume

47.985

52-Week High % Change -2.07% Dividend Yield -

52-Week Low % Change 44.82% Beta 0.92

% 52 Week Price Range High/Low 93.60% Equity Float 34.10

Shares Out 31.01.2013 52.5 Short Int -

2'518.62 1 Yr Total Return 35.33%

Total Debt 457.25 YTD Return 11.59%

Preferred Stock 0.0 Adjusted BETA 0.918

Minority Interest 7.1 Analyst Recs 18

Cash and Equivalents 347.60 Consensus Rating 3.889

Enterprise Value 2'675.00

Average Volume 5 Day 439'034

ING FP EQUITY YTD Change - Average Volume 30 Day 214'066

ING FP EQUITY YTD % CHANGE - Average Volume 3 Month 183'767

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

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

728.0 700.7 907.0 1'001.1 1'206.0 778.0 1'206.0 1'308.5 1'423.5 262.0 468.5

0.60x 1.37x 1.63x 1.54x - 0.00x 0.00x 1.97x 1.73x - -

97.9 98.0 128.4 162.4 - 0.0 0.0 251.4 283.3 - 90.4

4.44x 9.78x 11.53x 9.50x - 0.00x 0.00x 10.64x 9.44x - -

36.7 26.8 39.6 56.5 97.0 0.0 0.0 130.7 152.0 - 43.0

1.34x 29.24x 33.45x 25.14x 23.12x 0.00x 0.00x 18.78x 16.26x - -

EBITDA 162.38 Long-Term Rating Date -

EBIT 110.82 Long-Term Rating -

Operating Margin 11.07% Long-Term Outlook -

Pretax Margin 8.05% Short-Term Rating Date -

Return on Assets 5.05% Short-Term Rating -

Return on Common Equity 12.69%

Return on Capital 9.31% EBITDA/Interest Exp. 6.11

Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 4.81

Net Debt/EBITDA 0.89

Gross Margin 41.6% Total Debt/EBITDA 2.70

EBITDA Margin 15.7%

EBIT Margin 11.0% Total Debt/Equity 73.3%

Net Income Margin 8.0% Total Debt/Capital 42.0%

Asset Turnover 0.72

Current Ratio 1.84 Net Fixed Asset Turnover 34.08

Quick Ratio 1.47 Accounts receivable turnover-days -

Debt to Assets 28.81% Inventory Days 66.10

Tot Debt to Common Equity 73.34% Accounts Payable Turnover Day 133.26

Accounts Receivable Turnover - Cash Conversion Cycle -21.77

Inventory Turnover 5.54

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

IngenicoPrice/Volume

Valuation Analysis

212'219.00

Current Price (2/dd/yy) Market Data

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

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

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

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

Page 207: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

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

MORPHO n/a Co File 11'770'116 22.42 - 31.12.2011 Corporation

ALLIANZ ASSET MANAGE n/a ULT-AGG 3'173'299 6.05 76'315 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 2'756'460 5.25 (157'898) 25.01.2012 Investment Advisor

JUPITER ASSET MANAGE n/a Co File 2'684'396 5.11 - 31.12.2011 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 1'390'199 2.65 - 30.11.2012 Investment Advisor

RAIFFEISEN CENTROBAN n/a Research 1'284'912 2.45 - 16.05.2011 Bank

BLACKROCK n/a ULT-AGG 1'185'662 2.26 (537'142) 26.02.2013 Investment Advisor

CONSELLIOR n/a Co File 1'120'000 2.13 - 31.12.2011 Investment Advisor

CANDEL & PARTNERS n/a Research 1'064'684 2.03 - 16.05.2011 Investment Advisor

ALLIANZ GLOBAL INVES n/a Co File 1'039'055 1.98 - 31.12.2011 Other

HSBC BANK PLC n/a Co File 1'011'862 1.93 - 31.12.2011 Bank

CADIAN CAPITAL MANAG n/a Short (897'540) -1.71 (31'493) 22.02.2013 Hedge Fund Manager

INGENICO n/a Co File 868'484 1.65 - 31.12.2011 Corporation

POUTREL THIBAULT n/a Co File 784'619 1.49 - 31.12.2011 n/a

MALHOUITRE MICHEL n/a Co File 659'279 1.26 - 31.12.2011 n/a

WELLINGTON MANAGEMEN n/a Short (524'877) -1 (36'742) 15.02.2013 Investment Advisor

POUTREL NADEGE n/a Co File 517'668 0.99 - 31.12.2011 n/a

POUTREL MAXIME n/a Co File 445'556 0.85 - 31.12.2011 n/a

POUTREL TESSA n/a Co File 443'179 0.84 - 31.12.2011 n/a

ITHAN CREEK MASTER I n/a Short (393'614) -0.75 - 09.10.2012 Other

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Barclays YOUSSEF ESSAEGH overweight 5 M 51 Not Provided 28.02.2013

Morgan Stanley ANDREW HUMPHREY Equalwt/No Rating 3 M 37 12 month 27.02.2013

Pacific Crest Securities JAMES FAUCETTE sector perform 3 M #N/A N/A Not Provided 27.02.2013

Wedbush GIL B LURIA neutral 3 M 45 12 month 27.02.2013

Exane BNP Paribas ALEXANDRE FAURE outperform 5 M 52 Not Provided 26.02.2013

Gilbert Dupont JEAN BAPTISTE SERGEANT buy 5 M 55 Not Provided 25.02.2013

Societe Generale JEAN-BAPTISTE ROUSSILLE sell 1 M 36 12 month 22.02.2013

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 59 6 month 21.02.2013

HSBC CHRISTOPHE QUARANTE overweight 5 M 53 Not Provided 30.01.2013

CM - CIC Securities(ESN) SEBASTIEN LIAGRE accumulate 4 M 52 12 month 30.01.2013

Oddo & Cie EMMANUEL MATOT buy 5 M 55 Not Provided 30.01.2013

Main First Bank AG JUERGEN WAGNER outperform 5 M 54 12 month 30.01.2013

Kepler Capital Markets SEBASTIEN SZTABOWICZ buy 5 M 53 Not Provided 21.01.2013

Berenberg Bank ALI FARID KHWAJA hold 3 D 46 Not Provided 18.01.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013

Mirabaud Securities SUSAN ANTHONY add 4 M 46 12 month 25.10.2012

Natixis MAXIME MALLET buy 5 M 49 Not Provided 25.10.2012

CA Cheuvreux ODON DE LAPORTE outperform 5 M 49 Not Provided 02.08.2012

IDMidcaps TEAM COVERAGE reduce 2 D 35 6 month 28.02.2012

Arkeon Finance STEPHAN DUBOSQ Under Review #N/A N/A M #N/A N/A Not Provided 28.04.2011

Holdings By:

Ingenico ee

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

Page 208: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Intermediate Capital Group PLC arranges and provides intermediate capital

funding services, which are used to help clients finance buyouts, corporate

reorganizations, expansions and acquisitions. The Group also offers fund

management services that focus on mezzanine opportunities throughout Europe.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (25.02.2013) 395.90

52-Week Low (21.05.2012) 225.30

Daily Volume

385.9

52-Week High % Change -2.53% Dividend Yield 5.00

52-Week Low % Change 71.28% Beta 1.44

% 52 Week Price Range High/Low 94.14% Equity Float 398.72

Shares Out 12.02.2013 401.3 Short Int -

1'548.43 1 Yr Total Return 53.39%

Total Debt 976.10 YTD Return 22.12%

Preferred Stock 0.0 Adjusted BETA 1.439

Minority Interest 0.1 Analyst Recs 13

Cash and Equivalents 159.30 Consensus Rating 3.769

Enterprise Value 2'528.23

Average Volume 5 Day 1'626'460

ICP LN EQUITY YTD Change - Average Volume 30 Day 1'188'921

ICP LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'045'458

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 06/12 Q1 09/12 Q2

429.1 394.1 424.9 438.7 437.5 - - 355.2 388.4 - -

6.44x 5.87x 5.76x 5.47x 4.52x - - 6.31x 5.55x - -

267.8 28.8 168.2 245.5 306.7 - - 134.6 146.4 - -

10.32x 80.31x 14.56x 9.77x 6.44x - - 18.79x 17.27x - -

154.8 (73.2) 81.7 128.2 188.3 - - 115.9 143.3 - -

7.33x - 10.83x 10.03x 6.08x - - 14.29x 11.09x - -

EBITDA 306.70 Long-Term Rating Date 01.06.2011

EBIT - Long-Term Rating BBB-

Operating Margin 64.38% Long-Term Outlook STABLE

Pretax Margin 55.73% Short-Term Rating Date 01.06.2011

Return on Assets 5.07% Short-Term Rating A-3

Return on Common Equity 10.07%

Return on Capital 5.41% EBITDA/Interest Exp. -

Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 67.3%

Net Income Margin 43.0% Total Debt/Capital 40.2%

Asset Turnover 0.14

Current Ratio - Net Fixed Asset Turnover 71.89

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 36.75% Inventory Days -

Tot Debt to Common Equity 67.29% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intermediate Capital Group PLCPrice/Volume

Valuation Analysis

3'657'614.00

Current Price (2/dd/yy) Market Data

'2'

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

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

1!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

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

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

Page 209: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

AVIVA PLC n/a RNS-MAJ 29'489'961 7.35 (2'282'509) 20.09.2012 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios REG 26'507'003 6.61 (310'055) 01.10.2012 Investment Advisor

NEWTON INV MGMT Multiple Portfolios REG 26'049'778 6.49 (3'732'648) 01.10.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 24'274'555 6.05 - 26.02.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 23'418'424 5.84 - 30.11.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 17'550'873 4.37 (2'637'157) 01.10.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 15'696'147 3.91 391'197 31.01.2013 Unclassified

LSV ASSET MANAGEMENT Multiple Portfolios REG 13'706'893 3.42 1'420'927 01.10.2012 Investment Advisor

INTERMEDIATE CAPITAL Multiple Portfolios REG 13'336'076 3.32 840'560 01.10.2012 Unclassified

AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 10'100'790 2.52 (495'000) 31.01.2013 Mutual Fund Manager

NORGES BANK INVESTME Multiple Portfolios REG 10'078'597 2.51 - 01.10.2012 Government

FRANKLIN RESOURCES n/a ULT-AGG 9'737'736 2.43 (1'262'264) 01.10.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios REG 9'209'562 2.3 (4'489'543) 01.10.2012 Mutual Fund Manager

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 8'214'273 2.05 2'409'273 31.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 8'116'636 2.02 - 31.07.2012 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios REG 7'020'883 1.75 (408'064) 01.10.2012 Investment Advisor

PRINCIPAL GLOBAL INV Multiple Portfolios REG 6'332'288 1.58 1'961'096 01.10.2012 Corporation

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 6'063'620 1.51 419'689 31.10.2012 Investment Advisor

CAZENOVE CAPITAL MAN Multiple Portfolios REG 5'733'106 1.43 943'700 01.10.2012 Investment Advisor

ACADIAN ASSET MANAGE Multiple Portfolios REG 5'484'839 1.37 2'030'737 01.10.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie NEIL WELCH neutral 3 U 355 12 month 21.02.2013

Numis Securities Ltd JAMES HAMILTON hold 3 M 323 Not Provided 24.01.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013

Shore Capital Stockbrokers GARY GREENWOOD hold 3 M #N/A N/A Not Provided 16.01.2013

Societe Generale BILL BARNARD hold 3 M 345 12 month 15.01.2013

Deutsche Bank MATT SPICK hold 3 M 322 12 month 15.01.2013

JPMorgan RAE MAILE neutral 3 M #N/A N/A Not Provided 15.01.2013

Jefferies JASON STREETS buy 5 M 370 12 month 15.01.2013

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 360 6 month 19.12.2012

HSBC NITIN ARORA overweight 5 U 360 Not Provided 27.11.2012

Canaccord Genuity Corp ROBIN SAVAGE buy 5 M 400 Not Provided 21.11.2012

Holdings By:

Intermediate Capital Group PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 210: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Jardine Lloyd Thompson Group plc is an international group engaged in risk

management advice, insurance and reinsurance broking, underwriting services and

the provision of employee benefit services. JLT International Network enables

services to be provided in 135 countries.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (06.02.2013) 821.00

52-Week Low (23.05.2012) 657.00

Daily Volume

800

52-Week High % Change -2.56% Dividend Yield 3.05

52-Week Low % Change 21.77% Beta 0.79

% 52 Week Price Range High/Low 87.20% Equity Float 126.02

Shares Out 01.02.2013 218.8 Short Int -

1'750.66 1 Yr Total Return 17.89%

Total Debt 190.18 YTD Return 1.27%

Preferred Stock 0.0 Adjusted BETA 0.787

Minority Interest 12.3 Analyst Recs 8

Cash and Equivalents 573.77 Consensus Rating 3.750

Enterprise Value 1'335.03

Average Volume 5 Day 68'968

JLT LN EQUITY YTD Change - Average Volume 30 Day 72'302

JLT LN EQUITY YTD % CHANGE - Average Volume 3 Month 85'045

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

473.2 536.1 612.9 740.7 812.0 - - 874.1 944.3 - -

0.86x 0.93x 1.04x 1.30x 1.40x - - 2.23x 2.08x - -

91.7 105.8 133.0 152.5 166.9 - - 196.0 217.0 - -

4.42x 4.73x 4.79x 6.30x 6.83x - - 6.81x 6.15x - -

72.4 63.6 70.9 90.7 88.7 - - 117.3 131.4 - -

9.86x 14.78x 14.53x 15.03x 16.95x - - 16.26x 14.52x - -

EBITDA 166.94 Long-Term Rating Date -

EBIT 139.62 Long-Term Rating -

Operating Margin 17.19% Long-Term Outlook -

Pretax Margin 16.56% Short-Term Rating Date -

Return on Assets 6.47% Short-Term Rating -

Return on Common Equity 30.06%

Return on Capital 19.67% EBITDA/Interest Exp. 22.63

Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 21.41

Net Debt/EBITDA -2.44

Gross Margin - Total Debt/EBITDA 1.43

EBITDA Margin 20.8%

EBIT Margin 17.4% Total Debt/Equity 66.5%

Net Income Margin 10.9% Total Debt/Capital 38.9%

Asset Turnover 0.58

Current Ratio 1.21 Net Fixed Asset Turnover 32.20

Quick Ratio 1.09 Accounts receivable turnover-days 96.72

Debt to Assets 14.18% Inventory Days -

Tot Debt to Common Equity 66.47% Accounts Payable Turnover Day -

Accounts Receivable Turnover 3.78 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Jardine Lloyd Thompson Group PLCPrice/Volume

Valuation Analysis

61'054.00

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

'-''.''0''1''2''3''4''5''6''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

900.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 211: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

JMH INVESTMENTS LTD n/a Co File 87'701'454 40.08 - 16.03.2012 Holding Company

SILCHESTER INTL INVE n/a RNS-MAJ 15'266'479 6.98 (993'783) 22.06.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 13'145'335 6.01 (435'389) 03.12.2012 Unclassified

MASSACHUSETTS FINANC Multiple Portfolios REG 11'539'323 5.27 (240'660) 03.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 10'344'651 4.73 (993'701) 31.12.2012 Investment Advisor

JARDINE LLOYD THOMPS Multiple Portfolios REG 9'038'939 4.13 86'975 03.12.2012 Unclassified

ROYAL BANK OF CANADA n/a ULT-AGG 8'692'411 3.97 - 16.03.2012 Bank

M&G INVESTMENT MANAG Multiple Portfolios REG 6'655'085 3.04 936'603 03.12.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 6'576'619 3.01 (44'306) 03.12.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 6'386'346 2.92 276'175 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 5'968'138 2.73 531'018 03.12.2012 Unclassified

AMERIPRISE FINANCIAL n/a RNS-RUL8 5'826'172 2.66 23'406 10.10.2011 Investment Advisor

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 4'103'500 1.88 584'664 31.12.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 3'877'308 1.77 (84'483) 03.12.2012 Government

COLUMBIA WANGER ASSE Multiple Portfolios REG 3'647'682 1.67 388'752 03.12.2012 Investment Advisor

NEWTON INV MGMT Multiple Portfolios REG 3'542'443 1.62 (121'289) 03.12.2012 Mutual Fund Manager

UBS n/a ULT-AGG 3'359'010 1.53 221'694 03.12.2012 Unclassified

TROY ASSET MANAGEMEN Multiple Portfolios REG 2'800'000 1.28 569'524 03.12.2012 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 2'791'704 1.28 16'179 03.12.2012 Investment Advisor

TROY ASSET MANAGEMEN Multiple Portfolios MF-AGG 2'400'000 1.1 496'159 28.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Panmure Gordon & Co Limited BARRIE CORNES hold 3 M 760 Not Provided 27.02.2013

Numis Securities Ltd NICHOLAS JOHNSON hold 3 M 775 12 month 11.02.2013

Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 01.02.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013

Investec KEVIN RYAN hold 3 M 758 12 month 07.01.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 750 12 month 19.10.2012

Canaccord Genuity Corp BEN COHEN hold 3 M 730 Not Provided 19.10.2012

JPMorgan ANDREAS VAN EMBDEN overweight 5 M #N/A N/A Not Provided 16.10.2012

Holdings By:

Jardine Lloyd Thompson Group PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 212: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

JC Decaux SA offers advertising services. The Company sells advertising on

street furniture such as bus shelters, free standing panels, columns, and

automatic toilets, billboards, and posters on buses, trains, and subways, and at

railroad stations and airports.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (27.03.2012) 23.48

52-Week Low (24.10.2012) 15.75

Daily Volume

20.535

52-Week High % Change -12.52% Dividend Yield -

52-Week Low % Change 30.38% Beta 0.92

% 52 Week Price Range High/Low 61.94% Equity Float 62.54

Shares Out 19.12.2012 222.2 Short Int -

4'562.03 1 Yr Total Return 1.03%

Total Debt 438.60 YTD Return 14.18%

Preferred Stock 0.0 Adjusted BETA 0.921

Minority Interest (24.3) Analyst Recs 22

Cash and Equivalents 288.70 Consensus Rating 3.273

Enterprise Value 4'738.73

Average Volume 5 Day 133'063

DEC FP EQUITY YTD Change - Average Volume 30 Day 198'775

DEC FP EQUITY YTD % CHANGE - Average Volume 3 Month 195'280

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 01/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3

2'106.6 2'168.6 1'918.8 2'350.0 2'463.0 1'110.6 1'876.2 2'620.2 2'716.5 - -

3.20x 1.57x 2.29x 2.31x 1.65x 0.00x 0.00x 1.75x 1.64x - -

533.5 526.4 545.6 766.5 557.3 0.0 0.0 573.1 593.7 - -

12.63x 6.47x 8.06x 7.09x 7.31x 0.00x 0.00x 8.27x 7.98x - -

221.0 108.1 24.5 173.3 212.6 0.0 0.0 215.4 233.5 - -

27.06x 25.25x 154.86x 29.44x 18.56x 0.00x 0.00x 21.21x 19.50x - -

EBITDA 557.30 Long-Term Rating Date 22.09.2009

EBIT 327.10 Long-Term Rating BBB

Operating Margin 13.28% Long-Term Outlook STABLE

Pretax Margin 12.56% Short-Term Rating Date 13.10.2010

Return on Assets 4.76% Short-Term Rating A-2

Return on Common Equity 8.30%

Return on Capital - EBITDA/Interest Exp. 18.96

Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 12.81

Net Debt/EBITDA 0.38

Gross Margin 39.1% Total Debt/EBITDA 0.91

EBITDA Margin 22.4%

EBIT Margin 12.8% Total Debt/Equity 17.6%

Net Income Margin 8.6% Total Debt/Capital 15.1%

Asset Turnover 0.60

Current Ratio 1.17 Net Fixed Asset Turnover 2.27

Quick Ratio 0.91 Accounts receivable turnover-days -

Debt to Assets 10.37% Inventory Days 26.54

Tot Debt to Common Equity 17.59% Accounts Payable Turnover Day 196.17

Accounts Receivable Turnover - Cash Conversion Cycle -85.81

Inventory Turnover 13.79

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

JCDecaux SAPrice/Volume

Valuation Analysis

130'146.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 213: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

JC DECAUX HOLDING n/a Co File 156'030'573 70.23 - 31.12.2011 Corporation

ING BANK NV n/a Research 11'090'203 4.99 (2'337'174) 25.07.2012 Bank

CAPITAL GROUP COMPAN n/a ULT-AGG 8'537'000 3.84 158'300 31.12.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 8'446'271 3.8 - 31.12.2012 Investment Advisor

DECAUX JEAN-CHARLES n/a Co File 1'712'210 0.77 - 31.12.2011 n/a

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 1'394'000 0.63 (790'578) 30.06.2012 Pension Fund (ERISA)

FIL FUND MANAGEMENT n/a Short (1'288'522) -0.58 - 13.02.2013 Investment Advisor

GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 1'248'440 0.56 12'404 31.12.2012 Hedge Fund Manager

DECAUX JEAN-FRANCOIS n/a Co File 1'156'179 0.52 - 31.12.2011 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'120'610 0.5 8'684 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 989'375 0.45 (934'865) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 850'363 0.38 11'904 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 592'215 0.27 1'813 26.02.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 445'295 0.2 1'691 31.12.2012 Investment Advisor

DECAUX JEAN SEBASTIE n/a Co File 435'000 0.2 - 31.12.2011 n/a

GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 329'398 0.15 61'898 28.09.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 261'037 0.12 (30'600) 28.12.2012 Investment Advisor

METZLER ASSET MANAGE Multiple Portfolios MF-AGG 227'822 0.1 - 31.08.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 210'000 0.09 10'000 31.07.2012 Mutual Fund Manager

BARING FUND MANAGERS Multiple Portfolios MF-AGG 195'754 0.09 195'754 31.10.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue VERONIQUE CABIOC'H add 4 M 23 6 month 21.02.2013

Kepler Capital Markets CONOR O'SHEA buy 5 M 24 Not Provided 19.02.2013

Exane BNP Paribas CHARLES BEDOUELLE underperform 1 M 17 Not Provided 05.02.2013

CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 20 12 month 29.01.2013

Berenberg Bank SARAH SIMON buy 5 M 22 Not Provided 28.01.2013

Societe Generale LAURENT PICARD hold 3 M 18 12 month 25.01.2013

HSBC OLIVIER MORAL underweight 1 M 19 Not Provided 25.01.2013

Gilbert Dupont JEAN BAPTISTE SERGEANT add 4 M 22 Not Provided 25.01.2013

Oddo & Cie BRUNO HARENG buy 5 M 24 Not Provided 25.01.2013

Natixis PAVEL GOVCIYAN buy 5 M 22 Not Provided 25.01.2013

Nomura MATTHEW WALKER neutral 3 M 22 Not Provided 25.01.2013

Barclays JULIEN ROCH equalweight 3 M 20 Not Provided 24.01.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank PATRICK KIRBY buy 5 M 25 12 month 08.11.2012

Morgan Stanley JULIEN ROSSI Equalwt/Attractive 3 M 19 12 month 08.11.2012

JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 23 3 month 08.11.2012

Goldman Sachs RICHARD JONES Sell/Neutral 1 M 16 12 month 30.10.2012

Credit Suisse OMAR SHEIKH neutral 3 M 18 Not Provided 31.07.2012

CA Cheuvreux THOMAS JORION underperform 1 M 17 Not Provided 31.07.2012

Holdings By:

JCDecaux SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 214: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

JM AB manages property and constructs buildings. The Company projects, builds

and markets single-family housing, apartment houses and office buildings. JM

owns and manages commercial buildings primarily in and around the cities of

Stockholm, Gothenburg, Malmo and Uppsala in Sweden. The Company also owns

properties in Norway, Belgium and Portugal.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (20.02.2013) 154.50

52-Week Low (21.11.2012) 106.75

Daily Volume

147.75

52-Week High % Change -4.37% Dividend Yield -

52-Week Low % Change 38.41% Beta 1.33

% 52 Week Price Range High/Low 85.86% Equity Float -

Shares Out 10.01.2013 83.7 Short Int -

12'361.24 1 Yr Total Return 28.96%

Total Debt 877.00 YTD Return 27.37%

Preferred Stock 0.0 Adjusted BETA 1.334

Minority Interest 0.0 Analyst Recs 12

Cash and Equivalents 2'475.00 Consensus Rating 4.167

Enterprise Value 10'763.24

Average Volume 5 Day 371'462

JM SS EQUITY YTD Change - Average Volume 30 Day 512'483

JM SS EQUITY YTD % CHANGE - Average Volume 3 Month 408'591

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'229.0 8'778.0 9'136.0 12'001.0 12'480.0 12'001.0 12'480.0 12'898.3 13'726.5 3'086.3 3'202.5

0.32x 1.08x 1.29x 0.65x 0.62x 3.21x 2.73x 0.87x 0.78x - -

1'660.0 762.0 886.0 1'492.0 - 0.0 0.0 1'465.0 1'624.8 333.5 353.0

2.36x 12.44x 13.28x 5.19x - 0.00x 0.00x 7.35x 6.62x 7.25x 6.88x

818.0 379.0 594.0 1'042.0 961.0 1'042.0 961.0 1'053.8 1'168.8 236.1 334.7

4.52x 27.01x 22.07x 8.95x 9.95x 8.95x 9.97x 11.40x 10.21x 11.28x 10.95x

EBITDA 1'492.00 Long-Term Rating Date -

EBIT 1'469.00 Long-Term Rating -

Operating Margin 11.77% Long-Term Outlook -

Pretax Margin 10.56% Short-Term Rating Date -

Return on Assets 8.41% Short-Term Rating -

Return on Common Equity 20.74%

Return on Capital - EBITDA/Interest Exp. 17.15

Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 17.09

Net Debt/EBITDA -

Gross Margin 17.7% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 11.8% Total Debt/Equity 18.8%

Net Income Margin 7.7% Total Debt/Capital 15.8%

Asset Turnover 1.09

Current Ratio 2.53 Net Fixed Asset Turnover -

Quick Ratio 0.55 Accounts receivable turnover-days -

Debt to Assets 7.59% Inventory Days -

Tot Debt to Common Equity 18.79% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 1.47

Inventory Turnover -

Fiscal Year Ended

JM ABPrice/Volume

Valuation Analysis

330'176.00

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

'.'1'3'5'

-''-.'-1'-3'-5'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 215: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SWEDBANK ROBUR FONDE n/a Research 8'955'668 10.7 - 31.10.2012 Investment Advisor

SEB n/a ULT-AGG 8'525'187 10.19 902'682 31.12.2012 Unclassified

AMF PENSION INSURANC n/a Research 8'175'477 9.77 (573'500) 15.02.2013 Insurance Company

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 7'707'016 9.21 36'591 31.01.2013 Investment Advisor

NORDEA FONDER AB n/a Research 7'077'987 8.46 - 31.10.2012 Investment Advisor

AFA INSURANCE n/a Research 5'612'970 6.71 - 31.10.2012 Insurance Company

AMF FONDER AB Multiple Portfolios MF-AGG 3'948'977 4.72 (193'000) 31.12.2012 Investment Advisor

HEIRLOOM ASSET MGMT n/a Research 3'188'870 3.81 - 31.10.2012 Other

KYNIKOS ASSOCIATES L n/a Short (2'878'014) -3.44 (134'399) 12.02.2013 Hedge Fund Manager

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 2'565'024 3.07 763'239 31.01.2013 Investment Advisor

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 2'262'582 2.7 (5'979) 31.12.2012 Investment Advisor

FJARDE AP-FONDEN n/a Research 2'251'651 2.69 - 31.10.2012 Pension Fund (ERISA)

JM AB n/a Research 2'233'056 2.67 - 31.10.2012 n/a

ENTER FONDER AB n/a Research 2'166'900 2.59 - 31.10.2012 Investment Advisor

ANDRA AP FONDEN n/a Research 1'930'494 2.31 - 31.10.2012 Pension Fund (ERISA)

HANDELSBANKEN FONDER n/a Research 1'685'386 2.01 - 31.10.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'119'683 1.34 94'654 31.10.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 880'817 1.05 (1'242'452) 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 875'980 1.05 - 31.12.2012 Mutual Fund Manager

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 843'401 1.01 147'394 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

SEB Enskilda STEFAN ANDERSSON sell 1 M 125 Not Provided 25.02.2013

Carnegie TOBIAS KAJ buy 5 M #N/A N/A Not Provided 13.02.2013

Nordea Equity Research JONAS L ANDERSSON buy 5 U 165 12 month 13.02.2013

Swedbank NICLAS HOGLUND buy 5 M 165 12 month 13.02.2013

DNB Markets SIMEN MORTENSEN sell 1 M 130 Not Provided 13.02.2013

Danske Markets PETER TRIGARSZKY buy 5 U 168 12 month 13.02.2013

ABG Sundal Collier FREDRIC CYON buy 5 M 157 6 month 12.02.2013

Handelsbanken ALBIN SANDBERG accumulate 4 M 150 12 month 12.02.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

CA Cheuvreux BJORN GUSTAFSSON outperform 5 M 125 Not Provided 17.12.2012

Evli Bank Plc ERIC RITZEN accumulate 4 M 125 12 month 22.11.2012

Holdings By:

JM AB ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 216: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Jupiter Fund Management plc. manages open-ended funds directed toward retail

investors. The Company also offers investment management services to

institutional clients, private clients, investment trusts and hedge funds.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (20.02.2013) 350.60

52-Week Low (18.05.2012) 193.70

Daily Volume

329.5

52-Week High % Change -6.02% Dividend Yield 2.37

52-Week Low % Change 70.11% Beta 1.34

% 52 Week Price Range High/Low 86.55% Equity Float 322.12

Shares Out 30.06.2012 457.7 Short Int -

1'508.12 1 Yr Total Return 36.23%

Total Debt 141.40 YTD Return 18.31%

Preferred Stock 0.0 Adjusted BETA 1.344

Minority Interest 0.0 Analyst Recs 17

Cash and Equivalents 190.40 Consensus Rating 3.706

Enterprise Value 1'456.52

Average Volume 5 Day 458'172

JUP LN EQUITY YTD Change - Average Volume 30 Day 773'653

JUP LN EQUITY YTD % CHANGE - Average Volume 3 Month 676'678

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

273.4 237.0 214.6 318.8 346.9 - - 244.1 274.4 - -

- - - 4.34x 2.72x - - 5.95x 5.01x - -

105.4 91.6 91.3 116.8 125.3 - - 124.0 140.7 - -

- - - 11.85x 7.54x - - 11.75x 10.35x - -

41.8 (15.6) 8.6 32.5 51.4 - - 88.1 103.8 - -

- - - 18.90x 13.88x - - 17.25x 14.39x - -

EBITDA 125.30 Long-Term Rating Date -

EBIT 84.80 Long-Term Rating -

Operating Margin 24.45% Long-Term Outlook -

Pretax Margin 20.27% Short-Term Rating Date -

Return on Assets 5.95% Short-Term Rating -

Return on Common Equity 11.18%

Return on Capital 9.45% EBITDA/Interest Exp. 8.76

Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 8.69

Net Debt/EBITDA -0.44

Gross Margin - Total Debt/EBITDA 0.96

EBITDA Margin 32.2%

EBIT Margin 21.0% Total Debt/Equity 33.3%

Net Income Margin 14.8% Total Debt/Capital 25.0%

Asset Turnover 0.46

Current Ratio 1.69 Net Fixed Asset Turnover 279.00

Quick Ratio 1.66 Accounts receivable turnover-days -

Debt to Assets 18.40% Inventory Days -

Tot Debt to Common Equity 33.30% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Jupiter Fund Management PLCPrice/Volume

Valuation Analysis

361'389.00

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

'

2'

-''

-2'

.''

.2'

0''

02'

1''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 217: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

TA ASSOCIATES INC Multiple Portfolios REG 87'079'760 19.03 - 03.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 44'938'420 9.82 (645'825) 26.02.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios REG 39'591'003 8.65 (500'468) 03.12.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 35'723'743 7.81 - 21.06.2012 Bank

Jupiter Fund Managem Multiple Portfolios REG 35'397'826 7.73 (249'502) 03.12.2012 Unclassified

DIRECTOR & RELATED H Multiple Portfolios REG 22'643'375 4.95 (264'550) 03.12.2012 Other

PRIVATE INDIVIDUALS Multiple Portfolios REG 19'426'326 4.24 13'398 03.12.2012 Other

F&C ASSET MANAGEMENT Multiple Portfolios REG 15'968'843 3.49 3'702'654 03.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios REG 14'876'981 3.25 184'556 03.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 14'873'999 3.25 1'782'202 31.01.2013 Unclassified

BAILLIE GIFFORD AND Multiple Portfolios REG 14'309'663 3.13 13'261 03.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 13'900'000 3.04 725'000 03.12.2012 Investment Advisor

CARTER EDWARD BONHAM n/a RNS-DIR 13'750'000 3 (250'000) 02.04.2012 n/a

CAZENOVE CAPITAL MAN Multiple Portfolios REG 13'404'165 2.93 2'592'924 03.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 11'508'721 2.51 3'102'172 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios REG 10'300'249 2.25 (2'564'500) 03.12.2012 Investment Advisor

LANDSDOWNE PARTNERS n/a Co File 9'592'715 2.1 - 14.03.2012 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 9'498'029 2.08 279'985 03.12.2012 Investment Advisor

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 9'418'968 2.06 (560'282) 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 9'323'549 2.04 (2'515'500) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets PETER K LENARDOS sector perform 3 M 330 12 month 27.02.2013

Numis Securities Ltd DAVID MCCANN add 4 M 390 Not Provided 27.02.2013

Societe Generale MICHAEL SANDERSON hold 3 M 315 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

Cantor Fitzgerald CATHERINE HEATH buy 5 M 389 Not Provided 25.02.2013

Macquarie NEIL WELCH outperform 5 U 387 12 month 21.02.2013

Oriel Securities Ltd SARAH ING add 4 N 360 Not Provided 11.02.2013

Barclays DANIEL R GARROD overweight 5 M 390 Not Provided 05.02.2013

Canaccord Genuity Corp ARUN MELMANE hold 3 D 324 Not Provided 22.01.2013

Credit Suisse GURJIT KAMBO neutral 3 M 320 Not Provided 17.01.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013

JPMorgan RAE MAILE overweight 5 M 361 9 month 16.01.2013

Peel Hunt STUART DUNCAN hold 3 D 350 Not Provided 16.01.2013

HSBC NITIN ARORA neutral 3 M 320 Not Provided 14.01.2013

Jefferies JASON STREETS buy 5 M 330 12 month 03.01.2013

Keefe, Bruyette & Woods TOM MILLS market perform 3 M 250 12 month 06.08.2012

Holdings By:

Jupiter Fund Management PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 218: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Jyske Bank A/S offers commercial banking services and investment services. The

Bank attracts deposits and offers commercial and mortgage loans, investment

advisory services, lease financing, securities brokerage services, foreign

exchange services, and manages mutual funds and portfolios. Jyske Bank operates

in Denmark, Switzerland, the United Kingdom, Spain, and Gibraltar.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (29.02.2012) 202.70

52-Week Low (21.05.2012) 144.00

Daily Volume

187

52-Week High % Change -7.75% Dividend Yield -

52-Week Low % Change 29.86% Beta 1.07

% 52 Week Price Range High/Low 73.25% Equity Float -

Shares Out 23.08.2012 71.3 Short Int -

13'329.36 1 Yr Total Return -6.59%

Total Debt 76'481.00 YTD Return 19.03%

Preferred Stock 0.0 Adjusted BETA 1.067

Minority Interest 36.0 Analyst Recs 10

Cash and Equivalents 15'405.00 Consensus Rating 3.800

Enterprise Value -

Average Volume 5 Day 264'073

JYSK DC EQUITY YTD Change - Average Volume 30 Day 198'640

JYSK DC EQUITY YTD % CHANGE - Average Volume 3 Month 190'894

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

13'649.1 10'386.0 8'632.7 9'058.0 9'489.0 9'094.0 6'989.0 7'172.5 7'385.2 1'754.5 1'753.5

- - - - - 0.00x 0.00x -29.40x -28.58x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

972.9 463.9 757.2 490.0 593.0 490.0 593.0 1'398.6 1'767.4 331.7 369.3

6.61x 23.54x 22.12x 18.58x 18.49x 18.59x 19.32x 9.27x 7.35x 9.84x -

EBITDA - Long-Term Rating Date 01.12.2011

EBIT - Long-Term Rating A-

Operating Margin 10.94% Long-Term Outlook STABLE

Pretax Margin 11.09% Short-Term Rating Date 01.12.2011

Return on Assets 0.20% Short-Term Rating A-2

Return on Common Equity 3.36%

Return on Capital 0.59% EBITDA/Interest Exp. -

Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 490.1%

Net Income Margin 7.7% Total Debt/Capital 83.0%

Asset Turnover 0.04

Current Ratio - Net Fixed Asset Turnover 3.34

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 29.62% Inventory Days -

Tot Debt to Common Equity 490.07% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Jyske Bank A/SPrice/Volume

Valuation Analysis

190'290.00

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

'

2'

-''

-2'

.''

.2'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 219: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

MASSACHUSETTS FINANC n/a Research 3'666'270 5.14 - 18.10.2012 Investment Advisor

BAILLIE GIFFORD AND n/a Co File 3'278'880 4.6 - 31.12.2011 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'274'332 1.79 13'329 31.12.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 1'247'455 1.75 6'000 31.01.2013 Investment Advisor

DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 780'712 1.1 16'407 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 721'697 1.01 - 31.01.2013 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 679'878 0.95 (16'850) 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 649'200 0.91 (90'000) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 648'166 0.91 (22'301) 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 429'749 0.6 207'445 31.12.2012 Unclassified

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 390'000 0.55 - 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 312'000 0.44 - 28.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 279'530 0.39 - 31.07.2012 Investment Advisor

JYSKE BANK n/a Co File 249'699 0.35 - 31.12.2011 Investment Advisor

BLACKROCK n/a ULT-AGG 158'049 0.22 (1'024) 26.02.2013 Investment Advisor

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 149'360 0.21 - 30.09.2012 Mutual Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 146'550 0.21 12'190 28.12.2012 Mutual Fund Manager

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 112'431 0.16 - 31.01.2013 Investment Advisor

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 111'169 0.16 - 31.12.2012 Mutual Fund Manager

UBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 104'000 0.15 104'000 26.03.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Alm Brand Markets STIG NYMANN buy 5 M 220 Not Provided 27.02.2013

Nordea Equity Research SIMON CHRISTENSEN hold 3 M 205 12 month 27.02.2013

ABG Sundal Collier JAKOB BRINK buy 5 M 215 6 month 26.02.2013

Carnegie ASBJORN MORK hold 3 M #N/A N/A Not Provided 26.02.2013

Danske Markets LARS HOLM hold 3 M 195 12 month 26.02.2013

NYKREDIT MADS THINGGAARD neutral 3 M #N/A N/A Not Provided 05.02.2013

SEB Enskilda CLAUS GROEN THERP buy 5 M 210 Not Provided 28.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013

JPMorgan SOFIE PETERZENS neutral 3 M 200 18 month 19.10.2012

Handelsbanken PETER GRABE buy 5 M 215 Not Provided 18.10.2012

Swedbank ROBERT MATULIN neutral 3 M 185 12 month 23.08.2011

LD Invest Markets TORSTEN BECH buy 5 M 270 Not Provided 26.10.2010

Holdings By:

Jyske Bank A/S ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 220: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Kaba Holding AG provides mechanical and electronic security systems. The

Company offers individually tailored "Total Access Control" including

high-security locking devices for heavy safes, modular access and time

management applications, as well as no-contact identification technology.

Latest Fiscal Year: 06/2012

LTM as of: 01/yy

52-Week High (25.02.2013) 408.25

52-Week Low (04.06.2012) 312.04

Daily Volume

403.5

52-Week High % Change -1.16% Dividend Yield -

52-Week Low % Change 29.31% Beta 0.87

% 52 Week Price Range High/Low 95.06% Equity Float 2.98

Shares Out 10.08.2012 3.8 Short Int -

1'539.36 1 Yr Total Return 12.71%

Total Debt 113.80 YTD Return 4.13%

Preferred Stock 0.0 Adjusted BETA 0.873

Minority Interest 0.8 Analyst Recs 7

Cash and Equivalents 125.60 Consensus Rating 3.714

Enterprise Value 1'528.36

Average Volume 5 Day 5'428

KABN SE EQUITY YTD Change - Average Volume 30 Day 6'508

KABN SE EQUITY YTD % CHANGE - Average Volume 3 Month 5'852

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

1'303.7 1'166.1 952.1 945.2 947.5 - - 986.1 1'012.0 - -

1.22x 0.94x 1.40x 1.50x 1.43x - - 1.50x 1.40x - -

206.3 174.6 166.8 122.7 153.7 - - 162.9 172.6 - -

7.73x 6.25x 7.96x 11.59x 8.83x - - 9.38x 8.86x - -

97.1 70.7 86.9 221.6 88.2 - - 93.2 100.4 - -

12.15x 10.86x 13.94x 25.54x 16.00x - - 16.81x 15.64x - -

EBITDA 153.70 Long-Term Rating Date -

EBIT 122.60 Long-Term Rating -

Operating Margin 12.94% Long-Term Outlook -

Pretax Margin 12.38% Short-Term Rating Date -

Return on Assets 9.69% Short-Term Rating -

Return on Common Equity 17.48%

Return on Capital - EBITDA/Interest Exp. 31.37

Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 27.86

Net Debt/EBITDA -0.08

Gross Margin - Total Debt/EBITDA 0.74

EBITDA Margin 16.2%

EBIT Margin 12.9% Total Debt/Equity 20.6%

Net Income Margin 9.3% Total Debt/Capital 17.1%

Asset Turnover 1.04

Current Ratio 1.47 Net Fixed Asset Turnover 5.96

Quick Ratio 0.90 Accounts receivable turnover-days 62.21

Debt to Assets 11.92% Inventory Days -

Tot Debt to Common Equity 20.60% Accounts Payable Turnover Day -

Accounts Receivable Turnover 5.88 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kaba Holding AGPrice/Volume

Valuation Analysis

2'298.00

Current Price (2/dd/yy) Market Data

'2'

-''-2'.''.2'0''02'1''12'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!' 9

!' 9

!' 9

!' 9

!' 9

!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'0!'4!.''6 '0!'-!.'-' '0!'4!.'-' '0!'-!.'-- '0!'4!.'-- '0!'-!.'-. '0!'4!.'-. '0!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 221: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BLACKROCK n/a ULT-AGG 172'780 4.53 (5'253) 26.02.2013 Investment Advisor

FORRER KARIN n/a Co File 153'020 4.01 - 30.06.2012 n/a

GEKLA AG n/a Co File 140'000 3.67 - 30.06.2012 Corporation

BREMI ULRICH n/a Co File 138'228 3.62 - 30.06.2012 n/a

KUENZLE CREED n/a Co File 127'452 3.34 - 30.06.2012 n/a

HARRIS ASSOCIATES LP n/a EXCH 113'000 2.96 - 07.09.2011 Investment Advisor

NG KIN SHEK n/a EXCH 112'815 2.96 (60'274) 27.07.2009 n/a

COLLEGE RETIREMENT E n/a EXCH 101'785 2.67 (15'539) 08.10.2009 Other

PICTET & CIE Multiple Portfolios MF-AGG 88'117 2.31 392 30.11.2012 Mutual Fund Manager

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 72'400 1.9 8'100 31.12.2012 Investment Advisor

SARASIN n/a ULT-AGG 67'350 1.77 (1'300) 30.11.2012 Unclassified

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 55'691 1.46 (683) 28.12.2012 Mutual Fund Manager

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 51'128 1.34 (2'517) 31.10.2012 Investment Advisor

DUBS-KUENZLE KARINA n/a Co File 35'744 0.94 - 30.06.2012 n/a

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 35'261 0.92 (988) 28.12.2012 Mutual Fund Manager

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 33'500 0.88 - 31.10.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 31'457 0.82 (751) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'244 0.82 135 31.12.2012 Investment Advisor

IST FUND MANAGERS Multiple Portfolios MF-AGG 27'844 0.73 (39) 31.12.2012 Mutual Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 24'983 0.65 - 30.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Main First Bank AG TOBIAS FAHRENHOLZ outperform 5 M 425 12 month 25.02.2013

Helvea PATRICK APPENZELLER accumulate 4 M 420 12 month 08.02.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Credit Suisse PATRICK LAAGER neutral 3 M 400 Not Provided 05.12.2012

Bank Vontobel AG SERGE ROTZER hold 3 M 370 Not Provided 31.10.2012

Zuercher Kantonalbank ANDREAS MUELLER outperform 5 M #N/A N/A Not Provided 20.09.2012

CA Cheuvreux OLIVER GIRAKHOU underperform 1 M 410 Not Provided 24.11.2011

Holdings By:

Kaba Holding AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 222: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Kemira Oyj a global water chemistry company serving customers in

water-intensive industries. The Company offers chemical products and integrated

systems that help customers in the water-intensive pulp and paper industry,

water treatment chemicals for municipalities and industrial customers,

and chemical extraction and process solutions for oil and mining industries.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (08.01.2013) 12.46

52-Week Low (01.06.2012) 8.00

Daily Volume

11.23

52-Week High % Change -9.87% Dividend Yield -

52-Week Low % Change 40.37% Beta 1.11

% 52 Week Price Range High/Low 72.42% Equity Float -

Shares Out 26.02.2013 155.3 Short Int -

1'744.50 1 Yr Total Return 10.18%

Total Debt 664.70 YTD Return -4.91%

Preferred Stock 0.0 Adjusted BETA 1.113

Minority Interest 13.2 Analyst Recs 16

Cash and Equivalents 132.70 Consensus Rating 2.875

Enterprise Value 2'289.70

Average Volume 5 Day 316'491

KRA1V FH EQUITY YTD Change - Average Volume 30 Day 305'643

KRA1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 262'599

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'832.7 1'969.9 2'160.9 2'207.2 2'240.9 2'207.2 2'240.9 2'242.0 2'293.9 552.3 558.6

0.63x 1.15x 1.08x 0.87x 1.04x 3.77x 3.87x 0.98x 0.94x - -

217.7 225.5 258.0 248.7 178.5 259.6 178.5 281.3 315.8 56.5 67.8

8.19x 10.06x 9.06x 7.74x 13.11x 7.41x 13.11x 8.14x 7.25x 9.08x -

(1.8) 85.5 646.9 135.6 16.8 135.6 16.8 129.9 151.3 17.9 30.5

- 24.28x 15.31x 10.29x 106.88x 10.29x 106.86x 13.34x 11.34x 13.95x -

EBITDA 178.50 Long-Term Rating Date -

EBIT 31.70 Long-Term Rating -

Operating Margin 1.41% Long-Term Outlook -

Pretax Margin 1.21% Short-Term Rating Date -

Return on Assets 0.65% Short-Term Rating -

Return on Common Equity 1.26%

Return on Capital - EBITDA/Interest Exp. 9.75

Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA 2.98

Gross Margin 10.7% Total Debt/EBITDA 3.72

EBITDA Margin 8.0%

EBIT Margin 1.4% Total Debt/Equity 51.1%

Net Income Margin 0.7% Total Debt/Capital 33.6%

Asset Turnover 0.87

Current Ratio 1.21 Net Fixed Asset Turnover 3.42

Quick Ratio 0.21 Accounts receivable turnover-days -

Debt to Assets 26.71% Inventory Days -

Tot Debt to Common Equity 51.07% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 58.49

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kemira OYJPrice/Volume

Valuation Analysis

240'900.00

Current Price (2/dd/yy) Market Data

'

.

1

3

5

-'

-.

-1

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 223: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

ORAS INVEST LTD n/a Research 28'278'217 18.2 - 30.11.2012 Holding Company

SOLIDIUM OY n/a Research 25'896'087 16.67 - 30.11.2012 Holding Company

VARMA MUTUAL PENSION n/a Research 11'585'836 7.46 - 30.11.2012 Insurance Company

ILMARINEN MUTUAL PEN n/a Research 7'418'582 4.78 - 10.12.2012 Insurance Company

KEMIRA PLC n/a Research 3'301'769 2.13 - 30.11.2012 Other

TAPIOLA MUTUAL PENSI n/a Research 2'600'000 1.67 - 30.11.2012 Insurance Company

MANDATUM LIFE INSURA n/a Research 2'591'613 1.67 - 30.11.2012 Insurance Company

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'150'857 1.38 - 31.07.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 2'021'314 1.3 - 31.08.2012 Mutual Fund Manager

ODEY ASSET MANAGEMEN n/a Short (1'755'371) -1.13 (201'945) 26.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'654'100 1.06 - 31.12.2012 Investment Advisor

DANSKE INVEST FUNDS n/a Research 1'575'304 1.01 - 30.11.2012 Investment Advisor

FINLAND STATE PENSIO n/a Research 1'040'000 0.67 - 30.11.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'016'490 0.65 3'706 31.12.2012 Investment Advisor

NORDEA FONDENE AS n/a Research 940'993 0.61 - 30.11.2012 Mutual Fund Manager

KALEVA MUTUAL INSURA n/a Research 878'337 0.57 - 30.11.2012 Insurance Company

GYLLENBERG RAHASTOYH Multiple Portfolios MF-AGG 851'297 0.55 161'200 30.11.2012 Mutual Fund Manager

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 806'198 0.52 (141'601) 31.12.2012 Investment Advisor

GYLLENBERG FINLANDIA n/a Research 795'397 0.51 - 30.11.2012 Mutual Fund Manager

SIGRID JUSELIUS FOUN n/a Research 730'000 0.47 - 30.11.2012 Other

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Pohjola Bank Plc (ESN) ANTTI SAARI reduce 2 D 11 12 month 15.02.2013

Nordea Equity Research RAULI JUVA sell 1 M 11 12 month 15.02.2013

SEB Enskilda ARTEM BELETSKI buy 5 M 13 Not Provided 14.02.2013

Evli Bank Plc MARKKU JARVINEN accumulate 4 M 12 12 month 14.02.2013

INDERES ANTTI-PEKKA VILJAKAINEN reduce 2 M 11 Not Provided 14.02.2013

JPMorgan MARTIN EVANS neutral 3 M 9 9 month 12.02.2013

Carnegie CARL-HENRIK FREJBORG hold 3 M #N/A N/A Not Provided 07.02.2013

Handelsbanken MIKAEL DOEPEL reduce 2 M 11 12 month 07.02.2013

FIM MARKUS LIIMATAINEN hold 3 M 12 12 month 07.02.2013

Danske Markets PANU LAITINMAKI hold 3 M 12 12 month 07.02.2013

Morgan Stanley PETER MACKEY Underwt/In-Line 1 M 11 12 month 06.02.2013

Main First Bank AG HOLGER OCHS underperform 1 M 12 12 month 17.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank OLIVER REIFF buy 5 M 14 12 month 06.12.2012

Swedbank TOMI TIILOLA buy 5 M 13 12 month 25.10.2012

Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 M 11 12 month 02.11.2011

Holdings By:

Kemira OYJ ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 224: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Kesko Oyj, through subsidiaries, operates wholesale and retail stores. The

Company provides trading sector services such as hardware and builders' supplies

building and home improvement trade, interior decoration and home goods,

delivery sales and wholesale services, an animal feeds, chemicals and machinery,

import and market of passenger cars and commercial vehicles, and sporting goods.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (08.01.2013) 25.87

52-Week Low (25.07.2012) 18.08

Daily Volume

23.81

52-Week High % Change -7.96% Dividend Yield -

52-Week Low % Change 31.69% Beta 0.91

% 52 Week Price Range High/Low 73.56% Equity Float -

Shares Out 10.02.2013 67.0 Short Int -

2'402.69 1 Yr Total Return -0.84%

Total Debt 624.00 YTD Return -3.88%

Preferred Stock 0.0 Adjusted BETA 0.911

Minority Interest 67.0 Analyst Recs 12

Cash and Equivalents 352.00 Consensus Rating 2.667

Enterprise Value 2'741.69

Average Volume 5 Day 164'964

KESBV FH EQUITY YTD Change - Average Volume 30 Day 151'772

KESBV FH EQUITY YTD % CHANGE - Average Volume 3 Month 170'463

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

9'591.5 8'446.8 8'776.8 9'460.4 9'686.0 9'460.4 9'686.0 9'880.9 10'189.5 2'235.5 2'533.3

0.20x 0.27x 0.38x 0.29x 0.29x 1.23x 1.09x 0.27x 0.26x - -

265.1 255.8 370.5 406.6 372.0 406.6 372.0 427.8 465.8 61.0 117.0

7.37x 8.95x 9.09x 6.67x 7.45x 6.72x 7.44x 6.41x 5.89x 6.45x -

219.7 125.2 204.5 181.5 128.0 181.5 129.0 175.3 199.3 12.0 49.1

9.78x 18.03x 16.83x 14.05x 18.91x 14.05x 18.92x 13.67x 12.33x 14.15x -

EBITDA 372.00 Long-Term Rating Date -

EBIT 217.00 Long-Term Rating -

Operating Margin 2.24% Long-Term Outlook -

Pretax Margin 2.22% Short-Term Rating Date -

Return on Assets 3.01% Short-Term Rating -

Return on Common Equity 5.90%

Return on Capital 5.49% EBITDA/Interest Exp. 21.88

Asset Turnover 2.26% (EBITDA-Capex)/Interest Exp. -2.29

Net Debt/EBITDA 0.73

Gross Margin 13.6% Total Debt/EBITDA 1.68

EBITDA Margin 3.8%

EBIT Margin 2.2% Total Debt/Equity 28.4%

Net Income Margin 1.3% Total Debt/Capital 21.6%

Asset Turnover 2.26

Current Ratio 1.40 Net Fixed Asset Turnover 6.11

Quick Ratio 0.68 Accounts receivable turnover-days 26.58

Debt to Assets 14.26% Inventory Days 36.88

Tot Debt to Common Equity 28.36% Accounts Payable Turnover Day 37.39

Accounts Receivable Turnover 13.81 Cash Conversion Cycle 26.07

Inventory Turnover 9.95

Fiscal Year Ended

Kesko OYJPrice/Volume

Valuation Analysis

157'969.00

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

'

2

-'

-2

.'

.2

0'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 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!''

-'!''

-.!''

-1!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 225: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VAHITTAISKAUPAN TAKA n/a Research 3'491'771 5.21 - 30.11.2012 Other

ILMARINEN MUTUAL PEN n/a Research 3'472'774 5.19 - 30.11.2012 Insurance Company

KRUUNUVUOREN SATAMA n/a Research 3'438'885 5.13 - 30.11.2012 Corporation

VALLUGA SIJOITUS OY n/a Research 1'340'439 2 - 30.11.2012 Other

BLACKROCK n/a ULT-AGG 1'156'593 1.73 19'698 26.02.2013 Investment Advisor

VARMA MUTUAL PENSION n/a Research 1'130'986 1.69 - 30.11.2012 Insurance Company

TAPIOLA MUTUAL PENSI n/a Research 1'100'000 1.64 - 30.11.2012 Insurance Company

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'094'691 1.63 14'533 31.12.2012 Investment Advisor

FOUNDATION FOR VOCAT n/a Research 1'009'948 1.51 - 30.11.2012 Other

OY THE ENGLISH TEARO n/a Research 1'000'000 1.49 - 30.11.2012 Other

FINLAND STATE PENSIO n/a Research 776'049 1.16 - 30.11.2012 Government

ETERA MUTUAL PENSION n/a Research 644'823 0.96 - 30.11.2012 Insurance Company

KESKO OYJ n/a Research 608'591 0.91 - 30.11.2012 Corporation

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 576'494 0.86 (9'387) 31.12.2012 Investment Advisor

KESKO PENSION FUND n/a Research 483'195 0.72 - 30.11.2012 Pension Fund (ERISA)

ADELPHI CAPITAL LLP n/a Short (435'339) -0.65 87'068 06.02.2013 Investment Advisor

SKAGEN FUNDS n/a Research 420'000 0.63 - 30.11.2012 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 420'000 0.63 - 31.01.2013 Mutual Fund Manager

SIGRID JUSELIUS FOUN n/a Research 409'110 0.61 - 30.11.2012 Other

HEIMO VALINEN OY n/a Research 400'000 0.6 - 30.11.2012 Corporation

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue VIRGINIE BLIN sell 1 M 21 6 month 14.02.2013

FIM MONA GRANNENFELT accumulate 4 M 29 12 month 07.02.2013

Pohjola Bank Plc (ESN) JARI RAISANEN accumulate 4 M 26 12 month 06.02.2013

Nordea Equity Research RAULI JUVA hold 3 M 25 12 month 06.02.2013

Handelsbanken ROBIN SANTAVIRTA accumulate 4 M 27 12 month 06.02.2013

Evli Bank Plc MIKA KARPPINEN accumulate 4 M 25 12 month 06.02.2013

Danske Markets KALLE KARPPINEN hold 3 M 25 12 month 06.02.2013

SEB Enskilda JUTTA RAHIKAINEN hold 3 M 25 Not Provided 05.02.2013

Carnegie TOMMY ILMONI sell 1 M #N/A N/A Not Provided 05.02.2013

INDERES SAULI VILEN sell 1 M 23 Not Provided 05.02.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013

CA Cheuvreux DANIEL OVIN suspended coverage #N/A N/A M #N/A N/A Not Provided 19.11.2012

Swedbank PETRI KARHUNKOSKI neutral 3 M 25 12 month 25.10.2012

Holdings By:

Kesko OYJ ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 226: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Konecranes Oyj is an engineering group that specializes in overhead lifting

equipment and maintenance services. The Company's product line includes

workstation cranes, industrial cranes, cranes for shipyards and ports, including

tailor made products, light lifting systems, and monorail systems. Konecranes

Oyj sells toindustrial companies, and to harbors and shipyards around the world.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (22.02.2013) 28.89

52-Week Low (04.06.2012) 17.50

Daily Volume

27.98

52-Week High % Change -3.15% Dividend Yield -

52-Week Low % Change 59.89% Beta 1.30

% 52 Week Price Range High/Low 92.01% Equity Float -

Shares Out 26.02.2013 63.3 Short Int -

1'770.36 1 Yr Total Return 23.35%

Total Debt 327.30 YTD Return 9.51%

Preferred Stock 0.0 Adjusted BETA 1.298

Minority Interest 6.2 Analyst Recs 19

Cash and Equivalents 145.10 Consensus Rating 2.947

Enterprise Value 1'958.76

Average Volume 5 Day 248'997

KCR1V FH EQUITY YTD Change - Average Volume 30 Day 257'714

KCR1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 247'715

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'102.5 1'671.3 1'546.3 1'896.4 2'170.2 1'896.4 2'170.1 2'145.4 2'237.4 463.4 542.3

0.33x 0.60x 1.11x 0.56x 0.76x 3.12x 2.77x 0.91x 0.86x 4.12x 3.60x

274.6 129.8 143.0 148.1 175.6 147.8 175.5 187.6 210.1 35.4 45.0

2.54x 7.67x 12.02x 7.14x 9.41x 7.15x 9.41x 10.44x 9.32x 10.44x 9.90x

166.4 63.6 79.4 65.5 84.0 65.5 84.0 100.0 115.8 16.3 22.6

4.26x 17.67x 22.92x 13.10x 17.41x 13.10x 17.46x 16.29x 13.91x 18.09x 17.47x

EBITDA 175.60 Long-Term Rating Date -

EBIT 132.10 Long-Term Rating -

Operating Margin 6.09% Long-Term Outlook -

Pretax Margin 5.71% Short-Term Rating Date -

Return on Assets 5.58% Short-Term Rating -

Return on Common Equity 18.94%

Return on Capital - EBITDA/Interest Exp. 13.72

Asset Turnover 1.44% (EBITDA-Capex)/Interest Exp. 8.78

Net Debt/EBITDA 1.04

Gross Margin - Total Debt/EBITDA 1.86

EBITDA Margin 8.1%

EBIT Margin 6.1% Total Debt/Equity 72.1%

Net Income Margin 3.9% Total Debt/Capital 41.6%

Asset Turnover 1.44

Current Ratio 1.44 Net Fixed Asset Turnover 16.76

Quick Ratio 0.78 Accounts receivable turnover-days 71.50

Debt to Assets 20.93% Inventory Days -

Tot Debt to Common Equity 72.11% Accounts Payable Turnover Day -

Accounts Receivable Turnover 5.12 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Konecranes OYJPrice/Volume

Valuation Analysis

267'426.00

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

'

2

-'

-2

.'

.2

0'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

-!3 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.''!''

1''!''

3''!''

5''!''

-''''!''

-'.''!''

-'1''!''

-'3''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 227: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

HTT 2 HOLDING LTD n/a Research 6'870'568 10.86 - 30.11.2012 Other

KONECRANES PLC n/a Research 6'014'072 9.51 - 30.11.2012 Corporation

BLACKROCK n/a ULT-AGG 5'605'460 8.86 611'139 26.02.2013 Investment Advisor

ILMARINEN MUTUAL PEN n/a Research 2'928'671 4.63 - 30.11.2012 Insurance Company

VARMA MUTUAL PENSION n/a Research 2'365'275 3.74 - 30.11.2012 Insurance Company

GUSTAVSON STIG GUNNA n/a Research 2'069'778 3.27 - 30.11.2012 n/a

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'519'496 2.4 73'136 31.12.2012 Investment Advisor

NORDEA INV MANAGEMEN n/a Research 1'462'198 2.31 - 30.11.2012 Investment Advisor

BEUTEL GOODMAN & COM Multiple Portfolios MF-AGG 1'023'387 1.62 24'600 31.01.2013 Investment Advisor

FINLAND STATE PENSIO n/a Research 918'000 1.45 - 30.11.2012 Government

MANDATUM LIFE INSURA n/a Co File 792'522 1.25 - 31.12.2011 Insurance Company

NORDSTJERNAN AB n/a Co File 709'356 1.12 - 31.12.2011 Venture Capital

SIGRID JUSELIUS FOUN n/a Research 638'500 1.01 - 30.11.2012 Other

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 634'817 1 (144'728) 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 628'998 0.99 38'789 31.12.2012 Unclassified

FONDITA FUNDS n/a Research 595'000 0.94 - 30.11.2012 Mutual Fund Manager

FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 580'500 0.92 15'500 31.01.2013 Investment Advisor

FOLKHALSAN n/a Research 535'600 0.85 - 30.11.2012 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 528'148 0.83 5'192 31.12.2012 Investment Advisor

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 523'500 0.83 - 31.10.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

FIM SANNA KAJE hold 3 M 26 12 month 04.02.2013

Pohjola Bank Plc (ESN) PEKKA SPOLANDER reduce 2 M 24 12 month 01.02.2013

SEB Enskilda TOMI RAILO buy 5 U 29 Not Provided 01.02.2013

Carnegie TIMO HEINONEN hold 3 M #N/A N/A Not Provided 01.02.2013

Nordea Equity Research JAN KAIJALA hold 3 M 26 12 month 01.02.2013

Handelsbanken TOM SKOGMAN accumulate 4 M 27 12 month 01.02.2013

DNB Markets CHRISTER MAGNERGARD sell 1 M 20 Not Provided 01.02.2013

Evli Bank Plc ELINA RIUTTA reduce 2 M 23 12 month 01.02.2013

ABG Sundal Collier JOHAN EDVARDSSON hold 3 M 23 6 month 31.01.2013

Pareto Securities JARI HARJUNPAA hold 3 M 26 6 month 31.01.2013

INDERES JUHA KINNUNEN reduce 2 M 24 Not Provided 31.01.2013

Deutsche Bank ANETTE LUOMANPERA hold 3 M 24 12 month 22.01.2013

Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 31 6 month 22.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

CA Cheuvreux JOHAN ELIASON outperform 5 M 28 Not Provided 25.10.2012

Swedbank ERKKI VESOLA reduce 2 M 23 12 month 25.10.2012

Danske Markets ANTTI SUTTELIN hold 3 M 24 12 month 24.10.2012

HSBC JUERGEN SIEBRECHT underweight 1 N 21 Not Provided 17.10.2012

ICECAPITAL Markets LAURI LEINO hold 3 M 22 6 month 22.07.2010

Holdings By:

Konecranes OYJ ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 228: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Ladbrokes PLC has diversified interests in betting ventures. The Company

operates betting shops and call centers in the UK, Ireland, and Belgium.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (20.02.2013) 233.70

52-Week Low (06.03.2012) 147.90

Daily Volume

223

52-Week High % Change -4.58% Dividend Yield 3.99

52-Week Low % Change 50.78% Beta 0.89

% 52 Week Price Range High/Low 87.53% Equity Float 885.65

Shares Out 01.02.2013 908.7 Short Int -

2'026.42 1 Yr Total Return 55.89%

Total Debt 406.30 YTD Return 12.46%

Preferred Stock 0.0 Adjusted BETA 0.893

Minority Interest 1.3 Analyst Recs 25

Cash and Equivalents 19.40 Consensus Rating 3.040

Enterprise Value 2'414.62

Average Volume 5 Day 3'881'471

LAD LN EQUITY YTD Change - Average Volume 30 Day 2'658'644

LAD LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'229'709

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'151.2 1'032.2 980.1 976.1 1'084.4 - - 1'149.7 1'214.3 - -

1.91x 1.87x 1.64x 1.67x 2.02x - - 2.07x 1.90x - -

376.4 271.6 230.7 237.7 288.2 - - 260.1 277.5 - -

5.86x 7.11x 6.96x 6.88x 7.60x - - 9.28x 8.70x - -

200.7 74.4 348.3 118.2 190.3 - - 160.6 177.4 - -

5.93x 7.05x 2.96x 10.00x 9.44x - - 12.97x 11.80x - -

EBITDA 288.20 Long-Term Rating Date 23.02.2006

EBIT 233.20 Long-Term Rating BB

Operating Margin 21.50% Long-Term Outlook STABLE

Pretax Margin 18.51% Short-Term Rating Date -

Return on Assets 18.12% Short-Term Rating -

Return on Common Equity 52.35%

Return on Capital 27.08% EBITDA/Interest Exp. 9.61

Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 7.92

Net Debt/EBITDA 1.34

Gross Margin 34.3% Total Debt/EBITDA 1.41

EBITDA Margin 26.6%

EBIT Margin 21.5% Total Debt/Equity 96.5%

Net Income Margin 17.5% Total Debt/Capital 49.0%

Asset Turnover 1.03

Current Ratio 0.64 Net Fixed Asset Turnover 5.21

Quick Ratio 0.13 Accounts receivable turnover-days -

Debt to Assets 38.23% Inventory Days -

Tot Debt to Common Equity 96.51% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Ladbrokes PLCPrice/Volume

Valuation Analysis

5'262'063.00

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

'

2'

-''

-2'

.''

.2'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9.!' 91!' 93!' 95!' 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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 229: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SCHRODER INVESTMENT Multiple Portfolios REG 127'659'086 14.05 426'374 02.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 101'039'696 11.12 (4'549'312) 02.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 88'085'339 9.69 (3'169'113) 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 78'140'719 8.6 (1'399'797) 02.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 38'920'765 4.28 8'363'025 26.02.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 38'485'124 4.24 80'359 31.01.2013 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 36'688'912 4.04 - 02.01.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios REG 36'503'358 4.02 - 02.01.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios REG 28'135'623 3.1 - 02.01.2013 Investment Advisor

INVESCO LTD Multiple Portfolios REG 27'073'853 2.98 (588'626) 02.01.2013 Investment Advisor

JP MORGAN PRIVATE BA Multiple Portfolios REG 26'755'461 2.94 - 02.01.2013 Unclassified

M&G INVESTMENT MANAG Multiple Portfolios REG 26'565'476 2.92 (3'869'048) 02.01.2013 Investment Advisor

IGNIS INVESTMENT SER n/a RNS-MAJ 26'522'404 2.92 (1) 13.04.2012 Investment Advisor

AXA INVESTMENT MANAG Multiple Portfolios REG 19'108'604 2.1 (151'000) 02.01.2013 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 18'495'188 2.04 506'756 02.01.2013 Investment Advisor

LIONTRUST n/a ULT-AGG 18'050'067 1.99 - 02.01.2013 Unclassified

AVIVA INVESTORS Multiple Portfolios REG 16'638'110 1.83 1'180'871 02.01.2013 Investment Advisor

BANK OF NEW YORK MEL n/a RNS-RUL8 15'840'152 1.74 100 04.10.2011 Investment Advisor

MELLON CAPITAL MANAG Multiple Portfolios REG 15'575'935 1.71 647'755 02.01.2013 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios REG 12'982'820 1.43 2'826'889 02.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs NICK EDELMAN Sell/Neutral 1 M 197 12 month 27.02.2013

Nomura RICHARD STUBER neutral 3 M 203 Not Provided 26.02.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 26.02.2013

Morgan Stanley VAUGHAN LEWIS Underwt/In-Line 1 M 175 12 month 22.02.2013

Goodbody Stockbrokers Ltd GAVIN KELLEHER hold 3 M 215 12 month 22.02.2013

Natixis MATTHIEU DETROYAT reduce 2 M 175 Not Provided 22.02.2013

Gabelli & Co AMIT KAPOOR buy 5 M #N/A N/A Not Provided 22.02.2013

Barclays ED BIRKIN equalweight 3 M 216 Not Provided 22.02.2013

Investec JAMES HOLLINS buy 5 M 250 12 month 21.02.2013

Shore Capital Stockbrokers KARL BURNS hold 3 M #N/A N/A Not Provided 21.02.2013

Canaccord Genuity Corp SIMON DAVIES buy 5 M 255 Not Provided 21.02.2013

Daniel Stewart & Co MICHAEL CAMPBELL sell 1 M 225 12 month 21.02.2013

Numis Securities Ltd IVOR JONES add 4 M 265 Not Provided 21.02.2013

Oriel Securities Ltd JEFFREY HARWOOD hold 3 M #N/A N/A Not Provided 21.02.2013

Panmure Gordon & Co Limited SIMON FRENCH hold 3 M 195 Not Provided 21.02.2013

AlphaValue BERENICE LACROIX reduce 2 D 235 6 month 21.02.2013

JPMorgan MATTHEW WEBB underweight 1 M 160 6 month 19.02.2013

Deutsche Bank RICHARD CARTER buy 5 M 256 12 month 28.01.2013

Peel Hunt NICHOLAS BATRAM hold 3 M 179 Not Provided 25.01.2013

Credit Suisse MATTHEW GERARD underperform 1 M 147 Not Provided 24.01.2013

Exane BNP Paribas ROBERTA CIACCIA neutral 3 M 168 Not Provided 28.08.2012

Jefferies JAMES WHEATCROFT hold 3 M 160 12 month 03.08.2012

Davy DAVID JENNINGS neutral 3 D #N/A N/A Not Provided 06.07.2012

Prosdocimi TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.04.2010

Holdings By:

Ladbrokes PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 230: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Logitech International S.A. manufactures personal computer input devices. The

Company produces computer mice which help the user move the cursor around the

computer screen quickly, trackballs, game controllers, keyboards, PC video

cameras, and multimedia speakers. The Company sells its products worldwide.

Latest Fiscal Year: 03/2012

LTM as of: 12/yy

52-Week High (22.05.2012) 9.91

52-Week Low (01.02.2013) 6.03

Daily Volume

6.36

52-Week High % Change -35.83% Dividend Yield -

52-Week Low % Change 5.47% Beta 1.19

% 52 Week Price Range High/Low 8.50% Equity Float 145.52

Shares Out 31.12.2012 173.1 Short Int -

1'100.96 1 Yr Total Return -9.86%

Total Debt 0.00 YTD Return -8.23%

Preferred Stock 0.0 Adjusted BETA 1.191

Minority Interest 0.0 Analyst Recs 16

Cash and Equivalents 478.37 Consensus Rating 2.563

Enterprise Value 862.50

Average Volume 5 Day 717'224

LOGN SE EQUITY YTD Change - Average Volume 30 Day 1'294'272

LOGN SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'080'147

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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'370.5 2'208.8 1'966.7 2'362.9 2'316.2 2'331.9 2'162.8 2'145.9 2'054.5 475.7 442.5

2.14x 0.61x 1.31x 1.17x 0.35x 2.80x 2.32x 0.39x 0.39x 1.82x 2.06x

335.9 182.4 151.0 218.6 144.5 119.5 116.7 125.3 144.0 21.9 (4.3)

15.09x 7.44x 17.02x 12.61x 5.56x 8.15x 8.50x 6.88x 5.99x 10.81x 10.03x

231.0 107.0 65.0 128.5 71.5 45.9 (163.9) 64.2 82.1 8.0 (11.0)

19.95x 17.19x 44.61x 24.74x 19.02x 28.94x 0.00x 21.93x 14.59x - -

EBITDA 144.48 Long-Term Rating Date -

EBIT 71.98 Long-Term Rating -

Operating Margin 3.11% Long-Term Outlook -

Pretax Margin 3.94% Short-Term Rating Date -

Return on Assets -9.42% Short-Term Rating -

Return on Common Equity -16.72%

Return on Capital - EBITDA/Interest Exp. 323.23

Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 216.28

Net Debt/EBITDA -2.76

Gross Margin 33.5% Total Debt/EBITDA 0.00

EBITDA Margin 5.4%

EBIT Margin -7.5% Total Debt/Equity 0.0%

Net Income Margin 3.1% Total Debt/Capital 0.0%

Asset Turnover 1.24

Current Ratio 2.18 Net Fixed Asset Turnover 25.87

Quick Ratio 1.44 Accounts receivable turnover-days 49.35

Debt to Assets 0.00% Inventory Days 73.95

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 93.63

Accounts Receivable Turnover 7.42 Cash Conversion Cycle 36.24

Inventory Turnover 4.95

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Logitech International SAPrice/Volume

Valuation Analysis

774'663.00

Current Price (2/dd/yy) Market Data

'

.

1

3

5

-'

-.

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 231: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

LOGITECH INTERNATION n/a EXCH 15'111'187 8.73 (25'743) 04.01.2013 Unclassified

MORGAN STANLEY n/a ULT-AGG 12'754'367 7.37 (169'415) 31.12.2012 Investment Advisor

BOREL DANIEL n/a Form 4 11'397'944 6.58 - 06.09.2012 n/a

CAPITAL GROUP COMPAN n/a ULT-AGG 9'619'094 5.56 - 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 8'524'642 4.92 33'492 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 5'986'336 3.46 (257'959) 26.02.2013 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 4'231'897 2.44 676'059 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 4'185'433 2.42 910'366 31.12.2012 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 4'148'006 2.4 1'381'719 31.01.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 3'476'391 2.01 (55'871) 28.12.2012 Mutual Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'280'000 1.89 1'280'000 30.12.2012 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 3'164'411 1.83 (101'412) 31.12.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'400'000 1.39 900'000 30.06.2012 Pension Fund (ERISA)

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'817'333 1.05 (9'370) 31.12.2012 Investment Advisor

THOMPSON SIEGEL & WA THOMPSON SIEGEL & WA 13F 1'761'859 1.02 (928'547) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'637'468 0.95 (230'617) 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'372'688 0.79 (174'809) 28.12.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'369'484 0.79 842'271 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 1'348'600 0.78 (59'800) 31.12.2012 Investment Advisor

ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'294'100 0.75 7'000 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Exane BNP Paribas ALEXANDER PETERC outperform 5 M 9 Not Provided 26.02.2013

AlphaValue HEINZ STEFFEN reduce 2 D 7 6 month 21.02.2013

Goldman Sachs ALEXANDER DUVAL neutral/neutral 3 M 7 12 month 30.01.2013

Credit Suisse FELIX REMMERS underperform 1 M 5 Not Provided 30.01.2013

CA Cheuvreux CHRISTOPH WIRTZ underperform 1 M 5 Not Provided 30.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 29.01.2013

Zuercher Kantonalbank ANDREAS MUELLER market perform 3 M #N/A N/A Not Provided 25.01.2013

Avondale Partners LLC JOHN F BRIGHT market perform 3 D 6 Not Provided 25.01.2013

Bank Vontobel AG MICHAEL FOETH hold 3 M 7 Not Provided 25.01.2013

Helvea STEFAN GAECHTER neutral 3 M 7 12 month 25.01.2013

Barclays ANDREW M GARDINER underweight 1 M 6 Not Provided 25.01.2013

Morgan Stanley ANDREW HUMPHREY Equalwt/No Rating 3 M 8 12 month 24.01.2013

JPMorgan PAUL T COSTER underweight 1 M 7 9 month 24.01.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 24.01.2013

Raymond James TAVIS C MCCOURT market perform 3 M #N/A N/A Not Provided 24.01.2013

Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 10.01.2013

Holdings By:

Logitech International SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 232: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

London Stock Exchange Group plc is the United Kingdom's primary stock exchange.

