Fundamental Equity Analysis & Analyst Recommendations - SX5E Eurostoxx 50…

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February 2013

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Currency

Market

Capitalization (in

mio USD)

Daily

Volume

(M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock

(USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14121364 1907.672 1115 1115 203 220 220 101.35 110.66 110.66 15.03 15.03 13.77 13.77 18.69

Euro Stoxx 50 Pr EUR 2622635 5772.872 4825 4825 811 833 833 186.71 323.03 323.03 25.21 16.93 14.57 14.57 21.45

NIKKEI 225 JPY 2425374 177.225 189 189 19 20 20 5.16 5.60 5.60 0.25 0.24 0.23 0.23 0.12

FTSE 100 INDEX GBP 2721403 11808.59 9311 9311 1486 1673 1673 550.80 825.62 825.62 27.18 22.43 18.13 18.13 24.24

SWISS MARKET INDEX CHF 1037093 11052.65 4174 4174 885 859 859 390.09 563.39 563.39 22.92 19.43 15.87 15.87 23.24

S&P/TSX COMPOSITE INDEX CAD 1708660 17087.54 7873 7873 1881 2141 2141 808.30 897.53 897.53 15.25 15.25 13.74 13.74 24.97

S&P/ASX 200 INDEX AUD 1418991 6771.435 2869 2869 582 700 700 249.20 340.41 340.41 21.64 16.73 15.84 15.84 21.87

HANG SENG INDEX HKD 1753660 3458.521 1607 1607 359 408 408 250.93 265.84 265.84 1.54 1.63 1.46 1.46 3.13

MSCI EM USD 7972857 1461.715 1037 1037 197 200 200 86.36 101.05 101.05 12.32 13.43 10.53 10.53 19.89

AIR LIQUIDE SA EUR 37770 737 312 10 0 0 2 46.25 20465 20465 21835 23420 5064 5064 - - 6.90 6.91 7.45 8.23 23.38 23.39 21.69 19.64 8.03 6.86 8.57 9.07 33.04 A 02.07.2007 - -

ALLIANZ SE-REG EUR 63501 1706 452 38 0 3 14 88.38 116683 125630 138147 141209 - - - - 7.45 13.31 15.05 16.18 13.97 13.88 12.35 11.50 -3.51 4.95 - - - AA 27.01.2012 Aa3 03.05.2004

ANHEUSER-BUSCH INBEV NV EUR 149844 1725 1598 54 0 5 7 253.57 52138 52468 53048 59863 20426 20409 5912 5912 5.00 5.93 6.21 6.67 28.04 28.05 26.76 24.91 10.11 19.76 14.83 32.38 51.94 A 01.05.2012 A3 27.03.2012

ARCELORMITTAL EUR 26585 9943 1549 34 0 5 6 68.65 112449 112449 117163 120913 9029 9721 2146 2146 0.01 -3.22 0.99 1.99 - 135.73 28.64 14.28 -13.87 -4.94 -42.31 -25.38 11.54 BB+ 02.08.2012 Ba1 06.11.2012

ASML HOLDING NV EUR 30862 1114 407 1 0 0 4 28.27 6318 6318 6493 8062 1794 1794 186 186 3.58 3.61 3.09 4.73 27.23 27.32 31.77 20.74 -21.73 25.07 -34.23 9.53 37.91 - - Baa2 11.11.2010

ASSICURAZIONI GENERALI EUR 26942 5148 1541 29 0 4 34 33.06 98120 108842 98972 101882 - - - - 1.56 1.02 1.38 1.78 22.56 - 16.70 12.99 -20.84 11.60 - - - A 23.01.2013 Baa2 *- 18.12.2012

AXA SA EUR 43703 6393 2374 22 8 3 41 36.82 131305 135495 131200 130828 - - - - 1.51 1.54 2.42 2.56 15.84 31.76 10.11 9.54 -21.70 3.10 - - - A- 18.12.2012 A2 19.03.2003

BANCO BILBAO VIZCAYA ARGENTA EUR 55289 24949 5449 304 0 3 85 #VALUE! 28995 29724 31293 32941 - - - - 1.00 0.42 1.01 1.19 32.37 20.67 13.40 11.43 -53.20 11.66 - - - BBB- 16.10.2012 Baa3 24.10.2012

BANCO SANTANDER SA EUR 82463 46728 10321 469 0 13 230 #VALUE! 58756 58302 59586 62359 - - - - 0.41 0.32 0.81 0.94 32.85 13.71 12.83 11.11 -58.21 12.95 - - - BBB 16.10.2012 (P)Baa2 24.10.2012

BASF SE EUR 90904 2789 918 17 0 2 3 107.15 98140 103016 104132 106827 15830 17211 3647 3647 8.57 7.32 7.14 7.95 18.06 18.07 18.51 16.62 20.12 9.87 -0.54 4.11 22.31 A+ 10.05.2011 A1 17.11.2010

BAYER AG-REG EUR 80199 2207 827 16 0 0 6 89.31 48776 52195 52782 55336 11968 12751 2384 2384 7.16 3.99 7.24 7.92 32.44 16.40 17.90 16.35 5.48 6.30 0.95 16.44 32.62 A- 30.04.2008 A3 17.07.2006

BAYERISCHE MOTOREN WERKE AG EUR 60524 1486 656 91 0 0 15 137.58 91896 99694 102240 106116 15570 15602 4194 4194 9.93 9.56 10.34 10.36 13.20 13.20 12.20 12.18 18.42 10.11 37.81 1.39 20.90 A 16.04.2012 A2 22.07.2011

BNP PARIBAS EUR 73857 3700 1242 802 10 11 192 #VALUE! 92 K 130 K 54 K 55 K - - - - 7.41 6.89 6.82 7.72 11.52 10.71 11.64 10.28 -4.41 15.21 - - - A+ 25.10.2012 A2 21.06.2012

CARREFOUR SA EUR 19688 2524 674 22 0 1 6 34.70 107431 106984 104141 106013 5200 3481 - - -1.00 -2.10 1.65 1.91 - - 22.48 19.40 1.20 0.13 -14.82 1.53 4.34 BBB 15.03.2012 (P)Baa2 15.03.2012

COMPAGNIE DE SAINT-GOBAIN EUR 22276 1825 526 15 0 1 4 35.94 56237 57192 57394 57955 6709 6563 - - 3.51 2.59 3.14 3.44 21.62 19.96 17.86 16.29 6.65 0.23 6.67 0.54 15.32 BBB 24.07.2009 Baa2 31.07.2009

CRH PLC EUR 15588 1039 728 7 0 0 2 21.11 24143 24707 25003 25645 2211 2203 1373 1373 1.02 1.15 0.98 1.15 24.85 37.24 29.27 24.95 7.06 -2.90 3.47 -10.60 11.91 BBB+ 17.12.2007 - -

DAIMLER AG-REGISTERED SHARES EUR 64336 3559 1066 96 0 2 15 160.14 152620 152620 155983 165094 16312 16626 - - 7.62 7.62 6.21 7.38 10.55 10.55 12.95 10.90 9.72 23.62 - -9.22 14.64 A- 23.02.2012 A3 01.10.2007

DANONE EUR 45568 2019 606 12 0 0 3 55.01 27866 27866 29439 31174 4655 4707 - - 3.70 3.72 4.20 4.65 25.45 25.56 22.54 20.37 10.72 14.53 - 14.41 23.46 A- 25.07.2007 A3 06.11.2007

DEUTSCHE BANK AG-REGISTERED EUR 44942 3571 929 380 0 2 238 #VALUE! 44842 62960 45467 46804 - - - - 4.24 0.91 5.47 6.90 71.10 12.70 11.80 9.36 -48.38 -7.77 - - - A+ 25.01.2012 A2 21.06.2012

DEUTSCHE TELEKOM AG-REG EUR 46947 21425 4321 65 0 6 8 107.62 78319 77945 77606 76899 26976 25806 5787 5787 0.66 -2.30 0.85 0.89 - - 17.00 16.36 -8.06 -1.72 18.65 5.73 44.21 BBB+ 19.05.2008 Baa1 22.12.2011

E.ON SE EUR 34401 13142 1905 40 0 5 9 66.26 150827 167323 150300 147998 5700 6052 2721 2721 -0.01 -0.01 2.95 1.74 - 14.12 7.78 13.16 28.89 17.73 -89.70 -16.95 4.83 A- 27.07.2012 A3 05.10.2011

ENEL SPA EUR 36413 23528 9403 87 0 21 9 136.56 103583 110101 105136 104852 22964 25842 5150 5150 0.59 0.49 0.49 0.48 10.58 - 10.55 10.88 10.45 24.26 3.42 22.44 31.34 BBB+ 08.03.2012 Baa2 05.11.2012

ENI SPA EUR 85796 8681 3634 33 0 5 11 112.38 169944 169944 161957 164874 32800 32800 10055 10055 2.58 3.20 2.67 2.87 9.86 11.08 11.82 10.99 21.54 7.91 -6.06 -1.40 25.77 A 17.01.2012 A3 16.07.2012

ESSILOR INTERNATIONAL EUR 21189 577 209 1 0 0 1 22.34 5594 6222 6660 7176 1228 1367 - - 3.34 3.53 3.75 4.15 37.38 37.19 35.14 31.77 10.22 15.47 2.84 12.10 29.34 - - - -

FRANCE TELECOM SA EUR 26740 18406 2633 52 0 3 11 70.58 58105 58105 56210 55370 20055 19007 4146 4146 0.98 0.41 1.49 1.47 32.56 10.51 9.07 9.19 -5.20 -4.77 - -5.12 42.66 A- 10.02.2005 A3 23.06.2005

GDF SUEZ EUR 46604 4026 2214 76 0 23 20 125.76 121075 127560 124907 110441 21459 22195 - - 2.73 2.15 2.08 1.86 11.98 11.31 12.41 13.90 9.79 45.55 1.28 34.86 23.23 A *- 29.01.2013 A1 03.07.2012

IBERDROLA SA EUR 30982 21885 6139 45 0 0 9 67.20 46402 46533 44358 45909 9605 9550 3056 3056 0.62 0.63 0.53 0.56 10.48 10.43 12.39 11.69 13.09 10.52 3.67 10.80 27.40 BBB 28.11.2012 (P)Baa1 05.11.2012

INDITEX EUR 83774 1558 623 0 0 0 5 78.54 18417 20624 21373 23763 4292 5040 1563 1563 4.14 4.90 5.15 5.82 36.66 - 34.82 30.84 13.50 14.13 11.18 16.59 32.63 - - - -

ING GROEP NV-CVA EUR 33215 17985 3801 277 0 1 24 288.35 54457 56404 60617 62389 - - - - 0.98 1.00 1.32 1.46 11.57 10.80 8.79 7.95 -30.37 -12.38 - - - A 03.09.2009 A3 15.06.2012

INTESA SANPAOLO EUR 29935 117426 16434 355 0 1 53 #VALUE! 33737 29857 23191 22437 - - - - 0.19 -0.72 0.15 0.16 - 12.95 16.55 14.94 2.31 1.95 - - - BBB+ 10.02.2012 Baa2 16.07.2012

KONINKLIJKE PHILIPS ELECTRON EUR 27676 2299 926 6 0 0 5 28.66 33099 33099 33107 34351 3289 3289 786 786 0.37 0.37 2.24 2.56 105.68 32.66 17.21 15.08 13.06 2.02 143.54 -4.73 13.27 A- 11.05.2005 A3 20.04.2006

L'OREAL EUR 90741 491 598 0 0 0 2 88.64 29994 29994 31320 33158 5860 5860 - - 6.33 6.41 6.83 7.40 31.10 31.12 29.18 26.95 13.91 7.72 14.65 6.38 26.09 - - - -

LVMH MOET HENNESSY LOUIS VUI EUR 89830 614 500 9 0 1 3 97.46 37526 37526 40278 43682 9267 9641 3771 3771 9.32 9.16 10.19 11.40 25.79 25.36 23.18 20.72 25.08 14.89 17.15 14.76 34.31 A 20.05.2011 - -

MUENCHENER RUECKVER AG-REG EUR 32341 541 178 7 0 0 3 37.11 81330 88314 77353 82094 - - - - 5.26 24.02 21.22 21.70 10.02 9.59 11.35 11.10 - 12.27 - - - AA- 22.12.2006 - -

NOKIA OYJ EUR 14282 21091 3711 7 0 2 13 10.86 40294 40294 39244 39704 -1305 -1305 192 192 - -1.12 0.02 0.21 - - 238.35 24.45 -29.30 -15.96 - -31.68 -4.32 BB- 15.08.2012 Ba3 23.07.2012

REPSOL SA EUR 26663 4722 1221 27 0 5 4 49.92 80280 80164 79252 81245 11362 10340 2254 2254 2.52 2.39 2.14 2.24 11.60 - 12.99 12.40 16.07 5.66 -38.20 -1.50 17.22 BBB- 19.04.2012 - -

RWE AG EUR 22850 2623 587 29 0 2 9 45.75 65634 66077 68182 69378 11064 10210 - - 4.47 5.02 5.44 5.27 9.89 9.89 9.12 9.42 -4.13 8.52 -13.66 3.47 20.63 BBB+ 27.07.2012 A3 19.07.2011

SANOFI EUR 130651 2609 1326 19 0 0 9 141.71 46664 46664 47859 50367 16815 17603 - - 6.29 5.02 8.03 8.94 26.20 21.68 16.38 14.72 6.23 6.40 - 4.60 50.81 AA- 18.02.2011 A2 18.02.2011

SAP AG EUR 98375 2034 1229 7 0 0 4 101.88 21661 21662 24118 26589 6590 6109 1491 1491 3.17 3.16 4.66 5.30 33.79 33.86 22.93 20.18 18.66 12.95 0.73 14.35 37.66 - - - -

SCHNEIDER ELECTRIC SA EUR 41080 1551 540 11 0 0 4 49.56 29893 31325 31925 32804 5030 5200 - - 4.71 4.73 5.12 5.53 20.89 19.60 19.29 17.87 19.14 9.76 7.17 12.32 22.16 A- 26.11.2008 A3 12.01.2009

SIEMENS AG-REG EUR 92488 1732 856 28 0 1 15 107.93 104548 105047 104643 108627 12890 13822 2731 2731 7.48 7.58 8.20 10.08 18.48 18.70 17.10 13.90 9.15 0.15 -10.68 2.23 17.57 A+ 05.06.2009 - -

SOCIETE GENERALE EUR 31955 4572 754 906 0 6 193 #VALUE! 58396 #VALUE! 32105 33061 - - - - 1.83 1.30 4.87 5.80 41.92 14.82 11.24 9.42 -13.25 - - - - A 23.01.2012 A2 21.06.2012

TELEFONICA SA EUR 58752 29612 4480 89 0 8 9 145.20 83906 83701 83298 80861 25894 27912 7419 7419 1.77 1.82 1.58 1.60 9.45 - 10.88 10.80 4.62 2.61 -33.08 0.37 44.53 BBB 20.12.2012 Baa2 18.10.2012

TOTAL SA EUR 119908 4251 2258 44 0 2 23 143.33 243422 243422 239349 239885 43187 42652 11589 11589 6.30 6.32 7.03 7.15 10.71 10.74 9.62 9.46 12.63 6.01 -2.34 1.38 23.40 AA- 12.04.2011 Aa1 30.08.2005

UNIBAIL-RODAMCO SE EUR 22123 268 92 16 0 2 0 40.07 2300 2300 2101 2337 1585 1585 - - 23.66 21.08 13.56 14.72 14.77 13.10 22.95 21.15 -14.95 13.79 0.33 20.70 92.01 A 27.06.2007 WR 16.07.2010

UNICREDIT SPA EUR 32715 63059 2930 447 0 4 75 #VALUE! 56040 35005 33964 33274 - - - - -0.04 -3.34 0.29 0.37 - - 26.27 20.17 2.41 2.27 - - - BBB+ 10.02.2012 Baa2 16.07.2012

UNILEVER NV-CVA EUR 120661 3602 2832 14 0 1 4 131.23 68533 68533 71410 75428 10933 10883 - - 2.06 2.11 2.26 2.45 25.32 26.47 23.61 21.79 13.96 7.13 12.99 5.19 21.20 A+ 05.10.2000 A1 11.07.2000

VINCI SA EUR 27156 1541 536 27 0 1 9 46.40 51587 51587 51927 53173 7355 7282 - - 4.70 4.78 4.68 4.92 13.15 13.25 13.41 12.77 3.50 5.68 1.52 4.97 18.85 BBB+ 29.03.2007 Baa1 23.07.2002

VIVENDI EUR 27340 3696 1287 21 0 4 5 50.86 38474 38101 38093 38382 11813 12537 2469 2469 3.21 1.56 2.68 2.57 17.71 13.40 10.28 10.72 -0.30 6.11 13.77 12.16 43.94 BBB 26.10.2012 Baa2 13.09.2005

VOLKSWAGEN AG-PREF EUR 108335 540 465 125 0 8 33 235.48 212761 250079 256800 274030 28529 31192 - - 44.09 63.57 47.00 31.65 5.07 5.08 6.86 10.18 34.16 18.99 37.72 16.71 16.66 A- 31.08.2009 A3 17.08.2009

Valuation Measures I/II

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

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

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.11 2.11 1.94 1.73 2.11 1.37 1.37 1.30 1.25 1.37 9.72 9.72 9.44 8.65 9.72 8.66 8.66 7.98 7.45 8.66 13.77 13.77 12.33 11.15 13.77 2.26 2.26 2.41 2.59 2.26 1655.3 8.7%

Euro Stoxx 50 Pr 1.12 1.12 1.06 0.99 1.12 0.73 0.73 0.71 0.68 0.73 5.33 5.33 4.93 4.73 5.33 6.93 6.93 6.53 6.20 6.93 10.91 10.91 9.75 9.02 10.91 4.34 4.34 4.69 4.98 4.34 2872.5 8.8%

NIKKEI 225 1.39 1.39 1.31 1.22 1.39 0.65 0.65 0.61 0.61 0.65 8.61 8.61 7.51 7.01 8.61 8.93 8.93 7.87 7.39 8.93 21.89 21.89 17.85 13.63 21.89 1.80 1.80 1.79 2.09 1.80 11180.5 -2.5%

FTSE 100 INDEX 1.68 1.68 1.56 1.46 1.68 1.05 1.05 1.00 1.01 1.05 7.89 7.89 7.27 5.99 7.89 7.06 7.06 6.59 6.22 7.06 11.85 11.85 10.77 9.86 11.85 3.86 3.86 4.15 4.73 3.86 6644.4 3.9%

SWISS MARKET INDEX 2.35 2.35 2.18 2.00 2.35 1.98 1.98 1.88 1.80 1.98 12.06 12.06 11.03 9.99 12.06 12.86 12.86 11.93 11.16 12.86 14.66 14.66 13.15 11.97 14.66 3.29 3.29 3.65 4.13 3.29 7866.0 3.1%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.46 1.68 1.59 1.59 1.49 1.43 1.59 8.31 8.31 7.51 7.07 8.31 7.98 7.98 7.08 6.79 7.98 13.97 13.97 12.33 11.47 13.97 3.07 3.07 3.22 3.42 3.07 14382.7 12.8%

S&P/ASX 200 INDEX 1.92 1.92 1.82 1.71 1.92 1.83 1.83 1.72 1.63 1.83 11.24 11.24 10.17 9.25 11.24 9.67 9.67 8.53 7.89 9.67 15.40 15.40 13.75 12.62 15.40 4.29 4.29 4.61 4.97 4.29 5042.4 -1.1%

HANG SENG INDEX 1.40 1.40 1.29 1.22 1.40 1.87 1.87 1.73 1.56 1.87 7.53 7.53 6.96 6.69 7.53 8.47 8.47 7.70 7.23 8.47 11.31 11.31 10.26 9.46 11.31 3.38 3.38 3.69 4.54 3.38 24953.9 7.1%

MSCI EM 1.41 1.41 1.28 1.18 1.41 1.03 1.03 0.95 0.91 1.03 6.60 6.60 6.00 5.64 6.60 7.32 7.32 6.69 6.30 7.32 10.53 10.53 9.36 8.71 10.53 2.92 2.92 3.24 3.55 2.92 1196.7 12.5%

AIR LIQUIDE SA 2.63 2.44 2.28 2.13 1.90 1.85 1.73 1.61 1.51 1.48 9.80 9.04 8.44 8.51 7.22 9.18 8.45 7.79 7.31 7.01 17.68 16.25 14.71 13.50 12.59 2.78 2.99 3.26 3.56 3.47 101.60 12.1%

ALLIANZ SE-REG 1.07 0.92 0.86 0.81 0.77 0.48 0.46 0.45 0.44 0.43 15.94 9.25 8.61 8.25 8.39 4.19 4.41 4.70 4.93 5.05 114.40 9.7%

ANHEUSER-BUSCH INBEV NV 3.77 3.49 3.17 2.91 2.59 3.84 3.77 3.34 3.11 2.97 14.87 13.30 12.37 11.36 10.31 12.44 12.27 10.79 9.84 9.48 24.27 20.04 18.66 16.66 15.42 1.46 2.04 2.39 2.78 3.27 70.98 1.6%

ARCELORMITTAL 0.46 0.47 0.46 0.43 0.41 0.32 0.30 0.29 0.29 0.28 5.17 5.34 3.93 3.21 2.36 7.39 6.43 5.39 4.73 4.31 93.33 21.45 10.70 7.45 5.91 3.53 1.26 2.06 2.32 1.57 14.18 18.6%

ASML HOLDING NV 5.34 4.54 3.87 3.28 4.88 4.75 3.83 3.21 2.59 18.73 20.88 13.74 11.05 15.45 16.89 11.65 9.21 7.65 22.14 23.79 15.53 11.56 8.63 0.83 0.99 1.14 1.27 53.37 -3.1%

ASSICURAZIONI GENERALI 1.27 1.01 0.93 0.87 0.79 0.28 0.27 0.26 0.26 0.27 17.66 12.51 9.73 8.84 7.91 2.31 2.51 3.31 3.88 4.94 13.40 3.4%

AXA SA 0.69 0.69 0.66 0.62 0.55 0.38 0.33 0.33 0.32 0.30 8.13 7.57 7.15 6.63 6.59 5.12 5.32 5.67 6.05 6.48 15.85 15.7%

BANCO BILBAO VIZCAYA ARGENTA 1.00 0.95 0.90 0.85 1.81 1.77 1.68 1.62 3.29 3.30 3.17 21.41 10.04 8.56 7.53 5.53 5.54 5.74 6.46 7.62 0.3%

BANCO SANTANDER SA 0.77 0.78 0.77 0.74 1.40 1.38 1.32 1.30 2.23 2.30 2.15 10.50 9.61 8.32 7.82 10.05 10.29 9.90 8.53 6.23 6.2%

BASF SE 2.87 2.63 2.41 2.22 1.96 0.94 0.87 0.85 0.85 0.81 7.79 8.46 7.74 7.32 7.02 6.93 6.48 6.13 5.82 5.43 11.92 13.86 12.44 11.39 10.82 3.20 3.48 3.63 3.90 3.86 76.19 2.8%

BAYER AG-REG 3.00 3.00 2.72 2.45 2.15 1.65 1.52 1.45 1.38 1.32 11.74 10.38 9.07 8.46 7.64 8.73 8.46 7.64 7.15 6.66 15.04 13.40 12.24 11.15 10.38 2.28 2.50 2.78 3.06 3.27 75.10 3.4%

BAYERISCHE MOTOREN WERKE AG 1.66 1.49 1.34 1.22 1.16 0.66 0.59 0.57 0.54 0.55 5.02 5.47 5.26 4.99 3.71 7.61 7.82 7.80 7.60 7.44 9.21 9.14 9.12 8.95 8.82 3.36 3.68 3.91 4.14 4.11 77.86 10.0%

BNP PARIBAS 0.72 0.68 0.64 0.61 1.41 1.38 1.34 1.32 5.58 4.97 4.45 5.57 8.18 8.72 7.70 7.46 3.37 3.80 4.54 5.60 52.18 17.2%

CARREFOUR SA 1.57 1.89 1.79 1.64 1.53 0.18 0.19 0.19 0.18 0.18 5.38 6.10 5.19 4.86 4.50 6.70 6.98 6.69 6.32 6.12 14.79 16.83 14.53 12.94 11.39 3.86 2.53 2.84 3.14 3.71 21.62 4.0%

COMPAGNIE DE SAINT-GOBAIN 0.90 0.92 0.90 0.86 0.82 0.40 0.39 0.38 0.37 0.35 5.36 5.92 5.72 5.21 4.55 5.44 6.15 5.97 5.45 4.74 9.50 13.37 12.20 10.15 8.15 4.01 3.71 3.95 4.22 4.87 33.36 6.2%

CRH PLC 1.10 1.07 1.05 1.02 0.97 0.65 0.62 0.61 0.57 0.51 8.57 9.03 8.43 7.14 5.70 9.65 9.87 9.12 7.90 6.56 21.03 21.92 18.68 14.53 10.81 3.91 3.93 4.01 4.16 4.36 15.21 -5.3%

DAIMLER AG-REGISTERED SHARES 1.12 1.07 1.00 0.93 0.83 0.42 0.41 0.39 0.37 0.37 5.47 5.18 4.59 3.67 3.16 9.37 9.47 8.34 7.45 6.31 9.76 9.70 8.17 7.09 7.00 4.74 4.53 5.01 5.71 46.80 3.7%

DANONE 2.54 2.38 2.24 2.12 1.86 1.64 1.55 1.46 1.37 1.30 12.52 12.12 10.59 9.75 8.70 11.41 10.91 10.20 9.31 8.73 17.58 16.88 15.25 13.91 12.57 2.75 2.89 3.11 3.46 3.90 52.34 -1.4%

DEUTSCHE BANK AG-REGISTERED 0.60 0.59 0.55 0.51 0.47 1.00 0.99 0.96 0.93 0.84 6.39 5.38 4.63 10.11 8.84 7.01 5.67 5.20 2.08 2.10 2.62 3.14 2.97 39.51 9.1%

DEUTSCHE TELEKOM AG-REG 0.93 1.21 1.20 1.19 1.28 0.60 0.60 0.61 0.61 0.60 2.38 2.66 2.58 2.57 3.98 4.33 4.48 4.61 4.63 4.52 12.02 12.73 12.25 11.72 10.38 8.60 8.59 6.67 6.35 6.92 9.33 14.7%

E.ON SE 0.62 0.65 0.64 0.62 0.62 0.27 0.23 0.23 0.23 0.22 4.02 3.15 3.81 3.70 3.76 5.41 4.65 5.21 5.13 5.09 10.41 5.83 9.86 9.24 9.47 7.77 8.54 5.74 5.90 5.73 13.34 3.6%

ENEL SPA 0.69 0.67 0.64 0.61 0.58 0.37 0.35 0.35 0.34 0.32 2.52 3.09 2.99 2.70 3.72 5.82 6.18 6.24 6.13 5.94 6.68 7.90 8.15 7.63 7.29 9.00 5.17 5.21 5.52 5.66 3.28 13.2%

ENI SPA 1.07 1.01 0.95 0.91 0.53 0.53 0.52 0.50 3.85 3.47 3.22 3.06 2.86 2.92 2.79 2.72 8.80 8.85 8.23 7.93 9.61 6.10 6.24 6.37 6.55 6.79 19.87 12.4%

ESSILOR INTERNATIONAL 5.02 4.32 3.91 3.54 2.99 3.78 3.18 2.95 2.73 2.49 21.61 19.80 17.47 15.80 17.35 18.49 15.34 14.08 12.87 11.98 29.74 26.32 23.79 21.58 19.50 1.25 1.34 1.48 1.63 1.83 81.18 9.9%

FRANCE TELECOM SA 0.73 0.71 0.69 0.63 0.68 0.46 0.48 0.48 0.49 0.49 1.98 2.13 2.20 2.65 2.21 3.87 4.08 4.20 4.30 4.31 5.87 6.79 6.89 6.91 6.81 10.62 10.44 10.33 10.22 10.61 9.51 25.7%

GDF SUEZ 0.51 0.52 0.51 0.52 0.50 0.38 0.37 0.42 0.42 0.42 2.85 2.90 3.34 3.15 3.37 5.75 5.51 6.46 6.27 5.99 9.58 9.29 10.41 9.73 9.10 10.51 10.37 10.17 10.21 8.97 17.35 19.9%

IBERDROLA SA 0.64 0.63 0.62 0.59 0.74 0.70 0.67 0.66 0.68 3.90 4.24 4.26 3.97 6.49 6.63 6.34 6.13 5.83 8.08 9.28 8.75 9.05 9.05 8.45 7.96 7.99 7.77 8.39 4.39 18.7%

INDITEX 8.78 7.33 6.38 5.60 4.88 4.55 3.92 3.53 3.17 2.89 23.69 19.39 17.43 15.58 14.30 18.25 14.72 13.12 11.72 10.75 32.66 26.08 23.10 20.61 18.68 1.79 2.22 2.56 2.90 3.26 107.88 7.2%

ING GROEP NV-CVA 0.49 0.46 0.44 0.42 0.58 0.55 0.53 0.46 8.39 6.58 5.96 5.84 0.00 0.34 3.31 4.61 8.07 24.3%

INTESA SANPAOLO 0.38 0.46 0.45 0.43 0.42 1.36 1.29 1.33 1.30 1.26 3.13 2.87 2.90 2.78 9.23 12.40 11.19 8.49 7.52 4.36 3.78 4.14 5.31 5.38 1.45 5.1%

KONINKLIJKE PHILIPS ELECTRON 1.73 1.72 1.62 1.37 1.33 0.84 0.84 0.81 0.77 0.77 10.55 8.66 7.36 6.51 6.33 7.80 6.24 5.71 5.17 5.30 18.12 12.89 11.29 10.08 9.27 3.50 3.64 3.91 4.51 4.36 23.90 10.4%

L'OREAL 3.54 3.12 2.88 2.64 2.33 3.04 2.90 2.74 2.56 2.45 18.60 17.20 15.89 14.69 13.58 14.98 13.97 12.98 11.97 11.60 23.37 21.85 20.18 18.35 17.38 1.97 2.19 2.40 2.72 2.91 110.96 -0.8%

LVMH MOET HENNESSY LOUIS VUI 2.66 2.45 2.22 2.00 1.64 2.40 2.23 2.06 1.90 1.80 13.99 13.00 11.78 11.21 11.32 10.40 9.57 8.65 7.83 7.62 18.38 17.36 15.52 13.82 12.56 2.26 2.49 2.81 3.12 2.97 153.16 15.6%

MUENCHENER RUECKVER AG-REG 0.91 0.85 0.81 0.76 0.74 0.42 0.42 0.39 0.36 0.35 7.64 8.50 8.31 8.48 9.13 5.02 5.14 5.27 5.59 5.37 141.18 4.5%

NOKIA OYJ 1.41 1.45 1.39 1.34 1.30 0.35 0.36 0.36 0.35 0.35 136.00 10.98 4.87 2.44 11.46 5.41 3.79 2.87 2.27 178.50 18.31 11.70 11.42 1.65 1.12 1.09 2.21 5.25 2.99 4.8%

REPSOL SA 0.75 0.74 0.71 0.68 0.61 0.31 0.34 0.33 0.32 0.29 3.29 3.99 3.91 3.63 3.56 4.44 5.31 5.20 4.84 4.52 9.35 9.73 9.28 8.52 8.12 7.42 5.67 5.70 5.90 6.10 18.53 19.0%

RWE AG 0.94 1.07 0.99 0.95 0.90 0.32 0.34 0.33 0.32 0.32 2.81 2.87 2.93 2.78 2.97 4.15 3.97 3.90 3.89 3.87 6.51 6.83 7.06 7.19 7.58 7.37 7.27 7.14 7.17 6.95 31.61 13.6%

SANOFI 1.69 1.66 1.59 1.51 1.40 2.81 2.73 2.59 2.46 2.37 10.48 10.49 9.66 8.06 7.59 7.90 8.05 7.43 6.90 6.66 11.92 12.26 11.02 10.00 9.33 3.76 3.99 4.42 4.95 5.41 78.78 6.8%

SAP AG 5.06 4.34 3.64 3.03 2.55 4.52 4.08 3.70 3.39 3.14 18.60 14.88 13.08 11.51 10.69 13.79 11.92 10.52 9.47 8.42 19.43 17.17 15.11 13.38 12.52 1.40 1.59 1.85 2.08 2.00 65.15 8.6%

SCHNEIDER ELECTRIC SA 1.94 1.79 1.68 1.57 1.40 1.29 1.25 1.19 1.12 13.20 11.29 10.37 9.58 9.34 10.25 9.80 9.21 8.41 8.16 15.06 14.45 13.38 11.99 11.42 3.04 3.18 3.44 3.78 3.94 56.50 2.0%

SIEMENS AG-REG 2.11 2.14 1.94 1.76 1.37 0.89 0.88 0.85 0.82 0.79 9.40 10.50 8.57 7.77 7.90 8.15 8.49 7.08 6.56 6.81 12.81 12.81 10.41 9.63 8.85 3.90 4.00 4.34 4.61 4.87 84.77 7.8%

SOCIETE GENERALE 0.55 0.52 0.49 0.46 1.04 1.00 0.97 0.94 4.68 4.19 3.80 4.76 11.07 8.41 7.06 6.46 1.65 3.38 4.37 5.32 34.11 11.2%

TELEFONICA SA 2.00 1.91 1.73 1.61 1.40 0.70 0.71 0.73 0.73 0.72 2.91 3.02 3.02 2.89 2.65 5.16 5.13 5.27 5.25 5.29 6.25 8.15 8.09 7.87 7.28 15.92 1.24 6.99 7.74 8.24 11.42 18.1%

TOTAL SA 1.16 1.08 0.99 0.91 0.50 0.50 0.50 0.51 3.92 3.78 3.66 3.42 3.24 3.18 3.22 3.10 3.04 6.96 7.21 7.08 6.64 6.17 6.16 6.28 6.40 6.64 6.74 44.98 18.5%

UNIBAIL-RODAMCO SE 1.32 1.20 1.10 1.01 0.85 12.51 10.53 9.47 9.05 8.16 17.50 16.95 15.67 13.97 12.18 22.83 21.48 19.85 18.50 17.87 18.38 17.19 15.84 14.49 13.00 4.81 5.06 5.43 5.83 6.13 181.38 3.9%

UNICREDIT SPA 0.25 0.39 0.39 0.38 0.42 0.97 0.96 0.98 0.95 0.93 1.02 2.41 2.31 2.10 13.22 19.67 15.11 9.14 7.69 0.14 1.44 2.06 3.57 3.74 4.17 -1.5%

UNILEVER NV-CVA 5.43 4.94 4.35 3.85 3.44 1.77 1.69 1.60 1.51 1.44 15.09 13.92 12.91 11.83 10.98 11.93 11.17 10.44 9.68 9.26 18.95 17.68 16.32 15.00 13.93 3.17 3.39 3.62 3.84 4.17 31.22 4.2%

VINCI SA 1.45 1.37 1.30 1.22 1.03 0.53 0.52 0.51 0.50 0.47 5.15 5.03 4.83 4.59 4.30 6.35 6.28 6.09 5.84 5.46 10.21 10.04 9.56 8.92 7.99 5.07 5.14 5.38 5.77 5.96 43.63 23.8%

