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Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

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Fundamental Analysis & Analyst Recommendations Euro Stoxx 50 Index - SX5E Index The EURO STOXX 50 Index, Europe’s leading Blue-chip index for the Eurozone, provides a Blue-chip representation of supersector leaders in the Eurozone. The index covers 50 stocks from 12 Eurozone countries. August 2013 Q.M.S Advisors Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] | This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.
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Page 1: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

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Page 2: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

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 15538052 2072.938 1114 1114 203 219 219 103.77 110.27 110.27 16.29 16.29 15.33 15.33 18.57

Euro Stoxx 50 Pr EUR 2804497 5796.224 4700 4700 755 792 792 224.84 301.13 301.13 22.18 19.37 16.56 16.56 20.64

NIKKEI 225 JPY 2795252 204.614 200 200 20 23 23 6.17 8.21 8.21 0.24 0.24 0.18 0.18 0.12

FTSE 100 INDEX GBP 2785561 12306.15 10166 10166 1480 1662 1662 577.73 804.34 804.34 27.14 22.24 19.49 19.49 22.11

SWISS MARKET INDEX CHF 1097222 11241.5 4209 4209 960 871 871 442.18 568.67 568.67 21.19 18.04 16.47 16.47 24.43

S&P/TSX COMPOSITE INDEX CAD 1617335 17024.28 7397 7397 1827 1952 1952 731.39 799.94 799.94 15.65 15.65 14.31 14.31 23.71

S&P/ASX 200 INDEX AUD 1251718 6003.468 2646 2646 547 674 674 222.26 315.75 315.75 18.69 15.14 13.16 13.16 20.09

HANG SENG INDEX HKD 1663826 3174.221 1668 1668 353 395 395 277.56 270.53 270.53 1.30 1.40 1.33 1.33 2.89

MSCI EM USD 7092035 1308.553 973 973 188 178 178 82.51 88.55 88.55 11.37 11.49 10.59 10.59 19.18

SANOFI EUR 139379 422 1323 19 0 0 9 153.54 46646 44885 45373 47885 16530 15016 - - 5.95 3.44 7.34 8.31 40.55 31.27 19.03 16.81 6.23 4.77 -2.22 4.09 44.65 AA 03.05.2013 A1 28.03.2013

TOTAL SA EUR 126974 568 2258 44 0 2 23 156.68 243325 236767 238778 248999 43170 40567 12584 12584 6.81 5.62 6.74 6.90 12.69 12.72 10.58 10.33 12.62 4.00 -2.34 1.38 22.87 AA- 12.04.2011 Aa1 30.08.2005

BAYER AG-REG EUR 95918 319 827 13 0 0 3 107.83 53070 53595 54749 57846 12014 11879 2438 2438 7.46 4.68 7.67 8.66 33.05 23.40 20.18 17.90 11.81 5.68 0.57 8.27 29.59 A- 30.04.2008 A3 17.07.2006

SIEMENS AG-REG EUR 97554 238 856 30 0 1 15 115.39 104506 102896 102218 105856 12884 11615 2202 2202 7.48 7.27 7.18 9.43 20.32 20.51 20.60 15.67 9.15 0.28 -10.67 1.11 15.07 A+ 05.06.2009 - -

BASF SE EUR 79625 551 918 17 0 1 2 97.54 96275 98163 98956 95242 12906 - 2994 2994 7.01 6.55 7.20 7.87 17.66 17.66 16.06 14.71 -2.48 5.27 -24.61 -2.13 - A+ 10.05.2011 A1 17.11.2010

BANCO SANTANDER SA EUR 80177 4114 9235 561 0 13 257 102989 55539 55470 58194 - - - - 0.24 0.36 0.59 0.73 27.30 14.10 16.90 13.54 -1.45 5.06 - - - BBB 16.10.2012 (P)Baa2 24.10.2012

ANHEUSER-BUSCH INBEV NV EUR 159219 204 1602 59 0 6 19 276.45 53067 53807 58722 65734 20753 20861 6207 6207 5.96 10.90 6.41 7.30 16.18 30.88 27.55 24.17 2.43 5.57 2.19 23.88 51.75 A 01.05.2012 A3 27.03.2012

ALLIANZ SE-REG EUR 72360 273 453 38 0 4 17 96.49 128163 129506 139353 143222 - - - - 15.52 32.29 17.36 17.89 6.56 12.26 12.20 11.84 13.19 4.42 - - - AA 27.01.2012 Aa3 03.05.2004

SAP AG EUR 92236 301 1192 7 0 0 4 94.31 21654 22208 23370 25473 6676 6567 1992 1992 3.17 3.34 4.55 5.10 30.03 29.90 22.03 19.67 18.66 10.34 9.70 14.75 39.47 - - - -

DAIMLER AG-REGISTERED SHARES EUR 76611 465 1068 113 0 2 20 169.88 152559 152424 156364 167170 16201 14561 - - 7.57 8.37 6.27 7.33 11.43 11.43 15.24 13.04 9.72 6.05 -0.85 -6.92 12.75 A- 23.02.2012 A3 01.10.2007

BNP PARIBAS EUR 82363 618 1240 1352 10 11 186 89258 125103 52345 53577 - - - - 7.31 5.45 6.22 7.13 16.22 13.37 14.21 12.39 -7.78 -5.49 - - - A+ 25.10.2012 A2 21.06.2012

UNILEVER NV-CVA EUR 118675 1075 2832 14 0 1 4 134.79 68505 68641 69059 72524 10929 11599 - - 2.03 2.23 2.17 2.36 23.37 21.94 23.99 22.04 13.95 6.86 12.99 5.19 22.55 A+ 05.10.2000 A1 11.07.2000

ENI SPA EUR 82463 1558 3623 33 0 5 11 108.33 169808 164566 154769 161351 32787 27365 9271 9271 1.49 0.84 2.00 2.42 35.94 40.33 15.18 12.52 21.47 4.35 -6.06 -1.40 22.20 A *- 16.07.2013 A3 16.07.2012

TELEFONICA SA EUR 66030 946 4503 89 0 10 16 145.35 83230 80001 77311 77023 28338 27111 6949 6949 1.00 1.15 1.38 1.45 16.77 19.66 14.02 13.37 -1.02 0.49 12.66 -1.92 45.23 BBB 20.12.2012 Baa2 18.10.2012

BANCO BILBAO VIZCAYA ARGENTA EUR 54836 2738 5433 302 0 3 85 47013 29489 29471 30900 - - - - 0.78 0.40 0.81 0.95 32.16 14.94 15.73 13.51 8.78 3.57 - - - BBB- 16.10.2012 Baa3 24.10.2012

LVMH MOET HENNESSY LOUIS VUI EUR 93944 106 500 9 0 1 3 102.34 37511 38484 40237 44411 9365 9538 - - 9.47 8.86 9.76 11.14 27.86 27.82 25.29 22.17 25.07 16.38 18.80 15.07 33.08 A 20.05.2011 - -

DANONE EUR 49685 127 593 13 0 0 4 60.89 27855 28633 29435 31201 4834 4542 - - 3.72 3.97 4.11 4.50 26.50 26.55 25.55 23.39 10.72 10.29 5.21 15.15 21.17 A- 25.07.2007 A3 06.11.2007

DEUTSCHE BANK AG-REGISTERED EUR 45981 964 929 372 0 1 197 69806 65817 44825 45707 - - - - 4.12 0.24 5.27 6.26 250.56 25.45 11.42 9.61 -0.92 -8.97 - - - A 02.07.2013 A2 21.06.2012

AXA SA EUR 55232 777 2389 20 8 3 41 52.98 155101 155493 133616 137683 - - - - 2.41 2.11 2.67 2.86 14.60 14.05 11.53 10.78 24.25 15.10 - - - A- 18.12.2012 A2 19.03.2003

SCHNEIDER ELECTRIC SA EUR 45541 135 547 11 0 0 5 52.80 31962 31991 32704 34911 5121 5133 - - 4.75 4.35 5.50 6.14 24.93 23.55 19.74 17.69 9.56 7.57 4.01 6.04 21.42 A- *- 17.07.2013 A3 12.01.2009

AIR LIQUIDE SA EUR 41565 77 311 10 0 0 2 51.01 20457 20496 21109 22610 5062 5104 - - 6.94 6.76 7.14 7.91 26.32 26.44 24.93 22.50 8.03 4.91 8.57 9.07 33.24 A 02.07.2007 - -

L'OREAL EUR 102455 60 598 0 0 0 2 100.36 29982 29982 31266 33208 6057 6057 - - 6.48 6.39 6.81 7.41 35.32 34.85 33.15 30.49 13.91 7.72 19.67 7.31 26.97 - - - -

ING GROEP NV-CVA EUR 43784 8784 3801 277 0 1 24 285.53 52461 52411 58401 59744 - - - - 0.91 0.99 1.33 1.45 15.33 14.72 11.46 10.52 -34.09 -8.56 - - - A 03.09.2009 A3 15.06.2012

DEUTSCHE TELEKOM AG-REG EUR 56001 11489 4319 60 0 6 8 122.79 77641 77816 78327 79216 23663 23324 5949 5949 1.34 -1.58 0.93 0.98 - 12.22 17.97 17.11 -1.10 0.25 -16.35 1.99 40.01 BBB+ 19.05.2008 Baa1 22.12.2011

E.ON SE EUR 32117 1128 1907 35 0 5 8 57.32 176312 176312 158539 157541 11269 11269 4234 4234 2.41 1.52 1.71 1.74 14.08 8.87 12.56 12.30 22.62 21.85 130.51 -7.02 8.53 A- 27.07.2012 A3 05.10.2011

VOLKSWAGEN AG-PREF EUR 110353 175 465 157 0 6 35 236.61 257176 261592 267965 282221 32600 33118 - - 61.77 50.43 28.46 33.28 6.44 6.47 11.42 9.76 27.93 16.92 19.11 13.41 16.90 A- 31.08.2009 A3 17.08.2009

EADS NV EUR 47814 175 822 6 0 0 15 45.94 75387 77253 78291 83442 5242 5821 1738 1738 1.94 2.28 3.57 4.86 35.64 35.62 22.75 16.69 19.97 9.85 31.77 30.84 10.06 A- 22.09.2010 (P)A2 06.12.2012

MUENCHENER RUECKVER AG-REG EUR 34231 130 179 8 0 0 4 36.64 87955 87471 73046 74694 - - - - 24.00 23.25 22.45 22.54 10.96 10.96 11.35 11.31 10.93 9.04 - - - AA- 22.12.2006 - -

ASML HOLDING NV EUR 40739 87 407 1 0 0 4 38.58 6315 5780 6778 8617 1793 1354 392 392 3.58 2.76 2.92 4.58 44.05 44.45 41.71 26.54 -21.72 63.85 -34.21 9.53 31.27 - - Baa2 11.11.2010

GDF SUEZ EUR 54926 716 2357 77 0 15 15 125.51 129522 128465 107143 107509 24561 23885 17976 17976 1.78 0.52 1.82 1.89 57.98 20.57 16.65 16.12 9.37 20.28 19.35 27.58 24.82 A 06.05.2013 A1 03.07.2012

BAYERISCHE MOTOREN WERKE AG EUR 60791 176 656 93 0 0 17 137.51 102573 102044 104563 109644 16036 15650 - - 10.37 10.52 10.47 10.83 11.99 11.99 12.05 11.65 15.57 8.86 3.85 12.42 20.47 A 16.04.2012 A2 22.07.2011

SOCIETE GENERALE EUR 37422 1433 754 989 7 6 147 58373 30832 32783 - - - - 4.85 1.58 4.44 5.73 39.64 18.37 14.10 10.92 -13.24 - - - - A 23.01.2012 A2 21.06.2012

UNICREDIT SPA EUR 34613 42824 5789 440 0 5 96 55423 32491 32603 33245 - - - - 0.24 0.16 0.26 0.49 49.32 - 30.48 16.19 -1.42 -4.20 - - - BBB 12.07.2013 Baa2 16.07.2012

KONINKLIJKE PHILIPS NV EUR 31019 270 915 6 0 0 5 33.88 33086 32301 31897 33534 3288 3243 1228 1228 0.38 0.43 2.05 2.42 98.02 80.08 20.73 17.56 13.06 -2.18 143.95 -4.73 13.40 A- 11.05.2005 A3 20.04.2006

INDITEX EUR 86361 59 623 0 0 0 5 81.52 21284 21520 23170 25705 5222 5203 1194 1194 5.06 5.06 5.61 6.27 36.53 36.46 32.95 29.52 20.84 13.63 28.96 16.99 32.27 - - - -

IBERDROLA SA EUR 35148 1280 6053 44 0 0 9 70.49 45650 46106 45941 46367 9581 8128 - - 0.62 0.60 0.53 0.51 12.63 12.37 14.26 14.63 10.77 8.27 3.38 10.74 23.53 BBB 28.11.2012 (P)Baa1 05.11.2012

VINCI SA EUR 32387 315 536 27 0 1 9 52.02 52300 52593 52841 53527 7352 7265 - - 4.70 4.67 4.64 4.87 15.47 15.54 15.56 14.81 5.45 4.70 1.52 4.97 18.44 BBB+ 29.03.2007 Baa1 23.07.2002

VIVENDI EUR 28552 305 1323 24 0 4 6 50.38 38700 38609 37810 38033 10220 9977 - - 0.91 -0.01 2.31 2.41 - 37.93 12.31 11.83 0.84 8.44 -17.95 5.31 34.49 BBB 26.10.2012 Baa2 13.09.2005

INTESA SANPAOLO EUR 31631 30719 16434 366 0 1 56 37132 22443 22063 22612 - - - - 0.12 0.07 0.12 0.19 39.55 32.50 21.12 13.79 13.49 -0.90 - - - BBB 12.07.2013 Baa2 16.07.2012

ASSICURAZIONI GENERALI EUR 31233 1320 1541 31 0 4 29 38.29 108691 110357 102238 102736 - - - - 0.96 0.30 1.87 1.97 88.02 - 14.31 13.58 14.44 0.50 - - - A- 12.07.2013 Baa2 21.03.2013

ESSILOR INTERNATIONAL EUR 25146 44 210 1 0 0 1 25.82 6659 6659 7092 7756 1488 1488 - - 3.74 3.75 4.09 4.53 41.53 41.61 38.11 34.35 25.47 15.51 28.33 15.73 29.82 - - - -

UNIBAIL-RODAMCO SE EUR 24300 40 95 16 0 2 0 43.75 1992 2461 2121 2289 1277 1524 - - 21.25 21.81 13.45 14.73 15.30 15.41 24.81 22.66 -31.06 15.48 -25.34 - 82.66 A 27.06.2007 WR 16.07.2010

ENEL SPA EUR 33110 3666 9403 89 0 22 13 135.42 110383 109290 109254 108727 21556 - - - 0.12 0.11 0.43 0.42 42.95 42.95 11.04 11.29 8.82 7.71 -7.49 14.35 - BBB 11.07.2013 Baa2 05.11.2012

COMPAGNIE DE SAINT-GOBAIN EUR 26417 170 526 17 0 1 6 39.57 57659 56566 56399 57404 6410 5948 - - 2.48 1.50 2.69 3.54 42.52 28.46 23.68 18.02 3.43 -1.23 -5.90 -4.73 14.03 BBB 24.07.2009 Baa2 31.07.2009

ORANGE EUR 25810 608 2627 52 0 3 11 68.56 58082 56427 55313 54222 16516 16002 - - 0.98 0.08 1.35 1.34 162.40 18.22 9.60 9.71 -5.19 -6.13 -23.51 -11.29 37.85 BBB+ 22.04.2013 A3 23.06.2005

REPSOL SA EUR 31606 191 1256 25 0 1 8 51.65 78649 79764 77672 81553 9366 9139 2085 2085 2.19 2.11 2.27 2.26 15.32 - 14.27 14.36 21.03 -0.04 28.01 -6.57 15.29 BBB- 19.04.2012 - -

CARREFOUR SA EUR 22463 141 703 15 0 1 9 29.40 101611 101611 102519 105615 4899 4899 - - 0.60 0.21 1.86 2.15 193.92 68.42 22.27 19.28 1.54 -3.75 137.76 -0.52 6.43 BBB 15.03.2012 (P)Baa2 15.03.2012

CRH PLC EUR 16142 64 734 7 0 0 2 20.35 24905 24905 24682 26257 2189 2189 542 542 0.67 1.02 0.95 1.32 28.94 44.04 31.13 22.40 4.27 -2.46 -1.29 -14.03 11.73 BBB+ 17.12.2007 - -

RWE AG EUR 17265 329 615 27 4 2 7 43.26 67767 68288 71296 70646 12086 12145 3204 3204 2.60 3.07 5.26 4.07 12.21 13.01 7.13 9.22 4.39 4.38 41.38 4.09 23.74 BBB+ 27.07.2012 Baa1 21.06.2013

ARCELORMITTAL EUR 20791 1609 1549 34 0 5 6 53.86 112404 105420 109118 113252 8667 7959 2039 2039 0.01 -4.93 -0.02 1.31 - - 16.94 -13.86 -6.17 -45.92 -26.24 10.08 BB+ 02.08.2012 Ba1 06.11.2012

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] |

Page 3: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

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 2.36 2.36 2.18 2.02 2.36 1.52 1.52 1.45 1.39 1.52 10.77 10.77 10.05 10.50 10.77 9.45 9.45 8.71 8.12 9.45 15.33 15.33 13.83 12.51 15.33 2.09 2.09 2.25 2.39 2.09 1832.6 8.4%

Euro Stoxx 50 Pr 1.23 1.23 1.16 1.10 1.23 0.80 0.80 0.77 0.75 0.80 6.31 6.31 5.76 5.20 6.31 7.32 7.32 6.90 6.54 7.32 12.41 12.41 11.02 9.93 12.41 4.09 4.09 4.33 4.68 4.09 2986.8 6.7%

NIKKEI 225 1.47 1.47 1.38 1.28 1.47 0.71 0.71 0.68 0.66 0.71 8.66 8.66 7.99 7.39 8.66 9.06 9.06 8.32 7.87 9.06 17.21 17.21 15.29 13.81 17.21 1.70 1.70 1.86 2.00 1.70 15126.1 11.2%

FTSE 100 INDEX 1.75 1.75 1.64 1.52 1.75 0.99 0.99 0.96 0.94 0.99 8.46 8.46 7.75 6.51 8.46 7.41 7.41 6.77 6.34 7.41 12.58 12.58 11.39 10.45 12.57 3.82 3.82 4.13 4.48 3.82 7020.6 7.6%

SWISS MARKET INDEX 2.42 2.42 2.24 2.09 2.42 2.05 2.05 1.96 1.87 2.05 12.78 12.78 11.50 10.29 12.78 12.91 12.91 11.94 11.15 12.91 15.17 15.17 13.70 12.46 15.17 3.22 3.22 3.60 4.08 3.22 8714.2 9.8%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.57 1.47 1.68 1.61 1.61 1.51 1.49 1.61 8.56 8.56 7.76 6.47 8.56 8.72 8.72 7.77 7.24 8.72 14.90 14.90 13.20 12.04 14.90 3.23 3.23 3.36 3.47 3.23 14073.4 13.4%

S&P/ASX 200 INDEX 1.85 1.85 1.75 1.65 1.85 1.73 1.73 1.64 1.56 1.73 10.51 10.51 9.48 9.08 10.51 8.91 8.91 8.10 7.52 8.91 14.53 14.53 13.17 12.15 14.53 4.66 4.66 4.97 5.31 4.66 5231.2 3.3%

HANG SENG INDEX 1.29 1.29 1.19 1.13 1.29 1.67 1.67 1.55 1.43 1.67 7.72 7.72 7.34 6.79 7.72 8.04 8.04 7.37 6.68 8.04 10.32 10.32 9.50 8.70 10.32 3.72 3.72 4.02 4.35 3.72 24727.3 14.2%

MSCI EM 1.37 1.37 1.25 1.13 1.37 0.96 0.96 0.90 0.84 0.96 6.86 6.86 6.25 5.78 6.86 7.35 7.35 6.67 6.14 7.35 10.59 10.59 9.47 8.65 10.59 2.96 2.96 3.25 3.51 2.96 1109.6 18.3%

SANOFI 1.79 1.78 1.74 1.67 1.52 3.00 3.07 2.91 2.77 2.71 11.14 12.34 11.11 9.66 8.99 8.54 9.77 8.78 8.06 7.66 12.66 14.26 12.59 11.29 10.51 3.56 3.58 3.96 4.42 5.02 87.50 11.6%

TOTAL SA 1.23 1.18 1.08 1.00 0.95 0.53 0.53 0.51 0.51 0.53 4.14 4.07 3.75 3.51 3.48 3.48 3.67 3.46 3.28 3.12 7.33 7.93 7.74 7.51 6.87 5.84 5.94 6.09 6.23 6.59 45.05 12.5%

BAYER AG-REG 3.60 3.49 3.10 2.73 2.45 1.82 1.75 1.66 1.58 1.51 12.87 11.47 10.39 9.58 8.60 9.75 9.43 8.58 7.93 7.41 16.04 15.12 13.40 11.87 10.84 2.08 2.39 2.66 2.92 3.10 89.63 3.1%

SIEMENS AG-REG 2.23 2.34 2.13 1.96 1.43 0.94 0.95 0.92 0.89 0.85 9.92 11.71 9.33 8.21 8.19 8.72 10.15 7.88 7.50 6.69 13.52 15.43 11.74 10.71 9.28 3.70 3.73 4.07 4.25 4.26 86.85 4.7%

BASF SE 2.29 2.26 2.11 1.92 1.67 0.76 0.80 0.84 0.80 0.76 7.41 7.81 7.22 7.05 5.83 5.90 7.17 6.70 6.23 5.41 11.97 12.03 11.02 10.03 8.20 3.97 4.13 4.34 4.59 4.89 74.26 14.3%

BANCO SANTANDER SA 0.73 0.80 0.80 0.78 0.86 1.36 1.45 1.38 1.30 1.31 2.12 3.05 2.85 2.69 9.96 12.66 10.14 8.50 8.82 10.60 10.67 9.41 9.45 7.25 5.34 -3.9%

ANHEUSER-BUSCH INBEV NV 3.71 3.36 3.09 2.76 2.44 4.01 3.62 3.23 3.05 2.95 14.14 12.05 11.91 10.95 10.16 13.37 12.13 10.67 9.92 9.32 21.19 20.64 18.11 16.18 14.54 1.92 2.45 2.84 3.22 3.69 77.16 4.0%

ALLIANZ SE-REG 1.04 1.01 0.95 0.89 0.80 0.52 0.52 0.51 0.49 0.49 10.55 9.14 8.87 8.67 8.47 3.87 4.29 4.50 4.68 4.87 131.81 10.9%

SAP AG 4.75 4.05 3.48 2.96 2.45 4.24 3.95 3.62 3.35 3.03 17.44 14.89 13.00 11.67 9.70 12.79 11.42 10.35 9.37 8.39 18.22 16.50 14.74 13.25 11.72 1.50 1.65 1.89 2.10 2.13 64.79 15.2%

DAIMLER AG-REGISTERED SHARES 1.33 1.25 1.17 1.08 0.98 0.51 0.49 0.46 0.43 0.47 6.51 6.35 5.27 4.82 3.38 9.96 8.92 8.92 7.98 6.19 11.61 11.42 9.77 8.38 7.63 3.99 4.08 4.18 4.64 4.66 55.45 3.3%

BNP PARIBAS 0.80 0.76 0.72 0.69 1.58 1.57 1.54 1.48 1.43 6.22 6.03 5.49 4.77 9.11 10.64 9.28 8.10 6.71 3.03 3.56 4.22 5.06 5.34 54.21 9.3%

UNILEVER NV-CVA 5.30 4.90 4.35 3.88 3.27 1.74 1.72 1.64 1.54 1.47 14.73 13.57 12.93 11.77 10.39 12.27 11.76 11.04 10.26 9.65 18.49 17.97 16.51 15.06 14.03 3.25 3.54 3.79 4.06 4.64 32.86 12.4%

ENI SPA 1.03 0.99 0.95 0.91 0.84 0.51 0.53 0.51 0.49 0.55 3.70 4.10 3.44 3.22 3.41 2.76 3.28 2.90 2.72 2.73 8.46 11.37 9.38 8.63 8.42 6.35 6.45 6.58 6.70 6.94 19.32 13.7%

TELEFONICA SA 2.17 2.13 2.05 1.94 0.79 0.85 0.86 0.86 0.87 3.40 3.87 3.69 3.65 8.05 5.14 5.53 5.56 5.53 5.62 8.95 10.50 10.02 9.46 9.53 1.18 6.69 7.15 7.09 7.73 11.43 5.1%

BANCO BILBAO VIZCAYA ARGENTA 0.95 0.89 0.85 0.80 1.80 1.86 1.77 1.68 1.68 3.11 4.14 3.79 3.54 20.22 11.78 10.12 8.22 8.06 5.85 5.82 5.55 5.96 5.99 7.48 4.2%

LVMH MOET HENNESSY LOUIS VUI 2.79 2.57 2.32 2.09 1.65 2.51 2.33 2.12 1.95 1.82 14.63 13.65 12.48 11.36 14.12 10.90 10.27 9.15 8.33 7.91 19.22 18.95 16.61 14.87 12.91 2.16 2.29 2.60 2.90 3.16 153.44 10.7%

DANONE 2.83 2.79 2.59 2.41 2.14 1.79 1.69 1.59 1.50 1.40 13.92 13.48 12.14 10.98 9.96 12.64 12.22 11.42 10.70 9.75 19.55 19.14 17.51 15.84 14.55 2.48 2.53 2.72 2.99 3.51 60.29 2.2%

DEUTSCHE BANK AG-REGISTERED 0.56 0.58 0.56 0.52 1.02 1.03 1.01 0.98 0.92 5.96 7.57 6.00 4.45 9.44 8.56 7.20 6.02 5.15 2.23 2.42 3.05 4.05 3.60 40.20 19.0%

AXA SA 0.87 0.81 0.78 0.72 0.67 0.41 0.41 0.40 0.39 11.85 11.23 9.48 8.64 8.07 7.63 7.10 4.21 4.64 4.89 5.21 5.66 18.36 6.1%

SCHNEIDER ELECTRIC SA 1.97 1.89 1.76 1.65 1.43 1.39 1.30 1.24 1.23 12.41 11.75 10.71 10.01 9.93 10.44 9.81 8.93 8.24 8.32 15.88 14.79 13.25 12.05 12.28 2.89 3.16 3.47 3.80 3.71 62.46 2.6%

AIR LIQUIDE SA 2.90 2.78 2.56 2.36 2.04 1.97 1.84 1.71 1.62 10.81 10.42 9.71 8.91 10.12 9.61 8.83 8.11 7.53 19.50 18.67 16.86 15.22 13.54 2.52 2.64 2.86 3.10 3.45 103.01 3.1%

L'OREAL 4.01 3.47 3.20 2.94 2.56 3.43 3.28 3.09 2.89 2.76 21.09 19.55 18.04 16.63 15.44 16.97 15.89 14.70 13.61 12.89 26.50 24.84 22.85 21.02 19.47 1.74 1.96 2.15 2.35 2.59 126.50 -0.2%

ING GROEP NV-CVA 0.65 0.60 0.58 0.56 0.47 0.77 0.75 0.73 0.70 9.71 7.24 6.28 11.04 8.59 7.88 7.24 7.00 0.00 0.00 1.31 2.96 8.47 -0.8%

DEUTSCHE TELEKOM AG-REG 1.43 1.49 1.42 1.42 0.72 0.71 0.71 0.71 0.72 3.05 3.02 2.96 2.98 5.09 5.20 5.15 5.14 4.99 14.68 13.47 12.82 12.57 10.44 7.42 5.54 5.41 5.49 5.75 9.64 2.3%

E.ON SE 0.61 0.63 0.61 0.59 0.55 0.21 0.20 0.20 0.20 0.19 2.94 3.68 3.73 3.47 3.57 3.98 4.57 4.55 4.60 4.73 5.37 9.41 9.21 9.23 10.08 9.09 5.90 5.87 5.95 5.26 12.76 6.1%

VOLKSWAGEN AG-PREF 1.10 1.02 0.91 0.81 0.43 0.41 0.39 0.37 0.36 3.82 3.95 3.63 3.54 3.15 8.12 7.44 6.60 6.11 5.54 8.50 8.55 7.31 6.62 5.99 2.12 2.30 2.95 3.55 4.77 209.04 14.6%

EADS NV 3.78 3.68 2.98 2.41 1.97 0.65 0.61 0.57 0.54 0.53 12.35 9.59 7.49 6.00 6.50 7.81 6.24 5.28 4.65 4.56 23.59 17.05 12.50 10.86 10.14 1.35 2.12 2.85 3.45 3.36 48.36 6.2%

MUENCHENER RUECKVER AG-REG 0.95 0.90 0.86 0.83 0.82 0.47 0.47 0.46 0.45 0.42 8.11 8.50 8.47 8.22 8.69 4.76 5.01 5.20 5.37 5.81 153.33 7.2%

ASML HOLDING NV 6.63 4.94 4.29 3.47 6.44 6.01 4.73 4.13 3.36 23.24 30.16 17.19 13.30 8.44 21.09 23.80 15.74 12.25 10.29 27.48 31.25 19.89 14.99 9.99 0.67 0.81 0.93 1.14 1.23 67.71 -0.9%

GDF SUEZ 0.61 0.66 0.66 0.67 0.65 0.44 0.51 0.51 0.49 0.50 3.41 3.76 3.68 3.86 3.46 5.51 6.98 7.00 6.83 6.73 10.94 12.48 12.07 11.35 11.28 8.80 8.80 8.67 7.96 7.35 17.39 2.0%

BAYERISCHE MOTOREN WERKE AG 1.49 1.38 1.25 1.14 1.01 0.59 0.58 0.55 0.53 0.51 5.48 4.61 4.46 4.12 3.29 7.85 8.13 7.85 7.35 6.53 9.12 9.03 8.73 8.36 7.82 3.69 3.81 4.09 4.42 4.82 79.50 12.3%

SOCIETE GENERALE 0.63 0.59 0.56 0.53 1.22 1.21 1.14 1.10 5.36 4.93 4.15 3.80 12.67 10.56 8.18 6.94 1.44 2.67 4.40 5.65 37.88 7.9%

UNICREDIT SPA 0.42 0.41 0.41 0.39 1.02 1.06 1.04 1.00 1.03 2.55 4.22 3.61 3.18 31.31 22.84 12.13 8.20 12.10 1.30 1.99 2.90 4.00 4.14 -7.6%

KONINKLIJKE PHILIPS NV 1.91 1.92 1.81 1.66 0.94 0.97 0.93 0.88 0.84 11.61 10.13 8.50 7.24 9.24 7.76 6.92 6.28 6.12 19.93 15.53 13.15 11.50 9.95 3.19 3.26 3.51 3.74 3.77 25.99 9.1%

INDITEX 7.60 6.80 6.00 5.29 4.58 4.05 3.73 3.36 3.05 2.72 20.06 18.68 16.68 15.24 15.38 14.29 12.82 11.61 10.35 27.10 24.68 22.11 19.92 17.35 2.19 2.36 2.66 3.02 3.46 106.92 3.0%

IBERDROLA SA 0.73 0.75 0.74 0.74 0.70 0.84 0.77 0.76 0.73 0.81 4.46 4.56 4.66 4.66 5.34 6.82 7.06 7.04 6.82 6.66 9.25 10.68 10.96 10.58 9.55 7.39 7.09 7.04 6.75 6.71 4.17 -1.1%

VINCI SA 1.67 1.60 1.49 1.39 0.63 0.61 0.61 0.60 0.58 5.92 6.11 5.87 5.56 7.53 7.13 7.04 6.77 6.54 6.29 11.74 11.66 11.10 10.21 9.83 4.41 4.38 4.57 4.85 5.06 45.84 13.2%

VIVENDI 1.02 1.08 1.04 0.99 0.75 0.76 0.75 0.73 0.72 3.50 4.06 3.98 3.62 4.75 4.88 4.80 4.67 4.62 7.95 9.22 8.86 8.50 7.33 6.27 5.97 5.90 6.17 6.82 17.76 11.1%

INTESA SANPAOLO 0.48 0.48 0.47 0.45 1.36 1.43 1.40 1.35 1.37 3.04 4.55 3.74 3.39 14.87 15.84 10.33 7.88 6.94 3.50 3.43 4.26 5.49 6.18 1.41 -3.0%

ASSICURAZIONI GENERALI 1.17 1.11 1.06 0.96 0.88 0.29 0.31 0.30 0.32 0.35 2.43 2.21 17.69 10.72 10.18 9.14 9.16 1.90 2.79 3.45 4.17 2.85 14.18 -5.6%

ESSILOR INTERNATIONAL 5.12 4.40 4.01 3.60 3.78 3.55 3.24 2.98 2.77 23.43 20.42 18.65 16.73 21.64 17.64 16.41 14.84 13.47 12.15 31.16 28.55 25.74 23.21 20.57 1.13 1.13 1.25 1.38 1.48 88.32 1.0%

UNIBAIL-RODAMCO SE 1.41 1.27 1.20 1.11 0.91 13.75 11.46 10.61 9.79 9.00 18.77 17.90 15.82 15.25 13.07 24.93 23.73 21.89 20.20 19.42 19.71 18.59 16.98 15.55 14.08 4.48 4.73 5.09 5.51 5.76 190.44 1.7%

ENEL SPA 0.61 0.64 0.61 0.59 0.58 0.30 0.30 0.30 0.30 0.30 2.75 2.60 2.60 2.60 2.72 6.11 6.33 6.46 6.34 6.20 7.19 8.27 8.46 7.97 7.49 5.69 5.00 4.93 5.16 5.46 2.81 6.6%

COMPAGNIE DE SAINT-GOBAIN 1.05 1.06 1.03 0.98 0.46 0.47 0.46 0.44 0.42 6.75 7.29 6.53 5.84 6.77 7.05 6.42 5.81 5.16 15.24 17.74 13.50 11.11 9.45 3.25 3.45 3.66 3.91 34.58 -3.4%

ORANGE 0.70 0.76 0.74 0.71 0.70 0.44 0.47 0.48 0.48 0.48 1.92 2.16 2.17 2.25 2.72 3.76 4.04 4.19 4.27 4.24 5.67 7.19 7.28 7.21 6.64 11.00 10.38 9.66 9.88 10.55 8.85 21.2%

REPSOL SA 0.86 0.81 0.78 0.76 0.93 0.39 0.41 0.39 0.40 0.45 4.66 4.51 4.86 4.52 4.15 5.50 5.33 5.22 4.96 4.55 11.57 10.69 10.76 10.37 10.12 4.87 5.38 5.40 5.57 5.49 19.08 5.0%

CARREFOUR SA 2.11 2.01 1.85 1.70 0.22 0.22 0.21 0.21 0.19 6.96 6.61 5.77 5.42 5.95 5.82 5.45 5.16 4.87 18.52 16.69 14.45 12.63 11.04 2.25 2.69 3.08 3.47 23.82 2.5%

CRH PLC 1.10 1.11 1.09 1.04 0.65 0.65 0.61 0.58 0.52 9.32 9.36 8.34 6.90 9.52 9.75 8.15 7.03 5.53 22.59 23.32 16.78 12.76 10.11 3.81 3.82 3.90 4.03 15.97 -3.7%

RWE AG 0.80 0.86 0.82 0.77 0.73 0.25 0.24 0.24 0.24 0.23 2.16 2.24 2.45 2.48 2.84 3.70 3.62 4.01 4.11 4.28 5.17 5.34 6.91 7.41 7.80 9.61 9.33 7.54 7.24 6.53 24.42 16.1%

ARCELORMITTAL 0.36 0.41 0.40 0.39 0.36 0.25 0.25 0.25 0.24 0.23 4.05 5.01 3.85 3.45 2.70 5.80 6.04 5.06 4.54 3.52 73.00 12.69 9.80 7.39 4.52 1.62 2.12 2.99 6.01 11.40 21.9%

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

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

Page 4: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (28.05.2013) 87.03

52-Week Low (27.08.2012) 64.20

Daily Volume

78.39

52-Week High % Change -9.93% Dividend Yield -

52-Week Low % Change 22.10% Beta 0.74

% 52 Week Price Range High/Low 61.85% Equity Float 1'193.37

Shares Out 08.07.2013 1'332.1 Short Int -

104'422.96 1 Yr Total Return 20.81%

Total Debt 14'531.00 YTD Return 13.47%

Preferred Stock 0.0 Adjusted BETA 0.736

Minority Interest 134.0 Analyst Recs 35

Cash and Equivalents 6'381.00 Consensus Rating 4.086

Enterprise Value 115'030.96

Average Volume 5 Day 3'772'134

SAN FP EQUITY YTD Change - Average Volume 30 Day 2'526'123

SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'695'340

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

27'568.0 29'306.0 32'367.0 33'389.0 34'947.0 34'121 34'495 33'993 35'876 9'004 8'919

2.22x 2.61x 1.99x 2.59x 2.94x 5.12x 5.61x 3.23x 2.98x - -

9'940.0 12'805.0 13'156.0 12'593.0 12'384.0 9'305.0 8'624.0 11'752.8 13'081.4 - -

6.16x 5.97x 4.90x 6.88x 8.30x 0.00x 0.00x 9.77x 8.78x - -

3'851.0 5'265.0 5'467.0 5'693.0 4'967.0 6'284.0 4'144.0 7'170.6 8'119.8 2'152.2 1'921.8

15.94x 14.13x 11.42x 13.17x 18.99x 12.28x 25.25x 14.26x 12.59x 13.16x 12.44x

EBITDA 12'384.00 Long-Term Rating Date 03.05.2013

EBIT 7'787.00 Long-Term Rating AA

Operating Margin 22.28% Long-Term Outlook STABLE

Pretax Margin 17.94% Short-Term Rating Date 18.02.2011

Return on Assets 3.44% Short-Term Rating A-1+

Return on Common Equity 6.09%

Return on Capital - EBITDA/Interest Exp. 29.70

Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 25.83

Net Debt/EBITDA 0.93

Gross Margin 68.2% Total Debt/EBITDA 1.30

EBITDA Margin 33.5%

EBIT Margin 19.3% Total Debt/Equity 25.3%

Net Income Margin 14.2% Total Debt/Capital 20.2%

Asset Turnover 0.34

Current Ratio 1.65 Net Fixed Asset Turnover 3.18

Quick Ratio 1.00 Accounts receivable turnover-days -

Debt to Assets 14.47% Inventory Days -

Tot Debt to Common Equity 25.34% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle 184.13

Inventory Turnover -

Fiscal Year Ended

SanofiPrice/Volume

Valuation Analysis

421'923.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

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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

40'000.0

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

,',,

.',,

1',,

3',,

5',,

-,',,

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,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0

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

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

Page 5: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

L'OREAL SA n/a 20F 118'227'307 8.88 - 31.01.2013 Corporation

NORGES BANK Multiple Portfolios MF-AGG 31'319'685 2.35 - 31.12.2012 Government

BLACKROCK n/a ULT-AGG 24'176'248 1.81 998'644 29.07.2013 Investment Advisor

FMR LLC n/a ULT-AGG 21'550'093 1.62 608'253 30.06.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'606'458 1.4 567'306 30.06.2013 Investment Advisor

SANOFI EMP SAVINGS P n/a 20F 17'191'116 1.29 - 31.01.2013 n/a

DODGE & COX Multiple Portfolios MF-AGG 16'598'982 1.25 (350'000) 30.06.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 16'061'256 1.21 458'457 31.12.2012 Investment Advisor

DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 16'001'574 1.2 - 31.03.2013 Investment Advisor

DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 14'136'166 1.06 - 31.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 13'073'821 0.98 (333'547) 30.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 11'272'539 0.85 (1'594'592) 31.03.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'656'462 0.65 224'562 28.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 6'884'655 0.52 190'417 30.04.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 6'525'275 0.49 21'500 31.05.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'996'246 0.45 3'000 31.05.2013 Hedge Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 5'346'259 0.4 1'026'859 30.06.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 4'692'828 0.35 (132'673) 28.03.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 4'666'560 0.35 (153'430) 31.05.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 4'138'278 0.31 19'634 30.06.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale STEPHEN MCGARRY buy 5 M 92 12 month 30.07.2013

Deutsche Bank MARK CLARK buy 5 M 102 12 month 30.07.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 90 6 month 30.07.2013

Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M 89 12 month 29.07.2013

Credit Suisse LUISA HECTOR neutral 3 M 84 Not Provided 26.07.2013

Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 26.07.2013

Helvea ODILE RUNDQUIST accumulate 4 M 90 12 month 25.07.2013

AlphaValue ARMELLE MOULIN reduce 2 M 84 6 month 25.07.2013

Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 91 Not Provided 24.07.2013

Barclays MARK PURCELL equalweight 3 M 77 Not Provided 23.07.2013

Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 104 12 month 21.07.2013

Intermonte Securities SpA ZHANG YANGMEI buy 5 M 86 Not Provided 17.07.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 89 12 month 15.07.2013

Exane BNP Paribas VINCENT MEUNIER outperform 5 M 95 Not Provided 15.07.2013

Jefferies JEFFREY HOLFORD buy 5 M 100 12 month 12.07.2013

Natixis PHILIPPE LANONE buy 5 M 100 Not Provided 01.07.2013

Liberum Capital Ltd NARESH CHOUHAN hold 3 M 80 Not Provided 28.06.2013

EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 27.06.2013

CM - CIC Securities(ESN) ARSENE GUEKAM reduce 2 M 76 12 month 24.06.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 88 12 month 03.06.2013

Kepler Cheuvreux FABIAN WENNER hold 3 M 81 Not Provided 03.06.2013

UBS ANDREW WHITNEY buy 5 M 92 12 month 24.05.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 92 12 month 20.05.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 92 12 month 17.05.2013

Berenberg Bank ALISTAIR CAMPBELL hold 3 M 93 Not Provided 14.05.2013

JPMorgan RICHARD VOSSER overweight 5 M 99 9 month 09.05.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 90 Not Provided 02.05.2013

Mirabaud Securities NICHOLAS TURNER neutral 3 D 83 Not Provided 22.03.2013

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

Nord/LB THORSTEN STRAUSS hold 3 M #N/A N/A Not Provided 11.12.2012

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.11.2012

Main First Bank AG TIM FRANKLIN suspended coverage #N/A N/A M #N/A N/A Not Provided 20.07.2012

Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 52 Not Provided 08.02.2012

Holdings By:

Sanofi ee

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

Page 6: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (14.09.2012) 42.00

52-Week Low (17.04.2013) 35.18

Daily Volume

40.025

52-Week High % Change -4.69% Dividend Yield 5.90

52-Week Low % Change 13.79% Beta 0.88

% 52 Week Price Range High/Low 72.07% Equity Float 2'045.62

Shares Out 30.06.2013 2'376.7 Short Int -

95'128.84 1 Yr Total Return 6.58%

Total Debt 33'290.00 YTD Return 5.89%

Preferred Stock 0.0 Adjusted BETA 0.881

Minority Interest 1'281.0 Analyst Recs 33

Cash and Equivalents 17'031.00 Consensus Rating 3.970

Enterprise Value 117'386.84

Average Volume 5 Day 3'568'720

FP FP EQUITY YTD Change - Average Volume 30 Day 3'921'878

FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'366'650

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

160'331.0 112'153.0 140'476.0 166'550.0 182'299.0 175'834.0 177'386.0 178'892.4 186'549.9 45'027.3 44'926.7

0.62x 1.03x 0.74x 0.65x 0.58x 2.28x 2.39x 0.64x 0.62x 2.60x 2.56x

29'887.0 22'234.0 28'045.0 32'919.0 32'343.0 31'821.0 30'393.0 32'046.8 33'940.6 9'428.0 9'485.0

3.32x 5.22x 3.72x 3.28x 3.27x 3.10x 3.53x 3.67x 3.46x 3.15x 3.11x

10'590.0 8'447.0 10'571.0 12'276.0 10'694.0 10'790.0 9'521.0 11'596.5 12'015.1 3'228.5 3'265.0

8.21x 11.87x 8.38x 7.23x 8.23x 7.43x 8.91x 7.93x 7.74x 7.73x 7.69x

EBITDA 32'343.00 Long-Term Rating Date 12.04.2011

EBIT 21'862.00 Long-Term Rating AA-

Operating Margin 11.99% Long-Term Outlook STABLE

Pretax Margin 13.11% Short-Term Rating Date 13.09.1999

Return on Assets 5.60% Short-Term Rating A-1+

Return on Common Equity 13.30%

Return on Capital 9.43% EBITDA/Interest Exp. 48.20

Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 18.54

Net Debt/EBITDA 0.68

Gross Margin - Total Debt/EBITDA 1.07

EBITDA Margin 17.1%

EBIT Margin 11.4% Total Debt/Equity 45.7%

Net Income Margin 5.9% Total Debt/Capital 31.0%

Asset Turnover 1.04

Current Ratio 1.38 Net Fixed Asset Turnover 2.51

Quick Ratio 0.74 Accounts receivable turnover-days 40.46

Debt to Assets 19.37% Inventory Days -

Tot Debt to Common Equity 45.66% Accounts Payable Turnover Day -

Accounts Receivable Turnover 9.02 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

Total SAPrice/Volume

Valuation Analysis

567'604.00

Current Price (8/dd/yy) Market Data

,2

-,-2.,.20,021,12

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40'000.0

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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

