Fundamental Equity Analysis - FTSE 100 Index Members (UKX Index)

&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinMES 9fUXn - 8KI7 -!! 9fUXn

April 2013

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

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

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 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80

Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53

NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12

FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54

SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83

S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27

S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29

HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12

MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03

HSBC HOLDINGS PLC GBp 194198 7288 18476 430 4 12 387 #VALUE! 127870 121335 103439 109654 - - - - 0.74 1.17 1.47 1.65 20.50 - 16.26 14.54 -16.15 - - - - A+ 29.11.2011 Aa3 21.06.2012

VODAFONE GROUP PLC GBp 135478 38651 49646 52 0 2 13 168.79 70106 67478 66991 68359 27509 21004 - - 0.29 -0.05 0.23 0.25 - - 18.10 16.89 1.75 8.15 36.51 11.89 47.01 A- 30.05.2006 A3 03.08.2011

BP PLC GBp 132762 4462 19136 74 0 2 30 245.66 567256 560136 519122 532825 30874 33312 14010 14010 0.33 0.92 1.29 1.44 17.18 30.88 12.30 10.98 0.03 7.69 -83.62 -17.29 8.98 A 24.09.2010 - -

ROYAL DUTCH SHELL PLC-A SHS GBp 208003 749 6331 57 0 2 28 345.33 705563 705563 691755 703368 78710 78710 15643 15643 6.21 6.42 6.34 6.43 11.46 11.88 11.60 11.43 -0.97 5.17 -10.34 -1.03 16.85 AA 03.09.2009 Aa1 20.07.2005

GLAXOSMITHKLINE PLC GBp 112708 2447 4904 28 0 1 6 135.32 39920 39920 40677 42251 12803 12803 3385 3385 1.59 1.40 1.74 1.92 24.74 19.21 19.96 18.06 -5.27 4.88 -20.99 -0.84 48.44 A+ 18.02.2008 - -

BRITISH AMERICAN TOBACCO PLC GBp 101779 585 2026 16 0 0 3 115.25 22942 22942 24307 25379 9278 9278 10049 10049 3.09 2.99 3.48 3.81 26.66 25.79 22.90 20.93 -2.05 12.58 -4.14 19.71 61.08 A- 09.11.2012 - -

ROYAL DUTCH SHELL PLC-B SHS GBp 208003 1592 6331 57 0 2 28 345.32 705563 705563 691755 703368 78710 78710 15643 15643 6.21 6.42 6.34 6.43 11.81 12.25 11.96 11.79 -0.97 5.17 -10.34 -1.03 16.85 AA 03.09.2009 Aa1 20.07.2005

DIAGEO PLC GBp 76295 834 2531 13 0 2 2 89.67 16254 16680 17328 18529 5779 6082 2654 2654 1.24 1.53 1.56 1.73 29.95 34.95 29.52 26.48 12.56 10.95 27.76 14.74 55.07 A- 01.09.2005 A3 17.10.2005

BHP BILLITON PLC GBp 173009 2237 5298 43 0 2 8 308.82 109086 101118 102833 113273 51149 42726 24709 24709 5.50 2.76 3.86 4.59 24.21 16.99 17.27 14.56 1.03 10.20 -16.76 12.56 63.82 A+ 15.11.2010 (P)A1 15.11.2010

ASTRAZENECA PLC GBp 61060 801 1247 16 0 0 13 95.24 42249 42249 39798 38670 16097 17552 3583 3583 9.15 7.54 8.23 7.93 14.80 12.25 13.56 14.08 -25.26 -2.91 -29.78 -0.72 62.75 AA- 27.07.2007 A1 30.07.2007

RIO TINTO PLC GBp 92601 1787 1847 41 0 17 12 185.71 76978 76978 88228 93800 24018 24018 15420 15420 7.06 -2.44 9.02 10.26 - 15.18 11.88 10.44 -23.88 16.85 -60.94 13.11 47.12 A- 18.04.2011 - -

BG GROUP PLC GBp 57531 1915 3402 23 0 0 7 103.70 28595 32722 30416 34615 15403 15951 4161 4161 1.95 1.55 1.99 2.36 24.94 19.08 19.40 16.36 -15.34 10.37 2.59 9.25 73.62 - - - -

BARCLAYS PLC GBp 55902 28111 12243 661 0 14 194 #VALUE! 59 K 52 K 44 K 46 K - - - - 0.69 -0.13 0.56 0.67 - 9.58 11.81 9.86 1.61 -9.26 - - - A 29.11.2011 (P)A3 21.06.2012

STANDARD CHARTERED PLC GBp 61775 832 2413 171 2 1 184 #VALUE! 40640 40640 31312 34405 - - - - 3.20 3.08 3.59 3.96 18.96 18.25 16.25 14.75 15.91 6.22 - - - A+ 01.12.2011 A2 26.11.2010

UNILEVER PLC GBp 121538 783 2832 15 0 1 4 155.71 77517 77517 80817 85413 12655 12655 - - 2.35 2.39 2.56 2.78 30.81 31.38 28.83 26.54 15.79 8.07 8.73 6.57 24.66 A+ 05.10.2000 A1 11.07.2000

SABMILLER PLC GBp 82313 375 1664 29 0 1 1 152.82 25242 25857 37002 39254 7784 8197 - - 2.91 4.22 3.62 4.08 27.87 35.02 32.43 28.80 15.64 0.93 15.23 7.70 47.88 BBB+ 04.08.2003 Baa1 27.10.2005

RECKITT BENCKISER GROUP PLC GBp 51591 453 734 5 0 0 1 55.19 14449 14449 15269 16004 4105 4105 - - 3.99 3.81 4.01 4.24 28.51 27.06 27.13 25.66 1.31 19.53 4.23 24.47 42.91 A+ 16.12.2003 - -

TESCO PLC GBp 45656 5085 8032 18 0 0 5 57.91 97476 98230 99944 104232 7713 7470 - - 0.57 0.53 0.48 0.50 16.23 16.27 17.99 17.02 10.20 11.24 6.22 12.48 11.49 A- 29.07.2008 Baa1 20.04.2012

PRUDENTIAL PLC GBp 40748 2223 2557 10 0 0 8 43.41 83788 83788 87446 89651 - - - - 1.19 1.31 1.21 1.34 18.43 20.27 19.94 18.00 78.48 - - - - A+ 17.08.2010 A2 20.12.2002

NATIONAL GRID PLC GBp 41264 1500 3701 35 0 0 4 72.88 20891 20548 21787 22598 7215 7538 - - 0.77 0.96 0.81 0.83 17.70 20.70 21.09 20.51 -5.38 12.97 -2.12 11.35 55.41 A- 24.08.2007 Baa1 12.01.2007

ANGLO AMERICAN PLC GBp 36289 1014 1391 25 0 9 14 75.65 43439 43439 51703 54057 11602 11602 8034 8034 3.91 -1.70 3.50 4.25 - 15.55 16.98 13.97 -8.98 20.36 -49.07 -8.82 40.34 BBB+ 18.04.2011 Baa1 23.02.2009

IMPERIAL TOBACCO GROUP PLC GBp 33007 712 990 14 0 0 1 46.61 22160 22160 12241 12664 6810 6810 2282 2282 2.49 1.03 3.21 3.46 49.56 20.50 15.88 14.75 -5.11 90.21 57.87 35.89 46.42 BBB 20.05.2008 - -

BT GROUP PLC GBp 32241 5566 8151 16 0 0 1 45.12 29160 27348 27396 26802 9349 8882 2469 2469 0.36 0.41 0.38 0.38 14.99 16.91 16.30 16.11 -5.79 -4.81 7.80 2.85 49.05 BBB 19.07.2011 - -

ROLLS-ROYCE HOLDINGS PLC GBp 31010 584 1872 2 0 0 4 29.20 18367 18367 22921 24220 2548 2548 1800 1800 1.41 1.86 0.99 1.08 13.38 17.65 25.18 23.00 14.08 17.11 21.12 30.05 20.95 A 13.04.2012 - -

LLOYDS BANKING GROUP PLC GBp 51799 110663 70424 287 0 1 168 #VALUE! 54989 54989 27562 27462 - - - - 0.03 -0.03 0.06 0.08 - 41.90 18.83 13.11 2.65 - - - - A- 29.11.2011 A3 21.06.2012

CENTRICA PLC GBp 28464 3433 5199 8 0 0 1 35.09 36161 36161 36902 38476 5585 5585 5958 5958 0.39 0.37 0.42 0.47 22.32 21.06 19.75 17.77 7.40 15.93 17.70 12.24 23.33 A- 29.05.2009 A3 21.06.2006

XSTRATA PLC GBp 49047 1379 3003 26 0 4 3 100.39 47754 47754 51372 54842 12267 12267 6878 6878 1.90 0.60 1.88 2.36 61.68 19.62 19.80 15.76 -10.07 5.24 -45.72 -8.64 38.80 BBB+ *- 29.11.2012 - -

COMPASS GROUP PLC GBp 22725 917 1855 3 0 0 1 24.34 25532 25532 26573 28154 2235 2235 - - 0.67 0.48 0.70 0.78 38.75 28.18 26.75 24.20 10.23 18.63 16.91 24.50 13.22 A 18.02.2013 Baa1 26.11.2009

SSE PLC GBp 21526 397 945 9 0 0 0 29.45 47914 47330 47887 49926 2940 3132 - - 1.94 0.37 1.72 1.76 90.75 20.28 19.63 19.14 18.07 27.22 7.36 8.57 10.00 A- 21.08.2009 A3 22.09.2009

WPP PLC GBp 19719 399 1266 7 0 0 3 24.36 15667 15667 16648 17506 2485 2485 - - 0.97 1.00 1.22 1.34 23.58 24.34 19.31 17.59 5.29 16.47 6.54 16.21 23.95 BBB 10.11.2008 Baa2 26.03.2012

GLENCORE INTERNATIONAL PLC GBp 38446 5535 7099 54 0 5 4 112.04 323873 323873 329179 346254 6949 6949 - - 0.27 0.22 0.90 1.12 56.71 45.65 13.77 11.07 22.95 25.78 6.08 -5.44 3.24 BBB 29.11.2012 - -

ARM HOLDINGS PLC GBp 19310 1071 1381 0 0 0 1 18.74 871 871 1015 1195 342 342 112 112 0.17 0.18 0.28 0.36 118.32 120.55 73.51 57.85 26.13 30.49 63.77 41.85 59.30 - - - -

BAE SYSTEMS PLC GBp 18721 1075 3251 5 0 0 5 18.25 25102 25102 29168 29011 3321 3321 1814 1814 0.49 0.50 0.64 0.63 17.59 18.01 13.70 13.94 -9.77 4.43 -5.49 6.17 19.98 BBB+ 16.10.2007 Baa2 14.04.2005

EXPERIAN PLC GBp 17087 182 1029 3 0 0 0 29.22 6777 6777 7178 7782 2232 2293 - - 1.48 0.51 1.26 1.47 75.59 38.08 30.56 26.18 23.40 10.68 26.41 14.38 51.10 - - - -

TULLOW OIL PLC GBp 17221 835 908 2 0 0 0 27.42 3540 3540 4120 4003 1578 1578 1403 1403 0.15 1.04 1.09 1.04 41.62 289.17 39.57 41.76 2.62 32.77 -56.21 8.63 67.31 - - - -

SHIRE PLC GBp 16630 209 552 2 0 0 2 24.54 7021 7021 7646 8217 1834 1880 705 705 1.81 2.03 3.40 3.85 33.59 33.84 20.02 17.70 14.79 16.19 -24.36 27.99 40.44 - - - -

CRH PLC GBp 15726 483 726 7 0 0 3 23.36 28182 28182 28807 30397 2477 2477 893 893 0.76 1.15 1.28 1.65 33.46 50.91 30.26 23.45 4.83 -3.02 -1.46 -15.88 13.27 BBB+ 17.12.2007 - -

LEGAL & GENERAL GROUP PLC GBp 15191 4052 5913 5 0 0 25 #VALUE! 52826 52826 44957 50017 - - - - 0.21 0.21 0.22 0.24 18.49 18.81 17.48 16.36 137.36 - - - - A 09.02.2010 A3 18.05.2010

OLD MUTUAL PLC GBp 14848 1738 4892 5 0 3 6 16.59 27044 27044 #VALUE! #VALUE! - - - - 0.19 0.18 0.30 0.33 24.90 24.57 15.10 13.79 200.69 187.63 - - - - - Baa2 08.10.2012

PEARSON PLC GBp 14273 554 807 3 0 0 2 16.13 7641 7641 9388 9313 1444 1444 - - 0.72 0.53 1.23 1.38 49.60 36.63 21.48 19.17 7.59 2.47 2.24 2.49 28.54 BBB+ 25.11.1998 Baa1 01.02.2002

REED ELSEVIER PLC GBp 13972 1182 1187 6 0 2 1 20.56 9237 9237 9244 9613 2853 2853 1308 1308 0.68 0.69 0.80 0.86 25.48 26.03 22.14 20.51 2.87 10.41 13.22 13.29 46.65 BBB+ 12.12.2008 - -

AVIVA PLC GBp 13167 6006 2946 12 2 2 35 #VALUE! 65754 65754 64966 64009 - - - - -0.19 -0.24 0.66 0.72 - - 10.20 9.39 33.87 44.19 - - - A- 15.08.2012 A1 *- 12.03.2013

WOLSELEY PLC GBp 13123 246 286 1 0 0 1 14.55 20270 19417 20074 21466 719 745 - - 0.42 0.05 2.73 3.27 1544.94 138.98 26.49 22.13 -1.53 -6.73 -67.73 -21.88 5.79 - - - -

BRITISH SKY BROADCASTING GRO GBp 21233 436 1674 4 0 0 2 23.40 10257 10512 10803 11326 2397 2460 646 646 0.79 0.86 0.86 0.91 23.04 23.04 23.04 21.89 5.20 11.56 19.44 14.45 35.35 BBB+ 30.11.2009 Baa1 09.04.2009

STANDARD LIFE PLC GBp 12846 1144 2358 3 0 1 15 1.33 28976 28976 30795 33325 - - - - 0.50 0.45 0.36 0.39 18.35 16.41 22.70 20.95 167.87 - - - - A- 25.02.2009 - -

SMITH & NEPHEW PLC GBp 10260 302 904 1 0 0 0 15.93 6248 6248 6656 6944 1888 1867 474 474 1.05 1.23 1.18 1.29 21.00 25.27 21.92 20.09 -4.70 3.46 5.25 8.76 45.12 - - - -

NEXT PLC GBp 10503 102 161 1 0 0 0 11.43 5358 5358 5573 5773 1181 1181 1211 1211 4.78 4.83 4.74 5.20 20.41 20.62 20.82 18.96 4.68 2.07 12.40 5.93 33.28 BBB 13.05.2003 Baa2 06.06.2003

KINGFISHER PLC GBp 10108 1689 2372 1 0 0 1 10.17 15969 15969 16653 17312 1494 1494 - - 0.37 0.36 0.36 0.40 17.67 17.17 17.75 15.90 -3.60 4.38 -6.15 15.77 14.13 BBB- 30.04.2008 Baa2 29.03.2012

ASSOCIATED BRITISH FOODS PLC GBp 22264 183 792 2 0 1 1 24.45 18505 18505 19777 20986 2368 2368 - - 1.22 1.06 1.45 1.61 39.98 34.69 29.32 26.46 16.20 19.36 31.70 20.41 19.33 - - - -

LAND SECURITIES GROUP PLC GBp 9567 760 783 5 0 0 0 14.37 1014 961 833 896 659 624 - - 1.02 0.52 0.54 0.58 35.65 35.65 34.48 31.96 -6.54 -21.71 -0.38 -10.59 98.16 - - - -

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] |

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 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80

Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53

NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12

FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54

SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83

S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27

S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29

HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12

MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03

MARKS & SPENCER GROUP PLC GBp 9499 880 1606 3 0 0 1 12.63 15004 15034 15161 15735 1756 1722 1160 1160 0.43 0.46 0.49 0.52 19.18 21.37 18.17 17.02 3.01 3.56 -14.83 -3.94 17.30 BBB- 07.01.2009 - -

WM MORRISON SUPERMARKETS GBp 9622 1391 2532 4 0 0 0 12.92 27361 27361 27339 28159 1991 1991 - - 0.40 0.40 0.39 0.41 15.54 15.57 15.87 15.34 3.87 8.63 0.46 13.01 10.99 - - (P)A3 30.09.2011

BURBERRY GROUP PLC GBp 8914 356 439 0 0 0 1 8.59 2805 2885 2986 3439 707 535 - - 0.95 0.80 1.01 1.15 37.90 45.39 30.16 26.41 35.80 22.35 43.30 25.61 27.99 - - - -

ROYAL BANK OF SCOTLAND GROUP GBp 47811 12197 11171 478 0 4 164 #VALUE! 42687 40695 34431 31795 - - - - 0.12 -0.77 0.34 0.49 - 19.11 18.93 13.12 -26.39 - - - - A- 29.11.2011 Baa1 21.06.2012

CAPITA PLC GBp 8794 196 655 3 0 0 0 10.81 5062 5062 5723 6181 966 966 905 905 0.79 0.56 0.85 0.93 36.19 25.52 23.84 21.86 21.73 15.14 19.18 22.56 28.83 - - - -

INTERTEK GROUP PLC GBp 8149 84 161 1 0 0 0 9.02 3103 3103 3443 3738 573 573 690 690 1.77 1.63 2.29 2.59 46.82 43.25 33.36 29.49 26.32 32.07 28.26 30.39 27.89 NR 23.10.2006 - -

INTERCONTINENTAL HOTELS GROU GBp 7925 183 268 2 0 0 0 13.58 2771 2771 2926 3073 1069 1069 227 227 2.15 2.86 2.39 2.60 23.53 31.17 28.15 25.93 5.72 5.46 11.48 5.61 58.27 BBB 22.06.2011 WR 01.03.2005

SAINSBURY (J) PLC GBp 10698 1702 1883 4 0 0 1 14.06 33672 34377 35088 36402 1935 1912 985 985 0.40 0.50 0.45 0.47 17.25 20.05 19.07 18.10 8.53 8.50 7.55 9.95 8.40 NR 13.05.2010 WR 01.06.2006

RANDGOLD RESOURCES LTD GBp 7749 64 92 0 0 0 1 11.39 1990 1990 2426 3184 1056 1056 - - 7.10 7.09 8.30 12.12 27.05 27.05 23.12 15.83 25.56 68.71 34.30 80.56 80.13 - - - -

BRITISH LAND CO PLC GBp 8053 973 888 4 0 0 1 11.83 526 530 763 789 - - - - 0.82 0.44 0.45 0.47 27.86 27.59 27.21 26.42 16.89 -19.18 - - - - - - -

SMITHS GROUP PLC GBp 7302 261 393 2 0 0 0 8.60 4576 4679 4744 4938 911 926 539 539 1.24 1.20 1.43 1.52 23.27 22.58 19.62 18.49 10.00 9.80 1.19 9.49 29.91 BBB+ 15.01.2007 Baa2 06.05.2010

UNITED UTILITIES GROUP PLC GBp 7183 662 682 9 0 0 0 15.98 2364 2409 2483 2567 1359 1367 - - 0.71 0.72 0.59 0.63 22.13 21.50 27.08 25.38 5.15 -7.70 0.07 1.38 85.70 - - - -

WEIR GROUP PLC/THE GBp 7145 276 213 2 0 0 1 8.19 4 K 4 K 4 K 4 K 799 799 418 418 2.15 2.22 2.32 2.54 22.81 23.54 21.89 19.99 16.23 26.89 26.60 46.99 31.47 - - - -

ITV PLC GBp 7569 4350 3912 1 0 0 1 7.51 3317 3317 3485 3612 826 826 - - 0.10 0.10 0.15 0.16 28.17 28.90 19.54 18.25 3.95 -0.02 18.26 17.31 37.62 BB+ 30.03.2012 Ba1 21.03.2012

JOHNSON MATTHEY PLC GBp 6914 134 215 1 0 0 0 7.99 18159 16637 15546 12351 876 853 - - 2.25 2.25 2.20 2.33 22.68 22.76 23.17 21.85 30.83 13.87 17.32 17.58 7.74 - - - -

AGGREKO PLC GBp 7225 384 266 1 0 0 0 8.12 2391 2391 2470 2626 939 939 - - 1.52 1.57 1.43 1.56 25.83 26.70 28.32 26.12 20.24 28.20 27.15 33.66 59.30 - - - -

WHITBREAD PLC GBp 6724 95 178 1 0 0 0 7.53 2685 2877 3055 3395 706 739 347 347 2.00 2.40 2.24 2.52 23.60 27.54 25.24 22.44 16.84 16.66 14.22 13.25 38.78 - - - -

GKN PLC GBp 6518 1001 1632 2 0 1 0 8.37 9832 9832 11241 11789 1116 1116 - - 0.41 0.46 0.40 0.46 13.22 14.79 15.01 13.13 20.08 16.71 29.28 18.15 17.15 NR 19.04.2002 - -

BUNZL PLC GBp 6397 122 355 1 0 0 0 7.53 8094 8094 9001 9292 567 567 625 625 0.92 0.90 1.16 1.22 32.15 31.56 25.17 23.74 7.38 12.53 5.81 11.55 10.57 - - - -

RSA INSURANCE GROUP PLC GBp 6282 2924 3590 2 0 0 2 7.09 13354 13354 13456 14071 - - - - 0.14 0.14 0.19 0.20 18.42 18.57 13.97 13.43 1.85 9.73 - - - NR 13.08.1997 WR 10.03.1997

IMI PLC GBp 6288 135 322 0 0 0 0 6.55 3311 3311 3464 3607 632 632 322 322 1.13 1.10 1.32 1.44 27.02 26.27 22.48 20.57 4.03 10.08 -0.65 17.32 28.85 - - - -

REXAM PLC GBp 6239 472 878 3 0 0 2 7.61 6513 6513 6891 7130 1013 1013 530 530 0.50 0.46 0.62 0.67 26.04 23.90 19.20 17.69 2.86 4.75 -0.45 9.80 23.50 BBB- 19.02.2009 Baa3 26.09.2001

INTL CONSOLIDATED AIRLINE-DI GBp 7028 2474 1855 7 0 0 4 11.62 27363 27363 27955 29110 2101 2101 2527 2527 -0.39 -0.74 0.18 0.44 - - 37.03 15.45 18.89 - -11.44 - 11.60 - - - -

CARNIVAL PLC GBp 27520 260 776 14 0 0 1 55.02 23232 23250 23962 25258 5048 5149 799 799 2.85 2.86 3.09 4.02 27.05 26.58 25.02 19.28 -3.93 4.38 -16.65 -4.03 33.45 NR 16.04.2003 A3 03.02.2004

G4S PLC GBp 6145 984 1411 4 0 0 1 9.15 11329 11329 12377 13144 998 998 1085 1085 0.24 0.12 0.37 0.41 55.14 27.42 17.78 16.19 -0.42 14.81 4.71 16.52 13.31 BBB- 05.11.2012 - -

SAGE GROUP PLC/THE GBp 6039 824 1330 0 0 0 0 6.26 2024 2024 2094 2141 591 591 293 293 0.28 0.28 0.33 0.36 27.48 27.21 23.27 21.42 0.69 6.09 -1.38 7.53 44.09 - - - -

SEVERN TRENT PLC GBp 5969 95 238 7 0 0 0 12.27 2674 2722 2765 2834 1188 1174 - - 1.33 1.41 1.39 1.45 26.76 24.39 27.16 26.08 5.23 5.25 -1.11 4.09 65.16 BBB- 28.01.2010 Baa1 08.09.2009

ABERDEEN ASSET MGMT PLC GBp 7725 2150 1186 0 0 0 1 7.55 1313 1313 1529 1730 545 545 308 308 0.26 0.29 0.41 0.48 34.11 37.48 23.70 20.14 16.41 31.35 23.05 39.42 62.73 - - - -

BABCOCK INTL GROUP PLC GBp 5839 91 359 1 0 0 0 6.78 4637 4590 4877 5197 510 512 583 583 0.62 0.72 1.04 1.06 34.20 36.30 23.56 23.02 20.52 29.05 22.64 52.36 16.85 - - - -

TATE & LYLE PLC GBp 5768 301 466 1 0 0 1 6.43 4664 4801 4937 5255 665 574 - - 0.78 0.86 0.84 0.91 21.63 21.80 22.29 20.51 20.43 7.67 7.95 3.22 18.05 BBB 15.07.2011 Baa2 15.02.2013

MEGGITT PLC GBp 5716 407 785 1 0 0 0 6.69 2425 2425 2569 2714 742 742 - - 0.48 0.47 0.56 0.62 23.41 22.78 19.47 17.85 15.62 16.33 23.46 26.82 46.24 - - - -

RESOLUTION LTD GBp 5807 1773 1418 2 0 0 14 #VALUE! 16810 16810 2367 2655 - - - - -0.08 -0.08 0.38 0.42 - - 16.31 14.57 245.62 - - - - - - - -

PETROFAC LTD GBp 7439 155 340 1 0 0 1 10.71 9551 9551 10191 11071 1297 1297 757 757 2.64 2.81 3.04 3.44 17.48 18.57 16.16 14.25 13.62 27.47 18.79 35.53 20.52 - - - -

CRODA INTERNATIONAL PLC GBp 5728 53 140 0 0 0 0 6.04 1589 1589 1705 1815 433 433 109 109 1.96 1.96 2.08 2.27 31.48 31.48 29.70 27.20 3.51 5.85 9.71 31.34 41.14 - - - -

ANTOFAGASTA PLC GBp 15322 443 986 3 0 3 6 22.06 10180 10180 9985 9795 5821 5821 1395 1395 2.19 1.58 1.96 1.85 22.42 16.16 18.08 19.16 16.51 36.13 14.38 10.15 86.37 - - - -

HAMMERSON PLC GBp 5167 807 713 3 0 0 0 8.34 541 541 473 505 328 328 - - 0.19 0.19 0.33 0.36 57.52 57.52 33.40 30.45 -19.06 0.46 -20.11 -6.35 91.72 - - Baa2 12.01.2004

MELROSE INDUSTRIES PLC GBp 5035 1068 1267 2 0 0 0 6.55 2343 2343 3541 3721 353 353 - - 0.18 0.05 0.27 0.30 114.44 51.73 22.59 19.88 52.03 177.35 44.84 71.71 22.75 - - - -

AMEC PLC GBp 4757 223 308 0 0 0 0 4.61 6280 6280 6410 6827 548 548 - - 1.23 1.01 1.32 1.48 23.90 19.61 18.28 16.39 41.54 18.93 44.07 34.29 13.19 - - - -

WOOD GROUP (JOHN) PLC GBp 4887 340 373 0 0 0 0 7.63 10303 10303 11024 11607 772 772 - - 1.04 0.99 1.50 1.69 30.27 28.85 19.88 17.63 30.77 16.23 43.98 8.56 11.32 - - - -

SERCO GROUP PLC GBp 4684 239 498 1 0 0 0 5.56 7420 7420 7812 8251 580 580 597 597 0.61 0.75 0.66 0.73 18.81 23.20 21.55 19.49 8.67 18.29 10.16 23.39 11.81 - - - -

EASYJET PLC GBp 6273 351 396 1 0 0 1 6.39 5821 5730 6252 6661 660 660 - - 0.94 0.72 1.18 1.28 33.12 33.40 20.29 18.67 17.59 25.87 32.82 24.63 17.40 - - - -

ADMIRAL GROUP PLC GBp 5461 90 274 0 0 0 0 5.14 1487 1487 2352 2523 - - - - 1.43 1.44 1.46 1.54 20.96 21.01 20.62 19.51 19.78 33.05 - - - - - - -

SCHRODERS PLC GBp 8547 175 267 0 0 0 7 1.70 2153 2153 1930 2146 499 499 - - 1.43 1.58 1.82 2.10 30.01 33.27 26.12 22.66 -7.69 5.23 -27.90 -2.43 34.98 A 05.12.2002 - -

LONDON STOCK EXCHANGE GROUP GBp 5385 146 271 1 0 0 0 6.21 1218 1272 1271 1317 723 733 - - 1.52 2.92 1.42 1.36 10.26 20.16 21.08 22.12 31.58 27.57 35.54 27.12 87.01 A- *- 13.03.2012 Baa2 01.07.2011

FRESNILLO PLC GBp 14872 110 717 0 0 1 1 22.09 3258 3258 3642 4142 1964 1964 - - 1.55 1.55 1.63 1.92 30.51 30.51 28.95 24.68 -2.43 - -23.12 55.13 91.06 - - - -

HARGREAVES LANSDOWN PLC GBp 6139 123 474 0 0 0 0 5.91 361 402 436 497 231 263 142 142 0.36 0.42 0.47 0.54 46.32 46.55 42.02 36.16 22.40 29.60 31.29 44.91 98.78 - - - -

POLYMETAL INTERNATIONAL PLC GBp 4996 419 383 2 0 0 1 9.08 2003 2003 2789 3257 839 839 - - 1.11 1.19 2.01 2.55 24.92 26.68 14.80 11.66 65.46 - 55.51 - 63.26 - - - -

TUI TRAVEL PLC GBp 5393 3902 1118 1 0 0 1 5.59 21840 21840 22446 22997 1071 1071 - - 0.35 0.19 0.42 0.46 38.73 20.60 17.42 15.92 -2.33 - 5.29 -6.99 7.41 - - - -

VEDANTA RESOURCES PLC GBp 4129 276 297 26 0 21 10 42.62 21153 22511 22230 25899 6744 8029 1784 1784 1.58 1.13 2.19 3.63 31.41 18.69 16.13 9.77 34.08 26.50 42.16 16.07 53.87 - - Ba3 *- 21.03.2013

EVRAZ PLC GBp 4875 1425 1338 11 0 0 1 16.83 24770 23620 21718 22577 4220 3462 1367 1367 0.91 -2.31 0.12 0.19 - - 64.94 40.00 33.90 - 40.52 - 22.14 - - - -

Valuation Measures I/II

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


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 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%

Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%

NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%

FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%

SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%

S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%

S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%

HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%

HSBC HOLDINGS PLC 1.14 1.08 1.03 0.96 0.88 2.84 2.84 2.67 2.55 11.48 10.35 8.94 8.34 11.88 10.76 9.63 8.55 7.30 4.10 4.68 5.18 6.00 5.43 776.75 11.7%

VODAFONE GROUP PLC 1.08 1.19 1.15 1.13 1.12 1.94 2.02 1.98 1.96 1.95 7.16 6.87 6.62 6.30 7.64 7.68 8.46 8.40 8.27 8.18 11.75 11.98 11.18 10.54 9.96 7.36 5.67 5.78 5.89 6.11 191.96 4.7%

BP PLC 1.12 1.07 1.01 0.94 0.85 0.37 0.39 0.38 0.38 0.46 5.16 4.62 4.20 4.03 3.89 4.34 4.22 3.92 3.99 3.84 7.61 8.14 7.27 6.82 6.45 4.89 5.14 5.50 5.92 6.39 481.53 5.0%

ROYAL DUTCH SHELL PLC-A SHS 1.09 1.01 0.94 0.93 0.83 0.44 0.45 0.45 0.45 0.40 4.56 4.50 4.42 4.26 4.15 3.85 3.74 3.66 3.53 3.31 7.70 7.68 7.57 7.32 7.05 5.34 5.57 5.72 5.94 6.24 2516.79 17.9%

GLAXOSMITHKLINE PLC 10.51 12.28 10.92 8.91 6.89 2.81 2.77 2.67 2.55 2.45 12.72 10.87 9.97 9.09 8.10 9.16 9.34 8.87 8.52 8.04 13.71 13.22 11.96 10.98 10.19 4.88 5.13 5.42 5.84 6.14 1502.74 -1.1%

BRITISH AMERICAN TOBACCO PLC 8.24 8.85 8.33 8.34 8.05 4.39 4.19 4.01 3.85 3.63 14.96 13.80 12.93 11.65 10.04 12.51 11.47 10.75 10.06 9.54 16.97 15.16 13.86 12.66 11.39 3.84 4.32 4.72 5.16 5.71 3705.01 5.9%

ROYAL DUTCH SHELL PLC-B SHS 1.12 1.04 0.97 0.96 0.85 0.44 0.45 0.45 0.45 0.40 4.70 4.64 4.55 4.40 4.27 3.85 3.74 3.66 3.53 3.31 7.94 7.92 7.81 7.54 7.27 5.18 5.41 5.58 5.73 5.89 2463.93 12.0%

DIAGEO PLC 8.45 6.85 5.61 4.58 3.57 4.70 4.40 4.12 3.85 3.67 21.74 18.38 16.01 14.45 12.83 16.83 15.12 13.96 13.02 12.63 21.86 19.54 17.53 15.85 14.68 2.20 2.35 2.57 2.79 3.09 2064.79 2.6%

BHP BILLITON PLC 2.28 2.11 1.85 1.64 1.47 2.41 2.54 2.31 2.21 2.12 6.52 7.73 6.52 6.16 5.77 6.11 7.02 5.95 5.60 5.34 9.19 11.43 9.64 8.86 8.63 3.89 4.10 4.40 4.63 4.76 2279.16 17.6%