The LSE provides markets that facilitate the raising of capital and the trading

of corporate securities, access to a trading environment, as well as real-time

pricing and reference information services worldwide. Market coverage includes

equities, derivatives and fixed-interest securities.

Latest Fiscal Year: 03/2012

LTM as of: 12/yy

52-Week High (25.02.2013) 1'403.00

52-Week Low (06.03.2012) 864.00

Daily Volume

1321

52-Week High % Change -5.84% Dividend Yield 2.17

52-Week Low % Change 52.89% Beta 1.17

% 52 Week Price Range High/Low 84.79% Equity Float 173.84

Shares Out 30.09.2012 271.1 Short Int -

3'581.35 1 Yr Total Return 50.90%

Total Debt 262.10 YTD Return 21.42%

Preferred Stock 0.0 Adjusted BETA 1.173

Minority Interest 72.9 Analyst Recs 18

Cash and Equivalents 216.00 Consensus Rating 3.167

Enterprise Value 4'128.55

Average Volume 5 Day 340'767

LSE LN EQUITY YTD Change - Average Volume 30 Day 420'421

LSE LN EQUITY YTD % CHANGE - Average Volume 3 Month 369'420

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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

546.4 671.4 621.8 667.2 806.7 701.4 733.6 819.9 903.3 209.0 212.0

7.18x 3.14x 3.88x 3.88x 3.62x 0.00x 0.00x 4.95x 4.49x - -

337.4 424.4 347.4 387.6 478.8 0.0 0.0 467.0 468.2 - -

11.63x 4.96x 6.94x 6.68x 6.10x 0.00x 0.00x 8.84x 8.82x - -

168.3 (338.0) 90.4 151.6 522.0 0.0 0.0 290.1 241.5 - -

17.07x - 21.03x 14.75x 5.34x 0.00x 0.00x 14.27x 14.81x - -

EBITDA 478.80 Long-Term Rating Date 13.03.2012

EBIT 383.50 Long-Term Rating A- *-

Operating Margin 47.54% Long-Term Outlook -

Pretax Margin 79.30% Short-Term Rating Date 01.07.2011

Return on Assets 0.40% Short-Term Rating A-2

Return on Common Equity 42.48%

Return on Capital 29.83% EBITDA/Interest Exp. 8.31

Asset Turnover 0.01% (EBITDA-Capex)/Interest Exp. 8.02

Net Debt/EBITDA 0.99

Gross Margin 94.3% Total Debt/EBITDA 1.47

EBITDA Margin 57.6%

EBIT Margin 43.2% Total Debt/Equity 19.0%

Net Income Margin 64.7% Total Debt/Capital 15.3%

Asset Turnover 0.01

Current Ratio 1.00 Net Fixed Asset Turnover 11.87

Quick Ratio 0.00 Accounts receivable turnover-days 36.09

Debt to Assets 0.26% Inventory Days -

Tot Debt to Common Equity 19.04% Accounts Payable Turnover Day -

Accounts Receivable Turnover 10.14 Cash Conversion Cycle -145.09

Inventory Turnover -

Fiscal Year Ended

London Stock Exchange Group PLCPrice/Volume

Valuation Analysis

273'919.00

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

'

.''

1''

3''

5''

-'''

-.''

-1''

-3''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 233: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BORSE DUBAI LTD Multiple Portfolios REG 55'966'856 20.64 - 01.11.2012 Holding Company

FMR LLC n/a ULT-AGG 41'598'251 15.34 2'094'659 31.12.2012 Investment Advisor

QATAR INVESTMENT AUT Multiple Portfolios REG 40'883'184 15.08 - 01.11.2012 Government

Paulson Partners LP Multiple Portfolios REG 8'750'265 3.23 (157'380) 01.11.2012 Unclassified

LEGAL & GENERAL n/a ULT-AGG 8'365'296 3.09 (469'643) 01.11.2012 Unclassified

ROYAL BANK OF CANADA n/a ULT-AGG 7'886'155 2.91 758'882 01.11.2012 Bank

LINDSELL TRAIN INVES Multiple Portfolios REG 5'775'283 2.13 (2'644'640) 01.11.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 5'103'279 1.88 500'000 01.11.2012 Government

BLACKROCK n/a ULT-AGG 4'809'653 1.77 (810'225) 26.02.2013 Investment Advisor

Societe Generale Sec Multiple Portfolios REG 4'485'305 1.65 (1'050) 01.11.2012 Unclassified

UBS n/a ULT-AGG 3'607'847 1.33 2'266'426 01.11.2012 Unclassified

CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 3'363'543 1.24 14'732 31.12.2012 Mutual Fund Manager

DEKABANK DEUTSCHE GI Multiple Portfolios REG 3'306'477 1.22 3'244'082 01.11.2012 Bank

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 3'279'313 1.21 3'279'313 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'181'882 1.17 54'825 31.12.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios REG 3'075'077 1.13 823'373 01.11.2012 Mutual Fund Manager

JP MORGAN n/a ULT-AGG 2'995'311 1.1 (992'107) 31.12.2012 Unclassified

HENDERSON GLOBAL INV Multiple Portfolios REG 2'942'552 1.09 1'130'513 01.11.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios REG 2'474'302 0.91 231'695 01.11.2012 Investment Advisor

PRIVATE INDIVIDUALS Multiple Portfolios REG 2'430'723 0.9 51'136 01.11.2012 Other

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets PETER K LENARDOS outperform 5 M 1'300 12 month 27.02.2013

BMO Capital Markets JILLIAN MILLER market perform 3 M 1'100 Not Provided 25.02.2013

Macquarie NEIL WELCH neutral 3 M 1'267 12 month 21.02.2013

AlphaValue CHRISTOPHE NIJDAM reduce 2 M 1'182 6 month 21.02.2013

Numis Securities Ltd JAMES HAMILTON hold 3 M 1'136 Not Provided 18.02.2013

Barclays DANIEL R GARROD overweight 5 M 1'500 Not Provided 15.02.2013

HSBC JOHANNES THORMANN neutral 3 D 1'300 Not Provided 29.01.2013

Espirito Santo Investment Bank ResearchPHILIP DOBBIN buy 5 M 1'315 Not Provided 25.01.2013

Goldman Sachs CHRIS M. TURNER Sell/Neutral 1 M 1'110 12 month 24.01.2013

JPMorgan RAE MAILE underweight 1 M 1'050 9 month 24.01.2013

Berenberg Bank RICHARD PERROTT hold 3 M 1'150 Not Provided 21.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013

Credit Suisse GURJIT KAMBO outperform 5 M 1'030 Not Provided 19.11.2012

Morgan Stanley BRUCE HAMILTON restricted #N/A N/A M #N/A N/A Not Provided 16.11.2012

Keefe, Bruyette & Woods TOM MILLS market perform 3 M 1'010 12 month 16.11.2012

Nomura TEAM COVERAGE neutral 3 M 967 Not Provided 12.03.2012

Holdings By:

London Stock Exchange Group PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 234: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Lonmin PLC is a mineral resources group. The Group produces Platinum and other

Platinum group metals such as Palladium and Rhodium. The Company's operations

are located in the district of Marikana, near Rustenberg, in the North West

Province of South Africa.

Latest Fiscal Year: 09/2012

LTM as of: 01/yy

52-Week High (29.02.2012) 607.43

52-Week Low (09.11.2012) 226.96

Daily Volume

345.2

52-Week High % Change -43.17% Dividend Yield 0.00

52-Week Low % Change 52.10% Beta 1.40

% 52 Week Price Range High/Low 31.08% Equity Float 511.81

Shares Out 04.02.2013 568.6 Short Int -

1'962.65 1 Yr Total Return -41.16%

Total Debt 736.00 YTD Return 21.46%

Preferred Stock 0.0 Adjusted BETA 1.398

Minority Interest 257.0 Analyst Recs 24

Cash and Equivalents 315.00 Consensus Rating 2.750

Enterprise Value 3'655.73

Average Volume 5 Day 1'701'327

LMI LN EQUITY YTD Change - Average Volume 30 Day 3'007'987

LMI LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'512'153

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

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 - -

2'231.0 1'062.0 1'585.0 1'992.0 1'614.0 - - 1'611.5 2'009.9 - -

3.16x 5.35x 3.82x 2.00x 1.55x - - 1.90x 1.52x - -

1'046.0 (2.0) 383.0 409.0 776.0 - - 167.1 410.8 - -

6.75x 2841.63x 15.82x 9.73x 3.23x - - 21.88x 8.90x - -

455.0 (285.0) 112.0 273.0 (410.0) - - 19.3 171.8 - -

13.91x - 46.10x 12.20x - - - 654.67x 19.62x - -

EBITDA 776.00 Long-Term Rating Date -

EBIT 50.00 Long-Term Rating -

Operating Margin 3.10% Long-Term Outlook -

Pretax Margin -43.25% Short-Term Rating Date -

Return on Assets -8.65% Short-Term Rating -

Return on Common Equity -15.13%

Return on Capital - EBITDA/Interest Exp. 17.24

Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 8.27

Net Debt/EBITDA 0.54

Gross Margin - Total Debt/EBITDA 0.95

EBITDA Margin 48.1%

EBIT Margin 3.1% Total Debt/Equity 29.6%

Net Income Margin -25.4% Total Debt/Capital 21.1%

Asset Turnover 0.34

Current Ratio 1.37 Net Fixed Asset Turnover 0.59

Quick Ratio 0.73 Accounts receivable turnover-days 13.04

Debt to Assets 15.92% Inventory Days -

Tot Debt to Common Equity 29.58% Accounts Payable Turnover Day -

Accounts Receivable Turnover 28.07 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lonmin PLCPrice/Volume

Valuation Analysis

1'113'087.00

Current Price (2/dd/yy) Market Data

'

-''

.''

0''

1''

2''

3''

4''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9.!' 91!' 93!' 95!' 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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

'.!-'!.''6 '.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 235: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

XSTRATA PLC Multiple Portfolios REG 49'826'225 8.76 - 01.12.2012 Corporation

OLD MUTUAL n/a ULT-AGG 17'658'006 3.11 (6'456'174) 01.12.2012 Unclassified

M&G INVESTMENT MANAG Multiple Portfolios REG 16'558'975 2.91 1'649'773 01.12.2012 Investment Advisor

OLD MUTUAL INVESTMEN n/a RNS-MAJ 14'826'599 2.61 (3'068'233) 23.11.2012 Investment Advisor

INVESTEC ASSET MANAG n/a RNS-MAJ 10'427'028 1.83 - 03.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 6'994'440 1.23 549'729 31.01.2013 Unclassified

BOCAGE CAPITAL LLC n/a Short (5'969'820) -1.05 (397'988) 18.01.2013 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'413'037 0.95 1'241'833 31.12.2012 Investment Advisor

NOMURA INTERNATIONAL n/a Short (4'775'862) -0.84 (1'705'665) 05.12.2012 Investment Advisor

SUNRISE PARTNERS LP n/a Short (4'377'874) -0.77 (1'080'255) 07.11.2012 Hedge Fund Manager

GUEVOURA FUND LTD n/a Short (3'809'319) -0.67 - 06.12.2012 Mutual Fund Manager

ODEY ASSET MANAGEMEN n/a Short (3'411'326) -0.6 (284'277) 25.02.2013 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (2'899'627) -0.51 (113'711) 25.02.2013 Hedge Fund Manager

INVESTEC FUND GROUP Multiple Portfolios MF-AGG 2'531'389 0.45 1'176'289 30.09.2012 Investment Advisor

OCCITAN MASTER FUND n/a Short (2'501'639) -0.44 397'988 11.01.2013 Investment Advisor

NEDCOR BANK MGMT CO Multiple Portfolios MF-AGG 2'380'621 0.42 474'241 30.09.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 2'253'376 0.4 713'817 01.12.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 2'198'640 0.39 2'169'296 01.12.2012 Government

SARASIN n/a ULT-AGG 2'047'739 0.36 534'773 28.12.2012 Unclassified

UBS n/a ULT-AGG 1'768'712 0.31 688'620 01.12.2012 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Exane BNP Paribas ROMY KRUGER neutral 3 M 270 Not Provided 27.02.2013

AlphaValue SACHIN KUMAR sell 1 M 240 6 month 21.02.2013

Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 395 12 month 11.02.2013

SBG Securities JUSTIN FRONEMAN buy 5 M 400 12 month 11.02.2013

Credit Suisse NIHAL SHAH neutral 3 D 350 Not Provided 08.02.2013

Deutsche Bank GRANT SPORRE hold 3 U 361 12 month 06.02.2013

NOAH Capital Markets MICHAEL KAVANAGH hold 3 N 345 12 month 01.02.2013

BMO Capital Markets EDWARD STERCK market perform 3 M 300 Not Provided 31.01.2013

Societe Generale ABHISHEK SHUKLA sell 1 M 38 12 month 31.01.2013

RBC Capital Markets TIMOTHY HUFF underperform 1 M 260 12 month 31.01.2013

JPMorgan STEVE SHEPHERD overweight 5 U 410 9 month 31.01.2013

Panmure Gordon & Co Limited ALISON TURNER buy 5 M 506 Not Provided 31.01.2013

Morgan Stanley CHRISTOPHER NICHOLSON Equalwt/In-Line 3 M 336 12 month 24.01.2013

CIBC World Markets LEON ESTERHUIZEN sector underperform 1 M 117 Not Provided 17.01.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 17.01.2013

Goldman Sachs EUGENE KING sell/attractive 1 M 200 12 month 10.01.2013

Barclays ANDREW BYRNE equalweight 3 M 275 Not Provided 22.11.2012

Nomura TYLER BRODA buy 5 U 457 Not Provided 19.11.2012

Liberum Capital Ltd BEN DAVIS sell 1 M #N/A N/A Not Provided 09.11.2012

Investec MARC ELLIOTT not rated #N/A N/A M #N/A N/A Not Provided 06.11.2012

BNP Paribas Cadiz Securities NIC DINHAM hold 3 M 271 12 month 01.11.2012

Redburn Partners SIMON TOYNE sell 1 M #N/A N/A Not Provided 31.10.2012

Renaissance Capital EMMA TOWNSHEND hold 3 M 1'037 Not Provided 10.11.2011

Holdings By:

Lonmin PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 236: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

L E Lundbergforetagen AB is a real estate and investment company. The Company

owns, develops, rents out, and manages commercial and residential properties

located in central Sweden. Lundbergs is also a long term investor in mostly

publicly traded Swedish companies. The Company takes an active ownership role

in the companies. Moreover Lundbergs is engaged in securities trading.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (20.02.2013) 274.80

52-Week Low (14.06.2012) 194.60

Daily Volume

267.4

52-Week High % Change -2.69% Dividend Yield -

52-Week Low % Change 37.41% Beta 0.82

% 52 Week Price Range High/Low 90.77% Equity Float -

Shares Out 30.09.2012 76.0 Short Int -

33'157.60 1 Yr Total Return 18.87%

Total Debt 14'136.00 YTD Return 16.31%

Preferred Stock 0.0 Adjusted BETA 0.816

Minority Interest 21'650.0 Analyst Recs 3

Cash and Equivalents 1'198.00 Consensus Rating 3.333

Enterprise Value 66'610.60

Average Volume 5 Day 119'196

LUNDB SS EQUITY YTD Change - Average Volume 30 Day 57'886

LUNDB SS EQUITY YTD % CHANGE - Average Volume 3 Month 62'953

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

22'350.0 21'073.0 21'171.0 22'604.0 21'618.0 22'603.0 21'617.0 20'719.0 20'871.0 - -

2.22x 2.46x 2.97x 2.59x - 2.59x 0.00x - - - -

3'971.0 4'586.0 3'529.0 4'876.0 4'751.0 6'066.0 4'940.0 5'517.0 5'608.0 - -

12.49x 11.29x 17.82x 12.02x - 9.66x 0.00x 12.07x 11.88x - -

(2'244.0) 1'588.0 2'483.0 5'116.0 3'241.0 5'117.0 3'241.0 1'243.0 988.0 - -

- 14.17x 12.48x 4.92x 8.80x 4.93x 8.80x 38.53x 45.40x - -

EBITDA 4'751.00 Long-Term Rating Date 08.06.2007

EBIT 3'225.00 Long-Term Rating A+

Operating Margin 14.92% Long-Term Outlook STABLE

Pretax Margin 20.17% Short-Term Rating Date 24.01.2001

Return on Assets 3.69% Short-Term Rating A-1

Return on Common Equity 9.70%

Return on Capital - EBITDA/Interest Exp. 9.17

Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 2.47

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin 22.9%

EBIT Margin 16.7% Total Debt/Equity 0.0%

Net Income Margin 15.0% Total Debt/Capital 21.5%

Asset Turnover 0.25

Current Ratio 0.74 Net Fixed Asset Turnover 0.56

Quick Ratio 0.42 Accounts receivable turnover-days -

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lundbergforetagen ABPrice/Volume

Valuation Analysis

61'497.00

Current Price (2/dd/yy) Market Data

'

2'

-''

-2'

.''

.2'

0''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!. 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'!''

02!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 237: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

LUNDBERG FREDRIK n/a Co File 66'158'000 87.05 - 23.02.2012 n/a

MARTINSON KATARINA n/a Co File 9'338'602 12.29 - 23.02.2012 n/a

LINDH LOUISE n/a Co File 9'338'602 12.29 - 23.02.2012 n/a

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 2'399'783 3.16 190'052 31.01.2013 Investment Advisor

CARNEGIE FONDER AB/S n/a Co File 1'748'000 2.3 - 23.02.2012 Investment Advisor

SEB FONDER AB n/a Co File 1'748'000 2.3 - 23.02.2012 Mutual Fund Manager

ALECTA PENSIONSFORSA n/a Co File 1'672'000 2.2 - 23.02.2012 Pension Fund (ERISA)

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'632'148 2.15 (250'000) 31.12.2012 Investment Advisor

PLACERINGSFOND SMABO n/a Co File 1'216'000 1.6 - 23.02.2012 n/a

SEB n/a ULT-AGG 1'070'416 1.41 (173'265) 31.12.2012 Unclassified

HANDELSBANKEN FONDER n/a Co File 1'064'000 1.4 - 23.02.2012 Investment Advisor

SKANDIA FONDER AB n/a Co File 608'000 0.8 - 23.02.2012 Mutual Fund Manager

PRI FORSAKRINGSBOLAG n/a Co File 608'000 0.8 - 23.02.2012 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 404'645 0.53 8'740 31.12.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 265'730 0.35 5'807 31.12.2012 Investment Advisor

BENNET CARL n/a Co File 200'000 0.26 - 23.02.2012 n/a

CATELLA FONDFORVALTN Multiple Portfolios MF-AGG 122'070 0.16 800 31.12.2012 Investment Advisor

CARLSON FONDER AB Multiple Portfolios MF-AGG 110'994 0.15 125 31.01.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 95'760 0.13 - 31.12.2012 Investment Advisor

SPILTAN FONDER AB Multiple Portfolios MF-AGG 95'754 0.13 - 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs MARKUS IWAR Sell/Neutral 1 M 239 12 month 22.02.2013

Handelsbanken ELIAS PORSE accumulate 4 M 250 12 month 15.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013

Carnegie JOHAN SJOBERG hold 3 M #N/A N/A Not Provided 30.09.2011

Holdings By:

Lundbergforetagen AB ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 238: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Mapfre SA offers insurance services. Through subsidiaries, the Company offers

health, life, homeowner's, commercial, industrial risk, burial, accident,

automobile, and third-party liability insurance policies. Mapfre operates in

Europe and the Americas.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (29.02.2012) 2.64

52-Week Low (25.07.2012) 1.29

Daily Volume

2.454

52-Week High % Change -6.94% Dividend Yield -

52-Week Low % Change 90.82% Beta 0.97

% 52 Week Price Range High/Low 86.45% Equity Float 1'086.41

Shares Out 31.12.2012 3'079.6 Short Int -

7'557.22 1 Yr Total Return 1.60%

Total Debt 5'225.76 YTD Return 6.00%

Preferred Stock 0.0 Adjusted BETA 0.967

Minority Interest 2'325.8 Analyst Recs 22

Cash and Equivalents 1'018.04 Consensus Rating 2.636

Enterprise Value 14'090.78

Average Volume 5 Day 8'713'176

MAP SQ EQUITY YTD Change - Average Volume 30 Day 8'508'184

MAP SQ EQUITY YTD % CHANGE - Average Volume 3 Month 11'809'300

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

14'844.0 16'011.4 17'165.6 19'867.6 20'030.3 16'500.2 20'049.1 20'878.7 21'774.3 - -

0.66x 0.69x 0.49x 0.57x 0.68x 2.78x 2.35x 0.55x - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

900.7 926.9 933.5 963.0 665.7 963.0 665.7 970.5 1'018.1 - -

7.15x 8.97x 6.63x 7.75x 10.51x 7.85x 10.47x 7.69x 7.46x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating BBB-

Operating Margin 8.25% Long-Term Outlook NEG

Pretax Margin 6.85% Short-Term Rating Date -

Return on Assets 1.19% Short-Term Rating -

Return on Common Equity 8.96%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 66.9%

Net Income Margin 3.3% Total Debt/Capital 34.0%

Asset Turnover 0.36

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 9.17% Inventory Days -

Tot Debt to Common Equity 66.91% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mapfre SAPrice/Volume

Valuation Analysis

6'480'694.00

Current Price (2/dd/yy) Market Data

'

-

-

.

.

0

0

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 239: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FUNDACION MAPFRE n/a Research 1'990'232'865 64.63 - 06.02.2012 Other

BANCO FINANCIERO Y D n/a Research 461'691'489 14.99 - 06.02.2012 Bank

STEADFAST CAPITAL MA n/a Short (18'477'319) -0.6 - 02.11.2012 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'081'575 0.46 304'556 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 13'051'147 0.42 1'556'262 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 9'529'791 0.31 55'419 26.02.2013 Investment Advisor

ZADIG GESTION (LUXEM Multiple Portfolios MF-AGG 6'056'185 0.2 1'028'514 31.10.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'496'231 0.15 474'315 31.12.2012 Investment Advisor

SHELTER INSURANCE GR n/a ULT-AGG 4'128'000 0.13 - 30.09.2012 Insurance Company

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 2'883'405 0.09 - 28.09.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'692'660 0.09 (2'026'700) 31.12.2012 Investment Advisor

PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 2'642'837 0.09 - 31.08.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 2'107'305 0.07 - 30.11.2012 Bank

BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 1'964'812 0.06 (19'369) 29.02.2012 Investment Advisor

OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'643'815 0.05 - 31.10.2012 Investment Advisor

STATE STREET n/a ULT-AGG 1'597'011 0.05 636'605 27.02.2013 Investment Advisor

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 1'496'050 0.05 - 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'436'543 0.05 (156'889) 31.01.2013 Investment Advisor

ABANTE ASESORES GEST Multiple Portfolios MF-AGG 1'206'958 0.04 - 31.12.2012 Investment Advisor

LA FRANCAISE AM INTE Multiple Portfolios MF-AGG 1'198'630 0.04 856'630 31.10.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 26.02.2013

Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ buy 5 M 3 12 month 18.02.2013

NMAS 1 Agencia de Valores RODRIGO VAZQUEZ strong buy 5 M 3 6 month 13.02.2013

Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 2 Not Provided 12.02.2013

Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 3 12 month 11.02.2013

CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 2 Not Provided 07.02.2013

Oddo & Cie NAZIH BOUGUECHA neutral 3 M 3 Not Provided 07.02.2013

Berenberg Bank SAMI TAIPALUS hold 3 M 3 Not Provided 07.02.2013

Banesto Bolsa SA Sociedad ALFREDO DEL CERRO neutral 3 M 3 12 month 07.02.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 2 12 month 07.02.2013

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 2 12 month 06.02.2013

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 2 3 month 05.02.2013

Barclays CLAUDIA GASPARI equalweight 3 M 3 Not Provided 04.02.2013

Credit Suisse RICHARD BURDEN neutral 3 M 3 Not Provided 14.01.2013

Raymond James RAPHAEL CARUSO underperform 1 M 2 Not Provided 27.12.2012

Banco Sabadell MARIA PAZ OJEDA sell 1 D 2 Not Provided 07.11.2012

La Caixa DAVID FERNANDEZ underweight 1 D 2 Not Provided 13.09.2012

BBVA SILVIA RIGOL CARNEIRO outperform 5 U 3 Not Provided 20.07.2012

Societe Generale EMMANUELLE CALES sell 1 N 2 12 month 31.05.2012

Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 3 Not Provided 04.08.2010

Nomura TEAM COVERAGE reduce 2 M 3 Not Provided 06.11.2008

Holdings By:

Mapfre SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 240: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Marine Harvest is a Norwegian based fish farming plant, raising mainly Atlantic

salmon. The Company operates hatcheries, processes and packages fish, as well

as sells and markets the products. Marine Harvest operates in Canada, Norway

and Scotland. The Company sells salmon worldwide through its sales companies in

Norway, Canada, the United Kingdom and the United States.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (27.02.2013) 6.00

52-Week Low (06.03.2012) 2.62

Daily Volume

5.98

52-Week High % Change -0.25% Dividend Yield -

52-Week Low % Change 128.24% Beta 1.08

% 52 Week Price Range High/Low 99.56% Equity Float 2'271.05

Shares Out 31.12.2012 3'581.1 Short Int -

21'415.22 1 Yr Total Return 99.33%

Total Debt 5'716.30 YTD Return 16.80%

Preferred Stock 0.0 Adjusted BETA 1.077

Minority Interest 69.0 Analyst Recs 16

Cash and Equivalents 335.30 Consensus Rating 4.625

Enterprise Value 26'865.22

Average Volume 5 Day 12'679'580

MHG NO EQUITY YTD Change - Average Volume 30 Day 14'703'340

MHG NO EQUITY YTD % CHANGE - Average Volume 3 Month 16'069'600

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

13'486.9 14'500.2 15'191.4 16'132.8 15'463.5 16'132.9 15'463.6 16'750.0 19'617.5 3'670.9 4'153.4

0.85x 1.40x 1.80x 0.98x 1.59x 5.08x 5.38x 1.64x 1.39x 7.27x 6.35x

2'599.5 2'566.8 3'849.4 3'560.2 1'215.3 3'562.1 1'215.5 3'058.9 4'125.2 654.3 852.6

4.40x 7.89x 7.10x 4.44x 20.27x 4.44x 20.27x 8.78x 6.51x 8.90x 7.82x

(2'852.6) 1'296.3 3'078.0 1'115.7 408.6 1'116.7 408.8 1'571.2 2'399.3 311.3 473.9

- 11.54x 7.17x 8.30x 46.56x 8.21x 47.24x 14.20x 9.49x 14.69x 12.15x

EBITDA 1'215.30 Long-Term Rating Date -

EBIT 537.60 Long-Term Rating -

Operating Margin 3.48% Long-Term Outlook -

Pretax Margin 5.10% Short-Term Rating Date -

Return on Assets 1.77% Short-Term Rating -

Return on Common Equity 3.65%

Return on Capital 3.50% EBITDA/Interest Exp. 3.17

Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 1.26

Net Debt/EBITDA 4.43

Gross Margin 37.5% Total Debt/EBITDA 4.70

EBITDA Margin 7.9%

EBIT Margin 3.5% Total Debt/Equity 49.2%

Net Income Margin 2.6% Total Debt/Capital 32.8%

Asset Turnover 0.67

Current Ratio 2.94 Net Fixed Asset Turnover 3.74

Quick Ratio 0.10 Accounts receivable turnover-days -

Debt to Assets 24.55% Inventory Days 30.34

Tot Debt to Common Equity 49.19% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 12.75

Inventory Turnover 12.06

Fiscal Year Ended

Marine Harvest ASAPrice/Volume

Valuation Analysis

17'677'143.00

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

'

-

.

0

1

2

3

4

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

14'000.0

16'000.0

18'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 241: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

GEVERAN TRADING CO L n/a EXCH 872'993'302 24.38 - 18.02.2013 Corporation

STATE STREET n/a ULT-AGG 317'333'268 8.86 - 27.02.2013 Investment Advisor

GOVERNMENT PENSION F n/a EXCH 313'216'895 8.75 - 18.02.2013 Government

MORGAN STANLEY n/a ULT-AGG 257'072'196 7.18 - 18.02.2013 Investment Advisor

CLEARSTREAM BANKING n/a EXCH 105'263'137 2.94 - 18.02.2013 Bank

ALLIANZ ASSET MANAGE n/a ULT-AGG 87'784'022 2.45 16'368'248 31.10.2012 Investment Advisor

FRIENDMALL LTD n/a EXCH 80'524'404 2.25 - 18.02.2013 Unclassified

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 67'417'708 1.88 4'574'325 31.01.2013 Investment Advisor

DNB NORBANK ASA n/a EXCH 66'835'227 1.87 - 18.02.2013 Bank

BANK OF NEW YORK MEL n/a EXCH 40'143'840 1.12 - 18.02.2013 Investment Advisor

GOLDMAN SACHS & CO n/a EXCH 37'618'452 1.05 - 18.02.2013 Investment Advisor

STATOILS PENSJONSKAS n/a EXCH 36'782'996 1.03 - 18.02.2013 Pension Fund (ERISA)

JP MORGAN CHASE BANK n/a EXCH 33'164'013 0.93 - 18.02.2013 Investment Advisor

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 32'202'972 0.9 (317'864) 31.01.2013 Investment Advisor

VARMA MUTUAL PENSION n/a EXCH 31'500'000 0.88 - 18.02.2013 Insurance Company

DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 30'354'935 0.85 23'800 28.09.2012 Investment Advisor

WEST COAST INVEST AS n/a EXCH 30'012'000 0.84 - 18.02.2013 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 29'700'578 0.83 617'064 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 27'972'159 0.78 - 18.02.2013 Unclassified

EUROCLEAR BANK SA n/a EXCH 26'490'191 0.74 - 18.02.2013 Bank

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Pareto Securities HENNING LUND buy 5 M 7 6 month 21.02.2013

ABG Sundal Collier GEORG LIASJO buy 5 M 6 6 month 07.02.2013

Carnegie MARIUS GAARD buy 5 M #N/A N/A Not Provided 07.02.2013

Fondsfinans AS BENT ROLLAND buy 5 M 6 Not Provided 07.02.2013

Nordea Equity Research KOLBJORN GISKEODEGARD buy 5 M 6 12 month 07.02.2013

SEB Enskilda PEDER STRAND hold 3 M 6 Not Provided 06.02.2013

Rabobank International PATRICK ROQUAS buy 5 M 6 Not Provided 06.02.2013

Handelsbanken KJETIL LYE buy 5 M 6 12 month 06.02.2013

SpareBank 1 Markets AS GEIR KRISTIANSEN buy 5 M 6 12 month 06.02.2013

DNB Markets KNUT-IVAR BAKKEN buy 5 M 7 Not Provided 06.02.2013

Arctic Securities ASA THOMAS LORCK buy 5 M 7 Not Provided 06.02.2013

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 U 7 12 month 06.02.2013

Swedbank First Securities HENNING C STEFFENRUD buy 5 M 6 Not Provided 06.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013

Equita SIM SpA GIANMARCO BONAICNA buy 5 N 7 12 month 16.01.2013

Norne Securities AS ANDERS GJENDEMSJO buy 5 M 6 12 month 10.01.2013

Holdings By:

Marine Harvest ASA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 242: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Meda AB is a specialty pharmaceutical company. The Company imports and markets

pharmaceuticals, nutritional, and health-care products, and offers services

including clinical research, registration, and logistics. Meda's products are

sold in the Nordic countries and in the Baltic states on behalf of foreign

manufacturers. The Company markets to wholesale dealers and hospitals.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (23.01.2013) 76.45

52-Week Low (11.04.2012) 59.60

Daily Volume

73.45

52-Week High % Change -3.92% Dividend Yield -

52-Week Low % Change 23.24% Beta 0.84

% 52 Week Price Range High/Low 82.20% Equity Float -

Shares Out 26.02.2013 302.2 Short Int -

22'199.75 1 Yr Total Return 21.48%

Total Debt 14'947.00 YTD Return 9.71%

Preferred Stock 0.0 Adjusted BETA 0.839

Minority Interest (4.0) Analyst Recs 11

Cash and Equivalents 194.00 Consensus Rating 4.000

Enterprise Value 36'952.75

Average Volume 5 Day 772'602

MEDAA SS EQUITY YTD Change - Average Volume 30 Day 981'424

MEDAA SS EQUITY YTD % CHANGE - Average Volume 3 Month 870'050

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

10'675.0 13'178.0 11'571.0 12'856.0 12'991.0 12'857.0 12'991.0 13'345.1 14'094.0 3'361.7 3'406.3

2.91x 2.44x 2.44x 2.97x 2.69x 11.01x 10.76x 2.68x 2.38x 10.98x 10.77x

3'425.0 4'387.0 4'306.0 4'683.0 3'935.0 4'649.0 3'935.0 4'027.8 4'572.1 1'027.3 989.2

9.08x 7.32x 6.55x 8.16x 8.89x 8.22x 8.89x 9.17x 8.08x 9.41x -

954.0 1'539.0 1'444.0 1'616.0 1'209.0 1'616.0 1'209.0 2'389.9 2'665.8 447.0 458.0

15.06x 12.67x 10.72x 13.39x 16.74x 13.39x 16.74x 9.97x 8.24x 21.32x -

EBITDA 3'935.00 Long-Term Rating Date -

EBIT 1'791.00 Long-Term Rating -

Operating Margin 13.79% Long-Term Outlook -

Pretax Margin 9.57% Short-Term Rating Date -

Return on Assets 3.21% Short-Term Rating -

Return on Common Equity 8.04%

Return on Capital - EBITDA/Interest Exp. 7.79

Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 7.59

Net Debt/EBITDA 3.75

Gross Margin 61.2% Total Debt/EBITDA 3.80

EBITDA Margin 30.3%

EBIT Margin 13.8% Total Debt/Equity 98.9%

Net Income Margin 9.3% Total Debt/Capital 49.7%

Asset Turnover 0.35

Current Ratio 0.98 Net Fixed Asset Turnover 16.18

Quick Ratio 0.04 Accounts receivable turnover-days -

Debt to Assets 40.89% Inventory Days 134.72

Tot Debt to Common Equity 98.90% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 123.62

Inventory Turnover 2.72

Fiscal Year Ended

Meda ABPrice/Volume

Valuation Analysis

504'283.00

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

'

-'

.'

0'

1'

2'

3'

4'

5'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 243: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

STENA SESSAN REDERI n/a Research 68'741'898 22.74 779'000 29.06.2012 Corporation

SWEDBANK ROBUR FONDE n/a Research 15'423'140 5.1 - 23.01.2013 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 8'985'791 2.97 26'900 31.12.2012 Investment Advisor

AMF PENSION n/a Research 8'590'634 2.84 - 29.06.2012 Pension Fund (ERISA)

SEB FONDER AB n/a Research 8'485'123 2.81 - 29.06.2012 Mutual Fund Manager

ALECTA PENSIONSFORSA n/a Research 8'000'000 2.65 - 29.06.2012 Pension Fund (ERISA)

AMF FONDER AB Multiple Portfolios MF-AGG 7'290'634 2.41 (50'000) 31.12.2012 Investment Advisor

SSB CL OMNIBUS FUNDS n/a Research 7'287'741 2.41 - 29.06.2012 n/a

B&E PARTICIPATION AB n/a Research 6'955'000 2.3 - 29.06.2012 Other

SKANDIA FONDER AB n/a Research 6'588'545 2.18 - 29.06.2012 Mutual Fund Manager

HANDELSBANKEN FONDER n/a Research 5'890'695 1.95 - 29.06.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'059'318 1.67 (933'573) 31.01.2013 Investment Advisor

LONNER ANDERS n/a Research 4'950'000 1.64 80'000 29.06.2012 n/a

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 4'605'482 1.52 1'513'446 31.12.2012 Investment Advisor

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 4'403'439 1.46 35'709 31.12.2012 Investment Advisor

ENTER FONDER AB Multiple Portfolios MF-AGG 3'547'100 1.17 150'300 31.12.2012 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 3'373'126 1.12 (536'774) 31.01.2013 Investment Advisor

CATELLA FONDFORVALTN Multiple Portfolios MF-AGG 3'147'728 1.04 1'008'304 31.12.2012 Investment Advisor

MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 3'076'500 1.02 174'211 30.11.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'768'905 0.92 - 31.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

SEB Enskilda LARS HEVRENG hold 3 M 76 Not Provided 25.02.2013

Credit Suisse LUISA HECTOR outperform 5 M 88 Not Provided 20.02.2013

Carnegie KRISTOFER LILJEBERG buy 5 M #N/A N/A Not Provided 20.02.2013

Nordea Equity Research ERIK HULTGARD sell 1 M 64 12 month 20.02.2013

Handelsbanken HANS MAHLER buy 5 M 100 12 month 20.02.2013

Pareto Securities YILMAZ MAHSHID buy 5 M 90 6 month 20.02.2013

Danske Markets MATTIAS HAGGBLOM buy 5 M 85 12 month 20.02.2013

ABG Sundal Collier PETER HUGREFFE buy 5 M 100 6 month 19.02.2013

Swedbank JOHAN UNNERUS reduce 2 D 69 12 month 24.01.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Meda AB ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 244: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Mediaset S.p.A. operates television broadcasting, television production, signal

broadcasting management, and music production businesses. The Company owns and

operates Italian television stations Canale 5, Italia 1, and Retequattro.

Mediaset also produces and markets music record albums, sells advertising time,

and operates Internet portals and a library of television rights.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.03.2012) 2.35

52-Week Low (14.06.2012) 1.14

Daily Volume

1.657

52-Week High % Change -29.61% Dividend Yield -

52-Week Low % Change 44.84% Beta 1.13

% 52 Week Price Range High/Low 42.40% Equity Float 636.42

Shares Out 30.09.2012 1'181.2 Short Int -

1'957.29 1 Yr Total Return -19.91%

Total Debt 1'906.30 YTD Return 6.49%

Preferred Stock 0.0 Adjusted BETA 1.127

Minority Interest 817.4 Analyst Recs 28

Cash and Equivalents 209.40 Consensus Rating 2.214

Enterprise Value 4'408.89

Average Volume 5 Day 27'609'990

MS IM EQUITY YTD Change - Average Volume 30 Day 22'928'850

MS IM EQUITY YTD % CHANGE - Average Volume 3 Month 24'809'960

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

4'032.8 4'146.9 3'815.0 4'253.6 4'208.2 4'258.1 3'841.3 3'727.9 3'594.0 1'046.3 -

2.32x 1.50x 2.15x 1.76x 1.17x 6.22x 3.64x 1.22x 1.21x 4.33x -

2'143.1 2'143.7 1'782.1 1'995.1 1'827.3 1'881.3 1'328.1 1'344.9 1'348.9 160.0 -

4.36x 2.89x 4.61x 3.75x 2.71x 2.80x 0.00x 3.28x 3.27x - -

506.8 459.0 272.4 352.2 225.0 326.2 13.1 (12.1) 12.1 (4.0) -

15.34x 10.20x 23.84x 14.60x 10.69x 8.17x 97.40x - 97.47x - -

EBITDA 1'827.30 Long-Term Rating Date -

EBIT 539.60 Long-Term Rating -

Operating Margin 12.82% Long-Term Outlook -

Pretax Margin 10.91% Short-Term Rating Date -

Return on Assets 1.41% Short-Term Rating -

Return on Common Equity 4.30%

Return on Capital - EBITDA/Interest Exp. 41.53

Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 37.61

Net Debt/EBITDA 1.01

Gross Margin - Total Debt/EBITDA 1.16

EBITDA Margin 41.0%

EBIT Margin 8.7% Total Debt/Equity 76.9%

Net Income Margin 5.3% Total Debt/Capital 36.6%

Asset Turnover 0.54

Current Ratio 0.53 Net Fixed Asset Turnover 6.67

Quick Ratio 0.43 Accounts receivable turnover-days 96.03

Debt to Assets 24.83% Inventory Days -

Tot Debt to Common Equity 76.92% Accounts Payable Turnover Day -

Accounts Receivable Turnover 3.81 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mediaset SpAPrice/Volume

Valuation Analysis

10'962'259.00

Current Price (2/dd/yy) Market Data

'

-

-

.

.

0

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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!''

0!2'

1!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 245: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FININVEST SPA n/a EXCH 472'573'702 40.01 - 20.11.2012 Corporation

MEDIASET SPA n/a EXCH 44'827'585 3.79 - 20.11.2012 Corporation

MACKENZIE FINANCIAL n/a EXCH 40'634'227 3.44 - 20.11.2012 Investment Advisor

GRANTHAM MAYO VAN OT n/a EXCH 24'026'168 2.03 - 20.11.2012 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 18'260'240 1.55 169'760 30.06.2012 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (13'111'626) -1.11 (236'246) 10.01.2013 Hedge Fund Manager

EGERTON CAPITAL LIMI n/a Short (12'166'644) -1.03 (2'244'333) 26.02.2013 Hedge Fund Manager

JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 12'044'851 1.02 - 31.12.2012 Investment Advisor

MARSHALL WACE LLP n/a Short (10'276'680) -0.87 (1'299'350) 26.02.2013 Hedge Fund Manager

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 9'270'774 0.78 (18'024) 31.01.2013 Mutual Fund Manager

SUNRISE PARTNERS LP n/a Short (9'095'452) -0.77 - 07.11.2012 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'268'812 0.7 (2'679'136) 31.12.2012 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 6'867'400 0.58 (7'582) 31.12.2012 Investment Advisor

OXFORD ASSET MANAGEM n/a Short (5'906'138) -0.5 - 15.11.2012 Investment Advisor

HEADWATERS HOLDINGS n/a Short (5'906'138) -0.5 1'181'227 27.11.2012 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 5'576'335 0.47 - 31.03.2012 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 5'144'402 0.44 5'144'402 31.01.2013 Investment Advisor

ODEY ASSET MANAGEMEN n/a Short (4'606'787) -0.39 - 17.01.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 4'580'000 0.39 - 31.12.2012 Investment Advisor

HIGHBRIDGE CAPITAL M n/a Short (3'779'928) -0.32 (3'189'314) 22.02.2013 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Liberum Capital Ltd IAN WHITTAKER sell 1 M 1 Not Provided 21.02.2013

Nomura WILLIAM MAIRS reduce 2 M 1 12 month 15.02.2013

AlphaValue VERONIQUE CABIOC'H add 4 M 2 6 month 14.02.2013

Berenberg Bank SARAH SIMON buy 5 M 3 Not Provided 13.02.2013

Mediobanca SpA FABIO PAVAN neutral 3 M 1 6 month 07.02.2013

Banca IMI LAURA CARMIGNANI reduce 2 M 1 12 month 07.02.2013

Equita SIM SpA STEFANO GAMBERINI reduce 2 M 2 12 month 06.02.2013

Exane BNP Paribas ADRIEN DE SAINT HILAIRE neutral 3 M 2 Not Provided 05.02.2013

Barclays JULIEN ROCH underweight 1 M 2 Not Provided 24.01.2013

Deutsche Bank LAURIE DAVISON hold 3 D 2 12 month 18.01.2013

Societe Generale LAURENT PICARD sell 1 M 2 12 month 17.01.2013

Credit Suisse OMAR SHEIKH outperform 5 U 3 Not Provided 17.01.2013

Banca Akros(ESN) ANDREA DEVITA hold 3 M 1 12 month 17.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 D 2 9 month 15.01.2013

Goldman Sachs LISA YANG Sell/Neutral 1 M 1 12 month 09.01.2013

Espirito Santo Investment Bank ResearchGIASONE SALATI buy 5 M 2 Not Provided 08.01.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 1 12 month 07.01.2013

Kepler Capital Markets DANIELE RIDOLFI reduce 2 M 1 Not Provided 29.11.2012

S&P Capital IQ ALEXANDER WISCH sell 1 M 1 12 month 15.11.2012

Centrobanca ORIANA CARDANI sell 1 M 1 12 month 14.11.2012

Natixis JEROME BODIN reduce 2 M 1 Not Provided 13.11.2012

ICBPI STEFANO VULPIANI not rated #N/A N/A M #N/A N/A Not Provided 25.10.2012

HSBC LUIGI MINERVA underweight 1 M 1 Not Provided 06.08.2012

Morgan Stanley JULIEN ROSSI Underwt/Attractive 1 M 1 12 month 03.08.2012

CA Cheuvreux MARCO BACCAGLIO underperform 1 M 1 Not Provided 06.06.2012

Holdings By:

Mediaset SpA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 246: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Mediobanca S.p.A. is an investment bank in Italy, offering advisory services to

domestic and international customers, and providing finance in its various forms

from more traditional bank credit to the most sophisticated solutions available

on capital markets. Banking activities on the retail side include consumer

credit and mortgages offered alongside deposit gathering and wealth management.

Latest Fiscal Year: 06/2012

LTM as of: 12/yy

52-Week High (28.01.2013) 5.66

52-Week Low (25.07.2012) 2.34

Daily Volume

4.75

52-Week High % Change -16.08% Dividend Yield -

52-Week Low % Change 102.99% Beta 1.04

% 52 Week Price Range High/Low 72.59% Equity Float 758.58

Shares Out 31.12.2012 861.1 Short Int -

4'090.36 1 Yr Total Return -1.75%

Total Debt 54'736.87 YTD Return 1.89%

Preferred Stock 0.0 Adjusted BETA 1.042

Minority Interest 109.4 Analyst Recs 13

Cash and Equivalents 29.74 Consensus Rating 3.308

Enterprise Value 49'064.06

Average Volume 5 Day 8'960'054

MB IM EQUITY YTD Change - Average Volume 30 Day 5'865'471

MB IM EQUITY YTD % CHANGE - Average Volume 3 Month 6'428'371

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

3'429.9 3'879.2 3'451.7 3'394.6 3'440.6 3'344.6 3'003.6 1'816.1 1'922.4 - -

16.39x 15.70x 17.73x 17.79x 16.78x 70.79x 73.91x - - - -

2'810.0 3'079.5 2'633.2 2'511.7 2'605.0 2'478.0 2'110.3 715.0 764.0 - -

20.00x 19.78x 23.25x 24.04x 22.17x 23.10x 23.21x 68.62x 64.22x - -

1'014.8 2.4 400.9 368.6 80.9 169.1 141.3 392.0 520.8 - -

8.64x 2828.33x 12.81x 16.24x 34.74x 23.39x 26.31x 10.22x 7.55x - -

EBITDA 2'605.05 Long-Term Rating Date 10.02.2012

EBIT - Long-Term Rating BBB+

Operating Margin 12.21% Long-Term Outlook NEG

Pretax Margin 5.98% Short-Term Rating Date 10.02.2012

Return on Assets 0.20% Short-Term Rating A-2

Return on Common Equity 2.13%

Return on Capital 0.23% EBITDA/Interest Exp. -

Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA 21.26

Gross Margin - Total Debt/EBITDA 25.58

EBITDA Margin 70.3%

EBIT Margin - Total Debt/Equity 829.5%

Net Income Margin 2.4% Total Debt/Capital 89.1%

Asset Turnover 0.04

Current Ratio - Net Fixed Asset Turnover 5.93

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 69.57% Inventory Days -

Tot Debt to Common Equity 829.50% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mediobanca SpAPrice/Volume

Valuation Analysis

13'008'262.00

Current Price (2/dd/yy) Market Data

'

-

.

0

1

2

3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

4'000.0

4'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 247: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

UNICREDIT SPA n/a Research 74'616'846 8.67 - 30.01.2013 Bank

FINANCIERE DU PERGUE n/a Research 43'306'188 5.03 - 30.01.2013 Corporation

GROUPAMA VIE n/a Research 27'073'902 3.14 - 30.01.2013 Insurance Company

FONDIARIA-SAI SPA n/a Research 27'056'680 3.14 - 30.01.2013 Insurance Company

MEDIOLANUM SPA n/a Research 22'673'532 2.63 - 30.01.2013 Other

ITALMOBILIARE SPA n/a Research 22'570'197 2.62 - 30.01.2013 Holding Company

FONDAZIONE CASSA RIS n/a Research 22'010'463 2.56 - 30.01.2013 Other

EDIZIONE HOLDING SPA n/a Research 18'626'225 2.16 - 30.01.2013 Holding Company

FININVEST SPA n/a Research 17'739'262 2.06 - 30.01.2013 Corporation

FONDAZIONE CASSA RIS n/a Research 17'222'584 2 (9'782'428) 31.01.2013 Bank

GROUPAMA SA n/a Research 15'362'545 1.78 - 30.01.2013 Insurance Company

BLACKROCK n/a ULT-AGG 9'991'431 1.16 17'894 26.02.2013 Investment Advisor

PROTO ORGANIZATION n/a Research 9'472'421 1.1 - 17.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'248'825 1.07 157'966 31.12.2012 Investment Advisor

MEDIOLANUM VITA SPA n/a Research 6'458'469 0.75 - 30.01.2013 Unclassified

MILANO ASSICURAZIONI n/a Research 3'108'676 0.36 - 30.01.2013 Insurance Company

FINSAI INTERNATIONAL n/a Research 2'858'949 0.33 - 30.01.2013 Insurance Company

ARCA SGR SPA Multiple Portfolios MF-AGG 1'711'887 0.2 160'273 28.12.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 891'687 0.1 - 31.07.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 799'595 0.09 (107'200) 31.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Banca IMI MANUELA MERONI add 4 M 5 12 month 27.02.2013

Keefe, Bruyette & Woods RONNY REHN market perform 3 M 5 12 month 27.02.2013

CA Cheuvreux ALDO COMI underperform 1 M 4 Not Provided 27.02.2013

Equita SIM SpA MATTEO GHILOTTI hold 3 D 6 12 month 27.02.2013

Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 6 12 month 27.02.2013

ICBPI MARCO SALLUSTIO neutral 3 M 6 Not Provided 27.02.2013

Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 6 Not Provided 27.02.2013

Nomura DOMENICO SANTORO neutral 3 M 6 12 month 26.02.2013

Centrobanca GUGLIELMO MARCO OPIPARI hold 3 D 5 12 month 22.02.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 8 6 month 21.02.2013

Morgan Stanley FRANCESCA TONDI Underwt/In-Line 1 M 6 12 month 22.01.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013

Main First Bank AG ALBERTO SEGAFREDO buy 5 M 10 12 month 12.05.2011

Holdings By:

Mediobanca SpA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 248: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Michael Page International plc provides recruitment consultancy services. The

Group places candidates in permanent, contract, temporary, and interim

positions. Michael Page conducts operations in the United Kingdom, Europe,

Asia-Pacific, and the Americas, focusing on the areas of finance, marketing,

retail, sales, legal, technology, human resources, and various others.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (16.03.2012) 505.00

52-Week Low (13.07.2012) 337.50

Daily Volume

426.4

52-Week High % Change -15.56% Dividend Yield 2.35

52-Week Low % Change 26.34% Beta 1.17

% 52 Week Price Range High/Low 53.07% Equity Float 269.39

Shares Out 01.02.2013 304.4 Short Int -

1'297.79 1 Yr Total Return -3.57%

Total Debt 6.25 YTD Return 7.95%

Preferred Stock 0.0 Adjusted BETA 1.170

Minority Interest 0.0 Analyst Recs 24

Cash and Equivalents 64.42 Consensus Rating 3.000

Enterprise Value 1'265.38

Average Volume 5 Day 823'289

MPI LN EQUITY YTD Change - Average Volume 30 Day 697'099

MPI LN EQUITY YTD % CHANGE - Average Volume 3 Month 769'601

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

831.6 972.8 716.7 832.3 1'019.1 - - 977.4 994.6 - -

1.12x 0.61x 1.52x 2.05x 1.03x - - 1.27x 1.23x - -

156.9 146.6 32.0 82.6 97.8 - - 78.8 89.2 - -

5.94x 4.07x 34.01x 20.64x 10.70x - - 16.06x 14.19x - -

101.7 97.3 12.4 67.5 56.9 - - 42.7 49.1 - -

9.27x 7.09x 98.05x 25.64x 18.68x - - 30.68x 27.33x - -

EBITDA 97.78 Long-Term Rating Date -

EBIT 86.12 Long-Term Rating -

Operating Margin 8.45% Long-Term Outlook -

Pretax Margin 8.45% Short-Term Rating Date -

Return on Assets 12.54% Short-Term Rating -

Return on Common Equity 25.92%

Return on Capital 22.16% EBITDA/Interest Exp. 116.26

Asset Turnover 2.83% (EBITDA-Capex)/Interest Exp. 96.86

Net Debt/EBITDA -0.37

Gross Margin 54.3% Total Debt/EBITDA 0.28

EBITDA Margin 8.7%

EBIT Margin 7.5% Total Debt/Equity 3.5%

Net Income Margin 5.6% Total Debt/Capital 3.3%

Asset Turnover 2.83

Current Ratio 1.59 Net Fixed Asset Turnover 32.01

Quick Ratio 1.34 Accounts receivable turnover-days 61.00

Debt to Assets 1.79% Inventory Days -

Tot Debt to Common Equity 3.46% Accounts Payable Turnover Day 4.64

Accounts Receivable Turnover 6.00 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Michael Page International PLCPrice/Volume

Valuation Analysis

702'504.00

Current Price (2/dd/yy) Market Data

'

-''

.''

0''

1''

2''

3''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 249: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FMR LLC n/a ULT-AGG 65'627'987 21.56 (10'774'771) 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 33'850'040 11.12 5'270'670 01.02.2013 Investment Advisor

NOMAD INVESTMENT PAR n/a RNS-MAJ 21'552'513 7.08 3'285'000 11.04.2012 Investment Advisor

SLEEP ZAKARIA & COMP Multiple Portfolios REG 21'552'513 7.08 - 03.12.2012 Unclassified

ARTISAN PARTNERS HOL Multiple Portfolios REG 20'674'075 6.79 1'123'626 03.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 16'719'500 5.49 (3'944'919) 31.12.2012 Investment Advisor

LONE PINE CAPITAL LL Multiple Portfolios REG 15'935'738 5.24 - 03.12.2012 Hedge Fund Manager

MPI EMPLOYEE BENEFIT n/a RNS-MAJ 15'412'764 5.06 3'083'014 12.07.2012 n/a

BLACKROCK n/a ULT-AGG 15'279'215 5.02 - 26.02.2013 Investment Advisor

CAUSEWAY CAPITAL MAN n/a RNS-MAJ 15'218'870 5 - 30.01.2013 Investment Advisor

LLOYDS BANKING GROUP n/a ULT-AGG 15'108'375 4.96 41'681 03.12.2012 Investment Advisor

MICHAEL PAGE INTERNA Multiple Portfolios REG 13'788'535 4.53 (207'319) 03.12.2012 Unclassified

BAILLIE GIFFORD AND Multiple Portfolios REG 13'152'378 4.32 1'323'215 03.12.2012 Investment Advisor

STANDARD LIFE INVEST n/a RNS-MAJ 12'985'079 4.27 (1'867'057) 28.03.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 10'597'862 3.48 (276'357) 31.01.2013 Unclassified

KAMES CAPITAL PLC n/a RNS-MAJ 10'381'105 3.41 (1'844'808) 28.09.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios REG 10'239'271 3.36 398'910 03.12.2012 Mutual Fund Manager

AEGON n/a ULT-AGG 9'954'493 3.27 (2'836'791) 03.12.2012 Unclassified

LANSDOWNE PARTNERS n/a Short (9'496'019) -3.12 (304'359) 20.02.2013 Investment Advisor

UBS AG/LONDON #N/A N/A RNS-MAJ 9'450'522 3.11 - 21.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets DAVID GREENALL outperform 5 M 500 12 month 25.02.2013

JPMorgan ROBERT PLANT neutral 3 M 375 12 month 18.02.2013

Investec SEBASTIEN JANTET sell 1 D 394 12 month 04.02.2013

Peel Hunt HENRY CARVER hold 3 M 390 Not Provided 04.02.2013

Credit Suisse ANDY GROBLER underperform 1 M 375 Not Provided 30.01.2013

Exane BNP Paribas LAURENT BRUNELLE neutral 3 U 400 Not Provided 23.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Berenberg Bank KONRAD ZOMER hold 3 M 400 Not Provided 16.01.2013

Natixis OLIVIER LEBRUN reduce 2 M 270 Not Provided 16.01.2013

Numis Securities Ltd STEVE WOOLF add 4 M 450 Not Provided 16.01.2013

Oriel Securities Ltd HECTOR FORSYTHE hold 3 M 530 Not Provided 16.01.2013

Shore Capital Stockbrokers DAVID O'BRIEN sell 1 M #N/A N/A Not Provided 15.01.2013

Canaccord Genuity Corp JAMES GILBERT hold 3 M 375 Not Provided 15.01.2013

Panmure Gordon & Co Limited PAUL JONES sell 1 M 294 Not Provided 15.01.2013

Goldman Sachs CHARLES WILSON neutral/neutral 3 U 453 12 month 18.12.2012

Espirito Santo Investment Bank ResearchGUY HEWETT neutral 3 N 375 Not Provided 18.10.2012

Deutsche Bank THOMAS SYKES hold 3 M 350 12 month 17.10.2012

Barclays PAUL CHECKETTS underweight 1 M 340 Not Provided 09.10.2012

Jefferies KEAN MARDEN buy 5 M 460 12 month 08.10.2012

HSBC MATTHEW LLOYD overweight 5 M 450 Not Provided 11.09.2012

Charles Stanley Securities ANDY SMITH buy 5 M 500 Not Provided 19.07.2012

CA Cheuvreux HANS PLUIJGERS underperform 1 M 420 Not Provided 22.09.2010

Holdings By:

Michael Page International PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 250: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Mitie Group plc provides a variety of services to both owners and occupiers

of commercial and industrial properties. The Group divides its business into

two areas, building services and support services. Their building operations

encompass air conditioning, industrial painting, and engineering services, while

their support services include catering, cleaning, security, and waste services.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (08.11.2012) 303.00

52-Week Low (28.06.2012) 252.50

Daily Volume

281.7

52-Week High % Change -7.03% Dividend Yield 3.48

52-Week Low % Change 11.56% Beta 0.76

% 52 Week Price Range High/Low 57.82% Equity Float 365.08

Shares Out 01.02.2013 369.7 Short Int -

1'041.45 1 Yr Total Return 9.79%

Total Debt 168.40 YTD Return 7.15%

Preferred Stock 0.0 Adjusted BETA 0.762

Minority Interest 4.2 Analyst Recs 17

Cash and Equivalents 60.80 Consensus Rating 3.000

Enterprise Value 1'178.75

Average Volume 5 Day 651'418

MTO LN EQUITY YTD Change - Average Volume 30 Day 599'648

MTO LN EQUITY YTD % CHANGE - Average Volume 3 Month 648'548

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 - -

1'407.2 1'521.9 1'720.1 1'891.4 2'002.5 - - 2'174.0 2'324.6 - -

0.57x 0.40x 0.47x 0.43x 0.56x - - 0.58x 0.53x - -

86.8 98.0 114.9 136.9 141.7 - - 144.8 164.2 - -

9.16x 6.19x 7.02x 5.93x 7.93x - - 8.14x 7.18x - -

45.0 53.1 57.1 65.2 71.9 - - 85.0 94.3 - -

16.90x 11.21x 13.55x 10.56x 13.66x - - 11.89x 10.75x - -

EBITDA 141.70 Long-Term Rating Date -

EBIT 111.80 Long-Term Rating -

Operating Margin 5.58% Long-Term Outlook -

Pretax Margin 4.72% Short-Term Rating Date -

Return on Assets 6.15% Short-Term Rating -

Return on Common Equity 16.86%

Return on Capital 12.20% EBITDA/Interest Exp. 18.64

Asset Turnover 1.88% (EBITDA-Capex)/Interest Exp. 15.79

Net Debt/EBITDA 0.93

Gross Margin 15.8% Total Debt/EBITDA 1.34

EBITDA Margin 7.0%

EBIT Margin 5.5% Total Debt/Equity 40.9%

Net Income Margin 3.6% Total Debt/Capital 28.8%

Asset Turnover 1.88

Current Ratio 1.19 Net Fixed Asset Turnover 30.71

Quick Ratio 0.95 Accounts receivable turnover-days -

Debt to Assets 15.41% Inventory Days 1.28

Tot Debt to Common Equity 40.86% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 26.43

Inventory Turnover 285.66

Fiscal Year Ended

Mitie Group PLCPrice/Volume

Valuation Analysis

874'218.00

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

'

2'

-''

-2'

.''

.2'

0''

02'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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!''

-'!''

-.!''

-1!''

-3!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 251: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FMR LLC n/a ULT-AGG 82'358'608 22.28 (2'298'246) 02.01.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 35'411'000 9.58 - 02.01.2013 Investment Advisor

PRIVATE INDIVIDUALS Multiple Portfolios REG 28'056'949 7.59 (1'421'053) 02.01.2013 Other

MASSACHUSETTS FINANC Multiple Portfolios REG 25'209'806 6.82 (354'398) 02.01.2013 Investment Advisor

MAJEDIE ASSET MANAGE n/a RNS-MAJ 18'473'652 5 362'180 15.02.2013 Investment Advisor

AXA FRAMLINGTON INV Multiple Portfolios REG 17'965'859 4.86 - 02.01.2013 Investment Advisor

CO-OPERATIVE INSURAN n/a RNS-MAJ 17'752'112 4.8 - 19.11.2010 Insurance Company

LEGAL & GENERAL n/a ULT-AGG 14'696'133 3.98 (295'426) 31.01.2013 Unclassified

NEWTON INV MGMT Multiple Portfolios REG 9'289'784 2.51 1'081'033 02.01.2013 Mutual Fund Manager

NORGES BANK INVESTME Multiple Portfolios REG 8'237'659 2.23 (516'760) 02.01.2013 Government

DENVER INVESTMENT AD DENVER INVESTMENT AD 13F 8'110'641 2.19 4'902'038 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios REG 6'520'213 1.76 (1'272'378) 02.01.2013 Investment Advisor

BAE SYSTEMS PENSION Multiple Portfolios REG 6'389'355 1.73 - 02.01.2013 Pension Fund (ERISA)

HERONBRIDGE INVESTME Multiple Portfolios REG 6'212'253 1.68 (984'656) 02.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 4'387'628 1.19 (783'165) 02.01.2013 Investment Advisor

STATE TEACHERS RETIR Multiple Portfolios REG 4'250'791 1.15 - 02.01.2013 Pension Fund (ERISA)

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'017'999 1.09 100'564 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 3'903'600 1.06 574'630 26.02.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'808'632 1.03 322'085 26.02.2013 Investment Advisor

NEUBERGER BERMAN LLC Multiple Portfolios REG 3'799'692 1.03 (9'100) 02.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

HSBC ALEX MAGNI neutral 3 M 280 Not Provided 27.02.2013

Goldman Sachs MAYAN UTHAYAKUMAR neutral/neutral 3 M 360 6 month 20.02.2013

Investec ANDREW GIBB buy 5 M 330 12 month 28.01.2013

Oriel Securities Ltd HECTOR FORSYTHE add 4 M 315 Not Provided 28.01.2013

Panmure Gordon & Co Limited ANDY BROWN buy 5 M 310 Not Provided 28.01.2013

Peel Hunt CHRISTOPHER BAMBERRY sell 1 M 250 Not Provided 25.01.2013

Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 245 Not Provided 25.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Credit Suisse EUGENE KLERK underperform 1 D 250 Not Provided 15.01.2013

Liberum Capital Ltd WILLIAM SHIRLEY sell 1 M 240 Not Provided 09.01.2013

RBC Capital Markets ANDREW BROOKE sector perform 3 U 260 12 month 05.12.2012

Jefferies KEAN MARDEN hold 3 M 300 12 month 28.11.2012

Barclays JANE SPARROW overweight 5 M 320 Not Provided 22.11.2012

Canaccord Genuity Corp JAMES GILBERT hold 3 M 270 Not Provided 21.11.2012

Arden Partners Ltd BEN THEFAUT buy 5 M #N/A N/A Not Provided 01.07.2010

Holdings By:

Mitie Group PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 252: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Mobimo Holding AG builds and renovates residential real estate and invests in

commercial real estate.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (06.08.2012) 228.00

52-Week Low (05.03.2012) 205.56

Daily Volume

211.2

52-Week High % Change -7.37% Dividend Yield -

52-Week Low % Change 2.75% Beta 0.59

% 52 Week Price Range High/Low 25.15% Equity Float 5.58

Shares Out 31.12.2012 6.2 Short Int -

1'311.32 1 Yr Total Return 1.34%

Total Debt 1'062.91 YTD Return -3.52%

Preferred Stock 0.0 Adjusted BETA 0.590

Minority Interest 3.5 Analyst Recs 5

Cash and Equivalents 97.65 Consensus Rating 2.600

Enterprise Value 2'280.05

Average Volume 5 Day 15'765

MOBN SE EQUITY YTD Change - Average Volume 30 Day 12'762

MOBN SE EQUITY YTD % CHANGE - Average Volume 3 Month 11'857

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

197.2 258.7 177.3 230.0 252.4 - - 125.3 129.7 - -

6.14x 6.61x 10.81x 9.10x 9.22x - - 19.13x 19.26x - -

69.3 74.4 69.6 81.1 83.7 - - 96.2 97.0 - -

17.48x 22.97x 27.52x 25.80x 27.78x - - 23.69x 23.51x - -

45.0 62.5 66.0 80.5 76.3 - - 59.1 58.0 - -

13.65x 12.50x 15.35x 13.45x 17.75x - - 23.89x 24.59x - -

EBITDA 83.72 Long-Term Rating Date -

EBIT 81.44 Long-Term Rating -

Operating Margin 21.39% Long-Term Outlook -

Pretax Margin 37.11% Short-Term Rating Date -

Return on Assets 3.05% Short-Term Rating -

Return on Common Equity 6.44%

Return on Capital 3.38% EBITDA/Interest Exp. 3.05

Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -1.29

Net Debt/EBITDA 11.53

Gross Margin - Total Debt/EBITDA 12.70

EBITDA Margin 33.2%

EBIT Margin - Total Debt/Equity 88.8%

Net Income Margin 30.2% Total Debt/Capital 47.0%

Asset Turnover 0.10

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 42.20% Inventory Days -

Tot Debt to Common Equity 88.76% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mobimo Holding AGPrice/Volume

Valuation Analysis

24'176.00

Current Price (2/dd/yy) Market Data

'

2'

-''

-2'

.''

.2'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!' 9

!' 9

!' 9

!' 9

!- 9

!- 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 253: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

PENSIONSKASSE DES KA n/a Co File 209'861 3.38 - 31.12.2012 Other

MIGROS COOPERATIVE A n/a Co File 204'894 3.3 - 31.12.2012 Other

BLACKROCK n/a ULT-AGG 190'613 3.07 - 26.02.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 185'671 2.99 (23'328) 28.12.2012 Mutual Fund Manager

MEILI ALFRED n/a EXCH 134'560 2.17 (13'762) 01.02.2011 n/a

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 83'235 1.34 871 31.10.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 80'463 1.3 (26) 28.12.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 77'897 1.25 2'196 31.12.2012 Investment Advisor

REICHMUTH & CO n/a EXCH 41'500 0.67 - 09.07.2010 Investment Advisor

LEDERMANN URS n/a Co File 34'650 0.56 - 31.12.2012 n/a

IAM INDEPENDENT ASSE Multiple Portfolios MF-AGG 30'754 0.5 - 31.10.2012 Investment Advisor

FMR LLC n/a ULT-AGG 29'687 0.48 9'524 30.09.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 26'514 0.43 - 31.07.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 26'350 0.42 (188) 30.11.2012 Mutual Fund Manager

MIRABAUD & CIE Multiple Portfolios MF-AGG 25'622 0.41 (1'486) 29.06.2012 Mutual Fund Manager

SARASIN n/a ULT-AGG 20'154 0.32 20 30.11.2012 Unclassified

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 19'000 0.31 (6'000) 28.09.2012 Investment Advisor

JULIUS BAER ASSET MA Multiple Portfolios MF-AGG 12'147 0.2 - 31.12.2012 Mutual Fund Manager

PETERCAM SA Multiple Portfolios MF-AGG 11'800 0.19 1'800 30.12.2011 Mutual Fund Manager

KBC GROUP NV Multiple Portfolios MF-AGG 11'107 0.18 30 31.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013

Zuercher Kantonalbank MARKUS WAEBER market perform 3 D #N/A N/A Not Provided 16.01.2013

Kempen & Co ROBERT WOERDEMAN underweight 1 M 210 12 month 13.01.2013

Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 210 Not Provided 27.11.2012

Holdings By:

Mobimo Holding AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 254: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Modern Times Group is an international entertainment broadcasting group in

Europe. The Company broadcasts free TV, satellite premium pay TV, and commercial

radio.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (03.04.2012) 371.30

52-Week Low (26.10.2012) 195.80

Daily Volume

271.1

52-Week High % Change -26.99% Dividend Yield -

52-Week Low % Change 38.46% Beta 1.10

% 52 Week Price Range High/Low 42.91% Equity Float -

Shares Out 26.02.2013 60.9 Short Int -

18'296.85 1 Yr Total Return -13.81%

Total Debt 1'024.00 YTD Return 19.64%

Preferred Stock 0.0 Adjusted BETA 1.098

Minority Interest 188.0 Analyst Recs 19

Cash and Equivalents 748.00 Consensus Rating 3.579

Enterprise Value 18'760.85

Average Volume 5 Day 367'300

MTGB SS EQUITY YTD Change - Average Volume 30 Day 479'982

MTGB SS EQUITY YTD % CHANGE - Average Volume 3 Month 479'824

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

13'166.0 12'427.0 13'101.0 13'473.0 13'336.0 13'473.0 13'336.0 13'552.8 14'105.0 3'217.3 3'528.6

1.13x 2.04x 2.44x 1.73x 1.17x 8.04x 6.29x 1.34x 1.24x 5.77x 5.34x

2'260.0 5'158.0 2'266.0 (943.0) 1'842.0 0.0 571.0 1'845.3 2'085.8 287.0 507.0

6.56x 4.92x 14.13x - 8.45x 0.00x 0.00x 10.17x 8.99x 12.42x -

2'851.0 (2'033.0) 3'522.0 (1'327.0) 1'526.0 (1'327.0) 1'527.0 1'381.1 1'587.7 335.0 391.0

3.90x - 16.96x - 9.88x 0.00x 9.88x 13.08x 11.31x 13.02x -

EBITDA 1'842.00 Long-Term Rating Date 14.09.2006

EBIT 1'695.00 Long-Term Rating NR

Operating Margin 12.71% Long-Term Outlook -

Pretax Margin 15.25% Short-Term Rating Date -

Return on Assets 13.29% Short-Term Rating -

Return on Common Equity 33.66%

Return on Capital - EBITDA/Interest Exp. 54.18

Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. -9.41

Net Debt/EBITDA -

Gross Margin 40.8% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 12.7% Total Debt/Equity 20.7%

Net Income Margin 11.4% Total Debt/Capital 16.6%

Asset Turnover 1.16

Current Ratio 1.16 Net Fixed Asset Turnover 44.01

Quick Ratio 0.16 Accounts receivable turnover-days -

Debt to Assets 8.76% Inventory Days 74.51

Tot Debt to Common Equity 20.70% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 59.49

Inventory Turnover 4.91

Fiscal Year Ended

Modern Times Group ABPrice/Volume

Valuation Analysis

385'555.00

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

'

2'

-''

-2'

.''

.2'

0''

02'

1''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 255: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

KINNEVIK INVESTMENT n/a 13G 8'384'365 13.77 - 31.12.2012 Holding Company

CAPITAL GROUP COMPAN n/a ULT-AGG 3'674'300 6.03 (55'700) 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE n/a Research 3'569'994 5.86 - 30.11.2012 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 3'226'405 5.3 86'895 31.01.2013 Investment Advisor

LANNEBO FONDER AB n/a Research 2'552'798 4.19 (178'500) 29.06.2012 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 2'535'500 4.16 631'200 31.12.2012 Investment Advisor

AMF PENSION n/a Research 2'191'200 3.6 - 29.06.2012 Pension Fund (ERISA)

NORDEA FONDER AB n/a Research 2'169'477 3.56 - 29.06.2012 Investment Advisor

SHB/SPP FUNDS n/a Research 1'750'090 2.87 - 29.06.2012 Investment Advisor

1ST SWEDISH NATIONAL n/a Research 1'698'783 2.79 - 29.06.2012 Pension Fund (ERISA)

FMR LLC n/a ULT-AGG 1'288'945 2.12 (556'307) 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'226'288 2.01 (471'291) 31.01.2013 Investment Advisor

SEB FONDER AB n/a Research 1'206'657 1.98 - 29.06.2012 Mutual Fund Manager

GOVERNMENT OF NORWAY n/a Research 1'142'647 1.88 - 29.06.2012 Government

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'003'855 1.65 151'971 31.12.2012 Investment Advisor

ANDRA AP FONDEN n/a Research 1'000'575 1.64 - 29.06.2012 Pension Fund (ERISA)

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 918'626 1.51 - 31.07.2012 Investment Advisor

SKANDIA FONDER AB n/a Research 898'560 1.48 - 29.06.2012 Mutual Fund Manager

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 817'776 1.34 257'118 31.12.2012 Investment Advisor

4TH NAT SWEDISH PENS n/a Research 803'975 1.32 - 29.06.2012 Pension Fund (ERISA)

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue VERONIQUE CABIOC'H buy 5 M 363 6 month 21.02.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 20.02.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 280 12 month 15.02.2013

Carnegie MIKAEL LASEEN buy 5 M #N/A N/A Not Provided 14.02.2013

Nordea Equity Research JOHAN GRABE buy 5 M 290 12 month 14.02.2013

Handelsbanken RASMUS ENGBERG reduce 2 M 258 12 month 14.02.2013

Exane BNP Paribas ADRIEN DE SAINT HILAIRE outperform 5 M 310 Not Provided 14.02.2013

Danske Markets BILE DAAR buy 5 M 300 12 month 14.02.2013

Goldman Sachs LISA YANG Buy/Neutral 5 M 322 12 month 13.02.2013

JPMorgan FILIPPO PIETRO LO FRANCO underweight 1 M 271 9 month 13.02.2013

Jefferies WILL SMITH buy 5 M 300 12 month 13.02.2013

Pareto Securities SERGEJ KAZATCHENKO hold 3 D 270 6 month 13.02.2013

SEB Enskilda STEFAN NELSON buy 5 M 265 Not Provided 04.02.2013

Prime Predictions PETER LJUNGGREN strong buy 5 U 287 12 month 14.01.2013

CA Cheuvreux NIKLAS KRISTOFFERSSONN underperform 1 M 190 Not Provided 14.11.2012

Swedbank CHRISTIAN ANDERSON neutral 3 M 210 12 month 19.10.2012

ABG Sundal Collier ANDERS HILLERBORG hold 3 M 370 6 month 20.04.2012

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 N 343 12 month 14.11.2011

Alandsbanken Equities HUGO PETERSON neutral 3 M 472 12 month 20.10.2010

Holdings By:

Modern Times Group AB ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 256: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

National Bank of Greece S.A. offers retail and corporate banking services. The

Bank accepts deposits and offers loans, lease financing, mortgages, and

investing and insurance services to industrial, commercial, and consumer

clients. National Bank of Greece operates domestically and overseas.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (09.03.2012) 2.71

52-Week Low (26.02.2013) 0.89

Daily Volume

0.939

52-Week High % Change -65.35% Dividend Yield -

52-Week Low % Change 5.51% Beta 1.34

% 52 Week Price Range High/Low 2.69% Equity Float 870.13

Shares Out 30.09.2012 956.1 Short Int -

897.77 1 Yr Total Return -60.04%

Total Debt 37'573.71 YTD Return -27.21%

Preferred Stock - Adjusted BETA 1.336

Minority Interest 83.6 Analyst Recs 7

Cash and Equivalents 8'718.00 Consensus Rating 2.000

Enterprise Value -

Average Volume 5 Day 5'528'382

ETE GA EQUITY YTD Change - Average Volume 30 Day 4'309'703

ETE GA EQUITY YTD % CHANGE - Average Volume 3 Month 4'777'704

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

7'331.7 8'339.1 7'744.0 6'993.7 7'328.4 7'249.5 5'951.1 3'917.7 4'479.5 1'097.0 -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'625.3 1'546.0 922.6 405.5 (12'344.0) (1'199.4) (13'261.5) (296.8) (41.0) - -

16.15x 4.83x 12.23x 13.15x - 0.00x 0.00x - - - -

EBITDA - Long-Term Rating Date 15.06.2011

EBIT - Long-Term Rating CCC

Operating Margin -35.73% Long-Term Outlook NEG

Pretax Margin -35.70% Short-Term Rating Date 15.06.2011

Return on Assets -12.13% Short-Term Rating C

Return on Common Equity -

Return on Capital -32.32% EBITDA/Interest Exp. -

Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity -

Net Income Margin -269.2% Total Debt/Capital 100.7%

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 2.95

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 35.16% Inventory Days -

Tot Debt to Common Equity - Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

National Bank of Greece SAPrice/Volume

Valuation Analysis

6'613'960.00

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

'

-

-

.