VIVENDI 0.86 0.99 0.95 0.91 0.82 0.71 0.72 0.71 0.70 0.69 3.33 3.38 3.68 3.56 3.29 4.59 4.79 4.86 4.76 4.65 6.90 7.70 8.03 7.60 7.19 9.10 6.52 6.46 6.76 7.82 17.84 15.3%

VOLKSWAGEN AG-PREF 1.41 1.10 0.99 0.87 0.81 0.52 0.42 0.40 0.38 0.36 4.42 3.84 4.19 3.79 3.44 8.99 8.08 7.04 6.35 5.65 9.58 5.13 7.62 6.71 6.49 1.68 2.14 2.66 3.14 4.14 200.83 11.1%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


20.02.2013

Air Liquide SA, through its subsidiaries, produces, markets, and sells

industrial and healthcare gases worldwide. These gases include liquid nitrogen,

argon, carbon dioxide, and oxygen. The Company also produces welding equipment,

diving equipment, and technical-medical equipment. Air Liquide sells its

products throughout Europe, the United States, Canada, Africa, and Asia.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (21.09.2012) 100.00

52-Week Low (18.05.2012) 83.45

Daily Volume

90.6

52-Week High % Change -9.40% Dividend Yield -

52-Week Low % Change 8.56% Beta 0.76

% 52 Week Price Range High/Low 44.82% Equity Float 310.66

Shares Out 07.12.2012 312.2 Short Int -

28'285.98 1 Yr Total Return 6.29%

Total Debt 7'273.70 YTD Return -4.68%

Preferred Stock 0.0 Adjusted BETA 0.764

Minority Interest 232.6 Analyst Recs 35

Cash and Equivalents 1'154.20 Consensus Rating 3.486

Enterprise Value 34'638.08

Average Volume 5 Day 1'140'082

AI FP EQUITY YTD Change - Average Volume 30 Day 753'002

AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 637'984

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 09/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

13'103.1 11'976.1 13'488.0 14'456.9 15'326.3 14'255.5 15'326.0 16'352.3 17'539.3 3'960.0 3'939.5

1.73x 2.25x 2.38x 2.25x 2.35x 0.00x 0.00x 2.10x 1.94x - -

2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 4'098.5 4'447.1 - -

7.71x 9.08x 9.50x 9.13x 9.50x 0.00x 0.00x 8.45x 7.79x - -

1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'737.6 1'918.9 - -

13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 16.25x 14.71x - -

EBITDA 3'792.30 Long-Term Rating Date 02.07.2007

EBIT 2'560.50 Long-Term Rating A

Operating Margin 16.71% Long-Term Outlook POS

Pretax Margin 14.63% Short-Term Rating Date 06.05.2004

Return on Assets 6.55% Short-Term Rating A-1

Return on Common Equity 16.12%

Return on Capital - EBITDA/Interest Exp. 14.00

Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 7.11

Net Debt/EBITDA 1.61

Gross Margin - Total Debt/EBITDA 1.92

EBITDA Margin 24.7%

EBIT Margin 16.7% Total Debt/Equity 71.2%

Net Income Margin 10.5% Total Debt/Capital 41.1%

Asset Turnover 0.62

Current Ratio 1.03 Net Fixed Asset Turnover 1.23

Quick Ratio 0.77 Accounts receivable turnover-days 66.93

Debt to Assets 29.09% Inventory Days -

Tot Debt to Common Equity 71.23% Accounts Payable Turnover Day -

Accounts Receivable Turnover 5.47 Cash Conversion Cycle -

Inventory Turnover -

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

Air Liquide SAPrice/Volume

Valuation Analysis

736'929.00

Current Price (2/dd/yy) Market Data

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20.02.2013

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

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'647'329 1.81 119'140 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'574'842 1.47 6'156 31.12.2012 Mutual Fund Manager

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'574'174 1.47 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 3'544'338 1.14 229'303 19.02.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 2'311'536 0.74 (157'627) 30.11.2012 Mutual Fund Manager

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'814'483 0.58 47'020 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'445'902 0.46 (10'563) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'126'673 0.36 1'125 15.02.2013 Investment Advisor

AIR LIQUIDE n/a Co File 1'119'676 0.36 - 31.12.2011 Corporation

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'030'417 0.33 - 15.02.2013 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios MF-AGG 983'348 0.31 23'544 31.10.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 918'293 0.29 (66'890) 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 902'774 0.29 (450'378) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 886'970 0.28 (92'423) 31.12.2012 Investment Advisor

THREADNEEDLE INVESTM THREADNEEDLE EUROPEA UT-UK 750'992 0.24 21'023 31.10.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 730'867 0.23 308'898 28.09.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 716'601 0.23 (9'134) 28.09.2012 Mutual Fund Manager

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 608'059 0.19 (36'412) 31.12.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 606'009 0.19 (7'465) 31.12.2012 Mutual Fund Manager

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 561'349 0.18 11'929 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 103 Not Provided 20.02.2013

Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 96 Not Provided 19.02.2013

Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 18.02.2013

S&P Capital IQ JOHNSON IMODE hold 3 M 95 12 month 18.02.2013

Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 18.02.2013

AlphaValue FABRICE FARIGOULE add 4 U 97 6 month 18.02.2013

Societe Generale PETER CLARK hold 3 M 100 12 month 15.02.2013

Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 15.02.2013

Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 15.02.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 100 12 month 15.02.2013

Banco Sabadell PATRICIA GARCIA SANCHEZ buy 5 M 111 12 month 15.02.2013

Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 14.02.2013

Jefferies LAURENCE ALEXANDER hold 3 M 97 12 month 14.02.2013

Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 105 12 month 14.02.2013

HSBC GEOFF HAIRE overweight 5 M 112 Not Provided 14.02.2013

Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 93 Not Provided 14.02.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 106 12 month 14.02.2013

Barclays GUNTHER ZECHMANN underweight 1 M 100 Not Provided 04.02.2013

Kepler Capital Markets MARKUS MAYER hold 3 M 100 Not Provided 01.02.2013

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

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.01.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 121 Not Provided 13.12.2012

JPMorgan NEIL C TYLER neutral 3 M 100 9 month 07.12.2012

Macquarie CHRISTIAN FAITZ outperform 5 M 100 12 month 21.11.2012

Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 15.11.2012

CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 U 106 12 month 05.11.2012

CA Cheuvreux KLAUS RINGEL outperform 5 M 101 Not Provided 26.10.2012

Goldman Sachs RAKESH PATEL neutral/neutral 3 M 116 12 month 17.10.2012

Alembic Global Advisors HASSAN I AHMED neutral 3 M 95 12 month 15.10.2012

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 08.10.2012

Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 02.08.2012

Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 82 Not Provided 18.05.2012

DZ Bank AG PETER SPENGLER buy 5 M 91 12 month 27.10.2011

Holdings By:

Air Liquide SA ee


20.02.2013

Allianz SE, through subsidiaries, offers insurance and financial services. The

Company offers property and casualty, life and health, credit, motor vehicle and

travel insurance, and fund management services.


LTM as of: 09/yy

52-Week High (02.01.2013) 108.65

52-Week Low (04.06.2012) 68.50

Daily Volume

104.3





47'555.59 1 Yr Total Return 20.71%



Minority Interest 2'338.0 Analyst Recs 42




ALV GY EQUITY YTD Change - Average Volume 30 Day 1'520'056

ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'530'919


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

94'767.0 76'195.0 82'711.0 89'740.0 87'384.0 87'402.0 94'084.0 103'458.3 105'751.4 25'563.3 -

2.57x 0.69x 0.75x 0.67x 0.61x 2.77x 2.48x 0.60x 0.56x - -

- - - - - 0.0 0.0 - - - -

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

7'966.0 (2'444.0) 4'297.0 5'053.0 2'545.0 3'188.0 4'441.0 5'097.9 5'450.3 1'132.0 -

8.22x 8.51x 8.37x 7.94x 13.13x 9.98x 9.32x 9.25x 8.61x - -

EBITDA - Long-Term Rating Date 27.01.2012

EBIT - Long-Term Rating AA

Operating Margin 7.01% Long-Term Outlook NEG


Return on Assets 0.67% Short-Term Rating A-1+


Return on Capital 7.26% EBITDA/Interest Exp. -

Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 63.3%


Asset Turnover 0.14

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -


Fiscal Year Ended

Allianz SEPrice/Volume

Valuation Analysis

1'705'546.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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20'000.0

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20.02.2013


BLACKROCK n/a ULT-AGG 32'047'039 7.03 - 15.02.2013 Investment Advisor


FMR LLC n/a ULT-AGG 8'000'572 1.75 (440'475) 31.12.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'770'085 1.05 (11'363) 31.12.2012 Investment Advisor


UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'513'764 0.99 546'507 28.09.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 3'746'308 0.82 - 16.05.2012 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'598'771 0.79 972'739 31.01.2013 Investment Advisor


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'337'600 0.51 - 31.12.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 2'232'924 0.49 (99'900) 31.10.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'116'731 0.46 (65'405) 30.11.2012 Mutual Fund Manager

AMUNDI Multiple Portfolios MF-AGG 1'904'355 0.42 64'334 30.11.2012 Mutual Fund Manager

CAPITAL GROUP COMPAN n/a ULT-AGG 1'843'650 0.4 - 31.12.2012 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'483'920 0.33 - 30.12.2012 Investment Advisor


FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'212'611 0.27 (82'340) 30.11.2012 Mutual Fund Manager

JP MORGAN n/a ULT-AGG 961'909 0.21 8'661 31.12.2012 Unclassified


JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 18.02.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 120 12 month 18.02.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 85 12 month 18.02.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 18.02.2013

Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013

DZ Bank AG THORSTEN WENZEL buy 5 M 105 12 month 15.02.2013

Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 14.02.2013

AlphaValue DIETER HEIN add 4 M 111 6 month 14.02.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 96 12 month 13.02.2013

Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 13.02.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 128 12 month 12.02.2013

Berenberg Bank PETER ELIOT buy 5 N 124 Not Provided 11.02.2013

Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 06.02.2013

Oddo & Cie NICOLAS JACOB buy 5 M 120 12 month 04.02.2013

Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013

Main First Bank AG MICHAEL HAID outperform 5 M 120 12 month 01.02.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 120 12 month 31.01.2013

Mediobanca SpA MARC THIELE neutral 3 M 123 6 month 30.01.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 133 Not Provided 29.01.2013

Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013

Macquarie HADLEY COHEN outperform 5 M 130 12 month 23.01.2013

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013

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

HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 110 Not Provided 16.01.2013

Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013

Day by Day VALERIE GASTALDY buy 5 M 117 3 month 07.01.2013

Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 100 12 month 13.12.2012

CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012

Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 14.11.2012

Nord/LB VOLKER SACK buy 5 U 104 12 month 12.11.2012

Nomura MICHAEL KLIEN neutral 3 M 103 Not Provided 12.11.2012

Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012

National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 09.11.2012

S&P Capital IQ RODERICK WALLACE buy 5 M 133 12 month 09.11.2012

Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012

Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 92 Not Provided 11.11.2011

Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011

Holdings By:

Allianz SE ee


20.02.2013

Anheuser-Busch InBev NV brews beer. The Company manufactures ale, lager,

stout, and bitter beer. Anheuser-Busch InBev owns brands that are both

nationally and internationally prominent. The Company has production plants in

Europe, the Americas, and Asia.


LTM as of: 09/yy

52-Week High (07.09.2012) 71.05

52-Week Low (24.02.2012) 48.77

Daily Volume

69.84



% 52 Week Price Range High/Low 91.70% Equity Float -

Shares Out 21.12.2012 1'606.8 Short Int -

112'218.04 1 Yr Total Return 43.44%

Total Debt 40'165.00 YTD Return 6.24%






ABI BB EQUITY YTD Change - Average Volume 30 Day 2'149'295

ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'714'784


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

19'780.6 23'507.0 36'758.0 36'297.0 39'046.0 38'645.0 39'345.0 39'727.8 44'831.3 10'198.3 -

2.84x 4.07x 3.57x 3.70x 3.49x 0.00x 7.65x 4.63x 4.17x - -

6'827.9 7'734.0 12'925.0 13'768.0 15'297.0 11'120.0 15'945.0 15'480.0 17'605.5 4'427.1 -

8.23x 12.37x 10.15x 9.76x 8.91x 0.00x 0.00x 12.27x 10.79x - -

3'013.0 1'927.0 4'613.0 4'026.0 5'855.0 4'973.0 7'338.0 7'440.7 8'064.3 1'946.8 -

15.83x 11.99x 17.92x 22.61x 16.71x 16.23x 18.54x 20.04x 18.66x - -



Operating Margin 32.29% Long-Term Outlook STABLE




Return on Capital 13.22% EBITDA/Interest Exp. 5.53



Gross Margin 57.4% Total Debt/EBITDA 2.61

EBITDA Margin 38.9%



Asset Turnover 0.34


Quick Ratio 0.49 Accounts receivable turnover-days -

Debt to Assets 35.73% Inventory Days 59.46

Tot Debt to Common Equity 107.13% Accounts Payable Turnover Day 277.57

Accounts Receivable Turnover - Cash Conversion Cycle -183.39

Inventory Turnover 6.16

Fiscal Year Ended

Anheuser-Busch InBev NVPrice/Volume

Valuation Analysis

1'724'592.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

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0!

1!

2!

3!

4!

5!

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C- ! C. ! C0 ! C1 ! C2 ! C3 ! C4 ! C5 ! C6 ! C

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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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20.02.2013


STICHTING INBEV n/a 20F 663'074'830 41.27 - 29.08.2011 n/a

EUGENIE PATRI SEBAST n/a 20F 133'267'604 8.29 - 29.08.2011 Corporation

CAPITAL GROUP COMPAN n/a ULT-AGG 35'079'819 2.18 (3'462'946) 31.12.2012 Investment Advisor

BRC SARL n/a 20F 32'666'460 2.03 - 29.08.2011 Other

FMR LLC n/a ULT-AGG 19'379'453 1.21 (1'662'696) 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'738'779 1.04 (2'422'646) 31.12.2012 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'597'724 0.66 (128'959) 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 9'105'051 0.57 (436'646) 30.11.2012 Investment Advisor

ANHEUSER-BUSCH INBEV n/a 20F 7'601'955 0.47 - 29.08.2011 Corporation

VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 29.08.2011 Other

INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 29.08.2011 Other

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'160'120 0.26 89'672 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 3'874'886 0.24 17'505 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'438'936 0.21 1'647'249 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 2'694'181 0.17 311'764 19.02.2013 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 2'384'500 0.15 1'136'735 30.11.2012 Mutual Fund Manager

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'153'869 0.13 166'567 31.05.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios MF-AGG 2'066'638 0.13 46'278 31.10.2012 Investment Advisor


Societe Generale ANDREW HOLLAND buy 5 M 74 12 month 20.02.2013

ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 61 Not Provided 19.02.2013

JPMorgan MIKE J GIBBS not rated #N/A N/A M #N/A N/A Not Provided 15.02.2013

Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 81 12 month 15.02.2013

HSBC LAUREN E TORRES overweight 5 M 78 Not Provided 15.02.2013

Bank Degroof(ESN) HANS D'HAESE hold 3 M 74 12 month 15.02.2013

Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013

S&P Capital IQ CARL SHORT hold 3 M 71 12 month 15.02.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 71 Not Provided 14.02.2013

Jefferies DIRK VAN VLAANDEREN buy 5 M 76 12 month 14.02.2013

KBC Securities WIM HOSTE hold 3 M 67 Not Provided 14.02.2013

Berenberg Bank PHILIP MORRISEY buy 5 M 64 Not Provided 14.02.2013

ING Bank MARCO GULPERS hold 3 M 68 12 month 14.02.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 63 Not Provided 14.02.2013

AlphaValue ISABELLE COMBEMALE sell 1 M 42 6 month 14.02.2013

Nomura IAN SHACKLETON reduce 2 M 59 12 month 12.02.2013

Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 60 12 month 04.02.2013

Credit Suisse SANJEET AUJLA neutral 3 M 70 Not Provided 01.02.2013

Petercam KRIS KIPPERS buy 5 M 80 Not Provided 01.02.2013

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 76 12 month 01.02.2013

Rabobank International KAREL ZOETE hold 3 D 66 Not Provided 01.02.2013

Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 75 6 month 01.02.2013

Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.02.2013

RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 69 12 month 31.01.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 25.01.2013

CA Cheuvreux ERIC BOROIAN outperform 5 M 72 Not Provided 21.01.2013

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

Kempen & Co SANDER VAN OORT hold 3 M 68 12 month 06.01.2013

Independent Research GmbH LARS LUSEBRINK hold 3 U 69 6 month 31.10.2012

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 65 Not Provided 14.09.2012

Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 10.09.2012

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.08.2012

Deutsche Bank JONATHAN FELL restricted #N/A N/A M #N/A N/A Not Provided 29.06.2012

Barclays SIMON HALES suspended coverage #N/A N/A M #N/A N/A Not Provided 29.06.2012

Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012

Shore Capital Stockbrokers PHIL CARROLL not rated #N/A N/A M #N/A N/A Not Provided 07.02.2012

Kepler Capital Markets TEAM COVERAGE buy 5 N 50 Not Provided 27.09.2011

Holdings By:

Anheuser-Busch InBev NV ee


20.02.2013

ArcelorMittal produces steel. The Company manufactures cold rolled,

electrogalvanized and coated steels, slabs, special quality bars, and wire

rods. Arcelor Mittal has steel making operations in Europe, the Americas,

Asia, and Africa.


LTM as of: 12/yy

52-Week High (20.02.2012) 16.85

52-Week Low (01.06.2012) 10.60

Daily Volume

11.955





19'909.76 1 Yr Total Return -26.26%







MT NA EQUITY YTD Change - Average Volume 30 Day 9'497'878

MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 7'627'378


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

124'936.0 61'021.0 78'025.0 93'973.0 84'213.0 93'973.0 84'213.0 87'743.3 90'551.9 20'688.8 22'234.8

0.50x 1.52x 1.05x 0.58x 0.61x 2.92x 2.47x 0.55x 0.51x 2.43x 2.24x

24'436.0 3'656.0 8'014.0 9'898.0 6'762.0 10'448.0 7'280.0 7'995.0 9'529.1 1'607.3 2'168.3

2.57x 25.37x 10.25x 5.47x 7.58x 5.18x 7.04x 6.43x 5.39x 6.76x 6.32x

9'399.0 157.0 2'916.0 2'263.0 (3'726.0) 2'263.0 (3'726.0) 1'250.1 2'590.7 33.8 557.0

3.49x 308.59x 17.66x 15.75x - 15.75x 0.00x 21.45x 10.70x 24.63x 17.48x


EBIT 1'809.00 Long-Term Rating BB+


Pretax Margin -6.85% Short-Term Rating Date 02.08.2012

Return on Assets -3.15% Short-Term Rating B

Return on Common Equity -6.87%





EBITDA Margin 8.6%


Net Income Margin -4.4% Total Debt/Capital 31.8%

Asset Turnover 0.71





Accounts Receivable Turnover 14.60 Cash Conversion Cycle 61.20



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ArcelorMittalPrice/Volume

Valuation Analysis

9'943'193.00


!.135

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a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

2 ! C

-! ! C

-2 ! C

.! ! C

.2 ! C

0! ! C

02 ! C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

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1! !!

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



20.02.2013


HSBC TRUSTEE CI LTD n/a Research 637'338'263 38.27 - 31.07.2012 Unclassified

STATE OF LUXEMBOURG n/a Research 38'965'330 2.34 - 17.05.2012 Government



BLACKROCK n/a ULT-AGG 14'036'932 0.84 (572'353) 19.02.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 12'923'790 0.78 (458'274) 31.12.2012 Mutual Fund Manager

ARCELOR MITTAL n/a Research 11'807'964 0.71 - 17.05.2012 Corporation

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 8'527'735 0.51 (35'853) 31.12.2012 Investment Advisor


AVIVA PLC Multiple Portfolios MF-AGG 5'391'818 0.32 (2'720) 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'648'408 0.22 - 31.07.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 3'040'188 0.18 (511'043) 31.12.2012 Mutual Fund Manager

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 3'022'839 0.18 - 30.09.2012 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 2'965'210 0.18 - 31.12.2012 Mutual Fund Manager

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'897'046 0.17 2'297'074 30.09.2012 Investment Advisor


ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'745'413 0.16 (190'655) 31.07.2012 Investment Advisor

SNS INVESTMENT FUND Multiple Portfolios MF-AGG 2'539'528 0.15 (67'376) 29.06.2012 Investment Advisor

FORTIS INVESTMENTS Multiple Portfolios MF-AGG 2'019'861 0.12 47'693 30.09.2012 Mutual Fund Manager



RBC Capital Markets TIMOTHY HUFF outperform 5 U 14 12 month 18.02.2013

Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 16 12 month 18.02.2013

Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 15 12 month 15.02.2013

Nomura NEIL SAMPAT neutral 3 M 12 12 month 15.02.2013

AlphaValue FABRICE FARIGOULE add 4 U 14 6 month 14.02.2013

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 11.02.2013

Societe Generale ALAIN WILLIAM buy 5 M 16 12 month 07.02.2013

Nord/LB HOLGER FECHNER sell 1 M 10 12 month 07.02.2013

Jefferies SETH ROSENFELD buy 5 M 16 12 month 07.02.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 14 12 month 07.02.2013

Rabobank International FRANK CLAASSEN buy 5 M 15 12 month 07.02.2013

Kepler Capital Markets ROCHUS BRAUNEISER hold 3 M 13 Not Provided 07.02.2013

Espirito Santo Investment Bank ResearchRUI DIAS sell 1 M 10 Not Provided 07.02.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 9 12 month 07.02.2013

Exane BNP Paribas LUC PEZ neutral 3 M 15 Not Provided 07.02.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 13 6 month 06.02.2013

Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 13 12 month 06.02.2013

Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 12 12 month 06.02.2013

JPMorgan ALESSANDRO ABATE overweight 5 M 15 9 month 06.02.2013

Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE sell 1 M 12 Not Provided 06.02.2013

ING Bank FILIP DE PAUW hold 3 M 13 12 month 06.02.2013

Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 06.02.2013

ABN Amro Bank N.V. MAARTEN BAKKER buy 5 M 19 Not Provided 06.02.2013

VTB Capital WIKTOR BIELSKI buy 5 M 21 12 month 05.02.2013

Macquarie JEFFREY LARGEY neutral 3 M 15 12 month 01.02.2013

HSBC THORSTEN ZIMMERMANN underweight 1 D 12 Not Provided 30.01.2013

Grupo Santander JUAN RAMON CORREAS hold 3 M 17 Not Provided 25.01.2013

Theodoor Gilissen Securities TOM MULLER buy 5 M 18 Not Provided 22.01.2013

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

Petercam JUNIOR CUIGNIEZ hold 3 M 14 Not Provided 14.01.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 15 Not Provided 11.01.2013

BBVA LUIS DE TOLEDO underperform 1 M 15 Not Provided 10.01.2013

Natixis RAOUDHA BOUZEKRI neutral 3 M 13 Not Provided 10.01.2013

Davy TIM CAHILL neutral 3 U #N/A N/A Not Provided 10.01.2013

Kempen & Co DIRK VERBIESEN buy 5 M 17 12 month 06.01.2013

La Caixa ICIAR GOMEZ BOTAS overweight 5 D 13 Not Provided 23.11.2012


National Bank AG EKKEHARD D LINK buy 5 M 15 Not Provided 02.11.2012

Main First Bank AG ALEXANDER HAUENSTEIN underperform 1 M 9 12 month 02.11.2012

Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 13 12 month 26.10.2012

Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012

Dahlman Rose & Co ANTHONY B RIZZUTO JR buy 5 M #N/A N/A Not Provided 17.10.2011

Daiwa Securities Co. Ltd. SCOTT FINLAY buy 5 N 30 12 month 08.06.2011

Holdings By:

ArcelorMittal ee


20.02.2013

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing

equipment. The Company's products allow semiconductor manufacturers to choose

the optimal numerical aperture and wavelength for their applications, assure

uniformity, and produce more using less floor space.


LTM as of: 12/yy

52-Week High (04.02.2013) 58.09

52-Week Low (06.03.2012) 33.59

Daily Volume

55.05





23'112.88 1 Yr Total Return 86.73%

Total Debt 759.49 YTD Return 14.69%






ASML NA EQUITY YTD Change - Average Volume 30 Day 1'756'965

ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1'762'041


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

2'953.7 1'596.1 4'507.9 5'651.0 4'731.6 5'651.0 4'731.5 4'862.3 6'037.6 911.5 1'090.4

1.71x 6.29x 2.52x 2.02x 3.72x 7.30x 12.93x 4.26x 3.31x 23.01x 19.49x

406.2 (21.5) 1'402.1 1'806.4 1'343.4 1'806.4 1'343.4 1'253.6 1'817.2 139.5 235.0

12.42x - 8.11x 6.33x 13.11x 6.33x 13.11x 16.89x 11.65x 17.78x 14.10x

322.4 (150.9) 1'021.8 1'467.0 1'146.3 1'467.0 1'146.3 945.2 1'449.8 120.0 196.8

17.00x - 12.30x 9.41x 17.78x 9.41x 17.78x 23.79x 15.53x 22.99x 19.17x

EBITDA 1'343.39 Long-Term Rating Date -

EBIT 1'156.77 Long-Term Rating -

Operating Margin 24.45% Long-Term Outlook -

Pretax Margin 24.32% Short-Term Rating Date -

Return on Assets 15.63% Short-Term Rating -




Net Debt/EBITDA -1.44


EBITDA Margin 28.4%



Asset Turnover 0.65







Fiscal Year Ended

ASML Holding NVPrice/Volume

Valuation Analysis

1'114'080.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2! !!

-!! !!

-2! !!

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.2! !!

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



20.02.2013


STICHTING ADM MAKTSJ n/a 20F 62'977'877 15 - 06.02.2013 Other


FMR LLC n/a ULT-AGG 36'311'008 8.65 - 06.02.2013 Investment Advisor


STICHT ADM TSMC n/a 20F 20'992'625 5 - 06.02.2013 n/a

ASML HOLDING NV n/a Co File 8'980'030 2.14 - 01.07.2012 Corporation

WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'028'537 1.91 191'077 31.12.2012 Investment Advisor



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'964'987 0.71 1'901'140 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'645'738 0.39 39'872 31.12.2012 Investment Advisor




ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 905'408 0.22 - 31.12.2012 Mutual Fund Manager


HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 852'802 0.2 (199'700) 30.09.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 847'444 0.2 (637'888) 30.11.2012 Investment Advisor

SARASIN n/a ULT-AGG 846'675 0.2 (464'871) 28.12.2012 Unclassified

BESSEMER INVESTMENT OLD WESTBURY INTERNA MF-USA 824'000 0.2 824'000 31.10.2012 Investment Advisor


AlphaValue LIONEL PELLICER reduce 2 M 53 6 month 14.02.2013

JPMorgan SANDEEP S DESHPANDE overweight 5 M 65 12 month 12.02.2013

Exane BNP Paribas JEROME RAMEL neutral 3 M 50 Not Provided 04.02.2013

ING Bank MARC ZWARTSENBURG hold 3 M 60 12 month 01.02.2013

Rabobank International PHILIP SCHOLTE hold 3 M 52 Not Provided 31.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013


Deutsche Bank KAI KORSCHELT hold 3 U 47 12 month 22.01.2013

Liberum Capital Ltd JANARDAN MENON hold 3 U 45 Not Provided 22.01.2013

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 U 60 Not Provided 22.01.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 52 12 month 21.01.2013

Bank of Valletta TEAM COVERAGE overweight 5 M 59 Not Provided 21.01.2013

Grupo Santander CARLOS JAVIER TREVINO hold 3 M 43 Not Provided 18.01.2013

Societe Generale PETER KNOX hold 3 M 48 12 month 18.01.2013

Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 56 12 month 18.01.2013

Credit Suisse SATYA KUMAR outperform 5 M 60 Not Provided 18.01.2013

Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 58 12 month 18.01.2013

Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 50 Not Provided 18.01.2013

CA Cheuvreux BERND LAUX outperform 5 M 59 Not Provided 18.01.2013

Petercam MARCEL ACHTERBERG hold 3 M 57 Not Provided 18.01.2013

Natixis STEPHANE HOURI buy 5 M 58 Not Provided 18.01.2013

S&P Capital IQ JAMES CRAWSHAW buy 5 M 58 12 month 18.01.2013

Main First Bank AG JUERGEN WAGNER underperform 1 M 40 12 month 18.01.2013

Barclays ANDREW M GARDINER overweight 5 M 53 Not Provided 18.01.2013

Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 17.01.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 D 40 12 month 17.01.2013

Kepler Capital Markets PETER OLOFSEN reduce 2 M 40 Not Provided 17.01.2013

Piper Jaffray JAGADISH IYER overweight 5 M 57 12 month 17.01.2013

Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 50 Not Provided 15.01.2013

Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 07.01.2013

Kempen & Co ERWIN DUT hold 3 M 50 12 month 06.01.2013

Jefferies LEE SIMPSON hold 3 M #N/A N/A Not Provided 18.12.2012

Goldman Sachs SIMON F SCHAFER not rated #N/A N/A M #N/A N/A Not Provided 23.11.2012

SNS Securities(ESN) VICTOR BARENO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.11.2012

Redburn Partners SUMANT WAHI neutral 3 U #N/A N/A Not Provided 11.07.2012

Holdings By:

ASML Holding NV ee


20.02.2013

Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance

throughout the world. The Company offers life, health, accident, automobile,

marine, aviation, transport, fire, general liability, and credit insurance and

reinsurance.


LTM as of: 09/yy

52-Week High (14.01.2013) 14.65

52-Week Low (31.05.2012) 8.16

Daily Volume

12.96



% 52 Week Price Range High/Low 76.14% Equity Float 1'267.12


20'177.08 1 Yr Total Return 11.08%







G IM EQUITY YTD Change - Average Volume 30 Day 7'229'142

G IM EQUITY YTD % CHANGE - Average Volume 3 Month 6'852'000


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

80'164.7 62'298.4 85'790.6 87'072.1 73'481.8 79'976.9 81'511.6 74'120.1 76'299.8 14'345.0 -

0.66x 0.61x 0.50x 0.40x 0.22x 0.85x 0.46x 0.30x 0.29x - -

- - - - - 0.0 0.0 - - - -

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

2'915.6 860.9 1'309.1 1'701.9 856.1 3'825.2 1'163.8 1'564.8 2'055.4 454.0 -

14.69x 30.45x 20.68x 12.92x 20.77x 0.00x 14.58x 12.51x 9.73x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating A





Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.19








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Assicurazioni Generali SpAPrice/Volume

Valuation Analysis

5'148'329.00


!

.

1

3

5

-!

-.

-1

-3

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

2 ! C

-! ! C

-2 ! C

.! ! C

.2 ! C

0! ! C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



20.02.2013


MEDIOBANCA SPA n/a EXCH 194'048'687 12.46 - 20.11.2012 Bank

BANCA D'ITALIA n/a EXCH 69'420'980 4.46 - 30.11.2012 Government

DEA PARTICIPATIONS S n/a EXCH 35'185'336 2.26 - 30.11.2012 Investment Advisor

EFFETI SPA n/a EXCH 33'488'344 2.15 - 30.11.2012 Corporation

DELFIN SARL n/a EXCH 31'168'603 2 - 30.11.2012 Investment Advisor



COMPASS SPA n/a EXCH 14'198'684 0.91 - 30.11.2012 Corporation

VIKING GLOBAL INVEST n/a Short (14'167'547) -0.91 - 01.11.2012 Hedge Fund Manager

VM 2006 SRL n/a EXCH 6'196'356 0.4 - 30.11.2012 Other

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'321'220 0.34 (41'688) 31.01.2013 Investment Advisor


PANTHEON 2000 SPA n/a EXCH 3'502'965 0.23 - 30.11.2012 Other

CALTAGIRONE EDITORE n/a EXCH 3'144'884 0.2 - 30.11.2012 Corporation

GAMMA SRL n/a EXCH 2'958'059 0.19 - 30.11.2012 Holding Company


B&D FINANCE SA n/a EXCH 2'693'391 0.17 - 30.11.2012 Investment Advisor

FINANZIARIA ITALIA 2 n/a EXCH 2'646'685 0.17 - 30.11.2012 Unclassified

ARCA SGR SPA Multiple Portfolios MF-AGG 2'543'127 0.16 (5'402) 28.12.2012 Mutual Fund Manager



Banca Akros(ESN) MARCO CAVALLERI hold 3 M 14 12 month 20.02.2013

Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 6 month 18.02.2013

Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 13 Not Provided 15.02.2013

AlphaValue JEROME CASSAGNE reduce 2 M 13 6 month 14.02.2013

Credit Suisse RICHARD BURDEN underperform 1 M 14 Not Provided 08.02.2013

Oddo & Cie NICOLAS JACOB neutral 3 M 14 12 month 04.02.2013

Barclays CLAUDIA GASPARI equalweight 3 M 13 Not Provided 04.02.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 16 12 month 25.01.2013

Equita SIM SpA MATTEO GHILOTTI buy 5 M 16 12 month 18.01.2013

Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 13 12 month 17.01.2013

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

Deutsche Bank ROBIN BUCKLEY hold 3 D 15 12 month 16.01.2013

HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 16.01.2013

Societe Generale ABID HUSSAIN buy 5 M 16 12 month 15.01.2013

JPMorgan ANDREAS VAN EMBDEN neutral 3 M 14 3 month 15.01.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 15 12 month 15.01.2013

Independent Research GmbH STEFAN BONGARDT sell 1 M 14 12 month 15.01.2013

S&P Capital IQ RODERICK WALLACE sell 1 M 11 12 month 15.01.2013


Nomura MICHAEL KLIEN reduce 2 M 12 12 month 14.01.2013

Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 10.01.2013

Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 8 12 month 09.01.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 12 Not Provided 09.01.2013

CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 10 Not Provided 09.01.2013

Goldman Sachs COLIN L SIMPSON not rated #N/A N/A M #N/A N/A Not Provided 08.01.2013

ICBPI ENRICO ESPOSTI not rated #N/A N/A M #N/A N/A Not Provided 08.01.2013

Banca IMI ELENA PERINI suspended coverage #N/A N/A M #N/A N/A Not Provided 28.12.2012

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 11.12.2012

Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 16 Not Provided 10.12.2012

Macquarie HADLEY COHEN neutral 3 M 13 12 month 13.11.2012

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

DZ Bank AG WERNER EISENMANN sell 1 M 10 12 month 21.12.2011

Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 16 Not Provided 16.05.2011

Holdings By:

Assicurazioni Generali SpA ee


20.02.2013

AXA SA is an insurance company which also provides related financial services.

The Company offers life and non-life insurance, reinsurance, savings and pension

products, and asset management services. AXA operates in both domestic and

international markets.