ASTRAZENECA PLC 2.61 2.47 2.34 2.21 1.99 2.18 2.32 2.38 2.43 2.50 7.91 7.70 8.29 7.97 8.03 5.78 6.40 6.59 6.67 6.97 7.89 8.98 9.32 9.38 9.68 5.99 5.75 5.79 5.80 5.61 3046.57 -5.9%

RIO TINTO PLC 1.66 1.48 1.29 1.15 0.96 1.82 1.59 1.49 1.45 1.40 7.57 5.29 4.99 4.46 4.46 6.79 5.59 5.09 4.88 4.63 9.46 7.86 6.91 6.90 6.63 3.33 3.79 4.19 4.50 4.26 4043.26 30.0%

BG GROUP PLC 1.72 1.57 1.41 1.24 1.29 2.55 2.86 2.51 2.02 1.60 7.09 7.40 6.24 5.27 5.19 6.14 6.36 5.33 4.26 4.28 12.42 12.85 10.83 8.51 6.65 1.53 1.63 1.78 2.03 2.28 1390.14 24.2%

BARCLAYS PLC 0.65 0.65 0.61 0.57 0.50 1.27 1.26 1.23 1.19 1.31 3.01 3.03 2.66 2.36 8.20 7.82 6.53 5.62 6.37 2.22 2.50 3.20 4.45 3.72 365.84 27.1%

STANDARD CHARTERED PLC 1.44 1.30 1.20 1.11 1.06 3.23 2.98 2.71 2.48 2.33 11.48 9.85 8.66 7.78 11.70 10.76 9.76 8.98 8.13 3.20 3.59 3.94 4.38 4.51 1900.72 12.1%

UNILEVER PLC 5.85 5.28 4.71 4.25 3.71 1.86 1.78 1.68 1.59 1.52 16.27 14.91 13.82 12.66 11.85 12.53 11.73 10.97 10.17 9.72 20.43 19.09 17.57 16.15 15.02 3.02 3.15 3.41 3.74 4.13 2785.50 2.0%

SABMILLER PLC 3.40 3.05 2.81 2.57 2.24 4.92 3.36 3.17 3.00 2.85 19.48 17.10 16.00 14.06 12.55 19.04 15.75 14.40 13.53 11.74 24.61 21.47 19.07 17.13 15.56 1.73 1.98 2.23 2.51 2.63 3283.07 -3.8%

RECKITT BENCKISER GROUP PLC 5.51 5.21 4.57 4.14 3.31 3.58 3.38 3.22 3.03 2.91 17.65 16.40 15.46 14.74 13.05 13.75 13.18 12.51 11.65 10.55 19.26 17.96 16.99 15.81 14.40 2.71 2.88 3.04 3.25 3.57 4410.93 -7.5%

TESCO PLC 1.69 1.62 1.53 1.45 0.46 0.46 0.44 0.42 0.40 8.04 7.88 7.29 6.82 7.24 7.72 7.32 6.88 9.87 11.44 11.91 11.27 10.51 9.93 4.02 3.92 4.10 4.42 4.74 388.11 3.4%

PRUDENTIAL PLC 2.75 2.39 2.13 2.11 1.59 0.54 0.47 0.45 15.20 13.20 11.92 10.94 2.52 2.86 3.06 3.34 3.51 1116.89 5.9%

NATIONAL GRID PLC 2.69 2.65 2.54 2.40 2.28 1.90 1.89 1.83 1.77 1.69 8.00 7.71 7.52 7.24 7.07 9.99 9.48 8.91 8.51 8.35 14.82 13.96 13.58 13.03 13.08 5.27 5.49 5.61 5.78 5.85 723.88 -2.9%

ANGLO AMERICAN PLC 0.81 0.80 0.76 0.74 1.29 1.06 1.01 0.97 0.86 6.19 4.65 4.35 4.03 6.27 5.06 4.64 4.45 5.68 13.56 11.24 9.25 8.38 15.14 2.90 3.28 3.48 3.99 5.42 2026.32 17.5%

IMPERIAL TOBACCO GROUP PLC 2.81 3.54 3.40 3.31 3.11 2.75 2.70 2.61 2.52 2.43 9.97 9.09 8.79 8.07 7.36 9.12 8.95 8.59 8.24 7.94 11.21 10.51 9.76 9.07 8.45 4.68 5.19 5.73 6.34 6.90 2637.15 18.0%

BT GROUP PLC 11.53 12.31 7.46 5.46 3.49 1.10 1.18 1.20 1.20 1.21 4.38 4.69 4.88 4.78 5.68 4.96 4.90 4.93 4.88 4.89 11.88 10.79 10.67 10.00 9.74 3.10 3.54 3.99 4.54 4.84 267.95 -1.1%

ROLLS-ROYCE HOLDINGS PLC 3.60 2.93 2.54 2.26 1.95 1.67 1.35 1.28 1.18 1.10 17.76 14.44 11.62 9.65 10.62 8.71 8.10 7.47 6.40 19.02 16.67 15.23 14.05 12.98 1.80 2.01 2.27 2.61 2.77 1055.28 -3.4%

LLOYDS BANKING GROUP PLC 0.76 0.78 0.73 0.69 0.63 1.86 1.88 1.88 1.86 12.15 8.84 7.15 6.15 20.26 12.47 8.68 7.48 5.72 0.00 0.41 2.06 4.11 3.29 53.63 10.3%

CENTRICA PLC 3.12 3.01 2.79 2.51 2.15 0.81 0.77 0.74 0.71 0.67 10.10 7.38 6.89 6.50 6.42 5.89 5.60 5.32 4.97 13.47 13.08 11.77 11.43 10.24 4.51 4.73 5.01 5.34 5.83 368.25 1.3%

XSTRATA PLC 1.03 0.98 0.92 0.95 1.60 1.44 1.35 1.20 7.13 6.99 6.05 5.10 8.67 6.86 6.02 4.84 14.03 13.11 10.44 7.41 2.45 2.71 3.02 3.69 1267.50 17.2%

COMPASS GROUP PLC 4.46 4.65 4.10 3.68 0.89 0.86 0.81 0.76 0.74 14.25 15.17 13.05 12.50 11.06 10.38 9.68 8.98 8.54 19.33 17.71 16.02 14.65 2.55 2.83 3.11 3.40 832.14 1.0%

SSE PLC 2.72 2.95 2.79 2.62 2.86 0.51 0.45 0.43 0.41 0.36 8.81 7.96 7.49 7.00 6.94 9.64 8.99 8.46 7.81 7.43 13.14 13.00 12.68 11.62 10.98 5.39 5.70 5.95 6.19 6.50 1435.85 -2.9%

WPP PLC 1.82 1.74 1.62 1.53 1.26 1.18 1.13 1.08 1.01 10.99 10.12 9.53 9.01 0.09 9.14 8.62 8.05 7.54 6.83 14.15 12.78 11.65 10.68 9.65 2.69 3.14 3.51 3.94 4.14 1125.65 9.0%

GLENCORE INTERNATIONAL PLC 1.19 1.07 0.95 0.87 0.19 0.18 0.17 0.16 0.21 10.31 8.22 6.73 5.98 13.12 10.22 8.15 7.61 11.70 9.12 7.33 6.26 11.28 2.73 3.12 3.82 4.23 434.00 21.0%

ARM HOLDINGS PLC 10.25 8.94 7.65 6.19 4.76 22.65 19.02 16.15 14.21 12.27 61.41 47.41 37.04 30.60 22.83 47.77 37.61 30.08 24.70 19.80 62.24 48.67 38.28 30.50 22.77 0.44 0.58 0.72 0.89 0.76 972.22 6.2%

BAE SYSTEMS PLC 2.66 2.78 2.58 2.62 2.53 0.66 0.64 0.65 0.65 0.63 9.62 13.45 9.50 8.04 5.18 5.05 5.15 5.24 5.07 9.77 9.07 9.23 8.76 7.91 5.05 5.31 5.42 5.73 5.81 356.00 -6.8%

EXPERIAN PLC 5.50 5.05 4.27 3.61 3.60 3.60 3.32 3.07 2.92 18.05 12.91 11.64 10.91 9.89 12.68 12.14 11.06 10.14 9.67 20.96 20.23 17.33 15.65 14.71 1.89 2.00 2.29 2.52 2.78 1209.23 8.0%

TULLOW OIL PLC 3.06 2.89 2.82 2.70 7.24 6.31 6.50 6.45 5.26 11.75 10.49 11.89 12.44 8.14 10.38 9.61 9.68 9.88 24.64 26.20 27.65 32.48 25.63 0.84 0.83 0.84 0.97 1.21 1419.92 13.1%

SHIRE PLC 4.03 3.46 2.61 2.14 1.90 3.54 3.28 3.06 2.90 2.82 12.04 10.61 9.71 8.93 9.25 9.89 9.13 8.11 7.57 7.58 14.73 13.25 11.72 10.53 10.24 0.58 0.66 0.78 0.88 0.91 2336.71 18.2%

CRH PLC 1.13 1.12 1.09 1.04 0.66 0.65 0.61 0.57 0.48 9.53 8.53 7.54 6.42 9.66 8.97 7.84 6.75 5.48 23.09 20.03 15.54 12.05 9.85 3.72 3.77 3.87 4.06 1365.52 -4.6%

LEGAL & GENERAL GROUP PLC 1.80 1.68 1.59 1.48 1.36 0.38 0.34 0.30 4.55 12.15 11.57 10.83 9.83 8.51 4.35 4.88 5.35 6.23 6.11 165.21 -2.9%

OLD MUTUAL PLC 1.16 1.09 1.04 1.04 0.98 3.65 12.33 9.66 9.05 8.48 11.48 10.00 9.13 8.00 7.28 3.24 4.03 4.48 5.18 5.43 203.99 1.5%

PEARSON PLC 1.53 1.59 1.52 1.46 1.53 1.52 1.53 1.49 1.27 11.49 11.64 10.62 9.76 10.02 10.22 9.41 8.34 7.33 13.73 14.22 12.69 11.25 10.20 3.85 4.10 4.31 4.65 1249.41 8.1%

REED ELSEVIER PLC 5.52 5.35 4.78 3.84 1.50 1.51 1.45 1.43 10.26 9.73 9.19 7.91 7.07 7.02 6.62 6.41 15.51 14.66 13.58 12.33 3.12 3.16 3.38 3.61 733.30 -5.4%

AVIVA PLC 0.84 0.81 0.75 0.75 0.71 0.13 0.20 0.21 6.38 6.76 6.22 5.65 4.93 8.58 6.62 6.83 6.25 6.59 389.10 31.5%

WOLSELEY PLC 2.49 2.94 2.62 2.33 1.94 0.66 0.65 0.61 0.57 0.55 17.46 18.67 13.37 11.93 7.99 12.13 11.30 9.70 8.64 7.65 19.38 17.54 14.65 12.71 10.91 1.80 2.14 2.58 2.98 3.30 3245.32 2.3%

BRITISH SKY BROADCASTING GRO 15.67 16.13 12.81 9.13 2.06 1.97 1.87 1.80 1.72 12.73 11.10 10.59 9.32 9.15 9.95 9.30 9.07 8.57 8.21 17.64 15.25 14.49 13.46 0.40 2.86 3.29 3.52 3.85 121.70 826.18 -5.0%

STANDARD LIFE PLC 2.03 1.99 1.89 1.77 1.64 0.43 0.42 0.39 0.34 12.06 15.03 13.87 11.94 11.41 4.08 4.35 4.57 4.85 5.32 334.56 -7.2%

SMITH & NEPHEW PLC 2.75 2.38 2.14 1.94 2.47 2.33 2.23 2.12 2.01 12.43 12.06 10.57 9.70 8.71 8.40 7.70 7.15 6.78 15.19 14.51 13.30 12.39 11.57 2.15 2.34 2.56 2.87 3.11 729.28 -2.8%

NEXT PLC 25.22 19.15 15.07 11.20 1.94 1.88 1.82 1.77 1.70 12.65 11.59 10.42 9.90 9.83 9.43 9.10 8.81 8.46 15.30 13.78 12.55 11.50 10.67 2.35 2.63 2.89 3.19 3.42 4196.95 -3.0%

KINGFISHER PLC 1.10 1.03 0.97 0.93 0.63 0.61 0.58 0.55 0.55 10.45 9.13 8.45 7.09 6.93 6.48 5.94 5.39 4.43 12.88 11.75 10.53 9.37 7.40 3.23 3.58 3.90 4.29 5.28 303.00 7.4%

ASSOCIATED BRITISH FOODS PLC 2.41 2.29 2.10 1.93 1.73 1.20 1.13 1.06 1.00 0.94 14.42 12.19 12.28 11.26 9.53 11.22 10.28 9.57 8.94 8.51 21.63 19.42 17.52 15.85 14.51 1.48 1.67 1.83 2.02 2.30 1757.78 -5.6%

LAND SECURITIES GROUP PLC 0.90 0.89 0.85 0.79 0.67 9.96 11.48 10.67 10.08 9.38 21.91 23.36 21.73 19.58 17.36 20.27 21.40 19.76 18.46 17.11 21.39 22.83 21.16 19.48 17.51 3.58 3.68 3.81 3.96 4.45 871.38 7.5%

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


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 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%

Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%

NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%

FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%

SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%

S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%

S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%

HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%

MARKS & SPENCER GROUP PLC 2.13 2.45 2.33 2.14 1.82 0.63 0.63 0.60 0.58 0.56 6.56 6.87 6.42 5.84 5.48 6.44 6.44 6.06 5.65 5.55 11.64 12.03 11.27 10.37 9.46 4.36 4.34 4.57 4.95 5.23 387.71 -0.5%

WM MORRISON SUPERMARKETS 1.25 1.17 1.11 1.06 0.35 0.35 0.34 0.33 6.33 6.45 6.12 6.12 6.45 6.61 6.38 6.10 10.31 10.51 10.16 9.65 4.27 4.56 4.81 5.25 256.00 -6.6%

BURBERRY GROUP PLC 6.59 5.85 4.87 4.12 3.66 3.18 2.99 2.59 2.34 2.04 17.91 16.33 13.37 11.61 10.05 12.21 11.14 9.76 8.57 7.87 21.55 19.97 17.49 15.30 13.56 1.88 2.09 2.39 2.74 3.12 1484.90 11.2%

ROYAL BANK OF SCOTLAND GROUP 0.47 0.49 0.47 0.45 0.41 1.34 1.39 1.50 7.58 8.16 12.26 7.76 6.36 6.01 14.23 12.53 8.69 7.13 0.10 0.00 0.00 0.74 2.61 5.97 327.52 15.6%

CAPITA PLC 6.29 5.54 4.71 3.91 2.70 1.75 1.54 1.42 1.35 1.28 17.81 13.86 12.53 10.05 9.73 12.90 11.95 11.05 10.55 9.70 17.12 15.78 14.47 13.69 12.78 2.62 2.86 3.14 3.37 3.65 863.79 -2.8%

INTERTEK GROUP PLC 8.31 6.73 5.48 4.61 4.54 2.61 2.37 2.18 2.02 1.92 18.51 15.59 13.81 12.02 14.38 14.82 13.07 11.73 10.73 10.42 26.09 22.09 19.53 17.46 17.20 1.20 1.42 1.61 1.81 1.74 3653.28 8.9%

INTERCONTINENTAL HOTELS GROU 43.42 114.44 29.95 13.79 4.32 4.09 3.89 3.68 3.53 15.47 13.25 12.16 12.20 12.77 11.68 10.95 10.20 21.36 18.64 17.17 15.55 2.11 2.39 2.62 2.90 2051.17 4.9%

SAINSBURY (J) PLC 1.22 1.16 1.32 1.03 0.32 0.30 0.29 0.28 0.28 6.72 15.56 3.53 0.62 6.87 6.60 6.32 6.36 13.89 12.63 11.98 11.43 11.33 4.45 4.61 4.83 4.69 355.41 -5.2%

RANDGOLD RESOURCES LTD 3.01 2.49 2.02 1.73 5.79 4.82 3.68 3.57 3.84 12.78 9.89 7.21 7.07 10.68 8.41 5.96 6.03 6.58 17.63 15.31 10.48 10.57 8.45 0.62 0.64 0.86 0.88 7165.33 28.6%

BRITISH LAND CO PLC 0.94 0.94 0.89 0.81 0.70 9.47 10.55 10.20 9.67 9.04 18.70 18.77 17.96 16.53 14.30 16.23 18.75 18.09 16.30 13.53 18.45 18.02 17.49 16.33 14.61 4.83 4.90 5.01 5.20 5.48 608.64 12.6%

SMITHS GROUP PLC 3.21 3.92 3.37 2.91 1.62 1.54 1.48 1.41 1.39 15.58 13.70 12.40 10.01 9.31 8.74 8.26 7.78 13.45 12.99 12.24 11.30 3.07 3.24 3.44 3.67 1298.12 5.6%

UNITED UTILITIES GROUP PLC 2.89 2.56 2.43 2.32 2.44 3.03 2.89 2.80 2.70 2.69 8.77 8.15 7.36 6.75 7.22 11.45 10.98 10.49 10.00 10.45 18.95 17.93 16.81 15.43 16.57 4.59 4.93 5.18 5.42 5.22 731.92 4.9%

WEIR GROUP PLC/THE 3.78 3.25 2.85 2.42 1.82 1.80 1.70 1.61 1.53 16.33 13.02 11.35 11.15 10.23 9.77 8.99 8.44 7.82 15.08 14.49 13.23 12.23 11.51 1.66 1.85 2.02 2.25 3.15 2303.85 3.7%

ITV PLC 4.85 4.15 3.38 2.78 2.27 2.17 2.10 2.03 2.11 14.56 12.94 11.75 10.86 9.28 8.27 7.88 7.38 14.72 12.94 12.08 11.14 10.59 1.87 2.65 2.89 3.12 4.76 129.55 1.1%

JOHNSON MATTHEY PLC 3.05 3.01 2.69 2.41 0.40 0.44 0.56 0.54 0.71 12.05 12.20 11.31 9.20 9.19 9.73 9.32 8.83 15.25 15.34 14.47 13.08 2.40 2.58 2.79 3.10 2465.00 10.3%

AGGREKO PLC 4.40 3.76 3.16 2.86 2.56 3.01 2.92 2.75 2.53 2.31 14.72 11.49 10.03 7.72 7.23 8.60 8.47 7.94 7.40 6.91 17.48 18.75 17.29 15.83 14.66 1.33 1.44 1.62 17.86 2.29 2044.81 14.8%

WHITBREAD PLC 3.10 3.05 2.65 2.32 2.16 2.50 2.20 1.98 1.80 1.68 12.75 11.40 10.68 9.43 9.28 10.89 9.91 9.00 8.24 7.94 18.85 16.71 14.86 13.42 12.89 1.99 2.27 2.48 2.72 3.03 2641.76 6.4%

GKN PLC 3.08 2.59 1.87 1.69 0.67 0.58 0.55 0.53 0.54 11.25 10.17 7.87 5.65 7.49 6.39 5.71 5.31 11.01 9.94 8.69 8.18 2.69 3.03 3.41 3.82 288.92 9.3%

BUNZL PLC 4.82 4.37 3.87 3.34 0.79 0.71 0.69 0.66 17.21 15.18 14.23 12.96 13.30 12.05 11.50 11.00 18.19 16.67 15.72 14.79 2.18 2.41 2.56 2.72 1154.07 -9.5%

RSA INSURANCE GROUP PLC 1.08 1.05 1.00 0.97 0.48 0.47 0.45 0.43 1156.00 10.32 9.25 8.89 8.69 8.04 6.49 6.57 6.23 122.35 5.8%

IMI PLC 6.44 5.80 4.68 4.12 1.87 1.82 1.74 1.69 1.60 22.11 15.70 13.84 11.71 10.28 9.55 8.93 8.47 15.87 14.89 13.62 12.41 2.50 2.72 2.94 3.21 1316.13 1.4%

REXAM PLC 1.94 1.81 1.62 1.49 0.94 0.91 0.88 0.81 0.73 10.60 8.89 8.41 7.38 7.25 6.92 6.53 14.59 12.71 11.72 11.12 3.02 3.39 3.67 3.81 560.17 7.2%

INTL CONSOLIDATED AIRLINE-DI 1.07 1.09 1.04 0.97 0.31 0.30 0.29 0.27 0.27 7.08 5.26 3.64 2.81 7.34 4.60 3.64 3.04 2.96 24.52 10.23 6.79 7.06 0.00 0.07 0.27 1.62 258.22 3.0%

CARNIVAL PLC 1.10 1.08 1.03 0.98 1.79 1.73 1.65 1.55 1.48 9.15 8.92 7.34 6.66 10.96 10.32 8.98 8.11 7.77 18.20 16.56 12.76 10.80 10.25 3.19 3.44 3.52 3.87 2620.69 16.6%

G4S PLC 2.60 2.71 2.44 2.24 1.69 0.51 0.50 0.47 0.44 0.43 12.02 9.13 8.79 6.39 6.69 9.14 8.43 7.95 7.41 7.21 12.99 11.77 10.72 9.68 8.74 3.02 3.40 3.68 4.16 4.33 315.26 9.3%

SAGE GROUP PLC/THE 2.67 3.16 2.85 2.72 2.97 2.88 2.82 2.69 15.99 13.95 13.24 13.56 10.54 10.45 9.80 9.25 17.30 15.41 14.18 13.04 3.07 3.30 3.42 3.60 309.20 -8.8%

SEVERN TRENT PLC 3.39 4.29 4.05 3.86 4.04 2.24 2.16 2.11 2.06 2.18 7.84 7.87 7.51 7.09 7.23 10.12 9.82 9.53 9.36 9.61 19.46 17.98 17.27 16.88 18.06 4.23 4.57 4.85 5.14 5.27 1668.92 0.7%

ABERDEEN ASSET MGMT PLC 4.23 3.84 3.44 3.06 6.03 5.05 4.46 4.05 16.94 12.78 11.32 10.24 14.43 11.73 10.05 9.04 19.94 15.69 13.34 11.60 12.19 2.46 3.19 3.73 4.24 463.59 8.6%

BABCOCK INTL GROUP PLC 3.77 3.80 3.43 3.08 1.14 1.20 1.12 1.05 0.97 20.32 18.19 15.76 13.41 11.79 12.22 11.65 11.17 10.23 11.41 17.31 15.60 15.24 13.88 12.59 1.99 2.32 2.53 2.73 3.18 1109.15 3.4%

TATE & LYLE PLC 3.59 3.26 2.88 2.56 2.29 1.27 1.17 1.10 1.08 1.08 11.54 11.89 9.75 9.26 8.70 9.44 9.34 8.67 8.23 7.85 14.76 14.76 13.58 12.50 11.55 3.05 3.19 3.38 3.60 3.83 854.62 4.3%

MEGGITT PLC 1.95 1.76 1.60 1.60 1.50 2.36 2.22 2.11 2.00 2.00 15.02 13.24 11.24 9.60 9.52 8.85 8.30 7.82 7.40 14.01 12.89 11.82 11.06 11.99 2.36 2.61 2.84 3.22 3.59 497.00 3.1%

RESOLUTION LTD 0.70 0.72 0.73 2.39 2.45 2.19 12.32 10.80 9.65 9.22 8.75 7.75 7.82 7.93 7.78 7.78 266.33 -1.8%

PETROFAC LTD 5.07 3.74 3.01 2.36 1.16 1.10 1.01 0.92 0.92 13.93 9.25 7.81 6.80 6.50 7.69 6.61 5.65 4.84 4.45 11.64 10.70 9.43 8.36 7.97 2.96 3.23 3.65 4.06 5.21 1772.53 24.5%

CRODA INTERNATIONAL PLC 10.31 8.37 6.56 5.36 3.51 3.36 3.16 2.94 2.76 18.21 17.05 15.17 0.12 13.83 12.68 11.65 10.62 10.00 21.39 19.67 18.01 15.98 14.96 2.17 2.37 2.59 2.90 3.07 2570.19 -5.2%

ANTOFAGASTA PLC 2.13 1.98 1.82 1.69 2.31 2.32 2.36 2.37 2.53 6.31 6.51 7.05 7.05 5.69 3.90 4.30 4.42 4.59 4.92 11.36 11.97 12.69 13.25 14.04 3.75 3.25 2.81 2.68 2.61 1169.09 13.6%

HAMMERSON PLC 0.89 0.87 0.82 0.77 0.70 11.99 10.93 10.24 9.57 8.60 24.48 22.32 20.60 18.39 18.82 23.43 21.89 20.26 19.01 18.07 24.12 22.12 20.16 18.32 17.77 3.63 3.85 4.13 4.52 4.61 534.81 11.4%

MELROSE INDUSTRIES PLC 1.91 1.92 1.64 0.03 2.16 1.42 1.35 1.31 19.79 14.95 11.86 0.10 15.83 10.27 9.37 8.96 16.45 14.95 13.16 12.42 2.62 3.04 3.31 3.57 281.11 6.8%

AMEC PLC 2.68 2.57 2.29 2.07 0.77 0.74 0.70 0.66 0.73 12.68 10.75 10.09 8.51 9.07 8.31 7.50 6.89 13.64 12.10 10.85 10.02 3.16 3.71 4.17 4.50 1231.33 16.2%

WOOD GROUP (JOHN) PLC 2.21 1.98 1.76 1.51 0.72 0.67 0.64 0.60 15.12 11.13 10.21 9.63 10.04 8.57 7.73 7.32 15.48 13.16 11.67 10.58 1.33 1.57 1.77 1.99 918.09 5.9%

SERCO GROUP PLC 2.67 2.37 2.11 1.88 1.71 0.63 0.60 0.57 0.53 0.51 15.25 14.27 11.69 9.00 9.08 9.62 9.32 8.67 8.20 8.01 15.32 14.27 12.90 11.65 10.00 1.43 1.88 2.30 2.93 2.85 650.00 4.5%

EASYJET PLC 2.39 2.10 1.88 1.66 1.07 1.00 0.94 0.89 0.85 10.69 8.56 7.97 8.30 9.37 7.93 7.28 6.69 6.24 17.67 13.44 12.36 11.49 11.42 1.14 2.37 2.58 2.84 2.74 1006.41 -4.0%

ADMIRAL GROUP PLC 8.26 7.48 6.74 4.31 1.67 2.32 2.16 1.54 14.51 13.65 12.92 11.95 6.50 6.61 7.00 7.02 1182.64 -10.4%

SCHRODERS PLC 2.89 2.45 2.23 2.01 5.07 4.43 3.98 3.71 17.11 17.48 14.98 5.84 3.16 2.67 2.33 2.10 21.07 17.29 15.00 13.48 1.94 2.30 2.58 2.90 2216.05 6.4%

LONDON STOCK EXCHANGE GROUP 3.05 2.43 2.23 2.03 4.52 4.24 4.09 3.87 2.85 11.41 9.55 8.70 6.84 3.94 8.91 8.75 8.98 8.44 8.82 13.51 13.96 14.64 13.60 11.97 2.23 2.27 2.38 2.50 2.78 1297.33 -1.3%

FRESNILLO PLC 6.50 5.30 4.70 4.32 6.83 6.17 5.42 5.30 14.26 12.29 10.16 9.43 11.07 9.66 8.24 8.08 20.37 19.16 16.34 14.91 2.78 3.06 3.26 3.56 1779.08 29.6%

HARGREAVES LANSDOWN PLC 27.12 21.70 17.04 13.80 17.11 14.08 12.36 11.00 8.25 35.41 24.21 22.14 20.07 26.28 19.18 16.72 14.60 36.01 27.82 23.94 20.75 14.19 2.46 2.96 3.41 3.94 6.42 772.30 -9.9%

POLYMETAL INTERNATIONAL PLC 2.51 2.61 2.11 1.70 1.38 3.68 2.71 2.32 2.05 2.02 15.50 9.60 6.72 5.73 6.00 9.16 6.77 5.65 4.90 4.92 12.10 9.82 7.73 6.65 6.89 1.10 4.06 5.18 5.12 6.43 1198.37 39.1%

TUI TRAVEL PLC 1.82 2.09 1.91 1.73 0.24 0.24 0.23 0.23 0.23 9.86 8.52 7.41 6.17 5.57 5.06 4.79 4.58 4.35 13.31 11.53 10.54 9.86 7.87 3.69 3.94 4.26 4.57 5.60 299.31 -6.3%

VEDANTA RESOURCES PLC 0.86 0.91 0.83 0.76 0.79 0.30 0.28 0.24 0.22 0.22 1.87 1.27 1.06 0.92 7.12 5.75 4.85 4.49 5.01 11.57 10.68 6.45 5.20 13.03 3.25 3.63 4.01 4.25 1286.00 25.3%

EVRAZ PLC 0.68 0.82 0.80 0.77 0.63 0.30 0.34 0.33 0.31 0.29 2.50 2.90 3.09 2.59 2.38 3.76 5.55 5.13 4.45 3.67 5.88 42.99 26.48 12.04 7.42 11.39 2.99 2.51 2.60 5.47 352.64 60.9%

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


27.03.2013

HSBC Holdings plc is the holding company for the HSBC Group. The Company

provides a variety of international banking and financial services, including

retail and corporate banking, trade, trusteeship, securities, custody, capital

markets, treasury, private and investment banking, and insurance. The Group

operates worldwide.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (14.03.2013) 741.20

52-Week Low (30.05.2012) 501.20

Daily Volume

695.6

52-Week High % Change -6.27% Dividend Yield 4.29

52-Week Low % Change 38.61% Beta 1.09

% 52 Week Price Range High/Low 82.21% Equity Float 18'474.42

Shares Out 28.02.2013 18'484.5 Short Int -

128'578.19 1 Yr Total Return 28.91%

Total Debt 284'987.00 YTD Return 9.18%

Preferred Stock 2'728.0 Adjusted BETA 1.090

Minority Interest 7'887.0 Analyst Recs 44

Cash and Equivalents 256'366.00 Consensus Rating 4.045

Enterprise Value -

Average Volume 5 Day 27'755'540

HSBA LN EQUITY YTD Change - Average Volume 30 Day 22'664'280

HSBA LN EQUITY YTD % CHANGE - Average Volume 3 Month 20'333'180

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

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

126'036.0 97'533.0 91'171.0 94'799.0 84'663.0 4'756 4'856 68'487 72'602 - -

- - - - - 8.58x 7.73x 0.93x 0.41x - -

- - - - - 1'789.0 1'779.0 - - - -

- - - - - 5.83x 4.18x - - - -

5'728.0 5'834.0 13'159.0 16'797.0 14'027.0 1'085.0 1'149.0 18'363.5 20'694.4 - -

19.90x 31.93x 13.43x 8.03x 13.58x 13.25x 10.62x 10.76x 9.63x - -

EBITDA - Long-Term Rating Date 29.11.2011

EBIT - Long-Term Rating A+

Operating Margin 15.34% Long-Term Outlook NEG

Pretax Margin 31.46% Short-Term Rating Date 29.11.2011

Return on Assets 0.53% Short-Term Rating A-1

Return on Common Equity 8.37%

Return on Capital 3.38% 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 165.2%

Net Income Margin 21.4% Total Debt/Capital 60.9%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 7.49

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 10.58% Inventory Days -

Tot Debt to Common Equity 165.20% 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

HSBC Holdings PLCPrice/Volume

Valuation Analysis

7'287'944.00

Current Price (3/dd/yy) Market Data

!

.

1

3

5

-!

-.