.

0

0

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

-'!' 9

.'!' 9

0'!' 9

1'!' 9

2'!' 9

3'!' 9

4'!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 257: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

GREEK GOVERNMENT n/a EXCH 85'378'883 8.93 - 03.08.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'577'777 1 29'315 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 5'840'172 0.61 15'627 26.02.2013 Investment Advisor

ALPHA MUTUAL FUND MA Multiple Portfolios MF-AGG 4'155'861 0.43 (1'483'952) 31.12.2012 Investment Advisor

DIETHNIKI MUTUAL FUN Multiple Portfolios MF-AGG 3'773'696 0.39 515'666 28.09.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'100'930 0.22 - 31.07.2012 Investment Advisor

ALICO MFC Multiple Portfolios MF-AGG 1'307'000 0.14 (96'000) 31.12.2012 Investment Advisor

ATE MUTUAL FUND MANA Multiple Portfolios MF-AGG 830'000 0.09 (697'000) 31.12.2012 Mutual Fund Manager

ING PIRAEUS FUND MAN Multiple Portfolios MF-AGG 714'622 0.07 94'287 30.12.2011 Investment Advisor

MARFIN MUTUAL FUND M Multiple Portfolios MF-AGG 635'000 0.07 635'000 30.03.2012 Investment Advisor

ALPHA TRUST FUNDS Multiple Portfolios MF-AGG 588'617 0.06 (103'000) 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 583'598 0.06 5'538 27.02.2013 Investment Advisor

SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 497'853 0.05 248'320 30.06.2011 Mutual Fund Manager

LEGAL & GENERAL n/a ULT-AGG 464'894 0.05 - 28.12.2012 Unclassified

ALLIANZ HELLENIC MUT Multiple Portfolios MF-AGG 455'011 0.05 50'000 31.12.2012 Investment Advisor

GAESCO GESTION SA SG Multiple Portfolios MF-AGG 396'300 0.04 - 31.10.2012 Investment Advisor

TT ELTA AEDAK Multiple Portfolios MF-AGG 350'000 0.04 63'000 28.09.2012 Mutual Fund Manager

BPVI FONDI SGR SPA Multiple Portfolios MF-AGG 248'826 0.03 248'826 30.11.2012 Mutual Fund Manager

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 234'506 0.02 1'743 30.09.2012 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 217'355 0.02 53'769 31.10.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Euroxx Securities MARIA KANELLOPOULOU equalweight 3 M #N/A N/A Not Provided 27.02.2013

National Securities SA PANAGIOTIS KLADIS restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013

Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS suspended coverage #N/A N/A M #N/A N/A Not Provided 14.01.2013

Goldman Sachs PAWEL DZIEDZIC Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012

Keefe, Bruyette & Woods ANTONIO RAMIREZ underperform 1 M 0 12 month 03.12.2012

Mediobanca SpA ALEX TSIRIGOTIS underperform 1 D 1 Not Provided 26.11.2012

Piraeus Securities S.A. NATASHA ROUMANTZI neutral 3 M #N/A N/A Not Provided 10.10.2012

Nomura DARAGH QUINN reduce 2 D 1 Not Provided 26.06.2012

Eurobank EFG NICK KOSKOLETOS Under Review #N/A N/A M #N/A N/A Not Provided 05.06.2012

EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012

Deutsche Bank CARLOS BERASTAIN GONZALEZ restricted #N/A N/A M #N/A N/A Not Provided 06.02.2012

JPMorgan PAUL FORMANKO underweight 1 M 1 Not Provided 17.01.2012

Natixis ALEX KOAGNE reduce 2 D 1 Not Provided 18.10.2011

ATE Securities S.A. ANTHONY CHRISTOFIDIS overweight 5 M 14 Not Provided 12.10.2010

Holdings By:

National Bank of Greece SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 258: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

National Express Group plc provides mass passenger transport services. The

Group operates express coaches, buses, and trains.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (19.03.2012) 256.20

52-Week Low (28.11.2012) 162.90

Daily Volume

195.3

52-Week High % Change -23.77% Dividend Yield 4.94

52-Week Low % Change 19.89% Beta 0.96

% 52 Week Price Range High/Low 34.73% Equity Float 405.95

Shares Out 30.06.2012 511.7 Short Int -

999.41 1 Yr Total Return -12.48%

Total Debt 773.20 YTD Return -4.31%

Preferred Stock 0.0 Adjusted BETA 0.959

Minority Interest 7.9 Analyst Recs 19

Cash and Equivalents 92.50 Consensus Rating 4.000

Enterprise Value 1'869.61

Average Volume 5 Day 1'345'253

NEX LN EQUITY YTD Change - Average Volume 30 Day 1'296'725

NEX LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'119'816

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

2'612.3 2'767.0 2'711.1 2'125.9 2'238.0 - - 1'807.1 1'775.1 - -

1.08x 0.70x 0.61x 0.89x 0.82x - - 1.01x 1.01x - -

289.8 347.9 269.7 304.0 329.8 - - 317.2 307.8 - -

9.71x 5.59x 6.09x 6.24x 5.54x - - 5.89x 6.07x - -

105.1 118.8 (53.5) 61.4 101.2 - - 123.3 111.8 - -

16.94x 5.70x - 20.74x 11.21x - - 8.17x 8.92x - -

EBITDA 329.80 Long-Term Rating Date -

EBIT 173.50 Long-Term Rating -

Operating Margin 7.75% Long-Term Outlook -

Pretax Margin 5.78% Short-Term Rating Date -

Return on Assets 3.23% Short-Term Rating -

Return on Common Equity 8.33%

Return on Capital 6.85% EBITDA/Interest Exp. 6.21

Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 4.24

Net Debt/EBITDA 2.70

Gross Margin - Total Debt/EBITDA 2.97

EBITDA Margin 15.6%

EBIT Margin 7.8% Total Debt/Equity 80.8%

Net Income Margin 4.5% Total Debt/Capital 44.5%

Asset Turnover 0.84

Current Ratio 0.66 Net Fixed Asset Turnover 2.73

Quick Ratio 0.41 Accounts receivable turnover-days 38.32

Debt to Assets 31.98% Inventory Days -

Tot Debt to Common Equity 80.75% Accounts Payable Turnover Day -

Accounts Receivable Turnover 9.55 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

National Express Group PLCPrice/Volume

Valuation Analysis

761'784.00

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

'

2'

-''

-2'

.''

.2'

0''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 259: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

ELLIOTT CAPITAL ADVI n/a ULT-AGG 108'470'737 21.2 5'726'270 01.11.2012 Investment Advisor

EUROPEAN EXPRESS ENT Multiple Portfolios REG 88'845'591 17.36 (9'744) 01.11.2012 Unclassified

PRUDENTIAL PLC n/a RNS-MAJ 66'764'762 13.05 4'973'653 09.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 17'356'251 3.39 (1'664'718) 31.01.2013 Unclassified

JUPITER ASSET MANAGE Multiple Portfolios REG 16'716'138 3.27 (1'718'118) 01.11.2012 Investment Advisor

UBS n/a ULT-AGG 15'701'163 3.07 1'504'547 01.11.2012 Unclassified

SCOTTISH WIDOWS n/a ULT-AGG 13'989'690 2.73 (3'894'267) 01.11.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 12'231'904 2.39 - 01.11.2012 Government

ABERFORTH PARTNERS Multiple Portfolios REG 9'798'825 1.91 (643'900) 01.11.2012 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 9'714'591 1.9 4'922'748 01.11.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 8'866'511 1.73 (276'478) 26.02.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios REG 8'747'045 1.71 - 01.11.2012 Investment Advisor

ABERFORTH PARTNERS Multiple Portfolios MF-AGG 8'700'679 1.7 237'200 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 8'383'431 1.64 (1'725'735) 01.11.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 7'964'901 1.56 - 31.07.2012 Investment Advisor

AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 7'697'686 1.5 - 31.01.2013 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'451'277 1.26 (117'730) 31.12.2012 Investment Advisor

CORUS UK LTD (BRITIS Multiple Portfolios REG 5'988'277 1.17 - 01.11.2012 Pension Fund (ERISA)

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'600'000 1.09 (4'700'000) 31.07.2012 Investment Advisor

MARATHON ASSET MANAG Multiple Portfolios REG 4'922'354 0.96 - 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 215 12 month 28.02.2013

HSBC JOSEPH P THOMAS overweight 5 M 230 Not Provided 22.02.2013

RBC Capital Markets DAMIAN BREWER outperform 5 M 230 12 month 07.02.2013

Oriel Securities Ltd EDWARD STANFORD add 4 M #N/A N/A Not Provided 07.02.2013

Espirito Santo Investment Bank ResearchGERALD KHOO neutral 3 M 210 Not Provided 23.01.2013

Nomura ANDREW EVANS neutral 3 M 206 Not Provided 21.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013

JPMorgan DAVID PITURA neutral 3 M 219 9 month 14.12.2012

Investec JOHN LAWSON hold 3 M 180 12 month 13.12.2012

Jefferies JOSEPH SPOONER buy 5 M 300 12 month 13.12.2012

Shore Capital Stockbrokers KARL BURNS buy 5 M #N/A N/A Not Provided 13.12.2012

Panmure Gordon & Co Limited GERT ZONNEVELD hold 3 M 220 Not Provided 13.12.2012

Deutsche Bank ANAND DATE hold 3 M 210 12 month 10.12.2012

Barclays ADRIAN YANOSHIK equalweight 3 M 190 Not Provided 03.12.2012

Liberum Capital Ltd ALEXIA DOGANI hold 3 M #N/A N/A Not Provided 25.10.2012

Charles Stanley Securities DOUGLAS MCNEILL hold 3 M 210 Not Provided 24.10.2012

Goldman Sachs OLIVER NEAL not rated #N/A N/A M #N/A N/A Not Provided 14.09.2011

Holdings By:

National Express Group PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 260: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

NCC AB is a construction company. The Company plans, develops, constructs, and

renovates commercial buildings, schools, sports facilities, car parks, roads,

bridges, airports, and others. NCC also conducts surfacing work for roads and

produces asphalt mix, aggregates, and concrete and operates a machinery unit.

The Company also sells investment properties. NCC is active in northern Europe.

Latest Fiscal Year: 12/2011

LTM as of: 12/yy

52-Week High (20.02.2013) 170.60

52-Week Low (14.06.2012) 110.30

Daily Volume

167.6

52-Week High % Change -1.76% Dividend Yield -

52-Week Low % Change 51.95% Beta 1.15

% 52 Week Price Range High/Low 95.02% Equity Float -

Shares Out 26.02.2013 78.3 Short Int -

18'137.32 1 Yr Total Return 22.83%

Total Debt 9'243.00 YTD Return 23.05%

Preferred Stock 0.0 Adjusted BETA 1.153

Minority Interest 15.0 Analyst Recs 11

Cash and Equivalents 2'802.00 Consensus Rating 3.727

Enterprise Value 24'593.32

Average Volume 5 Day 601'040

NCCB SS EQUITY YTD Change - Average Volume 30 Day 508'669

NCCB SS EQUITY YTD % CHANGE - Average Volume 3 Month 392'169

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

57'465.0 56'005.0 49'420.0 52'535.0 57'227.0 52'536.0 57'226.0 55'940.6 58'204.7 9'958.3 14'451.1

0.16x 0.27x 0.34x 0.33x 0.37x 1.45x 1.52x 0.45x 0.42x - -

2'806.0 3'213.0 2'751.0 2'532.0 3'156.0 2'600.0 3'155.0 3'006.8 3'143.0 (47.3) 917.8

3.19x 4.64x 6.10x 6.91x 6.70x 6.75x 6.70x 8.18x 7.82x 8.16x 8.32x

1'809.0 1'654.0 1'524.0 1'310.0 1'894.0 1'310.0 1'894.0 1'695.0 1'824.3 (170.1) 549.9

2.99x 7.73x 10.47x 10.06x 7.77x 10.05x 7.76x 10.56x 9.90x 10.03x 9.85x

EBITDA 3'156.00 Long-Term Rating Date -

EBIT 2'525.00 Long-Term Rating -

Operating Margin 4.41% Long-Term Outlook -

Pretax Margin 3.95% Short-Term Rating Date -

Return on Assets 5.27% Short-Term Rating -

Return on Common Equity 21.95%

Return on Capital - EBITDA/Interest Exp. 11.06

Asset Turnover 1.59% (EBITDA-Capex)/Interest Exp. 7.82

Net Debt/EBITDA 2.04

Gross Margin 9.6% Total Debt/EBITDA 2.93

EBITDA Margin 5.5%

EBIT Margin 4.4% Total Debt/Equity 103.0%

Net Income Margin 3.3% Total Debt/Capital 50.7%

Asset Turnover 1.59

Current Ratio 1.69 Net Fixed Asset Turnover 19.53

Quick Ratio 0.56 Accounts receivable turnover-days 47.94

Debt to Assets 23.73% Inventory Days 4.29

Tot Debt to Common Equity 103.01% Accounts Payable Turnover Day 31.04

Accounts Receivable Turnover 7.64 Cash Conversion Cycle 21.18

Inventory Turnover 85.36

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

NCC ABPrice/Volume

Valuation Analysis

612'929.00

Current Price (2/dd/yy) Market Data

'.'1'3'5'

-''-.'-1'-3'-5'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 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!''

0'!''

02!''

1'!''

12!''

2'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 261: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SWEDBANK ROBUR FONDE n/a Research 4'904'737 6.26 - 31.10.2012 Investment Advisor

SEB n/a ULT-AGG 3'993'711 5.1 9'741 31.12.2012 Unclassified

LANNEBO FONDER AB n/a Research 3'580'000 4.57 - 31.10.2012 Investment Advisor

AFA INSURANCE n/a Research 3'330'833 4.25 - 31.10.2012 Insurance Company

FJARDE AP-FONDEN n/a Research 2'647'981 3.38 - 31.10.2012 Pension Fund (ERISA)

SHB FUNDS n/a Research 2'364'541 3.02 - 31.10.2012 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 2'291'300 2.93 (15'000) 31.12.2012 Investment Advisor

AMF PENSION INSURANC n/a Research 2'291'300 2.93 - 31.10.2012 Insurance Company

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 2'259'107 2.89 739'226 31.12.2012 Investment Advisor

GOVERNMENT OF NORWAY n/a Research 2'058'588 2.63 - 31.03.2012 Government

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'769'354 2.26 104'665 31.01.2013 Investment Advisor

LANSFORSAKRINGAR FON n/a Research 1'705'626 2.18 - 31.10.2012 Insurance Company

BLACKROCK n/a ULT-AGG 1'638'468 2.09 - 26.02.2013 Investment Advisor

NORDEA FONDER AB n/a Research 1'394'880 1.78 - 31.03.2012 Investment Advisor

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 1'099'190 1.4 (23'148) 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 1'012'092 1.29 930'403 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 829'948 1.06 16'450 31.12.2012 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 705'000 0.9 - 31.01.2013 Mutual Fund Manager

DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 638'000 0.81 55'000 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 592'750 0.76 - 31.07.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

SEB Enskilda STEFAN ANDERSSON hold 3 M 157 Not Provided 25.02.2013

Carnegie TOBIAS KAJ hold 3 M #N/A N/A Not Provided 31.01.2013

Nordea Equity Research JONAS L ANDERSSON hold 3 U 155 12 month 31.01.2013

DNB Markets SIMEN MORTENSEN buy 5 M 170 Not Provided 31.01.2013

ABG Sundal Collier FREDRIC CYON buy 5 M 166 6 month 30.01.2013

Handelsbanken ALBIN SANDBERG accumulate 4 M 160 12 month 30.01.2013

Danske Markets PETER TRIGARSZKY buy 5 M 180 12 month 21.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

CA Cheuvreux BJORN GUSTAFSSON underperform 1 M 125 Not Provided 17.12.2012

Swedbank NICLAS HOGLUND strong buy 5 M 160 12 month 27.11.2012

Evli Bank Plc ERIC RITZEN accumulate 4 M 140 12 month 30.10.2012

Holdings By:

NCC AB ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 262: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Neopost SA manufactures mailing and shipping equipment. The Company produces

electronic mailing systems, electronic postal scales, computerized shipping and

mail accounting systems, folders and inserters, letter openers, mailroom

furnishings, addressing printers, and software and mailroom supplies. Neopost

markets its machines worldwide.

Latest Fiscal Year: 01/2012

LTM as of: 10/yy

52-Week High (02.03.2012) 53.16

52-Week Low (14.06.2012) 36.18

Daily Volume

44.335

52-Week High % Change -16.60% Dividend Yield -

52-Week Low % Change 22.56% Beta 0.68

% 52 Week Price Range High/Low 48.04% Equity Float 26.55

Shares Out 30.01.2013 34.4 Short Int -

1'526.29 1 Yr Total Return -5.34%

Total Debt 837.00 YTD Return 15.62%

Preferred Stock 0.0 Adjusted BETA 0.676

Minority Interest 0.0 Analyst Recs 15

Cash and Equivalents 171.80 Consensus Rating 3.800

Enterprise Value 2'291.59

Average Volume 5 Day 63'537

NEO FP EQUITY YTD Change - Average Volume 30 Day 100'567

NEO FP EQUITY YTD % CHANGE - Average Volume 3 Month 124'272

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.01.2008 31.01.2009 31.01.2010 31.01.2011 31.01.2012 10/yy 10/yy 01/13 Y 01/14 Y 01/13 Q4 04/13 Q1

907.1 918.1 913.1 965.6 1'002.6 986.6 1'047.2 1'080.0 1'111.5 295.0 -

2.81x 2.83x 2.74x 2.91x 2.46x 0.00x 0.00x 2.12x 2.06x - -

302.5 301.2 297.1 313.7 319.1 0.0 0.0 336.5 345.5 - -

8.42x 8.61x 8.42x 8.96x 7.73x 0.00x 0.00x 6.81x 6.63x - -

135.7 157.0 147.9 155.7 153.6 0.0 0.0 168.5 172.1 - -

15.59x 12.37x 11.88x 13.33x 11.47x 0.00x 0.00x 8.93x 8.78x - -

EBITDA 319.10 Long-Term Rating Date -

EBIT 256.50 Long-Term Rating -

Operating Margin 25.58% Long-Term Outlook -

Pretax Margin 20.95% Short-Term Rating Date -

Return on Assets 7.50% Short-Term Rating -

Return on Common Equity 24.65%

Return on Capital 12.31% EBITDA/Interest Exp. 9.91

Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. 8.41

Net Debt/EBITDA 2.37

Gross Margin 77.8% Total Debt/EBITDA 2.78

EBITDA Margin 31.4%

EBIT Margin 25.1% Total Debt/Equity 120.1%

Net Income Margin 15.3% Total Debt/Capital 54.6%

Asset Turnover 0.45

Current Ratio 0.67 Net Fixed Asset Turnover 7.36

Quick Ratio 0.33 Accounts receivable turnover-days 63.14

Debt to Assets 37.46% Inventory Days 118.33

Tot Debt to Common Equity 120.12% Accounts Payable Turnover Day 103.30

Accounts Receivable Turnover 5.80 Cash Conversion Cycle 64.73

Inventory Turnover 3.09

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Neopost SAPrice/Volume

Valuation Analysis

54'278.00

Current Price (2/dd/yy) Market Data

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'3!'.!.''6 '3!'5!.''6 '3!'.!.'-' '3!'5!.'-' '3!'.!.'-- '3!'5!.'-- '3!'.!.'-. '3!'5!.'-. '3!'.!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 263: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FIRST EAGLE INVESTME n/a Research 3'443'329 10 52'108 15.02.2013 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 2'632'941 7.65 (361'125) 26.02.2013 Investment Advisor

MASSACHUSETTS FINANC n/a Research 2'163'079 6.28 438'807 10.08.2012 Investment Advisor

MONDRIAN INVESTMENT n/a Co File 1'906'442 5.54 - 31.01.2012 Hedge Fund Manager

MARATHON ASSET MANAG n/a Co File 1'894'891 5.5 - 31.01.2012 Investment Advisor

AMERIPRISE FINANCIAL #N/A N/A Research 1'745'795 5.07 - 25.02.2013 Investment Advisor

ALKEN LUXEMBOURG SAR n/a Research 1'737'952 5.05 - 12.11.2012 Investment Advisor

JUPITER ASSET MGMT L n/a Research 1'595'248 4.63 (428'868) 14.02.2012 Investment Advisor

CREDIT SUISSE GROUP n/a Research 1'591'956 4.62 (175'952) 06.02.2012 Unclassified

UBS n/a ULT-AGG 1'553'242 4.51 (365'884) 18.12.2012 Unclassified

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'214'526 3.53 - 31.07.2012 Investment Advisor

AKO CAPITAL LLP n/a Short (1'138'484) -3.31 (13'758) 27.12.2012 Investment Advisor

MFS INVESTMENT MGMT n/a Co File 1'110'684 3.23 - 31.01.2012 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 1'108'576 3.22 - 31.12.2012 Investment Advisor

CAPITAL RESEARCH INT n/a Co File 1'104'150 3.21 - 31.01.2012 Unclassified

COLUMBIA WANGER ASSE n/a Co File 1'057'571 3.07 - 31.01.2012 Investment Advisor

FRANKLIN EQUITY GROU n/a Co File 1'053'419 3.06 - 31.01.2012 Mutual Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 887'327 2.58 102'661 31.12.2012 Investment Advisor

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 614'399 1.78 86'151 30.11.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 586'857 1.7 79'133 28.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale PATRICK JOUSSEAUME hold 3 M 42 12 month 27.02.2013

Kepler Capital Markets CLAIRE DERAY buy 5 M 62 Not Provided 26.02.2013

Gilbert Dupont DENISE BOUCHET buy 5 M 52 Not Provided 25.02.2013

AlphaValue LIONEL PELLICER buy 5 M 69 6 month 21.02.2013

CM - CIC Securities(ESN) CHRISTIAN AUZANNEAU buy 5 M 54 12 month 01.02.2013

Oddo & Cie JEAN-FRANCOIS GRANJON buy 5 M 50 12 month 29.01.2013

Natixis ARNAUD SCHMIT buy 5 M 49 Not Provided 24.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013

Main First Bank AG MOURAD LAHMIDI underperform 1 M 40 12 month 04.01.2013

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 43 6 month 19.12.2012

Exane BNP Paribas PIERRE BERNARDIN outperform 5 M 54 Not Provided 04.12.2012

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.11.2012

HSBC CHRISTOPHE QUARANTE underweight 1 M 40 Not Provided 03.10.2012

CA Cheuvreux DAVID CERDAN outperform 5 M 63 Not Provided 02.04.2012

Redburn Partners PASCAL HAUTCOEUR sell 1 M #N/A N/A Not Provided 12.08.2009

Holdings By:

Neopost SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 264: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Neste Oil OYJ is an independent northern European oil refining and marketing

company that focuses on high-quality traffic fuels and other high value-added

petroleum products with reduced environmental impact.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.02.2013) 12.23

52-Week Low (04.06.2012) 7.11

Daily Volume

11.52

52-Week High % Change -5.81% Dividend Yield -

52-Week Low % Change 62.03% Beta 1.23

% 52 Week Price Range High/Low 86.13% Equity Float -

Shares Out 26.02.2013 256.4 Short Int -

2'953.77 1 Yr Total Return 29.43%

Total Debt 2'334.00 YTD Return 17.91%

Preferred Stock 0.0 Adjusted BETA 1.227

Minority Interest 16.0 Analyst Recs 24

Cash and Equivalents 409.00 Consensus Rating 2.875

Enterprise Value 4'894.77

Average Volume 5 Day 803'946

NES1V FH EQUITY YTD Change - Average Volume 30 Day 1'132'630

NES1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 986'566

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

15'043.0 9'636.0 11'892.0 15'420.0 17'853.0 15'420.0 17'853.0 17'134.5 17'106.5 4'320.4 4'322.3

0.25x 0.53x 0.41x 0.27x 0.25x 1.22x 1.05x 0.27x 0.26x 1.10x 1.11x

396.0 549.0 567.0 562.0 656.0 562.0 656.0 781.1 810.2 207.8 183.3

9.39x 9.31x 8.59x 7.28x 6.77x 7.28x 6.77x 6.27x 6.04x 6.17x 6.42x

97.0 221.0 229.0 158.0 157.0 158.0 157.0 278.8 305.6 74.8 63.1

27.91x 14.38x 13.35x 12.64x 15.93x 12.64x 15.93x 10.49x 9.59x 9.84x 9.97x

EBITDA 656.00 Long-Term Rating Date -

EBIT 324.00 Long-Term Rating -

Operating Margin 1.81% Long-Term Outlook -

Pretax Margin 1.31% Short-Term Rating Date -

Return on Assets 2.14% Short-Term Rating -

Return on Common Equity 6.26%

Return on Capital - EBITDA/Interest Exp. 7.59

Asset Turnover 2.44% (EBITDA-Capex)/Interest Exp. 2.99

Net Debt/EBITDA 2.93

Gross Margin - Total Debt/EBITDA 3.56

EBITDA Margin 3.7%

EBIT Margin 1.8% Total Debt/Equity 91.1%

Net Income Margin 0.9% Total Debt/Capital 47.5%

Asset Turnover 2.44

Current Ratio 1.31 Net Fixed Asset Turnover 4.56

Quick Ratio 0.17 Accounts receivable turnover-days -

Debt to Assets 31.60% Inventory Days -

Tot Debt to Common Equity 91.10% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Neste Oil OYJPrice/Volume

Valuation Analysis

523'481.00

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

'

.

1

3

5

-'

-.

-1

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 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!''

0'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 265: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

REPUBLIC OF FINLAND n/a Research 128'458'247 50.1 - 30.11.2012 Government

ILMARINEN MUTUAL PEN n/a Research 8'806'390 3.43 (678'200) 30.11.2012 Insurance Company

VARMA MUTUAL PENSION n/a Research 4'128'970 1.61 - 30.11.2012 Insurance Company

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'694'745 1.05 249'829 31.12.2012 Investment Advisor

SOCIAL INSUR INSTITU n/a Research 2'648'424 1.03 - 30.11.2012 Government

FINLAND STATE PENSIO n/a Research 2'540'000 0.99 - 30.11.2012 Government

SAC CAPITAL ADVISORS n/a Short (2'307'633) -0.9 (25'640) 07.02.2013 Hedge Fund Manager

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'875'324 0.73 54'528 31.12.2012 Investment Advisor

CITY OF KURIKKA n/a Research 1'550'875 0.6 - 30.11.2012 Government

MARSHALL WACE LLP n/a Short (1'410'220) -0.55 - 14.01.2013 Hedge Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'327'628 0.52 - 31.07.2012 Investment Advisor

GYLLENBERG RAHASTOYH Multiple Portfolios MF-AGG 1'228'700 0.48 (297'000) 30.11.2012 Mutual Fund Manager

DANSKE INVESTMENT SU n/a Research 1'225'000 0.48 - 30.11.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 1'176'864 0.46 3'317 26.02.2013 Investment Advisor

OP DELTA FUND n/a Research 1'155'000 0.45 - 30.11.2012 Investment Advisor

FENNIA MUTUAL INSURA n/a Research 1'053'000 0.41 - 30.11.2012 Insurance Company

BLACKROCK INVESTMENT n/a Short (1'051'255) -0.41 282'044 30.01.2013 Investment Advisor

NORDEA FENNIA FUND n/a Research 990'000 0.39 - 30.11.2012 n/a

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 931'100 0.36 285'050 31.10.2012 Investment Advisor

WIPUNEN VARAINHALLIN n/a Research 925'000 0.36 - 30.11.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue ALEXANDRE ANDLAUER sell 1 M 9 6 month 21.02.2013

Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 12 Not Provided 11.02.2013

Exane BNP Paribas ALEX TOPOUZOGLOU neutral 3 M 10 Not Provided 11.02.2013

Evli Bank Plc MARKKU JARVINEN accumulate 4 M 12 12 month 08.02.2013

Jefferies IAIN REID hold 3 M 10 12 month 07.02.2013

Societe Generale MEHDI ENNEBATI hold 3 M 11 12 month 06.02.2013

Pohjola Bank Plc (ESN) HENRI PARKKINEN accumulate 4 M 12 12 month 06.02.2013

SEB Enskilda JUHA ISO-HERTTUA buy 5 U 12 Not Provided 06.02.2013

CA Cheuvreux MATTEO BONIZZONI underperform 1 M 10 Not Provided 06.02.2013

Nordea Equity Research PASI VAISANEN buy 5 M 14 12 month 06.02.2013

Nomura MATTHEW LOFTING reduce 2 M 10 Not Provided 06.02.2013

Barclays LYDIA RAINFORTH equalweight 3 M 12 Not Provided 06.02.2013

ABG Sundal Collier PETTER NYSTROM hold 3 M 10 6 month 05.02.2013

Carnegie TIMO HEINONEN hold 3 D #N/A N/A Not Provided 05.02.2013

Handelsbanken KARRI RINTA accumulate 4 M 13 12 month 05.02.2013

Pareto Securities TEEMU VAINIO hold 3 U 11 6 month 05.02.2013

INDERES JUHA KINNUNEN reduce 2 M 11 Not Provided 05.02.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Goldman Sachs HENRY MORRIS Sell/Cautious 1 M 10 12 month 07.01.2013

Danske Markets ANTTI KOSKIVUORI hold 3 U 11 12 month 07.01.2013

Swedbank PETRI KARHUNKOSKI neutral 3 M 10 12 month 26.10.2012

Natixis HAGER BOUALI suspended coverage #N/A N/A M 8 Not Provided 29.07.2011

Holdings By:

Neste Oil OYJ ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 266: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Nutreco NV, through subsidiaries, breeds livestock and manufactures animal and

fish feeds. The Company produces compound feeds for pigs, poultry, salmon and

trout, and breeds poultry and produces eggs. Nutreco operates throughout

Europe.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (27.02.2013) 70.93

52-Week Low (14.06.2012) 49.62

Daily Volume

70.77

52-Week High % Change -0.23% Dividend Yield 2.90

52-Week Low % Change 42.62% Beta 0.72

% 52 Week Price Range High/Low 99.25% Equity Float 34.01

Shares Out 31.12.2012 34.6 Short Int -

2'448.64 1 Yr Total Return 30.19%

Total Debt 524.80 YTD Return 10.41%

Preferred Stock 0.0 Adjusted BETA 0.721

Minority Interest 9.1 Analyst Recs 12

Cash and Equivalents 263.00 Consensus Rating 3.167

Enterprise Value 2'719.54

Average Volume 5 Day 94'146

NUO NA EQUITY YTD Change - Average Volume 30 Day 113'818

NUO NA EQUITY YTD % CHANGE - Average Volume 3 Month 107'731

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

4'943.1 4'511.7 4'166.4 4'721.1 5'229.1 5'659.2 5'229.1 5'506.1 5'731.4 - -

0.24x 0.36x 0.53x 0.43x 0.48x 0.00x 0.00x 0.49x 0.45x - -

203.7 231.8 243.6 271.7 307.0 0.0 0.0 345.0 367.1 - -

5.88x 6.94x 9.04x 7.46x 8.11x 0.00x 0.00x 7.88x 7.41x - -

114.8 90.3 111.4 130.5 176.8 0.0 0.0 187.3 203.8 - -

7.79x 15.05x 18.99x 14.16x 14.15x 0.00x 0.00x 13.09x 11.85x - -

EBITDA 307.00 Long-Term Rating Date -

EBIT 234.60 Long-Term Rating -

Operating Margin 4.49% Long-Term Outlook -

Pretax Margin 4.06% Short-Term Rating Date -

Return on Assets 6.59% Short-Term Rating -

Return on Common Equity 19.15%

Return on Capital 14.31% EBITDA/Interest Exp. 9.50

Asset Turnover 1.95% (EBITDA-Capex)/Interest Exp. 5.84

Net Debt/EBITDA 0.85

Gross Margin - Total Debt/EBITDA 1.71

EBITDA Margin 5.9%

EBIT Margin 4.5% Total Debt/Equity 54.0%

Net Income Margin 3.4% Total Debt/Capital 34.8%

Asset Turnover 1.95

Current Ratio 1.27 Net Fixed Asset Turnover 8.55

Quick Ratio 0.78 Accounts receivable turnover-days 49.57

Debt to Assets 18.62% Inventory Days -

Tot Debt to Common Equity 53.99% Accounts Payable Turnover Day -

Accounts Receivable Turnover 7.38 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Nutreco NVPrice/Volume

Valuation Analysis

172'648.00

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

'

-'

.'

0'

1'

2'

3'

4'

5'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 267: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

ING GROEP NV n/a Research 3'499'935 10.12 (462'903) 25.06.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'786'689 5.16 7'318 26.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 738'918 2.14 50'542 31.01.2013 Investment Advisor

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 660'621 1.91 81'000 31.10.2012 Investment Advisor

DJE INVESTMENT SA Multiple Portfolios MF-AGG 659'016 1.9 7'150 30.11.2012 Mutual Fund Manager

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 516'570 1.49 (2'662) 26.02.2013 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 479'460 1.39 (92'943) 31.12.2012 Mutual Fund Manager

ASR NEDERLAND NV n/a Research 377'105 1.09 - 31.12.2010 Government

DWS INVESTMENT S A Multiple Portfolios MF-AGG 375'720 1.09 7'620 28.12.2012 Mutual Fund Manager

ETHENEA INDEPENDENT Multiple Portfolios MF-AGG 375'000 1.08 50'000 28.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 368'903 1.07 (20'482) 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 349'775 1.01 (2'113) 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 305'308 0.88 (273) 31.12.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 299'050 0.86 - 28.12.2012 Mutual Fund Manager

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 243'048 0.7 - 31.01.2013 Mutual Fund Manager

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 225'350 0.65 13'680 31.12.2011 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 224'842 0.65 19'185 31.01.2013 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 163'128 0.47 - 31.10.2012 Investment Advisor

FRANKEN INVEST KAPIT Multiple Portfolios MF-AGG 160'000 0.46 - 28.12.2012 Investment Advisor

NUTRECO NV n/a Research 155'882 0.45 - 09.03.2011 Corporation

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Equita SIM SpA GIANMARCO BONACINA hold 3 M 67 12 month 25.02.2013

Rabobank International PATRICK ROQUAS hold 3 M 63 12 month 25.02.2013

AlphaValue SOPHIE CABO-BROSETA add 4 M 74 6 month 21.02.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 20.02.2013

KBC Securities PASCALE WEBER accumulate 4 M 71 Not Provided 14.02.2013

ING Bank MARCO GULPERS hold 3 M 68 12 month 12.02.2013

Kempen & Co ERWIN DUT hold 3 M 70 12 month 08.02.2013

SNS Securities(ESN) RICHARD WITHAGEN hold 3 M 67 12 month 08.02.2013

ABN Amro Bank N.V. MAARTEN BAKKER hold 3 M 72 12 month 08.02.2013

Petercam FERNAND DE BOER hold 3 M 68 Not Provided 07.02.2013

Theodoor Gilissen Securities TOM MULLER hold 3 M 60 Not Provided 15.01.2013

Goldman Sachs FULVIO CAZZOL neutral/neutral 3 M 69 12 month 09.01.2013

CA Cheuvreux HANS PLUIJGERS suspended coverage #N/A N/A M #N/A N/A Not Provided 10.05.2012

Kepler Capital Markets TEAM COVERAGE buy 5 N 57 Not Provided 16.08.2011

Holdings By:

Nutreco NV ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 268: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

OC Oerlikon Corporation AG manufactures industrial equipment. The Company

produces equipment to manufacture solar energy modules, place coatings on tools

and components, extract processing gases using vacuum devices, manufacture

textiles, and transmit power using mechanatronic driveline components. OC

Oerlikon provides products internationally.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (20.02.2013) 11.85

52-Week Low (29.02.2012) 6.64

Daily Volume

11.55

52-Week High % Change -2.53% Dividend Yield -

52-Week Low % Change 74.02% Beta 1.33

% 52 Week Price Range High/Low 94.24% Equity Float 165.46

Shares Out 30.06.2012 323.1 Short Int -

3'732.08 1 Yr Total Return 72.50%

Total Debt 856.00 YTD Return 11.59%

Preferred Stock 0.0 Adjusted BETA 1.330

Minority Interest 24.0 Analyst Recs 10

Cash and Equivalents 750.00 Consensus Rating 4.600

Enterprise Value 3'822.08

Average Volume 5 Day 1'516'004

OERL SE EQUITY YTD Change - Average Volume 30 Day 1'066'918

OERL SE EQUITY YTD % CHANGE - Average Volume 3 Month 1'252'500

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

5'404.0 4'632.0 2'877.0 3'601.0 4'182.0 0.0 957.0 2'958.1 2'969.6 968.3 936.8

1.39x 0.55x 0.73x 0.53x 0.42x #DIV/0! 0.00x 1.16x 0.96x - -

703.0 512.0 (71.0) 298.0 597.0 0.0 0.0 533.1 526.0 - -

10.67x 4.97x - 6.36x 2.94x 0.00x 0.00x 7.17x 7.27x - -

314.0 (425.0) (592.0) 3.0 220.0 0.0 0.0 241.1 240.6 62.0 -

20.58x - - 490.00x 7.40x 0.00x 0.00x 16.74x 15.48x - -

EBITDA 597.00 Long-Term Rating Date -

EBIT 422.00 Long-Term Rating -

Operating Margin 10.09% Long-Term Outlook -

Pretax Margin 7.53% Short-Term Rating Date -

Return on Assets 5.70% Short-Term Rating -

Return on Common Equity 16.72%

Return on Capital - EBITDA/Interest Exp. 8.18

Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 6.25

Net Debt/EBITDA 0.10

Gross Margin 25.8% Total Debt/EBITDA 1.04

EBITDA Margin 16.3%

EBIT Margin 12.3% Total Debt/Equity 54.0%

Net Income Margin 5.3% Total Debt/Capital 34.7%

Asset Turnover 0.93

Current Ratio 1.51 Net Fixed Asset Turnover 4.85

Quick Ratio 0.93 Accounts receivable turnover-days 58.29

Debt to Assets 18.72% Inventory Days 72.12

Tot Debt to Common Equity 53.97% Accounts Payable Turnover Day 49.28

Accounts Receivable Turnover 6.28 Cash Conversion Cycle 65.44

Inventory Turnover 5.07

Fiscal Year Ended

OC Oerlikon Corp AGPrice/Volume

Valuation Analysis

1'677'785.00

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

'

.

1

3

5

-'

-.

-1

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 269: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VEKSELBERG VIKTOR F n/a EXCH 156'210'954 48.34 (1'100'000) 29.08.2012 n/a

BLACKROCK n/a ULT-AGG 9'720'390 3.01 162'850 26.02.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 4'411'952 1.37 44'517 28.12.2012 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 3'922'326 1.21 (7'731) 30.11.2012 Mutual Fund Manager

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 3'151'969 0.98 (422'042) 31.10.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'266'149 0.7 (47'939) 28.12.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'842'380 0.57 6'680 31.12.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 1'390'000 0.43 (75'000) 31.10.2012 Investment Advisor

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 917'706 0.28 - 31.12.2012 Investment Advisor

ACATIS Multiple Portfolios MF-AGG 845'506 0.26 - 28.09.2012 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 801'777 0.25 82'904 31.10.2012 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 737'733 0.23 - 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 631'946 0.2 (41'838) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 619'403 0.19 - 31.07.2012 Investment Advisor

BANK HOFMANN AG Multiple Portfolios MF-AGG 605'000 0.19 (42'000) 28.12.2012 Investment Advisor

OC OERLIKON CORP n/a Co File 589'011 0.18 - 31.12.2011 Corporation

LLB FONDSLEITUNG AG Multiple Portfolios MF-AGG 525'000 0.16 (50'000) 31.12.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 517'500 0.16 264'700 30.06.2012 Investment Advisor

ZUERCHER KANTONALBAN Multiple Portfolios MF-AGG 514'000 0.16 (34'000) 31.10.2012 Mutual Fund Manager

MIRABAUD & CIE Multiple Portfolios MF-AGG 511'445 0.16 (383'555) 29.06.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue PIERRE-YVES GAUTHIER add 4 M 13 6 month 21.02.2013

Helvea RETO AMSTALDEN accumulate 4 M 11 12 month 11.02.2013

Bank Vontobel AG MICHAEL FOETH buy 5 M 13 Not Provided 30.01.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Credit Suisse PATRICK LAAGER outperform 5 M 14 Not Provided 10.01.2013

Berenberg Bank BENJAMIN GLAESER buy 5 M 11 Not Provided 08.01.2013

Kepler Capital Markets CHRISTOPH LADNER buy 5 M 13 Not Provided 17.12.2012

Societe Generale JEAN-BAPTISTE ROUSSILLE hold 3 M 11 12 month 04.12.2012

Zuercher Kantonalbank ARMIN RECHBERGER outperform 5 U #N/A N/A Not Provided 02.05.2012

Holdings By:

OC Oerlikon Corp AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 270: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

OPAP SA accepts bets on sporting events and lottery games. The Company

organizes and manages bets on soccer games.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (18.02.2013) 7.76

52-Week Low (13.06.2012) 3.50

Daily Volume

6.78

52-Week High % Change -12.63% Dividend Yield -

52-Week Low % Change 93.71% Beta 0.79

% 52 Week Price Range High/Low 77.00% Equity Float 213.73

Shares Out 30.09.2012 319.0 Short Int -

2'162.82 1 Yr Total Return 21.21%

Total Debt 292.92 YTD Return 25.56%

Preferred Stock 0.0 Adjusted BETA 0.793

Minority Interest 0.0 Analyst Recs 13

Cash and Equivalents 195.89 Consensus Rating 3.462

Enterprise Value 2'109.18

Average Volume 5 Day 1'758'700

OPAP GA EQUITY YTD Change - Average Volume 30 Day 1'634'201

OPAP GA EQUITY YTD % CHANGE - Average Volume 3 Month 1'398'149

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

5'065.8 5'519.6 5'440.9 5'140.0 4'358.5 4'457.5 4'108.4 3'998.1 4'171.4 1'023.0 -

1.66x 1.08x 0.78x 0.67x 0.52x 2.72x 1.78x 0.50x 0.52x - -

814.4 1'056.9 966.8 911.3 734.2 764.6 684.6 650.8 317.9 151.0 -

10.31x 5.65x 4.37x 3.80x 3.10x 2.34x 1.79x 3.24x 6.64x - -

571.4 728.5 593.8 575.8 537.5 571.8 500.0 481.9 151.4 100.5 -

15.31x 9.06x 8.24x 7.17x 4.05x 5.07x 2.55x 4.55x 14.27x - -

EBITDA 734.22 Long-Term Rating Date -

EBIT 690.47 Long-Term Rating -

Operating Margin 15.84% Long-Term Outlook -

Pretax Margin 16.05% Short-Term Rating Date -

Return on Assets 35.56% Short-Term Rating -

Return on Common Equity 55.78%

Return on Capital - EBITDA/Interest Exp. 82.04

Asset Turnover 2.92% (EBITDA-Capex)/Interest Exp. 79.77

Net Debt/EBITDA -0.08

Gross Margin 19.5% Total Debt/EBITDA 0.42

EBITDA Margin 16.7%

EBIT Margin 15.6% Total Debt/Equity 32.9%

Net Income Margin 12.3% Total Debt/Capital 24.8%

Asset Turnover 2.92

Current Ratio 1.50 Net Fixed Asset Turnover 46.96

Quick Ratio 1.31 Accounts receivable turnover-days 4.31

Debt to Assets 19.47% Inventory Days 0.07

Tot Debt to Common Equity 32.93% Accounts Payable Turnover Day 8.88

Accounts Receivable Turnover 84.98 Cash Conversion Cycle -5.36

Inventory Turnover 5250.46

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

OPAP SAPrice/Volume

Valuation Analysis

1'205'882.00

Current Price (2/dd/yy) Market Data

'-.0123456

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 271: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

HELLENIC REPUBLIC AS #N/A N/A EXCH 105'270'000 33 - 22.02.2013 Government

BAUPOST GROUP LLC #N/A N/A EXCH 16'556'100 5.19 - 22.02.2013 Hedge Fund Manager

FMR LLC n/a ULT-AGG 16'144'371 5.06 - 22.02.2013 Investment Advisor

SILCHESTER INTL INVE #N/A N/A EXCH 15'981'900 5.01 - 22.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 6'188'270 1.94 2'080 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'026'691 1.58 55'208 31.12.2012 Investment Advisor

ALPHA MUTUAL FUND MA Multiple Portfolios MF-AGG 3'440'397 1.08 523'484 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 3'201'540 1 (8'741'054) 31.12.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'667'031 0.52 536'074 28.09.2012 Investment Advisor

SEB n/a ULT-AGG 1'521'141 0.48 135'658 31.12.2012 Unclassified

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 1'404'829 0.44 - 30.09.2012 Unclassified

ROYAL BANK OF CANADA n/a ULT-AGG 1'353'454 0.42 54'637 28.09.2012 Bank

DIETHNIKI MUTUAL FUN Multiple Portfolios MF-AGG 1'176'953 0.37 (307'300) 28.09.2012 Mutual Fund Manager

ALPHA TRUST FUNDS Multiple Portfolios MF-AGG 1'035'447 0.32 585'500 31.12.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 970'553 0.3 - 28.09.2012 Investment Advisor

EUROBANK EFG MUTUAL Multiple Portfolios MF-AGG 966'800 0.3 (730'850) 31.05.2012 Investment Advisor

HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 871'337 0.27 - 30.09.2011 Investment Advisor

ATE MUTUAL FUND MANA Multiple Portfolios MF-AGG 780'000 0.24 349'000 31.12.2012 Mutual Fund Manager

STARCAP AG Multiple Portfolios MF-AGG 700'000 0.22 - 28.12.2012 Investment Advisor

ALICO MFC Multiple Portfolios MF-AGG 644'800 0.2 5'500 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Euroxx Securities YIANNIS SINAPIS overweight 5 M #N/A N/A Not Provided 26.02.2013

National Securities SA IAKOVOS KOURTESIS restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013

Marfin Analysis (ESN) DIMITRIS BIRBOS buy 5 M 8 12 month 26.02.2013

Piraeus Securities S.A. JOHN ARAPOGLOU neutral 3 M 7 12 month 22.02.2013

AlphaValue BERENICE LACROIX sell 1 M 6 6 month 21.02.2013

Goldman Sachs NICK EDELMAN neutral/neutral 3 M 8 12 month 19.02.2013

Eurobank EFG STAMATIOS DRAZIOTIS buy 5 M 8 Not Provided 24.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013

Exane BNP Paribas ROBERTA CIACCIA neutral 3 U 6 Not Provided 11.01.2013

Morgan Stanley VAUGHAN LEWIS Equalwt/In-Line 3 U 6 12 month 07.01.2013

Credit Suisse MATTHEW GERARD restricted #N/A N/A M #N/A N/A Not Provided 11.12.2012

Alpha Finance ANGELOS CHORAFAS neutral 1 3 D 7 Not Provided 05.09.2012

Nomura TEAM COVERAGE suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012

Deutsche Bank RICHARD CARTER restricted #N/A N/A M #N/A N/A Not Provided 18.05.2011

ATE Securities S.A. ANTHONY CHRISTOFIDIS overweight 5 M 16 12 month 24.11.2010

Holdings By:

OPAP SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 272: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Ophir Energy PLC is an international oil and gas exploration company. The

Company has an extensive portfolio of interests spread across the Continent of

Africa with the majority of these interests lying offshore in deep water

depths.

Latest Fiscal Year: 12/2011

LTM as of: 06/yy

52-Week High (18.06.2012) 655.00

52-Week Low (23.03.2012) 391.30

Daily Volume

473.9

52-Week High % Change -27.65% Dividend Yield 0.00

52-Week Low % Change 21.11% Beta -

% 52 Week Price Range High/Low 31.32% Equity Float 315.84

Shares Out 01.02.2013 400.2 Short Int -

1'896.57 1 Yr Total Return 11.77%

Total Debt 0.00 YTD Return -6.07%

Preferred Stock 0.0 Adjusted BETA -

Minority Interest 0.0 Analyst Recs 21

Cash and Equivalents 396.59 Consensus Rating 4.476

Enterprise Value 2'423.15

Average Volume 5 Day 1'391'438

OPHR LN EQUITY YTD Change - Average Volume 30 Day 1'558'660

OPHR LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'155'434

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 06/yy 12/12 Y 12/13 Y 09/11 Q3 12/11 Q4

- - - - - 0.0 0.1 1.3 0.7 - -

- - - - - #DIV/0! 0.00x 2103.96x 4463.17x - -

- - (28.8) (18.6) (18.0) 0.0 (11.3) (60.7) (52.2) - -

- - - - - 0.00x 0.00x - - - -

- - (43.3) (19.3) (19.1) 0.0 (1.6) (73.6) (82.3) - -

- - - - - 0.00x 0.00x - - - -

EBITDA -18.00 Long-Term Rating Date -

EBIT -18.87 Long-Term Rating -

Operating Margin - Long-Term Outlook -

Pretax Margin - Short-Term Rating Date -

Return on Assets -3.29% Short-Term Rating -

Return on Common Equity -3.57%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover - (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin -

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin - Total Debt/Capital 0.0%

Asset Turnover -

Current Ratio 14.45 Net Fixed Asset Turnover -

Quick Ratio 13.90 Accounts receivable turnover-days -

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Ophir Energy PLCPrice/Volume

Valuation Analysis

1'182'734.00

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

'

-''

.''

0''

1''

2''

3''

4''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

0.0

0.2

0.4

0.6

0.8

1.0

1.2

'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 273: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

CAPITAL GROUP COMPAN n/a ULT-AGG 56'105'773 14.02 - 14.02.2013 Investment Advisor

KULCZYK INVESTMENT H Multiple Portfolios REG 40'433'833 10.1 - 01.11.2012 Investment Advisor

KULCZYK GROUP n/a Co File 40'433'833 10.1 - 19.04.2012 Holding Company

FMR LLC n/a ULT-AGG 38'671'852 9.66 (8'668'572) 31.12.2012 Investment Advisor

OZ MANAGEMENT LP Multiple Portfolios REG 35'414'896 8.85 (162'474) 01.11.2012 Investment Advisor

MITTAL INVESTMENTS S n/a RNS-MAJ 18'081'895 4.52 (18'081'895) 07.02.2013 Unclassified

JANUS CAPITAL MANAGE n/a ULT-AGG 17'212'167 4.3 244'971 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 16'177'434 4.04 3'897'812 31.01.2013 Unclassified

RS GLOBAL NATURAL RE n/a RNS-MAJ 12'163'223 3.04 - 08.02.2013 n/a

BLACKROCK n/a ULT-AGG 11'411'211 2.85 (5'063'807) 26.02.2013 Investment Advisor

OLD MUTUAL n/a ULT-AGG 10'709'497 2.68 307'000 31.12.2012 Unclassified

M&G INVESTMENT MANAG Multiple Portfolios REG 10'381'107 2.59 1'542'112 01.11.2012 Investment Advisor

RS INVESTMENT MANAGE Multiple Portfolios REG 9'387'989 2.35 979'691 01.11.2012 Investment Advisor

RS INVESTMENT MANAGE Multiple Portfolios MF-AGG 8'598'166 2.15 1'254'663 31.12.2012 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 8'128'985 2.03 1'184'993 01.11.2012 Investment Advisor

DIRECTOR & RELATED H Multiple Portfolios REG 7'428'852 1.86 - 01.11.2012 Other

LANSDOWNE PARTNERS n/a Short (7'203'675) -1.8 (946'539) 11.02.2013 Investment Advisor

CREDIT SUISSE PRIVAT Multiple Portfolios REG 7'024'795 1.76 (1'052'400) 01.11.2012 Bank

TAYLOR JONATHAN MARK n/a Co File 6'836'320 1.71 - 31.12.2011 n/a

ROYAL LONDON ASSET M Multiple Portfolios REG 6'425'173 1.61 421'684 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

VSA Capital Ltd DOUGIE YOUNGSON buy 5 M 800 12 month 26.02.2013

FirstEnergy Capital Corp KINGSLEY JIBUNOH outperform 5 M 645 12 month 19.02.2013

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 19.02.2013

Societe Generale DAVID MIRZAI buy 5 M 600 12 month 14.02.2013

Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 930 Not Provided 11.02.2013

Exane BNP Paribas ALEX TOPOUZOGLOU neutral 3 M 650 Not Provided 11.02.2013

Morgan Stanley JAMIE MADDOCK Overwt/Attractive 5 M 735 12 month 08.02.2013

RBC Capital Markets AL STANTON outperform 5 M 700 12 month 07.02.2013

JPMorgan JAMES THOMPSON overweight 5 M 770 9 month 07.02.2013

Ambrian Partners Ltd STUART AMOR speculative buy 4 M 809 Not Provided 07.02.2013

Nomura TOM ROBINSON buy 5 M 750 Not Provided 04.02.2013

Investec STUART JOYNER hold 3 M 667 12 month 01.02.2013

Jefferies LAURA LOPPACHER buy 5 M 800 12 month 11.01.2013

Deutsche Bank PHIL CORBETT hold 3 M 495 12 month 10.01.2013

HSBC PETER HITCHENS overweight 5 M 656 Not Provided 03.01.2013

Goldman Sachs CHRISTOPHOR JOST buy/attractive 5 M 860 12 month 17.12.2012

Tudor Pickering & Co ANISH KAPADIA buy 5 M 870 Not Provided 13.12.2012

Canaccord Genuity Corp CHARLIE SHARP hold 3 D 550 Not Provided 29.10.2012

SBG Securities LIONEL THEROND buy 5 M 800 12 month 29.10.2012

Holdings By:

Ophir Energy PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 274: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Oriflame Cosmetics SA markets a range of cosmetic products through an

independant sales force. The Company's products include skincare, color

cosmetics, fragrances, toiletries and fashion accessories.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (02.04.2012) 278.30

52-Week Low (13.11.2012) 178.30

Daily Volume

221.8

52-Week High % Change -20.30% Dividend Yield -

52-Week Low % Change 24.40% Beta 0.92

% 52 Week Price Range High/Low 43.50% Equity Float -

Shares Out 31.01.2013 57.1 Short Int -

12'669.47 1 Yr Total Return 3.97%

Total Debt 318.89 YTD Return 7.36%

Preferred Stock 0.0 Adjusted BETA 0.924

Minority Interest 0.0 Analyst Recs 19

Cash and Equivalents 106.25 Consensus Rating 2.842

Enterprise Value 1'710.78

Average Volume 5 Day 208'665

ORI SS EQUITY YTD Change - Average Volume 30 Day 348'471

ORI SS EQUITY YTD % CHANGE - Average Volume 3 Month 321'903

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'319.7 1'316.6 1'513.6 1'493.8 1'489.3 1'493.8 1'489.3 1'484.7 1'531.2 374.1 355.0

1.03x 1.92x 1.62x 1.09x 1.06x 5.30x 4.69x 1.20x 1.16x - -

209.0 168.3 183.3 184.9 202.0 184.9 202.0 202.0 216.6 52.0 48.9

6.47x 15.00x 13.36x 8.77x 7.84x 8.77x 7.84x 8.47x 7.90x 8.54x -

124.4 100.3 117.5 99.8 121.5 99.8 121.5 119.2 124.6 30.0 26.9

9.25x 23.51x 19.11x 13.92x 11.27x 13.92x 11.27x 11.95x 11.18x 12.50x -

EBITDA 202.00 Long-Term Rating Date -

EBIT 175.12 Long-Term Rating -

Operating Margin 11.76% Long-Term Outlook -

Pretax Margin 10.27% Short-Term Rating Date -

Return on Assets 14.96% Short-Term Rating -

Return on Common Equity 50.93%

Return on Capital - EBITDA/Interest Exp. 10.27

Asset Turnover 1.83% (EBITDA-Capex)/Interest Exp. 7.67

Net Debt/EBITDA 1.05

Gross Margin 70.7% Total Debt/EBITDA 1.58

EBITDA Margin 13.6%

EBIT Margin 11.8% Total Debt/Equity 126.1%

Net Income Margin 8.2% Total Debt/Capital 55.8%

Asset Turnover 1.83

Current Ratio 2.26 Net Fixed Asset Turnover 6.57

Quick Ratio 0.49 Accounts receivable turnover-days -

Debt to Assets 40.19% Inventory Days 200.13

Tot Debt to Common Equity 126.11% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 174.43

Inventory Turnover 1.83

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Oriflame Cosmetics SAPrice/Volume

Valuation Analysis

372'344.00

Current Price (2/dd/yy) Market Data

'

2'

-''

-2'

.''

.2'

0''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 275: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

LAZARD ASSET MANAGEM n/a ULT-AGG 9'781'655 17.12 6'560 31.01.2013 Unclassified

STICHTING AF JOCHNIC n/a Co File 6'327'001 11.08 - 31.12.2011 Other

JOCHNICK ROBERT AF n/a Co File 4'473'851 7.83 - 31.12.2011 n/a

JP MORGAN CHASE BANK n/a Co File 4'470'312 7.83 - 31.12.2011 Investment Advisor

JOCHNICK JONAS AF n/a Co File 4'303'500 7.53 - 31.12.2011 n/a

BAILLIE GIFFORD AND n/a Co File 2'472'512 4.33 - 31.12.2011 Investment Advisor

SWEDBANK ROBUR FONDE n/a Co File 2'128'594 3.73 - 31.12.2011 Investment Advisor

SEB n/a ULT-AGG 1'924'246 3.37 642'161 31.12.2012 Unclassified

CANTILLON CAPITAL MA n/a Co File 1'895'440 3.32 - 31.12.2011 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'535'425 2.69 635 31.12.2012 Investment Advisor

NORGES BANK INVESTME n/a Co File 1'472'633 2.58 - 31.12.2011 Government

FINANCIERE DE L'ECHI n/a Co File 1'388'600 2.43 - 31.12.2011 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'283'320 2.25 150'540 31.12.2012 Investment Advisor

MORTON HOLDINGS INC n/a Short (1'118'115) -1.96 - 01.11.2012 Corporation

PELHAM CAPITAL LONG/ n/a Short (995'734) -1.74 - 01.11.2012 Other

JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 946'509 1.66 - 30.06.2012 Mutual Fund Manager

AKO CAPITAL LLP n/a Short (662'605) -1.16 142'803 14.02.2013 Investment Advisor

DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 598'500 1.05 223'500 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 489'723 0.86 114'223 31.12.2012 Investment Advisor

JOCHNICK ALEXANDER A n/a Co File 418'884 0.73 - 31.12.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Credit Suisse NICOLAS SOCHOVSKY underperform 1 M 170 Not Provided 20.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 20.02.2013

Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 220 12 month 18.02.2013

Goldman Sachs ROSIE EDWARDS sell/attractive 1 M 173 12 month 18.02.2013

Berenberg Bank SETH PETERSON buy 5 M 366 Not Provided 18.02.2013

ABG Sundal Collier ANDREAS LUNDBERG sell 1 M 177 6 month 15.02.2013

SEB Enskilda STEFAN NELSON buy 5 M 235 Not Provided 15.02.2013

CA Cheuvreux DANIEL OVIN underperform 1 M 200 Not Provided 15.02.2013

Nordea Equity Research STELLAN HELLSTROM sell 1 M 190 12 month 15.02.2013

Handelsbanken ERIK SANDSTEDT reduce 2 M 225 12 month 15.02.2013

Nomura GUILLAUME DELMAS reduce 2 M 250 Not Provided 15.02.2013

Danske Markets ANDERS HANSSON buy 5 M 235 12 month 15.02.2013

JPMorgan CELINE PANNUTI underweight 1 M 210 9 month 14.02.2013

Carnegie NIKLAS EKMAN hold 3 M #N/A N/A Not Provided 14.02.2013

Pareto Securities SERGEJ KAZATCHENKO hold 3 M 220 6 month 14.02.2013

AlphaValue ARMELLE MOULIN add 4 D 255 6 month 14.02.2013

DNB Markets OLE-ANDREAS KROHN hold 3 M 230 Not Provided 11.02.2013

Swedbank CHRISTIAN ANDERSON neutral 3 M 200 12 month 07.02.2013

Wood & Company ERIK HEGEDUS buy 5 M 232 12 month 31.10.2012

Holdings By:

Oriflame Cosmetics SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 276: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Orion Oyj develops and manufactures pharmaceuticals and diagnostic kits. The

Company produces hormone therapies and drugs to treat central nervous system

disorders, cardiovascular diseases and urological disorders, and in vitro

diagnostic kits used in doctor's offices and small laboratories.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (08.01.2013) 23.79

52-Week Low (05.06.2012) 13.31

Daily Volume

22.89

52-Week High % Change -3.78% Dividend Yield -

52-Week Low % Change 71.98% Beta 0.74

% 52 Week Price Range High/Low 91.41% Equity Float -

Shares Out 15.01.2013 98.0 Short Int -

3'225.17 1 Yr Total Return 55.05%

Total Debt 136.70 YTD Return 3.20%

Preferred Stock 0.0 Adjusted BETA 0.743

Minority Interest 0.0 Analyst Recs 13

Cash and Equivalents 145.20 Consensus Rating 1.615

Enterprise Value 3'216.67

Average Volume 5 Day 394'351

ORNBV FH EQUITY YTD Change - Average Volume 30 Day 437'621

ORNBV FH EQUITY YTD % CHANGE - Average Volume 3 Month 369'199

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

710.7 771.5 849.9 917.9 980.4 917.9 980.4 973.6 941.3 249.5 239.8

2.35x 2.70x 2.65x 2.27x 3.18x 9.92x 9.93x 3.31x 3.43x - -

207.3 241.5 293.9 324.4 320.9 325.4 320.8 297.5 264.9 87.1 76.5

8.06x 8.62x 7.66x 6.43x 9.71x 6.41x 9.72x 10.81x 12.14x 10.76x -

136.3 151.4 184.7 209.5 208.9 209.5 208.9 190.9 169.3 56.7 48.9

12.49x 14.01x 12.49x 10.12x 14.96x 10.12x 14.96x 16.93x 19.17x 17.43x -

EBITDA 320.90 Long-Term Rating Date -

EBIT 280.90 Long-Term Rating -

Operating Margin 28.65% Long-Term Outlook -

Pretax Margin 28.49% Short-Term Rating Date -

Return on Assets 25.85% Short-Term Rating -

Return on Common Equity 41.32%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -0.03

Gross Margin 64.3% Total Debt/EBITDA 0.43

EBITDA Margin 32.7%

EBIT Margin 28.6% Total Debt/Equity 26.7%

Net Income Margin 21.3% Total Debt/Capital 21.1%

Asset Turnover 1.21

Current Ratio 2.94 Net Fixed Asset Turnover 4.95

Quick Ratio 1.71 Accounts receivable turnover-days 57.27

Debt to Assets 16.33% Inventory Days 172.86

Tot Debt to Common Equity 26.74% Accounts Payable Turnover Day 60.84

Accounts Receivable Turnover 6.39 Cash Conversion Cycle 169.28

Inventory Turnover 2.12

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Orion OYJPrice/Volume

Valuation Analysis

464'661.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

-!3 9

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 277: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

CAPITAL GROUP COMPAN n/a ULT-AGG 8'313'900 8.48 - 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 1'660'805 1.69 240'484 31.12.2012 Unclassified

SOCIAL INSURANCE INS n/a Research 1'658'368 1.69 - 30.11.2012 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'643'108 1.68 50'588 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'171'521 1.2 57'015 31.12.2012 Investment Advisor

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'110'000 1.13 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 950'056 0.97 1'875 26.02.2013 Investment Advisor

LOCAL GOVERNMENT PEN n/a Research 612'336 0.62 - 30.11.2012 Pension Fund (ERISA)

SWISS NATIONAL BANK n/a Research 578'526 0.59 - 30.11.2012 Government

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 502'826 0.51 (1'184) 31.01.2013 Mutual Fund Manager

EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 472'044 0.48 25'889 31.12.2012 Mutual Fund Manager

FINNISH CULTURAL FOU n/a Research 405'570 0.41 - 30.11.2012 Other

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 398'045 0.41 790 31.12.2012 Investment Advisor

AKO CAPITAL LLP n/a Short (342'967) -0.35 215'579 28.01.2013 Investment Advisor

BRADE JOUKO n/a Research 336'665 0.34 - 30.11.2012 n/a

INVESCO LTD Multiple Portfolios MF-AGG 330'666 0.34 181'277 27.02.2013 Investment Advisor

ORION OYJ n/a Research 325'991 0.33 - 30.11.2012 Other

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 325'700 0.33 (10'400) 28.12.2012 Mutual Fund Manager

ORION PENSION FUND n/a Research 292'699 0.3 - 30.11.2012 Pension Fund (ERISA)

YLPPO JUKKA n/a Research 292'520 0.3 - 30.11.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 12.02.2013

Jefferies JAMES VANE-TEMPEST underperform 1 M 17 12 month 08.02.2013

Pohjola Bank Plc (ESN) KIMMO STENVALL sell 1 D 18 12 month 06.02.2013

Credit Suisse KERRY HOLFORD underperform 1 M 19 Not Provided 06.02.2013

SEB Enskilda LARS HEVRENG hold 3 D 23 Not Provided 06.02.2013

Nordea Equity Research SAMI SARKAMIES strong sell 1 M 18 12 month 06.02.2013

Danske Markets MATTIAS HAGGBLOM sell 1 M 11 12 month 06.02.2013

INDERES PETRI KAJAANI sell 1 D 18 Not Provided 06.02.2013

ABG Sundal Collier PETER HUGREFFE sell 1 M 14 6 month 05.02.2013

Carnegie TIMO HEINONEN hold 3 M #N/A N/A Not Provided 29.01.2013

Goldman Sachs ELEANOR FUNG Sell/Neutral 1 D 17 12 month 28.01.2013

AlphaValue ARMELLE MOULIN sell 1 M 12 6 month 01.11.2012

Evli Bank Plc TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 30.01.2009

Holdings By:

Orion OYJ ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 278: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Outotec Oyj provides technology solutions for the sustainable use of Earth's

natural resources. The Company designs, develops, and supplies tailored plants,

processes and equipment for the minerals and metals processing industries.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (20.02.2013) 52.10

52-Week Low (04.06.2012) 30.31

Daily Volume

50.9

52-Week High % Change -2.30% Dividend Yield -

52-Week Low % Change 67.93% Beta 1.27

% 52 Week Price Range High/Low 94.49% Equity Float -

Shares Out 26.02.2013 45.8 Short Int -

2'330.22 1 Yr Total Return 13.03%

Total Debt 97.90 YTD Return 20.13%

Preferred Stock 0.0 Adjusted BETA 1.267

Minority Interest 1.2 Analyst Recs 21

Cash and Equivalents 358.60 Consensus Rating 3.476

Enterprise Value 2'070.72

Average Volume 5 Day 277'762

OTE1V FH EQUITY YTD Change - Average Volume 30 Day 307'418

OTE1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 293'782

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'217.9 877.7 969.6 1'385.6 2'087.4 1'385.6 2'087.4 2'172.9 2'182.3 460.3 556.4

0.11x 1.07x 1.97x 0.96x 0.79x 3.92x 2.76x 0.90x 0.86x 4.49x 3.77x

141.7 71.3 82.5 133.9 215.9 133.9 215.8 234.6 236.8 43.5 54.3

0.99x 13.13x 23.17x 9.89x 7.67x 9.89x 7.68x 8.83x 8.74x 8.57x 8.43x

94.0 42.3 26.7 79.3 127.8 79.3 127.7 146.2 151.9 23.5 31.5

4.80x 24.47x 78.55x 20.83x 15.18x 20.96x 15.16x 15.90x 15.40x 16.21x 15.82x

EBITDA 215.90 Long-Term Rating Date -

EBIT 184.50 Long-Term Rating -

Operating Margin 8.84% Long-Term Outlook -

Pretax Margin 8.61% Short-Term Rating Date -

Return on Assets 8.37% Short-Term Rating -

Return on Common Equity 29.04%

Return on Capital - EBITDA/Interest Exp. 60.86

Asset Turnover 1.37% (EBITDA-Capex)/Interest Exp. 52.86

Net Debt/EBITDA -1.21

Gross Margin 20.8% Total Debt/EBITDA 0.45

EBITDA Margin 10.3%

EBIT Margin 8.8% Total Debt/Equity 20.4%

Net Income Margin 6.1% Total Debt/Capital 16.9%

Asset Turnover 1.37

Current Ratio 1.20 Net Fixed Asset Turnover 30.30

Quick Ratio 0.37 Accounts receivable turnover-days -

Debt to Assets 6.01% Inventory Days 36.45

Tot Debt to Common Equity 20.35% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 62.72

Inventory Turnover 10.04

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Outotec OYJPrice/Volume

Valuation Analysis

272'810.00

Current Price (2/dd/yy) Market Data

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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!''

0'!''

02!''

1'!''

12!''

2'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 279: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SOLIDIUM OY n/a Research 3'801'373 8.3 - 30.11.2012 Holding Company

ILMARINEN MUTUAL PEN n/a Research 2'938'343 6.42 - 30.11.2012 Insurance Company

TAMARES NORDIC INVES n/a Research 2'511'419 5.49 - 30.11.2012 Other

BLACKROCK n/a ULT-AGG 2'491'489 5.44 - 26.02.2013 Investment Advisor

VARMA MUTUAL PENSION n/a Research 2'205'785 4.82 - 30.11.2012 Insurance Company

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'788'847 3.91 44'015 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'051'616 2.3 (13'200) 31.12.2012 Investment Advisor

MAVERICK CAPITAL LTD n/a Short (1'030'059) -2.25 (64'093) 22.02.2013 Hedge Fund Manager

FMR LLC n/a ULT-AGG 1'010'330 2.21 (147'221) 31.12.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 936'608 2.05 122'122 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 744'330 1.63 201'051 31.12.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 702'797 1.54 (84) 28.09.2012 Investment Advisor

CARLSON CAPITAL UK L n/a Short (700'440) -1.53 (27'468) 19.02.2013 Corporation

FINLAND STATE PENSIO n/a Research 669'138 1.46 - 30.11.2012 Government

LOCAL GOVERNMENT PEN n/a Research 576'421 1.26 - 30.11.2012 Pension Fund (ERISA)

SEB n/a ULT-AGG 542'661 1.19 282'816 31.12.2012 Unclassified

OUTOTEC OYJ n/a Research 500'000 1.09 - 30.11.2012 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 477'566 1.04 8'305 31.12.2012 Investment Advisor

MANDATUM LIFE INSURA n/a Co File 466'478 1.02 - 31.12.2011 Insurance Company

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 429'554 0.94 146'500 31.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

SEB Enskilda TOMI RAILO buy 5 M 56 Not Provided 18.02.2013

CA Cheuvreux JOHAN ELIASON outperform 5 M 57 Not Provided 15.02.2013

FIM SANNA KAJE accumulate 4 M 55 12 month 12.02.2013

Deutsche Bank ANETTE LUOMANPERA buy 5 M 55 12 month 08.02.2013

ABG Sundal Collier JOHANNES GRUNSELIUS buy 5 M 56 6 month 08.02.2013

Pohjola Bank Plc (ESN) PEKKA SPOLANDER accumulate 4 U 56 Not Provided 08.02.2013

JPMorgan ALEXANDER WHIGHT underweight 1 D 43 9 month 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 55 12 month 08.02.2013

Handelsbanken TOM SKOGMAN accumulate 4 M 55 12 month 08.02.2013

DNB Markets SAMPSA KARHUNEN sell 1 D 46 Not Provided 08.02.2013

Danske Markets ANTTI SUTTELIN buy 5 M 58 12 month 08.02.2013

INDERES JUHA KINNUNEN accumulate 4 M 52 Not Provided 08.02.2013

Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 62 12 month 07.02.2013

Evli Bank Plc ELINA RIUTTA accumulate 4 M 44 12 month 07.02.2013

Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 29 12 month 17.01.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 56 Not Provided 30.10.2012

Swedbank ERKKI VESOLA reduce 2 M 33 12 month 26.10.2012

ICECAPITAL Markets LAURI LEINO buy 5 M 33 6 month 24.05.2010

Pohjola Bank Plc (ESN) JARI RAISANEN reduce 2 M 22 Not Provided 10.02.2010

Holdings By:

Outotec OYJ ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 280: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Pargesa Holding SA acquires, sells, operates and manages investments in the

financial, commercial, and industrial sectors in Switzerland and other European

countries. The Company has a portfolio of a limited number of major long-term

holdings. Pargesa seeks to exercise control over or influence the activities of

its holdings as a strategic shareholder.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (25.02.2013) 68.95

52-Week Low (04.06.2012) 51.05

Daily Volume

66.6

52-Week High % Change -3.41% Dividend Yield -

52-Week Low % Change 30.46% Beta 1.20

% 52 Week Price Range High/Low 86.87% Equity Float 36.82

Shares Out 30.06.2012 77.2 Short Int -

5'656.75 1 Yr Total Return 3.75%

Total Debt 4'983.40 YTD Return 6.30%

Preferred Stock 0.0 Adjusted BETA 1.204

Minority Interest 8'970.5 Analyst Recs 7

Cash and Equivalents 1'846.70 Consensus Rating 3.714

Enterprise Value 16'324.95

Average Volume 5 Day 66'923

PARG SE EQUITY YTD Change - Average Volume 30 Day 55'022

PARG SE EQUITY YTD % CHANGE - Average Volume 3 Month 51'046

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

5'588.7 5'475.2 4'189.5 4'625.4 4'729.1 3'148.0 7'356.8 5'808.0 6'064.0 - -

5.16x 3.64x 5.31x 4.21x 3.66x 6.23x 0.00x 2.92x 2.75x - -

1'360.4 799.9 1'077.2 888.7 915.2 0.0 0.0 383.5 445.0 - -

21.19x 24.95x 20.64x 21.93x 18.92x 0.00x 0.00x 42.57x 36.69x - -

722.3 (520.8) 791.7 465.9 (64.9) 821.3 344.4 665.0 498.0 - -

14.83x - 4.83x 14.44x - 0.00x 0.00x 17.06x 11.32x - -

EBITDA 915.20 Long-Term Rating Date -

EBIT -193.40 Long-Term Rating -

Operating Margin -4.09% Long-Term Outlook -

Pretax Margin 5.92% Short-Term Rating Date -

Return on Assets 0.64% Short-Term Rating -

Return on Common Equity 1.92%

Return on Capital - EBITDA/Interest Exp. 4.79

Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. 3.25

Net Debt/EBITDA 1.44

Gross Margin - Total Debt/EBITDA 3.09

EBITDA Margin 28.8%

EBIT Margin 5.6% Total Debt/Equity 66.6%

Net Income Margin -1.4% Total Debt/Capital 23.2%

Asset Turnover 0.21

Current Ratio 2.16 Net Fixed Asset Turnover 2.26

Quick Ratio 1.46 Accounts receivable turnover-days 53.63

Debt to Assets 21.50% Inventory Days -

Tot Debt to Common Equity 66.61% Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.82 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Pargesa Holding SAPrice/Volume

Valuation Analysis

93'575.00

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

'

-'

.'