LTM as of: 09/yy

52-Week High (19.02.2013) 13.98

52-Week Low (04.06.2012) 8.65

Daily Volume

13.7





32'729.28 1 Yr Total Return 17.24%


Preferred Stock 6'059.0 Adjusted BETA 1.500





CS FP EQUITY YTD Change - Average Volume 30 Day 6'017'706

CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'980'836


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

115'035.0 51'235.0 122'704.0 117'414.0 98'334.0 0.0 0.0 98'255.7 97'977.1 - -

0.57x 0.62x 0.36x 0.29x 0.18x #DIV/0! #DIV/0! 0.45x 0.45x - -

- - - - - 0.0 0.0 - - - -

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

5'666.0 923.0 3'606.0 2'749.0 4'324.0 0.0 0.0 4'445.6 4'724.0 - -

11.80x 51.67x 10.60x 12.33x 5.88x 0.00x 0.00x 7.57x 7.15x - -


EBIT - Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AXA SAPrice/Volume

Valuation Analysis

6'393'273.00


!

.

1

3

5

-!

-.

-1

-3

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

2 ! C

-! ! C

-2 ! C

.! ! C

.2 ! C

0! ! C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

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



20.02.2013


MUTUELLES AXA n/a Co File 342'767'775 14.35 - 31.12.2011 Insurance Company

AMUNDI n/a Research 91'682'238 3.84 (20'493'797) 15.05.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 79'994'391 3.35 76'406 30.10.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 65'131'985 2.73 2'125'718 31.12.2012 Investment Advisor


BLACKROCK n/a ULT-AGG 44'905'493 1.88 4'798'856 19.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 35'536'058 1.49 464'500 31.12.2012 Investment Advisor


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 29'871'758 1.25 (2'926'509) 31.12.2012 Mutual Fund Manager


LANSDOWNE UK EQUITY n/a Short (20'395'259) -0.85 (7'936'172) 16.09.2011 Unclassified








TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'835'130 0.24 (52'090) 30.11.2012 Investment Advisor




AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 14.02.2013

Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 13.02.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 13.02.2013

Helvea DANIEL BISCHOF buy 5 M 15 12 month 13.02.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 12.02.2013

Oddo & Cie NICOLAS JACOB buy 5 M 16 Not Provided 11.02.2013

Berenberg Bank PETER ELIOT hold 3 N 16 Not Provided 11.02.2013

Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013

Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.02.2013

Raymond James DANNY JACQUES strong buy 5 M 19 Not Provided 08.02.2013

Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 04.02.2013

Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013

Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013

Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013

Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013

Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 17 12 month 18.01.2013

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

HSBC KAILESH MISTRY overweight 5 M 20 Not Provided 16.01.2013

Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013


CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 16 Not Provided 10.12.2012

Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012

Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012

CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012

RBC Capital Markets GORDON AITKEN sector perform 3 D 13 12 month 05.11.2012

Independent Research GmbH STEFAN BONGARDT hold 3 M 13 12 month 25.10.2012

National Bank AG MANFRED JAISFELD hold 3 M 13 Not Provided 25.10.2012

S&P Capital IQ RODERICK WALLACE buy 5 M 16 12 month 25.10.2012


Nomura MICHAEL KLIEN buy 5 M 23 Not Provided 27.01.2012

DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 21 Not Provided 05.10.2011

Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 16 12 month 06.06.2011

CS Capital CHRISTOPHER PARKINSON sell 1 M 13 Not Provided 22.02.2011

BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011

Holdings By:

AXA SA ee


20.02.2013

Banco Bilbao Vizcaya Argentaria, S.A. attracts deposits and offers retail,

wholesale, and investment banking services. The Bank offers consumer and

mortgage loans, private banking, asset management, insurance, mutual funds, and

securities brokerage services. It operates in Europe, Latin America, United

States, China and Turkey.


LTM as of: 12/yy

52-Week High (28.01.2013) 7.86

52-Week Low (23.07.2012) 4.31

Daily Volume

7.599





41'405.81 1 Yr Total Return 14.94%





Enterprise Value -


BBVA SQ EQUITY YTD Change - Average Volume 30 Day 66'786'530

BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 66'306'900


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

41'508.0 34'467.0 32'482.0 36'094.0 21'714.0 19'967.0 22'260.0 23'435.5 24'669.5 5'931.0 6'071.0

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

- - - - - 0.0 0.0 - - - -

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

5'020.0 4'210.0 4'606.0 3'004.0 1'676.0 3'004.0 1'676.0 4'436.5 5'175.4 1'169.0 1'168.0

6.41x 11.37x 6.46x 10.44x 28.19x 10.33x 22.20x 10.04x 8.56x 11.18x -


EBIT - Long-Term Rating BBB-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04

Current Ratio - Net Fixed Asset Turnover 3.29






Fiscal Year Ended

Banco Bilbao Vizcaya Argentaria SAPrice/Volume

Valuation Analysis

24'948'923.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!-.0123456

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

-!! ! C

.!! ! C

0!! ! C

1!! ! C

2!! ! C

3!! ! C

4!! ! C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



20.02.2013


BNP PARIBAS SA n/a EXCH 184'725'823 3.39 22'455'188 07.01.2013 Bank

INVERAVANTE INVERSIO n/a 13G 160'934'820 2.95 (86'470'698) 24.07.2012 Other

VANGUARD GROUP INC Multiple Portfolios MF-AGG 102'566'942 1.88 3'027'039 31.12.2012 Investment Advisor


JANUS CAPITAL MANAGE n/a ULT-AGG 46'618'211 0.86 (9'207'019) 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 38'166'132 0.7 587'169 31.12.2012 Investment Advisor




BNP PARIBAS INV PART n/a ULT-AGG 14'935'793 0.27 (1'472'244) 30.11.2012 Investment Advisor

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 13'489'332 0.25 (3'037'700) 30.09.2012 Investment Advisor


UMB BANK N A Multiple Portfolios MF-AGG 8'602'312 0.16 8'602'312 31.12.2012 Investment Advisor

SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 7'718'009 0.14 (2'806'444) 30.09.2012 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 7'291'005 0.13 141'375 28.12.2012 Mutual Fund Manager

DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 6'508'112 0.12 2'342'287 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 6'211'936 0.11 725'981 30.09.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'965'807 0.11 7'394 28.09.2012 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 5'954'507 0.11 - 31.08.2012 Investment Advisor

STATE STREET BANQUE Multiple Portfolios MF-AGG 5'947'119 0.11 66'787 31.12.2012 Investment Advisor


Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 19.02.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL strong buy 5 M 9 6 month 18.02.2013

BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 15.02.2013


Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 15.02.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 10 6 month 14.02.2013

Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE buy 5 M 8 Not Provided 13.02.2013

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 12 month 13.02.2013

Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 U 9 12 month 12.02.2013

Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 9 Not Provided 12.02.2013

JPMorgan JAIME BECERRIL neutral 3 U 7 18 month 11.02.2013

Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 7 12 month 11.02.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 7 Not Provided 11.02.2013


Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 6 12 month 06.02.2013

Mediobanca SpA ANDREA FILTRI neutral 3 M 7 12 month 04.02.2013

RBC Capital Markets PATRICK LEE sector perform 3 M 8 12 month 04.02.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ outperform 5 M 9 12 month 04.02.2013


Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 7 Not Provided 04.02.2013

Natixis FREDERIC TESCHNER neutral 3 M 7 Not Provided 04.02.2013

Nomura DARAGH QUINN buy 5 M 8 12 month 04.02.2013

Credit Suisse IGNACIO CEREZO neutral 3 M 7 Not Provided 01.02.2013

S&P Capital IQ WILLIAM HOWLETT sell 1 M 7 12 month 01.02.2013


Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 28.01.2013

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 11 12 month 23.01.2013

Societe Generale CARLOS GARCIA GONZALEZ sell 1 M 6 12 month 22.01.2013

Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 D 8 12 month 22.01.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 8 Not Provided 17.01.2013


HSBC CARLO DIGRANDI neutral 3 M 7 Not Provided 10.01.2013

Barclays ROHITH CHANDRA-RAJAN underweight 1 M 6 Not Provided 08.01.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 9 Not Provided 04.01.2013

Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 04.01.2013

Nord/LB MICHAEL SEUFERT hold 3 M #N/A N/A Not Provided 23.10.2012

CA Cheuvreux ADRIAN ZUNZUNEGUI RUANO underperform 1 M 7 Not Provided 24.08.2012

Renta 4 SA SVB NURIA ALVAREZ overweight 5 M 6 Not Provided 31.07.2012

Hammer Partners SA ENRICO RACIOPPI sell 1 M 6 Not Provided 19.06.2012

La Caixa DAVID FERNANDEZ buy 5 U 8 Not Provided 16.03.2012

DZ Bank AG SABINE BOHN sell 1 M 6 12 month 06.02.2012

Holdings By:

Banco Bilbao Vizcaya Argentaria SA ee


20.02.2013

Banco Santander SA attracts deposits and offers retail, commercial and private

banking, and asset management services. The Bank offers consumer credit,

mortgage loans, lease financing, factoring, mutual funds, pension funds,

insurance, commercial credit, investment banking services, structured finance,

and advice on mergers and acquisitions.


LTM as of: 12/yy

52-Week High (14.01.2013) 6.68

52-Week Low (23.07.2012) 3.98

Daily Volume

5.86





61'756.68 1 Yr Total Return 1.03%





Enterprise Value -


SAN SQ EQUITY YTD Change - Average Volume 30 Day 72'917'710

SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 70'469'670


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

70'114.3 69'736.2 68'965.5 78'009.0 44'002.0 44'219.0 43'662.0 44'623.9 46'700.7 11'268.0 11'390.0

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

- - - - - 0.0 0.0 - - - -

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

8'876.4 8'942.5 8'180.9 5'351.0 2'205.0 5'351.0 2'205.0 6'496.6 7'591.4 1'408.0 1'407.0

5.74x 11.09x 8.39x 9.74x 26.44x 9.70x 25.61x 9.61x 8.32x 9.09x -


EBIT - Long-Term Rating BBB







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

Banco Santander SAPrice/Volume

Valuation Analysis

46'728'212.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

.

0

1

2

3

4

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

-!! ! C

.!! ! C

0!! ! C

1!! ! C

2!! ! C

3!! ! C

4!! ! C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! .!

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! 5!

- !!

- .!



20.02.2013


STATE STREET n/a ULT-AGG 865'848'021 8.22 (48'939) 19.02.2013 Investment Advisor

BANK OF NEW YORK MEL n/a Co File 555'448'975 5.27 - 31.12.2011 Investment Advisor

BNP PARIBAS SA n/a EXCH 341'264'391 3.24 86'154'727 14.01.2013 Bank


BARCLAYS PLC n/a EXCH 227'263'557 2.16 (56'807'364) 03.05.2011 Investment Advisor



DE LOS RIOS EMILIO B n/a EXCH 79'310'301 0.75 5'467 31.01.2013 n/a

DODGE & COX Multiple Portfolios MF-AGG 53'673'238 0.51 447'012 29.01.2013 Investment Advisor

ASSICURAZIONI GENERA n/a EXCH 50'134'290 0.48 - 01.10.2011 Insurance Company

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 43'495'798 0.41 586'726 31.12.2012 Investment Advisor

BANCO SANTANDER SA n/a Co File 42'192'066 0.4 - 31.12.2011 Bank

CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'143'000 0.37 - 31.12.2012 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 28'023'412 0.27 (1'681'830) 31.12.2012 Investment Advisor




O'SHEA JAVIER BOTIN n/a EXCH 16'280'026 0.15 937 31.01.2013 n/a



NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 7 12 month 20.02.2013

Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 19.02.2013

BPI CARLOS JOAQUIM PEIXOTO buy 5 M 7 Not Provided 15.02.2013

Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 15.02.2013


Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 15.02.2013


Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013

Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 12.02.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO hold 3 M 6 Not Provided 12.02.2013

JPMorgan JAIME BECERRIL neutral 3 M 6 18 month 11.02.2013


Mediobanca SpA ANDREA FILTRI underperform 1 M 4 12 month 01.02.2013

RBC Capital Markets PATRICK LEE underperform 1 M 6 12 month 01.02.2013



Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 01.02.2013

Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 01.02.2013

Nomura DARAGH QUINN reduce 2 M 6 Not Provided 01.02.2013


Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 7 12 month 31.01.2013

S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 31.01.2013

Berenberg Bank NICK ANDERSON sell 1 M 6 Not Provided 28.01.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 8 12 month 23.01.2013


BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013

HSBC CARLO DIGRANDI neutral 3 M 6 Not Provided 10.01.2013

Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 08.01.2013



Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 05.11.2012


Deutsche Bank CARLOS BERASTAIN GONZALEZ hold 3 M 6 12 month 17.10.2012


Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 5 Not Provided 22.08.2012

Kepler Capital Markets ALEJANDRO RUYRA DE ANDRADE hold 3 M 5 Not Provided 02.08.2012

Renta 4 SA SVB NURIA ALVAREZ hold 3 M 6 Not Provided 26.07.2012

Hammer Partners SA ENRICO RACIOPPI buy 5 M 6 Not Provided 28.06.2012

DZ Bank AG SABINE BOHN sell 1 M 4 Not Provided 23.05.2012

La Caixa DAVID FERNANDEZ buy 5 M 8 Not Provided 16.03.2012

Holdings By:

Banco Santander SA ee


20.02.2013

BASF SE is a chemical company. The Company operates in six segments: Chemicals,

Plastics, Performance Products, Functional Solutions, Agricultural Solutions

and Oil & Gas. BASF offers products for the chemical, automotive, construction,

agriculture, oil, plastics, electrical / electronics, furniture and paper

industries, and provides a range of system solutions and services.


LTM as of: 09/yy

52-Week High (01.02.2013) 76.17

52-Week Low (28.06.2012) 51.13

Daily Volume

74.12





68'077.64 1 Yr Total Return 19.24%







BAS GY EQUITY YTD Change - Average Volume 30 Day 2'343'481

BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'447'186


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

57'951.3 62'304.0 50'693.0 63'873.0 73'497.0 71'853.0 77'149.0 77'984.1 80'002.7 19'127.2 21'903.0

1.01x 0.62x 1.07x 1.09x 0.84x 3.74x 3.48x 1.02x 0.98x 4.12x -

10'480.0 10'238.0 8'500.0 11'903.0 11'855.0 12'468.0 12'889.0 12'355.9 13'071.2 2'731.6 3'828.0

5.59x 3.74x 6.36x 5.85x 5.20x 4.41x 5.63x 6.48x 6.13x 6.06x 5.81x

4'065.5 2'912.0 1'410.0 4'557.0 6'188.0 6'157.0 5'030.0 4'894.4 5'319.1 953.8 1'587.0

12.15x 8.86x 28.22x 12.04x 8.00x 6.84x 12.00x 13.86x 12.44x 12.71x 12.38x


EBIT 8'436.00 Long-Term Rating A+









EBITDA Margin 16.7%



Asset Turnover 1.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BASF SEPrice/Volume

Valuation Analysis

2'788'580.00


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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

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20.02.2013





DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'265'507 1.23 9'211 31.12.2012 Investment Advisor





DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 6'083'185 0.66 (1'176'953) 31.01.2013 Investment Advisor


ADIG INVESTMENT Multiple Portfolios MF-AGG 3'558'728 0.39 6'100 31.10.2012 Investment Advisor





SEB n/a ULT-AGG 2'039'022 0.22 57'931 31.12.2012 Unclassified

ETFLAB INVESTMENT GM Multiple Portfolios MF-AGG 1'823'939 0.2 - 19.02.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'605'194 0.17 (18'792) 31.12.2012 Investment Advisor


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'425'061 0.16 (13'586) 30.09.2012 Investment Advisor



Bankhaus Lampe HEIKO FEBER buy 5 M 80 12 month 20.02.2013

Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 83 6 month 19.02.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA buy 5 M 85 12 month 18.02.2013

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 18.02.2013

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 77 12 month 15.02.2013

Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 73 12 month 15.02.2013

Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 71 12 month 15.02.2013

AlphaValue MARTIN SCHNEE reduce 2 M 76 6 month 14.02.2013

Bankhaus Metzler LARS HETTCHE buy 5 M 72 12 month 12.02.2013

Baader Bank NORBERT BARTH buy 5 M 85 12 month 04.02.2013

Nomura JEAN DE WATTEVILLE buy 5 M 88 Not Provided 04.02.2013

Barclays ANDREAS HEINE equalweight 3 M 80 Not Provided 04.02.2013

Kepler Capital Markets MARKUS MAYER hold 3 M 75 Not Provided 01.02.2013

Credit Suisse CHRIS COUNIHAN outperform 5 M 78 Not Provided 30.01.2013

Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 85 12 month 25.01.2013


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

Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 84 12 month 16.01.2013

CA Cheuvreux MARTIN ROEDIGER outperform 5 M 78 Not Provided 14.01.2013

HSBC GEOFF HAIRE neutral 3 M 76 Not Provided 11.01.2013

Jefferies LAURENCE ALEXANDER hold 3 M 73 12 month 04.01.2013

Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 45 Not Provided 20.12.2012

Exane BNP Paribas JAMES KNIGHT outperform 5 M 72 Not Provided 18.12.2012

Nord/LB THORSTEN STRAUSS hold 3 D 71 12 month 10.12.2012

JPMorgan NEIL C TYLER neutral 3 M 60 9 month 07.12.2012

Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 06.12.2012

Main First Bank AG RONALD KOEHLER neutral 3 M 65 Not Provided 20.11.2012

M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 75 12 month 14.11.2012

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 29.10.2012

Societe Generale PETER CLARK hold 3 M 61 12 month 26.10.2012

National Bank AG EKKEHARD D LINK hold 3 M 64 Not Provided 26.10.2012

Macquarie CHRISTIAN FAITZ neutral 3 M 63 12 month 25.10.2012

Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 25.10.2012

S&P Capital IQ JOHNSON IMODE buy 5 M 78 12 month 25.10.2012


Gilford Securities PAUL C CHRISTOPHERSON hold 3 D #N/A N/A Not Provided 26.09.2012

Silvia Quandt Research HARALD GRUBER neutral 3 M 65 12 month 27.02.2012

Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012

SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010

Holdings By:

BASF SE ee


20.02.2013

Bayer AG produces and markets healthcare and agricultural products, and

polymers. The Company manufactures products that include aspirin, antibiotics,

anti-infectives, and cardiovascular, oncology, and central nervous system

drugs, over-the-counter medications, diagnostics, animal health products, crop

protection products, plastics, and polyurethanes.


LTM as of: 09/yy

52-Week High (25.01.2013) 76.20

52-Week Low (05.06.2012) 47.63

Daily Volume

72.63





60'061.22 1 Yr Total Return 30.66%







BAYN GY EQUITY YTD Change - Average Volume 30 Day 2'055'918

BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'038'600


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

32'385.0 32'918.0 31'168.0 35'088.0 36'528.0 36'349.0 39'089.0 39'528.5 41'441.5 9'672.3 10'467.0

1.83x 1.40x 1.80x 1.53x 1.32x 5.52x 5.52x 1.74x 1.61x - -

6'665.0 6'702.0 7'695.0 8'900.0 8'963.0 9'386.0 9'549.0 7'910.6 8'756.4 1'785.2 2'543.0

8.90x 6.86x 7.30x 6.04x 5.36x 4.41x 6.52x 8.46x 7.64x 7.87x 7.64x

4'711.0 1'719.0 1'359.0 1'301.0 2'470.0 1'876.0 2'469.0 4'545.9 4'720.9 922.7 1'491.0

21.43x 18.72x 32.92x 35.22x 16.52x 18.28x 22.41x 13.40x 12.24x 12.65x 12.34x


EBIT 6'194.00 Long-Term Rating A-









EBITDA Margin 24.4%



Asset Turnover 0.75








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bayer AGPrice/Volume

Valuation Analysis

2'206'616.00


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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

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20.02.2013




VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'541'075 2.12 (349'533) 31.12.2012 Investment Advisor


DODGE & COX Multiple Portfolios MF-AGG 11'899'870 1.44 - 29.01.2013 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 8'564'198 1.04 - 03.05.2012 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'165'224 0.75 (40'739) 15.02.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 6'048'177 0.73 109'811 30.11.2012 Mutual Fund Manager







ADIG INVESTMENT Multiple Portfolios MF-AGG 2'990'138 0.36 95'300 31.10.2012 Investment Advisor


TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'555'851 0.31 706 31.12.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'321'752 0.28 17'890 28.12.2012 Mutual Fund Manager


Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 20.02.2013

Credit Suisse JOHANNA WALTON outperform 5 M 83 Not Provided 19.02.2013

Exane BNP Paribas FLORENT CESPEDES neutral 3 M 73 Not Provided 19.02.2013

Goldman Sachs RAKESH PATEL neutral/neutral 3 M 77 12 month 15.02.2013

Jefferies JEFFREY HOLFORD hold 3 M 79 12 month 15.02.2013

Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 66 12 month 15.02.2013

AlphaValue MARTIN SCHNEE reduce 2 M 71 6 month 14.02.2013

Baader Bank NORBERT BARTH hold 3 M 66 12 month 13.02.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 83 12 month 12.02.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 07.02.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 83 Not Provided 04.02.2013

Barclays MARK PURCELL underweight 1 M 66 Not Provided 04.02.2013

Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 80 12 month 25.01.2013

Helvea ODILE RUNDQUIST accumulate 4 M 73 12 month 23.01.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 75 6 month 17.01.2013

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


Equinet Institutional Services(ESN) EDOUARD AUBERY accumulate 4 M 75 12 month 09.01.2013


Deutsche Bank TIM RACE buy 5 M 86 12 month 12.12.2012


Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 60 12 month 06.12.2012

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 78 Not Provided 30.11.2012


Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.11.2012

M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 68 12 month 23.11.2012

S&P Capital IQ SHO MATSUBARA hold 3 M 70 12 month 21.11.2012

Main First Bank AG RONALD KOEHLER outperform 5 M 80 Not Provided 20.11.2012

JPMorgan RICHARD VOSSER overweight 5 U 80 9 month 16.11.2012

Kepler Capital Markets FABIAN WENNER buy 5 M 76 Not Provided 05.11.2012

Societe Generale STEPHEN MCGARRY hold 3 M 66 12 month 31.10.2012

Nord/LB THORSTEN STRAUSS sell 1 D 60 12 month 31.10.2012

National Bank AG STEFFEN MANSKE hold 3 M 65 12 month 31.10.2012

Silvia Quandt Research CLAUDIA LAKATOS neutral 3 M 63 12 month 30.10.2012

CA Cheuvreux LAURENT FLAMME outperform 5 D 73 Not Provided 12.10.2012

Natixis BEATRICE MUZARD buy 5 M 77 Not Provided 28.09.2012

Banco Sabadell MARTA DIAZ buy 5 N #N/A N/A Not Provided 05.03.2012

Liberum Capital Ltd NARESH CHOUHAN overweight 5 M 76 Not Provided 15.09.2010

Holdings By:

Bayer AG ee


20.02.2013

Bayerische Motoren Werke (BMW) AG manufactures and sells luxury cars and

motorcycles worldwide. The Company produces everything from convertible sports

cars to luxury sedans to touring motorcycles with large displacement engines.


LTM as of: 09/yy

52-Week High (02.01.2013) 76.16

52-Week Low (26.06.2012) 53.16

Daily Volume

70.76





45'326.30 1 Yr Total Return 1.54%







BMW GY EQUITY YTD Change - Average Volume 30 Day 1'485'355

BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'624'471


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

56'018.0 53'197.0 50'681.0 60'477.0 68'821.0 67'218.0 74'661.0 76'567.8 79'470.6 19'616.9 -

1.18x 1.19x 1.40x 1.49x 1.31x 5.25x 5.05x 0.65x 0.60x - -

12'397.0 11'231.0 9'311.0 9'087.0 11'660.0 11'906.0 11'684.0 13'169.8 13'207.6 3'141.0 -

5.31x 5.64x 7.59x 9.93x 7.76x 7.11x 8.07x 7.82x 7.80x - -

3'126.0 324.0 204.0 3'227.0 4'881.0 5'211.0 4'693.0 5'082.3 5'105.2 1'141.0 -

8.94x 44.10x 102.58x 11.94x 6.95x 6.26x 7.98x 9.14x 9.12x - -











EBITDA Margin 15.6%



Asset Turnover 0.60







Fiscal Year Ended

Bayerische Motoren Werke AGPrice/Volume

Valuation Analysis

1'485'880.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

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1!

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3!

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- ! C

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0 ! C

1 ! C

2 ! C

3 ! C

4 ! C

5 ! C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

! !!

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20.02.2013


QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2011 n/a

QUANDT JOHANNA n/a Co File 100'533'195 16.7 - 31.12.2011 n/a

KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2011 n/a



WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'265'500 1.37 (130'000) 31.12.2012 Investment Advisor




DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'538'672 0.75 2'560'111 31.01.2013 Investment Advisor





SEB n/a ULT-AGG 1'337'941 0.22 (45'454) 31.12.2012 Unclassified

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'310'054 0.22 28'645 31.12.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'146'562 0.19 237'400 30.11.2012 Mutual Fund Manager



MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 994'684 0.17 - 15.02.2013 Investment Advisor


Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 19.02.2013

Bankhaus Metzler JUERGEN PIEPER sell 1 D 64 12 month 19.02.2013

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 90 Not Provided 18.02.2013

AlphaValue HANS-PETER WODNIOK add 4 M 82 6 month 14.02.2013

Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 12.02.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 04.02.2013

HSBC HORST SCHNEIDER neutral 3 M 82 Not Provided 01.02.2013

Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 70 Not Provided 01.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 83 Not Provided 01.02.2013

Exane BNP Paribas RABIH FREIHA neutral 3 M 71 Not Provided 01.02.2013

Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 28.01.2013

Kepler Capital Markets MICHAEL RAAB buy 5 M 83 Not Provided 28.01.2013

Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 23.01.2013

DZ Bank AG MICHAEL PUNZET sell 1 M 62 12 month 21.01.2013

JPMorgan JOSE ASUMENDI overweight 5 M 95 9 month 18.01.2013


Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 D 92 12 month 10.01.2013

Oddo & Cie FRANCOIS MAURY reduce 2 M 60 Not Provided 10.01.2013

Credit Suisse ERICH HAUSER outperform 5 M 80 Not Provided 08.01.2013


Nord/LB FRANK SCHWOPE sell 1 M 57 12 month 18.12.2012


M.M. Warburg Investment Research MARC-RENE TONN buy 5 U 84 Not Provided 11.12.2012

Natixis GEORGES DIENG buy 5 M 82 Not Provided 10.12.2012

Morgan Stanley STUART PEARSON Equalwt/In-Line 3 M 76 12 month 28.11.2012

Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 77 12 month 26.11.2012

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 08.11.2012

Societe Generale PHILIPPE BARRIER buy 5 M 72 12 month 07.11.2012

CA Cheuvreux THOMAS BESSON outperform 5 M 85 Not Provided 07.11.2012

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 07.11.2012

Barclays KRISTINA CHURCH overweight 5 M 84 Not Provided 07.11.2012

S&P Capital IQ MARNIE COHEN strong buy 5 M 83 12 month 06.11.2012

Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012

Silvia Quandt Research ALBRECHT DENNINGHOFF not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012

Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 81 12 month 06.06.2012

Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 26.03.2012

Steubing AG MICHAEL BROEKER buy 5 M 100 Not Provided 05.01.2012

Holdings By:

Bayerische Motoren Werke AG ee


20.02.2013

BNP Paribas S.A. attracts deposits and offers commercial, retail, investment,

private and corporate banking services. The Bank also provides asset management

and investment advisory services to institutions and individuals in Europe, the

United States, Asia and the Emerging Markets.


LTM as of: 12/yy

52-Week High (29.01.2013) 47.92

52-Week Low (30.05.2012) 24.54

Daily Volume

44.525





55'311.71 1 Yr Total Return 25.56%


Preferred Stock 7'241.0 Adjusted BETA 1.506



Enterprise Value -


BNP FP EQUITY YTD Change - Average Volume 30 Day 4'038'371

BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'635'101


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

78'052.0 70'526.0 72'848.0 71'009.0 68'664.0 11'685.0 9'395.0 40'124.0 41'220.5 10'441.0 10'074.5

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

- - - - - 0.0 0.0 - - - -

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

3'021.0 5'832.0 7'843.0 6'050.0 6'553.0 6'050.0 6'553.0 6'343.1 7'062.9 1'658.0 1'498.0

9.85x 10.75x 7.52x 6.30x 8.25x 6.02x 7.78x 8.72x 7.70x 9.59x -


EBIT - Long-Term Rating A+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BNP Paribas SAPrice/Volume

Valuation Analysis

3'699'626.00


!

-!

.!

0!

1!

2!

3!


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

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



20.02.2013


BELGIAN STATE n/a Co File 127'750'000 10.28 - 31.12.2011 Government

AXA n/a Co File 65'670'000 5.29 - 31.12.2011 Investment Advisor

BLACKROCK n/a ULT-AGG 22'970'853 1.85 (1'258'787) 15.02.2013 Investment Advisor





FRANKLIN RESOURCES n/a ULT-AGG 18'728'472 1.51 (448'913) 31.12.2012 Investment Advisor


STATE OF LUXEMBOURG n/a Co File 12'870'000 1.04 - 31.12.2011 Government


HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 5'548'626 0.45 (313'400) 31.12.2012 Investment Advisor



AVIVA PLC Multiple Portfolios MF-AGG 5'073'791 0.41 11'613 31.01.2013 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'841'153 0.31 304'820 31.12.2012 Investment Advisor





Deutsche Bank FLORA BENHAKOUN hold 3 M 52 12 month 18.02.2013

Kepler Capital Markets BENOIT PETRARQUE buy 5 M 50 Not Provided 18.02.2013

Nomura JON PEACE buy 5 M 56 Not Provided 18.02.2013

Societe Generale SEBASTIEN LEMAIRE buy 5 M 56 12 month 15.02.2013

Morgan Stanley THIBAULT NARDIN Overwt/In-Line 5 M 55 12 month 15.02.2013

RBC Capital Markets ANKE REINGEN outperform 5 M 55 12 month 15.02.2013

JPMorgan DELPHINE LEE neutral 3 M 48 12 month 15.02.2013


CA Cheuvreux CYRIL MEILLAND select list 5 M 56 Not Provided 15.02.2013



Natixis ALEX KOAGNE buy 5 M 61 Not Provided 15.02.2013

Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 15.02.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 55 12 month 15.02.2013

Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 60 Not Provided 14.02.2013

Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 57 12 month 14.02.2013


CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 14.02.2013

Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 14.02.2013

S&P Capital IQ WILLIAM HOWLETT buy 5 M 50 12 month 14.02.2013

AlphaValue CHRISTOPHE NIJDAM reduce 2 M 46 6 month 14.02.2013

Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 12.02.2013

Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 47 6 month 06.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 49 12 month 06.02.2013


HSBC ROBIN DOWN overweight 5 M 56 Not Provided 30.01.2013

Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 43 Not Provided 30.01.2013

Macquarie PIERS BROWN underperform 1 M 41 12 month 29.01.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 70 12 month 28.01.2013

Berenberg Bank JAMES CHAPPELL sell 1 N 25 Not Provided 28.01.2013


Barclays JEREMY SIGEE overweight 5 M 50 Not Provided 23.11.2012



DZ Bank AG SABINE BOHN buy 5 M 39 Not Provided 08.05.2012

Holdings By:

BNP Paribas SA ee


20.02.2013

Carrefour SA operates chains of supermarkets, hypermarkets, discount, cash and

carry, and frozen food stores in Europe, the Americas, and Asia.


LTM as of: 09/yy

52-Week High (30.01.2013) 21.63

52-Week Low (11.07.2012) 12.87

Daily Volume

20.79





14'744.57 1 Yr Total Return 17.89%







CA FP EQUITY YTD Change - Average Volume 30 Day 3'185'590

CA FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'841'688


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

82'148.5 86'341.0 84'763.0 79'737.0 80'455.0 0.0 0.0 77'991.2 79'393.2 22'948.8 -

0.61x 0.36x 0.42x 0.44x 0.31x #DIV/0! #DIV/0! 0.27x 0.26x - -

3'742.1 4'044.0 4'599.0 4'380.0 3'894.0 0.0 0.0 3'723.5 3'886.4 - -

13.33x 7.62x 7.76x 7.95x 6.34x 0.00x 0.00x 6.98x 6.69x - -

2'299.4 1'269.0 276.0 433.0 371.0 0.0 0.0 836.5 982.0 - -

20.00x 14.82x 67.12x 61.70x - 0.00x 0.00x 16.83x 14.53x - -


EBIT 2'182.00 Long-Term Rating BBB









EBITDA Margin 3.3%



Asset Turnover 1.69





Accounts Receivable Turnover 31.35 Cash Conversion Cycle -39.59


Fiscal Year Ended

Carrefour SAPrice/Volume

Valuation Analysis

2'524'373.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

. ! C

1 ! C

3 ! C

5 ! C

-! ! C

-. ! C

-1 ! C

-3 ! C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



20.02.2013


BLUE CAPITAL SARL n/a Co File 64'047'813 9.03 - 31.12.2011 Other

SOCIETE GENERALE n/a Research 31'310'832 4.41 (14'638'655) 20.06.2012 Bank

BLUE PARTICIPATIONS n/a Co File 25'359'996 3.58 - 31.12.2011 Holding Company

AMUNDI SA n/a Research 23'161'032 3.27 - 11.07.2011 Other

COLONY BLUE INVESTOR n/a Co File 15'166'770 2.14 - 31.12.2011 Other

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 12'514'112 1.76 1'806'945 30.09.2012 Hedge Fund Manager




SOCIETE GEN GESTION n/a Research 8'353'963 1.18 - 11.07.2011 Mutual Fund Manager

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 8'277'296 1.17 20'200 30.11.2012 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 8'126'922 1.15 - 31.12.2012 Investment Advisor


CARREFOUR SA n/a Co File 5'598'650 0.79 - 31.12.2011 Corporation

AKO CAPITAL LLP n/a Short (5'531'875) -0.78 290'035 17.01.2013 Investment Advisor

GROUPE ARNAULT SAS n/a Co File 5'156'752 0.73 - 31.12.2011 Holding Company



INTERNATIONAL VALUE Multiple Portfolios MF-AGG 2'553'188 0.36 25'590 30.06.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 2'260'463 0.32 1'018'888 31.12.2012 Mutual Fund Manager


JPMorgan JAIME VAZQUEZ overweight 5 N 25 12 month 18.02.2013

Espirito Santo Investment Bank ResearchCAROLINE GULLIVER buy 5 M 25 Not Provided 18.02.2013

Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 25 12 month 15.02.2013

Banco Sabadell MARTA DIAZ sell 1 M 22 12 month 15.02.2013

AlphaValue VIRGINIE BLIN add 4 M 23 6 month 14.02.2013

Baader Bank VOLKER BOSSE sell 1 M 17 12 month 12.02.2013

Commerzbank Corporates & Markets JUERGEN ELFERS hold 3 M 22 6 month 04.02.2013

Jefferies JAMES GRZINIC hold 3 M 17 12 month 01.02.2013

Nomura NICK COULTER neutral 3 M 20 Not Provided 01.02.2013

Oddo & Cie LAURENCE HOFMANN buy 5 M 25 Not Provided 28.01.2013

Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 27 Not Provided 25.01.2013

Exane BNP Paribas JOHN KERSHAW outperform 5 M 22 Not Provided 25.01.2013

Credit Suisse XAVIER LE MENE outperform 5 M 25 Not Provided 21.01.2013

CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 25 12 month 21.01.2013

Independent Research GmbH ZAFER RUZGAR hold 3 M 22 12 month 18.01.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK corporate #N/A N/A M #N/A N/A Not Provided 18.01.2013

Aurel - BGC JEAN-MARIE L'HOME buy 5 M 23 Not Provided 17.01.2013

S&P Capital IQ WILLIAM MACK sell 1 M 18 12 month 17.01.2013

Main First Bank AG RICKIN THAKRAR outperform 5 M 24 12 month 17.01.2013

Barclays NICOLAS CHAMP equalweight 3 M 19 Not Provided 17.01.2013


Hammer Partners SA STEPHAN SEIP sell 1 M 15 Not Provided 17.01.2013


Jyske Bank ROBERT JAKOBSEN strong buy 5 M 25 Not Provided 09.01.2013

Kepler Capital Markets FABIENNE CARON buy 5 M 26 Not Provided 19.12.2012

Macquarie SREEDHAR MAHAMKALI outperform 5 M 22 12 month 12.12.2012

HSBC JEROME SAMUEL neutral 3 M 19 Not Provided 05.12.2012

Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 20 12 month 26.11.2012

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 D 19 Not Provided 23.11.2012

Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 01.11.2012

Natixis PIERRE-EDOUARD BOUDOT buy 5 U 24 Not Provided 01.11.2012

Makor Capital ALBERT SAPORTA buy 5 M 35 Not Provided 29.10.2012

CA Cheuvreux ARNAUD JOLY underperform 1 M 16 Not Provided 19.10.2012

Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 12.10.2012

Deutsche Bank JAMES G COLLINS hold 3 M 16 12 month 06.10.2012

Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 03.09.2012

Nord/LB WOLFGANG VASTERLING sell 1 M #N/A N/A Not Provided 10.07.2012

DZ Bank AG CHRISTIAN DOUGLAS sell 1 M 16 12 month 31.01.2012

Equita SIM SpA FABIO FAZZARI hold 3 M 22 12 month 12.01.2012

Holdings By:

Carrefour SA ee


20.02.2013

Compagnie de Saint-Gobain manufactures glass products, high-performance

materials, and construction materials. The Company produces flat glass,

insulation, and glass containers, high-performance ceramics, plastics, and

abrasives, and building materials such as roofing, wall facings, mortars, and

ductile cast iron pipe. Saint-Gobain also retails building materials.