-1

-3

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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

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


27.03.2013

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

JP MORGAN n/a ULT-AGG 1'324'583'860 7.17 (13'049'021) 12.02.2013 Unclassified

BLACKROCK n/a ULT-AGG 1'110'172'768 6.01 - 25.03.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 681'507'879 3.69 2'537'898 01.02.2013 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 476'556'585 2.58 - 01.02.2013 Government

SCOTTISH WIDOWS n/a ULT-AGG 440'954'225 2.39 79'539'775 01.02.2013 Unclassified

FMR LLC n/a ULT-AGG 332'844'458 1.8 40'654'991 01.02.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 324'698'913 1.76 50'440'600 01.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 224'222'452 1.21 (2'646'000) 28.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 209'856'599 1.14 5'636'526 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios REG 200'499'704 1.08 10'505'716 01.02.2013 Investment Advisor

DZ BANK AG Multiple Portfolios REG 199'869'719 1.08 - 01.02.2013 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 198'426'753 1.07 5'126'341 01.02.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 193'573'011 1.05 27'428'625 28.02.2013 Unclassified

UBS n/a ULT-AGG 187'959'754 1.02 21'768'714 01.02.2013 Unclassified

SUN LIFE FINANCIAL I n/a ULT-AGG 181'870'790 0.98 2'568'947 01.02.2013 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 180'568'727 0.98 (14'593'182) 01.02.2013 Investment Advisor

STATE STREET n/a ULT-AGG 174'085'246 0.94 2'029'272 26.03.2013 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 141'993'045 0.77 (3'241'674) 01.02.2013 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 127'868'417 0.69 19'292'369 01.02.2013 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 125'817'709 0.68 (3'893'625) 01.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Macquarie THOMAS STOEGNER outperform 5 M 800 12 month 26.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 835 Not Provided 25.03.2013

Credit Suisse AMIT GOEL outperform 5 M 790 Not Provided 25.03.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 21.03.2013

AlphaValue DAVID GRINSZTAJN sell 1 M 610 6 month 21.03.2013

Investec IAN GORDON add 4 M 735 12 month 20.03.2013

Shore Capital Stockbrokers GARY GREENWOOD buy 5 U #N/A N/A Not Provided 19.03.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 860 12 month 18.03.2013

Nomura CHINTAN JOSHI buy 5 M 900 12 month 18.03.2013

Exane BNP Paribas TOM RAYNER outperform 5 M 825 Not Provided 18.03.2013

BNP Paribas Equity Research DOMINIC CHAN buy 5 M 856 12 month 14.03.2013

Oriel Securities Ltd VIVEK RAJA buy 5 U 860 Not Provided 14.03.2013

Goldman Sachs FREDERIK THOMASEN Buy/Neutral 5 M 940 12 month 12.03.2013

Numis Securities Ltd MICHAEL J TRIPPITT hold 3 M 652 Not Provided 12.03.2013

Societe Generale JAMES INVINE buy 5 M 790 12 month 05.03.2013

Deutsche Bank JASON NAPIER buy 5 M 760 12 month 05.03.2013

Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 777 12 month 05.03.2013

RBC Capital Markets PATRICK LEE sector perform 3 M 700 12 month 05.03.2013

DBS Vickers ALEXANDER LEE buy 5 M 820 12 month 05.03.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 750 12 month 05.03.2013

Citic Securities Co., Ltd STEVEN CHAN buy 5 M 854 6 month 05.03.2013

BOCOM International Holdings LI SHANSHAN neutral 3 M 746 Not Provided 05.03.2013

Canaccord Genuity Corp GARETH HUNT buy 5 M 825 12 month 04.03.2013

S&P Capital IQ FRANK BRADEN buy 5 M 785 12 month 04.03.2013

CCB International Securities Ltd ADAM CHAN neutral 3 M 692 Not Provided 04.03.2013

JPMorgan RAUL SINHA overweight 5 M 755 9 month 26.02.2013

Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 800 12 month 08.02.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 720 Not Provided 04.02.2013

Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 31.01.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 800 Not Provided 29.01.2013

Berenberg Bank JAMES CHAPPELL buy 5 M 680 Not Provided 28.01.2013

Barclays ROHITH CHANDRA-RAJAN overweight 5 M 730 Not Provided 22.01.2013

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

Daniel Stewart & Co SIMON WILLIS hold 3 M 650 12 month 09.01.2013

Liberum Capital Ltd CORMAC LEECH buy 5 M 665 Not Provided 07.12.2012

JF Apex Securities Bhd TEAM COVERAGE neutral 3 N #N/A N/A Not Provided 06.12.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 676 Not Provided 06.12.2012

Mizuho Securities JIM ANTOS buy 5 U 709 12 month 19.11.2012

Grupo Santander ARTURO DE FRIAS hold 3 M 632 Not Provided 18.09.2012

China International Capital Corp SALLY NG accumulate 4 M 668 12 month 12.07.2012

Redburn Partners JON KIRK buy 5 N #N/A N/A Not Provided 27.01.2011

Holdings By:

HSBC Holdings PLC ee


27.03.2013

Vodafone Group PLC is a mobile telecommunications company providing a range of

services, including voice and data communications. The Company operates in

Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa

and the Middle East through its subsidiaries, associates, and investments.


LTM as of: 03/yy

52-Week High (14.08.2012) 191.75

52-Week Low (31.12.2012) 154.20

Daily Volume

183.35





89'700.14 1 Yr Total Return 11.93%


Preferred Stock 0.0 Adjusted BETA 0.680



Enterprise Value 111'754.14


VOD LN EQUITY YTD Change - Average Volume 30 Day #########

VOD LN EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 03/yy 03/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

35'478.0 41'017.0 44'472.0 45'884.0 46'417.0 4'233.8 4'366.3 44'355.0 45'260.8 - -

2.93x 2.36x 2.54x 2.67x 2.43x 12.62x 13.72x 2.64x 2.57x - -

13'123.0 14'520.0 14'820.0 14'668.0 18'214.0 1'454.6 1'296.0 13'211.3 13'305.3 - -

7.93x 6.67x 7.62x 8.35x 6.20x 10.64x 13.77x 8.46x 8.40x - -

6'660.0 3'078.0 8'645.0 7'968.0 6'957.0 783.5 712.7 7'536.1 7'856.3 - -

12.01x 21.03x 9.25x 11.61x 12.54x 19.84x 28.25x 11.98x 11.18x - -

EBITDA 18'214.00 Long-Term Rating Date 30.05.2006

EBIT 10'355.00 Long-Term Rating A-

Operating Margin 22.31% Long-Term Outlook STABLE


Return on Assets -1.22% Short-Term Rating A-2

Return on Common Equity -2.22%

Return on Capital -3.81% EBITDA/Interest Exp. 9.43

Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 6.96

Net Debt/EBITDA 1.51

Gross Margin 32.0% Total Debt/EBITDA 2.06

EBITDA Margin 31.1%

EBIT Margin 14.3% Total Debt/Equity 45.1%


Asset Turnover 0.32

Current Ratio 0.83 Net Fixed Asset Turnover 2.41

Quick Ratio 0.51 Accounts receivable turnover-days 97.36

Debt to Assets 24.87% Inventory Days 6.89


Accounts Receivable Turnover 3.76 Cash Conversion Cycle -14.42

Inventory Turnover 53.11

Fiscal Year Ended

Vodafone Group PLCPrice/Volume

Valuation Analysis

38'651'308.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!122!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

.4 -- .!!6 .4 !2 .!-! .4 -- .!-! .4 !2 .!-- .4 -- .!-- .4 !2 .!-. .4 -- .!-.



27.03.2013



LEGAL & GENERAL n/a ULT-AGG 1'840'749'892 3.76 (25'141'828) 03.12.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 1'829'029'872 3.74 (28'812'480) 31.12.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 1'307'796'665 2.67 141'890'605 03.12.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 1'168'679'699 2.39 (11'916'154) 03.12.2012 Government

FMR LLC n/a ULT-AGG 1'115'035'830 2.28 (52'316'656) 31.01.2013 Investment Advisor


SUN LIFE FINANCIAL I n/a ULT-AGG 890'918'812 1.82 (52'366'577) 31.01.2013 Investment Advisor




PEOPLES REPUBLIC OF Multiple Portfolios REG 619'899'347 1.27 99'016'155 03.12.2012 Government

STANDARD LIFE INVEST Multiple Portfolios REG 526'399'681 1.08 (24'829'446) 03.12.2012 Investment Advisor


STATE STREET n/a ULT-AGG 514'956'230 1.05 (15'517'805) 26.03.2013 Investment Advisor


JP MORGAN n/a ULT-AGG 463'624'918 0.95 (60'869'430) 31.01.2013 Unclassified

DODGE & COX Multiple Portfolios REG 413'470'000 0.85 15'508'600 03.12.2012 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 409'583'000 0.84 2'613'000 29.01.2013 Investment Advisor

AXA n/a ULT-AGG 402'114'002 0.82 (2'762'350) 31.01.2013 Investment Advisor


Credit Suisse JUSTIN FUNNELL outperform 5 M 180 Not Provided 27.03.2013

Grupo Santander JOHN DAVIES hold 3 M 200 Not Provided 26.03.2013

Goldman Sachs TIMOTHY BODDY Buy/Neutral 5 M 220 12 month 26.03.2013

Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 205 12 month 25.03.2013

Jefferies JEREMY A DELLIS hold 3 M 174 12 month 25.03.2013

Oriel Securities Ltd JOHN KARIDIS buy 5 M 225 Not Provided 25.03.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 U 172 Not Provided 22.03.2013

AlphaValue JEAN-MICHEL SALVADOR add 4 M 215 6 month 21.03.2013

Societe Generale OTTAVIO ADORISIO sell 1 M 100 12 month 15.03.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 135 12 month 15.03.2013

Espirito Santo Investment Bank ResearchNICK BROWN buy 5 M 200 Not Provided 13.03.2013

Barclays MAURICE PATRICK overweight 5 M 210 Not Provided 12.03.2013

Macquarie GUY R PEDDY outperform 5 M 205 12 month 11.03.2013

New Street Research JAMES RATZER buy 5 M 250 Not Provided 11.03.2013

Exane BNP Paribas ANTOINE PRADAYROL underperform 1 M 178 Not Provided 08.03.2013

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 185 Not Provided 06.03.2013

Nomura JAMES BRITTON neutral 3 M 195 12 month 06.03.2013

JPMorgan AKHIL DATTANI overweight 5 M 220 12 month 26.02.2013

Oddo & Cie VINCENT MAULAY buy 5 M 200 Not Provided 14.02.2013

Banca Akros(ESN) ANDREA DEVITA hold 3 M 184 12 month 14.02.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 11.02.2013

Deutsche Bank DAVID A WRIGHT hold 3 M 173 12 month 08.02.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 150 12 month 07.02.2013

S&P Capital IQ JAMES CRAWSHAW buy 5 M 190 12 month 07.02.2013

Day by Day VALERIE GASTALDY buy 5 M 188 3 month 28.01.2013

Liberum Capital Ltd LAWRENCE SUGARMAN buy 5 M 210 Not Provided 18.01.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013

HSBC STEPHEN HOWARD overweight 5 M 205 Not Provided 07.12.2012

Natixis BENOIT MAYNARD neutral 3 M 190 Not Provided 02.10.2012

DZ Bank AG JOERI SELS buy 5 M 190 12 month 08.11.2011

Northland Capital Partners Ltd DAVID JOHNSON not rated #N/A N/A M #N/A N/A Not Provided 13.04.2010

Holdings By:

Vodafone Group PLC ee


27.03.2013

BP plc is an oil and petrochemicals company. The Company explores for and

produces oil and natural gas, refines, markets, and supplies petroleum

products, generates solar energy, and manufactures and markets chemicals. BP's

chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and

polyethylene.


LTM as of: 12/yy

52-Week High (27.03.2012) 484.45

52-Week Low (18.05.2012) 389.50

Daily Volume

458.75





87'902.01 1 Yr Total Return 2.31%







BP/ LN EQUITY YTD Change - Average Volume 30 Day 25'806'140

BP/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 23'933'670


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

361'143.0 239'272.0 297'107.0 375'517.0 375'580.0 1'158.5 1'373.9 343'710.7 352'783.7 84'754.3 84'530.7

0.47x 0.87x 0.53x 0.44x 0.43x 14.93x 16.10x 0.46x 0.45x 1.82x 1.78x

41'761.0 33'392.0 38'497.0 45'796.0 20'442.0 463.4 519.1 38'524.8 41'496.8 9'276.0 9'646.5

4.05x 6.24x 4.06x 3.63x 7.92x 9.71x 11.90x 4.22x 3.92x 3.97x 3.73x

21'157.0 16'578.0 (3'719.0) 25'700.0 11'582.0 200.9 204.0 16'230.9 18'510.6 3'897.7 4'034.0

6.81x 10.95x - 5.25x 11.34x 30.45x 35.57x 8.14x 7.27x 8.37x 7.74x


EBIT 7'961.00 Long-Term Rating A

Operating Margin 2.12% Long-Term Outlook POS




Return on Capital 7.70% EBITDA/Interest Exp. 13.60

Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. -1.75



EBITDA Margin 5.9%



Asset Turnover 1.25




Tot Debt to Common Equity 41.21% Accounts Payable Turnover Day 33.14

Accounts Receivable Turnover 13.76 Cash Conversion Cycle 23.17


Fiscal Year Ended

BP PLCPrice/Volume

Valuation Analysis

4'461'841.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!12

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

4 ! F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013




CAPITAL GROUP COMPAN n/a ULT-AGG 609'649'091 3.18 - 31.12.2012 Investment Advisor


NORGES BANK INVESTME Multiple Portfolios REG 432'628'420 2.26 4'845'711 01.11.2012 Government

FRANKLIN RESOURCES n/a ULT-AGG 369'828'759 1.93 21'912'486 31.12.2012 Investment Advisor


KUWAIT INVESTMENT AU Multiple Portfolios REG 328'143'792 1.71 - 01.11.2012 Government

M&G INVESTMENT MANAG Multiple Portfolios REG 321'514'948 1.68 (277'008) 01.11.2012 Investment Advisor

FMR LLC n/a ULT-AGG 303'860'650 1.59 (1'973'558) 31.01.2013 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 258'130'496 1.35 - 01.11.2012 Government




STATE STREET n/a ULT-AGG 193'700'712 1.01 (698'478) 26.03.2013 Investment Advisor


AVIVA INVESTORS Multiple Portfolios REG 166'069'621 0.87 (5'019'297) 01.11.2012 Investment Advisor

AXA n/a ULT-AGG 150'610'225 0.79 (592'855) 31.01.2013 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 147'434'500 0.77 (6'919'062) 01.11.2012 Government

HSBC INVESTMENTS UK Multiple Portfolios REG 139'991'616 0.73 6'546'014 01.11.2012 Investment Advisor


Grupo Santander JASON KENNEY hold 3 M 530 12 month 25.03.2013

Independent Research GmbH SVEN DIERMEIER buy 5 M 540 12 month 25.03.2013

Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 22.03.2013

Canaccord Genuity Corp GORDON GRAY hold 3 M 500 12 month 22.03.2013

Oriel Securities Ltd RICHARD GRIFFITH hold 3 M #N/A N/A Not Provided 22.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 575 Not Provided 22.03.2013

AlphaValue ALEXANDRE ANDLAUER reduce 2 U 425 6 month 21.03.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 21.03.2013

Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 490 12 month 20.03.2013

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 510 12 month 13.03.2013

Deutsche Bank LUCAS HERRMANN buy 5 M 520 12 month 11.03.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 520 Not Provided 11.03.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 445 Not Provided 11.03.2013

Societe Generale IRENE HIMONA hold 3 M 500 12 month 08.03.2013

VTB Capital COLIN SMITH hold 3 M 490 12 month 01.03.2013

Morgan Stanley MARTIJN P RATS Underwt/In-Line 1 M 442 12 month 27.02.2013

VSA Capital Ltd DOUGIE YOUNGSON sell 1 D 400 12 month 25.02.2013

Macquarie JASON D GAMMEL outperform 5 M 550 12 month 22.02.2013

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

RBC Capital Markets PETER HUTTON sector perform 3 M 530 12 month 19.02.2013

Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 15.02.2013

HSBC PAUL SPEDDING overweight 5 M 550 Not Provided 08.02.2013

Credit Suisse KIM FUSTIER neutral 3 M 475 Not Provided 06.02.2013

Jefferies IAIN REID hold 3 M 450 12 month 06.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 6 12 month 06.02.2013

Natixis ANNE PUMIR neutral 3 M 490 Not Provided 06.02.2013

Nomura THEEPAN JOTHILINGAM neutral 3 M 455 12 month 06.02.2013

Barclays RAHIM KARIM underweight 1 M 480 Not Provided 06.02.2013

Investec STUART JOYNER buy 5 M 495 12 month 05.02.2013

S&P Capital IQ CHRISTINE TISCARENO hold 3 M 595 12 month 05.02.2013

JPMorgan FREDERICK G LUCAS overweight 5 M 525 3 month 19.12.2012

Tudor Pickering & Co ROBERT KESSLER accumulate 4 M 500 Not Provided 15.10.2012

Jyske Bank ROBERT JAKOBSEN buy 5 M 520 Not Provided 19.09.2012

CA Cheuvreux DOMINIQUE PATRY outperform 5 M 500 Not Provided 10.08.2012

Kepler Capital Markets TEAM COVERAGE buy 5 M 602 Not Provided 16.04.2012

Holdings By:

BP PLC ee


27.03.2013

Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and

refines petroleum. The Company produces fuels, chemicals, and lubricants.

Shell owns and operates gasoline filling stations worldwide.


LTM as of: 12/yy

52-Week High (30.01.2013) 2'323.50

52-Week Low (18.05.2012) 1'956.50

Daily Volume

2134





137'718.83 1 Yr Total Return 1.03%







RDSA LN EQUITY YTD Change - Average Volume 30 Day 3'382'676

RDSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'002'002


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

458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 783.4 1'134.1 458'011.3 465'699.7 110'420.5 113'829.0

0.37x 0.76x 0.65x 0.55x 0.51x 52.66x 65.98x 0.51x 0.50x 2.04x 1.98x

57'301.0 29'079.0 41'839.0 55'943.0 52'114.0 261.9 424.0 61'207.0 62'495.8 10'357.0 10'835.0

2.98x 7.28x 5.69x 4.60x 4.58x 48.58x 41.06x 3.74x 3.66x 5.12x 5.03x

26'277.0 12'518.0 20'127.0 30'918.0 26'592.0 175.3 254.8 26'655.6 27'485.2 6'859.0 7'011.0

6.16x 14.87x 10.16x 7.39x 8.12x 82.66x 70.48x 7.68x 7.57x 7.59x 7.57x


EBIT 37'499.00 Long-Term Rating AA



Return on Assets 7.54% Short-Term Rating A-1+






EBITDA Margin 11.2%



Asset Turnover 1.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Royal Dutch Shell PLCPrice/Volume

Valuation Analysis

749'232.00


!

.!

1!

3!

5!

-!!

-.!

-1!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

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



27.03.2013


BLACKROCK n/a ULT-AGG 190'130'247 5.04 13'987'593 25.03.2013 Investment Advisor







GOVT OF SINGAPORE IN n/a ULT-AGG 39'669'849 1.05 1'602'657 01.01.2013 Government

UBS n/a ULT-AGG 38'832'374 1.03 (1'443'858) 31.01.2013 Unclassified


FRANKLIN RESOURCES n/a ULT-AGG 26'147'686 0.69 188'418 31.12.2012 Investment Advisor


BP INVESTMENT MANAGE Multiple Portfolios REG 22'400'138 0.59 288'938 01.01.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 19'530'183 0.52 161'883 28.02.2013 Unclassified

JP MORGAN n/a ULT-AGG 19'189'183 0.51 5'377'967 31.01.2013 Unclassified


NORTHERN TRUST GLOBA Multiple Portfolios REG 16'292'959 0.43 35'052 01.01.2013 Investment Advisor

SOCIETE GENERALE PRO Multiple Portfolios REG 16'129'705 0.43 12'387'795 01.01.2013 Unclassified

STANDARD LIFE INVEST Multiple Portfolios REG 14'890'316 0.39 (803'892) 01.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 12'949'057 0.34 2'215'390 28.02.2013 Investment Advisor


Credit Suisse KIM FUSTIER outperform 5 M 2'525 Not Provided 26.03.2013

Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 26.03.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 25.03.2013

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'410 12 month 22.03.2013

Jefferies IAIN REID buy 5 M 2'450 12 month 21.03.2013


AlphaValue ALEXANDRE ANDLAUER reduce 2 M 2'114 6 month 21.03.2013

JPMorgan FREDERICK G LUCAS underweight 1 D 2'400 9 month 15.03.2013

ING Bank QUIRIJN MULDER buy 5 M 2'843 12 month 28.02.2013

Tudor Pickering & Co ROBERT KESSLER buy 5 M 2'800 Not Provided 27.02.2013

Canaccord Genuity Corp GORDON GRAY buy 5 M 2'650 12 month 21.02.2013


Macquarie JASON D GAMMEL outperform 5 M 2'500 12 month 13.02.2013

CA Cheuvreux DOMINIQUE PATRY outperform 5 D 2'431 Not Provided 05.02.2013

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 04.02.2013

Investec STUART JOYNER hold 3 M 2'168 12 month 01.02.2013

HSBC PAUL SPEDDING neutral 3 M 2'520 Not Provided 01.02.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 2'433 12 month 01.02.2013

Barclays RAHIM KARIM equalweight 3 M 2'550 Not Provided 01.02.2013

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 31.01.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 M 2'567 Not Provided 29.01.2013

RBC Capital Markets PETER HUTTON sector perform 3 M 2'580 12 month 24.01.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 2'580 Not Provided 09.01.2013

VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012

Deutsche Bank LUCAS HERRMANN hold 3 D 2'475 12 month 03.12.2012

Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 2'722 Not Provided 02.10.2012

VTB Capital COLIN SMITH hold 3 N 2'500 12 month 27.09.2012

Kepler Capital Markets TEAM COVERAGE hold 3 M 2'272 Not Provided 18.05.2012

Morgan Stanley MARTIJN P RATS not rated #N/A N/A M #N/A N/A Not Provided 03.05.2012

S&P Capital IQ CHRISTINE TISCARENO hold 3 D 2'315 12 month 03.10.2011

Holdings By:

Royal Dutch Shell PLC ee


27.03.2013

GlaxoSmithKline PLC is a research-based pharmaceutical company. The Company

develops, manufactures, and markets vaccines, prescription, and over-the-counter

medicines, as well as health-related consumer products. GlaxoSmithKline

provides products for infections, depression, skin conditions, asthma, heart &

circulatory disease, and cancer.


LTM as of: 12/yy

52-Week High (22.03.2013) 1'539.50

52-Week Low (19.11.2012) 1'314.00

Daily Volume

1520





74'623.91 1 Yr Total Return 12.41%



Minority Interest 937.0 Analyst Recs 36




GSK LN EQUITY YTD Change - Average Volume 30 Day 6'841'365

GSK LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'725'407


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

24'352.0 28'368.0 28'392.0 27'387.0 26'431.0 2'064.5 1'783.0 26'931.9 27'974.3 6'353.6 6'529.0

3.17x 2.77x 2.61x 3.07x 3.04x 19.46x 19.71x 3.31x 3.15x - -

9'115.0 11'117.0 6'932.0 9'845.0 8'477.0 881.1 628.1 9'594.4 10'101.6 2'241.0 2'467.0

8.47x 7.08x 10.70x 8.54x 9.49x 10.23x 13.49x 9.34x 8.87x 9.15x -

4'602.0 5'531.0 1'634.0 5'261.0 4'565.0 770.7 556.8 5'555.5 5'997.1 1'263.3 1'367.5

14.50x 12.09x 38.59x 14.06x 14.36x 15.79x 20.11x 13.22x 11.96x 13.19x -


EBIT 7'392.00 Long-Term Rating A+









EBITDA Margin 32.1%



Asset Turnover 0.64


Quick Ratio 0.31 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle 137.13


Fiscal Year Ended

GlaxoSmithKline PLCPrice/Volume

Valuation Analysis

2'447'132.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!12

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F 2 F- ! F- 2 F. ! F. 2 F0 ! F0 2 F1 ! F1 2 F2 ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013


BLACKROCK n/a ULT-AGG 271'061'000 5.52 - 25.03.2013 Investment Advisor

INVESCO LTD Multiple Portfolios REG 188'613'112 3.84 9'906'677 01.01.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 153'140'293 3.12 - 28.02.2013 Unclassified




NORGES BANK INVESTME Multiple Portfolios REG 115'229'583 2.35 21'497 01.01.2013 Government




NEWTON INV MGMT Multiple Portfolios REG 71'507'300 1.46 9'684'880 01.01.2013 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 60'081'894 1.22 385'845 26.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 55'750'486 1.14 (188'352) 31.12.2012 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios REG 52'720'290 1.07 (5'398'021) 01.01.2013 Investment Advisor


PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 51'301'508 1.04 73'324 31.07.2012 Investment Advisor



STATE STREET n/a ULT-AGG 43'934'496 0.89 497'126 26.03.2013 Investment Advisor


Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 25.03.2013

AlphaValue ARMELLE MOULIN reduce 2 M 1'461 6 month 21.03.2013

JPMorgan JAMES D GORDON underweight 1 M 1'550 15 month 15.03.2013

Jefferies JEFFREY HOLFORD hold 3 M 1'550 12 month 14.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 1'497 12 month 14.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 12.03.2013

Deutsche Bank MARK CLARK hold 3 M 1'530 12 month 11.03.2013

Credit Suisse KERRY HOLFORD neutral 3 M 1'450 Not Provided 11.03.2013


Berenberg Bank ALISTAIR CAMPBELL buy 5 M 1'530 Not Provided 07.03.2013

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU buy 5 M 1'525 Not Provided 06.03.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 1'580 6 month 05.03.2013

Societe Generale STEPHEN MCGARRY buy 5 M 1'810 12 month 01.03.2013

Exane BNP Paribas FLORENT CESPEDES underperform 1 M 1'400 Not Provided 26.02.2013

Barclays MARK PURCELL overweight 5 M 1'610 Not Provided 26.02.2013

Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 20.02.2013

Kepler Capital Markets FABIAN WENNER buy 5 M 1'680 Not Provided 13.02.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 1'560 12 month 08.02.2013

Helvea ODILE RUNDQUIST neutral 3 M 1'520 Not Provided 07.02.2013

Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 1'370 12 month 06.02.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 06.02.2013

S&P Capital IQ SHO MATSUBARA sell 1 M 1'200 12 month 06.02.2013

Nomura AMIT ROY neutral 3 M 1'340 12 month 04.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 1'415 12 month 28.01.2013

Cenkos Securities Ltd NAVID MALIK buy 5 N 1'603 12 month 30.11.2012

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

Liberum Capital Ltd NARESH CHOUHAN underweight 1 M 1'380 Not Provided 05.10.2012

CA Cheuvreux MARCEL BRAND underperform 1 M 1'250 Not Provided 11.09.2012

Natixis PHILIPPE LANONE neutral 3 M 1'450 Not Provided 06.09.2012

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 1'450 Not Provided 03.08.2012

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 1'420 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER buy 5 M 1'640 Not Provided 02.04.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M #N/A N/A Not Provided 13.01.2012

DZ Bank AG ELMAR KRAUS buy 5 U 1'500 12 month 28.10.2011

First Global Stockbroking KAVITA THOMAS market perform 3 R #N/A N/A Not Provided 23.08.2011

Holdings By:

GlaxoSmithKline PLC ee


27.03.2013

British American Tobacco PLC is the holding company for a group of companies

that manufacture, market and sell cigarettes and other tobacco products,

including cigars and roll-your-own tobacco.


LTM as of: 12/yy

52-Week High (11.03.2013) 3'631.00

52-Week Low (24.05.2012) 2'986.50

Daily Volume

3497





67'388.16 1 Yr Total Return 13.50%







BATS LN EQUITY YTD Change - Average Volume 30 Day 2'547'987

BATS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'499'984


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

12'122.0 14'208.0 14'883.0 15'399.0 15'190.0 48'077.0 61'093.0 16'093.4 16'803.5 - -

3.84x 3.52x 3.90x 4.56x 4.73x 6.86x 6.68x 4.75x 4.53x - -

3'978.0 5'091.0 5'881.0 6'316.0 6'143.0 1'945.0 2'834.0 6'653.4 7'098.9 - -

11.69x 9.82x 9.88x 11.12x 11.71x 36.75x 38.09x 11.47x 10.75x - -

2'457.0 2'713.0 2'879.0 3'095.0 3'841.0 632.0 (40.0) 4'410.9 4'743.7 - -

14.60x 14.72x 16.97x 19.45x 15.69x 126.35x 696.86x 15.16x 13.86x - -










Gross Margin - Total Debt/EBITDA 1.74

EBITDA Margin 40.4%



Asset Turnover 0.56





Accounts Receivable Turnover 7.70 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

British American Tobacco PLCPrice/Volume

Valuation Analysis

584'954.00


!

2!

-!!

-2!

.!!

.2!

0!!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



27.03.2013



REINET INVESTMENTS S Multiple Portfolios REG 81'313'066 4.22 (3'000'000) 03.12.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 70'617'321 3.66 (2'766'594) 03.12.2012 Unclassified






CREDIT SUISSE PRIVAT Multiple Portfolios REG 37'965'898 1.97 (376'548) 03.12.2012 Bank


MORGAN STANLEY INVES Multiple Portfolios REG 26'280'778 1.36 5'499'279 03.12.2012 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'361'035 1.26 562'275 31.12.2012 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 22'521'571 1.17 1'491'898 31.12.2012 Investment Advisor

Northern Cross Inter Multiple Portfolios REG 22'218'678 1.15 245'915 03.12.2012 Unclassified


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 20'358'179 1.06 260'794 31.12.2012 Investment Advisor

ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 17'404'651 0.9 892'088 31.12.2012 Investment Advisor

NEWTON INV MGMT Multiple Portfolios REG 16'928'208 0.88 (202'468) 03.12.2012 Mutual Fund Manager


AlphaValue ISABELLE COMBEMALE add 4 M 3'801 6 month 21.03.2013


Deutsche Bank JONATHAN FELL buy 5 M 3'700 12 month 13.03.2013

Investec THANE DUFF hold 3 M 3'577 Not Provided 13.03.2013

Nomura DAVID HAYES buy 5 M 4'087 Not Provided 13.03.2013

Oriel Securities Ltd CHRIS WICKHAM hold 3 M 3'700 Not Provided 13.03.2013

Jefferies DIRK VAN VLAANDEREN buy 5 M 4'000 12 month 08.03.2013

Goldman Sachs FULVIO CAZZOL buy/attractive 5 M 4'420 12 month 07.03.2013

Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 3'900 Not Provided 06.03.2013

Avior Research RICHARD TESSENDORF neutral 3 M 3'761 Not Provided 06.03.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 3'100 12 month 05.03.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 3'600 12 month 04.03.2013

Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 04.03.2013

Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 3'550 12 month 01.03.2013

Morgan Stanley MATTHEW GRAINGER Equalwt/Attractive 3 N 3'450 12 month 01.03.2013

Natixis NICOLAS LANGLET neutral 3 M 3'600 Not Provided 01.03.2013

Exane BNP Paribas JAMES BUSHNELL outperform 5 M 3'800 Not Provided 01.03.2013

Barclays SIMON HALES overweight 5 M 3'725 Not Provided 01.03.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 3'600 Not Provided 28.02.2013

JPMorgan RAE MAILE overweight 5 M 4'209 9 month 28.02.2013

Renaissance Capital REY WIUM hold 3 D 3'550 Not Provided 28.02.2013

Berenberg Bank ERIK BLOOMQUIST buy 5 M 3'500 Not Provided 28.02.2013

S&P Capital IQ CARL SHORT hold 3 M 3'540 12 month 28.02.2013

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

Afrifocus Securities TANUJA CHITRE hold 3 M #N/A N/A Not Provided 18.04.2012

Imara RICHARD CLARKE sell 1 N #N/A N/A Not Provided 17.05.2011

Holdings By:

British American Tobacco PLC ee


27.03.2013

Royal Dutch Shell PLC, through subsidiaries, explores for, produces, and

refines petroleum. The Company produces fuels, chemicals, and lubricants.

Shell owns and operates gasoline filling stations worldwide.


LTM as of: 12/yy

52-Week High (30.01.2013) 2'374.50

52-Week Low (18.05.2012) 2'020.00

Daily Volume

2200





137'718.83 1 Yr Total Return 3.25%







RDSB LN EQUITY YTD Change - Average Volume 30 Day 4'445'420

RDSB LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'719'687


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

458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 15'582.0 17'265.0 458'011.3 465'699.7 110'420.5 113'829.0

0.37x 0.76x 0.65x 0.55x 0.51x 12.25x 14.29x 0.51x 0.50x 2.04x 1.98x

57'301.0 29'079.0 41'839.0 55'943.0 52'114.0 5'372.0 6'665.0 61'207.0 62'495.8 10'357.0 10'835.0

2.98x 7.28x 5.69x 4.60x 4.58x 9.66x 10.15x 3.74x 3.66x 5.12x 5.03x

26'277.0 12'518.0 20'127.0 30'918.0 26'592.0 3'683.0 4'345.0 26'655.6 27'485.2 6'859.0 7'011.0

6.16x 14.87x 10.16x 7.39x 8.12x 13.02x 14.46x 7.92x 7.81x 7.82x 7.80x


EBIT 37'499.00 Long-Term Rating AA









EBITDA Margin 11.2%



Asset Turnover 1.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Royal Dutch Shell PLCPrice/Volume

Valuation Analysis

1'592'459.00


!

.!

1!

3!

5!

-!!