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

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

Page 7: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

AMUNDI n/a 13G 180'919'481 7.61 - 31.12.2012 Investment Advisor

TOTAL SA n/a 20F 108'732'635 4.57 - 31.12.2012 Corporation

GROUPE BRUXELLES LAM n/a 20F 94'636'768 3.98 559'401 31.12.2012 Holding Company

QATAR HOLDINGS LLC n/a Research 47'275'059 1.99 - 14.03.2012 Government

NORGES BANK n/a Research 47'038'683 1.98 - 31.12.2011 Government

NATIONALE A PORTEFEU n/a 20F 33'122'869 1.39 (2'333'425) 31.12.2012 Private Equity

BLACKROCK n/a ULT-AGG 28'682'678 1.21 969'007 29.07.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'589'404 1.03 1'133'675 30.06.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 18'036'409 0.76 (130'325) 30.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 15'875'404 0.67 (88'423) 30.04.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 12'428'800 0.52 (7'965'265) 30.06.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 12'204'782 0.51 5'059'441 31.05.2013 Hedge Fund Manager

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'704'762 0.49 (4'002'760) 28.03.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 10'518'798 0.44 (46'000) 31.05.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 10'125'443 0.43 (854'454) 30.07.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 7'850'360 0.33 4'635 28.03.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'564'200 0.32 67'100 31.05.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 7'358'913 0.31 782'983 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 7'203'345 0.3 2'353'371 30.06.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 6'918'600 0.29 800'000 30.06.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 41 12 month 30.07.2013

Societe Generale IRENE HIMONA buy 5 M 47 12 month 29.07.2013

RBC Capital Markets PETER HUTTON outperform 5 M 44 12 month 29.07.2013

Credit Suisse KIM FUSTIER neutral 3 M 44 Not Provided 29.07.2013

JPMorgan NITIN SHARMA overweight 5 M 49 12 month 29.07.2013

Jefferies IAIN REID buy 5 M 48 12 month 29.07.2013

Raymond James BERTRAND HODEE outperform 5 M 45 12 month 29.07.2013

Macquarie JASON D GAMMEL neutral 3 M 42 12 month 29.07.2013

Independent Research GmbH SVEN DIERMEIER sell 1 D 37 12 month 29.07.2013

CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 29.07.2013

Oddo & Cie AHMED BEN SALEM buy 5 M 50 Not Provided 29.07.2013

Natixis ANNE PUMIR buy 5 M 47 Not Provided 29.07.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 44 12 month 29.07.2013

Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 29.07.2013

Barclays LYDIA RAINFORTH underweight 1 M 43 Not Provided 29.07.2013

Investec NEILL MORTON hold 3 M 37 12 month 26.07.2013

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 52 12 month 26.07.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 45 Not Provided 26.07.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 48 12 month 26.07.2013

Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 47 Not Provided 26.07.2013

AlphaValue ALEXANDRE ANDLAUER reduce 2 M 37 6 month 25.07.2013

Deutsche Bank LUCAS HERRMANN buy 5 M 42 12 month 19.07.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 48 Not Provided 15.07.2013

Canaccord Genuity Corp SAMUEL SIMON buy 5 M 45 12 month 08.07.2013

EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013

VTB Capital COLIN SMITH buy 5 M 50 12 month 15.05.2013

HSBC PAUL SPEDDING overweight 5 M 46 Not Provided 02.05.2013

Grupo Santander JASON KENNEY buy 5 M 45 Not Provided 30.04.2013

Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 16.04.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 04.04.2013

Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 42 12 month 20.03.2013

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 47 12 month 15.02.2013

UBS JONATHON RIGBY buy 5 M 44 12 month 30.07.2012

Holdings By:

Total SA ee

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

Page 8: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (06.08.2013) 91.03

52-Week Low (23.08.2012) 60.50

Daily Volume

86.9

52-Week High % Change -4.54% Dividend Yield -

52-Week Low % Change 43.64% Beta 0.92

% 52 Week Price Range High/Low 87.65% Equity Float 801.82

Shares Out 30.06.2013 826.9 Short Int -

71'861.77 1 Yr Total Return 40.96%

Total Debt 9'532.00 YTD Return 23.77%

Preferred Stock 0.0 Adjusted BETA 0.925

Minority Interest 100.0 Analyst Recs 38

Cash and Equivalents 2'551.00 Consensus Rating 3.842

Enterprise Value 80'788.77

Average Volume 5 Day 1'997'784

BAYN GY EQUITY YTD Change - Average Volume 30 Day 1'885'334

BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'065'393

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

32'918.0 31'168.0 35'088.0 36'528.0 39'760.0 38'081.0 40'153.0 41'017.9 43'338.5 9'933.0 10'259.0

1.40x 1.80x 1.53x 1.32x 1.67x 5.12x 6.96x 1.92x 1.76x - -

6'702.0 7'695.0 8'900.0 8'963.0 9'001.0 9'332.0 8'900.0 8'554.2 9'400.0 1'826.5 1'986.5

6.86x 7.30x 6.04x 5.36x 7.39x 5.86x 8.60x 9.43x 8.58x - -

1'719.0 1'359.0 1'301.0 2'470.0 2'446.0 2'560.0 2'903.0 4'766.1 5'398.6 1'021.0 1'043.5

18.72x 32.92x 35.22x 16.52x 24.29x 18.24x 23.30x 15.12x 13.40x - -

EBITDA 9'001.00 Long-Term Rating Date 30.04.2008

EBIT 6'041.00 Long-Term Rating A-

Operating Margin 15.19% Long-Term Outlook POS

Pretax Margin 8.17% Short-Term Rating Date 11.07.2006

Return on Assets 5.50% Short-Term Rating A-2

Return on Common Equity 15.33%

Return on Capital - EBITDA/Interest Exp. 12.11

Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 9.52

Net Debt/EBITDA 0.99

Gross Margin 52.1% Total Debt/EBITDA 1.27

EBITDA Margin 22.2%

EBIT Margin 15.1% Total Debt/Equity 51.6%

Net Income Margin 6.2% Total Debt/Capital 33.9%

Asset Turnover 0.76

Current Ratio 1.45 Net Fixed Asset Turnover 4.06

Quick Ratio 0.76 Accounts receivable turnover-days 79.64

Debt to Assets 18.57% Inventory Days 131.78

Tot Debt to Common Equity 51.61% Accounts Payable Turnover Day 70.17

Accounts Receivable Turnover 4.58 Cash Conversion Cycle 119.75

Inventory Turnover 2.77

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

Bayer AGPrice/Volume

Valuation Analysis

319'336.00

Current Price (8/dd/yy) Market Data

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

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10'000.0

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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

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

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

Page 9: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

CAPITAL GROUP COMPAN n/a ULT-AGG 70'743'628 8.55 (725'000) 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 67'206'660 8.13 (231'399) 29.07.2013 Investment Advisor

SEB n/a ULT-AGG 41'431'997 5.01 (196'834) 26.04.2013 Unclassified

UBS n/a ULT-AGG 24'716'989 2.99 (16'753) 30.07.2013 Unclassified

CREDIT SUISSE GROUP n/a Research 20'623'972 2.49 - 15.05.2013 Unclassified

NORGES BANK Multiple Portfolios MF-AGG 19'085'378 2.31 - 31.12.2012 Government

FMR LLC n/a ULT-AGG 14'730'674 1.78 183'703 30.06.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'389'422 1.38 329'110 30.06.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 10'591'070 1.28 (288'800) 30.06.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 10'258'368 1.24 46'177 31.03.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 9'840'914 1.19 357'762 31.05.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 8'129'350 0.98 (28'158) 31.05.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'641'742 0.8 184'912 30.07.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'782'212 0.7 (280'928) 30.04.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 5'516'085 0.67 503'958 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 5'468'324 0.66 (200'301) 30.06.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'911'763 0.59 (1'026'192) 30.06.2013 Investment Advisor

SOCIETE GENERALE SA n/a Research 4'502'247 0.54 - 10.05.2013 Unclassified

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'199'881 0.51 (1'458'310) 30.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'917'151 0.47 269'159 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Deutsche Bank TIM RACE buy 5 M 99 12 month 31.07.2013

Morgan Stanley AMY WALKER Equalwt/Attractive 3 M 93 12 month 31.07.2013

Baader Bank NORBERT BARTH hold 3 M 66 12 month 31.07.2013

Jefferies JEFFREY HOLFORD buy 5 M 95 12 month 31.07.2013

Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 75 12 month 31.07.2013

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 94 Not Provided 31.07.2013

Bryan Garnier & Cie MARTIAL DESCOUTURES neutral 3 M 87 6 month 31.07.2013

Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 75 12 month 31.07.2013

Exane BNP Paribas FLORENT CESPEDES outperform 5 M 93 Not Provided 31.07.2013

Helvea ODILE RUNDQUIST neutral 3 M 87 12 month 31.07.2013

Barclays MARK PURCELL underweight 1 M 68 Not Provided 29.07.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 88 12 month 26.07.2013

Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 90 6 month 25.07.2013

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 95 Not Provided 25.07.2013

AlphaValue MARTIN SCHNEE reduce 2 M 84 6 month 25.07.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 23.07.2013

Credit Suisse JOHANNA WALTON outperform 5 M 95 Not Provided 18.07.2013

Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 90 12 month 04.07.2013

Natixis BEATRICE MUZARD buy 5 M 93 Not Provided 04.07.2013

Main First Bank AG RONALD KOEHLER outperform 5 M 90 12 month 01.07.2013

Liberum Capital Ltd NARESH CHOUHAN buy 5 M 110 Not Provided 28.06.2013

M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 89 12 month 24.06.2013

Ahorro Corporacion Financiera SA JOSE VALLE buy 5 M 91 Not Provided 24.06.2013

Goldman Sachs STEVE CHESNEY Buy/Neutral 5 U 100 12 month 20.06.2013

Redburn Partners TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 14.06.2013

EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013

DZ Bank AG PETER SPENGLER buy 5 M 95 12 month 24.05.2013

S&P Capital IQ SHO MATSUBARA buy 5 U 91 12 month 22.05.2013

Kepler Cheuvreux FABIAN WENNER hold 3 M 85 Not Provided 15.05.2013

JPMorgan RICHARD VOSSER overweight 5 M 95 9 month 13.05.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.04.2013

Nord/LB THORSTEN STRAUSS sell 1 M 65 12 month 26.04.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 85 12 month 25.04.2013

Nomura JEAN DE WATTEVILLE not rated #N/A N/A M #N/A N/A Not Provided 17.04.2013

National Bank AG EKKEHARD D LINK hold 3 M 80 Not Provided 12.04.2013

UBS ANDREW WHITNEY neutral 3 M 82 12 month 22.03.2013

Societe Generale STEPHEN MCGARRY hold 3 M 74 12 month 05.03.2013

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

Holdings By:

Bayer AG ee

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

Page 10: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

Siemens AG is an engineering and manufacturing company. The Company focuses on

four major business sectors including infrastructure and cities, healthcare,

industry and energy. Siemens AG also provides engineering solutions in

automation and control, power, transportation, and medical.

Latest Fiscal Year: 09/2012

LTM as of: 06/yy

52-Week High (21.03.2013) 85.52

52-Week Low (09.08.2012) 71.08

Daily Volume

82.96

52-Week High % Change -2.99% Dividend Yield -

52-Week Low % Change 16.72% Beta 0.94

% 52 Week Price Range High/Low 85.55% Equity Float 771.11

Shares Out 30.06.2013 881.0 Short Int -

73'087.76 1 Yr Total Return 19.88%

Total Debt 22'166.00 YTD Return 8.00%

Preferred Stock 0.0 Adjusted BETA 0.942

Minority Interest 569.0 Analyst Recs 38

Cash and Equivalents 11'415.00 Consensus Rating 3.737

Enterprise Value 86'450.76

Average Volume 5 Day 1'950'107

SIE GY EQUITY YTD Change - Average Volume 30 Day 2'812'471

SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'752'522

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

30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 06/yy 06/yy 09/13 Y 09/14 Y 09/13 Q4 12/13 Q1

77'327.0 76'651.0 68'978.0 73'275.0 78'296.0 76'980.0 77'090.0 76'581.5 79'307.5 20'662.4 18'579.5

0.82x 0.81x 1.09x 0.92x 1.00x 3.73x 3.18x 1.14x 1.07x 4.30x 4.88x

8'175.0 9'196.0 9'544.0 10'492.0 9'653.0 9'730.0 6'870.0 8'511.5 10'958.1 1'650.0 2'418.0

7.77x 6.77x 7.87x 6.40x 8.08x 7.17x 0.00x 10.15x 7.88x 8.90x 8.04x

5'725.0 2'292.0 3'899.0 6'145.0 4'458.0 4'265.0 4'491.0 4'393.8 6'078.2 1'103.8 1'397.0

34.66x 24.49x 16.42x 8.24x 13.50x 11.83x 14.02x 15.43x 11.74x 11.89x 11.18x

EBITDA 9'653.00 Long-Term Rating Date 05.06.2009

EBIT 6'909.00 Long-Term Rating A+

Operating Margin 8.82% Long-Term Outlook STABLE

Pretax Margin 9.30% Short-Term Rating Date 18.04.2011

Return on Assets 4.18% Short-Term Rating A-1+

Return on Common Equity 15.19%

Return on Capital 10.32% EBITDA/Interest Exp. 21.45

Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 16.55

Net Debt/EBITDA 1.48

Gross Margin 28.4% Total Debt/EBITDA 2.62

EBITDA Margin 11.3%

EBIT Margin 7.7% Total Debt/Equity 72.1%

Net Income Margin 5.7% Total Debt/Capital 41.5%

Asset Turnover 0.72

Current Ratio 1.22 Net Fixed Asset Turnover 7.37

Quick Ratio 0.62 Accounts receivable turnover-days 75.68

Debt to Assets 20.47% Inventory Days 111.86

Tot Debt to Common Equity 72.12% Accounts Payable Turnover Day 48.72

Accounts Receivable Turnover 4.82 Cash Conversion Cycle 120.05

Inventory Turnover 3.26

Fiscal Year Ended

Siemens AGPrice/Volume

Valuation Analysis

238'406.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

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

Page 11: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BLACKROCK n/a ULT-AGG 58'656'567 6.66 261'812 29.07.2013 Investment Advisor

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

NORGES BANK Multiple Portfolios MF-AGG 20'908'158 2.37 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'891'181 1.46 554'324 30.06.2013 Investment Advisor

UBS n/a ULT-AGG 8'286'054 0.94 (24'719) 30.07.2013 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 7'482'100 0.85 (1'112'700) 30.06.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 5'548'215 0.63 (331'878) 31.03.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'687'449 0.53 (697'189) 30.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 4'188'064 0.48 (108'950) 31.05.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 4'144'184 0.47 2'639 30.04.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'133'147 0.47 (810'641) 31.05.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'032'497 0.46 810'271 30.06.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 3'644'113 0.41 (1'535'336) 30.04.2013 Investment Advisor

FMR LLC n/a ULT-AGG 2'552'091 0.29 145'923 30.06.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'539'448 0.29 (457'633) 30.05.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'536'739 0.29 - 29.07.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 1'943'808 0.22 (214'751) 31.12.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 1'593'238 0.18 27'110 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Berenberg Bank WILLIAM MACKIE buy 5 M 92 Not Provided 30.07.2013

Nomura DANIEL CUNLIFFE buy 5 M 92 12 month 30.07.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL add 4 M 84 6 month 29.07.2013

Deutsche Bank PETER REILLY hold 3 M 75 12 month 29.07.2013

Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 95 12 month 29.07.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 85 12 month 29.07.2013

JPMorgan ANDREAS WILLI neutral 3 M 88 3 month 29.07.2013

Canaccord Genuity Corp ANDREW BELL hold 3 M 80 12 month 29.07.2013

Exane BNP Paribas OLIVIER ESNOU neutral 3 M 83 Not Provided 29.07.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 83 12 month 28.07.2013

HSBC MICHAEL HAGMANN neutral 3 M 84 Not Provided 28.07.2013

Nord/LB WOLFGANG DONIE hold 3 M 74 12 month 26.07.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL buy 5 M #N/A N/A Not Provided 26.07.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 82 12 month 26.07.2013

S&P Capital IQ UNAI FRANCO hold 3 M 82 12 month 25.07.2013

AlphaValue HEINZ STEFFEN reduce 2 M 85 6 month 25.07.2013

Natixis ARNAUD SCHMIT not rated #N/A N/A M #N/A N/A Not Provided 17.07.2013

Societe Generale GAEL DE BRAY hold 3 M 85 12 month 16.07.2013

Spin-Off Research TEAM COVERAGE hold 3 M 83 Not Provided 09.07.2013

Goldman Sachs DANIELA COSTA neutral/neutral 3 M 81 12 month 08.07.2013

Credit Suisse SIMON TOENNESSEN outperform 5 M 92 Not Provided 08.07.2013

William Blair & Co NICHOLAS P HEYMANN market perform 3 M 75 12 month 08.07.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M 83 12 month 04.07.2013

Bankhaus Metzler ULRICH TRABERT buy 5 M 87 12 month 03.07.2013

DZ Bank AG JASKO TERZIC hold 3 M 77 Not Provided 03.07.2013

EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013

Main First Bank AG CHRISTOPHER YOUL outperform 5 U 93 12 month 23.05.2013

Barclays NICK WEBSTER equalweight 3 M 81 Not Provided 20.05.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 15.05.2013

Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 17.04.2013

Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 78 Not Provided 08.03.2013

Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 87 12 month 15.02.2013

UBS FREDRIC STAHL buy 5 M 85 12 month 31.01.2013

Kepler Cheuvreux ULRICH SCHOLZ hold 3 M 82 Not Provided 25.01.2013

SRH AlsterResearch OLIVER DREBING buy 5 M 89 12 month 23.01.2013

National Bank AG EKKEHARD D LINK hold 3 M 68 Not Provided 30.11.2012

Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 97 Not Provided 12.10.2012

Holdings By:

Siemens AG ee

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

Page 12: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (04.06.2013) 76.39

52-Week Low (09.08.2012) 60.12

Daily Volume

64.95

52-Week High % Change -14.98% Dividend Yield -

52-Week Low % Change 8.03% Beta 1.08

% 52 Week Price Range High/Low 30.12% Equity Float 813.96

Shares Out 30.06.2013 918.5 Short Int -

59'655.19 1 Yr Total Return 10.50%

Total Debt 12'798.00 YTD Return -5.36%

Preferred Stock 0.0 Adjusted BETA 1.077

Minority Interest 1'010.0 Analyst Recs 39

Cash and Equivalents 1'661.00 Consensus Rating 3.436

Enterprise Value 73'077.19

Average Volume 5 Day 2'885'034

BAS GY EQUITY YTD Change - Average Volume 30 Day 3'000'321

BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'991'370

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

62'304.0 50'693.0 63'873.0 73'497.0 72'129.0 72'351.0 73'544.0 74'137.6 71'355.3 17'801.3 18'402.5

0.62x 1.07x 1.09x 0.84x 1.07x 3.45x 4.10x 0.98x 0.99x 4.13x 3.93x

10'238.0 8'500.0 11'903.0 11'855.0 9'669.0 11'258.0 5'209.0 10'184.1 10'889.8 2'243.0 2'320.3

3.74x 6.36x 5.85x 5.20x 8.02x 5.54x 0.00x 7.17x 6.70x - -

2'912.0 1'410.0 4'557.0 6'188.0 4'819.0 5'234.0 4'511.0 4'837.8 5'275.5 961.0 1'192.0

8.86x 28.22x 12.04x 8.00x 13.55x 9.60x 14.05x 12.03x 11.02x - -

EBITDA 9'669.00 Long-Term Rating Date 10.05.2011

EBIT 6'381.00 Long-Term Rating A+

Operating Margin 8.85% Long-Term Outlook STABLE

Pretax Margin 8.29% Short-Term Rating Date 12.02.2009

Return on Assets 7.10% Short-Term Rating A-1

Return on Common Equity 18.51%

Return on Capital 13.65% EBITDA/Interest Exp. 13.35

Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 7.81

Net Debt/EBITDA -

Gross Margin 24.8% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 8.3% Total Debt/Equity 52.0%

Net Income Margin 6.7% Total Debt/Capital 33.3%

Asset Turnover 1.16

Current Ratio 1.64 Net Fixed Asset Turnover 4.30

Quick Ratio 0.67 Accounts receivable turnover-days 55.46

Debt to Assets 20.40% Inventory Days 63.87

Tot Debt to Common Equity 52.00% Accounts Payable Turnover Day 32.68

Accounts Receivable Turnover 6.58 Cash Conversion Cycle 85.23

Inventory Turnover 5.71

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

BASF SEPrice/Volume

Valuation Analysis

551'167.00

Current Price (8/dd/yy) Market Data

,

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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

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

,',,

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

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

Page 13: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BLACKROCK n/a ULT-AGG 63'927'154 6.96 - 29.07.2013 Investment Advisor

NORGES BANK n/a Research 27'715'437 3.02 - 19.06.2013 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 16'676'000 1.82 3'046'200 30.06.2013 Investment Advisor

SEB AG n/a Research 12'879'295 1.4 - 29.04.2013 Unclassified

DEUTSCHE BANK AG n/a ULT-AGG 12'243'746 1.33 661'762 31.05.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'865'578 1.29 488'468 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 8'350'145 0.91 1'160'905 30.06.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'469'006 0.81 (389'218) 30.06.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'376'342 0.69 (1'440'549) 30.06.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 6'312'065 0.69 (26'922) 30.06.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 3'851'702 0.42 167'985 30.04.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 3'589'145 0.39 (4'311'843) 30.04.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 3'588'826 0.39 (92'386) 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 3'031'576 0.33 251'795 30.06.2013 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 2'885'060 0.31 (100'868) 31.03.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'802'902 0.31 - 29.07.2013 Investment Advisor

UBS n/a ULT-AGG 2'656'586 0.29 (138'531) 30.07.2013 Unclassified

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'436'248 0.27 (153'300) 30.04.2013 Investment Advisor

SEB n/a ULT-AGG 2'086'640 0.23 248'150 30.04.2013 Unclassified

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'874'116 0.2 1'644'753 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies LAURENCE ALEXANDER hold 3 M 74 12 month 30.07.2013

M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 79 12 month 30.07.2013

Commerzbank Corporates & Markets LUTZ GRUETEN buy 5 M 78 6 month 29.07.2013

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 78 Not Provided 29.07.2013

Bankhaus Lampe HEIKO FEBER buy 5 U 75 12 month 29.07.2013

DZ Bank AG PETER SPENGLER buy 5 M 81 Not Provided 29.07.2013

Societe Generale PETER CLARK hold 3 M 70 12 month 26.07.2013

Morgan Stanley PAUL R WALSH Overwt/In-Line 5 M 78 12 month 26.07.2013

JPMorgan MARTIN EVANS underweight 1 M 54 3 month 26.07.2013

Bankhaus Metzler LARS HETTCHE sell 1 M 61 12 month 26.07.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA hold 3 D 72 12 month 26.07.2013

Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 26.07.2013

Barclays ANDREAS HEINE overweight 5 M 79 Not Provided 26.07.2013

AlphaValue MARTIN SCHNEE reduce 2 M 69 6 month 26.07.2013

Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 25.07.2013

Nord/LB THORSTEN STRAUSS hold 3 M 70 12 month 25.07.2013

Baader Bank NORBERT BARTH buy 5 M 85 12 month 25.07.2013

Credit Suisse CHRIS COUNIHAN neutral 3 M 73 Not Provided 25.07.2013

UBS THOMAS GILBERT neutral 3 M 70 12 month 25.07.2013

Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 86 12 month 25.07.2013

HSBC GEOFF HAIRE overweight 5 M 82 Not Provided 25.07.2013

Macquarie CHRISTIAN FAITZ neutral 3 M 68 12 month 25.07.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 77 12 month 25.07.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 82 12 month 25.07.2013

S&P Capital IQ JACOB THRANE hold 3 M 72 12 month 25.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 25.07.2013

Exane BNP Paribas JAMES KNIGHT outperform 5 M 75 Not Provided 18.07.2013

Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 17.07.2013

Kepler Cheuvreux MARKUS MAYER buy 5 M 82 Not Provided 17.07.2013

Main First Bank AG RONALD KOEHLER outperform 5 U 75 12 month 01.07.2013

EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 31.05.2013

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 83 12 month 26.04.2013

Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 15.04.2013

Gilford Securities PAUL C CHRISTOPHERSON neutral 3 U #N/A N/A Not Provided 08.04.2013

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

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

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

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

Page 14: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (14.01.2013) 6.68

52-Week Low (24.06.2013) 4.79

Daily Volume

5.557

52-Week High % Change -16.79% Dividend Yield -

52-Week Low % Change 15.99% Beta 1.15

% 52 Week Price Range High/Low 39.90% Equity Float 10'550.60

Shares Out 26.04.2013 10'809.6 Short Int -

60'068.95 1 Yr Total Return 15.61%

Total Debt 420'024.00 YTD Return -1.16%

Preferred Stock 0.0 Adjusted BETA 1.154

Minority Interest 9'672.0 Analyst Recs 40

Cash and Equivalents 192'388.00 Consensus Rating 2.950

Enterprise Value -

Average Volume 5 Day 57'250'930

SAN SQ EQUITY YTD Change - Average Volume 30 Day #########

SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 93'369'060

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

70'114.3 69'736.2 68'965.5 78'009.0 77'159.0 43'979.0 41'610.0 41'558.2 43'598.9 10'628.0 10'771.0

- - - - - 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 3'577.0 2'756.0 4'966.9 6'490.9 1'407.0 1'406.0

5.74x 11.09x 8.39x 9.18x 26.44x 13.19x 18.05x 12.66x 10.14x - -

EBITDA - Long-Term Rating Date 16.10.2012

EBIT - Long-Term Rating BBB

Operating Margin 7.95% Long-Term Outlook NEG

Pretax Margin 7.35% Short-Term Rating Date 30.04.2012

Return on Assets 0.22% Short-Term Rating A-2

Return on Common Equity 3.85%

Return on Capital 0.74% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 562.6%

Net Income Margin 4.6% Total Debt/Capital 83.3%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 2.48

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 33.08% Inventory Days -

Tot Debt to Common Equity 562.63% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Banco Santander SAPrice/Volume

Valuation Analysis

4'114'420.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,

-

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

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

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

Page 15: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

STATE STREET n/a ULT-AGG 878'721'897 8.13 (254'271) 30.07.2013 Investment Advisor

BANK OF NEW YORK MEL n/a Co File 555'448'975 5.14 - 31.12.2011 Investment Advisor

BNP PARIBAS SA n/a EXCH 317'600'714 2.94 (23'663'677) 16.04.2013 Bank

CAPITAL GROUP COMPAN n/a ULT-AGG 243'314'406 2.25 - 30.06.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 229'355'687 2.12 - 31.12.2012 Government

BARCLAYS PLC n/a ULT-AGG 227'263'557 2.1 (56'807'364) 03.05.2011 Investment Advisor

BLACKROCK n/a ULT-AGG 154'382'777 1.43 754'000 29.07.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 148'679'959 1.38 9'628'522 30.06.2013 Investment Advisor

BANCO SANTANDER SA n/a ULT-AGG 103'311'499 0.96 - 21.06.2013 Bank

DE LOS RIOS EMILIO B n/a EXCH 79'253'136 0.73 1 16.05.2013 n/a

DODGE & COX Multiple Portfolios MF-AGG 78'001'217 0.72 8'057'177 30.06.2013 Investment Advisor

ASSICURAZIONI GENERA n/a EXCH 50'134'290 0.46 - 24.10.2011 Insurance Company

BNP PARIBAS INV PART n/a ULT-AGG 40'116'720 0.37 (478'336) 31.03.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 32'964'416 0.3 - 29.07.2013 Investment Advisor

UBS n/a ULT-AGG 31'621'687 0.29 (77'613) 30.07.2013 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 27'349'956 0.25 (387'280) 30.04.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 24'695'440 0.23 22'041'621 30.07.2013 Investment Advisor

O'SHEA JAVIER BOTIN- n/a EXCH 16'281'183 0.15 1'157 02.05.2013 n/a

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 14'535'361 0.13 196'929 31.05.2013 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 14'003'786 0.13 - 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Mediobanca SpA ANDREA FILTRI underperform 1 M 4 12 month 31.07.2013

Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 6 12 month 31.07.2013

Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 5 12 month 31.07.2013

Berenberg Bank NICK ANDERSON sell 1 M 4 Not Provided 31.07.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO sell 1 M 5 Not Provided 31.07.2013

Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 31.07.2013

Nomura DARAGH QUINN reduce 2 M 5 Not Provided 31.07.2013

Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 30.07.2013

Deutsche Bank JASON NAPIER hold 3 M 6 12 month 30.07.2013

RBC Capital Markets PATRICK LEE underperform 1 M 5 12 month 30.07.2013

Credit Suisse IGNACIO CEREZO neutral 3 M 5 Not Provided 30.07.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 6 12 month 30.07.2013

Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 30.07.2013

Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 6 Not Provided 30.07.2013

S&P Capital IQ WILLIAM HOWLETT sell 1 M 5 12 month 30.07.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 6 12 month 30.07.2013

Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 30.07.2013

BPI CARLOS JOAQUIM PEIXOTO buy 5 M 6 Not Provided 29.07.2013

Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 29.07.2013

Bankhaus Lampe NEIL SMITH hold 3 M 6 12 month 19.07.2013

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ neutral 3 M 6 Not Provided 18.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 16.07.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 5 Not Provided 15.07.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 7 6 month 11.07.2013

JPMorgan JAIME BECERRIL underweight 1 M 4 15 month 04.07.2013

Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 04.07.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 7 12 month 26.06.2013

Oddo & Cie JULIE LEGRAND buy 5 M 7 Not Provided 17.06.2013

EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013

Barclays ROHITH CHANDRA-RAJAN underweight 1 M 5 Not Provided 05.06.2013

HSBC CARLO DIGRANDI underweight 1 D 5 Not Provided 15.05.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 29.04.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 6 12 month 26.04.2013

Banco Sabadell MARIO LODOS buy 5 M 7 Not Provided 25.04.2013

UBS IGNACIO SANZ neutral 3 U 6 12 month 23.04.2013

La Caixa DAVID FERNANDEZ overweight 5 D 6 Not Provided 20.03.2013

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

BBVA IGNACIO ULARGUI outperform 5 M 8 Not Provided 14.01.2013

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

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

Holdings By:

Banco Santander SA ee

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

Page 16: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (03.04.2013) 79.60

52-Week Low (24.06.2013) 63.44

Daily Volume

74.22

52-Week High % Change -6.76% Dividend Yield -

52-Week Low % Change 16.99% Beta 0.76

% 52 Week Price Range High/Low 66.40% Equity Float -

Shares Out 30.06.2013 1'607.2 Short Int -

119'287.06 1 Yr Total Return 14.08%

Total Debt 44'341.00 YTD Return 15.57%

Preferred Stock 0.0 Adjusted BETA 0.765

Minority Interest 4'299.0 Analyst Recs 38

Cash and Equivalents 13'878.00 Consensus Rating 3.632

Enterprise Value 207'118.44

Average Volume 5 Day 1'439'874

ABI BB EQUITY YTD Change - Average Volume 30 Day 1'589'238

ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'706'464

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

23'507.0 36'758.0 36'297.0 39'046.0 39'758.0 39'294.0 40'312.0 43'994.3 49'247.7 12'104.4 12'141.8

4.07x 3.57x 3.70x 3.49x 4.37x 7.65x 9.04x 4.59x 3.99x - -

7'734.0 12'925.0 13'768.0 15'297.0 15'548.0 11'697.0 11'852.0 17'048.4 19'385.9 4'650.3 5'083.8

12.37x 10.15x 9.76x 8.91x 11.18x 0.00x 0.00x 12.13x 10.67x - -

1'927.0 4'613.0 4'026.0 5'855.0 7'243.0 7'047.0 13'104.0 7'759.6 8'862.0 2'055.4 2'179.0

11.99x 17.92x 22.61x 16.71x 19.15x 17.70x 11.12x 20.64x 18.11x - -

EBITDA 15'548.00 Long-Term Rating Date 01.05.2012

EBIT 12'765.00 Long-Term Rating A

Operating Margin 32.11% Long-Term Outlook STABLE

Pretax Margin 28.05% Short-Term Rating Date 01.05.2012

Return on Assets 10.46% Short-Term Rating A-1

Return on Common Equity 30.77%

Return on Capital 18.56% EBITDA/Interest Exp. 7.53

Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 5.95

Net Debt/EBITDA 2.78

Gross Margin 58.6% Total Debt/EBITDA 3.22

EBITDA Margin 38.8%

EBIT Margin 32.0% Total Debt/Equity 107.8%

Net Income Margin 18.2% Total Debt/Capital 49.4%

Asset Turnover 0.32

Current Ratio 1.01 Net Fixed Asset Turnover 2.23

Quick Ratio 0.88 Accounts receivable turnover-days 41.47

Debt to Assets 36.16% Inventory Days 63.73

Tot Debt to Common Equity 107.78% Accounts Payable Turnover Day 265.22

Accounts Receivable Turnover 8.80 Cash Conversion Cycle -214.08

Inventory Turnover 5.73

Fiscal Year Ended

Anheuser-Busch InBev NVPrice/Volume

Valuation Analysis

204'308.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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5'000.0

10'000.0

15'000.0

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35'000.0

40'000.0

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

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

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

Page 17: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

STICHTING INBEV n/a 20F 663'074'830 41.26 - 31.12.2012 n/a

EUGENIE PATRI SEBAST n/a 20F 130'234'791 8.1 - 31.12.2012 Corporation

BLACKROCK n/a ULT-AGG 48'302'036 3.01 - 29.07.2013 Investment Advisor

BRC SARL n/a 20F 32'966'462 2.05 - 31.12.2012 Other

CAPITAL GROUP COMPAN n/a ULT-AGG 29'314'521 1.82 (2'756'441) 30.06.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 17'367'904 1.08 - 31.12.2012 Government

FMR LLC n/a ULT-AGG 13'148'250 0.82 (208'628) 30.06.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'597'724 0.66 (128'959) 31.03.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 10'476'996 0.65 14'092 31.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'004'239 0.62 (445'261) 30.06.2013 Investment Advisor

VOORZITTER VERHELST n/a 20F 6'997'665 0.44 - 31.12.2012 Other

INBEV-BAILLET LATOUR n/a 20F 5'485'415 0.34 - 31.12.2012 Other

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 4'293'694 0.27 133'574 31.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 4'284'047 0.27 2'197'454 30.04.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'228'290 0.26 12'565 30.06.2013 Investment Advisor

ANHEUSER-BUSCH INBEV n/a 20F 4'190'715 0.26 - 31.12.2012 Corporation

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 3'493'395 0.22 (129'006) 31.05.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'293'085 0.2 (145'851) 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 2'449'484 0.15 (414'994) 30.07.2013 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 2'341'790 0.15 309'854 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale ANDREW HOLLAND hold 3 M 69 12 month 31.07.2013

Kempen & Co SANDER VAN OORT hold 3 M 75 12 month 31.07.2013

RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 88 12 month 31.07.2013

Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 80 12 month 31.07.2013

Bank Degroof(ESN) HANS D'HAESE hold 3 M 74 12 month 31.07.2013

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 80 12 month 31.07.2013

Rabobank International KAREL ZOETE buy 5 U 80 12 month 31.07.2013

Berenberg Bank PHILIP MORRISEY buy 5 M 82 Not Provided 31.07.2013

Nomura IAN SHACKLETON neutral 3 M 74 12 month 31.07.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 64 Not Provided 31.07.2013

ABN Amro Bank N.V. ROBERT JAN VOS reduce 2 M 69 Not Provided 31.07.2013

KBC Securities WIM HOSTE hold 3 M 75 12 month 25.07.2013

JPMorgan MIKE J GIBBS overweight 5 M 92 12 month 19.07.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.07.2013

Credit Suisse SANJEET AUJLA outperform 5 M 88 Not Provided 16.07.2013

Jefferies DIRK VAN VLAANDEREN buy 5 M 84 12 month 12.07.2013

Barclays SIMON HALES equalweight 3 M 75 Not Provided 11.07.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 83 12 month 08.07.2013

AlphaValue ISABELLE COMBEMALE sell 1 M 61 6 month 04.07.2013

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 70 Not Provided 03.07.2013

ING Bank MARCO GULPERS hold 3 M 74 12 month 02.07.2013

Erste Group HANS ENGEL hold 3 M #N/A N/A Not Provided 01.07.2013

S&P Capital IQ CARL SHORT hold 3 M 75 12 month 26.06.2013

Deutsche Bank HAROLD THOMPSON restricted #N/A N/A M #N/A N/A Not Provided 24.06.2013

Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 24.06.2013

Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 64 12 month 17.06.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 82 Not Provided 10.06.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013

Mirabaud Securities JONATHAN FYFE hold 3 M 74 12 month 05.06.2013

Petercam KRIS KIPPERS buy 5 M 80 Not Provided 04.06.2013

HSBC LAUREN E TORRES overweight 5 M 85 Not Provided 02.05.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 79 12 month 30.04.2013

UBS MELISSA EARLAM buy 5 M 80 12 month 28.02.2013

Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 15.02.2013

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

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

Holdings By:

Anheuser-Busch InBev NV ee

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

Page 18: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (22.05.2013) 122.10

52-Week Low (08.08.2012) 84.85

Daily Volume

118.9

52-Week High % Change -2.62% Dividend Yield -

52-Week Low % Change 40.13% Beta 1.28

% 52 Week Price Range High/Low 89.66% Equity Float 448.87

Shares Out 30.06.2013 456.0 Short Int -

54'212.46 1 Yr Total Return 42.92%

Total Debt 28'651.00 YTD Return 17.80%

Preferred Stock 0.0 Adjusted BETA 1.282

Minority Interest 2'665.0 Analyst Recs 41

Cash and Equivalents 12'437.00 Consensus Rating 4.293

Enterprise Value 72'290.46

Average Volume 5 Day 1'501'538

ALV GY EQUITY YTD Change - Average Volume 30 Day 1'643'468

ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'885'706

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 88'724.0 96'475.0 104'403.4 107'301.8 25'569.0 26'839.0

0.69x 0.75x 0.67x 0.61x 0.69x 2.62x 2.58x 0.66x 0.64x - -

- - - - - 0.0 0.0 - - - -

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

(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 3'065.0 5'505.0 5'880.9 6'020.0 1'315.5 1'453.5

8.51x 8.37x 7.94x 13.13x 4.62x 13.00x 4.54x 9.14x 8.87x - -

EBITDA - Long-Term Rating Date 27.01.2012

EBIT - Long-Term Rating AA

Operating Margin 10.61% Long-Term Outlook STABLE

Pretax Margin 8.95% Short-Term Rating Date 23.03.2009

Return on Assets 0.86% Short-Term Rating A-1+

Return on Common Equity 12.22%

Return on Capital 9.04% 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 53.5%

Net Income Margin 5.4% Total Debt/Capital 33.8%

Asset Turnover 0.14

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 4.12% Inventory Days -

Tot Debt to Common Equity 53.50% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allianz SEPrice/Volume

Valuation Analysis

273'208.00

Current Price (8/dd/yy) Market Data

,

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1,

3,

5,

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3', B

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5', B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

,',,

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1',,

3',,

5',,

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

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

Page 19: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BLACKROCK n/a ULT-AGG 32'047'039 7.03 - 29.07.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 9'837'831 2.16 - 31.12.2012 Government

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 31.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'198'311 1.14 197'204 30.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 4'738'740 1.04 30'360 31.05.2013 Investment Advisor

SOCIETE GENERALE SA n/a Research 4'300'429 0.94 - 16.05.2013 Unclassified

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'098'138 0.9 (46'869) 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 3'984'629 0.87 (165'280) 30.06.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 3'882'826 0.85 9'039 31.03.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 3'208'800 0.7 159'500 30.06.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'657'521 0.58 (1'853'649) 30.06.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'511'439 0.55 - 31.05.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 2'253'959 0.49 489'539 30.04.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'232'331 0.49 94'459 30.04.2013 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 2'061'479 0.45 324'220 31.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 2'054'950 0.45 (153'200) 30.06.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 1'986'209 0.44 74'791 30.06.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 1'874'685 0.41 (2'716'587) 31.12.2012 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'706'465 0.37 (3'500) 30.04.2013 Investment Advisor

UBS n/a ULT-AGG 1'567'300 0.34 (13'132) 30.07.2013 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 110 12 month 30.07.2013

Credit Suisse RICHARD BURDEN neutral 3 M 131 Not Provided 29.07.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 120 12 month 29.07.2013

Deutsche Bank OLIVER STEEL buy 5 M 130 12 month 25.07.2013

Helvea DANIEL BISCHOF buy 5 M 122 12 month 25.07.2013

AlphaValue DIETER HEIN add 4 M 126 6 month 25.07.2013

Bankhaus Lampe ANDREAS SCHAEFER buy 5 M 135 12 month 24.07.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 135 12 month 23.07.2013

Oddo & Cie NICOLAS JACOB buy 5 M 130 Not Provided 23.07.2013

Barclays ANDREW BROADFIELD overweight 5 M 118 Not Provided 22.07.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 M 135 Not Provided 19.07.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 105 12 month 18.07.2013

Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 11.07.2013

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 124 12 month 10.07.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 135 12 month 10.07.2013

JPMorgan MICHAEL HUTTNER overweight 5 M 130 3 month 28.06.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 140 6 month 27.06.2013

DZ Bank AG THORSTEN WENZEL buy 5 M 134 12 month 27.06.2013

Societe Generale NICK HOLMES hold 3 M 117 12 month 26.06.2013

Nord/LB JULIA SIEKMANN buy 5 M 132 12 month 26.06.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 26.06.2013

Berenberg Bank PETER ELIOT buy 5 M 141 Not Provided 26.06.2013

Nomura MICHAEL KLIEN buy 5 M 140 12 month 26.06.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 122 12 month 26.06.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 118 Not Provided 25.06.2013

Mediobanca SpA MARC THIELE neutral 3 M 123 Not Provided 20.06.2013

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 142 12 month 20.06.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 140 12 month 18.06.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013

Main First Bank AG MICHAEL HAID outperform 5 M 150 12 month 12.06.2013

EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013

HSBC KAILESH MISTRY overweight 5 M 145 Not Provided 31.05.2013

Macquarie HADLEY COHEN outperform 5 M 135 12 month 17.05.2013

Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 134 Not Provided 16.05.2013

Natixis BENOIT VALLEAUX buy 5 M 130 Not Provided 16.05.2013

Bank of Valletta MALCOLM ABDILLA CASTILLO hold 3 M 117 Not Provided 12.03.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 25.02.2013

National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 22.02.2013

Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013

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

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

Page 20: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (15.03.2013) 65.00

52-Week Low (24.08.2012) 50.96

Daily Volume

56.25

52-Week High % Change -13.46% Dividend Yield -

52-Week Low % Change 10.38% Beta 0.83

% 52 Week Price Range High/Low 40.03% Equity Float 913.65

Shares Out 30.06.2013 1'228.5 Short Int -

69'103.36 1 Yr Total Return 8.63%

Total Debt 5'248.00 YTD Return -5.94%

Preferred Stock 0.0 Adjusted BETA 0.828

Minority Interest 8.0 Analyst Recs 43

Cash and Equivalents 2'631.00 Consensus Rating 3.953

Enterprise Value 70'654.36

Average Volume 5 Day 2'478'440

SAP GY EQUITY YTD Change - Average Volume 30 Day 3'138'306

SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'303'383

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

11'575.0 10'672.0 12'464.0 14'233.0 16'223.0 15'157.0 16'638.0 17'509.0 19'084.4 4'251.0 5'427.1

2.71x 3.65x 3.71x 3.31x 4.62x 13.82x 17.12x 3.92x 3.45x 16.57x 12.80x

3'300.0 3'301.0 4'125.0 4'663.0 5'002.0 4'810.0 4'920.0 6'179.2 6'816.7 1'492.5 2'324.5

9.49x 11.81x 11.20x 10.10x 14.99x 11.69x 13.93x 11.42x 10.35x 11.04x 10.67x

1'847.0 1'748.0 1'811.0 3'438.0 2'823.0 3'553.0 2'967.0 3'944.7 4'422.1 970.9 1'551.7

16.28x 22.45x 25.07x 14.13x 25.61x 15.71x 22.47x 16.50x 14.74x 15.63x 15.12x

EBITDA 5'002.00 Long-Term Rating Date -

EBIT 4'139.00 Long-Term Rating -

Operating Margin 25.51% Long-Term Outlook -

Pretax Margin 23.57% Short-Term Rating Date -

Return on Assets 11.42% Short-Term Rating -

Return on Common Equity 21.86%

Return on Capital 17.04% EBITDA/Interest Exp. 28.58

Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 25.49

Net Debt/EBITDA 0.31

Gross Margin 68.8% Total Debt/EBITDA 1.06

EBITDA Margin 29.6%

EBIT Margin 23.9% Total Debt/Equity 37.1%

Net Income Margin 17.4% Total Debt/Capital 27.0%

Asset Turnover 0.64

Current Ratio 1.00 Net Fixed Asset Turnover 9.77

Quick Ratio 0.94 Accounts receivable turnover-days 72.33

Debt to Assets 19.56% Inventory Days -

Tot Debt to Common Equity 37.05% Accounts Payable Turnover Day -

Accounts Receivable Turnover 5.05 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