LTM as of: 09/yy

52-Week High (20.02.2012) 37.63

52-Week Low (02.08.2012) 23.90

Daily Volume

31.41





16'682.66 1 Yr Total Return -11.68%







SGO FP EQUITY YTD Change - Average Volume 30 Day 2'044'323

SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'849'240


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

43'421.0 43'800.0 37'786.0 40'119.0 42'116.0 41'741.0 43'028.0 42'982.1 43'402.7 10'283.6 -

0.78x 0.56x 0.75x 0.69x 0.57x 0.00x 0.00x 0.60x 0.57x - -

5'751.0 5'263.0 3'821.0 4'785.0 5'024.0 0.0 0.0 4'375.2 4'508.7 - -

5.92x 4.68x 7.39x 5.80x 4.80x 0.00x 0.00x 6.15x 5.97x - -

1'487.0 1'378.0 202.0 1'129.0 1'284.0 0.0 0.0 1'233.0 1'338.7 - -

15.92x 9.15x 88.53x 17.66x 12.16x 0.00x 0.00x 13.37x 12.20x - -











EBITDA Margin 11.5%



Asset Turnover 0.92







Fiscal Year Ended

Cie de St-GobainPrice/Volume

Valuation Analysis

1'825'125.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

. ! C

1 ! C

3 ! C

5 ! C

-! ! C

-. ! C

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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



20.02.2013


WENDEL INVESTISSEMEN n/a Co File 92'891'280 17.49 - 31.12.2010 Investment Advisor

FONDS DU PLAN D EPAR n/a Co File 41'402'970 7.8 - 31.12.2010 n/a

AMUNDI SA n/a Research 40'161'206 7.56 17'861'078 27.06.2012 Other

CAISSE DES DEPOTS ET n/a Co File 15'393'412 2.9 - 31.12.2010 Government

GROUPAMA SA n/a Co File 10'085'339 1.9 - 31.12.2010 Insurance Company




COGEMA n/a Co File 5'838'880 1.1 - 31.12.2010 Corporation


CIE DE SAINT GOBAIN n/a Co File 4'777'266 0.9 - 31.12.2010 Corporation


PREDICA n/a Co File 3'715'651 0.7 - 31.12.2010 Insurance Company


SOCIETE GEN GESTION n/a Research 2'536'782 0.48 - 15.06.2011 Mutual Fund Manager

FMR LLC n/a ULT-AGG 2'419'956 0.46 61'591 31.12.2012 Investment Advisor



JP MORGAN n/a ULT-AGG 1'478'226 0.28 (11'122) 31.12.2012 Unclassified



Aurel - BGC ERIC LEMARIE buy 5 M 40 Not Provided 20.02.2013

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 28 Not Provided 19.02.2013

Jefferies MICHAEL F BETTS buy 5 M 46 12 month 18.02.2013

Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 39 12 month 18.02.2013

AlphaValue GAETAN DUPONT buy 5 M 40 6 month 14.02.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 14.02.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 D 34 12 month 12.02.2013

Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 08.02.2013

Oddo & Cie VIRGINIE ROUSSEAU neutral 3 D 34 Not Provided 05.02.2013

Kepler Capital Markets JOSEP PUJAL hold 3 M 30 Not Provided 04.02.2013

S&P Capital IQ JAWAHAR HINGORANI sell 1 D 28 12 month 31.01.2013

HSBC JOHN FRASER-ANDREWS underweight 1 D 31 Not Provided 29.01.2013

Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 24.01.2013

Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 32 6 month 23.01.2013

Natixis RAFIC EL HADDAD neutral 3 M 29 Not Provided 21.01.2013

Morgan Stanley ALEJANDRA PEREDA Equalwt/In-Line 3 M 33 12 month 18.01.2013

CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ accumulate 4 M 37 12 month 18.01.2013

Exane BNP Paribas PAUL ROGER underperform 1 D 33 Not Provided 18.01.2013

Societe Generale MURIEL FELLOUS buy 5 M 38 12 month 15.01.2013

JPMorgan MICHAEL MORRIS overweight 5 M 35 9 month 15.01.2013

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 33 Not Provided 15.01.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 30 12 month 15.01.2013

Deutsche Bank LUIS PRIETO buy 5 M 39 12 month 19.12.2012

Credit Suisse HARRY GOAD neutral 3 M 27 Not Provided 17.12.2012


Raymond James ARNAUD PALLIEZ market perform 3 D #N/A N/A Not Provided 30.10.2012

Davy TIM CAHILL outperform 5 U #N/A N/A Not Provided 09.08.2012

Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012

CA Cheuvreux NABIL AHMED suspended coverage #N/A N/A M 52 Not Provided 12.01.2012

Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 09.03.2009

Holdings By:

Cie de St-Gobain ee


20.02.2013

CRH plc manufactures cement, concrete products, aggregates, asphalt, clay

bricks, chemical lime, security fencing products, and roofing, insulation and

other building materials. The Group also operates some 136 builders merchant

locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19

countries, including Ireland, the US, Spain, Germany and the Netherlands.


LTM as of: 01/yy

52-Week High (16.03.2012) 16.93

52-Week Low (05.06.2012) 12.81

Daily Volume

16.069

52-Week High % Change -5.10% Dividend Yield 3.89




11'673.50 1 Yr Total Return 1.99%







CRH ID EQUITY YTD Change - Average Volume 30 Day 1'310'172

CRH ID EQUITY YTD % CHANGE - Average Volume 3 Month 1'239'614


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 - -

20'992.0 20'887.0 17'373.0 17'173.0 18'081.0 - - 18'724.9 19'205.8 - -

0.87x 0.78x 1.01x 0.86x 0.82x - - 0.79x 0.77x - -

2'858.0 2'656.0 1'803.0 1'614.0 1'656.0 - - 1'601.4 1'733.0 - -

6.40x 6.11x 9.69x 9.18x 9.01x - - 9.87x 9.12x - -

1'430.0 1'248.0 592.0 432.0 590.0 - - 522.1 612.0 - -

9.08x 7.66x 21.54x 25.28x 18.60x - - 21.92x 18.68x - -


EBIT 871.00 Long-Term Rating BBB+









EBITDA Margin 8.9%



Asset Turnover 0.87





Accounts Receivable Turnover - Cash Conversion Cycle 62.07


Fiscal Year Ended

CRH PLCPrice/Volume

Valuation Analysis

1'038'849.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C 2 C- ! C- 2 C. ! C. 2 C0 ! C0 2 C1 ! C1 2 C2 ! C

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



20.02.2013




UBS n/a ULT-AGG 26'862'565 3.7 5'121 28.12.2012 Unclassified

LEGAL & GENERAL n/a RNS-MAJ 22'496'003 3.1 - 04.01.2012 Investment Advisor

HARBOR CAPITAL ADVIS n/a 20F 21'999'275 3.03 - 23.03.2012 Investment Advisor

NORGES BANK n/a 20F 21'543'277 2.97 - 23.03.2012 Government

FRANKLIN RESOURCES n/a ULT-AGG 21'503'171 2.96 - 30.06.2011 Investment Advisor

GRWTH FUND OF AMERIC n/a RNS-MAJ 21'114'087 2.91 - 15.02.2011 n/a


FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 11'276'498 1.55 1'580'407 30.09.2012 Hedge Fund Manager

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 7'703'980 1.06 3'376'460 31.12.2012 Investment Advisor



INVESCO LTD Multiple Portfolios MF-AGG 3'203'766 0.44 27 19.02.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 2'811'878 0.39 92'614 31.12.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 2'792'454 0.38 (42'617) 31.12.2012 Unclassified

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2'762'000 0.38 342'000 30.11.2012 Investment Advisor


LEGAL & GENERAL n/a ULT-AGG 2'583'993 0.36 89'230 31.01.2013 Unclassified

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'523'636 0.35 7'304 30.11.2012 Investment Advisor



Goodbody Stockbrokers Ltd ROBERT EASON sell 1 M 14 12 month 20.02.2013

Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 16 12 month 19.02.2013

AlphaValue GAETAN DUPONT add 4 M 19 6 month 14.02.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 M 17 12 month 12.02.2013

Jefferies MICHAEL F BETTS buy 5 M 22 12 month 08.02.2013

Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 15 6 month 08.02.2013

Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 15 Not Provided 05.02.2013

Kepler Capital Markets JOSEP PUJAL hold 3 M 16 Not Provided 04.02.2013


HSBC JOHN FRASER-ANDREWS underweight 1 D 15 Not Provided 29.01.2013

Natixis ABDELKADER BENCHIHA reduce 2 M 13 Not Provided 21.01.2013

Exane BNP Paribas PAUL ROGER neutral 3 U 17 Not Provided 18.01.2013


Numis Securities Ltd HOWARD SEYMOUR sell 1 D 12 Not Provided 07.01.2013

Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 03.01.2013

Credit Suisse HARRY GOAD underperform 1 M 12 Not Provided 17.12.2012


Morgan Stanley YURI SEROV Underwt/In-Line 1 M 16 12 month 13.12.2012

Societe Generale MURIEL FELLOUS hold 3 M 15 12 month 04.12.2012

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 15 12 month 23.11.2012

JPMorgan MICHAEL MORRIS neutral 3 M 14 9 month 20.11.2012


Berenberg Bank ROBERT MUIR sell 1 M 12 Not Provided 14.11.2012

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 14 Not Provided 09.11.2012

Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 07.11.2012

Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 19.10.2012

Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 14.06.2012

BB&T Capital Markets JOHN F KASPRZAK JR hold 3 M #N/A N/A Not Provided 04.05.2011

Holdings By:

CRH PLC ee


20.02.2013

Daimler AG develops, manufactures, distributes, and sells a wide range of

automotive products, mainly passenger cars, trucks, vans and buses. The Company

also provides financial and other services relating to its automotive

businesses.


LTM as of: 12/yy

52-Week High (14.03.2012) 48.95

52-Week Low (27.06.2012) 32.86

Daily Volume

45.13





48'181.42 1 Yr Total Return -1.97%







DAI GY EQUITY YTD Change - Average Volume 30 Day 4'027'904

DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'048'258


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

95'873.0 78'924.0 97'761.0 106'540.0 114'297.0 106'540.0 114'297.0 116'815.7 123'639.1 - -

0.87x 1.15x 1.10x 0.93x - 3.70x 2.90x 0.47x 0.45x - -

11'685.0 3'032.0 10'489.0 12'216.0 - 12'265.0 9'551.0 12'663.8 14'372.6 - -

7.14x 29.84x 10.26x 8.09x - 8.06x 0.00x 9.47x 8.34x - -

1'348.0 (2'640.0) 4'498.0 5'667.0 6'095.0 5'667.0 6'095.0 4'978.5 5'974.7 - -

15.61x - 11.85x 6.38x 7.24x 6.38x 7.24x 9.70x 8.17x - -











EBITDA Margin 11.0%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Daimler AGPrice/Volume

Valuation Analysis

3'558'783.00


!2

-!-2.!.20!021!122!


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

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



20.02.2013




KUWAIT INVESTMENT AU n/a Co File 73'577'854 6.89 - 06.02.2012 Government


AABAR INVESTMENTS PJ n/a Co File 33'056'717 3.1 - 06.02.2012 Government

NORGES BANK n/a Research 32'355'918 3.03 - 17.09.2012 Government


NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2012 Corporation


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'511'692 0.98 3'324 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'428'300 0.98 1'095'300 31.12.2012 Investment Advisor


FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'339'832 0.59 6'700 30.09.2012 Hedge Fund Manager


UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'548'162 0.33 (1'704'912) 28.09.2012 Investment Advisor



ONTARIO TEACHERS PEN n/a Research 3'200'000 0.3 - 31.12.2011 Pension Fund (ERISA)

GOLDMAN SACHS GROUP n/a Research 2'719'961 0.25 - 05.10.2012 Investment Advisor



Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 60 6 month 20.02.2013

Morgan Stanley STUART PEARSON Equalwt/In-Line 3 U 53 12 month 20.02.2013

Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 40 12 month 19.02.2013

Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013

AlphaValue HANS-PETER WODNIOK reduce 2 M 45 6 month 14.02.2013

Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 62 12 month 13.02.2013

Kepler Capital Markets MICHAEL RAAB reduce 2 M 41 Not Provided 12.02.2013

Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 12.02.2013

Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 55 12 month 11.02.2013

DZ Bank AG MICHAEL PUNZET hold 3 M 44 12 month 11.02.2013

Barclays KRISTINA CHURCH equalweight 3 M 43 Not Provided 11.02.2013

Societe Generale STEPHEN REITMAN hold 3 M 46 12 month 08.02.2013

JPMorgan JOSE ASUMENDI neutral 3 M 46 9 month 08.02.2013

HSBC HORST SCHNEIDER overweight 5 M 52 Not Provided 08.02.2013

Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 58 Not Provided 08.02.2013

Bankhaus Lampe CHRISTIAN LUDWIG sell 1 M 39 12 month 08.02.2013

Oddo & Cie FRANCOIS MAURY neutral 3 M 45 Not Provided 08.02.2013

M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 46 12 month 08.02.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 50 12 month 08.02.2013

Equinet Institutional Services(ESN) TIM SCHULDT hold 3 M 47 12 month 08.02.2013


Nord/LB FRANK SCHWOPE buy 5 M 51 12 month 07.02.2013

Credit Suisse ERICH HAUSER neutral 3 M 35 Not Provided 07.02.2013

Independent Research GmbH ZAFER RUZGAR hold 3 M 46 12 month 07.02.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 07.02.2013


Natixis GEORGES DIENG neutral 3 M 38 Not Provided 06.02.2013

Exane BNP Paribas RABIH FREIHA outperform 5 M 46 Not Provided 05.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 37 12 month 31.01.2013




Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 35 12 month 16.11.2012

Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012

Deutsche Bank JOCHEN GEHRKE hold 3 M 35 12 month 28.10.2012

CA Cheuvreux ALEXANDER NEUBERGER select list 5 M 48 Not Provided 26.10.2012

Steubing AG TEAM COVERAGE buy 5 M 76 Not Provided 10.01.2011

Holdings By:

Daimler AG ee


20.02.2013

Danone is a food processing company. The Company produces dairy products,

beverages, baby food and clinical/medical nutrition products.


LTM as of: 12/yy

52-Week High (04.05.2012) 54.96

52-Week Low (23.10.2012) 45.61

Daily Volume

53.06





34'126.18 1 Yr Total Return 8.10%







BN FP EQUITY YTD Change - Average Volume 30 Day 1'627'420

BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'504'114


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

15'220.0 14'982.0 17'010.0 19'318.0 20'869.0 19'318.0 20'868.0 22'047.1 23'346.2 5'340.0 5'635.5

2.09x 2.20x 2.11x 1.89x - 0.00x 0.00x 1.81x 1.67x - -

2'796.0 2'844.0 3'194.0 3'486.0 - 0.0 0.0 3'775.2 4'038.7 - -

11.35x 11.61x 11.23x 10.45x - 0.00x 0.00x 10.91x 10.20x - -

1'313.0 1'361.0 1'875.0 1'671.0 1'672.0 0.0 0.0 1'831.4 2'035.1 1'761.0 1'944.0

19.75x 17.77x 15.42x 17.53x 17.93x 0.00x 0.00x 16.88x 15.25x 3.67x -











EBITDA Margin 17.6%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Danone SAPrice/Volume

Valuation Analysis

2'018'731.00


!

-!

.!

0!

1!

2!

3!

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

. ! C

1 ! C

3 ! C

5 ! C

-! ! C

-. ! C

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



20.02.2013


MASSACHUSETTS FINANC n/a Research 39'168'842 6.09 - 08.08.2012 Investment Advisor

GROUPE DANONE n/a Co File 35'825'460 5.57 - 31.12.2011 Corporation

AMUNDI SA n/a Research 28'864'287 4.49 (3'844'941) 15.05.2012 Other

EURAZEO n/a Co File 16'433'370 2.56 - 31.12.2011 Investment Advisor

SOFINA & HENEX GROUP n/a Co File 13'584'541 2.11 - 31.12.2011 Other






FCPE FONDS GROUPE DA n/a Co File 8'804'680 1.37 - 31.12.2011 n/a



TRIAN FUND MANAGEMEN n/a Research 6'431'620 1 - 07.11.2012 Hedge Fund Manager


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'324'592 0.67 745'570 31.12.2012 Investment Advisor


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'963'386 0.62 (265'402) 30.11.2012 Investment Advisor




Grupo Santander PEDRO GIL underweight 1 M 46 Not Provided 20.02.2013

Societe Generale WARREN L ACKERMAN hold 3 M 53 12 month 20.02.2013

Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 65 12 month 20.02.2013

CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 47 12 month 20.02.2013

Oddo & Cie LAURENCE HOFMANN neutral 3 M 54 Not Provided 20.02.2013

Nomura DAVID HAYES buy 5 M 60 12 month 20.02.2013

Exane BNP Paribas JEFF STENT neutral 3 U 54 Not Provided 20.02.2013

Helvea ANDREAS VON ARX accumulate 4 M 61 12 month 20.02.2013

Barclays LIAM ROWLEY equalweight 3 M 51 Not Provided 20.02.2013

Deutsche Bank JAMES ISENWATER hold 3 M 45 12 month 19.02.2013

Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 45 12 month 19.02.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 43 12 month 19.02.2013

JPMorgan CELINE PANNUTI neutral 3 M 56 9 month 19.02.2013

Jefferies ALEX HOWSON hold 3 M 48 12 month 19.02.2013

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 53 12 month 19.02.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 55 12 month 19.02.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 43 12 month 19.02.2013

Kepler Capital Markets JON COX buy 5 M 59 Not Provided 19.02.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER underperform 1 M 49 12 month 19.02.2013

Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013

AlphaValue SOPHIE CABO-BROSETA buy 5 M 62 6 month 14.02.2013

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 01.02.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 30.01.2013


Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 25.01.2013


Berenberg Bank JAMES TARGETT sell 1 M 46 Not Provided 21.01.2013

Credit Suisse ALEX MOLLOY underperform 1 M 44 Not Provided 17.01.2013

Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 56 Not Provided 08.01.2013

Equita SIM SpA FABIO FAZZARI buy 5 M 55 12 month 20.12.2012

Natixis PIERRE TEGNER neutral 3 D 56 Not Provided 14.12.2012

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 50 Not Provided 13.12.2012

S&P Capital IQ CARL SHORT buy 5 M 56 12 month 13.12.2012


HSBC CEDRIC BESNARD overweight 5 M 55 Not Provided 06.11.2012

Mirabaud Securities JULIAN LAKIN hold 3 M 49 12 month 22.10.2012

DZ Bank AG ROBERT CZERWENSKY buy 5 M 56 12 month 22.10.2012

Day by Day VALERIE GASTALDY buy 5 U 53 3 month 08.10.2012

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

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 51 Not Provided 27.07.2012

Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011

Holdings By:

Danone SA ee


20.02.2013

Deutsche Bank AG is a global financial service provider delivering commercial,

investment, private and retail banking. The Bank offers debt, foreign exchange,

derivatives, commodities, money markets, repo and securitization, cash equities,

research, equity prime services, loans, convertibles, advice on M&A and IPO's,

trade finance, retail banking, asset management and corporate investments.


LTM as of: 12/yy

52-Week High (27.03.2012) 39.51

52-Week Low (26.07.2012) 22.11

Daily Volume

36.21





33'657.18 1 Yr Total Return 7.61%





Enterprise Value -


DBK GY EQUITY YTD Change - Average Volume 30 Day 6'270'139

DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 5'928'350


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

58'492.0 45'167.0 46'151.0 52'660.0 33'582.0 50'925.0 47'151.0 34'050.1 35'051.7 8'657.0 8'714.0

- - - - - 0.00x 0.00x 2.07x 2.05x - -

- - - - - 0.0 0.0 - - - -

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

(3'835.0) 4'973.0 2'310.0 4'132.0 611.0 4'132.0 611.0 3'981.2 5'115.3 - -

- 6.24x 12.74x 6.61x 50.69x 6.64x 48.46x 8.84x 7.01x 7.75x -


EBIT - Long-Term Rating A+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Deutsche Bank AGPrice/Volume

Valuation Analysis

3'570'701.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!12


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



20.02.2013




DEUTSCHE BANK AG n/a Co File 24'888'999 2.68 - 31.12.2011 Investment Advisor

DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 24'458'657 2.63 (3'091'342) 31.12.2012 Bank

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 16'957'871 1.82 5'959'356 31.12.2012 Investment Advisor


CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'648'807 1.79 3'630'244 31.12.2012 Investment Advisor

DEUTSCHE BANK AG n/a RNS-MAJ 15'177'158 1.63 - 17.12.2012 Investment Advisor

COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 14'797'901 1.59 10'133'323 31.12.2012 Investment Advisor

CREDIT SUISSE GROUP n/a Research 9'379'275 1.01 - 08.06.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'557'620 0.92 3'906'478 31.12.2012 Investment Advisor



JP MORGAN n/a ULT-AGG 5'993'512 0.64 (4'233'794) 31.12.2012 Unclassified

BANK OF AMERICA CORP BANK OF AMERICA 13F 5'677'666 0.61 (3'004'857) 31.12.2012 Investment Advisor


UBS n/a ULT-AGG 4'067'133 0.44 2'278'827 31.12.2012 Unclassified

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'906'432 0.42 176'476 31.12.2012 Investment Advisor

DEUTSCHE TELEKOM n/a Research 3'832'262 0.41 - 13.11.2012 Unclassified

AMUNDI Multiple Portfolios MF-AGG 3'784'496 0.41 (1'196'404) 30.11.2012 Mutual Fund Manager


Credit Suisse AMIT GOEL underperform 1 M 32 Not Provided 19.02.2013


Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 15.02.2013

Exane BNP Paribas DANIEL DAVIES neutral 3 M 40 Not Provided 15.02.2013

AlphaValue DIETER HEIN add 4 D 41 6 month 14.02.2013

Barclays JEREMY SIGEE overweight 5 M 46 Not Provided 12.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 39 Not Provided 07.02.2013

RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 39 12 month 04.02.2013

Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 04.02.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 N 45 12 month 04.02.2013

DZ Bank AG CHRISTOPH BAST buy 5 M 40 12 month 04.02.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 U 40 12 month 01.02.2013

Commerzbank Corporates & Markets MICHAEL DUNST add 4 M 41 6 month 01.02.2013


CA Cheuvreux CYRIL MEILLAND underperform 1 M 37 Not Provided 01.02.2013

Natixis ANTOINE BURGARD neutral 3 M 37 Not Provided 01.02.2013

Nomura JON PEACE reduce 2 M 37 Not Provided 01.02.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 D 44 12 month 01.02.2013

Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 41 12 month 31.01.2013

Nord/LB MICHAEL SEUFERT buy 5 M 45 12 month 31.01.2013

JPMorgan KIAN ABOUHOSSEIN neutral 3 U 38 9 month 31.01.2013

Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 M 43 12 month 31.01.2013


Oddo & Cie JEAN SASSUS neutral 3 M 38 Not Provided 31.01.2013

M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 44 12 month 31.01.2013

Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 31.01.2013

Kepler Capital Markets DIRK BECKER buy 5 M 44 Not Provided 31.01.2013

S&P Capital IQ FRANK BRADEN hold 3 M 39 12 month 31.01.2013

Bankhaus Metzler GUIDO HOYMANN buy 5 M 45 12 month 30.01.2013

Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 31 Not Provided 30.01.2013

Macquarie PIERS BROWN neutral 3 M 36 12 month 29.01.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 47 12 month 28.01.2013

Societe Generale DIRK HOFFMANN-BECKING buy 5 M 42 12 month 25.01.2013



Grupo Santander AURELIA FAURE underweight 1 M 30 Not Provided 14.12.2012

HSBC ROBERT MURPHY overweight 5 M 39 Not Provided 05.09.2012

National Bank AG DIRK GOJNY buy 5 M 32 Not Provided 25.07.2012


SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010

Holdings By:

Deutsche Bank AG ee


20.02.2013

Deutsche Telekom AG offers telecommunications services. The Company offers a

full range of fixed-line telephone services, mobile communications services,

Internet access, and combined information technology and telecommunications

services for businesses.


LTM as of: 09/yy

52-Week High (20.09.2012) 10.06

52-Week Low (05.06.2012) 7.69

Daily Volume

8.136





35'158.25 1 Yr Total Return -1.83%







DTE GY EQUITY YTD Change - Average Volume 30 Day 12'930'560

DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 12'751'440


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

62'516.0 61'666.0 64'602.0 62'421.0 58'653.0 59'219.0 58'373.0 58'119.4 57'589.8 14'602.0 14'165.0

1.72x 1.49x 1.46x 1.48x 1.45x 6.31x 5.83x 1.35x 1.34x 5.35x -

16'466.0 17'535.0 17'335.0 17'726.0 20'202.0 16'653.0 19'326.0 18'002.6 17'490.5 4'333.6 4'223.0

6.52x 5.24x 5.46x 5.20x 4.22x 5.31x 4.49x 4.48x 4.61x 4.63x 4.70x

571.0 1'483.0 353.0 1'695.0 557.0 1'315.0 (7'388.0) 2'729.6 2'819.1 374.8 816.0

115.62x 31.62x 128.63x 24.76x 68.19x 28.48x 0.00x 12.73x 12.25x 10.12x 9.14x


EBIT 6'806.00 Long-Term Rating BBB+



Return on Assets -6.35% Short-Term Rating A-2






EBITDA Margin 33.1%

EBIT Margin -10.0% Total Debt/Equity 136.9%


Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deutsche Telekom AGPrice/Volume

Valuation Analysis

21'425'264.00


!

.

1

3

5

-!

-.

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C2 ! C-! ! C-2 ! C.! ! C.2 ! C0! ! C02 ! C1! ! C12 ! C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

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



20.02.2013


KREDITANSTALT FUER W n/a Research 734'624'287 17 - 30.09.2012 Investment Advisor

FEDERAL REPUBLIC OF n/a Research 648'197'900 15 - 30.09.2012 Government


BLACKSTONE GROUP LP n/a Research 191'700'000 4.44 - 03.08.2012 Hedge Fund Manager







SCHRODER INVESTMENT Multiple Portfolios MF-AGG 11'716'763 0.27 2'200'291 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'491'425 0.27 4'778'409 31.12.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 10'751'485 0.25 (1'985'242) 31.12.2012 Investment Advisor


MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9'211'450 0.21 (3'302'086) 31.12.2012 Investment Advisor


DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'183'559 0.17 (5'219'615) 31.10.2012 Mutual Fund Manager


ING INTERNATIONAL AD Multiple Portfolios MF-AGG 6'826'154 0.16 1'080'485 31.07.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'213'828 0.12 (696'430) 31.12.2012 Investment Advisor


RBC Capital Markets JONATHAN ATKIN sector perform 3 M 10 12 month 20.02.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 12 12 month 20.02.2013

Macquarie GUY R PEDDY underperform 1 M 8 12 month 20.02.2013

DZ Bank AG KARSTEN OBLINGER sell 1 M 8 12 month 19.02.2013

Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 19.02.2013

Liberum Capital Ltd LAWRENCE SUGARMAN hold 3 N 8 Not Provided 19.02.2013

Bankhaus Lampe WOLFGANG SPECHT sell 1 M 8 Not Provided 18.02.2013

Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 9 6 month 15.02.2013

Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 11 Not Provided 14.02.2013

AlphaValue HEINZ STEFFEN add 4 M 10 6 month 14.02.2013

Morgan Stanley NICK DELFAS restricted #N/A N/A M #N/A N/A Not Provided 13.02.2013

Nomura FREDERIC BOULAN buy 5 M 11 12 month 11.02.2013

M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 04.02.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 U 10 Not Provided 30.01.2013

Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 30.01.2013

Kepler Capital Markets JAVIER BORRACHERO buy 5 M 11 Not Provided 30.01.2013

Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 9 12 month 25.01.2013

Credit Suisse JUSTIN FUNNELL restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013

Barclays JONATHAN DANN equalweight 3 M 10 Not Provided 24.01.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 M 8 Not Provided 23.01.2013

Jefferies ULRICH RATHE hold 3 M 8 12 month 21.01.2013


Deutsche Bank MATTHEW BLOXHAM buy 5 M 10 12 month 16.01.2013

Raymond James STEPHANE BEYAZIAN outperform 5 M 11 Not Provided 15.01.2013

Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 10 12 month 15.01.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

Steubing AG TEAM COVERAGE buy 5 M #N/A N/A Not Provided 14.01.2013



JPMorgan HANNES C WITTIG not rated #N/A N/A M #N/A N/A Not Provided 14.12.2012

HSBC DOMINIK KLARMANN neutral 3 M 9 Not Provided 10.12.2012

Espirito Santo Investment Bank ResearchWILL DRAPER sell 1 M 8 Not Provided 10.12.2012

S&P Capital IQ ALEXANDER WISCH sell 1 M 8 12 month 10.12.2012

Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 07.12.2012

Independent Research GmbH MARKUS FRIEBEL hold 3 M 9 12 month 07.12.2012

Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 06.12.2012

Bankhaus Metzler ULRICH TRABERT sell 1 M 9 12 month 09.11.2012

Silvia Quandt Research JACQUES ABRAMOWICZ buy 5 M 11 12 month 08.11.2012

Natixis JACQUES DE GRELING reduce 2 M 8 Not Provided 08.10.2012

CA Cheuvreux PETER KURT NIELSEN select list 5 M 11 Not Provided 21.02.2012

Holdings By:

Deutsche Telekom AG ee


20.02.2013

E.ON SE operates in power generation and gas production businesses. The

Company's operations include electric generation at conventional, nuclear, and

renewable-source facilities, electric transmission via high-voltage wires

network, regional distribution of electricity, gas, and heat, power trading and

electricity, gas, and heat sales.


LTM as of: 09/yy

52-Week High (14.09.2012) 19.74

52-Week Low (08.02.2013) 12.42

Daily Volume

12.875





25'762.88 1 Yr Total Return -19.26%







EOAN GY EQUITY YTD Change - Average Volume 30 Day 12'976'930

EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 11'354'840


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

68'731.0 86'753.0 81'817.0 92'863.0 112'954.0 105'888.0 129'077.0 112'559.6 110'835.4 29'586.7 -

1.64x 1.08x 1.11x 0.78x 0.52x 2.46x 1.88x 0.46x 0.44x - -

11'063.0 5'403.0 12'703.0 13'006.0 4'269.0 6'579.0 6'892.0 10'690.1 9'527.5 2'038.0 -

10.16x 17.28x 7.18x 5.56x 13.73x 8.68x 8.59x 4.65x 5.21x - -

7'204.0 1'266.0 8'396.0 5'853.0 (2'219.0) 3'195.0 (356.0) 3'950.0 2'504.6 113.0 -

13.80x 37.92x 6.50x 6.53x - 7.49x 0.00x 5.83x 9.86x - -


EBIT 46.00 Long-Term Rating A-






Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. -0.62



EBITDA Margin 3.6%



Asset Turnover 0.85







Fiscal Year Ended

E.ON SEPrice/Volume

Valuation Analysis

13'142'179.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

-! ! C

.! ! C

0! ! C

1! ! C

2! ! C

3! ! C

4! ! C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



20.02.2013



GOVERNMENT OF NORWAY n/a Co File 118'276'492 5.91 - 31.12.2011 Government

E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation

CREDIT SUISSE AG n/a Research 46'680'225 2.33 - 09.05.2012 Investment Advisor


MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 13'832'519 0.69 (329'536) 28.09.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 11'346'412 0.57 (1'472'050) 31.10.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 11'102'820 0.55 (1'285'217) 31.12.2012 Investment Advisor


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 8'696'670 0.43 (105'000) 31.01.2013 Investment Advisor






ADIG INVESTMENT Multiple Portfolios MF-AGG 4'279'858 0.21 (1'160'000) 31.10.2012 Investment Advisor





RBC Capital Markets JOHN MUSK underperform 1 M 11 12 month 20.02.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 15 12 month 19.02.2013

Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 U 14 6 month 15.02.2013

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 14 12 month 15.02.2013

Grupo Santander OSCAR NAJAR RIOS hold 3 M 16 Not Provided 13.02.2013

Goldman Sachs DEBORAH WILKENS buy/attractive 5 M 21 12 month 13.02.2013

AlphaValue EILEEN RYAN buy 5 M 18 6 month 07.02.2013

JPMorgan VINCENT DE BLIC underweight 1 M 13 9 month 06.02.2013

Berenberg Bank ROBERT CHANTRY sell 1 N 12 Not Provided 05.02.2013


Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 13 Not Provided 01.02.2013

M.M. Warburg Investment Research STEPHAN WULF buy 5 M 17 12 month 01.02.2013

DZ Bank AG MARC NETTELBECK hold 3 M 14 12 month 01.02.2013

Societe Generale ALBERTO PONTI hold 3 M 13 12 month 31.01.2013

Deutsche Bank ALEXANDER KARNICK sell 1 M 13 12 month 31.01.2013

Morgan Stanley BOBBY CHADA Underwt/In-Line 1 M 11 12 month 31.01.2013

Nord/LB HEINO HAMMANN hold 3 M 13 12 month 31.01.2013

HSBC ADAM DICKENS underweight 1 M 11 Not Provided 31.01.2013

Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 12 12 month 31.01.2013

Independent Research GmbH SVEN DIERMEIER sell 1 D 11 12 month 31.01.2013

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 D #N/A N/A Not Provided 31.01.2013

National Bank AG STEFFEN MANSKE sell 1 M #N/A N/A Not Provided 31.01.2013

Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 11 12 month 31.01.2013

Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 31.01.2013

Nomura MARTIN YOUNG reduce 2 M 14 12 month 31.01.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER suspended coverage #N/A N/A M #N/A N/A Not Provided 31.01.2013


Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 12 Not Provided 31.01.2013

Credit Suisse VINCENT GILLES underperform 1 M 11 Not Provided 30.01.2013

Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 30.01.2013

Barclays PETER BISZTYGA equalweight 3 M 15 Not Provided 25.01.2013

Main First Bank AG ANDREAS THIELEN outperform 5 M 17 12 month 23.01.2013


Kepler Capital Markets INGO BECKER hold 3 M 14 Not Provided 08.01.2013

Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 14.11.2012

CA Cheuvreux SEBASTIAN KAUFFMANN underperform 1 M 17 Not Provided 14.08.2012

Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 14.03.2012

Holdings By:

E.ON SE ee


20.02.2013

Enel S.p.A. generates, transmits, distributes, and trades electricity. The

Company operates hydroelectric, geothermal, and other generating plants. Enel,

through subsidiaries, also provides fixed-line and mobile telephone services,

installs public lighting systems, and operates real estate, factoring,

insurance, telecommunications, and Internet service provider businesses.