-.!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.03.2013






CREDIT SUISSE PRIVAT Multiple Portfolios REG 74'947'205 2.88 (526'247) 01.01.2013 Bank



QATAR INVESTMENT AUT Multiple Portfolios REG 44'703'170 1.72 1'669'724 01.01.2013 Government


UBS n/a ULT-AGG 37'871'476 1.46 932'195 31.01.2013 Unclassified





ABERDEEN n/a ULT-AGG 31'402'252 1.21 (766'521) 28.02.2013 Unclassified


BREWIN DOLPHIN LIMIT Multiple Portfolios REG 27'392'377 1.05 (626'439) 01.01.2013 Investment Advisor



THREADNEEDLE ASSET M Multiple Portfolios REG 21'990'967 0.85 1'154'509 01.01.2013 Investment Advisor


Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'410 12 month 22.03.2013

Grupo Santander JASON KENNEY underweight 1 M 2'409 Not Provided 20.03.2013

Goldman Sachs MICHELE DELLA VIGNA Sell/Cautious 1 M 2'280 12 month 20.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 2'350 Not Provided 18.03.2013

JPMorgan FREDERICK G LUCAS underweight 1 D 2'400 9 month 15.03.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 2'310 Not Provided 14.03.2013

VTB Capital COLIN SMITH hold 3 M 2'500 12 month 01.03.2013

Societe Generale IRENE HIMONA buy 5 M 2'700 12 month 27.02.2013

Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 2'500 12 month 27.02.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 2'500 12 month 27.02.2013


RBC Capital Markets PETER HUTTON sector perform 3 M 2'580 12 month 19.02.2013

HSBC PAUL SPEDDING neutral 3 M 2'450 Not Provided 01.02.2013

Natixis ANNE PUMIR buy 5 M 2'600 Not Provided 01.02.2013

Barclays RAHIM KARIM equalweight 3 M 2'550 Not Provided 01.02.2013


VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012


Holdings By:

Royal Dutch Shell PLC ee


27.03.2013

Diageo plc produces, distills and markets alcoholic beverages. The Company

offers a wide range of branded beverages, including vodkas, whiskeys, tequilas,

gins, and beer.


LTM as of: 02/yy

52-Week High (20.03.2013) 2'054.00

52-Week Low (23.05.2012) 1'475.00

Daily Volume

2013





50'514.86 1 Yr Total Return 34.54%







DGE LN EQUITY YTD Change - Average Volume 30 Day 3'961'409

DGE LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'834'203


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 02/yy 02/yy 06/13 Y 06/14 Y - -

8'090.0 9'311.0 9'780.0 9'936.0 10'762.0 - - 11'472.6 12'267.9 - -

3.78x 3.27x 3.57x 3.98x 4.68x - - 5.15x 4.73x - -

2'516.0 2'777.0 2'984.0 3'232.0 3'826.0 - - 3'926.4 4'252.3 - -

12.17x 10.96x 11.70x 12.24x 13.16x - - 15.12x 13.96x - -

1'521.0 1'605.0 1'629.0 1'900.0 1'942.0 - - 2'578.3 2'854.1 - -

15.85x 13.51x 15.99x 16.71x 21.00x - - 19.54x 17.53x - -











EBITDA Margin 36.5%



Asset Turnover 0.48







Fiscal Year Ended

Diageo PLCPrice/Volume

Valuation Analysis

834'210.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!122!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

!3 -- .!!6 !3 !2 .!-! !3 -- .!-! !3 !2 .!-- !3 -- .!-- !3 !2 .!-. !3 -- .!-.



27.03.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 170'818'263 6.81 32'500 31.12.2012 Investment Advisor



LEGAL & GENERAL n/a ULT-AGG 93'430'267 3.72 116'442 03.12.2012 Unclassified









VANGUARD GROUP INC Multiple Portfolios MF-AGG 26'133'318 1.04 (6'773'960) 31.12.2012 Investment Advisor

Cascade Investment C Multiple Portfolios REG 25'516'958 1.02 - 03.12.2012 Unclassified


FRANKLIN RESOURCES n/a ULT-AGG 20'723'095 0.83 (262'901) 31.12.2012 Investment Advisor

DIAGEO PLC ESOP Multiple Portfolios REG 20'432'541 0.81 443'832 03.12.2012 Unclassified


AXA n/a ULT-AGG 19'645'452 0.78 2'364'575 03.12.2012 Investment Advisor

CI INVESTMENTS INC Multiple Portfolios MF-AGG 19'387'391 0.77 (655'760) 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 2'100 12 month 22.03.2013

Nomura IAN SHACKLETON buy 5 M 2'040 12 month 22.03.2013

Stifel MARK D SWARTZBERG buy 5 N 2'400 12 month 21.03.2013

AlphaValue ISABELLE COMBEMALE reduce 2 M 1'912 6 month 21.03.2013


Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 19.03.2013

Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'100 Not Provided 19.03.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 2'100 12 month 11.03.2013

JPMorgan MATTHEW WEBB neutral 3 M 1'915 9 month 11.03.2013

Barclays SIMON HALES overweight 5 M 2'150 Not Provided 11.03.2013

Credit Suisse CHARLES MILLS outperform 5 M 2'350 Not Provided 07.03.2013

Raymond James HERMINE DE BENTZMANN outperform 5 M 2'060 12 month 07.03.2013


Day by Day VALERIE GASTALDY buy 5 M 2'460 3 month 28.02.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 1'980 Not Provided 22.02.2013

Investec MARTIN DEBOO hold 3 M 1'970 12 month 15.02.2013

Societe Generale NICOLAS CERON hold 3 M 1'900 12 month 01.02.2013

Kepler Capital Markets LAETITIA DELAYE buy 5 M 2'100 Not Provided 01.02.2013

Natixis OLIVIER DELAHOUSSE buy 5 M 2'100 Not Provided 01.02.2013

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


Bryan Garnier & Cie NIKOLAAS FAES buy 5 M 1'900 6 month 31.01.2013

S&P Capital IQ CARL SHORT buy 5 M 2'100 12 month 31.01.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 2'300 Not Provided 25.01.2013

CA Cheuvreux ERIC BOROIAN outperform 5 M 1'850 Not Provided 21.01.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 2'100 Not Provided 18.01.2013

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

Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 2'220 12 month 09.01.2013

Deutsche Bank JAMES ISENWATER buy 5 M 2'000 12 month 10.11.2012

Berenberg Bank PHILIP MORRISEY buy 5 M 1'760 Not Provided 29.10.2012

Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 1'860 Not Provided 02.10.2012

HSBC ERWAN RAMBOURG neutral 3 M 1'800 Not Provided 08.08.2012

Davy BARRY GALLAGHER outperform 5 M #N/A N/A Not Provided 25.08.2011

Holdings By:

Diageo PLC ee


27.03.2013

BHP Billiton Plc is an international resources company. The Company's principal

business lines are mineral exploration and production, including coal, iron ore,

gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum

exploration and production. Dually-listed company with BHP AU.


LTM as of: 12/yy

52-Week High (19.02.2013) 2'251.50

52-Week Low (01.06.2012) 1'650.50

Daily Volume

1937.5





114'549.54 1 Yr Total Return 4.44%

Total Debt 28'330.00 YTD Return -7.40%






BLT LN EQUITY YTD Change - Average Volume 30 Day 6'583'069

BLT LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'560'194


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y - -

59'473.0 50'211.0 52'798.0 71'739.0 72'226.0 - - 68'085.9 74'998.4 - -

3.90x 2.97x 2.83x 3.00x 2.42x - - 2.98x 2.68x - -

28'137.0 21'761.0 24'590.0 38'093.0 33'866.0 - - 29'120.2 34'351.7 - -

8.24x 6.86x 6.07x 5.65x 5.15x - - 7.02x 5.95x - -

15'390.0 5'877.0 12'722.0 23'648.0 15'417.0 - - 13'271.3 16'822.1 - -

13.88x 21.26x 11.48x 9.18x 9.78x - - 11.43x 9.64x - -











EBITDA Margin 42.3%



Asset Turnover 0.52







Fiscal Year Ended

BHP Billiton PLCPrice/Volume

Valuation Analysis

2'237'435.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

5!!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.03.2013



GEPF EQUITY n/a 20F 87'131'000 4.13 - 24.08.2012 n/a


NORGES BANK n/a RNS-MAJ 63'635'068 3.01 387'315 05.02.2013 Government






INDUSTRIAL DEVELOPME n/a 20F 33'804'582 1.6 - 24.08.2012 Unclassified


BAILLIE GIFFORD AND Multiple Portfolios REG 24'697'602 1.17 (1'256'810) 01.11.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios REG 23'459'843 1.11 819'531 01.11.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 22'369'418 1.06 1'376'028 31.01.2013 Investment Advisor




ALECTA INVESTMENT MA Multiple Portfolios REG 19'545'000 0.93 (4'850'000) 01.11.2012 Unclassified

M&G INVESTMENT MANAG Multiple Portfolios REG 19'266'422 0.91 529'365 01.11.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 18'688'842 0.89 - 31.12.2012 Investment Advisor


Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 2'000 Not Provided 21.03.2013

AlphaValue SACHIN KUMAR reduce 2 M 1'894 6 month 21.03.2013

Jefferies Christopher LaFemina buy 5 M 2'550 12 month 20.03.2013

Goldman Sachs MICHELE DELLA VIGNA neutral/neutral 3 D 2'200 12 month 19.03.2013

Espirito Santo Investment Bank ResearchNICK MELLOR sell 1 N 1'703 Not Provided 19.03.2013


Credit Suisse PAUL MCTAGGART neutral 3 M 2'400 Not Provided 15.03.2013

JPMorgan FRASER JAMIESON neutral 3 M 2'300 9 month 15.03.2013

Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 2'450 12 month 15.03.2013

RBC Capital Markets DES KILALEA outperform 5 M 2'300 12 month 08.03.2013

Macquarie JEFFREY LARGEY neutral 3 M 2'175 12 month 07.03.2013

Macquarie KIERAN DALY neutral 3 M 2'146 12 month 07.03.2013

Nomura SAM CATALANO buy 5 M 2'400 Not Provided 04.03.2013

Morgan Stanley MENNO SANDERSE Overwt/In-Line 5 M 2'310 12 month 28.02.2013

SBG Securities PETER DAVEY buy 5 M 2'500 12 month 28.02.2013

Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 2'155 12 month 26.02.2013

Barclays DAVID BUTLER overweight 5 M 2'300 Not Provided 22.02.2013

Societe Generale ABHISHEK SHUKLA sell 1 M 1'585 12 month 21.02.2013


Natixis RAOUDHA BOUZEKRI buy 5 M 2'400 Not Provided 21.02.2013

Avior Research CLINTON DUNCAN outperform 5 M 3'042 Not Provided 21.02.2013

BMO Capital Markets TONY ROBSON outperform 5 M 2'500 Not Provided 20.02.2013

S&P Capital IQ JOHNSON IMODE hold 3 M 2'200 12 month 20.02.2013

HSBC ANDREW KEEN neutral 3 M 2'250 Not Provided 07.02.2013

Deutsche Bank GRANT SPORRE buy 5 M 2'380 12 month 30.01.2013

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

Investec ALBERT MINASSIAN hold 3 M 2'306 Not Provided 20.12.2012

Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 06.12.2012

Liberum Capital Ltd RICHARD KNIGHTS buy 5 M #N/A N/A Not Provided 20.09.2012

Standard Chartered SUBRAMANIAM VARADA in-line 3 D 2'000 12 month 08.09.2012

Holdings By:

BHP Billiton PLC ee


27.03.2013

AstraZeneca PLC is a holding company. The Company, through its subsidiaries,

researches, manufactures, and sells pharmaceutical and medical products.

AstraZeneca focuses its operations on eight therapeutic areas:

Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous

System, Pain Control, Anaesthesia, and Infection.


LTM as of: 01/yy

52-Week High (25.03.2013) 3'273.00

52-Week Low (01.06.2012) 2'578.50

Daily Volume

3239





40'427.78 1 Yr Total Return 21.53%







AZN LN EQUITY YTD Change - Average Volume 30 Day 2'535'952

AZN LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'340'425


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

31'601.0 32'804.0 33'269.0 33'591.0 27'973.0 10'020.0 8'103.0 26'350.5 25'603.1 6'532.8 6'360.8

2.11x 2.02x 1.84x 1.71x 2.18x 5.78x 7.01x 2.36x 2.38x - -

11'657.0 13'235.0 14'170.0 13'276.0 10'658.0 2'170.0 1'285.0 9'855.8 9'574.7 2'372.5 2'303.0

5.72x 5.00x 4.31x 4.32x 5.72x 7.25x 12.13x 6.40x 6.59x 6.51x -

6'101.0 7'521.0 8'053.0 9'983.0 6'297.0 1'538.0 26.0 6'692.7 6'369.7 1'668.0 1'607.0

9.74x 9.05x 8.14x 6.29x 9.46x 10.92x 20.69x 8.98x 9.32x 8.37x 8.22x


EBIT 8'140.00 Long-Term Rating AA-









EBITDA Margin 41.5%



Asset Turnover 0.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AstraZeneca PLCPrice/Volume

Valuation Analysis

801'460.00


!

.

1

3

5

-!

-.

-1

-3

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

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



27.03.2013



BLACKROCK n/a ULT-AGG 81'345'820 6.52 (19'539'361) 25.03.2013 Investment Advisor


INVESTOR AB Multiple Portfolios REG 51'587'810 4.13 - 01.02.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 51'010'537 4.09 (419'253) 28.02.2013 Unclassified





SCHRODER INVESTMENT Multiple Portfolios REG 18'084'946 1.45 (791'342) 01.02.2013 Investment Advisor



FMR LLC n/a ULT-AGG 14'071'861 1.13 256'131 01.02.2013 Investment Advisor



THREADNEEDLE ASSET M Multiple Portfolios REG 13'153'411 1.05 36'670 01.02.2013 Investment Advisor


GMO LLC Multiple Portfolios REG 12'158'200 0.97 (505'782) 01.02.2013 Corporation


ALLIANCE BERNSTEIN n/a ULT-AGG 10'705'870 0.86 (714'599) 01.02.2013 Investment Advisor


Morgan Stanley PETER VERDULT Equalwt/Attractive 3 M 3'310 12 month 25.03.2013


Nordea Equity Research ERIK HULTGARD sell 1 M 3'037 12 month 25.03.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 3'540 6 month 25.03.2013

Redburn Partners TEAM COVERAGE neutral 3 U #N/A N/A Not Provided 25.03.2013

Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 3'300 Not Provided 25.03.2013

Barclays MARK PURCELL equalweight 3 M 3'300 Not Provided 25.03.2013

Societe Generale STEPHEN MCGARRY sell 1 M 2'675 12 month 22.03.2013

Deutsche Bank MARK CLARK hold 3 M 3'100 12 month 22.03.2013

ABG Sundal Collier PETER HUGREFFE sell 1 M 2'562 6 month 22.03.2013

Credit Suisse LUISA HECTOR underperform 1 M 3'050 Not Provided 22.03.2013

Jefferies JEFFREY HOLFORD hold 3 M 3'000 12 month 22.03.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 3'298 12 month 22.03.2013


Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 22.03.2013

Kepler Capital Markets FABIAN WENNER hold 3 M 2'700 Not Provided 22.03.2013

Natixis BEATRICE MUZARD neutral 3 U 3'383 Not Provided 22.03.2013

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 3'200 Not Provided 22.03.2013

Danske Markets MATTIAS HAGGBLOM hold 3 M 3'000 12 month 22.03.2013

S&P Capital IQ SHO MATSUBARA sell 1 M 2'700 12 month 21.03.2013

AlphaValue ARMELLE MOULIN add 4 M 3'311 6 month 21.03.2013

Helvea ODILE RUNDQUIST neutral 3 M 2'850 12 month 19.03.2013

JPMorgan ALEXANDRA M HAUBER-SCHUELE underweight 1 M 2'750 15 month 15.03.2013

Swedbank JOHAN UNNERUS sell 1 D 2'666 12 month 08.03.2013

Nomura AMIT ROY reduce 2 M 2'600 12 month 18.02.2013


Berenberg Bank ALISTAIR CAMPBELL hold 3 M 3'050 Not Provided 06.02.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER sell 1 D 2'900 Not Provided 05.02.2013

Pareto Securities YILMAZ MAHSHID sell 1 M 2'843 6 month 04.02.2013

SEB Enskilda LARS HEVRENG hold 3 M 2'924 Not Provided 01.02.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 3'375 12 month 28.01.2013


Liberum Capital Ltd NARESH CHOUHAN neutral 3 M 3'000 Not Provided 05.10.2012

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

Mirabaud Securities NICHOLAS TURNER reduce 2 U 2'700 Not Provided 02.04.2012

DZ Bank AG ELMAR KRAUS buy 5 M 3'700 12 month 02.02.2012

MP Advisors Pvt Ltd BHAVITA NAGRANI underperform 1 M 2'509 Not Provided 07.01.2010

Edward Jones LINDA BANNISTER sell 1 M #N/A N/A Not Provided 20.11.2008

Holdings By:

AstraZeneca PLC ee


27.03.2013

Rio Tinto PLC is an international mining company. The Company has interests in

mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,

uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon.

Dually-listed company with RIO AU.


LTM as of: 01/yy

52-Week High (14.02.2013) 3'838.00

52-Week Low (05.09.2012) 2'649.50

Daily Volume

3109.5





61'311.12 1 Yr Total Return -5.09%







RIO LN EQUITY YTD Change - Average Volume 30 Day 4'934'848

RIO LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'259'484


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

54'264.0 41'825.0 55'171.0 60'537.0 50'967.0 2'215.6 2'312.2 58'416.0 62'104.9 - -

1.53x 5.29x 2.71x 1.80x 2.67x 12.65x 11.17x 2.10x 1.94x - -

18'964.0 10'920.0 22'752.0 26'657.0 15'902.0 469.8 477.6 21'990.1 24'140.2 - -

4.38x 20.24x 6.57x 4.09x 8.55x 13.90x 14.81x 5.59x 5.09x - -

3'676.0 4'872.0 14'238.0 5'826.0 (2'990.0) 285.3 247.4 10'986.9 12'212.8 - -

6.19x 18.14x 9.63x 16.07x - 30.00x 34.11x 7.86x 6.91x - -




Pretax Margin -5.04% Short-Term Rating Date 08.07.2009







EBITDA Margin 31.2%


Net Income Margin -5.9% Total Debt/Capital 31.6%

Asset Turnover 0.43








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rio Tinto PLCPrice/Volume

Valuation Analysis

1'787'473.00


!2

-!-2.!.20!021!12

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

!2 !. .!-! !2 !5 .!-! !2 !. .!-- !2 !5 .!-- !2 !. .!-. !2 !5 .!-. !2 !. .!-0



27.03.2013


SHINING PROSPECT PTE Multiple Portfolios REG 182'550'329 12.93 - 03.12.2012 Holding Company


AXA n/a ULT-AGG 59'271'193 4.2 605'414 03.12.2012 Investment Advisor





BNP PARIBAS INV PART n/a ULT-AGG 28'183'471 2 5'058'654 31.01.2013 Investment Advisor

UBS n/a ULT-AGG 27'888'087 1.98 (363'260) 31.01.2013 Unclassified


SUN LIFE FINANCIAL I n/a ULT-AGG 20'784'742 1.47 864'625 31.01.2013 Investment Advisor




AVIVA INVESTORS Multiple Portfolios REG 14'066'647 1 (18'708) 03.12.2012 Investment Advisor


JP MORGAN n/a ULT-AGG 13'345'435 0.95 812'987 31.01.2013 Unclassified

GOVT OF SINGAPORE IN n/a ULT-AGG 13'197'558 0.93 (667'279) 03.12.2012 Government

SCHRODER INVESTMENT Multiple Portfolios REG 13'004'093 0.92 3'648'560 03.12.2012 Investment Advisor



Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 3'870 12 month 27.03.2013

Credit Suisse PAUL MCTAGGART outperform 5 M 4'000 Not Provided 26.03.2013

Independent Research GmbH SVEN DIERMEIER hold 3 D 3'400 12 month 25.03.2013



AlphaValue SACHIN KUMAR add 4 M 3'796 6 month 21.03.2013


Goldman Sachs MICHELE DELLA VIGNA Sell/Neutral 1 D 2'800 12 month 19.03.2013

JPMorgan FRASER JAMIESON overweight 5 M 4'400 9 month 15.03.2013

SBG Securities PETER DAVEY buy 5 M 4'300 12 month 11.03.2013

Macquarie JEFFREY LARGEY neutral 3 M 4'050 12 month 08.03.2013

RBC Capital Markets DES KILALEA outperform 5 M 4'300 12 month 04.03.2013

Espirito Santo Investment Bank ResearchNICK MELLOR sell 1 M 2'910 12 month 04.03.2013


Exane BNP Paribas LUC PEZ outperform 5 M 4'700 Not Provided 27.02.2013

BMO Capital Markets TONY ROBSON outperform 5 M 4'500 Not Provided 25.02.2013

Societe Generale ABHISHEK SHUKLA buy 5 M 3'900 12 month 15.02.2013

Deutsche Bank ROBERT CLIFFORD buy 5 M 4'720 12 month 15.02.2013

Natixis RAOUDHA BOUZEKRI neutral 3 M 3'500 Not Provided 15.02.2013

Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 4'200 12 month 14.02.2013

Nomura SAM CATALANO buy 5 M 3'700 12 month 14.02.2013

S&P Capital IQ JOHNSON IMODE strong buy 5 M 4'200 12 month 14.02.2013

HSBC ANDREW KEEN overweight 5 M 4'180 Not Provided 07.02.2013

Redburn Partners SIMON TOYNE buy 5 M #N/A N/A Not Provided 21.01.2013

Barclays DAVID BUTLER overweight 5 M 4'000 Not Provided 14.01.2013

Liberum Capital Ltd RICHARD KNIGHTS buy 5 U #N/A N/A Not Provided 30.11.2012

Standard Chartered SUBRAMANIAM VARADA outperform 5 M 3'430 12 month 22.11.2012

Axiom Capital GORDON L JOHNSON sell 1 N 2'059 12 month 30.07.2012

Holdings By:

Rio Tinto PLC ee


27.03.2013

BG Group plc specializes in the exploration, production, transmission and

distribution of gas, oil and liquefied natural gas. The Group also develops,

owns and operates gas-fired power generation plants.


LTM as of: 12/yy

52-Week High (27.03.2012) 1'529.50

52-Week Low (19.11.2012) 991.00

Daily Volume

1119.5





38'091.15 1 Yr Total Return -23.19%







BG/ LN EQUITY YTD Change - Average Volume 30 Day 4'937'506

BG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'871'065


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

23'270.8 15'992.8 17'166.0 21'073.0 18'933.0 10'326.0 10'945.0 20'138.5 22'918.5 5'177.0 5'244.5

2.83x 4.28x 4.68x 4.20x 3.54x 9.20x 9.49x 3.48x 3.21x 13.30x 12.93x

11'459.5 8'440.4 8'672.0 10'026.0 10'198.0 2'245.0 2'375.4 10'801.0 12'887.3 2'755.0 2'722.0

5.75x 8.10x 9.27x 8.83x 6.58x 11.14x 10.99x 6.36x 5.33x 6.18x 5.94x

5'790.9 3'394.9 3'351.0 4'234.0 4'519.0 1'343.3 1'407.0 4'404.7 5'280.2 1'194.5 1'174.5

10.25x 17.40x 20.19x 17.08x 16.87x 20.61x 20.41x 12.85x 10.83x 12.21x 11.37x

EBITDA 10'198.00 Long-Term Rating Date -

EBIT 7'605.00 Long-Term Rating -

Operating Margin 40.17% Long-Term Outlook -

Pretax Margin 33.62% Short-Term Rating Date -

Return on Assets 7.14% Short-Term Rating -






EBITDA Margin 48.7%



Asset Turnover 0.34







Fiscal Year Ended

BG Group PLCPrice/Volume

Valuation Analysis

1'915'151.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013





FMR LLC n/a ULT-AGG 102'081'949 3 (22'980'265) 31.01.2013 Investment Advisor








Northern Cross Inter Multiple Portfolios REG 41'754'612 1.23 14'104'546 01.01.2013 Unclassified

STATE FARM MUTUAL AU Multiple Portfolios REG 40'100'800 1.18 1'113'800 01.01.2013 Insurance Company

ALECTA INVESTMENT MA Multiple Portfolios REG 40'085'000 1.18 - 01.01.2013 Unclassified

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 39'857'836 1.17 13'734'613 31.12.2012 Investment Advisor




SUN LIFE FINANCIAL I n/a ULT-AGG 33'967'551 1 4'544'498 31.01.2013 Investment Advisor



Raymond James BERTRAND HODEE outperform 5 N 1'400 Not Provided 26.03.2013

Jefferies BRENDAN MICHAEL WARN buy 5 M 1'700 12 month 22.03.2013

AlphaValue ALEXANDRE ANDLAUER sell 1 M 942 6 month 21.03.2013

Grupo Santander JASON KENNEY buy 5 M 1'395 Not Provided 20.03.2013

Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 1'600 12 month 20.03.2013

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 1'890 12 month 18.03.2013

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 18.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 1'470 Not Provided 18.03.2013

JPMorgan FREDERICK G LUCAS overweight 5 M 1'600 9 month 07.03.2013

Societe Generale IRENE HIMONA hold 3 M 1'200 12 month 25.02.2013



RBC Capital Markets PETER HUTTON outperform 5 M 1'360 12 month 19.02.2013

HSBC PAUL SPEDDING overweight 5 M 1'815 Not Provided 18.02.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 1'268 Not Provided 15.02.2013

Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 1'150 Not Provided 11.02.2013


Equita SIM SpA MASSIMO BONISOLI buy 5 M 1'415 12 month 07.02.2013

Macquarie JASON D GAMMEL neutral 3 M 1'300 12 month 06.02.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 1'500 12 month 06.02.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 U 1'400 12 month 06.02.2013

Barclays RAHIM KARIM overweight 5 M 1'420 Not Provided 06.02.2013

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 1'110 12 month 05.02.2013

Investec STUART JOYNER sell 1 M 1'000 12 month 05.02.2013




Tudor Pickering & Co ANISH KAPADIA hold 3 M 1'500 Not Provided 01.11.2012

CA Cheuvreux JEAN-CHARLES LACOSTE suspended coverage #N/A N/A M #N/A N/A Not Provided 20.09.2012

Shore Capital Stockbrokers GERARD LANE not rated #N/A N/A M #N/A N/A Not Provided 05.03.2012

Holdings By:

BG Group PLC ee


27.03.2013

Barclays PLC is a global financial services provider engaged in retail banking,

credit cards, wholesale banking, investment banking, wealth management and

investment management services.


LTM as of: 02/yy

52-Week High (13.02.2013) 330.05

52-Week Low (26.07.2012) 148.20

Daily Volume

287.8





37'012.98 1 Yr Total Return 17.07%





Enterprise Value -


BARC LN EQUITY YTD Change - Average Volume 30 Day 52'266'530

BARC LN EQUITY YTD % CHANGE - Average Volume 3 Month 48'537'040


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 02/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

37'159.0 41'789.0 40'058.0 38'428.0 38'837.0 2'349.0 2'377.0 29'393.8 30'155.3 - -

- - - - - 12.82x 12.79x -6.81x -7.31x - -

- - - - - 732.0 740.0 - - - -

- - - - - 10.20x 10.51x - - - -

4'382.0 9'393.0 3'564.0 3'007.0 (1'041.0) 558.0 563.0 4'621.6 5'542.0 - -

3.00x 11.49x 8.60x 7.02x - 15.17x 15.83x 7.82x 6.53x - -


EBIT - Long-Term Rating A





Return on Capital -0.05% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Barclays PLCPrice/Volume

Valuation Analysis

28'111'340.00


!2

-!-2.!.20!021!12

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

!3 -- .!!6 !3 !2 .!-! !3 -- .!-! !3 !2 .!-- !3 -- .!-- !3 !2 .!-. !3 -- .!-.



27.03.2013


QATAR HOLDINGS LLC Multiple Portfolios REG 813'964'552 6.33 - 01.02.2013 Government

AL NAHYAN MANSOUR BI n/a RNS-MAJ 758'437'618 5.9 - 26.02.2013 n/a







UPPER CHANCE GROUP L Multiple Portfolios REG 248'872'808 1.94 - 01.02.2013 Unclassified

DODGE & COX Multiple Portfolios MF-AGG 248'069'617 1.93 - 29.01.2013 Investment Advisor

DODGE & COX Multiple Portfolios REG 247'149'298 1.92 (19'000'000) 01.02.2013 Investment Advisor



BARCLAYS PERSONAL IN Multiple Portfolios REG 210'027'061 1.63 (18'528'345) 01.02.2013 Investment Advisor

SUMITOMO MITSUI FINA n/a ULT-AGG 194'608'412 1.51 (259'690) 01.02.2013 Bank





ORBIS INVESTMENT MAN Multiple Portfolios REG 127'348'130 0.99 (9'688'810) 01.02.2013 Investment Advisor


Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 425 Not Provided 25.03.2013

Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 438 12 month 25.03.2013

Investec IAN GORDON buy 5 M 345 12 month 21.03.2013

AlphaValue DAVID GRINSZTAJN add 4 M 363 6 month 21.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 21.03.2013

Macquarie EDWARD FIRTH neutral 3 M 320 12 month 19.03.2013

Nomura CHINTAN JOSHI reduce 2 M 305 12 month 18.03.2013


Oriel Securities Ltd VIVEK RAJA buy 5 U 380 Not Provided 14.03.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 340 Not Provided 12.03.2013

Numis Securities Ltd MICHAEL J TRIPPITT buy 5 M 400 Not Provided 12.03.2013

JPMorgan RAUL SINHA overweight 5 M 375 9 month 11.03.2013

RBC Capital Markets FIONA SWAFFIELD outperform 5 M 375 12 month 05.03.2013

Baden Hill LLP JAMIE MOYES sell 1 M #N/A N/A Not Provided 01.03.2013

Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 400 12 month 27.02.2013


HSBC PETER TOEMAN overweight 5 M 400 Not Provided 26.02.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 418 Not Provided 26.02.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 U 400 12 month 21.02.2013

Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 D 340 12 month 19.02.2013


Shore Capital Stockbrokers GARY GREENWOOD hold 3 M #N/A N/A Not Provided 14.02.2013


Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 290 Not Provided 13.02.2013

S&P Capital IQ FRANK BRADEN buy 5 R 380 12 month 13.02.2013

Independent Research GmbH STEFAN BONGARDT buy 5 U 350 12 month 12.02.2013

Canaccord Genuity Corp GARETH HUNT hold 3 M 280 12 month 12.02.2013

Berenberg Bank JAMES CHAPPELL sell 1 M 160 Not Provided 12.02.2013


Liberum Capital Ltd CORMAC LEECH hold 3 D 230 Not Provided 14.11.2012

Holdings By:

Barclays PLC ee


27.03.2013

Standard Chartered plc is an international banking group operating principally

in Asia, Africa, and the Middle East. The Company offers its products and

services in the personal, consumer, corporate, institutional and treasury

areas.