SAP AGPrice/Volume

Valuation Analysis

300'506.00

Current Price (8/dd/yy) Market Data

,

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

,',,

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

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

Page 21: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

PLATTNER HASSO n/a 20F 120'857'498 9.84 - 07.03.2013 n/a

TSCHIRA KLAUS n/a 20F 92'079'595 7.5 - 07.03.2013 n/a

BLACKROCK n/a ULT-AGG 66'743'066 5.43 - 29.07.2013 Investment Advisor

HOPP DIETMAR n/a 20F 65'273'200 5.31 - 07.03.2013 n/a

SAP AG n/a Research 36'642'744 2.98 - 12.06.2012 Corporation

MORGAN STANLEY n/a ULT-AGG 23'128'050 1.88 1'152'791 06.06.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 20'930'681 1.7 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'284'154 1 577'501 30.06.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 12'119'133 0.99 80'214 30.06.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'235'667 0.91 - 31.03.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 10'374'212 0.84 (62'274) 31.05.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 9'396'099 0.76 (1'291'972) 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 8'250'500 0.67 (132'500) 30.06.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'792'633 0.63 (229'175) 30.04.2013 Investment Advisor

FMR LLC n/a ULT-AGG 7'438'705 0.61 57'830 30.06.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'081'368 0.58 - 31.05.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'586'656 0.54 (19'077) 30.05.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'520'708 0.53 (1'749'614) 30.06.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 4'989'465 0.41 667'331 31.03.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 4'582'686 0.37 - 06.06.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Bankhaus Metzler ULRICH TRABERT buy 5 M 65 12 month 29.07.2013

HSBC ANTONIN BAUDRY overweight 5 M 74 Not Provided 25.07.2013

Natixis GWENAEL GIARD neutral 3 M 59 Not Provided 25.07.2013

AlphaValue HEINZ STEFFEN buy 5 M 71 6 month 23.07.2013

Societe Generale RICHARD NGUYEN buy 5 M 68 12 month 22.07.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 70 Not Provided 22.07.2013

Jefferies ROSS MACMILLAN hold 3 M 60 12 month 22.07.2013

William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 22.07.2013

M.M. Warburg Investment Research ANDREAS WOLF buy 5 M 64 12 month 22.07.2013

Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 69 6 month 22.07.2013

Cross Research RICHARD T WILLIAMS hold 3 M 59 12 month 22.07.2013

Exane BNP Paribas BRICE PRUNAS neutral 3 M 61 Not Provided 22.07.2013

Nomura RICHARD G SHERLUND buy 5 M 68 12 month 21.07.2013

JPMorgan STACY E POLLARD neutral 3 D 62 9 month 19.07.2013

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 68 12 month 19.07.2013

Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 19.07.2013

Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 19.07.2013

DZ Bank AG HARALD SCHNITZER buy 5 M 63 Not Provided 19.07.2013

Redburn Partners NEIL STEER neutral 3 M #N/A N/A Not Provided 19.07.2013

Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 19.07.2013

Grupo Santander CARLOS JAVIER TREVINO underweight 1 M 57 12 month 18.07.2013

Commerzbank Corporates & Markets THOMAS M BECKER hold 3 M 62 6 month 18.07.2013

Deutsche Bank KAI KORSCHELT hold 3 M 57 12 month 18.07.2013

Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 73 12 month 18.07.2013

Nord/LB WOLFGANG DONIE buy 5 M 68 12 month 18.07.2013

Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 77 12 month 18.07.2013

Baader Bank KNUT WOLLER buy 5 M 65 12 month 18.07.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 18.07.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 57 Not Provided 18.07.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 63 12 month 18.07.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 18.07.2013

Kepler Cheuvreux LAURENT DAURE buy 5 M 66 Not Provided 18.07.2013

S&P Capital IQ JAMES CRAWSHAW buy 5 M 65 12 month 18.07.2013

JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 17.07.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013

Jyske Bank ROBERT JAKOBSEN reduce 2 M 63 Not Provided 13.06.2013

Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013

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

UBS MICHAEL BRIEST neutral 3 M 65 12 month 23.01.2013

National Bank AG STEFFEN MANSKE buy 5 U 64 Not Provided 23.01.2013

Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 22.01.2013

Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 65 12 month 24.10.2012

FBR Capital Markets DAVID M HILAL market perform 3 M 55 12 month 26.01.2012

Holdings By:

SAP AG ee

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

Page 22: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (06.08.2013) 54.59

52-Week Low (16.11.2012) 35.15

Daily Volume

53.67

52-Week High % Change -1.69% Dividend Yield -

52-Week Low % Change 52.71% Beta 1.24

% 52 Week Price Range High/Low 95.68% Equity Float 942.25

Shares Out 06.08.2013 1'069.4 Short Int -

57'396.63 1 Yr Total Return 36.03%

Total Debt 84'642.00 YTD Return 36.82%

Preferred Stock 0.0 Adjusted BETA 1.242

Minority Interest 1'631.0 Analyst Recs 38

Cash and Equivalents 15'055.00 Consensus Rating 3.684

Enterprise Value 127'272.63

Average Volume 5 Day 2'912'277

DAI GY EQUITY YTD Change - Average Volume 30 Day 3'873'005

DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'375'760

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

95'873.0 78'924.0 97'761.0 106'540.0 114'297.0 111'368.0 114'196.0 117'147.6 125'244.0 29'293.5 32'765.5

0.87x 1.15x 1.10x 0.93x 1.01x 3.69x 4.07x 0.55x 0.52x - -

11'685.0 3'032.0 10'489.0 12'216.0 12'138.0 12'366.0 10'909.0 14'280.7 14'273.9 - -

7.14x 29.84x 10.26x 8.09x 9.50x 8.75x 10.95x 8.92x 8.92x - -

1'348.0 (2'640.0) 4'498.0 5'667.0 6'095.0 5'825.0 6'700.0 5'292.6 5'953.8 - -

15.61x - 11.85x 6.38x 7.24x 6.46x 7.40x 11.42x 9.77x - -

EBITDA 12'138.00 Long-Term Rating Date 23.02.2012

EBIT 8'071.00 Long-Term Rating A-

Operating Margin 7.06% Long-Term Outlook STABLE

Pretax Margin 6.75% Short-Term Rating Date 26.02.2001

Return on Assets 4.10% Short-Term Rating A-2

Return on Common Equity 16.82%

Return on Capital 8.39% EBITDA/Interest Exp. 5.24

Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 3.16

Net Debt/EBITDA 6.35

Gross Margin 22.3% Total Debt/EBITDA 7.92

EBITDA Margin 9.6%

EBIT Margin 5.9% Total Debt/Equity 192.9%

Net Income Margin 5.3% Total Debt/Capital 65.0%

Asset Turnover 0.70

Current Ratio 1.13 Net Fixed Asset Turnover 2.46

Quick Ratio 0.38 Accounts receivable turnover-days 26.01

Debt to Assets 51.93% Inventory Days 77.76

Tot Debt to Common Equity 192.90% Accounts Payable Turnover Day 42.15

Accounts Receivable Turnover 14.03 Cash Conversion Cycle 58.83

Inventory Turnover 4.69

Fiscal Year Ended

Daimler AGPrice/Volume

Valuation Analysis

464'501.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,

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20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

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

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

Page 23: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

DEUTSCHE BANK AG n/a ULT-AGG 154'191'572 14.43 - 31.05.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 93'450'580 8.74 (326'283) 29.07.2013 Investment Advisor

KUWAIT INVESTMENT AU n/a Co File 73'577'854 6.88 - 06.02.2012 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 43'475'391 4.07 (2'675'000) 30.06.2013 Investment Advisor

COMMERZBANK AKTIENGE n/a Research 38'268'282 3.58 - 11.04.2013 Bank

AABAR INVESTMENTS PJ n/a Co File 33'056'717 3.09 - 06.02.2012 Government

NORGES BANK n/a Research 31'839'135 2.98 - 27.03.2013 Government

NISSAN MOTOR CO LTD n/a Co File 16'448'378 1.54 - 31.03.2013 Corporation

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 14'398'495 1.35 1'793'339 30.06.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'535'282 1.17 (692'591) 30.06.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'511'692 0.98 3'324 31.03.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'193'017 0.67 (468'100) 30.04.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'390'532 0.6 (15'900) 31.05.2013 Hedge Fund Manager

CREDIT SUISSE GROUP n/a Research 4'071'305 0.38 - 16.04.2013 Unclassified

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 3'261'395 0.31 (286'767) 28.03.2013 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 3'000'000 0.28 - 31.12.2012 Pension Fund (ERISA)

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'997'337 0.28 - 29.07.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 2'952'272 0.28 (2'121'690) 30.04.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 2'719'961 0.25 - 05.10.2012 Investment Advisor

UBS n/a ULT-AGG 2'652'337 0.25 (8'911) 30.07.2013 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Deutsche Bank JOCHEN GEHRKE buy 5 M 62 12 month 30.07.2013

HSBC HORST SCHNEIDER overweight 5 M 60 Not Provided 30.07.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 30.07.2013

Steubing AG TOBIAS SCHMIDT buy 5 M 76 Not Provided 29.07.2013

Equinet Institutional Services(ESN) TIM SCHULDT reduce 2 D 46 12 month 26.07.2013

AlphaValue HANS-PETER WODNIOK sell 1 M 40 6 month 26.07.2013

Societe Generale STEPHEN REITMAN buy 5 M 60 12 month 25.07.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 64 6 month 25.07.2013

JPMorgan JOSE ASUMENDI overweight 5 M 61 12 month 25.07.2013

Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 63 12 month 25.07.2013

Oddo & Cie FRANCOIS MAURY buy 5 M 64 Not Provided 25.07.2013

M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 54 12 month 25.07.2013

Natixis GEORGES DIENG buy 5 M 61 Not Provided 25.07.2013

S&P Capital IQ RODERICK BRIDGE hold 3 U 56 12 month 25.07.2013

Baader Bank KLAUS BREITENBACH hold 3 M 50 12 month 24.07.2013

Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 55 12 month 24.07.2013

Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 60 Not Provided 24.07.2013

Independent Research GmbH ZAFER RUZGAR sell 1 M 47 12 month 24.07.2013

Bankhaus Lampe CHRISTIAN LUDWIG hold 3 M 53 12 month 24.07.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 24.07.2013

National Bank AG MANFRED JAISFELD buy 5 M 58 Not Provided 24.07.2013

Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 58 Not Provided 23.07.2013

Barclays KRISTINA CHURCH underweight 1 M 39 Not Provided 23.07.2013

Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 46 12 month 19.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.07.2013

Bankhaus Metzler JUERGEN PIEPER sell 1 M 46 12 month 15.07.2013

Kepler Cheuvreux MICHAEL RAAB reduce 2 M 47 Not Provided 15.07.2013

Exane BNP Paribas RABIH FREIHA outperform 5 M 57 Not Provided 15.07.2013

UBS PHILIPPE HOUCHOIS buy 5 M 57 12 month 12.07.2013

DZ Bank AG MICHAEL PUNZET sell 1 D 40 Not Provided 04.07.2013

Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 66 12 month 29.05.2013

Nord/LB FRANK SCHWOPE buy 5 M 49 12 month 06.05.2013

Redburn Partners CHARLES WINSTON sell 1 M #N/A N/A Not Provided 02.05.2013

Creative Global Investments CARLO R BESENIUS buy 5 M 52 Not Provided 16.04.2013

Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 48 12 month 15.02.2013

Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012

Holdings By:

Daimler AG ee

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

Page 24: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (01.08.2013) 50.30

52-Week Low (08.08.2012) 32.50

Daily Volume

49.585

52-Week High % Change -1.42% Dividend Yield -

52-Week Low % Change 52.57% Beta 1.59

% 52 Week Price Range High/Low 96.01% Equity Float 1'099.81

Shares Out 10.07.2013 1'244.5 Short Int -

61'706.69 1 Yr Total Return 51.40%

Total Debt 1'012'615.00 YTD Return 20.28%

Preferred Stock 7'241.0 Adjusted BETA 1.585

Minority Interest 8'536.0 Analyst Recs 36

Cash and Equivalents 139'568.00 Consensus Rating 4.250

Enterprise Value -

Average Volume 5 Day 3'812'086

BNP FP EQUITY YTD Change - Average Volume 30 Day 3'964'814

BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'173'571

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

78'052.0 70'526.0 72'848.0 71'009.0 66'872.0 0.0 9'395.0 39'216.9 40'140.2 9'757.0 9'785.8

- - - - - #DIV/0! 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 6'023.0 5'185.0 5'773.0 6'606.1 1'344.0 1'292.0

9.85x 10.75x 7.52x 6.30x 8.25x 6.02x 9.95x 10.64x 9.28x - -

EBITDA - Long-Term Rating Date 25.10.2012

EBIT - Long-Term Rating A+

Operating Margin 19.44% Long-Term Outlook NEG

Pretax Margin 23.50% Short-Term Rating Date 25.10.2012

Return on Assets 0.27% Short-Term Rating A-1

Return on Common Equity 6.74%

Return on Capital 0.54% EBITDA/Interest Exp. -

Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 1287.6%

Net Income Margin 14.8% Total Debt/Capital 91.5%

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 5.20

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 53.09% Inventory Days -

Tot Debt to Common Equity 1287.58% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

BNP Paribas SAPrice/Volume

Valuation Analysis

618'239.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,

-,

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

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

Page 25: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BELGIAN STATE n/a Research 127'747'434 10.27 (1'419'545) 23.05.2013 Government

AXA n/a ULT-AGG 66'464'562 5.34 - 31.05.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 25'617'790 2.06 - 31.12.2012 Government

FRANKLIN RESOURCES n/a ULT-AGG 21'408'790 1.72 391'347 30.04.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 18'833'106 1.51 101'737 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 16'032'136 1.29 (1'750'732) 29.07.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'216'935 1.22 2'766'847 30.06.2013 Investment Advisor

STATE OF LUXEMBOURG n/a Co File 12'540'483 1.01 - 31.12.2012 Government

FMR LLC n/a ULT-AGG 10'929'570 0.88 (470'186) 30.06.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 10'745'800 0.86 2'345'800 30.06.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'235'862 0.74 (39'025) 28.03.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'397'906 0.67 (1'593'435) 31.03.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 6'394'558 0.51 1'461'558 30.06.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 5'967'769 0.48 (133'964) 31.03.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 5'208'905 0.42 5'700 31.05.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'030'740 0.4 1'229'156 28.06.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 4'777'154 0.38 (22'947) 28.03.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 4'392'845 0.35 (2'797'962) 31.12.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 4'151'101 0.33 (427'020) 28.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'090'359 0.33 250'743 30.06.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale GEOFF DAWES buy 5 M 55 12 month 31.07.2013

Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 59 12 month 31.07.2013

Bankhaus Lampe NEIL SMITH buy 5 M 54 12 month 31.07.2013

CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 56 12 month 31.07.2013

Nomura JON PEACE buy 5 M 56 12 month 31.07.2013

AlphaValue CHRISTOPHE NIJDAM add 4 M 49 6 month 25.07.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 54 12 month 23.07.2013

Calamatta Cuschieri TEAM COVERAGE overweight 5 M 50 12 month 22.07.2013

RBC Capital Markets ANKE REINGEN outperform 5 M 53 12 month 19.07.2013

Natixis ALEX KOAGNE buy 5 M 53 Not Provided 19.07.2013

Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 16.07.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 M 48 Not Provided 15.07.2013

Deutsche Bank FLORA BENHAKOUN buy 5 M 50 12 month 09.07.2013

JPMorgan DELPHINE LEE neutral 3 M 47 15 month 28.06.2013

Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 26.06.2013

Mediobanca SpA ANTONIO GUGLIELMI outperform 5 M 51 Not Provided 26.06.2013

Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 20.06.2013

Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 57 Not Provided 14.06.2013

EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 31.05.2013

Kepler Cheuvreux CYRIL MEILLAND buy 5 M 56 Not Provided 30.05.2013

Barclays JEREMY SIGEE overweight 5 M 55 Not Provided 22.05.2013

Macquarie PIERS BROWN neutral 3 U 45 12 month 21.05.2013

Morgan Stanley SARA MINELLI Overwt/In-Line 5 M 55 12 month 10.05.2013

HSBC ROBIN DOWN overweight 5 M 54 Not Provided 03.05.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 53 12 month 03.05.2013

S&P Capital IQ WILLIAM HOWLETT buy 5 M 50 12 month 03.05.2013

UBS NICK DAVEY neutral 3 M 43 12 month 02.05.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 67 12 month 30.04.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 17.04.2013

Banco Sabadell MARIO LODOS buy 5 M 48 12 month 15.02.2013

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

Berenberg Bank JAMES CHAPPELL sell 1 N 25 Not Provided 28.01.2013

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

Hammer Partners SA ENRICO RACIOPPI buy 5 M 50 Not Provided 19.06.2012

Holdings By:

BNP Paribas SA ee

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

Page 26: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

Unilever NV manufactures branded and packaged consumer goods, including food,

detergents, fragrances, home and personal care products. Dually-listed company

with ULVR LN.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (28.05.2013) 33.09

52-Week Low (14.09.2012) 26.97

Daily Volume

29.24

52-Week High % Change -11.63% Dividend Yield 3.42

52-Week Low % Change 8.44% Beta 0.67

% 52 Week Price Range High/Low 42.69% Equity Float -

Shares Out 30.06.2013 1'714.7 Short Int -

88'911.59 1 Yr Total Return 7.69%

Total Debt 10'221.00 YTD Return 4.05%

Preferred Stock 0.0 Adjusted BETA 0.670

Minority Interest 557.0 Analyst Recs 41

Cash and Equivalents 2'866.00 Consensus Rating 3.537

Enterprise Value 100'981.59

Average Volume 5 Day 4'320'276

UNA NA EQUITY YTD Change - Average Volume 30 Day 4'492'929

UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 4'531'399

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 49'077.0 51'426.0 51'738.6 54'335.1 13'212.2 12'638.7

1.40x 1.77x 1.64x 1.82x 1.75x 0.00x 0.00x 1.88x 1.76x - -

6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 0.0 0.0 8'590.6 9'146.7 - -

8.36x 10.25x 9.54x 11.30x 10.94x 0.00x 0.00x 11.76x 11.04x - -

5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 0.0 0.0 4'701.3 5'116.9 1'149.0 1'183.0

9.69x 18.80x 15.43x 17.60x 18.25x 0.00x 0.00x 17.97x 16.51x - -

EBITDA 8'188.00 Long-Term Rating Date 05.10.2000

EBIT 6'989.00 Long-Term Rating A+

Operating Margin 13.62% Long-Term Outlook STABLE

Pretax Margin 13.02% Short-Term Rating Date 05.10.2000

Return on Assets 9.59% Short-Term Rating A-1

Return on Common Equity 34.61%

Return on Capital 19.15% EBITDA/Interest Exp. 15.57

Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 11.81

Net Debt/EBITDA 1.34

Gross Margin 40.2% Total Debt/EBITDA 1.83

EBITDA Margin 16.9%

EBIT Margin 14.6% Total Debt/Equity 67.4%

Net Income Margin 8.7% Total Debt/Capital 39.4%

Asset Turnover 1.04

Current Ratio 0.77 Net Fixed Asset Turnover 5.61

Quick Ratio 0.36 Accounts receivable turnover-days -

Debt to Assets 22.14% Inventory Days -

Tot Debt to Common Equity 67.43% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -8.85

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

Unilever NVPrice/Volume

Valuation Analysis

1'075'193.00

Current Price (8/dd/yy) Market Data

,

2

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-2

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.2

0,

02

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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

,',,

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3',,

5',,

-,',,

-.',,

-1',,

-3',,

,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0

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

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

Page 27: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

FOUNDATION UNILEVER n/a Co File 1'321'784'807 77.08 - 04.03.2013 Other

UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2012 Other

AXA INVESTMENT MANAG AXA EUROPE ACTIONS MF-PART 58'358'357 3.4 58'358'357 31.05.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 41'882'875 2.44 - 31.12.2012 Government

BLACKROCK n/a ULT-AGG 22'302'751 1.3 1'021'607 29.07.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 19'292'458 1.13 (10'350'042) 30.06.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'242'540 1.12 1'036'374 30.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 10'916'469 0.64 1'708'400 31.05.2013 Investment Advisor

FMR LLC n/a ULT-AGG 10'560'805 0.62 374'404 30.06.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 10'503'819 0.61 6'556'954 30.04.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'468'509 0.55 21'507 31.03.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 8'124'294 0.47 401'256 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'121'490 0.47 93'382 31.03.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'562'016 0.38 722'982 28.03.2013 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 6'341'513 0.37 243 30.06.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 6'065'574 0.35 72'844 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 5'653'622 0.33 (26'674) 30.06.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'576'894 0.33 (177'457) 31.05.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'562'939 0.32 938'164 30.06.2013 Investment Advisor

POWER CORP OF CANADA n/a ULT-AGG 5'369'093 0.31 (106'000) 28.02.2013 Holding Company

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale WARREN L ACKERMAN buy 5 M 36 12 month 26.07.2013

Jefferies ALEX HOWSON hold 3 M 32 12 month 26.07.2013

Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 36 12 month 26.07.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 33 12 month 26.07.2013

Rabobank International KAREL ZOETE buy 5 M 35 12 month 26.07.2013

Berenberg Bank JAMES TARGETT buy 5 M 36 Not Provided 26.07.2013

Natixis PIERRE TEGNER reduce 2 M 29 Not Provided 26.07.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 36 12 month 26.07.2013

ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 30 Not Provided 26.07.2013

Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 30 12 month 25.07.2013

Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 38 12 month 25.07.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 30 12 month 25.07.2013

Credit Suisse CHARLES MILLS underperform 1 M 31 Not Provided 25.07.2013

HSBC CEDRIC BESNARD overweight 5 M 36 Not Provided 25.07.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 32 Not Provided 25.07.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 25.07.2013

SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 28 12 month 25.07.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 31 12 month 25.07.2013

Nomura DAVID HAYES buy 5 M 35 12 month 25.07.2013

S&P Capital IQ CARL SHORT buy 5 M 35 12 month 25.07.2013

ING Bank MARCO GULPERS hold 3 M 32 12 month 25.07.2013

Barclays IAIN SIMPSON overweight 5 M 36 Not Provided 25.07.2013

Helvea ANDREAS VON ARX accumulate 4 M 36 12 month 17.07.2013

JPMorgan CELINE PANNUTI overweight 5 M 34 3 month 05.07.2013

Petercam FERNAND DE BOER reduce 2 D 30 Not Provided 05.07.2013

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 32 Not Provided 03.07.2013

UBS ALAN ERSKINE buy 5 M 34 12 month 13.06.2013

Exane BNP Paribas JEFF STENT neutral 3 M 33 Not Provided 13.06.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 37 Not Provided 10.06.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 06.06.2013

Kempen & Co ERWIN DUT hold 3 M 33 Not Provided 04.06.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 33 12 month 29.04.2013

Kepler Cheuvreux JON COX buy 5 M 35 Not Provided 26.04.2013

National Bank AG MANFRED JAISFELD hold 3 M 30 Not Provided 25.04.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 04.04.2013

Banco Sabadell IGNACIO ROMERO sell 1 M 26 12 month 15.02.2013

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 26 6 month 23.01.2013

Theodoor Gilissen Securities TOM MULLER buy 5 M 33 Not Provided 15.01.2013

Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012

Holdings By:

Unilever NV ee

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

Page 28: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (18.01.2013) 19.59

52-Week Low (25.06.2013) 15.16

Daily Volume

17

52-Week High % Change -13.22% Dividend Yield -

52-Week Low % Change 12.14% Beta 0.86

% 52 Week Price Range High/Low 42.66% Equity Float 2'532.59

Shares Out 30.06.2013 3'634.2 Short Int -

61'781.15 1 Yr Total Return -0.21%

Total Debt 24'463.00 YTD Return -4.60%

Preferred Stock 0.0 Adjusted BETA 0.857

Minority Interest 3'514.0 Analyst Recs 34

Cash and Equivalents 8'000.00 Consensus Rating 3.853

Enterprise Value 81'161.15

Average Volume 5 Day 10'786'960

ENI IM EQUITY YTD Change - Average Volume 30 Day 11'076'820

ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 18'020'740

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

108'082.0 83'227.0 98'523.0 109'589.0 127'220.0 113'436.0 124'910.0 115'952.6 120'884.0 30'508.3 32'485.3

0.74x 1.10x 0.91x 0.83x 0.68x 3.20x 2.90x 0.68x 0.66x 2.53x 2.37x

26'939.0 20'817.0 24'992.0 25'732.0 24'564.0 26'638.0 21'349.0 24'753.7 28'016.3 6'946.0 7'525.0

2.98x 4.39x 3.58x 3.53x 3.52x 3.61x 3.90x 3.28x 2.90x 2.80x 2.73x

8'825.0 4'367.0 6'318.0 6'860.0 7'788.0 7'930.0 5'714.0 5'280.4 6'513.0 1'419.0 1'712.0

6.89x 14.71x 9.39x 8.47x 16.38x 8.01x 31.88x 11.37x 9.38x 10.06x 9.40x

EBITDA 24'564.00 Long-Term Rating Date 16.07.2013

EBIT 15'026.00 Long-Term Rating A *-

Operating Margin 11.81% Long-Term Outlook -

Pretax Margin 13.05% Short-Term Rating Date 16.07.2013

Return on Assets 4.00% Short-Term Rating A-1 *-

Return on Common Equity 9.81%

Return on Capital - EBITDA/Interest Exp. 25.07

Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 13.61

Net Debt/EBITDA 0.81

Gross Margin - Total Debt/EBITDA 1.20

EBITDA Margin 16.6%

EBIT Margin 8.9% Total Debt/Equity 41.3%

Net Income Margin 6.1% Total Debt/Capital 28.1%

Asset Turnover 0.86

Current Ratio 1.45 Net Fixed Asset Turnover 1.92

Quick Ratio 0.82 Accounts receivable turnover-days 54.33

Debt to Assets 17.52% Inventory Days -

Tot Debt to Common Equity 41.32% Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.72 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Eni SpAPrice/Volume

Valuation Analysis

1'557'666.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,.135

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1,', B

2,', B

3,', B

4,', B

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'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0

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

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

Page 29: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

CASSA DEPOSITI E PRE n/a Research 958'298'322 26.37 - 22.05.2013 Other

MINISTERO DELL'ECONO n/a Research 142'968'850 3.93 - 22.05.2013 Government

BLACKROCK n/a ULT-AGG 71'382'234 1.96 722'209 29.07.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 67'438'543 1.86 - 31.12.2012 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 52'099'300 1.43 (90'000) 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 34'672'725 0.95 (3'874'406) 30.06.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'706'665 0.87 1'288'848 30.06.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 17'071'650 0.47 215'400 30.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 15'358'439 0.42 3'191'464 31.03.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 15'253'485 0.42 (307'747) 31.03.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 10'411'949 0.29 (275'839) 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 10'354'300 0.28 547'634 30.06.2013 Investment Advisor

VERITAS ASSET MANAGE VERITAS FUNDS PLC-GL MF-PART 10'045'209 0.28 10'044'649 30.06.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'642'200 0.27 583'700 31.05.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 8'160'140 0.22 - 29.07.2013 Investment Advisor

UBS n/a ULT-AGG 7'531'002 0.21 5'226 30.07.2013 Unclassified

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'500'348 0.18 (1'007'338) 28.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 5'735'159 0.16 (46'577) 30.07.2013 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'668'299 0.16 547'359 28.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 5'536'118 0.15 (97'692) 30.04.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Banca Akros(ESN) DARIO MICHI buy 5 M 22 12 month 29.07.2013

AlphaValue ALEXANDRE ANDLAUER add 4 M 18 6 month 25.07.2013

Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 19 12 month 23.07.2013

Societe Generale IRENE HIMONA hold 3 M 18 12 month 22.07.2013

Mediobanca SpA ANDREA SCAURI outperform 5 M 21 12 month 22.07.2013

Deutsche Bank MARK BLOOMFIELD buy 5 M 20 12 month 19.07.2013

Macquarie MARC B KOFLER outperform 5 M 21 12 month 19.07.2013

JPMorgan NITIN SHARMA overweight 5 M 22 12 month 18.07.2013

Credit Suisse KIM FUSTIER outperform 5 M 19 Not Provided 17.07.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 19 Not Provided 17.07.2013

VTB Capital COLIN SMITH hold 3 M 19 12 month 17.07.2013

Raymond James BERTRAND HODEE market perform 3 D #N/A N/A Not Provided 16.07.2013

Barclays RAHIM KARIM overweight 5 M 20 Not Provided 16.07.2013

Grupo Santander JASON KENNEY hold 3 M 18 Not Provided 15.07.2013

S&P Capital IQ CHRISTINE TISCARENO hold 3 D 16 12 month 15.07.2013

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 21 12 month 11.07.2013

HSBC PAUL SPEDDING neutral 3 M 18 Not Provided 11.07.2013

Jefferies IAIN REID buy 5 M 22 12 month 08.07.2013

Canaccord Genuity Corp SAMUEL SIMON sell 1 M 17 12 month 08.07.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 18 Not Provided 08.07.2013

Natixis ANNE PUMIR neutral 3 M 18 Not Provided 05.07.2013

Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 19 12 month 01.07.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 20.06.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 18 12 month 19.06.2013

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 21 12 month 18.06.2013

RBC Capital Markets PETER HUTTON sector perform 3 M 21 12 month 17.06.2013

Kepler Cheuvreux ENRICO COCO hold 3 M 18 Not Provided 17.06.2013

Banca IMI ROBERTO RANIERI add 4 M 20 12 month 11.06.2013

UBS JONATHON RIGBY buy 5 M 20 12 month 10.06.2013

EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013

Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 14.05.2013

Investec NEILL MORTON hold 3 M 16 Not Provided 25.04.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 20 Not Provided 25.04.2013

Equita SIM SpA ROBERTO LETIZIA buy 5 M 22 12 month 25.04.2013

ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 24.04.2013

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

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

Page 30: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (14.09.2012) 11.78

52-Week Low (21.02.2013) 9.47

Daily Volume

10.87

52-Week High % Change -7.72% Dividend Yield -

52-Week Low % Change 14.83% Beta 0.99

% 52 Week Price Range High/Low 60.24% Equity Float 4'470.11

Shares Out 30.06.2013 4'551.0 Short Int -

49'469.64 1 Yr Total Return 7.62%

Total Debt 66'853.00 YTD Return 6.67%

Preferred Stock 0.0 Adjusted BETA 0.993

Minority Interest 7'200.0 Analyst Recs 37

Cash and Equivalents 11'719.00 Consensus Rating 3.568

Enterprise Value 108'892.64

Average Volume 5 Day 15'194'770

TEF SQ EQUITY YTD Change - Average Volume 30 Day 20'592'510

TEF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 24'805'950

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

57'946.0 56'731.0 60'737.0 62'837.0 62'356.0 62'932.0 59'937.0 57'921.3 57'705.3 14'002.5 14'857.5

2.10x 2.42x 2.29x 1.99x 1.74x 7.73x 7.25x 1.80x 1.77x - -

22'919.0 22'603.0 25'777.0 19'392.0 21'231.0 18'455.9 20'311.7 19'681.8 19'579.4 5'206.0 5'498.0

5.31x 6.07x 5.39x 6.46x 5.10x 6.19x 5.11x 5.53x 5.56x - -

7'592.0 7'776.0 10'167.0 5'402.9 3'928.0 4'315.9 3'909.0 4'653.3 4'840.0 982.0 530.0

9.72x 11.43x 7.54x 11.18x 11.71x 10.89x 11.38x 10.50x 10.02x - -

EBITDA 21'231.00 Long-Term Rating Date 20.12.2012

EBIT 10'798.00 Long-Term Rating BBB

Operating Margin 17.32% Long-Term Outlook NEG

Pretax Margin 9.40% Short-Term Rating Date 20.12.2012

Return on Assets 3.13% Short-Term Rating A-2

Return on Common Equity 19.88%

Return on Capital - EBITDA/Interest Exp. 6.86

Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.80

Net Debt/EBITDA 2.61

Gross Margin - Total Debt/EBITDA 3.09

EBITDA Margin 33.9%

EBIT Margin 16.5% Total Debt/Equity 326.7%

Net Income Margin 6.3% Total Debt/Capital 70.7%

Asset Turnover 0.48

Current Ratio 0.81 Net Fixed Asset Turnover 1.77

Quick Ratio 0.71 Accounts receivable turnover-days 65.58

Debt to Assets 51.52% Inventory Days -

Tot Debt to Common Equity 326.73% Accounts Payable Turnover Day -

Accounts Receivable Turnover 5.57 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

Telefonica SAPrice/Volume

Valuation Analysis

946'416.00

Current Price (8/dd/yy) Market Data

,

.

1

3

5

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-1

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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

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

,',,

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

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

Page 31: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BANCO BILBAO VIZCAYA n/a 20F 261'798'437 5.75 3'581'300 21.03.2013 Bank

CAIXABANK n/a 20F 254'697'815 5.6 7'798'898 21.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 177'257'649 3.89 - 29.07.2013 Investment Advisor

BNP PARIBAS SA n/a EXCH 127'368'869 2.8 (15'605'969) 12.05.2011 Bank

NORGES BANK Multiple Portfolios MF-AGG 97'834'735 2.15 - 31.12.2012 Government

TELEFONICA SA n/a EXCH 72'916'876 1.6 - 06.02.2013 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 44'210'166 0.97 1'923'226 30.06.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 23'495'751 0.52 (192'004) 31.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 21'492'438 0.47 (7'168'797) 30.04.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 15'017'874 0.33 7'573'790 28.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'456'208 0.3 5'396'197 31.03.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 12'136'614 0.27 - 29.07.2013 Investment Advisor

UBS n/a ULT-AGG 10'795'060 0.24 201'211 30.07.2013 Unclassified

ALLIANZ ASSET MANAGE n/a ULT-AGG 6'038'992 0.13 1'800'287 30.06.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 6'029'180 0.13 80'913 28.03.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 5'926'175 0.13 (14'473) 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 5'890'820 0.13 (106'515) 30.07.2013 Investment Advisor

INVERCAIXA GESTION S Multiple Portfolios MF-AGG 5'693'032 0.13 1'564'796 30.06.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'675'018 0.12 (37'437) 31.05.2013 Investment Advisor

FMR LLC n/a ULT-AGG 5'500'406 0.12 461'461 30.06.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura FREDERIC BOULAN reduce 2 M 9 12 month 31.07.2013

Credit Suisse JUSTIN FUNNELL neutral 3 M 12 Not Provided 30.07.2013

Ahorro Corporacion Financiera SA GERMAN GARCIA BOU buy 5 M 13 Not Provided 30.07.2013

NMAS 1 Agencia de Valores JOSE RAMON OCINA strong buy 5 M 13 12 month 30.07.2013

BPI PEDRO OLIVEIRA strong buy 5 M 13 Not Provided 29.07.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 13 12 month 29.07.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 10 12 month 29.07.2013

Espirito Santo Investment Bank ResearchNUNO MATIAS neutral 3 M 10 Not Provided 29.07.2013

Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 13 Not Provided 29.07.2013

Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 Not Provided 26.07.2013

Macquarie GUY R PEDDY neutral 3 M 10 12 month 26.07.2013

Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 26.07.2013

Kepler Cheuvreux JAVIER BORRACHERO buy 5 M 13 Not Provided 26.07.2013

Barclays JONATHAN DANN equalweight 3 M 12 Not Provided 26.07.2013

AlphaValue JEAN-MICHEL SALVADOR buy 5 M 17 6 month 26.07.2013

Morgan Stanley LUIS PROTA restricted #N/A N/A M #N/A N/A Not Provided 25.07.2013

Jefferies JEREMY A DELLIS underperform 1 M 9 12 month 25.07.2013

Raymond James STEPHANE BEYAZIAN underperform 1 M 10 12 month 25.07.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 11 Not Provided 25.07.2013

Bankia Bolsa (ESN) DAVID CABEZA JARENO buy 5 M 13 12 month 25.07.2013

Interdin Bolsa BORJA MIJANGOS BLANCO buy 5 M 12 Not Provided 25.07.2013

S&P Capital IQ ALEXANDER WISCH sell 1 M 9 12 month 25.07.2013

Banco Sabadell ANDRES BOLUMBURU buy 5 M 14 12 month 24.07.2013

National Bank AG MANFRED JAISFELD buy 5 M 13 Not Provided 24.07.2013

Berenberg Bank PAUL ANDREW MARSCH sell 1 M 9 Not Provided 24.07.2013

Deutsche Bank KEVAL KHIROYA restricted #N/A N/A M #N/A N/A Not Provided 23.07.2013

Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 23.07.2013

JPMorgan AKHIL DATTANI restricted #N/A N/A M #N/A N/A Not Provided 23.07.2013

Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 11 Not Provided 19.07.2013

BCP Investimento ALEXANDRA DELGADO buy 5 M 15 Not Provided 18.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 15.07.2013

New Street Research JAMES RATZER reduce 2 M 9 Not Provided 05.06.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 03.06.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 30.05.2013

La Caixa BORJA PAGOAGA buy 5 M 13 Not Provided 22.05.2013

HSBC LUIGI MINERVA neutral 3 M 11 Not Provided 09.05.2013

Natixis BENOIT MAYNARD neutral 3 M 13 Not Provided 09.05.2013

Banesto Bolsa SA Sociedad MARTA GOMEZ overweight 5 M 12 12 month 03.04.2013

UBS GIOVANNI MONTALTI neutral 3 M 10 12 month 02.04.2013

BBVA IVON LEAL outperform 5 M 13 Not Provided 11.03.2013

Renta 4 SA SVB IVAN SAN FELIX hold 3 M 19 Not Provided 23.07.2012

Holdings By:

Telefonica SA ee

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

Page 32: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (28.01.2013) 7.86

52-Week Low (10.08.2012) 5.51

Daily Volume

7.177

52-Week High % Change -8.65% Dividend Yield -

52-Week Low % Change 30.37% Beta 1.21

% 52 Week Price Range High/Low 69.39% Equity Float 5'525.07

Shares Out 05.07.2013 5'724.3 Short Int -

41'083.49 1 Yr Total Return 33.63%

Total Debt 226'217.00 YTD Return 8.06%

Preferred Stock 0.0 Adjusted BETA 1.215

Minority Interest 2'372.0 Analyst Recs 41

Cash and Equivalents 63'956.00 Consensus Rating 3.488

Enterprise Value -

Average Volume 5 Day 21'964'560

BBVA SQ EQUITY YTD Change - Average Volume 30 Day #########

BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 69'558'550

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

41'508.0 34'467.0 32'482.0 33'049.0 35'222.0 33'752.0 22'093.0 22'080.0 23'149.9 5'378.0 5'463.0

- - - - - 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 2'175.0 3'047.0 3'703.2 4'241.4 - -

6.41x 11.37x 6.46x 11.78x 28.56x 13.49x 22.71x 11.78x 10.12x - -

EBITDA - Long-Term Rating Date 16.10.2012

EBIT - Long-Term Rating BBB-

Operating Margin 5.89% Long-Term Outlook NEG

Pretax Margin 6.89% Short-Term Rating Date 16.10.2012

Return on Assets 0.49% Short-Term Rating A-3

Return on Common Equity 7.08%

Return on Capital 1.31% EBITDA/Interest Exp. -

Asset Turnover 0.04% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 546.0%

Net Income Margin 7.0% Total Debt/Capital 83.8%

Asset Turnover 0.04

Current Ratio - Net Fixed Asset Turnover 2.92

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 35.47% Inventory Days -

Tot Debt to Common Equity 546.02% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banco Bilbao Vizcaya Argentaria SAPrice/Volume

Valuation Analysis

2'737'939.00

Current Price (8/dd/yy) Market Data

,

-

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10'000.0

15'000.0

20'000.0

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30'000.0

35'000.0

40'000.0

45'000.0

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

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

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

Page 33: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BNP PARIBAS SA n/a EXCH 177'140'051 3.09 10'373'306 09.05.2013 Bank

INVERAVANTE INVERSIO n/a 13G 160'934'820 2.81 (86'470'698) 24.07.2012 Other

NORGES BANK Multiple Portfolios MF-AGG 120'502'641 2.11 - 31.12.2012 Government

BLACKROCK n/a ULT-AGG 100'933'943 1.76 4'439'390 29.07.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 62'597'618 1.09 2'368'766 30.06.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 52'046'490 0.91 52'046'490 31.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 43'112'614 0.75 1'276'482 30.06.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 34'906'604 0.61 3'065'347 31.03.2013 Investment Advisor

BANCO BILBAO VIZCAYA n/a EXCH 33'892'062 0.59 - 02.07.2013 Bank

FMR LLC n/a ULT-AGG 22'414'992 0.39 (157'752) 30.06.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 22'104'311 0.39 (4'502'376) 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 18'788'200 0.33 147'275 30.05.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 18'487'948 0.32 18'317'748 31.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 17'470'541 0.31 (7'086'056) 30.04.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 16'870'852 0.29 - 29.07.2013 Investment Advisor

UBS n/a ULT-AGG 14'998'426 0.26 (554'401) 30.07.2013 Unclassified

ALLIANZ ASSET MANAGE n/a ULT-AGG 9'164'071 0.16 (324'434) 30.06.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 9'030'636 0.16 1'172'269 31.03.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'654'515 0.15 (4'707'476) 28.03.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 8'502'862 0.15 1'431'228 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets PATRICK LEE sector perform 3 M 7 12 month 31.07.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 8 12 month 31.07.2013

Bankia Bolsa (ESN) JAVIER BERNAT accumulate 4 M 9 12 month 31.07.2013

Nomura DARAGH QUINN neutral 3 M 7 12 month 31.07.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 8 12 month 31.07.2013

Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 31.07.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 9 Not Provided 29.07.2013

BPI CARLOS JOAQUIM PEIXOTO strong buy 5 M 9 Not Provided 29.07.2013

Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 29.07.2013

Bankhaus Lampe NEIL SMITH sell 1 M 6 12 month 23.07.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO buy 5 M 8 Not Provided 23.07.2013

EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 23.07.2013

Mediobanca SpA ANDREA FILTRI neutral 3 M 7 12 month 22.07.2013

UBS IGNACIO SANZ buy 5 U 8 12 month 22.07.2013

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 M 8 Not Provided 18.07.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 8 6 month 18.07.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 7 12 month 17.07.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 7 Not Provided 15.07.2013

Deutsche Bank JASON NAPIER hold 3 M 7 12 month 10.07.2013

JPMorgan JAIME BECERRIL underweight 1 M 6 15 month 04.07.2013

S&P Capital IQ WILLIAM HOWLETT hold 3 U 7 12 month 02.07.2013

Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 6 12 month 01.07.2013

Societe Generale CARLOS GARCIA GONZALEZ buy 5 M 8 Not Provided 28.06.2013

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 9 12 month 26.06.2013

Credit Suisse IGNACIO CEREZO neutral 3 M 7 Not Provided 20.06.2013

HSBC CARLO DIGRANDI underweight 1 M 6 Not Provided 18.06.2013

Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 17.06.2013

Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 8 Not Provided 14.06.2013

Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 8 12 month 13.06.2013

La Caixa DAVID FERNANDEZ buy 5 M 8 Not Provided 13.06.2013

Natixis FREDERIC TESCHNER neutral 3 M 6 Not Provided 07.06.2013

Barclays ROHITH CHANDRA-RAJAN equalweight 3 M 7 Not Provided 05.06.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 28.05.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.05.2013

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 12 month 26.04.2013

Banco Sabadell MARIO LODOS buy 5 M 8 Not Provided 25.04.2013

Inteligo SAB LUIS ORDONEZ buy 5 M 8 12 month 24.04.2013

Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 19.04.2013

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

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

Holdings By:

Banco Bilbao Vizcaya Argentaria SA ee

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

Page 34: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (18.01.2013) 143.40

52-Week Low (28.09.2012) 117.00

Daily Volume

138.6

52-Week High % Change -3.35% Dividend Yield 2.16

52-Week Low % Change 18.46% Beta 0.97

% 52 Week Price Range High/Low 83.14% Equity Float 256.64

Shares Out 05.08.2013 507.8 Short Int -

70'382.65 1 Yr Total Return 8.62%

Total Debt 6'812.00 YTD Return 1.33%

Preferred Stock 0.0 Adjusted BETA 0.971

Minority Interest 1'102.0 Analyst Recs 36

Cash and Equivalents 2'196.00 Consensus Rating 4.389

Enterprise Value 76'671.65

Average Volume 5 Day 851'885

MC FP EQUITY YTD Change - Average Volume 30 Day 804'723

MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 789'474

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

17'193.0 17'053.0 20'320.0 23'659.0 28'103.0 26'333.0 28'832.0 30'145.8 33'273.0 7'371.0 8'808.5