LTM as of: 09/yy

52-Week High (14.01.2013) 3.30

52-Week Low (24.07.2012) 2.02

Daily Volume

2.9





27'269.74 1 Yr Total Return 3.25%







ENEL IM EQUITY YTD Change - Average Volume 30 Day 39'278'940

ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 38'290'340


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

42'734.0 59'577.0 62'498.0 71'943.0 77'573.0 75'827.0 82'455.0 78'736.1 78'524.0 19'566.8 -

2.76x 1.53x 1.85x 1.56x 1.34x 5.88x 4.88x 1.10x 1.08x 4.43x -

9'694.0 13'722.0 15'883.0 16'768.0 17'198.0 16'725.0 19'353.0 16'561.4 16'393.5 3'856.5 -

12.17x 6.63x 7.29x 6.68x 6.03x 6.33x 5.21x 6.18x 6.24x - -

3'916.0 5'293.0 5'586.0 4'390.0 4'148.0 4'433.0 3'464.0 3'482.8 3'372.4 992.5 -

13.46x 5.54x 5.90x 8.01x 7.13x 7.05x 7.52x 7.90x 8.15x - -











EBITDA Margin 23.5%



Asset Turnover 0.48







Fiscal Year Ended

Enel SpAPrice/Volume

Valuation Analysis

23'527'813.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

-

.

.

0

0

1

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

2! ! C

-!! ! C

-2! ! C

.!! ! C

.2! ! C

0!! ! C

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 !!

0 2!

1 !!

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



20.02.2013


MINISTERO DELL'ECONO n/a EXCH 2'937'984'993 31.24 - 20.11.2012 Government



PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 81'500'351 0.87 (1'187'360) 31.10.2012 Investment Advisor


FMR LLC n/a ULT-AGG 24'688'850 0.26 13'243'042 31.12.2012 Investment Advisor



ARCA SGR SPA Multiple Portfolios MF-AGG 12'645'186 0.13 - 28.12.2012 Mutual Fund Manager

BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 11'206'529 0.12 510'545 30.09.2012 Investment Advisor

STATE STREET BANQUE Multiple Portfolios MF-AGG 9'443'764 0.1 782'984 31.12.2012 Investment Advisor




UNION INVESTMENT LUX Multiple Portfolios MF-AGG 7'912'096 0.08 (241'490) 28.09.2012 Investment Advisor


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 7'180'764 0.08 (4'995'875) 30.09.2012 Investment Advisor


JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 6'929'768 0.07 45'616 31.12.2012 Mutual Fund Manager




AlphaValue MYRIAM COHEN buy 5 M 4 6 month 14.02.2013

Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 N 3 Not Provided 13.02.2013

Exane BNP Paribas PHILIP GOTTSCHALK underperform 1 M 3 Not Provided 13.02.2013

ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 12.02.2013

Centrobanca EDOARDO MONTALBANO hold 3 M 3 Not Provided 08.02.2013

Nomura JAVIER SUAREZ reduce 2 M 3 12 month 08.02.2013

Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 Not Provided 06.02.2013

Banca IMI ROBERTO RANIERI add 4 M 3 12 month 06.02.2013


Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 06.02.2013


Berenberg Bank ANDREW FISHER hold 3 N 3 Not Provided 05.02.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 05.02.2013

Societe Generale ALBERTO PONTI buy 5 M 4 12 month 04.02.2013

Barclays SUSANNA INVERNIZZI equalweight 3 M 4 Not Provided 25.01.2013

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

Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 07.01.2013

Kepler Capital Markets CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 21.12.2012

Goldman Sachs DARIO CARRADORI neutral/attractive 3 M 4 12 month 18.12.2012

Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 30.11.2012

Credit Suisse STEFANO BEZZATO neutral 3 M 3 Not Provided 22.11.2012

Morgan Stanley ANNA MARIA SCAGLIA Equalwt/In-Line 3 M 3 12 month 14.11.2012

HSBC ADAM DICKENS underweight 1 M 3 Not Provided 14.11.2012

Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 05.11.2012

CA Cheuvreux FRANCESCA PEZZOLI underperform 1 M 3 Not Provided 26.09.2012

Mediobanca SpA MARIA BEATRICE GEROSA neutral 3 M 3 Not Provided 21.09.2012

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012




Hammer Partners SA CHRIS MOORE sell 1 D #N/A N/A Not Provided 08.03.2012

JPMorgan JAVIER GARRIDO neutral 3 D 4 Not Provided 16.02.2012

DZ Bank AG HASIM SENGUEL hold 3 M 3 12 month 18.11.2011

Holdings By:

Enel SpA ee


20.02.2013

Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North

Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces

natural gas and imports it for sale in Italy and elsewhere in Europe. Eni

transports natural gas in pipelines. The Company generates and trades

electricity, refines oil, and operates gasoline service stations.


LTM as of: 12/yy

52-Week High (18.01.2013) 19.59

52-Week Low (25.07.2012) 14.94

Daily Volume

17.68





64'252.40 1 Yr Total Return 7.83%







ENI IM EQUITY YTD Change - Average Volume 30 Day 12'818'300

ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 11'387'400


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

108'082.0 83'227.0 98'523.0 109'589.0 127'271.0 108'740.0 127'271.0 121'289.6 123'474.0 32'752.0 31'600.7

0.74x 1.10x 0.91x 0.83x 0.68x 3.31x 2.95x 0.67x 0.65x 2.49x 2.61x

26'939.0 20'817.0 24'992.0 25'732.0 24'564.0 25'213.0 24'564.0 28'813.8 30'201.0 7'530.0 7'527.0

2.98x 4.39x 3.58x 3.53x 3.52x 3.60x 3.52x 2.92x 2.79x 2.80x 2.73x

8'825.0 4'367.0 6'318.0 6'860.0 8'673.0 6'860.0 8'673.0 7'204.6 7'866.4 1'871.0 1'838.0

6.89x 14.71x 9.39x 8.47x 7.66x 8.45x 7.66x 8.85x 8.23x 9.17x 8.41x











EBITDA Margin 19.3%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Eni SpAPrice/Volume

Valuation Analysis

8'681'130.00


!

2

-!

-2

.!

.2

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

-! ! C

.! ! C

0! ! C

1! ! C

2! ! C

3! ! C

4! ! C

5! ! C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



20.02.2013


CASSA DEPOSITI E PRE n/a EXCH 958'298'322 26.37 - 20.11.2012 Other

MINISTERO DELL'ECONO n/a EXCH 142'968'850 3.93 - 20.11.2012 Government





BNP PARIBAS ARBITRAG n/a EXCH 41'175'319 1.13 - 20.11.2012 Investment Advisor

BNP PARIBAS SA n/a EXCH 28'455'671 0.78 - 20.11.2012 Bank

ABERDEEN n/a ULT-AGG 16'682'332 0.46 (116'700) 31.01.2013 Unclassified




BNP PARIBAS SEC SERV n/a EXCH 11'484'026 0.32 - 20.11.2012 Investment Advisor





JP MORGAN n/a ULT-AGG 5'215'817 0.14 (10'621) 31.12.2012 Unclassified

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'172'282 0.14 1'009'050 28.09.2012 Investment Advisor



RBC Capital Markets PETER HUTTON sector perform 3 M 20 12 month 19.02.2013

Societe Generale IRENE HIMONA hold 3 M 19 12 month 18.02.2013

Mediobanca SpA ANDREA SCAURI outperform 5 M 22 6 month 18.02.2013

Banca IMI ROBERTO RANIERI add 4 M 19 12 month 18.02.2013

Jefferies IAIN REID buy 5 M 22 12 month 18.02.2013

Macquarie MARC B KOFLER outperform 5 M 21 12 month 18.02.2013


Kepler Capital Markets ENRICO COCO hold 3 M 18 Not Provided 18.02.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 19 12 month 18.02.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 20 Not Provided 18.02.2013

Barclays RAHIM KARIM overweight 5 M 21 Not Provided 18.02.2013

Grupo Santander JASON KENNEY Under Review #N/A N/A M #N/A N/A Not Provided 15.02.2013

Investec STUART JOYNER hold 3 U 16 12 month 15.02.2013

Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 21 12 month 15.02.2013

Credit Suisse KIM FUSTIER outperform 5 M 21 Not Provided 15.02.2013

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 20 12 month 15.02.2013

Raymond James BERTRAND HODEE outperform 5 M 21 Not Provided 15.02.2013


Banca Akros(ESN) DARIO MICHI buy 5 M 22 12 month 15.02.2013

Canaccord Genuity Corp GORDON GRAY sell 1 M 17 12 month 15.02.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 23 12 month 15.02.2013


AlphaValue ALEXANDRE ANDLAUER reduce 2 M 18 6 month 14.02.2013

Natixis ANNE PUMIR neutral 3 M 18 Not Provided 07.02.2013

JPMorgan NITIN SHARMA overweight 5 M 22 3 month 06.02.2013

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

ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 16.01.2013

VTB Capital COLIN SMITH hold 3 M 21 12 month 16.01.2013


Equita SIM SpA DOMENICO GHILOTTI hold 3 M 21 12 month 30.11.2012

Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 U 20 12 month 27.11.2012

HSBC PAUL SPEDDING neutral 3 M 19 Not Provided 14.11.2012

Hamburger Sparkasse INGO SCHMIDT hold 3 U #N/A N/A Not Provided 30.10.2012

Deutsche Bank MARK BLOOMFIELD buy 5 M 21 12 month 29.08.2012

CA Cheuvreux DOMINIQUE PATRY outperform 5 M 21 Not Provided 13.08.2012

National Bank AG MANFRED JAISFELD hold 3 D 17 Not Provided 24.05.2012

Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010

Holdings By:

Eni SpA ee


20.02.2013

Essilor International SA manufactures and sells plastic and glass ophthalmic

lenses. These include the Ormex, Transitions, Varilux, Essilor, Airwear, and

Crizal lenses. Essilor sells its products internationally.


LTM as of: 09/yy

52-Week High (24.01.2013) 78.55

52-Week Low (22.02.2012) 57.96

Daily Volume

73.9





15'868.11 1 Yr Total Return 28.82%

Total Debt 915.73 YTD Return -2.79%



Cash and Equivalents 397.77 Consensus Rating 3.545


Average Volume 5 Day 481'716

EI FP EQUITY YTD Change - Average Volume 30 Day 442'596

EI FP EQUITY YTD % CHANGE - Average Volume 3 Month 441'729


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

2'908.1 3'074.4 3'268.0 3'891.6 4'189.5 2'427.6 4'194.7 4'988.0 5'374.1 1'228.5 -

3.05x 2.30x 2.68x 2.68x 2.87x 0.00x 0.00x 3.30x 3.02x - -

638.5 696.7 754.4 900.2 919.3 0.0 0.0 1'090.3 1'188.0 - -

13.87x 10.16x 11.63x 11.58x 13.09x 0.00x 0.00x 15.34x 14.08x - -

366.7 382.4 390.7 462.0 505.6 0.0 0.0 589.1 648.6 - -

24.52x 18.15x 22.09x 21.90x 22.36x 0.00x 0.00x 26.32x 23.79x - -

EBITDA 919.35 Long-Term Rating Date -

EBIT 724.97 Long-Term Rating -









EBITDA Margin 22.0%



Asset Turnover 0.78








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cie Generale d'Optique Essilor International SAPrice/Volume

Valuation Analysis

576'686.00


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

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C- ! C. ! C0 ! C1 ! C2 ! C3 ! C4 ! C5 ! C6 ! C

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



20.02.2013


FCPE VALOPTEC INTERN n/a Co File 6'263'487 2.92 - 31.12.2011 n/a

CIE GENERALE D'OPTIQ n/a Co File 5'363'126 2.5 - 31.12.2011 Corporation

FCPE GROUPE ESSILOR n/a Co File 5'269'233 2.45 - 31.12.2011 n/a






CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'844'588 1.32 (511'731) 31.12.2012 Investment Advisor



TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 1'027'416 0.48 80'908 31.12.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 938'921 0.44 74'350 31.12.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 871'599 0.41 (179'060) 31.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 862'001 0.4 - 31.07.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 830'196 0.39 - 30.12.2012 Investment Advisor

SARASIN n/a ULT-AGG 675'667 0.31 (28'372) 28.12.2012 Unclassified


PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 619'321 0.29 (979) 31.10.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 608'800 0.28 (3'800) 28.09.2012 Investment Advisor


Raymond James MARC WILLAUME outperform 5 M 83 Not Provided 19.02.2013

Berenberg Bank BASSEL CHOUGHARI hold 3 M 77 Not Provided 15.02.2013

AlphaValue ARMELLE MOULIN reduce 2 M 70 6 month 14.02.2013

Exane BNP Paribas JULIEN DORMOIS neutral 3 M 78 Not Provided 13.02.2013

S&P Capital IQ JACOB THRANE strong buy 5 M 88 12 month 08.02.2013

Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 80 6 month 31.01.2013

Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 60 12 month 24.01.2013

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

Natixis STEPHANE SUMAR buy 5 M 90 Not Provided 10.01.2013

HSBC SOPHIE DARGNIES overweight 5 U 90 Not Provided 09.01.2013


Barclays ALEXANDER KLEBAN overweight 5 M 89 Not Provided 07.12.2012

Societe Generale MARIE-LINE FORT hold 3 M 69 12 month 04.12.2012

BPI HUBERT D'AILLIERES buy 5 M 80 Not Provided 12.11.2012

Jefferies INGEBORG OIE hold 3 M 70 12 month 05.11.2012

Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 66 12 month 31.10.2012

Kepler Capital Markets CLAIRE DERAY reduce 2 M 62 Not Provided 25.10.2012

Redburn Partners PASCAL HAUTCOEUR neutral 3 M #N/A N/A Not Provided 25.06.2012

Goldman Sachs WILLIAM HUTCHINGS neutral/neutral 3 M 74 12 month 21.05.2012

CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 15.03.2012

Holdings By:

Cie Generale d'Optique Essilor International SA ee


20.02.2013

France Telecom SA provides telecommunications services to residential,

professional, and large business customers. The Company offers public

fixed-line telephone, leased lines and data transmission, mobile

telecommunications, cable television, Internet and wireless applications, and

broadcasting services, and telecommunications equipment sales and rentals.


LTM as of: 12/yy

52-Week High (23.02.2012) 11.79

52-Week Low (18.02.2013) 7.43

Daily Volume

7.56





20'025.57 1 Yr Total Return -24.84%







FTE FP EQUITY YTD Change - Average Volume 30 Day 10'497'500

FTE FP EQUITY YTD % CHANGE - Average Volume 3 Month 8'969'291


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

46'712.0 44'845.0 45'503.0 45'277.0 43'515.0 45'277.0 43'515.0 42'095.6 41'466.7 10'817.4 -

1.92x 1.82x 1.64x 1.42x 1.26x 0.00x 0.00x 1.23x 1.22x - -

17'300.0 14'480.0 15'291.0 15'019.0 - 0.0 0.0 12'942.8 12'588.0 3'105.2 -

5.18x 5.64x 4.89x 4.29x - 0.00x 0.00x 4.08x 4.20x - -

4'073.0 3'018.0 4'880.0 3'895.0 820.0 0.0 0.0 2'991.0 2'899.3 - -

14.20x 16.37x 10.83x 8.26x 26.90x 0.00x 0.00x 6.79x 6.89x - -











EBITDA Margin 31.9%



Asset Turnover 0.47







Fiscal Year Ended

France Telecom SAPrice/Volume

Valuation Analysis

18'405'987.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

2 ! C

-! ! C

-2 ! C

.! ! C

.2 ! C

0! ! C

02 ! C

1! ! C

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

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



20.02.2013


FRENCH STATE n/a Co File 356'194'433 13.45 - 31.12.2011 Government








FRANCE TELECOM SA n/a Co File 15'456'045 0.58 - 31.12.2011 Corporation

DNCA FINANCE Multiple Portfolios MF-AGG 13'910'873 0.53 (368'000) 28.09.2012 Investment Advisor




BNP ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'931'576 0.22 34'665 30.09.2012 Investment Advisor





STATE STREET n/a ULT-AGG 3'631'219 0.14 - 19.02.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 3'542'207 0.13 1'153'077 31.12.2012 Investment Advisor


Grupo Santander CARLOS JAVIER TREVINO hold 3 M 14 12 month 20.02.2013

Societe Generale STEPHANE SCHLATTER hold 3 M 9 12 month 20.02.2013

Jefferies JEREMY A DELLIS buy 5 M 12 12 month 20.02.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 7 12 month 20.02.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 M 10 12 month 20.02.2013

Oddo & Cie VINCENT MAULAY neutral 3 M 11 Not Provided 20.02.2013

Nomura FREDERIC BOULAN neutral 3 M 8 12 month 20.02.2013

Berenberg Bank STUART GORDON hold 3 D 8 Not Provided 18.02.2013

Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 12 month 15.02.2013

AlphaValue JEAN-MICHEL SALVADOR buy 5 M 20 6 month 14.02.2013

Macquarie GUY R PEDDY outperform 5 M 12 12 month 13.02.2013


Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 D 7 Not Provided 07.02.2013

Kepler Capital Markets JAVIER BORRACHERO hold 3 M 9 Not Provided 04.02.2013

Goldman Sachs ANDREW LEE Sell/Neutral 1 M 8 12 month 01.02.2013

JPMorgan HANNES C WITTIG underweight 1 M 8 9 month 31.01.2013

HSBC NICOLAS COTE-COLISSON overweight 5 M 11 Not Provided 31.01.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 11 Not Provided 25.01.2013

Credit Suisse JAKOB BLUESTONE neutral 3 M 9 Not Provided 24.01.2013

Barclays JONATHAN DANN underweight 1 M 9 Not Provided 24.01.2013

Exane BNP Paribas ANTOINE PRADAYROL neutral 3 M 10 Not Provided 21.01.2013

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

Morgan Stanley NICK DELFAS Underwt/In-Line 1 M 9 12 month 14.01.2013


CM - CIC Securities(ESN) JEAN-MICHEL KOSTER hold 3 U 9 12 month 26.11.2012


Deutsche Bank MATTHEW BLOXHAM hold 3 M 10 12 month 26.10.2012

Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 M 13 Not Provided 26.10.2012

Natixis BENOIT MAYNARD buy 5 M 14 Not Provided 26.10.2012

CA Cheuvreux PETER KURT NIELSEN underperform 1 M 12 Not Provided 26.09.2012

Raymond James STEPHANE BEYAZIAN market perform 3 M 14 Not Provided 07.09.2012

National Bank AG MANFRED JAISFELD sell 1 D #N/A N/A Not Provided 30.03.2012

Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011

Holdings By:

France Telecom SA ee


20.02.2013

GDF Suez offers a full range of electricity, gas and associated energy and

environment services throughout the world. The Company produces, trades,

transports, stores and distributes natural gas, and offers energy management and

climatic and thermal engineering services.


LTM as of: 09/yy

52-Week High (21.08.2012) 20.35

52-Week Low (20.02.2013) 14.42

Daily Volume

14.465





34'901.50 1 Yr Total Return -21.03%







GSZ FP EQUITY YTD Change - Average Volume 30 Day 4'120'725

GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'068'425


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 06/12 Q2 09/12 Q3

47'475.4 67'923.8 79'908.0 84'478.0 90'673.0 87'856.0 90'657.0 93'543.0 82'709.4 - 20'325.0

1.46x 1.64x 1.32x 1.24x 1.18x 0.00x 0.00x 1.02x 1.07x - -

7'194.1 9'605.7 13'781.0 15'918.0 16'071.0 0.0 0.0 17'089.4 14'590.0 - 3'489.8

9.65x 11.61x 7.63x 6.59x 6.64x 0.00x 0.00x 5.51x 6.46x - -

3'923.5 4'857.1 4'477.0 4'616.0 4'003.0 0.0 0.0 3'594.8 3'296.8 - -

12.35x 11.85x 14.77x 12.79x 11.73x 0.00x 0.00x 9.29x 10.41x - -


EBIT 8'978.00 Long-Term Rating A *-



Return on Assets 1.71% Short-Term Rating A-1 *-






EBITDA Margin 17.4%



Asset Turnover 0.45







Fiscal Year Ended

GDF SuezPrice/Volume

Valuation Analysis

4'025'959.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C2 ! C-! ! C-2 ! C.! ! C.2 ! C0! ! C02 ! C1! ! C12 ! C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



20.02.2013


FRENCH STATE n/a Co File 810'927'246 33.61 - 31.12.2011 Government


GROUPE BRUXELLES LAM n/a Research 116'911'820 4.85 - 15.03.2012 Holding Company


GDF SUEZ n/a Co File 38'293'787 1.59 - 31.12.2011 Corporation

CNP ASSURANCES n/a Co File 24'778'333 1.03 - 31.12.2011 Insurance Company






SOFINA SA n/a Co File 13'515'454 0.56 - 31.12.2011 Holding Company

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 10'651'096 0.44 350'943 31.10.2012 Investment Advisor


INTERNATIONAL VALUE Multiple Portfolios MF-AGG 9'286'222 0.38 282'671 30.06.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 8'811'951 0.37 134'083 31.12.2012 Mutual Fund Manager

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 8'527'900 0.35 (3'204'400) 31.12.2012 Investment Advisor






Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 14 Not Provided 19.02.2013

Raymond James EMMANUEL RETIF underperform 1 M 15 Not Provided 15.02.2013


AlphaValue MYRIAM COHEN buy 5 M 18 6 month 14.02.2013

Goldman Sachs ANDREW MEAD buy/attractive 5 M 25 12 month 08.02.2013

Morgan Stanley EMMANUEL TURPIN Underwt/In-Line 1 M 15 12 month 06.02.2013

Berenberg Bank ANDREW FISHER sell 1 M 14 Not Provided 05.02.2013


KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 31.01.2013

CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 31.01.2013

S&P Capital IQ CLIVE ROBERTS hold 3 M 15 12 month 28.01.2013

Barclays JULIE ARAV equalweight 3 M 15 Not Provided 25.01.2013


JPMorgan NATHALIE F CASALI underweight 1 D 14 9 month 10.01.2013



Nomura MARTIN YOUNG neutral 3 D 20 Not Provided 12.12.2012

Macquarie ATALLAH ESTEPHAN outperform 5 M 17 12 month 10.12.2012

Grupo Santander OSCAR NAJAR RIOS underweight 1 M 20 Not Provided 07.12.2012

HSBC ADAM DICKENS underweight 1 D 14 Not Provided 07.12.2012

Deutsche Bank MARTIN BROUGH hold 3 D 18 12 month 06.12.2012

Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012

Independent Research GmbH SVEN DIERMEIER sell 1 D 16 12 month 06.12.2012

Credit Suisse MICHEL DEBS neutral 3 M 16 Not Provided 03.12.2012

Societe Generale ALBERTO PONTI buy 5 M 25 12 month 26.11.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012

DZ Bank AG HASIM SENGUEL hold 3 M 22 12 month 01.11.2011

Kepler Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 31.10.2011

National Bank AG STEFFEN MANSKE buy 5 M 31 12 month 13.04.2011

Holdings By:

GDF Suez ee


20.02.2013

Iberdrola S.A. generates, distributes, trades, and markets electricity in

the United Kingdom, United States, Spain, Portugal, and Latin America. The

Company specializes in clean energy and more specifically wind power.


LTM as of: 12/yy

52-Week High (21.02.2012) 4.59

52-Week Low (26.07.2012) 2.63

Daily Volume

3.694





23'202.69 1 Yr Total Return -15.18%







IBE SQ EQUITY YTD Change - Average Volume 30 Day 31'406'650

IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 37'886'470


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

24'889.3 25'891.9 30'431.0 31'648.0 34'750.1 32'095.3 34'848.9 33'220.0 34'381.4 - -

2.53x 2.39x 1.90x 1.76x 1.52x 8.28x 5.94x 1.56x 1.47x - -

6'105.6 6'197.0 6'857.9 7'000.4 7'193.0 7'004.8 7'151.9 7'591.3 7'937.2 2'289.0 1'696.0

10.31x 10.00x 8.42x 7.95x 7.35x 7.94x 7.39x 6.63x 6.34x 6.58x -

2'553.7 2'824.3 2'870.9 2'804.5 2'840.7 2'804.6 2'840.7 2'456.1 2'690.7 916.0 440.0

11.20x 12.54x 10.95x 10.04x 9.07x 10.09x 8.91x 9.28x 8.75x - -











EBITDA Margin 20.5%



Asset Turnover 0.36

Current Ratio 1.10 Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Iberdrola SAPrice/Volume

Valuation Analysis

21'885'017.00


!--..001122

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C2! ! C-!! ! C-2! ! C.!! ! C.2! ! C0!! ! C02! ! C1!! ! C12! ! C2!! ! C

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 !!

5 !!

6 !!

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



20.02.2013


QATAR INVESTMENT AUT n/a EXCH 496'946'224 7.91 - 31.12.2011 Government

ACS ACTIVIDADES CONS n/a EXCH 394'672'404 6.28 (492'545'762) 13.07.2012 Corporation

BANCAJA (VALENCIA CA n/a EXCH 314'887'559 5.01 - 31.12.2011 Bank

BILBAO BIZKAIA KUTXA n/a EXCH 309'430'747 4.93 (13'299'908) 24.01.2013 Bank

NATIXIS n/a EXCH 298'846'609 4.76 (14'204'256) 28.08.2012 Investment Advisor


SOCIETE GENERALE n/a EXCH 192'447'747 3.06 1'993'873 10.01.2013 Bank



DEUTSCHE BANK AG Multiple Portfolios MF-AGG 18'850'297 0.3 (1'477'915) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 18'260'832 0.29 2'045'672 31.12.2012 Investment Advisor



DE URRUTIA VAL VICTO n/a EXCH 13'465'535 0.21 464'328 24.01.2013 n/a

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'214'700 0.21 7'602'990 28.09.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9'446'268 0.15 (3'963'637) 31.12.2012 Investment Advisor

INVERCAIXA GESTION S Multiple Portfolios MF-AGG 8'289'915 0.13 1'796'471 30.11.2012 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 8'200'000 0.13 8'200'000 31.10.2012 Investment Advisor

MACQUARIE GROUP LTD n/a ULT-AGG 7'184'315 0.11 10'895 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 6'254'192 0.1 247'007 31.12.2012 Unclassified




NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 4 6 month 18.02.2013

Grupo Santander BOSCO MUGUIRO buy 5 M 5 Not Provided 15.02.2013

BPI GONZALO SANCHEZ-BORDONA buy 5 M 5 Not Provided 15.02.2013

Goldman Sachs FRED BARASI neutral/attractive 3 M 5 12 month 15.02.2013

Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 15.02.2013

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 15.02.2013

Nomura JAVIER SUAREZ reduce 2 M 4 12 month 15.02.2013

Exane BNP Paribas MANUEL PALOMO underperform 1 M 4 Not Provided 15.02.2013

Morgan Stanley CAROLINA DORES Equalwt/In-Line 3 M 4 12 month 14.02.2013

Credit Suisse STEFANO BEZZATO outperform 5 M 5 Not Provided 14.02.2013


Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 6 12 month 14.02.2013

BBVA ISIDORO DEL ALAMO market perform 3 D 4 Not Provided 12.02.2013

JPMorgan JAVIER GARRIDO neutral 3 M 4 9 month 07.02.2013

Societe Generale JORGE ALONSO SUILS buy 5 M 4 12 month 06.02.2013

HSBC ADAM DICKENS neutral 3 M 4 Not Provided 05.02.2013

Berenberg Bank ANDREW FISHER hold 3 N 4 Not Provided 05.02.2013

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 5 Not Provided 05.02.2013

Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA buy 5 M 5 Not Provided 04.02.2013

La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 5 Not Provided 28.01.2013

Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 25.01.2013



BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 20.12.2012

Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS underweight 1 M 4 Not Provided 30.10.2012

Deutsche Bank VIRGINIA SANZ DE MADRID buy 5 U 5 12 month 29.10.2012


Macquarie SHAI HILL underperform 1 M 3 12 month 19.10.2012

Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 5 Not Provided 21.09.2012


CA Cheuvreux JOSE PORTA SAUDAN select list 5 U 5 Not Provided 07.05.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER sell 1 M #N/A N/A Not Provided 24.02.2012

National Bank AG STEFFEN MANSKE hold 3 M 7 Not Provided 10.03.2011

Holdings By:

Iberdrola SA ee


20.02.2013

Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,

manufactures and distributes apparel. The Company operates retail chains in

Europe, the Americas, Asia, and Africa.


LTM as of: 10/yy

52-Week High (19.12.2012) 111.80

52-Week Low (01.06.2012) 63.97

Daily Volume

100.65





62'738.21 1 Yr Total Return 48.40%

Total Debt 25.11 YTD Return -4.60%






ITX SQ EQUITY YTD Change - Average Volume 30 Day 1'086'309

ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'432'551


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

9'434.7 10'407.0 11'083.5 12'526.6 13'792.6 13'369.6 15'445.6 16'005.9 17'795.8 4'591.6 3'809.0

2.10x 1.68x 2.36x 2.48x 2.76x 10.48x 11.86x 3.64x 3.21x - -

2'148.8 2'186.9 2'353.1 2'966.2 3'214.6 3'121.2 3'774.6 3'997.1 4'484.4 1'170.3 882.0

9.24x 7.97x 11.09x 10.46x 11.86x 12.14x 15.22x 14.72x 13.12x 13.52x 12.94x

1'250.3 1'253.5 1'314.4 1'731.8 1'932.3 1'854.8 2'285.3 2'406.8 2'717.7 733.2 503.0

16.70x 14.82x 21.63x 19.86x 21.51x 22.09x 26.85x 26.08x 23.10x 24.71x 23.82x











EBITDA Margin 24.4%



Asset Turnover 1.31







Fiscal Year Ended

Inditex SAPrice/Volume

Valuation Analysis

1'557'920.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

2 ! C

-! ! C

-2 ! C

.! ! C

.2 ! C

0! ! C

02 ! C

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!

- !!

- .!



20.02.2013


GARTLER SL n/a Co File 311'727'598 50.01 - 31.01.2011 Unclassified

PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2011 Corporation

ROSP CORUNNA n/a Co File 36'550'000 5.86 - 31.01.2011 Unclassified

JP MORGAN n/a ULT-AGG 18'825'977 3.02 (125) 31.10.2012 Unclassified




CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'779'721 0.77 893'049 31.12.2012 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'594'242 0.42 (346'060) 30.12.2012 Investment Advisor



UMB BANK N A Multiple Portfolios MF-AGG 1'265'424 0.2 56'242 31.12.2012 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'073'500 0.17 - 30.11.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 871'124 0.14 (52'642) 31.12.2012 Investment Advisor

JENNISON ASSOCIATES Multiple Portfolios MF-AGG 786'649 0.13 (20'786) 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 738'925 0.12 496'579 31.12.2012 Mutual Fund Manager

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 729'020 0.12 (65'107) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 659'891 0.11 8'902 15.02.2013 Investment Advisor


Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 115 12 month 20.02.2013

Societe Generale ANNE CRITCHLOW buy 5 M 138 12 month 19.02.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 112 12 month 19.02.2013

BPI JOSE RITO neutral 3 M 105 Not Provided 15.02.2013

BBVA ISABEL CARBALLO market perform 3 M 107 Not Provided 15.02.2013

Banco Sabadell IGNACIO ROMERO buy 5 M 115 12 month 15.02.2013

Exane BNP Paribas BEN SPRUNTULIS outperform 5 M 115 Not Provided 15.02.2013

Grupo Santander REBECCA MCCLELLAN buy 5 M 125 Not Provided 14.02.2013

AlphaValue VIRGINIE BLIN sell 1 M 86 6 month 14.02.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 122 Not Provided 10.02.2013

ISI Group OMAR SAAD strong buy 5 M 110 12 month 07.02.2013

Nomura FRASER RAMZAN buy 5 M 121 12 month 05.02.2013

Natixis JEAN BAPTISTE TEISSIER buy 5 N 125 Not Provided 01.02.2013

Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 82 Not Provided 30.01.2013

Credit Suisse SIMON IRWIN underperform 1 M 105 Not Provided 28.01.2013

Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 90 12 month 27.01.2013

Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 98 12 month 17.01.2013

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

Bryan Garnier & Cie PETER FARREN sell 1 M 100 6 month 16.01.2013


S&P Capital IQ WILLIAM MACK hold 3 D 110 12 month 18.12.2012

HSBC PAUL ROSSINGTON overweight 5 M 120 Not Provided 13.12.2012

Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 D 110 Not Provided 13.12.2012

Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 87 Not Provided 13.12.2012

Commerzbank Corporates & Markets ANNA RABEYA KHAN buy 5 M 115 6 month 12.12.2012

La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 99 Not Provided 12.12.2012

Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 80 Not Provided 12.12.2012

Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 12.12.2012

Raymond James CEDRIC LECASBLE market perform 3 M #N/A N/A Not Provided 04.12.2012

Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 93 12 month 04.12.2012

Deutsche Bank WARWICK OKINES hold 3 M 99 12 month 30.11.2012


Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012

Independent Research GmbH ZAFER RUZGAR sell 1 D 83 12 month 26.09.2012

CA Cheuvreux DANIEL OVIN outperform 5 M 110 Not Provided 20.09.2012

Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 108 Not Provided 20.09.2012

Renta 4 SA SVB IVAN SAN FELIX hold 3 M 81 Not Provided 12.09.2012

Redburn Partners GEOFF LOWERY buy 5 U #N/A N/A Not Provided 11.07.2012

Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 67 12 month 21.03.2012

Link Securities PAULA SAMPEDRO accumulate 4 D 47 Not Provided 26.11.2009

Holdings By:

Inditex SA ee


20.02.2013

ING Groep N.V. offers financial services to individuals, corporations, and other

institutions. The Company offers corporate, investment, and private banking

services, asset and portfolio management, treasury services, and insurance. ING

Groep has offices throughout the world.