0'

1'

2'

3'

4'

5'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!' 9!' 9!- 9!- 9!- 9!- 9!- 9!. 9!. 9

-1'000.0

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 281: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

PARJOINTCO NV n/a Co File 40'076'000 51.9 - 31.12.2011 Holding Company

BNP PARIBAS SA n/a EXCH 9'586'556 12.42 - 05.09.2012 Bank

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'109'439 7.91 - 30.09.2012 Hedge Fund Manager

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'351'855 1.75 (2'620) 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 573'417 0.74 (6'904) 28.12.2012 Mutual Fund Manager

THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 469'645 0.61 - 31.10.2012 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 440'190 0.57 8'331 31.12.2012 Investment Advisor

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 435'371 0.56 6'134 31.10.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 318'098 0.41 103'411 26.02.2013 Investment Advisor

PARGESA HOLDING SA n/a EXCH 297'800 0.39 - 12.03.2012 Investment Advisor

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 227'716 0.29 30'600 31.12.2012 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 208'884 0.27 - 28.09.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 180'873 0.23 (5'257) 28.12.2012 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 116'599 0.15 (1'855) 30.11.2012 Mutual Fund Manager

LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 116'444 0.15 (192'482) 31.12.2012 Investment Advisor

LUXEMBOURGER KAPITAL Multiple Portfolios MF-AGG 93'500 0.12 (11'500) 28.12.2012 Mutual Fund Manager

UBS ETF Multiple Portfolios MF-AGG 55'024 0.07 654 31.10.2012 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 48'000 0.06 - 30.12.2011 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 47'566 0.06 33'724 31.12.2012 Investment Advisor

GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 29'150 0.04 (275) 31.12.2012 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue PIERRE-YVES GAUTHIER add 4 M 70 6 month 21.02.2013

Goldman Sachs MARKUS IWAR neutral/neutral 3 M 82 12 month 25.01.2013

Bank Vontobel AG RENE WEBER hold 3 M 70 Not Provided 25.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013

Petercam MARC DEBROUWER not rated #N/A N/A M #N/A N/A Not Provided 18.12.2012

KBC Securities TOM SIMONTS hold 3 M 68 Not Provided 10.12.2012

Zuercher Kantonalbank DANIEL BUERKI market perform 3 M #N/A N/A Not Provided 12.11.2012

BMO Capital Markets JOHN REUCASSEL not rated #N/A N/A M #N/A N/A Not Provided 22.02.2011

Holdings By:

Pargesa Holding SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 282: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Partners Group Holding AG is a global private markets asset management firm

in private equity, private debt, private real estate and private

infrastructure. The firm manages a broad range of funds, structured products

and customized portfolios for an international clientele of institutional

investors, private banks and other financial institutions.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (11.01.2013) 223.70

52-Week Low (04.06.2012) 157.20

Daily Volume

212

52-Week High % Change -5.23% Dividend Yield -

52-Week Low % Change 34.86% Beta 0.87

% 52 Week Price Range High/Low 82.41% Equity Float 15.76

Shares Out 09.11.2012 26.7 Short Int -

5'660.40 1 Yr Total Return 30.05%

Total Debt 0.00 YTD Return 0.38%

Preferred Stock 0.0 Adjusted BETA 0.873

Minority Interest 0.8 Analyst Recs 10

Cash and Equivalents 96.67 Consensus Rating 3.300

Enterprise Value 5'565.10

Average Volume 5 Day 32'101

PGHN SE EQUITY YTD Change - Average Volume 30 Day 47'817

PGHN SE EQUITY YTD % CHANGE - Average Volume 3 Month 57'210

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

350.1 270.7 329.4 447.3 448.8 - - 424.7 511.6 - -

10.59x 6.16x 9.30x 9.31x 9.06x - - 13.08x 10.79x - -

270.8 182.5 231.9 320.8 236.2 - - 266.8 327.3 - -

13.69x 9.14x 13.21x 12.98x 17.21x - - 20.86x 17.00x - -

255.0 170.8 204.8 296.3 202.1 - - 250.6 306.5 - -

14.99x 10.90x 15.75x 14.86x 20.51x - - 21.94x 18.02x - -

EBITDA 236.19 Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 48.76% Long-Term Outlook -

Pretax Margin 49.22% Short-Term Rating Date -

Return on Assets 33.99% Short-Term Rating -

Return on Common Equity 43.99%

Return on Capital 43.93% EBITDA/Interest Exp. -

Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -0.38

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin 52.0%

EBIT Margin - Total Debt/Equity 0.0%

Net Income Margin 45.0% Total Debt/Capital 0.0%

Asset Turnover 0.76

Current Ratio - Net Fixed Asset Turnover 35.61

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Partners Group Holding AGPrice/Volume

Valuation Analysis

26'048.00

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

'

2'

-''

-2'

.''

.2'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!- 9

!. 9

!. 9

!0 9

!0 9

!1 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

500.0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 283: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

GROUP OF SHAREHOLDER n/a EXCH 8'188'476 30.67 - 08.11.2012 n/a

PARTNERS GROUP n/a EXCH 1'318'831 4.94 (19'412) 30.11.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'104'516 4.14 15'912 26.02.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 711'040 2.66 (108'287) 31.12.2012 Investment Advisor

MEISTER STEFFEN n/a Co File 534'000 2 - 31.12.2011 n/a

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 494'578 1.85 68'380 28.12.2012 Mutual Fund Manager

ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 470'853 1.76 (24'915) 31.12.2012 Investment Advisor

HALDNER FELIX n/a Co File 347'100 1.3 - 31.12.2011 n/a

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 331'373 1.24 50 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 300'836 1.13 44'942 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 297'589 1.11 (23'941) 31.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 220'610 0.83 15'212 30.11.2012 Mutual Fund Manager

ALLIANCE BERNSTEIN n/a ULT-AGG 212'954 0.8 (5'634) 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 182'818 0.68 2'536 28.12.2012 Mutual Fund Manager

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 180'483 0.68 (3'979) 31.12.2012 Investment Advisor

SCHALI STEPHEN n/a Co File 154'200 0.58 - 31.12.2011 n/a

WENGER JURG n/a Co File 153'333 0.57 - 31.12.2011 n/a

NAF STEFAN n/a Co File 110'361 0.41 - 31.12.2011 n/a

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 101'512 0.38 (2'088) 31.10.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 91'520 0.34 3'955 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 238 12 month 05.02.2013

Bank Vontobel AG TERESA NIELSEN hold 3 M 210 Not Provided 25.01.2013

Goldman Sachs CHRIS M. TURNER Sell/Neutral 1 M 210 12 month 24.01.2013

Helvea TIM DAWSON accumulate 4 M 230 12 month 21.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013

Credit Suisse GURJIT KAMBO outperform 5 M 235 Not Provided 16.01.2013

Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 16.01.2013

Main First Bank AG KILIAN MAIER underperform 1 D 200 12 month 14.01.2013

CA Cheuvreux CHRISTIAN STARK outperform 5 M 220 Not Provided 08.10.2012

Holdings By:

Partners Group Holding AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 284: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Petropavlovsk PLC is a gold and iron ore mining and exploration company in

Russia. The Company holds interests in exploration and production assets in a

number of regions across the Russian Federation with its core assets located in

the Amur Region.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (29.02.2012) 753.50

52-Week Low (22.02.2013) 297.80

Daily Volume

307.2

52-Week High % Change -59.23% Dividend Yield 2.57

52-Week Low % Change 3.16% Beta 1.27

% 52 Week Price Range High/Low 2.06% Equity Float 156.34

Shares Out 30.06.2012 187.9 Short Int -

577.11 1 Yr Total Return -56.06%

Total Debt 1'006.84 YTD Return -14.90%

Preferred Stock 0.0 Adjusted BETA 1.272

Minority Interest 275.1 Analyst Recs 21

Cash and Equivalents 213.56 Consensus Rating 4.000

Enterprise Value 2'276.19

Average Volume 5 Day 1'819'148

POG LN EQUITY YTD Change - Average Volume 30 Day 1'861'816

POG LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'595'759

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

226.4 381.7 472.3 612.0 1'262.5 - - 1'334.7 1'414.3 - -

9.37x 2.10x 6.33x 6.19x 2.27x - - 1.72x 1.65x - -

89.6 136.0 221.8 198.1 541.2 - - 500.7 590.2 - -

23.69x 5.89x 13.48x 19.13x 5.29x - - 4.55x 3.86x - -

38.7 22.0 143.2 19.8 230.9 - - 132.2 205.4 - -

50.98x 20.32x 16.97x 165.78x 7.70x - - 7.18x 4.54x - -

EBITDA 541.19 Long-Term Rating Date -

EBIT 408.99 Long-Term Rating -

Operating Margin 32.40% Long-Term Outlook -

Pretax Margin 28.62% Short-Term Rating Date -

Return on Assets 4.30% Short-Term Rating -

Return on Common Equity 8.87%

Return on Capital 6.00% EBITDA/Interest Exp. 10.09

Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. -4.85

Net Debt/EBITDA 1.98

Gross Margin - Total Debt/EBITDA 2.31

EBITDA Margin 42.9%

EBIT Margin 28.4% Total Debt/Equity 61.7%

Net Income Margin 18.3% Total Debt/Capital 34.5%

Asset Turnover 0.41

Current Ratio 1.96 Net Fixed Asset Turnover 0.73

Quick Ratio 0.79 Accounts receivable turnover-days 20.66

Debt to Assets 30.76% Inventory Days -

Tot Debt to Common Equity 61.66% Accounts Payable Turnover Day -

Accounts Receivable Turnover 17.71 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Petropavlovsk PLCPrice/Volume

Valuation Analysis

1'546'660.00

Current Price (2/dd/yy) Market Data

'

-''

.''

0''

1''

2''

3''

4''

5''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

.!' 9

1!' 9

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

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

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 285: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BLACKROCK n/a ULT-AGG 16'776'225 8.93 (8'736) 26.02.2013 Investment Advisor

MASLOVSKIY PAVEL ALE n/a RNS-DIR 14'903'486 7.93 105'000 26.05.2011 n/a

VANGUARD GROUP INC #N/A N/A RNS-MAJ 13'500'000 7.19 2'115'678 21.02.2013 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 9'797'907 5.22 311'224 01.11.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 9'524'898 5.07 (839'144) 01.11.2012 Unclassified

DIRECTOR & RELATED H Multiple Portfolios REG 9'042'648 4.81 - 01.11.2012 Other

HAMBRO PETER C P n/a Co File 8'672'558 4.62 - 27.03.2012 n/a

UBS n/a ULT-AGG 8'309'411 4.42 5'820'542 01.11.2012 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 7'534'114 4.01 - 31.12.2012 Investment Advisor

NORGES BANK n/a RNS-MAJ 7'523'884 4.01 1'610'897 28.11.2012 Government

SCHRODER INVESTMENT Multiple Portfolios REG 6'733'069 3.58 708'300 01.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 6'548'906 3.49 61'618 31.01.2013 Unclassified

BNP PARIBAS INVESTME n/a RNS-MAJ 5'600'369 2.98 (79'130) 04.02.2011 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 4'482'545 2.39 (1'250'334) 31.12.2012 Investment Advisor

ROTHSCHILD PRIVATE M Multiple Portfolios REG 4'338'268 2.31 392'589 01.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 4'056'600 2.16 (375'829) 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN Multiple Portfolios REG 3'970'866 2.11 3'750'567 01.11.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'868'111 1.53 618'490 31.12.2012 Investment Advisor

OXFORD ASSET MANAGEM n/a Short (2'817'902) -1.5 (18'786) 26.02.2013 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 2'679'849 1.43 (274'348) 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BMO Capital Markets DAVID HAUGHTON market perform 3 M 475 Not Provided 26.02.2013

Uralsib VALENTINA BOGOMOLOVA buy 5 M 588 Not Provided 25.02.2013

Societe Generale BRUCE ALWAY buy 5 M 470 12 month 22.02.2013

Westhouse Securities NICK HATCH buy 5 M 480 Not Provided 22.02.2013

VTB Capital NIKOLAY SOSNOVSKIY buy 5 M 480 12 month 18.02.2013

RBC Capital Markets JONATHAN GUY underperform 1 M 400 12 month 15.02.2013

JPMorgan ROGER BELL overweight 5 M 500 9 month 15.02.2013

HSBC PATRICK CHIDLEY overweight 5 M 540 Not Provided 31.01.2013

Raiffeisenbank AG IRYNA TRYGUB-KAINZ hold 3 D 430 12 month 28.01.2013

Goldman Sachs YULIA CHEKUNAEVA sell/attractive 1 D 365 12 month 24.01.2013

Credit Suisse MIKHAIL PRIKLONSKY underperform 1 M 340 Not Provided 23.01.2013

Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 800 12 month 22.01.2013

Sberbank CIB MIKHAIL STISKIN buy 5 M 560 Not Provided 18.01.2013

Numis Securities Ltd CAILEY BARKER add 4 M 480 Not Provided 18.01.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Alfa-Bank BARRY EHRLICH equalweight 3 D 440 Not Provided 16.01.2013

Liberum Capital Ltd KATE CRAIG buy 5 M #N/A N/A Not Provided 16.01.2013

Otkritie Capital ANDY JONES Under Review #N/A N/A M #N/A N/A Not Provided 13.12.2012

Nomura TYLER BRODA buy 5 M 760 Not Provided 10.10.2012

Aton LLC ILYA MAKAROV buy 5 M 561 12 month 28.06.2012

Holdings By:

Petropavlovsk PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 286: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Peugeot SA manufactures automobiles and light comercial vehicles. The company,

through subsidiaries, also manufactures automobile components and motorcycles,

and provides logistics and financing services.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (29.02.2012) 14.02

52-Week Low (09.11.2012) 4.32

Daily Volume

5.778

52-Week High % Change -58.80% Dividend Yield -

52-Week Low % Change 33.75% Beta 1.29

% 52 Week Price Range High/Low 15.02% Equity Float 222.97

Shares Out 31.12.2012 354.8 Short Int -

2'050.32 1 Yr Total Return -55.99%

Total Debt 32'553.00 YTD Return 5.61%

Preferred Stock 0.0 Adjusted BETA 1.287

Minority Interest 735.0 Analyst Recs 32

Cash and Equivalents 7'678.00 Consensus Rating 1.844

Enterprise Value 27'660.32

Average Volume 5 Day 3'969'418

UG FP EQUITY YTD Change - Average Volume 30 Day 4'798'594

UG FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'056'238

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

54'356.0 48'417.0 56'061.0 58'509.0 55'446.0 59'912.0 55'446.0 54'936.9 56'920.2 - -

0.49x 0.57x 0.51x 0.48x 0.50x 0.00x 0.00x 0.14x 0.14x - -

3'742.0 2'443.0 4'839.0 4'039.0 2'310.0 0.0 0.0 2'493.3 3'188.3 - -

7.06x 11.25x 5.95x 7.02x 11.90x 0.00x 0.00x 11.09x 8.68x - -

(363.0) (1'161.0) 1'134.0 588.0 (5'010.0) 0.0 0.0 (510.7) 43.4 - -

- - 5.68x 6.16x - 0.00x 0.00x - 81.38x - -

EBITDA 2'310.00 Long-Term Rating Date 14.02.2013

EBIT -576.00 Long-Term Rating BB-

Operating Margin -1.04% Long-Term Outlook NEG

Pretax Margin -8.94% Short-Term Rating Date 06.08.2009

Return on Assets -7.49% Short-Term Rating B

Return on Common Equity -42.35%

Return on Capital - EBITDA/Interest Exp. 5.23

Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 0.07

Net Debt/EBITDA 10.77

Gross Margin 14.2% Total Debt/EBITDA 14.09

EBITDA Margin 4.2%

EBIT Margin -1.0% Total Debt/Equity 331.4%

Net Income Margin -9.0% Total Debt/Capital 75.5%

Asset Turnover 0.83

Current Ratio 1.04 Net Fixed Asset Turnover 4.18

Quick Ratio 0.23 Accounts receivable turnover-days 13.36

Debt to Assets 50.20% Inventory Days 49.24

Tot Debt to Common Equity 331.43% Accounts Payable Turnover Day 70.34

Accounts Receivable Turnover 27.40 Cash Conversion Cycle -7.74

Inventory Turnover 7.43

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Peugeot SAPrice/Volume

Valuation Analysis

2'651'347.00

Current Price (2/dd/yy) Market Data

'

.

1

3

5

-'

-.

-1

-3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9.!' 91!' 93!' 95!' 9-'!' 9-.!' 9-1!' 9-3!' 9-5!' 9.'!' 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'

0!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 287: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

PEUGEOT FAMILY n/a Research 89'685'297 25.27 17'057'191 29.03.2012 Other

GENERAL MOTORS AUTOM n/a Research 24'839'429 7 - 29.03.2012 Corporation

PEUGEOT SA n/a Co File 17'187'450 4.84 - 31.12.2011 Corporation

BLACKROCK n/a ULT-AGG 14'001'968 3.95 3'264 26.02.2013 Investment Advisor

ODEY ASSET MANAGEMEN n/a Short (8'055'072) -2.27 1'383'911 06.02.2013 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 6'700'000 1.89 - 31.12.2011 Pension Fund (ERISA)

D E SHAW & COMPANY I n/a Short (5'748'554) -1.62 (425'819) 06.02.2013 Hedge Fund Manager

EGERTON CAPITAL LIMI n/a Short (4'613'037) -1.3 (887'123) 13.02.2013 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'283'966 1.21 100'258 31.12.2012 Investment Advisor

ROTHSCHILD & COMPAGN Multiple Portfolios MF-AGG 3'195'000 0.9 125'000 31.12.2012 Investment Advisor

SPARINVEST n/a ULT-AGG 3'149'267 0.89 (32'122) 31.01.2013 Investment Advisor

MARSHALL WACE LLP n/a Short (2'483'943) -0.7 (248'394) 26.02.2013 Hedge Fund Manager

OXFORD ASSET MANAGEM n/a Short (2'129'094) -0.6 (35'485) 08.11.2012 Investment Advisor

OXAM QUANT FUND LTD n/a Short (1'841'666) -0.52 - 30.10.2012 Mutual Fund Manager

MAGNETAR FINANCIAL L n/a Short (1'791'987) -0.5 - 20.03.2012 Hedge Fund Manager

AVIVA PLC Multiple Portfolios MF-AGG 1'687'300 0.48 1'671'200 31.01.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'627'527 0.46 25'796 31.12.2012 Mutual Fund Manager

HIGHBRIDGE CAPITAL M n/a Short (1'419'396) -0.4 354'849 21.11.2012 Hedge Fund Manager

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 1'241'612 0.35 190'814 31.12.2012 Investment Advisor

BNP PARIBAS SA n/a Short (1'206'487) -0.34 674'213 14.01.2013 Bank

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 5 12 month 21.02.2013

Exane BNP Paribas RABIH FREIHA neutral 3 M 4 Not Provided 21.02.2013

AlphaValue HANS-PETER WODNIOK sell 1 M 2 6 month 21.02.2013

Kepler Capital Markets XAVIER CAROEN hold 3 M 6 Not Provided 18.02.2013

Barclays KRISTINA CHURCH underweight 1 M 2 Not Provided 18.02.2013

Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 U 7 12 month 15.02.2013

Societe Generale STEPHEN REITMAN hold 3 M 7 12 month 14.02.2013

Commerzbank Corporates & Markets SASCHA GOMMEL reduce 2 M 5 6 month 14.02.2013

JPMorgan JOSE ASUMENDI underweight 1 M 5 9 month 14.02.2013

Macquarie JENS SCHATTNER underperform 1 M 5 12 month 14.02.2013

CM - CIC Securities(ESN) FLORENT COUVREUR sell 1 M 4 12 month 14.02.2013

Natixis GEORGES DIENG neutral 3 M 6 Not Provided 14.02.2013

S&P Capital IQ RODERICK BRIDGE sell 1 M 5 12 month 14.02.2013

Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 13.02.2013

Oddo & Cie FRANCOIS MAURY neutral 3 M 7 Not Provided 08.02.2013

Morgan Stanley LAURA LEMBKE Underwt/In-Line 1 M 3 12 month 07.02.2013

Landesbank Baden-Wuerttemberg Fabian Suessenguth sell 1 N 5 Not Provided 04.02.2013

HSBC HORST SCHNEIDER underweight 1 M 4 Not Provided 01.02.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 24.01.2013

Credit Suisse ERICH HAUSER underperform 1 M 5 Not Provided 17.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 12 12 month 03.01.2013

Main First Bank AG BRUNO LAPIERRE underperform 1 M 4 Not Provided 12.12.2012

CA Cheuvreux THOMAS BESSON underperform 1 M 4 Not Provided 26.11.2012

Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M #N/A N/A Not Provided 16.11.2012

Cyrrus JIRI SIMARA sell 1 M 5 Not Provided 29.10.2012

Deutsche Bank GAETAN TOULEMONDE hold 3 M #N/A N/A Not Provided 26.10.2012

Hammer Partners SA ALBERTO ROLLA sell 1 M 4 Not Provided 23.10.2012

National Bank AG MANFRED JAISFELD sell 1 M #N/A N/A Not Provided 06.03.2012

DZ Bank AG MICHAEL PUNZET buy 5 M 14 12 month 29.02.2012

Holdings By:

Peugeot SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 288: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Pirelli & C. SpA manufactures tires. The Company produces consumer tires for

automobiles, sports utility vehicles, light commercial vehicles and

motorcycles, and industrial tires for buses, heavy trucks, and agricultural

machinery. Pirelli also manufactures steel cord, the strengthening element for

radial tires.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (04.05.2012) 9.83

52-Week Low (23.07.2012) 6.88

Daily Volume

8.86

52-Week High % Change -9.87% Dividend Yield -

52-Week Low % Change 28.87% Beta 0.95

% 52 Week Price Range High/Low 67.17% Equity Float 308.86

Shares Out 30.09.2012 475.7 Short Int -

4'290.53 1 Yr Total Return 16.93%

Total Debt 1'771.95 YTD Return 2.37%

Preferred Stock 0.0 Adjusted BETA 0.948

Minority Interest 45.5 Analyst Recs 22

Cash and Equivalents 717.49 Consensus Rating 3.318

Enterprise Value 6'524.55

Average Volume 5 Day 3'391'568

PC IM EQUITY YTD Change - Average Volume 30 Day 2'532'692

PC IM EQUITY YTD % CHANGE - Average Volume 3 Month 2'487'439

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

6'504.5 4'660.2 4'067.5 4'848.4 5'654.8 5'410.9 5'963.1 6'100.4 6'449.5 1'530.2 -

0.64x 0.72x 0.88x 0.76x 0.76x 3.05x 3.80x 0.91x 0.85x 3.65x -

585.6 264.8 469.0 636.4 812.8 785.0 981.3 1'072.1 1'200.1 283.5 -

7.16x 12.76x 7.62x 5.77x 5.25x 4.92x 6.33x 6.09x 5.44x - -

164.5 (347.5) 22.7 21.8 451.6 364.1 502.6 417.1 495.5 91.6 -

30.73x - 18.32x 12.01x 7.02x 5.42x 8.01x 10.28x 8.64x - -

EBITDA 812.78 Long-Term Rating Date -

EBIT 581.87 Long-Term Rating -

Operating Margin 10.29% Long-Term Outlook -

Pretax Margin 8.40% Short-Term Rating Date -

Return on Assets 7.60% Short-Term Rating -

Return on Common Equity 24.20%

Return on Capital 14.38% EBITDA/Interest Exp. 10.87

Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 2.61

Net Debt/EBITDA 2.35

Gross Margin - Total Debt/EBITDA 2.57

EBITDA Margin 16.0%

EBIT Margin 11.8% Total Debt/Equity 82.6%

Net Income Margin 8.0% Total Debt/Capital 44.7%

Asset Turnover 0.88

Current Ratio 1.07 Net Fixed Asset Turnover 2.56

Quick Ratio 0.55 Accounts receivable turnover-days 57.55

Debt to Assets 25.33% Inventory Days -

Tot Debt to Common Equity 82.57% Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.36 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Pirelli & C. SpAPrice/Volume

Valuation Analysis

2'148'116.00

Current Price (2/dd/yy) Market Data

'

.

1

3

5

-'

-.

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 289: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

CAMFIN CAM FINANZIAR n/a EXCH 96'670'409 20.32 - 24.10.2012 Other

CAM 2012 SPA n/a EXCH 27'830'802 5.85 - 24.10.2012 Other

EDIZIONE HOLDING SPA n/a EXCH 22'707'080 4.77 - 24.10.2012 Holding Company

ALLIANZ SPA n/a EXCH 21'493'942 4.52 - 24.10.2012 Insurance Company

FONDIARIA-SAI SPA n/a EXCH 21'189'469 4.45 - 24.10.2012 Insurance Company

MEDIOBANCA SPA n/a EXCH 18'810'768 3.95 - 24.10.2012 Bank

BLACKROCK n/a ULT-AGG 14'873'705 3.13 7'121 26.02.2013 Investment Advisor

RUANE CUNNIFF & GOLD n/a EXCH 11'208'439 2.36 - 24.10.2012 Investment Advisor

INA ASSITALIA SPA n/a EXCH 9'538'591 2 - 24.10.2012 Insurance Company

ASSICURAZIONI GENERA n/a EXCH 8'235'063 1.73 - 24.10.2012 Insurance Company

AKO CAPITAL LLP n/a Short (5'899'179) -1.24 (570'889) 19.12.2012 Investment Advisor

GENERALI VIE n/a EXCH 5'218'870 1.1 - 24.10.2012 Insurance Company

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'510'961 0.95 131'026 31.12.2012 Investment Advisor

HIGHBRIDGE CAPITAL M n/a Short (4'234'088) -0.89 475'740 13.02.2013 Hedge Fund Manager

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 3'601'259 0.76 2'276 31.12.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 3'550'248 0.75 66'308 31.01.2013 Investment Advisor

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 3'302'070 0.69 (291'625) 29.06.2012 Investment Advisor

MARSHALL WACE LLP n/a Short (2'806'867) -0.59 47'574 28.11.2012 Hedge Fund Manager

ALTAIRIS INVESTMENTS n/a Short (2'759'293) -0.58 - 20.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'925'200 0.4 (3'116'064) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

ICBPI STEFANO VULPIANI neutral 3 M 10 12 month 22.02.2013

Mediobanca SpA MASSIMO VECCHIO underperform 1 M 8 6 month 21.02.2013

HSBC NIELS FEHRE overweight 5 M 11 Not Provided 21.02.2013

AlphaValue HANS-PETER WODNIOK reduce 2 M 9 6 month 21.02.2013

Societe Generale PHILIPPE BARRIER hold 3 M 10 12 month 05.02.2013

Kepler Capital Markets GIANANTONIO VILLANI hold 3 M 9 Not Provided 28.01.2013

Deutsche Bank GAETAN TOULEMONDE hold 3 D 11 12 month 25.01.2013

Exane BNP Paribas MICHELE BALDELLI outperform 5 M 11 Not Provided 25.01.2013

Banca IMI MONICA BOSIO not rated #N/A N/A M 9 12 month 22.01.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Goldman Sachs STEPHAN PUETTER sell/attractive 1 D 9 12 month 10.01.2013

Main First Bank AG BRUNO LAPIERRE underperform 1 M 9 12 month 21.12.2012

Morgan Stanley EDOARDO SPINA Overwt/In-Line 5 M 11 12 month 28.11.2012

Equita SIM SpA MARTINO DEAMBROGGI buy 5 M 10 12 month 23.11.2012

Banca Akros(ESN) GABRIELE GAMBAROVA hold 3 D 10 12 month 19.11.2012

CA Cheuvreux GIORGIO IANNELLA outperform 5 M 10 Not Provided 14.11.2012

Natixis MICHAEL FOUNDOUKIDIS buy 5 M 10 Not Provided 13.11.2012

Centrobanca ORIANA CARDANI hold 3 M 10 12 month 31.10.2012

Barclays KRISTINA CHURCH underweight 1 M 8 Not Provided 06.09.2012

Banca Profilo CARLO CAMPAGNA buy 5 M 11 12 month 09.08.2012

Ricerca Finanza FRANCESCO MANZI outperform 5 M #N/A N/A Not Provided 24.06.2010

Holdings By:

Pirelli & C. SpA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 290: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Pohjola Bank PLC provides non-life insurance and banking services. Non-life

insurance services include household, motor liability, accident, medical, and

travel insurance. Banking services include corporate and investment banking.

The Company also offers asset management services for institutions.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.02.2013) 12.81

52-Week Low (10.04.2012) 7.46

Daily Volume

12.08

52-Week High % Change -5.70% Dividend Yield -

52-Week Low % Change 61.93% Beta 1.01

% 52 Week Price Range High/Low 86.36% Equity Float -

Shares Out 26.02.2013 251.9 Short Int -

3'860.48 1 Yr Total Return 46.20%

Total Debt 20'884.00 YTD Return 7.19%

Preferred Stock 0.0 Adjusted BETA 1.015

Minority Interest 0.0 Analyst Recs 8

Cash and Equivalents 14'458.00 Consensus Rating 2.750

Enterprise Value -

Average Volume 5 Day 582'275

POH1S FH EQUITY YTD Change - Average Volume 30 Day 475'929

POH1S FH EQUITY YTD % CHANGE - Average Volume 3 Month 390'644

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'620.0 2'643.0 2'321.0 3'011.0 1'291.0 3'011.0 1'455.0 1'018.5 1'044.0 236.0 273.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

88.0 194.0 229.0 215.0 285.0 215.0 285.0 339.0 357.8 61.1 89.0

22.53x 9.04x 12.52x 11.16x 12.64x 11.16x 12.64x 11.22x 10.67x 12.72x -

EBITDA - Long-Term Rating Date 27.07.2005

EBIT - Long-Term Rating AA-

Operating Margin 36.51% Long-Term Outlook NEG

Pretax Margin 36.42% Short-Term Rating Date 27.07.2005

Return on Assets 0.66% Short-Term Rating A-1+

Return on Common Equity 11.17%

Return on Capital 1.18% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 754.2%

Net Income Margin 27.8% Total Debt/Capital 88.3%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 19.27

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 46.80% Inventory Days -

Tot Debt to Common Equity 754.21% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Pohjola Bank PLCPrice/Volume

Valuation Analysis

506'641.00

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

'

.

1

3

5

-'

-.

-1

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 291: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

OP-POHJOLA GROUP CEN n/a Research 58'351'020 23.16 - 30.11.2012 Bank

ILMARINEN MUTUAL PEN n/a Research 31'955'142 12.68 - 30.11.2012 Insurance Company

NORDEA BANK FINLAND n/a Research 24'418'720 9.69 - 30.11.2012 Bank

OP-ELAKEKASSA n/a Research 3'455'529 1.37 - 30.11.2012 Pension Fund (ERISA)

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'251'260 1.29 - 31.07.2012 Investment Advisor

VARMA MUTUAL PENSION n/a Research 2'881'569 1.14 - 30.11.2012 Insurance Company

OULUN OSUUSPANKKI n/a Research 2'777'969 1.1 - 30.11.2012 Bank

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'631'324 1.04 80'781 31.12.2012 Investment Advisor

OP-ELAKESAATIO n/a Research 2'328'568 0.92 - 30.11.2012 Pension Fund (ERISA)

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 2'238'232 0.89 (36'415) 31.12.2012 Investment Advisor

FINLAND STATE PENSIO n/a Research 2'200'000 0.87 - 30.11.2012 Government

TURUN SEUDUN OSUUSPA n/a Research 1'800'990 0.71 - 30.11.2012 n/a

BLACKROCK n/a ULT-AGG 1'670'557 0.66 1'840 26.02.2013 Investment Advisor

NORDEA FENNIA n/a Research 1'545'000 0.61 - 30.11.2012 n/a

TAMPEREEN SEUDUN OSU n/a Research 1'514'338 0.6 - 30.11.2012 Other

SUUR-SAVON OSUUSPANK n/a Research 1'348'036 0.54 - 30.11.2012 Bank

ETELA-KARJALAN OSUUS n/a Research 1'329'318 0.53 - 30.11.2012 Bank

OP-DELTA FUND n/a Research 1'285'000 0.51 - 30.11.2012 n/a

AMUNDI Multiple Portfolios MF-AGG 1'247'847 0.5 (79'103) 28.09.2012 Mutual Fund Manager

PIELISEN OSUUSPANKKI n/a Research 1'232'140 0.49 - 30.11.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

SEB Enskilda MIKA KOSKINEN hold 3 M 11 Not Provided 07.02.2013

Carnegie GIANANDREA ROBERTI hold 3 M #N/A N/A Not Provided 07.02.2013

Nordea Equity Research PAAVO AHONEN sell 1 M 12 12 month 07.02.2013

Handelsbanken MATTI AHOKAS reduce 2 M 12 12 month 06.02.2013

Evli Bank Plc KIMMO RAMA accumulate 4 M 12 12 month 06.02.2013

Danske Markets PER GRONBORG hold 3 M 13 12 month 06.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 23.01.2013

ABG Sundal Collier RICKARD HENZE buy 5 M 10 6 month 04.05.2012

JPMorgan ANDREAS VAN EMBDEN neutral 3 M 10 Not Provided 23.02.2012

Holdings By:

Pohjola Bank PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 292: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Polyus Gold International Ltd is a gold mining company. The Company operates

mines and development/exploration projects located in gold mining regions of

Russia - the Krasnoyarsk Territory, the Irkutsk, Magadan, Amur regions, the

Republic of Sakha (Yakutia), as well as in the Republic of Kazakhstan, Romania

and Kyrgyzstan.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (13.02.2013) 233.00

52-Week Low (28.08.2012) 180.50

Daily Volume

220

52-Week High % Change -5.58% Dividend Yield 0.00

52-Week Low % Change 21.88% Beta -

% 52 Week Price Range High/Low 75.24% Equity Float 385.40

Shares Out 30.09.2012 3'032.2 Short Int -

6'670.73 1 Yr Total Return -

Total Debt 798.68 YTD Return 7.45%

Preferred Stock - Adjusted BETA -

Minority Interest 235.3 Analyst Recs 17

Cash and Equivalents 657.45 Consensus Rating 4.176

Enterprise Value 9'834.20

Average Volume 5 Day 1'606'133

PGIL LN EQUITY YTD Change - Average Volume 30 Day 1'639'757

PGIL LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'830'161

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

177.0 54.3 60.4 1'748.8 2'402.7 - - 2'799.3 3'100.9 - -

7.63x 8.14x 11.13x 0.22x 3.60x - - 3.53x 3.28x - -

74.4 (220.8) (52.6) 714.6 1'130.0 - - 1'371.9 1'573.2 - -

18.14x - - 0.54x 7.66x - - 7.17x 6.25x - -

19.4 (257.0) (142.9) 332.2 469.0 - - 825.2 948.8 - -

65.54x - - 35.27x 18.62x - - 12.32x 10.94x - -

EBITDA 1'130.02 Long-Term Rating Date -

EBIT 942.07 Long-Term Rating -

Operating Margin 39.21% Long-Term Outlook -

Pretax Margin 31.84% Short-Term Rating Date -

Return on Assets 14.27% Short-Term Rating -

Return on Common Equity 21.54%

Return on Capital 21.73% EBITDA/Interest Exp. 15.83

Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 11.02

Net Debt/EBITDA -0.39

Gross Margin 49.7% Total Debt/EBITDA 0.23

EBITDA Margin 53.9%

EBIT Margin 43.9% Total Debt/Equity 30.8%

Net Income Margin 19.5% Total Debt/Capital 22.0%

Asset Turnover 0.60

Current Ratio 1.63 Net Fixed Asset Turnover 1.24

Quick Ratio 0.73 Accounts receivable turnover-days -

Debt to Assets 18.93% Inventory Days 122.45

Tot Debt to Common Equity 30.77% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 141.59

Inventory Turnover 2.99

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Polyus Gold International LtdPrice/Volume

Valuation Analysis

807'456.00

Current Price (2/dd/yy) Market Data

'

2'

-''

-2'

.''

.2'

d -. d -. S -. o -. l -. j -. T -. d -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

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 293: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

NAFTA MOSKVA n/a RNS-RUL8 1'219'680'676 40.22 - 18.09.2012 Investment Advisor

RECEZA LTD n/a Research 585'204'931 19.3 - 22.02.2013 n/a

LIZARAZU LTD n/a Research 560'947'732 18.5 - 22.02.2013 n/a

JENNINGTON INTERNATI n/a Co File 227'411'243 7.5 - 31.12.2011 n/a

CHENGDONG INVESTMENT n/a RNS-RUL8 151'607'496 5 - 12.09.2012 Investment Advisor

VTB CAPITAL PLC n/a RNS-RUL8 101'577'689 3.35 (500'000) 21.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 72'983'498 2.41 (50'000) 26.02.2013 Investment Advisor

BENVOLIO HOLDING LTD n/a RNS-RUL8 53'475'052 1.76 - 25.09.2012 Other

DWS INVESTMENT SA Multiple Portfolios MF-AGG 5'964'921 0.2 662'399 28.12.2012 Mutual Fund Manager

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 5'018'000 0.17 5'018'000 31.12.2012 Investment Advisor

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 3'881'064 0.13 - 26.02.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'700'909 0.06 - 31.12.2012 Investment Advisor

NUVEEN ASSET MANAGEM Multiple Portfolios MF-AGG 1'568'685 0.05 (2'345'088) 31.01.2013 Investment Advisor

US GLOBAL INVESTORS Multiple Portfolios MF-AGG 1'093'500 0.04 1'093'500 28.09.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 1'061'396 0.04 - 31.10.2012 Unclassified

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'000'000 0.03 - 30.12.2012 Investment Advisor

JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 990'100 0.03 - 30.06.2012 Mutual Fund Manager

SOCIETE GENERALE n/a RNS-RUL8 663'368 0.02 (37'554) 21.02.2013 Bank

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 597'226 0.02 - 31.12.2012 Investment Advisor

RAIFFEISEN KAPITALAN Multiple Portfolios MF-AGG 533'860 0.02 10'900 30.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

JPMorgan YURIY A VLASOV overweight 5 M 270 Not Provided 27.02.2013

Morgan Stanley DMITRIY KOLOMYTSYN Equalwt/In-Line 3 M 265 12 month 26.02.2013

BMO Capital Markets DAVID HAUGHTON market perform 3 M 250 Not Provided 25.02.2013

Uralsib VALENTINA BOGOMOLOVA buy 5 M 264 Not Provided 25.02.2013

Credit Suisse MIKHAIL PRIKLONSKY outperform 5 M 240 Not Provided 22.02.2013

Alfa-Bank BARRY EHRLICH equalweight 3 M 225 Not Provided 06.02.2013

Sberbank CIB MIKHAIL STISKIN buy 5 M 303 Not Provided 29.01.2013

VTB Capital ALEXANDER PUKHAEV buy 5 M 300 12 month 28.01.2013

Liberum Capital Ltd KATE CRAIG hold 3 D #N/A N/A Not Provided 11.01.2013

Deutsche Bank ERIK DANEMAR buy 5 M 285 12 month 19.12.2012

Otkritie Capital ANDY JONES Under Review #N/A N/A M #N/A N/A Not Provided 13.12.2012

Veles Capital AIRAT KHALIKOV buy 5 M 247 Not Provided 19.09.2012

Goldman Sachs YULIA CHEKUNAEVA not rated #N/A N/A M #N/A N/A Not Provided 12.09.2012

ING Bank BIRAJ BORKHATARIA hold 3 M 280 Not Provided 10.09.2012

Aton LLC ILYA MAKAROV hold 3 M 187 12 month 28.06.2012

RMG Securities ANDREY TRETELNIKOV hold 3 M 209 Not Provided 26.06.2012

Holdings By:

Polyus Gold International Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 294: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

PostNL NV collects, transports, stores, sorts, and distributes letters, printed

matter, parcels, documents, and freight items. The Company provides mail and

logistics services domestically and internationally.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (19.03.2012) 4.32

52-Week Low (14.01.2013) 1.70

Daily Volume

1.845

52-Week High % Change -57.34% Dividend Yield -

52-Week Low % Change 8.53% Beta 1.34

% 52 Week Price Range High/Low 5.52% Equity Float 418.59

Shares Out 31.12.2012 440.0 Short Int -

811.75 1 Yr Total Return -53.45%

Total Debt 1'618.00 YTD Return -36.77%

Preferred Stock 0.0 Adjusted BETA 1.335

Minority Interest 11.0 Analyst Recs 23

Cash and Equivalents 391.00 Consensus Rating 3.391

Enterprise Value 2'049.75

Average Volume 5 Day 9'155'633

PNL NA EQUITY YTD Change - Average Volume 30 Day 7'024'369

PNL NA EQUITY YTD % CHANGE - Average Volume 3 Month 6'209'901

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

10'983.0 10'278.0 4'274.0 4'283.0 4'330.0 4'283.0 4'330.0 4'364.4 4'418.6 - -

0.60x 0.88x 2.10x 0.46x 0.58x 3.71x 2.37x 0.45x 0.43x - -

1'381.0 1'138.0 600.0 529.0 541.0 529.0 331.0 475.4 509.4 - -

4.74x 7.99x 14.95x 3.74x 4.66x 3.74x 0.00x 4.31x 4.02x - -

556.0 281.0 347.0 1'736.0 677.0 1'736.0 677.0 223.5 244.7 - -

9.00x 28.03x 26.55x - 1.90x 0.00x 1.96x 4.11x 3.49x - -

EBITDA 541.00 Long-Term Rating Date 16.01.2013

EBIT 293.00 Long-Term Rating BBB

Operating Margin 6.77% Long-Term Outlook NEG

Pretax Margin 17.51% Short-Term Rating Date 10.03.2006

Return on Assets 15.43% Short-Term Rating A-2

Return on Common Equity 92.17%

Return on Capital 32.36% EBITDA/Interest Exp. 5.06

Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. 3.42

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 6.8% Total Debt/Equity 151.4%

Net Income Margin 15.6% Total Debt/Capital 60.0%

Asset Turnover 0.99

Current Ratio 2.05 Net Fixed Asset Turnover 8.77

Quick Ratio 0.69 Accounts receivable turnover-days 35.88

Debt to Assets 34.75% Inventory Days -

Tot Debt to Common Equity 151.36% Accounts Payable Turnover Day -

Accounts Receivable Turnover 10.20 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

PostNL NVPrice/Volume

Valuation Analysis

6'165'088.00

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

'--..00112

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 295: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

MACKENZIE FINANCIAL n/a Research 37'323'303 8.48 - 18.11.2011 Investment Advisor

CAUSEWAY CAPITAL MAN n/a 13G 33'943'546 7.71 - 31.12.2011 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 28'514'573 6.48 5'504'882 30.11.2012 Investment Advisor

MANNING & NAPIER ADV n/a Research 23'995'285 5.45 - 15.03.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 21'876'251 4.97 (525'149) 26.02.2013 Investment Advisor

ALBERTA INVESTMENT M n/a Research 21'081'417 4.79 - 24.02.2012 Government

MORGAN STANLEY n/a ULT-AGG 20'148'658 4.58 4'654 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 18'816'297 4.28 (289'095) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'988'100 2.95 2'038'242 31.12.2012 Investment Advisor

MASSACHUSETTS FINANC n/a Research 10'317'188 2.34 - 23.09.2010 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'760'076 1.76 (2) 30.09.2012 Hedge Fund Manager

UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 5'000'000 1.14 - 31.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'760'903 1.08 72'100 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 3'141'982 0.71 2'865'642 27.02.2013 Investment Advisor

OXFORD ASSET MANAGEM n/a Short (3'079'813) -0.7 (879'947) 25.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 2'520'142 0.57 (2'335'823) 31.10.2012 Investment Advisor

BARCLAYS PLC n/a Research 2'379'798 0.54 - 24.02.2011 Investment Advisor

FMR LLC n/a ULT-AGG 2'200'620 0.5 - 31.12.2012 Investment Advisor

HIGHBRIDGE CAPITAL M n/a Short (2'155'869) -0.49 43'997 31.12.2012 Hedge Fund Manager

WORLDQUANT LLC n/a Short (2'111'872) -0.48 483'970 29.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs JOHN WOODMAN neutral/neutral 3 M 2 12 month 26.02.2013

KBC Securities DIETER FURNIERE hold 3 M 2 Not Provided 26.02.2013

Rabobank International PHILIP SCHOLTE hold 3 M 2 12 month 26.02.2013

Kepler Capital Markets ANDRE MULDER Under Review #N/A N/A M #N/A N/A Not Provided 26.02.2013

RBC Capital Markets DAMIAN BREWER sector perform 3 M 2 12 month 25.02.2013

SNS Securities(ESN) GERT STEENS accumulate 4 M 3 12 month 25.02.2013

Berenberg Bank WILLIAM FOGGON hold 3 M 3 Not Provided 25.02.2013

ING Bank MARC ZWARTSENBURG buy 5 M 3 12 month 25.02.2013

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 3 Not Provided 25.02.2013

Nomura MARK MCVICAR reduce 2 M 2 12 month 22.02.2013

Morgan Stanley PENNY BUTCHER Equalwt/In-Line 3 M 2 12 month 13.02.2013

Barclays DAVID E FINTZEN overweight 5 M 2 Not Provided 21.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

CA Cheuvreux ROBERT VAN OVERBEEK underperform 1 M 2 Not Provided 16.01.2013

HSBC JULIA WINARSO neutral 3 M 2 Not Provided 15.01.2013

Petercam MARCEL ACHTERBERG reduce 2 D 2 Not Provided 14.01.2013

Davy JOSHUA GOLDMAN underperform 1 D #N/A N/A Not Provided 14.01.2013

Credit Suisse NEIL GLYNN neutral 3 M 3 Not Provided 11.01.2013

Kempen & Co ARUN RAMBOCUS buy 5 M 4 12 month 06.01.2013

Main First Bank AG TOBIAS SITTIG outperform 5 M 4 12 month 09.11.2012

JPMorgan CHRISTOPHER G COMBE overweight 5 M 5 9 month 02.11.2012

Theodoor Gilissen Securities JOS VERSTEEG Under Review #N/A N/A M #N/A N/A Not Provided 27.10.2011

AlphaValue HELENE COUMES sell 1 M 6 6 month 19.05.2011

Societe Generale MATTHEW O'KEEFFE hold 3 M 8 12 month 21.02.2011

Holdings By:

PostNL NV ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 296: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

ProSiebenSat.1 Media AG is a pan-European broadcasting group. The Company

produces and broadcasts television programming. ProSiebenSat.1's portfolio

ranges from TV station brands to online video store, digital pay-TV programs,

and mobile services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (01.02.2013) 26.11

52-Week Low (04.06.2012) 15.60

Daily Volume

24.725

52-Week High % Change -5.29% Dividend Yield -

52-Week Low % Change 58.49% Beta 1.17

% 52 Week Price Range High/Low 86.86% Equity Float 82.81

Shares Out 30.09.2012 109.4 Short Int -

5'484.15 1 Yr Total Return 35.47%

Total Debt 2'662.20 YTD Return 16.08%

Preferred Stock 0.0 Adjusted BETA 1.172

Minority Interest 10.0 Analyst Recs 30

Cash and Equivalents 517.90 Consensus Rating 3.567

Enterprise Value 7'939.95

Average Volume 5 Day 654'309

PSM GY EQUITY YTD Change - Average Volume 30 Day 544'982

PSM GY EQUITY YTD % CHANGE - Average Volume 3 Month 543'578

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

2'710.4 3'054.2 2'760.8 2'601.0 2'756.2 2'711.4 2'868.7 2'910.3 2'721.7 887.8 -

2.69x 1.44x 1.97x 3.16x 1.90x 10.66x 8.54x 2.49x 2.52x 8.19x -

522.6 833.8 652.5 684.9 726.3 764.5 779.8 858.1 798.7 314.3 -

13.96x 5.29x 8.34x 11.99x 7.22x 6.87x 8.66x 9.25x 9.94x - -

89.4 (129.1) 146.6 312.7 637.5 689.0 325.9 393.0 398.6 170.5 60.6

39.71x - - 20.64x 11.48x 10.13x 12.60x 13.42x 13.32x - -

EBITDA 726.30 Long-Term Rating Date -

EBIT 606.70 Long-Term Rating -

Operating Margin 22.01% Long-Term Outlook -

Pretax Margin 13.30% Short-Term Rating Date -

Return on Assets 6.48% Short-Term Rating -

Return on Common Equity 24.38%

Return on Capital 10.88% EBITDA/Interest Exp. 3.50

Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 3.07

Net Debt/EBITDA 3.15

Gross Margin 45.5% Total Debt/EBITDA 3.79

EBITDA Margin 27.2%

EBIT Margin 22.7% Total Debt/Equity 186.0%

Net Income Margin 23.1% Total Debt/Capital 64.9%

Asset Turnover 0.57

Current Ratio 1.51 Net Fixed Asset Turnover 12.89

Quick Ratio 1.39 Accounts receivable turnover-days 35.03

Debt to Assets 52.89% Inventory Days 0.37

Tot Debt to Common Equity 185.99% Accounts Payable Turnover Day 89.44

Accounts Receivable Turnover 10.45 Cash Conversion Cycle -29.07

Inventory Turnover 976.50

Fiscal Year Ended

ProSiebenSat.1 Media AGPrice/Volume

Valuation Analysis

611'204.00

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

'

2

-'

-2

.'

.2

0'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

1!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 297: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

LAVENA HOLDING 5 n/a Research 19'691'748 18 - 31.08.2012 Holding Company

PROSIEBEN SAT1 MEDIA n/a Research 6'901'250 6.31 (738'750) 31.08.2012 Other

FMR LLC n/a ULT-AGG 6'538'304 5.98 299'157 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'819'360 2.58 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 2'449'786 2.24 (82'246) 26.02.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 1'675'000 1.53 315'000 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'510'811 1.38 33'947 31.12.2012 Investment Advisor

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 940'700 0.86 - 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 914'799 0.84 (69'305) 31.12.2012 Investment Advisor

CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 553'800 0.51 (85'000) 31.01.2013 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 434'862 0.4 15'469 31.12.2012 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 433'012 0.4 - 31.10.2012 Investment Advisor

EPOCH INVESTMENT PAR Multiple Portfolios MF-AGG 404'872 0.37 (108'868) 31.12.2012 Hedge Fund Manager

VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 392'200 0.36 (59'900) 30.11.2012 Mutual Fund Manager

ADIG INVESTMENT Multiple Portfolios MF-AGG 384'276 0.35 370'000 31.10.2012 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 330'865 0.3 (108'044) 31.12.2012 Mutual Fund Manager

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 310'400 0.28 (4'900) 31.12.2012 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 270'087 0.25 442 30.09.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 258'956 0.24 33'352 27.02.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 250'000 0.23 - 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Liberum Capital Ltd IAN WHITTAKER buy 5 M 32 Not Provided 22.02.2013

AlphaValue VERONIQUE CABIOC'H reduce 2 M 24 6 month 21.02.2013

Deutsche Bank LAURIE DAVISON buy 5 M 29 12 month 18.02.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 25 12 month 18.02.2013

Nomura WILLIAM MAIRS buy 5 M 30 Not Provided 15.02.2013

DZ Bank AG HARALD HEIDER hold 3 M 22 12 month 15.02.2013

Commerzbank Corporates & Markets SONIA RABUSSIER hold 3 M 25 6 month 14.02.2013

Exane BNP Paribas ADRIEN DE SAINT HILAIRE underperform 1 M 22 Not Provided 14.02.2013

JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 M 26 9 month 13.02.2013

Credit Suisse OMAR SHEIKH outperform 5 M 30 Not Provided 04.02.2013

Barclays JULIEN ROCH overweight 5 U 28 Not Provided 24.01.2013

Societe Generale CHRISTOPHE CHERBLANC hold 3 M 25 12 month 17.01.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Berenberg Bank SARAH SIMON hold 3 M 24 Not Provided 11.01.2013

Goldman Sachs RICHARD JONES Buy/Neutral 5 M 29 12 month 09.01.2013

Bankhaus Metzler STEFAN WIMMER buy 5 M 26 12 month 09.01.2013

Main First Bank AG STEPHAN VOLLERT outperform 5 M 26 12 month 19.12.2012

Kepler Capital Markets CONOR O'SHEA hold 3 M 23 Not Provided 18.12.2012

Natixis JEROME BODIN neutral 3 M 22 Not Provided 18.12.2012

Hammer Partners SA STEPHAN SEIP sell 1 M 19 Not Provided 18.12.2012

Morgan Stanley JULIEN ROSSI Equalwt/Attractive 3 D 26 12 month 17.12.2012

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 24 Not Provided 17.12.2012

Espirito Santo Investment Bank ResearchMARK EVANS sell 1 M 15 Not Provided 17.12.2012

HSBC CHRISTOPHER JOHNEN neutral 3 D 26 Not Provided 14.12.2012

Close Brothers Equity Markets MARCUS SILBE hold 3 M 18 12 month 20.11.2012

Jefferies WILL SMITH hold 3 M 23 12 month 08.11.2012

Silvia Quandt Research JACQUES ABRAMOWICZ neutral 3 M 22 12 month 08.11.2012

CS Capital CHRISTOPHER PARKINSON buy 5 M 26 Not Provided 15.08.2011

Holdings By:

ProSiebenSat.1 Media AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 298: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Provident Financial plc is a financial services group specialising in the

provision of personal credit products for consumers in the United Kingdom non

standard lending market. The Company's Consumer Credit division provides small,

unsecured loans, which they collect in weekly installments. The Company's

Credit Cards business is operated through Vanquis Bank.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (25.02.2013) 1'527.00

52-Week Low (25.05.2012) 1'064.00

Daily Volume

1460

52-Week High % Change -4.39% Dividend Yield 5.29

52-Week Low % Change 37.22% Beta 0.72

% 52 Week Price Range High/Low 85.53% Equity Float 91.04

Shares Out 31.01.2013 138.4 Short Int -

2'021.27 1 Yr Total Return 36.97%

Total Debt 1'201.40 YTD Return 7.51%

Preferred Stock 0.0 Adjusted BETA 0.724

Minority Interest 0.0 Analyst Recs 16

Cash and Equivalents 79.10 Consensus Rating 3.250

Enterprise Value 3'143.57

Average Volume 5 Day 181'641

PFG LN EQUITY YTD Change - Average Volume 30 Day 134'819

PFG LN EQUITY YTD % CHANGE - Average Volume 3 Month 156'969

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

751.2 815.6 866.4 910.8 980.0 - - 1'057.3 1'136.2 - -

2.58x 2.60x 2.45x 2.52x 3.06x - - 2.94x 2.85x - -

184.0 196.2 227.8 246.7 269.4 - - 266.3 284.3 - -

10.55x 10.79x 9.31x 9.29x 11.14x - - 11.81x 11.06x - -

92.1 88.6 101.5 119.8 148.0 - - 151.4 166.7 - -

12.13x 13.74x 11.39x 10.50x 12.30x - - 12.95x 11.85x - -

EBITDA 269.40 Long-Term Rating Date -

EBIT 255.80 Long-Term Rating -

Operating Margin 26.10% Long-Term Outlook -

Pretax Margin 20.07% Short-Term Rating Date -

Return on Assets 9.35% Short-Term Rating -

Return on Common Equity 42.19%

Return on Capital 13.83% EBITDA/Interest Exp. 3.61

Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 3.51

Net Debt/EBITDA 4.17

Gross Margin - Total Debt/EBITDA 4.46

EBITDA Margin 27.5%

EBIT Margin 26.1% Total Debt/Equity 320.0%

Net Income Margin 15.1% Total Debt/Capital 76.2%

Asset Turnover 0.62

Current Ratio 5.62 Net Fixed Asset Turnover 38.66

Quick Ratio 0.29 Accounts receivable turnover-days -

Debt to Assets 71.24% Inventory Days -

Tot Debt to Common Equity 320.03% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Provident Financial PLCPrice/Volume

Valuation Analysis

241'271.00

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

'.''1''3''5''

-'''-.''-1''-3''-5''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

-1'!''

-3'!''

-5'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 299: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

INVESCO LTD Multiple Portfolios REG 35'591'182 25.71 (590'435) 01.11.2012 Investment Advisor

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 10'127'121 7.32 (38'693) 31.07.2012 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 8'951'588 6.47 (104'306) 01.11.2012 Investment Advisor

MARATHON ASSET MANAG n/a RNS-MAJ 8'159'871 5.89 (432'136) 12.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 5'695'979 4.11 - 26.02.2013 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios REG 5'550'156 4.01 (583'280) 01.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 5'131'774 3.71 (153'821) 31.01.2013 Unclassified

Cantillon Capital Multiple Portfolios REG 4'514'221 3.26 450'979 01.11.2012 Unclassified

BAILLIE GIFFORD AND Multiple Portfolios REG 4'205'378 3.04 163'122 01.11.2012 Investment Advisor

PICTET & CIE Multiple Portfolios REG 3'855'639 2.79 62'689 01.11.2012 Mutual Fund Manager

LANSDOWNE PARTNERS n/a Short (3'578'121) -2.58 68'955 01.11.2012 Investment Advisor

OLD MUTUAL n/a ULT-AGG 3'373'856 2.44 118'395 31.12.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 3'330'695 2.41 (19'690) 01.11.2012 Government

FMR LLC n/a ULT-AGG 2'955'423 2.13 (4'273) 01.11.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 2'527'225 1.83 (365'700) 31.01.2013 Unclassified

LIONTRUST n/a ULT-AGG 2'521'585 1.82 22'571 31.12.2012 Unclassified

JP MORGAN n/a ULT-AGG 2'402'606 1.74 404'122 01.11.2012 Unclassified

JUPITER ASSET MANAGE Multiple Portfolios REG 2'350'967 1.7 650'000 01.11.2012 Investment Advisor

PROVIDENT FINANCIAL Multiple Portfolios REG 1'991'242 1.44 - 01.11.2012 Unclassified

RWC PARTNERS LTD Multiple Portfolios REG 1'924'707 1.39 - 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets PETER K LENARDOS outperform 5 M 1'600 12 month 27.02.2013

Shore Capital Stockbrokers GARY GREENWOOD hold 3 M #N/A N/A Not Provided 27.02.2013

Espirito Santo Investment Bank ResearchPHILIP DOBBIN neutral 3 M 1'494 Not Provided 27.02.2013

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 1'700 6 month 26.02.2013

JPMorgan RAE MAILE overweight 5 M 1'678 9 month 26.02.2013

Canaccord Genuity Corp ARUN MELMANE hold 3 M 1'250 12 month 26.02.2013

Peel Hunt STUART DUNCAN hold 3 D 1'570 Not Provided 26.02.2013

Numis Securities Ltd JAMES HAMILTON hold 3 M 1'601 Not Provided 26.02.2013

Berenberg Bank PRAS JEYANANDHAN hold 3 M 1'290 Not Provided 21.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013

Societe Generale BILL BARNARD hold 3 M 1'335 12 month 15.01.2013

Keefe, Bruyette & Woods TOM MILLS market perform 3 M 1'460 12 month 15.01.2013

HSBC NITIN ARORA neutral 3 M 1'390 Not Provided 12.11.2012

Charles Stanley Securities ANDREW MITCHELL hold 3 M 1'250 Not Provided 04.05.2012

Holdings By:

Provident Financial PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 300: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Qinetiq Group PLC is a science and technology research company formed from the

British Governments defense research and development organization.

Latest Fiscal Year: 03/2012

LTM as of: 01/yy

52-Week High (20.02.2013) 214.60

52-Week Low (21.05.2012) 141.50

Daily Volume

206.1

52-Week High % Change -3.96% Dividend Yield 1.50

52-Week Low % Change 45.65% Beta 0.83

% 52 Week Price Range High/Low 88.37% Equity Float 600.62

Shares Out 30.09.2012 660.5 Short Int -

1'361.24 1 Yr Total Return 38.89%

Total Debt 249.30 YTD Return 13.01%

Preferred Stock 0.0 Adjusted BETA 0.826

Minority Interest 0.1 Analyst Recs 10

Cash and Equivalents 118.90 Consensus Rating 3.800

Enterprise Value 1'347.34

Average Volume 5 Day 822'630

QQ/ LN EQUITY YTD Change - Average Volume 30 Day 1'909'660

QQ/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'430'233

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 - -

1'366.0 1'617.3 1'625.4 1'702.6 1'469.6 - - 1'357.0 1'338.5 - -

1.23x 0.88x 0.84x 0.63x 0.80x - - 0.95x 0.92x - -

187.2 225.2 245.8 216.9 220.9 - - 192.8 168.2 - -

8.96x 6.33x 5.53x 4.95x 5.35x - - 6.99x 8.01x - -

47.4 93.6 (63.3) 5.0 257.9 - - 113.2 97.3 - -

26.72x 9.22x - 159.33x 4.02x - - 12.12x 13.93x - -

EBITDA 220.90 Long-Term Rating Date -

EBIT 159.10 Long-Term Rating -

Operating Margin 10.83% Long-Term Outlook -

Pretax Margin 22.56% Short-Term Rating Date -

Return on Assets 18.39% Short-Term Rating -

Return on Common Equity 49.82%

Return on Capital 43.08% EBITDA/Interest Exp. 1.96

Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 1.76

Net Debt/EBITDA -0.06

Gross Margin - Total Debt/EBITDA 0.70

EBITDA Margin 16.6%

EBIT Margin 13.0% Total Debt/Equity 41.6%

Net Income Margin 17.5% Total Debt/Capital 29.4%

Asset Turnover 1.02

Current Ratio 0.94 Net Fixed Asset Turnover 5.69

Quick Ratio 0.71 Accounts receivable turnover-days 79.13

Debt to Assets 17.44% Inventory Days -

Tot Debt to Common Equity 41.60% Accounts Payable Turnover Day -

Accounts Receivable Turnover 4.63 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

QinetiQ Group PLCPrice/Volume

Valuation Analysis

520'142.00

Current Price (2/dd/yy) Market Data

'

2'

-''

-2'

.''

.2'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

.!' 9

1!' 9

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

1'800.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 301: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FMR LLC n/a ULT-AGG 100'889'213 15.28 (37'816'485) 30.11.2012 Investment Advisor

ARTISAN PARTNERS HOL n/a RNS-MAJ 92'608'147 14.02 2'602'589 05.10.2012 Investment Advisor

RUANE CUNNIFF & GOLD n/a RNS-MAJ 64'117'000 9.71 (8'535'402) 06.07.2012 Investment Advisor

Ruane Cunniff & Gold Multiple Portfolios REG 55'751'638 8.44 (7'621'530) 01.10.2012 Unclassified

SCHRODER INVESTMENT Multiple Portfolios REG 48'945'895 7.41 6'838'732 01.10.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios REG 36'357'943 5.5 (873'174) 01.10.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 30'347'644 4.59 (571'999) 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 29'027'398 4.39 1'744'557 31.01.2013 Unclassified

NORGES BANK n/a RNS-MAJ 27'181'242 4.12 7'330'734 26.11.2012 Government

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 26'585'581 4.03 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 23'974'040 3.63 - 26.02.2013 Investment Advisor

RUANE CUNNIFF & GOLD Multiple Portfolios MF-AGG 23'161'200 3.51 - 31.12.2011 Investment Advisor

QINETIQ GROUP EMPLOY Multiple Portfolios REG 19'153'952 2.9 (1'103'579) 01.10.2012 Unclassified

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'978'940 2.72 851'059 31.12.2012 Investment Advisor

QINETIQ GROUP PLC SH Multiple Portfolios REG 17'533'890 2.65 (599'153) 01.10.2012 Unclassified

JUPITER ASSET MANAGE Multiple Portfolios REG 12'273'431 1.86 1'290'609 01.10.2012 Investment Advisor

CHISHOLM JOHN n/a RNS-DIR 11'501'026 1.74 4 19.02.2010 n/a

JP MORGAN n/a ULT-AGG 10'007'236 1.52 578'202 31.10.2012 Unclassified

WELLINGTON MANAGEMEN Multiple Portfolios REG 9'313'304 1.41 (1'974'463) 01.10.2012 Investment Advisor

ACADIAN ASSET MANAGE Multiple Portfolios REG 9'287'768 1.41 4'084'972 01.10.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Investec ANDREW GOLLAN hold 3 M 180 12 month 22.02.2013

JPMorgan DAVID H. PERRY neutral 3 M 210 9 month 11.02.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 230 Not Provided 08.02.2013

Liberum Capital Ltd WILLIAM SHIRLEY hold 3 M 180 Not Provided 05.02.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 17.01.2013

Barclays RICHARD PAIGE equalweight 3 M 160 Not Provided 02.05.2012

Canaccord Genuity Corp PAUL BRANT buy 5 M 155 Not Provided 26.03.2012

Holdings By:

QinetiQ Group PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 302: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Raiffeisen Bank International AG is a bank holding company. The Bank offers

corporate, structured and trade financing, investment banking, factoring, lease

financing, and payment and custody services. Raiffeisen operates in Austria

and Central and Eastern Europe.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (14.01.2013) 33.95

52-Week Low (01.06.2012) 21.65

Daily Volume

28.59

52-Week High % Change -15.79% Dividend Yield -

52-Week Low % Change 32.06% Beta 1.47

% 52 Week Price Range High/Low 56.42% Equity Float -

Shares Out 31.12.2012 195.5 Short Int -

5'589.49 1 Yr Total Return 9.74%

Total Debt 56'509.36 YTD Return -9.11%

Preferred Stock 0.0 Adjusted BETA 1.466

Minority Interest 1'142.9 Analyst Recs 24

Cash and Equivalents 37'149.79 Consensus Rating 2.750

Enterprise Value -

Average Volume 5 Day 192'936

RBI AV EQUITY YTD Change - Average Volume 30 Day 150'093

RBI AV EQUITY YTD % CHANGE - Average Volume 3 Month 157'115

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

8'425.6 7'546.9 9'551.5 9'971.7 - 9'971.7 7'465.0 5'254.3 5'448.0 - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

982.0 212.2 1'087.5 967.7 725.0 967.7 725.0 703.7 842.8 - -

3.02x 39.90x 8.99x 5.08x 8.48x 4.51x 10.66x 7.92x 6.61x 5.63x -

EBITDA - Long-Term Rating Date 25.01.2012

EBIT - Long-Term Rating A

Operating Margin 19.72% Long-Term Outlook NEG

Pretax Margin 19.55% Short-Term Rating Date 25.01.2012

Return on Assets 0.72% Short-Term Rating A-1

Return on Common Equity 10.90%

Return on Capital 1.67% EBITDA/Interest Exp. -

Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 577.0%

Net Income Margin 13.8% Total Debt/Capital 83.8%

Asset Turnover 0.07

Current Ratio - Net Fixed Asset Turnover 7.98

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 38.45% Inventory Days -

Tot Debt to Common Equity 577.04% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Raiffeisen Bank International AGPrice/Volume

Valuation Analysis

170'947.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

0'

02

1'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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'

-!''

-!.'

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 303: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

RAIFFEISEN ZENTRALBA n/a Co File 153'471'501 78.5 - 31.12.2011 Bank

FRANKLIN RESOURCES n/a ULT-AGG 1'146'500 0.59 100'753 30.09.2012 Investment Advisor

WELLINGTON MANAGEMEN n/a Short (1'055'728) -0.54 - 02.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 948'314 0.49 21'265 31.12.2012 Investment Advisor

FONDUL PROPRIETATEA Multiple Portfolios MF-AGG 853'564 0.44 (232'042) 30.06.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 713'109 0.36 (2'708) 26.02.2013 Investment Advisor

RINGTURM KAG Multiple Portfolios MF-AGG 660'000 0.34 (50'000) 31.10.2012 Mutual Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 484'628 0.25 (16'351) 28.12.2012 Mutual Fund Manager

EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 415'895 0.21 (294'985) 31.12.2012 Investment Advisor

PIONEER INVESTMENTS Multiple Portfolios MF-AGG 374'900 0.19 - 31.05.2011 Investment Advisor

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 254'120 0.13 4'831 31.10.2012 Investment Advisor

KBC GROUP NV Multiple Portfolios MF-AGG 154'748 0.08 (13'105) 31.01.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 140'416 0.07 (6'151) 28.12.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 126'694 0.06 (25'938) 31.12.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 110'000 0.06 - 28.09.2012 Investment Advisor

BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 108'355 0.06 - 30.06.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 100'895 0.05 - 31.07.2012 Investment Advisor

SUNTRUST BANKS INC n/a ULT-AGG 98'410 0.05 (780) 31.01.2013 Bank

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 95'686 0.05 (2'519) 31.05.2012 Investment Advisor

BPH TFI SA Multiple Portfolios MF-AGG 85'252 0.04 (7'334) 30.06.2011 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Wood & Company MARK MACRAE hold 3 D 32 12 month 25.02.2013

Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 33 6 month 22.02.2013

Macquarie THOMAS STOEGNER underperform 1 M 30 12 month 21.02.2013

Berenberg Bank ELENI PAPOULA sell 1 M 27 Not Provided 21.02.2013

AlphaValue DIETER HEIN buy 5 M 50 6 month 21.02.2013

Banca IMI MANUELA MERONI hold 3 M 29 12 month 20.02.2013

HSBC JOHANNES THORMANN neutral 3 M 36 Not Provided 20.02.2013

Nomura DOMENICO SANTORO reduce 2 M 26 12 month 20.02.2013

Exane BNP Paribas ANDREA VERCELLONE underperform 1 M 31 Not Provided 20.02.2013

VTB Capital MIKHAIL SHLEMOV sell 1 M 27 12 month 18.02.2013

Societe Generale ALAN WEBBORN hold 3 M 35 12 month 01.02.2013

Barclays CRISTINA MARZEA underweight 1 M 30 Not Provided 01.02.2013

Keefe, Bruyette & Woods RONNY REHN underperform 1 M 28 12 month 31.01.2013

Goldman Sachs PAWEL DZIEDZIC neutral/neutral 3 M 39 12 month 28.01.2013

Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 29 12 month 17.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013

Credit Suisse HUGO SWANN outperform 5 M 35 Not Provided 15.01.2013

Deutsche Bank ALEXANDER HENDRICKS hold 3 M 29 12 month 29.11.2012

Kepler Capital Markets DIRK BECKER hold 3 U 30 Not Provided 28.11.2012

Erste Bank GUENTER HOHBERGER buy 5 M 36 12 month 04.11.2012

Mediobanca SpA RICCARDO ROVERE neutral 3 M 29 Not Provided 24.08.2012

JPMorgan PAUL FORMANKO overweight 5 M 35 9 month 02.07.2012

J&T Banka MILAN LAVICKA hold 3 M 44 12 month 22.08.2011

KBC Securities MARTA CZAJKOWSKA-BALDYGA hold 3 D 45 Not Provided 21.12.2010

Holdings By:

Raiffeisen Bank International AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 304: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Ratos AB is an equity company that operates in the Nordic private equity market

for investments in unlisted companies. The Company focuses on middle-segment

buyouts.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (27.03.2012) 93.00

52-Week Low (23.10.2012) 53.75

Daily Volume

65.75

52-Week High % Change -29.30% Dividend Yield -

52-Week Low % Change 22.33% Beta 1.09

% 52 Week Price Range High/Low 30.57% Equity Float -

Shares Out 26.02.2013 239.5 Short Int -

21'794.70 1 Yr Total Return -17.98%

Total Debt 10'426.00 YTD Return 5.20%

Preferred Stock 0.0 Adjusted BETA 1.091

Minority Interest 802.0 Analyst Recs 9

Cash and Equivalents 3'203.00 Consensus Rating 2.000

Enterprise Value 29'819.69

Average Volume 5 Day 800'233

RATOB SS EQUITY YTD Change - Average Volume 30 Day 665'591

RATOB SS EQUITY YTD % CHANGE - Average Volume 3 Month 744'519

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

27'337.0 26'862.0 28'582.0 30'039.0 27'425.0 30'039.0 27'425.0 23'612.3 25'174.5 - -

1.12x 1.49x 3.27x 1.25x 1.02x 7.25x 4.79x - - - -

3'064.0 3'143.0 3'300.0 2'789.0 2'440.0 2'789.0 2'440.0 2'972.0 3'557.0 - -

10.03x 12.69x 28.31x 13.46x 11.46x 13.46x 11.85x 10.03x 8.38x - -

5'172.0 842.0 2'255.0 521.0 606.0 521.0 606.0 835.0 1'269.0 - -

4.14x 34.74x 17.56x 49.45x 32.90x 49.56x 36.36x 23.48x 16.52x - -

EBITDA 2'440.00 Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin -1.93% Long-Term Outlook -

Pretax Margin 2.80% Short-Term Rating Date -

Return on Assets 1.65% Short-Term Rating -

Return on Common Equity 4.65%

Return on Capital 2.08% EBITDA/Interest Exp. -

Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA 2.96

Gross Margin - Total Debt/EBITDA 4.27

EBITDA Margin 8.9%

EBIT Margin - Total Debt/Equity 84.0%

Net Income Margin 2.2% Total Debt/Capital 44.1%

Asset Turnover 0.75

Current Ratio - Net Fixed Asset Turnover 7.08

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 31.06% Inventory Days -

Tot Debt to Common Equity 84.05% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Ratos ABPrice/Volume

Valuation Analysis

615'465.00

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

'-'.'0'1'2'3'4'5'6'

-''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 305: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

TORSTEN SOEDERBERGS n/a Co File 15'759'900 6.58 - 31.12.2011 n/a

RAGNAR SOEDERBERGS F n/a Co File 12'633'340 5.27 - 31.12.2011 Other

SOEDERBERG FAMILY n/a Co File 11'602'951 4.84 - 31.12.2011 n/a

SWEDBANK ROBUR FONDE n/a Co File 8'663'728 3.62 - 31.12.2011 Investment Advisor

AMF PENSION n/a Co File 6'185'000 2.58 - 31.12.2011 Pension Fund (ERISA)

RATOS AB n/a Co File 5'144'127 2.15 - 31.12.2011 Private Equity

HANDELSBANKEN FONDER n/a Co File 4'923'294 2.06 - 31.12.2011 Investment Advisor

JPMORGAN CHASE FUNDI n/a Co File 4'032'776 1.68 - 31.12.2011 Investment Advisor

ANDRA AP FONDEN n/a Co File 3'683'402 1.54 - 31.12.2011 Pension Fund (ERISA)

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'602'228 1.5 51'506 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 3'175'916 1.33 (381'038) 31.12.2012 Unclassified

STENHAMMAR OLOF n/a Co File 2'955'404 1.23 - 31.12.2011 n/a

BLACKROCK n/a ULT-AGG 1'666'164 0.7 9'726 26.02.2013 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 1'286'588 0.54 6'246 27.02.2013 Investment Advisor

YORK CAPITAL MANAGEM n/a Short (1'005'916) -0.42 502'958 30.01.2013 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 740'000 0.31 (175'000) 31.12.2012 Investment Advisor

OMNIBUS FOR KU CLIEN n/a Co File 488'000 0.2 - 31.12.2011 Other

SPP FONDER AB Multiple Portfolios MF-AGG 464'291 0.19 52'501 31.01.2013 Investment Advisor

LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 371'013 0.15 42'070 31.12.2012 Investment Advisor

ALPS MUTUAL FUNDS SE Multiple Portfolios MF-AGG 370'700 0.15 177'700 30.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs MARKUS IWAR Buy/Neutral 5 M 86 12 month 20.02.2013

Handelsbanken ELIAS PORSE reduce 2 M 60 12 month 20.02.2013

SEB Enskilda SVANTE KROKFORS sell 1 M 57 Not Provided 18.02.2013

Nordea Equity Research CATRIN JANSSON sell 1 M 58 12 month 18.02.2013

Swedbank NICLAS HOGLUND neutral 3 U 65 12 month 18.02.2013

ABG Sundal Collier RICKARD HENZE sell 1 M 58 6 month 17.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013

Carnegie CHRISTIAN HELLMAN hold 3 D #N/A N/A Not Provided 09.01.2013

CA Cheuvreux BJORN GUSTAFSSON underperform 1 N 67 Not Provided 18.01.2012

Holdings By:

Ratos AB ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 306: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Remy Cointreau SA manufactures and distributes premium wines and spirits

worldwide. The Company produces Remy Martin cognac, Cointreau, Passoa, Mount

Gay rum, Metaxa. Through its wholly-owned sales company, Remy sells throughout

the world.