1.60x 2.41x 3.08x 2.56x 2.67x 0.00x 0.00x 2.51x 2.23x - -

4'323.0 4'055.0 5'106.0 6'150.0 7'016.0 0.0 0.0 7'451.7 8'366.6 - -

6.34x 10.13x 12.27x 9.84x 10.71x 0.00x 0.00x 10.27x 9.15x - -

2'026.0 1'755.0 3'032.0 3'065.0 3'424.0 0.0 0.0 3'709.9 4'214.0 - -

11.16x 21.13x 19.36x 17.45x 20.23x 0.00x 0.00x 18.95x 16.61x - -

EBITDA 7'016.00 Long-Term Rating Date 20.05.2011

EBIT 5'921.00 Long-Term Rating A

Operating Margin 21.07% Long-Term Outlook POS

Pretax Margin 20.39% Short-Term Rating Date 20.05.2011

Return on Assets 6.65% Short-Term Rating A-1

Return on Common Equity 13.54%

Return on Capital 11.73% EBITDA/Interest Exp. 42.27

Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 32.55

Net Debt/EBITDA 0.73

Gross Margin 64.7% Total Debt/EBITDA 1.00

EBITDA Margin 24.8%

EBIT Margin 20.7% Total Debt/Equity 27.7%

Net Income Margin 12.2% Total Debt/Capital 21.0%

Asset Turnover 0.58

Current Ratio 1.51 Net Fixed Asset Turnover 3.37

Quick Ratio 0.44 Accounts receivable turnover-days 21.20

Debt to Assets 13.64% Inventory Days 269.47

Tot Debt to Common Equity 27.73% Accounts Payable Turnover Day 99.90

Accounts Receivable Turnover 17.21 Cash Conversion Cycle 177.70

Inventory Turnover 1.35

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

LVMH Moet Hennessy Louis Vuitton SAPrice/Volume

Valuation Analysis

105'865.00

Current Price (8/dd/yy) Market Data

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3,

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0.0

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10'000.0

15'000.0

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

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

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

Page 35: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

GROUPE ARNAULT SAS n/a Co File 235'886'503 46.42 - 31.12.2012 Holding Company

LVMH MOET HENNESSY L n/a Co File 8'167'519 1.61 - 31.12.2012 Holding Company

NORGES BANK Multiple Portfolios MF-AGG 7'487'936 1.47 - 31.12.2012 Government

QATAR HOLDINGS LLC n/a Research 5'230'723 1.03 - 15.03.2012 Government

SUN LIFE FINANCIAL I n/a ULT-AGG 5'161'417 1.02 164'491 31.05.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'085'056 0.8 - 31.05.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'205'400 0.63 (108'738) 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 3'117'790 0.61 (77'924) 29.07.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 2'632'058 0.52 (260'185) 30.04.2013 Investment Advisor

FMR LLC n/a ULT-AGG 2'083'440 0.41 (33'978) 30.06.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'983'160 0.39 46'540 30.05.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'821'662 0.36 (5'953) 28.03.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 1'729'060 0.34 (169'059) 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'532'627 0.3 (1'522) 30.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 1'528'000 0.3 - 30.06.2013 Investment Advisor

TRAPANI FRANCESCO n/a Co File 1'382'092 0.27 - 31.12.2012 n/a

AVIVA PLC Multiple Portfolios MF-AGG 1'360'824 0.27 - 31.05.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 1'263'900 0.25 1'263'900 30.06.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 1'261'752 0.25 (618'685) 31.12.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 1'159'842 0.23 15'752 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale THIERRY COTA hold 3 M 140 12 month 30.07.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA neutral 3 M 150 Not Provided 30.07.2013

Credit Suisse ROGERIO FUJIMORI neutral 3 M 142 Not Provided 29.07.2013

Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 165 12 month 29.07.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 160 12 month 29.07.2013

Oddo & Cie LEOPOLD AUTHIE buy 5 M 165 Not Provided 29.07.2013

Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 160 6 month 29.07.2013

Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 29.07.2013

S&P Capital IQ WESTCOTT ROCHETTE buy 5 D 151 12 month 29.07.2013

Deutsche Bank WARWICK OKINES hold 3 M 145 12 month 26.07.2013

Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 156 12 month 26.07.2013

UBS EVA QUIROGA buy 5 U 155 12 month 26.07.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 141 3 month 26.07.2013

Aurel - BGC DAVID DA MAIA buy 5 M 150 Not Provided 26.07.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 141 Not Provided 26.07.2013

Renaissance Capital REY WIUM buy 5 M 156 12 month 26.07.2013

ISI Group OMAR SAAD buy 5 M 160 12 month 26.07.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 154 12 month 26.07.2013

Barclays JULIAN EASTHOPE overweight 5 M 164 Not Provided 26.07.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 140 12 month 26.07.2013

Nomura CHRISTOPHER WALKER buy 5 M 155 12 month 23.07.2013

Berenberg Bank JOHN GUY hold 3 M 140 Not Provided 22.07.2013

AlphaValue VIRGINIE BLIN buy 5 M 169 6 month 18.07.2013

Kepler Cheuvreux CATHERINE ROLLAND buy 5 M 161 Not Provided 15.07.2013

Raymond James HERMINE DE BENTZMANN strong buy 5 M 163 Not Provided 28.06.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 17.06.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 29.04.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 189 12 month 19.04.2013

National Bank AG MANFRED JAISFELD buy 5 M 155 Not Provided 16.04.2013

HSBC ANTOINE BELGE neutral 3 M 147 Not Provided 27.03.2013

Banco Sabadell IGNACIO ROMERO buy 5 M 144 12 month 15.02.2013

Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012

Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012

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

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

Page 36: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

Danone is a food processing company. The Company produces dairy products,

beverages, baby food and clinical/medical nutrition products.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (02.08.2013) 60.45

52-Week Low (23.10.2012) 45.61

Daily Volume

58.99

52-Week High % Change -2.42% Dividend Yield -

52-Week Low % Change 29.35% Beta 0.65

% 52 Week Price Range High/Low 93.26% Equity Float 534.79

Shares Out 30.07.2013 631.0 Short Int -

37'224.34 1 Yr Total Return 21.03%

Total Debt 9'522.00 YTD Return 21.19%

Preferred Stock 0.0 Adjusted BETA 0.648

Minority Interest 63.0 Analyst Recs 41

Cash and Equivalents 3'017.00 Consensus Rating 3.415

Enterprise Value 45'620.34

Average Volume 5 Day 1'233'449

BN FP EQUITY YTD Change - Average Volume 30 Day 1'518'885

BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'553'560

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

15'220.0 14'982.0 17'010.0 19'318.0 20'869.0 20'065.0 21'451.0 22'052.5 23'375.9 5'461.7 5'423.9

2.09x 2.20x 2.11x 1.89x 1.73x 0.00x 0.00x 1.98x 1.83x - -

2'796.0 2'844.0 3'194.0 3'486.0 3'622.0 0.0 0.0 3'734.0 3'995.8 - -

11.35x 11.61x 11.23x 10.45x 9.99x 0.00x 0.00x 12.22x 11.42x - -

1'313.0 1'361.0 1'875.0 1'671.0 1'672.0 0.0 0.0 1'815.9 1'976.6 - -

19.75x 17.77x 15.42x 17.53x 17.95x 0.00x 0.00x 19.14x 17.51x - -

EBITDA 3'622.00 Long-Term Rating Date 25.07.2007

EBIT 2'958.00 Long-Term Rating A-

Operating Margin 14.17% Long-Term Outlook STABLE

Pretax Margin 11.97% Short-Term Rating Date 11.07.2007

Return on Assets 5.84% Short-Term Rating A-2

Return on Common Equity 15.12%

Return on Capital 9.31% EBITDA/Interest Exp. 14.78

Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 10.80

Net Debt/EBITDA 2.46

Gross Margin 50.1% Total Debt/EBITDA 3.26

EBITDA Margin 15.9%

EBIT Margin 12.7% Total Debt/Equity 78.1%

Net Income Margin 8.0% Total Debt/Capital 43.7%

Asset Turnover 0.71

Current Ratio 0.81 Net Fixed Asset Turnover 5.02

Quick Ratio 0.58 Accounts receivable turnover-days 35.67

Debt to Assets 32.24% Inventory Days 41.59

Tot Debt to Common Equity 78.11% Accounts Payable Turnover Day 105.79

Accounts Receivable Turnover 10.23 Cash Conversion Cycle -27.01

Inventory Turnover 8.78

Fiscal Year Ended

Danone SAPrice/Volume

Valuation Analysis

126'633.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,

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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

,',,

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

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

Page 37: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

SUN LIFE FINANCIAL I n/a ULT-AGG 55'784'313 8.84 3'781 31.05.2013 Investment Advisor

GROUPE DANONE n/a ULT-AGG 44'051'229 6.98 - 31.12.2012 Corporation

AMUNDI SA n/a Co File 20'039'020 3.18 - 31.12.2012 Other

EURAZEO n/a Co File 16'433'370 2.6 - 31.12.2012 Investment Advisor

NORGES BANK n/a Co File 15'048'614 2.38 - 31.12.2012 Government

SOFINA & HENEX GROUP n/a Co File 13'584'541 2.15 - 31.12.2012 Other

NATIXIS ASSET MANAGE n/a Co File 12'811'179 2.03 - 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 11'363'710 1.8 1'000'000 30.06.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 9'939'780 1.58 (112'541) 31.03.2013 Investment Advisor

CAISSE DES DEPOTS ET n/a Co File 9'783'434 1.55 - 31.12.2012 Government

FCPE FONDS GROUPE DA n/a Co File 8'533'644 1.35 - 31.12.2012 n/a

FMR LLC n/a ULT-AGG 7'578'738 1.2 290'647 30.06.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 6'725'760 1.07 4'734'388 31.12.2012 Investment Advisor

TRIAN FUND MANAGEMEN n/a Research 6'431'620 1.02 - 07.11.2012 Hedge Fund Manager

BLACKROCK n/a ULT-AGG 6'296'639 1 32'734 29.07.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'253'217 0.99 (435'116) 30.06.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 5'907'099 0.94 28'959 28.06.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 4'528'028 0.72 (40'536) 28.03.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'324'592 0.69 745'570 31.12.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 4'192'775 0.66 (286'621) 30.04.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 60 12 month 31.07.2013

Societe Generale WARREN L ACKERMAN hold 3 M 61 12 month 30.07.2013

JPMorgan CELINE PANNUTI overweight 5 M 74 15 month 30.07.2013

Oddo & Cie LAURENCE HOFMANN neutral 3 M 56 Not Provided 30.07.2013

Kepler Cheuvreux JON COX buy 5 M 65 Not Provided 30.07.2013

Natixis PIERRE TEGNER neutral 3 M 56 Not Provided 30.07.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 30.07.2013

Helvea ANDREAS VON ARX accumulate 4 M 66 12 month 30.07.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 50 12 month 29.07.2013

Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 49 12 month 29.07.2013

Investec MARTIN DEBOO hold 3 M #N/A N/A Not Provided 29.07.2013

HSBC CEDRIC BESNARD overweight 5 M 66 Not Provided 29.07.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 69 12 month 29.07.2013

CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 52 12 month 29.07.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 45 12 month 29.07.2013

Nomura DAVID HAYES buy 5 M 61 12 month 29.07.2013

S&P Capital IQ CARL SHORT buy 5 M 67 12 month 29.07.2013

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 29.07.2013

Exane BNP Paribas JEFF STENT outperform 5 M 70 Not Provided 29.07.2013

Barclays LIAM ROWLEY equalweight 3 M 57 Not Provided 29.07.2013

AlphaValue SOPHIE CABO-BROSETA add 4 M 64 6 month 25.07.2013

Jefferies ALEX HOWSON hold 3 M 58 12 month 19.07.2013

Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 19.07.2013

Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 63 Not Provided 11.07.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 57 12 month 09.07.2013

Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 71 12 month 04.07.2013

Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013

Berenberg Bank JAMES TARGETT sell 1 M 55 Not Provided 17.06.2013

Credit Suisse ALEX MOLLOY underperform 1 M 52 Not Provided 11.06.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 06.05.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 58 Not Provided 19.04.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 18.04.2013

UBS ALAN ERSKINE neutral 3 M 57 12 month 17.04.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 53 12 month 12.04.2013

Equita SIM SpA FABIO FAZZARI buy 5 M 66 12 month 12.03.2013

Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 50 Not Provided 13.12.2012

Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012

Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011

Holdings By:

Danone SA ee

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

Page 38: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (01.02.2013) 38.73

52-Week Low (15.08.2012) 24.85

Daily Volume

33.79

52-Week High % Change -12.75% Dividend Yield -

52-Week Low % Change 35.98% Beta 1.38

% 52 Week Price Range High/Low 62.32% Equity Float 1'013.93

Shares Out 30.06.2013 1'019.5 Short Int -

34'448.89 1 Yr Total Return 35.09%

Total Debt 278'501.00 YTD Return 4.75%

Preferred Stock 0.0 Adjusted BETA 1.379

Minority Interest 407.0 Analyst Recs 40

Cash and Equivalents 147'433.00 Consensus Rating 4.050

Enterprise Value -

Average Volume 5 Day 5'914'594

DBK GY EQUITY YTD Change - Average Volume 30 Day 6'140'810

DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 6'326'005

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

58'492.0 45'167.0 46'151.0 52'660.0 52'299.0 49'520.0 49'310.0 33'582.8 34'243.5 7'903.8 7'900.8

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

- - - - - 0.0 0.0 - - - -

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

(3'835.0) 4'973.0 2'310.0 4'132.0 237.0 2'916.0 190.0 4'051.0 4'840.9 898.5 840.8

- 6.24x 12.74x 6.61x 131.80x 9.08x 179.61x 8.56x 7.20x 8.15x -

EBITDA - Long-Term Rating Date 02.07.2013

EBIT - Long-Term Rating A

Operating Margin 8.08% Long-Term Outlook STABLE

Pretax Margin 2.18% Short-Term Rating Date 19.12.2008

Return on Assets 0.01% Short-Term Rating A-1

Return on Common Equity 0.34%

Return on Capital 0.06% EBITDA/Interest Exp. -

Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 515.7%

Net Income Margin 0.7% Total Debt/Capital 83.7%

Asset Turnover 0.02

Current Ratio - Net Fixed Asset Turnover 9.91

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 13.84% Inventory Days -

Tot Debt to Common Equity 515.71% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Deutsche Bank AGPrice/Volume

Valuation Analysis

964'132.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,

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20'000.0

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40'000.0

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

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

Page 39: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BLACKROCK n/a ULT-AGG 47'776'278 4.69 - 29.07.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 41'570'490 4.08 (651'716) 30.06.2013 Investment Advisor

DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 24'511'746 2.4 53'089 31.03.2013 Bank

DEUTSCHE BANK AG n/a ULT-AGG 23'643'257 2.32 6'685'386 31.05.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 21'866'137 2.14 - 31.12.2012 Government

COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 19'985'815 1.96 5'187'914 31.03.2013 Bank

CREDIT SUISSE AG n/a ULT-AGG 16'753'114 1.64 - 29.05.2013 Investment Advisor

CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 16'412'440 1.61 (236'367) 31.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'259'100 1.01 674'993 30.06.2013 Investment Advisor

UBS n/a ULT-AGG 7'624'696 0.75 1'264'411 30.07.2013 Unclassified

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'105'620 0.7 (634'844) 30.04.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 6'818'301 0.67 2'635'705 30.04.2013 Investment Advisor

HSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 5'921'773 0.58 (11'954'777) 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 5'567'724 0.55 (109'942) 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 5'466'501 0.54 331'142 27.05.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'205'471 0.51 (1'651'936) 30.06.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 4'710'141 0.46 433'334 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'657'901 0.46 751'469 31.03.2013 Investment Advisor

DEUTSCHE TELEKOM n/a Research 3'832'262 0.38 - 13.11.2012 Unclassified

GOLDMAN SACHS GROUP n/a ULT-AGG 3'819'018 0.37 (4'738'602) 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Natixis ANTOINE BURGARD buy 5 M 44 Not Provided 31.07.2013

Nomura JON PEACE neutral 3 M 38 Not Provided 31.07.2013

Commerzbank Corporates & Markets MICHAEL DUNST buy 5 M 45 6 month 30.07.2013

Nord/LB MICHAEL SEUFERT hold 3 D 35 12 month 30.07.2013

RBC Capital Markets FIONA SWAFFIELD outperform 5 M 38 12 month 30.07.2013

Credit Suisse AMIT GOEL outperform 5 M 37 Not Provided 30.07.2013

Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 46 12 month 30.07.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 M 40 Not Provided 30.07.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 42 12 month 30.07.2013

Bankhaus Lampe NEIL SMITH buy 5 M 42 12 month 30.07.2013

Oddo & Cie JEAN SASSUS neutral 3 M 40 Not Provided 30.07.2013

M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 45 12 month 30.07.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER buy 5 M 44 12 month 30.07.2013

S&P Capital IQ FRANK BRADEN buy 5 M 40 12 month 30.07.2013

Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 30.07.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 40 12 month 26.07.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 M 45 12 month 26.07.2013

Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 40 12 month 25.07.2013

AlphaValue DIETER HEIN add 4 D 42 6 month 25.07.2013

Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 M 35 12 month 19.07.2013

Macquarie PIERS BROWN neutral 3 U 34 12 month 18.07.2013

Redburn Partners NICHOLAS WATTS neutral 3 D #N/A N/A Not Provided 16.07.2013

Bankhaus Metzler GUIDO HOYMANN buy 5 M 43 12 month 10.07.2013

Barclays JEREMY SIGEE overweight 5 M 47 Not Provided 09.07.2013

Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 04.07.2013

Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 28 Not Provided 03.07.2013

JPMorgan KIAN ABOUHOSSEIN neutral 3 M 38 15 month 28.06.2013

Grupo Santander AURELIA FAURE hold 3 M 37 Not Provided 30.05.2013

Societe Generale DIRK HOFFMANN-BECKING buy 5 M 43 12 month 29.05.2013

HSBC ROBERT MURPHY overweight 5 M 44 Not Provided 28.05.2013

Main First Bank AG KILIAN MAIER outperform 5 N 45 12 month 13.05.2013

DZ Bank AG CHRISTOPH BAST buy 5 M 40 Not Provided 10.05.2013

Kepler Cheuvreux DIRK BECKER buy 5 M 44 Not Provided 07.05.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 03.05.2013

UBS DANIELE BRUPBACHER neutral 3 M 37 12 month 02.05.2013

Berenberg Bank JAMES CHAPPELL sell 1 M 20 Not Provided 30.04.2013

Day by Day VALERIE GASTALDY buy 5 U 38 3 month 25.04.2013

Banco Sabadell MARIO LODOS buy 5 M 40 12 month 15.02.2013

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

National Bank AG DIRK GOJNY buy 5 M 32 Not Provided 25.07.2012

Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 03.07.2012

SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010

Holdings By:

Deutsche Bank AG ee

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

Page 40: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (05.08.2013) 17.49

52-Week Low (08.08.2012) 10.82

Daily Volume

17.3

52-Week High % Change -1.09% Dividend Yield -

52-Week Low % Change 59.96% Beta 1.56

% 52 Week Price Range High/Low 94.16% Equity Float 2'047.08

Shares Out 30.07.2013 2'391.9 Short Int -

41'379.93 1 Yr Total Return 64.72%

Total Debt 15'172.00 YTD Return 36.03%

Preferred Stock 5'735.0 Adjusted BETA 1.559

Minority Interest 2'355.0 Analyst Recs 37

Cash and Equivalents 30'546.00 Consensus Rating 4.054

Enterprise Value 39'693.93

Average Volume 5 Day 6'649'770

CS FP EQUITY YTD Change - Average Volume 30 Day 6'018'968

CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 6'932'628

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

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

51'235.0 122'704.0 117'414.0 98'334.0 116'202.0 0.0 0.0 100'105.2 103'151.8 - -

0.62x 0.36x 0.29x 0.18x 0.21x #DIV/0! #DIV/0! 0.56x 0.59x - -

- - - - - 0.0 0.0 - - - -

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

923.0 3'606.0 2'749.0 4'324.0 4'152.0 0.0 0.0 4'852.3 5'184.9 - -

51.67x 10.60x 12.33x 5.88x 8.10x 0.00x 0.00x 8.64x 8.07x - -

EBITDA - Long-Term Rating Date 18.12.2012

EBIT - Long-Term Rating A-

Operating Margin 5.43% Long-Term Outlook STABLE

Pretax Margin 4.66% Short-Term Rating Date 18.12.2012

Return on Assets 0.53% Short-Term Rating A-2

Return on Common Equity 8.47%

Return on Capital 6.89% EBITDA/Interest Exp. -

Asset Turnover 0.15% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 31.7%

Net Income Margin 3.6% Total Debt/Capital 21.3%

Asset Turnover 0.15

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 1.99% Inventory Days -

Tot Debt to Common Equity 31.66% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AXA SAPrice/Volume

Valuation Analysis

777'403.00

Current Price (8/dd/yy) Market Data

,.135

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60'000.0

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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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,-',-'.,-, ,-',4'.,-, ,-',-'.,-- ,-',4'.,-- ,-',-'.,-. ,-',4'.,-. ,-',-'.,-0 ,-',4'.,-0

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

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

Page 41: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

MUTUELLES AXA n/a Co File 342'767'775 14.33 - 31.12.2012 Insurance Company

AMUNDI n/a Research 91'682'238 3.83 (20'493'797) 15.05.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 79'968'828 3.34 (72'251) 31.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 67'215'128 2.81 (3'214'857) 30.06.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 58'028'406 2.43 - 31.12.2012 Government

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50'254'088 2.1 (9'366) 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 41'633'640 1.74 (9'833'098) 29.07.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 36'771'259 1.54 (4'576'318) 31.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'296'554 0.81 456'794 30.06.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 15'382'094 0.64 (2'582'264) 28.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'186'966 0.55 428'900 31.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 12'462'994 0.52 (898'816) 30.04.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 11'842'642 0.5 85'180 28.03.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 11'362'428 0.48 108'838 31.05.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 9'664'596 0.4 1'943'799 30.06.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 6'776'001 0.28 35'337 28.03.2013 Investment Advisor

UBS n/a ULT-AGG 6'768'213 0.28 48'216 30.07.2013 Unclassified

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'855'919 0.24 - 29.07.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 5'642'676 0.24 1'772'813 30.06.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 4'569'870 0.19 3'610 30.04.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Credit Suisse RICHARD BURDEN outperform 5 M 19 Not Provided 29.07.2013

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 14 12 month 29.07.2013

Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 25.07.2013

Helvea DANIEL BISCHOF buy 5 M 16 12 month 25.07.2013

AlphaValue JEROME CASSAGNE add 4 M 19 6 month 25.07.2013

Oddo & Cie NICOLAS JACOB buy 5 M 19 Not Provided 23.07.2013

Day by Day VALERIE GASTALDY buy 5 M 17 3 month 22.07.2013

Barclays CLAUDIA GASPARI underweight 1 M 15 Not Provided 22.07.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 19.07.2013

Macquarie NEIL WELCH neutral 3 D 16 12 month 13.07.2013

Raymond James RAPHAEL CARUSO strong buy 5 M 19 Not Provided 11.07.2013

Morgan Stanley JON HOCKING Overwt/In-Line 5 M 18 12 month 10.07.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 01.07.2013

CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 19 Not Provided 27.06.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 19 6 month 27.06.2013

Mediobanca SpA MARC THIELE neutral 3 D 17 6 month 20.06.2013

Berenberg Bank PETER ELIOT hold 3 M 17 Not Provided 19.06.2013

Deutsche Bank OLIVER STEEL buy 5 M 18 12 month 18.06.2013

Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 12.06.2013

Societe Generale NICK HOLMES buy 5 M 19 12 month 11.06.2013

EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013

HSBC KAILESH MISTRY overweight 5 M 21 Not Provided 31.05.2013

Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 17 Not Provided 28.05.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 16 12 month 13.05.2013

RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 07.05.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 17 Not Provided 07.05.2013

Nomura MICHAEL KLIEN buy 5 M 23 12 month 07.05.2013

S&P Capital IQ RODERICK WALLACE buy 5 M 17 12 month 07.05.2013

DZ Bank AG THORSTEN WENZEL buy 5 M 16 Not Provided 07.05.2013

Goldman Sachs WILLIAM ELDERKIN Buy/Neutral 5 M 18 12 month 24.04.2013

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 21 Not Provided 03.04.2013

Hammer Partners SA ENRICO RACIOPPI buy 5 N 21 Not Provided 25.03.2013

Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013

Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013

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

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

BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011

Holdings By:

AXA SA ee

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

Page 42: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (22.05.2013) 63.00

52-Week Low (01.10.2012) 45.85

Daily Volume

60.89

52-Week High % Change -3.35% Dividend Yield -

52-Week Low % Change 32.82% Beta 1.33

% 52 Week Price Range High/Low 88.87% Equity Float 505.29

Shares Out 15.07.2013 560.3 Short Int -

34'119.37 1 Yr Total Return 27.92%

Total Debt 8'132.00 YTD Return 14.71%

Preferred Stock 0.0 Adjusted BETA 1.329

Minority Interest 174.0 Analyst Recs 24

Cash and Equivalents 3'737.00 Consensus Rating 3.625

Enterprise Value 39'557.37

Average Volume 5 Day 1'437'053

SU FP EQUITY YTD Change - Average Volume 30 Day 1'523'496

SU FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'501'181

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

18'311.0 15'793.0 19'580.0 22'345.0 23'946.0 23'459.0 23'968.0 24'501.9 26'155.3 6'306.0 6'798.5

0.95x 1.51x 1.68x 1.23x 1.44x 0.00x 0.00x 1.56x 1.42x - -

3'321.0 2'575.0 3'575.0 3'725.0 3'837.0 0.0 0.0 4'030.9 4'426.3 - -

5.24x 9.26x 9.20x 7.36x 9.01x 0.00x 0.00x 9.81x 8.93x - -

1'682.0 824.0 1'720.0 1'793.0 1'840.0 0.0 0.0 2'233.9 2'501.2 - -

7.55x 24.63x 17.00x 12.18x 16.17x 0.00x 0.00x 14.79x 13.25x - -

EBITDA 3'837.00 Long-Term Rating Date 17.07.2013

EBIT 3'030.00 Long-Term Rating A- *-

Operating Margin 12.65% Long-Term Outlook -

Pretax Margin 10.42% Short-Term Rating Date 14.03.2007

Return on Assets 4.98% Short-Term Rating A-2

Return on Common Equity 11.00%

Return on Capital 8.71% EBITDA/Interest Exp. 9.97

Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 8.74

Net Debt/EBITDA 1.37

Gross Margin 37.8% Total Debt/EBITDA 2.08

EBITDA Margin 16.0%

EBIT Margin 12.7% Total Debt/Equity 48.9%

Net Income Margin 7.7% Total Debt/Capital 32.6%

Asset Turnover 0.67

Current Ratio 1.51 Net Fixed Asset Turnover 9.23

Quick Ratio 1.01 Accounts receivable turnover-days 83.09

Debt to Assets 22.49% Inventory Days 84.62

Tot Debt to Common Equity 48.86% Accounts Payable Turnover Day 105.83

Accounts Receivable Turnover 4.39 Cash Conversion Cycle 57.20

Inventory Turnover 4.31

Fiscal Year Ended

Schneider Electric SAPrice/Volume

Valuation Analysis

134'571.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,

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

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

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

Page 43: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

CAPITAL GROUP COMPAN n/a ULT-AGG 30'026'930 5.36 (11'400) 29.07.2013 Investment Advisor

AMUNDI n/a Research 27'220'485 4.86 (1'168'334) 16.05.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 22'105'126 3.94 733 29.07.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 21'874'591 3.9 3'033 29.07.2013 Investment Advisor

CAISSE DES DEPOTS ET n/a Research 20'349'002 3.63 - 31.12.2012 Government

CREDIT AGRICOLE SA n/a RNS-RUL8 19'283'139 3.44 (6'679) 18.07.2013 Investment Advisor

VANGUARD GROUP INC #N/A N/A RNS-RUL8 16'064'376 2.87 158'121 29.07.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 15'092'197 2.69 (59'463) 29.07.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 14'590'429 2.6 (700) 29.07.2013 Investment Advisor

NORGES BANK n/a RNS-RUL8 12'762'212 2.28 - 12.07.2013 Government

SAFE INVESTMENT COMP n/a RNS-RUL8 12'614'776 2.25 - 22.07.2013 Government

STATE STREET n/a ULT-AGG 12'524'125 2.24 36'672 30.07.2013 Investment Advisor

NORTHERN CROSS LLC #N/A N/A RNS-RUL8 12'361'186 2.21 8'005 30.07.2013 Investment Advisor

DODGE & COX n/a RNS-RUL8 11'305'324 2.02 - 11.07.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'849'337 1.94 (52'247) 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN #N/A N/A RNS-RUL8 10'567'682 1.89 2'260 29.07.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 9'936'552 1.77 213'483 29.07.2013 Investment Advisor

SOCIETE GENERALE #N/A N/A RNS-RUL8 9'283'947 1.66 203'494 29.07.2013 Bank

UBS n/a ULT-AGG 9'239'995 1.65 (51'912) 30.07.2013 Unclassified

ABERDEEN n/a ULT-AGG 8'690'687 1.55 (20'900) 29.07.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale GAEL DE BRAY buy 5 M 64 12 month 31.07.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 65 12 month 31.07.2013

Canaccord Genuity Corp ANDREW BELL hold 3 M 60 12 month 31.07.2013

Natixis ARNAUD SCHMIT neutral 3 M 63 Not Provided 31.07.2013

Nomura DANIEL CUNLIFFE neutral 3 M 52 12 month 31.07.2013

Exane BNP Paribas OLIVIER ESNOU outperform 5 M 64 Not Provided 31.07.2013

Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 29.07.2013

Oddo & Cie ALFRED GLASER buy 5 N 64 Not Provided 23.07.2013

AlphaValue LIONEL PELLICER buy 5 M 71 6 month 18.07.2013

Morgan Stanley BEN UGLOW restricted #N/A N/A M #N/A N/A Not Provided 17.07.2013

Deutsche Bank MARTIN WILKIE restricted #N/A N/A M #N/A N/A Not Provided 12.07.2013

Credit Suisse SIMON TOENNESSEN neutral 3 M 58 Not Provided 12.07.2013

JPMorgan ANDREAS WILLI restricted #N/A N/A M #N/A N/A Not Provided 12.07.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 60 12 month 12.07.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 58 12 month 12.07.2013

Barclays NICK WEBSTER suspended coverage #N/A N/A M #N/A N/A Not Provided 12.07.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013

EVA Dimensions TIMOTHY STANISH hold 3 M #N/A N/A Not Provided 06.06.2013

HSBC MICHAEL HAGMANN overweight 5 M 74 Not Provided 03.06.2013

Berenberg Bank WILLIAM MACKIE hold 3 M 60 Not Provided 01.05.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 60 Not Provided 23.04.2013

CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 58 12 month 23.04.2013

Kepler Cheuvreux PIERRE BOUCHENY reduce 2 M 57 Not Provided 16.04.2013

Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 67 12 month 02.04.2013

Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 60 Not Provided 08.03.2013

UBS FREDRIC STAHL neutral 3 M 57 12 month 04.03.2013

Banco Sabadell MARIA CEBOLLERO buy 5 M 48 12 month 15.02.2013

Holdings By:

Schneider Electric SA ee

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

Page 44: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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: 06/yy

52-Week High (05.08.2013) 101.15

52-Week Low (21.02.2013) 88.55

Daily Volume

99.89

52-Week High % Change -1.25% Dividend Yield -

52-Week Low % Change 12.81% Beta 0.74

% 52 Week Price Range High/Low 93.65% Equity Float 310.40

Shares Out 11.07.2013 311.7 Short Int -

31'140.37 1 Yr Total Return 6.88%

Total Debt 7'273.70 YTD Return 7.83%

Preferred Stock 0.0 Adjusted BETA 0.740

Minority Interest 232.6 Analyst Recs 33

Cash and Equivalents 1'154.20 Consensus Rating 3.545

Enterprise Value 38'219.47

Average Volume 5 Day 503'057

AI FP EQUITY YTD Change - Average Volume 30 Day 628'680

AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 688'814

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

13'103.1 11'976.1 13'488.0 14'456.9 15'326.3 14'702.2 15'354.0 15'814.8 16'939.6 3'979.8 4'182.6

2.38x 2.25x 2.34x 0.00x 0.00x 2.38x 2.21x - 8.87x

2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 3'974.3 4'326.8 - 2'081.0

9.50x 9.13x 9.48x 0.00x 0.00x 9.61x 8.83x - -

1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'667.8 1'861.5 - 905.0

18.97x 17.60x 18.38x 0.00x 0.00x 18.67x 16.86x - -

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 STABLE

Pretax Margin 14.63% Short-Term Rating Date 06.05.2004

Return on Assets 6.36% Short-Term Rating A-1

Return on Common Equity 15.94%

Return on Capital - EBITDA/Interest Exp. 13.84

Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 6.51

Net Debt/EBITDA 1.79

Gross Margin - Total Debt/EBITDA 2.06

EBITDA Margin 24.9%

EBIT Margin 16.8% 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 1.20

Quick Ratio 0.77 Accounts receivable turnover-days 68.07

Debt to Assets 29.09% Inventory Days -

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

Accounts Receivable Turnover 5.36 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Air Liquide SAPrice/Volume

Valuation Analysis

77'324.00

Current Price (8/dd/yy) Market Data

,

.,

1,

3,

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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

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

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

Page 45: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

NORGES BANK Multiple Portfolios MF-AGG 6'786'466 2.18 - 31.12.2012 Government

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 4'338'844 1.39 (235'330) 31.05.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 3'564'873 1.14 28'434 29.07.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'432'911 1.1 228'956 30.06.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 2'806'570 0.9 (14'032) 30.04.2013 Investment Advisor

LANSDOWNE PARTNERS L n/a Short (2'774'061) -0.89 31'170 18.06.2013 Hedge Fund Manager

SUN LIFE FINANCIAL I n/a ULT-AGG 2'097'323 0.67 72'473 31.05.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'058'566 0.66 (35'755) 28.03.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 1'442'547 0.46 - 31.05.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'275'590 0.41 (1'351) 30.07.2013 Investment Advisor

AIR LIQUIDE n/a Co File 1'003'394 0.32 - 31.12.2012 Corporation

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 953'436 0.31 - 29.07.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 942'077 0.3 37'000 30.06.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 869'798 0.28 443 30.06.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 845'039 0.27 (4'158) 28.03.2013 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 791'352 0.25 (173'989) 28.02.2013 Investment Advisor

UBS n/a ULT-AGG 726'981 0.23 (38'615) 30.07.2013 Unclassified

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 686'148 0.22 (7'276) 31.05.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 681'385 0.22 681'385 31.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 647'736 0.21 (83'445) 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale PETER CLARK hold 3 M 105 12 month 31.07.2013

JPMorgan MARCUS DIEBEL overweight 5 M 122 9 month 31.07.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 116 12 month 31.07.2013

Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 31.07.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 104 Not Provided 31.07.2013

Deutsche Bank TIMOTHY JONES hold 3 M 99 12 month 30.07.2013

Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 30.07.2013

Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 30.07.2013

Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 121 12 month 30.07.2013

Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 104 Not Provided 30.07.2013

AlphaValue FABRICE FARIGOULE reduce 2 M 98 6 month 25.07.2013

Commerzbank Corporates & Markets STEPHAN KIPPE add 4 M 105 6 month 23.07.2013

Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 98 Not Provided 23.07.2013

Kepler Cheuvreux MARKUS MAYER buy 5 M 111 Not Provided 23.07.2013

Barclays GUNTHER ZECHMANN underweight 1 M 93 Not Provided 17.07.2013

HSBC GEOFF HAIRE neutral 3 D 108 Not Provided 12.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.07.2013

CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 M 106 12 month 13.06.2013

EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 29.04.2013

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 103 Not Provided 26.04.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 100 12 month 26.04.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 109 Not Provided 26.04.2013

UBS THOMAS GILBERT neutral 3 M 91 12 month 25.04.2013

Jefferies LAURENCE ALEXANDER hold 3 M 97 12 month 25.04.2013

Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 90 Not Provided 25.04.2013

S&P Capital IQ JOHNSON IMODE hold 3 M 98 12 month 25.04.2013

Goldman Sachs RAKESH PATEL neutral/neutral 3 M 107 12 month 24.04.2013

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

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

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

Holdings By:

Air Liquide SA ee

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

Page 46: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (02.05.2013) 137.85

52-Week Low (11.10.2012) 94.55

Daily Volume

126.75

52-Week High % Change -8.05% Dividend Yield -

52-Week Low % Change 34.06% Beta 0.66

% 52 Week Price Range High/Low 77.94% Equity Float 227.98

Shares Out 21.05.2013 605.6 Short Int -

76'759.25 1 Yr Total Return 28.32%

Total Debt 248.00 YTD Return 22.93%

Preferred Stock 0.0 Adjusted BETA 0.661

Minority Interest 4.8 Analyst Recs 37

Cash and Equivalents 1'823.20 Consensus Rating 3.270

Enterprise Value 75'188.85

Average Volume 5 Day 414'769

OR FP EQUITY YTD Change - Average Volume 30 Day 478'340

OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 535'715

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

17'541.8 17'472.6 19'495.8 20'343.1 22'462.7 21'406.7 22'987.6 23'424.4 24'879.2 5'760.0 5'890.0

2.28x 2.72x 2.52x 2.33x 2.72x 0.00x 0.00x 3.17x 2.93x - -

3'441.7 3'368.7 3'757.5 3'955.1 4'538.0 0.0 0.0 4'733.2 5'115.1 - -

11.63x 14.12x 13.05x 12.00x 13.49x 0.00x 0.00x 15.89x 14.70x - -

1'948.3 1'792.2 2'239.7 2'438.4 2'867.7 0.0 0.0 3'093.5 3'364.6 - -

18.82x 25.41x 21.75x 19.64x 21.90x 0.00x 0.00x 24.84x 22.85x - -

EBITDA 4'538.00 Long-Term Rating Date -

EBIT 3'697.30 Long-Term Rating -

Operating Margin 16.46% Long-Term Outlook -

Pretax Margin 17.25% Short-Term Rating Date 05.06.2006

Return on Assets 10.17% Short-Term Rating A-1+

Return on Common Equity 14.87%

Return on Capital 14.49% EBITDA/Interest Exp. 131.54

Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 103.86

Net Debt/EBITDA -0.35

Gross Margin 70.7% Total Debt/EBITDA 0.05

EBITDA Margin 20.2%

EBIT Margin 16.5% Total Debt/Equity 1.2%

Net Income Margin 12.8% Total Debt/Capital 1.2%

Asset Turnover 0.80

Current Ratio 1.29 Net Fixed Asset Turnover 7.69

Quick Ratio 0.79 Accounts receivable turnover-days 50.55

Debt to Assets 0.84% Inventory Days 113.50

Tot Debt to Common Equity 1.18% Accounts Payable Turnover Day 182.89

Accounts Receivable Turnover 7.24 Cash Conversion Cycle -18.84

Inventory Turnover 3.22

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

L'Oreal SAPrice/Volume

Valuation Analysis

60'368.00

Current Price (8/dd/yy) Market Data

,

.,

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3,

5,

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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

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

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

Page 47: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BETTENCOURT FAMILY n/a Co File 185'661'879 30.66 - 31.12.2012 n/a

NESTLE SA n/a Co File 178'381'021 29.46 - 31.12.2012 Corporation

L'OREAL SA n/a Co File 10'454'165 1.73 - 31.12.2012 Corporation

NORGES BANK Multiple Portfolios MF-AGG 6'199'218 1.02 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'650'215 0.93 3'634 30.06.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'446'174 0.73 - 31.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 4'089'800 0.68 (1'414'300) 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 3'586'314 0.59 438'840 29.07.2013 Investment Advisor

OWEN-JONES LINDSAY n/a Co File 2'998'095 0.5 - 31.12.2012 n/a

AMUNDI Multiple Portfolios MF-AGG 1'996'115 0.33 (356'181) 30.04.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'677'693 0.28 (389'228) 28.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'542'830 0.25 15'487 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 1'333'975 0.22 (316'284) 30.06.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'182'458 0.2 16'952 30.07.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 974'438 0.16 (70'028) 28.03.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 842'881 0.14 383'069 31.12.2012 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 769'204 0.13 (26'299) 28.03.2013 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)

INVESCO LTD n/a ULT-AGG 706'351 0.12 (121'619) 30.07.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 683'827 0.11 - 29.07.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Credit Suisse NICOLAS SOCHOVSKY neutral 3 M 125 Not Provided 25.07.2013

Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 159 12 month 23.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.07.2013

Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 108 12 month 22.07.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 130 Not Provided 19.07.2013

Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 110 12 month 18.07.2013

Landesbank Baden-Wuerttemberg BERND MUELL hold 3 M 120 Not Provided 18.07.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 135 12 month 18.07.2013

AlphaValue ARMELLE MOULIN reduce 2 M 118 6 month 18.07.2013

Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 150 12 month 17.07.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 113 6 month 17.07.2013

JPMorgan CELINE PANNUTI overweight 5 M 145 12 month 17.07.2013

Jefferies ALEX HOWSON buy 5 M 106 12 month 17.07.2013

Raymond James HERMINE DE BENTZMANN outperform 5 M 138 12 month 17.07.2013

Oddo & Cie LEOPOLD AUTHIE buy 5 M 130 Not Provided 17.07.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 103 Not Provided 17.07.2013

Berenberg Bank SETH PETERSON hold 3 M 130 Not Provided 17.07.2013

Bryan Garnier & Cie LOIC MORVAN buy 5 M 150 6 month 17.07.2013

Natixis PIERRE TEGNER neutral 3 M 102 Not Provided 17.07.2013

Nomura GUILLAUME DELMAS reduce 2 M 97 12 month 17.07.2013

S&P Capital IQ CARL SHORT hold 3 M 131 12 month 17.07.2013

Main First Bank AG GAEL COLCOMBET underperform 1 M 130 12 month 17.07.2013

Exane BNP Paribas EAMONN FERRY outperform 5 M 167 Not Provided 17.07.2013

Barclays IAIN SIMPSON overweight 5 M 144 Not Provided 17.07.2013

Telsey Advisory Group DAVID WU no rating system #N/A N/A M 130 12 month 17.07.2013

Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 16.07.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 135 12 month 09.07.2013

HSBC CEDRIC BESNARD overweight 5 M 121 Not Provided 05.07.2013

Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 105 Not Provided 03.07.2013

Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013

UBS EVA QUIROGA neutral 3 M 140 12 month 29.05.2013

Kepler Cheuvreux CATHERINE ROLLAND buy 5 M 135 Not Provided 15.05.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 26.04.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 110 12 month 18.04.2013

Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.02.2013

Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012

Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012

Holdings By:

L'Oreal SA ee

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

Page 48: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (08.08.2013) 8.57

52-Week Low (28.03.2013) 5.52

Daily Volume

8.545

52-Week High % Change -0.25% Dividend Yield -

52-Week Low % Change 54.77% Beta 1.82

% 52 Week Price Range High/Low 97.68% Equity Float -

Shares Out 02.07.2013 3'838.8 Short Int -

32'802.61 1 Yr Total Return 50.44%

Total Debt 207'649.00 YTD Return 21.02%

Preferred Stock 0.0 Adjusted BETA 1.819

Minority Interest 1'081.0 Analyst Recs 33

Cash and Equivalents 17'657.00 Consensus Rating 4.091

Enterprise Value 213'920.61

Average Volume 5 Day 25'241'990

INGA NA EQUITY YTD Change - Average Volume 30 Day 21'225'930

INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 22'647'510

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

64'680.0 46'025.0 51'411.0 52'787.0 39'304.0 42'504.0 41'125.0 43'754.0 44'760.0 - -

4.40x 5.41x 4.99x 4.38x 5.54x 23.72x 22.34x 2.41x 2.35x - -

- - - - - 0.0 0.0 - - - -

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

(729.0) (935.0) 2'810.0 5'766.0 3'894.0 5'113.0 5'018.0 3'777.9 3'980.0 972.2 742.7

- - 12.77x 6.70x 11.39x 9.50x 7.16x 8.59x 7.88x - -

EBITDA - Long-Term Rating Date 03.09.2009

EBIT - Long-Term Rating A

Operating Margin 12.65% Long-Term Outlook NEG

Pretax Margin 9.91% Short-Term Rating Date 31.03.2009

Return on Assets 0.39% Short-Term Rating A-1

Return on Common Equity 8.77%

Return on Capital 1.78% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 366.8%

Net Income Margin 9.9% Total Debt/Capital 78.3%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 17.77% Inventory Days -

Tot Debt to Common Equity 366.83% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

ING Groep NVPrice/Volume

Valuation Analysis

8'784'211.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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60'000.0

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

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

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

Page 49: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BLACKROCK n/a ULT-AGG 189'941'686 4.95 - 29.07.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 180'832'856 4.71 9'512'339 30.04.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 90'214'200 2.35 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 60'200'810 1.57 219'074 30.06.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 41'376'650 1.08 2'840'522 28.06.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 41'280'000 1.08 18'750'000 30.06.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 39'936'033 1.04 3'755'980 31.05.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 30'572'346 0.8 (165'662) 31.05.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 27'280'865 0.71 9'612 31.03.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 25'144'194 0.66 1'109'700 31.05.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 24'740'028 0.64 (2'790'480) 30.06.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 20'024'798 0.52 1'163'679 28.03.2013 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'776'736 0.52 1'316 30.06.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 18'398'613 0.48 (4'688'475) 31.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 16'983'268 0.44 (973'566) 31.05.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 13'363'212 0.35 3'821'778 30.04.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 11'776'909 0.31 - 29.07.2013 Investment Advisor

UBS n/a ULT-AGG 10'188'702 0.27 (585'696) 30.07.2013 Unclassified

PERPETUAL INVESTMENT INVESCO PERPETUAL EU MF-PART 10'165'410 0.26 2'609'260 28.06.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 9'912'124 0.26 (69'550) 28.03.2013 Bank

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura MARCO KISIC buy 5 M 8 12 month 30.07.2013

Credit Suisse RICHARD BURDEN outperform 5 M 9 Not Provided 29.07.2013

JPMorgan ASHIK MUSADDI overweight 5 M 10 15 month 29.07.2013

Rabobank International COR KLUIS buy 5 M 10 12 month 29.07.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 25.07.2013