LTM as of: 12/yy

52-Week High (14.01.2013) 7.91

52-Week Low (04.06.2012) 4.44

Daily Volume

6.492





24'874.49 1 Yr Total Return -6.59%







INGA NA EQUITY YTD Change - Average Volume 30 Day 18'075'770

INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 16'247'150


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

64'680.0 46'025.0 51'411.0 52'787.0 40'783.0 46'023.0 42'241.0 45'396.2 46'723.3 - -

4.40x 5.41x 4.99x 4.38x 5.34x 22.59x 22.26x 1.55x 1.78x - -

- - - - - 0.0 0.0 - - - -

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

(729.0) (935.0) 2'810.0 5'766.0 3'894.0 5'766.0 3'894.0 3'708.7 4'100.2 - -

- - 12.77x 6.70x 10.31x 6.43x 9.42x 6.58x 5.96x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ING Groep NVPrice/Volume

Valuation Analysis

17'984'799.00


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3! ! C

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

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20.02.2013






CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'943'572 1.04 1'701'096 31.12.2012 Investment Advisor




DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 29'191'916 0.76 191'764 31.01.2013 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 23'645'980 0.62 3'963'556 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23'087'088 0.6 1'256'401 31.12.2012 Investment Advisor



UNION INVESTMENT GMB Multiple Portfolios MF-AGG 18'894'298 0.49 3'885'289 28.09.2012 Investment Advisor





ROYAL BANK OF CANADA n/a ULT-AGG 9'741'760 0.25 (549'162) 28.09.2012 Bank


Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 19.02.2013

Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013


SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 15.02.2013

Rabobank International COR KLUIS buy 5 M 10 12 month 15.02.2013


Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 14.02.2013

Deutsche Bank DAVID LOCK hold 3 M 7 12 month 14.02.2013

JPMorgan MICHAEL HUTTNER not rated #N/A N/A M #N/A N/A Not Provided 14.02.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013

Macquarie THOMAS STOEGNER underperform 1 M 7 12 month 14.02.2013

Nomura DOMENICO SANTORO buy 5 M 9 Not Provided 14.02.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 8 12 month 14.02.2013

AlphaValue JEROME CASSAGNE add 4 U 8 6 month 14.02.2013

Credit Suisse RICHARD BURDEN outperform 5 M 9 Not Provided 13.02.2013

Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 13.02.2013

Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 13.02.2013

ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.02.2013

HSBC STEVEN HAYWOOD neutral 3 M 7 Not Provided 11.02.2013

Berenberg Bank JAMES CHAPPELL buy 5 N 8 Not Provided 28.01.2013

Petercam MATTHIAS DE WIT hold 3 D 8 Not Provided 17.01.2013


Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 18.12.2012

Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012

RBC Capital Markets GORDON AITKEN outperform 5 M 8 12 month 07.12.2012

Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 23.11.2012

Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 12 month 20.11.2012


CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 05.10.2012


DZ Bank AG WERNER EISENMANN buy 5 M 8 12 month 13.01.2012

Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011

Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 9 12 month 17.06.2011

Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009

Holdings By:

ING Groep NV ee


20.02.2013

Intesa Sanpaolo attracts deposits and offers banking and financial services.

The Bank offers consumer credit, asset management, Internet banking, merchant

banking, securities brokerage, factoring, and lease financing services, and

manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and

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


LTM as of: 09/yy

52-Week High (16.03.2012) 1.59

52-Week Low (23.07.2012) 0.85

Daily Volume

1.376





22'418.30 1 Yr Total Return -7.60%





Enterprise Value -

Average Volume 5 Day #########

ISP IM EQUITY YTD Change - Average Volume 30 Day #########

ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month #########


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

32'566.0 33'216.0 27'022.0 24'836.0 25'266.0 18'533.0 22'360.0 17'368.1 16'802.8 4'206.8 -

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

- - - - - 0.0 0.0 - - - -

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

7'250.0 2'553.0 2'805.0 2'705.0 (8'190.0) 2'434.0 (8'431.0) 1'785.3 2'024.7 119.0 -

21.37x 23.67x 15.27x 12.90x - 7.68x 0.00x 12.40x 11.19x - -


EBIT - Long-Term Rating BBB+



Return on Assets -1.26% Short-Term Rating A-2


Return on Capital -2.50% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intesa Sanpaolo SpAPrice/Volume

Valuation Analysis

117'425'614.00


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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! .!

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- .!



20.02.2013


COMPAGNIA DI SAN PAO n/a EXCH 1'532'766'787 9.89 - 20.11.2012 Other

FOND CR PROVINCIE LO n/a EXCH 725'460'008 4.68 - 20.11.2012 Bank

FONDAZIONE CASSA RIS n/a EXCH 647'953'597 4.18 - 20.11.2012 Bank

ENTE CASSA DI RISP F n/a EXCH 523'633'314 3.38 - 20.11.2012 Bank

FONDAZIONE CASSA RIS n/a EXCH 422'874'979 2.73 - 20.11.2012 Other

ALLEANZA TORO SPA n/a EXCH 286'308'683 1.85 - 20.11.2012 Insurance Company



ASSICURAZIONI GENERA n/a EXCH 205'236'977 1.32 - 20.11.2012 Insurance Company

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 193'171'300 1.25 19'137'900 31.12.2012 Investment Advisor


INA ASSITALIA SPA n/a EXCH 85'877'104 0.55 - 20.11.2012 Insurance Company

GENERALI VIE SA n/a EXCH 82'931'860 0.53 - 20.11.2012 Other




MANDARINE GESTION Multiple Portfolios MF-AGG 38'348'489 0.25 3'963'559 31.12.2012 Investment Advisor



MAINFIRST SICAV Multiple Portfolios MF-AGG 37'116'000 0.24 27'900'000 31.10.2012 Investment Advisor


Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 1 12 month 20.02.2013

Nomura DOMENICO SANTORO buy 5 M 2 Not Provided 20.02.2013

Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 2 Not Provided 15.02.2013



Berenberg Bank ELENI PAPOULA hold 3 M 2 Not Provided 08.02.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 28.01.2013

RBC Capital Markets PATRICK LEE underperform 1 M 1 12 month 28.01.2013

Equita SIM SpA MATTEO GHILOTTI buy 5 M 2 12 month 28.01.2013



ICBPI LUCA COMI neutral 3 M 1 12 month 24.01.2013

Societe Generale CARLO TOMMASELLI sell 1 M 1 12 month 22.01.2013

Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 2 12 month 22.01.2013

Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 18.01.2013

Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 17.01.2013


Credit Suisse IGNACIO CEREZO outperform 5 U 2 Not Provided 15.01.2013


Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 1 12 month 11.01.2013

Kepler Capital Markets ANNA MARIA BENASSI buy 5 M 2 Not Provided 09.01.2013

JPMorgan MARTA BASTONI underweight 1 M 1 9 month 07.01.2013

Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 11.12.2012

Keefe, Bruyette & Woods RONNY REHN underperform 1 M 1 12 month 03.12.2012

Barclays ANTONIO RIZZO underweight 1 M 1 Not Provided 30.11.2012

HSBC CARLO DIGRANDI underweight 1 M 1 Not Provided 27.11.2012

Mediobanca SpA ANDREA FILTRI neutral 3 M 1 6 month 14.11.2012

S&P Capital IQ FRANK BRADEN hold 3 M 1 12 month 13.11.2012

CA Cheuvreux ALDO COMI outperform 5 M 2 Not Provided 06.11.2012


Natixis STEVEN GOULD buy 5 M 1 Not Provided 02.10.2012


Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012

Main First Bank AG ALBERTO SEGAFREDO neutral 3 M 2 12 month 29.07.2011

Holdings By:

Intesa Sanpaolo SpA ee


20.02.2013

Koninklijke Philips Electronics N.V. manufactures medical systems, domestic

appliances, consumer electronics, and lighting. The Company produces imaging,

ultrasound and healthcare informatics equipment, shaving and beauty and health

and wellness products, displays, and peripherals, and lamps and luminaries.


LTM as of: 12/yy

52-Week High (01.02.2013) 23.44

52-Week Low (07.05.2012) 13.57

Daily Volume

21.655





20'726.71 1 Yr Total Return 38.89%







PHIA NA EQUITY YTD Change - Average Volume 30 Day 3'280'158

PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 2'808'190


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

26'385.0 20'092.0 22'287.0 22'579.0 24'788.0 22'582.0 24'788.0 24'793.8 25'725.3 5'575.0 5'840.0

0.51x 0.95x 0.92x 0.70x 0.77x 3.02x 2.76x 0.87x 0.80x 3.74x 3.76x

1'883.0 2'055.0 3'436.0 1'187.0 2'463.0 1'186.0 2'463.0 3'438.5 3'761.1 589.0 713.0

7.11x 9.30x 5.98x 13.33x 7.78x 13.34x 7.78x 6.24x 5.71x 6.76x 8.29x

(91.0) 410.0 1'446.0 (1'295.0) 226.0 (1'295.0) 226.0 1'476.1 1'688.8 214.0 304.3

- 41.36x 14.60x - 70.14x 0.00x 72.71x 12.89x 11.29x 13.06x 12.25x











EBITDA Margin 9.9%



Asset Turnover 0.85







Fiscal Year Ended

Koninklijke Philips Electronics NVPrice/Volume

Valuation Analysis

2'299'047.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! !!

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20.02.2013



SOUTHEASTERN ASSET M n/a 13G 48'302'038 5.05 - 31.12.2011 Investment Advisor

KONINKLIJKE PHILIPS n/a Research 47'895'476 5 15'514'236 08.02.2013 Corporation




HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9'437'496 0.99 586'900 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'865'214 0.72 6'240 31.12.2012 Investment Advisor









FORTIS INVESTMENTS Multiple Portfolios MF-AGG 3'023'653 0.32 (95'303) 30.09.2012 Mutual Fund Manager


BARCLAYS PLC n/a Research 2'911'837 0.3 - 04.05.2012 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 2'442'077 0.26 (339'267) 31.12.2012 Investment Advisor


Societe Generale GAEL DE BRAY hold 3 D 24 12 month 19.02.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 27 12 month 19.02.2013

Nomura DANIEL CUNLIFFE buy 5 M 25 12 month 19.02.2013

Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013


AlphaValue THOMAS PICHERIT add 4 M 26 6 month 14.02.2013

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 U 28 12 month 12.02.2013

Exane BNP Paribas OLIVIER ESNOU neutral 3 M 25 Not Provided 11.02.2013

Canaccord Genuity Corp JAMES STETTLER hold 3 M 20 12 month 08.02.2013


EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 05.02.2013

Sanford C. Bernstein & Co MARTIN PROZESKY outperform 5 M 27 12 month 04.02.2013

Credit Suisse SIMON TOENNESSEN neutral 3 M 23 Not Provided 01.02.2013

Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 01.02.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 25 Not Provided 30.01.2013

CA Cheuvreux ANTOINE AZAR outperform 5 M 25 Not Provided 30.01.2013

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 30.01.2013

Rabobank International HANS SLOB buy 5 M 26 Not Provided 30.01.2013

Natixis LUDOVIC DEBAILLEUX buy 5 M 26 Not Provided 30.01.2013

Barclays DAVID VOS equalweight 3 M 21 Not Provided 30.01.2013

Deutsche Bank MARTIN WILKIE hold 3 M 23 12 month 29.01.2013

Kempen & Co ERWIN DUT buy 5 M 23 12 month 29.01.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 24 12 month 29.01.2013

JPMorgan ANDREAS WILLI neutral 3 M 24 9 month 29.01.2013


Petercam MARCEL ACHTERBERG hold 3 M 23 Not Provided 29.01.2013

S&P Capital IQ JAMES CRAWSHAW hold 3 M 23 12 month 29.01.2013

ING Bank FABIAN SMEETS buy 5 M 27 12 month 29.01.2013

Kepler Capital Markets PETER OLOFSEN buy 5 M 23 Not Provided 24.01.2013

Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 17.01.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 25 Not Provided 08.01.2013

HSBC MICHAEL HAGMANN neutral 3 M 22 Not Provided 29.11.2012

Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 24 Not Provided 30.10.2012

Nord/LB WOLFGANG VASTERLING buy 5 M 22 12 month 23.10.2012

SNS Securities(ESN) VICTOR BARENO hold 3 M 15 12 month 22.10.2012

Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 23 Not Provided 04.09.2012

DZ Bank AG THOMAS MAUL buy 5 M 17 12 month 27.06.2012

National Bank AG STEFFEN MANSKE sell 1 D #N/A N/A Not Provided 03.04.2012

Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010

Holdings By:

Koninklijke Philips Electronics NV ee


20.02.2013

L'Oreal SA manufactures, markets, and distributes health and beauty aids. The

Company produces colorants, styling, and hair care products for professional

hairdressers, hair care, cosmetics, and skin care products and perfumes for

consumers, luxury cosmetics and perfumes sold through department stores,

perfumeries and travel stores, and dermatological and pharmaceutical products.


LTM as of: 12/yy

52-Week High (30.01.2013) 114.50

52-Week Low (21.02.2012) 84.21

Daily Volume

111.8





67'955.98 1 Yr Total Return 33.47%

Total Debt 248.00 YTD Return 6.58%






OR FP EQUITY YTD Change - Average Volume 30 Day 546'444

OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 505'204


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

17'541.8 17'472.6 19'495.8 20'343.1 22'462.7 20'343.1 22'462.7 23'455.6 24'831.7 5'755.0 5'663.0

2.28x 2.72x 2.52x 2.33x 2.72x 0.00x 0.00x 2.79x 2.58x - -

3'441.7 3'368.7 3'757.5 3'955.1 4'388.9 0.0 0.0 4'753.3 5'114.3 - -

11.63x 14.12x 13.05x 12.00x 13.94x 0.00x 0.00x 13.97x 12.98x - -

1'948.3 1'792.2 2'239.7 2'438.4 2'867.7 0.0 0.0 3'090.7 3'347.2 - -

18.82x 25.41x 21.75x 19.64x 21.90x 0.00x 0.00x 21.85x 20.18x - -











EBITDA Margin 19.5%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

L'Oreal SAPrice/Volume

Valuation Analysis

490'521.00


!

.!

1!

3!

5!

-!!

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. ! C

. 2 C

0 ! C

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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 !!

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20.02.2013


BETTENCOURT FAMILY n/a Co File 185'661'879 30.54 - 31.12.2011 n/a

NESTLE SA n/a Co File 178'381'021 29.35 - 31.12.2011 Corporation

L'OREAL SA n/a Co File 8'597'659 1.41 - 31.12.2011 Corporation





OWEN-JONES LINDSAY n/a Co File 3'029'005 0.5 - 31.12.2011 n/a



BALYASNY ASSET MANAG n/a Short (2'309'774) -0.38 729'403 30.01.2013 Hedge Fund Manager





AMUNDI Multiple Portfolios MF-AGG 828'949 0.14 29'230 28.09.2012 Mutual Fund Manager

INVESCO LTD Multiple Portfolios MF-AGG 796'394 0.13 2'736 19.02.2013 Investment Advisor


NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)

AVIVA PLC Multiple Portfolios MF-AGG 511'365 0.08 - 31.08.2012 Investment Advisor


Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 105 Not Provided 19.02.2013

Nomura GUILLAUME DELMAS reduce 2 M 97 Not Provided 18.02.2013

Main First Bank AG GAEL COLCOMBET outperform 5 M 120 12 month 18.02.2013

Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 95 12 month 14.02.2013

Barclays IAIN SIMPSON overweight 5 M 121 Not Provided 14.02.2013

AlphaValue ARMELLE MOULIN reduce 2 M 110 6 month 14.02.2013

Grupo Santander PEDRO GIL hold 3 M 105 Not Provided 13.02.2013

Credit Suisse ALEX MOLLOY neutral 3 M 99 Not Provided 13.02.2013

Raymond James HERMINE DE BENTZMANN outperform 5 M 120 Not Provided 13.02.2013

Oddo & Cie LEOPOLD AUTHIE buy 5 M 120 Not Provided 13.02.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 94 12 month 13.02.2013

Bryan Garnier & Cie LOIC MORVAN buy 5 M 118 6 month 13.02.2013

Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.02.2013

Exane BNP Paribas EAMONN FERRY outperform 5 M 114 Not Provided 13.02.2013

Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 112 12 month 12.02.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 113 6 month 12.02.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 105 12 month 12.02.2013

Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 143 12 month 12.02.2013

JPMorgan CELINE PANNUTI overweight 5 M 120 9 month 12.02.2013

Jefferies ALEX HOWSON buy 5 M 106 12 month 12.02.2013



Kepler Capital Markets CATHERINE ROLLAND buy 5 M 125 Not Provided 12.02.2013


Telsey Advisory Group DAVID WU no rating system #N/A N/A M #N/A N/A Not Provided 12.02.2013

RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 111 12 month 11.02.2013

Stifel Nicolaus MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 11.02.2013

Natixis PIERRE TEGNER neutral 3 M 96 Not Provided 08.02.2013


HSBC CEDRIC BESNARD overweight 5 U 121 Not Provided 17.01.2013


CA Cheuvreux THOMAS MESMIN suspended coverage #N/A N/A M #N/A N/A Not Provided 14.01.2013

Berenberg Bank SETH PETERSON hold 3 M 103 Not Provided 11.01.2013


Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012

Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 91 12 month 06.11.2012

Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 87 Not Provided 30.10.2012

Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012

DZ Bank AG THOMAS MAUL buy 5 M 97 12 month 30.07.2012

Holdings By:

L'Oreal SA ee


20.02.2013

LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The

Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,

watches and jewelry.


LTM as of: 12/yy

52-Week High (18.01.2013) 143.40

52-Week Low (04.06.2012) 111.00

Daily Volume

132.5





67'273.39 1 Yr Total Return 6.52%







MC FP EQUITY YTD Change - Average Volume 30 Day 700'863

MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 674'585


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

17'193.0 17'053.0 20'320.0 23'659.0 28'103.0 23'659.0 28'103.0 30'163.9 32'713.6 - -

1.60x 2.41x 3.08x 2.56x 2.67x 0.00x 0.00x 2.35x 2.11x - -

4'323.0 4'055.0 5'106.0 6'150.0 6'940.0 0.0 0.0 7'630.7 8'433.8 - -

6.34x 10.13x 12.27x 9.84x 10.82x 0.00x 0.00x 9.57x 8.65x - -

2'026.0 1'755.0 3'032.0 3'065.0 3'424.0 0.0 0.0 3'854.9 4'295.5 - -

11.16x 21.13x 19.36x 17.45x 20.23x 0.00x 0.00x 17.36x 15.52x - -











EBITDA Margin 25.7%



Asset Turnover 0.58







Fiscal Year Ended

LVMH Moet Hennessy Louis Vuitton SAPrice/Volume

Valuation Analysis

613'914.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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2 C

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

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20.02.2013


GROUPE ARNAULT SAS n/a Research 235'886'503 46.46 (147'143) 01.10.2012 Holding Company

LVMH MOET HENNESSY L n/a Co File 9'536'678 1.88 - 31.12.2011 Holding Company


QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government


CARMIGNAC GESTION Multiple Portfolios MF-AGG 4'200'037 0.83 4'700 31.12.2012 Investment Advisor







TRAPANI FRANCESCO n/a Co File 1'561'592 0.31 - 31.12.2011 n/a









Aurel - BGC DAVID DA MAIA hold 3 M 145 Not Provided 20.02.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA neutral 3 M 135 Not Provided 19.02.2013


Berenberg Bank JOHN GUY hold 3 D 140 Not Provided 15.02.2013

AlphaValue VIRGINIE BLIN buy 5 M 170 6 month 14.02.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 141 Not Provided 13.02.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 140 Not Provided 10.02.2013

Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 152 12 month 08.02.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 198 12 month 08.02.2013

Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 160 6 month 08.02.2013

Credit Suisse ROGERIO FUJIMORI neutral 3 M 148 Not Provided 05.02.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 165 12 month 04.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 160 12 month 04.02.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 142 9 month 01.02.2013

Raymond James MARC WILLAUME strong buy 5 M 163 Not Provided 01.02.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 01.02.2013


Oddo & Cie LEOPOLD AUTHIE buy 5 M 158 Not Provided 01.02.2013

Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 01.02.2013

ISI Group OMAR SAAD buy 5 M 160 Not Provided 01.02.2013

Nomura CHRISTOPHER WALKER buy 5 M 155 Not Provided 01.02.2013

S&P Capital IQ MICHAEL SOUERS strong buy 5 M 160 12 month 01.02.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 157 12 month 01.02.2013

Barclays JULIAN EASTHOPE overweight 5 M 151 Not Provided 01.02.2013

Kepler Capital Markets CATHERINE ROLLAND buy 5 M 168 Not Provided 31.01.2013


HSBC ANTOINE BELGE neutral 3 M 150 Not Provided 24.01.2013

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

Deutsche Bank WARWICK OKINES hold 3 D 145 12 month 14.01.2013

Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012

Renaissance Capital REY WIUM hold 3 M 152 12 month 03.12.2012

Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012

CA Cheuvreux THOMAS MESMIN outperform 5 M 140 Not Provided 17.10.2012

Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2012

Societe Generale EMMANUEL BRULEY DES VARANNES buy 5 N 150 12 month 31.05.2012

DZ Bank AG THOMAS MAUL buy 5 M 147 Not Provided 02.05.2012

Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012

Holdings By:

LVMH Moet Hennessy Louis Vuitton SA ee


20.02.2013

Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial

services. The Company offers reinsurance, insurance, and asset management

services. MunichRe has subsidiaries in most major financial centers throughout

the world.


LTM as of: 12/yy

52-Week High (05.02.2013) 139.75

52-Week Low (04.06.2012) 95.85

Daily Volume

135.05





24'220.03 1 Yr Total Return 28.24%







MUV2 GY EQUITY YTD Change - Average Volume 30 Day 640'086

MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 612'388


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

47'151.0 53'891.0 59'111.0 60'908.0 - 61'764.0 49'754.0 57'929.3 61'480.0 - -

0.56x 0.44x 0.42x 0.33x - 1.29x 1.45x 0.52x - - -

- - - - - 0.0 0.0 - - - -

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

1'555.0 2'521.0 2'422.0 702.0 3'200.0 702.0 3'200.0 2'825.2 2'880.4 - -

14.34x 8.39x 8.69x 24.03x 7.62x 23.74x 7.56x 8.50x 8.31x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Muenchener Rueckversicherungs AGPrice/Volume

Valuation Analysis

540'878.00


!

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1!

3!

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2 C

- ! C

- 2 C

. ! C

. 2 C

0 ! C

0 2 C

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!

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20.02.2013


BERKSHIRE HATHAWAY I n/a ULT-AGG 18'292'803 10.2 - 31.12.2011 Investment Advisor


PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2011 Unclassified





ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'798'228 1 263'657 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'606'533 0.9 (448) 31.12.2012 Investment Advisor




MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 953'106 0.53 2'470 30.11.2012 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 836'088 0.47 4'122 28.09.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 674'788 0.38 - 31.07.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 638'641 0.36 (84'166) 30.11.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619'738 0.35 6'554 31.12.2012 Investment Advisor

SARASIN n/a ULT-AGG 571'730 0.32 195'044 30.11.2012 Unclassified

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 549'131 0.31 6'600 30.11.2012 Mutual Fund Manager


Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 18.02.2013

CA Cheuvreux FRANK KOPFINGER outperform 5 M 157 Not Provided 18.02.2013

Credit Suisse ADAM MCINALLY neutral 3 M 140 Not Provided 15.02.2013


AlphaValue DIETER HEIN reduce 2 M 137 6 month 14.02.2013

Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.02.2013

HSBC THOMAS FOSSARD underweight 1 M 135 Not Provided 07.02.2013

Nord/LB JULIA SIEKMANN hold 3 M 145 12 month 06.02.2013



S&P Capital IQ RODERICK WALLACE hold 3 M 150 12 month 06.02.2013

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 165 12 month 05.02.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 160 12 month 05.02.2013


Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 05.02.2013

Kepler Capital Markets FABRIZIO CROCE buy 5 M 153 Not Provided 05.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 N 147 Not Provided 05.02.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 136 6 month 05.02.2013

Nomura MICHAEL KLIEN reduce 2 M 128 12 month 05.02.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 125 12 month 05.02.2013

DZ Bank AG THORSTEN WENZEL buy 5 M 154 12 month 05.02.2013

Exane BNP Paribas THOMAS JACQUET neutral 3 M 145 Not Provided 05.02.2013

Helvea DANIEL BISCHOF neutral 3 M 130 12 month 05.02.2013

Barclays ANDREW BROADFIELD overweight 5 M 157 Not Provided 04.02.2013

Main First Bank AG MICHAEL HAID underperform 1 M 145 12 month 01.02.2013

Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 152 12 month 31.01.2013

Mediobanca SpA MARC THIELE outperform 5 M 164 6 month 30.01.2013

JPMorgan MICHAEL HUTTNER overweight 5 M 150 9 month 29.01.2013

RBC Capital Markets GORDON AITKEN underperform 1 M 115 12 month 28.01.2013

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

Natixis BENOIT VALLEAUX neutral 3 M 137 Not Provided 10.01.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 142 12 month 09.01.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 150 12 month 08.01.2013

Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 100 12 month 13.12.2012

Macquarie HADLEY COHEN neutral 3 M 140 12 month 27.11.2012

Berenberg Bank TOM CARSTAIRS hold 3 M 140 Not Provided 09.11.2012


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

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 118 Not Provided 02.02.2012

Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 U 119 6 month 10.05.2011

Holdings By:

Muenchener Rueckversicherungs AG ee


20.02.2013

Nokia Oyj is a global mobile communications company that operates a network of

production facilities for mobile products and network infrastructure, as well

as a network of sales and customer service. The Company also operates research

and software development facilities worldwide.


LTM as of: 12/yy

52-Week High (24.02.2012) 4.39

52-Week Low (18.07.2012) 1.33

Daily Volume

2.856





10'695.59 1 Yr Total Return -25.96%







NOK1V FH EQUITY YTD Change - Average Volume 30 Day 41'588'090

NOK1V FH EQUITY YTD % CHANGE - Average Volume 3 Month 40'570'750


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

50'710.0 40'984.0 42'446.0 38'659.0 30'176.0 38'659.0 30'176.0 29'389.7 29'734.6 6'614.7 7'138.7

0.81x 0.77x 0.58x 0.28x 0.28x 1.47x 0.99x 0.30x 0.28x 1.26x 1.16x

6'581.0 3'889.0 3'841.0 1'579.0 (977.0) 1'579.0 (977.0) 1'504.0 2'149.5 143.9 320.8

6.23x 8.14x 6.37x 6.90x - 6.90x 0.00x 5.41x 3.79x 5.08x 4.37x

3'988.0 891.0 1'850.0 (1'164.0) (3'106.0) (1'164.0) (3'106.0) (31.3) 484.6 (199.7) (55.1)

10.42x 37.09x 15.52x - - 0.00x 0.00x 178.50x 18.31x 57.12x 25.73x

EBITDA -977.00 Long-Term Rating Date 15.08.2012

EBIT -2'303.00 Long-Term Rating BB-

Operating Margin -7.63% Long-Term Outlook NEG


Return on Assets -9.39% Short-Term Rating B




Net Debt/EBITDA -

Gross Margin 27.8% Total Debt/EBITDA -5.68

EBITDA Margin -3.2%

EBIT Margin -7.6% Total Debt/Equity 68.8%


Asset Turnover 0.91








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Nokia OYJPrice/Volume

Valuation Analysis

21'091'127.00


!--..00112

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

2! ! C

-!! ! C

-2! ! C

.!! ! C

.2! ! C

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

! !!

2 !!

-! !!

-2 !!

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20.02.2013




VIKING GLOBAL INVEST n/a Short (102'611'796) -2.74 5'617'434 07.02.2013 Hedge Fund Manager

ILMARINEN MUTUAL PEN n/a Research 71'219'299 1.9 - 31.12.2012 Insurance Company

VARMA MUTUAL PENSION n/a Research 70'294'113 1.88 - 31.12.2012 Insurance Company


FEST N.V. n/a Short (61'417'279) -1.64 6'366'426 06.02.2013 Other

BLUE RIDGE CAPITAL L n/a Short (56'174'341) -1.5 (3'744'956) 10.01.2013 Hedge Fund Manager

DISCOVERY CAPITAL MA n/a Short (56'174'341) -1.5 (1'497'983) 04.02.2013 Hedge Fund Manager


MAVERICK CAPITAL LTD n/a Short (34'828'091) -0.93 5'991'930 14.01.2013 Hedge Fund Manager

NOKIA OYJ n/a Research 33'972'481 0.91 - 30.09.2012 Corporation

LONE PINE CAPITAL LL n/a Short (31'457'631) -0.84 (4'868'443) 11.12.2012 Hedge Fund Manager

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 28'848'633 0.77 2'262'678 31.12.2012 Investment Advisor

FINLAND STATE PENSIO n/a Research 28'000'000 0.75 - 31.12.2012 Government

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 26'363'420 0.7 307'100 30.11.2012 Investment Advisor

KEVA n/a Research 23'744'945 0.63 - 31.12.2012 Pension Fund (ERISA)

FORE RESEARCH AND MA n/a Short (23'593'223) -0.63 (3'744'956) 25.01.2013 Hedge Fund Manager

SAC CAPITAL ADVISORS n/a Short (22'469'736) -0.6 (1'123'486) 05.02.2013 Hedge Fund Manager

SWISS NATIONAL BANK n/a Research 21'956'277 0.59 - 31.12.2012 Government


Pohjola Bank Plc (ESN) HANNU RAUHALA reduce 2 M 3 12 month 20.02.2013

Societe Generale ANDY PERKINS buy 5 M 5 12 month 19.02.2013

Barclays ANDREW M GARDINER underweight 1 M 3 Not Provided 19.02.2013

Exane BNP Paribas ALEXANDER PETERC underperform 1 M 2 Not Provided 18.02.2013

Nordea Equity Research SAMI SARKAMIES strong buy 5 U 4 12 month 15.02.2013


Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong sell 1 M 3 12 month 04.02.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 2 12 month 28.01.2013

Daiwa Securities Co. Ltd. YOKO YAMADA underperform 1 M 3 Not Provided 28.01.2013

Grupo Santander CARLOS JAVIER TREVINO hold 3 M 6 Not Provided 25.01.2013

ABG Sundal Collier PER LINDBERG buy 5 M 5 6 month 25.01.2013

Goldman Sachs SIMON F SCHAFER Sell/Neutral 1 M 3 12 month 25.01.2013

Credit Suisse KULBINDER GARCHA underperform 1 M 3 Not Provided 25.01.2013

JPMorgan SANDEEP S DESHPANDE underweight 1 M 2 3 month 25.01.2013

SEB Enskilda ARTEM BELETSKI buy 5 M 4 Not Provided 25.01.2013

Carnegie MATTI RIIKONEN buy 5 M #N/A N/A Not Provided 25.01.2013

Oddo & Cie VINCENT MAULAY neutral 3 M 4 Not Provided 25.01.2013

Wunderlich Securities MATTHEW S ROBISON hold 3 M 3 18 month 25.01.2013

Handelsbanken FREDRIK LITHELL reduce 2 M 3 12 month 25.01.2013

Kepler Capital Markets SEBASTIEN SZTABOWICZ reduce 2 M 3 Not Provided 25.01.2013

Swedbank HAKAN WRANNE neutral 3 M 3 12 month 25.01.2013

FIM MICHAEL SCHROEDER accumulate 4 M 4 12 month 25.01.2013

Nomura STUART JEFFREY neutral 3 M 3 12 month 25.01.2013

Evli Bank Plc MIKKO ERVASTI accumulate 4 D 4 12 month 25.01.2013

Main First Bank AG JUERGEN WAGNER underperform 1 M 3 12 month 25.01.2013

Danske Markets ILKKA RAUVOLA sell 1 D 2 12 month 25.01.2013

Morgan Stanley FRANCOIS MEUNIER Underwt/In-Line 1 M 3 12 month 24.01.2013

Nord/LB WOLFGANG DONIE sell 1 M 2 12 month 24.01.2013

Pacific Crest Securities JAMES FAUCETTE sector perform 3 M #N/A N/A Not Provided 24.01.2013

Sanford C. Bernstein & Co PIERRE FERRAGU underperform 1 M 1 12 month 24.01.2013

S&P Capital IQ JAMES CRAWSHAW strong sell 1 D 3 12 month 24.01.2013

INDERES MIKAEL RAUTANEN reduce 2 M 3 Not Provided 24.01.2013

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

Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 U 4 Not Provided 14.01.2013

Jyske Bank ROBERT JAKOBSEN buy 5 M 4 Not Provided 11.01.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 2 Not Provided 11.01.2013

Natixis ERIC BEAUDET reduce 2 M 3 Not Provided 11.01.2013

Canaccord Genuity Corp T MICHAEL WALKLEY hold 3 M 3 Not Provided 10.01.2013


Liberum Capital Ltd JANARDAN MENON buy 5 U 4 Not Provided 27.11.2012

HSBC RICHARD DINEEN underweight 1 M 2 Not Provided 06.11.2012

Deutsche Bank KAI KORSCHELT sell 1 M 2 12 month 19.10.2012

Pareto Securities HELENA NORDMAN-KNUTSON buy 5 M 3 6 month 19.10.2012

Holdings By:

Nokia OYJ ee


20.02.2013

Repsol S.A., through subsidiaries, explores for and produces crude oil and

natural gas, refines petroleum, and transports petroleum products and liquefied

petroleum gas (LPG). The Company retails gasoline and other products through

its chain of gasoline filling stations. Repsol's petroleum reserves are in

Spain, Latin America, Asia, North Africa, and the Middle East and United States.


LTM as of: 09/yy

52-Week High (20.02.2012) 21.09

52-Week Low (25.07.2012) 10.90

Daily Volume

15.57





19'967.72 1 Yr Total Return -20.15%







REP SQ EQUITY YTD Change - Average Volume 30 Day 9'272'799

REP SQ EQUITY YTD % CHANGE - Average Volume 3 Month 11'491'340


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

52'098.0 58'475.0 45'827.0 53'663.0 60'122.0 42'544.0 60'035.0 59'352.0 60'844.4 13'404.5 14'063.0

0.75x 0.48x 0.87x 0.73x 0.82x 3.06x 2.74x 0.63x 0.60x 2.58x 2.38x

9'030.0 8'009.0 6'686.0 11'919.0 8'509.0 9'231.0 7'744.0 7'045.3 7'189.9 1'688.0 1'743.0

4.33x 3.49x 5.99x 3.30x 5.79x 0.00x 4.70x 5.31x 5.20x 5.24x 5.15x

3'188.0 2'555.0 1'559.0 4'693.0 2'193.0 4'229.0 2'088.0 1'976.9 2'127.1 454.1 571.0

9.34x 7.19x 14.63x 5.43x 13.19x 0.00x 8.42x 9.73x 9.28x 8.70x 8.42x


EBIT 4'990.00 Long-Term Rating BBB-









EBITDA Margin 12.9%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Repsol SAPrice/Volume

Valuation Analysis

4'721'905.00


!

2

-!

-2

.!