LTM as of: 12/yy

52-Week High (05.03.2013) 1'860.50

52-Week Low (07.08.2012) 1'092.00

Daily Volume

1695





40'901.39 1 Yr Total Return 9.03%





Enterprise Value -


STAN LN EQUITY YTD Change - Average Volume 30 Day 4'390'414

STAN LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'793'590


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

22'429.0 20'558.0 21'355.0 24'343.0 26'908.0 - - 20'731.6 22'779.4 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

3'241.0 3'380.0 4'332.0 4'849.0 4'887.0 - - 5'809.3 6'447.6 1'900.0 -

6.41x 14.69x 13.38x 10.66x 12.53x - - 10.76x 9.76x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Standard Chartered PLCPrice/Volume

Valuation Analysis

831'702.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F 2 F- ! F- 2 F. ! F. 2 F0 ! F0 2 F1 ! F1 2 F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

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



27.03.2013


TEMASEK HOLDINGS PRI n/a ULT-AGG 432'746'145 17.93 - 29.02.2012 Government









BNP PARIBAS INV PART n/a ULT-AGG 45'077'332 1.87 (415'238) 31.01.2013 Investment Advisor


BAILLIE GIFFORD AND Multiple Portfolios REG 30'412'658 1.26 194'259 02.01.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios REG 30'132'593 1.25 (60'464) 02.01.2013 Investment Advisor



DODGE & COX Multiple Portfolios MF-AGG 27'346'560 1.13 106'661 29.01.2013 Investment Advisor


Standard Chartered B Multiple Portfolios REG 24'000'000 0.99 - 02.01.2013 Unclassified

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 23'951'106 0.99 550'000 31.01.2013 Investment Advisor

WALTER SCOTT & PARTN Multiple Portfolios REG 20'631'586 0.85 (437'402) 02.01.2013 Investment Advisor


Investec IAN GORDON buy 5 M 1'900 12 month 26.03.2013

Macquarie THOMAS STOEGNER outperform 5 M 2'000 12 month 26.03.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 U 1'837 Not Provided 25.03.2013

RBC Capital Markets PATRICK LEE sector perform 3 M 1'700 12 month 25.03.2013

HSBC PETER TOEMAN neutral 3 M 1'800 Not Provided 21.03.2013

AlphaValue DAVID GRINSZTAJN reduce 2 M 1'778 6 month 21.03.2013


Credit Suisse AMIT GOEL underperform 1 M 1'400 Not Provided 20.03.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA underperform 1 M 1'330 12 month 20.03.2013

Nomura CHINTAN JOSHI buy 5 M 2'100 12 month 18.03.2013

Exane BNP Paribas TOM RAYNER neutral 3 M 1'750 Not Provided 18.03.2013

Oriel Securities Ltd VIVEK RAJA add 4 D 2'050 Not Provided 14.03.2013

Berenberg Bank JAMES CHAPPELL sell 1 D 1'450 Not Provided 12.03.2013

Liberum Capital Ltd CORMAC LEECH hold 3 D 1'875 Not Provided 12.03.2013

Independent Research GmbH STEFAN BONGARDT buy 5 U 2'100 12 month 08.03.2013

Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 08.03.2013

Keefe, Bruyette & Woods MARK J PHIN market perform 3 M 1'890 12 month 07.03.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 1'900 Not Provided 07.03.2013

Societe Generale JAMES INVINE buy 5 M 2'100 12 month 06.03.2013

Deutsche Bank JASON NAPIER hold 3 M 1'825 12 month 06.03.2013

JPMorgan RAUL SINHA overweight 5 M 2'000 9 month 06.03.2013

China International Capital Corp SALLY NG hold 3 M 1'821 12 month 06.03.2013

BNP Paribas Equity Research DOMINIC CHAN buy 5 M 2'157 12 month 06.03.2013

Citic Securities Co., Ltd STEVEN CHAN hold 3 M 1'764 6 month 06.03.2013

Numis Securities Ltd MICHAEL J TRIPPITT add 4 M 2'057 Not Provided 06.03.2013

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 1'888 Not Provided 06.03.2013

Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 2'020 12 month 05.03.2013

S&P Capital IQ FRANK BRADEN hold 3 M 1'980 12 month 05.03.2013

CCB International Securities Ltd ADAM CHAN outperform 5 M 2'049 Not Provided 05.03.2013

Mizuho Securities JIM ANTOS buy 5 U 2'057 12 month 01.03.2013

Day by Day VALERIE GASTALDY buy 5 U 1'854 3 month 14.02.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 1'970 Not Provided 29.01.2013

Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 1'950 12 month 28.01.2013

Redburn Partners FAHED KUNWAR neutral 3 M #N/A N/A Not Provided 04.01.2013

Barclays ROHITH CHANDRA-RAJAN overweight 5 M 1'600 Not Provided 17.12.2012

Grupo Santander ARTURO DE FRIAS buy 5 M 1'960 Not Provided 11.12.2012

Canaccord Genuity Corp GARETH HUNT sell 1 M 1'325 12 month 06.12.2012

Daniel Stewart & Co SIMON WILLIS buy 5 M 1'900 12 month 08.08.2012

JM Financial Institutional Securities P PUNEET GULATI buy 5 M 1'800 Not Provided 02.08.2012

IIFL SACHIN NIKHARE add 4 M 1'700 12 month 01.03.2012

Holdings By:

Standard Chartered PLC ee


27.03.2013

Unilever PLC manufactures branded and packaged consumer goods, including food,

detergents, fragrances, home and personal care products. Dually-listed company

with UNA NA.


LTM as of: 11/yy

52-Week High (25.03.2013) 2'782.00

52-Week Low (11.04.2012) 1'993.00

Daily Volume

2731





80'469.99 1 Yr Total Return 36.68%







ULVR LN EQUITY YTD Change - Average Volume 30 Day 2'116'801

ULVR LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'150'922


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 11/yy 11/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 9'272.5 10'245.4 53'508.8 56'551.8 12'678.3 13'837.2

1.35x 1.75x 1.62x 1.77x 1.76x 4.95x 5.34x 1.90x 1.77x - -

6'793.0 6'887.0 7'620.0 7'921.0 8'379.0 1'659.2 1'782.2 8'790.1 9'406.3 - -

8.04x 10.14x 9.40x 10.40x 10.79x 7.50x 7.19x 11.73x 10.97x - -

5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 921.9 1'015.0 4'919.9 5'363.3 1'120.0 1'140.0

9.21x 18.57x 15.17x 17.14x 18.39x 15.56x 13.74x 19.09x 17.57x 18.85x -











EBITDA Margin 16.3%



Asset Turnover 1.10







Fiscal Year Ended

Unilever PLCPrice/Volume

Valuation Analysis

783'098.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

!3 !0 .!!6 !3 !6 .!!6 !3 !0 .!-! !3 !6 .!-! !3 !0 .!-- !3 !6 .!-- !3 !0 .!-. !3 !6 .!-. !3 !0 .!-0



27.03.2013



The Leverhulme Trust Multiple Portfolios REG 70'566'764 5.5 - 02.01.2013 Unclassified









OPPENHEIMERFUNDS INC Multiple Portfolios REG 17'496'650 1.36 313'701 02.01.2013 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 17'139'553 1.34 164'900 31.01.2013 Investment Advisor






CEDAR ROCK CAPITAL L Multiple Portfolios REG 13'353'349 1.04 (229'486) 02.01.2013 Investment Advisor


Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 2'700 12 month 25.03.2013

Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 3'000 Not Provided 21.03.2013

AlphaValue SOPHIE CABO-BROSETA sell 1 M 2'419 6 month 21.03.2013

Shore Capital Stockbrokers DARREN SHIRLEY buy 5 M #N/A N/A Not Provided 19.03.2013

Exane BNP Paribas JEFF STENT neutral 3 M 2'900 Not Provided 19.03.2013

Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 2'200 12 month 13.03.2013

Oriel Securities Ltd CHRIS WICKHAM hold 3 M 2'800 Not Provided 13.03.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 2'800 12 month 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 2'800 12 month 11.03.2013

Credit Suisse CHARLES MILLS neutral 3 M 2'800 Not Provided 07.03.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 3'250 Not Provided 06.03.2013

Investec MARTIN DEBOO buy 5 M 2'900 12 month 20.02.2013


Goldman Sachs ALEXIS COLOMBO Buy/Neutral 5 M 3'100 12 month 07.02.2013

Barclays IAIN SIMPSON overweight 5 M 2'900 Not Provided 31.01.2013

HSBC CEDRIC BESNARD overweight 5 M 2'940 Not Provided 30.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 29.01.2013

JPMorgan CELINE PANNUTI overweight 5 M 2'850 9 month 28.01.2013

Berenberg Bank JAMES TARGETT buy 5 M 2'800 Not Provided 25.01.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 2'520 12 month 23.01.2013

Jefferies ALEX HOWSON buy 5 M 2'460 12 month 23.01.2013


Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'280 Not Provided 14.09.2012

Nord/LB WOLFGANG VASTERLING hold 3 M #N/A N/A Not Provided 03.07.2012

Nomura DAVID HAYES reduce 2 M 1'870 Not Provided 17.01.2012

Holdings By:

Unilever PLC ee


27.03.2013

SABMiller plc is an international beer company. The Company bottles and

distributes beer through breweries worldwide. SABMiller also bottles and

distributes a number of soft drinks.


LTM as of: 12/yy

52-Week High (14.03.2013) 3'514.50

52-Week Low (30.05.2012) 2'342.00

Daily Volume

3412.5



% 52 Week Price Range High/Low 93.90% Equity Float 802.58


54'499.72 1 Yr Total Return 35.60%




Cash and Equivalents 746.00 Consensus Rating 3.459



SAB LN EQUITY YTD Change - Average Volume 30 Day 1'994'878

SAB LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'925'772


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y - -

17'057.0 14'883.0 14'195.0 15'145.0 16'713.0 - - 24'499.3 25'989.8 - -

2.50x 2.25x 4.08x 4.42x 5.16x - - 4.06x 3.75x - -

4'569.0 3'663.0 4'212.0 4'682.0 5'154.0 - - 6'424.3 7'025.7 - -

9.35x 9.13x 13.74x 14.30x 16.73x - - 15.75x 14.40x - -

2'023.0 1'881.0 1'910.0 2'408.0 4'221.0 - - 3'831.8 4'326.8 - -

16.26x 11.84x 23.94x 23.21x 15.05x - - 21.47x 19.07x - -


EBIT 3'972.00 Long-Term Rating BBB+









EBITDA Margin 31.7%



Asset Turnover 0.37







Fiscal Year Ended

SABMiller PLCPrice/Volume

Valuation Analysis

375'274.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

-!!-.!-1!-3!-5!.!!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. F

1 F

3 F

5 F

- ! F

- . F

- 1 F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013


ALTRIA GROUP INC n/a RNS-MAJ 430'000'000 26.92 - 29.06.2012 Corporation

BEVCO INTERNATIONAL n/a Co File 225'000'000 14.09 - 08.06.2012 Corporation

PUBLIC INVESTMENT CO n/a Co File 67'663'248 4.24 - 08.06.2012 Government

KULCZYK HOLDING n/a Co File 60'000'000 3.76 - 08.06.2012 Holding Company

KULCZYK INVESTMENT H Multiple Portfolios REG 60'000'000 3.76 - 01.11.2012 Investment Advisor





CAPITAL GROUP COMPAN n/a ULT-AGG 21'708'108 1.36 (755'600) 31.12.2012 Investment Advisor


SCOTTISH WIDOWS n/a ULT-AGG 19'161'032 1.2 (4'245'434) 30.11.2012 Unclassified

ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 15'304'821 0.96 (1'824'542) 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'499'774 0.78 - 31.01.2013 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios REG 10'980'964 0.69 (324'670) 01.11.2012 Investment Advisor



GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 9'330'377 0.58 265'826 31.12.2012 Hedge Fund Manager

BNP PARIBAS INV PART n/a ULT-AGG 8'204'566 0.51 77'255 31.01.2013 Investment Advisor


HSBC LAUREN E TORRES neutral 3 M 3'600 Not Provided 27.03.2013

Credit Suisse SANJEET AUJLA outperform 5 M 4'000 Not Provided 26.03.2013

Macquarie WYNAND VAN ZYL outperform 5 M 3'698 12 month 26.03.2013

Renaissance Capital REY WIUM sell 1 D 3'400 12 month 26.03.2013

Oriel Securities Ltd CHRIS WICKHAM add 4 M 3'760 Not Provided 26.03.2013

SBG Securities BRENDAN GRUNDLINGH hold 3 M 3'200 12 month 26.03.2013

Morgan Stanley VIKHYAT SHARMA Equalwt/In-Line 3 M 3'300 12 month 25.03.2013

Nomura IAN SHACKLETON neutral 3 M 2'840 12 month 25.03.2013

Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 3'180 12 month 22.03.2013

AlphaValue ISABELLE COMBEMALE sell 1 D 3'033 6 month 21.03.2013

JPMorgan MATTHEW WEBB overweight 5 M 3'645 15 month 19.03.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 3'675 Not Provided 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 3'500 12 month 11.03.2013


Berenberg Bank PHILIP MORRISEY buy 5 M 3'800 Not Provided 01.03.2013

Barclays SIMON HALES equalweight 3 D 3'350 Not Provided 25.02.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 3'333 Not Provided 22.02.2013

Investec MARTIN DEBOO buy 5 M 2'950 12 month 15.02.2013


Liberum Capital Ltd PABLO ZUANIC sell 1 M 2'600 Not Provided 25.01.2013

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'860 Not Provided 23.01.2013

Natixis OLIVIER DELAHOUSSE neutral 3 M 3'000 Not Provided 23.01.2013

Societe Generale ANDREW HOLLAND hold 3 M 2'970 12 month 22.01.2013

Deutsche Bank JONATHAN FELL hold 3 M 2'900 12 month 22.01.2013


Shore Capital Stockbrokers PHIL CARROLL hold 3 M #N/A N/A Not Provided 22.01.2013

Bryan Garnier & Cie NIKOLAAS FAES neutral 3 M 2'633 6 month 22.01.2013


CA Cheuvreux ERIC BOROIAN outperform 5 M 2'950 Not Provided 21.01.2013


Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 3'520 12 month 09.01.2013

Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 10.12.2012

Avior Research DE WET SCHUTTE underperform 1 M 2'641 Not Provided 19.10.2012

Afrifocus Securities TANUJA CHITRE hold 3 M #N/A N/A Not Provided 24.08.2012

Holdings By:

SABMiller PLC ee


27.03.2013

Reckitt Benckiser Group PLC manufactures and distributes a wide range of

household, toiletry, pharmaceutical and food products on a global basis. The

Company's products include fabric treatments , disinfectant spray and cleaners,

dishwashing detergent, personal care, food, and prescription drugs.


LTM as of: 12/yy

52-Week High (26.03.2013) 4'850.00

52-Week Low (28.06.2012) 3'274.00

Daily Volume

4767




Shares Out 26.03.2013 716.6 Short Int -

34'158.73 1 Yr Total Return 38.34%







RB/ LN EQUITY YTD Change - Average Volume 30 Day 1'269'506

RB/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'075'968


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

6'563.0 7'753.0 8'453.0 9'485.0 9'567.0 2'169.5 2'197.5 10'109.4 10'596.5 2'452.0 2'473.0

2.96x 3.10x 3.28x 2.65x 3.23x 11.81x 10.67x 3.58x 3.33x - -

1'612.0 2'030.0 2'375.0 2'644.0 2'718.0 796.1 701.7 2'773.4 2'922.0 - -

12.05x 11.84x 11.66x 9.49x 11.36x 5.53x 8.27x 13.18x 12.51x - -

1'120.0 1'418.0 1'568.0 1'745.0 1'829.0 452.8 328.9 1'949.1 2'043.3 - -

16.36x 16.87x 16.28x 13.26x 15.36x 13.38x 18.34x 17.96x 16.99x - -











EBITDA Margin 28.4%



Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Reckitt Benckiser Group PLCPrice/Volume

Valuation Analysis

453'288.00


!2

-!-2.!.20!021!122!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.03.2013


JAB INVESTMENTS BV Multiple Portfolios REG 76'659'342 10.7 - 03.12.2012 Unclassified


INVESCO LTD n/a RNS-MAJ 35'939'131 5.02 (3'521'895) 11.02.2013 Investment Advisor






MORGAN STANLEY n/a ULT-AGG 13'704'925 1.91 203'806 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 13'054'020 1.82 - 31.01.2013 Investment Advisor

MORGAN STANLEY INVES Multiple Portfolios REG 12'921'988 1.8 131'837 03.12.2012 Investment Advisor


PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 11'262'286 1.57 - 31.03.2012 Investment Advisor

WALTER SCOTT & PARTN Multiple Portfolios REG 10'715'075 1.5 2'130'744 03.12.2012 Investment Advisor

CEDAR ROCK CAPITAL L Multiple Portfolios REG 8'962'334 1.25 3'028'426 03.12.2012 Investment Advisor





FIRST MANHATTAN CO A FIRST MANHATTAN COMP 13F 6'769'218 0.94 26'600 31.12.2012 Investment Advisor


Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 4'700 Not Provided 26.03.2013

Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 5'000 12 month 25.03.2013

AlphaValue ARMELLE MOULIN reduce 2 M 4'543 6 month 21.03.2013

Oriel Securities Ltd CHRIS WICKHAM add 4 M 4'700 Not Provided 13.03.2013

Grupo Santander PEDRO GIL hold 3 M 4'200 Not Provided 12.03.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 4'500 12 month 11.03.2013

Credit Suisse CHARLES MILLS neutral 3 M 4'900 Not Provided 11.03.2013

Berenberg Bank SETH PETERSON hold 3 M 4'490 Not Provided 11.03.2013

Liberum Capital Ltd PABLO ZUANIC sell 1 M 3'500 Not Provided 08.03.2013

Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 4'300 12 month 07.03.2013

Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 4'320 12 month 07.03.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 3'425 12 month 05.03.2013

Societe Generale CHAS MANSO DE ZUNIGA sell 1 M 4'000 12 month 26.02.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 3'950 12 month 26.02.2013

Investec MARTIN DEBOO sell 1 M 4'260 12 month 25.02.2013

JPMorgan CELINE PANNUTI neutral 3 M 4'300 9 month 25.02.2013

Jefferies ALEX HOWSON hold 3 M 3'640 12 month 25.02.2013

Exane BNP Paribas EAMONN FERRY underperform 1 M 4'000 Not Provided 25.02.2013


Raymond James HERMINE DE BENTZMANN outperform 5 M 4'630 Not Provided 14.02.2013

HSBC CEDRIC BESNARD neutral 3 M 4'700 Not Provided 14.02.2013

Nomura GUILLAUME DELMAS buy 5 M 4'900 Not Provided 14.02.2013

Barclays IAIN SIMPSON underweight 1 M 3'700 Not Provided 14.02.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 4'300 6 month 13.02.2013

Deutsche Bank HAROLD THOMPSON buy 5 M 4'800 12 month 13.02.2013

Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 13.02.2013



CA Cheuvreux ERIC BOROIAN underperform 1 M 3'750 Not Provided 21.01.2013


Redburn Partners JEREMY FIALKO sell 1 M #N/A N/A Not Provided 24.09.2012

Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 3'140 Not Provided 14.09.2012

Holdings By:

Reckitt Benckiser Group PLC ee


27.03.2013

Tesco plc is a food retailer. The Group operates stores in the United Kingdom,

Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan,

Malaysia, South Korea, China, Thailand, and the United States.


LTM as of: 12/yy

52-Week High (15.03.2013) 387.35

52-Week Low (06.06.2012) 294.50

Daily Volume

375.3





30'229.15 1 Yr Total Return 16.04%







TSCO LN EQUITY YTD Change - Average Volume 30 Day 15'072'880

TSCO LN EQUITY YTD % CHANGE - Average Volume 3 Month 15'425'250


29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 12/yy 12/yy 02/13 Y 02/14 Y 08/11 Q2 11/11 Q3

47'298.0 53'898.0 56'910.0 60'455.0 64'539.0 - - 66'173.0 69'012.3 - -

0.79x 0.70x 0.75x 0.67x 0.52x - - 0.56x 0.51x - -

3'595.0 4'122.0 4'464.0 4'905.0 5'107.0 - - 4'969.3 5'237.4 - -

10.42x 9.09x 9.57x 8.23x 6.62x - - 7.72x 7.32x - -

2'124.0 2'133.0 2'327.0 2'655.0 2'806.0 - - 2'574.8 2'729.9 - -

14.85x 12.28x 14.31x 11.79x 8.66x - - 11.91x 11.27x - -











EBITDA Margin 7.6%



Asset Turnover 1.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tesco PLCPrice/Volume

Valuation Analysis

5'085'111.00


!2

-!-2.!.20!021!12

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

4 ! F

5 ! F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.03.2013


BERKSHIRE HATHAWAY I n/a ULT-AGG 408'516'187 5.07 - 01.01.2013 Investment Advisor








MONDRIAN INVESTMENT Multiple Portfolios REG 107'524'181 1.33 (407'143) 01.01.2013 Hedge Fund Manager




GEICO CORP Multiple Portfolios REG 90'000'000 1.12 - 01.01.2013 Unclassified


ALECTA INVESTMENT MA Multiple Portfolios REG 86'150'000 1.07 - 01.01.2013 Unclassified

M&G INVESTMENT MANAG Multiple Portfolios REG 83'932'359 1.04 1'917'566 01.01.2013 Investment Advisor

SILCHESTER INTL INVE Multiple Portfolios REG 81'651'783 1.01 20'121'589 01.01.2013 Investment Advisor



GENERAL REINSURANCE Multiple Portfolios REG 72'862'000 0.9 - 01.01.2013 Insurance Company


Jefferies JAMES GRZINIC buy 5 M 440 12 month 26.03.2013

Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 443 Not Provided 26.03.2013

Oriel Securities Ltd JONATHAN PRITCHARD buy 5 M 400 Not Provided 26.03.2013

JPMorgan JAIME VAZQUEZ overweight 5 M 425 9 month 25.03.2013

AlphaValue VIRGINIE BLIN reduce 2 M 380 6 month 21.03.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK buy 5 M #N/A N/A Not Provided 19.03.2013

Exane BNP Paribas JOHN KERSHAW neutral 3 M 375 Not Provided 13.03.2013

Morgan Stanley EDOUARD AUBIN Underwt/In-Line 1 M 310 12 month 11.03.2013


Credit Suisse ANDREW KASOULIS outperform 5 U 430 Not Provided 06.03.2013

Panmure Gordon & Co Limited PHILIP DORGAN buy 5 M 440 Not Provided 06.03.2013

Nomura NICK COULTER buy 5 M 430 12 month 26.02.2013

Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 15.02.2013

Baader Bank VOLKER BOSSE buy 5 U 410 12 month 12.02.2013

Macquarie SREEDHAR MAHAMKALI outperform 5 M 400 12 month 23.01.2013


Independent Research GmbH ZAFER RUZGAR buy 5 M 420 12 month 11.01.2013

HSBC JEROME SAMUEL overweight 5 M 410 Not Provided 10.01.2013

Aurel - BGC JEAN-MARIE L'HOME sell 1 M 300 Not Provided 10.01.2013

S&P Capital IQ WILLIAM MACK buy 5 M 380 12 month 10.01.2013

Espirito Santo Investment Bank ResearchCAROLINE GULLIVER sell 1 M 275 Not Provided 08.01.2013

Barclays JAMES ANSTEAD equalweight 3 M 360 Not Provided 04.01.2013

Investec DAVID MCCARTHY sell 1 M 295 12 month 04.10.2012

CA Cheuvreux ARNAUD JOLY underperform 1 M 320 Not Provided 04.10.2012

Natixis PIERRE-EDOUARD BOUDOT reduce 2 D 300 Not Provided 04.10.2012

Deutsche Bank JAMES G COLLINS buy 5 M 394 12 month 24.09.2012

Kepler Capital Markets FABIENNE CARON hold 3 N 298 Not Provided 28.06.2012

Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 375 12 month 01.05.2012

Merchant Securities AMISHA CHOHAN hold 3 M #N/A N/A Not Provided 18.04.2012

Holdings By:

Tesco PLC ee


27.03.2013

Prudential plc is an international company which provides a wide assortment of

insurance and investment products and services. Insurance products include life,

accident and health, property and casualty insurance, as well as fixed and

variable annuities. Financial and investment services include personal and

group pensions, equity plans, mortgages and deposit accounts.


LTM as of: 12/yy

52-Week High (14.03.2013) 1'178.00

52-Week Low (01.06.2012) 654.50

Daily Volume

1055





26'979.45 1 Yr Total Return 38.61%







PRU LN EQUITY YTD Change - Average Volume 30 Day 4'435'634

PRU LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'964'871


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

(10'269.0) 48'099.0 47'646.0 36'506.0 55'476.0 4'754.0 4'680.0 57'898.0 59'358.0 933.1 -

- 0.38x 0.39x 0.47x 0.43x 7.81x 9.01x 0.36x 0.35x - -

- - - - - 1'796.0 1'836.0 - - - -

- - - - - 4.72x 4.72x - - - -

(396.0) 676.0 1'431.0 1'490.0 2'197.0 928.0 924.0 2'014.8 2'240.3 - -

- 23.20x 11.78x 10.85x 10.01x 11.17x 11.05x 13.20x 11.92x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.19

Current Ratio - Net Fixed Asset Turnover -






Fiscal Year Ended

Prudential PLCPrice/Volume

Valuation Analysis

2'222'867.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



27.03.2013













JANUS CAPITAL MANAGE n/a ULT-AGG 39'310'345 1.54 (7'205'386) 01.01.2013 Investment Advisor




LAZARD ASSET MANAGEM n/a ULT-AGG 25'199'103 0.99 (468'132) 28.02.2013 Unclassified

AEGON n/a ULT-AGG 24'499'349 0.96 (6'815'149) 01.01.2013 Unclassified

HSBC INVESTMENTS UK Multiple Portfolios REG 24'085'771 0.94 (189'080) 01.01.2013 Investment Advisor


MORGAN STANLEY INVES Multiple Portfolios REG 22'537'114 0.88 (2'815'055) 01.01.2013 Investment Advisor


Exane BNP Paribas ANDY HUGHES underperform 1 M 835 Not Provided 27.03.2013

Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 1'160 Not Provided 26.03.2013

HSBC KAILESH MISTRY overweight 5 M 1'375 Not Provided 22.03.2013


AlphaValue JEROME CASSAGNE sell 1 D 911 6 month 21.03.2013

Berenberg Bank MATTHEW PRESTON buy 5 M 1'350 Not Provided 20.03.2013

Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 20.03.2013


Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 1'350 12 month 15.03.2013

Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 15.03.2013

Credit Suisse CHRIS ESSON outperform 5 M 1'300 Not Provided 14.03.2013

Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 950 12 month 13.03.2013

Sanford C. Bernstein & Co EDWARD HOUGHTON outperform 5 M 1'055 12 month 13.03.2013

S&P Capital IQ RODERICK WALLACE buy 5 D 1'250 12 month 13.03.2013

Oriel Securities Ltd MARCUS BARNARD buy 5 M 900 Not Provided 13.03.2013

JPMorgan ASHIK MUSADDI underweight 1 M 781 9 month 11.03.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 910 12 month 20.02.2013

Morgan Stanley JON HOCKING Overwt/In-Line 5 M 1'135 12 month 11.02.2013

Macquarie NEIL WELCH neutral 3 M 1'000 12 month 05.02.2013

Barclays ALAN DEVLIN overweight 5 M 1'023 Not Provided 04.02.2013

Deutsche Bank OLIVER STEEL buy 5 M 1'060 12 month 24.01.2013

Investec KEVIN RYAN hold 3 M 831 12 month 07.01.2013

Societe Generale ABID HUSSAIN buy 5 M 900 12 month 03.12.2012

Nomura FAHAD CHANGAZI reduce 2 M 680 Not Provided 15.08.2012

Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 812 6 month 01.07.2011

Holdings By:

Prudential PLC ee


27.03.2013

National Grid PLC is an investor-owned utility company which distributes gas.

The PLC owns and operates the electricity transmission network in England and

Wales, the gas transmission network in Great Britain, and electricity

transmission networks in the Northeastern United States. National Grid also

operates the electricity transmission networks in Scotland.


LTM as of: 12/yy

52-Week High (25.03.2013) 761.00

52-Week Low (30.03.2012) 622.50

Daily Volume

745.5





27'320.61 1 Yr Total Return 25.30%







NG/ LN EQUITY YTD Change - Average Volume 30 Day 7'462'578

NG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'748'207


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y - -

11'423.0 15'624.0 14'007.0 14'343.0 13'832.0 - - 14'424.9 14'962.4 - -

3.20x 2.41x 2.84x 2.90x 3.16x - - 3.39x 3.35x - -

3'589.0 4'037.0 4'309.0 4'845.0 4'777.0 - - 5'088.6 5'413.5 - -

10.20x 9.34x 9.24x 8.58x 9.14x - - 9.48x 8.91x - -

3'190.0 944.0 1'386.0 2'159.0 2'036.0 - - 1'952.8 2'008.1 - -

11.47x 14.32x 13.25x 9.30x 11.04x - - 13.96x 13.58x - -











EBITDA Margin 36.7%



Asset Turnover 0.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

National Grid PLCPrice/Volume

Valuation Analysis

1'499'584.00


!

-!

.!

0!

1!

2!

3!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F- ! F. ! F0 ! F1 ! F2 ! F3 ! F4 ! F5 ! F6 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

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



27.03.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 399'638'038 10.9 (35'637'904) 21.02.2013 Investment Advisor


CRESCENT HOLDING GMB Multiple Portfolios REG 149'414'285 4.08 - 03.12.2012 Investment Advisor







BREWIN DOLPHIN LIMIT Multiple Portfolios REG 44'812'821 1.22 (2'034'154) 03.12.2012 Investment Advisor


STOCK LENDING ACCOUN Multiple Portfolios REG 42'803'435 1.17 18'660'830 03.12.2012 Other



DEUTSCHE BANK PROP T Multiple Portfolios REG 34'419'117 0.94 19'219'117 03.12.2012 Other



NOMURA n/a ULT-AGG 27'260'666 0.74 5'959'620 03.12.2012 Unclassified


FEDERATED INVESTORS Multiple Portfolios MF-AGG 24'687'411 0.67 1'812'745 31.12.2012 Investment Advisor


RBC Capital Markets JOHN MUSK outperform 5 M 800 12 month 26.03.2013

Exane BNP Paribas IAIN TURNER outperform 5 M 780 Not Provided 25.03.2013

HSBC VERITY MITCHELL overweight 5 U 850 Not Provided 21.03.2013

AlphaValue MYRIAM COHEN reduce 2 M 692 6 month 21.03.2013

Credit Suisse MARK FRESHNEY outperform 5 M 800 Not Provided 20.03.2013

JPMorgan EDMUND REID neutral 3 U 720 12 month 18.03.2013

Societe Generale ASHLEY THOMAS sell 1 M 634 12 month 11.03.2013

Goldman Sachs ANDREW MEAD Sell/Neutral 1 M 604 12 month 11.03.2013

Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 08.03.2013

Nomura JONATHAN CONSTABLE buy 5 M 735 12 month 28.02.2013

Cantor Fitzgerald ANGELOS ANASTASIOU sell 1 N 617 Not Provided 11.02.2013

Berenberg Bank LAWSON STEELE hold 3 N 700 Not Provided 05.02.2013

S&P Capital IQ CLIVE ROBERTS hold 3 M 727 12 month 29.01.2013

Liberum Capital Ltd GUILLAUME REDGWELL hold 3 N 730 Not Provided 25.01.2013

Barclays PETER BISZTYGA overweight 5 M 785 Not Provided 25.01.2013

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

Deutsche Bank MARTIN BROUGH sell 1 M 600 12 month 07.01.2013


Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 775 12 month 13.12.2012

Independent Research GmbH SVEN DIERMEIER hold 3 M 710 12 month 21.11.2012

Holdings By:

National Grid PLC ee


27.03.2013

Anglo American PLC is a global mining company. The Company's mining portfolio

includes bulk commodities including iron ore, manganese and metallurgical

coal, base metals including copper and nickel and precious metals and minerals

including platinum and diamonds. Anglo American PLC has mining operations in

Africa, Europe, North and South America, Asia and Australia.


LTM as of: 12/yy

52-Week High (27.03.2012) 2'501.50

52-Week Low (16.11.2012) 1'662.50

Daily Volume

1724





24'027.12 1 Yr Total Return -26.29%







AAL LN EQUITY YTD Change - Average Volume 30 Day 3'623'367

AAL LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'298'304


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

26'311.0 20'858.0 27'960.0 30'580.0 28'761.0 - - 34'232.7 35'791.3 - -

1.61x 3.39x 2.84x 1.75x 1.97x - - 1.53x 1.51x - -

9'986.0 4'465.0 10'301.0 11'379.0 7'682.0 - - 9'904.2 10'782.7 - -

4.23x 15.82x 7.71x 4.69x 7.37x - - 5.06x 4.64x - -

5'215.0 2'425.0 6'544.0 6'169.0 (1'493.0) - - 2'962.9 3'672.3 - -

5.19x 21.67x 9.58x 7.24x - - - 11.24x 9.25x - -







Return on Capital - EBITDA/Interest Exp. 7.08




EBITDA Margin 26.7%



Asset Turnover 0.38







Fiscal Year Ended

Anglo American PLCPrice/Volume

Valuation Analysis

1'013'873.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

4 ! F

5 ! F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.03.2013



PUBLIC INVESTMENT CO Multiple Portfolios REG 77'592'603 5.57 - 01.11.2012 Government


TARL INVESTMENT HOLD Multiple Portfolios REG 47'275'613 3.39 - 01.11.2012 Unclassified

EPOCH TWO INVESTMENT Multiple Portfolios REG 42'166'686 3.03 - 01.11.2012 Unclassified


NORGES BANK INVESTME Multiple Portfolios REG 29'466'453 2.11 (2'557'012) 01.11.2012 Government


E OPPENHEIMER & SON Multiple Portfolios REG 25'200'000 1.81 - 01.11.2012 Other

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 21'574'878 1.55 3'080'902 31.01.2013 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios REG 15'661'337 1.12 6'944'224 01.11.2012 Investment Advisor



CORONATION ASSET MAN Multiple Portfolios MF-AGG 11'914'195 0.85 1'346'501 31.12.2012 Investment Advisor


AVIVA INVESTORS Multiple Portfolios REG 10'437'360 0.75 (639'640) 01.11.2012 Investment Advisor




RBC Capital Markets DES KILALEA underperform 1 D 1'800 12 month 26.03.2013


S&P Capital IQ JOHNSON IMODE sell 1 D 1'640 12 month 21.03.2013


Exane BNP Paribas RAPHAEL VEVERKA underperform 1 M 1'700 Not Provided 21.03.2013

AlphaValue SACHIN KUMAR add 4 M 2'073 6 month 21.03.2013


Goldman Sachs EUGENE KING Sell/Neutral 1 M 1'450 12 month 19.03.2013

Macquarie KIERAN DALY outperform 5 M 2'250 12 month 18.03.2013

Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 2'080 12 month 15.03.2013

Liberum Capital Ltd BEN DAVIS hold 3 M #N/A N/A Not Provided 15.03.2013

Nomura SAM CATALANO reduce 2 D 1'700 Not Provided 04.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 22.02.2013

Societe Generale ALAIN WILLIAM sell 1 M 1'900 12 month 19.02.2013

Independent Research GmbH SVEN DIERMEIER sell 1 M 1'800 12 month 19.02.2013


Credit Suisse LIAM FITZPATRICK neutral 3 M 2'100 Not Provided 18.02.2013

JPMorgan FRASER JAMIESON underweight 1 M 1'640 9 month 18.02.2013


SBG Securities PETER DAVEY sell 1 M 2'000 12 month 18.02.2013

BMO Capital Markets TONY ROBSON market perform 3 M 2'200 Not Provided 15.02.2013

HSBC ANDREW KEEN overweight 5 U 2'240 Not Provided 07.02.2013

Imara STEPHEN MEINTJES hold 3 N #N/A N/A Not Provided 17.01.2013

Investec ALBERT MINASSIAN hold 3 M 2'259 Not Provided 16.01.2013

Redburn Partners SIMON TOYNE sell 1 D #N/A N/A Not Provided 16.01.2013

Barclays IAN ROSSOUW equalweight 3 M 1'970 Not Provided 14.01.2013

Standard Chartered SUBRAMANIAM VARADA in-line 3 M 1'960 12 month 08.09.2012

Avior Research CLINTON DUNCAN outperform 5 M 2'338 Not Provided 27.08.2012

CA Cheuvreux JOAKIM AHLBERG outperform 5 M 2'250 Not Provided 30.07.2012

Daiwa Securities Co. Ltd. SCOTT FINLAY hold 3 N 3'329 6 month 21.04.2011

Panmure Gordon & Co Limited ALISON TURNER hold 3 M 2'756 Not Provided 21.04.2011

Holdings By:

Anglo American PLC ee


27.03.2013

Imperial Tobacco Group plc is an international tobacco company that

manufactures, markets, and sells a range of cigarettes, tobaccos,

rolling papers, and cigars.