AlphaValue JEROME CASSAGNE add 4 M 8 6 month 25.07.2013

Jefferies OMAR FALL buy 5 M 10 12 month 24.07.2013

Deutsche Bank DAVID LOCK hold 3 M 8 12 month 23.07.2013

Oddo & Cie NICOLAS JACOB neutral 3 M 7 Not Provided 23.07.2013

Exane BNP Paribas FRANCOIS BOISSIN outperform 5 M 9 Not Provided 19.07.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 17.07.2013

KBC Securities MATTHIAS DE WIT hold 3 N 8 Not Provided 11.07.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 9 12 month 10.07.2013

Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 09.07.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 8 12 month 09.07.2013

Petercam TOM VAN KEMPEN buy 5 U 9 Not Provided 01.07.2013

HSBC STEVEN HAYWOOD neutral 3 M 8 Not Provided 21.06.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 8 Not Provided 19.06.2013

Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 12 month 18.06.2013

UBS ANTON KRYACHOK buy 5 N 10 12 month 18.06.2013

EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.05.2013

Kepler Cheuvreux BENOIT PETRARQUE reduce 2 M 7 Not Provided 17.05.2013

Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 15.05.2013

DZ Bank AG WERNER EISENMANN buy 5 M 8 Not Provided 10.05.2013

Berenberg Bank JAMES CHAPPELL buy 5 M 8 Not Provided 09.05.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 7 12 month 09.05.2013

SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 17.04.2013

Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 04.03.2013

Macquarie THOMAS STOEGNER neutral 3 U 7 12 month 26.02.2013

Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013

Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012

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

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

Page 50: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (16.05.2013) 10.11

52-Week Low (21.02.2013) 7.98

Daily Volume

9.426

52-Week High % Change -6.77% Dividend Yield -

52-Week Low % Change 18.18% Beta 0.73

% 52 Week Price Range High/Low 50.42% Equity Float 3'068.30

Shares Out 14.06.2013 4'451.1 Short Int -

41'956.25 1 Yr Total Return 8.02%

Total Debt 44'614.00 YTD Return 18.01%

Preferred Stock 0.0 Adjusted BETA 0.729

Minority Interest 4'623.0 Analyst Recs 42

Cash and Equivalents 6'046.00 Consensus Rating 3.429

Enterprise Value 91'993.25

Average Volume 5 Day 8'572'682

DTE GY EQUITY YTD Change - Average Volume 30 Day 10'553'590

DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 15'254'890

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

61'666.0 64'602.0 62'421.0 58'653.0 58'169.0 58'488.0 57'522.0 58'682.4 59'348.7 14'754.5 15'550.0

1.49x 1.46x 1.48x 1.45x 1.38x 6.06x 5.75x 1.47x 1.42x - -

17'535.0 17'335.0 17'726.0 20'202.0 17'728.0 19'159.0 17'905.0 17'677.6 17'848.5 4'457.0 4'295.0

5.24x 5.46x 5.20x 4.22x 4.53x 4.39x 4.41x 5.20x 5.15x - -

1'483.0 353.0 1'695.0 557.0 (5'255.0) 622.0 (4'929.0) 2'884.3 3'101.7 407.0 382.0

31.62x 128.63x 24.76x 68.19x - 60.43x 0.00x 13.47x 12.82x - -

EBITDA 17'728.00 Long-Term Rating Date 19.05.2008

EBIT 6'720.00 Long-Term Rating BBB+

Operating Margin 11.55% Long-Term Outlook STABLE

Pretax Margin -10.71% Short-Term Rating Date 08.04.2002

Return on Assets -4.23% Short-Term Rating A-2

Return on Common Equity -17.40%

Return on Capital - EBITDA/Interest Exp. 7.58

Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 4.88

Net Debt/EBITDA 2.46

Gross Margin 41.2% Total Debt/EBITDA 2.88

EBITDA Margin 30.0%

EBIT Margin 12.2% Total Debt/Equity 172.1%

Net Income Margin -9.0% Total Debt/Capital 59.4%

Asset Turnover 0.49

Current Ratio 0.65 Net Fixed Asset Turnover 1.48

Quick Ratio 0.54 Accounts receivable turnover-days -

Debt to Assets 41.33% Inventory Days 13.48

Tot Debt to Common Equity 172.12% Accounts Payable Turnover Day 63.93

Accounts Receivable Turnover - Cash Conversion Cycle -16.66

Inventory Turnover 27.07

Fiscal Year Ended

Deutsche Telekom AGPrice/Volume

Valuation Analysis

11'488'635.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 51: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

KREDITANSTALT FUER W n/a Research 734'624'287 16.5 - 30.03.2013 Investment Advisor

FEDERAL REPUBLIC OF n/a Research 648'197'900 14.56 - 30.03.2013 Government

BLACKROCK n/a ULT-AGG 253'234'773 5.69 126'173 29.07.2013 Investment Advisor

BLACKSTONE n/a ULT-AGG 191'700'000 4.31 - 03.08.2012 Unclassified

NORGES BANK Multiple Portfolios MF-AGG 68'078'517 1.53 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'439'797 0.71 1'891'193 30.06.2013 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 27'700'000 0.62 - 31.12.2011 Pension Fund (ERISA)

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 27'618'527 0.62 26'978'457 30.06.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 26'516'772 0.6 1'951'607 30.07.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 13'921'182 0.31 6'672'723 30.04.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 13'823'560 0.31 1'813'735 31.05.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 12'178'782 0.27 (2'345'777) 28.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 10'749'736 0.24 1'523'995 28.06.2013 Investment Advisor

UBS n/a ULT-AGG 9'687'366 0.22 452'621 30.07.2013 Unclassified

AMUNDI Multiple Portfolios MF-AGG 9'526'568 0.21 1'100'738 28.03.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 9'085'273 0.2 - 29.07.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 6'999'604 0.16 (102'538) 31.07.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 6'359'036 0.14 (463'921) 28.03.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 5'944'820 0.13 418'480 31.05.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 5'705'976 0.13 (623'536) 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura FREDERIC BOULAN buy 5 M 10 12 month 30.07.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 10 12 month 29.07.2013

Bankhaus Lampe WOLFGANG SPECHT hold 3 M 9 12 month 29.07.2013

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 10 Not Provided 29.07.2013

Steubing AG TEAM COVERAGE buy 5 M 10 Not Provided 29.07.2013

Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 10 6 month 26.07.2013

Morgan Stanley NICK DELFAS Underwt/In-Line 1 M 9 12 month 26.07.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 25.07.2013

AlphaValue HEINZ STEFFEN add 4 M 10 6 month 25.07.2013

Jefferies ULRICH RATHE buy 5 M 10 12 month 24.07.2013

Deutsche Bank DAVID A WRIGHT buy 5 M 11 12 month 23.07.2013

Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 10 12 month 23.07.2013

Credit Suisse JUSTIN FUNNELL outperform 5 M 10 Not Provided 12.07.2013

Raymond James STEPHANE BEYAZIAN outperform 5 M 11 Not Provided 10.07.2013

Barclays JONATHAN DANN equalweight 3 M 9 Not Provided 09.07.2013

Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 26.06.2013

Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 25.06.2013

Liberum Capital Ltd LAWRENCE SUGARMAN hold 3 M 8 Not Provided 18.06.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 U 11 12 month 11.06.2013

New Street Research CHARLES GAYNOR reduce 2 M 7 Not Provided 10.06.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 06.06.2013

Kepler Cheuvreux PETER KURT NIELSEN buy 5 M 11 Not Provided 05.06.2013

JPMorgan HANNES C WITTIG neutral 3 M 9 3 month 03.06.2013

Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 30.05.2013

HSBC DOMINIK KLARMANN neutral 3 M 10 Not Provided 27.05.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.05.2013

Natixis JACQUES DE GRELING reduce 2 M 6 Not Provided 13.05.2013

Bankhaus Metzler ULRICH TRABERT buy 5 U 10 12 month 10.05.2013

Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 10 12 month 09.05.2013

Nord/LB WOLFGANG DONIE buy 5 M 11 12 month 08.05.2013

S&P Capital IQ ALEXANDER WISCH hold 3 U 10 12 month 08.05.2013

DZ Bank AG CHRISTOPH BAST sell 1 N 9 Not Provided 08.05.2013

M.M. Warburg Investment Research JOCHEN REICHERT hold 3 M 10 12 month 23.04.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 M 8 Not Provided 05.04.2013

UBS POLO TANG neutral 3 M 9 12 month 01.04.2013

Macquarie GUY R PEDDY underperform 1 M 8 12 month 01.03.2013

National Bank AG MANFRED JAISFELD hold 3 M 9 Not Provided 28.02.2013

Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Deutsche Telekom AG ee

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

Page 52: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (14.09.2012) 19.74

52-Week Low (08.07.2013) 11.82

Daily Volume

12.025

52-Week High % Change -39.08% Dividend Yield -

52-Week Low % Change 1.78% Beta 1.07

% 52 Week Price Range High/Low 4.16% Equity Float 1'847.04

Shares Out 31.03.2013 2'001.0 Short Int -

24'062.02 1 Yr Total Return -27.32%

Total Debt 25'944.00 YTD Return -7.48%

Preferred Stock 0.0 Adjusted BETA 1.072

Minority Interest 3'862.0 Analyst Recs 36

Cash and Equivalents 6'097.00 Consensus Rating 2.722

Enterprise Value 42'943.02

Average Volume 5 Day 8'613'715

EOAN GY EQUITY YTD Change - Average Volume 30 Day 8'402'080

EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 9'175'842

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

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

86'753.0 81'817.0 92'863.0 112'954.0 132'093.0 96'381.0 104'016.0 118'777.4 118'029.9 26'298.0 -

1.08x 1.11x 0.78x 0.52x 0.38x 2.49x 2.09x 0.39x 0.39x - -

5'403.0 12'703.0 13'006.0 4'269.0 8'443.0 1'673.0 6'725.0 9'402.4 9'451.1 3'172.3 -

17.28x 7.18x 5.56x 13.73x 5.99x 0.00x 0.00x 4.57x 4.55x - -

1'266.0 8'396.0 5'853.0 (2'219.0) 2'217.0 (2'946.0) 2'827.0 2'507.5 2'510.8 830.3 -

37.92x 6.50x 6.53x - 12.36x 0.00x 0.00x 9.41x 9.21x - -

EBITDA 8'443.00 Long-Term Rating Date 27.07.2012

EBIT 4'940.00 Long-Term Rating A-

Operating Margin 3.74% Long-Term Outlook STABLE

Pretax Margin 2.51% Short-Term Rating Date 27.07.2012

Return on Assets 1.51% Short-Term Rating A-2

Return on Common Equity 6.27%

Return on Capital 6.98% EBITDA/Interest Exp. 2.90

Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 0.71

Net Debt/EBITDA 2.35

Gross Margin - Total Debt/EBITDA 3.07

EBITDA Margin 6.4%

EBIT Margin 3.7% Total Debt/Equity 74.2%

Net Income Margin 1.7% Total Debt/Capital 40.1%

Asset Turnover 0.90

Current Ratio 1.20 Net Fixed Asset Turnover 2.40

Quick Ratio 0.61 Accounts receivable turnover-days 47.34

Debt to Assets 18.48% Inventory Days -

Tot Debt to Common Equity 74.22% Accounts Payable Turnover Day -

Accounts Receivable Turnover 7.73 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

E.ON SEPrice/Volume

Valuation Analysis

1'128'142.00

Current Price (8/dd/yy) Market Data

,.135

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1,', B

2,', B

3,', B

4,', B

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 ,-',4'.,-0

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

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

Page 53: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BLACKROCK n/a ULT-AGG 173'902'199 8.69 98'018 29.07.2013 Investment Advisor

E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation

GOVERNMENT OF NORWAY n/a Research 58'428'022 2.92 - 25.04.2013 Government

CREDIT SUISSE AG n/a ULT-AGG 46'680'225 2.33 - 09.05.2012 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 44'456'040 2.22 - 31.12.2012 Government

MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'839'653 0.99 1'107'775 30.06.2013 Investment Advisor

SOCIETE GENERALE SA n/a Research 19'195'947 0.96 - 14.05.2013 Unclassified

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 11'867'950 0.59 (1'964'569) 28.03.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 11'760'000 0.59 6'032'207 30.04.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 8'098'355 0.4 952'238 28.03.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 7'475'000 0.37 - 30.06.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 7'094'187 0.35 (1'000'703) 30.04.2013 Investment Advisor

UBS n/a ULT-AGG 6'464'833 0.32 (69'219) 30.07.2013 Unclassified

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 6'102'150 0.3 - 29.07.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 5'622'014 0.28 2'580'586 31.03.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 4'820'789 0.24 996'700 30.04.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'643'791 0.23 (1'326'087) 31.05.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 4'466'253 0.22 (31'421) 31.03.2013 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'438'987 0.22 254'908 30.11.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets JOHN MUSK underperform 1 M 11 12 month 30.07.2013

Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 14 Not Provided 30.07.2013

Deutsche Bank ALEXANDER KARNICK hold 3 U 12 12 month 29.07.2013

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 15 12 month 21.07.2013

JPMorgan NATHALIE F CASALI underweight 1 M 13 3 month 19.07.2013

Independent Research GmbH SVEN DIERMEIER sell 1 M 11 12 month 17.07.2013

Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 14 6 month 11.07.2013

AlphaValue EILEEN RYAN buy 5 M 16 6 month 11.07.2013

Grupo Santander OSCAR NAJAR RIOS hold 3 M 13 Not Provided 05.07.2013

HSBC ADAM DICKENS underweight 1 M 11 Not Provided 04.07.2013

Societe Generale ALBERTO PONTI hold 3 M 12 12 month 01.07.2013

Nord/LB HEINO HAMMANN hold 3 M 14 12 month 27.06.2013

Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 26.06.2013

M.M. Warburg Investment Research STEPHAN WULF buy 5 M 17 12 month 26.06.2013

Barclays PETER BISZTYGA overweight 5 M 16 Not Provided 21.06.2013

Credit Suisse VINCENT GILLES underperform 1 M 10 Not Provided 10.06.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 10.06.2013

Main First Bank AG ANDREAS THIELEN outperform 5 M 15 12 month 07.06.2013

EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013

UBS PATRICK HUMMEL neutral 3 U 13 12 month 31.05.2013

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 30.05.2013

Berenberg Bank TEAM COVERAGE sell 1 M 11 Not Provided 24.05.2013

Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 21.05.2013

Investec HAROLD HUTCHINSON sell 1 N 12 Not Provided 13.05.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 13 Not Provided 08.05.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 15 12 month 08.05.2013

Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 11 12 month 07.05.2013

Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 18 12 month 26.04.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 14 12 month 18.03.2013

Kepler Cheuvreux INGO BECKER hold 3 M 13 Not Provided 15.03.2013

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 14 12 month 15.02.2013

Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 12 12 month 31.01.2013

National Bank AG STEFFEN MANSKE sell 1 M #N/A N/A Not Provided 31.01.2013

Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 31.01.2013

Holdings By:

E.ON SE ee

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

Page 54: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (28.01.2013) 187.40

52-Week Low (05.09.2012) 132.50

Daily Volume

182.35

52-Week High % Change -2.69% Dividend Yield -

52-Week Low % Change 37.62% Beta 1.16

% 52 Week Price Range High/Low 88.71% Equity Float 170.15

Shares Out 31.07.2013 170.1 Short Int -

82'676.28 1 Yr Total Return 27.59%

Total Debt 117'663.00 YTD Return 8.47%

Preferred Stock 0.0 Adjusted BETA 1.162

Minority Interest 4'310.0 Analyst Recs 37

Cash and Equivalents 25'921.00 Consensus Rating 4.514

Enterprise Value 177'269.28

Average Volume 5 Day 939'377

VOW3 GY EQUITY YTD Change - Average Volume 30 Day 938'811

VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'060'447

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

113'808.0 105'187.0 126'875.0 159'337.0 192'676.0 176'948.0 195'985.0 200'759.3 211'440.3 50'851.5 52'897.5

1.22x 0.97x 0.83x 0.77x 0.90x 2.83x 2.51x 0.38x 0.36x - -

14'854.0 10'896.0 16'659.0 21'365.0 24'424.0 22'989.0 17'849.0 23'829.3 26'843.0 - -

9.34x 9.35x 6.29x 5.76x 7.10x 6.00x 0.00x 7.44x 6.60x - -

4'753.0 960.0 6'835.0 15'409.0 21'717.0 17'878.0 17'801.0 10'123.0 11'933.4 - -

20.97x 32.35x 6.98x 3.13x 3.51x 3.07x 3.97x 8.55x 7.31x - -

EBITDA 24'424.00 Long-Term Rating Date 31.08.2009

EBIT 11'310.00 Long-Term Rating A-

Operating Margin 5.87% Long-Term Outlook POS

Pretax Margin 13.23% Short-Term Rating Date 15.06.2004

Return on Assets 5.99% Short-Term Rating A-2

Return on Common Equity 24.78%

Return on Capital - EBITDA/Interest Exp. 17.46

Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 9.96

Net Debt/EBITDA 3.72

Gross Margin 18.2% Total Debt/EBITDA 4.89

EBITDA Margin 12.7%

EBIT Margin 5.4% Total Debt/Equity 151.8%

Net Income Margin 11.3% Total Debt/Capital 59.0%

Asset Turnover 0.66

Current Ratio 1.03 Net Fixed Asset Turnover 3.51

Quick Ratio 0.33 Accounts receivable turnover-days 68.67

Debt to Assets 38.00% Inventory Days 68.22

Tot Debt to Common Equity 151.79% Accounts Payable Turnover Day 40.43

Accounts Receivable Turnover 5.32 Cash Conversion Cycle 46.11

Inventory Turnover 5.35

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

Volkswagen AGPrice/Volume

Valuation Analysis

174'636.00

Current Price (8/dd/yy) Market Data

,.,1,3,5,

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

,',,

.',,

1',,

3',,

5',,

-,',,

-.',,

-1',,

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

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

Page 55: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BLACKROCK n/a ULT-AGG 7'016'389 4.12 (5'018) 29.07.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 5'156'855 3.03 (1'075'152) 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 3'496'962 2.06 97'268 30.06.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'684'876 0.99 (308'807) 28.06.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'576'104 0.93 68'078 30.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 1'497'489 0.88 245'018 31.05.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 1'349'228 0.79 (4'175) 31.12.2012 Investment Advisor

BG MASTER FUND PLC n/a Short (1'173'985) -0.69 17'015 22.04.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'152'994 0.68 (63'952) 30.06.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 996'683 0.59 (190'153) 28.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 981'045 0.58 (64'191) 30.06.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 932'605 0.55 (37'655) 30.04.2013 Investment Advisor

UBS n/a ULT-AGG 909'867 0.53 (13'663) 30.07.2013 Unclassified

ADIG INVESTMENT Multiple Portfolios MF-AGG 774'724 0.46 (65'000) 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 636'090 0.37 (199'392) 30.07.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 436'571 0.26 3'654 31.03.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 435'760 0.26 (23'700) 30.04.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 412'668 0.24 - 29.07.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 409'106 0.24 (11'417) 31.05.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 379'769 0.22 21'297 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale STEPHEN REITMAN buy 5 M 200 12 month 31.07.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 195 6 month 31.07.2013

Nord/LB FRANK SCHWOPE buy 5 M 195 12 month 31.07.2013

Baader Bank KLAUS BREITENBACH buy 5 M 180 12 month 31.07.2013

Berenberg Bank ADAM HULL buy 5 M 230 Not Provided 31.07.2013

Deutsche Bank JOCHEN GEHRKE buy 5 M 240 12 month 30.07.2013

Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 190 12 month 30.07.2013

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 185 12 month 29.07.2013

Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 200 12 month 27.07.2013

Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 203 Not Provided 25.07.2013

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 215 12 month 25.07.2013

AlphaValue HANS-PETER WODNIOK reduce 2 M 154 6 month 25.07.2013

Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 24.07.2013

Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 220 Not Provided 23.07.2013

Barclays MICHAEL TYNDALL overweight 5 M 192 Not Provided 23.07.2013

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 205 Not Provided 17.07.2013

JPMorgan JOSE ASUMENDI overweight 5 M 213 12 month 12.07.2013

Oddo & Cie FRANCOIS MAURY neutral 3 M 160 Not Provided 10.07.2013

Redburn Partners CHARLES WINSTON neutral 3 M #N/A N/A Not Provided 10.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 09.07.2013

Natixis GEORGES DIENG buy 5 M 202 Not Provided 03.07.2013

National Bank AG MANFRED JAISFELD buy 5 M 210 Not Provided 11.06.2013

Kepler Cheuvreux MICHAEL RAAB buy 5 M 202 Not Provided 05.06.2013

Exane BNP Paribas RABIH FREIHA outperform 5 M 212 Not Provided 05.06.2013

Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 224 12 month 29.05.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 07.05.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 07.05.2013

HSBC HORST SCHNEIDER overweight 5 M 191 Not Provided 02.05.2013

Independent Research GmbH ZAFER RUZGAR buy 5 M 190 12 month 30.04.2013

S&P Capital IQ RODERICK BRIDGE buy 5 M 181 12 month 30.04.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 200 12 month 16.04.2013

Steubing AG TOBIAS SCHMIDT buy 5 M 227 Not Provided 09.04.2013

UBS PHILIPPE HOUCHOIS neutral 3 M 165 12 month 25.02.2013

Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012

Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012

Holdings By:

Volkswagen AG ee

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

Page 56: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

European Aeronautic Defence and Space Company manufactures airplanes and

military equipment. The Company produces commercial aircraft including the

Airbus, military fighter aircraft, military and commercial helicopters,

missiles, satellites, and telecommunications and defense systems, and offers

military and commercial aircraft conversion and maintenance services.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (31.07.2013) 45.75

52-Week Low (23.11.2012) 24.26

Daily Volume

45.53

52-Week High % Change -0.48% Dividend Yield -

52-Week Low % Change 87.71% Beta 0.74

% 52 Week Price Range High/Low 99.40% Equity Float 453.48

Shares Out 31.07.2013 786.8 Short Int -

35'822.56 1 Yr Total Return 52.54%

Total Debt 4'779.00 YTD Return 56.42%

Preferred Stock 0.0 Adjusted BETA 0.735

Minority Interest 25.0 Analyst Recs 29

Cash and Equivalents 11'084.00 Consensus Rating 4.483

Enterprise Value 34'415.56

Average Volume 5 Day 2'381'279

EAD FP EQUITY YTD Change - Average Volume 30 Day 2'374'537

EAD FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'590'285

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

43'265.0 42'822.0 45'752.0 49'128.0 56'480.0 52'126.0 57'878.0 58'655.4 62'514.4 13'431.0 17'964.3

0.09x 0.13x 0.17x 0.31x 0.32x 1.33x 1.13x 0.56x 0.52x 2.30x 1.47x

4'136.0 1'236.0 2'500.0 3'172.0 3'927.0 3'892.0 3'104.0 5'509.5 6'514.0 1'302.0 1'826.0

0.89x 4.62x 3.02x 4.81x 4.58x 5.07x 0.00x 6.24x 5.28x - -

1'572.0 (763.0) 553.0 1'033.0 1'228.0 1'511.0 1'393.0 2'050.8 2'691.8 454.0 761.0

6.17x - 25.65x 19.02x 19.67x 15.18x 24.08x 17.05x 12.50x 17.96x 18.85x

EBITDA 3'927.00 Long-Term Rating Date 22.09.2010

EBIT 1'890.00 Long-Term Rating A-

Operating Margin 3.35% Long-Term Outlook POS

Pretax Margin 2.97% Short-Term Rating Date 02.10.2012

Return on Assets 1.53% Short-Term Rating A-1

Return on Common Equity 17.52%

Return on Capital 12.66% EBITDA/Interest Exp. 7.52

Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 1.26

Net Debt/EBITDA -0.33

Gross Margin 14.0% Total Debt/EBITDA 1.54

EBITDA Margin 7.5%

EBIT Margin 4.0% Total Debt/Equity 45.9%

Net Income Margin 2.2% Total Debt/Capital 31.4%

Asset Turnover 0.64

Current Ratio 0.93 Net Fixed Asset Turnover 3.87

Quick Ratio 0.37 Accounts receivable turnover-days 40.20

Debt to Assets 5.19% Inventory Days 192.40

Tot Debt to Common Equity 45.91% Accounts Payable Turnover Day 65.53

Accounts Receivable Turnover 9.08 Cash Conversion Cycle 142.58

Inventory Turnover 1.90

Fiscal Year Ended

European Aeronautic Defence and Space Co NVPrice/Volume

Valuation Analysis

175'063.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,2

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0,', B

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

,',,

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

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

Page 57: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

FRENCH STATE n/a Research 112'072'054 14.28 (12'977'088) 16.04.2013 Government

FEDERAL REPUBLIC OF n/a Research 83'837'750 10.69 61'112'568 02.04.2013 Government

EUROPEAN AERONAUTIC n/a Research 49'001'830 6.25 - 17.04.2013 Corporation

CAPITAL GROUP COMPAN n/a ULT-AGG 39'788'818 5.07 1'188'304 25.07.2013 Investment Advisor

SOCIEDAD ESTATAL DE n/a Research 34'687'784 4.42 (53'355) 04.04.2013 Holding Company

VNESHECONOMBANK #N/A N/A Research 22'614'753 2.88 - 26.07.2013 Government

BLACKROCK n/a ULT-AGG 22'605'402 2.88 472'675 29.07.2013 Investment Advisor

CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.99 - 25.09.2012 Government

AMUNDI SA n/a RNS-RUL8 15'385'347 1.96 (2'721) 10.10.2012 Other

VANGUARD GROUP INC n/a RNS-RUL8 12'117'860 1.54 3'341 09.10.2012 Investment Advisor

VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.52 (1'079'438) 10.10.2012 Hedge Fund Manager

OLD MUTUAL n/a ULT-AGG 9'406'422 1.2 (18'433) 10.10.2012 Unclassified

STATE STREET n/a ULT-AGG 9'348'757 1.19 47'774 30.07.2013 Investment Advisor

OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.17 (9'990) 05.10.2012 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 6'269'890 0.8 3'200 31.03.2013 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 6'100'000 0.78 - 31.12.2012 Pension Fund (ERISA)

INVESCO LTD n/a ULT-AGG 3'879'592 0.49 - 13.09.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'048'913 0.39 (158'409) 28.03.2013 Investment Advisor

UBS n/a ULT-AGG 2'823'132 0.36 180'676 30.07.2013 Unclassified

AMUNDI Multiple Portfolios MF-AGG 2'652'670 0.34 (400'466) 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 46 12 month 31.07.2013

Investec ANDREW GOLLAN buy 5 M 48 12 month 31.07.2013

Jefferies SANDY MORRIS buy 5 M 45 12 month 31.07.2013

Cantor Fitzgerald ANDREW CHAMBERS buy 5 M 55 Not Provided 31.07.2013

Exane BNP Paribas OLIVIER BROCHET outperform 5 M 48 Not Provided 31.07.2013

AlphaValue THOMAS PICHERIT buy 5 M 52 6 month 25.07.2013

Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 47 6 month 22.07.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 43 12 month 22.07.2013

Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 50 Not Provided 22.07.2013

Bankhaus Lampe SEBASTIAN HEIN buy 5 M 48 12 month 19.07.2013

Deutsche Bank BEN FIDLER buy 5 M 48 12 month 16.07.2013

JPMorgan DAVID H PERRY overweight 5 M 65 6 month 16.07.2013

Societe Generale ZAFAR KHAN buy 5 M 53 Not Provided 15.07.2013

RBC Capital Markets ROBERT STALLARD outperform 5 M 52 12 month 01.07.2013

Oddo & Cie YAN DEROCLES buy 5 M 50 Not Provided 26.06.2013

DZ Bank AG MARKUS TURNWALD buy 5 M 51 12 month 17.06.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 27 Not Provided 13.06.2013

EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013

S&P Capital IQ UNAI FRANCO strong buy 5 M 53 Not Provided 29.05.2013

Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 28.05.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.05.2013

Independent Research GmbH ZAFER RUZGAR buy 5 M 49 12 month 15.05.2013

Kepler Cheuvreux CHRISTOPHE MENARD buy 5 M 48 Not Provided 15.05.2013

Natixis ERIC CHADEYRAS buy 5 M 47 Not Provided 15.05.2013

Barclays CARTER COPELAND overweight 5 M 49 Not Provided 15.05.2013

Nord/LB WOLFGANG DONIE hold 3 M 44 12 month 14.05.2013

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX reduce 2 M 27 12 month 14.05.2013

UBS CHARLES ARMITAGE buy 5 M 49 12 month 08.03.2013

Gabelli & Co JAMES FOUNG hold 3 M #N/A N/A Not Provided 10.10.2011

Holdings By:

European Aeronautic Defence and Space Co NV ee

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

Page 58: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (25.04.2013) 158.65

52-Week Low (29.08.2012) 115.75

Daily Volume

143

52-Week High % Change -9.86% Dividend Yield -

52-Week Low % Change 23.54% Beta 0.94

% 52 Week Price Range High/Low 66.55% Equity Float 178.32

Shares Out 30.06.2013 179.3 Short Int -

25'645.79 1 Yr Total Return 26.24%

Total Debt 6'256.00 YTD Return 10.09%

Preferred Stock 0.0 Adjusted BETA 0.942

Minority Interest 242.0 Analyst Recs 38

Cash and Equivalents 2'860.00 Consensus Rating 3.500

Enterprise Value 27'451.79

Average Volume 5 Day 758'836

MUV2 GY EQUITY YTD Change - Average Volume 30 Day 585'135

MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 641'146

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

47'151.0 53'891.0 59'111.0 60'908.0 65'896.0 63'330.0 65'549.0 54'725.8 55'961.1 - -

0.56x 0.44x 0.42x 0.33x 0.43x 1.31x 1.60x 0.56x 0.55x - -

- - - - - 0.0 0.0 - - - -

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

1'555.0 2'521.0 2'422.0 702.0 3'195.0 2'429.0 3'387.0 3'003.9 2'989.0 649.5 682.5

14.34x 8.39x 8.69x 24.03x 7.56x 8.30x 7.66x 8.50x 8.47x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating AA-

Operating Margin 6.64% Long-Term Outlook STABLE

Pretax Margin 6.19% Short-Term Rating Date -

Return on Assets 1.22% Short-Term Rating -

Return on Common Equity 12.30%

Return on Capital 10.97% EBITDA/Interest Exp. -

Asset Turnover 0.26% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 23.0%

Net Income Margin 4.8% Total Debt/Capital 18.6%

Asset Turnover 0.26

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 2.42% Inventory Days -

Tot Debt to Common Equity 23.02% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Muenchener Rueckversicherungs AGPrice/Volume

Valuation Analysis

129'589.00

Current Price (8/dd/yy) Market Data

,

.,

1,

3,

5,

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-3,

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.', B

.'2 B

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

,',,

,'2,

-',,

-'2,

.',,

.'2,

0',,

0'2,

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

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

Page 59: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BERKSHIRE HATHAWAY I n/a ULT-AGG 20'086'215 11.2 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 17'132'964 9.55 3'169 29.07.2013 Investment Advisor

PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified

CREDIT SUISSE AG n/a ULT-AGG 5'317'478 2.97 - 14.05.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 3'648'401 2.03 - 31.12.2012 Government

FRANKLIN RESOURCES n/a ULT-AGG 2'488'463 1.39 (240'926) 30.04.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 2'119'923 1.18 (27'216) 31.05.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'060'134 1.15 (59'130) 30.06.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'952'452 1.09 61'759 30.06.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'853'518 1.03 55'290 31.03.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'349'274 0.75 (239'245) 30.04.2013 Investment Advisor

POWER CORP OF CANADA n/a ULT-AGG 1'052'896 0.59 1'990 28.02.2013 Holding Company

SOCIETE GENERALE SA n/a Research 1'022'103 0.57 - 07.06.2013 Unclassified

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 835'251 0.47 763 28.03.2013 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 699'570 0.39 (410) 31.03.2013 Investment Advisor

UBS n/a ULT-AGG 641'412 0.36 1'303 30.07.2013 Unclassified

BNP PARIBAS INV PART n/a ULT-AGG 621'922 0.35 (125'485) 31.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619'025 0.35 (713) 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 547'412 0.31 21'745 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 117 12 month 30.07.2013

Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 150 12 month 30.07.2013

AlphaValue DIETER HEIN reduce 2 M 151 6 month 25.07.2013

Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 24.07.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 175 12 month 22.07.2013

Barclays ANDREW BROADFIELD overweight 5 M 159 Not Provided 22.07.2013

Mediobanca SpA MARC THIELE outperform 5 M 170 12 month 19.07.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 171 12 month 19.07.2013

Exane BNP Paribas THOMAS JACQUET underperform 1 M 144 Not Provided 19.07.2013

RBC Capital Markets KAMRAN HOSSAIN sector perform 3 U 145 12 month 15.07.2013

Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 11.07.2013

Berenberg Bank TOM CARSTAIRS buy 5 M 166 Not Provided 11.07.2013

Nomura MICHAEL KLIEN reduce 2 M 140 12 month 11.07.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 162 12 month 10.07.2013

JPMorgan MICHAEL HUTTNER neutral 3 D 154 3 month 02.07.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 155 6 month 27.06.2013

DZ Bank AG THORSTEN WENZEL buy 5 M 165 12 month 13.06.2013

Main First Bank AG MICHAEL HAID underperform 1 M 155 12 month 12.06.2013

EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013

HSBC THOMAS FOSSARD overweight 5 M 180 Not Provided 31.05.2013

Macquarie HADLEY COHEN neutral 3 M 150 12 month 24.05.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 150 12 month 21.05.2013

Helvea DANIEL BISCHOF neutral 3 M 150 12 month 13.05.2013

Credit Suisse ADAM MCINALLY neutral 3 M 155 Not Provided 10.05.2013

Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 161 12 month 08.05.2013

Nord/LB JULIA SIEKMANN hold 3 M 157 12 month 08.05.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 160 12 month 08.05.2013

Natixis BENOIT VALLEAUX neutral 3 M 143 Not Provided 08.05.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 160 12 month 08.05.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 150 Not Provided 07.05.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 07.05.2013

Kepler Cheuvreux FABRIZIO CROCE buy 5 M 163 Not Provided 07.05.2013

Day by Day VALERIE GASTALDY buy 5 U 164 3 month 10.04.2013

Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 15.03.2013

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 175 12 month 14.03.2013

National Bank AG MANFRED JAISFELD buy 5 M 145 Not Provided 07.11.2012

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

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

Page 60: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (06.08.2013) 69.54

52-Week Low (18.10.2012) 38.25

Daily Volume

68.31

52-Week High % Change -1.77% Dividend Yield -

52-Week Low % Change 78.59% Beta 0.87

% 52 Week Price Range High/Low 96.13% Equity Float 353.75

Shares Out 01.07.2013 446.8 Short Int -

30'521.47 1 Yr Total Return 78.71%

Total Debt 759.49 YTD Return 43.65%

Preferred Stock 0.0 Adjusted BETA 0.875

Minority Interest 0.0 Analyst Recs 39

Cash and Equivalents 2'697.60 Consensus Rating 3.821

Enterprise Value 28'906.47

Average Volume 5 Day 832'916

ASML NA EQUITY YTD Change - Average Volume 30 Day 1'206'409

ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1'323'200

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

2'953.7 1'596.1 4'507.9 5'651.0 4'731.6 5'149.0 4'330.7 5'077.7 6'455.5 1'316.9 1'694.9

1.71x 6.29x 2.52x 2.02x 3.72x 9.58x 17.99x 5.69x 4.37x 22.41x 17.59x

406.2 (21.5) 1'402.1 1'806.4 1'343.4 1'540.5 1'014.4 1'214.6 1'836.7 293.8 462.3

12.42x - 8.11x 6.33x 13.11x 9.65x 25.11x 23.80x 15.74x 17.47x 15.61x

322.4 (150.9) 1'021.8 1'467.0 1'146.3 1'213.8 889.4 914.3 1'452.7 215.0 372.4

17.00x - 12.30x 9.41x 17.78x 13.67x 29.29x 31.25x 19.89x 21.78x 20.04x

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 10.11% Short-Term Rating -

Return on Common Equity 17.62%

Return on Capital - EBITDA/Interest Exp. 58.97

Asset Turnover 0.49% (EBITDA-Capex)/Interest Exp. 51.43

Net Debt/EBITDA -1.59

Gross Margin 42.4% Total Debt/EBITDA 0.73

EBITDA Margin 23.4%

EBIT Margin 19.4% Total Debt/Equity 18.7%

Net Income Margin 24.2% Total Debt/Capital 15.7%

Asset Turnover 0.49

Current Ratio 2.80 Net Fixed Asset Turnover 3.76

Quick Ratio 1.58 Accounts receivable turnover-days 52.44

Debt to Assets 10.25% Inventory Days 291.26

Tot Debt to Common Equity 18.67% Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.96 Cash Conversion Cycle 252.00

Inventory Turnover 1.25

Fiscal Year Ended

ASML Holding NVPrice/Volume

Valuation Analysis

87'106.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,

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0,

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1'000.0

2'000.0

3'000.0

4'000.0

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

,',,

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

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

Page 61: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

STICHTING ADM MAKTSJ n/a Research 62'977'877 14.1 - 30.05.2013 Other

CAPITAL GROUP COMPAN n/a ULT-AGG 51'453'097 11.52 - 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 36'311'008 8.13 - 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 22'878'489 5.12 - 29.07.2013 Investment Advisor

STICHT ADM TSMC n/a 20F 20'992'625 4.7 - 06.02.2013 Other

ASML HOLDING NV n/a Co File 8'980'030 2.01 - 01.07.2012 Corporation

WADDELL & REED FINAN Multiple Portfolios MF-AGG 7'077'137 1.58 (951'400) 31.03.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 6'596'866 1.48 - 31.12.2012 Government

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'398'872 1.21 - 31.05.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'466'458 0.78 194'665 30.06.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 3'193'130 0.71 (384'544) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 3'000'551 0.67 (78'251) 30.06.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 1'880'721 0.42 1'379'663 30.04.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 1'843'410 0.41 327'482 31.05.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'474'044 0.33 50'878 31.05.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'438'904 0.32 (206'834) 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 1'361'899 0.3 258'319 30.06.2013 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'208'197 0.27 - 30.06.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'163'384 0.26 699'592 28.03.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 1'156'608 0.26 (27'356) 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Piper Jaffray JAGADISH IYER neutral 3 M 58 12 month 30.07.2013

Cowen and Company TIMOTHY M ARCURI outperform 5 M 73 12 month 29.07.2013

Credit Suisse JOHN W PITZER outperform 5 M 75 Not Provided 26.07.2013

AlphaValue LIONEL PELLICER reduce 2 M 63 6 month 25.07.2013

Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 23.07.2013

Berenberg Bank TAMMY QIU hold 3 N 73 Not Provided 22.07.2013

Main First Bank AG JUERGEN WAGNER underperform 1 M 51 12 month 19.07.2013

Exane BNP Paribas JEROME RAMEL neutral 3 M 67 Not Provided 19.07.2013

Liberum Capital Ltd JANARDAN MENON hold 3 M 45 Not Provided 19.07.2013

Grupo Santander CARLOS JAVIER TREVINO hold 3 M #N/A N/A Not Provided 18.07.2013

Societe Generale PETER KNOX hold 3 M 66 12 month 18.07.2013

Deutsche Bank KAI KORSCHELT buy 5 M 75 12 month 18.07.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 70 12 month 18.07.2013

UBS GARETH JENKINS buy 5 M 75 12 month 18.07.2013

JPMorgan SANDEEP S DESHPANDE overweight 5 M 75 6 month 18.07.2013

Jefferies LEE SIMPSON buy 5 U 80 12 month 18.07.2013

Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 18.07.2013

Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 70 12 month 18.07.2013

Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 71 Not Provided 18.07.2013

Petercam MARCEL ACHTERBERG hold 3 M 66 Not Provided 18.07.2013

Rabobank International PHILIP SCHOLTE hold 3 M 60 Not Provided 18.07.2013

Kepler Cheuvreux BERND LAUX buy 5 M 75 Not Provided 18.07.2013

Natixis STEPHANE HOURI buy 5 M 75 6 month 18.07.2013

Barclays ANDREW M GARDINER overweight 5 M 80 Not Provided 18.07.2013

Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 17.07.2013

Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 70 12 month 17.07.2013

HSBC CHRISTIAN DOMINIK RATH overweight 5 M 76 Not Provided 17.07.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 53 12 month 17.07.2013

SNS Securities(ESN) EDWIN DE JONG suspended coverage #N/A N/A M 31 12 month 17.07.2013

S&P Capital IQ JAMES CRAWSHAW buy 5 M 75 12 month 17.07.2013

ING Bank MARC ZWARTSENBURG hold 3 M 73 12 month 17.07.2013

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 60 Not Provided 17.07.2013

Day by Day VALERIE GASTALDY buy 5 M 69 3 month 15.07.2013

Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013

Kempen & Co ERWIN DUT hold 3 M 68 Not Provided 04.06.2013

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

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

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

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

Holdings By:

ASML Holding NV ee

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

Page 62: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (21.08.2012) 20.35

52-Week Low (01.03.2013) 14.05

Daily Volume

17.055

52-Week High % Change -16.19% Dividend Yield 8.80

52-Week Low % Change 21.39% Beta 1.05

% 52 Week Price Range High/Low 48.65% Equity Float 1'355.86

Shares Out 30.06.2013 2'412.8 Short Int -

41'150.71 1 Yr Total Return -5.75%

Total Debt 57'552.00 YTD Return 14.04%

Preferred Stock 0.0 Adjusted BETA 1.052

Minority Interest 11'462.0 Analyst Recs 29

Cash and Equivalents 11'383.00 Consensus Rating 3.759

Enterprise Value 94'031.72

Average Volume 5 Day 6'109'335

GSZ FP EQUITY YTD Change - Average Volume 30 Day 4'076'155

GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'358'569

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

67'923.8 79'908.0 84'478.0 90'673.0 97'038.0 93'569.0 96'937.0 80'271.6 80'545.9 - -

1.64x 1.32x 1.24x 1.18x 0.97x 0.00x 0.00x 1.09x 1.05x - -

9'605.7 13'781.0 15'918.0 16'071.0 18'401.0 0.0 0.0 13'467.9 13'438.9 - -

11.61x 7.63x 6.59x 6.64x 5.13x 0.00x 0.00x 6.98x 7.00x - -

4'857.1 4'477.0 4'616.0 4'003.0 1'550.0 0.0 0.0 3'290.6 3'406.3 - -

11.85x 14.77x 12.79x 11.73x 22.90x 0.00x 0.00x 12.48x 12.07x - -

EBITDA 18'401.00 Long-Term Rating Date 06.05.2013

EBIT 9'520.00 Long-Term Rating A

Operating Margin 9.81% Long-Term Outlook NEG

Pretax Margin 4.96% Short-Term Rating Date 06.05.2013

Return on Assets 0.46% Short-Term Rating A-1

Return on Common Equity 1.56%

Return on Capital 2.30% EBITDA/Interest Exp. 7.20

Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 3.61

Net Debt/EBITDA 2.34

Gross Margin - Total Debt/EBITDA 2.96

EBITDA Margin 18.6%

EBIT Margin 9.8% Total Debt/Equity 96.3%

Net Income Margin 1.6% Total Debt/Capital 44.7%

Asset Turnover 0.47

Current Ratio 1.07 Net Fixed Asset Turnover 1.12

Quick Ratio 0.65 Accounts receivable turnover-days 90.29

Debt to Assets 28.01% Inventory Days -

Tot Debt to Common Equity 96.33% Accounts Payable Turnover Day -

Accounts Receivable Turnover 4.04 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

GDF SuezPrice/Volume

Valuation Analysis

715'560.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

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

Page 63: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

FRENCH STATE n/a Co File 885'506'488 36.7 - 31.12.2012 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 183'318'950 7.6 (1'121'371) 30.06.2013 Investment Advisor

GROUPE BRUXELLES LAM n/a Research 57'953'937 2.4 46'162 17.05.2013 Holding Company

GDF SUEZ n/a Co File 55'494'957 2.3 - 31.12.2012 Corporation

CAISSE DES DEPOTS ET n/a Co File 45'843'660 1.9 - 31.12.2012 Government

NORGES BANK Multiple Portfolios MF-AGG 41'698'795 1.73 - 31.12.2012 Government

CNP ASSURANCES n/a Co File 24'128'242 1 - 31.12.2012 Insurance Company

FRANKLIN RESOURCES n/a ULT-AGG 21'822'584 0.9 (1'129'346) 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 17'561'409 0.73 (968'939) 29.07.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'207'138 0.59 719'146 30.06.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'124'400 0.54 (1'328'400) 31.05.2013 Investment Advisor

SOFINA SA n/a Co File 12'064'121 0.5 - 31.12.2012 Holding Company

BNP PARIBAS INV PART n/a ULT-AGG 11'862'885 0.49 (733'119) 31.03.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 8'606'354 0.36 3'001'540 31.05.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'808'158 0.32 (1'673'196) 28.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 7'739'254 0.32 (87'620) 30.04.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 7'458'541 0.31 (4'905) 30.04.2013 Investment Advisor

INTERNATIONAL VALUE Multiple Portfolios MF-AGG 7'392'588 0.31 (385'377) 31.03.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 6'873'444 0.28 (1'296'624) 28.03.2013 Investment Advisor