.2

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C-! ! C.! ! C0! ! C1! ! C2! ! C3! ! C4! ! C5! ! C6! ! C-!! ! C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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20.02.2013


CAIXABANK n/a Research 157'399'192 12.27 - 08.10.2012 Investment Advisor

SACYR VALLEHERMOSO S n/a EXCH 122'208'433 9.53 - 17.01.2013 Corporation

PETROLEOS MEXICANOS n/a Research 115'884'040 9.04 - 08.10.2012 Unclassified

REPSOL YPF SA n/a Research 67'582'415 5.27 - 08.10.2012 Holding Company


BNP PARIBAS SA n/a EXCH 42'053'943 3.28 931'065 18.12.2012 Bank




FRANKLIN RESOURCES n/a ULT-AGG 7'798'803 0.61 1'072'608 31.12.2012 Investment Advisor






SOCIETE GENERALE Multiple Portfolios MF-AGG 2'710'556 0.21 1'984'591 28.09.2012 Bank



STATE STREET n/a ULT-AGG 2'192'210 0.17 68'421 19.02.2013 Investment Advisor



RBC Capital Markets PETER HUTTON sector perform 3 M 16 12 month 19.02.2013

BPI BRUNO ALMEIDA DA SILVA neutral 3 M 19 Not Provided 15.02.2013


AlphaValue ALEXANDRE ANDLAUER add 4 M 17 6 month 14.02.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 14.02.2013

Tudor Pickering & Co ANISH KAPADIA hold 3 M 22 Not Provided 13.02.2013

Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO buy 5 M 20 12 month 11.02.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 21 12 month 11.02.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 18 Not Provided 11.02.2013

Grupo Santander JASON KENNEY hold 3 M 19 Not Provided 08.02.2013

Natixis ANNE PUMIR neutral 3 M 17 Not Provided 07.02.2013

JPMorgan NITIN SHARMA neutral 3 M 16 3 month 06.02.2013

Macquarie MARC B KOFLER underperform 1 M 14 12 month 06.02.2013

Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 20 Not Provided 06.02.2013

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 21 12 month 04.02.2013

BBVA LUIS DE TOLEDO outperform 5 M 19 Not Provided 01.02.2013

Banesto Bolsa SA Sociedad ROBERT JACKSON overweight 5 M 19 12 month 01.02.2013

Barclays LYDIA RAINFORTH overweight 5 M 20 Not Provided 30.01.2013

Societe Generale IRENE HIMONA buy 5 M 19 12 month 29.01.2013

Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 N 20 12 month 29.01.2013

Jefferies BRENDAN MICHAEL WARN hold 3 M 16 12 month 28.01.2013

Raymond James BERTRAND HODEE outperform 5 M 19 Not Provided 28.01.2013

Canaccord Genuity Corp GORDON GRAY hold 3 M 18 12 month 28.01.2013

Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 16 12 month 25.01.2013


Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 19 Not Provided 21.01.2013

Nomura THEEPAN JOTHILINGAM neutral 3 M 16 12 month 14.01.2013

Goldman Sachs HENRY MORRIS neutral/cautious 3 M 18 12 month 11.01.2013


HSBC PAUL SPEDDING overweight 5 M 19 Not Provided 27.12.2012

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 22 Not Provided 27.12.2012


Investec STUART JOYNER hold 3 M 15 12 month 14.12.2012

Kepler Capital Markets NATALIA BOBO BJOERK buy 5 M 20 Not Provided 26.11.2012

La Caixa FERNANDO MURILLO GUIRAO buy 5 M 20 Not Provided 14.11.2012


Deutsche Bank MARK BLOOMFIELD hold 3 M 16 12 month 25.10.2012

CA Cheuvreux DOMINIQUE PATRY outperform 5 D 18 Not Provided 23.10.2012

Equita SIM SpA MASSIMO BONISOLI buy 5 M 18 12 month 30.07.2012

Intermoney Valores ALVARO NAVARRO buy 5 M 19 12 month 06.06.2012

Holdings By:

Repsol SA ee


20.02.2013

RWE AG generates, distributes, and trades electricity to municipal, industrial,

commercial, and residential customers. The Company produces natural gas and oil,

mines coal, delivers and distributes gas, and supplies drinking water.

RWE AG operates mainly in Europe.


LTM as of: 09/yy

52-Week High (20.03.2012) 37.12

52-Week Low (08.02.2013) 26.36

Daily Volume

27.84





17'112.21 1 Yr Total Return -12.42%







RWE GY EQUITY YTD Change - Average Volume 30 Day 3'503'936

RWE GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'033'010


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

41'053.0 47'500.0 46'191.0 50'722.0 49'153.0 50'324.0 49'485.0 51'061.5 51'956.9 12'271.0 -

1.35x 0.88x 1.10x 0.85x 0.65x 2.96x 2.92x 0.73x 0.69x - -

7'787.0 7'903.0 9'655.0 9'230.0 8'286.0 8'371.0 7'646.0 8'631.3 8'783.1 - -

7.13x 5.30x 5.28x 4.68x 3.88x 3.89x 5.06x 3.97x 3.90x - -

2'667.0 2'558.0 3'571.0 3'308.0 1'806.0 2'087.0 2'270.0 2'522.4 2'445.6 - -

18.45x 10.69x 10.33x 8.05x 8.10x 7.12x 9.32x 6.83x 7.06x - -











EBITDA Margin 15.5%



Asset Turnover 0.55







Fiscal Year Ended

RWE AGPrice/Volume

Valuation Analysis

2'623'377.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

. ! C

1 ! C

3 ! C

5 ! C

-! ! C

-. ! C

-1 ! C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



20.02.2013


RW ENERGIE-BETEILIGU n/a Co File 86'361'823 15 - 31.12.2011 Other


CREDIT SUISSE GROUP n/a Research 28'008'409 4.86 - 04.05.2012 Investment Advisor

MONDRIAN INVESTMENT n/a Research 17'188'015 2.99 - 16.05.2012 Hedge Fund Manager



PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 3'859'917 0.67 (55'956) 31.10.2012 Investment Advisor










DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 928'678 0.16 79'174 31.10.2012 Mutual Fund Manager

MACQUARIE GROUP LTD n/a ULT-AGG 853'442 0.15 (7'746) 31.12.2012 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 786'597 0.14 (6'600) 31.10.2012 Investment Advisor

BARCLAYS ASSET MANAG Multiple Portfolios MF-AGG 774'677 0.13 774'677 30.12.2011 Mutual Fund Manager


RBC Capital Markets JOHN MUSK sector perform 3 M 30 12 month 20.02.2013

Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 U 29 6 month 15.02.2013

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 37 12 month 15.02.2013


AlphaValue EILEEN RYAN buy 5 M 38 6 month 14.02.2013

HSBC ADAM DICKENS underweight 1 D 26 Not Provided 08.02.2013

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 33 12 month 06.02.2013

Credit Suisse VINCENT GILLES underperform 1 M 28 Not Provided 06.02.2013

National Bank AG STEFFEN MANSKE hold 3 M 30 Not Provided 06.02.2013

Berenberg Bank LAWSON STEELE sell 1 N 25 Not Provided 05.02.2013

M.M. Warburg Investment Research STEPHAN WULF buy 5 M 34 12 month 30.01.2013

Societe Generale ALBERTO PONTI sell 1 M 25 12 month 28.01.2013



Barclays PETER BISZTYGA underweight 1 M 27 Not Provided 25.01.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 D 26 Not Provided 24.01.2013

Macquarie ROBERT SCHRAMM-FUCHS neutral 3 D 30 12 month 22.01.2013


Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 27 12 month 17.01.2013


JPMorgan VINCENT DE BLIC underweight 1 D 28 9 month 15.01.2013

Steubing AG MICHAEL BROEKER buy 5 M 60 Not Provided 14.01.2013

Exane BNP Paribas BENJAMIN LEYRE neutral 3 D 32 Not Provided 14.01.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 11.01.2013

Kepler Capital Markets INGO BECKER reduce 2 M 29 Not Provided 08.01.2013

Deutsche Bank ALEXANDER KARNICK sell 1 D 27 12 month 07.01.2013

Nord/LB HEINO HAMMANN hold 3 D 31 12 month 28.12.2012

Goldman Sachs DEBORAH WILKENS neutral/attractive 3 M 40 12 month 18.12.2012

Nomura MARTIN YOUNG reduce 2 D 32 Not Provided 12.12.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.11.2012

DZ Bank AG MARC NETTELBECK buy 5 M 38 12 month 22.11.2012

Grupo Santander OSCAR NAJAR RIOS underweight 1 M 41 Not Provided 14.11.2012


Redburn Partners AHMED FARMAN buy 5 M #N/A N/A Not Provided 24.10.2012

Main First Bank AG ANDREAS THIELEN neutral 3 M 37 12 month 13.09.2012

CA Cheuvreux SEBASTIAN KAUFFMANN outperform 5 D 38 Not Provided 14.06.2012


Silvia Quandt Research SEBASTIAN ZANK not rated #N/A N/A M #N/A N/A Not Provided 06.03.2012

Holdings By:

RWE AG ee


20.02.2013

Sanofi is a global pharmaceutical company that researches, develops and

manufactures prescription pharmaceuticals and vaccines. The Company develops

cardiovascular, thrombosis, metabolic disorder, central nervous system,

internal medicine and oncology drugs, and vaccines.


LTM as of: 12/yy

52-Week High (09.01.2013) 74.29

52-Week Low (04.06.2012) 53.20

Daily Volume

73.77





97'844.31 1 Yr Total Return 38.37%







SAN FP EQUITY YTD Change - Average Volume 30 Day 2'576'065

SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'280'068


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

27'568.0 29'306.0 32'367.0 33'389.0 34'947.0 33'389.0 34'947.0 35'841.5 37'719.8 8'383.5 8'718.8

2.22x 2.61x 1.99x 2.59x 2.95x 5.23x 5.54x 2.87x 2.63x - -

9'940.0 12'805.0 13'156.0 12'593.0 - 2'463.0 2'704.0 13'185.5 14'275.7 - -

6.16x 5.97x 4.90x 6.88x - 0.00x 0.00x 8.05x 7.43x - -

3'851.0 5'265.0 5'467.0 5'693.0 4'967.0 5'693.0 4'967.0 7'959.4 8'760.6 1'813.0 1'792.3

15.94x 14.13x 11.42x 13.17x 18.99x 13.17x 18.99x 12.26x 11.02x 12.49x 12.05x


EBIT 7'787.00 Long-Term Rating AA-









EBITDA Margin 38.1%



Asset Turnover 0.35







Fiscal Year Ended

SanofiPrice/Volume

Valuation Analysis

2'608'715.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

. ! C

1 ! C

3 ! C

5 ! C

-! ! C

-. ! C

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



20.02.2013


L'OREAL SA n/a 20F 118'227'307 8.91 - 31.01.2012 Corporation

TOTAL SA n/a Research 37'975'811 2.86 (29'735'080) 15.02.2012 Corporation





SANOFI AVENTIS n/a Co File 17'225'803 1.3 - 31.12.2011 Corporation





MORGAN STANLEY n/a ULT-AGG 6'318'259 0.48 4'308'695 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'954'817 0.45 - 30.09.2012 Hedge Fund Manager

WADDELL & REED FINAN Multiple Portfolios MF-AGG 5'643'800 0.43 597'970 31.12.2012 Investment Advisor




GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'234'244 0.32 (345'054) 31.05.2012 Investment Advisor




Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 82 Not Provided 19.02.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 80 6 month 19.02.2013

Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 81 12 month 18.02.2013

AlphaValue ARMELLE MOULIN add 4 M 81 6 month 18.02.2013

Societe Generale STEPHEN MCGARRY buy 5 M 88 12 month 15.02.2013

Jefferies JEFFREY HOLFORD buy 5 M 83 12 month 15.02.2013

Banco Sabadell MARTA DIAZ buy 5 M 80 12 month 15.02.2013

National Bank AG STEFFEN MANSKE buy 5 M 78 Not Provided 13.02.2013

Berenberg Bank ALISTAIR CAMPBELL hold 3 M 76 Not Provided 13.02.2013

Exane BNP Paribas VINCENT MEUNIER outperform 5 M 85 Not Provided 13.02.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 13.02.2013

JPMorgan RICHARD VOSSER overweight 5 M 80 9 month 12.02.2013

Helvea ODILE RUNDQUIST accumulate 4 M 82 12 month 12.02.2013

Barclays MARK PURCELL equalweight 3 M 77 Not Provided 12.02.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 76 12 month 11.02.2013

Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 11.02.2013

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 66 12 month 11.02.2013

Deutsche Bank MARK CLARK buy 5 M 82 12 month 08.02.2013

Credit Suisse LUISA HECTOR neutral 3 M 78 Not Provided 08.02.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 78 Not Provided 08.02.2013


Kepler Capital Markets FABIAN WENNER hold 3 D 73 Not Provided 08.02.2013


Nomura AMIT ROY neutral 3 M 65 12 month 07.02.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 81 12 month 07.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 U 73 12 month 28.01.2013

Natixis PHILIPPE LANONE buy 5 M 84 Not Provided 28.01.2013

Nord/LB THORSTEN STRAUSS hold 3 M #N/A N/A Not Provided 11.12.2012


Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 10.12.2012

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.11.2012

CA Cheuvreux LAURENT FLAMME outperform 5 M 77 Not Provided 29.10.2012

Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 65 Not Provided 05.10.2012

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

Jyske Bank ROBERT JAKOBSEN sell 1 M 57 Not Provided 11.07.2012

Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 63 Not Provided 02.04.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012

DZ Bank AG ELMAR KRAUS buy 5 M 55 12 month 20.12.2011

Holdings By:

Sanofi ee


20.02.2013

SAP AG is a multinational software company. The Company develops business

software, including e-business and enterprise management software, consults on

organizational usage of its applications software, and provides training

services. SAP markets its products and services worldwide.


LTM as of: 12/yy

52-Week High (02.01.2013) 62.79

52-Week Low (04.06.2012) 43.62

Daily Volume

59.97





73'673.40 1 Yr Total Return 23.74%







SAP GY EQUITY YTD Change - Average Volume 30 Day 3'064'833

SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'784'249


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

11'575.0 10'672.0 12'464.0 14'233.0 16'222.0 14'233.0 16'223.0 18'061.8 19'912.7 3'816.4 4'342.3

2.71x 3.65x 3.71x 3.31x 4.76x 13.42x 16.09x 4.01x 3.49x 19.49x 17.16x

3'300.0 3'301.0 4'125.0 4'908.0 4'935.0 4'892.0 4'575.0 6'384.8 7'233.5 1'116.5 1'487.5

9.49x 11.81x 11.20x 9.60x 15.64x 9.63x 16.87x 11.92x 10.52x 11.69x 11.69x

1'847.0 1'748.0 1'811.0 3'438.0 2'826.0 3'438.0 2'827.0 4'064.7 4'629.0 698.5 948.8

16.28x 22.45x 25.07x 14.13x 25.61x 14.18x 25.61x 17.17x 15.11x 16.95x 16.66x











EBITDA Margin 28.2%



Asset Turnover 0.65








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SAP AGPrice/Volume

Valuation Analysis

2'034'157.00


!

-!

.!

0!

1!

2!

3!

4!


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



20.02.2013


PLATTNER HASSO n/a 13G 121'324'707 9.88 - 31.12.2012 n/a

TSCHIRA KLAUS n/a Co File 93'079'595 7.58 - 08.03.2012 n/a

HOPP DIETMAR n/a Co File 75'273'200 6.13 - 08.03.2012 n/a


SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation

















Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013

Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 67 12 month 14.02.2013

AlphaValue HEINZ STEFFEN add 4 M 71 6 month 14.02.2013

Baader Bank KNUT WOLLER hold 3 M 63 12 month 11.02.2013

Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 65 6 month 04.02.2013

Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 70 6 month 01.02.2013

Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 01.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 29.01.2013

Exane BNP Paribas JOSEP BORI neutral 3 M 63 Not Provided 28.01.2013

Societe Generale RICHARD NGUYEN buy 5 M 71 12 month 24.01.2013

Nord/LB WOLFGANG DONIE buy 5 U 70 12 month 24.01.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 65 Not Provided 24.01.2013

JPMorgan STACY E POLLARD overweight 5 M 65 12 month 24.01.2013

Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 24.01.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 24.01.2013

Bankhaus Metzler ULRICH TRABERT buy 5 M 69 12 month 24.01.2013

Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 24.01.2013


Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 24.01.2013

Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 57 Not Provided 23.01.2013

Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 86 12 month 23.01.2013

Jefferies ROSS MACMILLAN hold 3 M 62 12 month 23.01.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 23.01.2013

William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 23.01.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 57 Not Provided 23.01.2013


National Bank AG STEFFEN MANSKE buy 5 U 64 Not Provided 23.01.2013

Kepler Capital Markets LAURENT DAURE buy 5 M 66 Not Provided 23.01.2013

Nomura RICHARD G SHERLUND buy 5 M 68 12 month 23.01.2013

S&P Capital IQ JAMES CRAWSHAW buy 5 M 70 12 month 23.01.2013

DZ Bank AG OLIVER FINGER buy 5 M 66 12 month 23.01.2013

Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013

M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 67 12 month 17.01.2013

Natixis GWENAEL GIARD neutral 3 M 53 Not Provided 16.01.2013

Cross Research RICHARD T WILLIAMS hold 3 M 45 12 month 16.01.2013

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 69 12 month 14.01.2013

Jyske Bank ROBERT JAKOBSEN reduce 2 M 65 Not Provided 09.01.2013


Deutsche Bank KAI KORSCHELT buy 5 M 73 12 month 07.01.2013

HSBC ANTONIN BAUDRY neutral 3 M 62 Not Provided 29.10.2012

Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012

CA Cheuvreux MICHAEL BEUCHER underperform 1 M 46 Not Provided 02.02.2012

FBR Capital Markets DAVID M HILAL market perform 3 M 55 12 month 26.01.2012

Holdings By:

SAP AG ee


20.02.2013

Schneider Electric SA manufactures power distribution and automation systems.

The Company produces circuit breakers, remote installation management equipment,

panelboards, programmable logic controllers, industrial control products,

detectors, human-machine interfaces, and process controls. Schneider's products

are sold various brands.


LTM as of: 09/yy

52-Week High (31.01.2013) 57.17

52-Week Low (27.06.2012) 39.40

Daily Volume

55.39





30'764.55 1 Yr Total Return 16.42%







SU FP EQUITY YTD Change - Average Volume 30 Day 1'145'547

SU FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'189'325


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

17'308.6 18'311.0 15'793.0 19'580.0 22'387.0 21'596.0 23'861.0 23'908.3 24'566.7 6'485.8 5'390.0

1.57x 0.95x 1.51x 1.68x 1.22x 0.00x 0.00x 1.50x 1.41x - -

3'075.4 3'321.0 2'575.0 3'575.0 3'767.0 0.0 0.0 3'786.1 4'031.7 - -

8.84x 5.24x 9.26x 9.20x 7.28x 0.00x 0.00x 9.80x 9.21x - -

1'583.1 1'682.0 824.0 1'720.0 1'820.0 0.0 0.0 2'095.0 2'308.6 - -

13.67x 7.55x 24.63x 17.00x 12.00x 0.00x 0.00x 14.45x 13.38x - -











EBITDA Margin 16.6%



Asset Turnover 0.70







Fiscal Year Ended

Schneider Electric SAPrice/Volume

Valuation Analysis

1'550'904.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

- ! C

. ! C

0 ! C

1 ! C

2 ! C

3 ! C

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 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



20.02.2013




CAISSE DES DEPOTS ET n/a Research 20'349'002 3.66 - 31.12.2012 Government



DODGE & COX Multiple Portfolios MF-AGG 10'102'524 1.82 95'500 29.01.2013 Investment Advisor

SCHNEIDER ELECTRIC S n/a Co File 9'164'952 1.65 - 31.12.2011 Corporation







ABERDEEN n/a ULT-AGG 2'531'916 0.46 (25'700) 31.01.2013 Unclassified


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'452'160 0.44 (404'495) 31.12.2012 Investment Advisor


JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'943'144 0.35 - 31.07.2012 Investment Advisor




RBC Capital Markets ANDREW CARTER outperform 5 M 65 12 month 19.02.2013

Banco Sabadell MARIA CEBOLLERO buy 5 M 48 12 month 15.02.2013

Kepler Capital Markets PIERRE BOUCHENY reduce 2 M 50 Not Provided 13.02.2013


AlphaValue LIONEL PELLICER add 4 M 63 6 month 07.02.2013

Societe Generale GAEL DE BRAY buy 5 M 64 12 month 04.02.2013

Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 51 12 month 04.02.2013

Goldman Sachs DANIELA COSTA Buy/Neutral 5 U 65 12 month 30.01.2013


Exane BNP Paribas OLIVIER ESNOU outperform 5 M 64 Not Provided 25.01.2013


CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 58 12 month 21.01.2013




JPMorgan ANDREAS WILLI overweight 5 M 60 9 month 14.01.2013


Berenberg Bank WILLIAM MACKIE hold 3 M 60 Not Provided 08.01.2013

Credit Suisse SIMON TOENNESSEN neutral 3 M 51 Not Provided 07.01.2013

HSBC MICHAEL HAGMANN overweight 5 U 62 Not Provided 29.11.2012

CA Cheuvreux ALFRED GLASER outperform 5 M 55 Not Provided 29.11.2012

Nomura DANIEL CUNLIFFE neutral 3 M 45 12 month 27.11.2012

Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 52 Not Provided 30.10.2012

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 D 50 Not Provided 29.10.2012

Barclays NICK WEBSTER equalweight 3 M 51 Not Provided 19.10.2012

Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 08.10.2012

Deutsche Bank MARTIN WILKIE hold 3 D 51 12 month 24.09.2012

Natixis LUDOVIC DEBAILLEUX neutral 3 M 52 Not Provided 02.08.2012

Holdings By:

Schneider Electric SA ee


20.02.2013

Siemens AG is an engineering and manufacturing company. The Company focuses on

three major business sectors including industrial, energy, and healthcare.

Siemens AG provides engineering solutions in automation and control, power,

transportation, medical, information and communication, and lighting.


LTM as of: 12/yy

52-Week High (22.01.2013) 84.75

52-Week Low (26.06.2012) 62.13

Daily Volume

78.62





69'264.22 1 Yr Total Return 8.55%







SIE GY EQUITY YTD Change - Average Volume 30 Day 2'407'760

SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'287'993


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

77'327.0 76'651.0 68'978.0 73'275.0 78'296.0 73'702.0 78'670.0 78'366.8 81'351.0 18'915.5 19'281.4

0.82x 0.81x 1.07x 0.89x 0.98x 4.28x 3.87x 1.01x 0.95x 4.38x 4.31x

8'175.0 9'196.0 9'544.0 10'492.0 9'653.0 9'978.0 10'351.0 9'509.1 11'396.4 2'045.0 2'134.7

7.77x 6.77x 7.72x 6.19x 7.93x 7.27x 7.81x 8.49x 7.08x 8.53x 8.08x

5'725.0 2'292.0 3'899.0 6'145.0 4'458.0 5'793.0 4'215.0 5'186.8 6'438.8 1'218.2 1'148.2

34.66x 24.49x 16.42x 8.24x 13.50x 9.79x 14.47x 12.81x 10.41x 12.14x 11.69x











EBITDA Margin 13.2%



Asset Turnover 0.75








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Siemens AGPrice/Volume

Valuation Analysis

1'731'671.00


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

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. ! C

1 ! C

3 ! C

5 ! C

-! ! C

-. ! C

-1 ! C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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



20.02.2013



SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a

QATAR HOLDINGS LLC n/a Research 27'758'338 3.15 - 07.05.2012 Government

SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation


CAPITAL GROUP COMPAN n/a ULT-AGG 9'880'200 1.12 (890'272) 31.12.2012 Investment Advisor



UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'391'186 0.61 (1'087'091) 28.09.2012 Investment Advisor






DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'090'203 0.35 (880) 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'906'549 0.33 (274'619) 30.12.2012 Investment Advisor




ADIG INVESTMENT Multiple Portfolios MF-AGG 1'640'151 0.19 (19'800) 31.10.2012 Investment Advisor


Sanford C. Bernstein & Co MARTIN PROZESKY market perform 3 M 72 12 month 20.02.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 86 12 month 19.02.2013


Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 90 12 month 15.02.2013

AlphaValue HEINZ STEFFEN reduce 2 M 82 6 month 07.02.2013

DZ Bank AG JASKO TERZIC hold 3 M 77 12 month 05.02.2013


HSBC MICHAEL HAGMANN neutral 3 M 82 Not Provided 29.01.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M 96 Not Provided 28.01.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M 86 12 month 28.01.2013


Kepler Capital Markets ULRICH SCHOLZ hold 3 M 85 Not Provided 25.01.2013

Exane BNP Paribas OLIVIER ESNOU underperform 1 M 88 Not Provided 25.01.2013

Societe Generale GAEL DE BRAY hold 3 M 88 12 month 24.01.2013

Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 24.01.2013

CA Cheuvreux ALFRED GLASER outperform 5 M 94 Not Provided 24.01.2013

Bankhaus Metzler ULRICH TRABERT buy 5 M 93 12 month 24.01.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 94 Not Provided 24.01.2013

Natixis LUDOVIC DEBAILLEUX reduce 2 M 75 Not Provided 24.01.2013

Spin-Off Research TEAM COVERAGE hold 3 M 85 Not Provided 24.01.2013

Main First Bank AG CHRISTOPHER YOUL underperform 1 M 86 12 month 24.01.2013

Barclays NICK WEBSTER equalweight 3 M 84 Not Provided 24.01.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 83 6 month 23.01.2013


Nord/LB WOLFGANG DONIE hold 3 M 76 12 month 23.01.2013

JPMorgan ANDREAS WILLI neutral 3 M 90 9 month 23.01.2013

William Blair & Co NICHOLAS P HEYMANN market perform 3 M 79 12 month 23.01.2013


S&P Capital IQ JAMES CRAWSHAW hold 3 M 85 12 month 23.01.2013

Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 23.01.2013

SRH AlsterResearch OLIVER DREBING buy 5 M 92 12 month 23.01.2013

Goldman Sachs DANIELA COSTA neutral/neutral 3 M 90 12 month 17.01.2013

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

National Bank AG EKKEHARD D LINK hold 3 M 70 Not Provided 30.11.2012

Deutsche Bank PETER REILLY sell 1 D 65 12 month 20.11.2012

Nomura DANIEL CUNLIFFE neutral 3 M 85 12 month 16.11.2012

Silvia Quandt Research EERIK KD BUDARZ avoid 1 M 58 12 month 08.11.2012

Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 74 Not Provided 30.10.2012

Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 12.10.2012

Holdings By:

Siemens AG ee


20.02.2013

Societe Generale attracts deposits and offers commercial, retail, investment,

and private banking services. The Bank offers consumer credit, vehicle lease

financing, information technology equipment leasing, life and non-life

insurance, custodian services, trade and project financing, currency exchange,

treasury services, and financial and commodities futures brokerage services.


LTM as of: 12/yy

52-Week High (14.01.2013) 34.40

52-Week Low (18.05.2012) 15.10

Daily Volume

30.67





23'931.00 1 Yr Total Return 26.92%





Enterprise Value -


GLE FP EQUITY YTD Change - Average Volume 30 Day 5'035'328

GLE FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'402'980


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

57'829.0 43'984.0 45'306.0 48'549.0 43'733.0 0.0 0.0 24'043.5 24'759.7 6'068.0 5'887.0

- - - - - #DIV/0! #DIV/0! - - - -

- - - - - 0.0 0.0 - - - -

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

2'010.0 678.0 3'917.0 2'385.0 774.0 2'385.0 774.0 2'792.1 3'378.4 675.0 679.0

10.65x 108.78x 8.11x 5.38x 44.28x 5.37x 29.01x 8.41x 7.06x 9.29x -








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

Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover -








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Societe Generale SAPrice/Volume

Valuation Analysis

4'571'762.00


!

2

-!

-2

.!

.2

0!

02

1!


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! !!

! .!

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20.02.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 73'717'333 9.45 (479'358) 31.12.2012 Investment Advisor

LYXOR INTERNATIONAL n/a Research 50'619'422 6.49 - 26.09.2011 Investment Advisor

GROUPAMA SA n/a Research 22'148'418 2.84 (8'266'079) 20.12.2012 Insurance Company




MEIJI YASUDA LIFE IN n/a Co File 11'069'312 1.42 - 31.12.2011 Insurance Company


SOCIETE GENERALE n/a Co File 8'987'016 1.15 - 31.12.2011 Bank

CNP ASSURANCES n/a Co File 8'976'936 1.15 - 31.12.2011 Insurance Company






BARCLAYS ASSET MANAG Multiple Portfolios MF-AGG 2'612'606 0.33 376'954 31.03.2012 Mutual Fund Manager






HSBC ROBIN DOWN overweight 5 U 40 Not Provided 19.02.2013

AlphaValue CHRISTOPHE NIJDAM add 4 U 35 6 month 19.02.2013

Kepler Capital Markets BENOIT PETRARQUE buy 5 M 41 Not Provided 18.02.2013

JPMorgan DELPHINE LEE overweight 5 M 37 12 month 15.02.2013


Exane BNP Paribas GUILLAUME TIBERGHIEN outperform 5 M 38 Not Provided 15.02.2013

Deutsche Bank FLORA BENHAKOUN hold 3 M 31 12 month 14.02.2013

Morgan Stanley THIBAULT NARDIN Equalwt/In-Line 3 M 35 12 month 14.02.2013

RBC Capital Markets ANKE REINGEN sector perform 3 M 36 12 month 14.02.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN sell 1 D 29 Not Provided 14.02.2013

Natixis ALEX KOAGNE neutral 3 M 37 Not Provided 14.02.2013

Nomura JON PEACE buy 5 M 36 12 month 14.02.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 42 12 month 13.02.2013

Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 41 Not Provided 13.02.2013

Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 44 12 month 13.02.2013


Oddo & Cie JEAN SASSUS neutral 3 M 34 Not Provided 13.02.2013

S&P Capital IQ WILLIAM HOWLETT hold 3 M 34 12 month 13.02.2013

Main First Bank AG FEDERICO SALERNO underperform 1 M 31 12 month 13.02.2013

CA Cheuvreux CYRIL MEILLAND underperform 1 M 35 Not Provided 07.02.2013


Mediobanca SpA ANTONIO GUGLIELMI underperform 1 M 28 6 month 06.02.2013

Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 U 31 Not Provided 30.01.2013

Macquarie PIERS BROWN underperform 1 M 29 12 month 29.01.2013

Berenberg Bank JAMES CHAPPELL sell 1 N 16 Not Provided 28.01.2013

Grupo Santander AURELIA FAURE buy 5 M 36 Not Provided 17.01.2013


CM - CIC Securities(ESN) PIERRE CHEDEVILLE accumulate 4 M 38 12 month 16.01.2013

Barclays KIRI VIJAYARAJAH equalweight 3 M 28 Not Provided 23.11.2012

Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 16.11.2012



Banco Sabadell MARIO LODOS buy 5 M 32 Not Provided 30.07.2012


DZ Bank AG SABINE BOHN hold 3 M 18 12 month 06.01.2012

Holdings By:

Societe Generale SA ee


20.02.2013

Telefonica S.A. provides telecommunications services mainly to countries in

Europe and Latin America. The Company offers fixed-line and mobile telephone,

Internet, and data transmission services to residential and corporate customers.


LTM as of: 09/yy

52-Week High (21.02.2012) 12.98

52-Week Low (26.07.2012) 7.90

Daily Volume

9.668





43'999.31 1 Yr Total Return -21.07%







TEF SQ EQUITY YTD Change - Average Volume 30 Day 27'003'300

TEF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 31'559'720


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

56'441.0 57'946.0 56'731.0 60'737.0 62'837.0 63'129.3 62'684.0 62'381.6 60'556.9 15'677.2 14'886.0

2.74x 2.10x 2.42x 2.29x 1.99x 8.60x 7.53x 1.63x 1.62x 6.34x -

22'824.0 22'919.0 22'603.0 25'777.0 19'392.0 23'357.5 20'903.0 21'180.0 20'637.6 5'555.8 -

6.77x 5.31x 6.07x 5.39x 6.46x 5.42x 5.36x 5.13x 5.27x - -

8'906.0 7'592.0 7'776.0 10'167.0 5'402.9 4'064.9 6'124.9 5'307.0 5'428.6 1'430.5 -

11.87x 9.72x 11.43x 7.54x 11.18x 16.16x 7.59x 8.15x 8.09x - -











EBITDA Margin 33.3%



Asset Turnover 0.49







Fiscal Year Ended

Telefonica SAPrice/Volume

Valuation Analysis

29'612'018.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

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-1

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1!! ! C

2!! ! C

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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20.02.2013


BANCO BILBAO VIZCAYA n/a Research 258'217'137 5.67 - 19.10.2012 Bank

CAIXABANK n/a Research 246'898'917 5.43 - 19.10.2012 Investment Advisor


BNP PARIBAS SA n/a EXCH 127'368'869 2.8 (15'605'969) 12.05.2011 Bank

TELEFONICA SA n/a Co File 84'209'364 1.85 - 31.12.2011 Corporation


CHINA UNICOM HONG KO n/a Co File 62'526'753 1.37 - 31.12.2011 Corporation





T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'058'783 0.18 (3'474'417) 31.12.2012 Investment Advisor




INVERCAIXA GESTION S Multiple Portfolios MF-AGG 5'312'877 0.12 748'202 30.11.2012 Investment Advisor

WELLCOME TRUST LIMIT n/a Research 5'200'000 0.11 - 31.01.2013 Investment Advisor

BBVA PATRIMONIOS GES Multiple Portfolios MF-AGG 4'866'264 0.11 (70'160) 30.09.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 4'645'859 0.1 (658'342) 28.09.2012 Investment Advisor



Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 8 12 month 20.02.2013

Macquarie GUY R PEDDY underperform 1 M 9 12 month 20.02.2013

Bankia Bolsa (ESN) DAVID CABEZA JARENO buy 5 M 15 12 month 20.02.2013

Nomura FREDERIC BOULAN reduce 2 M 9 12 month 20.02.2013

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

Ahorro Corporacion Financiera SA GERMAN GARCIA BOU buy 5 M 13 Not Provided 19.02.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 D 9 12 month 18.02.2013


BPI PEDRO OLIVEIRA reduce 2 M 11 Not Provided 15.02.2013


Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 Not Provided 13.02.2013

Interdin Bolsa BORJA MIJANGOS BLANCO buy 5 M 12 Not Provided 12.02.2013


Banesto Bolsa SA Sociedad MARTA GOMEZ buy 5 M 14 12 month 12.02.2013

Morgan Stanley LUIS PROTA Equalwt/In-Line 3 M 13 12 month 11.02.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 11.02.2013

BBVA IVON LEAL outperform 5 M 13 Not Provided 31.01.2013

Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 30.01.2013

Credit Suisse JUSTIN FUNNELL neutral 3 M 14 Not Provided 24.01.2013

Exane BNP Paribas MATHIEU ROBILLIARD underperform 1 M 11 Not Provided 24.01.2013

Barclays JONATHAN DANN underweight 1 M 9 Not Provided 24.01.2013

JPMorgan TORSTEN ACHTMANN neutral 3 M 15 9 month 21.01.2013

Jefferies JEREMY A DELLIS underperform 1 M 8 12 month 21.01.2013

Raymond James STEPHANE BEYAZIAN underperform 1 M 10 Not Provided 15.01.2013

La Caixa BORJA PAGOAGA buy 5 M 13 Not Provided 27.11.2012

BCP Investimento ALEXANDRA DELGADO buy 5 M 17 Not Provided 27.11.2012


Kepler Capital Markets JAVIER BORRACHERO buy 5 M 12 Not Provided 19.11.2012

Espirito Santo Investment Bank ResearchNUNO MATIAS sell 1 M 9 Not Provided 08.11.2012

National Bank AG STEFFEN MANSKE buy 5 M 13 Not Provided 07.11.2012

Berenberg Bank PAUL ANDREW MARSCH sell 1 M 10 Not Provided 07.11.2012

Goldman Sachs TIMOTHY BODDY Sell/Neutral 1 M 9 12 month 31.10.2012



Deutsche Bank KEVAL KHIROYA hold 3 M 11 12 month 07.09.2012

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 12 Not Provided 26.07.2012

Renta 4 SA SVB IVAN SAN FELIX hold 3 M 19 Not Provided 23.07.2012

HSBC LUIGI MINERVA neutral 3 M 10 Not Provided 12.06.2012

Natixis BENOIT MAYNARD neutral 3 M 14 Not Provided 14.05.2012

Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 19 12 month 24.02.2012

DZ Bank AG THORSTEN REIGBER buy 5 M 16 12 month 15.11.2011

Holdings By:

Telefonica SA ee


20.02.2013

Total SA explores for, produces, refines, transports, and markets oil and

natural gas. The Company also operates a chemical division which produces

polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and

resins. Total operates gasoline filling stations in Europe, the United States,

and Africa.