Latest Fiscal Year: 03/2012

LTM as of: 12/yy

52-Week High (22.02.2013) 101.55

52-Week Low (29.02.2012) 72.12

Daily Volume

97

52-Week High % Change -4.48% Dividend Yield -

52-Week Low % Change 34.50% Beta 0.51

% 52 Week Price Range High/Low 84.54% Equity Float 21.27

Shares Out 11.12.2012 50.9 Short Int -

4'938.26 1 Yr Total Return 35.12%

Total Debt 378.70 YTD Return 17.25%

Preferred Stock 0.0 Adjusted BETA 0.508

Minority Interest 1.2 Analyst Recs 25

Cash and Equivalents 190.10 Consensus Rating 3.200

Enterprise Value 5'205.56

Average Volume 5 Day 74'061

RCO FP EQUITY YTD Change - Average Volume 30 Day 70'677

RCO FP EQUITY YTD % CHANGE - Average Volume 3 Month 72'782

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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

817.8 714.1 807.6 907.8 1'026.1 1'033.9 1'169.4 1'214.4 1'338.2 - -

2.96x 1.92x 2.92x 3.26x 3.76x 0.00x 0.00x 4.25x 3.82x - -

173.1 151.8 158.1 228.8 226.3 0.0 0.0 279.7 317.9 - -

13.99x 9.05x 14.91x 12.92x 17.07x 0.00x 0.00x 18.61x 16.37x - -

98.4 86.1 86.3 70.5 110.8 0.0 0.0 165.4 195.3 - -

21.08x 9.70x 20.33x 35.43x 30.91x 0.00x 0.00x 28.35x 24.45x - -

EBITDA 226.30 Long-Term Rating Date 10.12.2012

EBIT 207.70 Long-Term Rating BB+

Operating Margin 20.24% Long-Term Outlook POS

Pretax Margin 16.47% Short-Term Rating Date -

Return on Assets 7.16% Short-Term Rating -

Return on Common Equity 14.65%

Return on Capital 11.83% EBITDA/Interest Exp. 7.57

Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 6.99

Net Debt/EBITDA 1.03

Gross Margin 61.4% Total Debt/EBITDA 1.69

EBITDA Margin 22.5%

EBIT Margin 21.2% Total Debt/Equity 38.8%

Net Income Margin 10.8% Total Debt/Capital 28.0%

Asset Turnover 0.55

Current Ratio 2.20 Net Fixed Asset Turnover 7.53

Quick Ratio 0.64 Accounts receivable turnover-days 80.81

Debt to Assets 19.04% Inventory Days 664.60

Tot Debt to Common Equity 38.85% Accounts Payable Turnover Day 300.58

Accounts Receivable Turnover 4.53 Cash Conversion Cycle 419.22

Inventory Turnover 0.55

Fiscal Year Ended

Remy Cointreau SAPrice/Volume

Valuation Analysis

91'402.00

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

'

.'

1'

3'

5'

-''

-.'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 307: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

ORPAR n/a Co File 21'252'815 41.75 - 31.03.2012 Other

RECOPART BV n/a Co File 6'937'889 13.63 - 31.03.2012 Other

FMR LLC n/a ULT-AGG 1'844'286 3.62 220'490 31.12.2012 Investment Advisor

REMY COINTREAU SA n/a Co File 1'428'653 2.81 - 31.03.2012 Corporation

GROUPAMA SA n/a Co File 1'400'296 2.75 - 31.03.2012 Insurance Company

VANGUARD GROUP INC Multiple Portfolios MF-AGG 373'313 0.73 6'212 31.12.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 354'648 0.7 (47) 30.11.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 296'302 0.58 14'037 31.12.2012 Investment Advisor

GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 289'908 0.57 (107'259) 28.09.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 268'860 0.53 81'020 31.12.2012 Investment Advisor

GAMCO n/a ULT-AGG 224'893 0.44 (430) 28.09.2012 Unclassified

GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 203'010 0.4 56'000 31.10.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 195'185 0.38 (48'200) 26.02.2013 Investment Advisor

GENERALI ASSET MANAG Multiple Portfolios MF-AGG 183'519 0.36 (390) 31.01.2013 Mutual Fund Manager

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 178'311 0.35 (115'600) 31.10.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 169'827 0.33 53'670 31.12.2012 Mutual Fund Manager

PRUDENTIAL FINANCIAL n/a ULT-AGG 161'010 0.32 - 31.12.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 147'834 0.29 (648) 28.09.2012 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 140'783 0.28 - 28.12.2012 Investment Advisor

CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 134'730 0.26 134'730 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Raymond James HERMINE DE BENTZMANN outperform 5 M 103 Not Provided 28.02.2013

Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 93 12 month 22.02.2013

HSBC SOPHIE DARGNIES neutral 3 M 110 Not Provided 22.02.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 83 Not Provided 22.02.2013

Deutsche Bank JAMES ISENWATER sell 1 D 80 12 month 08.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 01.02.2013

Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013

Gilbert Dupont CHRISTINE ROPERT reduce 2 M 92 Not Provided 24.01.2013

Barclays SIMON HALES equalweight 3 M 85 Not Provided 23.01.2013

Societe Generale NICOLAS CERON hold 3 U 100 12 month 22.01.2013

Nomura IAN SHACKLETON neutral 3 M 88 12 month 22.01.2013

Kepler Capital Markets LAETITIA DELAYE buy 5 M 103 Not Provided 18.01.2013

Natixis JOSEPHINE CHEVALLIER neutral 3 M 93 Not Provided 18.01.2013

JPMorgan MIKE J GIBBS neutral 3 M 77 9 month 17.01.2013

Aurel - BGC JEAN-MARIE L'HOME sell 1 M 60 6 month 17.01.2013

CM - CIC Securities(ESN) FRANCIS PRETRE buy 5 M 105 12 month 17.01.2013

Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 109 6 month 17.01.2013

Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 148 12 month 09.01.2013

CA Cheuvreux ERIC BOROIAN outperform 5 N 99 Not Provided 08.01.2013

Berenberg Bank PHILIP MORRISEY hold 3 M 92 Not Provided 29.11.2012

Jefferies DIRK VAN VLAANDEREN hold 3 M 77 12 month 22.10.2012

Redburn Partners CHRISTIAN DE ROUALLE buy 5 M #N/A N/A Not Provided 24.07.2012

Portzamparc Societe de Bourse ARNAUD GUERIN hold 3 M 27 Not Provided 22.01.2009

Holdings By:

Remy Cointreau SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 308: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Rexel SA distributes low voltage electrical equipment. The Company distributes

wires, cables, ducts, heating, light and ventilation equipment, security

equipment, household appliances, and products which connect computer peripherals

to networks. Rexel sells its products to electrical contractors, industrial and

service sector companies, homeowners, and government agencies.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (25.02.2013) 17.92

52-Week Low (27.06.2012) 12.70

Daily Volume

17.605

52-Week High % Change -1.76% Dividend Yield -

52-Week Low % Change 38.62% Beta 1.12

% 52 Week Price Range High/Low 93.97% Equity Float 105.78

Shares Out 31.12.2012 271.9 Short Int -

4'787.16 1 Yr Total Return 11.36%

Total Debt 2'921.50 YTD Return 14.02%

Preferred Stock 0.0 Adjusted BETA 1.119

Minority Interest 8.3 Analyst Recs 18

Cash and Equivalents 291.80 Consensus Rating 4.000

Enterprise Value 7'425.16

Average Volume 5 Day 499'895

RXL FP EQUITY YTD Change - Average Volume 30 Day 546'417

RXL FP EQUITY YTD % CHANGE - Average Volume 3 Month 415'054

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'864.5 11'307.3 11'960.1 12'717.1 13'449.2 12'717.1 13'449.2 13'754.6 14'264.1 3'144.0 3'357.0

0.32x 0.45x 0.54x 0.44x 0.51x 1.96x 1.98x 0.53x 0.50x 2.34x 2.26x

655.9 418.7 692.0 794.8 841.2 842.8 806.6 877.3 960.4 191.0 207.0

6.36x 12.04x 9.40x 7.07x 8.09x 6.67x 8.43x 8.46x 7.73x 8.79x -

230.2 80.6 228.5 315.3 318.1 316.1 318.8 394.0 454.4 84.6 93.1

5.29x 32.90x 18.68x 11.19x 13.08x 11.00x 12.91x 12.13x 10.35x 12.14x -

EBITDA 841.20 Long-Term Rating Date 10.11.2011

EBIT 708.40 Long-Term Rating BB

Operating Margin 5.27% Long-Term Outlook STABLE

Pretax Margin 3.35% Short-Term Rating Date 12.05.2010

Return on Assets 3.18% Short-Term Rating B

Return on Common Equity 7.83%

Return on Capital 6.56% EBITDA/Interest Exp. 4.70

Asset Turnover 1.34% (EBITDA-Capex)/Interest Exp. 4.20

Net Debt/EBITDA 3.26

Gross Margin 24.6% Total Debt/EBITDA 3.62

EBITDA Margin 6.0%

EBIT Margin 5.2% Total Debt/Equity 71.1%

Net Income Margin 2.4% Total Debt/Capital 41.5%

Asset Turnover 1.34

Current Ratio 1.34 Net Fixed Asset Turnover 49.41

Quick Ratio 0.74 Accounts receivable turnover-days 57.79

Debt to Assets 28.32% Inventory Days 48.17

Tot Debt to Common Equity 71.09% Accounts Payable Turnover Day 68.10

Accounts Receivable Turnover 6.33 Cash Conversion Cycle 37.85

Inventory Turnover 7.60

Fiscal Year Ended

Rexel SAPrice/Volume

Valuation Analysis

445'581.00

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

'.135

-'-.-1-3-5.'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 309: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

RAY INVESTMENTS n/a Research 160'268'736 58.94 (24'813'521) 29.02.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 19'004'360 6.99 (1'602'309) 26.02.2013 Investment Advisor

REXEL SA n/a Co File 2'590'773 0.95 - 31.12.2011 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'860'994 0.68 23'802 31.12.2012 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'477'181 0.54 48'099 31.01.2013 Investment Advisor

REXEL FCPE n/a Co File 1'337'496 0.49 - 31.12.2011 Other

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'172'106 0.43 (15'858) 31.12.2012 Mutual Fund Manager

PAUZE JEAN-CHARLES n/a Co File 1'086'754 0.4 - 31.12.2011 n/a

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 686'299 0.25 5'485 31.12.2012 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 639'340 0.24 323'340 31.12.2012 Investment Advisor

DNCA FINANCE Multiple Portfolios MF-AGG 634'970 0.23 80'000 28.09.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 598'213 0.22 (6'145) 31.01.2013 Unclassified

ALLIANZ ASSET MANAGE n/a ULT-AGG 523'638 0.19 (199'307) 31.12.2012 Investment Advisor

MEDITOR CAPITAL MANA n/a Short (516'649) -0.19 1'114'875 14.02.2013 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 499'883 0.18 (1'767) 30.09.2012 Investment Advisor

MARTIN PASCAL n/a Co File 489'616 0.18 - 31.12.2011 n/a

BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 468'223 0.17 (1'860) 30.09.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 433'730 0.16 (185'051) 28.09.2012 Mutual Fund Manager

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 380'000 0.14 - 31.07.2012 Mutual Fund Manager

BANQUE DEGROOF Multiple Portfolios MF-AGG 366'500 0.13 6'500 01.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura KLAS BERGELIND buy 5 U 22 Not Provided 20.02.2013

Main First Bank AG CAROLE ROZEN outperform 5 N 21 12 month 18.02.2013

Exane BNP Paribas ARNAUD BROSSARD outperform 5 M 19 Not Provided 14.02.2013

Societe Generale PATRICK JOUSSEAUME hold 3 M 17 12 month 13.02.2013

Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 19 12 month 13.02.2013

HSBC PIERRE BOSSET neutral 3 M 18 Not Provided 13.02.2013

CM - CIC Securities(ESN) CHRISTIAN DEVISMES hold 3 D 16 12 month 13.02.2013

Kepler Capital Markets PIERRE BOUCHENY buy 5 M 18 Not Provided 13.02.2013

Natixis LUDOVIC DEBAILLEUX buy 5 M 19 Not Provided 13.02.2013

JPMorgan ANDREAS WILLI overweight 5 M 19 9 month 12.02.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 18 Not Provided 12.02.2013

Deutsche Bank MILENE KERNER buy 5 M 18 12 month 22.01.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013

Goldman Sachs JOHN WOODMAN neutral/neutral 3 M 18 12 month 18.12.2012

CA Cheuvreux ANTOINE AZAR underperform 1 M 15 Not Provided 31.10.2012

Redburn Partners PASCAL HAUTCOEUR neutral 3 D #N/A N/A Not Provided 31.10.2012

Holdings By:

Rexel SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 310: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Rheinmetall AG is an automotive, electronics, defense, and engineering group.

The Company produces automotive pumps and components to supply air, reduce

emissions, and supply fuel, pistons for gasoline and diesel vehicle and

stationary engines, bearings for engines and other applications and aluminum

engine blocks, and offers aftermarket service to engine repair shops.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (14.03.2012) 47.60

52-Week Low (05.06.2012) 31.00

Daily Volume

41.855

52-Week High % Change -12.07% Dividend Yield -

52-Week Low % Change 35.02% Beta 1.19

% 52 Week Price Range High/Low 65.39% Equity Float 38.04

Shares Out 30.09.2012 39.6 Short Int -

1'657.42 1 Yr Total Return -3.32%

Total Debt 665.00 YTD Return 14.99%

Preferred Stock 0.0 Adjusted BETA 1.188

Minority Interest 137.0 Analyst Recs 28

Cash and Equivalents 535.00 Consensus Rating 3.750

Enterprise Value 2'373.42

Average Volume 5 Day 206'277

RHM GY EQUITY YTD Change - Average Volume 30 Day 204'333

RHM GY EQUITY YTD % CHANGE - Average Volume 3 Month 203'578

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

4'005.0 3'869.0 3'420.0 3'989.0 4'454.0 4'374.0 4'624.0 4'757.9 4'869.0 1'378.0 -

0.54x 0.27x 0.51x 0.62x 0.35x 2.35x 1.73x 0.45x 0.42x - -

405.0 407.0 178.0 445.0 521.0 494.0 504.0 489.0 493.8 327.0 -

5.38x 2.58x 9.83x 5.55x 3.03x 4.20x 4.17x 4.87x 4.82x - -

145.0 134.0 (58.0) 162.0 213.0 184.0 213.0 184.1 181.7 53.3 -

13.10x 5.89x - 14.22x 6.17x 7.42x 6.56x 8.84x 8.99x - -

EBITDA 521.00 Long-Term Rating Date 12.12.2008

EBIT 337.00 Long-Term Rating NR

Operating Margin 7.57% Long-Term Outlook -

Pretax Margin 6.62% Short-Term Rating Date 12.12.2008

Return on Assets 4.61% Short-Term Rating NR

Return on Common Equity 16.02%

Return on Capital 11.88% EBITDA/Interest Exp. 8.02

Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 4.98

Net Debt/EBITDA 1.18

Gross Margin - Total Debt/EBITDA 1.38

EBITDA Margin 10.9%

EBIT Margin 6.7% Total Debt/Equity 47.2%

Net Income Margin 4.8% Total Debt/Capital 30.1%

Asset Turnover 1.00

Current Ratio 1.48 Net Fixed Asset Turnover 4.11

Quick Ratio 0.90 Accounts receivable turnover-days 86.08

Debt to Assets 13.76% Inventory Days -

Tot Debt to Common Equity 47.20% Accounts Payable Turnover Day -

Accounts Receivable Turnover 4.25 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rheinmetall AGPrice/Volume

Valuation Analysis

133'670.00

Current Price (2/dd/yy) Market Data

'2

-'-2.'.20'021'122'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!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

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

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 311: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BLACKROCK n/a ULT-AGG 2'723'279 6.88 13'737 26.02.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'485'800 6.28 (20'000) 31.12.2012 Investment Advisor

RHEINMETALL AG n/a Co File 1'547'842 3.91 - 09.02.2012 Corporation

FMR LLC n/a ULT-AGG 1'497'779 3.78 (621'067) 30.06.2012 Investment Advisor

DWS INVESTMENT GMBH n/a Research 1'173'000 2.96 - 01.11.2011 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 698'804 1.76 (34'219) 31.12.2012 Investment Advisor

MORGAN STANLEY n/a Research 590'573 1.49 - 18.05.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 522'511 1.32 - 31.07.2012 Investment Advisor

BANKHAUS LAMPE n/a Research 352'302 0.89 - 18.05.2012 Unclassified

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 345'697 0.87 (57'807) 31.12.2012 Investment Advisor

LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 249'210 0.63 (11'753) 31.01.2013 Mutual Fund Manager

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 245'800 0.62 (33'800) 28.09.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 245'477 0.62 (5'100) 31.01.2013 Investment Advisor

VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 245'260 0.62 15'000 30.11.2012 Mutual Fund Manager

AVIVA PLC Multiple Portfolios MF-AGG 232'900 0.59 - 31.01.2013 Investment Advisor

NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 200'400 0.51 15'700 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 174'433 0.44 (1'000) 31.12.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 150'000 0.38 20'000 28.12.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 148'598 0.38 (16'693) 31.10.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 139'000 0.35 (65'270) 31.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

HSBC RICHARD SCHRAMM neutral 3 D 49 Not Provided 21.02.2013

AlphaValue EILEEN RYAN add 4 D 50 6 month 21.02.2013

CA Cheuvreux HANS-JOACHIM HEIMBUERGER outperform 5 M 47 Not Provided 15.02.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 55 12 month 15.02.2013

Close Brothers Equity Markets DANIEL KUKALJ hold 3 M 43 12 month 15.02.2013

Commerzbank Corporates & Markets STEPHAN BOEHM hold 3 M 33 6 month 14.02.2013

Landesbank Baden-Wuerttemberg STEFAN MAICHL sell 1 M 34 Not Provided 14.02.2013

Independent Research GmbH ZAFER RUZGAR hold 3 M 45 12 month 14.02.2013

Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 54 12 month 14.02.2013

Bankhaus Lampe GORDON SCHOENELL hold 3 M 44 12 month 14.02.2013

M.M. Warburg Investment Research CHRISTIAN COHRS buy 5 M 45 12 month 14.02.2013

Berenberg Bank BENJAMIN GLAESER buy 5 M 45 Not Provided 14.02.2013

Equinet Institutional Services(ESN) ADRIAN PEHL hold 3 M 40 12 month 14.02.2013

Steubing AG TOBIAS SCHMIDT buy 5 M 55 12 month 14.02.2013

DZ Bank AG MARKUS TURNWALD buy 5 M 42 12 month 14.02.2013

Montega THOMAS RAU hold 3 M 39 12 month 14.02.2013

LFG Kronos Investment Services GmbH THOMAS ANEY neutral 3 M 43 6 month 14.02.2013

Exane BNP Paribas OLIVIER BROCHET neutral 3 M 34 Not Provided 13.02.2013

National Bank AG MANFRED JAISFELD buy 5 M 46 Not Provided 24.01.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank TIM ROKOSSA hold 3 M 35 12 month 09.01.2013

Main First Bank AG CHRISTOPHER YOUL outperform 5 M 53 12 month 09.01.2013

Nord/LB FRANK SCHWOPE buy 5 M 41 12 month 19.11.2012

JPMorgan GLEN H LIDDY neutral 3 M 38 9 month 12.11.2012

S&P Capital IQ MARNIE COHEN hold 3 M 36 12 month 12.11.2012

Kepler Capital Markets MICHAEL RAAB buy 5 M 54 Not Provided 19.01.2012

Holdings By:

Rheinmetall AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 312: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Rightmove PLC operates a website that lists properties across Britain. The

Company also publishes the House Price Index, which shows changes in house

prices both annually and monthly and provides a view on the current state of the

property market in England and Wales.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (20.02.2013) 1'777.00

52-Week Low (06.03.2012) 1'334.00

Daily Volume

1738

52-Week High % Change -2.19% Dividend Yield 1.15

52-Week Low % Change 30.28% Beta 0.81

% 52 Week Price Range High/Low 91.20% Equity Float 97.83

Shares Out 22.01.2013 103.3 Short Int -

1'794.64 1 Yr Total Return 21.76%

Total Debt 0.00 YTD Return 21.03%

Preferred Stock 0.0 Adjusted BETA 0.812

Minority Interest 0.0 Analyst Recs 13

Cash and Equivalents 21.77 Consensus Rating 4.077

Enterprise Value 1'780.00

Average Volume 5 Day 273'957

RMV LN EQUITY YTD Change - Average Volume 30 Day 326'718

RMV LN EQUITY YTD % CHANGE - Average Volume 3 Month 341'015

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

56.7 74.0 64.5 81.6 97.0 - - 116.3 130.7 - -

10.75x 3.26x 9.25x 10.68x 13.61x - - 15.26x 13.44x - -

30.7 40.1 38.5 53.0 63.6 - - 82.9 95.2 - -

19.86x 6.02x 15.48x 16.44x 20.76x - - 21.48x 18.70x - -

18.6 25.5 30.0 58.0 46.5 - - 60.5 69.9 - -

30.61x 7.83x 18.92x 21.84x 28.31x - - 28.97x 24.83x - -

EBITDA 63.61 Long-Term Rating Date -

EBIT 62.67 Long-Term Rating -

Operating Margin 64.59% Long-Term Outlook -

Pretax Margin 64.66% Short-Term Rating Date -

Return on Assets 108.81% Short-Term Rating -

Return on Common Equity 281.71%

Return on Capital 282.19% EBITDA/Interest Exp. 525.68

Asset Turnover 2.17% (EBITDA-Capex)/Interest Exp. 522.69

Net Debt/EBITDA -0.20

Gross Margin - Total Debt/EBITDA 0.00

EBITDA Margin 68.4%

EBIT Margin 67.4% Total Debt/Equity 0.0%

Net Income Margin 47.9% Total Debt/Capital 0.0%

Asset Turnover 2.17

Current Ratio 1.37 Net Fixed Asset Turnover 77.32

Quick Ratio 1.30 Accounts receivable turnover-days 46.25

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover 7.91 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Rightmove PLCPrice/Volume

Valuation Analysis

242'453.00

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

'.''1''3''5''

-'''-.''-1''-3''-5''.'''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

20.0

40.0

60.0

80.0

100.0

120.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 313: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

Cantillon Capital Multiple Portfolios REG 9'357'759 9.06 (6'243) 01.11.2012 Unclassified

MARATHON ASSET MANAG Multiple Portfolios REG 8'357'094 8.09 (780'457) 01.11.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 8'081'840 7.83 308'989 01.11.2012 Investment Advisor

CALEDONIA INVESTMENT n/a Co File 6'431'468 6.23 - 24.02.2012 Investment Advisor

STANDARD LIFE INVEST n/a RNS-MAJ 6'339'692 6.14 885'180 07.02.2013 Investment Advisor

AXA INVESTMENT MGRS n/a Co File 5'510'468 5.34 - 24.02.2012 Investment Advisor

AEGON n/a ULT-AGG 5'359'946 5.19 (116'082) 01.11.2012 Unclassified

KAMES CAPITAL PLC #N/A N/A RNS-MAJ 5'196'495 5.03 - 12.11.2012 Investment Advisor

AXA FRAMLINGTON INV Multiple Portfolios REG 5'115'932 4.95 (9'230) 01.11.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 4'777'310 4.63 - 26.02.2013 Investment Advisor

CANTILLON CAPITAL MA n/a RNS-MAJ 4'408'924 4.27 (3'431'080) 08.01.2013 Hedge Fund Manager

CAPITAL GROUP COMPAN n/a ULT-AGG 4'104'518 3.97 725'768 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 4'027'617 3.9 69'268 31.01.2013 Unclassified

RIGHTMOVE ESOP Multiple Portfolios REG 3'450'525 3.34 (813'747) 01.11.2012 Unclassified

OLD MUTUAL n/a ULT-AGG 3'303'931 3.2 409'345 31.12.2012 Unclassified

UBS n/a ULT-AGG 2'760'963 2.67 (402'825) 01.11.2012 Unclassified

TREMBLANT CAPITAL GR n/a PRN 2'574'057 2.49 (725'810) 06.04.2011 Hedge Fund Manager

NORGES BANK INVESTME Multiple Portfolios REG 2'507'767 2.43 - 01.11.2012 Government

LIONTRUST n/a ULT-AGG 1'863'672 1.8 347'343 31.12.2012 Unclassified

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'480'284 1.43 (116'919) 26.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Westhouse Securities RODDY DAVIDSON neutral 3 M 1'505 Not Provided 25.02.2013

Numis Securities Ltd GARETH R DAVIES buy 5 M 1'915 Not Provided 22.02.2013

Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 2'000 Not Provided 20.02.2013

Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 2'000 6 month 18.02.2013

Barclays NICK DEMPSEY overweight 5 M 1'950 Not Provided 24.01.2013

Jefferies ANTHONY CODLING underperform 1 M 1'200 12 month 18.01.2013

JPMorgan MARCUS DIEBEL overweight 5 U 1'802 9 month 06.12.2012

NFinance PIERRE SCHANG buy 5 N 1'791 12 month 27.11.2012

Peel Hunt MALCOLM MORGAN sell 1 M 1'180 Not Provided 21.11.2012

Canaccord Genuity Corp ROBIN SAVAGE buy 5 M 1'800 Not Provided 08.11.2012

N+1 Singer Ltd MARK C FLEETWOOD buy 5 M 1'835 12 month 03.10.2012

EVA Dimensions TEAM COVERAGE overweight 5 N #N/A N/A Not Provided 13.01.2012

Holdings By:

Rightmove PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 314: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Royal Imtech NV offers technical services. The Company offers systems

integration, industrial automation, and electrical and mechanical engineering

services. Imtech operates in the Netherlands, Germany, Belgium, the United

Kingdom, and Spain.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (29.02.2012) 25.34

52-Week Low (27.02.2013) 8.01

Daily Volume

8.606

52-Week High % Change -66.04% Dividend Yield -

52-Week Low % Change 7.44% Beta 1.19

% 52 Week Price Range High/Low 3.44% Equity Float 89.57

Shares Out 30.06.2012 94.1 Short Int -

809.48 1 Yr Total Return -64.65%

Total Debt 798.70 YTD Return -50.51%

Preferred Stock 0.0 Adjusted BETA 1.190

Minority Interest 6.3 Analyst Recs 14

Cash and Equivalents 278.10 Consensus Rating 3.286

Enterprise Value 1'581.18

Average Volume 5 Day 2'671'960

IM NA EQUITY YTD Change - Average Volume 30 Day 3'381'491

IM NA EQUITY YTD % CHANGE - Average Volume 3 Month 2'108'253

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

3'346.3 3'859.4 4'323.3 4'480.9 5'113.8 - - 5'662.4 5'883.7 - -

0.43x 0.36x 0.44x 0.65x 0.45x - - 0.29x 0.26x - -

180.5 226.5 266.7 291.7 323.7 - - 253.2 328.9 - -

7.88x 6.08x 7.19x 10.03x 7.07x - - 6.25x 4.81x - -

91.9 113.3 126.2 140.4 150.4 - - 134.1 162.9 - -

14.48x 8.22x 11.63x 16.70x 11.64x - - 5.41x 4.61x - -

EBITDA 323.70 Long-Term Rating Date -

EBIT 259.40 Long-Term Rating -

Operating Margin 5.07% Long-Term Outlook -

Pretax Margin 4.06% Short-Term Rating Date -

Return on Assets 4.12% Short-Term Rating -

Return on Common Equity 17.13%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 1.48% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA 2.24

Gross Margin - Total Debt/EBITDA 3.17

EBITDA Margin 6.2%

EBIT Margin 4.9% Total Debt/Equity 86.2%

Net Income Margin 2.9% Total Debt/Capital 46.1%

Asset Turnover 1.48

Current Ratio 1.24 Net Fixed Asset Turnover 33.57

Quick Ratio 0.85 Accounts receivable turnover-days 133.82

Debt to Assets 21.48% Inventory Days -

Tot Debt to Common Equity 86.24% Accounts Payable Turnover Day -

Accounts Receivable Turnover 2.74 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Royal Imtech NVPrice/Volume

Valuation Analysis

6'481'592.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

0'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 315: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

DELTA LLOYD NV n/a ULT-AGG 5'483'693 5.83 - 21.11.2012 Bank

AMERIPRISE FINANCIAL n/a Research 4'709'413 5.01 32'666 04.12.2012 Investment Advisor

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 4'482'524 4.77 480'787 31.12.2012 Investment Advisor

WAM ACQUISITIONS GP n/a Co File 4'227'537 4.49 - 31.12.2009 Other

MORTON HOLDINGS INC n/a Short (3'038'135) -3.23 - 04.02.2013 Corporation

FMR LLC n/a ULT-AGG 2'225'768 2.37 (100'000) 30.11.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'814'413 1.93 98'632 31.12.2012 Investment Advisor

GMT CAPITAL CORP n/a Short (1'608'424) -1.71 (103'466) 22.02.2013 Hedge Fund Manager

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'371'156 1.46 - 31.12.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'234'050 1.31 (277'400) 28.09.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'134'172 1.21 581'921 28.12.2012 Investment Advisor

MARSHALL WACE LLP n/a Short (837'133) -0.89 (28'218) 25.02.2013 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 766'251 0.81 6'094 31.12.2012 Investment Advisor

NAYA MASTER FUND LP n/a Short (752'479) -0.8 (56'436) 18.02.2013 Corporation

BNP PARIBAS INV PART n/a ULT-AGG 704'881 0.75 45'633 31.12.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 701'000 0.75 43'000 28.09.2012 Investment Advisor

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 681'772 0.72 - 31.01.2013 Mutual Fund Manager

THIRD POINT LLC n/a Short (658'419) -0.7 - 04.02.2013 Hedge Fund Manager

SEB n/a ULT-AGG 590'924 0.63 147'103 31.12.2012 Unclassified

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 574'879 0.61 83'175 30.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

KBC Securities MICHAEL ROEG buy 5 M #N/A N/A Not Provided 27.02.2013

SNS Securities(ESN) EDWIN DE JONG hold 3 M 11 12 month 27.02.2013

Kepler Capital Markets ANDRE MULDER hold 3 M 11 Not Provided 27.02.2013

ING Bank TIJS HOLLESTELLE hold 3 M 11 12 month 27.02.2013

ABN Amro Bank N.V. TEUN TEEUWISSE sell 1 M 10 Not Provided 27.02.2013

Exane BNP Paribas DAVID VAGMAN neutral 3 M 8 Not Provided 11.02.2013

CA Cheuvreux ROBERT VAN OVERBEEK outperform 5 U 13 Not Provided 08.02.2013

Rabobank International HANS SLOB hold 3 M 11 12 month 08.02.2013

Kempen & Co DIRK VERBIESEN hold 3 D 13 12 month 06.02.2013

Petercam LUUK VAN BEEK hold 3 M 12 Not Provided 06.02.2013

Credit Suisse EUGENE KLERK underperform 1 M 11 Not Provided 05.02.2013

HSBC TOBIAS LOSKAMP overweight 5 M 16 Not Provided 05.02.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 05.02.2013

Theodoor Gilissen Securities TOM MULLER buy 5 M 31 Not Provided 11.09.2012

Holdings By:

Royal Imtech NV ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 316: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Rubis distributes liquefied petroleum gas and stores bulk liquids. The Company

stores hydrocarbons, chemicals, fertilizers and edible oils. Rubis also

distributes liquefied petroleum gas (LPG) in Europe.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (04.02.2013) 54.65

52-Week Low (01.06.2012) 37.55

Daily Volume

53.04

52-Week High % Change -2.95% Dividend Yield -

52-Week Low % Change 41.27% Beta 0.81

% 52 Week Price Range High/Low 90.59% Equity Float 27.56

Shares Out 19.02.2013 32.8 Short Int -

1'738.76 1 Yr Total Return 30.72%

Total Debt 483.73 YTD Return 2.39%

Preferred Stock 0.0 Adjusted BETA 0.814

Minority Interest 18.4 Analyst Recs 12

Cash and Equivalents 231.77 Consensus Rating 4.750

Enterprise Value 2'139.79

Average Volume 5 Day 53'600

RUI FP EQUITY YTD Change - Average Volume 30 Day 82'874

RUI FP EQUITY YTD % CHANGE - Average Volume 3 Month 108'597

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

851.9 1'192.3 951.9 1'449.8 2'123.0 1'116.0 2'633.9 2'768.1 3'116.4 - -

0.91x 0.55x 0.91x 0.96x 0.71x 0.00x 0.00x 0.77x 0.69x - -

123.8 112.0 113.1 147.4 298.5 0.0 0.0 218.5 251.0 - -

6.24x 5.83x 7.63x 9.44x 5.02x 0.00x 0.00x 9.79x 8.53x - -

37.5 42.7 47.2 56.4 71.8 0.0 0.0 93.2 106.1 - -

16.71x 10.69x 13.77x 17.68x 16.63x 0.00x 0.00x 18.25x 15.99x - -

EBITDA 298.54 Long-Term Rating Date -

EBIT 120.30 Long-Term Rating -

Operating Margin 5.67% Long-Term Outlook -

Pretax Margin 5.09% Short-Term Rating Date -

Return on Assets 4.71% Short-Term Rating -

Return on Common Equity 10.31%

Return on Capital 7.24% EBITDA/Interest Exp. 22.95

Asset Turnover 1.39% (EBITDA-Capex)/Interest Exp. 15.78

Net Debt/EBITDA 1.12

Gross Margin - Total Debt/EBITDA 1.94

EBITDA Margin 13.6%

EBIT Margin 5.5% Total Debt/Equity 57.7%

Net Income Margin 3.4% Total Debt/Capital 36.1%

Asset Turnover 1.39

Current Ratio 1.52 Net Fixed Asset Turnover 3.49

Quick Ratio 1.03 Accounts receivable turnover-days -

Debt to Assets 27.53% Inventory Days -

Tot Debt to Common Equity 57.66% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rubis SCAPrice/Volume

Valuation Analysis

47'232.00

Current Price (2/dd/yy) Market Data

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!. 9!1 9!3 9!5 9-!' 9-!. 9-!1 9-!3 9-!5 9.!' 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!''

-3!''

-5!''

.'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 317: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

DASSAULT BELGIQUE AV n/a Research 1'680'500 5.13 - 10.12.2012 Corporation

HALISOL n/a Research 1'618'759 4.94 302'281 19.11.2012 Private Equity

ORFIM n/a Research 1'605'552 4.9 392'000 21.06.2012 Private Equity

AMERIPRISE FINANCIAL n/a Research 1'511'024 4.61 - 28.09.2011 Investment Advisor

DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 666'000 2.03 97'000 31.10.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 477'663 1.46 (8'075) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 324'150 0.99 (38'500) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 315'907 0.96 11'464 31.12.2012 Investment Advisor

FCP RUBIS-AVENIR n/a Co File 271'366 0.83 - 31.12.2009 n/a

SEB n/a ULT-AGG 247'819 0.76 69'758 31.12.2012 Unclassified

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 242'660 0.74 (400) 30.09.2012 Investment Advisor

NEUFLIZE OBC ASSET M Multiple Portfolios MF-AGG 219'428 0.67 - 30.12.2011 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 159'079 0.49 15'000 31.10.2012 Investment Advisor

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 150'961 0.46 - 31.12.2012 Investment Advisor

BNP ASSET MANAGEMENT BNP PARIBAS MIDCAP F MF-FRA 141'005 0.43 (560) 30.09.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 132'885 0.41 (1'569) 31.12.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 122'578 0.37 21'250 31.12.2012 Investment Advisor

CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 117'656 0.36 (367) 27.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 111'768 0.34 1'454 26.02.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 104'475 0.32 29'019 31.05.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Portzamparc Societe de Bourse NICOLAS ROYOT add 4 M 52 12 month 15.02.2013

Societe Generale JEAN-BAPTISTE ROUSSILLE buy 5 M 69 12 month 12.02.2013

HSBC MURIELLE ANDRE-PINARD overweight 5 M 61 Not Provided 12.02.2013

Gilbert Dupont CHRISTINE ROPERT buy 5 M 63 Not Provided 12.02.2013

Oddo & Cie EMMANUEL MATOT buy 5 M 63 Not Provided 12.02.2013

Exane BNP Paribas CHARLES-HENRI DE MORTEMART neutral 3 M 54 Not Provided 12.02.2013

Arkeon Finance MATHIEU JASMIN buy 5 M 53 Not Provided 12.02.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013

Natixis JULIEN LAURENT buy 5 M 59 Not Provided 09.01.2013

Day by Day VALERIE GASTALDY buy 5 M 58 3 month 04.01.2013

Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 64 6 month 31.10.2012

IDMidcaps TEAM COVERAGE buy 5 M 52 12 month 10.09.2012

Holdings By:

Rubis SCA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 318: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Salzgitter AG produces and trades a wide range of steel products and tubes.

The product spectrum includes flat rolled steel products, beams, plates and

tubes, both seamless and welded, as well as processed steel products. The

Company also provides industrial services such as research and development,

information technology and other services to group companies and third parties.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (29.02.2012) 46.82

52-Week Low (26.07.2012) 27.03

Daily Volume

37.165

52-Week High % Change -20.62% Dividend Yield -

52-Week Low % Change 37.52% Beta 1.16

% 52 Week Price Range High/Low 51.23% Equity Float 54.09

Shares Out 31.12.2012 60.1 Short Int -

2'233.51 1 Yr Total Return -18.06%

Total Debt 747.90 YTD Return -5.73%

Preferred Stock 0.0 Adjusted BETA 1.160

Minority Interest 9.0 Analyst Recs 32

Cash and Equivalents 1'023.20 Consensus Rating 3.156

Enterprise Value 1'836.01

Average Volume 5 Day 433'426

SZG GY EQUITY YTD Change - Average Volume 30 Day 369'912

SZG GY EQUITY YTD % CHANGE - Average Volume 3 Month 316'909

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

12'499.2 7'818.0 8'304.6 9'839.5 10'397.2 9'839.5 10'397.2 10'544.4 10'811.4 2'628.3 2'636.0

0.20x 0.28x 0.23x 0.19x - 0.77x 0.42x 0.18x 0.17x 0.65x 0.73x

1'297.7 97.2 121.3 602.9 - 602.9 242.4 508.9 615.1 106.0 137.0

1.97x 22.27x 15.69x 3.02x - 3.02x 0.00x 3.60x 2.97x 4.03x -

674.3 (383.7) (331.9) 233.0 (99.8) 233.0 (99.8) 71.3 152.9 2.0 17.5

4.54x - 105.04x 8.96x - 9.05x 0.00x 27.53x 12.77x 37.77x -

EBITDA 602.90 Long-Term Rating Date -

EBIT 240.60 Long-Term Rating -

Operating Margin 2.45% Long-Term Outlook -

Pretax Margin 2.05% Short-Term Rating Date -

Return on Assets 0.76% Short-Term Rating -

Return on Common Equity 1.75%

Return on Capital - EBITDA/Interest Exp. 9.55

Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 3.80

Net Debt/EBITDA -1.00

Gross Margin - Total Debt/EBITDA 1.94

EBITDA Margin 3.9%

EBIT Margin 0.4% Total Debt/Equity 18.7%

Net Income Margin -1.0% Total Debt/Capital 15.8%

Asset Turnover 1.17

Current Ratio 2.92 Net Fixed Asset Turnover 4.13

Quick Ratio 1.41 Accounts receivable turnover-days 57.83

Debt to Assets 8.50% Inventory Days -

Tot Debt to Common Equity 18.74% Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.33 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Salzgitter AGPrice/Volume

Valuation Analysis

776'650.00

Current Price (2/dd/yy) Market Data

'2

-'-2.'.20'021'122'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

1''!''

12'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 319: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SALZGITTER AG n/a Co File 6'009'700 10 - 31.12.2011 Corporation

BLACKROCK n/a ULT-AGG 2'386'616 3.97 (12'556) 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 722'309 1.2 7'142 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 620'816 1.03 43'816 31.12.2012 Unclassified

SPARINVEST n/a ULT-AGG 534'493 0.89 - 31.01.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 450'400 0.75 165'400 28.09.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 279'386 0.46 (11'828) 27.02.2013 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 266'018 0.44 266'018 31.10.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 235'119 0.39 18'889 31.12.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 208'000 0.35 200'000 28.12.2012 Mutual Fund Manager

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 154'465 0.26 - 31.12.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 140'000 0.23 (84'800) 31.10.2012 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 129'960 0.22 - 30.09.2012 Unclassified

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 121'426 0.2 115'400 28.09.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 121'365 0.2 - 31.07.2012 Investment Advisor

SEB FUND SERVICES SA Multiple Portfolios MF-AGG 112'613 0.19 - 31.01.2013 Mutual Fund Manager

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 111'100 0.18 5'400 28.12.2012 Mutual Fund Manager

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 107'790 0.18 (2'838) 31.05.2012 Investment Advisor

UBS INVEST KAG Multiple Portfolios MF-AGG 85'000 0.14 (74'000) 31.10.2012 Investment Advisor

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 74'764 0.12 38'749 28.09.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 35 12 month 27.02.2013

Goldman Sachs STEPHEN BENSON Sell/Neutral 1 M 29 12 month 27.02.2013

JPMorgan ALESSANDRO ABATE overweight 5 U 43 9 month 27.02.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 37 12 month 27.02.2013

Bankhaus Lampe MARC GABRIEL hold 3 M 36 12 month 27.02.2013

M.M. Warburg Investment Research BJOERN VOSS hold 3 M 34 12 month 27.02.2013

Nomura NEIL SAMPAT neutral 3 M 34 12 month 27.02.2013

Equinet Institutional Services(ESN) STEFAN FREUDENREICH hold 3 M 34 12 month 27.02.2013

DZ Bank AG DIRK SCHLAMP buy 5 M 36 12 month 27.02.2013

Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 31 Not Provided 27.02.2013

Baader Bank CHRISTIAN OBST hold 3 M 35 12 month 21.02.2013

AlphaValue HANS-PETER WODNIOK sell 1 M 31 6 month 21.02.2013

Credit Suisse MICHAEL SHILLAKER neutral 3 M 42 Not Provided 01.02.2013

Nord/LB HOLGER FECHNER sell 1 M 30 12 month 31.01.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 D 37 Not Provided 30.01.2013

Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 35 Not Provided 30.01.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL reduce 2 M 34 6 month 25.01.2013

Bankhaus Metzler LARS HETTCHE sell 1 M 26 12 month 22.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank BASTIAN SYNAGOWITZ hold 3 D 41 12 month 15.01.2013

Jefferies SETH ROSENFELD hold 3 M 40 12 month 10.01.2013

Societe Generale ABHISHEK SHUKLA buy 5 M 44 12 month 04.12.2012

Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 19.11.2012

S&P Capital IQ JOHNSON IMODE hold 3 M 33 12 month 14.11.2012

Main First Bank AG ALEXANDER HAUENSTEIN outperform 5 M 41 12 month 06.11.2012

Davy TIM CAHILL underperform 1 M #N/A N/A Not Provided 03.10.2012

HSBC JUERGEN SIEBRECHT neutral 3 M 32 Not Provided 05.09.2012

BHF-Bank HERMANN REITH overweight 5 M 56 12 month 14.08.2012

Steubing AG MICHAEL BROEKER buy 5 M 68 12 month 21.03.2012

Cyrrus JIRI SIMARA buy 5 M 57 12 month 30.01.2012

Prosdocimi TEAM COVERAGE sell 1 M #N/A N/A Not Provided 10.06.2010

Holdings By:

Salzgitter AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 320: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

SEB SA manufactures small household appliances. The Company produces cookware,

electric cookers, food and beverage preparation equipment, vacuum cleaners, and

personal care items. SEB's brand names include Tefal/T-Fal, Rowenta, Calor,

Arno, SEB, Moulinex, Krups and Samurai, and are sold in Europe, the Americas,

India, Egypt, Australia, New Zealand, Thailand, Korea, and elsewhere in Asia.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (02.03.2012) 64.08

52-Week Low (16.07.2012) 46.72

Daily Volume

57.46

52-Week High % Change -10.33% Dividend Yield -

52-Week Low % Change 22.99% Beta 0.84

% 52 Week Price Range High/Low 61.87% Equity Float 22.15

Shares Out 30.06.2012 50.0 Short Int -

2'870.23 1 Yr Total Return -6.58%

Total Debt 866.20 YTD Return 3.14%

Preferred Stock 0.0 Adjusted BETA 0.842

Minority Interest 123.4 Analyst Recs 17

Cash and Equivalents 196.00 Consensus Rating 4.118

Enterprise Value 3'655.43

Average Volume 5 Day 79'346

SK FP EQUITY YTD Change - Average Volume 30 Day 96'189

SK FP EQUITY YTD % CHANGE - Average Volume 3 Month 83'692

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

3'230.2 3'176.3 3'651.8 3'963.3 4'060.0 730.3 3'356.5 4'163.5 4'378.6 969.3 1'366.0

0.55x 0.70x 1.11x 0.90x - 0.00x 0.00x 0.82x 0.75x - -

394.1 415.8 486.8 510.5 - 0.0 0.0 501.2 541.2 - -

4.52x 5.38x 8.29x 6.98x - 0.00x 0.00x 7.29x 6.75x - -

151.6 146.0 220.4 234.6 194.0 0.0 0.0 231.3 257.5 - -

6.71x 12.64x 16.72x 11.86x 13.69x 0.00x 0.00x 12.15x 10.86x - -

EBITDA 510.50 Long-Term Rating Date -

EBIT 409.40 Long-Term Rating -

Operating Margin 10.33% Long-Term Outlook -

Pretax Margin 9.42% Short-Term Rating Date 13.11.1998

Return on Assets 6.77% Short-Term Rating A-2

Return on Common Equity 16.22%

Return on Capital 11.24% EBITDA/Interest Exp. 26.73

Asset Turnover 1.27% (EBITDA-Capex)/Interest Exp. 20.87

Net Debt/EBITDA 1.30

Gross Margin 39.6% Total Debt/EBITDA 1.63

EBITDA Margin 12.5%

EBIT Margin 9.9% Total Debt/Equity 69.9%

Net Income Margin 4.8% Total Debt/Capital 38.9%

Asset Turnover 1.27

Current Ratio 1.51 Net Fixed Asset Turnover 8.55

Quick Ratio 0.83 Accounts receivable turnover-days 50.25

Debt to Assets 25.76% Inventory Days 110.17

Tot Debt to Common Equity 69.95% Accounts Payable Turnover Day 60.67

Accounts Receivable Turnover 7.28 Cash Conversion Cycle 98.99

Inventory Turnover 3.32

Fiscal Year Ended

SEB SAPrice/Volume

Valuation Analysis

91'166.00

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

'

-'

.'

0'

1'

2'

3'

4'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

3'000.0

3'500.0

4'000.0

4'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

.'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 321: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FEDERACTIVE n/a Co File 11'781'221 23.59 - 31.12.2011 Unclassified

VENELLE INVESTISSEME n/a Co File 9'531'889 19.08 - 31.12.2011 Unclassified

SOCIETE FONCIERE FIN n/a Co File 2'521'522 5.05 - 31.12.2011 Holding Company

SEB SA n/a Co File 2'331'797 4.67 - 31.12.2011 Corporation

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'114'728 2.23 - 30.12.2012 Investment Advisor

FEVRE HUBERT n/a Co File 533'503 1.07 - 31.12.2011 n/a

LESCURE CEDRIC n/a Co File 530'356 1.06 - 31.12.2011 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 254'606 0.51 4'694 31.12.2012 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 234'089 0.47 (42'923) 30.09.2012 Investment Advisor

HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 211'420 0.42 11'930 30.11.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 191'549 0.38 (400'956) 31.12.2012 Investment Advisor

BRAIDA-VALERI ANNE-D n/a Co File 187'194 0.37 - 31.12.2011 n/a

AMUNDI Multiple Portfolios MF-AGG 185'587 0.37 - 28.09.2012 Mutual Fund Manager

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 183'145 0.37 (5'682) 31.12.2012 Mutual Fund Manager

LBPAM Multiple Portfolios MF-AGG 148'251 0.3 52'330 31.12.2012 Mutual Fund Manager

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 144'631 0.29 5'000 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 141'744 0.28 (15'832) 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 131'720 0.26 (86'760) 31.12.2012 Mutual Fund Manager

D'ARTAISE THIERRY DE n/a Co File 125'417 0.25 - 31.12.2011 n/a

ALLIANZ ASSET MANAGE n/a ULT-AGG 123'160 0.25 - 28.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale MARIE-LINE FORT hold 3 M 63 12 month 27.02.2013

Gilbert Dupont STEPHANIE LEFEBVRE add 4 M 67 Not Provided 27.02.2013

CM - CIC Securities(ESN) JEAN-PASCAL BRIVADY buy 5 M 67 12 month 27.02.2013

Oddo & Cie CHRISTOPHE CHAPUT neutral 3 M 58 Not Provided 27.02.2013

Kepler Capital Markets LAETITIA DELAYE buy 5 M 70 Not Provided 27.02.2013

Main First Bank AG MOURAD LAHMIDI outperform 5 M 68 12 month 27.02.2013

Exane BNP Paribas CHARLES-HENRI DE MORTEMART outperform 5 M 63 Not Provided 27.02.2013

Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 70 6 month 26.02.2013

Portzamparc Societe de Bourse LAURENT VALLEE add 4 M 67 Not Provided 21.02.2013

AlphaValue HELENE COUMES add 4 M 69 6 month 21.02.2013

HSBC CHRISTOPHE QUARANTE overweight 5 M 69 Not Provided 24.01.2013

BPI HUBERT D'AILLIERES buy 5 M 64 Not Provided 23.01.2013

Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 M 75 6 month 23.01.2013

Natixis NICOLAS LANGLET neutral 3 M 59 Not Provided 23.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

CA Cheuvreux AMANDINE LATOUR underperform 1 D 49 Not Provided 24.10.2012

Holdings By:

SEB SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 322: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

SGL Carbon SE produces carbon and graphite materials, specialty graphite,

corrosion protection products, and fibers and composites. The Company

manufactures graphite and carbon electrodes, cathodes, mold stock, mechanical

carbons, corrosion resistant products and systems, composites, and

carbon-ceramic brake discs. SGL markets its products worldwide.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (29.02.2012) 37.20

52-Week Low (04.06.2012) 29.75

Daily Volume

32.93

52-Week High % Change -11.48% Dividend Yield -

52-Week Low % Change 10.69% Beta 0.50

% 52 Week Price Range High/Low 42.68% Equity Float 47.95

Shares Out 02.01.2013 70.6 Short Int -

2'326.06 1 Yr Total Return -8.97%

Total Debt 556.60 YTD Return 9.58%

Preferred Stock 0.0 Adjusted BETA 0.496

Minority Interest 14.0 Analyst Recs 20

Cash and Equivalents 241.70 Consensus Rating 1.550

Enterprise Value 2'836.76

Average Volume 5 Day 91'507

SGL GY EQUITY YTD Change - Average Volume 30 Day 97'582

SGL GY EQUITY YTD % CHANGE - Average Volume 3 Month 100'359

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

1'373.0 1'611.5 1'225.8 1'381.8 1'540.2 1'499.1 1'676.6 1'704.9 1'793.7 426.6 439.0

1.90x 1.14x 1.35x 1.55x 1.94x 7.42x 6.71x 1.70x 1.60x 6.62x 6.49x

320.1 361.9 172.8 197.4 239.4 182.3 198.1 243.9 258.9 48.3 75.6

8.13x 5.08x 9.61x 10.85x 12.51x 0.00x 13.72x 11.66x 10.98x 9.72x 9.46x

133.5 189.6 (60.4) 52.2 73.2 64.7 17.2 59.1 86.6 7.4 29.6

17.66x 8.13x - 33.77x 34.95x 40.51x 125.06x 38.79x 28.00x 21.05x 19.37x

EBITDA 239.40 Long-Term Rating Date 23.03.2007

EBIT 165.50 Long-Term Rating BB

Operating Margin 10.75% Long-Term Outlook STABLE

Pretax Margin 5.43% Short-Term Rating Date -

Return on Assets 0.74% Short-Term Rating -

Return on Common Equity 1.68%

Return on Capital 1.68% EBITDA/Interest Exp. 4.91

Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 2.06

Net Debt/EBITDA 2.50

Gross Margin 27.2% Total Debt/EBITDA 3.90

EBITDA Margin 11.8%

EBIT Margin 7.0% Total Debt/Equity 53.5%

Net Income Margin 4.8% Total Debt/Capital 34.5%

Asset Turnover 0.72

Current Ratio 3.16 Net Fixed Asset Turnover 1.95

Quick Ratio 1.54 Accounts receivable turnover-days 63.95

Debt to Assets 24.51% Inventory Days 159.15

Tot Debt to Common Equity 53.46% Accounts Payable Turnover Day 39.13

Accounts Receivable Turnover 5.72 Cash Conversion Cycle 167.92

Inventory Turnover 2.30

Fiscal Year Ended

SGL Carbon SEPrice/Volume

Valuation Analysis

61'378.00

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

'

2

-'

-2

.'

.2

0'

02

1'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

1'800.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 323: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BAYERISCHE MOTOREN W n/a Co File 10'749'037 15.22 - 31.12.2011 Corporation

VOITH AG n/a Co File 6'249'758 8.85 - 31.12.2011 Corporation

VOLKSWAGEN AG n/a Co File 5'593'328 7.92 - 31.12.2011 Corporation

BLACKROCK n/a ULT-AGG 437'046 0.62 - 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 394'266 0.56 10'025 31.12.2012 Investment Advisor

HIGHSIDE CAPITAL MAN n/a Short (324'669) -0.46 151'828 26.09.2012 Hedge Fund Manager

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 179'000 0.25 (49'000) 28.12.2012 Mutual Fund Manager

UNIVERSAL INVESTMENT Multiple Portfolios MF-AGG 117'674 0.17 (6'503) 28.09.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 100'000 0.14 (35'400) 31.10.2012 Investment Advisor

SGL CARBON SE n/a Co File 85'217 0.12 - 31.12.2011 Corporation

PETERCAM SA Multiple Portfolios MF-AGG 55'000 0.08 (62'000) 30.12.2011 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 53'322 0.08 - 31.07.2012 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 47'000 0.07 (27'000) 30.09.2012 Mutual Fund Manager

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 40'539 0.06 (1'067) 31.05.2012 Investment Advisor

HABBEL, POHLIG & PAR Multiple Portfolios MF-AGG 40'000 0.06 - 28.09.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 36'507 0.05 - 27.02.2013 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 35'000 0.05 - 28.12.2012 Mutual Fund Manager

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 34'436 0.05 - 31.12.2012 Investment Advisor

WARBURG INVEST Multiple Portfolios MF-AGG 32'700 0.05 - 30.04.2012 Mutual Fund Manager

GENERALI INVESTMENTS Multiple Portfolios MF-AGG 32'000 0.05 - 31.10.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Bankhaus Lampe MARC GABRIEL sell 1 M 22 12 month 27.02.2013

AlphaValue HEINZ STEFFEN sell 1 M 21 6 month 21.02.2013

Berenberg Bank GUNNAR COHRS sell 1 M 18 Not Provided 18.02.2013

Baader Bank CHRISTIAN OBST hold 3 M 33 12 month 05.02.2013

DZ Bank AG DIRK SCHLAMP sell 1 M 25 12 month 23.01.2013

Goldman Sachs AARON IBBOTSON Sell/Neutral 1 M 27 12 month 17.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Kepler Capital Markets ULRICH SCHOLZ reduce 2 M 24 Not Provided 21.11.2012

Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 25 6 month 15.11.2012

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 15.11.2012

Nord/LB THORSTEN STRAUSS sell 1 M 26 12 month 12.11.2012

S&P Capital IQ JOHNSON IMODE sell 1 M 25 12 month 09.11.2012

JPMorgan GLEN H LIDDY underweight 1 M 13 9 month 08.11.2012

Landesbank Baden-Wuerttemberg ULLE WORNER sell 1 M 28 Not Provided 08.11.2012

Credit Suisse JONATHAN HURN neutral 3 M 30 Not Provided 11.10.2012

HSBC JUERGEN SIEBRECHT underweight 1 D 30 Not Provided 05.09.2012

Bankhaus Metzler LARS HETTCHE sell 1 M 22 12 month 30.07.2012

Deutsche Bank GUNNAR ROMER hold 3 M 31 12 month 20.03.2012

CA Cheuvreux HANS-JOACHIM HEIMBUERGER underperform 1 M 25 Not Provided 19.08.2011

Solventis WPH-Bank GmbH KLAUS SOER sell 1 M 20 12 month 09.11.2010

National Bank AG STEFFEN MANSKE buy 5 M 27 Not Provided 06.08.2009

Holdings By:

SGL Carbon SE ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 324: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Shaftesbury plc is a real estate company. The Company invests in commercial

properties and improves them through refurbishment and active management,

holding them for rental income and capital appreciation. Shaftesbury operates

in the United Kingdom.

Latest Fiscal Year: 09/2012

LTM as of: 01/yy

52-Week High (15.02.2013) 585.00

52-Week Low (17.04.2012) 473.90

Daily Volume

574

52-Week High % Change -1.88% Dividend Yield 2.09

52-Week Low % Change 21.12% Beta 0.88

% 52 Week Price Range High/Low 90.10% Equity Float 229.81

Shares Out 27.02.2013 251.7 Short Int -

1'444.66 1 Yr Total Return 19.83%

Total Debt 561.60 YTD Return 3.23%

Preferred Stock 0.0 Adjusted BETA 0.879

Minority Interest 0.0 Analyst Recs 14

Cash and Equivalents 5.30 Consensus Rating 3.000

Enterprise Value 2'000.96

Average Volume 5 Day 352'408

SHB LN EQUITY YTD Change - Average Volume 30 Day 330'585

SHB LN EQUITY YTD % CHANGE - Average Volume 3 Month 302'582

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

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 - -

65.4 67.8 71.2 81.4 87.0 - - 79.4 83.4 - -

16.77x 18.22x 21.12x 20.46x 21.66x - - 25.65x 24.73x - -

46.2 47.8 49.5 57.2 59.6 - - 63.1 67.2 - -

23.72x 25.84x 30.37x 29.12x 31.61x - - 31.73x 29.79x - -

(216.1) (58.4) 167.1 113.8 93.0 - - 40.6 44.1 - -

- - 5.88x 9.83x 14.25x - - 45.20x 42.21x - -

EBITDA 59.60 Long-Term Rating Date -

EBIT 59.40 Long-Term Rating -

Operating Margin 68.28% Long-Term Outlook -

Pretax Margin 108.97% Short-Term Rating Date -

Return on Assets 5.23% Short-Term Rating -

Return on Common Equity 8.56%

Return on Capital 7.56% EBITDA/Interest Exp. 1.99

Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -0.07

Net Debt/EBITDA 9.33

Gross Margin 81.6% Total Debt/EBITDA 9.42

EBITDA Margin 68.5%

EBIT Margin 68.3% Total Debt/Equity 50.2%

Net Income Margin 106.9% Total Debt/Capital 33.4%

Asset Turnover 0.05

Current Ratio 0.66 Net Fixed Asset Turnover 0.05

Quick Ratio 0.51 Accounts receivable turnover-days 47.96

Debt to Assets 30.27% Inventory Days -

Tot Debt to Common Equity 50.17% Accounts Payable Turnover Day 466.65

Accounts Receivable Turnover 7.63 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shaftesbury PLCPrice/Volume

Valuation Analysis

230'601.00

Current Price (2/dd/yy) Market Data

'

-''

.''

0''

1''

2''

3''

4''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

'.!-'!.''6 '.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 325: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BLACKROCK n/a ULT-AGG 19'413'657 7.71 - 26.02.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 18'693'167 7.43 301'000 01.01.2013 Government

SCOTTISH WIDOWS n/a ULT-AGG 13'299'337 5.28 1'421'169 01.01.2013 Unclassified

AMERIPRISE FINANCIAL n/a RNS-MAJ 12'574'964 5 45'478 07.08.2012 Investment Advisor

CO-OPERATIVE INSURAN n/a RNS-MAJ 12'400'442 4.93 - 26.03.2012 Insurance Company

FMR LLC n/a ULT-AGG 10'648'285 4.23 518'987 01.01.2013 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 10'477'400 4.16 (75'705) 01.01.2013 Investment Advisor

LLOYDS BANKING GROUP n/a ULT-AGG 10'320'550 4.1 - 28.11.2011 Investment Advisor

STICHTING PENSIOEN F n/a Co File 8'917'757 3.54 - 28.11.2011 Pension Fund (ERISA)

LEGAL & GENERAL n/a ULT-AGG 8'786'721 3.49 (477'681) 01.01.2013 Unclassified

F&C ASSET MANAGEMENT Multiple Portfolios REG 7'913'398 3.14 144'697 01.01.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 7'013'870 2.79 484'170 01.01.2013 Investment Advisor

STATE STREET n/a ULT-AGG 6'085'279 2.42 563'508 27.02.2013 Investment Advisor

APG ALGEMENE PENSIOE Multiple Portfolios REG 4'971'958 1.98 250'000 01.01.2013 Pension Fund (ERISA)

MONTANARO INVESTMENT Multiple Portfolios REG 4'965'000 1.97 1'070'000 01.01.2013 Investment Advisor

ROYAL LONDON ASSET M Multiple Portfolios REG 4'784'026 1.9 316'561 01.01.2013 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 4'748'860 1.89 (382'992) 01.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'240'743 1.68 569'621 30.11.2012 Investment Advisor

OLD MUTUAL n/a ULT-AGG 3'752'000 1.49 - 01.01.2013 Unclassified

DIRECTOR & RELATED H Multiple Portfolios REG 3'430'958 1.36 - 01.01.2013 Other

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies ROBERT DUNCAN hold 3 M 514 12 month 25.02.2013

Numis Securities Ltd CHRISTOPHER SPEARING hold 3 M 590 Not Provided 25.02.2013

JPMorgan TIM LECKIE neutral 3 M 630 9 month 21.02.2013

Peel Hunt KEITH CRAWFORD hold 3 M 550 Not Provided 04.02.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 04.02.2013

Exane BNP Paribas NICK WEBB underperform 1 M 520 Not Provided 01.02.2013

Investec ALAN CARTER hold 3 M 550 12 month 21.01.2013

Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 561 Not Provided 18.12.2012

Oriel Securities Ltd LI SUN hold 3 M #N/A N/A Not Provided 06.12.2012

Morgan Stanley BIANCA RIEMER Overwt/Attractive 5 M 590 12 month 25.10.2012

Credit Suisse STEVE BRAMLEY-JACKSON underperform 1 M 515 Not Provided 26.09.2012

Barclays AARON GUY overweight 5 M 675 Not Provided 15.08.2012

Liberum Capital Ltd ALISON WATSON hold 3 M 501 Not Provided 01.02.2012

Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 M 481 12 month 16.01.2012

Holdings By:

Shaftesbury PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 326: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Sky Deutschland AG offers pay television subscription services in Germany. The

Company offers wide range of programming, including feature films, new series

and live sports, especially the Bundesliga, DFB Cup and the UEFA Champions

League in Germany and Austria. Sky Deutschland distributes its pay-TV channel

bouquet primarily via cable and satellite.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (25.02.2013) 5.02

52-Week Low (11.04.2012) 1.68

Daily Volume

4.922

52-Week High % Change -1.99% Dividend Yield -

52-Week Low % Change 192.51% Beta 1.22

% 52 Week Price Range High/Low 97.01% Equity Float 410.47

Shares Out 05.02.2013 877.2 Short Int -

4'317.58 1 Yr Total Return 138.06%

Total Debt 669.25 YTD Return 19.11%

Preferred Stock 0.0 Adjusted BETA 1.216

Minority Interest (0.1) Analyst Recs 28

Cash and Equivalents 54.78 Consensus Rating 3.571

Enterprise Value 4'929.49

Average Volume 5 Day 1'886'651

SKYD GY EQUITY YTD Change - Average Volume 30 Day 2'326'221

SKYD GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'443'235

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

937.2 941.1 902.1 977.8 1'138.7 1'094.1 1'284.3 1'335.3 1'565.5 362.6 359.0

1.80x 0.82x 1.48x 1.66x 1.41x 8.20x 7.49x 3.68x 3.06x - -

69.8 (77.2) (311.4) (317.7) (155.1) (97.0) (57.1) (47.2) 51.2 (48.1) 6.6

24.16x - - - - 0.00x 0.00x - 96.22x 6047.26x 141.45x

(51.5) (269.3) (676.2) (407.5) (277.5) (326.7) (193.5) (173.6) (95.8) (77.0) (31.5)

- - - - - 0.00x 0.00x - - - -

EBITDA -155.11 Long-Term Rating Date -

EBIT -219.51 Long-Term Rating -

Operating Margin -19.28% Long-Term Outlook -

Pretax Margin -23.97% Short-Term Rating Date -

Return on Assets -17.13% Short-Term Rating -

Return on Common Equity -123.60%

Return on Capital - EBITDA/Interest Exp. -1.41

Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. -2.29

Net Debt/EBITDA -

Gross Margin 8.4% Total Debt/EBITDA -10.79

EBITDA Margin -4.4%

EBIT Margin -9.7% Total Debt/Equity 751.3%

Net Income Margin -24.4% Total Debt/Capital 88.3%

Asset Turnover 1.14

Current Ratio 0.56 Net Fixed Asset Turnover 8.54

Quick Ratio 0.29 Accounts receivable turnover-days 21.08

Debt to Assets 59.92% Inventory Days 11.80

Tot Debt to Common Equity 751.25% Accounts Payable Turnover Day 85.83

Accounts Receivable Turnover 17.36 Cash Conversion Cycle -33.57

Inventory Turnover 31.02

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sky Deutschland AGPrice/Volume

Valuation Analysis

1'468'297.00

Current Price (2/dd/yy) Market Data

'

-

.

0

1

2

3

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

2!' 9

-'!' 9

-2!' 9

.'!' 9

.2!' 9

0'!' 9

02!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 327: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

NEWS CORP n/a Research 466'566'947 53.19 - 15.01.2013 Corporation

ODEY ASSET MANAGEMEN n/a Research 116'480'283 13.28 - 13.06.2012 Investment Advisor

ODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 33'081'541 3.77 1'334'956 31.01.2013 Investment Advisor

TAUBE HODSON STONEX n/a Research 25'980'077 2.96 - 07.02.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 16'508'947 1.88 1'882'119 31.12.2012 Investment Advisor

CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 14'285'000 1.63 110'000 31.01.2013 Mutual Fund Manager

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 10'991'068 1.25 (1'500'353) 28.09.2012 Mutual Fund Manager

TAUBE HODSON STONEX Multiple Portfolios MF-AGG 9'700'014 1.11 (477'390) 30.11.2012 Investment Advisor

PENNANT CAPITAL MANA n/a Short (7'399'643) -0.84 - 01.11.2012 Hedge Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'267'389 0.71 3'235'424 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 5'762'596 0.66 (621) 26.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'760'000 0.54 945'000 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'412'684 0.5 101'052 31.12.2012 Investment Advisor

ODEY ASSET MANAGEMEN Multiple Portfolios MF-AGG 3'804'975 0.43 - 28.09.2012 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (3'508'803) -0.4 3'157'922 23.01.2013 Hedge Fund Manager

PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 3'124'367 0.36 (812'236) 31.01.2013 Insurance Company

BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 2'505'000 0.29 - 30.11.2012 Investment Advisor

SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 2'432'051 0.28 (29'534) 31.12.2012 Mutual Fund Manager

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 2'392'751 0.27 (1'906'904) 31.12.2012 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 2'237'692 0.26 (292'073) 31.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

M.M. Warburg Investment Research JOCHEN REICHERT buy 5 M 5 12 month 26.02.2013

Bankhaus Lampe WOLFGANG SPECHT hold 3 M 4 Not Provided 22.02.2013

AlphaValue VERONIQUE CABIOC'H sell 1 M 3 6 month 21.02.2013

Commerzbank Corporates & Markets SONIA RABUSSIER buy 5 M 6 6 month 18.02.2013

Kepler Capital Markets CONOR O'SHEA buy 5 M 5 Not Provided 11.02.2013

DZ Bank AG HARALD HEIDER buy 5 M 5 12 month 06.02.2013

Barclays NATASHA BRILLIANT equalweight 3 D 5 Not Provided 24.01.2013

Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 5 12 month 23.01.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 5 12 month 23.01.2013

Nord/LB HOLGER FECHNER sell 1 M 4 12 month 22.01.2013

Goldman Sachs VIGHNESH PADIACHY Buy/Neutral 5 M 6 12 month 21.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Berenberg Bank SARAH SIMON buy 5 M 5 Not Provided 16.01.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 5 Not Provided 15.01.2013

Main First Bank AG STEPHAN VOLLERT outperform 5 M 6 12 month 15.01.2013

Bankhaus Metzler STEFAN WIMMER sell 1 M 3 12 month 14.01.2013

Nomura MATTHEW WALKER buy 5 M 5 12 month 14.01.2013

Espirito Santo Investment Bank ResearchMARK EVANS buy 5 M 5 Not Provided 14.12.2012

Deutsche Bank LAURIE DAVISON hold 3 M 5 12 month 27.11.2012

HSBC CHRISTOPHER JOHNEN overweight 5 U 5 Not Provided 20.11.2012

CA Cheuvreux THOMAS JORION outperform 5 M 4 Not Provided 15.11.2012

Silvia Quandt Research KLAUS KRAENZLE avoid 1 M 2 12 month 14.11.2012

JPMorgan MARK O'DONNELL neutral 3 M 3 9 month 12.09.2012

Equita SIM SpA STEFANO GAMBERINI buy 5 M 3 12 month 08.08.2012

Sphene Capital SUSANNE HASLER sell 1 M 1 12 month 23.04.2012

Credit Suisse OMAR SHEIKH underperform 1 D 1 Not Provided 15.12.2011

Viscardi AG PETER-THILO HASLER sell 1 M 0 12 month 17.02.2009

Holdings By:

Sky Deutschland AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 328: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Smurfit Kappa Group PLC manufactures containerboards, solid boards, graphic

boards, corrugated and solid board packaging products.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (25.02.2013) 11.98

52-Week Low (26.06.2012) 4.75

Daily Volume

11.755

52-Week High % Change -1.88% Dividend Yield 1.74

52-Week Low % Change 147.47% Beta 1.54

% 52 Week Price Range High/Low 96.89% Equity Float 205.49

Shares Out 01.02.2013 227.9 Short Int -

2'678.50 1 Yr Total Return 58.82%

Total Debt 3'254.00 YTD Return 30.61%

Preferred Stock 0.0 Adjusted BETA 1.542

Minority Interest 212.0 Analyst Recs 9

Cash and Equivalents 447.00 Consensus Rating 5.000

Enterprise Value 5'697.50

Average Volume 5 Day 982'868

SKG ID EQUITY YTD Change - Average Volume 30 Day 1'933'356

SKG ID EQUITY YTD % CHANGE - Average Volume 3 Month 1'393'526

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

7'062.0 6'057.0 6'677.0 7'357.0 7'335.0 7'357.0 7'334.0 8'040.7 8'366.6 1'913.0 1'933.0

0.45x 0.69x 0.74x 0.54x 0.69x 2.49x 2.51x 0.67x 0.60x - -

935.0 726.0 874.0 1'000.0 969.0 998.0 969.0 1'120.9 1'185.7 - -

3.43x 5.72x 5.62x 3.99x 5.23x 4.00x 5.23x 5.08x 4.81x - -

(50.0) (122.0) 50.0 206.0 249.0 206.0 250.0 293.9 353.1 53.3 64.1

- - 31.97x 5.03x 8.10x 5.03x 8.09x 8.57x 7.36x 8.46x -

EBITDA 969.00 Long-Term Rating Date 13.02.2012

EBIT 616.00 Long-Term Rating BB

Operating Margin 8.40% Long-Term Outlook POS

Pretax Margin 4.51% Short-Term Rating Date -

Return on Assets 2.97% Short-Term Rating -

Return on Common Equity 11.76%

Return on Capital 9.94% EBITDA/Interest Exp. 2.50

Asset Turnover 0.87% (EBITDA-Capex)/Interest Exp. 1.69

Net Debt/EBITDA 2.90

Gross Margin 28.6% Total Debt/EBITDA 3.36

EBITDA Margin 13.2%

EBIT Margin 8.4% Total Debt/Equity 144.2%

Net Income Margin 3.4% Total Debt/Capital 56.9%

Asset Turnover 0.87

Current Ratio 1.59 Net Fixed Asset Turnover 2.42

Quick Ratio 1.12 Accounts receivable turnover-days 68.57

Debt to Assets 38.60% Inventory Days 50.14

Tot Debt to Common Equity 144.24% Accounts Payable Turnover Day -

Accounts Receivable Turnover 5.34 Cash Conversion Cycle 51.89

Inventory Turnover 7.30

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Smurfit Kappa Group PLCPrice/Volume

Valuation Analysis

256'093.00

Current Price (2/dd/yy) Market Data

'

.

1

3

5

-'

-.