UBS n/a ULT-AGG 6'817'805 0.28 814 30.07.2013 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Grupo Santander OSCAR NAJAR RIOS buy 5 M 18 Not Provided 30.07.2013

Deutsche Bank MARTIN BROUGH hold 3 M 18 12 month 29.07.2013

KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 26.07.2013

Main First Bank AG ANDREAS THIELEN outperform 5 N 18 12 month 22.07.2013

Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 14 Not Provided 19.07.2013

AlphaValue MYRIAM COHEN buy 5 M 19 6 month 18.07.2013

Raymond James EMMANUEL RETIF underperform 1 M #N/A N/A Not Provided 05.07.2013

HSBC ADAM DICKENS overweight 5 M 17 Not Provided 26.06.2013

Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 23 12 month 14.06.2013

Bryan Garnier & Cie JULIEN DESMARETZ buy 5 N 19 6 month 06.06.2013

EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013

Berenberg Bank TEAM COVERAGE sell 1 M 14 Not Provided 22.05.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.05.2013

Investec HAROLD HUTCHINSON hold 3 N 15 Not Provided 13.05.2013

UBS ALBERTO GANDOLFI buy 5 M 18 12 month 02.05.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 17 12 month 24.04.2013

CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 24.04.2013

S&P Capital IQ CLIVE ROBERTS sell 1 D 13 12 month 24.04.2013

Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 16 12 month 23.04.2013

Macquarie SHAI HILL outperform 5 M 17 12 month 23.04.2013

Credit Suisse MICHEL DEBS neutral 3 M 15 Not Provided 18.04.2013

JPMorgan NATHALIE F CASALI neutral 3 U 15 9 month 11.04.2013

Barclays JULIE ARAV equalweight 3 M 16 Not Provided 08.04.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK buy 5 U 17 Not Provided 05.03.2013

Natixis PHILIPPE OURPATIAN neutral 3 M 17 Not Provided 20.02.2013

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 18 12 month 15.02.2013

Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 27.02.2012

Kepler Cheuvreux 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

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

Page 64: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (02.01.2013) 76.16

52-Week Low (05.09.2012) 54.35

Daily Volume

70.81

52-Week High % Change -7.02% Dividend Yield -

52-Week Low % Change 30.29% Beta 1.14

% 52 Week Price Range High/Low 74.69% Equity Float 323.27

Shares Out 30.06.2013 602.0 Short Int -

45'544.70 1 Yr Total Return 21.67%

Total Debt 69'507.00 YTD Return 0.47%

Preferred Stock 0.0 Adjusted BETA 1.135

Minority Interest 107.0 Analyst Recs 39

Cash and Equivalents 12'982.00 Consensus Rating 3.897

Enterprise Value 103'020.70

Average Volume 5 Day 1'591'496

BMW GY EQUITY YTD Change - Average Volume 30 Day 1'498'725

BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'769'236

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

53'197.0 50'681.0 60'477.0 68'821.0 76'848.0 71'077.0 76'101.0 78'338.7 82'145.2 19'425.0 21'750.0

1.19x 1.40x 1.49x 1.31x 1.36x 5.13x 5.20x 0.43x 0.40x - -

4'468.0 3'835.0 9'087.0 11'677.0 12'014.0 12'000.0 11'957.0 12'668.9 13'118.8 - -

14.18x 18.44x 9.93x 7.75x 8.70x 8.15x 8.58x 8.13x 7.85x - -

324.0 204.0 3'227.0 4'881.0 5'096.0 5'092.0 5'061.0 5'175.4 5'288.4 - -

44.10x 102.58x 11.94x 6.95x 9.39x 8.68x 8.80x 9.03x 8.73x - -

EBITDA 12'014.00 Long-Term Rating Date 16.04.2012

EBIT 8'298.00 Long-Term Rating A

Operating Margin 10.80% Long-Term Outlook STABLE

Pretax Margin 10.17% Short-Term Rating Date 16.04.2012

Return on Assets 3.97% Short-Term Rating A-1

Return on Common Equity 17.36%

Return on Capital 5.69% EBITDA/Interest Exp. 13.16

Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 7.42

Net Debt/EBITDA 4.89

Gross Margin 20.2% Total Debt/EBITDA 5.98

EBITDA Margin 15.3%

EBIT Margin 10.5% Total Debt/Equity 229.4%

Net Income Margin 6.6% Total Debt/Capital 69.6%

Asset Turnover 0.59

Current Ratio 1.04 Net Fixed Asset Turnover 2.06

Quick Ratio 0.32 Accounts receivable turnover-days 10.49

Debt to Assets 52.72% Inventory Days 63.30

Tot Debt to Common Equity 229.43% Accounts Payable Turnover Day 38.04

Accounts Receivable Turnover 34.80 Cash Conversion Cycle 36.53

Inventory Turnover 5.77

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

Bayerische Motoren Werke AGPrice/Volume

Valuation Analysis

175'881.00

Current Price (8/dd/yy) Market Data

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

Page 65: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2012 n/a

QUANDT JOHANNA n/a Co File 98'125'214 16.3 - 31.12.2012 n/a

KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2012 n/a

BLACKROCK n/a ULT-AGG 36'750'616 6.1 147'588 29.07.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 14'432'872 2.4 - 31.12.2012 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 13'005'220 2.16 (1'906'900) 30.06.2013 Investment Advisor

WADDELL & REED FINAN Multiple Portfolios MF-AGG 8'444'700 1.4 179'200 31.03.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 7'619'900 1.27 891'400 30.06.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 4'993'700 0.83 4'993'700 30.06.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'048'351 0.67 235'553 30.06.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 3'520'312 0.58 (211'150) 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 3'503'577 0.58 2'193'523 31.03.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'666'311 0.44 (188'230) 30.04.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'176'599 0.36 (811'395) 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 2'130'879 0.35 (313'808) 30.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 2'028'489 0.34 (345'773) 31.05.2013 Investment Advisor

BESTINVER GESTION SG BESTINVER INTERNACIO MF-PART 1'800'497 0.3 - 31.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 1'788'694 0.3 876'056 30.04.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'574'282 0.26 (845'170) 30.06.2013 Investment Advisor

SEB n/a ULT-AGG 1'380'299 0.23 123'139 30.04.2013 Unclassified

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 30.07.2013

Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 29.07.2013

HSBC HORST SCHNEIDER neutral 3 M 79 Not Provided 29.07.2013

Independent Research GmbH ZAFER RUZGAR buy 5 M 90 12 month 29.07.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 25.07.2013

Baader Bank KLAUS BREITENBACH buy 5 M 75 12 month 25.07.2013

Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 72 Not Provided 25.07.2013

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 25.07.2013

Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 100 Not Provided 23.07.2013

Barclays KRISTINA CHURCH overweight 5 M 80 Not Provided 23.07.2013

Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 79 12 month 21.07.2013

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 80 12 month 19.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 19.07.2013

AlphaValue HANS-PETER WODNIOK buy 5 M 88 6 month 18.07.2013

Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 10.07.2013

Oddo & Cie FRANCOIS MAURY reduce 2 M 60 Not Provided 10.07.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 73 12 month 09.07.2013

DZ Bank AG MICHAEL PUNZET buy 5 U 75 Not Provided 05.07.2013

JPMorgan JOSE ASUMENDI neutral 3 D 78 3 month 03.07.2013

Natixis GEORGES DIENG neutral 3 M 77 Not Provided 03.07.2013

Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 14.06.2013

Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 82 12 month 13.06.2013

Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 10.06.2013

Kepler Cheuvreux MICHAEL RAAB buy 5 M 88 Not Provided 05.06.2013

Exane BNP Paribas RABIH FREIHA neutral 3 M 74 Not Provided 05.06.2013

Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 83 12 month 29.05.2013

S&P Capital IQ RODERICK BRIDGE strong buy 5 M 83 12 month 14.05.2013

Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 03.05.2013

Nord/LB FRANK SCHWOPE sell 1 M 61 12 month 02.05.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 U #N/A N/A Not Provided 02.05.2013

National Bank AG MANFRED JAISFELD buy 5 M 85 Not Provided 02.05.2013

Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 30.04.2013

Steubing AG TOBIAS SCHMIDT buy 5 M 83 Not Provided 09.04.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013

Bank of Valletta TEAM COVERAGE neutral 3 M 71 Not Provided 20.03.2013

UBS PHILIPPE HOUCHOIS neutral 3 D 73 12 month 18.02.2013

Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012

Holdings By:

Bayerische Motoren Werke AG ee

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

Page 66: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (08.08.2013) 35.13

52-Week Low (08.08.2012) 19.23

Daily Volume

35.105

52-Week High % Change -0.06% Dividend Yield -

52-Week Low % Change 82.60% Beta 1.87

% 52 Week Price Range High/Low 96.93% Equity Float 695.62

Shares Out 16.07.2013 798.7 Short Int -

28'036.83 1 Yr Total Return 81.66%

Total Debt 740'837.00 YTD Return 25.67%

Preferred Stock 5'270.0 Adjusted BETA 1.873

Minority Interest 4'288.0 Analyst Recs 33

Cash and Equivalents 110'225.00 Consensus Rating 3.727

Enterprise Value -

Average Volume 5 Day 8'298'392

GLE FP EQUITY YTD Change - Average Volume 30 Day 5'589'894

GLE FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'408'233

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

57'829.0 43'984.0 45'306.0 48'549.0 43'733.0 6'504.0 5'088.0 23'099.6 24'560.8 5'806.7 5'870.5

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

- - - - - 0.0 0.0 - - - -

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

2'010.0 678.0 3'917.0 2'385.0 774.0 2'201.0 406.0 2'659.8 3'377.2 648.5 504.5

10.65x 108.78x 8.11x 5.38x 44.28x 7.62x 52.30x 10.56x 8.18x - -

EBITDA - Long-Term Rating Date 23.01.2012

EBIT - Long-Term Rating A

Operating Margin 8.87% Long-Term Outlook NEG

Pretax Margin 6.13% Short-Term Rating Date 07.05.2009

Return on Assets 0.07% Short-Term Rating A-1

Return on Common Equity 2.10%

Return on Capital 0.18% EBITDA/Interest Exp. -

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

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 1663.3%

Net Income Margin 3.1% Total Debt/Capital 93.2%

Asset Turnover -

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 59.23% Inventory Days -

Tot Debt to Common Equity 1663.34% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Societe Generale SAPrice/Volume

Valuation Analysis

1'432'781.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 67: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

SOC GEN ESOP n/a Co File 59'344'358 7.43 - 31.12.2012 n/a

CAPITAL GROUP COMPAN n/a ULT-AGG 56'413'062 7.06 - 30.06.2013 Investment Advisor

LYXOR INTERNATIONAL n/a Research 50'619'422 6.34 - 26.09.2011 Investment Advisor

BLACKROCK n/a ULT-AGG 37'169'504 4.65 - 29.07.2013 Investment Advisor

CAISSE DES DEPOTS ET n/a Co File 19'567'063 2.45 - 31.12.2012 Government

NORGES BANK Multiple Portfolios MF-AGG 18'243'614 2.28 - 31.12.2012 Government

GROUPAMA SA n/a Research 15'059'288 1.89 (7'089'130) 21.02.2013 Insurance Company

MEIJI YASUDA LIFE IN n/a Co File 11'069'312 1.39 - 31.12.2012 Insurance Company

SOCIETE GENERALE n/a Co File 8'987'016 1.13 - 31.12.2012 Bank

VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'411'734 1.05 321'888 30.06.2013 Investment Advisor

CNP ASSURANCES n/a Co File 7'769'307 0.97 - 31.12.2012 Insurance Company

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 5'737'011 0.72 295'824 28.03.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 4'271'670 0.53 (107'459) 31.05.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 4'060'364 0.51 (789'107) 31.03.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 3'659'299 0.46 (4'353) 28.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 2'982'930 0.37 (20'605) 30.04.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 2'605'948 0.33 717'808 28.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'523'087 0.32 164'148 30.06.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 2'309'193 0.29 36'697 30.04.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 2'273'657 0.28 (382'840) 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 43 Not Provided 29.07.2013

Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 43 12 month 29.07.2013

AlphaValue CHRISTOPHE NIJDAM add 4 M 34 6 month 25.07.2013

Main First Bank AG FEDERICO SALERNO outperform 5 U 34 12 month 23.07.2013

Morgan Stanley SARA MINELLI Equalwt/In-Line 3 M 37 12 month 21.07.2013

RBC Capital Markets ANKE REINGEN sector perform 3 M 35 12 month 19.07.2013

Natixis ALEX KOAGNE buy 5 M 36 Not Provided 19.07.2013

Exane BNP Paribas GUILLAUME TIBERGHIEN outperform 5 M 34 Not Provided 19.07.2013

Redburn Partners GEORGE KARAMANOS buy 5 M #N/A N/A Not Provided 16.07.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 31 Not Provided 15.07.2013

Deutsche Bank FLORA BENHAKOUN hold 3 M 34 12 month 09.07.2013

JPMorgan DELPHINE LEE overweight 5 M 36 15 month 28.06.2013

Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 36 6 month 26.06.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 36 12 month 21.06.2013

Oddo & Cie JEAN SASSUS neutral 3 M 34 Not Provided 17.06.2013

Nomura JON PEACE buy 5 M 38 12 month 17.06.2013

Kepler Cheuvreux CYRIL MEILLAND buy 5 M 40 Not Provided 07.06.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 06.06.2013

EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 U 42 12 month 03.06.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 28.05.2013

Barclays KIRI VIJAYARAJAH equalweight 3 M 32 Not Provided 22.05.2013

Macquarie PIERS BROWN underperform 1 M 28 12 month 17.05.2013

HSBC ROBIN DOWN overweight 5 M 40 Not Provided 13.05.2013

Espirito Santo Investment Bank ResearchANDREW LIM buy 5 U 40 Not Provided 13.05.2013

UBS NICK DAVEY sell 1 M 24 12 month 07.05.2013

CM - CIC Securities(ESN) PIERRE CHEDEVILLE accumulate 4 M 37 12 month 07.05.2013

S&P Capital IQ WILLIAM HOWLETT buy 5 U 36 12 month 07.05.2013

Grupo Santander AURELIA FAURE buy 5 M 38 Not Provided 02.05.2013

Berenberg Bank JAMES CHAPPELL sell 1 N 16 Not Provided 28.01.2013

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

Banco Sabadell MARIO LODOS buy 5 M 32 Not Provided 30.07.2012

Hammer Partners SA ENRICO RACIOPPI buy 5 M 36 Not Provided 19.06.2012

Holdings By:

Societe Generale SA ee

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

Page 68: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (30.01.2013) 4.88

52-Week Low (08.08.2012) 2.88

Daily Volume

4.476

52-Week High % Change -8.28% Dividend Yield -

52-Week Low % Change 55.52% Beta 1.50

% 52 Week Price Range High/Low 74.13% Equity Float 4'894.81

Shares Out 22.07.2013 5'789.2 Short Int -

25'931.77 1 Yr Total Return 53.92%

Total Debt 329'783.21 YTD Return 23.27%

Preferred Stock 0.0 Adjusted BETA 1.499

Minority Interest 3'669.0 Analyst Recs 39

Cash and Equivalents 72'192.45 Consensus Rating 2.974

Enterprise Value -

Average Volume 5 Day 86'791'510

UCG IM EQUITY YTD Change - Average Volume 30 Day 70'483'360

UCG IM EQUITY YTD % CHANGE - Average Volume 3 Month 83'321'340

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

65'266.9 47'278.6 41'223.4 41'968.2 41'523.0 25'376.0 24'350.0 24'425.9 24'907.2 5'965.0 6'113.0

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

- - - - - 0.0 0.0 - - - -

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

4'011.8 1'702.3 1'323.3 (9'206.4) 864.9 (9'102.0) 400.0 1'119.4 2'130.2 - -

5.74x 23.66x 24.19x - 20.31x 0.00x 36.99x 22.84x 12.13x - -

EBITDA - Long-Term Rating Date 12.07.2013

EBIT - Long-Term Rating BBB

Operating Margin 0.98% Long-Term Outlook NEG

Pretax Margin -1.20% Short-Term Rating Date 10.02.2012

Return on Assets 0.06% Short-Term Rating A-2

Return on Common Equity 0.97%

Return on Capital 0.25% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 525.3%

Net Income Margin 3.2% Total Debt/Capital 83.2%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 2.06

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 35.58% Inventory Days -

Tot Debt to Common Equity 525.27% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

UniCredit SpAPrice/Volume

Valuation Analysis

42'824'445.00

Current Price (8/dd/yy) Market Data

,--..001122

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

Page 69: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

AABAR LUX SARL n/a Research 376'220'171 6.5 - 07.05.2013 Other

PGFF LUX SARL n/a Research 289'992'198 5.01 - 07.05.2013 Other

FONDAZIONE CASSA RIS n/a Research 204'516'549 3.53 - 07.05.2013 Bank

CARIMONTE HOLDING SP n/a Research 173'381'885 2.99 - 07.05.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 167'732'914 2.9 - 30.06.2013 Investment Advisor

CENTRAL BANK OF LIBY n/a Research 152'258'925 2.63 - 07.05.2013 Government

FONDAZIONE CASSA RIS n/a Research 145'082'905 2.51 - 07.05.2013 Corporation

BLACKROCK n/a ULT-AGG 124'234'551 2.15 (34'810'976) 29.07.2013 Investment Advisor

DELFIN SARL n/a Research 116'031'602 2 - 07.05.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 113'543'136 1.96 (13'092'851) 30.06.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 109'463'289 1.89 (13'976'826) 31.03.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 103'612'982 1.79 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 90'010'140 1.55 12'606'177 30.06.2013 Investment Advisor

ALLIANZ SPA n/a Research 68'982'379 1.19 - 07.05.2013 Insurance Company

ALLIANZ FINANCE IV L n/a Research 42'130'178 0.73 - 07.05.2013 Other

SUN LIFE FINANCIAL I n/a ULT-AGG 27'341'856 0.47 1'174'288 31.05.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 22'995'208 0.4 13'795'214 30.04.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 20'053'953 0.35 19'524'351 30.07.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 17'760'087 0.31 17'620'362 31.03.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 17'173'848 0.3 (63'661) 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 U 5 12 month 30.07.2013

Equita SIM SpA GIOVANNI RAZZOLI buy 5 M 6 12 month 29.07.2013

Natixis STEVEN GOULD neutral 3 M 3 Not Provided 29.07.2013

Deutsche Bank PAOLA SABBIONE buy 5 M 5 12 month 26.07.2013

Grupo Santander TANIA GOLD underweight 1 M 3 Not Provided 24.07.2013

Keefe, Bruyette & Woods DOMENICO SANTORO market perform 3 M 4 12 month 24.07.2013

ICBPI LUCA COMI sell 1 M 4 12 month 24.07.2013

Barclays ANTONIO RIZZO equalweight 3 M 4 Not Provided 23.07.2013

Nomura DARAGH QUINN reduce 2 M 3 12 month 19.07.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 5 12 month 18.07.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 5 6 month 18.07.2013

Banca IMI MANUELA MERONI hold 3 M 4 12 month 15.07.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 4 Not Provided 15.07.2013

Exane BNP Paribas ANDREA VERCELLONE underperform 1 M 3 Not Provided 11.07.2013

Societe Generale CARLO TOMMASELLI sell 1 M 4 12 month 09.07.2013

Main First Bank AG ALDO COMI outperform 5 N 5 12 month 09.07.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 4 12 month 08.07.2013

Kepler Cheuvreux ANNA MARIA BENASSI hold 3 M 4 Not Provided 08.07.2013

HSBC CARLO DIGRANDI neutral 3 M 4 Not Provided 03.07.2013

EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 19.06.2013

Oddo & Cie JULIE LEGRAND reduce 2 M 3 Not Provided 17.06.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.06.2013

Credit Suisse IGNACIO CEREZO neutral 3 M 4 Not Provided 05.06.2013

Macquarie BENJIE CREELAN-SANDFORD outperform 5 M 5 12 month 05.06.2013

Mediobanca SpA ANDREA FILTRI outperform 5 M 5 6 month 24.05.2013

DZ Bank AG CHRISTOPH BAST sell 1 M 3 Not Provided 14.05.2013

RBC Capital Markets ANKE REINGEN underperform 1 M 3 12 month 13.05.2013

Berenberg Bank ELENI PAPOULA sell 1 M 3 Not Provided 13.05.2013

S&P Capital IQ WILLIAM HOWLETT sell 1 M 3 12 month 13.05.2013

Morgan Stanley FRANCESCA TONDI Overwt/In-Line 5 M 6 12 month 10.05.2013

Redburn Partners GEORGE KARAMANOS neutral 3 M #N/A N/A Not Provided 08.05.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 15.04.2013

UBS MATTEO RAMENGHI neutral 3 M 4 12 month 18.03.2013

Centrobanca GUGLIELMO MARCO OPIPARI overvalued 1 U 3 12 month 11.03.2013

Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 5 12 month 15.01.2013

JPMorgan MARTA BASTONI neutral 3 M 3 6 month 07.01.2013

Nord/LB MICHAEL SEUFERT sell 1 M #N/A N/A Not Provided 23.10.2012

Hammer Partners SA ENRICO RACIOPPI sell 1 M 2 Not Provided 19.06.2012

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

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

Page 70: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

Koninklijke Philips 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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (02.08.2013) 24.77

52-Week Low (30.08.2012) 18.02

Daily Volume

23.82

52-Week High % Change -3.84% Dividend Yield -

52-Week Low % Change 32.19% Beta 1.14

% 52 Week Price Range High/Low 88.22% Equity Float 927.01

Shares Out 30.06.2013 975.6 Short Int -

23'239.37 1 Yr Total Return 33.84%

Total Debt 4'534.00 YTD Return 24.12%

Preferred Stock 0.0 Adjusted BETA 1.138

Minority Interest 34.0 Analyst Recs 35

Cash and Equivalents 3'834.00 Consensus Rating 3.886

Enterprise Value 25'381.37

Average Volume 5 Day 2'782'333

PHIA NA EQUITY YTD Change - Average Volume 30 Day 3'297'484

PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'584'434

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

26'385.0 20'092.0 22'287.0 22'579.0 24'788.0 22'983.0 24'200.0 23'897.3 25'123.7 5'900.5 7'092.3

0.51x 0.95x 0.92x 0.70x 0.76x 2.65x 3.35x 1.02x 0.94x - -

1'883.0 2'055.0 3'436.0 1'185.0 2'463.0 2'559.0 2'430.0 3'273.5 3'671.4 920.0 1'220.0

7.11x 9.30x 5.98x 13.35x 7.69x 6.37x 8.76x 7.76x 6.92x 11.87x 20.83x

(91.0) 410.0 1'446.0 (1'295.0) 226.0 196.0 289.0 1'366.6 1'641.5 325.7 581.6

- 41.36x 14.60x - 71.05x 28.71x 64.57x 15.53x 13.15x 14.56x 14.10x

EBITDA 2'463.00 Long-Term Rating Date 11.05.2005

EBIT 1'030.00 Long-Term Rating A-

Operating Margin 4.16% Long-Term Outlook STABLE

Pretax Margin 2.30% Short-Term Rating Date 26.02.2001

Return on Assets 1.01% Short-Term Rating A-2

Return on Common Equity 2.53%

Return on Capital 2.93% EBITDA/Interest Exp. 7.00

Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 5.08

Net Debt/EBITDA 0.87

Gross Margin 38.0% Total Debt/EBITDA 1.82

EBITDA Margin 10.0%

EBIT Margin 4.4% Total Debt/Equity 40.7%

Net Income Margin 0.9% Total Debt/Capital 28.9%

Asset Turnover 0.85

Current Ratio 1.26 Net Fixed Asset Turnover 8.15

Quick Ratio 0.82 Accounts receivable turnover-days 65.68

Debt to Assets 15.59% Inventory Days 95.20

Tot Debt to Common Equity 40.70% Accounts Payable Turnover Day 68.69

Accounts Receivable Turnover 5.56 Cash Conversion Cycle 76.69

Inventory Turnover 3.83

Fiscal Year Ended

Koninklijke Philips NVPrice/Volume

Valuation Analysis

269'924.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

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

Page 71: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

KONINKLIJKE PHILIPS n/a Research 47'895'476 4.91 15'514'236 08.02.2013 Corporation

DODGE & COX n/a 13G 46'061'138 4.72 - 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 45'264'486 4.64 - 29.07.2013 Investment Advisor

DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 44'824'944 4.59 - 31.03.2013 Investment Advisor

SOUTHEASTERN ASSET M n/a 13G 41'502'897 4.25 (6'799'141) 31.12.2012 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 23'230'134 2.38 - 31.12.2012 Government

FRANKLIN RESOURCES n/a ULT-AGG 13'166'223 1.35 (4'019'128) 31.03.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 12'728'170 1.3 2'353'570 30.06.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'525'631 1.08 (200'255) 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 9'152'850 0.94 381'993 30.06.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 6'461'431 0.66 (88'593) 31.05.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 6'102'922 0.63 2'528'586 30.04.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'659'143 0.58 177'226 31.03.2013 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 4'800'000 0.49 - 31.12.2012 Pension Fund (ERISA)

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 4'714'444 0.48 59'221 30.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'944'572 0.4 23'788 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 3'812'654 0.39 1'831'314 30.06.2013 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 3'566'816 0.37 1'122'043 31.03.2013 Investment Advisor

FORTIS INVESTMENTS Multiple Portfolios MF-AGG 2'922'451 0.3 (2'518) 31.12.2012 Investment Advisor

BARCLAYS PLC n/a ULT-AGG 2'911'837 0.3 - 04.05.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Rabobank International HANS SLOB buy 5 M 27 12 month 29.07.2013

AlphaValue THOMAS PICHERIT add 4 M 27 6 month 25.07.2013

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 28 Not Provided 25.07.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 28 12 month 24.07.2013

Barclays DAVID VOS overweight 5 M 30 Not Provided 24.07.2013

Societe Generale GAEL DE BRAY hold 3 M 24 12 month 23.07.2013

Nord/LB WOLFGANG VASTERLING hold 3 M 25 12 month 23.07.2013

JPMorgan ANDREAS WILLI overweight 5 U 28 3 month 23.07.2013

Canaccord Genuity Corp ANDREW BELL hold 3 M 20 12 month 23.07.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 26 Not Provided 23.07.2013

S&P Capital IQ UNAI FRANCO buy 5 U 29 12 month 23.07.2013

Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 23.07.2013

Deutsche Bank MARTIN WILKIE buy 5 M 27 12 month 22.07.2013

Kempen & Co ERWIN DUT buy 5 M 28 12 month 22.07.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 26 12 month 22.07.2013

Credit Suisse SIMON TOENNESSEN neutral 3 M 23 Not Provided 22.07.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 U 24 Not Provided 22.07.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 26 12 month 22.07.2013

Petercam MARCEL ACHTERBERG hold 3 M 26 Not Provided 22.07.2013

Nomura DANIEL CUNLIFFE buy 5 M 32 12 month 22.07.2013

ING Bank FABIAN SMEETS buy 5 M 30 12 month 22.07.2013

Exane BNP Paribas OLIVIER ESNOU neutral 3 M 24 Not Provided 22.07.2013

Natixis ARNAUD SCHMIT not rated #N/A N/A M #N/A N/A Not Provided 17.07.2013

Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 27 Not Provided 03.07.2013

Kepler Cheuvreux PETER OLOFSEN buy 5 M 25 Not Provided 02.07.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 14.06.2013

EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013

HSBC MICHAEL HAGMANN neutral 3 M 24 Not Provided 03.06.2013

UBS FREDRIC STAHL buy 5 M 25 12 month 14.05.2013

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 29.04.2013

Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 22.04.2013

Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013

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

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 NV ee

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

Page 72: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 01/2013

LTM as of: 04/yy

52-Week High (19.12.2012) 111.80

52-Week Low (16.08.2012) 84.74

Daily Volume

103.8

52-Week High % Change -7.16% Dividend Yield -

52-Week Low % Change 22.50% Beta 0.71

% 52 Week Price Range High/Low 70.25% Equity Float 221.78

Shares Out 30.04.2013 623.3 Short Int -

64'701.70 1 Yr Total Return 19.61%

Total Debt 6.00 YTD Return -0.54%

Preferred Stock 0.0 Adjusted BETA 0.709

Minority Interest 36.0 Analyst Recs 40

Cash and Equivalents 4'104.00 Consensus Rating 3.450

Enterprise Value 61'077.70

Average Volume 5 Day 791'750

ITX SQ EQUITY YTD Change - Average Volume 30 Day 1'001'399

ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 1'734'364

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

31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 04/yy 04/yy 01/14 Y 01/15 Y 07/13 Q2 10/13 Q3

10'407.0 11'083.5 12'526.6 13'792.6 15'946.0 14'248.6 16'123.0 17'359.1 19'258.3 4'139.2 4'503.0

1.68x 2.36x 2.48x 2.76x 3.78x 10.62x 14.04x 3.45x 3.05x - -

2'186.9 2'353.1 2'966.2 3'214.6 3'912.0 3'377.6 3'898.0 4'273.9 4'763.7 894.3 1'246.2

7.97x 11.09x 10.46x 11.86x 15.40x 11.50x 15.39x 14.29x 12.82x 14.29x 13.91x

1'253.5 1'314.4 1'731.8 1'932.3 2'361.0 2'032.3 2'366.0 2'608.3 2'922.1 530.9 804.0

14.82x 21.63x 19.86x 21.51x 27.24x 20.84x 26.90x 24.68x 22.11x 24.26x 23.24x

EBITDA 3'912.00 Long-Term Rating Date -

EBIT 3'116.00 Long-Term Rating -

Operating Margin 19.54% Long-Term Outlook -

Pretax Margin 19.64% Short-Term Rating Date -

Return on Assets 19.53% Short-Term Rating -

Return on Common Equity 30.49%

Return on Capital - EBITDA/Interest Exp. 875.44

Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 573.53

Net Debt/EBITDA -0.94

Gross Margin 59.8% Total Debt/EBITDA 0.00

EBITDA Margin 24.2%

EBIT Margin 19.2% Total Debt/Equity 0.1%

Net Income Margin 14.8% Total Debt/Capital 0.1%

Asset Turnover 1.33

Current Ratio 1.92 Net Fixed Asset Turnover 3.51

Quick Ratio 1.42 Accounts receivable turnover-days 17.84

Debt to Assets 0.05% Inventory Days 81.44

Tot Debt to Common Equity 0.07% Accounts Payable Turnover Day 183.51

Accounts Receivable Turnover 20.46 Cash Conversion Cycle -62.88

Inventory Turnover 4.48

Fiscal Year Ended

Inditex SAPrice/Volume

Valuation Analysis

59'484.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,

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

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

Page 73: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

GARTLER SL n/a Co File 311'727'598 50.01 - 31.01.2013 Unclassified

PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2013 Corporation

ROSP CORUNNA n/a Co File 31'494'806 5.05 - 31.01.2013 Unclassified

JP MORGAN n/a ULT-AGG 18'792'273 3.01 - 31.10.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 7'965'697 1.28 328'000 30.06.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 5'725'374 0.92 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'401'005 0.87 147'817 30.06.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 5'314'710 0.85 290'786 28.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 4'589'100 0.74 458'789 29.07.2013 Investment Advisor

FMR LLC n/a ULT-AGG 4'023'305 0.65 (112'094) 30.06.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'784'266 0.45 (155'840) 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'545'495 0.41 (5'298) 30.05.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'505'067 0.4 (146'154) 30.06.2013 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'446'300 0.23 - 28.02.2013 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 1'149'037 0.18 - 31.05.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 1'126'124 0.18 (1'273'091) 31.12.2012 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 1'018'951 0.16 148'388 31.05.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 791'919 0.13 524'139 28.03.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 763'170 0.12 19'412 30.07.2013 Investment Advisor

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 714'426 0.11 611'185 28.06.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Grupo Santander REBECCA MCCLELLAN buy 5 M 120 12 month 31.07.2013

BPI JOSE RITO neutral 3 M 108 Not Provided 29.07.2013

Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 96 Not Provided 29.07.2013

Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 115 12 month 25.07.2013

AlphaValue VIRGINIE BLIN reduce 2 M 90 6 month 25.07.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 100 Not Provided 27.06.2013

Raymond James CEDRIC LECASBLE outperform 5 U 111 Not Provided 26.06.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 U 110 12 month 24.06.2013

Societe Generale ANNE CRITCHLOW buy 5 M 127 12 month 20.06.2013

HSBC PAUL ROSSINGTON neutral 3 D 110 Not Provided 14.06.2013

ISI Group OMAR SAAD strong buy 5 M 120 Not Provided 14.06.2013

Nomura FRASER RAMZAN buy 5 M 117 12 month 14.06.2013

Independent Research GmbH ZAFER RUZGAR sell 1 M 96 12 month 13.06.2013

Bankia Bolsa (ESN) MARIA RIVAS RODRIGUEZ hold 3 M 98 12 month 13.06.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 115 12 month 13.06.2013

Deutsche Bank WARWICK OKINES buy 5 M 115 12 month 12.06.2013

Credit Suisse SIMON IRWIN neutral 3 M 103 Not Provided 12.06.2013

Banco Sabadell IGNACIO ROMERO buy 5 M 115 12 month 12.06.2013

Kepler Cheuvreux DANIEL OVIN reduce 2 M 95 Not Provided 12.06.2013

Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 102 Not Provided 12.06.2013

Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 82 Not Provided 12.06.2013

S&P Capital IQ WILLIAM MACK buy 5 M 115 12 month 12.06.2013

Exane BNP Paribas BEN SPRUNTULIS neutral 3 M 105 Not Provided 12.06.2013

BCP Investimento JOAO C FLORES buy 5 N 110 Not Provided 10.06.2013

Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 03.06.2013

Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 93 Not Provided 30.05.2013

La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 100 Not Provided 29.05.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 29.05.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 24.05.2013

BBVA ISABEL CARBALLO market perform 3 M 104 Not Provided 15.05.2013

Bryan Garnier & Cie PETER FARREN sell 1 M 98 6 month 10.04.2013

Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 03.04.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 02.04.2013

Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 100 12 month 15.03.2013

Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 84 Not Provided 15.03.2013

Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 94 12 month 13.03.2013

Natixis JEAN BAPTISTE TEISSIER buy 5 N 125 Not Provided 01.02.2013

UBS ANDREW HUGHES neutral 3 M 105 12 month 30.01.2013

Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012

Renta 4 SA SVB IVAN SAN FELIX hold 3 M 81 Not Provided 12.09.2012

Link Securities PAULA SAMPEDRO accumulate 4 D 47 Not Provided 26.11.2009

Holdings By:

Inditex SA ee

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

Page 74: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (05.08.2013) 4.23

52-Week Low (13.08.2012) 2.88

Daily Volume

4.22

52-Week High % Change -0.24% Dividend Yield -

52-Week Low % Change 46.33% Beta 1.08

% 52 Week Price Range High/Low 97.47% Equity Float 5'285.40

Shares Out 24.07.2013 6'240.0 Short Int -

26'332.69 1 Yr Total Return 44.35%

Total Debt 32'884.10 YTD Return 8.42%

Preferred Stock 0.0 Adjusted BETA 1.077

Minority Interest 324.8 Analyst Recs 37

Cash and Equivalents 6'575.55 Consensus Rating 3.000

Enterprise Value 52'811.69

Average Volume 5 Day 19'413'580

IBE SQ EQUITY YTD Change - Average Volume 30 Day 50'380'680

IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 54'042'660

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

25'196.2 25'891.9 30'431.0 31'648.0 34'201.2 33'590.6 34'542.6 34'419.3 34'738.5 - -

2.50x 2.39x 1.90x 1.76x 1.52x 6.73x 5.88x 1.58x 1.52x - -

6'412.5 6'197.0 6'857.9 7'000.4 7'177.7 6'901.5 6'089.8 7'482.3 7'501.7 - -

9.81x 10.00x 8.42x 7.95x 7.25x 7.28x 8.43x 7.06x 7.04x - -

2'860.6 2'824.3 2'870.9 2'804.5 2'840.7 3'004.0 2'767.6 2'466.5 2'476.4 - -

11.20x 12.54x 10.95x 10.04x 9.14x 7.33x 9.10x 10.68x 10.96x - -

EBITDA 7'177.74 Long-Term Rating Date 28.11.2012

EBIT 3'828.04 Long-Term Rating BBB

Operating Margin 11.19% Long-Term Outlook STABLE

Pretax Margin 8.99% Short-Term Rating Date 26.11.2007

Return on Assets 2.89% Short-Term Rating A-2

Return on Common Equity 8.04%

Return on Capital - EBITDA/Interest Exp. 4.82

Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 2.20

Net Debt/EBITDA 4.31

Gross Margin 36.8% Total Debt/EBITDA 5.10

EBITDA Margin 17.6%

EBIT Margin 7.9% Total Debt/Equity 97.4%

Net Income Margin 8.3% Total Debt/Capital 49.1%

Asset Turnover 0.36

Current Ratio 1.11 Net Fixed Asset Turnover -

Quick Ratio 0.92 Accounts receivable turnover-days 51.31

Debt to Assets 33.97% Inventory Days 34.54

Tot Debt to Common Equity 97.41% Accounts Payable Turnover Day 78.30

Accounts Receivable Turnover 7.11 Cash Conversion Cycle -6.92

Inventory Turnover 10.57

Fiscal Year Ended

Iberdrola SAPrice/Volume

Valuation Analysis

1'279'712.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,--..00112

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10'000.0

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30'000.0

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40'000.0

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

,',,

-',,

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1',,

2',,

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

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

Page 75: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

QATAR INVESTMENT AUT n/a Co File 514'250'814 8.24 - 31.12.2012 Government

ACS ACTIVIDADES CONS n/a Co File 415'111'949 6.65 - 31.12.2012 Corporation

BANCAJA (VALENCIA CA n/a EXCH 314'887'559 5.05 - 24.05.2013 Bank

BILBAO BIZKAIA KUTXA n/a EXCH 309'430'747 4.96 (13'299'908) 24.01.2013 Bank

NATIXIS n/a Co File 277'971'800 4.45 - 31.12.2012 Investment Advisor

SOCIETE GENERALE n/a EXCH 202'239'009 3.24 (27'245'778) 17.06.2013 Bank

BLACKROCK n/a ULT-AGG 189'860'019 3.04 645'571 29.07.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 107'376'395 1.72 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 49'677'400 0.8 7'729'823 30.06.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 36'754'107 0.59 8'323'660 30.04.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 28'414'840 0.46 34'863 30.04.2013 Investment Advisor

FMR LLC n/a ULT-AGG 21'912'121 0.35 (1'157'218) 30.06.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 21'601'399 0.35 4'014'702 28.03.2013 Investment Advisor

UBS n/a ULT-AGG 16'550'106 0.27 573'646 30.07.2013 Unclassified

DE URRUTIA VAL VICTO n/a EXCH 14'465'535 0.23 1'000'000 27.02.2013 n/a

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 14'445'753 0.23 - 29.07.2013 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'007'128 0.21 (207'572) 28.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 12'687'755 0.2 4'182'901 30.06.2013 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 11'472'397 0.18 2'979'540 28.02.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 9'500'190 0.15 - 31.05.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 30.07.2013

BPI GONZALO SANCHEZ-BORDONA buy 5 M 5 Not Provided 29.07.2013

Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS underweight 1 M 4 Not Provided 29.07.2013

Societe Generale JORGE ALONSO SUILS buy 5 M 4 12 month 26.07.2013

Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 4 12 month 25.07.2013

Goldman Sachs FRED BARASI neutral/neutral 3 M 4 12 month 25.07.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 4 Not Provided 25.07.2013

Independent Research GmbH SVEN DIERMEIER sell 1 D 4 12 month 25.07.2013

Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 25.07.2013

Natixis PHILIPPE OURPATIAN neutral 3 M 4 Not Provided 25.07.2013

S&P Capital IQ CLIVE ROBERTS sell 1 D 3 12 month 25.07.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 U 4 6 month 25.07.2013

Mediobanca SpA JAVIER SUAREZ underperform 1 M 4 12 month 24.07.2013

Morgan Stanley CAROLINA DORES Equalwt/In-Line 3 M 4 12 month 24.07.2013

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 24.07.2013

Ahorro Corporacion Financiera SA LUIS PADRON hold 3 M 5 Not Provided 24.07.2013

Kepler Cheuvreux JOSE PORTA SAUDAN buy 5 M 5 Not Provided 19.07.2013

Exane BNP Paribas MANUEL PALOMO underperform 1 M 4 Not Provided 18.07.2013

HSBC ADAM DICKENS underweight 1 D 4 Not Provided 17.07.2013

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 5 Not Provided 17.07.2013

Grupo Santander BOSCO MUGUIRO buy 5 M 5 Not Provided 15.07.2013

Credit Suisse STEFANO BEZZATO outperform 5 M 4 Not Provided 15.07.2013

UBS ALBERTO GANDOLFI neutral 3 M 4 12 month 15.07.2013

Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 D 4 Not Provided 15.07.2013

La Caixa FERNANDO MURILLO GUIRAO overweight 5 M 4 Not Provided 12.06.2013

Berenberg Bank TEAM COVERAGE hold 3 M 4 Not Provided 07.06.2013

EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013

Investec HAROLD HUTCHINSON hold 3 N 4 Not Provided 13.05.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 10.05.2013

BBVA ISIDORO DEL ALAMO market perform 3 M 4 Not Provided 24.04.2013

Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 6 12 month 03.04.2013

JPMorgan JAVIER GARRIDO underweight 1 D 4 3 month 25.03.2013

BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 20.12.2012

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

Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012

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

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

Page 76: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (02.08.2013) 41.00

52-Week Low (16.11.2012) 31.84

Daily Volume

40.51

52-Week High % Change -1.20% Dividend Yield -

52-Week Low % Change 27.25% Beta 1.10

% 52 Week Price Range High/Low 89.09% Equity Float 525.75

Shares Out 05.08.2013 599.0 Short Int -

24'264.56 1 Yr Total Return 21.88%

Total Debt 20'193.80 YTD Return 16.66%

Preferred Stock 0.0 Adjusted BETA 1.097

Minority Interest 735.4 Analyst Recs 28

Cash and Equivalents 6'516.10 Consensus Rating 4.429

Enterprise Value 38'970.56

Average Volume 5 Day 1'255'365

DG FP EQUITY YTD Change - Average Volume 30 Day 1'419'091

DG FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'633'604

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

33'930.3 31'177.7 34'002.8 37'646.1 39'183.2 37'205.8 39'403.0 39'588.6 40'102.5 - -

0.90x 1.09x 1.07x 0.86x 0.86x 0.00x 0.00x 0.97x 0.93x - -

5'009.2 4'813.1 5'165.6 5'445.9 5'507.8 0.0 0.0 5'538.9 5'754.7 - -

6.09x 7.03x 7.01x 5.93x 6.12x 0.00x 0.00x 7.04x 6.77x - -

1'591.4 1'596.0 1'775.9 1'904.3 1'916.7 0.0 0.0 1'906.5 2'012.4 - -

8.85x 12.07x 12.14x 9.59x 10.07x 0.00x 0.00x 11.66x 11.10x - -

EBITDA 5'507.80 Long-Term Rating Date 29.03.2007

EBIT 3'568.90 Long-Term Rating BBB+

Operating Margin 9.11% Long-Term Outlook STABLE

Pretax Margin 7.64% Short-Term Rating Date 24.04.2001

Return on Assets 3.05% Short-Term Rating A-2

Return on Common Equity 14.41%

Return on Capital 7.09% EBITDA/Interest Exp. 7.58

Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 4.83

Net Debt/EBITDA 2.57

Gross Margin - Total Debt/EBITDA 3.90

EBITDA Margin 13.8%

EBIT Margin 9.0% Total Debt/Equity 151.4%

Net Income Margin 4.9% Total Debt/Capital 58.9%

Asset Turnover 0.64

Current Ratio 0.87 Net Fixed Asset Turnover 8.58

Quick Ratio 0.46 Accounts receivable turnover-days -

Debt to Assets 32.79% Inventory Days -

Tot Debt to Common Equity 151.44% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vinci SAPrice/Volume

Valuation Analysis

315'480.00

Current Price (8/dd/yy) Market Data

,2

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

Page 77: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

VINCI SA n/a Research 40'940'297 6.84 - 31.12.2012 Corporation

COMET LUXEMBOURG HLD n/a Research 31'714'315 5.3 - 31.12.2012 Corporation

CAPITAL GROUP COMPAN n/a ULT-AGG 13'424'461 2.24 2'121'061 30.06.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 11'686'234 1.95 - 31.12.2012 Government

ARTEMIS SA n/a Research 8'072'735 1.35 - 31.12.2012 Holding Company

FRANKLIN RESOURCES n/a ULT-AGG 7'186'749 1.2 (728'410) 30.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'092'492 1.02 683'875 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 5'299'786 0.89 (191'798) 29.07.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 5'065'886 0.85 (27'411) 30.04.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 3'828'151 0.64 1'035'475 31.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 3'242'225 0.54 (48'883) 28.03.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'047'300 0.51 - 31.05.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 2'697'940 0.45 (26'762) 31.05.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 2'532'273 0.42 (18'697) 30.04.2013 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'878'935 0.31 226'570 30.06.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 1'807'592 0.3 (128'199) 28.03.2013 Investment Advisor

UBS n/a ULT-AGG 1'676'499 0.28 105'708 30.07.2013 Unclassified

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 1'636'119 0.27 50'901 30.04.2013 Bank