LTM as of: 12/yy

52-Week High (10.07.2012) 2'629.00

52-Week Low (27.03.2013) 2'229.00

Daily Volume

2235





21'853.71 1 Yr Total Return -7.87%







IMT LN EQUITY YTD Change - Average Volume 30 Day 2'126'204

IMT LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'055'304


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y - -

10'116.0 14'748.0 15'018.0 15'186.0 14'672.0 - - 8'105.1 8'385.1 - -

2.96x 2.00x 1.93x 2.05x 2.16x - - 3.76x 3.59x - -

1'958.0 3'158.0 3'307.0 3'260.0 4'509.0 - - 3'445.4 3'593.4 - -

15.29x 9.34x 8.75x 9.53x 7.03x - - 8.95x 8.59x - -

428.0 663.0 1'505.0 1'796.0 678.0 - - 2'089.3 2'202.8 - -

35.54x 27.61x 12.78x 12.26x 33.65x - - 10.51x 9.76x - -


EBIT 2'747.00 Long-Term Rating BBB









EBITDA Margin 30.7%



Asset Turnover 0.50







Fiscal Year Ended

Imperial Tobacco Group PLCPrice/Volume

Valuation Analysis

712'372.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F . F 1 F 3 F 5 F- ! F- . F- 1 F- 3 F- 5 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

!5 !- .!-! !5 !4 .!-! !5 !- .!-- !5 !4 .!-- !5 !- .!-. !5 !4 .!-. !5 !- .!-0



27.03.2013



INVESCO LTD n/a Co File 61'000'000 6.24 - 30.10.2012 Investment Advisor




FMR LLC n/a ULT-AGG 29'706'695 3.04 (864'949) 31.01.2013 Investment Advisor



HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 17'630'376 1.8 - 31.12.2012 Investment Advisor

CEDAR ROCK CAPITAL L Multiple Portfolios REG 16'997'045 1.74 595'616 01.12.2012 Unclassified









ALLIANZ ASSET MANAGE n/a ULT-AGG 12'129'371 1.24 1'874'094 28.02.2013 Investment Advisor



Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 2'650 Not Provided 26.03.2013

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 2'900 12 month 22.03.2013

Berenberg Bank ERIK BLOOMQUIST hold 3 M 2'800 Not Provided 22.03.2013

Natixis NICOLAS LANGLET buy 5 M 2'800 Not Provided 22.03.2013

Nomura DAVID HAYES reduce 2 M 2'443 Not Provided 22.03.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 2'700 Not Provided 21.03.2013

Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'900 Not Provided 21.03.2013

Exane BNP Paribas JAMES BUSHNELL underperform 1 M 2'450 Not Provided 20.03.2013

Jefferies DIRK VAN VLAANDEREN hold 3 M 2'500 12 month 19.03.2013

Goldman Sachs FULVIO CAZZOL neutral/attractive 3 M 2'470 12 month 07.03.2013

AlphaValue ISABELLE COMBEMALE buy 5 M 3'011 6 month 07.03.2013


Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 2'700 12 month 28.02.2013

JPMorgan RAE MAILE neutral 3 M 3'067 9 month 20.02.2013

Investec MARTIN DEBOO hold 3 M 2'450 12 month 15.02.2013

Morgan Stanley MATTHEW GRAINGER Overwt/Attractive 5 M 2'680 12 month 30.01.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 2'850 12 month 30.01.2013


Barclays SIMON HALES equalweight 3 M 2'650 Not Provided 30.01.2013


Renaissance Capital REY WIUM hold 3 M 2'700 12 month 16.01.2013

Redburn Partners CHRISTIAN DE ROUALLE sell 1 M #N/A N/A Not Provided 16.01.2013

Deutsche Bank JONATHAN FELL buy 5 M 3'000 12 month 01.05.2012

Holdings By:

Imperial Tobacco Group PLC ee


27.03.2013

BT Group plc provides telecommunications services. The Company provides local

and long-distance telephone call products and services in the UK, international

telephone calls to and from the UK, broadband network solutions and web hosting

to corporate customers, network ADSL, ISDN, and IP services to communication

companies and narrowband and broadband internet access and related services.


LTM as of: 12/yy

52-Week High (20.02.2013) 282.80

52-Week Low (15.06.2012) 197.40

Daily Volume

270.9





21'346.94 1 Yr Total Return 23.90%







BT/A LN EQUITY YTD Change - Average Volume 30 Day 14'512'250

BT/A LN EQUITY YTD % CHANGE - Average Volume 3 Month 14'581'470


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

20'704.0 21'390.0 20'911.0 20'076.0 19'307.0 10'336.3 11'359.1 18'138.9 17'745.4 4'690.3 -

1.28x 0.88x 1.01x 1.23x 1.46x 4.51x 3.44x 1.60x 1.59x 6.16x -

5'792.0 3'629.0 5'594.0 5'886.0 6'190.0 725.2 713.4 6'099.7 6'064.4 1'634.5 -

4.56x 5.19x 3.76x 4.19x 4.54x 15.30x 14.45x 4.90x 4.93x - -

1'737.0 (193.0) 1'028.0 1'502.0 2'002.0 431.6 593.8 1'957.0 1'943.9 571.0 -

10.09x - 9.33x 9.58x 8.78x 26.53x 23.07x 10.79x 10.67x - -






Return on Common Equity -





EBITDA Margin 32.5%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BT Group PLCPrice/Volume

Valuation Analysis

5'565'642.00


!

-!

.!

0!

1!

2!

3!

4!

5!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

2! !!

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



27.03.2013


INVESCO LTD Multiple Portfolios REG 778'912'816 9.88 - 01.11.2012 Investment Advisor



BT GROUP PLC SHAREVI Multiple Portfolios REG 284'949'077 3.62 56'100'337 01.11.2012 Unclassified


THREADNEEDLE ASSET M Multiple Portfolios REG 176'167'732 2.24 (2'425'817) 01.11.2012 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 153'691'805 1.95 (9'615'159) 01.11.2012 Government





ARTEMIS INVESTMENT M Multiple Portfolios REG 121'209'276 1.54 5'420'429 01.11.2012 Investment Advisor



ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 90'844'770 1.15 12'800'853 31.12.2012 Investment Advisor

THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 86'476'500 1.1 689'067 31.12.2012 Investment Advisor


BT GROUP PLC EMPLOYE Multiple Portfolios REG 81'270'291 1.03 (197'922) 01.11.2012 Unclassified


MAJEDIE ASSET MANAGE Multiple Portfolios REG 79'359'827 1.01 702'630 01.11.2012 Investment Advisor


Credit Suisse PAUL SIDNEY outperform 5 M 300 Not Provided 26.03.2013

Nomura JAMES BRITTON buy 5 M 360 Not Provided 22.03.2013

Oriel Securities Ltd JOHN KARIDIS buy 5 M 330 Not Provided 21.03.2013

AlphaValue JEAN-MICHEL SALVADOR reduce 2 M 278 6 month 21.03.2013

JPMorgan CARL MURDOCK-SMITH overweight 5 M 280 12 month 19.03.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 285 12 month 15.03.2013

Barclays MAURICE PATRICK equalweight 3 M 230 Not Provided 15.03.2013

Espirito Santo Investment Bank ResearchNICK BROWN neutral 3 M 250 Not Provided 13.03.2013

Exane BNP Paribas MICHAEL WILLIAMS neutral 3 M 250 Not Provided 08.03.2013

Berenberg Bank STUART GORDON buy 5 M 280 Not Provided 06.03.2013

New Street Research JAMES RATZER reduce 2 M 225 Not Provided 06.03.2013

Day by Day VALERIE GASTALDY buy 5 U 309 3 month 05.03.2013

Morgan Stanley NICK DELFAS Overwt/In-Line 5 M 290 12 month 20.02.2013

Macquarie GUY R PEDDY underperform 1 M 180 12 month 14.02.2013

Liberum Capital Ltd LAWRENCE SUGARMAN buy 5 M 300 Not Provided 05.02.2013

Deutsche Bank DAVID A WRIGHT hold 3 M 277 12 month 04.02.2013

Societe Generale OTTAVIO ADORISIO hold 3 M 245 12 month 01.02.2013

Goldman Sachs ANDREW LEE Buy/Neutral 5 M 320 12 month 01.02.2013

Jefferies JEREMY A DELLIS buy 5 M 278 12 month 01.02.2013

S&P Capital IQ JAMES CRAWSHAW hold 3 M 260 12 month 01.02.2013

Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 175 Not Provided 30.01.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013

HSBC STEPHEN HOWARD neutral 3 M 220 Not Provided 20.11.2012

Raymond James STEPHANE BEYAZIAN outperform 5 M 245 Not Provided 04.09.2012

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK sell 1 M 190 Not Provided 25.07.2012

Holdings By:

BT Group PLC ee


27.03.2013

Rolls-Royce Holdings PLC manufactures aero, marine and industrial gas turbines

for civil and military aircraft. The Group designs, constructs and installs

power generation systems, transmission and distribution systems, and equipment

for the marine propulsion, oil and gas pumping, and defense markets.


LTM as of: 12/yy

52-Week High (20.03.2013) 1'132.00

52-Week Low (11.04.2012) 775.78

Daily Volume

1092





20'531.98 1 Yr Total Return 35.09%







RR/ LN EQUITY YTD Change - Average Volume 30 Day 4'302'747

RR/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'216'193


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

9'082.0 10'414.0 11'085.0 11'124.0 12'161.0 - - 15'175.8 16'036.3 - -

0.56x 0.70x 0.93x 1.25x 1.25x - - 1.27x 1.17x - -

1'096.0 1'396.0 1'404.0 1'480.0 1'687.0 - - 2'221.0 2'386.8 - -

4.61x 5.26x 7.36x 9.36x 8.98x - - 8.71x 8.10x - -

(1'340.0) 2'221.0 539.0 850.0 2'281.0 - - 1'235.5 1'351.8 - -

- 4.02x 21.34x 16.25x 7.09x - - 16.67x 15.23x - -









Net Debt/EBITDA -0.72


EBITDA Margin 13.9%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rolls-Royce Holdings PLCPrice/Volume

Valuation Analysis

584'361.00


!

-!

.!

0!

1!

2!

3!

4!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

1 ! F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.03.2013


INVESCO LTD Multiple Portfolios REG 112'822'192 6 (3'289'064) 01.11.2012 Investment Advisor


BLACKROCK n/a ULT-AGG 93'986'631 5 - 25.03.2013 Investment Advisor


BAILLIE GIFFORD AND Multiple Portfolios REG 58'757'257 3.13 3'025'904 01.11.2012 Investment Advisor





DEUTSCHE PRIVATE BAN Multiple Portfolios REG 41'865'846 2.23 2'652'399 01.11.2012 Unclassified




SCHRODER INVESTMENT Multiple Portfolios REG 27'706'884 1.47 803'995 01.11.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 26'924'567 1.43 (428'418) 01.11.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios REG 25'928'040 1.38 (8'010'744) 01.11.2012 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 25'368'833 1.35 941'008 01.11.2012 Investment Advisor



AEGON n/a ULT-AGG 21'891'388 1.16 526'673 01.11.2012 Unclassified


Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 950 Not Provided 27.03.2013

JPMorgan DAVID H. PERRY overweight 5 M 1'300 9 month 26.03.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 880 12 month 22.03.2013

RBC Capital Markets ROBERT STALLARD outperform 5 M 1'180 12 month 21.03.2013

Jefferies SANDY MORRIS buy 5 M 1'250 12 month 21.03.2013

AlphaValue THOMAS PICHERIT reduce 2 M 987 6 month 21.03.2013

Societe Generale ZAFAR KHAN sell 1 M 900 12 month 19.03.2013

Investec ANDREW GOLLAN add 4 M 1'125 12 month 19.03.2013

Barclays CARTER COPELAND overweight 5 M 1'225 Not Provided 11.03.2013

S&P Capital IQ UNAI FRANCO hold 3 M 1'100 12 month 19.02.2013

Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 1'200 12 month 18.02.2013

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX sell 1 M 800 12 month 18.02.2013

Natixis ERIC CHADEYRAS neutral 3 M 1'100 Not Provided 18.02.2013

Exane BNP Paribas OLIVIER BROCHET outperform 5 M 1'075 Not Provided 18.02.2013

Deutsche Bank BEN FIDLER hold 3 M 930 12 month 15.02.2013

Kepler Capital Markets CHRISTOPHE MENARD hold 3 M 1'050 Not Provided 15.02.2013


Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 1'030 Not Provided 04.02.2013

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

Credit Suisse OLIVER SLEATH neutral 3 M 900 Not Provided 16.01.2013

Arden Partners Ltd GRAHAM J WEBSTER add 4 M #N/A N/A Not Provided 01.10.2012

CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX underperform 1 M 800 Not Provided 27.07.2012

Holdings By:

Rolls-Royce Holdings PLC ee


27.03.2013

Lloyds Banking Group plc, through subsidiaries and associated companies, offers

a range of banking and financial services. The Company provides retail banking,

mortgages, pensions, asset management, insurance services, corporate banking,

and treasury services.


LTM as of: 01/yy

52-Week High (20.02.2013) 56.10

52-Week Low (30.05.2012) 24.75

Daily Volume

48.615





34'295.87 1 Yr Total Return 39.12%





Enterprise Value -

Average Volume 5 Day #########

LLOY LN EQUITY YTD Change - Average Volume 30 Day #########

LLOY LN EQUITY YTD % CHANGE - Average Volume 3 Month #########


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

20'413.0 44'007.0 43'432.0 35'780.0 36'408.0 44'844.0 47'252.0 18'248.8 18'182.4 4'748.0 4'658.0

- - - - - 6.16x 5.76x - - - -

- - - - - 12'018.0 13'372.0 - - - -

- - - - - 6.27x 6.17x - - - -

772.0 2'827.0 (320.0) (2'787.0) (1'427.0) 6'998.0 9'317.0 2'900.1 4'068.9 - -

18.90x 6.76x - - - 13.77x 13.06x 12.47x 8.68x - -


EBIT - Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Lloyds Banking Group PLCPrice/Volume

Valuation Analysis

110'662'998.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F2 ! F-! ! F-2 ! F.! ! F.2 ! F0! ! F02 ! F1! ! F12 ! F2! ! F

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013


UNITED KINGDOM GOVER n/a RNS-MAJ 27'608'563'642 39.25 - 23.03.2012 Government

FMR LLC n/a ULT-AGG 2'359'287'182 3.35 40'204'114 31.01.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 2'335'851'144 3.32 35'727'885 25.03.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 1'661'879'228 2.36 4'371'787 28.02.2013 Unclassified

UBS n/a ULT-AGG 1'113'818'748 1.58 (49'558'902) 31.01.2013 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 1'096'594'012 1.56 (189'806'781) 28.02.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 1'089'919'867 1.55 462'591'455 01.12.2012 Unclassified

DEUTSCHE PRIVATE BAN Multiple Portfolios REG 1'075'638'770 1.53 41'049'793 01.12.2012 Unclassified

NORGES BANK INVESTME Multiple Portfolios REG 1'075'023'992 1.53 (14'804'023) 01.12.2012 Government

HALIFAX SHARE DEALIN Multiple Portfolios REG 1'052'501'056 1.5 (38'913'754) 01.12.2012 Corporation



TD WATERHOUSE GROUP Multiple Portfolios REG 724'279'567 1.03 (36'378'354) 01.12.2012 Investment Advisor

ALECTA INVESTMENT MA Multiple Portfolios REG 675'500'000 0.96 (40'000'000) 01.12.2012 Unclassified

HARRIS ASSOCIATES LP Multiple Portfolios REG 609'121'200 0.87 (225'724'735) 01.12.2012 Investment Advisor

SELFTRADE Multiple Portfolios REG 597'593'904 0.85 (17'125'603) 01.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 590'792'286 0.84 (893'151) 31.12.2012 Investment Advisor


PRIVATE INDIVIDUALS Multiple Portfolios REG 456'479'052 0.65 (1'330'422) 01.12.2012 Other



Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 53 Not Provided 25.03.2013

Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 53 12 month 25.03.2013

Investec IAN GORDON hold 3 M 50 12 month 25.03.2013

Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 60 12 month 24.03.2013

AlphaValue DAVID GRINSZTAJN reduce 2 M 47 6 month 21.03.2013

Macquarie EDWARD FIRTH underperform 1 M 46 12 month 19.03.2013


Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 45 Not Provided 18.03.2013

Nomura CHINTAN JOSHI reduce 2 M 42 12 month 18.03.2013


Numis Securities Ltd MICHAEL J TRIPPITT buy 5 M 63 Not Provided 15.03.2013

Barclays ROHITH CHANDRA-RAJAN underweight 1 M 40 Not Provided 15.03.2013

Oriel Securities Ltd VIVEK RAJA sell 1 D 41 Not Provided 14.03.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 66 12 month 13.03.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 64 12 month 12.03.2013


Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 05.03.2013


JPMorgan RAUL SINHA neutral 3 M 55 9 month 04.03.2013

Keefe, Bruyette & Woods MARK J PHIN underperform 1 M 51 12 month 03.03.2013

RBC Capital Markets CLAIRE KANE outperform 5 M 69 12 month 01.03.2013

Canaccord Genuity Corp GARETH HUNT hold 3 M 35 12 month 01.03.2013

Berenberg Bank JAMES CHAPPELL sell 1 M 24 Not Provided 01.03.2013

Daniel Stewart & Co SIMON WILLIS sell 1 M 39 12 month 01.03.2013

S&P Capital IQ FRANK BRADEN hold 3 M 55 12 month 01.03.2013


Liberum Capital Ltd CORMAC LEECH buy 5 M 62 Not Provided 04.02.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA sell 1 D 48 Not Provided 29.01.2013


HSBC PETER TOEMAN overweight 5 M 65 Not Provided 10.01.2013

Holdings By:

Lloyds Banking Group PLC ee


27.03.2013

Centrica PLC is an integrated energy company offering a wide range of home and

business energy solutions. The Company sources, generates, processes, stores,

trades, saves and supplies energy and provides a range of related services.


LTM as of: 12/yy

52-Week High (27.03.2013) 369.00

52-Week Low (22.06.2012) 301.20

Daily Volume

363.6





18'845.80 1 Yr Total Return 20.46%







CNA LN EQUITY YTD Change - Average Volume 30 Day 9'598'011

CNA LN EQUITY YTD % CHANGE - Average Volume 3 Month 8'481'136


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

20'872.0 21'963.0 22'423.0 22'824.0 23'942.0 - - 24'432.9 25'474.9 - -

0.68x 0.81x 0.92x 0.81x 0.91x - - 0.95x 0.90x - -

2'613.0 2'721.0 3'336.0 3'310.0 3'698.0 - - 3'944.5 4'146.8 - -

5.43x 6.54x 6.19x 5.62x 5.88x - - 5.89x 5.60x - -

(137.0) 844.0 1'935.0 421.0 1'273.0 - - 1'413.9 1'496.7 - -

241.82x 22.13x 9.11x 33.64x 13.56x - - 13.08x 11.77x - -











EBITDA Margin 15.4%



Asset Turnover 1.15







Fiscal Year Ended

Centrica PLCPrice/Volume

Valuation Analysis

3'432'503.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



27.03.2013


INVESCO LTD n/a Co File 258'200'185 4.98 - 23.02.2012 Investment Advisor



PETRONAS n/a Co File 199'375'000 3.85 - 23.02.2012 Government

BLACKROCK n/a ULT-AGG 198'230'837 3.82 (217'034) 25.03.2013 Investment Advisor




BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 135'169'676 2.61 (7'934'002) 26.03.2013 Investment Advisor













RBC Capital Markets JOHN MUSK sector perform 3 M 370 12 month 26.03.2013

AlphaValue MYRIAM COHEN add 4 M 382 6 month 26.03.2013

Exane BNP Paribas IAIN TURNER underperform 1 M 280 Not Provided 25.03.2013

HSBC VERITY MITCHELL overweight 5 M 400 Not Provided 21.03.2013

Nomura JONATHAN CONSTABLE neutral 3 M 350 Not Provided 13.03.2013

Societe Generale ASHLEY THOMAS buy 5 M 400 12 month 11.03.2013

Goldman Sachs ANDREW MEAD neutral/neutral 3 M 416 12 month 11.03.2013

JPMorgan EDMUND REID neutral 3 D 370 9 month 08.03.2013

Kepler Capital Markets INGO BECKER hold 3 M 320 Not Provided 28.02.2013

Raymond James EMMANUEL RETIF underperform 1 M 321 Not Provided 27.02.2013

Cantor Fitzgerald ANGELOS ANASTASIOU buy 5 M 403 Not Provided 27.02.2013

S&P Capital IQ CLIVE ROBERTS strong buy 5 M 525 12 month 27.02.2013

Mirabaud Securities GUS HOCHSCHILD buy 5 M 435 Not Provided 25.02.2013

Credit Suisse MARK FRESHNEY neutral 3 M 325 Not Provided 15.02.2013

Berenberg Bank ROBERT CHANTRY hold 3 D 370 Not Provided 05.02.2013

Liberum Capital Ltd GUILLAUME REDGWELL buy 5 M 370 Not Provided 25.01.2013

Barclays PETER BISZTYGA underweight 1 M 325 Not Provided 25.01.2013


Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 345 12 month 11.01.2013

Deutsche Bank MARTIN BROUGH hold 3 M 340 12 month 07.01.2013



Holdings By:

Centrica PLC ee


27.03.2013

Xstrata plc, a diversified mining group, explores for and mines copper, coking

coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The

Group conducts operations in Australia, South Africa, Germany, Argentina, and

the United Kingdom.


LTM as of: 12/yy

52-Week High (01.02.2013) 1'201.00

52-Week Low (27.06.2012) 760.47

Daily Volume

1081.5





32'474.11 1 Yr Total Return 0.08%







XTA LN EQUITY YTD Change - Average Volume 30 Day 5'438'155

XTA LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'955'808


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

27'952.0 22'732.0 30'499.0 33'877.0 31'618.0 - - 34'013.7 36'310.7 - -

0.96x 2.83x 2.59x 1.64x 2.18x - - 1.92x 1.75x - -

9'645.0 6'476.0 10'393.0 11'648.0 8'122.0 - - 9'689.1 11'041.6 - -

2.78x 9.93x 7.61x 4.76x 8.50x - - 6.86x 6.02x - -

3'595.0 661.0 4'688.0 5'713.0 1'180.0 - - 3'765.6 4'788.3 - -

2.49x 72.41x 14.58x 7.70x 43.00x - - 13.11x 10.44x - -


EBIT 4'790.00 Long-Term Rating BBB+ *-



Return on Assets 1.49% Short-Term Rating A-2 *-






EBITDA Margin 25.7%



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Xstrata PLCPrice/Volume

Valuation Analysis

1'379'296.00


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

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



27.03.2013


GLENCORE INTERNATION Multiple Portfolios REG 1'010'403'999 33.65 - 02.01.2013 Corporation

QATAR HOLDINGS LLC n/a RNS-RUL8 350'410'601 11.67 - 14.01.2013 Government







BANK OF NEW YORK MEL Multiple Portfolios REG 54'135'734 1.8 (634'892) 02.01.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 42'863'026 1.43 (202'870) 02.01.2013 Unclassified

Xstrata Plc Employee Multiple Portfolios REG 42'642'114 1.42 (6'795'572) 02.01.2013 Unclassified

STANDARD LIFE INVEST #N/A N/A RNS-RUL8 41'205'251 1.37 (24'936) 22.03.2013 Investment Advisor

GOVT OF SINGAPORE IN n/a ULT-AGG 32'530'740 1.08 66'360 21.03.2013 Government

SAFE INVESTMENT COMP n/a RNS-RUL8 31'187'938 1.04 - 02.02.2012 Unclassified


LLOYDS BANKING GROUP n/a ULT-AGG 29'719'950 0.99 (610'124) 28.02.2013 Investment Advisor

NORTHERN CROSS LLC n/a RNS-RUL8 28'945'439 0.96 (3'925'000) 14.09.2012 Investment Advisor

HSBC Prop Trading/Ma Multiple Portfolios REG 25'475'000 0.85 2'450'000 02.01.2013 Unclassified

Northern Cross Inter Multiple Portfolios REG 25'223'487 0.84 (757'180) 02.01.2013 Unclassified



Macquarie JEFFREY LARGEY outperform 5 M 1'200 12 month 22.03.2013

AlphaValue SACHIN KUMAR reduce 2 M 1'100 6 month 21.03.2013



BMO Capital Markets TONY ROBSON market perform 3 U 1'220 Not Provided 12.03.2013

Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 1'300 Not Provided 12.03.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 08.03.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 1'300 Not Provided 07.03.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 1'000 12 month 05.03.2013

RBC Capital Markets TIMOTHY HUFF sector perform 3 M 1'100 12 month 04.03.2013

CA Cheuvreux JOAKIM AHLBERG outperform 5 M 1'300 Not Provided 11.02.2013


SBG Securities PETER DAVEY sell 1 D 1'220 12 month 11.02.2013

HSBC ANDREW KEEN neutral 3 D 1'250 Not Provided 07.02.2013


Societe Generale ALAIN WILLIAM hold 3 D 1'190 12 month 31.01.2013

Nomura SAM CATALANO restricted #N/A N/A M #N/A N/A Not Provided 16.01.2013

Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 10.01.2013


Standard Chartered SUBRAMANIAM VARADA outperform 5 U 1'080 12 month 08.09.2012

Credit Suisse LIAM FITZPATRICK restricted #N/A N/A M #N/A N/A Not Provided 21.02.2012

Bank Vontobel AG PATRICK RAFAISZ buy 5 M 1'103 Not Provided 07.02.2012

Deutsche Bank ROBERT CLIFFORD restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Morgan Stanley ALAIN GABRIEL restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Goldman Sachs EUGENE KING not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012

JPMorgan BENJAMIN DEFAY restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Holdings By:

Xstrata PLC ee


27.03.2013

Compass Group PLC provides catering and support services in countries

throughout the world. The Company's clients are in locations including

offices, factories, hospitals and care homes, schools and universities, sports

venues, military facilities, offshore platforms and other remote locations.


LTM as of: 12/yy

52-Week High (15.03.2013) 853.00

52-Week Low (16.05.2012) 611.00

Daily Volume

823.5





15'046.11 1 Yr Total Return 30.22%







CPG LN EQUITY YTD Change - Average Volume 30 Day 3'175'029

CPG LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'963'036


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y - -

11'440.0 13'444.0 14'468.0 15'833.0 16'905.0 - - 17'594.0 18'640.5 - -

0.64x 0.60x 0.74x 0.68x 0.81x - - 0.93x 0.87x - -

864.0 1'102.0 1'228.0 1'331.0 1'480.0 - - 1'552.7 1'663.9 - -

8.53x 7.36x 8.73x 8.07x 9.29x - - 10.38x 9.68x - -

443.0 586.0 675.0 728.0 605.0 - - 846.2 931.5 - -

16.46x 12.96x 15.03x 14.31x 21.29x - - 17.71x 16.02x - -











EBITDA Margin 8.8%



Asset Turnover 1.81







Fiscal Year Ended

Compass Group PLCPrice/Volume

Valuation Analysis

917'443.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!12

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



27.03.2013





ARTISAN PARTNERS HOL Multiple Portfolios REG 70'315'379 3.85 1'786'354 01.11.2012 Investment Advisor




ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 37'320'195 2.04 1'983'711 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios REG 35'352'041 1.93 (963'504) 01.11.2012 Investment Advisor




MONDRIAN INVESTMENT Multiple Portfolios REG 29'119'406 1.59 (3'266'913) 01.11.2012 Hedge Fund Manager


MARATHON ASSET MANAG Multiple Portfolios REG 25'022'872 1.37 (462'367) 01.11.2012 Investment Advisor


LONGVIEW PARTNERS (G Multiple Portfolios REG 23'356'375 1.28 (5'654'098) 01.11.2012 Unclassified


INVESCO LTD Multiple Portfolios MF-AGG 22'267'314 1.22 210'329 21.03.2013 Investment Advisor



Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 810 12 month 27.03.2013

Raymond James JULIEN RICHER market perform 3 M #N/A N/A Not Provided 27.03.2013

Oddo & Cie GUILLAUME RASCOUSSIER neutral 3 M 800 Not Provided 27.03.2013

Investec JAMES HOLLINS buy 5 M 900 12 month 26.03.2013

RBC Capital Markets ANDREW BROOKE underperform 1 M 725 12 month 26.03.2013

Credit Suisse TIM RAMSKILL outperform 5 M 940 Not Provided 26.03.2013

JPMorgan MIKE J GIBBS overweight 5 M 890 6 month 26.03.2013

Shore Capital Stockbrokers GREG JOHNSON hold 3 M #N/A N/A Not Provided 26.03.2013

Kepler Capital Markets CATHERINE ROLLAND reduce 2 M 780 Not Provided 26.03.2013

Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 730 6 month 26.03.2013

Nomura TIM BARRETT buy 5 M 832 12 month 26.03.2013

Numis Securities Ltd WYN ELLIS hold 3 M 850 Not Provided 26.03.2013

Oriel Securities Ltd JEFFREY HARWOOD buy 5 M 800 12 month 26.03.2013

Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 900 Not Provided 26.03.2013

Deutsche Bank RICHARD CARTER buy 5 M 898 12 month 25.03.2013

Barclays VICTORIA LEE overweight 5 M 840 Not Provided 25.03.2013

Panmure Gordon & Co Limited SIMON FRENCH hold 3 D 820 Not Provided 22.03.2013

AlphaValue BERENICE LACROIX reduce 2 M 816 6 month 21.03.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 21.03.2013


Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 915 12 month 27.02.2013

Baden Hill LLP CRAIG FRASER buy 5 R #N/A N/A Not Provided 21.02.2013

Cantor Fitzgerald KEVIN LAPWOOD hold 3 N 800 Not Provided 11.02.2013

Natixis GEOFFREY D'HALLUIN neutral 3 M 775 Not Provided 08.02.2013

HSBC LENA THAKKAR underweight 1 M 700 Not Provided 31.01.2013

Espirito Santo Investment Bank ResearchDAVID BROCKTON neutral 3 D 750 Not Provided 03.01.2013

Jefferies JAMES WHEATCROFT hold 3 U 710 12 month 28.11.2012

CA Cheuvreux THOMAS MESMIN outperform 5 M 765 Not Provided 22.11.2012

Canaccord Genuity Corp JULIAN CATER hold 3 M 665 Not Provided 26.07.2012

Holdings By:

Compass Group PLC ee


27.03.2013

SSE PLC generates, transmits, distributes and supplies electricity to

industrial, commercial and domestic customers in the United Kingdom and

Ireland. The Company also stores and distributes natural gas, and operates a

telecommunications network that offers bandwidth and capacity to companies,

public sector organizations, Internet service providers, and others.


LTM as of: 02/yy

52-Week High (21.03.2013) 1'499.00

52-Week Low (25.07.2012) 1'286.00

Daily Volume

1478





14'252.66 1 Yr Total Return 16.66%







SSE LN EQUITY YTD Change - Average Volume 30 Day 1'699'207

SSE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'805'876


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 02/yy 02/yy 03/13 Y 03/14 Y - -

15'256.3 25'424.2 21'550.4 28'334.2 31'723.9 - - 31'706.3 33'056.0 - -

1.04x 0.60x 0.74x 0.60x 0.59x - - 0.67x 0.66x - -

1'559.9 1'784.1 1'773.4 1'856.3 1'946.8 - - 2'169.9 2'304.5 - -

10.18x 8.58x 8.97x 9.13x 9.56x - - 8.99x 8.46x - -

872.9 112.3 1'235.3 1'504.5 197.8 - - 1'059.1 1'078.9 - -

13.88x 87.20x 8.22x 7.77x 63.01x - - 13.00x 12.68x - -











EBITDA Margin 6.6%



Asset Turnover 1.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SSE PLCPrice/Volume

Valuation Analysis

397'204.00


!