-1

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 329: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

NORGES BANK n/a Co File 20'025'712 8.79 - 05.03.2012 Government

GMT CAPITAL CORP n/a RNS-MAJ 15'916'535 6.99 2'463'354 12.11.2012 Hedge Fund Manager

CAUSEWAY CAPITAL MAN n/a RNS-MAJ 9'010'473 3.95 (2'336'754) 19.02.2013 Investment Advisor

POLARIS CAPITAL MANA n/a RNS-MAJ 8'571'449 3.76 - 14.01.2013 Investment Advisor

BESTINVER GESTION SG n/a RNS-MAJ 6'506'656 2.86 (2'147'501) 30.04.2010 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'102'303 2.68 (31'295) 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 5'000'000 2.19 5'000'000 31.12.2012 Investment Advisor

GLOBAL INVESTMENT SE Multiple Portfolios MF-AGG 2'250'300 0.99 2'250'300 31.10.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'948'584 0.86 - 31.07.2012 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 1'468'678 0.64 207'821 31.01.2013 Investment Advisor

PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 1'459'010 0.64 - 30.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'083'875 0.48 89'505 26.02.2013 Investment Advisor

CALIFORNIA STATE TEA CALIFORNIA STATE TEA 13F 1'045'942 0.46 1'045'942 31.12.2012 Pension Fund (ERISA)

TEACHERS INS & ANNUI TEACHERS INSURANCE & Sch-D 1'031'736 0.45 - 30.09.2012 Insurance Company

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 1'020'000 0.45 - 31.01.2013 Mutual Fund Manager

SMURFIT ANTHONY P J n/a RNS-DIR 1'013'497 0.44 67'567 03.12.2012 n/a

CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 962'193 0.42 - 26.02.2013 Investment Advisor

HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 895'099 0.39 - 30.09.2011 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 890'093 0.39 69'456 28.09.2012 Investment Advisor

FMR LLC n/a ULT-AGG 883'130 0.39 (945'158) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goodbody Stockbrokers Ltd DAVID O'BRIEN buy 5 M 14 12 month 13.02.2013

Credit Suisse LARS KJELLBERG outperform 5 M 16 Not Provided 11.02.2013

CA Cheuvreux MIKAEL JAFS outperform 5 M 11 Not Provided 07.02.2013

Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 13 6 month 22.01.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013

Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 24.09.2012

Imperial Capital LLC KEVIN COHEN outperform 5 M 14 12 month 20.07.2011

Holdings By:

Smurfit Kappa Group PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 330: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Software AG provides business infrastructure software solutions. The Company's

products include solutions for managing data, enabling Service-Oriented

Architecture (SOA) and improving business processes.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (28.01.2013) 35.45

52-Week Low (12.07.2012) 21.80

Daily Volume

30.045

52-Week High % Change -15.25% Dividend Yield -

52-Week Low % Change 37.82% Beta 0.93

% 52 Week Price Range High/Low 60.40% Equity Float 61.65

Shares Out 30.11.2012 86.9 Short Int -

2'611.43 1 Yr Total Return 7.28%

Total Debt 277.37 YTD Return -6.42%

Preferred Stock 0.0 Adjusted BETA 0.934

Minority Interest 0.7 Analyst Recs 29

Cash and Equivalents 216.48 Consensus Rating 3.310

Enterprise Value 2'601.66

Average Volume 5 Day 361'780

SOW GY EQUITY YTD Change - Average Volume 30 Day 483'459

SOW GY EQUITY YTD % CHANGE - Average Volume 3 Month 319'881

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

720.6 847.4 1'119.5 1'098.3 1'047.3 1'098.3 1'047.3 1'057.7 1'120.6 247.7 255.0

1.69x 2.93x 2.94x 2.31x - 10.80x 6.68x 2.30x 2.04x 10.04x 9.75x

190.0 240.6 312.9 304.5 - 304.5 205.3 289.2 314.5 - -

6.40x 10.33x 10.52x 8.33x - 8.33x 0.00x 9.01x 8.28x - -

115.9 141.0 175.4 177.0 164.7 177.0 164.6 175.4 194.1 34.8 41.5

9.88x 15.53x 17.77x 13.93x 16.90x 13.93x 16.99x 14.49x 13.01x 15.10x 14.93x

EBITDA 304.50 Long-Term Rating Date -

EBIT 258.22 Long-Term Rating -

Operating Margin 23.51% Long-Term Outlook -

Pretax Margin 22.61% Short-Term Rating Date -

Return on Assets 9.77% Short-Term Rating -

Return on Common Equity 17.46%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -0.04

Gross Margin 59.7% Total Debt/EBITDA 0.91

EBITDA Margin 27.2%

EBIT Margin 22.5% Total Debt/Equity 29.2%

Net Income Margin 15.7% Total Debt/Capital 22.6%

Asset Turnover 0.63

Current Ratio 1.51 Net Fixed Asset Turnover 16.74

Quick Ratio 1.37 Accounts receivable turnover-days 107.52

Debt to Assets 16.50% Inventory Days 0.12

Tot Debt to Common Equity 29.17% Accounts Payable Turnover Day 42.82

Accounts Receivable Turnover 3.40 Cash Conversion Cycle 58.51

Inventory Turnover 3070.74

Fiscal Year Ended

Software AGPrice/Volume

Valuation Analysis

392'666.00

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

'

2

-'

-2

.'

.2

0'

02

1'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

1!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 331: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SOFTWARE AG STIFTUNG n/a Research 25'206'045 29 - 31.12.2012 Other

FMR LLC n/a ULT-AGG 9'003'975 10.36 381'047 31.12.2012 Investment Advisor

DEKA INVESTMENT GMBH n/a Research 4'237'282 4.88 - 30.01.2013 Mutual Fund Manager

AIKEN ASSET MGMT LLP n/a Research 3'650'531 4.2 - 31.12.2012 Other

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'776'450 3.19 (1'500) 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor

DWS INVESTMENT GMBH n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor

ALLIANZ GLOBAL INVES n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor

TEMPLETON INVEST COU n/a Research 2'607'522 3 - 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'265'489 2.61 (163'924) 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 1'450'000 1.67 (50'000) 28.12.2012 Unclassified

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 911'850 1.05 20'000 28.09.2012 Investment Advisor

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 821'423 0.95 178'958 28.09.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 648'809 0.75 45'011 31.10.2012 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 628'000 0.72 50'000 28.09.2012 Mutual Fund Manager

BLACKROCK n/a ULT-AGG 530'149 0.61 (2) 26.02.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 521'450 0.6 - 28.12.2012 Mutual Fund Manager

MASON STREET ADVISOR Multiple Portfolios MF-AGG 519'740 0.6 217'980 31.12.2012 Investment Advisor

CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 425'900 0.49 233'000 31.01.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 365'107 0.42 (5'342) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale DERRIC MARCON buy 5 M 38 12 month 27.02.2013

Commerzbank Corporates & Markets THOMAS M BECKER add 4 M 33 6 month 27.02.2013

Baader Bank KNUT WOLLER buy 5 M 34 12 month 27.02.2013

M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 34 12 month 27.02.2013

Bankhaus Metzler ULRICH TRABERT buy 5 M 33 12 month 27.02.2013

DZ Bank AG OLIVER FINGER buy 5 M 33 12 month 27.02.2013

Exane BNP Paribas JOSEP BORI outperform 5 M 35 Not Provided 27.02.2013

Morgan Stanley ADAM WOOD Underwt/In-Line 1 M 29 12 month 26.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 20.02.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 13.02.2013

Mirabaud Securities SUSAN ANTHONY buy 5 M 47 12 month 12.02.2013

JPMorgan STACY E POLLARD underweight 1 M 27 12 month 08.02.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 33 12 month 08.02.2013

Bryan Garnier & Cie GREGORY RAMIREZ sell 1 M 30 6 month 08.02.2013

Kepler Capital Markets SEBASTIEN SZTABOWICZ reduce 2 M 29 Not Provided 06.02.2013

Matelan Research GmbH ADRIAN HOPKINSON hold 3 N 39 12 month 06.02.2013

Berenberg Bank DAUD KHAN hold 3 M 24 Not Provided 01.02.2013

Credit Suisse CHARLES BRENNAN neutral 3 M 31 Not Provided 30.01.2013

HSBC ANTONIN BAUDRY neutral 3 D 33 Not Provided 30.01.2013

Natixis GWENAEL GIARD reduce 2 M 27 Not Provided 30.01.2013

Barclays GERARDUS VOS equalweight 3 M 29 Not Provided 30.01.2013

Goldman Sachs MOHAMMED MOAWALLA neutral/attractive 3 D 34 12 month 29.01.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 M 35 Not Provided 29.01.2013

Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 36 12 month 11.01.2013

Deutsche Bank UWE SCHUPP buy 5 M 38 12 month 31.10.2012

CA Cheuvreux MICHAEL BEUCHER underperform 1 M 25 Not Provided 30.05.2012

Holdings By:

Software AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 332: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Spirax-Sarco Engineering plc provides consultation, service and products for the

control and efficient management of steam and industrial fluids. The Company

and its subsidiaries produce boiler controls, pressure controls, temperature

controls, steam traps, flowmeters, monitors, safety valves, humidifiers,

strainers, separators and fluid pumps. Spirax-Sarco sells its products globally

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (25.02.2013) 2'450.00

52-Week Low (24.07.2012) 1'888.00

Daily Volume

2400

52-Week High % Change -2.04% Dividend Yield 2.09

52-Week Low % Change 27.12% Beta 0.96

% 52 Week Price Range High/Low 91.10% Equity Float 75.59

Shares Out 05.02.2013 78.1 Short Int -

1'874.16 1 Yr Total Return 19.51%

Total Debt 47.90 YTD Return 5.82%

Preferred Stock 0.0 Adjusted BETA 0.964

Minority Interest 0.8 Analyst Recs 12

Cash and Equivalents 60.17 Consensus Rating 3.417

Enterprise Value 1'865.60

Average Volume 5 Day 75'018

SPX LN EQUITY YTD Change - Average Volume 30 Day 154'079

SPX LN EQUITY YTD % CHANGE - Average Volume 3 Month 114'919

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

417.3 502.3 518.7 589.7 650.0 - - 663.3 694.7 - -

1.59x 1.36x 1.83x 2.46x 2.22x - - 2.76x 2.58x - -

82.6 100.9 95.1 141.7 154.8 - - 155.6 169.2 - -

8.03x 6.79x 10.00x 10.23x 9.32x - - 11.99x 11.02x - -

49.1 59.5 53.0 86.5 93.0 - - 96.5 102.0 - -

13.57x 11.64x 17.82x 17.20x 15.61x - - 19.40x 18.36x - -

EBITDA 154.79 Long-Term Rating Date -

EBIT 133.96 Long-Term Rating -

Operating Margin 20.61% Long-Term Outlook -

Pretax Margin 20.36% Short-Term Rating Date -

Return on Assets 13.43% Short-Term Rating -

Return on Common Equity 21.44%

Return on Capital 21.10% EBITDA/Interest Exp. 8.84

Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 6.39

Net Debt/EBITDA -0.06

Gross Margin - Total Debt/EBITDA 0.44

EBITDA Margin 23.6%

EBIT Margin 20.3% Total Debt/Equity 12.0%

Net Income Margin 14.3% Total Debt/Capital 10.7%

Asset Turnover 1.01

Current Ratio 2.39 Net Fixed Asset Turnover 3.85

Quick Ratio 1.43 Accounts receivable turnover-days 73.65

Debt to Assets 7.44% Inventory Days -

Tot Debt to Common Equity 12.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover 4.97 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Spirax-Sarco Engineering PLCPrice/Volume

Valuation Analysis

85'714.00

Current Price (2/dd/yy) Market Data

'

2''

-'''

-2''

.'''

.2''

0'''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 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

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 333: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BLACKROCK n/a ULT-AGG 6'701'161 8.58 (978'032) 26.02.2013 Investment Advisor

SCHRODERS PLC n/a RNS-MAJ 5'088'147 6.52 (39'718) 12.11.2012 Investment Advisor

SPRUCEGROVE INVESTME Multiple Portfolios REG 3'582'887 4.59 (464'495) 01.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 2'993'016 3.83 171'011 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 2'934'853 3.76 (283'101) 31.01.2013 Unclassified

BAILLIE GIFFORD AND Multiple Portfolios REG 2'761'624 3.54 (54'167) 01.11.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 2'383'412 3.05 (60'668) 31.12.2012 Unclassified

CAPITAL GROUP INTERN n/a RNS-MAJ 2'338'803 3 (64'656) 05.11.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 2'290'366 2.93 337'181 01.11.2012 Investment Advisor

CO-OPERATIVE INSURAN Multiple Portfolios REG 1'950'664 2.5 29'649 01.11.2012 Insurance Company

NORGES BANK INVESTME Multiple Portfolios REG 1'823'868 2.34 - 01.11.2012 Government

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'735'999 2.22 71'448 31.01.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'691'520 2.17 (124'459) 31.12.2012 Investment Advisor

MONDRIAN INVESTMENT Multiple Portfolios REG 1'665'068 2.13 - 01.11.2012 Hedge Fund Manager

LIONTRUST n/a ULT-AGG 1'598'683 2.05 - 31.12.2012 Unclassified

BNP PARIBAS INV PART n/a ULT-AGG 1'566'418 2.01 98'580 31.12.2012 Investment Advisor

Cantillon Capital Multiple Portfolios REG 1'360'992 1.74 (17'339) 01.11.2012 Unclassified

PRIVATE INDIVIDUALS Multiple Portfolios REG 1'352'795 1.73 (575) 01.11.2012 Other

M&G INVESTMENT MANAG Multiple Portfolios REG 1'324'138 1.7 (28'753) 01.11.2012 Investment Advisor

WILLIAM BLAIR & COMP Multiple Portfolios REG 1'315'469 1.68 (49'670) 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Investec MICHAEL BLOGG hold 3 M 2'315 12 month 22.02.2013

Arden Partners Ltd DAVID LARKAM neutral 3 M 2'300 12 month 29.01.2013

Peel Hunt DOMINIC CONVEY hold 3 M 1'850 Not Provided 28.01.2013

Goldman Sachs ADAM PINCKARD Buy/Neutral 5 M 2'856 12 month 17.01.2013

Credit Suisse JONATHAN HURN neutral 3 M 2'340 Not Provided 17.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Jefferies ANDREW DOUGLAS hold 3 M 2'045 12 month 08.11.2012

Numis Securities Ltd SCOTT CAGEHIN add 4 M 2'300 Not Provided 07.11.2012

Liberum Capital Ltd BENJAMIN BOURNE hold 3 M 1'940 Not Provided 07.11.2012

Holdings By:

Spirax-Sarco Engineering PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 334: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Spirent Communications plc provides electronic solutions for the technology

industry, including businesses in the telecommunications and medical sectors.

The Group specializes in telecommunications testing systems, including computer

software and hardware systems, cable management systems, and transmitters.

Spirent operates in the Americas, Europe and the Asia Pacific region.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.05.2012) 176.30

52-Week Low (08.11.2012) 134.10

Daily Volume

165.8

52-Week High % Change -5.96% Dividend Yield 1.22

52-Week Low % Change 23.64% Beta 0.88

% 52 Week Price Range High/Low 75.12% Equity Float 648.85

Shares Out 01.02.2013 650.5 Short Int -

1'078.50 1 Yr Total Return 19.22%

Total Debt 0.00 YTD Return 10.02%

Preferred Stock 0.0 Adjusted BETA 0.881

Minority Interest 0.0 Analyst Recs 14

Cash and Equivalents 236.50 Consensus Rating 4.214

Enterprise Value 1'401.60

Average Volume 5 Day 1'322'847

SPT LN EQUITY YTD Change - Average Volume 30 Day 1'266'298

SPT LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'256'673

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 10/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

474.2 477.6 427.2 482.2 528.2 522.3 511.4 496.1 537.0 127.7 116.5

1.87x 0.71x 2.21x 2.76x 1.85x 5.20x 4.71x 2.82x 2.50x - -

74.2 108.2 107.8 126.6 136.5 0.0 0.0 136.5 155.8 34.0 23.0

11.92x 3.15x 8.75x 10.52x 7.16x 0.00x 0.00x 10.27x 9.00x 11.04x 9.73x

35.2 138.5 91.2 79.1 94.6 86.6 91.9 86.8 99.5 - -

20.88x 3.58x 12.05x 19.58x 12.90x 14.81x 17.98x 18.63x 16.23x 19.20x 16.88x

EBITDA 136.50 Long-Term Rating Date -

EBIT 120.40 Long-Term Rating -

Operating Margin 22.79% Long-Term Outlook -

Pretax Margin 23.34% Short-Term Rating Date -

Return on Assets 16.10% Short-Term Rating -

Return on Common Equity 21.52%

Return on Capital 21.57% EBITDA/Interest Exp. 341.25

Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 289.25

Net Debt/EBITDA -1.65

Gross Margin 66.1% Total Debt/EBITDA 0.00

EBITDA Margin 26.9%

EBIT Margin 23.5% Total Debt/Equity 0.0%

Net Income Margin 17.9% Total Debt/Capital 0.0%

Asset Turnover 0.90

Current Ratio 2.92 Net Fixed Asset Turnover 16.03

Quick Ratio 2.51 Accounts receivable turnover-days -

Debt to Assets 0.00% Inventory Days 86.70

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 93.05

Inventory Turnover 4.26

Fiscal Year Ended

Spirent Communications PLCPrice/Volume

Valuation Analysis

806'411.00

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

'.'1'3'5'

-''-.'-1'-3'-5'.''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 335: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

M&G INVESTMENT MANAG Multiple Portfolios REG 74'482'073 11.45 (1'170'707) 01.11.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 56'866'309 8.74 (5'211'526) 26.02.2013 Investment Advisor

AXA FRAMLINGTON INV Multiple Portfolios REG 47'446'272 7.29 (15'725) 01.11.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 46'665'533 7.17 2'752'832 01.11.2012 Unclassified

FMR LLC n/a ULT-AGG 39'640'718 6.09 61'600 01.11.2012 Investment Advisor

AMERIPRISE FINANCIAL n/a Co File 38'520'235 5.92 - 31.12.2011 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 37'106'272 5.7 873'896 01.11.2012 Investment Advisor

AEGON UK GROUP n/a RNS-MAJ 27'310'447 4.2 367'012 12.08.2011 Other

ARTEMIS INVESTMENT M Multiple Portfolios REG 25'903'979 3.98 10'226'722 01.11.2012 Investment Advisor

SUN LIFE ASSURANCE C n/a Co File 23'382'347 3.59 - 31.12.2011 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 18'978'008 2.92 (1'583'122) 01.11.2012 Unclassified

KAMES CAPITAL PLC n/a RNS-MAJ 18'507'514 2.85 (7'261'806) 02.02.2012 Investment Advisor

OLD MUTUAL n/a ULT-AGG 17'372'000 2.67 (5'438'525) 31.12.2012 Unclassified

HERMES EQUITY OWNERS n/a RNS-MAJ 16'804'058 2.58 (5'311'975) 18.01.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 15'433'512 2.37 576'293 01.11.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 15'000'000 2.31 (1'832'779) 01.11.2012 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 14'272'476 2.19 3'072'979 31.12.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 13'825'289 2.13 60'042 01.11.2012 Government

F&C ASSET MANAGEMENT Multiple Portfolios REG 13'255'380 2.04 272'377 01.11.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 12'422'541 1.91 (451'800) 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Numis Securities Ltd NICK JAMES add 4 M 165 Not Provided 27.02.2013

Panmure Gordon & Co Limited GEORGE O'CONNOR buy 5 M 192 Not Provided 26.02.2013

Jefferies LEE SIMPSON buy 5 M 196 12 month 21.02.2013

N+1 Singer Ltd PIA TAPLEY hold 3 D 165 12 month 19.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank JOHANNES SCHALLER hold 3 D 155 12 month 14.01.2013

Barclays JOHN KING overweight 5 M 195 Not Provided 14.01.2013

Goldman Sachs ALEXANDER DUVAL Buy/Neutral 5 M 205 12 month 13.01.2013

Investec JAMES GOODMAN buy 5 M 185 12 month 08.01.2013

JPMorgan ALEXANDER MEES neutral 3 M 153 9 month 15.11.2012

Canaccord Genuity Corp JONATHAN IMLAH buy 5 R 180 12 month 08.11.2012

Morgan Stanley FRANCOIS MEUNIER Overwt/In-Line 5 M 170 12 month 06.08.2012

Holdings By:

Spirent Communications PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 336: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

SSAB AB manufactures sheet and plate steel. The Company's main products

include hot-rolled, cold-rolled and organic-coated steel sheet. SSAB sells its

products to the automotive, engineering, and construction industries.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (29.02.2012) 70.90

52-Week Low (11.10.2012) 45.10

Daily Volume

50.85

52-Week High % Change -28.28% Dividend Yield -

52-Week Low % Change 12.75% Beta 1.50

% 52 Week Price Range High/Low 22.29% Equity Float -

Shares Out 26.02.2013 240.8 Short Int -

15'903.21 1 Yr Total Return -24.37%

Total Debt 19'382.00 YTD Return -10.08%

Preferred Stock 0.0 Adjusted BETA 1.505

Minority Interest 0.0 Analyst Recs 23

Cash and Equivalents 3'004.00 Consensus Rating 2.304

Enterprise Value 32'281.21

Average Volume 5 Day 3'038'414

SSABA SS EQUITY YTD Change - Average Volume 30 Day 3'209'282

SSABA SS EQUITY YTD % CHANGE - Average Volume 3 Month 3'090'045

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

54'329.0 29'838.0 39'883.0 44'640.0 38'923.0 44'640.0 38'923.0 39'454.9 41'646.4 9'664.0 10'235.1

0.72x 1.84x 1.36x 0.86x 0.89x 3.94x 3.58x 0.79x 0.70x - -

10'784.0 290.0 3'409.0 4'813.0 2'458.0 4'813.0 2'458.0 3'828.2 4'842.9 797.3 1'096.1

3.64x 189.44x 15.87x 8.01x 14.12x 8.01x 14.12x 8.43x 6.67x 8.54x 7.33x

6'935.0 (1'002.0) 552.0 1'560.0 15.0 1'560.0 15.0 600.1 1'513.3 77.3 288.2

3.42x - 51.12x 12.59x 1221.09x 12.59x 1221.09x 25.97x 10.87x 24.17x 14.53x

EBITDA 2'458.00 Long-Term Rating Date 06.12.2010

EBIT -128.00 Long-Term Rating BB+

Operating Margin -0.33% Long-Term Outlook NEG

Pretax Margin -1.78% Short-Term Rating Date 06.12.2010

Return on Assets 0.02% Short-Term Rating B

Return on Common Equity 0.05%

Return on Capital - EBITDA/Interest Exp. 10.07

Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 3.56

Net Debt/EBITDA 6.66

Gross Margin 7.2% Total Debt/EBITDA 7.89

EBITDA Margin 6.3%

EBIT Margin -0.3% Total Debt/Equity 67.4%

Net Income Margin 0.0% Total Debt/Capital 40.3%

Asset Turnover 0.64

Current Ratio 2.62 Net Fixed Asset Turnover 2.14

Quick Ratio 1.06 Accounts receivable turnover-days 47.57

Debt to Assets 33.06% Inventory Days 106.99

Tot Debt to Common Equity 67.37% Accounts Payable Turnover Day 41.95

Accounts Receivable Turnover 7.69 Cash Conversion Cycle 112.60

Inventory Turnover 3.42

Fiscal Year Ended

SSAB ABPrice/Volume

Valuation Analysis

2'833'397.00

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

'

-'

.'

0'

1'

2'

3'

4'

5'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

.!' 9

1!' 9

3!' 9

5!' 9

-'!' 9

-.!' 9

-1!' 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-''!''

.''!''

0''!''

1''!''

2''!''

3''!''

4''!''

5''!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 337: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

INDUSTRIVARDEN AB n/a Co File 56'860'957 23.62 - 31.12.2011 Holding Company

SWEDBANK ROBUR FONDE n/a Co File 23'234'047 9.65 - 31.12.2011 Investment Advisor

NORDEA FONDER AB n/a Co File 12'520'631 5.2 - 31.12.2011 Investment Advisor

LKAB n/a Co File 12'344'064 5.13 - 31.12.2011 Government

ALECTA PENSIONSFORSA n/a Co File 8'513'500 3.54 - 31.12.2011 Pension Fund (ERISA)

KYNIKOS ASSOCIATES L n/a Short (5'802'456) -2.41 - 01.11.2012 Hedge Fund Manager

FOLKSAM LO FOND AB n/a Co File 5'604'125 2.33 - 31.12.2011 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 5'526'014 2.3 (1'058'927) 31.01.2013 Investment Advisor

AMF PENSION n/a Co File 5'209'000 2.16 - 31.12.2011 Pension Fund (ERISA)

SEB n/a ULT-AGG 4'354'814 1.81 116'425 31.12.2012 Unclassified

SKANDIA FONDER AB Multiple Portfolios MF-AGG 4'082'137 1.7 1'424'542 31.12.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'041'568 1.68 - 31.07.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'849'721 1.6 (41'618) 31.12.2012 Investment Advisor

ANDRA AP FONDEN n/a Co File 3'842'615 1.6 - 31.12.2011 Pension Fund (ERISA)

AMF FONDER AB Multiple Portfolios MF-AGG 3'684'400 1.53 2'785'000 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 3'276'684 1.36 - 31.12.2012 Investment Advisor

DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 2'570'000 1.07 (670'000) 31.12.2012 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 2'237'762 0.93 (3'161'689) 31.01.2013 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 2'198'288 0.91 561'659 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'019'064 0.84 (642'280) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura NEIL SAMPAT buy 5 M 55 12 month 22.02.2013

AlphaValue FABRICE FARIGOULE add 4 M 55 6 month 21.02.2013

Jefferies SETH ROSENFELD hold 3 M 55 12 month 11.02.2013

Carnegie ALEXANDER VILVAL hold 3 M #N/A N/A Not Provided 11.02.2013

Nordea Equity Research CHRISTIAN KOPFER sell 1 M 50 12 month 11.02.2013

Handelsbanken FREDRIK AGARDH reduce 2 M 42 12 month 11.02.2013

Swedbank MATS LISS neutral 3 M 55 12 month 11.02.2013

DNB Markets SAMPSA KARHUNEN hold 3 M 50 Not Provided 11.02.2013

Danske Markets CARL GUSTAFSSON hold 3 M 52 12 month 11.02.2013

ABG Sundal Collier JOHANNES GRUNSELIUS sell 1 M 42 6 month 10.02.2013

Erik Penser Bankaktiebolag AB GUSTAV SANDSTROM sell 1 M 42 Not Provided 10.02.2013

JPMorgan ALESSANDRO ABATE underweight 1 M 51 9 month 08.02.2013

SEB Enskilda JULIAN BEER hold 3 M 54 Not Provided 08.02.2013

Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 53 12 month 28.01.2013

Credit Suisse MICHAEL SHILLAKER underperform 1 M 52 Not Provided 25.01.2013

Goldman Sachs STEPHEN BENSON Sell/Neutral 1 M 43 12 month 17.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank BASTIAN SYNAGOWITZ sell 1 D 42 12 month 15.01.2013

CA Cheuvreux JOAKIM AHLBERG select list 5 U 70 Not Provided 19.12.2012

S&P Capital IQ JOHNSON IMODE sell 1 M 41 12 month 24.10.2012

VTB Capital WIKTOR BIELSKI hold 3 M 48 12 month 15.10.2012

Cyrrus JIRI SIMARA sell 1 M 69 12 month 30.01.2012

Alandsbanken Equities PER HANSSON reduce 2 M 105 12 month 02.05.2011

Prime Predictions PETER LJUNGGREN underperform 1 D 104 12 month 09.10.2010

Holdings By:

SSAB AB ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 338: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Stada Arzneimittel AG manufactures pharmaceuticals. The Company produces

generics (products whose patents have expired), brand-name products, and cancer

therapy and other special pharmaceuticals. Stada avoids cost-intensive

research on active ingredients and concentrates on multi-source products. The

Company markets its products worldwide.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (25.02.2013) 29.74

52-Week Low (07.03.2012) 20.93

Daily Volume

28.975

52-Week High % Change -2.57% Dividend Yield -

52-Week Low % Change 38.47% Beta 0.91

% 52 Week Price Range High/Low 91.32% Equity Float 58.85

Shares Out 31.01.2013 59.3 Short Int -

1'719.18 1 Yr Total Return 28.17%

Total Debt 1'221.06 YTD Return 18.70%

Preferred Stock 0.0 Adjusted BETA 0.914

Minority Interest 10.0 Analyst Recs 30

Cash and Equivalents 354.60 Consensus Rating 3.733

Enterprise Value 2'957.70

Average Volume 5 Day 244'871

SAZ GY EQUITY YTD Change - Average Volume 30 Day 336'232

SAZ GY EQUITY YTD % CHANGE - Average Volume 3 Month 319'256

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

1'570.5 1'646.2 1'568.8 1'627.0 1'715.4 1'700.9 1'796.2 1'834.7 1'953.0 504.0 -

2.19x 1.35x 1.48x 1.44x 1.17x 5.37x 5.51x 1.60x 1.46x - -

316.9 256.0 278.7 268.5 222.1 220.0 323.5 357.2 394.2 104.0 -

10.86x 8.71x 8.36x 8.75x 9.05x 8.04x 7.99x 8.28x 7.50x - -

104.2 76.2 100.4 68.4 22.0 23.1 96.9 148.4 168.0 39.0 -

23.46x 15.77x 14.15x 21.88x 52.03x 39.64x 13.93x 11.43x 10.22x 11.50x 11.41x

EBITDA 222.12 Long-Term Rating Date -

EBIT 120.06 Long-Term Rating -

Operating Margin 7.00% Long-Term Outlook -

Pretax Margin 4.05% Short-Term Rating Date -

Return on Assets 3.57% Short-Term Rating -

Return on Common Equity 11.28%

Return on Capital 7.94% EBITDA/Interest Exp. 1.78

Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 1.60

Net Debt/EBITDA 3.79

Gross Margin 48.2% Total Debt/EBITDA 4.13

EBITDA Margin 18.0%

EBIT Margin 11.7% Total Debt/Equity 143.0%

Net Income Margin 1.3% Total Debt/Capital 58.6%

Asset Turnover 0.66

Current Ratio 1.86 Net Fixed Asset Turnover 6.29

Quick Ratio 1.18 Accounts receivable turnover-days 87.53

Debt to Assets 43.61% Inventory Days 174.62

Tot Debt to Common Equity 143.00% Accounts Payable Turnover Day 81.77

Accounts Receivable Turnover 4.18 Cash Conversion Cycle 160.34

Inventory Turnover 2.10

Fiscal Year Ended

Stada Arzneimittel AGPrice/Volume

Valuation Analysis

199'453.00

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

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 339: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

GRYPHON INTERNATIONA n/a Co File 1'884'109 3.18 - 31.12.2011 Investment Advisor

DEUTSCHE BANK AG/LON n/a Research 1'576'000 2.66 - 24.10.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'394'000 2.35 - 28.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 892'270 1.5 - 26.02.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 655'000 1.1 50'000 28.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 624'946 1.05 10'424 31.12.2012 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (605'200) -1.02 (53'410) 11.02.2013 Hedge Fund Manager

ADELPHI CAPITAL LLP n/a Short (427'193) -0.72 (65'265) 24.01.2013 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 359'452 0.61 (2'357) 30.11.2012 Investment Advisor

SKAGEN AS n/a Research 349'622 0.59 - 24.08.2012 Mutual Fund Manager

OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 263'523 0.44 (15'747) 31.10.2012 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 258'156 0.44 - 31.12.2012 Investment Advisor

DJE INVESTMENT SA Multiple Portfolios MF-AGG 247'230 0.42 178'130 30.11.2012 Mutual Fund Manager

KBL RICHELIEU GESTIO Multiple Portfolios MF-AGG 237'520 0.4 1'500 30.11.2012 Mutual Fund Manager

BANQUE DEGROOF Multiple Portfolios MF-AGG 236'000 0.4 13'000 01.02.2013 Investment Advisor

MACQUARIE GROUP LTD n/a ULT-AGG 231'239 0.39 231'239 31.12.2012 Investment Advisor

TAPIOLA ASSET MANAGE Multiple Portfolios MF-AGG 207'800 0.35 7'800 31.07.2011 Mutual Fund Manager

CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 200'000 0.34 (27'000) 31.01.2013 Mutual Fund Manager

GENERALI ASSET MANAG Multiple Portfolios MF-AGG 145'724 0.25 - 31.01.2013 Mutual Fund Manager

DEGROOF GESTION INST Multiple Portfolios MF-AGG 145'600 0.25 95'100 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue FABRICE FARIGOULE add 4 M 33 6 month 21.02.2013

DZ Bank AG THOMAS MAUL buy 5 M 33 12 month 14.02.2013

Bankhaus Lampe THERESA DICK buy 5 M 32 12 month 13.02.2013

Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 37 6 month 04.02.2013

Nomura MARTIN BRUNNINGER reduce 2 M 15 12 month 04.02.2013

Exane BNP Paribas FLORENT CESPEDES neutral 3 M 27 Not Provided 04.02.2013

Kepler Capital Markets MARTIN VOEGTLI hold 3 D 29 Not Provided 30.01.2013

M.M. Warburg Investment Research ULRICH HUWALD hold 3 D 30 12 month 29.01.2013

Natixis PHILIPPE LANONE buy 5 M 31 Not Provided 29.01.2013

Bankhaus Metzler SEBASTIAN FRERICKS sell 1 M 20 12 month 25.01.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013

Jefferies JAMES VANE-TEMPEST hold 3 M 23 12 month 15.01.2013

JPMorgan DAVID J ADLINGTON neutral 3 M 31 9 month 03.01.2013

Morgan Stanley SIMON MATHER Equalwt/Attractive 3 M 24 12 month 13.12.2012

Helvea ODILE RUNDQUIST neutral 3 M 26 12 month 29.11.2012

HSBC JAN KEPPELER neutral 3 M 25 Not Provided 16.11.2012

Main First Bank AG MARCUS WIEPRECHT outperform 5 U 28 12 month 13.11.2012

Nord/LB THORSTEN STRAUSS hold 3 M 23 12 month 12.11.2012

S&P Capital IQ JACOB THRANE buy 5 M 27 12 month 12.11.2012

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 25 12 month 09.11.2012

Close Brothers Equity Markets IGOR KIM buy 5 U 26 12 month 09.11.2012

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 28 Not Provided 08.11.2012

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 08.11.2012

Berenberg Bank SCOTT BARDO hold 3 M 27 Not Provided 08.11.2012

Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 23 12 month 08.11.2012

Deutsche Bank HOLGER BLUM buy 5 M 30 12 month 09.08.2012

CA Cheuvreux OLIVER REINBERG outperform 5 M 28 Not Provided 09.08.2012

Equinet Institutional Services(ESN) MARTIN POSSIENKE hold 3 M 20 12 month 22.09.2011

KD Banka d.d. BOJAN IVANC buy 5 U 28 12 month 29.09.2010

Holdings By:

Stada Arzneimittel AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 340: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Stagecoach Group plc provides and operates public transport services in the

United Kingdom, USA and overseas. The Group supplies bus and train services, in

addition to owning a rolling stock company which provides stock to train

companies. Stagecoach also owns overseas bus and ferry operations in Hong Kong,

Australia, USA and New Zealand.

Latest Fiscal Year: 04/2012

LTM as of: 01/yy

52-Week High (04.01.2013) 321.50

52-Week Low (13.06.2012) 227.90

Daily Volume

299.3

52-Week High % Change -6.91% Dividend Yield 2.67

52-Week Low % Change 31.33% Beta 0.81

% 52 Week Price Range High/Low 76.28% Equity Float 426.04

Shares Out 01.02.2013 576.1 Short Int -

1'724.27 1 Yr Total Return 14.58%

Total Debt 776.90 YTD Return -1.73%

Preferred Stock 0.0 Adjusted BETA 0.806

Minority Interest 0.0 Analyst Recs 20

Cash and Equivalents 241.00 Consensus Rating 4.000

Enterprise Value 2'299.27

Average Volume 5 Day 631'050

SGC LN EQUITY YTD Change - Average Volume 30 Day 496'851

SGC LN EQUITY YTD % CHANGE - Average Volume 3 Month 643'574

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

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 - -

1'763.6 2'103.3 2'164.4 2'389.8 2'590.7 - - 2'830.5 2'992.6 - -

1.23x 0.62x 0.79x 0.87x 0.76x - - 0.83x 0.76x - -

247.6 345.5 243.2 281.8 303.3 - - 350.0 353.3 - -

8.79x 3.75x 7.07x 7.36x 6.48x - - 6.57x 6.51x - -

249.1 133.5 111.7 176.4 188.3 - - 164.3 159.2 - -

8.07x 7.02x 13.05x 11.22x 8.41x - - 10.54x 10.92x - -

EBITDA 303.30 Long-Term Rating Date 15.03.2007

EBIT 203.40 Long-Term Rating BBB-

Operating Margin 7.85% Long-Term Outlook STABLE

Pretax Margin 9.26% Short-Term Rating Date 27.06.2005

Return on Assets 11.78% Short-Term Rating NR

Return on Common Equity -

Return on Capital 51.09% EBITDA/Interest Exp. 7.94

Asset Turnover 1.55% (EBITDA-Capex)/Interest Exp. 3.33

Net Debt/EBITDA 1.66

Gross Margin - Total Debt/EBITDA 2.44

EBITDA Margin 12.8%

EBIT Margin 8.9% Total Debt/Equity -

Net Income Margin 7.3% Total Debt/Capital 108.0%

Asset Turnover 1.55

Current Ratio 0.72 Net Fixed Asset Turnover 2.73

Quick Ratio 0.51 Accounts receivable turnover-days -

Debt to Assets 46.52% Inventory Days -

Tot Debt to Common Equity - Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Stagecoach Group PLCPrice/Volume

Valuation Analysis

731'483.00

Current Price (2/dd/yy) Market Data

'

2'

-''

-2'

.''

.2'

0''

02'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

'-!'2!.''6 '-!--!.''6 '-!'2!.'-' '-!--!.'-' '-!'2!.'-- '-!--!.'-- '-!'2!.'-. '-!--!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 341: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

HIGHLAND GLOBAL TRAN n/a RNS-MAJ 149'397'730 25.93 - 28.09.2012 Other

DIRECTOR & RELATED H Multiple Portfolios REG 135'189'654 23.47 509'140 01.11.2012 Other

STANDARD LIFE INVEST n/a RNS-MAJ 40'972'773 7.11 6'406'774 07.11.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 34'978'083 6.07 (1'335'379) 01.11.2012 Unclassified

AEGON n/a ULT-AGG 29'008'051 5.04 (1'982'301) 01.11.2012 Unclassified

AMERIPRISE FINANCIAL n/a Co File 28'804'999 5 - 26.06.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 28'228'899 4.9 - 26.02.2013 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 26'536'543 4.61 (1'852'145) 01.11.2012 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 26'396'064 4.58 1'814'524 01.11.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 22'968'448 3.99 15'232 31.10.2012 Investment Advisor

KAMES CAPITAL PLC #N/A N/A RNS-MAJ 21'252'371 3.69 (7'430'155) 20.02.2013 Investment Advisor

UBS n/a ULT-AGG 18'236'477 3.17 (1'016'888) 01.11.2012 Unclassified

LEGAL & GENERAL n/a ULT-AGG 17'624'352 3.06 (828'514) 31.01.2013 Unclassified

ELLIOTT MANAGEMENT C n/a Short (15'266'649) -2.65 - 01.11.2012 Hedge Fund Manager

NORGES BANK INVESTME Multiple Portfolios REG 13'271'671 2.3 (133'929) 01.11.2012 Government

SCOTTISH WIDOWS n/a ULT-AGG 11'471'859 1.99 1'254'484 01.11.2012 Unclassified

AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 11'285'455 1.96 - 31.01.2013 Mutual Fund Manager

UNIVERSITIES SUPERAN Multiple Portfolios REG 9'940'658 1.73 149'656 01.11.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 7'725'000 1.34 (763'924) 01.11.2012 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios REG 7'715'755 1.34 6'533'196 01.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

HSBC JOSEPH P THOMAS neutral 3 D 315 Not Provided 04.02.2013

Oriel Securities Ltd EDWARD STANFORD buy 5 M 302 Not Provided 31.01.2013

Goldman Sachs OLIVER NEAL neutral/neutral 3 M 340 12 month 28.01.2013

Espirito Santo Investment Bank ResearchGERALD KHOO buy 5 M 345 Not Provided 23.01.2013

Nomura ANDREW EVANS buy 5 M 310 12 month 21.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Panmure Gordon & Co Limited GERT ZONNEVELD buy 5 M 350 Not Provided 11.01.2013

Jefferies JOSEPH SPOONER hold 3 D 330 12 month 08.01.2013

JPMorgan DAVID PITURA neutral 3 M 324 12 month 14.12.2012

RBC Capital Markets DAMIAN BREWER sector perform 3 M 320 12 month 12.12.2012

Morgan Stanley JAIME ROWBOTHAM Equalwt/In-Line 3 D 310 12 month 10.12.2012

Barclays ADRIAN YANOSHIK overweight 5 M 345 Not Provided 06.12.2012

Investec JOHN LAWSON buy 5 M 320 12 month 05.12.2012

Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 05.12.2012

Liberum Capital Ltd ALEXIA DOGANI buy 5 M 327 Not Provided 23.10.2012

Charles Stanley Securities DOUGLAS MCNEILL hold 3 M 280 Not Provided 09.07.2012

Deutsche Bank ANAND DATE buy 5 M 310 12 month 04.07.2012

Holdings By:

Stagecoach Group PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 342: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Storebrand ASA offers insurance, asset management, and banking services. The

Company offers life insurance and pension plans, manages equity and fixed-income

funds, and attracts deposits and offers residential mortgages, other credit, and

Internet and telephone banking services.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (19.03.2012) 31.43

52-Week Low (13.06.2012) 16.37

Daily Volume

26.03

52-Week High % Change -17.18% Dividend Yield -

52-Week Low % Change 59.01% Beta 1.61

% 52 Week Price Range High/Low 64.14% Equity Float 317.83

Shares Out 27.02.2013 449.9 Short Int -

11'711.15 1 Yr Total Return -2.84%

Total Debt 25'108.00 YTD Return -2.95%

Preferred Stock 0.0 Adjusted BETA 1.610

Minority Interest 98.0 Analyst Recs 19

Cash and Equivalents - Consensus Rating 4.158

Enterprise Value 29'041.15

Average Volume 5 Day 2'750'606

STB NO EQUITY YTD Change - Average Volume 30 Day 3'074'271

STB NO EQUITY YTD % CHANGE - Average Volume 3 Month 2'494'919

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

24'542.0 46'443.0 50'118.0 38'157.0 52'432.0 38'137.0 52'433.0 21'025.0 22'354.0 - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

(2'228.0) 928.0 1'471.0 674.0 1'006.0 674.0 1'007.0 1'852.6 2'047.9 388.8 395.6

- 19.67x 13.23x 18.91x 11.94x 18.50x 11.92x 6.08x 5.43x 6.06x 5.81x

EBITDA - Long-Term Rating Date 15.12.2008

EBIT - Long-Term Rating BBB

Operating Margin 4.93% Long-Term Outlook STABLE

Pretax Margin 2.97% Short-Term Rating Date -

Return on Assets 0.25% Short-Term Rating -

Return on Common Equity 5.23%

Return on Capital 3.42% EBITDA/Interest Exp. -

Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 126.6%

Net Income Margin 1.9% Total Debt/Capital 55.7%

Asset Turnover 0.13

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 5.98% Inventory Days -

Tot Debt to Common Equity 126.57% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Storebrand ASAPrice/Volume

Valuation Analysis

3'746'117.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 343: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

GJENSIDIGE FORSIKRIN n/a EXCH 109'458'254 24.33 - 18.02.2013 Insurance Company

GOVERNMENT PENSION F n/a EXCH 22'156'365 4.92 - 18.02.2013 Government

STATE STREET n/a ULT-AGG 18'647'756 4.14 - 27.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 14'495'794 3.22 (11'421'765) 30.09.2012 Investment Advisor

NORTHERN TRUST CO n/a EXCH 14'368'322 3.19 - 18.02.2013 Investment Advisor

CLEARSTREAM BANKING n/a EXCH 12'867'504 2.86 - 18.02.2013 Bank

VARMA MUTUAL PENSION n/a EXCH 12'064'314 2.68 - 18.02.2013 Insurance Company

SEB n/a ULT-AGG 8'816'096 1.96 (152'817) 18.02.2013 Unclassified

TAPIOLA MUTUAL PENSI n/a EXCH 8'000'000 1.78 - 18.02.2013 Insurance Company

VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'816'907 1.52 94'915 31.12.2012 Investment Advisor

NORDEA FONDENE AS Multiple Portfolios MF-AGG 6'223'510 1.38 (128'315) 28.09.2012 Mutual Fund Manager

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 6'172'868 1.37 869'585 31.01.2013 Investment Advisor

PRUDENTIAL ASSURANCE n/a EXCH 5'971'013 1.33 - 18.02.2013 Investment Advisor

DWP BANK n/a EXCH 5'042'178 1.12 - 18.02.2013 Bank

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'977'674 1.11 4'964'153 31.12.2012 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 4'942'801 1.1 (1'801'635) 31.01.2013 Investment Advisor

JP MORGAN CHASE BANK n/a EXCH 4'000'000 0.89 - 18.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 3'397'316 0.76 3'100 28.12.2012 Investment Advisor

SEB LONDON n/a EXCH 3'308'133 0.74 - 18.02.2013 Unclassified

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 2'993'410 0.67 (570'000) 31.01.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue JEROME CASSAGNE buy 5 M 42 6 month 21.02.2013

Macquarie HADLEY COHEN neutral 3 M 30 12 month 18.02.2013

Berenberg Bank PETER ELIOT buy 5 M 45 Not Provided 15.02.2013

Credit Suisse CHRIS ESSON outperform 5 M 34 Not Provided 14.02.2013

Carnegie GIANANDREA ROBERTI hold 3 M #N/A N/A Not Provided 14.02.2013

Nordea Equity Research THOMAS SVENDSEN buy 5 M 33 12 month 14.02.2013

Handelsbanken MATTI AHOKAS buy 5 M 39 12 month 14.02.2013

Pareto Securities VEGARD EID MEDIAS buy 5 M 35 6 month 14.02.2013

Arctic Securities ASA FRIDTJOF BERENTS buy 5 U 32 Not Provided 14.02.2013

ABG Sundal Collier RICKARD HENZE buy 5 M 38 6 month 13.02.2013

Keefe, Bruyette & Woods KARL MORRIS outperform 5 M 30 12 month 13.02.2013

SpareBank 1 Markets AS NILS CHRISTIAN OYEN sell 1 D 24 6 month 13.02.2013

Norne Securities AS ANDRIUS VALIVONIS hold 3 M 33 12 month 13.02.2013

Swedbank First Securities BENGT KIRKOEN buy 5 M 34 Not Provided 13.02.2013

SEB Enskilda CHRISTOFFER J ADAMS buy 5 U 33 Not Provided 04.02.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank ROBIN BUCKLEY buy 5 M 34 12 month 08.01.2013

Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 35 12 month 05.12.2012

JPMorgan ANDREAS VAN EMBDEN neutral 3 M 34 Not Provided 23.02.2012

DNB Markets JAN ERIK GJERLAND hold 3 M 36 Not Provided 27.10.2011

Holdings By:

Storebrand ASA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 344: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Suedzucker AG operates in the traditional sugar industry in Eastern and Western

Europe. The Company, through its subsidiaries, produces functional food,

chilled frozen and starch and fruit concentrates. Suedzucker's other business

includes bioethanol activities.

Latest Fiscal Year: 02/2012

LTM as of: 11/yy

52-Week High (20.02.2013) 33.41

52-Week Low (29.02.2012) 21.59

Daily Volume

33.16

52-Week High % Change -0.73% Dividend Yield -

52-Week Low % Change 53.63% Beta 0.53

% 52 Week Price Range High/Low 97.93% Equity Float 79.26

Shares Out 02.01.2013 204.2 Short Int -

6'770.72 1 Yr Total Return 56.34%

Total Debt 2'189.30 YTD Return 7.00%

Preferred Stock 0.0 Adjusted BETA 0.531

Minority Interest 669.1 Analyst Recs 19

Cash and Equivalents 609.60 Consensus Rating 3.947

Enterprise Value 8'738.82

Average Volume 5 Day 316'493

SZU GY EQUITY YTD Change - Average Volume 30 Day 327'578

SZU GY EQUITY YTD % CHANGE - Average Volume 3 Month 367'696

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 11/yy 11/yy 02/13 Y 02/14 Y 02/13 Q4 05/13 Q1

5'779.6 5'871.3 5'718.2 6'160.8 6'991.9 6'737.2 7'794.7 7'783.5 7'788.6 1'851.7 1'887.0

0.96x 0.94x 0.99x 0.98x 0.91x 3.85x 3.75x 1.08x 1.04x - -

466.9 470.2 658.5 782.0 1'026.5 975.0 1'271.9 1'241.1 1'183.9 - -

11.86x 11.73x 8.62x 7.73x 6.20x 6.75x 6.41x 7.03x 7.37x - -

19.6 162.2 200.1 250.4 376.3 316.7 629.6 576.5 518.8 94.4 145.0

145.20x 15.93x 16.13x 15.23x 10.95x 14.10x 9.07x 11.39x 13.05x - -

EBITDA 1'026.50 Long-Term Rating Date 05.06.2012

EBIT 762.10 Long-Term Rating BBB+

Operating Margin 10.90% Long-Term Outlook POS

Pretax Margin 9.07% Short-Term Rating Date 30.09.2010

Return on Assets 7.14% Short-Term Rating A-2

Return on Common Equity 21.97%

Return on Capital - EBITDA/Interest Exp. 8.76

Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 6.40

Net Debt/EBITDA 0.93

Gross Margin - Total Debt/EBITDA 1.49

EBITDA Margin 16.3%

EBIT Margin 12.9% Total Debt/Equity 83.7%

Net Income Margin 5.4% Total Debt/Capital 40.0%

Asset Turnover 0.88

Current Ratio 1.69 Net Fixed Asset Turnover 3.04

Quick Ratio 0.56 Accounts receivable turnover-days 50.46

Debt to Assets 26.41% Inventory Days -

Tot Debt to Common Equity 83.68% Accounts Payable Turnover Day -

Accounts Receivable Turnover 7.25 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Suedzucker AGPrice/Volume

Valuation Analysis

190'366.00

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

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!. 9!1 9!3 9!5 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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

'3!'0!.''6 '3!'6!.''6 '3!'0!.'-' '3!'6!.'-' '3!'0!.'-- '3!'6!.'-- '3!'0!.'-. '3!'6!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 345: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

ZUCKER INVEST GMBH n/a Research 124'847'782 61.14 - 01.02.2013 Investment Advisor

OVERLAND ADVISORS LL n/a Short (1'893'536) -0.93 - 07.11.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'688'974 0.83 5'865 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'341'724 0.66 119'089 31.12.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 740'672 0.36 (87'000) 31.10.2012 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 591'710 0.29 (1'183) 31.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 482'592 0.24 49'376 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 352'217 0.17 21'622 28.12.2012 Mutual Fund Manager

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 345'857 0.17 (515) 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 319'332 0.16 (2'134) 27.02.2013 Investment Advisor

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 277'878 0.14 11'450 31.12.2012 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 269'809 0.13 11'000 01.02.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 262'450 0.13 (12'090) 28.12.2012 Mutual Fund Manager

VERITAS SG INVESTMEN Multiple Portfolios MF-AGG 258'000 0.13 258'000 30.11.2012 Mutual Fund Manager

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 256'959 0.13 62'898 31.10.2012 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 237'455 0.12 (6'251) 31.05.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 226'000 0.11 (6'834) 31.12.2012 Unclassified

STATE STREET BANQUE Multiple Portfolios MF-AGG 217'739 0.11 801 31.01.2013 Investment Advisor

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 216'634 0.11 195'354 24.08.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 211'300 0.1 33'600 30.06.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nord/LB WOLFGANG VASTERLING hold 3 D 34 12 month 20.02.2013

Hauck & Aufhaeuser NILS-PETER FITZL hold 3 M 33 12 month 14.02.2013

DZ Bank AG HEINZ MUELLER buy 5 M 38 12 month 30.01.2013

Berenberg Bank JAMES TARGETT hold 3 M 30 Not Provided 21.01.2013

Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 38 Not Provided 18.01.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013

HSBC JESKO MAYER-WEGELIN overweight 5 M 35 Not Provided 14.01.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 37 12 month 11.01.2013

Bankhaus Lampe MARC GABRIEL buy 5 M 41 12 month 11.01.2013

Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 M 33 12 month 11.01.2013

Commerzbank Corporates & Markets DENNIS SCHMITT buy 5 M 35 6 month 10.01.2013

M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 31 12 month 10.01.2013

Barclays LIAM ROWLEY underweight 1 M 28 Not Provided 10.01.2013

Goldman Sachs ROSIE EDWARDS neutral/neutral 3 M 30 12 month 09.01.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 31 12 month 18.12.2012

CA Cheuvreux KLAUS RINGEL select list 5 M 35 Not Provided 26.11.2012

Silvia Quandt Research KLAUS KRAENZLE buy 5 M 40 12 month 19.11.2012

Mirabaud Securities JULIAN LAKIN hold 3 M 29 12 month 22.10.2012

Exane BNP Paribas JAMES BUSHNELL neutral 3 M 28 Not Provided 19.10.2012

Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 25.01.2012

Holdings By:

Suedzucker AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 346: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Sydbank A/S attracts deposits and offers commercial banking services. The Bank

offers mortgages, automobile and other consumer loans, agricultural loans,

investment and private banking, interest rate hedging, cash management

services, and life insurance. Sydbank operates throughout Denmark, in northern

Germany, and Switzerland.

Latest Fiscal Year: 12/2012

LTM as of: 09/yy

52-Week High (22.02.2013) 115.70

52-Week Low (21.05.2012) 89.05

Daily Volume

114.9

52-Week High % Change -0.69% Dividend Yield -

52-Week Low % Change 29.03% Beta 0.94

% 52 Week Price Range High/Low 97.00% Equity Float -

Shares Out 26.02.2013 74.3 Short Int -

8'531.33 1 Yr Total Return 7.18%

Total Debt 48'392.00 YTD Return 15.25%

Preferred Stock 0.0 Adjusted BETA 0.943

Minority Interest 0.0 Analyst Recs 9

Cash and Equivalents 9'465.00 Consensus Rating 3.444

Enterprise Value -

Average Volume 5 Day 251'531

SYDB DC EQUITY YTD Change - Average Volume 30 Day 160'444

SYDB DC EQUITY YTD % CHANGE - Average Volume 3 Month 157'086

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

9'002.0 7'530.0 5'984.0 5'717.0 - 5'559.0 6'032.0 4'583.6 4'651.0 1'113.2 1'107.5

- - - - - 0.00x 0.00x -27.64x -27.28x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

606.0 781.0 411.0 188.0 467.0 111.0 475.0 894.0 1'161.6 25.0 203.3

6.73x 11.46x 27.07x 34.65x 15.58x 63.90x 16.91x 9.43x 7.15x 12.71x 9.66x

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 8.43% Long-Term Outlook -

Pretax Margin 6.72% Short-Term Rating Date -

Return on Assets 0.32% Short-Term Rating -

Return on Common Equity 4.86%

Return on Capital 0.88% EBITDA/Interest Exp. -

Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 504.3%

Net Income Margin 4.2% Total Debt/Capital 83.5%

Asset Turnover 0.04

Current Ratio - Net Fixed Asset Turnover 5.49

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 31.54% Inventory Days -

Tot Debt to Common Equity 504.35% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Sydbank A/SPrice/Volume

Valuation Analysis

83'815.00

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

'

.'

1'

3'

5'

-''

-.'

-1'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0 a -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

!4 9

!5 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

'!2'

-!''

-!2'

.!''

.!2'

0!''

0!2'

1!''

1!2'

2!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 347: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SILCHESTER INTL INVE n/a Research 7'451'793 10.04 - 21.03.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2'202'543 2.97 84'197 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'492'610 2.01 1'899 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'434'283 1.93 150'000 31.12.2012 Investment Advisor

DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 1'229'198 1.66 - 31.12.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 857'127 1.15 (47'092) 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 311'356 0.42 2'590 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 286'571 0.39 - 31.07.2012 Investment Advisor

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 214'335 0.29 3'970 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 204'634 0.28 (1'339) 26.02.2013 Investment Advisor

PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 200'653 0.27 - 31.12.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 200'000 0.27 - 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 191'800 0.26 - 31.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 145'000 0.2 6'000 30.06.2012 Investment Advisor

SEB n/a ULT-AGG 137'300 0.18 137'300 31.12.2012 Unclassified

HANDELSINVEST INVEST Multiple Portfolios MF-AGG 107'336 0.14 10'000 05.02.2013 Mutual Fund Manager

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 97'000 0.13 - 30.09.2012 Mutual Fund Manager

VALIC CO I Multiple Portfolios MF-AGG 81'098 0.11 (722) 31.12.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 76'112 0.1 100 31.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 74'877 0.1 - 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jyske Bank CHRISTIAN HEDE reduce 2 M 120 Not Provided 21.02.2013

Nordea Equity Research SIMON CHRISTENSEN buy 5 U 135 12 month 21.02.2013

Alm Brand Markets STIG NYMANN neutral 3 M 110 Not Provided 20.02.2013

ABG Sundal Collier JAKOB BRINK hold 3 M 120 6 month 20.02.2013

Carnegie ASBJORN MORK hold 3 M #N/A N/A Not Provided 20.02.2013

Danske Markets LARS HOLM hold 3 M 120 12 month 20.02.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013

SEB Enskilda CLAUS GROEN THERP hold 3 M 110 Not Provided 19.12.2012

Handelsbanken PETER GRABE accumulate 4 M 117 Not Provided 18.12.2012

NYKREDIT MADS THINGGAARD underperform 1 N #N/A N/A Not Provided 23.02.2012

Swedbank ROBERT MATULIN buy 5 M 125 12 month 17.08.2011

Holdings By:

Sydbank A/S ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 348: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Taylor Wimpey plc, through its subsidiaries, conducts business in the housing,

construction and engineering, and property development and investment sectors.

The Group has international housing activities in the United Kingdom and Spain.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (25.02.2013) 80.80

52-Week Low (16.05.2012) 40.00

Daily Volume

80.2

52-Week High % Change -0.74% Dividend Yield 0.71

52-Week Low % Change 100.50% Beta 1.21

% 52 Week Price Range High/Low 98.53% Equity Float 3'145.59

Shares Out 01.02.2013 3'230.6 Short Int -

2'590.92 1 Yr Total Return 63.23%

Total Debt 264.60 YTD Return 21.88%

Preferred Stock 0.0 Adjusted BETA 1.208

Minority Interest 1.5 Analyst Recs 19

Cash and Equivalents 147.70 Consensus Rating 3.632

Enterprise Value 2'727.52

Average Volume 5 Day 9'419'997

TW/ LN EQUITY YTD Change - Average Volume 30 Day 9'058'217

TW/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 9'345'724

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

4'142.8 3'467.7 2'595.6 1'767.7 1'808.0 - - 1'977.7 2'123.2 - -

0.86x 0.48x 0.77x 0.94x 0.72x - - 1.36x 1.25x - -

479.5 204.8 41.9 104.9 160.0 - - 225.2 272.2 - -

7.41x 8.18x 47.63x 15.85x 8.19x - - 12.11x 10.02x - -

(197.9) (1'841.3) (640.4) 259.3 99.0 - - 147.3 176.4 - -

- - - 5.73x 20.83x - - 19.56x 15.42x - -

EBITDA 160.00 Long-Term Rating Date 09.05.2012

EBIT 158.30 Long-Term Rating BB-

Operating Margin 8.76% Long-Term Outlook STABLE

Pretax Margin 4.35% Short-Term Rating Date -

Return on Assets 5.99% Short-Term Rating -

Return on Common Equity 12.63%

Return on Capital - EBITDA/Interest Exp. 2.18

Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 2.16

Net Debt/EBITDA 0.70

Gross Margin 32.6% Total Debt/EBITDA 1.35

EBITDA Margin 10.1%

EBIT Margin 10.1% Total Debt/Equity 14.4%

Net Income Margin 5.5% Total Debt/Capital 12.6%

Asset Turnover 0.49

Current Ratio 3.45 Net Fixed Asset Turnover 318.72

Quick Ratio 0.23 Accounts receivable turnover-days -

Debt to Assets 7.85% Inventory Days 626.13

Tot Debt to Common Equity 14.43% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 659.92

Inventory Turnover 0.58

Fiscal Year Ended

Taylor Wimpey PLCPrice/Volume

Valuation Analysis

7'284'029.00

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

'-'.'0'1'2'3'4'5'6'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.'!''

1'!''

3'!''

5'!''

-''!''

-.'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 349: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SCHRODERS PLC n/a RNS-MAJ 386'654'426 11.97 160'387 11.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 319'122'050 9.88 95'123'919 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 304'550'662 9.43 (5'171'047) 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 170'516'957 5.28 (2'644'837) 31.12.2012 Unclassified

JANUS CAPITAL MANAGE n/a ULT-AGG 141'855'641 4.39 (9'315'412) 31.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 139'339'223 4.31 (737'290) 31.01.2013 Unclassified

DIMENSIONAL FUND ADV Multiple Portfolios REG 125'599'013 3.89 6'777'805 03.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 121'358'178 3.76 (12'340'405) 26.02.2013 Investment Advisor

THIRD AVENUE MANAGEM Multiple Portfolios REG 117'917'692 3.65 (48'275'509) 03.12.2012 Hedge Fund Manager

LEGAL & GENERAL n/a RNS-MAJ 103'437'214 3.2 - 29.11.2012 Investment Advisor

STANDARD LIFE INVEST n/a Co File 96'850'301 3 - 28.02.2012 Investment Advisor

POLARIS CAPITAL MANA Multiple Portfolios REG 92'226'910 2.85 4'616'277 03.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 79'761'426 2.47 - 31.07.2012 Investment Advisor

IGNIS ASSET MANAGEME Multiple Portfolios REG 74'453'355 2.3 (1'151'213) 03.12.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 72'073'931 2.23 (1'091'476) 03.12.2012 Government

AEGON n/a ULT-AGG 66'552'706 2.06 49'182'785 03.12.2012 Unclassified

TD WATERHOUSE GROUP Multiple Portfolios REG 66'053'229 2.04 251'641 03.12.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 65'587'745 2.03 1'326'638 03.12.2012 Unclassified

UBS n/a ULT-AGG 50'193'209 1.55 2'664'155 03.12.2012 Unclassified

TAYLOR WIMPEY ESOP2 n/a RNS-DIR 40'874'717 1.27 6'117'831 03.08.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Panmure Gordon & Co Limited RACHAEL APPLEGATE hold 3 M 67 Not Provided 21.02.2013

Numis Securities Ltd CHRISTOPHER MILLINGTON hold 3 M 77 Not Provided 20.02.2013

Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 75 6 month 18.02.2013

Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 83 Not Provided 05.02.2013

Northland Capital Partners Ltd SIMON BROWN hold 3 M 75 Not Provided 05.02.2013

Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 01.02.2013

Peel Hunt ROBIN HARDY sell 1 M 39 Not Provided 28.01.2013

JPMorgan EMILY BIDDULPH neutral 3 D 78 9 month 22.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank GLYNIS JOHNSON buy 5 M 78 12 month 15.01.2013

Jefferies ANTHONY CODLING buy 5 M 85 12 month 14.01.2013

Credit Suisse HARRY GOAD outperform 5 M 75 Not Provided 17.12.2012

HSBC JEFFREY G DAVIS overweight 5 M 82 Not Provided 28.11.2012

Investec MIKE BESSELL buy 5 M 58 12 month 13.08.2012

Shore Capital Stockbrokers JON BELL hold 3 M #N/A N/A Not Provided 19.07.2012

Canaccord Genuity Corp ALASTAIR STEWART sell 1 M 37 12 month 16.05.2012

Davy ROBERT GARDINER neutral 3 M #N/A N/A Not Provided 17.05.2011

Holdings By:

Taylor Wimpey PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 350: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Tecnicas Reunidas SA offers engineering and construction services. The Company

primarily designs and constructs a variety of industrial plants as well as

power.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (25.02.2013) 39.61

52-Week Low (23.04.2012) 27.23

Daily Volume

38.89

52-Week High % Change -1.82% Dividend Yield -

52-Week Low % Change 42.82% Beta 0.97

% 52 Week Price Range High/Low 94.18% Equity Float 32.93

Shares Out 30.09.2012 55.9 Short Int -

2'173.80 1 Yr Total Return 33.80%

Total Debt 35.29 YTD Return 12.90%

Preferred Stock 0.0 Adjusted BETA 0.974

Minority Interest 8.7 Analyst Recs 25

Cash and Equivalents 783.05 Consensus Rating 3.520

Enterprise Value 1'462.70

Average Volume 5 Day 474'922

TRE SQ EQUITY YTD Change - Average Volume 30 Day 568'740

TRE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 496'433

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

2'005.2 2'478.5 2'634.3 2'771.4 2'612.6 2'700.2 2'565.6 2'685.5 2'904.4 716.5 -

1.01x 0.19x 0.52x 0.77x 0.29x 2.23x 1.71x 0.53x 0.46x - -

113.3 148.3 155.9 162.9 159.5 163.4 154.0 160.4 174.0 42.8 -

17.92x 3.11x 8.78x 13.08x 4.72x 4.19x 8.51x 9.12x 8.41x - -

104.7 137.1 145.8 103.9 129.5 109.2 131.3 136.4 146.7 34.8 -

23.41x 7.39x 14.97x 24.93x 11.52x 12.32x 15.33x 15.73x 14.63x - -

EBITDA 159.53 Long-Term Rating Date -

EBIT 151.28 Long-Term Rating -

Operating Margin 5.79% Long-Term Outlook -

Pretax Margin 5.94% Short-Term Rating Date -

Return on Assets 4.58% Short-Term Rating -

Return on Common Equity 31.32%

Return on Capital - EBITDA/Interest Exp. 37.41

Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 35.39

Net Debt/EBITDA -4.62

Gross Margin - Total Debt/EBITDA 0.21

EBITDA Margin 6.0%

EBIT Margin 5.7% Total Debt/Equity 10.4%

Net Income Margin 5.0% Total Debt/Capital 9.2%

Asset Turnover 0.89

Current Ratio 1.14 Net Fixed Asset Turnover 28.91

Quick Ratio 1.04 Accounts receivable turnover-days 276.22

Debt to Assets 1.30% Inventory Days -

Tot Debt to Common Equity 10.36% Accounts Payable Turnover Day -

Accounts Receivable Turnover 1.33 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tecnicas Reunidas SAPrice/Volume

Valuation Analysis

349'856.00

Current Price (2/dd/yy) Market Data

'2

-'-2.'.20'021'12

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 351: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

ARALTEC SL n/a Co File 17'882'564 31.99 - 31.12.2011 Corporation

ARAGONESAS PROM OBRA n/a Co File 2'848'383 5.1 - 31.12.2011 Unclassified

CAUSEWAY CAPITAL MAN n/a EXCH 2'797'034 5 - 14.02.2012 Investment Advisor

TECNICAS REUNIDAS SA n/a Co File 2'154'324 3.85 - 31.12.2011 Corporation

SCHRODERS PLC n/a EXCH 1'700'435 3.04 17'359 21.04.2011 Investment Advisor

BLACKROCK n/a ULT-AGG 1'680'806 3.01 - 26.02.2013 Investment Advisor

BILBAO VIZCAYA HOLDI n/a Co File 1'262'070 2.26 - 31.12.2011 Bank

BBVA ELCANO EMPRESAR n/a Co File 1'213'533 2.17 - 31.12.2011 Venture Capital

BBVA ELCANO EMPRESAR n/a Co File 1'213'533 2.17 - 31.12.2011 Venture Capital

FRANKLIN RESOURCES n/a ULT-AGG 443'949 0.79 (19'840) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 425'187 0.76 (17'611) 31.12.2012 Investment Advisor

HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 292'231 0.52 - 30.09.2011 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 290'141 0.52 11'163 31.01.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 285'980 0.51 2'108 31.01.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 285'911 0.51 744 31.12.2012 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 241'698 0.43 (125'640) 30.09.2012 Mutual Fund Manager

BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 240'143 0.43 (9'713) 31.05.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 189'938 0.34 24'212 31.12.2012 Investment Advisor

EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 187'374 0.34 2'294 31.12.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 167'742 0.3 (975'342) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Espirito Santo Investment Bank ResearchNUNO ESTACIO neutral 3 M 38 Not Provided 27.02.2013

BPI MANUEL DIAS COELHO buy 5 M 47 Not Provided 25.02.2013

JPMorgan ANDREW DOBBING neutral 3 M 44 9 month 21.02.2013

AlphaValue GAETAN DUPONT buy 5 M 53 6 month 20.02.2013

Bankia Bolsa (ESN) INIGO RECIO PASCUAL accumulate 4 M 44 12 month 15.02.2013

Banco Sabadell JAVIER ESTEBAN buy 5 M 45 12 month 15.02.2013

Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE buy 5 M 41 Not Provided 15.02.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 38 6 month 14.02.2013

Banesto Bolsa SA Sociedad ROBERT JACKSON buy 5 M 42 12 month 12.02.2013

Exane BNP Paribas ANTONIO LOPEZ SILVESTRE outperform 5 M 45 Not Provided 12.02.2013

Grupo Santander PATRICIA LOPEZ DEL RIO buy 5 M 42 Not Provided 07.02.2013

Natixis ALAIN PARENT neutral 3 M 37 Not Provided 07.02.2013

Nomura CHRISTYAN MALEK reduce 2 M 31 12 month 29.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Goldman Sachs MICHAEL RAE neutral/neutral 3 M 41 12 month 08.01.2013

Interdin Bolsa JAIME OJEDA DE DIEGO neutral 3 D 39 Not Provided 10.12.2012

Barclays MICK PICKUP equalweight 3 M 44 Not Provided 15.11.2012

Link Securities JUAN JOSE FERNANDEZ FIGARES accumulate 4 D 41 Not Provided 22.10.2012

La Caixa ICIAR GOMEZ BOTAS underweight 1 D 39 Not Provided 10.10.2012

BBVA LUIS DE TOLEDO outperform 5 M 40 Not Provided 27.09.2012

Morgan Stanley ROBERT PULLEYN Underwt/Attractive 1 M 41 12 month 12.09.2012

Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 43 Not Provided 10.09.2012

CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS underperform 1 M 34 Not Provided 01.08.2012

Mirabaud Finanzas Sociedad de Valores SENRIQUE YAGUEZ AVILES overweight 5 M 39 12 month 26.06.2012

Intermoney Valores ESTHER MARTIN buy 5 U 36 12 month 12.12.2011

Renta 4 SA SVB NATALIA AGUIRRE overweight 5 M 37 Not Provided 16.09.2011

Holdings By:

Tecnicas Reunidas SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 352: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Telecity Group PLC designs, builds, and manages technical, web, and Internet

infrastructure for corporate clients.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (16.10.2012) 963.50

52-Week Low (01.03.2012) 684.00

Daily Volume

934.5

52-Week High % Change -3.01% Dividend Yield 0.80

52-Week Low % Change 36.62% Beta 0.81

% 52 Week Price Range High/Low 89.62% Equity Float 168.88

Shares Out 31.01.2013 201.5 Short Int -

1'882.57 1 Yr Total Return 35.91%

Total Debt 277.29 YTD Return 18.82%

Preferred Stock 0.0 Adjusted BETA 0.808

Minority Interest 0.0 Analyst Recs 19

Cash and Equivalents 20.97 Consensus Rating 4.000

Enterprise Value 2'138.89

Average Volume 5 Day 715'748

TCY LN EQUITY YTD Change - Average Volume 30 Day 834'770

TCY LN EQUITY YTD % CHANGE - Average Volume 3 Month 745'051

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

133.0 169.4 196.4 239.8 283.0 - - 331.0 380.5 - -

2.84x 4.85x 5.04x 6.05x 6.50x - - 6.46x 5.52x - -

31.0 63.9 83.4 106.2 129.5 - - 157.6 185.5 - -

12.16x 12.84x 11.85x 13.67x 14.22x - - 13.57x 11.53x - -

25.3 34.7 38.0 42.6 58.1 - - 75.2 91.2 - -

13.58x 21.57x 27.26x 29.86x 27.07x - - 25.33x 20.86x - -

EBITDA 129.46 Long-Term Rating Date -

EBIT 87.30 Long-Term Rating -

Operating Margin 30.85% Long-Term Outlook -

Pretax Margin 26.91% Short-Term Rating Date -

Return on Assets 8.12% Short-Term Rating -

Return on Common Equity 17.74%

Return on Capital 11.44% EBITDA/Interest Exp. 9.90

Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. -3.42

Net Debt/EBITDA 1.98

Gross Margin 57.5% Total Debt/EBITDA 2.14

EBITDA Margin 45.8%

EBIT Margin 30.9% Total Debt/Equity 77.7%

Net Income Margin 20.5% Total Debt/Capital 43.7%

Asset Turnover 0.40

Current Ratio 0.45 Net Fixed Asset Turnover 0.55

Quick Ratio 0.17 Accounts receivable turnover-days -

Debt to Assets 34.61% Inventory Days -

Tot Debt to Common Equity 77.68% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Telecity Group PLCPrice/Volume

Valuation Analysis

434'601.00

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

'

.''

1''

3''

5''

-'''

-.''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

1!' 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 353: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

ALLIANCE BERNSTEIN n/a ULT-AGG 17'732'110 8.8 (136'327) 31.12.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 16'731'224 8.31 (454'798) 03.12.2012 Government

LEGAL & GENERAL n/a ULT-AGG 12'342'864 6.13 (3'444'102) 31.01.2013 Unclassified

STANDARD LIFE INVEST n/a RNS-MAJ 12'061'844 5.99 (1'578'063) 14.02.2013 Investment Advisor

PIONEER ASSET MANAGE n/a RNS-MAJ 9'494'587 4.71 (555'444) 22.08.2011 Other

BUTTERFIELD PRIVATE Multiple Portfolios REG 8'718'151 4.33 - 03.12.2012 Unclassified

BLACKROCK n/a ULT-AGG 7'233'487 3.59 - 26.02.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios REG 6'697'615 3.32 (131'530) 03.12.2012 Investment Advisor

KAMES CAPITAL PLC n/a Co File 6'189'975 3.07 - 10.02.2012 Investment Advisor

GRACE JR OLIVER R n/a Research 5'498'893 2.73 - 24.10.2012 n/a

AEGON n/a ULT-AGG 5'085'666 2.52 (95'840) 03.12.2012 Unclassified

OLD MUTUAL n/a ULT-AGG 5'077'195 2.52 (3'416'675) 31.12.2012 Unclassified

DWS INVESTMENT SA Multiple Portfolios REG 4'097'550 2.03 361'000 03.12.2012 Unclassified

PICTET & CIE Multiple Portfolios REG 4'011'378 1.99 522'831 03.12.2012 Mutual Fund Manager

CREDIT SUISSE SECURI Multiple Portfolios REG 3'534'957 1.75 1'984'977 03.12.2012 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios REG 3'342'196 1.66 (73'300) 03.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'158'416 1.57 5'000 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios REG 2'776'557 1.38 333'101 03.12.2012 Investment Advisor

NEWSMITH CAPITAL PAR Multiple Portfolios REG 2'737'942 1.36 (409'404) 03.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'733'926 1.36 20'770 30.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Evercore Partners JONATHAN SCHILDKRAUT equalweight 3 M 940 12 month 21.02.2013

Goldman Sachs SIVA KRISHNA PRASAD BORRA Buy/Neutral 5 M 1'160 12 month 18.02.2013

RBC Capital Markets JONATHAN ATKIN outperform 5 M 1'030 12 month 15.02.2013

Investec JAMES GOODMAN buy 5 M 1'000 12 month 14.02.2013

Berenberg Bank ALI FARID KHWAJA buy 5 M 990 Not Provided 14.02.2013

Liberum Capital Ltd WILLIAM SHIRLEY sell 1 M 720 Not Provided 14.02.2013

JPMorgan CARL MURDOCK-SMITH overweight 5 M #N/A N/A Not Provided 13.02.2013

Jefferies MILAN RADIA buy 5 M 1'020 12 month 13.02.2013

Canaccord Genuity Corp JONATHAN IMLAH hold 3 M 870 Not Provided 13.02.2013

Peel Hunt PAUL GILMER MORLAND sell 1 M 740 Not Provided 13.02.2013

Numis Securities Ltd WILL WALLIS add 4 M 1'000 Not Provided 13.02.2013

Barclays MAURICE PATRICK overweight 5 M 1'100 Not Provided 13.02.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

Espirito Santo Investment Bank ResearchVIJAY ANAND neutral 3 M 760 Not Provided 23.11.2012

HSBC ADAM M RUMLEY overweight 5 M 990 Not Provided 07.11.2012

Deutsche Bank MATTHEW BLOXHAM buy 5 M 1'055 12 month 05.11.2012

Cenkos Securities Ltd ANDREW BRYANT buy 5 M 500 Not Provided 19.07.2010

Holdings By:

Telecity Group PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 354: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Telekom Austria AG offers telecommunications services. The Company offers fixed

-line and mobile telephone, Internet access, and data transmission services.