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'553'945 0.26 29'393 31.05.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'452'489 0.24 - 29.07.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale MURIEL FELLOUS buy 5 M 48 12 month 31.07.2013

Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 31.07.2013

Raymond James ARNAUD PALLIEZ outperform 5 M 45 12 month 31.07.2013

CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 49 12 month 31.07.2013

Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 49 Not Provided 31.07.2013

Bryan Garnier & Cie SVEN EDELFELT buy 5 M 45 6 month 31.07.2013

Natixis GREGOIRE THIBAULT buy 5 M 46 Not Provided 31.07.2013

RBC Capital Markets OLIVIA PETERS sector perform 3 M 40 12 month 30.07.2013

Aurel - BGC ERIC LEMARIE buy 5 M 38 6 month 30.07.2013

BPI FILIPE MARTINS LEITE buy 5 M 48 Not Provided 29.07.2013

EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 25.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.07.2013

AlphaValue GAETAN DUPONT buy 5 M 59 6 month 18.07.2013

Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 42 12 month 16.07.2013

S&P Capital IQ JAWAHAR HINGORANI buy 5 M 43 12 month 08.07.2013

Exane BNP Paribas NICOLAS MORA outperform 5 M 48 Not Provided 04.07.2013

HSBC PIERRE BOSSET neutral 3 M 40 Not Provided 02.07.2013

Berenberg Bank CHRIS MOORE buy 5 N 47 Not Provided 24.06.2013

JPMorgan ELODIE RALL overweight 5 M 44 9 month 18.06.2013

Kepler Cheuvreux JOSEP PUJAL buy 5 M 48 Not Provided 10.06.2013

UBS GREGOR KUGLITSCH buy 5 M 47 12 month 01.05.2013

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 37 Not Provided 29.04.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 40 12 month 26.04.2013

Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 26.02.2013

Banco Sabadell MARIA CEBOLLERO buy 5 M 43 12 month 15.02.2013

Barclays SUSANNA INVERNIZZI overweight 5 M 45 Not Provided 23.01.2013

Goldman Sachs WILL MORGAN Buy/Neutral 5 M 46 12 month 14.01.2013

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

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

Page 78: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (28.12.2012) 17.44

52-Week Low (24.06.2013) 14.00

Daily Volume

15.975

52-Week High % Change -8.37% Dividend Yield -

52-Week Low % Change 14.15% Beta 0.79

% 52 Week Price Range High/Low 59.74% Equity Float 1'161.37

Shares Out 01.08.2013 1'339.0 Short Int -

21'390.86 1 Yr Total Return 7.53%

Total Debt 17'757.00 YTD Return 0.14%

Preferred Stock 0.0 Adjusted BETA 0.791

Minority Interest 2'971.0 Analyst Recs 31

Cash and Equivalents 4'258.00 Consensus Rating 3.774

Enterprise Value 37'745.86

Average Volume 5 Day 3'169'001

VIV FP EQUITY YTD Change - Average Volume 30 Day 4'260'193

VIV FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'747'167

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

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

25'392.0 27'132.0 28'878.0 28'813.0 28'994.0 28'748.0 28'926.0 28'327.0 28'494.5 6'774.0 6'564.0

1.55x 1.44x 1.29x 1.24x 1.34x 4.96x 5.17x 1.30x 1.26x - -

6'774.0 7'682.0 8'020.0 8'847.0 7'657.0 8'686.0 7'475.0 7'726.7 7'867.1 - -

5.82x 5.07x 4.64x 4.03x 5.08x 3.70x 5.04x 4.88x 4.80x - -

2'603.0 830.0 2'198.0 2'681.0 164.0 1'646.0 1.0 2'149.9 2'256.7 546.5 515.0

10.43x 30.14x 11.35x 7.83x 130.38x 10.58x 0.00x 9.22x 8.86x - -

EBITDA 7'657.00 Long-Term Rating Date 26.10.2012

EBIT 4'935.00 Long-Term Rating BBB

Operating Margin 17.02% Long-Term Outlook NEG

Pretax Margin 7.27% Short-Term Rating Date 26.10.2012

Return on Assets 0.00% Short-Term Rating A-2

Return on Common Equity 0.01%

Return on Capital 2.71% EBITDA/Interest Exp. 12.78

Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 5.24

Net Debt/EBITDA 1.76

Gross Margin 50.5% Total Debt/EBITDA 2.39

EBITDA Margin 25.8%

EBIT Margin 16.3% Total Debt/Equity 96.2%

Net Income Margin 0.6% Total Debt/Capital 45.3%

Asset Turnover 0.50

Current Ratio 0.69 Net Fixed Asset Turnover 3.02

Quick Ratio 0.41 Accounts receivable turnover-days -

Debt to Assets 29.84% Inventory Days 16.11

Tot Debt to Common Equity 96.17% Accounts Payable Turnover Day 317.42

Accounts Receivable Turnover - Cash Conversion Cycle -286.64

Inventory Turnover 22.65

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

Vivendi SAPrice/Volume

Valuation Analysis

305'190.00

Current Price (8/dd/yy) Market Data

,.135

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

Page 79: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BLACKROCK n/a ULT-AGG 75'764'659 5.66 (454'323) 29.07.2013 Investment Advisor

GROUPE BOLLORE n/a Co File 66'234'684 4.95 - 31.12.2012 Holding Company

CIE DE CORNOUAILLE S n/a Research 66'174'684 4.94 - 14.11.2012 Unclassified

SOCIETE GENERALE n/a Co File 60'152'744 4.49 - 31.12.2012 Bank

AMUNDI n/a Co File 55'933'342 4.18 - 31.12.2012 Investment Advisor

CAISSE DES DEPOTS ET n/a Co File 46'636'819 3.48 - 31.12.2012 Government

PEG VIVENDI n/a Co File 41'377'407 3.09 - 31.12.2012 Other

FRANKLIN RESOURCES n/a ULT-AGG 39'295'840 2.93 2'856'470 31.03.2013 Investment Advisor

NORGES BANK INVESTME n/a Co File 25'028'160 1.87 - 31.12.2012 Government

NATIXIS ASSET MANAGE n/a Co File 24'793'655 1.85 - 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 21'721'230 1.62 (30'709) 30.07.2013 Unclassified

QATAR HOLDINGS LLC n/a Co File 21'009'122 1.57 - 31.12.2012 Government

AMUNDI Multiple Portfolios MF-AGG 20'728'897 1.55 (1'040'775) 30.04.2013 Investment Advisor

CREDIT SUISSE SECURI n/a Co File 20'646'339 1.54 - 31.12.2012 Investment Advisor

BAUPOST GROUP LLC n/a Co File 18'225'000 1.36 - 31.12.2012 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'271'489 1.07 894'528 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 13'670'097 1.02 1'043'184 30.06.2013 Investment Advisor

CNP ASSURANCES n/a Co File 12'836'828 0.96 - 31.12.2012 Insurance Company

DNCA FINANCE n/a Co File 12'331'532 0.92 - 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 12'103'288 0.9 69 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale CHRISTOPHE CHERBLANC buy 5 M 19 12 month 29.07.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 17 12 month 29.07.2013

CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 16 12 month 29.07.2013

Natixis JEROME BODIN buy 5 M 22 6 month 29.07.2013

Grupo Santander CARLOS JAVIER TREVINO buy 5 M 22 12 month 26.07.2013

Deutsche Bank PATRICK KIRBY hold 3 M 17 12 month 26.07.2013

Goldman Sachs VIGHNESH PADIACHY not rated #N/A N/A M #N/A N/A Not Provided 26.07.2013

JPMorgan FILIPPO PIETRO LO FRANCO restricted #N/A N/A M #N/A N/A Not Provided 26.07.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 18 12 month 26.07.2013

Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 26.07.2013

HSBC NICOLAS COTE-COLISSON neutral 3 M 18 Not Provided 26.07.2013

Oddo & Cie BRUNO HARENG buy 5 M 19 Not Provided 26.07.2013

Nomura MATTHEW WALKER neutral 3 M 18 12 month 26.07.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 16 12 month 26.07.2013

Barclays JULIEN ROCH suspended coverage #N/A N/A M #N/A N/A Not Provided 26.07.2013

Makor Capital ALBERT SAPORTA hold 3 N #N/A N/A Not Provided 26.07.2013

AlphaValue JEAN-MICHEL SALVADOR buy 5 M 23 6 month 18.07.2013

Jefferies JEREMY A DELLIS buy 5 M 19 12 month 15.07.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 20 Not Provided 15.07.2013

Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 16 Not Provided 04.07.2013

Credit Suisse OMAR SHEIKH outperform 5 M 19 Not Provided 05.06.2013

New Street Research RUSSELL WALLER neutral 3 M 17 Not Provided 03.06.2013

Macquarie ANGUS TWEEDIE outperform 5 M 18 12 month 22.05.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.05.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 17 Not Provided 15.05.2013

Espirito Santo Investment Bank ResearchNUNO MATIAS buy 5 M 18 Not Provided 24.04.2013

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 17 12 month 13.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 11.03.2013

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 08.03.2013

Kepler Cheuvreux CONOR O'SHEA buy 5 M 19 Not Provided 07.03.2013

UBS POLO TANG neutral 3 U 15 12 month 25.02.2013

Banco Sabadell ANDRES BOLUMBURU buy 5 M 18 12 month 15.02.2013

National Bank AG STEFFEN MANSKE sell 1 D 16 Not Provided 04.04.2012

Holdings By:

Vivendi SA ee

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

Page 80: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (30.01.2013) 1.54

52-Week Low (27.03.2013) 1.09

Daily Volume

1.456

52-Week High % Change -5.58% Dividend Yield -

52-Week Low % Change 33.82% Beta 1.37

% 52 Week Price Range High/Low 75.77% Equity Float 13'765.96

Shares Out 30.06.2013 15'501.5 Short Int -

23'697.58 1 Yr Total Return 33.86%

Total Debt 274'120.00 YTD Return 15.84%

Preferred Stock 0.0 Adjusted BETA 1.372

Minority Interest 586.0 Analyst Recs 36

Cash and Equivalents 41'834.00 Consensus Rating 2.917

Enterprise Value -

Average Volume 5 Day #########

ISP IM EQUITY YTD Change - Average Volume 30 Day #########

ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month #########

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

33'216.0 27'022.0 24'836.0 25'266.0 27'819.0 23'715.0 16'989.0 16'529.5 16'941.0 4'191.0 4'367.0

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

- - - - - 0.0 0.0 - - - -

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

2'553.0 2'805.0 2'705.0 (8'190.0) 1'605.0 (8'047.0) 1'107.0 1'462.6 2'294.7 - -

23.67x 15.27x 12.90x - 13.00x 0.00x 11.39x 15.84x 10.33x - -

EBITDA - Long-Term Rating Date 12.07.2013

EBIT - Long-Term Rating BBB

Operating Margin 15.77% Long-Term Outlook NEG

Pretax Margin 15.29% Short-Term Rating Date 10.02.2012

Return on Assets 0.11% Short-Term Rating A-2

Return on Common Equity 1.55%

Return on Capital 0.35% EBITDA/Interest Exp. -

Asset Turnover 0.03% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 552.5%

Net Income Margin 8.3% Total Debt/Capital 84.5%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 1.32

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 40.70% Inventory Days -

Tot Debt to Common Equity 552.52% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Intesa Sanpaolo SpAPrice/Volume

Valuation Analysis

30'718'886.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 81: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

COMPAGNIA DI SAN PAO n/a Research 1'532'789'479 9.89 - 11.07.2013 Other

FOND CR PROVINCIE LO n/a Research 725'470'748 4.68 - 11.07.2013 Bank

FONDAZIONE CASSA RIS n/a Research 647'963'190 4.18 - 11.07.2013 Bank

ENTE CASSA DI RISP F n/a Research 523'641'066 3.38 - 11.07.2013 Bank

FONDAZIONE CASSA RIS n/a Research 422'881'240 2.73 - 11.07.2013 Other

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 386'554'800 2.49 32'930'578 30.06.2013 Investment Advisor

HARBOR INTERNATIONAL n/a Research 332'972'472 2.15 - 11.07.2013 n/a

NORGES BANK Multiple Portfolios MF-AGG 258'907'596 1.67 - 31.12.2012 Government

BLACKROCK n/a ULT-AGG 233'747'238 1.51 5'365'875 29.07.2013 Investment Advisor

ALLEANZA TORO SPA n/a Research 200'279'531 1.29 - 11.07.2013 Insurance Company

ASSICURAZIONI GENERA n/a Research 184'778'020 1.19 - 11.07.2013 Insurance Company

FRANKLIN RESOURCES n/a ULT-AGG 183'990'286 1.19 (150'382) 30.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 140'867'297 0.91 8'592'742 30.06.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 47'969'361 0.31 4'127'188 30.06.2013 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 43'516'000 0.28 10'400'000 28.02.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 40'075'188 0.26 - 29.07.2013 Investment Advisor

UBS n/a ULT-AGG 39'793'600 0.26 1'063'595 30.07.2013 Unclassified

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 39'768'796 0.26 1'237'958 28.03.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 36'595'186 0.24 (4'558'042) 28.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 34'530'549 0.22 333'719 30.04.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Equita SIM SpA MATTEO GHILOTTI buy 5 M 2 12 month 29.07.2013

Banca Akros(ESN) LUIGI TRAMONTANA hold 3 D 1 Not Provided 29.07.2013

Natixis STEVEN GOULD buy 5 M 2 Not Provided 29.07.2013

Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 24.07.2013

Keefe, Bruyette & Woods DOMENICO SANTORO market perform 3 M 1 12 month 24.07.2013

Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 2 12 month 21.07.2013

Nomura DARAGH QUINN neutral 3 M 1 12 month 19.07.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 18.07.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 2 6 month 18.07.2013

ICBPI LUCA COMI sell 1 M 1 12 month 17.07.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 1 Not Provided 15.07.2013

Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 1 Not Provided 11.07.2013

Main First Bank AG ALDO COMI outperform 5 N 2 12 month 09.07.2013

Kepler Cheuvreux ANNA MARIA BENASSI hold 3 M 2 Not Provided 08.07.2013

Mediobanca SpA ANDREA FILTRI neutral 3 M 1 12 month 04.07.2013

HSBC CARLO DIGRANDI neutral 3 M 1 Not Provided 03.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 02.07.2013

Barclays ANTONIO RIZZO underweight 1 M 1 Not Provided 02.07.2013

Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 17.06.2013

Societe Generale CARLO TOMMASELLI hold 3 M 1 Not Provided 10.06.2013

EVA Dimensions DOUG WALTERS underweight 1 M #N/A N/A Not Provided 06.06.2013

Credit Suisse IGNACIO CEREZO outperform 5 M 2 Not Provided 05.06.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 2 12 month 22.05.2013

Macquarie BENJIE CREELAN-SANDFORD underperform 1 M 1 12 month 16.05.2013

Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 15.05.2013

S&P Capital IQ WILLIAM HOWLETT hold 3 M 2 12 month 15.05.2013

DZ Bank AG CHRISTOPH BAST sell 1 N 1 Not Provided 15.05.2013

RBC Capital Markets PATRICK LEE underperform 1 M 1 12 month 23.04.2013

Berenberg Bank ELENI PAPOULA sell 1 D 1 Not Provided 05.04.2013

Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 2 12 month 19.02.2013

Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 1 12 month 11.01.2013

UBS MATTEO RAMENGHI buy 5 M 2 12 month 09.01.2013

JPMorgan MARTA BASTONI underweight 1 M 1 9 month 07.01.2013

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

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

Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012

Holdings By:

Intesa Sanpaolo SpA ee

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

Page 82: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (08.08.2013) 15.04

52-Week Low (13.08.2012) 10.48

Daily Volume

15.03

52-Week High % Change -0.07% Dividend Yield -

52-Week Low % Change 43.42% Beta 1.02

% 52 Week Price Range High/Low 98.89% Equity Float 1'197.47

Shares Out 10.07.2013 1'556.9 Short Int -

23'399.80 1 Yr Total Return 40.95%

Total Debt 23'475.00 YTD Return 10.89%

Preferred Stock 0.0 Adjusted BETA 1.022

Minority Interest 2'740.0 Analyst Recs 32

Cash and Equivalents 21'647.00 Consensus Rating 2.563

Enterprise Value 28'685.81

Average Volume 5 Day 7'825'193

G IM EQUITY YTD Change - Average Volume 30 Day 6'448'135

G IM EQUITY YTD % CHANGE - Average Volume 3 Month 6'949'410

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

62'298.4 85'790.6 87'072.1 73'481.8 81'431.0 80'163.4 79'464.5 76'597.0 76'970.0 19'485.0 23'742.0

0.61x 0.50x 0.40x 0.22x 0.32x 0.62x 0.67x 0.51x 0.50x - -

- - - - - 0.0 0.0 - - - -

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

860.9 1'309.1 1'701.9 856.1 90.0 3'418.7 125.9 2'136.3 2'249.7 617.0 568.5

30.45x 20.68x 12.92x 20.77x 171.75x 5.31x 103.00x 10.72x 10.18x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating A-

Operating Margin 4.06% Long-Term Outlook NEG

Pretax Margin 2.01% Short-Term Rating Date -

Return on Assets 0.07% Short-Term Rating -

Return on Common Equity 1.84%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 118.4%

Net Income Margin 0.1% Total Debt/Capital 51.0%

Asset Turnover 0.19

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 5.31% Inventory Days -

Tot Debt to Common Equity 118.39% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Assicurazioni Generali SpAPrice/Volume

Valuation Analysis

1'319'722.00

Current Price (8/dd/yy) Market Data

,

.

1

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

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

Page 83: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

MEDIOBANCA SPA n/a Research 194'048'687 12.46 - 13.05.2013 Bank

CASSA DEPOSITI E PRE n/a Research 69'779'061 4.48 - 13.05.2013 Other

DEA PARTICIPATIONS S n/a Research 35'185'336 2.26 - 13.05.2013 Investment Advisor

EFFETI SPA n/a Research 33'488'344 2.15 - 13.05.2013 Corporation

DELFIN SARL n/a Research 31'168'603 2 - 13.05.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 27'290'953 1.75 - 31.12.2012 Government

BLACKROCK n/a ULT-AGG 17'521'242 1.13 609 29.07.2013 Investment Advisor

COMPASS SPA n/a Research 14'198'684 0.91 - 13.05.2013 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'982'640 0.83 593'274 30.06.2013 Investment Advisor

VM 2006 SRL n/a Research 6'196'356 0.4 - 13.05.2013 Other

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 5'660'074 0.36 5'601'485 31.05.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 3'941'033 0.25 1'373'180 30.04.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 3'832'823 0.25 - 29.07.2013 Investment Advisor

PANTHEON 2000 SPA n/a Research 3'502'965 0.23 - 13.05.2013 Other

MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 3'499'885 0.22 3'499'885 31.12.2012 Investment Advisor

CALTAGIRONE EDITORE n/a Research 3'144'884 0.2 - 13.05.2013 Corporation

GAMMA SRL n/a Research 2'958'059 0.19 - 13.05.2013 Holding Company

UBS n/a ULT-AGG 2'864'114 0.18 (31'311) 30.07.2013 Unclassified

B&D FINANCE SA n/a Research 2'693'391 0.17 - 13.05.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'669'407 0.17 24'284 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Banca Akros(ESN) MARCO CAVALLERI hold 3 M 14 12 month 31.07.2013

Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 14 Not Provided 31.07.2013

Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 9 12 month 30.07.2013

Credit Suisse RICHARD BURDEN underperform 1 M 16 Not Provided 29.07.2013

JPMorgan ANDREAS VAN EMBDEN overweight 5 M 17 3 month 29.07.2013

AlphaValue JEROME CASSAGNE reduce 2 M 14 6 month 25.07.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 15 12 month 24.07.2013

Equita SIM SpA MATTEO GHILOTTI buy 5 M 17 12 month 23.07.2013

Oddo & Cie NICOLAS JACOB neutral 3 M 14 Not Provided 23.07.2013

Banca IMI ELENA PERINI hold 3 M 15 12 month 22.07.2013

ICBPI ENRICO ESPOSTI neutral 3 M 15 12 month 22.07.2013

Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 12 month 15.07.2013

Raymond James RAPHAEL CARUSO underperform 1 M 13 Not Provided 11.07.2013

Independent Research GmbH STEFAN BONGARDT sell 1 M 13 12 month 11.07.2013

Morgan Stanley MARCUS RIVALDI Underwt/In-Line 1 M 13 12 month 10.07.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 13 Not Provided 10.07.2013

Kepler Cheuvreux FABRIZIO CROCE buy 5 M 16 Not Provided 04.07.2013

UBS JAMES PEARCE neutral 3 N 13 12 month 25.06.2013

Nomura MICHAEL KLIEN reduce 2 M 13 12 month 17.06.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 17 12 month 12.06.2013

Barclays CLAUDIA GASPARI suspended coverage #N/A N/A M #N/A N/A Not Provided 11.06.2013

EVA Dimensions DOUG WALTERS sell 1 M #N/A N/A Not Provided 06.06.2013

Societe Generale NICK HOLMES hold 3 M 15 12 month 04.06.2013

DZ Bank AG THORSTEN WENZEL sell 1 N 12 Not Provided 04.06.2013

HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 31.05.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 20.05.2013

Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 15 12 month 17.05.2013

Macquarie HADLEY COHEN neutral 3 M 15 12 month 13.05.2013

Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 13.05.2013

S&P Capital IQ RODERICK WALLACE strong sell 1 M 11 12 month 10.05.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 17.04.2013

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

Holdings By:

Assicurazioni Generali SpA ee

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

Page 84: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (25.03.2013) 89.99

52-Week Low (23.08.2012) 67.43

Daily Volume

87.43

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

52-Week Low % Change 29.66% Beta 0.53

% 52 Week Price Range High/Low 91.45% Equity Float 199.61

Shares Out 18.07.2013 215.5 Short Int -

18'839.11 1 Yr Total Return 28.31%

Total Debt 916.25 YTD Return 16.17%

Preferred Stock 0.0 Adjusted BETA 0.534

Minority Interest 256.6 Analyst Recs 22

Cash and Equivalents 666.74 Consensus Rating 3.636

Enterprise Value 19'345.19

Average Volume 5 Day 410'980

EI FP EQUITY YTD Change - Average Volume 30 Day 521'214

EI FP EQUITY YTD % CHANGE - Average Volume 3 Month 514'687

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

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

3'074.4 3'268.0 3'891.6 4'189.5 4'988.8 4'431.8 4'995.2 5'313.4 5'811.1 1'329.7 1'305.0

2.30x 2.68x 2.68x 2.87x 3.31x 0.00x 0.00x 3.58x 3.21x - -

696.7 754.4 900.2 919.3 1'114.5 0.0 0.0 1'175.5 1'300.3 - -

10.16x 11.63x 11.58x 13.09x 14.80x 0.00x 0.00x 16.41x 14.84x - -

382.4 390.7 462.0 505.6 584.0 0.0 0.0 644.5 715.4 - -

18.15x 22.09x 21.90x 22.36x 27.15x 0.00x 0.00x 28.55x 25.74x - -

EBITDA 1'114.51 Long-Term Rating Date -

EBIT 865.73 Long-Term Rating -

Operating Margin 17.35% Long-Term Outlook -

Pretax Margin 16.79% Short-Term Rating Date -

Return on Assets 8.94% Short-Term Rating -

Return on Common Equity 16.71%

Return on Capital 14.08% EBITDA/Interest Exp. 46.32

Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 36.29

Net Debt/EBITDA 0.22

Gross Margin 55.8% Total Debt/EBITDA 0.82

EBITDA Margin 22.3%

EBIT Margin 17.4% Total Debt/Equity 25.0%

Net Income Margin 11.7% Total Debt/Capital 18.9%

Asset Turnover 0.76

Current Ratio 1.51 Net Fixed Asset Turnover 5.10

Quick Ratio 0.97 Accounts receivable turnover-days -

Debt to Assets 13.27% Inventory Days 131.44

Tot Debt to Common Equity 25.01% Accounts Payable Turnover Day 154.58

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover 2.78

Fiscal Year Ended

Essilor International SAPrice/Volume

Valuation Analysis

44'361.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

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0.0

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2'000.0

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

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

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

Page 85: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

FCPE VALOPTEC INTERN n/a Co File 5'762'620 2.67 - 31.12.2012 n/a

FCPE GROUPE ESSILOR n/a Co File 5'014'279 2.33 - 31.12.2012 n/a

NORGES BANK Multiple Portfolios MF-AGG 4'883'556 2.27 - 31.12.2012 Government

CIE GENERALE D'OPTIQ n/a Co File 4'387'477 2.04 - 31.12.2012 Corporation

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'201'430 1.95 - 31.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'754'451 1.74 203'167 30.06.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'668'025 1.7 757'412 28.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 2'158'420 1 (71'971) 29.07.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'928'334 0.89 22'445 30.06.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'917'048 0.89 29'055 28.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 1'476'486 0.69 (6'945) 28.03.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 1'321'854 0.61 (208'847) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 1'187'561 0.55 (40'553) 30.06.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 968'206 0.45 (2'510) 30.05.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 919'675 0.43 (544) 28.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 917'530 0.43 46'850 31.03.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 868'175 0.4 (5'600) 30.04.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 854'681 0.4 (96'599) 31.05.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 799'121 0.37 (756) 30.07.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 786'400 0.36 177'600 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale MARIE-LINE FORT buy 5 M 94 12 month 30.07.2013

Goldman Sachs WILLIAM HUTCHINGS not rated #N/A N/A M #N/A N/A Not Provided 30.07.2013

UBS DENIS MOREAU buy 5 M 100 12 month 30.07.2013

Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 96 6 month 30.07.2013

Main First Bank AG MOURAD LAHMIDI outperform 5 M 100 12 month 30.07.2013

Exane BNP Paribas JULIEN DORMOIS neutral 3 M 78 Not Provided 30.07.2013

Barclays ALEXANDER KLEBAN overweight 5 M 98 Not Provided 30.07.2013

Morgan Stanley MICHAEL K JUNGLING Underwt/Attractive 1 M 66 12 month 29.07.2013

AlphaValue ARMELLE MOULIN reduce 2 M 78 6 month 25.07.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 22.07.2013

Natixis STEPHANE SUMAR neutral 3 M 90 6 month 12.07.2013

Raymond James CEDRIC LECASBLE outperform 5 M 95 Not Provided 28.06.2013

HSBC ANTOINE BELGE overweight 5 M 94 Not Provided 28.06.2013

EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013

Kepler Cheuvreux MAJA PATAKI reduce 2 M 70 Not Provided 14.05.2013

Jefferies INGEBORG OIE hold 3 M 80 12 month 02.05.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 77 12 month 30.04.2013

BPI HUBERT D'AILLIERES buy 5 M 92 Not Provided 26.04.2013

Berenberg Bank BASSEL CHOUGHARI hold 3 M 77 Not Provided 25.04.2013

S&P Capital IQ JACOB THRANE strong buy 5 M 97 12 month 25.04.2013

Redburn Partners PASCAL HAUTCOEUR buy 5 U #N/A N/A Not Provided 22.02.2013

Holdings By:

Essilor International SA ee

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

Page 86: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (22.05.2013) 209.00

52-Week Low (01.10.2012) 154.50

Daily Volume

187.3

52-Week High % Change -10.38% Dividend Yield -

52-Week Low % Change 21.23% Beta 1.00

% 52 Week Price Range High/Low 57.61% Equity Float 93.98

Shares Out 11.07.2013 97.2 Short Int -

18'205.89 1 Yr Total Return 18.60%

Total Debt 11'919.00 YTD Return 7.42%

Preferred Stock 0.0 Adjusted BETA 0.998

Minority Interest 1'583.1 Analyst Recs 28

Cash and Equivalents 63.10 Consensus Rating 3.357

Enterprise Value 32'776.80

Average Volume 5 Day 301'481

UL NA EQUITY YTD Change - Average Volume 30 Day 346'304

UL NA EQUITY YTD % CHANGE - Average Volume 3 Month 378'233

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

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

1'642.5 1'363.3 1'716.4 1'944.9 1'492.3 - - 1'589.3 1'715.1 - -

11.18x 17.14x 14.60x 12.78x 20.58x - - 20.23x 19.08x - -

1'309.7 931.4 1'254.8 1'180.9 956.7 - - 1'380.8 1'497.3 - -

14.02x 25.09x 19.97x 21.04x 32.09x - - 23.73x 21.89x - -

(1'116.0) (1'467.8) 2'187.6 1'324.6 1'458.6 - - 1'126.7 1'199.5 - -

- - 6.19x 9.63x 11.52x - - 18.59x 16.98x - -

EBITDA 956.70 Long-Term Rating Date 27.06.2007

EBIT 954.40 Long-Term Rating A

Operating Margin 35.67% Long-Term Outlook STABLE

Pretax Margin 121.98% Short-Term Rating Date 27.06.2007

Return on Assets 5.26% Short-Term Rating A-1

Return on Common Equity 12.30%

Return on Capital 6.77% EBITDA/Interest Exp. 2.27

Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -0.96

Net Debt/EBITDA 11.29

Gross Margin - Total Debt/EBITDA 11.33

EBITDA Margin 61.9%

EBIT Margin - Total Debt/Equity 92.4%

Net Income Margin 97.7% Total Debt/Capital 45.1%

Asset Turnover 0.06

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 40.31% Inventory Days -

Tot Debt to Common Equity 92.38% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Unibail-Rodamco SEPrice/Volume

Valuation Analysis

39'646.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

,

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

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

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

Page 87: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

APG ASSET MANAGEMENT n/a Research 8'485'804 8.73 - 31.10.2012 Pension Fund (ERISA)

AMUNDI n/a Research 3'873'953 3.99 - 31.10.2012 Investment Advisor

COHEN & STEERS INC n/a Co File 3'642'122 3.75 - 01.03.2012 Corporation

NORTHERN CROSS LLC n/a Research 3'320'531 3.42 - 31.10.2012 Investment Advisor

STATE STREET n/a ULT-AGG 3'171'965 3.26 4'421 30.07.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 2'951'583 3.04 - 29.07.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'943'120 3.03 (27'121) 31.03.2013 Investment Advisor

COMMERZBANK AKTIENGE n/a Co File 2'585'395 2.66 - 01.03.2012 Bank

UBS n/a ULT-AGG 2'387'145 2.46 1'889 30.07.2013 Unclassified

SOCIETE GENERALE n/a Research 2'351'985 2.42 (3'161'695) 21.05.2012 Bank

NORGES BANK Multiple Portfolios MF-AGG 2'112'264 2.17 - 31.12.2012 Government

NATIXIS n/a Co File 1'858'269 1.91 - 01.03.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'165'129 1.2 104'472 30.06.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 839'903 0.86 839'903 31.03.2013 Investment Advisor

LASALLE INVESTMENT M Multiple Portfolios MF-AGG 823'883 0.85 13'769 21.08.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 804'734 0.83 (125'162) 31.03.2013 Investment Advisor

ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 798'051 0.82 92'667 17.07.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 680'582 0.7 (23'498) 31.03.2013 Investment Advisor

EII CAPITAL MANAGEME n/a Research 680'215 0.7 (101'034) 30.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 661'227 0.68 190'649 31.05.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale MICHEL VARALDO buy 5 M 235 12 month 30.07.2013

Jefferies ROBERT DUNCAN hold 3 M 193 12 month 29.07.2013

HSBC STEPHANIE DOSSMANN neutral 3 M 193 Not Provided 29.07.2013

Independent Research GmbH STEFAN BONGARDT sell 1 M 165 12 month 29.07.2013

ING Bank JAAP KUIN buy 5 M 208 12 month 29.07.2013

Kempen & Co BOUDEWIJN SCHOON underweight 1 M 178 12 month 25.07.2013

Bank Degroof(ESN) DRIES DURY hold 3 M 200 Not Provided 25.07.2013

Petercam JOEL GORSELE hold 3 M 180 Not Provided 25.07.2013

Oddo & Cie MARINE LAFITTE neutral 3 M 198 Not Provided 25.07.2013

Berenberg Bank KAI MALTE KLOSE buy 5 M 200 Not Provided 25.07.2013

Natixis SERGE DEMIRDJIAN neutral 3 M 178 Not Provided 25.07.2013

S&P Capital IQ WILLIAM HOWLETT hold 3 M 195 12 month 25.07.2013

AlphaValue PIERRE-LOUP ETIENNE sell 1 M 168 6 month 25.07.2013

ABN Amro Bank N.V. JAN WILLEM VAN KRANENBURG hold 3 M 163 Not Provided 25.07.2013

Morgan Stanley BART GYSENS Equalwt/Attractive 3 M 163 12 month 24.07.2013

Exane BNP Paribas VALERIE GUEZI neutral 3 M 190 Not Provided 18.07.2013

UBS KRISTIAN BANDY buy 5 U 195 12 month 26.06.2013

Goldman Sachs JONATHAN KOWNATOR Buy/Neutral 5 M 203 12 month 20.06.2013

Day by Day VALERIE GASTALDY buy 5 M 193 3 month 20.06.2013

JPMorgan HARM M MEIJER overweight 5 M 210 9 month 07.06.2013

EVA Dimensions DOUG WALTERS overweight 5 M #N/A N/A Not Provided 06.06.2013

Kepler Cheuvreux SAMUEL HENRY-DIESBACH hold 3 M 178 Not Provided 07.05.2013

Deutsche Bank MARTIN ALLEN hold 3 D 199 12 month 26.04.2013

Espirito Santo Investment Bank ResearchMICHAEL BURT buy 5 M 209 Not Provided 17.04.2013

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN sell 1 D 170 Not Provided 26.03.2013

Banco Sabadell IGNACIO ROMERO buy 5 M 141 12 month 15.02.2013

Rabobank International MARTIJN VAN DEN EIJNDEN hold 3 M 190 Not Provided 04.02.2013

Barclays AARON GUY equalweight 3 M 176 Not Provided 31.08.2012

Holdings By:

Unibail-Rodamco SE ee

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

Page 88: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (14.01.2013) 3.30

52-Week Low (15.07.2013) 2.28

Daily Volume

2.638

52-Week High % Change -20.06% Dividend Yield -

52-Week Low % Change 15.60% Beta 1.02

% 52 Week Price Range High/Low 33.99% Equity Float 6'465.37

Shares Out 30.06.2013 9'403.4 Short Int -

24'806.06 1 Yr Total Return 13.94%

Total Debt 66'539.00 YTD Return -10.68%

Preferred Stock 0.0 Adjusted BETA 1.017

Minority Interest 16'387.0 Analyst Recs 32

Cash and Equivalents 9'891.00 Consensus Rating 3.344

Enterprise Value 101'458.06

Average Volume 5 Day 34'419'110

ENEL IM EQUITY YTD Change - Average Volume 30 Day 36'291'350

ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 44'351'400

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

59'577.0 62'498.0 71'943.0 77'573.0 82'699.0 79'230.0 82'391.0 81'853.1 81'458.1 - -

1.53x 1.85x 1.56x 1.34x 1.24x 5.32x 4.87x 1.01x 0.98x - -

13'722.0 15'883.0 16'768.0 17'110.0 16'150.0 13'964.0 12'874.0 16'016.0 15'712.6 - -

6.63x 7.29x 6.68x 6.06x 6.35x 0.00x 0.00x 6.33x 6.46x - -

5'293.0 5'586.0 4'390.0 4'113.0 865.0 4'066.0 533.0 2'988.3 2'936.8 - -

5.54x 5.90x 8.01x 7.19x 34.11x 6.30x 48.97x 8.27x 8.46x - -

EBITDA 16'150.00 Long-Term Rating Date 11.07.2013

EBIT 7'735.00 Long-Term Rating BBB

Operating Margin 9.35% Long-Term Outlook STABLE

Pretax Margin 5.83% Short-Term Rating Date 14.12.2007

Return on Assets 0.42% Short-Term Rating A-2

Return on Common Equity 1.96%

Return on Capital - EBITDA/Interest Exp. 5.51

Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.28

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 9.2% Total Debt/Equity 181.0%

Net Income Margin 1.0% Total Debt/Capital 55.6%

Asset Turnover 0.48

Current Ratio 1.09 Net Fixed Asset Turnover 1.00

Quick Ratio 0.61 Accounts receivable turnover-days 53.65

Debt to Assets 38.76% Inventory Days -

Tot Debt to Common Equity 180.96% Accounts Payable Turnover Day -

Accounts Receivable Turnover 6.80 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

Enel SpAPrice/Volume

Valuation Analysis

3'665'578.00

Current Price (8/dd/yy) Market Data

,

-

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60'000.0

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80'000.0

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

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

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

Page 89: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

MINISTERO DELL'ECONO n/a EXCH 2'937'984'993 31.24 - 20.11.2012 Government

NORGES BANK Multiple Portfolios MF-AGG 165'932'693 1.76 - 31.12.2012 Government

BLACKROCK n/a ULT-AGG 104'462'112 1.11 368'113 29.07.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 72'428'534 0.77 3'679'827 30.06.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 62'784'614 0.67 42'708 30.04.2013 Investment Advisor

UBS n/a ULT-AGG 19'310'252 0.21 (182'531) 30.07.2013 Unclassified

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 18'281'959 0.19 - 29.07.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 17'401'023 0.19 3'221'742 30.04.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 14'200'530 0.15 610'029 30.06.2013 Investment Advisor

STATE STREET n/a ULT-AGG 14'177'515 0.15 211'821 30.07.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 13'162'368 0.14 64'467 31.03.2013 Investment Advisor

ARCA SGR SPA Multiple Portfolios MF-AGG 12'811'686 0.14 (50'000) 28.03.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 9'487'882 0.1 317'904 31.05.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 9'405'910 0.1 1'138'042 28.03.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 9'034'642 0.1 (94'216) 31.05.2013 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 8'671'396 0.09 - 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 8'085'737 0.09 440'333 30.06.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 7'146'235 0.08 5'779'298 31.12.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 6'968'922 0.07 3'408'995 30.04.2013 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 6'758'847 0.07 86'853 30.06.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 Not Provided 31.07.2013

Societe Generale ALBERTO PONTI hold 3 M 3 12 month 30.07.2013

Goldman Sachs DARIO CARRADORI neutral/neutral 3 M 3 12 month 25.07.2013

Mediobanca SpA JAVIER SUAREZ neutral 3 M 3 12 month 22.07.2013

Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 18.07.2013

AlphaValue MYRIAM COHEN buy 5 M 3 6 month 18.07.2013

Banca IMI ROBERTO RANIERI hold 3 M 3 12 month 17.07.2013

ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 17.07.2013

Main First Bank AG ENRICO BARTOLI underperform 1 N 2 12 month 17.07.2013

Credit Suisse STEFANO BEZZATO underperform 1 M 2 Not Provided 15.07.2013

UBS ALBERTO GANDOLFI neutral 3 M 2 12 month 15.07.2013

Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA buy 5 U 3 Not Provided 15.07.2013

Exane BNP Paribas MANUEL PALOMO underperform 1 M 2 Not Provided 15.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 12.07.2013

Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 26.06.2013

Independent Research GmbH SVEN DIERMEIER hold 3 U 3 12 month 25.06.2013

Equita SIM SpA ROBERTO LETIZIA hold 3 M 3 12 month 24.06.2013

Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 24.06.2013

Barclays MONICA GIRARDI equalweight 3 M 3 Not Provided 12.06.2013

HSBC ADAM DICKENS neutral 3 U 3 Not Provided 11.06.2013

EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 06.06.2013

Berenberg Bank TEAM COVERAGE hold 3 M 3 Not Provided 04.06.2013

Investec HAROLD HUTCHINSON hold 3 N 3 Not Provided 13.05.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 09.05.2013

Natixis PHILIPPE OURPATIAN neutral 3 M 3 Not Provided 08.05.2013

Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 3 12 month 07.05.2013

Centrobanca EDOARDO MONTALBANO hold 3 M 3 12 month 03.04.2013

JPMorgan JAVIER GARRIDO underweight 1 D 3 3 month 25.03.2013

Kepler Cheuvreux CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 13.03.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 3 Not Provided 06.02.2013

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012

Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012

Holdings By:

Enel SpA ee

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

Page 90: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (05.08.2013) 36.15

52-Week Low (15.08.2012) 25.94

Daily Volume

35.805

52-Week High % Change -0.95% Dividend Yield -

52-Week Low % Change 38.03% Beta 1.28

% 52 Week Price Range High/Low 96.67% Equity Float 481.43

Shares Out 05.07.2013 552.8 Short Int -

19'791.50 1 Yr Total Return 40.35%

Total Debt 12'669.00 YTD Return 15.50%

Preferred Stock 0.0 Adjusted BETA 1.284

Minority Interest 412.0 Analyst Recs 29

Cash and Equivalents 4'179.00 Consensus Rating 3.655

Enterprise Value 29'649.50

Average Volume 5 Day 1'778'512

SGO FP EQUITY YTD Change - Average Volume 30 Day 1'741'998

SGO FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'983'976

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

43'800.0 37'786.0 40'119.0 42'116.0 43'198.0 42'831.0 42'379.0 42'254.5 43'007.0 10'663.7 10'432.7

0.56x 0.75x 0.69x 0.57x 0.60x 0.00x 0.00x 0.65x 0.63x - -

5'263.0 3'821.0 4'785.0 5'024.0 4'802.0 0.0 0.0 4'200.2 4'611.4 - -

4.68x 7.39x 5.80x 4.80x 5.39x 0.00x 0.00x 7.05x 6.42x - -

1'378.0 202.0 1'129.0 1'284.0 766.0 0.0 0.0 1'112.0 1'436.8 - -

9.15x 88.53x 17.66x 12.16x 22.07x 0.00x 0.00x 17.74x 13.50x - -

EBITDA 4'802.00 Long-Term Rating Date 24.07.2009

EBIT 2'881.00 Long-Term Rating BBB

Operating Margin 6.67% Long-Term Outlook NEG

Pretax Margin 2.94% Short-Term Rating Date 30.04.2004

Return on Assets 1.24% Short-Term Rating A-2

Return on Common Equity 3.34%

Return on Capital 3.22% EBITDA/Interest Exp. 7.66

Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 4.66

Net Debt/EBITDA 2.13

Gross Margin 23.5% Total Debt/EBITDA 2.82

EBITDA Margin 10.5%

EBIT Margin 6.2% Total Debt/Equity 72.6%

Net Income Margin 1.8% Total Debt/Capital 41.5%

Asset Turnover 0.89

Current Ratio 1.31 Net Fixed Asset Turnover 3.10

Quick Ratio 0.67 Accounts receivable turnover-days 54.59

Debt to Assets 26.66% Inventory Days 74.11

Tot Debt to Common Equity 72.65% Accounts Payable Turnover Day 71.87

Accounts Receivable Turnover 6.69 Cash Conversion Cycle 45.66

Inventory Turnover 4.93

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

Cie de St-GobainPrice/Volume

Valuation Analysis

169'980.00

Current Price (8/dd/yy) Market Data

,

2

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-2

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02

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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

40'000.0

45'000.0

50'000.0

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

,',,

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

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

Page 91: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

WENDEL INVESTISSEMEN n/a Co File 91'884'741 16.62 - 31.12.2012 Investment Advisor

FONDS DU PLAN D EPAR n/a Co File 44'614'556 8.07 - 31.12.2012 n/a

AMUNDI SA n/a Research 36'263'213 6.56 1'513'648 06.07.2013 Other

CAISSE DES DEPOTS ET n/a Co File 13'278'142 2.4 - 31.12.2012 Government

NORGES BANK Multiple Portfolios MF-AGG 12'983'002 2.35 - 31.12.2012 Government

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'873'966 1.97 4'256'788 31.03.2013 Investment Advisor

GROUPAMA SA n/a Co File 10'091'388 1.83 - 31.12.2012 Insurance Company

DODGE & COX Multiple Portfolios MF-AGG 7'687'882 1.39 1'063'791 30.06.2013 Investment Advisor

COGEMA n/a Co File 5'842'382 1.06 - 31.12.2012 Corporation

BLACKROCK n/a ULT-AGG 5'535'288 1 912'282 29.07.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 5'020'184 0.91 (24'549) 28.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'301'615 0.78 94'790 30.06.2013 Investment Advisor

CIE DE SAINT GOBAIN n/a Co File 4'249'005 0.77 - 31.12.2012 Corporation

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'946'563 0.53 (34'261) 28.03.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 2'724'632 0.49 203'000 31.05.2013 Investment Advisor

SOCIETE GEN GESTION n/a Research 2'536'782 0.46 - 15.06.2011 Investment Advisor

JP MORGAN n/a ULT-AGG 2'479'925 0.45 (327'256) 30.06.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 1'378'347 0.25 - 30.04.2013 Investment Advisor

UBS n/a ULT-AGG 1'346'033 0.24 (7'680) 30.07.2013 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 1'313'117 0.24 897'464 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co PHIL ROSEBERG outperform 5 M 40 12 month 31.07.2013

Berenberg Bank MICHAEL WATTS buy 5 M 35 Not Provided 31.07.2013

UBS BENJAMIN ROSENBERGER neutral 3 M 33 12 month 30.07.2013

JPMorgan EMILY BIDDULPH overweight 5 M 38 9 month 30.07.2013

EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 30.07.2013

Societe Generale MURIEL FELLOUS buy 5 M 39 12 month 29.07.2013

Deutsche Bank LUIS PRIETO buy 5 M 40 12 month 25.07.2013

Credit Suisse HARRY GOAD neutral 3 M 31 Not Provided 25.07.2013

Jefferies MICHAEL F BETTS buy 5 M 44 12 month 25.07.2013

Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 25.07.2013

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 35 Not Provided 25.07.2013

Aurel - BGC ERIC LEMARIE buy 5 M 40 6 month 25.07.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 M 27 12 month 25.07.2013

CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 40 12 month 25.07.2013

Oddo & Cie VIRGINIE ROUSSEAU neutral 3 M 33 Not Provided 25.07.2013

Bryan Garnier & Cie SVEN EDELFELT buy 5 M 40 6 month 25.07.2013

Natixis RAFIC EL HADDAD buy 5 M 39 Not Provided 25.07.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 U 35 12 month 25.07.2013

AlphaValue GAETAN DUPONT add 4 D 39 6 month 25.07.2013

Kepler Cheuvreux JOSEP PUJAL hold 3 M 30 Not Provided 24.07.2013

Davy FLORENCE O'DONOGHUE outperform 5 M #N/A N/A Not Provided 24.07.2013

Exane BNP Paribas PAUL ROGER underperform 1 M 30 Not Provided 16.07.2013

Morgan Stanley ALEJANDRA PEREDA Equalwt/In-Line 3 M 33 12 month 10.07.2013

HSBC JOHN FRASER-ANDREWS underweight 1 M 27 Not Provided 02.07.2013

Cantor Fitzgerald IAN OSBURN hold 3 N 33 Not Provided 18.06.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 M 32 12 month 17.06.2013

Redburn Partners WILLIAM JONES buy 5 M #N/A N/A Not Provided 02.05.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 19.03.2013

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 28 Not Provided 19.02.2013

Banco Sabadell GLEN SPENCER-CHAPMAN buy 5 M 44 Not Provided 30.07.2012

Holdings By:

Cie de St-Gobain ee

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

Page 92: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

Orange S.A. 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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (20.08.2012) 11.58

52-Week Low (03.07.2013) 7.03

Daily Volume

7.3

52-Week High % Change -36.96% Dividend Yield 15.07

52-Week Low % Change 3.80% Beta 0.90

% 52 Week Price Range High/Low 5.74% Equity Float 2'273.08

Shares Out 30.06.2013 2'648.9 Short Int -

19'336.86 1 Yr Total Return -30.75%

Total Debt 39'214.00 YTD Return -10.12%

Preferred Stock 0.0 Adjusted BETA 0.903

Minority Interest 2'078.0 Analyst Recs 35

Cash and Equivalents 8'462.00 Consensus Rating 3.343

Enterprise Value 51'364.86

Average Volume 5 Day 6'680'819

ORA FP EQUITY YTD Change - Average Volume 30 Day 8'087'117

ORA FP EQUITY YTD % CHANGE - Average Volume 3 Month 8'188'974

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

46'712.0 44'845.0 45'503.0 45'277.0 43'515.0 44'551.0 42'275.0 41'440.6 40'623.5 10'344.0 10'443.0

1.92x 1.82x 1.64x 1.42x 1.26x 0.00x 0.00x 1.25x 1.24x - -

17'300.0 14'480.0 15'291.0 15'019.0 12'374.0 0.0 0.0 12'697.2 12'257.6 - -

5.18x 5.64x 4.89x 4.29x 4.42x 0.00x 0.00x 4.04x 4.19x - -

4'073.0 3'018.0 4'880.0 3'895.0 820.0 0.0 0.0 2'723.7 2'665.3 - -

14.20x 16.37x 10.83x 8.26x 26.90x 0.00x 0.00x 7.19x 7.28x - -

EBITDA 12'374.00 Long-Term Rating Date 22.04.2013

EBIT 6'045.00 Long-Term Rating BBB+

Operating Margin 13.89% Long-Term Outlook STABLE

Pretax Margin 5.37% Short-Term Rating Date 14.05.2003

Return on Assets 0.17% Short-Term Rating A-2

Return on Common Equity 0.58%

Return on Capital 1.32% EBITDA/Interest Exp. 6.99

Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 3.17

Net Debt/EBITDA 2.52

Gross Margin - Total Debt/EBITDA 3.03

EBITDA Margin 28.4%

EBIT Margin 13.7% Total Debt/Equity 161.3%

Net Income Margin 1.9% Total Debt/Capital 59.8%

Asset Turnover 0.48

Current Ratio 0.65 Net Fixed Asset Turnover 1.82

Quick Ratio 0.53 Accounts receivable turnover-days 41.30

Debt to Assets 43.58% Inventory Days -

Tot Debt to Common Equity 161.33% Accounts Payable Turnover Day -

Accounts Receivable Turnover 8.84 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Orange SAPrice/Volume

Valuation Analysis

607'946.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

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

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

Page 93: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

FRENCH STATE n/a Research 360'248'428 13.6 - 08.03.2013 Government

SOCIETE GENERALE n/a Research 132'135'951 4.99 (27'339'807) 16.05.2012 Bank

AMUNDI n/a Research 129'217'007 4.88 (3'894'321) 11.06.2012 Investment Advisor

BARCLAYS PLC n/a ULT-AGG 121'078'597 4.57 - 04.06.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 44'467'235 1.68 1'312'335 31.03.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 35'755'611 1.35 - 31.12.2012 Government

AMUNDI Multiple Portfolios MF-AGG 29'283'659 1.11 (138'597) 30.04.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 29'198'650 1.1 91'030 29.07.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'254'217 0.92 897'930 30.06.2013 Investment Advisor

DNCA FINANCE Multiple Portfolios MF-AGG 15'687'873 0.59 1'777'000 28.03.2013 Investment Advisor

FRANCE TELECOM SA n/a Co File 15'456'045 0.58 - 31.12.2011 Corporation

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 11'897'043 0.45 1'355'265 28.03.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 8'579'625 0.32 11'716 30.04.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 7'216'357 0.27 - 31.05.2013 Investment Advisor

UBS n/a ULT-AGG 7'139'264 0.27 (573'777) 30.07.2013 Unclassified

LBPAM Multiple Portfolios MF-AGG 5'814'923 0.22 (1'868'459) 28.03.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 5'551'185 0.21 - 29.07.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 4'580'800 0.17 - 30.06.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 4'441'585 0.17 41'600 30.04.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 4'161'947 0.16 (490'289) 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Societe Generale STEPHANE SCHLATTER buy 5 M 9 12 month 29.07.2013

Nord/LB WOLFGANG DONIE buy 5 M 10 12 month 29.07.2013

Grupo Santander CARLOS JAVIER TREVINO hold 3 M #N/A N/A Not Provided 26.07.2013

Deutsche Bank CAROLA BARDELLI hold 3 M 8 12 month 26.07.2013

JPMorgan HANNES C WITTIG underweight 1 M 6 3 month 26.07.2013

Macquarie GUY R PEDDY outperform 5 M 12 12 month 26.07.2013

Oddo & Cie VINCENT MAULAY neutral 3 M 10 Not Provided 26.07.2013

Natixis BENOIT MAYNARD buy 5 M 11 Not Provided 26.07.2013

Nomura FREDERIC BOULAN neutral 3 M 8 12 month 26.07.2013

Barclays JONATHAN DANN underweight 1 M 8 Not Provided 26.07.2013

AlphaValue JEAN-MICHEL SALVADOR buy 5 M 14 6 month 26.07.2013

Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 10 12 month 25.07.2013

Goldman Sachs ANDREW LEE Sell/Neutral 1 M 6 12 month 25.07.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 8 12 month 25.07.2013

Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 25.07.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 25.07.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 M 9 12 month 25.07.2013

CM - CIC Securities(ESN) JEAN-MICHEL KOSTER hold 3 M 9 12 month 25.07.2013

S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 25.07.2013

New Street Research RUSSELL WALLER buy 5 M 9 Not Provided 25.07.2013

UBS GIOVANNI MONTALTI sell 1 M 7 12 month 24.07.2013

Jefferies JEREMY A DELLIS buy 5 M 11 12 month 24.07.2013

HSBC NICOLAS COTE-COLISSON overweight 5 M 11 Not Provided 24.07.2013

Berenberg Bank STUART GORDON hold 3 M 8 Not Provided 23.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 15.07.2013

Credit Suisse JAKOB BLUESTONE neutral 3 M 9 Not Provided 12.07.2013

Kepler Cheuvreux JAVIER BORRACHERO hold 3 M 8 Not Provided 12.07.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 10.07.2013

Exane BNP Paribas ANTOINE PRADAYROL outperform 5 M 10 Not Provided 10.07.2013

Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 08.07.2013

Espirito Santo Investment Bank ResearchNUNO MATIAS buy 5 M 11 Not Provided 25.04.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 28.02.2013

Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 12 month 15.02.2013

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:

Orange SA ee

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

Page 94: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (09.05.2013) 18.55

52-Week Low (24.08.2012) 13.80

Daily Volume

18.18

52-Week High % Change -1.99% Dividend Yield -

52-Week Low % Change 31.74% Beta 1.06

% 52 Week Price Range High/Low 91.05% Equity Float 980.46

Shares Out 12.07.2013 1'302.5 Short Int -

23'678.94 1 Yr Total Return 32.36%

Total Debt 19'090.00 YTD Return 22.07%

Preferred Stock 0.0 Adjusted BETA 1.064

Minority Interest 770.0 Analyst Recs 40

Cash and Equivalents 6'318.00 Consensus Rating 4.125

Enterprise Value 38'692.94

Average Volume 5 Day 5'072'838

REP SQ EQUITY YTD Change - Average Volume 30 Day 7'250'223

REP SQ EQUITY YTD % CHANGE - Average Volume 3 Month 10'775'930

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

58'475.0 45'827.0 53'663.0 50'903.0 58'924.0 56'577.0 59'759.0 58'192.1 61'099.5 13'225.5 13'225.5

0.48x 0.87x 0.79x 0.91x 0.56x 3.00x 2.37x 0.58x 0.54x 2.56x 2.41x

8'009.0 6'686.0 11'919.0 5'800.0 7'017.0 5'938.0 6'847.0 7'254.7 7'405.8 1'562.0 2'787.0

3.49x 5.99x 3.56x 8.03x 4.68x 5.68x 5.28x 5.33x 5.22x 5.11x 5.05x

2'555.0 1'559.0 4'693.0 2'193.0 2'060.0 1'885.0 1'925.0 2'236.1 2'245.9 443.0 525.0

7.19x 14.63x 5.43x 18.27x 9.83x 9.24x 10.23x 10.69x 10.76x 12.06x 12.00x

EBITDA 7'017.00 Long-Term Rating Date 19.04.2012

EBIT 4'430.00 Long-Term Rating BBB-

Operating Margin 7.52% Long-Term Outlook STABLE

Pretax Margin 6.02% Short-Term Rating Date 19.04.2012

Return on Assets 2.95% Short-Term Rating A-3

Return on Common Equity 6.97%

Return on Capital - EBITDA/Interest Exp. 8.88

Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 4.55

Net Debt/EBITDA 2.09

Gross Margin - Total Debt/EBITDA 3.27

EBITDA Margin 11.5%

EBIT Margin 7.2% Total Debt/Equity 71.5%

Net Income Margin 3.5% Total Debt/Capital 41.0%

Asset Turnover 0.91

Current Ratio 1.51 Net Fixed Asset Turnover 2.11

Quick Ratio 0.93 Accounts receivable turnover-days 48.54

Debt to Assets 29.40% Inventory Days -

Tot Debt to Common Equity 71.49% Accounts Payable Turnover Day -

Accounts Receivable Turnover 7.52 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Repsol SAPrice/Volume

Valuation Analysis

191'265.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

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

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

Page 95: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

CAIXABANK n/a Research 159'023'605 12.21 - 26.03.2013 Investment Advisor

SACYR VALLEHERMOSO S n/a EXCH 122'208'433 9.38 - 17.01.2013 Corporation

PETROLEOS MEXICANOS n/a Co File 118'484'231 9.1 - 31.12.2012 Unclassified

TEMASEK HOLDINGS PRI n/a ULT-AGG 80'700'000 6.2 - 04.03.2013 Government

BLACKROCK n/a ULT-AGG 45'594'293 3.5 60'751 29.07.2013 Investment Advisor

BNP PARIBAS SA n/a EXCH 39'542'937 3.04 682'896 10.06.2013 Bank

NORGES BANK Multiple Portfolios MF-AGG 15'794'475 1.21 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'119'804 1.08 762'225 30.06.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'214'637 0.71 925'028 28.03.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 7'828'286 0.6 (374'208) 31.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 6'161'715 0.47 (2'220'016) 30.04.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'373'525 0.34 (7'160) 30.05.2013 Investment Advisor

FMR LLC n/a ULT-AGG 3'968'936 0.3 (160'653) 30.06.2013 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 3'920'496 0.3 355'996 28.03.2013 Investment Advisor

UBS n/a ULT-AGG 3'616'987 0.28 25'655 30.07.2013 Unclassified

JP MORGAN n/a ULT-AGG 3'580'466 0.27 271'632 30.06.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'493'116 0.27 961'423 31.03.2013 Investment Advisor

PERPETUAL INVESTMENT INVESCO PERPETUAL EU MF-PART 2'955'712 0.23 298'869 28.06.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 2'926'346 0.22 209'506 31.05.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 2'809'105 0.22 2'373 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

BPI BRUNO ALMEIDA DA SILVA buy 5 M 20 Not Provided 29.07.2013

Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 M 19 Not Provided 29.07.2013

Societe Generale IRENE HIMONA hold 3 M 18 12 month 26.07.2013

RBC Capital Markets PETER HUTTON sector perform 3 M 18 12 month 26.07.2013

Raymond James BERTRAND HODEE outperform 5 M 20 12 month 26.07.2013

Macquarie MARC B KOFLER neutral 3 M 16 12 month 26.07.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 18 Not Provided 26.07.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 18 12 month 26.07.2013

Natixis ANNE PUMIR buy 5 M 21 Not Provided 26.07.2013

Barclays LYDIA RAINFORTH overweight 5 M 19 Not Provided 26.07.2013

Deutsche Bank MARK BLOOMFIELD hold 3 M 16 12 month 25.07.2013

Credit Suisse THOMAS YOICHI ADOLFF outperform 5 M 19 Not Provided 25.07.2013

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 20 12 month 25.07.2013

Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO buy 5 M 23 12 month 25.07.2013

Banco Sabadell JORGE GONZALEZ SADORNIL buy 5 M 20 12 month 25.07.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 21 12 month 25.07.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 21 12 month 25.07.2013

AlphaValue ALEXANDRE ANDLAUER add 4 M 18 6 month 25.07.2013

Day by Day VALERIE GASTALDY buy 5 M 18 3 month 22.07.2013

Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 20 Not Provided 19.07.2013

JPMorgan NITIN SHARMA neutral 3 M 18 12 month 18.07.2013

Intermoney Valores ALVARO NAVARRO buy 5 M 19 12 month 18.07.2013

Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 17 12 month 17.07.2013

Nomura THEEPAN JOTHILINGAM neutral 3 M 16 12 month 17.07.2013

BBVA LUIS DE TOLEDO outperform 5 M 20 Not Provided 15.07.2013

Equita SIM SpA MASSIMO BONISOLI buy 5 M 19 12 month 11.07.2013

Canaccord Genuity Corp SAMUEL SIMON hold 3 M 18 12 month 08.07.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 19 Not Provided 08.07.2013

Grupo Santander JASON KENNEY buy 5 U 20 Not Provided 27.06.2013

HSBC PAUL SPEDDING overweight 5 M 22 Not Provided 07.06.2013

EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013

Tudor Pickering & Co ANISH KAPADIA trim 1 M 20 Not Provided 31.05.2013

La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 20 Not Provided 17.05.2013

Kepler Cheuvreux NATALIA BOBO BJOERK buy 5 M 21 Not Provided 15.05.2013

Investec NEILL MORTON buy 5 M 20 Not Provided 13.05.2013

UBS JONATHON RIGBY neutral 3 M 18 12 month 13.05.2013

Jefferies BRENDAN MICHAEL WARN hold 3 M 17 12 month 09.05.2013

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 23 Not Provided 16.04.2013

Banesto Bolsa SA Sociedad ROBERT JACKSON overweight 5 M 19 12 month 03.04.2013

Goldman Sachs HENRY MORRIS not rated #N/A N/A M #N/A N/A Not Provided 27.02.2013

Holdings By:

Repsol SA ee

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

Page 96: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

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

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (22.05.2013) 24.42

52-Week Low (10.08.2012) 15.55

Daily Volume

23.245

52-Week High % Change -4.81% Dividend Yield -

52-Week Low % Change 49.49% Beta 1.17

% 52 Week Price Range High/Low 85.12% Equity Float 581.37

Shares Out 07.06.2013 724.0 Short Int -

16'829.01 1 Yr Total Return 50.81%

Total Debt 11'246.00 YTD Return 23.25%

Preferred Stock 0.0 Adjusted BETA 1.171

Minority Interest 874.0 Analyst Recs 41

Cash and Equivalents 6'925.00 Consensus Rating 3.561

Enterprise Value 22'024.01

Average Volume 5 Day 1'707'951

CA FP EQUITY YTD Change - Average Volume 30 Day 2'271'102

CA FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'547'415

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

86'341.0 84'763.0 79'737.0 75'257.0 76'127.0 0.0 41'293.0 76'807.3 79'126.5 - -

0.30x 0.37x 0.37x 0.26x 0.25x #DIV/0! 0.00x 0.29x 0.28x - -

4'044.0 4'599.0 4'380.0 1'806.0 3'670.0 0.0 0.0 3'780.2 4'038.3 - -

6.51x 6.75x 6.81x 10.96x 5.12x 0.00x 0.00x 5.82x 5.45x - -

1'269.0 276.0 433.0 371.0 1'233.0 0.0 0.0 1'000.1 1'157.3 - -

14.80x 67.12x 61.70x - 113.79x 0.00x 0.00x 16.69x 14.45x - -

EBITDA 3'670.00 Long-Term Rating Date 15.03.2012

EBIT 2'122.00 Long-Term Rating BBB

Operating Margin 2.79% Long-Term Outlook POS

Pretax Margin 0.82% Short-Term Rating Date 16.04.2010

Return on Assets 2.63% Short-Term Rating A-2

Return on Common Equity 17.48%

Return on Capital 6.22% EBITDA/Interest Exp. 6.87

Asset Turnover 1.62% (EBITDA-Capex)/Interest Exp. 3.98

Net Debt/EBITDA 2.54

Gross Margin 19.2% Total Debt/EBITDA 4.43

EBITDA Margin 4.8%

EBIT Margin 2.8% Total Debt/Equity 217.0%

Net Income Margin 1.6% Total Debt/Capital 66.0%

Asset Turnover 1.62

Current Ratio 0.90 Net Fixed Asset Turnover 5.79

Quick Ratio 0.41 Accounts receivable turnover-days 11.84

Debt to Assets 35.43% Inventory Days 37.20

Tot Debt to Common Equity 216.96% Accounts Payable Turnover Day 85.80

Accounts Receivable Turnover 30.91 Cash Conversion Cycle -36.76

Inventory Turnover 9.84

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

Carrefour SAPrice/Volume

Valuation Analysis

140'572.00

Current Price (8/dd/yy) Market Data

,

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

Page 97: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

BLUE CAPITAL SARL n/a Research 57'977'220 8.01 (8'579'244) 03.06.2013 Other

SOCIETE GENERALE n/a Research 31'310'832 4.32 (14'638'655) 20.06.2012 Bank

BUNT n/a Research 25'370'250 3.5 - 03.06.2013 n/a

AMUNDI SA n/a Research 23'161'032 3.2 - 11.07.2011 Other

NORGES BANK Multiple Portfolios MF-AGG 15'956'515 2.2 - 31.12.2012 Government

COLONY BLUE INVESTOR n/a Research 15'166'771 2.09 - 03.06.2013 Other

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 13'182'412 1.82 - 31.05.2013 Hedge Fund Manager

AMUNDI Multiple Portfolios MF-AGG 10'030'932 1.39 (464'288) 28.03.2013 Investment Advisor

SOCIETE GEN GESTION n/a Research 8'353'963 1.15 - 11.07.2011 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 8'126'922 1.12 - 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'586'250 0.91 267'250 30.06.2013 Investment Advisor

CARREFOUR SA n/a Co File 6'147'949 0.85 - 31.12.2012 Corporation

BLACKROCK n/a ULT-AGG 6'073'294 0.84 (409'422) 29.07.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 5'642'184 0.78 (717'662) 28.03.2013 Investment Advisor

AKO CAPITAL LLP n/a Short (4'199'108) -0.58 506'789 23.07.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 3'396'459 0.47 (42'287) 31.03.2013 Investment Advisor

UBS n/a ULT-AGG 3'173'214 0.44 (74'869) 30.07.2013 Unclassified

LBPAM Multiple Portfolios MF-AGG 2'962'280 0.41 651'942 28.03.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 2'773'130 0.38 (59'350) 31.03.2013 Investment Advisor

GROUPE ARNAULT SAS n/a Research 2'656'752 0.37 - 03.06.2013 Holding Company

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

JPMorgan JAIME VAZQUEZ overweight 5 M 27 9 month 30.07.2013

Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 25 12 month 26.07.2013

Kepler Cheuvreux FABIENNE CARON buy 5 M 28 Not Provided 26.07.2013

AlphaValue VIRGINIE BLIN reduce 2 M 23 6 month 25.07.2013

Raymond James CEDRIC LECASBLE outperform 5 U 27 12 month 24.07.2013

Barclays NICOLAS CHAMP overweight 5 M 25 Not Provided 24.07.2013

Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 32 Not Provided 22.07.2013

Grupo Santander TIM ATTENBOROUGH underweight 1 M 20 12 month 19.07.2013

Credit Suisse ANDREW KASOULIS outperform 5 M 25 Not Provided 19.07.2013

Jefferies JAMES GRZINIC hold 3 M 20 12 month 19.07.2013

CM - CIC Securities(ESN) CHRISTIAN DEVISMES buy 5 M 26 12 month 19.07.2013

Oddo & Cie LAURENCE HOFMANN buy 5 M 28 Not Provided 19.07.2013

Societe Generale ARNAUD JOLY hold 3 M 21 12 month 18.07.2013

Baader Bank VOLKER BOSSE sell 1 M 17 12 month 18.07.2013

Independent Research GmbH ZAFER RUZGAR hold 3 M 24 12 month 18.07.2013

Natixis PIERRE-EDOUARD BOUDOT buy 5 M 25 6 month 18.07.2013

S&P Capital IQ WILLIAM MACK strong sell 1 M 18 12 month 18.07.2013

Exane BNP Paribas JOHN KERSHAW outperform 5 M 25 Not Provided 18.07.2013

Macquarie SREEDHAR MAHAMKALI outperform 5 M 24 12 month 16.07.2013

Commerzbank Corporates & Markets JUERGEN ELFERS hold 3 M 22 6 month 11.07.2013

Deutsche Bank JAMES G COLLINS hold 3 M 25 12 month 05.07.2013

Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 25 Not Provided 03.07.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 23 Not Provided 27.06.2013

Investec DAVID MCCARTHY buy 5 N 25 12 month 14.06.2013

UBS MICHAEL TATTERSALL neutral 3 M 21 12 month 13.06.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013

HSBC JEROME SAMUEL underweight 1 D 21 Not Provided 04.06.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 29.05.2013

Jyske Bank ROBERT JAKOBSEN strong buy 5 M 28 Not Provided 22.05.2013

Main First Bank AG RICKIN THAKRAR outperform 5 M 24 12 month 22.05.2013

Nomura TEAM COVERAGE neutral 3 M 20 Not Provided 21.05.2013

Redburn Partners MARC DE SPEVILLE buy 5 M #N/A N/A Not Provided 17.05.2013

Hamburger Sparkasse CHRISTIAN HAMANN sell 1 M #N/A N/A Not Provided 25.04.2013

Goldman Sachs ROBERT JOYCE neutral/neutral 3 M 21 12 month 22.04.2013

Hammer Partners SA STEPHAN SEIP hold 3 U 21 Not Provided 25.03.2013

Banco Sabadell MARTA DIAZ sell 1 M 22 12 month 15.02.2013

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

Makor Capital ALBERT SAPORTA buy 5 M 35 Not Provided 29.10.2012

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

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

Holdings By:

Carrefour SA ee

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

Page 98: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (15.03.2013) 18.03

52-Week Low (24.10.2012) 13.43

Daily Volume

16.58

52-Week High % Change -8.02% Dividend Yield 3.77

52-Week Low % Change 23.45% Beta 1.53

% 52 Week Price Range High/Low 68.99% Equity Float 641.72

Shares Out 31.07.2013 729.4 Short Int -

12'093.57 1 Yr Total Return 10.03%

Total Debt 4'915.00 YTD Return 11.21%

Preferred Stock 1.0 Adjusted BETA 1.525

Minority Interest 36.0 Analyst Recs 33

Cash and Equivalents 1'799.00 Consensus Rating 2.788

Enterprise Value 15'246.57

Average Volume 5 Day 1'329'516

CRH ID EQUITY YTD Change - Average Volume 30 Day 1'193'978

CRH ID EQUITY YTD % CHANGE - Average Volume 3 Month 1'163'734

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

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

20'887.0 17'373.0 17'173.0 18'081.0 18'659.0 - - 18'491.9 19'671.5 - -

0.78x 1.01x 0.86x 0.82x 0.77x - - 0.82x 0.76x - -

2'656.0 1'803.0 1'614.0 1'656.0 1'640.0 - - 1'563.8 1'870.6 - -

6.11x 9.69x 9.18x 9.01x 8.77x - - 9.75x 8.15x - -

1'248.0 592.0 432.0 590.0 552.0 - - 515.4 720.2 - -

7.66x 21.54x 25.28x 18.60x 20.01x - - 23.32x 16.78x - -

EBITDA 1'640.00 Long-Term Rating Date 17.12.2007

EBIT 845.00 Long-Term Rating BBB+

Operating Margin 4.53% Long-Term Outlook STABLE

Pretax Margin 3.61% Short-Term Rating Date 07.09.2001

Return on Assets 2.59% Short-Term Rating A-2

Return on Common Equity 5.25%

Return on Capital 5.03% EBITDA/Interest Exp. 5.92

Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 3.84

Net Debt/EBITDA 1.90

Gross Margin 27.3% Total Debt/EBITDA 3.00

EBITDA Margin 8.8%

EBIT Margin 4.5% Total Debt/Equity 46.6%

Net Income Margin 3.0% Total Debt/Capital 31.7%

Asset Turnover 0.88

Current Ratio 1.84 Net Fixed Asset Turnover 2.15

Quick Ratio 1.01 Accounts receivable turnover-days 41.03

Debt to Assets 23.22% Inventory Days 63.19

Tot Debt to Common Equity 46.65% Accounts Payable Turnover Day 41.37

Accounts Receivable Turnover 8.92 Cash Conversion Cycle 62.85

Inventory Turnover 5.79

Fiscal Year Ended

CRH PLCPrice/Volume

Valuation Analysis

63'830.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

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

Page 99: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

FRANKLIN RESOURCES n/a ULT-AGG 49'253'622 6.75 (2'686'460) 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 28'961'677 3.97 - 29.07.2013 Investment Advisor

UBS n/a ULT-AGG 28'349'889 3.89 (9'119) 30.07.2013 Unclassified

LEGAL & GENERAL n/a ULT-AGG 22'496'003 3.08 - 28.03.2013 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 22'377'823 3.07 - 26.07.2013 Investment Advisor

HARBOR CAPITAL ADVIS n/a 20F 21'999'275 3.02 - 22.03.2013 Investment Advisor

NORGES BANK n/a 20F 21'543'277 2.95 - 22.03.2013 Government

TEMPLETON GLOBAL ADV n/a Co File 21'503'171 2.95 - 31.12.2012 n/a

GRWTH FUND OF AMERIC n/a RNS-MAJ 21'114'087 2.89 - 15.02.2011 n/a

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 15'304'039 2.1 48'700 31.05.2013 Hedge Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'147'678 1.25 661'788 30.06.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 7'963'310 1.09 (313'490) 31.03.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 7'703'980 1.06 3'376'460 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 6'680'589 0.92 3'934'535 31.03.2013 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 5'916'100 0.81 3'093'240 31.05.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 5'184'256 0.71 (55'402) 28.02.2013 Unclassified

STATE STREET n/a ULT-AGG 5'037'640 0.69 224 30.07.2013 Investment Advisor

MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 4'196'785 0.58 2'571'785 31.12.2012 Investment Advisor

INVESCO LTD n/a ULT-AGG 3'155'820 0.43 (31'923) 30.07.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 3'101'719 0.43 71'074 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Natixis ABDELKADER BENCHIHA neutral 3 M 17 Not Provided 26.07.2013

Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 16 12 month 25.07.2013

AlphaValue GAETAN DUPONT add 4 M 17 6 month 25.07.2013

Goodbody Stockbrokers Ltd ROBERT EASON hold 3 M 16 12 month 24.07.2013

JPMorgan EMILY BIDDULPH neutral 3 M 16 9 month 23.07.2013

Deutsche Bank LUIS PRIETO buy 5 M 18 12 month 19.07.2013

Raymond James ARNAUD PALLIEZ strong buy 5 M 19 12 month 19.07.2013

Exane BNP Paribas PAUL ROGER neutral 3 M 16 Not Provided 18.07.2013

UBS GREGOR KUGLITSCH neutral 3 M 15 12 month 16.07.2013

Cantor Fitzgerald IAN OSBURN hold 3 M 14 Not Provided 04.07.2013

HSBC JOHN FRASER-ANDREWS underweight 1 M 15 Not Provided 02.07.2013

Day by Day VALERIE GASTALDY buy 5 U 18 3 month 01.07.2013

Jefferies MICHAEL F BETTS buy 5 M 20 12 month 14.06.2013

Societe Generale MURIEL FELLOUS hold 3 M 16 12 month 11.06.2013

Investec TOM HOLMES buy 5 M 20 Not Provided 11.06.2013

Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 15 Not Provided 11.06.2013

EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 M 17 12 month 21.05.2013

Credit Suisse HARRY GOAD underperform 1 M 13 Not Provided 20.05.2013

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN sell 1 M 15 Not Provided 13.05.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 17 12 month 13.05.2013

Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 14 12 month 10.05.2013

Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 15 6 month 08.05.2013

S&P Capital IQ JAWAHAR HINGORANI sell 1 D 15 12 month 08.05.2013

Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 10.04.2013

Berenberg Bank ROBERT MUIR sell 1 M 14 Not Provided 27.02.2013

Merrion Stockbrokers DAVID HOLOHAN sell 1 N 14 Not Provided 22.02.2013

Kepler Cheuvreux JOSEP PUJAL hold 3 M 16 Not Provided 04.02.2013

Morgan Stanley YURI SEROV Underwt/In-Line 1 M 16 12 month 13.12.2012

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 14 Not Provided 09.11.2012

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

Holdings By:

CRH PLC ee

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

Page 100: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (12.09.2012) 36.47

52-Week Low (06.08.2013) 20.64

Daily Volume

21.035

52-Week High % Change -42.31% Dividend Yield -

52-Week Low % Change 1.91% Beta 1.05

% 52 Week Price Range High/Low 2.91% Equity Float 487.68

Shares Out 31.03.2013 575.7 Short Int -

12'934.78 1 Yr Total Return -31.89%

Total Debt 19'946.00 YTD Return -27.51%

Preferred Stock 2'702.0 Adjusted BETA 1.046

Minority Interest 1'613.0 Analyst Recs 36

Cash and Equivalents 5'276.00 Consensus Rating 2.333

Enterprise Value 32'410.78

Average Volume 5 Day 3'826'258

RWE GY EQUITY YTD Change - Average Volume 30 Day 3'528'686

RWE GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'212'210

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

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

47'500.0 46'191.0 50'722.0 49'153.0 50'771.0 49'030.0 51'161.0 53'414.9 52'927.7 11'392.0 -

0.88x 1.10x 0.89x 0.69x 0.75x 2.98x 3.07x 0.65x 0.63x - -

7'903.0 9'655.0 9'230.0 6'912.0 9'055.0 6'525.0 9'099.0 8'959.2 8'078.0 2'400.5 -

5.30x 5.28x 4.87x 4.91x 4.22x 5.98x 4.11x 3.62x 4.01x - -

2'558.0 3'571.0 3'323.0 1'865.0 1'402.0 1'359.0 1'585.0 2'475.8 1'847.2 763.0 -

10.69x 10.33x 8.05x 8.10x 14.67x 16.96x 12.70x 5.34x 6.91x - -

EBITDA 9'055.00 Long-Term Rating Date 27.07.2012

EBIT 3'699.00 Long-Term Rating BBB+

Operating Margin 7.29% Long-Term Outlook STABLE

Pretax Margin 4.39% Short-Term Rating Date 08.06.2011

Return on Assets 1.71% Short-Term Rating A-2

Return on Common Equity 9.86%

Return on Capital 7.16% EBITDA/Interest Exp. 7.25

Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 2.85

Net Debt/EBITDA 1.65

Gross Margin - Total Debt/EBITDA 2.32

EBITDA Margin 17.8%

EBIT Margin 7.5% Total Debt/Equity 164.5%

Net Income Margin 2.8% Total Debt/Capital 54.8%

Asset Turnover 0.55

Current Ratio 1.02 Net Fixed Asset Turnover 1.44

Quick Ratio 0.55 Accounts receivable turnover-days 75.63

Debt to Assets 22.61% Inventory Days -

Tot Debt to Common Equity 164.54% Accounts Payable Turnover Day -

Accounts Receivable Turnover 4.83 Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

RWE AGPrice/Volume

Valuation Analysis

328'893.00

Current Price (8/dd/yy) Market Data

,

2

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

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

Page 101: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

RW ENERGIE-BETEILIGU n/a Co File 86'361'823 15 - 31.12.2012 Other

BLACKROCK n/a ULT-AGG 28'787'275 5 - 29.07.2013 Investment Advisor

MONDRIAN INVESTMENT n/a Co File 17'272'365 3 - 31.12.2012 Hedge Fund Manager

CREDIT SUISSE GROUP n/a Research 15'649'001 2.72 - 16.04.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 13'471'707 2.34 - 31.12.2012 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 5'831'000 1.01 105'000 30.06.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'336'144 0.93 211'738 30.06.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 3'172'827 0.55 3'101'871 30.07.2013 Investment Advisor

CQS UK LLP n/a Short (3'109'026) -0.54 - 05.07.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 2'833'842 0.49 3'348 30.04.2013 Investment Advisor

MARSHALL WACE LLP n/a Short (2'821'153) -0.49 115'149 16.07.2013 Hedge Fund Manager

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'542'090 0.44 (377'383) 28.03.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'266'506 0.39 (623'861) 30.04.2013 Investment Advisor

UBS n/a ULT-AGG 1'427'720 0.25 (29'962) 30.07.2013 Unclassified

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'416'264 0.25 1'016'174 30.06.2013 Investment Advisor

SOCIETE GENERALE SA n/a Research 1'403'905 0.24 - 07.06.2013 Unclassified

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'403'901 0.24 - 29.07.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'372'490 0.24 900 30.04.2013 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 940'217 0.16 (16'348) 31.07.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 937'481 0.16 1'886 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Deutsche Bank ALEXANDER KARNICK sell 1 M 20 12 month 30.07.2013

RBC Capital Markets JOHN MUSK sector perform 3 M 28 12 month 30.07.2013

Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 25 Not Provided 30.07.2013

Raymond James EMMANUEL RETIF underperform 1 M 25 12 month 23.07.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 24 12 month 23.07.2013

JPMorgan NATHALIE F CASALI underweight 1 M 28 3 month 19.07.2013

Redburn Partners AHMED FARMAN neutral 3 D #N/A N/A Not Provided 17.07.2013

AlphaValue EILEEN RYAN buy 5 M 35 6 month 11.07.2013

HSBC ADAM DICKENS underweight 1 M 19 Not Provided 04.07.2013

M.M. Warburg Investment Research STEPHAN WULF buy 5 M 28 12 month 04.07.2013

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 D 28 12 month 02.07.2013

Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 33 12 month 02.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 02.07.2013

Grupo Santander OSCAR NAJAR RIOS underweight 1 M 28 Not Provided 01.07.2013

Societe Generale ALBERTO PONTI sell 1 M 22 12 month 01.07.2013

UBS PATRICK HUMMEL sell 1 M 21 12 month 01.07.2013

Credit Suisse VINCENT GILLES neutral 3 U 24 Not Provided 26.06.2013

Barclays PETER BISZTYGA underweight 1 M 23 Not Provided 21.06.2013

Main First Bank AG ANDREAS THIELEN underperform 1 M 26 12 month 07.06.2013

EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013

Kepler Cheuvreux INGO BECKER reduce 2 M 24 Not Provided 29.05.2013

Berenberg Bank TEAM COVERAGE sell 1 M 21 Not Provided 24.05.2013

Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 29 6 month 16.05.2013

Nord/LB HEINO HAMMANN hold 3 M 30 12 month 16.05.2013

Bankhaus Metzler DANIEL SEIDENSPINNER sell 1 M 25 12 month 16.05.2013

Natixis PHILIPPE OURPATIAN neutral 3 M 28 Not Provided 16.05.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK sell 1 M 25 Not Provided 15.05.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 35 12 month 15.05.2013

S&P Capital IQ CLIVE ROBERTS hold 3 M 29 12 month 15.05.2013

Macquarie ROBERT SCHRAMM-FUCHS neutral 3 M 30 12 month 29.04.2013

Steubing AG MICHAEL BROEKER buy 5 M 60 12 month 02.04.2013

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 07.03.2013

National Bank AG STEFFEN MANSKE hold 3 M 30 Not Provided 05.03.2013

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 37 12 month 15.02.2013

Holdings By:

RWE AG ee

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

Page 102: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (22.01.2013) 13.76

52-Week Low (03.07.2013) 8.35

Daily Volume

9.353

52-Week High % Change -32.00% Dividend Yield -

52-Week Low % Change 11.96% Beta 1.49

% 52 Week Price Range High/Low 16.66% Equity Float 978.57

Shares Out 30.06.2013 1'665.4 Short Int -

15'576.41 1 Yr Total Return -25.50%

Total Debt 25'752.00 YTD Return -26.59%

Preferred Stock 0.0 Adjusted BETA 1.487

Minority Interest 3'474.0 Analyst Recs 43

Cash and Equivalents 4'398.00 Consensus Rating 3.698

Enterprise Value 40'354.84

Average Volume 5 Day 12'839'300

MT NA EQUITY YTD Change - Average Volume 30 Day 10'179'940

MT NA EQUITY YTD % CHANGE - Average Volume 3 Month 10'006'650

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

124'936.0 61'021.0 78'025.0 93'973.0 84'213.0 94'492.0 81'262.0 81'751.5 84'848.2 19'507.6 20'346.1

0.50x 1.52x 1.05x 0.58x 0.61x 2.63x 2.38x 0.51x 0.48x 2.07x 2.02x

24'436.0 3'656.0 8'525.0 9'898.0 6'493.0 9'653.0 6'673.0 6'686.8 7'972.4 1'527.5 1'785.9

2.57x 25.37x 9.63x 5.47x 7.90x 5.93x 6.43x 6.04x 5.06x - -

9'399.0 157.0 2'916.0 2'263.0 (3'726.0) 1'286.0 (4'082.0) (328.4) 1'774.4 85.3 437.0

3.49x 308.59x 17.66x 15.75x - 23.02x 0.00x - 12.69x 16.47x 12.18x

EBITDA 6'493.00 Long-Term Rating Date 02.08.2012

EBIT 1'809.00 Long-Term Rating BB+

Operating Margin 2.15% Long-Term Outlook NEG

Pretax Margin -6.85% Short-Term Rating Date 02.08.2012

Return on Assets -5.03% Short-Term Rating B

Return on Common Equity -11.32%

Return on Capital - EBITDA/Interest Exp. 3.20

Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 0.89

Net Debt/EBITDA 2.71

Gross Margin 6.1% Total Debt/EBITDA 3.87

EBITDA Margin 7.5%

EBIT Margin 1.6% Total Debt/Equity 49.8%

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

Asset Turnover 0.68

Current Ratio 1.33 Net Fixed Asset Turnover 1.51

Quick Ratio 0.40 Accounts receivable turnover-days -

Debt to Assets 22.48% Inventory Days 93.75

Tot Debt to Common Equity 49.79% Accounts Payable Turnover Day 63.54

Accounts Receivable Turnover - Cash Conversion Cycle 61.20

Inventory Turnover 3.89

Fiscal Year Ended

ArcelorMittalPrice/Volume

Valuation Analysis

1'608'515.00

Current Price (8/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

Page 103: Fundamental Equity Analysis - Euro Stoxx 50 Index.pdf

08.08.2013

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

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

CAPITAL GROUP COMPAN n/a ULT-AGG 34'288'654 2.06 - 30.06.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 25'111'835 1.51 - 31.12.2012 Government

BLACKROCK n/a ULT-AGG 14'955'146 0.9 (680'111) 29.07.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 13'067'839 0.78 7'250'063 28.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'361'551 0.74 1'045'136 30.06.2013 Investment Advisor

ARCELOR MITTAL #N/A N/A Co File 10'031'060 0.6 - 31.12.2012 Corporation

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 8'940'953 0.54 51'168 31.05.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 6'580'512 0.4 490'779 28.03.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 6'196'571 0.37 405'550 28.03.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 5'412'285 0.32 (2'720) 31.05.2013 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 5'001'247 0.3 (37'590) 01.07.2013 Investment Advisor

MANDARINE GESTION Multiple Portfolios MF-AGG 4'255'000 0.26 61'338 31.05.2013 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 4'199'655 0.25 926'656 28.02.2013 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 3'614'822 0.22 - 30.06.2013 Investment Advisor

UBS n/a ULT-AGG 2'961'783 0.18 316'761 30.07.2013 Unclassified

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'897'572 0.17 - 29.07.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 2'823'904 0.17 (11'420) 30.04.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 2'732'778 0.16 (267'785) 28.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

RBC Capital Markets TIMOTHY HUFF outperform 5 M 11 12 month 31.07.2013

Grupo Santander JUAN RAMON CORREAS buy 5 M 14 Not Provided 30.07.2013

JPMorgan ALESSANDRO ABATE overweight 5 M 12 3 month 23.07.2013

Nomura NEIL SAMPAT buy 5 M 11 12 month 23.07.2013

Goldman Sachs STEPHEN BENSON neutral/neutral 3 M 9 12 month 22.07.2013

Bankia Bolsa (ESN) INIGO RECIO PASCUAL buy 5 M 14 12 month 18.07.2013

AlphaValue FABRICE FARIGOULE buy 5 M 16 6 month 18.07.2013

Societe Generale ALAIN WILLIAM buy 5 M 12 12 month 15.07.2013

Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL hold 3 M 11 6 month 15.07.2013

Deutsche Bank BASTIAN SYNAGOWITZ hold 3 M 11 12 month 12.07.2013

Jefferies SETH ROSENFELD buy 5 M 13 12 month 12.07.2013

Banco Sabadell FRANCISCO JOSE RODRIGUEZ buy 5 M 14 12 month 10.07.2013

Davy TIM CAHILL neutral 3 M #N/A N/A Not Provided 10.07.2013

Morgan Stanley ALEXANDER HAISSL Equalwt/Cautious 3 M 9 12 month 04.07.2013

Exane BNP Paribas LUC PEZ neutral 3 M 11 Not Provided 04.07.2013

Kepler Cheuvreux ROCHUS BRAUNEISER buy 5 U 11 Not Provided 03.07.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 01.07.2013

Liberum Capital Ltd RICHARD KNIGHTS hold 3 M 9 Not Provided 26.06.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 10 12 month 21.06.2013

Macquarie JEFFREY LARGEY neutral 3 M 11 12 month 19.06.2013

Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE sell 1 M 9 Not Provided 18.06.2013

Main First Bank AG ALEXANDER HAUENSTEIN underperform 1 M 9 12 month 12.06.2013

Espirito Santo Investment Bank ResearchRUI DIAS sell 1 M 9 Not Provided 10.06.2013

ING Bank FILIP DE PAUW buy 5 M 12 12 month 07.06.2013

Nord/LB HOLGER FECHNER sell 1 M 8 12 month 06.06.2013

EVA Dimensions TIMOTHY STANISH overweight 5 M #N/A N/A Not Provided 06.06.2013

Kempen & Co DIRK VERBIESEN buy 5 M 14 Not Provided 04.06.2013

HSBC THORSTEN ZIMMERMANN neutral 3 M 11 Not Provided 13.05.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 14 Not Provided 13.05.2013

Rabobank International FRANK CLAASSEN buy 5 M 14 12 month 13.05.2013

Petercam JUNIOR CUIGNIEZ hold 3 M 14 Not Provided 10.05.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 9 12 month 10.05.2013

VTB Capital WIKTOR BIELSKI buy 5 M 16 12 month 08.05.2013

Hamburger Sparkasse INGO SCHMIDT hold 3 D #N/A N/A Not Provided 12.04.2013

National Bank AG EKKEHARD D LINK buy 5 M 15 12 month 10.04.2013

Banesto Bolsa SA Sociedad ROBERT JACKSON Under Review #N/A N/A M #N/A N/A Not Provided 03.04.2013

Natixis RAOUDHA BOUZEKRI neutral 3 M 12 Not Provided 19.03.2013

UBS CARSTEN RIEK buy 5 U 14 12 month 11.03.2013

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

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

BBVA LUIS DE TOLEDO underperform 1 M 15 Not Provided 10.01.2013

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

Cyrrus JIRI SIMARA accumulate 4 M 18 12 month 30.01.2012

Holdings By:

ArcelorMittal ee

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


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