.!

1!

3!

5!

-!!

-.!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.03.2013





BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 27'301'984 2.83 1'649'324 26.03.2013 Investment Advisor


BREWIN DOLPHIN LIMIT Multiple Portfolios REG 18'976'901 1.97 14'632 01.02.2013 Investment Advisor


CLEARSTREAM BANKING Multiple Portfolios REG 11'911'626 1.24 551'675 01.02.2013 Bank

RATHBONE UNIT TRUST Multiple Portfolios REG 11'195'816 1.16 30'177 01.02.2013 Investment Advisor

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 10'670'380 1.11 - 31.03.2012 Investment Advisor


FEDERATED INVESTORS Multiple Portfolios MF-AGG 9'783'770 1.01 765'375 31.12.2012 Investment Advisor

RENSBURG INVESTMENT Multiple Portfolios REG 8'732'939 0.91 (78'985) 01.02.2013 Investment Advisor



MORGAN STANLEY INVES Multiple Portfolios REG 7'231'304 0.75 (356'830) 01.02.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'788'561 0.7 70'228 31.12.2012 Investment Advisor

TD WATERHOUSE GROUP Multiple Portfolios REG 6'244'569 0.65 343'533 01.02.2013 Investment Advisor

HARGREAVES LANSDOWN Multiple Portfolios REG 6'238'761 0.65 381'297 01.02.2013 Investment Advisor



RBC Capital Markets JOHN MUSK outperform 5 M 1'550 12 month 26.03.2013

Exane BNP Paribas IAIN TURNER outperform 5 M 1'620 Not Provided 25.03.2013

HSBC VERITY MITCHELL underweight 1 D 1'490 Not Provided 21.03.2013

AlphaValue MYRIAM COHEN add 4 M 1'520 6 month 21.03.2013

Societe Generale ASHLEY THOMAS sell 1 M 1'249 12 month 13.03.2013

Goldman Sachs ANDREW MEAD Sell/Neutral 1 M 1'154 12 month 11.03.2013


Raymond James EMMANUEL RETIF underperform 1 M 1'270 Not Provided 27.02.2013

Cantor Fitzgerald ANGELOS ANASTASIOU hold 3 N 1'433 Not Provided 11.02.2013

Credit Suisse MARK FRESHNEY outperform 5 M 1'600 Not Provided 07.02.2013

Berenberg Bank ROBERT CHANTRY hold 3 M 1'430 Not Provided 05.02.2013

S&P Capital IQ CLIVE ROBERTS hold 3 M 1'500 12 month 05.02.2013

Liberum Capital Ltd GUILLAUME REDGWELL buy 5 M 1'600 Not Provided 25.01.2013

Barclays PETER BISZTYGA overweight 5 M 1'585 Not Provided 25.01.2013

Morgan Stanley BOBBY CHADA Underwt/In-Line 1 M 1'185 12 month 24.01.2013


Nomura JONATHAN CONSTABLE reduce 2 M 1'265 12 month 12.12.2012

JPMorgan EDMUND REID underweight 1 M 1'190 3 month 23.11.2012


Deutsche Bank MARTIN BROUGH hold 3 D 1'400 12 month 06.08.2012

Holdings By:

SSE PLC ee


27.03.2013

WPP plc operates a communications services group. The Company's operations

encompass advertising, media investment management, information and

consultancy, public relations and public affairs, healthcare and specialist

communications, and branding and identity services.


LTM as of: 02/yy

52-Week High (08.03.2013) 1'096.00

52-Week Low (06.06.2012) 733.00

Daily Volume

1033





13'055.63 1 Yr Total Return 23.13%







WPP LN EQUITY YTD Change - Average Volume 30 Day 2'959'047

WPP LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'144'777


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 02/yy 02/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

7'476.9 8'684.3 9'331.0 10'021.8 10'373.1 62'071.0 56'940.0 11'022.8 11'590.4 2'482.0 2'688.0

1.11x 1.21x 1.29x 1.12x 1.38x 1.52x 1.29x 1.42x 1.29x - -

1'107.6 1'135.8 1'358.4 1'576.7 1'645.0 5'367.0 4'156.0 1'870.0 2'002.6 - -

7.51x 9.23x 8.89x 7.14x 8.70x 4.76x 4.82x 8.62x 8.05x - -

439.1 437.7 586.0 840.1 822.7 3'492.0 2'372.0 1'050.0 1'141.7 - -

10.48x 16.97x 16.61x 9.99x 13.42x 8.83x 9.15x 12.78x 11.65x - -











EBITDA Margin 15.9%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

WPP PLCPrice/Volume

Valuation Analysis

398'538.00


!.135

-!-.-1-3-5


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 2013

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



27.03.2013








T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 27'110'460 2.15 (2'314'398) 31.12.2012 Investment Advisor

SORRELL MARTIN STUAR n/a RNS-DIR 18'904'480 1.5 - 14.03.2013 n/a

D E SHAW & CO UK LTD n/a Short (15'560'800) -1.23 (6'452'270) 13.02.2013 Other


FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 10'134'960 0.8 176'552 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 10'046'088 0.79 10'046'088 31.01.2013 Investment Advisor


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 9'291'280 0.74 904'965 31.12.2012 Investment Advisor

SUSQUEHANNA INTERNAT n/a Short (6'323'542) -0.5 120'937 12.12.2012 Other

ROYAL BANK OF CANADA n/a ULT-AGG 6'235'446 0.49 (19'771) 30.11.2012 Bank

JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 5'535'125 0.44 (325'574) 30.11.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'797'561 0.38 129'059 31.01.2013 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 4'239'326 0.34 168'491 30.11.2012 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 4'050'134 0.32 85'141 28.02.2013 Investment Advisor


Berenberg Bank SARAH SIMON sell 1 M 1'050 Not Provided 26.03.2013

Nomura MATTHEW WALKER buy 5 M 1'215 6 month 26.03.2013

Exane BNP Paribas CHARLES BEDOUELLE outperform 5 M 1'250 Not Provided 26.03.2013

AlphaValue VERONIQUE CABIOC'H reduce 2 M 1'080 6 month 21.03.2013

Goldman Sachs RICHARD JONES Buy/Neutral 5 M 1'340 12 month 20.03.2013

Kepler Capital Markets CONOR O'SHEA hold 3 M 1'135 Not Provided 20.03.2013

Pivotal Research Group LLC BRIAN WIESER hold 3 M 980 12 month 15.03.2013

JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 1'282 9 month 08.03.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI outperform 5 M 1'300 12 month 06.03.2013

Investec STEVEN LIECHTI buy 5 M 1'175 12 month 05.03.2013

BMO Capital Markets DANIEL SALMON market perform 3 M 1'000 Not Provided 04.03.2013

Societe Generale LAURENT PICARD buy 5 M 1'210 12 month 04.03.2013

Natixis JEROME BODIN reduce 2 M 1'000 Not Provided 04.03.2013


Barclays JULIEN ROCH overweight 5 M 1'230 Not Provided 04.03.2013

Deutsche Bank PATRICK KIRBY hold 3 M 1'050 12 month 02.03.2013

Macquarie TIMOTHY W NOLLEN outperform 5 M 1'200 12 month 02.03.2013

Jefferies WILL SMITH buy 5 M 1'150 12 month 01.03.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 1'150 12 month 01.03.2013

Numis Securities Ltd PAUL RICHARDS buy 5 M 1'270 Not Provided 01.03.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 1'180 Not Provided 21.02.2013

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 1'090 12 month 14.02.2013

Oddo & Cie BRUNO HARENG neutral 3 M 950 Not Provided 22.01.2013

Credit Suisse NICK BERTOLOTTI outperform 5 M 950 Not Provided 21.01.2013


HSBC DAN GRAHAM overweight 5 M 960 Not Provided 12.11.2012

Panmure Gordon & Co Limited ALEX DE GROOTE hold 3 M 820 Not Provided 26.10.2012

Espirito Santo Investment Bank ResearchGIASONE SALATI buy 5 M 1'360 Not Provided 04.09.2012

CA Cheuvreux THOMAS JORION outperform 5 M 1'000 Not Provided 31.08.2012

WYT Ltd ANTHONY DE LARRINAGA hold 3 M 844 12 month 18.03.2012

N+1 Singer Ltd JOHNATHAN BARRETT not rated #N/A N/A M #N/A N/A Not Provided 01.03.2012

Wells Fargo Securities, LLC PETER STABLER outperform 5 M #N/A N/A Not Provided 08.02.2012

Holdings By:

WPP PLC ee


27.03.2013

Glencore International PLC, through its subsidiaries, supplies commodities and

raw materials to industrial consumers. The Company operates in three groups:

Metals and Minerals, Energy Products, and Agricultural Products.


LTM as of: 12/yy

52-Week High (27.04.2012) 439.95

52-Week Low (27.06.2012) 289.35

Daily Volume

358.55





25'455.10 1 Yr Total Return -8.31%







GLEN LN EQUITY YTD Change - Average Volume 30 Day 15'465'560

GLEN LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'524'760


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

152'236.0 106'364.0 144'978.0 186'152.0 214'436.0 2'537.7 2'928.4 217'949.7 229'254.5 - -

- - - 0.39x 0.36x 9.29x 9.79x 0.32x 0.29x - -

5'068.0 3'074.0 4'474.0 4'423.0 4'601.0 421.6 536.9 7'255.9 9'103.7 - -

- - - 16.24x 16.57x 15.85x 13.26x 10.22x 8.15x - -

1'044.0 1'633.0 3'751.0 4'048.0 1'004.0 244.5 314.2 4'258.5 4'944.0 - -

- - - 8.50x 39.57x 17.76x 20.31x 9.12x 7.33x - -











EBITDA Margin 2.1%



Asset Turnover 2.24







Fiscal Year Ended

Glencore International PLCPrice/Volume

Valuation Analysis

5'534'741.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!122!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F - F . F 0 F 1 F 2 F 3 F 4 F 5 F 6 F- ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.03.2013


GLASENBERG IVAN n/a RNS-RUL8 1'101'848'752 15.52 2'700'000 11.06.2012 n/a

MATE BADENE DANIEL F n/a RNS-MAJ 417'468'330 5.88 - 11.10.2012 n/a

MISTAKIDIS ARISTOTEL n/a RNS-RUL8 414'730'597 5.84 3'000'000 24.05.2012 n/a

PETERSON TOR n/a Co File 366'074'885 5.16 - 26.03.2012 n/a

BEARD ALEXANDER FRAN n/a Co File 320'260'410 4.51 - 26.03.2012 n/a


JSC VERNY CAPITAL n/a RNS-RUL8 176'742'520 2.49 - 11.10.2012 Investment Advisor

FEGEL GARY n/a RNS-RUL8 154'814'588 2.18 - 15.02.2012 n/a

MAHONEY CHRIS n/a RNS-RUL8 143'834'821 2.03 - 15.02.2012 n/a


FR GALAXY HOLDINGS S n/a RNS-RUL8 129'372'165 1.82 16'875'000 29.01.2013 Holding Company



ABU DHABI INVESTMENT n/a RNS-RUL8 99'299'065 1.4 3'072'650 02.02.2012 Government

POPOVIC NIKOLA n/a RNS-RUL8 93'437'150 1.32 - 15.02.2012 n/a


WOLFENSBERGER CHRIST n/a RNS-RUL8 87'403'187 1.23 - 15.02.2012 n/a

BLUMGART STEVEN n/a RNS-RUL8 86'736'565 1.22 - 15.02.2012 n/a

ALVAREZ LUIS n/a RNS-RUL8 81'654'211 1.15 - 15.02.2012 n/a

CUTLER STUART n/a RNS-RUL8 78'568'743 1.11 200'000 18.05.2012 n/a


Macquarie JEFFREY LARGEY outperform 5 M 430 12 month 22.03.2013

Exane BNP Paribas SYLVAIN BRUNET neutral 3 M 450 Not Provided 21.03.2013

AlphaValue SACHIN KUMAR reduce 2 M 382 6 month 21.03.2013

Jefferies Christopher LaFemina buy 5 M 450 12 month 20.03.2013

Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 475 12 month 15.03.2013

BMO Capital Markets TONY ROBSON market perform 3 U 400 Not Provided 12.03.2013


RBC Capital Markets TIMOTHY HUFF outperform 5 M 425 12 month 07.03.2013

Societe Generale ALAIN WILLIAM hold 3 M 410 12 month 06.03.2013

Deutsche Bank ROBERT CLIFFORD restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013


SBG Securities PETER DAVEY hold 3 M 400 12 month 29.01.2013

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

Nomura SAM CATALANO restricted #N/A N/A M #N/A N/A Not Provided 16.01.2013

Liberum Capital Ltd ASH LAZENBY buy 5 M #N/A N/A Not Provided 10.01.2013

Standard Chartered SUBRAMANIAM VARADA outperform 5 M 454 12 month 22.11.2012

ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 N 415 12 month 31.10.2012

Credit Suisse LIAM FITZPATRICK restricted #N/A N/A M #N/A N/A Not Provided 20.03.2012

Morgan Stanley ALAIN GABRIEL restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

JPMorgan BENJAMIN DEFAY restricted #N/A N/A M #N/A N/A Not Provided 02.02.2012

Holdings By:

Glencore International PLC ee


27.03.2013

ARM Holdings plc develops processors, data engines, peripherals, software, and

tools. The Group's solutions are used in a variety of applications, including

in the automotive, consumer entertainment, digital imaging, mass storage,

networking, security, and wireless industries.


LTM as of: 12/yy

52-Week High (06.03.2013) 985.00

52-Week Low (18.07.2012) 463.60

Daily Volume

915.5





12'785.07 1 Yr Total Return 53.18%

Total Debt 5.80 YTD Return 19.01%






ARM LN EQUITY YTD Change - Average Volume 30 Day 3'641'526

ARM LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'073'873


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

298.9 305.0 406.6 491.8 576.9 27'226.0 29'740.0 672.0 791.1 158.3 160.1

3.63x 7.36x 13.31x 15.56x 17.72x 6.64x 6.19x 18.14x 15.12x 77.73x 76.79x

90.0 63.1 125.6 159.3 226.5 6'939.0 7'447.0 329.6 412.1 74.3 72.8

12.05x 35.55x 43.09x 48.06x 45.14x 6.11x 6.16x 37.61x 30.08x 39.19x 36.12x

43.6 40.4 86.0 112.6 160.7 2'609.0 2'949.0 265.1 342.9 62.3 62.4

25.11x 55.60x 64.66x 70.69x 65.72x 12.36x 11.05x 48.67x 38.28x 48.11x 45.47x

EBITDA 226.50 Long-Term Rating Date -

EBIT 209.10 Long-Term Rating -









EBITDA Margin 39.3%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ARM Holdings PLCPrice/Volume

Valuation Analysis

1'070'797.00


!

-!

.!

0!

1!

2!

3!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

4 ! F

5 ! F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



27.03.2013






THORNBURG INVESTMENT Multiple Portfolios REG 61'899'954 4.43 93'283 01.12.2012 Investment Advisor


JANUS CAPITAL MANAGE n/a ULT-AGG 48'892'118 3.5 - 01.12.2012 Investment Advisor




LONE PINE CAPITAL LL Multiple Portfolios REG 18'045'002 1.29 (622'766) 01.12.2012 Hedge Fund Manager




APG ALGEMENE PENSIOE Multiple Portfolios REG 15'841'776 1.13 (722'733) 01.12.2012 Pension Fund (ERISA)


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 14'519'056 1.04 460'541 31.12.2012 Investment Advisor

HARDING LOEVNER LP Multiple Portfolios REG 9'719'233 0.7 - 01.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios REG 9'530'232 0.68 (630'000) 01.12.2012 Investment Advisor



Exane BNP Paribas JEROME RAMEL outperform 5 M 1'000 Not Provided 26.03.2013

AlphaValue LIONEL PELLICER sell 1 M 743 6 month 26.03.2013

BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 1'200 Not Provided 25.03.2013

Sanford C. Bernstein & Co PIERRE FERRAGU underperform 1 M 550 12 month 21.03.2013

RBC Capital Markets ANDREW DUNN outperform 5 M 960 12 month 19.03.2013

Espirito Santo Investment Bank ResearchVIJAY ANAND neutral 3 M 920 Not Provided 18.03.2013

Barclays ANDREW M GARDINER overweight 5 M 1'075 Not Provided 18.03.2013

Jefferies LEE SIMPSON buy 5 U 1'300 12 month 15.03.2013

Morgan Stanley FRANCOIS MEUNIER Equalwt/Cautious 3 M 911 12 month 08.03.2013

Societe Generale PETER KNOX sell 1 M 640 12 month 06.03.2013

Berenberg Bank ADNAAN AHMAD buy 5 M 1'150 Not Provided 05.03.2013

Deutsche Bank KAI KORSCHELT sell 1 M 445 12 month 04.03.2013

Peel Hunt PAUL GILMER MORLAND hold 3 M 930 Not Provided 04.03.2013

Credit Suisse JUSTIS MCEVILLY outperform 5 M 1'130 Not Provided 01.03.2013

Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 21.02.2013


Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 1'250 12 month 07.02.2013

JPMorgan SANDEEP S DESHPANDE neutral 3 M 625 9 month 06.02.2013

CA Cheuvreux BERND LAUX outperform 5 M 1'040 Not Provided 06.02.2013

Natixis STEPHANE HOURI neutral 3 D 955 Not Provided 06.02.2013

S&P Capital IQ JAMES CRAWSHAW hold 3 D 1'000 12 month 06.02.2013

Numis Securities Ltd NICK JAMES hold 3 M 920 Not Provided 06.02.2013

Investec JULIAN YATES hold 3 M 940 12 month 05.02.2013

Finncap LORNE DANIEL hold 3 M 900 12 month 05.02.2013

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

D.A. Davidson & Co AALOK K SHAH neutral 3 M 655 12 month 23.10.2012

Liberum Capital Ltd JANARDAN MENON sell 1 M 440 Not Provided 27.07.2012

Merchant Securities JULIAN TOLLEY buy 5 M 680 12 month 09.11.2011

Panmure Gordon & Co Limited GEORGE O'CONNOR sell 1 M 265 Not Provided 02.09.2010

Holdings By:

ARM Holdings PLC ee


27.03.2013

BAE Systems plc develops, delivers, and supports advanced defense and aerospace

systems. The Group manufactures military aircraft, surface ships, submarines,

radar, avionics, communications, electronics, and guided weapon systems. BAE

Systems services clients located throughout the world.


LTM as of: 12/yy

52-Week High (20.03.2013) 395.60

52-Week Low (01.06.2012) 268.60

Daily Volume

382





12'394.90 1 Yr Total Return 33.66%







BA/ LN EQUITY YTD Change - Average Volume 30 Day 7'457'678

BA/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'262'798


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

16'671.0 20'374.0 20'980.0 17'770.0 16'620.0 - - 19'311.9 19'207.9 - -

0.81x 0.60x 0.54x 0.58x 0.64x - - 0.67x 0.69x - -

2'512.0 2'379.0 2'394.0 2'282.0 2'199.0 - - 2'394.8 2'344.6 - -

5.37x 5.12x 4.72x 4.53x 4.84x - - 5.05x 5.15x - -

1'745.0 (67.0) 1'052.0 1'240.0 1'068.0 - - 1'350.7 1'313.0 - -

7.60x - 11.83x 7.71x 10.27x - - 9.07x 9.23x - -











EBITDA Margin 13.2%



Asset Turnover 0.73







Fiscal Year Ended

BAE Systems PLCPrice/Volume

Valuation Analysis

1'075'269.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

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



27.03.2013


INVESCO LTD n/a RNS-RUL8 434'657'796 13.4 1'632'804 08.10.2012 Investment Advisor







SILCHESTER INTL INVE Multiple Portfolios REG 114'594'189 3.53 720'000 01.01.2013 Investment Advisor

BAE SYSTEMS PLC SIP Multiple Portfolios REG 104'111'765 3.21 1'967'358 01.01.2013 Unclassified




NEWTON INV MGMT Multiple Portfolios REG 65'214'916 2.01 849'248 01.01.2013 Mutual Fund Manager

MAJEDIE ASSET MANAGE Multiple Portfolios REG 64'156'833 1.98 (1'632'401) 01.01.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 58'846'516 1.81 (845'307) 26.03.2013 Investment Advisor





GRANTHAM MAYO VAN OT n/a RNS-RUL8 38'552'907 1.19 (33'900) 08.10.2012 Investment Advisor


Jefferies SANDY MORRIS buy 5 M 350 12 month 25.03.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 347 12 month 22.03.2013

AlphaValue THOMAS PICHERIT reduce 2 D 378 6 month 21.03.2013

Investec ANDREW GOLLAN hold 3 M 375 12 month 19.03.2013

Societe Generale ZAFAR KHAN hold 3 M 350 12 month 18.03.2013


S&P Capital IQ UNAI FRANCO sell 1 M 320 12 month 27.02.2013

Exane BNP Paribas TRISTAN SANSON neutral 3 M 360 Not Provided 26.02.2013

Deutsche Bank BEN FIDLER buy 5 M 375 12 month 22.02.2013

Morgan Stanley RUPINDER VIG Equalwt/In-Line 3 M 350 12 month 22.02.2013

Barclays CARTER COPELAND overweight 5 M 370 Not Provided 22.02.2013

RBC Capital Markets ROBERT STALLARD underperform 1 M 315 12 month 21.02.2013

JPMorgan DAVID H. PERRY neutral 3 M 360 9 month 21.02.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 425 Not Provided 18.02.2013

Kepler Capital Markets CHRISTOPHE MENARD hold 3 M 340 Not Provided 12.02.2013


CA Cheuvreux ANTOINE BOIVIN-CHAMPEAUX outperform 5 M 360 Not Provided 11.10.2012

Arden Partners Ltd GRAHAM J WEBSTER add 4 M #N/A N/A Not Provided 01.10.2012

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX buy 5 M 360 12 month 03.08.2012

Canaccord Genuity Corp PAUL BRANT buy 5 M 345 Not Provided 26.03.2012

Holdings By:

BAE Systems PLC ee


27.03.2013

Experian PLC offers credit and marketing services. The Company manages large

databases that enable credit granting and monitoring, and help minimize fraud

and credit risk, offers specialist analytical solutions for credit scoring,

risk management, and processing applications, processes checks and credit

cards, and offers consumers credit reports and scores.


LTM as of: 02/yy

52-Week High (14.03.2013) 1'193.00

52-Week Low (18.05.2012) 859.00

Daily Volume

1120





11'313.08 1 Yr Total Return 15.02%







EXPN LN EQUITY YTD Change - Average Volume 30 Day 1'513'142

EXPN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'639'254


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 02/yy 03/13 Y 03/14 Y - -

3'789.0 3'873.0 3'880.0 3'885.0 4'487.0 - - 4'752.3 5'152.5 - -

2.72x 2.24x 3.07x 3.71x 4.04x - - 4.26x 3.81x - -

1'086.0 1'139.0 1'124.0 1'258.0 1'478.0 - - 1'592.9 1'748.6 - -

9.50x 7.62x 10.59x 11.44x 12.26x - - 12.14x 11.06x - -

437.0 486.0 600.0 581.0 655.0 - - 836.0 981.3 - -

17.74x 13.34x 16.47x 25.10x 23.33x - - 20.23x 17.33x - -











EBITDA Margin 33.8%



Asset Turnover 0.57








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Experian PLCPrice/Volume

Valuation Analysis

181'756.00


!

-!

.!

0!

1!

2!

3!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

1 ! F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

!2 !. .!-! !2 !5 .!-! !2 !. .!-- !2 !5 .!-- !2 !. .!-. !2 !5 .!-. !2 !. .!-0



27.03.2013



ARTISAN PARTNERS HOL n/a Co File 50'901'871 5.04 - 09.05.2012 Investment Advisor



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 12'492'621 1.24 11'347 30.11.2012 Investment Advisor




MORGAN STANLEY n/a ULT-AGG 9'372'533 0.93 (738'866) 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'828'054 0.87 (950'546) 31.12.2012 Investment Advisor



JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 6'972'501 0.69 (59'173) 30.11.2012 Investment Advisor

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 5'578'540 0.55 (82'066) 31.12.2012 Unclassified

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 5'505'401 0.55 4'079'400 31.12.2012 Investment Advisor


TAUBE HODSON STONEX Multiple Portfolios MF-AGG 3'901'480 0.39 (61'410) 31.12.2012 Investment Advisor



SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'431'637 0.34 528'260 31.12.2012 Investment Advisor


Jefferies JUSTIN JORDAN buy 5 M 1'200 12 month 21.03.2013

Cantor Fitzgerald CAROLINE DE LA SOUJEOLE add 4 M 1'100 Not Provided 18.03.2013

Goldman Sachs CHARLES WILSON neutral/neutral 3 M 1'305 12 month 25.02.2013


Canaccord Genuity Corp GRAHAM BROWN sell 1 M 898 12 month 12.02.2013

Barclays PAUL D A SULLIVAN overweight 5 N 1'250 Not Provided 07.02.2013

HSBC RAJESH KUMAR overweight 5 M 1'200 Not Provided 04.02.2013

Evercore Partners DAVID M TOGUT overweight 5 M 1'400 12 month 30.01.2013

Nomura MATTHEW WALKER buy 5 M 1'215 12 month 30.01.2013

Oriel Securities Ltd HECTOR FORSYTHE buy 5 M 1'152 Not Provided 30.01.2013

JPMorgan ROBERT PLANT overweight 5 M 1'210 9 month 29.01.2013

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

Credit Suisse ANDY GROBLER outperform 5 M 1'230 Not Provided 16.01.2013

Shore Capital Stockbrokers ROBIN SPEAKMAN buy 5 M #N/A N/A Not Provided 08.01.2013

Deutsche Bank ANDY CHU buy 5 M 1'200 12 month 24.10.2012

Holdings By:

Experian PLC ee


27.03.2013

Tullow Oil plc explores for and produces oil and gas. The Group's assets are in

Africa, Europe, South America and Asia.


LTM as of: 12/yy

52-Week High (27.03.2012) 1'599.00

52-Week Low (12.12.2012) 1'098.00

Daily Volume

1256





11'402.18 1 Yr Total Return -18.93%







TLW LN EQUITY YTD Change - Average Volume 30 Day 1'920'296

TLW LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'174'538


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

1'280.9 911.8 1'089.8 2'304.2 2'344.1 - - 2'727.7 2'650.3 - -

7.60x 19.23x 17.80x 9.77x 8.33x - - 6.97x 7.52x - -

478.0 486.2 628.7 1'663.8 1'044.6 - - 1'889.3 1'875.9 - -

20.36x 36.06x 30.86x 13.54x 18.69x - - 9.61x 9.68x - -

413.4 23.6 71.0 649.0 624.3 - - 728.8 689.6 - -

21.37x 688.29x 243.62x 30.01x 29.75x - - 26.20x 27.65x - -











EBITDA Margin 44.6%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tullow Oil PLCPrice/Volume

Valuation Analysis

834'822.00


!

-!

.!

0!

1!

2!

3!

4!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

-3 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013




IFG INTL TRUST CO LT n/a Co File 38'960'366 4.29 - 13.03.2012 Corporation


GENESIS ASSET MANAGE n/a RNS-MAJ 34'047'805 3.75 - 14.01.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 26'618'768 2.93 - 31.01.2013 Investment Advisor



OPPENHEIMERFUNDS INC Multiple Portfolios REG 23'832'447 2.63 627'730 03.12.2012 Investment Advisor


GENESIS INVESTMENT M Multiple Portfolios REG 21'305'475 2.35 (1'255'509) 03.12.2012 Unclassified



CARMIGNAC GESTION S Multiple Portfolios REG 16'994'926 1.87 (79'832) 03.12.2012 Unclassified


T ROWE PRICE ASSOCIA Multiple Portfolios REG 16'376'351 1.8 291'947 03.12.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 16'367'377 1.8 (239'378) 31.12.2012 Investment Advisor

LANSDOWNE PARTNERS n/a Short (16'158'187) -1.78 (2'087'856) 11.01.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 14'127'789 1.56 685'886 31.12.2012 Investment Advisor



Societe Generale DAVID MIRZAI hold 3 M 1'340 12 month 27.03.2013

Investec BRIAN GALLAGHER sell 1 M 970 12 month 26.03.2013

Nomura THEEPAN JOTHILINGAM reduce 2 M 1'400 Not Provided 22.03.2013

Morgan Stanley JAMIE MADDOCK Overwt/Attractive 5 M 1'730 12 month 21.03.2013

Jefferies BRENDAN MICHAEL WARN buy 5 M 1'800 12 month 21.03.2013

AlphaValue ALEXANDRE ANDLAUER reduce 2 M 1'224 6 month 21.03.2013

Canaccord Genuity Corp THOMAS MARTIN hold 3 U 1'150 12 month 18.03.2013

Goodbody Stockbrokers Ltd GERRY F HENNIGAN buy 5 M 1'470 12 month 14.03.2013

Macquarie MARK WILSON underperform 1 M 959 12 month 08.03.2013

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 1'800 12 month 07.03.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 1'650 Not Provided 07.03.2013

HSBC PETER HITCHENS neutral 3 M 1'381 Not Provided 01.03.2013

Oriel Securities Ltd RICHARD GRIFFITH add 4 M #N/A N/A Not Provided 01.03.2013

Barclays RAHIM KARIM overweight 5 M 1'720 Not Provided 01.03.2013

Numis Securities Ltd SANJEEV BAHL hold 3 M 1'225 Not Provided 22.02.2013

FirstEnergy Capital Corp GERRY F DONNELLY outperform 5 M 1'480 12 month 21.02.2013

Liberum Capital Ltd ANDREW WHITTOCK buy 5 M 1'683 Not Provided 19.02.2013

RBC Capital Markets AL STANTON outperform 5 M 1'500 12 month 18.02.2013


Tudor Pickering & Co ANISH KAPADIA trim 1 M 900 Not Provided 15.02.2013

SBG Securities LIONEL THEROND sell 1 D 1'250 12 month 15.02.2013

Deutsche Bank PHIL CORBETT hold 3 M 1'075 12 month 14.02.2013

Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 1'350 Not Provided 13.02.2013

WH Ireland Ltd ANGUS B MCPHAIL buy 5 M 1'515 12 month 13.02.2013

Global Hunter Securities JOHN MALONE neutral 3 M 1'300 12 month 13.02.2013

JPMorgan JAMES THOMPSON overweight 5 M 1'500 9 month 08.02.2013

Merrion Stockbrokers MUNA MULEYA buy 5 M 1'780 Not Provided 11.01.2013


Goldman Sachs CHRISTOPHOR JOST Buy/Cautious 5 U 1'453 12 month 12.12.2012

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

N+1 Singer Ltd SIMON HAWKINS buy 5 M 1'370 12 month 27.11.2012

Davy JOB LANGBROEK outperform 5 M #N/A N/A Not Provided 26.11.2012

Westhouse Securities PETER BASSETT not rated #N/A N/A M #N/A N/A Not Provided 04.07.2012

CAL Brokers Limited NANA AGYEI OPOKU-AGYEMANG buy 5 M #N/A N/A Not Provided 30.08.2011

Holdings By:

Tullow Oil PLC ee


27.03.2013

Shire PLC markets, licenses and develops prescription medicines. The Group

focuses its operations on attention deficit and hyperactivity disorders, human

genetic therapies, gastrointestinal, and renal diseases.


LTM as of: 12/yy

52-Week High (04.02.2013) 2'173.00

52-Week Low (26.10.2012) 1'682.00

Daily Volume

1977




Shares Out 26.03.2013 556.9 Short Int 1.62

11'010.79 1 Yr Total Return -6.47%







SHP LN EQUITY YTD Change - Average Volume 30 Day 1'739'587

SHP LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'515'374


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

2'999.7 2'986.2 3'456.3 4'233.7 4'648.3 1'588.3 1'913.7 5'062.3 5'440.5 1'249.5 1'247.3

3.06x 3.89x 4.07x 4.74x 3.56x 16.29x 23.94x 3.01x 2.56x 12.77x 12.61x

867.6 876.3 1'075.4 1'448.0 1'214.5 659.8 819.3 1'779.9 2'002.2 467.0 484.0

10.59x 13.26x 13.09x 13.85x 13.61x 10.59x 15.54x 9.13x 8.11x 8.06x -

156.0 491.6 588.0 865.0 745.4 94.0 144.7 1'289.4 1'459.5 310.3 304.3

45.95x 20.96x 22.34x 22.17x 22.84x 56.33x 68.96x 13.25x 11.72x 12.90x -











EBITDA Margin 26.8%



Asset Turnover 0.68








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shire PLCPrice/Volume

Valuation Analysis

208'961.00


!

2!