Telekom Austria also offers Internet access and mobile services in Liechtenstein

, Slovenia, Bulgaria, Belarus and Croatia.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (29.02.2012) 8.95

52-Week Low (12.11.2012) 4.51

Daily Volume

4.86

52-Week High % Change -45.67% Dividend Yield -

52-Week Low % Change 7.76% Beta 0.67

% 52 Week Price Range High/Low 7.89% Equity Float -

Shares Out 30.09.2012 443.0 Short Int -

2'152.98 1 Yr Total Return -41.48%

Total Debt 3'949.24 YTD Return -15.33%

Preferred Stock 0.0 Adjusted BETA 0.670

Minority Interest 0.9 Analyst Recs 22

Cash and Equivalents 625.92 Consensus Rating 2.500

Enterprise Value 5'364.18

Average Volume 5 Day 533'611

TKA AV EQUITY YTD Change - Average Volume 30 Day 402'958

TKA AV EQUITY YTD % CHANGE - Average Volume 3 Month 609'107

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

5'170.3 4'802.0 4'650.8 4'454.6 4'329.7 4'454.6 4'329.7 4'131.9 4'096.1 1'013.0 1'024.0

1.55x 1.57x 1.72x 1.66x - 6.63x 4.53x 1.36x 1.31x 5.53x 5.46x

1'300.4 1'794.1 1'645.9 1'527.4 - 1'527.4 1'136.6 1'269.0 1'258.3 311.0 307.0

6.15x 4.21x 4.87x 4.85x - 4.85x 0.00x 4.23x 4.26x 4.33x -

(48.8) 95.1 195.4 (252.0) 103.8 (252.0) 103.7 104.8 122.9 26.4 22.5

- 45.23x 23.91x - 24.43x 0.00x 24.12x 18.84x 14.51x - -

EBITDA 1'527.36 Long-Term Rating Date 30.03.2010

EBIT 226.08 Long-Term Rating BBB

Operating Margin 5.08% Long-Term Outlook STABLE

Pretax Margin -5.71% Short-Term Rating Date 25.06.2003

Return on Assets -1.95% Short-Term Rating A-2

Return on Common Equity -16.75%

Return on Capital - EBITDA/Interest Exp. 7.05

Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 3.64

Net Debt/EBITDA 2.18

Gross Margin - Total Debt/EBITDA 2.61

EBITDA Margin 34.0%

EBIT Margin 4.7% Total Debt/Equity 447.7%

Net Income Margin 2.4% Total Debt/Capital 81.7%

Asset Turnover 0.60

Current Ratio 0.73 Net Fixed Asset Turnover 1.82

Quick Ratio 0.55 Accounts receivable turnover-days 62.64

Debt to Assets 53.02% Inventory Days -

Tot Debt to Common Equity 447.67% Accounts Payable Turnover Day -

Accounts Receivable Turnover 5.84 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Telekom Austria AGPrice/Volume

Valuation Analysis

499'131.00

Current Price (2/dd/yy) Market Data

'-.0123456

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

-!' 9

.!' 9

0!' 9

1!' 9

2!' 9

3!' 9

4!' 9

5!' 9

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 355: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

OSTERREICHISCHE INDU n/a Research 125'917'735 28.42 - 15.06.2012 Government

AMERICA MOVIL SAB DE n/a Research 100'826'800 22.76 - 25.09.2012 Corporation

INMOBILIARIA CARSO n/a Research 13'910'200 3.14 - 15.06.2012 Corporation

DODGE & COX Multiple Portfolios MF-AGG 13'722'690 3.1 307'581 29.01.2013 Investment Advisor

RINGTURM KAG Multiple Portfolios MF-AGG 4'450'000 1 50'000 31.10.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'402'099 0.99 29'382 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 4'214'160 0.95 (134'891) 26.02.2013 Investment Advisor

SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 2'655'281 0.6 - 31.12.2012 Investment Advisor

PIONEER INVESTMENTS Multiple Portfolios MF-AGG 1'839'000 0.42 (225'000) 31.05.2011 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 1'299'323 0.29 389'180 28.09.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'273'238 0.29 382'672 30.06.2012 Investment Advisor

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 1'150'937 0.26 1'284 31.10.2012 Investment Advisor

GAMCO n/a ULT-AGG 1'078'000 0.24 15'000 28.09.2012 Unclassified

IBERCAJA GESTION, S. Multiple Portfolios MF-AGG 707'000 0.16 (263'000) 31.12.2012 Mutual Fund Manager

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 661'579 0.15 - 30.09.2012 Investment Advisor

MEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 633'470 0.14 169'523 30.09.2012 Investment Advisor

FIRST TRUST n/a ULT-AGG 492'912 0.11 - 26.02.2013 Investment Advisor

TELEKOM AUSTRIA AG n/a Co File 436'031 0.1 - 31.12.2011 Corporation

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 412'472 0.09 - 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 344'745 0.08 2'391 28.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Morgan Stanley LUIS PROTA Underwt/In-Line 1 M 6 12 month 28.02.2013

Erste Bank VERA SUTEDJA sell 1 M 5 12 month 27.02.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID hold 3 M 6 Not Provided 27.02.2013

Berenberg Bank USMAN GHAZI sell 1 M 5 Not Provided 25.02.2013

Exane BNP Paribas MICHAEL ZORKO neutral 3 M 6 Not Provided 25.02.2013

AlphaValue HEINZ STEFFEN buy 5 M 6 6 month 21.02.2013

Goldman Sachs TIMOTHY BODDY Sell/Neutral 1 M 5 12 month 25.01.2013

Credit Suisse JAKOB BLUESTONE neutral 3 M 7 Not Provided 24.01.2013

Barclays MICHAEL BISHOP equalweight 3 M 5 Not Provided 24.01.2013

JPMorgan HANNES C WITTIG neutral 3 U 6 9 month 21.01.2013

Raiffeisenbank AG BERND MAURER hold 3 M 6 12 month 17.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

Nomura VIKRAM KARNANY reduce 2 M 5 12 month 16.01.2013

HSBC DOMINIK KLARMANN neutral 3 M 7 Not Provided 14.01.2013

Deutsche Bank CAROLA BARDELLI hold 3 M 7 12 month 09.01.2013

Macquarie ALEX GRANT underperform 1 M 4 12 month 07.01.2013

Societe Generale OTTAVIO ADORISIO hold 3 M 9 12 month 04.12.2012

Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 3 Not Provided 19.11.2012

Kepler Capital Markets JAVIER BORRACHERO hold 3 M 6 Not Provided 04.10.2012

Gabelli & Co EVAN D MILLER hold 3 M #N/A N/A Not Provided 14.09.2012

Holdings By:

Telekom Austria AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 356: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Telenet Group Holding NV provides telephone and internet services through a

network of fiber-optic and coaxial cable. The company offers customized

packages to businesses and individual clients in Belgium.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (13.02.2013) 38.91

52-Week Low (07.03.2012) 25.87

Daily Volume

38.495

52-Week High % Change -1.07% Dividend Yield -

52-Week Low % Change 48.80% Beta 0.71

% 52 Week Price Range High/Low 96.82% Equity Float -

Shares Out 31.12.2012 113.3 Short Int -

4'364.05 1 Yr Total Return 48.26%

Total Debt 3'843.00 YTD Return 7.98%

Preferred Stock 0.0 Adjusted BETA 0.708

Minority Interest 6.2 Analyst Recs 27

Cash and Equivalents 906.30 Consensus Rating 3.444

Enterprise Value 7'306.95

Average Volume 5 Day 187'562

TNET BB EQUITY YTD Change - Average Volume 30 Day 200'328

TNET BB EQUITY YTD % CHANGE - Average Volume 3 Month 176'967

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

1'018.8 1'197.4 1'299.0 1'376.3 1'488.8 1'376.3 1'488.8 1'640.0 1'744.8 406.0 410.0

3.70x 3.69x 4.27x 4.33x 4.69x 17.08x 17.91x 4.69x 4.41x - -

500.3 600.5 658.3 679.0 768.3 679.0 768.3 834.0 886.2 204.0 206.0

7.53x 7.36x 8.43x 8.78x 9.08x 8.78x 9.08x 8.76x 8.25x 8.74x -

(15.2) 233.1 89.3 16.8 33.2 16.8 33.2 122.1 151.9 - -

- 9.54x 36.85x 196.60x 122.93x 196.60x 118.83x 33.71x 25.68x 113.22x -

EBITDA 768.30 Long-Term Rating Date 14.08.2012

EBIT 389.70 Long-Term Rating B+

Operating Margin 26.18% Long-Term Outlook STABLE

Pretax Margin 4.52% Short-Term Rating Date -

Return on Assets 0.87% Short-Term Rating -

Return on Common Equity -

Return on Capital - EBITDA/Interest Exp. 3.40

Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 2.31

Net Debt/EBITDA 3.82

Gross Margin 42.7% Total Debt/EBITDA 5.00

EBITDA Margin 51.6%

EBIT Margin 26.2% Total Debt/Equity -

Net Income Margin 2.2% Total Debt/Capital 122.8%

Asset Turnover 0.39

Current Ratio 1.52 Net Fixed Asset Turnover 1.13

Quick Ratio 1.38 Accounts receivable turnover-days 25.09

Debt to Assets 93.71% Inventory Days 5.78

Tot Debt to Common Equity - Accounts Payable Turnover Day 62.79

Accounts Receivable Turnover 14.59 Cash Conversion Cycle -31.92

Inventory Turnover 63.38

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Telenet Group Holding NVPrice/Volume

Valuation Analysis

326'434.00

Current Price (2/dd/yy) Market Data

'2

-'-2.'.20'021'12

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 9

0!' 9

0!2 9

1!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 357: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BINAN INVESTMENTS n/a Research 56'844'400 50.18 - 06.04.2012 Other

BNP PARIBAS INVESTME n/a Research 5'592'018 4.94 - 06.04.2012 Investment Advisor

NORGES BANK n/a Research 4'695'152 4.15 - 06.04.2012 Government

AXA SA n/a Research 3'791'020 3.35 - 06.04.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 3'682'527 3.25 257'332 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'393'065 1.23 103'836 28.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'039'784 0.92 13'439 31.12.2012 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 820'767 0.72 (309'469) 28.09.2012 Bank

PETERCAM SA Multiple Portfolios MF-AGG 602'976 0.53 (155'270) 30.12.2011 Mutual Fund Manager

TELENET GROUP HOLDIN n/a Research 509'691 0.45 - 06.04.2012 Corporation

BLACKROCK n/a ULT-AGG 506'231 0.45 (714'397) 26.02.2013 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 427'787 0.38 (28'653) 30.09.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 347'333 0.31 50'706 31.12.2012 Investment Advisor

BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 328'173 0.29 (28'378) 30.09.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 321'965 0.28 6'842 31.12.2012 Investment Advisor

UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 300'000 0.26 - 31.01.2013 Investment Advisor

GAMCO n/a ULT-AGG 294'000 0.26 294'000 31.10.2012 Unclassified

STATE STREET n/a ULT-AGG 281'513 0.25 - 27.02.2013 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 273'565 0.24 - 31.10.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 250'000 0.22 - 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Morgan Stanley PATRICK WELLINGTON Equalwt/In-Line 3 M 35 12 month 27.02.2013

Berenberg Bank USMAN GHAZI hold 3 M 26 Not Provided 21.02.2013

New Street Research FRANK KNOWLES reduce 2 D 33 Not Provided 21.02.2013

Barclays MICHAEL BISHOP overweight 5 M 38 Not Provided 19.02.2013

Kempen & Co SANDER VAN OORT hold 3 M 38 12 month 15.02.2013

Kepler Capital Markets MATTHIJS VAN LEIJENHORST hold 3 D 38 Not Provided 14.02.2013

ABN Amro Bank N.V. MARC HESSELINK buy 5 M 40 Not Provided 13.02.2013

Raymond James STEPHANE BEYAZIAN outperform 5 U 43 Not Provided 12.02.2013

KBC Securities TOM SIMONTS accumulate 4 M 39 Not Provided 12.02.2013

Petercam STEFAAN GENOE buy 5 M 40 Not Provided 12.02.2013

Rabobank International FRANK CLAASSEN hold 3 M 38 12 month 12.02.2013

ING Bank EMMANUEL CARLIER buy 5 M 40 12 month 12.02.2013

Exane BNP Paribas ANTOINE PRADAYROL neutral 3 M 37 Not Provided 12.02.2013

Nomura HENRIK NYBLOM buy 5 M 41 12 month 11.02.2013

JPMorgan AKHIL DATTANI overweight 5 M 40 9 month 21.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank DAVID A WRIGHT hold 3 M 35 12 month 16.01.2013

HSBC NICOLAS COTE-COLISSON neutral 3 M 40 Not Provided 15.01.2013

Goldman Sachs MARK WALKER neutral/neutral 3 M 42 12 month 14.01.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 M 37 Not Provided 10.01.2013

Credit Suisse PAUL SIDNEY outperform 5 M 34 Not Provided 19.12.2012

Macquarie ALEX GRANT neutral 3 M 35 12 month 05.12.2012

CA Cheuvreux ROBERT VAN OVERBEEK underperform 1 D 35 Not Provided 17.10.2012

Grupo Santander JOHN DAVIES hold 3 U 31 Not Provided 20.09.2012

Bank Degroof(ESN) SIDDY JOBE suspended coverage #N/A N/A M #N/A N/A Not Provided 13.08.2012

Holdings By:

Telenet Group Holding NV ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 358: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Teleperformance offers customer relationship management services. The Company

operates call centers, conducts programs to attract new customers, offers

customer service and technical support services, collects debts, offers market

research services, conducts telemarketing, and develops customer relationship

management software.

Latest Fiscal Year: 12/2012

LTM as of: 09/yy

52-Week High (25.01.2013) 31.45

52-Week Low (27.06.2012) 16.06

Daily Volume

30.11

52-Week High % Change -4.26% Dividend Yield -

52-Week Low % Change 87.54% Beta 0.81

% 52 Week Price Range High/Low 91.30% Equity Float 47.83

Shares Out 30.06.2012 56.6 Short Int -

1'704.17 1 Yr Total Return 53.67%

Total Debt 134.54 YTD Return 9.79%

Preferred Stock 0.0 Adjusted BETA 0.814

Minority Interest 4.4 Analyst Recs 18

Cash and Equivalents 159.61 Consensus Rating 4.667

Enterprise Value 1'694.40

Average Volume 5 Day 169'385

RCF FP EQUITY YTD Change - Average Volume 30 Day 213'875

RCF FP EQUITY YTD % CHANGE - Average Volume 3 Month 194'094

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

1'784.8 1'847.7 2'058.5 2'126.2 2'347.1 425.5 2'197.8 2'434.5 2'533.2 624.3 -

0.63x 0.69x 0.70x 0.44x - 0.00x 0.00x 0.63x 0.57x - -

250.7 206.9 210.8 249.8 - 0.0 0.0 324.8 346.5 - -

4.45x 6.16x 6.80x 3.73x - 0.00x 0.00x 5.22x 4.89x - -

116.4 88.2 71.9 92.3 127.5 0.0 0.0 143.7 155.7 - -

9.53x 14.54x 19.88x 10.47x 11.92x 0.00x 0.00x 11.64x 10.81x - -

EBITDA 249.83 Long-Term Rating Date -

EBIT 152.91 Long-Term Rating -

Operating Margin 7.19% Long-Term Outlook -

Pretax Margin 6.93% Short-Term Rating Date -

Return on Assets 5.58% Short-Term Rating -

Return on Common Equity 8.26%

Return on Capital 7.88% EBITDA/Interest Exp. 30.06

Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 18.37

Net Debt/EBITDA -0.06

Gross Margin - Total Debt/EBITDA 0.50

EBITDA Margin 12.2%

EBIT Margin 7.7% Total Debt/Equity 10.6%

Net Income Margin 5.4% Total Debt/Capital 9.5%

Asset Turnover 1.17

Current Ratio 1.46 Net Fixed Asset Turnover 8.73

Quick Ratio 1.19 Accounts receivable turnover-days 78.26

Debt to Assets 7.19% Inventory Days -

Tot Debt to Common Equity 10.57% Accounts Payable Turnover Day -

Accounts Receivable Turnover 4.68 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

TeleperformancePrice/Volume

Valuation Analysis

342'169.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

0'

02

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-!''

.!''

0!''

1!''

2!''

3!''

4!''

5!''

6!''

-'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 359: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

INTERNATIONAL VALUE n/a Research 5'701'848 10.07 (398'582) 15.11.2012 Investment Advisor

PARTICIPANTEN DOCHTE n/a Co File 3'959'087 7 - 31.12.2011 Other

GRYPHON INT INVT COR n/a Co File 2'266'900 4.01 - 31.12.2011 Other

TELEPERFORMANCE n/a Co File 1'131'961 2 - 31.12.2011 Corporation

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 737'535 1.3 - 30.11.2012 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 736'769 1.3 6'420 31.03.2012 Investment Advisor

DOUCE OLIVIER n/a Co File 735'774 1.3 - 31.12.2011 n/a

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 700'241 1.24 - 31.07.2012 Investment Advisor

JULIEN DANIEL n/a Co File 658'314 1.16 - 31.12.2011 n/a

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 653'975 1.16 - 31.12.2012 Investment Advisor

EDINBURGH PARTNERS L n/a Co File 622'578 1.1 - 31.12.2011 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 604'289 1.07 72'900 31.12.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 565'596 1 2'934 31.12.2012 Investment Advisor

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 537'144 0.95 - 28.09.2012 Mutual Fund Manager

HSBC ASSET MGMT EURO Multiple Portfolios MF-AGG 496'000 0.88 (30'000) 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 416'488 0.74 (67'892) 30.06.2012 Investment Advisor

MMA FINANCE Multiple Portfolios MF-AGG 391'191 0.69 32'536 29.06.2012 Mutual Fund Manager

FMR LLC n/a ULT-AGG 370'776 0.66 (13'260) 30.06.2012 Investment Advisor

MACQUARIE GROUP LTD n/a ULT-AGG 369'828 0.65 (131'952) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 286'128 0.51 48'270 26.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale PATRICK JOUSSEAUME buy 5 M 34 12 month 27.02.2013

HSBC ANTONIN BAUDRY overweight 5 M 34 Not Provided 27.02.2013

Gilbert Dupont STEPHANIE LEFEBVRE add 4 M 35 Not Provided 27.02.2013

CM - CIC Securities(ESN) EMMANUEL CHEVALIER accumulate 4 M 34 12 month 27.02.2013

Oddo & Cie CHRISTOPHE CHAPUT buy 5 M 35 Not Provided 27.02.2013

Kepler Capital Markets FELIX LEVIOUS reduce 2 M 33 Not Provided 27.02.2013

Exane BNP Paribas LAURENT GELEBART outperform 5 M 31 Not Provided 27.02.2013

Portzamparc Societe de Bourse LAURENT VALLEE buy 5 M 34 Not Provided 21.02.2013

AlphaValue VERONIQUE CABIOC'H add 4 M 32 6 month 21.02.2013

Main First Bank AG MOURAD LAHMIDI outperform 5 M 35 12 month 24.01.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013

Natixis CELINE CHERUBIN buy 5 M 34 Not Provided 09.01.2013

Day by Day VALERIE GASTALDY buy 5 U 31 3 month 14.12.2012

BPI PIERRE BUCAILLE buy 5 M 37 Not Provided 15.11.2012

IDMidcaps TEAM COVERAGE buy 5 M 29 12 month 14.11.2012

CA Cheuvreux DAVID CERDAN outperform 5 U 28 Not Provided 09.11.2012

NFinance TEAM COVERAGE buy 5 M 27 12 month 09.11.2012

Holdings By:

Teleperformance ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 360: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

ThromboGenics NV is a biopharmaceutical company focused on the development of

therapeutics for conditions related to the vascular system. The Company is

focused on developing medicines to treat visual disorders, cardiovascular

diseases, and cancer, conditions which result from abnormalities to the

vascular system.

Latest Fiscal Year: 12/2011

LTM as of: 06/yy

52-Week High (09.01.2013) 47.82

52-Week Low (05.06.2012) 17.10

Daily Volume

40.2

52-Week High % Change -15.93% Dividend Yield -

52-Week Low % Change 135.09% Beta 1.12

% 52 Week Price Range High/Low 75.20% Equity Float -

Shares Out 01.11.2012 35.9 Short Int -

1'441.58 1 Yr Total Return 85.25%

Total Debt 0.00 YTD Return -4.40%

Preferred Stock 0.0 Adjusted BETA 1.118

Minority Interest 0.0 Analyst Recs 6

Cash and Equivalents 80.38 Consensus Rating 4.333

Enterprise Value 1'255.51

Average Volume 5 Day 149'756

THR BB EQUITY YTD Change - Average Volume 30 Day 232'812

THR BB EQUITY YTD % CHANGE - Average Volume 3 Month 192'019

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

1.5 30.4 4.2 6.1 2.4 3.6 75.7 75.2 131.6 - -

134.11x 3.98x 76.45x 103.62x 217.94x 0.00x 0.00x 17.16x 9.39x - -

(17.1) 11.0 (14.5) (14.2) (24.4) 0.0 0.0 33.2 76.9 - -

- 11.00x - - - 0.00x 0.00x 37.85x 16.33x - -

(16.0) 12.1 (14.1) (13.9) (21.6) 0.0 0.0 35.0 71.2 - -

- 14.89x - - - 0.00x 0.00x 39.26x 19.92x - -

EBITDA -24.39 Long-Term Rating Date -

EBIT -24.77 Long-Term Rating -

Operating Margin -1013.17% Long-Term Outlook -

Pretax Margin -884.91% Short-Term Rating Date -

Return on Assets 22.84% Short-Term Rating -

Return on Common Equity 23.63%

Return on Capital - EBITDA/Interest Exp. -813.00

Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -845.77

Net Debt/EBITDA -4.47

Gross Margin 91.2% Total Debt/EBITDA 0.00

EBITDA Margin 55.5%

EBIT Margin 54.8% Total Debt/Equity 0.0%

Net Income Margin -884.9% Total Debt/Capital 0.0%

Asset Turnover 0.38

Current Ratio 7.94 Net Fixed Asset Turnover 49.21

Quick Ratio 7.49 Accounts receivable turnover-days -

Debt to Assets 0.00% Inventory Days -

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

ThromboGenics NVPrice/Volume

Valuation Analysis

102'530.00

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

'2

-'-2.'.20'021'122'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

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

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 361: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

CLAY LANDON THOMAS n/a Research 2'337'035 6.52 - 29.03.2012 n/a

BIGGAR LTD n/a Research 1'828'138 5.1 - 29.03.2012 Unclassified

BAKER BROS ADVISORS n/a Research 1'471'586 4.1 - 29.03.2012 Hedge Fund Manager

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'167'900 3.26 - 30.12.2012 Investment Advisor

OPPENHEIMER FUNDS IN n/a Research 1'121'517 3.13 - 29.03.2012 Unclassified

CLAY MATHEMATICS INS n/a Research 995'104 2.77 - 29.03.2012 Unclassified

PERCEPTIVE ADVISORS n/a Short (735'134) -2.05 (60'962) 19.02.2013 Hedge Fund Manager

ADAGE CAPITAL PARTNE n/a Short (616'795) -1.72 (139'854) 22.02.2013 Hedge Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 603'266 1.68 (6'105) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 597'841 1.67 319'432 31.12.2012 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 446'072 1.24 (10'980) 30.12.2011 Mutual Fund Manager

UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 430'000 1.2 25'000 31.01.2013 Investment Advisor

ORBIMED ADVISORS LLC n/a Short (347'844) -0.97 (35'860) 20.02.2013 Hedge Fund Manager

GROUPAMA ASSET MGMT Multiple Portfolios MF-AGG 336'034 0.94 (43'676) 28.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 324'542 0.91 2'025 31.12.2012 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 305'457 0.85 (20'000) 30.12.2011 Investment Advisor

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 238'300 0.66 25'000 31.01.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 194'863 0.54 194'863 31.12.2012 Investment Advisor

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 180'000 0.5 - 31.12.2012 Investment Advisor

BANK DELEN SA Multiple Portfolios MF-AGG 172'000 0.48 1'000 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Petercam Roderick Verhelst buy 5 M 50 Not Provided 11.02.2013

KBC Securities JAN DE KERPEL buy 5 M 48 Not Provided 01.02.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 31.01.2013

Nomura Code Securities SAMIR DEVANI sell 1 M 26 6 month 28.01.2013

Kempen & Co MARK POSPISILIK buy 5 M 48 12 month 15.01.2013

Jefferies PETER WELFORD buy 5 M 56 12 month 15.01.2013

Holdings By:

ThromboGenics NV ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 362: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Tod's S.p.A. manufactures and retails men's, women's, and sports shoes. The

Company's signature shoe is a loafer with rubber spikes on the sole and heel.

Brand names include Tod's, Hogan, and Fay. The Company operates owned and

franchised stores in Europe, the United States, Asia, and the Middle East.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (25.02.2013) 109.70

52-Week Low (16.07.2012) 68.55

Daily Volume

109

52-Week High % Change -0.64% Dividend Yield -

52-Week Low % Change 59.01% Beta 0.78

% 52 Week Price Range High/Low 98.30% Equity Float 12.18

Shares Out 30.09.2012 30.6 Short Int -

3'336.42 1 Yr Total Return 45.57%

Total Debt 77.01 YTD Return 13.96%

Preferred Stock 0.0 Adjusted BETA 0.785

Minority Interest 5.6 Analyst Recs 24

Cash and Equivalents 187.76 Consensus Rating 3.000

Enterprise Value 3'262.22

Average Volume 5 Day 158'964

TOD IM EQUITY YTD Change - Average Volume 30 Day 130'510

TOD IM EQUITY YTD % CHANGE - Average Volume 3 Month 126'698

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

657.1 707.6 713.1 787.5 893.6 877.5 944.5 965.7 1'046.1 213.7 -

2.11x 1.20x 1.99x 2.76x 2.04x 3.15x 4.41x 3.31x 3.01x - -

154.4 160.3 164.4 197.9 234.2 191.6 169.2 248.9 274.5 49.1 -

9.00x 5.30x 8.61x 10.98x 7.79x 0.00x 0.00x 13.11x 11.89x - -

77.3 82.8 85.7 109.1 135.0 0.0 0.0 147.6 163.8 73.9 -

18.83x 11.10x 18.53x 20.76x 14.30x 0.00x 0.00x 22.64x 20.35x 19.29x 21.12x

EBITDA 234.22 Long-Term Rating Date -

EBIT 194.63 Long-Term Rating -

Operating Margin 21.78% Long-Term Outlook -

Pretax Margin 22.03% Short-Term Rating Date -

Return on Assets 14.26% Short-Term Rating -

Return on Common Equity 22.20%

Return on Capital - EBITDA/Interest Exp. 144.49

Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 120.27

Net Debt/EBITDA -0.33

Gross Margin - Total Debt/EBITDA 0.31

EBITDA Margin 25.9%

EBIT Margin 21.5% Total Debt/Equity 11.3%

Net Income Margin 15.1% Total Debt/Capital 10.1%

Asset Turnover 0.93

Current Ratio 2.41 Net Fixed Asset Turnover 5.05

Quick Ratio 1.35 Accounts receivable turnover-days 54.72

Debt to Assets 7.37% Inventory Days -

Tot Debt to Common Equity 11.27% Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.69 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Tod's SpAPrice/Volume

Valuation Analysis

130'771.00

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

'

.'

1'

3'

5'

-''

-.'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9-!' 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 363: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

DI VI FINANZIARIA SA n/a EXCH 16'426'228 53.66 - 18.12.2012 Corporation

CAPITAL GROUP COMPAN n/a ULT-AGG 2'283'347 7.46 - 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC n/a EXCH 1'520'981 4.97 - 18.12.2012 Investment Advisor

DELPHINE SAS n/a EXCH 1'059'697 3.46 - 18.12.2012 Other

DIEGO DELLA VALLE & n/a EXCH 696'364 2.27 - 18.12.2012 Other

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 489'488 1.6 112'725 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 376'895 1.23 45'524 31.12.2012 Investment Advisor

VALLE DIEGO DELLA n/a EXCH 251'915 0.82 - 18.12.2012 n/a

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 186'967 0.61 - 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 155'333 0.51 817 31.12.2012 Investment Advisor

HIGHBRIDGE CAPITAL M n/a Short (149'986) -0.49 3'061 12.02.2013 Hedge Fund Manager

GCIC LTD/CANADA Multiple Portfolios MF-AGG 142'100 0.46 142'100 30.06.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 138'757 0.45 9'350 28.12.2012 Investment Advisor

ODEY ASSET MANAGEMEN n/a Short (137'742) -0.45 82'646 04.01.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 126'604 0.41 504 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 126'498 0.41 (17'229) 31.12.2012 Investment Advisor

SCOPUS ASSET MANAGEM SCOPUS ASSET MANAGEM 13F 100'250 0.33 100'250 31.12.2012 Hedge Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 93'000 0.3 (1'389) 31.12.2012 Investment Advisor

SOCIETE GENERALE Multiple Portfolios MF-AGG 83'704 0.27 493 28.09.2012 Bank

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 79'732 0.26 (427) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

HSBC SOPHIE DARGNIES overweight 5 M 130 Not Provided 25.02.2013

Nomura CHRISTOPHER WALKER neutral 3 M 112 Not Provided 19.02.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 96 Not Provided 13.02.2013

Telsey Advisory Group DAVID WU no rating system #N/A N/A M 95 Not Provided 10.02.2013

Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 117 12 month 05.02.2013

Mediobanca SpA CHIARA ROTELLI neutral 3 M 102 6 month 04.02.2013

Banca Akros(ESN) GIADA MARIA CABRINO hold 3 M 101 12 month 04.02.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 30.01.2013

Banca IMI GIAN LUCA PACINI reduce 2 M 93 12 month 29.01.2013

Barclays HELEN NORRIS underweight 1 M 81 Not Provided 28.01.2013

Raymond James MARC WILLAUME market perform 3 M #N/A N/A Not Provided 25.01.2013

Aurel - BGC DAVID DA MAIA hold 3 N 100 Not Provided 25.01.2013

Oddo & Cie LEOPOLD AUTHIE reduce 2 M 95 Not Provided 25.01.2013

Bryan Garnier & Cie PETER FARREN sell 1 M 80 6 month 24.01.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO hold 3 M 90 12 month 14.01.2013

Kepler Capital Markets DANIELE RIDOLFI hold 3 M 87 Not Provided 21.12.2012

Morgan Stanley LOUISE SINGLEHURST Equalwt/In-Line 3 M 97 12 month 14.12.2012

JPMorgan MELANIE A FLOUQUET neutral 3 M 86 9 month 14.11.2012

CA Cheuvreux THOMAS MESMIN outperform 5 M 93 Not Provided 14.11.2012

Equita SIM SpA PAOLA CARBONI hold 3 M 88 12 month 10.08.2012

Centrobanca SIMONE RAGAZZI sell 1 D 73 12 month 09.08.2012

Natixis OLIVIER DELAHOUSSE neutral 3 M 88 Not Provided 15.03.2012

Banca Profilo MELANIA GRIPPO hold 3 M 77 12 month 23.01.2012

Holdings By:

Tod's SpA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 364: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Topdanmark A/S provides non-life and life insurance products to in Denmark.

The Company's product line includes property insurance, commercial, industrial,

and marine insurance, as well as health and disability insurance, accident

policies, flexible life insurance schemes, pension funds, and reinsurance

products. Topdanmark sells to individuals, businesses, and corporations.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (27.02.2013) 1'321.00

52-Week Low (06.03.2012) 914.50

Daily Volume

1321

52-Week High % Change 0.00% Dividend Yield -

52-Week Low % Change 44.45% Beta 0.62

% 52 Week Price Range High/Low 100.00% Equity Float -

Shares Out 26.02.2013 13.8 Short Int -

18'163.75 1 Yr Total Return 39.35%

Total Debt 7'219.00 YTD Return 8.90%

Preferred Stock 0.0 Adjusted BETA 0.619

Minority Interest 0.0 Analyst Recs 21

Cash and Equivalents 241.00 Consensus Rating 2.905

Enterprise Value 24'391.75

Average Volume 5 Day 20'773

TOP DC EQUITY YTD Change - Average Volume 30 Day 27'864

TOP DC EQUITY YTD % CHANGE - Average Volume 3 Month 29'780

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

11'799.0 8'380.0 14'460.0 13'725.0 12'284.0 11'631.0 14'412.0 12'668.8 12'495.8 2'883.0 -

1.08x 2.28x 1.24x 1.10x 1.54x 6.22x 5.49x 1.39x 1.41x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'271.0 (189.0) 1'446.0 1'168.0 1'023.0 1'161.0 1'719.0 1'682.5 1'243.2 313.2 274.8

9.79x - 7.63x 9.55x 12.02x 8.13x 8.36x 10.03x 12.66x 12.71x 12.66x

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 11.67% Long-Term Outlook -

Pretax Margin 10.98% Short-Term Rating Date -

Return on Assets 2.78% Short-Term Rating -

Return on Common Equity 36.07%

Return on Capital 14.90% EBITDA/Interest Exp. -

Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 158.1%

Net Income Margin 8.3% Total Debt/Capital 61.3%

Asset Turnover 0.23

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 11.83% Inventory Days -

Tot Debt to Common Equity 158.07% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Topdanmark A/SPrice/Volume

Valuation Analysis

23'480.00

Current Price (2/dd/yy) Market Data

'

.''

1''

3''

5''

-'''

-.''

-1''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!' 9

!' 9

!- 9

!- 9

!- 9

!- 9

!- 9

!. 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 365: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

IF P&C INSURANCE LTD n/a Co File 2'312'840 16.82 - 31.12.2011 Insurance Company

TOPDANMARK n/a Co File 1'482'590 10.78 - 29.02.2012 Unclassified

IF P&C INSURANCE LTD n/a Co File 845'076 6.15 - 31.12.2011 Insurance Company

ATP n/a Co File 741'295 5.39 - 31.12.2011 Government

DANSKE INVEST A/S Multiple Portfolios MF-AGG 148'905 1.08 (2'600) 31.01.2013 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 146'180 1.06 (10'000) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 124'002 0.9 (370) 31.12.2012 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 104'667 0.76 1'249 31.12.2012 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 96'958 0.71 - 31.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 78'062 0.57 8'244 26.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 65'177 0.47 23'061 31.01.2013 Investment Advisor

SEB n/a ULT-AGG 52'553 0.38 (8'238) 31.12.2012 Unclassified

DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 50'441 0.37 - 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 46'100 0.34 (5'100) 30.11.2012 Investment Advisor

OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 41'071 0.3 (5'500) 31.10.2012 Mutual Fund Manager

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 37'808 0.27 - 31.12.2012 Investment Advisor

THOMAS WHITE INTERNA Multiple Portfolios MF-AGG 28'200 0.21 - 31.12.2012 Investment Advisor

DIGITAL FUNDS Multiple Portfolios MF-AGG 27'937 0.2 - 31.10.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 24'684 0.18 (1'121) 31.12.2012 Unclassified

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 23'025 0.17 - 30.09.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jyske Bank CHRISTIAN HEDE reduce 2 M 1'350 Not Provided 22.02.2013

Carnegie GIANANDREA ROBERTI hold 3 M #N/A N/A Not Provided 22.02.2013

Danske Markets PER GRONBORG hold 3 M 1'400 12 month 21.02.2013

Handelsbanken MATTI AHOKAS accumulate 4 M 1'300 12 month 17.02.2013

Keefe, Bruyette & Woods KARL MORRIS outperform 5 U 1'411 12 month 12.02.2013

Nordea Equity Research SIMON CHRISTENSEN hold 3 D 1'300 12 month 05.02.2013

Barclays CLAUDIA GASPARI underweight 1 M 1'091 Not Provided 04.02.2013

ABG Sundal Collier JAKOB BRINK buy 5 M 1'326 6 month 28.01.2013

Credit Suisse CHRIS ESSON underperform 1 D 1'250 Not Provided 24.01.2013

DNB Markets HAKON FURE buy 5 M 1'350 Not Provided 23.01.2013

Goldman Sachs VINIT MALHOTRA Sell/Neutral 1 M 1'182 12 month 18.01.2013

JPMorgan ANDREAS VAN EMBDEN underweight 1 D 933 3 month 18.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013

SEB Enskilda CLAUS GROEN THERP hold 3 D 1'300 Not Provided 16.01.2013

Morgan Stanley ADRIENNE LIM Equalwt/In-Line 3 M 1'177 12 month 05.12.2012

Alm Brand Markets STIG NYMANN neutral 3 M 1'250 Not Provided 21.11.2012

Macquarie HADLEY COHEN neutral 3 M 1'240 12 month 17.11.2012

CA Cheuvreux HANS PLUIJGERS underperform 1 M 1'125 Not Provided 14.11.2012

Berenberg Bank SAMI TAIPALUS hold 3 M 1'096 Not Provided 14.11.2012

NYKREDIT RICKY S RASMUSSEN outperform 5 M #N/A N/A Not Provided 12.10.2012

Sydbank BJORN SCHWARZ overweight 5 M #N/A N/A Not Provided 17.05.2011

LD Invest Markets TORSTEN BECH buy 5 M 780 Not Provided 26.08.2010

Holdings By:

Topdanmark A/S ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 366: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Trelleborg AB manufactures and distributes industrial products. The Company

produces noise supression and anti-vibration systems for the automobile industry

and complete wheel systems for forest and farm machines and other equipment.

Trelleborg also develops and makes industrial fluid systems and polymer and

bitumen based building products. The Company markets worldwide.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (20.02.2013) 93.10

52-Week Low (28.06.2012) 58.75

Daily Volume

90.8

52-Week High % Change -2.47% Dividend Yield -

52-Week Low % Change 54.55% Beta 1.31

% 52 Week Price Range High/Low 93.30% Equity Float -

Shares Out 26.02.2013 242.6 Short Int -

24'613.32 1 Yr Total Return 32.17%

Total Debt 7'375.00 YTD Return 12.73%

Preferred Stock 0.0 Adjusted BETA 1.307

Minority Interest 35.0 Analyst Recs 15

Cash and Equivalents 660.00 Consensus Rating 3.867

Enterprise Value 31'363.32

Average Volume 5 Day 865'735

TRELB SS EQUITY YTD Change - Average Volume 30 Day 1'183'027

TRELB SS EQUITY YTD % CHANGE - Average Volume 3 Month 1'165'967

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

31'263.0 24'769.0 27'196.0 29'106.0 21'262.0 27'102.0 23'363.0 23'213.0 24'334.3 5'695.5 5'770.7

0.55x 0.93x 0.96x 0.80x 1.34x 3.46x 4.56x 1.28x 1.20x 5.35x 5.43x

2'688.0 1'974.0 3'097.0 3'302.0 3'015.0 3'211.0 3'312.0 3'319.2 3'764.4 795.8 859.0

6.45x 11.71x 8.42x 7.04x 9.48x 7.24x 8.63x 9.45x 8.33x 9.74x 9.30x

(258.0) 409.0 1'162.0 1'819.0 2'042.0 1'819.0 2'042.0 1'898.1 2'236.9 442.5 491.2

- 32.92x 15.29x 10.39x 12.32x 10.58x 11.88x 12.94x 10.98x 13.29x 12.33x

EBITDA 3'015.00 Long-Term Rating Date -

EBIT 2'339.00 Long-Term Rating -

Operating Margin 11.00% Long-Term Outlook -

Pretax Margin 10.86% Short-Term Rating Date -

Return on Assets 7.31% Short-Term Rating -

Return on Common Equity 14.87%

Return on Capital - EBITDA/Interest Exp. 13.93

Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 9.40

Net Debt/EBITDA 2.03

Gross Margin 32.3% Total Debt/EBITDA 2.23

EBITDA Margin 14.2%

EBIT Margin 11.0% Total Debt/Equity 52.2%

Net Income Margin 9.6% Total Debt/Capital 34.2%

Asset Turnover 0.84

Current Ratio 1.33 Net Fixed Asset Turnover 4.30

Quick Ratio 0.09 Accounts receivable turnover-days -

Debt to Assets 27.16% Inventory Days 81.84

Tot Debt to Common Equity 52.18% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 62.55

Inventory Turnover 4.47

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Trelleborg ABPrice/Volume

Valuation Analysis

571'461.00

Current Price (2/dd/yy) Market Data

'-'.'0'1'2'3'4'5'6'

-''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 367: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

DUNKER FUNDS & FOUND n/a Research 29'000'000 11.96 - 28.09.2012 n/a

DIDNER & GERGE FONDE n/a Research 17'300'000 7.13 - 28.09.2012 Investment Advisor

LANNEBO FONDER AB n/a Research 11'027'462 4.55 - 28.09.2012 Investment Advisor

SWEDBANK ROBUR FONDE n/a Research 9'658'612 3.98 - 28.09.2012 Investment Advisor

HANDELSBANKEN/SPP&FU n/a Research 8'492'428 3.5 - 28.09.2012 n/a

CITIBANK NA n/a Research 8'282'318 3.41 - 28.09.2012 Bank

SEB n/a ULT-AGG 7'509'819 3.1 327'800 31.12.2012 Unclassified

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 7'210'651 2.97 - 31.07.2012 Investment Advisor

SEB FONDER AB n/a Research 6'904'967 2.85 - 28.09.2012 Mutual Fund Manager

JP MORGAN CHASE BANK n/a Research 6'741'901 2.78 - 28.09.2012 Investment Advisor

UNIONEN n/a Research 6'143'858 2.53 - 28.09.2012 Corporation

STATE STREET BANK n/a Research 5'787'366 2.39 - 28.09.2012 Unclassified

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 4'704'704 1.94 (957'990) 31.01.2013 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 3'226'695 1.33 105'622 31.01.2013 Investment Advisor

DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 2'859'000 1.18 345'000 31.12.2012 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 2'847'574 1.17 110'000 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'539'896 1.05 34'696 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'103'469 0.87 2'103'469 31.12.2012 Investment Advisor

CATELLA FONDFORVALTN Multiple Portfolios MF-AGG 1'805'047 0.74 (295'776) 31.12.2012 Investment Advisor

PIONEER INVESTMENT M Multiple Portfolios MF-AGG 1'749'084 0.72 (85'399) 30.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Pareto Securities ERIK PAULSSON buy 5 M 100 6 month 26.02.2013

Erik Penser Bankaktiebolag AB JOHAN DAHL buy 5 M 105 Not Provided 19.02.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 18.02.2013

Carnegie AGNIESZKA VILELA buy 5 M #N/A N/A Not Provided 14.02.2013

Nordea Equity Research ANDREAS BROCK buy 5 M 100 12 month 14.02.2013

DNB Markets LARS BRORSON sell 1 M 82 Not Provided 14.02.2013

Danske Markets BJORN ENARSON hold 3 M 93 12 month 14.02.2013

ABG Sundal Collier ERIK PETTERSSON-GOLRANG hold 3 M 86 6 month 13.02.2013

SEB Enskilda DANIEL SCHMIDT buy 5 M 88 Not Provided 13.02.2013

Handelsbanken HAMPUS ENGELLAU reduce 2 M 85 12 month 13.02.2013

Berenberg Bank FREDERIK BITTER hold 3 M 85 Not Provided 13.02.2013

CA Cheuvreux JOAKIM HOGLUND underperform 1 M 60 Not Provided 29.01.2013

Deutsche Bank JOHAN WETTERGREN buy 5 U 100 12 month 21.01.2013

Swedbank MATS LISS buy 5 M 88 12 month 06.12.2012

Evli Bank Plc MAGNUS AXEN buy 5 M 80 12 month 15.02.2012

Holdings By:

Trelleborg AB ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 368: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Tryg A/S offers general insurance services. The Company operates in Sweden,

Denmark, Norway, and Finland. Tryg sells general insurance products in private

lines, commercial and corporate. The Company's subsidiary sells guarantee

insurances in the Nordic region.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (07.02.2013) 467.00

52-Week Low (29.02.2012) 293.50

Daily Volume

447.7

52-Week High % Change -4.13% Dividend Yield -

52-Week Low % Change 52.54% Beta 0.59

% 52 Week Price Range High/Low 88.88% Equity Float -

Shares Out 26.02.2013 61.3 Short Int -

27'451.22 1 Yr Total Return 52.81%

Total Debt 1'611.00 YTD Return 4.97%

Preferred Stock 0.0 Adjusted BETA 0.592

Minority Interest 0.0 Analyst Recs 22

Cash and Equivalents 504.00 Consensus Rating 2.318

Enterprise Value 28'558.22

Average Volume 5 Day 76'913

TRYG DC EQUITY YTD Change - Average Volume 30 Day 112'913

TRYG DC EQUITY YTD % CHANGE - Average Volume 3 Month 93'349

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

16'372.0 18'571.0 19'517.0 19'498.0 20'217.0 19'498.0 20'217.0 20'561.3 21'073.2 5'238.5 5'830.5

1.39x 1.26x 1.06x 1.06x 1.35x 4.66x 4.78x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

846.0 2'008.0 593.0 1'140.0 2'208.0 1'140.0 2'208.0 1'872.8 1'990.9 343.8 542.5

25.63x 10.95x 23.84x 16.79x 11.85x 16.79x 11.84x 14.27x 13.22x 14.62x 13.40x

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 15.39% Long-Term Outlook -

Pretax Margin 14.92% Short-Term Rating Date -

Return on Assets 4.11% Short-Term Rating -

Return on Common Equity 22.10%

Return on Capital 20.54% EBITDA/Interest Exp. -

Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 14.7%

Net Income Margin 10.9% Total Debt/Capital 12.8%

Asset Turnover 0.38

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 2.97% Inventory Days -

Tot Debt to Common Equity 14.67% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tryg A/SPrice/Volume

Valuation Analysis

66'594.00

Current Price (2/dd/yy) Market Data

'2'

-''-2'.''.2'0''02'1''12'2''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0 a -0!' 9!- 9!- 9!. 9!. 9!0 9!0 9!1 9!1 9!2 9!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 369: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

TRYGHEDSGRUPPEN SMBA n/a Co File 36'789'661 60 - 31.12.2011 Corporation

DANSKE INVEST A/S Multiple Portfolios MF-AGG 554'053 0.9 (5'000) 31.01.2013 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 469'128 0.77 (10'350) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 444'386 0.72 5'340 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 317'308 0.52 14'185 26.02.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 291'279 0.48 - 31.01.2013 Investment Advisor

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 177'233 0.29 1'100 31.12.2012 Investment Advisor

BARING FUND MANAGERS Multiple Portfolios MF-AGG 109'111 0.18 - 31.10.2012 Investment Advisor

UBS n/a ULT-AGG 104'855 0.17 (31'182) 31.10.2012 Unclassified

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 101'048 0.16 - 31.12.2012 Mutual Fund Manager

UBS INSTITUTIONAL FU Multiple Portfolios MF-AGG 94'142 0.15 - 31.10.2012 Mutual Fund Manager

SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 90'844 0.15 1'908 31.01.2013 Investment Advisor

SPARINVEST n/a ULT-AGG 75'883 0.12 11'393 31.01.2013 Investment Advisor

CARNEGIE ASSET MANAG Multiple Portfolios MF-AGG 70'050 0.11 - 30.09.2012 Mutual Fund Manager

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 54'932 0.09 1'880 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 46'000 0.08 (24'700) 30.06.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 37'480 0.06 14'100 28.12.2012 Investment Advisor

VANTAGEPOINT INVESTM Multiple Portfolios MF-AGG 36'591 0.06 - 31.01.2013 Investment Advisor

HANDELSINVEST INVEST Multiple Portfolios MF-AGG 36'322 0.06 - 05.02.2013 Mutual Fund Manager

WORLD INVEST ADVISOR Multiple Portfolios MF-AGG 35'773 0.06 (5'435) 31.07.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 330 3 month 20.02.2013

Danske Markets PER GRONBORG buy 5 M 560 12 month 14.02.2013

Macquarie HADLEY COHEN underperform 1 M 405 12 month 09.02.2013

Jyske Bank CHRISTIAN HEDE buy 5 M 500 Not Provided 08.02.2013

ABG Sundal Collier JAKOB BRINK hold 3 M 450 6 month 08.02.2013

CA Cheuvreux HANS PLUIJGERS underperform 1 M 400 Not Provided 08.02.2013

Carnegie GIANANDREA ROBERTI buy 5 M #N/A N/A Not Provided 08.02.2013

Nordea Equity Research SIMON CHRISTENSEN buy 5 M 515 12 month 08.02.2013

Handelsbanken MATTI AHOKAS reduce 2 M 450 12 month 08.02.2013

Berenberg Bank SAMI TAIPALUS hold 3 M 429 Not Provided 08.02.2013

Barclays CLAUDIA GASPARI underweight 1 M 372 Not Provided 08.02.2013

Alm Brand Markets STIG NYMANN neutral 3 D 490 Not Provided 07.02.2013

Goldman Sachs VINIT MALHOTRA Sell/Neutral 1 M 374 12 month 07.02.2013

Credit Suisse CHRIS ESSON underperform 1 M 415 Not Provided 07.02.2013

Keefe, Bruyette & Woods KARL MORRIS underperform 1 D 454 12 month 07.02.2013

DNB Markets HAKON FURE sell 1 M 350 Not Provided 06.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013

SEB Enskilda CLAUS GROEN THERP sell 1 D 386 Not Provided 16.01.2013

NYKREDIT RICKY S RASMUSSEN underperform 1 M #N/A N/A Not Provided 11.01.2013

Pareto Securities VEGARD EID MEDIAS hold 3 M 400 6 month 13.12.2012

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 430 12 month 06.12.2012

LD Invest Markets TORSTEN BECH buy 5 M 370 Not Provided 16.08.2010

Holdings By:

Tryg A/S ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 370: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Tui Travel PLC operates as an international leisure travel group in the

European and North American market. The Company offers accommodations in

flights, hotels, tours, cruises, car hire, and retail shops. Tui services

business and personal travelers.

Latest Fiscal Year: 09/2012

LTM as of: 12/yy

52-Week High (20.02.2013) 334.60

52-Week Low (14.06.2012) 156.50

Daily Volume

317

52-Week High % Change -5.26% Dividend Yield 3.69

52-Week Low % Change 102.56% Beta 1.18

% 52 Week Price Range High/Low 90.12% Equity Float 409.47

Shares Out 17.01.2013 1'118.0 Short Int -

3'544.09 1 Yr Total Return 69.59%

Total Debt 938.00 YTD Return 12.21%

Preferred Stock 0.0 Adjusted BETA 1.176

Minority Interest 44.0 Analyst Recs 23

Cash and Equivalents 849.00 Consensus Rating 3.522

Enterprise Value 3'677.09

Average Volume 5 Day 1'960'040

TT/ LN EQUITY YTD Change - Average Volume 30 Day 2'552'486

TT/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'078'091

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

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

13'931.8 13'851.0 13'514.0 14'687.0 14'460.0 14'818.0 14'333.0 14'789.6 15'129.5 - -

0.18x 0.23x 0.20x 0.12x 0.19x 0.36x 0.43x 0.24x 0.22x - -

837.4 644.0 649.0 685.0 709.0 0.0 0.0 729.8 770.4 - -

3.01x 4.89x 4.07x 2.47x 3.88x 0.00x 0.00x 5.04x 4.77x - -

(270.7) (67.0) (123.0) 85.0 138.0 67.0 122.0 322.7 354.1 - -

- - - 19.44x 18.80x 27.57x 25.63x 11.49x 10.53x - -

EBITDA 709.00 Long-Term Rating Date -

EBIT 490.00 Long-Term Rating -

Operating Margin 3.39% Long-Term Outlook -

Pretax Margin 1.39% Short-Term Rating Date -

Return on Assets 1.56% Short-Term Rating -

Return on Common Equity 7.99%

Return on Capital 10.05% EBITDA/Interest Exp. 3.62

Asset Turnover 1.64% (EBITDA-Capex)/Interest Exp. 2.15

Net Debt/EBITDA 0.13

Gross Margin 10.3% Total Debt/EBITDA 1.32

EBITDA Margin 4.9%

EBIT Margin 3.4% Total Debt/Equity 59.9%

Net Income Margin 1.0% Total Debt/Capital 36.8%

Asset Turnover 1.64

Current Ratio 0.42 Net Fixed Asset Turnover 13.79

Quick Ratio 0.27 Accounts receivable turnover-days 12.77

Debt to Assets 10.88% Inventory Days 1.83

Tot Debt to Common Equity 59.94% Accounts Payable Turnover Day 81.79

Accounts Receivable Turnover 28.66 Cash Conversion Cycle -67.19

Inventory Turnover 199.46

Fiscal Year Ended

TUI Travel PLCPrice/Volume

Valuation Analysis

2'089'643.00

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

'

2'

-''

-2'

.''

.2'

0''

02'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

-'!''

.'!''

0'!''

1'!''

2'!''

3'!''

4'!''

5'!''

'.!-'!.''6 '.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 371: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

TUI AG n/a RNS-MAJ 630'988'003 56.44 (17'260) 06.02.2013 Unclassified

Monteray Enterprises Multiple Portfolios REG 60'053'493 5.37 819'254 01.01.2013 Unclassified

BLACKROCK n/a ULT-AGG 35'802'936 3.2 (2'577) 26.02.2013 Investment Advisor

M&G INVESTMENT MANAG n/a RNS-RUL8 30'510'998 2.73 (2'450) 17.01.2013 Investment Advisor

MARATHON ASSET MANAG n/a RNS-RUL8 25'931'986 2.32 (617'237) 21.01.2013 Investment Advisor

KAMES CAPITAL PLC n/a RNS-RUL8 23'703'451 2.12 - 16.01.2013 Investment Advisor

STATE STREET n/a ULT-AGG 23'509'046 2.1 894'551 27.02.2013 Investment Advisor

AEGON n/a ULT-AGG 23'375'256 2.09 18'894'499 01.01.2013 Unclassified

LEGAL & GENERAL n/a ULT-AGG 20'331'627 1.82 142'817 31.01.2013 Unclassified

JP MORGAN n/a ULT-AGG 18'262'417 1.63 (3'490'097) 21.01.2013 Unclassified

D E SHAW & CO UK LTD n/a Short (14'422'339) -1.29 670'806 13.02.2013 Other

LLOYDS BANKING GROUP n/a ULT-AGG 13'550'880 1.21 (59'021) 22.01.2013 Investment Advisor

NORGES BANK n/a RNS-RUL8 12'460'188 1.11 25'800 25.01.2013 Government

DIMENSIONAL FUND ADV n/a RNS-RUL8 12'336'641 1.1 - 16.01.2013 Investment Advisor

BNP PARIBAS SA n/a Short (11'739'113) -1.05 (1'341'613) 20.02.2013 Bank

JO HAMBRO CAPITAL MA n/a RNS-RUL8 11'664'890 1.04 115'000 17.01.2013 Investment Advisor

MORTON HOLDINGS INC n/a Short (9'838'495) -0.88 - 01.11.2012 Corporation

DIMENSIONAL FUND ADV Multiple Portfolios REG 9'745'527 0.87 (1'139'789) 01.01.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'002'854 0.81 171'020 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 8'137'046 0.73 3'201'597 01.01.2013 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue BERENICE LACROIX add 4 D 378 6 month 21.02.2013

HSBC LENA THAKKAR neutral 3 M 290 Not Provided 19.02.2013

Panmure Gordon & Co Limited SIMON FRENCH hold 3 U 303 Not Provided 15.02.2013

Day by Day VALERIE GASTALDY buy 5 U 347 3 month 14.02.2013

Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 280 12 month 08.02.2013

Goldman Sachs NICK EDELMAN neutral/neutral 3 M 310 6 month 08.02.2013

JPMorgan JAAFAR MESTARI overweight 5 M 350 9 month 08.02.2013

Natixis GEOFFREY D'HALLUIN neutral 3 M 300 Not Provided 08.02.2013

Deutsche Bank GEOF COLLYER hold 3 M 275 12 month 07.02.2013

Peel Hunt NICHOLAS BATRAM hold 3 M 321 Not Provided 07.02.2013

Nomura RICHARD STUBER neutral 3 M 168 12 month 07.02.2013

Numis Securities Ltd WYN ELLIS hold 3 M 310 Not Provided 07.02.2013

Oriel Securities Ltd JEFFREY HARWOOD add 4 M #N/A N/A Not Provided 07.02.2013

Exane BNP Paribas MATTHIAS DESMARAIS underperform 1 M 280 Not Provided 07.02.2013

Barclays ED BIRKIN overweight 5 M 325 Not Provided 07.02.2013

Investec JAMES HOLLINS hold 3 M 270 12 month 17.01.2013

Jefferies IAN RENNARDSON hold 3 M 300 12 month 16.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013

Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 04.12.2012

Credit Suisse TIM RAMSKILL neutral 3 M 210 Not Provided 13.09.2012

Charles Stanley Securities DOUGLAS MCNEILL buy 5 M 240 Not Provided 30.11.2011

Holdings By:

TUI Travel PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 372: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

UBM PLC is a global business information service provider. The Company provides

news distribution, events, online, business information and publishing services

to the technology, healthcare, built environment, trade & transportation, pulp

& paper and many other industries worldwide.

Latest Fiscal Year: 12/2011

LTM as of: 03/yy

52-Week High (22.02.2013) 795.00

52-Week Low (01.06.2012) 509.00

Daily Volume

765

52-Week High % Change -3.77% Dividend Yield 3.49

52-Week Low % Change 50.29% Beta 1.17

% 52 Week Price Range High/Low 89.51% Equity Float 243.35

Shares Out 01.02.2013 245.5 Short Int -

1'877.83 1 Yr Total Return 37.00%

Total Debt 633.10 YTD Return 6.25%

Preferred Stock 0.0 Adjusted BETA 1.174

Minority Interest 27.0 Analyst Recs 26

Cash and Equivalents 106.70 Consensus Rating 3.692

Enterprise Value 2'443.93

Average Volume 5 Day 673'266

UBM LN EQUITY YTD Change - Average Volume 30 Day 828'861

UBM LN EQUITY YTD % CHANGE - Average Volume 3 Month 693'576

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3

801.6 887.0 847.6 889.2 972.3 0.0 264.2 961.1 978.7 - -

2.18x 1.71x 1.62x 2.47x 1.77x #DIV/0! 0.00x 2.53x 2.33x - -

193.7 184.6 181.7 184.6 215.1 0.0 0.0 219.5 226.5 - -

9.01x 8.23x 7.54x 11.89x 8.01x 0.00x 0.00x 11.13x 10.79x - -

108.8 76.4 75.2 90.8 75.7 0.0 0.0 139.9 145.3 - -

16.12x 16.05x 15.01x 18.50x 15.36x 0.00x 0.00x 13.37x 12.97x - -

EBITDA 215.10 Long-Term Rating Date 02.03.2005

EBIT 160.80 Long-Term Rating BBB-

Operating Margin 16.54% Long-Term Outlook STABLE

Pretax Margin 10.49% Short-Term Rating Date 02.03.2005

Return on Assets 4.85% Short-Term Rating A-3

Return on Common Equity 20.44%

Return on Capital 11.18% EBITDA/Interest Exp. 7.32

Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 6.64

Net Debt/EBITDA 2.37

Gross Margin - Total Debt/EBITDA 2.85

EBITDA Margin 22.5%

EBIT Margin 17.2% Total Debt/Equity 164.4%

Net Income Margin 7.8% Total Debt/Capital 60.6%

Asset Turnover 0.60

Current Ratio 0.63 Net Fixed Asset Turnover 26.16

Quick Ratio 0.47 Accounts receivable turnover-days -

Debt to Assets 37.57% Inventory Days -

Tot Debt to Common Equity 164.44% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

UBM PLCPrice/Volume

Valuation Analysis

537'158.00

Current Price (2/dd/yy) Market Data

'-''.''0''1''2''3''4''5''6''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 9

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 373: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BLACKROCK n/a ULT-AGG 44'003'352 17.93 1'267'241 26.02.2013 Investment Advisor

FMR LLC n/a ULT-AGG 24'530'627 9.99 4'000'496 30.09.2012 Investment Advisor

MASSACHUSETTS FINANC n/a RNS-MAJ 12'678'727 5.17 501'073 17.07.2012 Investment Advisor

STANDARD LIFE INVEST n/a Co File 12'249'815 4.99 - 31.12.2011 Investment Advisor

LLOYDS BANKING GROUP n/a ULT-AGG 11'727'687 4.78 - 31.12.2011 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 9'876'720 4.02 - 16.09.2011 Investment Advisor

PRUDENTIAL PLC n/a RNS-MAJ 8'965'583 3.65 - 03.10.2011 Investment Advisor

SANDERSON ASSET MANA n/a RNS-MAJ 7'383'690 3.01 - 04.10.2011 Investment Advisor

AVIVA PLC n/a RNS-MAJ 7'261'965 2.96 (4'922'412) 14.02.2012 Investment Advisor

KAMES CAPITAL PLC n/a RNS-RUL8 7'150'713 2.91 - 03.12.2012 Investment Advisor

IGNIS INVESTMENT SER n/a RNS-MAJ 7'118'247 2.9 (2'531'308) 24.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'600'000 1.87 - 31.07.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 3'111'291 1.27 (30'804) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'719'430 1.11 48'225 31.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 2'296'671 0.94 - 31.07.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 2'259'533 0.92 (344'212) 31.10.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 2'224'080 0.91 (384'370) 31.12.2012 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'674'600 0.68 - 31.12.2011 Investment Advisor

HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 1'536'000 0.63 214'422 30.11.2012 Investment Advisor

SAEMOR CAPITAL BV n/a Short (1'497'357) -0.61 - 20.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Investec STEVEN LIECHTI hold 3 M 745 12 month 22.02.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 890 Not Provided 22.02.2013

AlphaValue VERONIQUE CABIOC'H reduce 2 M 793 6 month 21.02.2013

Numis Securities Ltd GARETH R DAVIES hold 3 M 766 Not Provided 20.02.2013

Exane BNP Paribas WILLIAM PACKER outperform 5 M 870 Not Provided 19.02.2013

Canaccord Genuity Corp SIMON DAVIES hold 3 M 745 Not Provided 18.02.2013

Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 900 Not Provided 18.02.2013

Peel Hunt PATRICK YAU hold 3 M 791 Not Provided 15.02.2013

Nomura MATTHEW WALKER buy 5 M 900 12 month 13.02.2013

JPMorgan MARK O'DONNELL neutral 3 D 770 9 month 08.02.2013

Deutsche Bank MARK BRALEY buy 5 M 840 12 month 06.02.2013

Macquarie ANGUS TWEEDIE neutral 3 M 700 12 month 06.02.2013

Espirito Santo Investment Bank ResearchMARK EVANS sell 1 M 480 Not Provided 06.02.2013

Barclays NICK DEMPSEY overweight 5 M 830 Not Provided 06.02.2013

Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 850 12 month 05.02.2013

Westhouse Securities RODDY DAVIDSON add 4 M 829 12 month 05.02.2013

Credit Suisse JOSEPH BARNET-LAMB outperform 5 M 800 Not Provided 21.01.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Goldman Sachs VIGHNESH PADIACHY Buy/Neutral 5 M 910 12 month 09.01.2013

HSBC DAN GRAHAM overweight 5 M 725 Not Provided 23.10.2012

N+1 Singer Ltd JOHNATHAN BARRETT hold 3 M 744 12 month 16.10.2012

Berenberg Bank SARAH SIMON buy 5 M 670 Not Provided 06.08.2012

CA Cheuvreux ANDREA BENEVENTI underperform 1 M 600 Not Provided 14.05.2012

Holdings By:

UBM PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 374: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Ultra Electronics Holdings plc designs, manufactures, and supports electronic

and electromechanical systems, sub-systems, and products for defense, security,

and aerospace applications worldwide. The Group focuses on sensing, control,

communication, and display systems which an emphasis on integrated information

technology solutions.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (03.04.2012) 1'787.00

52-Week Low (01.08.2012) 1'420.00

Daily Volume

1684

52-Week High % Change -5.76% Dividend Yield 2.32

52-Week Low % Change 18.59% Beta 0.87

% 52 Week Price Range High/Low 71.93% Equity Float 65.61

Shares Out 12.02.2013 69.4 Short Int -

1'169.30 1 Yr Total Return 2.29%

Total Debt 87.20 YTD Return 1.20%

Preferred Stock 0.0 Adjusted BETA 0.868

Minority Interest 0.4 Analyst Recs 13

Cash and Equivalents 41.05 Consensus Rating 3.308

Enterprise Value 1'237.51

Average Volume 5 Day 97'028

ULE LN EQUITY YTD Change - Average Volume 30 Day 100'215

ULE LN EQUITY YTD % CHANGE - Average Volume 3 Month 92'838

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

412.9 515.3 651.0 710.0 731.7 - - 771.4 789.3 - -

2.30x 1.62x 1.49x 1.62x 1.46x - - 1.58x 1.49x - -

65.2 85.1 139.6 120.9 135.1 - - 131.7 134.3 - -

14.53x 9.83x 6.94x 9.49x 7.89x - - 9.40x 9.21x - -

41.2 1.8 78.5 66.3 65.9 - - 83.7 86.0 - -

22.58x 435.77x 11.95x 17.52x 15.36x - - 13.84x 13.35x - -

EBITDA 135.09 Long-Term Rating Date -

EBIT 96.52 Long-Term Rating -

Operating Margin 13.19% Long-Term Outlook -

Pretax Margin 12.46% Short-Term Rating Date -

Return on Assets 8.54% Short-Term Rating -

Return on Common Equity 22.71%

Return on Capital 18.75% EBITDA/Interest Exp. 16.21

Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 14.76

Net Debt/EBITDA 0.49

Gross Margin 29.6% Total Debt/EBITDA 0.97

EBITDA Margin 18.1%

EBIT Margin 12.4% Total Debt/Equity 30.6%

Net Income Margin 9.0% Total Debt/Capital 23.4%

Asset Turnover 1.03

Current Ratio 0.83 Net Fixed Asset Turnover 15.68

Quick Ratio 0.62 Accounts receivable turnover-days 74.12

Debt to Assets 11.24% Inventory Days 32.35

Tot Debt to Common Equity 30.62% Accounts Payable Turnover Day 91.01

Accounts Receivable Turnover 4.92 Cash Conversion Cycle 12.90

Inventory Turnover 11.28

Fiscal Year Ended

Ultra Electronics Holdings PLCPrice/Volume

Valuation Analysis

109'089.00

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

'.''1''3''5''

-'''-.''-1''-3''-5''.'''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!- 9

!. 9

!. 9

!0 9

!0 9

!1 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 375: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

SCHRODER INVESTMENT Multiple Portfolios REG 5'160'968 7.43 396'188 01.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 4'487'079 6.46 31'176 31.12.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 3'588'390 5.17 151'178 01.11.2012 Investment Advisor

ARTEMIS INVESTMENT M n/a RNS-MAJ 3'460'241 4.98 (30'652) 23.01.2013 Hedge Fund Manager

LEGAL & GENERAL n/a ULT-AGG 3'386'854 4.88 103'240 31.01.2013 Unclassified

F&C ASSET MANAGEMENT n/a RNS-MAJ 3'298'333 4.75 (673'002) 23.04.2010 Investment Advisor

MONDRIAN INVESTMENT Multiple Portfolios REG 3'253'409 4.69 22'627 01.11.2012 Hedge Fund Manager

M&G INVESTMENT MANAG Multiple Portfolios REG 3'207'283 4.62 (16'556) 01.11.2012 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 3'128'739 4.51 250'581 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 2'910'296 4.19 - 26.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'769'566 3.99 (1'014) 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 2'740'965 3.95 (226'464) 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios REG 2'240'676 3.23 72'772 01.11.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 1'987'299 2.86 (82'707) 01.11.2012 Unclassified

IGNIS ASSET MANAGEME Multiple Portfolios REG 1'892'360 2.73 (93'820) 01.11.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 1'848'595 2.66 (138'010) 01.11.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios REG 1'734'877 2.5 (214'265) 01.11.2012 Mutual Fund Manager

NORGES BANK INVESTME Multiple Portfolios REG 1'649'407 2.38 - 01.11.2012 Government

AEGON n/a ULT-AGG 1'512'474 2.18 224'136 01.11.2012 Unclassified

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'485'359 2.14 412'472 30.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Investec ANDREW GOLLAN hold 3 M 1'480 12 month 22.02.2013

JPMorgan DAVID H. PERRY neutral 3 M 1'820 9 month 11.02.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 D 1'700 Not Provided 21.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank BEN FIDLER sell 1 D 1'400 12 month 12.12.2012

Kepler Capital Markets CHRISTOPHE MENARD buy 5 N 1'830 Not Provided 28.11.2012

Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 1'850 Not Provided 16.11.2012

Arden Partners Ltd GRAHAM J WEBSTER neutral 3 M #N/A N/A Not Provided 01.10.2012

Barclays RICHARD PAIGE equalweight 3 U 1'840 Not Provided 02.05.2012

Canaccord Genuity Corp PAUL BRANT hold 3 M 1'530 Not Provided 26.03.2012

Holdings By:

Ultra Electronics Holdings PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 376: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

United Internet AG offers Internet access services. The Company serves home

users, small offices and home offices, and small-to medium-sized companies.

United Internet also offers hotline and help desk services to international

corporations.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (13.02.2013) 18.00

52-Week Low (04.06.2012) 12.49

Daily Volume

17.735

52-Week High % Change -1.44% Dividend Yield -

52-Week Low % Change 42.05% Beta 0.78

% 52 Week Price Range High/Low 95.28% Equity Float 102.86

Shares Out 06.02.2013 194.0 Short Int -

3'440.59 1 Yr Total Return 25.25%

Total Debt 524.59 YTD Return 8.74%

Preferred Stock 0.0 Adjusted BETA 0.776

Minority Interest 9.6 Analyst Recs 23

Cash and Equivalents 64.87 Consensus Rating 4.000

Enterprise Value 3'823.68

Average Volume 5 Day 198'203

UTDI GY EQUITY YTD Change - Average Volume 30 Day 269'892

UTDI GY EQUITY YTD % CHANGE - Average Volume 3 Month 363'784

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

1'487.4 1'570.4 1'658.9 1'907.1 2'094.1 2'035.3 2'323.5 2'384.7 2'634.7 628.5 -

2.83x 1.24x 1.45x 1.55x 1.50x 6.04x 5.54x 1.59x 1.41x - -

308.8 359.6 420.3 371.6 371.1 386.7 322.9 338.9 409.8 100.8 -

13.62x 5.40x 5.74x 7.95x 8.47x 7.70x 10.73x 11.35x 9.38x - -

220.2 (120.2) 279.9 129.1 162.3 156.8 101.7 137.3 203.1 52.4 -

17.88x - 7.56x 20.97x 17.47x 0.00x 38.73x 23.40x 16.51x - -

EBITDA 371.05 Long-Term Rating Date -

EBIT 276.02 Long-Term Rating -

Operating Margin 13.18% Long-Term Outlook -

Pretax Margin 11.97% Short-Term Rating Date -

Return on Assets 8.69% Short-Term Rating -

Return on Common Equity 58.66%

Return on Capital - EBITDA/Interest Exp. 14.68

Asset Turnover 1.98% (EBITDA-Capex)/Interest Exp. 12.53

Net Debt/EBITDA 1.16

Gross Margin 34.3% Total Debt/EBITDA 1.30

EBITDA Margin 13.9%

EBIT Margin 7.5% Total Debt/Equity 361.5%

Net Income Margin 7.8% Total Debt/Capital 77.2%

Asset Turnover 1.98

Current Ratio 0.53 Net Fixed Asset Turnover 21.89

Quick Ratio 0.29 Accounts receivable turnover-days 16.50

Debt to Assets 44.19% Inventory Days 5.06

Tot Debt to Common Equity 361.48% Accounts Payable Turnover Day 44.78

Accounts Receivable Turnover 22.19 Cash Conversion Cycle -36.41

Inventory Turnover 72.29

Fiscal Year Ended

United Internet AGPrice/Volume

Valuation Analysis

231'000.00

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

'.135

-'-.-1-3-5.'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'!''

2!''

-'!''

-2!''

.'!''

.2!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 377: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

DOMMERMUTH RALPH n/a Co File 90'000'000 46.39 - 31.12.2011 n/a

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 10'349'651 5.33 109'127 31.12.2012 Investment Advisor

DWS INVESTMENT GMBH #N/A N/A Research 9'708'975 5 - 19.02.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 8'185'777 4.22 34'733 26.02.2013 Investment Advisor

ALLIANZ GLOBAL INVES n/a Research 6'503'582 3.35 - 20.07.2012 Investment Advisor

OPPENHEIMERFUNDS INC n/a Research 5'873'094 3.03 - 12.02.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'580'040 2.36 (210'033) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'676'451 0.86 28'096 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 1'606'128 0.83 (48'987) 31.12.2012 Investment Advisor

MARBLE ARCH INVESTME n/a Short (1'420'000) -0.73 (1'000) 09.01.2013 Hedge Fund Manager

DWS INVESTMENT S A Multiple Portfolios MF-AGG 917'984 0.47 46'777 28.12.2012 Mutual Fund Manager

SCHEEREN MICHAEL n/a Co File 700'000 0.36 - 31.12.2011 n/a

DWS INVESTMENT SA Multiple Portfolios MF-AGG 675'000 0.35 (25'000) 28.12.2012 Mutual Fund Manager

METZLER ASSET MANAGE Multiple Portfolios MF-AGG 491'500 0.25 (41'600) 31.08.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 444'730 0.23 371'166 28.12.2012 Mutual Fund Manager

LANG NORBERT n/a Co File 442'877 0.23 - 31.12.2011 n/a

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 394'927 0.2 (212'112) 31.03.2012 Investment Advisor

MADISON SQUARE INVES Multiple Portfolios MF-AGG 376'113 0.19 - 31.12.2012 Investment Advisor

METZLER INVESTMENT G Multiple Portfolios MF-AGG 355'100 0.18 500 31.08.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 350'000 0.18 150'000 28.09.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Matelan Research GmbH ADRIAN HOPKINSON buy 5 N 23 12 month 07.02.2013

HSBC DOMINIK KLARMANN overweight 5 M 20 Not Provided 05.02.2013

Commerzbank Corporates & Markets HEIKE PAULS buy 5 M 22 6 month 04.02.2013

AlphaValue HEINZ STEFFEN sell 1 M 15 6 month 04.02.2013

Goldman Sachs TIMOTHY BODDY Sell/Neutral 1 M 15 12 month 25.01.2013

Bankhaus Lampe WOLFGANG SPECHT buy 5 N 20 12 month 23.01.2013

JPMorgan TORSTEN ACHTMANN neutral 3 M 17 9 month 21.01.2013

Macquarie ALEX GRANT outperform 5 M 21 12 month 21.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 17 12 month 08.01.2013

Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 18 12 month 08.01.2013

DZ Bank AG KARSTEN OBLINGER buy 5 M 19 12 month 05.12.2012

Berenberg Bank USMAN GHAZI buy 5 M 20 Not Provided 04.12.2012

Deutsche Bank BENJAMIN KOHNKE buy 5 M 19 12 month 23.11.2012

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 18 Not Provided 22.11.2012

Bankhaus Metzler ULRICH TRABERT buy 5 M 18 12 month 22.11.2012

Nomura HENRIK NYBLOM neutral 3 M 11 12 month 22.11.2012

Exane BNP Paribas MICHAEL ZORKO neutral 3 M 15 Not Provided 22.11.2012

M.M. Warburg Investment Research JOCHEN REICHERT buy 5 M 21 12 month 24.10.2012

Kepler Capital Markets THOMAS KARLOVITS hold 3 M 14 Not Provided 23.05.2012

Close Brothers Equity Markets MARCUS SILBE hold 3 M 14 12 month 10.02.2012

Equita SIM SpA GIANMARCO BONACINA hold 3 D 13 12 month 17.08.2011

Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 M 17 12 month 22.03.2011

Holdings By:

United Internet AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 378: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Valiant Holding AG, through its subsidiaries, provides financial services in

Switzerland. The company offers a range of products and services in the areas

of retail banking, business banking, private banking, and asset management.