LTM as of: 12/yy

52-Week High (14.03.2012) 42.97

52-Week Low (01.06.2012) 33.42

Daily Volume

37.955





89'799.02 1 Yr Total Return -4.15%







FP FP EQUITY YTD Change - Average Volume 30 Day 4'317'463

FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'154'487


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

160'331.0 112'153.0 140'476.0 166'550.0 182'299.0 166'550.0 182'299.0 179'248.7 179'649.8 45'141.7 45'995.0

0.62x 1.03x 0.74x 0.65x 0.58x 2.49x 2.27x 0.61x 0.61x 2.37x 2.32x

29'887.0 22'234.0 28'045.0 32'919.0 32'343.0 32'919.0 31'942.0 33'338.2 34'580.9 8'679.0 9'163.0

3.32x 5.22x 3.72x 3.28x 3.27x 3.28x 3.31x 3.22x 3.10x 2.96x 2.92x

10'590.0 8'447.0 10'571.0 12'276.0 10'694.0 12'276.0 10'694.0 12'035.8 12'444.4 2'587.0 2'917.0

8.21x 11.87x 8.38x 7.23x 8.23x 7.25x 8.25x 7.21x 7.08x 7.29x 7.33x


EBIT 21'862.00 Long-Term Rating AA-









EBITDA Margin 17.5%



Asset Turnover 1.09







Fiscal Year Ended

Total SAPrice/Volume

Valuation Analysis

4'250'584.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!12

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

2 ! C

-! ! C

-2 ! C

.! ! C

.2 ! C

0! ! C

02 ! C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



20.02.2013


TOTAL SA n/a Co File 108'732'635 4.6 - 31.12.2011 Corporation

GROUPE BRUXELLES LAM n/a Research 94'077'367 3.98 - 15.03.2012 Holding Company

AMUNDI n/a Research 78'390'326 3.31 - 06.01.2012 Investment Advisor

QATAR HOLDINGS LLC n/a Research 47'275'059 2 - 14.03.2012 Government

NORGES BANK n/a Research 47'038'683 1.99 - 31.12.2011 Government



CIE NATIONALE A PORT n/a Co File 35'456'294 1.5 - 31.12.2011 Corporation






BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'458'427 0.44 (194'792) 15.02.2013 Investment Advisor






FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 7'054'684 0.3 - 30.09.2012 Hedge Fund Manager


RBC Capital Markets PETER HUTTON outperform 5 M 44 12 month 19.02.2013

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 51 12 month 19.02.2013


AlphaValue ALEXANDRE ANDLAUER reduce 2 M 38 6 month 15.02.2013

Societe Generale IRENE HIMONA buy 5 M 47 12 month 14.02.2013

Credit Suisse KIM FUSTIER neutral 3 M 44 Not Provided 14.02.2013

JPMorgan NITIN SHARMA overweight 5 M 49 3 month 14.02.2013

Jefferies IAIN REID buy 5 M 48 12 month 14.02.2013

Macquarie JASON D GAMMEL neutral 3 M 42 12 month 14.02.2013

CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 14.02.2013

Nomura THEEPAN JOTHILINGAM neutral 3 M 40 12 month 14.02.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 48 Not Provided 14.02.2013

Barclays LYDIA RAINFORTH underweight 1 M 44 Not Provided 14.02.2013

Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 41 12 month 13.02.2013


Canaccord Genuity Corp GORDON GRAY hold 3 M 39 12 month 13.02.2013


Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 40 Not Provided 13.02.2013

VTB Capital COLIN SMITH buy 5 M 50 12 month 13.02.2013

Natixis ANNE PUMIR buy 5 M 47 Not Provided 07.02.2013



Grupo Santander JASON KENNEY buy 5 M 46 Not Provided 17.01.2013

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

Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 15.01.2013

Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.01.2013


Deutsche Bank LUCAS HERRMANN buy 5 U 44 12 month 03.12.2012

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 42 12 month 27.11.2012

HSBC PAUL SPEDDING overweight 5 M 45 Not Provided 06.11.2012


Investec STUART JOYNER hold 3 M 38 12 month 02.07.2012

CA Cheuvreux DOMINIQUE PATRY outperform 5 M 44 Not Provided 30.04.2012

National Bank AG MANFRED JAISFELD buy 5 M 46 12 month 19.05.2010

Holdings By:

Total SA ee


20.02.2013

Unibail-Rodamco leases and rents building space, finances real estate

investments, and renovates real estate for sale. The Company's properties,

mainly shopping centers, office buildings, and convention-exhibition centers,

are primarily located in city centers or near major access routes. The Company

opted for the SIIC legal status in 2003.


LTM as of: 01/yy

52-Week High (28.12.2012) 188.50

52-Week Low (01.06.2012) 130.50

Daily Volume

174.6





16'568.14 1 Yr Total Return 25.61%




Cash and Equivalents 63.10 Consensus Rating 3.433



UL FP EQUITY YTD Change - Average Volume 30 Day 291'766

UL FP EQUITY YTD % CHANGE - Average Volume 3 Month 303'085


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 03/13 Q1 06/13 Q2

1'642.5 1'363.3 1'716.4 1'939.9 1'722.7 - - 1'573.4 1'750.3 - -

11.17x 17.14x 14.60x 12.81x 17.56x - - 19.11x 17.44x - -

1'309.7 931.4 1'254.8 1'184.2 1'187.1 - - 1'397.1 1'511.6 - -

14.01x 25.09x 19.97x 20.99x 25.48x - - 21.48x 19.85x - -

(1'116.0) (1'467.8) 2'187.6 1'327.8 1'458.6 - - 965.1 1'050.9 - -

- - 6.19x 9.61x 11.52x - - 17.19x 15.84x - -


EBIT 532.30 Long-Term Rating A






Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -0.27



EBITDA Margin 68.9%



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Unibail-Rodamco SEPrice/Volume

Valuation Analysis

267'561.00


!.!1!3!5!

-!!-.!-1!-3!-5!.!!

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

2 C

- ! C

- 2 C

. ! C

. 2 C

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 !!

.! !!

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



20.02.2013


AMUNDI n/a Research 4'248'948 4.48 (2'990) 17.02.2012 Investment Advisor

COHEN & STEERS INC n/a Co File 3'642'122 3.84 - 01.03.2012 Corporation



COMMERZBANK AKTIENGE n/a Co File 2'585'395 2.72 - 01.03.2012 Investment Advisor



VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'896'330 2 57'491 31.12.2012 Investment Advisor

NATIXIS n/a Co File 1'858'269 1.96 - 01.03.2012 Investment Advisor


COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'273'033 1.34 (255'982) 15.02.2013 Investment Advisor


STATE STREET n/a ULT-AGG 990'860 1.04 (1'638) 19.02.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 960'011 1.01 (14'564) 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 929'896 0.98 19'761 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 830'851 0.88 169'706 31.12.2012 Investment Advisor

LASALLE INVESTMENT M Multiple Portfolios MF-AGG 823'883 0.87 13'769 21.08.2012 Investment Advisor

ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 798'051 0.84 92'667 17.07.2012 Investment Advisor

EUROPEAN INVESTORS I n/a Research 777'640 0.82 (186'289) 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 631'232 0.67 (124'346) 31.12.2012 Investment Advisor


Oddo & Cie MARINE LAFITTE neutral 3 M 194 Not Provided 19.02.2013

Morgan Stanley BART GYSENS Equalwt/Attractive 3 U 163 12 month 18.02.2013


Espirito Santo Investment Bank ResearchMICHAEL BURT buy 5 M 209 Not Provided 14.02.2013

AlphaValue PIERRE-LOUP ETIENNE reduce 2 M 162 6 month 14.02.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 208 12 month 12.02.2013

Jefferies ROBERT DUNCAN hold 3 M 167 12 month 12.02.2013

Independent Research GmbH STEFAN BONGARDT sell 1 M 165 12 month 08.02.2013

Petercam STEPHAN VAN WEEREN hold 3 M 184 Not Provided 05.02.2013

Rabobank International MARTIJN VAN DEN EIJNDEN hold 3 M 190 Not Provided 04.02.2013

Societe Generale MICHEL VARALDO buy 5 M 210 12 month 01.02.2013

Kepler Capital Markets SAMUEL HENRY-DIESBACH hold 3 M 178 Not Provided 01.02.2013

Exane BNP Paribas NICK WEBB underperform 1 M 164 Not Provided 01.02.2013

Deutsche Bank MARTIN ALLEN buy 5 M 206 12 month 31.01.2013

HSBC STEPHANIE DOSSMANN neutral 3 M 183 Not Provided 31.01.2013

Bank Degroof(ESN) DRIES DURY hold 3 M 180 12 month 31.01.2013

Berenberg Bank KAI MALTE KLOSE buy 5 M 185 Not Provided 31.01.2013

Natixis SERGE DEMIRDJIAN neutral 3 M 164 Not Provided 31.01.2013

S&P Capital IQ WILLIAM HOWLETT hold 3 M 180 12 month 31.01.2013

ING Bank JAAP KUIN hold 3 M 185 12 month 31.01.2013

ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 163 Not Provided 31.01.2013


Kempen & Co BOUDEWIJN SCHOON neutral 3 M 175 12 month 14.01.2013

Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 M 186 Not Provided 11.01.2013

JPMorgan HARM M MEIJER overweight 5 M 195 9 month 09.01.2013



Barclays AARON GUY equalweight 3 M 176 Not Provided 31.08.2012

CA Cheuvreux BRUNO DUCLOS underperform 1 D 145 Not Provided 02.02.2012

Edge Capital Research KONSTANTIN BOYCHINOV outperform 5 N 160 12 month 29.09.2011

Tradition Securities & Futures LAETITIA D'EPREMESNIL hold 3 M 150 Not Provided 06.07.2011

Holdings By:

Unibail-Rodamco SE ee


20.02.2013

UniCredit SpA attracts deposits and offers commercial banking services. The

Bank offers consumer credit, mortgages, life insurance, business loan,

investment banking, asset management, and other services. UniCredit operates

worldwide.


LTM as of: 09/yy

52-Week High (30.01.2013) 4.88

52-Week Low (23.07.2012) 2.25

Daily Volume

4.23





24'500.59 1 Yr Total Return -1.17%





Enterprise Value -


UCG IM EQUITY YTD Change - Average Volume 30 Day #########

UCG IM EQUITY YTD % CHANGE - Average Volume 3 Month 97'651'660


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

55'285.3 65'266.9 47'278.6 41'223.4 41'968.2 25'850.5 26'215.4 25'435.7 24'919.2 5'949.0 6'466.0

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

- - - - - 0.0 0.0 - - - -

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

5'901.3 4'011.8 1'702.3 1'323.3 (9'206.4) (8'999.3) 1'531.9 1'196.7 1'574.4 113.5 -

10.65x 5.74x 23.66x 24.19x - 0.00x 0.00x 19.67x 15.11x - -


EBIT - Long-Term Rating BBB+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

UniCredit SpAPrice/Volume

Valuation Analysis

63'058'562.00


!

-

.

0

1

2

3

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

2! ! C

-!! ! C

-2! ! C

.!! ! C

.2! ! C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



20.02.2013



AABAR LUX SARL n/a Research 376'220'171 6.5 - 11.02.2013 Other


PGFF LUX SARL #N/A N/A EXCH 290'000'000 5.01 - 20.02.2013 Other

PGFF LUX SARL n/a EXCH 289'992'198 5.01 - 11.02.2013 Other

FONDAZIONE CASSA RIS n/a Research 204'516'549 3.53 - 11.02.2013 Bank

CARIMONTE HOLDING SP n/a Research 173'381'885 3 - 11.02.2013 Unclassified

CENTRAL BANK OF LIBY n/a Research 152'258'925 2.63 - 11.02.2013 Government

FONDAZIONE CASSA RIS n/a Research 145'082'905 2.51 - 11.02.2013 Corporation


DELFIN SARL n/a Research 116'031'602 2 - 11.02.2013 Investment Advisor



ALLIANZ SPA n/a Research 68'982'379 1.19 - 11.02.2013 Insurance Company

BLACKROCK LUXEMBOURG n/a Research 55'961'376 0.97 - 11.02.2013 Investment Advisor

ALLIANZ FINANCE IV L n/a Research 42'130'178 0.73 - 11.02.2013 Other

CARMIGNAC GESTION Multiple Portfolios MF-AGG 41'185'296 0.71 (30'552'663) 31.12.2012 Investment Advisor

BLACKROCK ADVISORS L n/a Research 19'271'084 0.33 - 11.02.2013 Investment Advisor




Banca IMI MANUELA MERONI hold 3 M 4 12 month 20.02.2013

ICBPI LUCA COMI sell 1 M 4 12 month 20.02.2013

Nomura DOMENICO SANTORO neutral 3 M 5 Not Provided 20.02.2013

Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 4 12 month 15.02.2013


Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 4 Not Provided 15.02.2013

AlphaValue DAVID GRINSZTAJN add 4 M 5 6 month 14.02.2013

Berenberg Bank ELENI PAPOULA hold 3 M 5 Not Provided 08.02.2013

Mediobanca SpA ANDREA FILTRI outperform 5 M 6 12 month 30.01.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES sell 1 N 3 12 month 30.01.2013

RBC Capital Markets ANKE REINGEN underperform 1 M 3 12 month 29.01.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 U 6 12 month 28.01.2013

Equita SIM SpA GIOVANNI RAZZOLI buy 5 U 6 12 month 28.01.2013

Macquarie BENJIE CREELAN-SANDFORD outperform 5 M 5 12 month 25.01.2013

Morgan Stanley FRANCESCA TONDI Overwt/In-Line 5 M 6 12 month 23.01.2013


Societe Generale CARLO TOMMASELLI hold 3 M 5 12 month 21.01.2013

Oddo & Cie JULIE LEGRAND reduce 2 M 3 Not Provided 18.01.2013

Deutsche Bank PAOLA SABBIONE buy 5 M 5 12 month 17.01.2013



Kepler Capital Markets ANNA MARIA BENASSI hold 3 D 4 Not Provided 10.01.2013

JPMorgan MARTA BASTONI neutral 3 M 3 9 month 07.01.2013

DZ Bank AG CHRISTOPH BAST sell 1 M 3 12 month 12.12.2012

Grupo Santander TANIA GOLD underweight 1 M 3 Not Provided 11.12.2012

Barclays ANTONIO RIZZO equalweight 3 M 3 Not Provided 10.12.2012

Keefe, Bruyette & Woods RONNY REHN underperform 1 M 3 12 month 03.12.2012

HSBC CARLO DIGRANDI underweight 1 M 3 Not Provided 27.11.2012


Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 3 Not Provided 15.11.2012

Natixis STEVEN GOULD neutral 3 M 3 Not Provided 14.11.2012

S&P Capital IQ FRANK BRADEN sell 1 M 3 12 month 13.11.2012

CA Cheuvreux ALDO COMI underperform 1 M 3 Not Provided 06.11.2012

Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 3 Not Provided 05.11.2012


Nord/LB MICHAEL SEUFERT sell 1 M #N/A N/A Not Provided 23.10.2012


Banco Sabadell MARIO LODOS Under Review #N/A N/A M #N/A N/A Not Provided 05.03.2012

Holdings By:

UniCredit SpA ee


20.02.2013

Unilever NV manufactures branded and packaged consumer goods, including food,

detergents, fragrances, home and personal care products. Dually-listed company

with ULVR LN.


LTM as of: 12/yy

52-Week High (23.01.2013) 30.20

52-Week Low (13.04.2012) 24.51

Daily Volume

29.955





90'362.81 1 Yr Total Return 21.40%







UNA NA EQUITY YTD Change - Average Volume 30 Day 3'691'435

UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'324'571


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

40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 46'467.0 51'324.0 53'478.9 56'487.8 12'678.3 13'837.2

1.41x 1.77x 1.64x 1.82x 1.75x 0.00x 0.00x 1.82x 1.69x - -

6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 0.0 0.0 8'800.9 9'408.6 - -

8.39x 10.25x 9.54x 11.30x 10.94x 0.00x 0.00x 11.17x 10.44x - -

5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 2'235.0 0.0 4'930.7 5'367.7 - -

9.69x 18.80x 15.43x 17.60x 18.25x 0.00x 0.00x 17.68x 16.32x - -











EBITDA Margin 15.9%



Asset Turnover 1.10







Fiscal Year Ended

Unilever NVPrice/Volume

Valuation Analysis

3'602'126.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



20.02.2013


FOUNDATION UNILEVER n/a Co File 1'268'224'230 73.96 - 28.02.2011 Other

UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2011 Other





GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 11'633'435 0.68 (188'682) 31.05.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'447'002 0.55 (57'347) 31.12.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'028'108 0.47 8'028'108 31.12.2012 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 7'244'584 0.42 (2'441) 31.12.2012 Mutual Fund Manager


ELMA EN UNITED HOLDS n/a Research 6'428'550 0.37 - 19.10.2011 Other





MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 5'387'703 0.31 (537'200) 30.11.2012 Investment Advisor




Banco Sabadell IGNACIO ROMERO sell 1 M 26 12 month 15.02.2013

Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 27 12 month 11.02.2013


Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 34 12 month 04.02.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 31 12 month 01.02.2013

HSBC CEDRIC BESNARD overweight 5 M 35 Not Provided 30.01.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 32 Not Provided 30.01.2013

Jefferies ALEX HOWSON hold 3 D 32 12 month 29.01.2013


Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 29 Not Provided 29.01.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 25 12 month 25.01.2013

Berenberg Bank JAMES TARGETT buy 5 M 35 Not Provided 25.01.2013


Societe Generale WARREN L ACKERMAN sell 1 M 28 12 month 24.01.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 30 12 month 24.01.2013

Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 37 12 month 24.01.2013

SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 M 35 12 month 24.01.2013

Rabobank International KAREL ZOETE buy 5 M 34 Not Provided 24.01.2013

Kepler Capital Markets JON COX buy 5 M 33 Not Provided 24.01.2013

Nomura DAVID HAYES reduce 2 M 30 Not Provided 24.01.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 36 12 month 24.01.2013

Helvea ANDREAS VON ARX accumulate 4 M 33 12 month 24.01.2013

ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 30 Not Provided 24.01.2013

Grupo Santander PEDRO GIL buy 5 M 33 Not Provided 23.01.2013

Credit Suisse CHARLES MILLS neutral 3 M 30 Not Provided 23.01.2013

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 26 6 month 23.01.2013


Petercam FERNAND DE BOER hold 3 M 30 Not Provided 23.01.2013




Exane BNP Paribas JEFF STENT neutral 3 M 30 Not Provided 23.01.2013

Barclays IAIN SIMPSON overweight 5 M 34 Not Provided 23.01.2013


Natixis PIERRE TEGNER reduce 2 M 27 Not Provided 21.01.2013

ING Bank MARCO GULPERS hold 3 M 29 12 month 21.01.2013


Theodoor Gilissen Securities TOM MULLER buy 5 M 33 Not Provided 15.01.2013

Kempen & Co ERWIN DUT hold 3 M 29 12 month 06.01.2013

JPMorgan CELINE PANNUTI overweight 5 M 30 12 month 26.10.2012

Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012

Mirabaud Securities JULIAN LAKIN hold 3 M 28 12 month 06.09.2012

DZ Bank AG ROBERT CZERWENSKY sell 1 M 22 12 month 03.02.2012

Holdings By:

Unilever NV ee


20.02.2013

Vinci SA builds roads, offers electrical, mechanical, and civil engineering and

construction services, and operates toll roads. The Company builds and

maintains roads and produces road construction materials, builds electricity

and communications networks, installs fire protection and power and ventilation

systems, and operates toll highways, bridges, parking garages, and a stadium.


LTM as of: 09/yy

52-Week High (16.03.2012) 40.85

52-Week Low (01.06.2012) 31.23

Daily Volume

35.225





20'337.06 1 Yr Total Return -4.30%







DG FP EQUITY YTD Change - Average Volume 30 Day 1'503'842

DG FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'452'926


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

33'930.3 31'177.7 34'002.8 37'646.1 38'633.6 33'699.5 37'494.5 38'887.8 39'821.3 10'174.8 -

0.90x 1.09x 1.07x 0.86x 0.87x 0.00x 0.00x 0.86x 0.82x - -

5'009.2 4'813.1 5'165.6 5'445.9 5'507.8 0.0 0.0 5'533.1 5'706.6 - -

6.09x 7.03x 7.01x 5.93x 6.12x 0.00x 0.00x 6.28x 6.09x - -

1'591.4 1'596.0 1'775.9 1'904.3 1'916.7 0.0 0.0 1'929.3 2'031.8 - -

8.85x 12.07x 12.14x 9.59x 10.07x 0.00x 0.00x 10.04x 9.56x - -











EBITDA Margin 14.1%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vinci SAPrice/Volume

Valuation Analysis

1'541'464.00


!2

-!-2.!.20!021!12

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C- ! C. ! C0 ! C1 ! C2 ! C3 ! C4 ! C5 ! C6 ! C-! ! C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



20.02.2013


VINCI SA n/a Research 40'940'297 7.09 - 31.12.2012 Corporation

COMET LUXEMBOURG HLD #N/A N/A Research 31'714'315 5.49 - 31.12.2012 Corporation



ARTEMIS SA n/a Research 8'072'735 1.4 - 31.12.2012 Holding Company






AVIVA PLC Multiple Portfolios MF-AGG 2'633'758 0.46 (491) 31.01.2013 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 2'225'496 0.39 (29'311) 31.10.2012 Investment Advisor



COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'663'965 0.29 133'200 31.12.2012 Investment Advisor




DNCA FINANCE Multiple Portfolios MF-AGG 1'325'000 0.23 (180'000) 28.09.2012 Investment Advisor



Aurel - BGC ERIC LEMARIE hold 3 M 37 Not Provided 20.02.2013

BPI FILIPE MARTINS LEITE accumulate 4 M 48 Not Provided 15.02.2013

Banco Sabadell MARIA CEBOLLERO buy 5 M 43 12 month 15.02.2013


AlphaValue GAETAN DUPONT buy 5 M 50 6 month 14.02.2013

Raymond James ARNAUD PALLIEZ outperform 5 M 45 Not Provided 13.02.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 13.02.2013

Societe Generale MURIEL FELLOUS buy 5 M 48 12 month 11.02.2013


Natixis GREGOIRE THIBAULT buy 5 M 48 Not Provided 07.02.2013


CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 44 12 month 06.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES strong buy 5 M 45 12 month 06.02.2013

S&P Capital IQ JAWAHAR HINGORANI strong buy 5 M 45 12 month 06.02.2013

Bryan Garnier & Cie SVEN EDELFELT buy 5 M 45 6 month 05.02.2013

Exane BNP Paribas NICOLAS MORA neutral 3 M 41 Not Provided 01.02.2013


RBC Capital Markets OLIVIA PETERS sector perform 3 M 40 12 month 29.01.2013

Barclays SUSANNA INVERNIZZI overweight 5 M 45 Not Provided 23.01.2013

Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 42 12 month 15.01.2013

Goldman Sachs WILL MORGAN Buy/Neutral 5 M 46 12 month 14.01.2013

HSBC PIERRE BOSSET neutral 3 M 40 Not Provided 04.01.2013

CA Cheuvreux NABIL AHMED outperform 5 M 43 Not Provided 21.11.2012

JPMorgan ELODIE RALL overweight 5 M 49 6 month 17.09.2012

DZ Bank AG MARC NETTELBECK buy 5 M 41 12 month 17.09.2012


Oddo & Cie OLIVIER BECKER buy 5 M 49 Not Provided 01.08.2012

Kepler Capital Markets JOSEP PUJAL buy 5 M 50 Not Provided 01.08.2012

Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 14.06.2012

National Bank AG STEFFEN MANSKE hold 3 D 43 Not Provided 27.07.2011

Holdings By:

Vinci SA ee


20.02.2013

Vivendi, through its subsidiaries, conducts operations ranging from music, games

and television to film and telecommunications. The Company provides digital and

pay television services, sells music compact discs (CDs), develops and

distributes interactive entertainment, and operates mobile and fixed-line

telecommunications.


LTM as of: 09/yy

52-Week High (28.12.2012) 17.44

52-Week Low (19.04.2012) 12.01

Daily Volume

15.465





20'475.08 1 Yr Total Return 3.83%







VIV FP EQUITY YTD Change - Average Volume 30 Day 3'502'575

VIV FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'554'012


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

21'657.0 25'392.0 27'132.0 28'878.0 28'813.0 29'039.0 28'534.0 28'528.1 28'744.4 7'810.4 6'978.0

2.01x 1.55x 1.44x 1.29x 1.24x 5.01x 4.94x 1.29x 1.25x - -

6'301.0 6'774.0 7'682.0 8'020.0 8'847.0 8'081.0 9'389.0 7'946.3 7'834.0 1'849.0 -

6.92x 5.82x 5.07x 4.64x 4.03x 4.31x 4.01x 4.79x 4.86x - -

2'625.0 2'603.0 830.0 2'198.0 2'681.0 3'358.0 1'533.0 2'494.0 2'390.2 447.5 -

13.89x 10.43x 30.14x 11.35x 7.83x 5.66x 13.02x 7.70x 8.03x - -











EBITDA Margin 32.9%



Asset Turnover 0.51







Fiscal Year Ended

Vivendi SAPrice/Volume

Valuation Analysis

3'696'099.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5.!

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C

2 ! C

-! ! C

-2 ! C

.! ! C

.2 ! C

0! ! C

02 ! C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

1 2!

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



20.02.2013



CIE DE CORNOUAILLE S n/a Research 66'174'684 5 - 14.11.2012 Unclassified



NATIXIS ASSET MANAGE n/a Research 57'389'860 4.33 29'924'444 10.05.2012 Investment Advisor



PEG VIVENDI n/a Co File 33'192'445 2.51 - 31.12.2011 Other

BAUPOST GROUP LLC n/a Co File 26'349'991 1.99 - 31.12.2011 Hedge Fund Manager

NORGES BANK INVESTME n/a Co File 25'862'423 1.95 - 31.12.2011 Government

QATAR HOLDINGS LLC n/a Co File 25'789'649 1.95 - 31.12.2011 Government




BANK OF AMERICA CORP n/a Co File 19'320'712 1.46 - 31.12.2011 Investment Advisor



CREDIT SUISSE SECURI n/a Co File 17'995'960 1.36 - 31.12.2011 Investment Advisor

GROUPE BOLLORE n/a Co File 14'021'059 1.06 - 31.12.2011 Holding Company

HSBC HOLDINGS PLC n/a Co File 13'811'784 1.04 - 31.12.2011 Investment Advisor


Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 18 12 month 18.02.2013

Credit Suisse OMAR SHEIKH outperform 5 M 19 Not Provided 15.02.2013


CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 17 12 month 08.02.2013

Oddo & Cie BRUNO HARENG buy 5 M 19 Not Provided 08.02.2013

Macquarie ANGUS TWEEDIE outperform 5 M 17 12 month 05.02.2013


Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 19 Not Provided 05.02.2013

Goldman Sachs RICHARD JONES neutral/neutral 3 M 19 12 month 01.02.2013

HSBC NICOLAS COTE-COLISSON neutral 3 M 18 Not Provided 31.01.2013


Barclays JULIEN ROCH overweight 5 M 18 Not Provided 24.01.2013

Grupo Santander CARLOS JAVIER TREVINO buy 5 M 22 Not Provided 23.01.2013

CA Cheuvreux ANDREA BENEVENTI outperform 5 M 16 Not Provided 23.01.2013

Kepler Capital Markets CONOR O'SHEA buy 5 M 19 Not Provided 22.01.2013

Societe Generale CHRISTOPHE CHERBLANC buy 5 M 17 12 month 21.01.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 17 12 month 08.01.2013

Nomura MATTHEW WALKER buy 5 M 18 12 month 04.12.2012


JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 20 9 month 26.11.2012

Jefferies WILL SMITH buy 5 M 19 12 month 15.11.2012

Espirito Santo Investment Bank ResearchWILL DRAPER buy 5 U 18 Not Provided 15.11.2012

S&P Capital IQ ALEXANDER WISCH strong buy 5 M 18 12 month 14.11.2012

Liberum Capital Ltd IAN WHITTAKER buy 5 M 20 Not Provided 24.10.2012

Raymond James STEPHANE BEYAZIAN outperform 5 U 19 Not Provided 22.10.2012

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 D 17 Not Provided 15.10.2012

Natixis JEROME BODIN buy 5 M 22 Not Provided 21.09.2012

National Bank AG STEFFEN MANSKE sell 1 D 16 Not Provided 04.04.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 D #N/A N/A Not Provided 08.03.2012

Deutsche Bank PATRICK KIRBY hold 3 M 16 12 month 01.03.2012

DZ Bank AG HARALD HEIDER buy 5 M 23 12 month 06.12.2011

Holdings By:

Vivendi SA ee


20.02.2013

Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,

and commercial vehicles for sale worldwide. The Company produces the Passat,

Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,

Seat and Skoda, which manufacture and sell cars in Spain and in southern and

eastern Europe, and Lamborghini, which makes sports cars in Italy.


LTM as of: 09/yy

52-Week High (28.01.2013) 187.40

52-Week Low (26.06.2012) 115.95

Daily Volume

180.7





81'131.92 1 Yr Total Return 28.46%







VOW3 GY EQUITY YTD Change - Average Volume 30 Day 716'483

VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 750'532


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

108'897.0 113'808.0 105'187.0 126'875.0 159'337.0 150'607.0 187'284.0 192'317.8 205'221.3 49'541.3 54'027.0

0.89x 1.22x 0.97x 0.83x 0.77x 2.91x 2.94x 0.43x 0.39x - 1.46x

15'133.0 14'854.0 10'896.0 16'659.0 21'365.0 20'601.0 23'360.0 21'827.0 25'036.4 - 4'387.0

6.43x 9.34x 9.35x 6.29x 5.76x 5.06x 6.67x 8.08x 7.04x - -

4'120.0 4'753.0 960.0 6'835.0 15'409.0 16'363.0 22'166.0 17'629.9 10'963.5 2'539.7 2'360.0

14.94x 20.97x 32.35x 6.98x 3.13x 2.65x 2.74x 5.13x 7.62x 9.31x -











EBITDA Margin 12.5%



Asset Turnover 0.70





Accounts Receivable Turnover - Cash Conversion Cycle 45.36


Fiscal Year Ended

Volkswagen AGPrice/Volume

Valuation Analysis

540'029.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

-!!-.!-1!-3!-5!.!!

a--. e--. E--. e--. d--. d--. E--. o--. j--. f--. I--. d--0 a--0 ! C 2 C- ! C- 2 C. ! C. 2 C0 ! C0 2 C1 ! C1 2 C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



20.02.2013


QATAR HOLDINGS LLC n/a EXCH 26'355'116 15.49 - 10.03.2011 Government







CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'823'701 1.07 1'011'201 31.12.2012 Investment Advisor


BG MASTER FUND PLC n/a Short (1'208'014) -0.71 (153'129) 07.11.2012 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 992'796 0.58 492'492 30.11.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 898'792 0.53 (29'313) 31.12.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 768'556 0.45 31'000 31.10.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 689'434 0.41 6'943 19.02.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 546'260 0.32 (4'652) 30.11.2012 Mutual Fund Manager

JP MORGAN n/a ULT-AGG 527'752 0.31 313 31.12.2012 Unclassified

UBS n/a ULT-AGG 466'852 0.27 82'856 28.12.2012 Unclassified


UMB BANK N A Multiple Portfolios MF-AGG 442'029 0.26 19'646 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 19.02.2013

Morgan Stanley STUART PEARSON Overwt/In-Line 5 M 220 12 month 15.02.2013

Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 213 Not Provided 14.02.2013

AlphaValue HANS-PETER WODNIOK reduce 2 M 181 6 month 14.02.2013

Nord/LB FRANK SCHWOPE buy 5 U 198 12 month 12.02.2013

Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 12.02.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 12.02.2013

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 223 12 month 06.02.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 216 12 month 06.02.2013


Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 205 6 month 04.02.2013

HSBC HORST SCHNEIDER overweight 5 M 218 Not Provided 01.02.2013

Exane BNP Paribas RABIH FREIHA outperform 5 M 194 Not Provided 01.02.2013


Kepler Capital Markets MICHAEL RAAB buy 5 U 203 Not Provided 28.01.2013


Independent Research GmbH ZAFER RUZGAR buy 5 U 220 12 month 25.01.2013

Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 175 12 month 23.01.2013

DZ Bank AG MICHAEL PUNZET buy 5 M 188 12 month 23.01.2013

JPMorgan JOSE ASUMENDI overweight 5 M 230 9 month 18.01.2013

Societe Generale STEPHEN REITMAN buy 5 M 215 12 month 14.01.2013

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 200 12 month 11.01.2013

Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 240 12 month 10.01.2013

Oddo & Cie FRANCOIS MAURY neutral 3 M 160 Not Provided 10.01.2013

Credit Suisse ERICH HAUSER outperform 5 M 195 Not Provided 08.01.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 06.12.2012


Silvia Quandt Research ALBRECHT DENNINGHOFF neutral 3 M 141 12 month 16.11.2012

Barclays MICHAEL TYNDALL overweight 5 M 197 Not Provided 13.11.2012

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 190 12 month 06.11.2012

Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012

S&P Capital IQ MARNIE COHEN buy 5 M 181 12 month 24.10.2012

Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012

Natixis GEORGES DIENG buy 5 M 175 Not Provided 10.10.2012

Deutsche Bank JOCHEN GEHRKE buy 5 M 200 12 month 02.08.2012

CA Cheuvreux ALEXANDER NEUBERGER outperform 5 M 200 Not Provided 30.04.2012

Holdings By:

Volkswagen AG ee


Date post:	22-Nov-2014
Category:	Economy & Finance
Upload:	qms-advisors
View:	591 times
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