Latest Fiscal Year: 12/2011

LTM as of: 01/yy

52-Week High (02.03.2012) 111.64

52-Week Low (31.08.2012) 74.35

Daily Volume

85.1

52-Week High % Change -23.77% Dividend Yield -

52-Week Low % Change 14.46% Beta 0.62

% 52 Week Price Range High/Low 28.83% Equity Float 15.44

Shares Out 30.06.2012 15.8 Short Int -

1'343.94 1 Yr Total Return -22.15%

Total Debt 6'379.30 YTD Return -2.07%

Preferred Stock 0.0 Adjusted BETA 0.615

Minority Interest 0.0 Analyst Recs 2

Cash and Equivalents 1'946.12 Consensus Rating 3.000

Enterprise Value -

Average Volume 5 Day 16'327

VATN SE EQUITY YTD Change - Average Volume 30 Day 21'171

VATN SE EQUITY YTD % CHANGE - Average Volume 3 Month 40'395

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

669.8 731.7 731.2 707.1 693.4 - - 386.0 391.0 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

152.5 148.6 148.5 122.5 127.6 - - 114.0 107.0 - -

19.71x 21.96x 22.77x 16.88x 14.72x - - 11.69x 12.44x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 30.02% Long-Term Outlook -

Pretax Margin 36.50% Short-Term Rating Date -

Return on Assets 0.50% Short-Term Rating -

Return on Common Equity 6.93%

Return on Capital 1.52% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 351.2%

Net Income Margin 29.5% Total Debt/Capital 77.8%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 3.44

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 25.30% Inventory Days -

Tot Debt to Common Equity 351.20% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Valiant HoldingPrice/Volume

Valuation Analysis

21'290.00

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

'

.'

1'

3'

5'

-''

-.'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!- 9!- 9!. 9!. 9!0 9!0 9!1 9!1 9!2 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''

'!.'

'!1'

'!3'

'!5'

-!''

-!.'

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 379: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 219'696 1.39 131'976 31.10.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 165'729 1.05 2'645 31.12.2012 Investment Advisor

VALIANT HOLDING AG n/a EXCH 145'350 0.92 - 28.06.2011 Corporation

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 135'678 0.86 617 28.12.2012 Mutual Fund Manager

PICTET & CIE Multiple Portfolios MF-AGG 72'023 0.46 (1'403) 30.11.2012 Mutual Fund Manager

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 64'985 0.41 2'180 30.11.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 60'020 0.38 - 31.07.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 40'105 0.25 - 26.02.2013 Investment Advisor

HAEUSERRMANN MARKUS n/a Co File 36'272 0.23 - 31.12.2010 n/a

STREIT KURT n/a Co File 31'598 0.2 - 31.12.2010 n/a

BEYELER ROLF n/a Co File 27'445 0.17 - 31.12.2010 n/a

HOBMEIER MICHAEL n/a Co File 26'149 0.17 - 31.12.2010 n/a

NYFFELER PAUL n/a Co File 19'638 0.12 - 31.12.2010 n/a

ZGRAGGEN EDUARD n/a Co File 16'576 0.1 - 31.12.2010 n/a

UBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 16'305 0.1 16'305 31.10.2012 Investment Advisor

GAFNER MARTIN n/a Co File 15'430 0.1 - 31.12.2010 n/a

ADVISORY RESEARCH IN Multiple Portfolios MF-AGG 12'330 0.08 5'927 31.10.2012 Investment Advisor

SWISSCANTO ANLAGESTI Multiple Portfolios MF-AGG 11'484 0.07 - 30.11.2012 Investment Advisor

GERIFONDS SA Multiple Portfolios MF-AGG 11'105 0.07 5'124 30.09.2012 Mutual Fund Manager

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 8'760 0.06 (3'594) 31.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Main First Bank AG KILIAN MAIER outperform 5 M 100 12 month 31.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013

Holdings By:

Valiant Holding ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 380: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Vedanta Resources Plc mines and processes metals. The Company mines copper,

aluminum, and zinc in India and Australia and operates refineries and smelters.

Latest Fiscal Year: 03/2012

LTM as of: 12/yy

52-Week High (29.02.2012) 1'519.00

52-Week Low (26.07.2012) 821.00

Daily Volume

1180

52-Week High % Change -22.32% Dividend Yield 3.13

52-Week Low % Change 43.73% Beta 1.90

% 52 Week Price Range High/Low 51.43% Equity Float 81.48

Shares Out 31.01.2013 266.3 Short Int -

3'142.41 1 Yr Total Return -15.02%

Total Debt 16'955.40 YTD Return 1.99%

Preferred Stock 0.0 Adjusted BETA 1.899

Minority Interest 13'768.9 Analyst Recs 12

Cash and Equivalents 6'885.30 Consensus Rating 3.417

Enterprise Value 28'854.76

Average Volume 5 Day 965'973

VED LN EQUITY YTD Change - Average Volume 30 Day 873'234

VED LN EQUITY YTD % CHANGE - Average Volume 3 Month 785'480

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 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

8'203.7 6'578.9 7'930.5 11'427.2 14'005.3 8'194.9 17'631.3 14'789.6 17'353.3 3'605.0 3'892.0

1.86x 1.13x 2.54x 1.87x 2.12x 0.00x 0.00x 1.90x 1.56x - -

3'003.9 1'856.1 2'035.7 3'490.6 4'465.0 0.0 0.0 4'959.8 5'893.9 - -

5.07x 4.01x 9.90x 6.14x 6.64x 0.00x 0.00x 5.82x 4.90x - -

879.0 219.4 602.3 770.8 59.8 0.0 0.0 396.8 705.9 - -

13.63x 12.64x 19.21x 13.50x 89.55x 0.00x 0.00x 11.97x 7.11x - -

EBITDA 4'465.00 Long-Term Rating Date 15.02.2011

EBIT 3'056.60 Long-Term Rating -

Operating Margin 21.82% Long-Term Outlook NEG

Pretax Margin 12.46% Short-Term Rating Date -

Return on Assets 0.53% Short-Term Rating -

Return on Common Equity 4.40%

Return on Capital 8.19% EBITDA/Interest Exp. 3.81

Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 1.43

Net Debt/EBITDA 1.85

Gross Margin 25.4% Total Debt/EBITDA 3.20

EBITDA Margin 35.7%

EBIT Margin 22.0% Total Debt/Equity 364.6%

Net Income Margin 0.4% Total Debt/Capital 47.9%

Asset Turnover 0.39

Current Ratio 1.30 Net Fixed Asset Turnover 0.58

Quick Ratio 0.95 Accounts receivable turnover-days -

Debt to Assets 36.91% Inventory Days 64.34

Tot Debt to Common Equity 364.59% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 18.10

Inventory Turnover 5.69

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vedanta Resources PLCPrice/Volume

Valuation Analysis

537'971.00

Current Price (2/dd/yy) Market Data

'

.''

1''

3''

5''

-'''

-.''

-1''

-3''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!2 9-!' 9-!2 9.!' 9.!2 90!' 90!2 91!' 91!2 92!' 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!''

-'!''

-.!''

'0!'1!.''6 '0!-'!.''6 '0!'1!.'-' '0!-'!.'-' '0!'1!.'-- '0!-'!.'-- '0!'1!.'-. '0!-'!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 381: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

VOLCAN INVESTMENTS L n/a RNS-DIR 173'042'443 64.98 2'590'562 07.02.2013 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 11'096'207 4.17 900'910 03.12.2012 Government

BLACKROCK n/a ULT-AGG 10'058'168 3.78 960'688 26.02.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 7'877'904 2.96 (1'273'111) 31.12.2012 Investment Advisor

DEUTSCHE PRIVATE BAN Multiple Portfolios REG 4'978'482 1.87 (1'422) 03.12.2012 Unclassified

HANSBERGER GLOBAL IN Multiple Portfolios REG 4'277'050 1.61 510'753 03.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 4'063'012 1.53 (17'729) 31.01.2013 Unclassified

HSBC Investment Fund Multiple Portfolios REG 3'535'160 1.33 868'840 03.12.2012 Unclassified

UBS n/a ULT-AGG 2'225'915 0.84 (40'875) 03.12.2012 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'035'503 0.76 60'853 31.12.2012 Investment Advisor

Gorey Investments Lt Multiple Portfolios REG 1'704'333 0.64 - 03.12.2012 Unclassified

BLACKROCK INVESTMENT n/a Short (1'674'505) -0.63 - 01.11.2012 Investment Advisor

AQR CAPITAL MANAGEME n/a Short (1'570'720) -0.59 265'950 22.01.2013 Hedge Fund Manager

BARCLAYS PERSONAL IN Multiple Portfolios REG 1'234'024 0.46 (58'797) 03.12.2012 Investment Advisor

HSBC ASSET MANAGEMEN Multiple Portfolios REG 1'092'318 0.41 (298'390) 03.12.2012 Investment Advisor

VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'091'394 0.41 - 26.02.2013 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 1'082'995 0.41 (203'234) 03.12.2012 Investment Advisor

TD WATERHOUSE GROUP Multiple Portfolios REG 1'072'462 0.4 (94'824) 03.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios REG 1'057'436 0.4 92'937 03.12.2012 Investment Advisor

HSBC INVESTMENTS HON Multiple Portfolios MF-AGG 947'280 0.36 280'048 12.03.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 27.02.2013

RBC Capital Markets TIMOTHY HUFF sector perform 3 D 1'300 12 month 25.02.2013

AlphaValue SACHIN KUMAR reduce 2 D 1'281 6 month 14.02.2013

Jefferies Christopher LaFemina hold 3 M 1'150 12 month 08.02.2013

HSBC THORSTEN ZIMMERMANN neutral 3 M 1'310 Not Provided 07.02.2013

Deutsche Bank GRANT SPORRE buy 5 M 1'485 12 month 04.02.2013

Morgan Stanley ALAIN GABRIEL Equalwt/In-Line 3 M 1'320 12 month 31.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Credit Suisse LIAM FITZPATRICK outperform 5 M 1'500 Not Provided 14.01.2013

Barclays DAVID BUTLER overweight 5 M 1'445 Not Provided 14.01.2013

JPMorgan ROGER BELL restricted #N/A N/A M #N/A N/A Not Provided 09.08.2012

Goldman Sachs FAWZI HANANO not rated #N/A N/A M #N/A N/A Not Provided 28.06.2012

Nomura PATRICK JONES suspended coverage #N/A N/A M #N/A N/A Not Provided 11.02.2012

KD Banka d.d. MATJAZ MALETIC accumulate 4 N 2'541 12 month 11.02.2010

Holdings By:

Vedanta Resources PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 382: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Verbund AG provides integrated electric generations, transmission, and

distribution services. The Company produces power through the operation of

hydro-electric, thermal, and wind power generators. Verbund transmits and

distributes power to customers both domestically and internationally.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (21.03.2012) 23.20

52-Week Low (25.07.2012) 14.50

Daily Volume

15.72

52-Week High % Change -32.24% Dividend Yield -

52-Week Low % Change 8.41% Beta 0.84

% 52 Week Price Range High/Low 14.02% Equity Float -

Shares Out 30.09.2012 170.2 Short Int -

5'461.38 1 Yr Total Return -23.28%

Total Debt 4'233.69 YTD Return -16.20%

Preferred Stock 0.0 Adjusted BETA 0.836

Minority Interest 605.9 Analyst Recs 22

Cash and Equivalents 333.24 Consensus Rating 2.136

Enterprise Value 10'053.87

Average Volume 5 Day 187'562

VER AV EQUITY YTD Change - Average Volume 30 Day 235'894

VER AV EQUITY YTD % CHANGE - Average Volume 3 Month 207'670

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

3'038.3 3'744.7 3'483.1 3'307.9 3'865.4 3'107.7 3'351.4 3'651.1 3'584.4 1'237.0 -

5.69x 3.50x 3.91x 4.24x 3.03x 18.00x 13.58x 2.78x 2.80x - -

1'098.1 1'280.3 1'244.2 1'057.6 1'240.1 1'093.0 1'611.6 1'181.3 1'166.8 - -

15.74x 10.24x 10.96x 13.27x 9.44x 10.88x 6.32x 8.51x 8.62x - -

579.2 686.6 644.4 400.8 352.6 381.6 355.9 403.6 376.8 - -

25.47x 14.60x 14.22x 21.78x 20.53x 19.53x 15.78x 13.32x 14.30x - -

EBITDA 1'240.07 Long-Term Rating Date 21.09.2009

EBIT 998.40 Long-Term Rating A-

Operating Margin 25.83% Long-Term Outlook STABLE

Pretax Margin 16.58% Short-Term Rating Date -

Return on Assets 3.01% Short-Term Rating -

Return on Common Equity 8.24%

Return on Capital 6.82% EBITDA/Interest Exp. 5.95

Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 3.24

Net Debt/EBITDA 2.47

Gross Margin - Total Debt/EBITDA 2.50

EBITDA Margin 48.1%

EBIT Margin 31.4% Total Debt/Equity 97.9%

Net Income Margin 9.1% Total Debt/Capital 46.2%

Asset Turnover 0.28

Current Ratio 1.49 Net Fixed Asset Turnover 0.51

Quick Ratio 0.59 Accounts receivable turnover-days -

Debt to Assets 35.70% Inventory Days -

Tot Debt to Common Equity 97.92% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Verbund AGPrice/Volume

Valuation Analysis

392'541.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

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

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 383: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

REPUBLIC OF AUSTRIA n/a Research 86'819'189 51 - 23.01.2013 Government

EVN & WIENER STADTWE n/a Research 42'558'426 25 - 23.01.2013 Corporation

TIWAG n/a Research 8'511'685 5 - 23.01.2013 Other

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'991'329 1.17 16'400 31.12.2012 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 1'796'874 1.06 - 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'272'360 0.75 27'955 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'204'383 0.71 (354'447) 26.02.2013 Investment Advisor

RINGTURM KAG Multiple Portfolios MF-AGG 960'000 0.56 (110'000) 31.10.2012 Mutual Fund Manager

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 676'097 0.4 268 31.10.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 507'536 0.3 (109) 31.08.2012 Mutual Fund Manager

PIONEER INVESTMENTS Multiple Portfolios MF-AGG 494'173 0.29 - 31.05.2011 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 468'902 0.28 - 28.12.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 324'544 0.19 - 31.10.2012 Unclassified

MEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 249'612 0.15 82'695 30.09.2012 Investment Advisor

DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 242'565 0.14 - 31.01.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 151'000 0.09 (21'000) 30.11.2012 Mutual Fund Manager

BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 144'260 0.08 - 30.06.2012 Investment Advisor

DZ BANK INTERNATIONA Multiple Portfolios MF-AGG 130'653 0.08 - 28.12.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 117'146 0.07 (100'183) 28.09.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 115'990 0.07 - 28.09.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Raymond James EMMANUEL RETIF underperform 1 D 16 Not Provided 27.02.2013

Morgan Stanley ANNE N AZZOLA Underwt/In-Line 1 D 15 12 month 26.02.2013

AlphaValue EILEEN RYAN add 4 M 20 6 month 21.02.2013

Berenberg Bank LAWSON STEELE sell 1 N 15 Not Provided 05.02.2013

Erste Bank CHRISTOPH SCHULTES hold 3 D 16 12 month 28.01.2013

Barclays PETER BISZTYGA underweight 1 D 15 Not Provided 25.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013

Exane BNP Paribas PHILIP GOTTSCHALK outperform 5 M 22 Not Provided 14.01.2013

Kepler Capital Markets INGO BECKER reduce 2 D 17 Not Provided 08.01.2013

Deutsche Bank ALEXANDER KARNICK sell 1 M 15 12 month 07.01.2013

Goldman Sachs DEBORAH WILKENS buy/attractive 5 M 24 12 month 18.12.2012

Raiffeisenbank AG TERESA SCHINWALD buy 5 M 21 12 month 12.12.2012

Nomura MARTIN YOUNG reduce 2 M 18 Not Provided 12.12.2012

Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 18 6 month 05.12.2012

M.M. Warburg Investment Research STEPHAN WULF hold 3 M 18 12 month 05.12.2012

HSBC ADAM DICKENS underweight 1 M 16 Not Provided 27.11.2012

Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 15 12 month 22.11.2012

Credit Suisse VINCENT GILLES underperform 1 M 15 Not Provided 21.11.2012

Main First Bank AG ANDREAS THIELEN neutral 3 M 25 12 month 30.03.2012

Natixis PHILIPPE OURPATIAN neutral 3 M 23 Not Provided 28.10.2011

GSC Research ROLAND PUMBERGER hold 3 M #N/A N/A Not Provided 14.04.2011

Holdings By:

Verbund AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 384: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Victrex plc manufactures and sells a thermoplastic, under the trade mark PEEK.

Their PEEK products are used primarily by compounders and processors, in order

to manufacture products in a range of industrial applications.

Latest Fiscal Year: 09/2012

LTM as of: 01/yy

52-Week High (19.12.2012) 1'670.00

52-Week Low (17.07.2012) 1'164.00

Daily Volume

1604

52-Week High % Change -3.95% Dividend Yield 2.33

52-Week Low % Change 37.80% Beta 1.07

% 52 Week Price Range High/Low 86.96% Equity Float 75.17

Shares Out 31.01.2013 84.6 Short Int -

1'357.25 1 Yr Total Return 24.05%

Total Debt 0.00 YTD Return 0.94%

Preferred Stock 0.0 Adjusted BETA 1.068

Minority Interest 0.0 Analyst Recs 12

Cash and Equivalents 83.90 Consensus Rating 3.000

Enterprise Value 1'273.35

Average Volume 5 Day 144'367

VCT LN EQUITY YTD Change - Average Volume 30 Day 175'749

VCT LN EQUITY YTD % CHANGE - Average Volume 3 Month 194'669

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

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 03/11 Q2 06/11 Q3

141.1 103.8 189.5 215.8 219.8 - - 227.4 244.6 - -

4.03x 5.93x 5.22x 3.92x 4.70x - - 5.58x 5.16x - -

62.3 34.1 83.6 102.6 103.6 - - 108.2 118.2 - -

9.13x 18.08x 11.84x 8.25x 9.97x - - 11.77x 10.77x - -

39.1 17.8 54.0 71.2 71.9 - - 73.6 80.4 - -

14.95x 35.24x 19.61x 12.80x 15.42x - - 18.33x 16.69x - -

EBITDA 103.60 Long-Term Rating Date -

EBIT 94.00 Long-Term Rating -

Operating Margin 42.77% Long-Term Outlook -

Pretax Margin 42.99% Short-Term Rating Date -

Return on Assets 23.44% Short-Term Rating -

Return on Common Equity 29.19%

Return on Capital - EBITDA/Interest Exp. 1036.00

Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 766.00

Net Debt/EBITDA -0.81

Gross Margin 66.3% Total Debt/EBITDA 0.00

EBITDA Margin 47.1%

EBIT Margin 42.8% Total Debt/Equity 0.0%

Net Income Margin 32.7% Total Debt/Capital 0.0%

Asset Turnover 0.72

Current Ratio 4.51 Net Fixed Asset Turnover 1.63

Quick Ratio 2.92 Accounts receivable turnover-days 37.47

Debt to Assets 0.00% Inventory Days 231.16

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 26.61

Accounts Receivable Turnover 9.77 Cash Conversion Cycle 242.01

Inventory Turnover 1.58

Fiscal Year Ended

Victrex PLCPrice/Volume

Valuation Analysis

184'809.00

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

'.''1''3''5''

-'''-.''-1''-3''-5''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!. 9

!0 9

!1 9

!2 9

!3 9

0.0

50.0

100.0

150.0

200.0

250.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

12!''

'.!-'!.''6 '.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 385: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

BLACKROCK n/a ULT-AGG 12'298'606 14.53 103'424 26.02.2013 Investment Advisor

SCHRODERS PLC n/a Co File 4'424'382 5.23 - 30.09.2012 Investment Advisor

MONDRIAN INVESTMENT Multiple Portfolios REG 4'304'022 5.09 420'798 01.01.2013 Hedge Fund Manager

LEGAL & GENERAL n/a ULT-AGG 3'727'763 4.41 107'672 01.01.2013 Unclassified

AEGON n/a ULT-AGG 3'563'133 4.21 (2'821) 01.01.2013 Unclassified

MONTANARO ASSET MGMT n/a RNS-MAJ 3'447'557 4.07 (44'007) 25.01.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'412'694 4.03 (293'515) 31.12.2012 Investment Advisor

DIRECTOR & RELATED H Multiple Portfolios REG 3'310'462 3.91 (449'749) 01.01.2013 Other

HUMMEL DAVID RICHARD n/a RNS-DIR 3'280'582 3.88 (448'665) 18.12.2012 n/a

KAMES CAPITAL PLC n/a RNS-MAJ 2'796'839 3.31 (1'370'156) 03.01.2013 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 2'661'581 3.15 130'359 01.01.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 2'488'669 2.94 340'763 31.12.2012 Investment Advisor

CO-OPERATIVE INSURAN Multiple Portfolios REG 2'098'740 2.48 (344'334) 01.01.2013 Insurance Company

ABERDEEN n/a ULT-AGG 2'088'161 2.47 (150'689) 31.01.2013 Unclassified

FMR LLC n/a ULT-AGG 2'061'345 2.44 (2'292'738) 01.01.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 2'055'624 2.43 - 01.01.2013 Government

WILLIAM BLAIR & COMP Multiple Portfolios REG 2'045'081 2.42 307'391 01.01.2013 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 2'035'868 2.41 35'008 01.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'635'843 1.93 189'962 30.11.2012 Investment Advisor

PRIVATE INDIVIDUALS Multiple Portfolios REG 1'587'100 1.88 (15'250) 01.01.2013 Other

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 1'850 12 month 27.02.2013

Morgan Stanley PAUL R WALSH Underwt/In-Line 1 M 1'550 12 month 22.02.2013

Peel Hunt DOMINIC CONVEY hold 3 M 1'500 Not Provided 07.02.2013

N+1 Singer Ltd JAMES TETLEY buy 5 U 1'645 12 month 07.02.2013

Numis Securities Ltd CHARLES PICK hold 3 M 1'593 Not Provided 06.02.2013

JPMorgan MARTIN EVANS neutral 3 M 1'400 9 month 05.02.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Main First Bank AG HOLGER OCHS underperform 1 D 1'550 12 month 12.12.2012

Deutsche Bank MARTIN DUNWOODIE buy 5 U 1'825 12 month 05.12.2012

WH Ireland Ltd MATTHEW DAVIS outperform 5 U 1'430 Not Provided 07.12.2010

Holdings By:

Victrex PLC ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 386: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Vienna Insurance Group AG Wiener Versicherung Gruppe is an Austrian insurance

company. The Company offers property and casualty, life, healthcare, and

reinsurance. Vienna Insurance operates through a network of offices in

Austria and Eastern Europe.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (07.01.2013) 41.22

52-Week Low (16.05.2012) 26.78

Daily Volume

38.6

52-Week High % Change -6.36% Dividend Yield -

52-Week Low % Change 44.14% Beta 1.02

% 52 Week Price Range High/Low 81.86% Equity Float -

Shares Out 30.09.2012 128.0 Short Int -

4'940.80 1 Yr Total Return 20.93%

Total Debt 3'232.79 YTD Return -4.40%

Preferred Stock 0.0 Adjusted BETA 1.021

Minority Interest 419.0 Analyst Recs 19

Cash and Equivalents 568.12 Consensus Rating 3.316

Enterprise Value 8'253.41

Average Volume 5 Day 58'148

VIG AV EQUITY YTD Change - Average Volume 30 Day 52'003

VIG AV EQUITY YTD % CHANGE - Average Volume 3 Month 72'058

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

7'111.2 8'141.0 8'419.7 9'179.9 9'285.7 9'206.7 10'044.5 9'678.9 9'857.0 2'151.5 -

1.11x 0.60x 0.81x 0.86x 0.75x 3.26x 2.69x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

312.6 408.5 340.5 379.8 406.7 402.1 434.8 431.8 461.1 107.5 -

18.46x 7.07x 13.53x 13.10x 9.64x 2.91x 2.72x 11.67x 10.86x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating A+

Operating Margin 7.27% Long-Term Outlook STABLE

Pretax Margin 6.02% Short-Term Rating Date -

Return on Assets 1.06% Short-Term Rating -

Return on Common Equity 8.83%

Return on Capital 6.01% EBITDA/Interest Exp. -

Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 69.8%

Net Income Margin 4.4% Total Debt/Capital 39.0%

Asset Turnover 0.25

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 8.13% Inventory Days -

Tot Debt to Common Equity 69.81% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Vienna Insurance Group AG Wiener Versicherung GruppePrice/Volume

Valuation Analysis

50'444.00

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

'2

-'-2.'.20'021'12

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!- 9

!- 9

!. 9

!. 9

!0 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!''

0!2'

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 387: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

WIENER STAEDTISCHE W n/a Co File 89'600'000 70 - 31.12.2011 Insurance Company

BNP PARIBAS INV PART n/a ULT-AGG 2'663'817 2.08 446'318 31.12.2012 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 1'411'279 1.1 - 30.09.2012 Unclassified

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'289'028 1.01 68'411 31.12.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 998'082 0.78 5'347 28.09.2012 Investment Advisor

RINGTURM KAG Multiple Portfolios MF-AGG 810'467 0.63 (50'000) 31.10.2012 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 752'094 0.59 19'584 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 584'265 0.46 (1'214) 26.02.2013 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 472'265 0.37 (26'572) 30.09.2012 Investment Advisor

PIONEER INVESTMENTS Multiple Portfolios MF-AGG 401'600 0.31 (5'000) 31.05.2011 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 400'000 0.31 - 30.06.2012 Pension Fund (ERISA)

ABERDEEN n/a ULT-AGG 339'500 0.27 (14'300) 31.12.2012 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 329'133 0.26 - 30.09.2012 Investment Advisor

ERSTE SPARINVEST KAG Multiple Portfolios MF-AGG 310'797 0.24 4'502 31.10.2012 Investment Advisor

BNP ASSET MANAGEMENT BNP PARIBAS ACTIONS MF-FRA 299'187 0.23 (26'423) 30.09.2012 Investment Advisor

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 271'272 0.21 14'681 30.11.2012 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 226'022 0.18 - 31.10.2012 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 186'226 0.15 18'818 31.12.2011 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 158'073 0.12 374 27.02.2013 Investment Advisor

FORTIS INVESTMENT MG Multiple Portfolios MF-AGG 156'840 0.12 - 31.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Raiffeisenbank AG BERND MAURER hold 3 M 42 12 month 04.02.2013

Barclays CLAUDIA GASPARI equalweight 3 M 42 Not Provided 04.02.2013

Komercni Banka AS MIROSLAV ADAMKOVIC hold 3 D 42 12 month 01.02.2013

Main First Bank AG MICHAEL HAID underperform 1 M 37 12 month 01.02.2013

Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 28.01.2013

Deutsche Bank ROBIN BUCKLEY hold 3 D 40 12 month 24.01.2013

Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 D 39 12 month 24.01.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 42 12 month 24.01.2013

J&T Banka MILAN LAVICKA buy 5 M 43 12 month 24.01.2013

Nomura MICHAEL KLIEN buy 5 M 45 12 month 24.01.2013

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 39 12 month 18.01.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013

HSBC DHRUV GAHLAUT neutral 3 D 45 Not Provided 16.01.2013

Credit Suisse RICHARD BURDEN underperform 1 D 40 Not Provided 14.01.2013

Erste Bank CHRISTOPH SCHULTES buy 5 M 42 12 month 28.11.2012

Berenberg Bank SAMI TAIPALUS buy 5 M 43 Not Provided 28.11.2012

Kepler Capital Markets THOMAS NEUHOLD buy 5 M 39 Not Provided 27.11.2012

JPMorgan ANDREAS VAN EMBDEN neutral 3 M 35 9 month 21.11.2012

CA Cheuvreux FRANK KOPFINGER suspended coverage #N/A N/A M 50 Not Provided 24.01.2012

UniCredit Research RADENA GEORGIEVA buy 5 M 45 12 month 30.07.2010

Holdings By:

Vienna Insurance Group AG Wiener Versicherung Gruppe ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 388: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Viscofan, S.A., manufactures artificial casings made of cellulose, collagen, and

plastic for use in the meat industry. The Company also processes and cans

olives, asparagus, other vegetables, and fruit byproducts. Viscofan operates

in Europe, Asia, and the Americas.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (02.01.2013) 43.00

52-Week Low (05.06.2012) 30.12

Daily Volume

39.9

52-Week High % Change -7.21% Dividend Yield -

52-Week Low % Change 32.47% Beta 0.40

% 52 Week Price Range High/Low 75.93% Equity Float 41.69

Shares Out 30.09.2012 46.6 Short Int -

1'859.49 1 Yr Total Return 31.99%

Total Debt 86.26 YTD Return -6.80%

Preferred Stock 0.0 Adjusted BETA 0.398

Minority Interest 0.0 Analyst Recs 19

Cash and Equivalents 26.27 Consensus Rating 3.474

Enterprise Value 1'924.70

Average Volume 5 Day 155'242

VIS SQ EQUITY YTD Change - Average Volume 30 Day 209'653

VIS SQ EQUITY YTD % CHANGE - Average Volume 3 Month 242'324

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

506.0 551.8 583.4 633.7 666.8 653.2 736.1 751.6 797.4 189.5 -

1.53x 1.44x 1.57x 2.18x 2.09x 8.28x 8.71x 2.56x 2.39x - -

98.6 105.3 129.0 154.2 162.2 155.8 182.3 185.8 199.1 46.8 -

7.88x 7.54x 7.12x 8.98x 8.61x 8.45x 9.46x 10.36x 9.67x - -

46.2 51.4 64.3 81.3 101.2 94.9 104.4 107.1 113.4 28.7 -

14.82x 12.78x 12.88x 16.25x 13.19x 13.27x 15.90x 17.46x 16.29x - -

EBITDA 162.18 Long-Term Rating Date -

EBIT 120.13 Long-Term Rating -

Operating Margin 18.02% Long-Term Outlook -

Pretax Margin 19.18% Short-Term Rating Date -

Return on Assets 14.25% Short-Term Rating -

Return on Common Equity 22.95%

Return on Capital - EBITDA/Interest Exp. 46.46

Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. 27.55

Net Debt/EBITDA 0.45

Gross Margin - Total Debt/EBITDA 0.63

EBITDA Margin 24.3%

EBIT Margin 18.1% Total Debt/Equity 19.2%

Net Income Margin 15.2% Total Debt/Capital 16.1%

Asset Turnover 0.99

Current Ratio 2.10 Net Fixed Asset Turnover 2.22

Quick Ratio 0.91 Accounts receivable turnover-days 69.66

Debt to Assets 12.37% Inventory Days -

Tot Debt to Common Equity 19.19% Accounts Payable Turnover Day -

Accounts Receivable Turnover 5.25 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Viscofan SAPrice/Volume

Valuation Analysis

135'116.00

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

'2

-'-2.'.20'021'12

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!1 9

!3 9

!5 9

-!' 9

-!. 9

-!1 9

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 389: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

ONCHENA SL n/a Co File 2'366'070 5.08 - 31.12.2011 Other

MARATHON ASSET MANAG n/a EXCH 2'297'473 4.93 - 11.10.2012 Investment Advisor

GOVERNANCE FOR OWNER n/a EXCH 2'236'061 4.8 - 03.01.2013 Other

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'802'434 3.87 (42'034) 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP n/a Co File 1'700'103 3.65 - 31.12.2011 Investment Advisor

BLACKROCK n/a ULT-AGG 1'660'131 3.56 - 26.02.2013 Investment Advisor

BNP PARIBAS SA n/a EXCH 1'411'837 3.03 (47'982) 21.12.2012 Bank

VANGUARD GROUP INC Multiple Portfolios MF-AGG 502'023 1.08 6'095 31.12.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 425'430 0.91 38'691 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 270'270 0.58 23'737 31.12.2012 Unclassified

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 226'486 0.49 70'000 31.01.2013 Mutual Fund Manager

ABERDEEN n/a ULT-AGG 219'900 0.47 - 31.12.2012 Unclassified

DANSKE INVEST A/S Multiple Portfolios MF-AGG 218'169 0.47 1'364 31.01.2013 Investment Advisor

BASTERRA LARROUDE NE n/a EXCH 212'452 0.46 - 13.12.2012 n/a

BNP PARIBAS INV PART n/a ULT-AGG 186'581 0.4 (6'377) 31.12.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 184'400 0.4 - 28.12.2012 Mutual Fund Manager

DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 171'323 0.37 (35'903) 29.06.2012 Investment Advisor

FMR LLC n/a ULT-AGG 165'032 0.35 33'498 31.12.2012 Investment Advisor

OPPENHEIM KAPITALANL Multiple Portfolios MF-AGG 144'407 0.31 7'300 30.11.2012 Mutual Fund Manager

INVESCO LTD Multiple Portfolios MF-AGG 133'901 0.29 49'872 27.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

NMAS 1 Agencia de Valores ANA FUENTES neutral 3 M 38 12 month 26.02.2013

BPI JOAO SAFARA SILVA neutral 3 M 42 Not Provided 25.02.2013

Espirito Santo Investment Bank ResearchNUNO ESTACIO buy 5 M 44 Not Provided 25.02.2013

Grupo Santander JOSE MANUEL ARROYAS hold 3 M 42 Not Provided 22.02.2013

Exane BNP Paribas FRANCISCO RUIZ outperform 5 M 45 Not Provided 21.02.2013

Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO buy 5 M 40 12 month 18.02.2013

Societe Generale ALEX SLOANE hold 3 M 42 12 month 08.02.2013

Ahorro Corporacion Financiera SA ELENA FERNANDEZ hold 3 M 39 12 month 23.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013

Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS hold 3 D 40 Not Provided 11.01.2013

Bankia Bolsa (ESN) DAVID CABEZA JARENO hold 3 D 41 12 month 10.01.2013

Link Securities INIGO ISARDO accumulate 4 U 42 Not Provided 03.12.2012

CA Cheuvreux INIGO EGUSQUIZA CASTELLANOS underperform 1 M 39 Not Provided 28.11.2012

La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 D 38 Not Provided 27.11.2012

Goldman Sachs BENJAMIN MOORE Buy/Neutral 5 U 55 6 month 23.11.2012

Banco Sabadell MARTA DIAZ sell 1 M 34 12 month 25.10.2012

BBVA ISABEL CARBALLO market perform 3 M 32 Not Provided 08.10.2012

Mirabaud Finanzas Sociedad de Valores SENRIQUE YAGUEZ AVILES overweight 5 U 38 12 month 19.09.2012

Holdings By:

Viscofan SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 390: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Wereldhave N.V. is an investment company qualifying as an Investment Institution

under Dutch Law . The Company develops, invests in, and manages commercial real

estate properties. Wereldhave NV invests in office buildings, shopping centers,

industrial property and apartment buildings. Properties are located in Belgium,

France, the Netherlands, Spain, the United Kingdom, and the United States.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (19.03.2012) 61.35

52-Week Low (24.08.2012) 40.03

Daily Volume

53.3

52-Week High % Change -13.12% Dividend Yield -

52-Week Low % Change 33.15% Beta 0.91

% 52 Week Price Range High/Low 62.24% Equity Float 21.67

Shares Out 31.12.2012 21.7 Short Int -

1'155.52 1 Yr Total Return 3.43%

Total Debt 1'288.78 YTD Return 11.04%

Preferred Stock 0.0 Adjusted BETA 0.911

Minority Interest 147.2 Analyst Recs 16

Cash and Equivalents 44.41 Consensus Rating 3.750

Enterprise Value 2'547.08

Average Volume 5 Day 97'756

WHA NA EQUITY YTD Change - Average Volume 30 Day 146'034

WHA NA EQUITY YTD % CHANGE - Average Volume 3 Month 138'466

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

219.5 212.3 232.5 240.6 179.2 243.4 227.8 164.9 158.4 45.3 39.4

9.77x 10.50x 12.06x 10.39x 13.58x 43.31x 44.83x 12.79x 13.81x 46.30x 55.14x

146.6 128.4 145.8 148.6 109.4 151.4 124.3 116.9 115.8 32.6 27.9

14.62x 17.36x 19.24x 16.82x 22.24x 16.51x 19.56x 21.80x 22.00x 21.80x 22.67x

0.5 (107.1) 88.7 51.3 (98.4) 51.3 (98.5) 82.4 75.8 22.0 19.5

3150.00x - 17.60x 21.56x 44.04x 21.56x 0.00x 15.68x 14.77x 14.03x 14.52x

EBITDA 109.39 Long-Term Rating Date -

EBIT 79.08 Long-Term Rating -

Operating Margin 44.14% Long-Term Outlook -

Pretax Margin 5.28% Short-Term Rating Date -

Return on Assets -3.15% Short-Term Rating -

Return on Common Equity -6.60%

Return on Capital -2.99% EBITDA/Interest Exp. 3.61

Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -3.27

Net Debt/EBITDA 10.01

Gross Margin - Total Debt/EBITDA 10.37

EBITDA Margin 54.6%

EBIT Margin - Total Debt/Equity 92.7%

Net Income Margin -54.9% Total Debt/Capital 45.6%

Asset Turnover 0.07

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 42.90% Inventory Days -

Tot Debt to Common Equity 92.75% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wereldhave NVPrice/Volume

Valuation Analysis

102'050.00

Current Price (2/dd/yy) Market Data

'

-'

.'

0'

1'

2'

3'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9!- 9!. 9!0 9!1 9!2 9!3 9!4 9!5 9!6 9

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

-3!''

-5!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 391: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

NIKKO ASSET MANAGEME n/a ULT-AGG 1'075'013 4.96 - 27.09.2011 Unclassified

SANLAM ASSET MANAGEM Multiple Portfolios MF-AGG 929'090 4.29 - 31.12.2012 Investment Advisor

APG ALGEMENE PENSIOE n/a Research 896'736 4.14 - 09.06.2011 Pension Fund (ERISA)

ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 701'764 3.24 149'271 17.07.2012 Investment Advisor

LASALLE INVESTMENT M Multiple Portfolios MF-AGG 700'257 3.23 26'018 21.08.2012 Investment Advisor

COLONIAL FIRST STATE Multiple Portfolios MF-AGG 450'142 2.08 (128'858) 08.05.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 444'751 2.05 (3'428) 26.02.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 352'968 1.63 (15'609) 31.12.2012 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 294'936 1.36 (1'136) 28.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 264'105 1.22 7'587 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 245'025 1.13 1'928 27.02.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 241'707 1.11 - 31.01.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 226'816 1.05 198'316 31.01.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 195'594 0.9 (6'464) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 157'572 0.73 (384) 31.12.2012 Investment Advisor

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 133'831 0.62 - 29.06.2012 Investment Advisor

BANQUE DEGROOF Multiple Portfolios MF-AGG 122'235 0.56 7'300 01.02.2013 Investment Advisor

FORTIS INVESTMENTS Multiple Portfolios MF-AGG 105'770 0.49 (35'111) 31.10.2012 Mutual Fund Manager

PETERCAM SA Multiple Portfolios MF-AGG 105'000 0.48 (8'000) 30.12.2011 Mutual Fund Manager

KEMPEN CAPITAL MANAG Multiple Portfolios MF-AGG 104'320 0.48 (3'295) 31.12.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

AlphaValue PIERRE-LOUP ETIENNE add 4 M 56 6 month 21.02.2013

Societe Generale MICHEL VARALDO buy 5 M 59 12 month 12.02.2013

S&P Capital IQ WILLIAM HOWLETT hold 3 M 53 12 month 12.02.2013

JPMorgan HARM M MEIJER overweight 5 M 61 9 month 11.02.2013

Petercam STEPHAN VAN WEEREN add 4 M 59 Not Provided 11.02.2013

Rabobank International MARTIJN TER LAAK buy 5 M 53 Not Provided 11.02.2013

ING Bank JAAP KUIN buy 5 M 60 12 month 11.02.2013

ABN Amro Bank N.V. RUUD VAN MAANEN buy 5 M 58 12 month 11.02.2013

Natixis SERGE DEMIRDJIAN buy 5 M 61 Not Provided 29.01.2013

Kempen & Co ROBERT WOERDEMAN neutral 3 D 52 12 month 13.01.2013

HSBC THOMAS MARTIN underweight 1 M 41 Not Provided 27.11.2012

CA Cheuvreux BRUNO DUCLOS underperform 1 M 45 Not Provided 03.10.2012

Goldman Sachs JULIAN LIVINGSTON-BOOTH Sell/Neutral 1 D 43 12 month 25.07.2012

EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 12.06.2012

Holdings By:

Wereldhave NV ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 392: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

William Demant Holding A/S, through subsidiaries, develops, manufactures, and

sells hearing aids, audiometers, tympanometers, diagnostic instruments for

respiratory irregularities, and wireless communication equipment for the

hearing-impaired, as well as telephone headsets for professional use. The

Company sells the products in selected countries worldwide.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (19.07.2012) 596.50

52-Week Low (27.02.2013) 448.00

Daily Volume

450.5

52-Week High % Change -24.48% Dividend Yield -

52-Week Low % Change 0.56% Beta 0.79

% 52 Week Price Range High/Low 1.68% Equity Float -

Shares Out 26.02.2013 58.3 Short Int -

26'286.62 1 Yr Total Return -13.03%

Total Debt 2'713.00 YTD Return -6.90%

Preferred Stock 0.0 Adjusted BETA 0.788

Minority Interest (2.0) Analyst Recs 28

Cash and Equivalents 307.00 Consensus Rating 3.107

Enterprise Value 28'690.62

Average Volume 5 Day 208'680

WDH DC EQUITY YTD Change - Average Volume 30 Day 102'595

WDH DC EQUITY YTD % CHANGE - Average Volume 3 Month 98'898

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

5'373.7 5'701.2 6'892.4 8'041.0 8'555.0 - - 9'250.2 9'867.8 - -

2.77x 4.30x 3.82x 3.68x 3.49x - - 3.00x 2.76x - -

1'214.3 1'317.0 1'621.0 1'905.0 - - - 2'174.0 2'378.0 - -

12.24x 18.61x 16.22x 15.52x - - - 13.20x 12.07x - -

682.4 794.9 988.4 1'198.0 1'153.0 - - 1'362.8 1'514.5 - -

18.83x 28.79x 24.34x 23.20x 24.47x - - 18.32x 16.14x - -

EBITDA - Long-Term Rating Date -

EBIT 1'641.00 Long-Term Rating -

Operating Margin 19.18% Long-Term Outlook -

Pretax Margin 17.78% Short-Term Rating Date -

Return on Assets 14.04% Short-Term Rating -

Return on Common Equity 31.33%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin 71.6% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 19.2% Total Debt/Equity 66.8%

Net Income Margin 13.5% Total Debt/Capital 40.1%

Asset Turnover 1.04

Current Ratio 0.81 Net Fixed Asset Turnover 6.46

Quick Ratio 0.49 Accounts receivable turnover-days 74.12

Debt to Assets 30.91% Inventory Days 157.98

Tot Debt to Common Equity 66.81% Accounts Payable Turnover Day 58.62

Accounts Receivable Turnover 4.94 Cash Conversion Cycle 173.47

Inventory Turnover 2.32

Fiscal Year Ended

William Demant Holding A/SPrice/Volume

Valuation Analysis

362'346.00

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

'

-''

.''

0''

1''

2''

3''

4''

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

02!''

1'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 393: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FMR LLC n/a ULT-AGG 3'481'771 5.97 (160'602) 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 3'000'944 5.14 - 31.12.2012 Investment Advisor

ATP INVESTMENT MANAG n/a Research 838'464 1.44 - 31.12.2011 Unclassified

THREADNEEDLE ASSET M n/a Research 703'351 1.21 - 28.09.2012 Investment Advisor

OPPENHEIMERFUNDS INC n/a Research 684'245 1.17 - 31.08.2012 Investment Advisor

NORGES BANK n/a Research 516'011 0.88 - 31.12.2011 Government

DANSKE BANK A/S n/a Research 401'467 0.69 - 31.08.2012 Bank

FONDSMGLERSELSKABET n/a Research 392'427 0.67 - 31.12.2011 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 249'787 0.43 - 31.10.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 248'420 0.43 (146'000) 31.01.2013 Investment Advisor

VANGUARD GROUP INC n/a Research 227'337 0.39 - 30.09.2012 Investment Advisor

NORDEA INV MANAGEMEN n/a Research 182'896 0.31 - 31.08.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 178'743 0.31 (20'896) 26.02.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 170'038 0.29 (915) 31.12.2012 Unclassified

APG ASSET MANAGEMENT n/a Research 169'444 0.29 - 30.06.2012 Pension Fund (ERISA)

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 132'900 0.23 (21'343) 28.12.2012 Mutual Fund Manager

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 115'859 0.2 40'000 31.01.2013 Investment Advisor

GAMCO n/a ULT-AGG 110'000 0.19 (2'000) 28.09.2012 Unclassified

FIDELITY INVESTMENT Multiple Portfolios MF-AGG 80'005 0.14 - 30.12.2011 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 70'000 0.12 - 31.07.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Deutsche Bank YI-DAN WANG sell 1 D 370 12 month 27.02.2013

Morgan Stanley MICHAEL K JUNGLING Equalwt/Attractive 3 M 442 12 month 27.02.2013

Jyske Bank JANNE VINCENT KJAER reduce 2 U 500 Not Provided 27.02.2013

ABG Sundal Collier MORTEN LARSEN hold 3 U 425 6 month 27.02.2013

Credit Suisse CHRISTOPH GRETLER neutral 3 M 475 Not Provided 27.02.2013

JPMorgan DAVID J ADLINGTON neutral 3 M 450 12 month 27.02.2013

Carnegie CLAUS ALMER hold 3 D #N/A N/A Not Provided 27.02.2013

Nordea Equity Research SOREN V HOLM SORENSEN hold 3 M 490 12 month 27.02.2013

Kepler Capital Markets MAJA PATAKI hold 3 D 500 Not Provided 27.02.2013

Danske Markets MARTIN PARKHOI buy 5 U 520 12 month 27.02.2013

Alm Brand Markets MICHAEL FRIIS JORGENSEN neutral 3 U 480 Not Provided 26.02.2013

SEB Enskilda NIELS GRANHOLM-LETH buy 5 M 525 Not Provided 26.02.2013

DNB Markets RUNE MAJLUND DAHL sell 1 M 430 Not Provided 26.02.2013

Exane BNP Paribas ROMAIN ZANA neutral 3 M 440 Not Provided 26.02.2013

Helvea SIMON GOETSCHMANN reduce 2 M 433 12 month 26.02.2013

Swedbank JOHAN UNNERUS reduce 2 M 465 12 month 25.02.2013

Handelsbanken KLAUS MADSEN accumulate 4 M 530 12 month 22.02.2013

Commerzbank Corporates & Markets OLIVER METZGER buy 5 M 600 6 month 19.02.2013

AlphaValue KAMLA SINGH add 4 M 539 6 month 14.02.2013

Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 550 12 month 30.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013

HSBC HENDRIK LOFRUTHE neutral 3 U 510 Not Provided 14.01.2013

CA Cheuvreux DANIEL JELOVCAN outperform 5 M 540 Not Provided 08.11.2012

NYKREDIT KRESTEN JOHNSEN neutral 3 M #N/A N/A Not Provided 07.11.2012

Jefferies INGEBORG OIE underperform 1 M 465 12 month 16.08.2012

Sydbank MORTEN IMSGARD neutral 3 M #N/A N/A Not Provided 12.05.2011

Holdings By:

William Demant Holding A/S ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 394: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Wincor Nixdorf AG manufactures banking machines and cash registers.

The Company's products include ATMs, cash deposit systems, and Automated Teller

Safes.

Latest Fiscal Year: 09/2012

LTM as of: 12/yy

52-Week High (20.03.2012) 41.79

52-Week Low (28.06.2012) 26.41

Daily Volume

38.815

52-Week High % Change -7.12% Dividend Yield -

52-Week Low % Change 47.00% Beta 0.88

% 52 Week Price Range High/Low 80.66% Equity Float 29.78

Shares Out 31.12.2012 33.1 Short Int -

1'284.19 1 Yr Total Return -2.23%

Total Debt 237.27 YTD Return 12.47%

Preferred Stock 0.0 Adjusted BETA 0.877

Minority Interest 4.7 Analyst Recs 24

Cash and Equivalents 38.43 Consensus Rating 3.042

Enterprise Value 1'414.66

Average Volume 5 Day 104'583

WIN GY EQUITY YTD Change - Average Volume 30 Day 144'200

WIN GY EQUITY YTD % CHANGE - Average Volume 3 Month 138'361

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

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

2'318.6 2'250.2 2'239.5 2'328.2 2'343.0 2'301.6 2'404.4 2'417.1 2'491.5 592.5 552.5

0.65x 0.69x 0.73x 0.51x 0.48x 2.55x 1.85x 0.61x 0.57x - -

240.4 224.7 214.5 217.0 165.3 205.8 165.0 191.9 216.5 38.9 35.9

6.31x 6.90x 7.63x 5.48x 6.73x 5.63x 7.19x 7.38x 6.54x 6.72x 6.45x

126.6 113.6 106.2 107.1 62.6 98.7 64.1 86.5 101.9 20.3 18.2

10.44x 12.26x 14.24x 9.71x 14.55x 10.76x 16.41x 13.00x 11.46x 12.66x 12.50x

EBITDA 165.32 Long-Term Rating Date -

EBIT 100.36 Long-Term Rating -

Operating Margin 4.28% Long-Term Outlook -

Pretax Margin 3.83% Short-Term Rating Date -

Return on Assets 4.51% Short-Term Rating -

Return on Common Equity 18.25%

Return on Capital - EBITDA/Interest Exp. 15.43

Asset Turnover 1.69% (EBITDA-Capex)/Interest Exp. 11.14

Net Debt/EBITDA 0.76

Gross Margin 20.9% Total Debt/EBITDA 1.17

EBITDA Margin 6.9%

EBIT Margin 4.2% Total Debt/Equity 73.1%

Net Income Margin 2.7% Total Debt/Capital 41.9%

Asset Turnover 1.69

Current Ratio 1.02 Net Fixed Asset Turnover 17.13

Quick Ratio 0.57 Accounts receivable turnover-days 62.83

Debt to Assets 16.91% Inventory Days 57.19

Tot Debt to Common Equity 73.10% Accounts Payable Turnover Day 61.38

Accounts Receivable Turnover 5.83 Cash Conversion Cycle 64.12

Inventory Turnover 6.40

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wincor Nixdorf AGPrice/Volume

Valuation Analysis

74'311.00

Current Price (2/dd/yy) Market Data

'2

-'-2.'.20'021'12

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

'!''

.!''

1!''

3!''

5!''

-'!''

-.!''

-1!''

'.!-'!.''6 '.!'1!.'-' '.!-'!.'-' '.!'1!.'-- '.!-'!.'-- '.!'1!.'-. '.!-'!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 395: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

WINCOR NIXDORF AG n/a Co File 3'308'500 10 - 30.09.2012 Corporation

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'655'128 8.03 - 31.12.2012 Investment Advisor

DWS INVESTMENT GMBH n/a Co File 1'654'250 5 - 30.09.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'242'741 3.76 (96'723) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'179'199 3.56 4'773 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'111'032 3.36 121'579 31.12.2012 Investment Advisor

AMUNDI n/a Co File 992'550 3 - 30.09.2012 Investment Advisor

POLARIS CAPITAL MANA n/a Co File 992'550 3 - 30.09.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 714'367 2.16 153'796 26.02.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 618'069 1.87 9'074 28.09.2012 Investment Advisor

CLASSIC FUND MGMT AG Multiple Portfolios MF-AGG 488'414 1.48 - 28.09.2012 Mutual Fund Manager

DWS INVESTMENT SA Multiple Portfolios MF-AGG 411'500 1.24 (949) 28.12.2012 Mutual Fund Manager

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 406'750 1.23 (53'900) 30.11.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 397'600 1.2 2'600 28.09.2012 Investment Advisor

PEAR TREE ADVISORS I Multiple Portfolios MF-AGG 287'250 0.87 25'900 30.09.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 265'600 0.8 - 30.06.2012 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 242'395 0.73 242'395 30.06.2012 Investment Advisor

TREMBLANT CAPITAL LP n/a Short (231'595) -0.7 (6'617) 01.02.2013 Other

PARVEST INVESTMENT M Multiple Portfolios MF-AGG 231'546 0.7 - 30.04.2012 Investment Advisor

UBS INVEST KAG Multiple Portfolios MF-AGG 160'300 0.48 - 31.10.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Matelan Research GmbH ADRIAN HOPKINSON neutral 3 N 47 12 month 07.02.2013

Landesbank Baden-Wuerttemberg THOMAS HOFMANN hold 3 M 41 Not Provided 29.01.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 42 12 month 23.01.2013

Bankhaus Metzler STEPHAN BAUER sell 1 M 33 12 month 23.01.2013

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 39 6 month 22.01.2013

M.M. Warburg Investment Research BJOERN VOSS hold 3 D 44 12 month 22.01.2013

DZ Bank AG THORSTEN REIGBER sell 1 M 34 12 month 22.01.2013

Commerzbank Corporates & Markets YASMIN MOSCHITZ hold 3 M 29 6 month 21.01.2013

Nord/LB WOLFGANG DONIE hold 3 M 40 12 month 21.01.2013

Wedbush GIL B LURIA neutral 3 M 44 12 month 21.01.2013

HSBC JOERG-ANDRE FINKE overweight 5 M 40 Not Provided 21.01.2013

Hauck & Aufhaeuser TORBEN TEICHLER hold 3 M 42 12 month 21.01.2013

Bankhaus Lampe HEIKO FEBER sell 1 M 37 12 month 21.01.2013

National Bank AG STEFFEN MANSKE buy 5 M 49 Not Provided 21.01.2013

Berenberg Bank FREDERIK BITTER hold 3 M 33 Not Provided 21.01.2013

Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 44 Not Provided 21.01.2013

Kepler Capital Markets STEFAN AUGUSTIN hold 3 D 41 Not Provided 17.01.2013

Deutsche Bank UWE SCHUPP buy 5 M 50 12 month 16.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013

Main First Bank AG JUERGEN WAGNER underperform 1 M 38 12 month 14.01.2013

Silvia Quandt Research EERIK KD BUDARZ buy 5 M 38 12 month 07.12.2012

CA Cheuvreux HANS-JOACHIM HEIMBUERGER underperform 1 M 29 Not Provided 24.04.2012

Holdings By:

Wincor Nixdorf AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 396: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Wirecard AG offers Internet payment and processing services. The Company

provides software and systems for online payment, electronic funds transfer,

fraud protection and enterprise solutions. Wirecard also offers call center

services.

Latest Fiscal Year: 12/2011

LTM as of: 09/yy

52-Week High (25.02.2013) 20.31

52-Week Low (07.05.2012) 12.82

Daily Volume

19.72

52-Week High % Change -2.90% Dividend Yield -

52-Week Low % Change 53.88% Beta 0.62

% 52 Week Price Range High/Low 92.13% Equity Float 101.07

Shares Out 30.09.2012 112.2 Short Int -

2'212.43 1 Yr Total Return 34.02%

Total Debt 86.02 YTD Return 6.02%

Preferred Stock 0.0 Adjusted BETA 0.618

Minority Interest 0.0 Analyst Recs 18

Cash and Equivalents 222.40 Consensus Rating 4.111

Enterprise Value 1'856.54

Average Volume 5 Day 366'961

WDI GY EQUITY YTD Change - Average Volume 30 Day 536'312

WDI GY EQUITY YTD % CHANGE - Average Volume 3 Month 365'669

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

134.2 196.8 228.5 271.6 324.8 308.5 372.0 393.8 472.2 113.3 100.0

6.43x 1.19x 3.13x 3.20x 3.47x 12.99x 14.82x 5.08x 4.11x - -

40.5 52.4 60.3 73.1 84.4 79.1 104.0 108.8 126.2 31.6 27.2

21.32x 4.46x 11.86x 11.90x 13.37x 12.80x 15.76x 17.13x 14.77x 14.81x 13.81x

30.5 42.3 45.5 54.0 61.2 56.1 71.8 75.7 88.0 21.8 18.7

30.16x 9.83x 21.44x 19.34x 20.70x 21.26x 26.54x 28.58x 24.87x 25.28x 22.93x

EBITDA 84.40 Long-Term Rating Date -

EBIT 75.91 Long-Term Rating -

Operating Margin 23.37% Long-Term Outlook -

Pretax Margin 22.76% Short-Term Rating Date -

Return on Assets 9.00% Short-Term Rating -

Return on Common Equity 17.02%

Return on Capital 16.03% EBITDA/Interest Exp. 56.27

Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 31.46

Net Debt/EBITDA -3.42

Gross Margin - Total Debt/EBITDA 0.55

EBITDA Margin 28.0%

EBIT Margin 24.1% Total Debt/Equity 25.2%

Net Income Margin 18.8% Total Debt/Capital 20.2%

Asset Turnover 0.47

Current Ratio 1.59 Net Fixed Asset Turnover 62.76

Quick Ratio 0.86 Accounts receivable turnover-days -

Debt to Assets 12.17% Inventory Days -

Tot Debt to Common Equity 25.24% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wirecard AGPrice/Volume

Valuation Analysis

238'105.00

Current Price (2/dd/yy) Market Data

'

2

-'

-2

.'

.2

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!2 9

-!' 9

-!2 9

.!' 9

.!2 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''!''

02'!''

1''!''

12'!''

'.!'-!.''6 '.!'4!.''6 '.!'-!.'-' '.!'4!.'-' '.!'-!.'-- '.!'4!.'-- '.!'-!.'-. '.!'4!.'-. '.!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 397: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

MB BETEILGUNGSGESELL n/a Co File 7'737'036 6.9 - 31.12.2011 Unclassified

JUPITER ASSET MANAGE n/a Co File 6'372'874 5.68 - 31.12.2011 Investment Advisor

ALKEN FUND SICAV n/a Co File 5'090'155 4.54 - 31.12.2011 n/a

MANNING & NAPIER GRO n/a Research 3'385'024 3.02 - 03.01.2013 n/a

AMERIPRISE FINANCIAL n/a Research 3'349'664 2.99 - 16.08.2012 Investment Advisor

WASATCH ADVISORS INC n/a Research 3'336'766 2.97 - 25.01.2013 Investment Advisor

COLUMBIA WANGER ASSE n/a Co File 3'135'535 2.79 - 31.12.2011 Investment Advisor

FMR LLC n/a ULT-AGG 2'876'958 2.56 224'780 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'569'276 2.29 (38'526) 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'562'889 2.28 (185'083) 31.12.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 2'313'464 2.06 2'313'464 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'611'101 1.44 (90'464) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'598'960 1.43 79'451 31.01.2013 Investment Advisor

DENVER INVESTMENT AD DENVER INVESTMENT AD 13F 1'424'833 1.27 834'864 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'254'378 1.12 (167'383) 31.12.2012 Investment Advisor

GENERALI ASSET MANAG Multiple Portfolios MF-AGG 1'223'810 1.09 302'480 31.01.2013 Mutual Fund Manager

GCIC LTD/CANADA Multiple Portfolios MF-AGG 1'010'821 0.9 895'200 31.10.2012 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 955'628 0.85 (976'235) 30.06.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 860'241 0.77 - 26.02.2013 Investment Advisor

QVT FUND V LP n/a Short (806'281) -0.72 - 26.03.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Exane BNP Paribas ALEXANDRE FAURE neutral 3 M 21 Not Provided 27.02.2013

M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 16 12 month 25.02.2013

DZ Bank AG THORSTEN REIGBER buy 5 M 22 12 month 25.02.2013

Berenberg Bank ALEXANDRA SCHLEGEL buy 5 U 25 Not Provided 12.02.2013

Matelan Research GmbH ADRIAN HOPKINSON buy 5 N 23 12 month 07.02.2013

Commerzbank Corporates & Markets HEIKE PAULS buy 5 M 21 6 month 04.02.2013

Landesbank Baden-Wuerttemberg THOMAS HOFMANN buy 5 M 21 Not Provided 04.02.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 19 12 month 04.02.2013

Equita SIM SpA GIANMARCO BONACINA buy 5 M 22 12 month 31.01.2013

Hauck & Aufhaeuser SASCHA BERRESCH hold 3 M 20 12 month 31.01.2013

Bankhaus Lampe CHRISTOPH SCHLIENKAMP hold 3 M 17 12 month 31.01.2013

Barclays GERARDUS VOS overweight 5 M 21 Not Provided 31.01.2013

Deutsche Bank BENJAMIN KOHNKE hold 3 M 16 12 month 17.01.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013

Main First Bank AG JUERGEN WAGNER outperform 5 N 23 12 month 13.12.2012

Natixis MAXIME MALLET buy 5 M 21 Not Provided 15.11.2012

Goldman Sachs BENJAMIN MOORE neutral/neutral 3 M 21 6 month 31.10.2012

Holdings By:

Wirecard AG ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 398: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

YIT Oyj (YIT) offers construction, installation, and fixed and mobile network

services. The Company's services include construction, renovations, and

maintenance of commercial and residential buildings, water treatment plants,

roads and bridges, pipelines, alarm systems, and telecommunications networks.

YIT is primarily active in the Nordic countries, the Baltic rim, and Russia.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (20.02.2013) 17.88

52-Week Low (14.06.2012) 11.87

Daily Volume

17.15

52-Week High % Change -4.08% Dividend Yield -

52-Week Low % Change 44.48% Beta 1.12

% 52 Week Price Range High/Low 87.85% Equity Float -

Shares Out 26.02.2013 127.2 Short Int -

2'181.88 1 Yr Total Return 7.95%

Total Debt 922.00 YTD Return 16.04%

Preferred Stock 0.0 Adjusted BETA 1.122

Minority Interest 3.3 Analyst Recs 17

Cash and Equivalents 175.70 Consensus Rating 3.882

Enterprise Value 2'931.48

Average Volume 5 Day 380'485

YTY1V FH EQUITY YTD Change - Average Volume 30 Day 370'266

YTY1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 331'091

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'939.7 3'485.6 3'787.6 4'382.1 4'705.9 4'382.1 4'705.8 4'729.3 4'947.8 1'116.8 1'207.6

0.31x 0.66x 0.78x 0.52x 0.55x 2.41x 2.25x 0.60x 0.56x 2.48x 2.38x

287.4 201.7 256.2 233.0 303.9 233.0 303.8 329.9 380.8 71.2 85.9

4.29x 11.44x 11.46x 9.84x 8.56x 9.84x 8.57x 8.89x 7.70x 8.91x 8.19x

132.9 68.4 140.3 124.4 178.7 124.4 178.8 192.9 230.5 40.2 50.9

4.38x 26.46x 16.62x 12.46x 10.37x 12.46x 10.40x 11.17x 9.35x 10.93x 10.04x

EBITDA 303.90 Long-Term Rating Date -

EBIT 259.00 Long-Term Rating -

Operating Margin 5.50% Long-Term Outlook -

Pretax Margin 5.06% Short-Term Rating Date -

Return on Assets 4.98% Short-Term Rating -

Return on Common Equity 18.33%

Return on Capital - EBITDA/Interest Exp. 12.20

Asset Turnover 1.31% (EBITDA-Capex)/Interest Exp. 10.63

Net Debt/EBITDA 2.46

Gross Margin - Total Debt/EBITDA 3.03

EBITDA Margin 6.5%

EBIT Margin 5.5% Total Debt/Equity 89.3%

Net Income Margin 3.8% Total Debt/Capital 47.1%

Asset Turnover 1.31

Current Ratio 1.61 Net Fixed Asset Turnover 42.51

Quick Ratio 0.09 Accounts receivable turnover-days -

Debt to Assets 25.04% Inventory Days -

Tot Debt to Common Equity 89.34% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

YIT OYJPrice/Volume

Valuation Analysis

282'551.00

Current Price (2/dd/yy) Market Data

'.135

-'-.-1-3-5.'

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -0!' 9

!. 9

!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

4'000.0

4'500.0

5'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2'!''

-''!''

-2'!''

.''!''

.2'!''

0''!''

02'!''

1''!''

12'!''

'-!'-!.'-' '-!'4!.'-' '-!'-!.'-- '-!'4!.'-- '-!'-!.'-. '-!'4!.'-. '-!'-!.'-0

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 399: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

STRUCTOR SA n/a Research 15'430'000 12.13 - 31.12.2011 Corporation

VARMA MUTUAL PENSION n/a Research 10'000'000 7.86 - 31.12.2011 Insurance Company

ILMARINEN MUTUAL PEN n/a Research 4'841'255 3.81 - 31.12.2011 Insurance Company

MANDATUM LIFE INSURA n/a Research 4'594'606 3.61 - 31.12.2011 Insurance Company

SOCIETY OF SWEDISH L n/a Research 1'859'200 1.46 - 31.12.2011 Mutual Fund Manager

ODIN FORVALTNING AS Multiple Portfolios MF-AGG 1'803'611 1.42 - 31.01.2013 Mutual Fund Manager

TAPIOLA MUTUAL PENSI n/a Research 1'685'541 1.32 - 31.12.2011 Insurance Company

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'604'008 1.26 (84'115) 31.12.2012 Investment Advisor

BROTHERUS ILKKA n/a Research 1'324'740 1.04 - 31.12.2011 n/a

FINLAND STATE PENSIO n/a Research 1'321'807 1.04 - 31.12.2011 Government

KALEVA MUTUAL INSURA n/a Research 1'247'348 0.98 - 31.12.2011 Insurance Company

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'159'702 0.91 17'460 31.12.2012 Investment Advisor

OP DELTA FUND n/a Research 1'065'000 0.84 - 31.12.2011 Investment Advisor

NORDEA FENNIA FUND n/a Research 1'010'000 0.79 - 31.12.2011 n/a

FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 937'000 0.74 65'000 31.01.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 922'146 0.72 - 31.01.2013 Investment Advisor

GYLLENBERG RAHASTOYH Multiple Portfolios MF-AGG 722'300 0.57 (101'350) 30.11.2012 Mutual Fund Manager

DANSKE FINNISH INSTL n/a Research 676'743 0.53 - 31.12.2011 n/a

ETERA MUTUAL PENSION n/a Research 662'500 0.52 - 31.12.2011 Insurance Company

AKTIA FUND MANAGEMEN Multiple Portfolios MF-AGG 661'000 0.52 (50'000) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Goldman Sachs WILLIAM WYMAN neutral/neutral 3 M 20 6 month 12.02.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 12.02.2013

Berenberg Bank CHRIS MOORE hold 3 M 17 Not Provided 08.02.2013

Pareto Securities JONI GRONQVIST buy 5 M 19 6 month 07.02.2013

Deutsche Bank MANU RIMPELA buy 5 M 20 12 month 06.02.2013

ABG Sundal Collier ROBERT REDIN hold 3 M 17 6 month 06.02.2013

Pohjola Bank Plc (ESN) MATIAS RAUTIONMAA hold 3 D 19 12 month 06.02.2013

SEB Enskilda JUTTA RAHIKAINEN buy 5 M 20 Not Provided 06.02.2013

Carnegie TOMMY ILMONI sell 1 D #N/A N/A Not Provided 06.02.2013

Nordea Equity Research PAAVO AHONEN suspended coverage #N/A N/A M #N/A N/A Not Provided 06.02.2013

Evli Bank Plc MIKA KARPPINEN buy 5 M 20 12 month 06.02.2013

Danske Markets ARI JARVINEN hold 3 M 19 12 month 06.02.2013

Handelsbanken ALBIN SANDBERG accumulate 4 M 16 12 month 05.02.2013

INDERES SAULI VILEN accumulate 4 M 20 Not Provided 05.02.2013

CA Cheuvreux BJORN GUSTAFSSON outperform 5 M 15 Not Provided 17.12.2012

Swedbank TOMI TIILOLA strong buy 5 M 19 12 month 31.10.2012

FIM JAAKKO TYRVAINEN accumulate 4 M 15 12 month 26.07.2012

Holdings By:

YIT OYJ ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 400: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Zardoya Otis SA manufactures, installs and services elevators and elevator

equipment. The Company also exports manufactured elevator equipment to be

installed by Otis Elevator subsidiaries around the world.

Latest Fiscal Year: 12/2012

LTM as of: 11/yy

52-Week High (10.01.2013) 11.73

52-Week Low (27.06.2012) 8.09

Daily Volume

10.69

52-Week High % Change -8.87% Dividend Yield -

52-Week Low % Change 32.14% Beta 0.62

% 52 Week Price Range High/Low 71.43% Equity Float 145.70

Shares Out 31.12.2012 385.2 Short Int -

4'118.23 1 Yr Total Return 16.51%

Total Debt 32.82 YTD Return -1.02%

Preferred Stock 0.0 Adjusted BETA 0.615

Minority Interest 24.1 Analyst Recs 11

Cash and Equivalents 37.56 Consensus Rating 1.364

Enterprise Value 4'137.57

Average Volume 5 Day 283'333

ZOT SQ EQUITY YTD Change - Average Volume 30 Day 208'999

ZOT SQ EQUITY YTD % CHANGE - Average Volume 3 Month 320'389

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 11/yy 11/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

936.6 885.1 862.8 819.1 809.1 819.1 809.1 863.8 905.3 - -

4.54x 5.16x 4.32x 4.63x 5.17x 0.00x 0.00x 4.78x 4.55x - -

296.6 299.5 305.5 289.2 278.0 0.0 0.0 292.3 304.3 - -

14.32x 15.24x 12.20x 13.10x 15.04x 0.00x 0.00x 14.16x 13.60x - -

201.1 202.1 205.1 193.6 181.1 194.0 181.1 191.0 199.3 - -

20.65x 22.89x 18.46x 19.78x 22.04x 19.65x 22.40x 21.91x 20.84x - -

EBITDA 277.98 Long-Term Rating Date -

EBIT 261.22 Long-Term Rating -

Operating Margin 32.28% Long-Term Outlook -

Pretax Margin 32.26% Short-Term Rating Date -

Return on Assets 32.35% Short-Term Rating -

Return on Common Equity 77.49%

Return on Capital - EBITDA/Interest Exp. 737.67

Asset Turnover 1.45% (EBITDA-Capex)/Interest Exp. 730.54

Net Debt/EBITDA -0.02

Gross Margin - Total Debt/EBITDA 0.12

EBITDA Margin 34.4%

EBIT Margin 32.3% Total Debt/Equity 13.8%

Net Income Margin 22.4% Total Debt/Capital 11.1%

Asset Turnover 1.45

Current Ratio 1.13 Net Fixed Asset Turnover 15.53

Quick Ratio 0.93 Accounts receivable turnover-days 48.57

Debt to Assets 5.85% Inventory Days -

Tot Debt to Common Equity 13.78% Accounts Payable Turnover Day -

Accounts Receivable Turnover 8.17 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Zardoya Otis SAPrice/Volume

Valuation Analysis

255'848.00

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

'

.

1

3

5

-'

-.

-1

a -. f -. S -. f -. d -. d -. S -. o -. l -. j -. T -. d -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

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'!''

2!''

-'!''

-2!''

.'!''

.2!''

0'!''

'1!-.!.''6 '1!'3!.'-' '1!-.!.'-' '1!'3!.'-- '1!-.!.'-- '1!'3!.'-. '1!-.!.'-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 401: Fundamental Equity Analysis & Analyst Recommendations - STOXX Europe Small 200 Index Components

28.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

UNITED TECHNOLOGIES n/a EXCH 192'659'576 50.01 - 02.08.2012 Corporation

EURO SYNS SA n/a EXCH 41'683'407 10.82 1'984'925 20.08.2012 Other

CENON INVESTMENTS SL n/a EXCH 3'816'325 0.99 181'730 20.08.2012 Corporation

DALTON STRATEGIC PAR n/a Short (2'658'166) -0.69 38'524 15.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'578'189 0.67 32'419 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 2'467'406 0.64 80'155 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 1'732'937 0.45 4'034 26.02.2013 Investment Advisor

ABAJO GARCIA MARIO n/a EXCH 1'125'649 0.29 - 11.09.2012 n/a

LBPAM Multiple Portfolios MF-AGG 353'605 0.09 73'295 31.12.2012 Mutual Fund Manager

AMUNDI Multiple Portfolios MF-AGG 231'066 0.06 73'688 30.11.2012 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 228'501 0.06 - 28.12.2012 Mutual Fund Manager

LOIZAGA VIGURI JOSE n/a EXCH 208'291 0.05 9'918 02.08.2012 n/a

STATE STREET BANQUE Multiple Portfolios MF-AGG 207'101 0.05 264 31.01.2013 Investment Advisor

FMR LLC n/a ULT-AGG 136'113 0.04 - 31.12.2012 Investment Advisor

SPP FONDER AB Multiple Portfolios MF-AGG 115'637 0.03 11'074 31.01.2013 Investment Advisor

BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 114'365 0.03 (8'102) 29.02.2012 Investment Advisor

GYLLENBERG RAHASTOYH Multiple Portfolios MF-AGG 79'827 0.02 - 30.11.2012 Mutual Fund Manager

LEGAL & GENERAL n/a ULT-AGG 74'937 0.02 - 28.12.2012 Unclassified

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 71'958 0.02 - 31.07.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 71'680 0.02 - 31.10.2012 Mutual Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BPI MANUEL DIAS COELHO sell 1 M 8 Not Provided 25.02.2013

Goldman Sachs MAYAN UTHAYAKUMAR Sell/Neutral 1 M 9 6 month 18.02.2013

La Caixa BORJA PAGOAGA sell 1 D 9 Not Provided 07.02.2013

AlphaValue LIONEL PELLICER reduce 2 M 11 6 month 07.02.2013

Exane BNP Paribas FRANCISCO RUIZ underperform 1 M 7 Not Provided 05.02.2013

Banco Sabadell FRANCISCO JOSE RODRIGUEZ sell 1 M 9 12 month 30.01.2013

Banesto Bolsa SA Sociedad ROBERT JACKSON sell 1 M 11 12 month 30.01.2013

Grupo Santander JAVIER ECHANOVE hold 3 M 10 Not Provided 21.01.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Bankia Bolsa (ESN) INIGO RECIO PASCUAL reduce 2 M 9 12 month 28.12.2012

BBVA LURDES SAIZ DE QUEVEDO underperform 1 M 8 Not Provided 05.10.2012

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 M 8 Not Provided 30.01.2012

Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 9 12 month 30.01.2012

Intermoney Valores ESTHER MARTIN hold 3 M 12 12 month 13.04.2011

Holdings By:

Zardoya Otis SA ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |


Recommended