-!!

-2!

.!!

.2!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. F

1 F

3 F

5 F

- ! F

- . F

- 1 F

- 3 F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

2'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.03.2013




LEGAL & GENERAL n/a ULT-AGG 22'275'321 4 - 23.02.2012 Unclassified

CAPITAL GROUP INTERN n/a RNS-MAJ 9'789'761 1.76 - 19.01.2012 Investment Advisor





SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'825'300 0.51 394'229 31.12.2012 Investment Advisor

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 2'345'173 0.42 1'623 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 2'185'502 0.39 846'879 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 1'992'292 0.36 (486'895) 21.03.2013 Investment Advisor

SEB n/a ULT-AGG 1'944'312 0.35 349'830 31.01.2013 Unclassified

ALLIANCE BERNSTEIN n/a ULT-AGG 1'742'483 0.31 (48'877) 31.01.2013 Investment Advisor


BARING FUND MANAGERS Multiple Portfolios MF-AGG 1'521'756 0.27 151'717 30.11.2012 Investment Advisor

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'476'159 0.27 78'291 31.01.2013 Mutual Fund Manager


PRINCIPAL FINANCIAL n/a ULT-AGG 1'310'393 0.24 49'072 28.02.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 965'389 0.17 92'063 31.12.2012 Investment Advisor


Bryan Garnier & Cie MARTIAL DESCOUTURES buy 5 M 2'250 6 month 26.03.2013

Jefferies PETER WELFORD buy 5 M 2'400 12 month 21.03.2013

Exane BNP Paribas NICOLAS GUYON-GELLIN outperform 5 M 2'400 Not Provided 21.03.2013

AlphaValue KAMLA SINGH add 4 M 2'303 6 month 21.03.2013

Credit Suisse KERRY HOLFORD outperform 5 M 2'350 Not Provided 11.03.2013

Berenberg Bank ADRIAN HOWD hold 3 D 2'250 Not Provided 08.03.2013


EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 01.03.2013

Nomura JAMES CRITCHLEY neutral 3 N 2'160 12 month 28.02.2013

Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 2'400 12 month 21.02.2013

JPMorgan JAMES D GORDON overweight 5 M 2'340 9 month 19.02.2013

Societe Generale STEPHEN MCGARRY buy 5 M 2'397 12 month 15.02.2013

Deutsche Bank MARK CLARK buy 5 M 2'325 12 month 15.02.2013

S&P Capital IQ JACOB THRANE buy 5 M 2'300 12 month 15.02.2013

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 2'150 Not Provided 15.02.2013

Barclays BRIAN BOURDOT overweight 5 M 2'350 Not Provided 15.02.2013

Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 2'675 12 month 28.01.2013


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

Cenkos Securities Ltd NAVID MALIK buy 5 M 2'343 Not Provided 26.06.2012

Holdings By:

Shire PLC ee


27.03.2013

CRH plc manufactures cement, concrete products, aggregates, asphalt, clay

bricks, chemical lime, security fencing products, and roofing, insulation and

other building materials. The Group also operates some 136 builders merchant

locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19

countries, including Ireland, the US, Spain, Germany and the Netherlands.


LTM as of: 12/yy

52-Week High (15.03.2013) 1'554.00

52-Week Low (01.06.2012) 1'052.00

Daily Volume

1432





10'412.36 1 Yr Total Return 13.12%







CRH LN EQUITY YTD Change - Average Volume 30 Day 2'524'278

CRH LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'172'856


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

20'887.0 17'373.0 17'173.0 18'081.0 18'659.0 - - 19'073.4 20'125.6 - -

0.78x 1.01x 0.86x 0.82x 0.76x - - 0.80x 0.75x - -

2'656.0 1'803.0 1'614.0 1'656.0 1'640.0 - - 1'724.8 1'974.8 - -

6.11x 9.69x 9.18x 9.01x 8.70x - - 8.97x 7.84x - -

1'248.0 592.0 432.0 590.0 552.0 - - 601.1 791.3 - -

7.66x 21.54x 25.28x 18.60x 20.01x - - 20.03x 15.54x - -


EBIT 845.00 Long-Term Rating BBB+









EBITDA Margin 8.8%



Asset Turnover 0.88







Fiscal Year Ended

CRH PLCPrice/Volume

Valuation Analysis

483'151.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

4 ! F

5 ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



27.03.2013






HARBOR CAPITAL ADVIS n/a 20F 21'999'275 3.03 - 23.03.2012 Investment Advisor

NORGES BANK n/a 20F 21'543'277 2.96 - 23.03.2012 Government

GRWTH FUND OF AMERIC n/a RNS-MAJ 21'114'087 2.9 - 15.02.2011 n/a

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 11'276'498 1.55 1'580'407 30.09.2012 Hedge Fund Manager



MANNING & NAPIER ADV Multiple Portfolios MF-AGG 7'703'980 1.06 3'376'460 31.12.2012 Investment Advisor


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4'922'840 0.68 (13'040) 31.12.2012 Investment Advisor

MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 4'196'785 0.58 2'571'785 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 3'186'312 0.44 - 21.03.2013 Investment Advisor


MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2'762'000 0.38 342'000 30.11.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'746'054 0.38 850'506 31.12.2012 Investment Advisor


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'522'762 0.35 (874) 31.01.2013 Investment Advisor


Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN sell 1 D 1'362 Not Provided 21.03.2013

Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 1'353 Not Provided 21.03.2013

AlphaValue GAETAN DUPONT add 4 M 1'626 6 month 21.03.2013


Sanford C. Bernstein & Co PHIL ROSEBERG market perform 3 M 1'450 12 month 18.03.2013

Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 15.03.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 M 1'478 12 month 08.03.2013

Credit Suisse HARRY GOAD underperform 1 M 1'133 Not Provided 07.03.2013

Goodbody Stockbrokers Ltd ROBERT EASON sell 1 M 1'297 12 month 06.03.2013

Deutsche Bank LUIS PRIETO buy 5 M 1'600 12 month 01.03.2013

JPMorgan MICHAEL MORRIS neutral 3 M 1'215 9 month 28.02.2013

Natixis ABDELKADER BENCHIHA neutral 3 U 1'465 Not Provided 28.02.2013


Societe Generale MURIEL FELLOUS hold 3 M 1'380 12 month 27.02.2013


Berenberg Bank ROBERT MUIR sell 1 M 1'212 Not Provided 27.02.2013

Jefferies MICHAEL F BETTS buy 5 M 1'724 12 month 26.02.2013

Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 1'293 6 month 26.02.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 1'465 12 month 26.02.2013

Exane BNP Paribas PAUL ROGER neutral 3 M 1'552 Not Provided 26.02.2013

Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 1'000 Not Provided 25.02.2013

Merrion Stockbrokers DAVID HOLOHAN sell 1 N 1'210 Not Provided 22.02.2013

Kepler Capital Markets JOSEP PUJAL hold 3 M 1'376 Not Provided 04.02.2013

HSBC JOHN FRASER-ANDREWS underweight 1 D 1'283 Not Provided 29.01.2013

Morgan Stanley YURI SEROV Underwt/In-Line 1 M 1'258 12 month 13.12.2012

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 1'150 Not Provided 09.11.2012

Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 07.11.2012

Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 19.10.2012

Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 14.06.2012

Holdings By:

CRH PLC ee


27.03.2013

Legal & General Group plc is a holding company. The Company, through its

subsidiaries, provides savings, risk and investment management services such as

annuities, long-term savings, life assurance and financial protection products.

Legal & General Group's products are sold through bank, building society

relationships, Independent Financial Advisers and directly to customers.


LTM as of: 12/yy

52-Week High (15.03.2013) 175.40

52-Week Low (01.06.2012) 105.30

Daily Volume

170.1





10'057.94 1 Yr Total Return 33.56%





Enterprise Value -


LGEN LN EQUITY YTD Change - Average Volume 30 Day 13'479'500

LGEN LN EQUITY YTD % CHANGE - Average Volume 3 Month 11'780'630


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

(31'644.0) 43'790.0 38'440.0 18'317.0 34'976.0 6'150.5 5'980.9 29'766.0 33'116.0 436.5 -

- - - - - 5.49x 4.75x 0.31x 0.27x - -

- - - - - 656.3 570.7 - - - -

- - - - - 11.27x 12.10x - - - -

(1'067.0) 863.0 820.0 726.0 813.0 385.7 333.4 877.7 905.4 - -

- 2.72x 6.88x 8.25x 10.48x 22.88x 25.19x 11.57x 10.83x - -


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.10







Fiscal Year Ended

Legal & General Group PLCPrice/Volume

Valuation Analysis

4'052'013.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!122!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



27.03.2013









SWISS REINSURANCE Multiple Portfolios REG 169'171'985 2.86 418'703 03.12.2012 Insurance Company







ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 93'648'888 1.58 37'648'888 31.12.2012 Investment Advisor


LEGAL & GENERAL GROU Multiple Portfolios REG 72'641'394 1.23 (2'070'035) 03.12.2012 Unclassified

F&C ASSET MANAGEMENT Multiple Portfolios REG 70'631'364 1.19 403'808 03.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios REG 65'293'473 1.1 1'547'523 03.12.2012 Investment Advisor



Barclays ALAN DEVLIN overweight 5 M 181 Not Provided 27.03.2013

Sanford C. Bernstein & Co EDWARD HOUGHTON market perform 3 M 175 12 month 26.03.2013


Credit Suisse CHRIS ESSON neutral 3 M 175 Not Provided 25.03.2013

Exane BNP Paribas ANDY HUGHES underperform 1 M 116 Not Provided 18.03.2013

Berenberg Bank MATTHEW PRESTON buy 5 M 200 Not Provided 15.03.2013

HSBC KAILESH MISTRY overweight 5 M 195 Not Provided 07.03.2013

Keefe, Bruyette & Woods GREIG N PATERSON underperform 1 M 110 12 month 06.03.2013

Nomura FAHAD CHANGAZI buy 5 M 185 12 month 06.03.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 155 12 month 06.03.2013

Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 190 Not Provided 06.03.2013

JPMorgan ASHIK MUSADDI neutral 3 M 144 9 month 25.02.2013


RBC Capital Markets GORDON AITKEN sector perform 3 M 150 12 month 20.02.2013

Deutsche Bank OLIVER STEEL buy 5 M 170 12 month 24.01.2013

Macquarie NEIL WELCH outperform 5 M 175 12 month 23.01.2013

Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 165 12 month 18.01.2013


Investec KEVIN RYAN hold 3 D 153 12 month 07.01.2013

Societe Generale ABID HUSSAIN hold 3 M 144 12 month 11.12.2012

Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 10.12.2012

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 157 12 month 05.12.2012

Canaccord Genuity Corp BEN COHEN hold 3 M 150 12 month 26.11.2012

Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 08.11.2012


Holdings By:

Legal & General Group PLC ee


27.03.2013

Old Mutual PLC is an international long-term savings, protection and investment

Group. The Company provides life assurance, asset management, banking and

general insurance to customers in Africa, the Americas, Asia and Europe.


LTM as of: 12/yy

52-Week High (06.03.2013) 213.80

52-Week Low (06.06.2012) 136.60

Daily Volume

200.9





9'830.73 1 Yr Total Return 28.52%







OML LN EQUITY YTD Change - Average Volume 30 Day 9'774'593

OML LN EQUITY YTD % CHANGE - Average Volume 3 Month 7'993'184


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 09/11 Q3 12/11 Q4

(2'414.0) 18'013.0 17'356.0 7'689.0 17'906.0 46'128.3 94'235.2 - - 353.0 -

- 0.50x 0.55x 1.33x 0.55x 2.31x 2.27x - - - -

- - - - - 2'566.7 4'672.2 - - - -

- - - - - 9.39x 12.27x - - - -

495.0 (275.0) (220.0) 729.0 1'173.0 1'275.8 1'334.2 1'017.4 1'123.2 - -

5.93x - 13.41x 14.26x 14.62x 16.80x 22.22x 10.00x 9.13x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Old Mutual PLCPrice/Volume

Valuation Analysis

1'737'517.00


!

-!

.!

0!

1!

2!

3!

4!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013


CEVIAN CAPITAL Multiple Portfolios REG 410'748'581 8.39 - 03.12.2012 Other

SANLAM ASSET MANAGEM Multiple Portfolios REG 305'691'719 6.25 - 03.12.2012 Investment Advisor

PUBLIC INVESTMENT CO n/a Co File 268'811'081 5.49 - 08.03.2012 Government


OLD MUTUAL n/a ULT-AGG 240'737'104 4.92 (5'438'689) 31.12.2012 Unclassified




ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 67'791'621 1.39 123'856 31.12.2012 Investment Advisor






DIMENSIONAL FUND ADV Multiple Portfolios REG 39'313'687 0.8 (637'028) 03.12.2012 Investment Advisor

APG ALGEMENE PENSIOE Multiple Portfolios REG 37'242'823 0.76 (4'748'190) 03.12.2012 Pension Fund (ERISA)


COLLINS STEWART LTD Multiple Portfolios REG 35'758'032 0.73 (686'845) 03.12.2012 Investment Advisor

SANLAM COLLECTIVE IN Multiple Portfolios MF-AGG 34'541'968 0.71 (1'935'953) 31.12.2012 Investment Advisor



AlphaValue JEROME CASSAGNE reduce 2 M 206 6 month 21.03.2013



Imara TONDERAI MANESWA buy 5 M #N/A N/A Not Provided 12.03.2013

Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 226 12 month 05.03.2013

Deutsche Bank LARISSA VAN-DEVENTER buy 5 M 230 12 month 04.03.2013

Investec MARK SALMON hold 3 U 221 Not Provided 04.03.2013

S&P Capital IQ RODERICK WALLACE sell 1 D 185 12 month 04.03.2013

Credit Suisse BRIAN MUSHONGA underperform 1 M 161 Not Provided 01.03.2013

Keefe, Bruyette & Woods GREIG N PATERSON underperform 1 M 133 12 month 01.03.2013


Nedgroup Securities DAVID S DANILOWITZ not rated #N/A N/A M 206 12 month 01.03.2013

SBG Securities RISTO KETOLA buy 5 M 260 12 month 27.02.2013

Barclays ALAN DEVLIN equalweight 3 M 183 Not Provided 25.02.2013

JPMorgan FRANCOIS DU TOIT neutral 3 D 209 9 month 21.02.2013

Avior Research HARRY BOTHA outperform 5 M 225 Not Provided 21.02.2013



Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 171 12 month 05.12.2012

Nomura BEN BATHURST buy 5 M 202 Not Provided 11.07.2012

Shore Capital Stockbrokers EAMONN FLANAGAN hold 3 M #N/A N/A Not Provided 31.10.2011

Holdings By:

Old Mutual PLC ee


27.03.2013

Pearson plc is an international media and education company with its principal

operations in the education, business information and consumer publishing

markets. The Company creates and manages intellectual property to inform,

educate and entertain. The Company's content is delivered through books books,

newspapers and online services.


LTM as of: 12/yy

52-Week High (26.07.2012) 1'302.00

52-Week Low (20.04.2012) 1'105.00

Daily Volume

1156





9'449.93 1 Yr Total Return -1.13%







PSON LN EQUITY YTD Change - Average Volume 30 Day 2'711'657

PSON LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'440'488


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

4'811.0 5'140.0 5'663.0 4'817.0 5'059.0 - - 6'215.9 6'166.1 - -

1.45x 1.66x 1.53x 2.16x 2.14x - - 1.62x 1.59x - -

847.0 821.0 948.0 942.0 956.0 - - 1'045.2 1'134.9 - -

8.21x 10.39x 9.16x 11.02x 11.31x - - 10.22x 9.41x - -

292.0 425.0 1'297.0 957.0 326.0 - - 644.9 725.4 - -

13.38x 18.96x 15.27x 10.93x 33.75x - - 14.22x 12.69x - -

EBITDA 956.00 Long-Term Rating Date 25.11.1998










EBITDA Margin 18.9%



Asset Turnover 0.45







Fiscal Year Ended

Pearson PLCPrice/Volume

Valuation Analysis

554'329.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



27.03.2013





LIBYAN INVESTMENT AU Multiple Portfolios REG 26'572'179 3.25 - 01.02.2013 Other



Northern Cross Inter Multiple Portfolios REG 19'312'999 2.36 (37'762) 01.02.2013 Unclassified

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 19'130'761 2.34 4'434'586 31.12.2012 Investment Advisor






MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 12'289'596 1.5 (125'700) 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios REG 11'719'600 1.43 (132'300) 01.02.2013 Investment Advisor

SARASIN n/a ULT-AGG 11'542'527 1.41 (273'440) 01.02.2013 Unclassified

LINDSELL TRAIN INVES Multiple Portfolios REG 11'409'427 1.4 664'500 01.02.2013 Unclassified

DWS INVESTMENT SA Multiple Portfolios REG 11'369'381 1.39 423'149 01.02.2013 Unclassified




Berenberg Bank SARAH SIMON hold 3 M 1'200 Not Provided 26.03.2013


Sanford C. Bernstein & Co CLAUDIO ASPESI outperform 5 M 1'400 12 month 12.03.2013

Exane BNP Paribas SAMI KASSAB outperform 5 M 1'400 Not Provided 08.03.2013

HSBC DAN GRAHAM underweight 1 M 1'000 Not Provided 07.03.2013

AlphaValue VERONIQUE CABIOC'H add 4 M 1'385 6 month 07.03.2013

Numis Securities Ltd GARETH R DAVIES hold 3 M 1'192 Not Provided 28.02.2013

Societe Generale CHRISTOPHE CHERBLANC sell 1 M 1'040 12 month 26.02.2013

Deutsche Bank MARK BRALEY hold 3 M 1'225 12 month 26.02.2013

Investec STEVEN LIECHTI hold 3 M 1'150 12 month 26.02.2013

Macquarie TIMOTHY W NOLLEN neutral 3 M 1'100 12 month 26.02.2013

Natixis PAVEL GOVCIYAN buy 5 M 1'420 Not Provided 26.02.2013

Nomura MATTHEW WALKER reduce 2 M 1'195 Not Provided 26.02.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 1'300 12 month 26.02.2013

Barclays NICK DEMPSEY equalweight 3 M 1'175 Not Provided 26.02.2013

Morgan Stanley PATRICK WELLINGTON Underwt/Attractive 1 M 1'140 12 month 25.02.2013

Goldman Sachs VIGHNESH PADIACHY Buy/Neutral 5 M 1'370 12 month 25.02.2013

Espirito Santo Investment Bank ResearchGIASONE SALATI buy 5 M 1'570 Not Provided 25.02.2013

Liberum Capital Ltd IAN WHITTAKER sell 1 M 1'050 Not Provided 21.02.2013

Jefferies DAVID REYNOLDS hold 3 M 1'290 12 month 22.01.2013

Credit Suisse JOSEPH BARNET-LAMB outperform 5 M 1'210 Not Provided 21.01.2013

Panmure Gordon & Co Limited ALEX DE GROOTE hold 3 M 1'125 Not Provided 31.10.2012

JPMorgan MARK O'DONNELL overweight 5 M 1'490 9 month 29.10.2012


CA Cheuvreux NIKLAS KRISTOFFERSSONN underperform 1 M 1'150 Not Provided 28.02.2012

Holdings By:

Pearson PLC ee


27.03.2013

Reed Elsevier PLC is a holding company. The Company is a publisher and

information provider. Reed Elsevier, through its subsidiaries, publishes

information for the scientific and medical professions, legal, and business to

business sector.


LTM as of: 12/yy

52-Week High (27.03.2013) 790.50

52-Week Low (01.06.2012) 466.10

Daily Volume

775.5





9'250.84 1 Yr Total Return 43.99%







REL LN EQUITY YTD Change - Average Volume 30 Day 3'659'088

REL LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'290'474


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

5'334.0 6'071.0 6'055.0 6'002.0 6'116.0 - - 6'120.6 6'365.0 - -

2.20x 1.80x 1.77x 1.81x 1.96x - - 2.12x 1.94x - -

1'337.0 1'528.0 1'650.0 1'737.0 1'889.0 - - 1'938.8 2'055.8 - -

8.76x 7.16x 6.51x 6.24x 6.34x - - 7.02x 6.62x - -

241.0 195.0 327.0 389.0 552.0 - - 1'187.3 1'273.1 - -

24.70x 29.68x 19.86x 16.04x 13.96x - - 14.66x 13.58x - -











EBITDA Margin 30.9%



Asset Turnover 0.54








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Reed Elsevier PLCPrice/Volume

Valuation Analysis

1'181'691.00


!2

-!-2.!.20!021!12

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2! ! F

-!! ! F

-2! ! F

.!! ! F

.2! ! F

0!! ! F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

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



27.03.2013






SILCHESTER INTL INVE n/a 20F 47'677'807 4 - 07.03.2013 Investment Advisor

LLOYDS BANKING GROUP n/a ULT-AGG 47'667'406 4 4'261 07.03.2013 Investment Advisor








BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 29'850'728 2.5 (3'679) 26.03.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 25'067'088 2.1 1'292'810 31.12.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 24'449'279 2.05 (3'082'095) 01.01.2013 Investment Advisor



ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 22'365'700 1.87 (2'639'089) 31.12.2012 Investment Advisor



Berenberg Bank SARAH SIMON buy 5 U 800 Not Provided 26.03.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 840 Not Provided 26.03.2013

Societe Generale CHRISTOPHE CHERBLANC buy 5 M 825 12 month 25.03.2013

HSBC DAN GRAHAM neutral 3 M 720 Not Provided 25.03.2013

AlphaValue VERONIQUE CABIOC'H reduce 2 M 735 6 month 21.03.2013

Goldman Sachs VIGHNESH PADIACHY neutral/neutral 3 M 800 12 month 20.03.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI underperform 1 M 500 12 month 12.03.2013


CA Cheuvreux ANDREA BENEVENTI outperform 5 M 730 Not Provided 08.03.2013

JPMorgan MARK O'DONNELL overweight 5 M 795 9 month 06.03.2013


Investec STEVEN LIECHTI buy 5 M 800 12 month 01.03.2013

Macquarie TIMOTHY W NOLLEN underperform 1 M 625 12 month 01.03.2013

Nomura MATTHEW WALKER buy 5 M 810 Not Provided 01.03.2013

Numis Securities Ltd GARETH R DAVIES add 4 M 830 Not Provided 01.03.2013

Exane BNP Paribas SAMI KASSAB outperform 5 M 750 Not Provided 01.03.2013

Barclays NICK DEMPSEY overweight 5 M 810 Not Provided 01.03.2013

Deutsche Bank MARK BRALEY buy 5 M 790 12 month 28.02.2013

Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 750 12 month 28.02.2013

Jefferies DAVID REYNOLDS buy 5 M 760 12 month 28.02.2013

Petercam KRIS KIPPERS buy 5 M 610 Not Provided 28.02.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 750 12 month 28.02.2013

Peel Hunt PATRICK YAU sell 1 M 556 Not Provided 23.01.2013

Credit Suisse JOSEPH BARNET-LAMB neutral 3 M 620 Not Provided 21.01.2013

Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 650 Not Provided 11.12.2012

Espirito Santo Investment Bank ResearchGIASONE SALATI sell 1 M 390 Not Provided 12.10.2012

N+1 Singer Ltd JOHNATHAN BARRETT not rated #N/A N/A M #N/A N/A Not Provided 16.02.2012

Holdings By:

Reed Elsevier PLC ee


27.03.2013

Aviva PLC is an international insurance company that provides all classes of

general and life assurance, including fire, motor, marine, aviation, and

transport insurance. The Company also supplies a variety of financial services,

including unit trusts, stockbroking, long-term savings, and fund management.


LTM as of: 12/yy

52-Week High (21.12.2012) 390.40

52-Week Low (01.06.2012) 251.10

Daily Volume

295.9





8'717.56 1 Yr Total Return -9.53%





Enterprise Value -


AV/ LN EQUITY YTD Change - Average Volume 30 Day 15'125'410

AV/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 12'347'110


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

20'484.0 59'434.0 50'197.0 35'561.0 43'536.0 2'766.9 3'133.6 43'014.0 42'380.5 - -

0.23x 0.09x 0.11x - - 15.30x 17.16x - - - -

- - - - - 619.5 727.3 - - - -

- - - - - 20.55x 18.91x - - - -

(915.0) 1'085.0 1'463.0 225.0 (3'218.0) 357.9 420.5 1'295.7 1'445.3 - -

- 10.51x 14.10x 11.69x - 35.75x 32.85x 6.76x 6.22x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aviva PLCPrice/Volume

Valuation Analysis

6'006'055.00


!

-!

.!

0!

1!

2!

3!


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

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



27.03.2013







M&G INVESTMENT MANAG Multiple Portfolios REG 79'690'535 2.7 1'091'900 01.02.2013 Investment Advisor

AVIVA PLC SHARE ACCO Multiple Portfolios REG 65'593'903 2.23 180'879 01.02.2013 Unclassified





HARGREAVES LANSDOWN Multiple Portfolios REG 37'865'993 1.29 (236'469) 01.02.2013 Investment Advisor


TD WATERHOUSE GROUP Multiple Portfolios REG 34'726'322 1.18 (2'368'648) 01.02.2013 Investment Advisor


APG ALGEMENE PENSIOE Multiple Portfolios REG 33'235'920 1.13 515'452 01.02.2013 Pension Fund (ERISA)

EDINBURGH PARTNERS L Multiple Portfolios REG 32'415'215 1.1 (4'029'494) 01.02.2013 Investment Advisor


GLOBAL ASSET MANAGEM Multiple Portfolios REG 31'437'995 1.07 3'380'761 01.02.2013 Investment Advisor




AlphaValue JEROME CASSAGNE buy 5 U 390 6 month 21.03.2013

Keefe, Bruyette & Woods GREIG N PATERSON outperform 5 M 432 12 month 19.03.2013

Shore Capital Stockbrokers EAMONN FLANAGAN sell 1 D #N/A N/A Not Provided 18.03.2013

Canaccord Genuity Corp BEN COHEN hold 3 M 335 12 month 18.03.2013

Exane BNP Paribas ANDY HUGHES outperform 5 M 379 Not Provided 18.03.2013

Berenberg Bank MATTHEW PRESTON hold 3 D 350 Not Provided 15.03.2013


Barclays ALAN DEVLIN underweight 1 M 289 Not Provided 12.03.2013

Credit Suisse CHRIS ESSON outperform 5 M 435 Not Provided 11.03.2013


HSBC KAILESH MISTRY neutral 3 M 360 Not Provided 08.03.2013


Morgan Stanley JON HOCKING Overwt/In-Line 5 M 444 12 month 07.03.2013

JPMorgan ASHIK MUSADDI overweight 5 M 443 9 month 07.03.2013

Nomura FAHAD CHANGAZI buy 5 M 540 12 month 07.03.2013

Oriel Securities Ltd MARCUS BARNARD hold 3 M 400 Not Provided 07.03.2013

Panmure Gordon & Co Limited BARRIE CORNES hold 3 D 340 Not Provided 07.03.2013


Macquarie NEIL WELCH neutral 3 M 384 12 month 23.01.2013

Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 416 12 month 18.01.2013


Investec KEVIN RYAN buy 5 M 422 12 month 07.01.2013

Deutsche Bank OLIVER STEEL restricted #N/A N/A M #N/A N/A Not Provided 21.12.2012

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


Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 605 Not Provided 31.05.2011

Holdings By:

Aviva PLC ee


27.03.2013

Wolseley plc distributes bathroom materials, heating and plumbing supplies, and

systems and services. The Company's solutions include transaction processing,

electronic bill payment and presentment, business process outsourcing, document

distribution services, and software and systems solutions.


LTM as of: 12/yy

52-Week High (20.03.2013) 3'354.00

52-Week Low (21.05.2012) 2'111.32

Daily Volume

3171





8'688.65 1 Yr Total Return 32.94%







WOS LN EQUITY YTD Change - Average Volume 30 Day 829'263

WOS LN EQUITY YTD % CHANGE - Average Volume 3 Month 795'317


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 12/yy 12/yy 07/13 Y 07/14 Y 04/12 Q3 07/12 Q4

13'079.0 13'301.0 13'203.0 13'558.0 13'421.0 4'337.0 4'482.0 13'290.8 14'212.6 - 3'157.3

0.38x 0.36x 0.34x 0.42x 0.49x 10.46x 11.60x 0.68x 0.62x - -

1'152.0 1'140.0 840.0 863.0 476.0 1'345.0 1'410.0 852.7 993.1 - 235.0

4.35x 4.23x 5.36x 6.63x 13.90x 8.39x 9.51x 11.30x 9.70x - -

74.0 (1'173.0) (340.0) 271.0 57.0 472.0 611.0 498.9 608.0 - -

2.55x - - 18.26x 108.63x 14.87x 17.64x 17.54x 14.65x - -











EBITDA Margin 3.8%



Asset Turnover 1.82







Fiscal Year Ended

Wolseley PLCPrice/Volume

Valuation Analysis

245'795.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. F

1 F

3 F

5 F

- ! F

- . F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.03.2013


BLACKROCK T ROWE PRICE ASSOCIA 13F 14'479'666 10.85 3'754'321 31.12.2012 Investment Advisor


VANGUARD GROUP INC VANGUARD GROUP INC 13F 8'529'325 6.39 83'298 31.12.2012 Investment Advisor



LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 5'449'211 4.08 202'131 31.12.2012 Investment Advisor


INVESCO LTD INVESCO LTD 13F 2'619'234 1.96 (99'329) 31.12.2012 Investment Advisor

MERITAGE GROUP LP MERITAGE GROUP LP 13F 2'072'806 1.55 (407) 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'900'334 1.42 (7'517) 31.12.2012 Investment Advisor

PITTENGER & ANDERSON PITTENGER & ANDERSON 13F 1'898'286 1.42 - 31.12.2012 Investment Advisor

DILLON DONALD F n/a Form 4 1'891'654 1.42 - 07.09.2012 n/a

FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 1'755'042 1.31 1'042 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'716'266 1.29 (39'088) 31.12.2012 Investment Advisor

EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 1'705'366 1.28 1'011'066 31.12.2012 Hedge Fund Manager

INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 1'422'001 1.07 (2'321) 31.12.2012 Investment Advisor

BRAVE WARRIOR ADVISO BRAVE WARRIOR ADVISO 13F 1'411'128 1.06 (299'954) 31.12.2012 Hedge Fund Manager

EMINENCE CAPITAL LLC EMINENCE CAPITAL LLC 13F 1'265'796 0.95 (3'090) 31.12.2012 Hedge Fund Manager

JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 1'204'996 0.9 47'434 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 1'193'655 0.89 (172'514) 31.12.2012 Investment Advisor


Jefferies SAM CULLEN underperform 1 M 2'540 12 month 27.03.2013

Barclays PAUL CHECKETTS overweight 5 M 3'450 Not Provided 27.03.2013

Deutsche Bank THOMAS SYKES buy 5 M 3'400 12 month 26.03.2013

Raymond James ARNAUD PALLIEZ market perform 3 M #N/A N/A Not Provided 26.03.2013

Goodbody Stockbrokers Ltd ROBERT EASON buy 5 M 3'740 12 month 26.03.2013

Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 3'410 Not Provided 26.03.2013

Oriel Securities Ltd MARK HOWSON hold 3 M #N/A N/A Not Provided 26.03.2013

Panmure Gordon & Co Limited ANDY BROWN sell 1 M 2'500 Not Provided 26.03.2013

Numis Securities Ltd HOWARD SEYMOUR hold 3 M 2'980 Not Provided 25.03.2013


Liberum Capital Ltd CHARLIE CAMPBELL buy 5 U 3'730 Not Provided 20.03.2013


Goldman Sachs JOHN WOODMAN neutral/neutral 3 M 3'440 12 month 28.02.2013

JPMorgan EMILY BIDDULPH overweight 5 M 3'350 9 month 25.02.2013

Cantor Fitzgerald KEVIN LAPWOOD hold 3 N 2'700 Not Provided 11.02.2013

Redburn Partners JOHN MESSENGER neutral 3 D #N/A N/A Not Provided 18.01.2013

Exane BNP Paribas PAUL ROGER neutral 3 M 3'250 Not Provided 18.01.2013

Credit Suisse HARRY GOAD outperform 5 M 3'348 Not Provided 17.12.2012

Berenberg Bank MICHAEL WATTS buy 5 M 3'032 Not Provided 14.12.2012

RBC Capital Markets OLIVIA PETERS outperform 5 M 3'241 12 month 10.12.2012

HSBC RAJESH KUMAR neutral 3 M 3'139 Not Provided 05.11.2012

Shore Capital Stockbrokers JON BELL hold 3 M #N/A N/A Not Provided 20.08.2012

Davy FLORENCE O'DONOGHUE neutral 3 D #N/A N/A Not Provided 18.07.2012

Holdings By:

Wolseley PLC ee


27.03.2013

British Sky Broadcasting Group plc provides a pay television broadcasting

accessories. The Company's products include an extensive line of men's and

women's fashion watches and jewelry sold under proprietary and licensed brands,

handbags, small leather goods, belts, sunglasses, and apparel.


LTM as of: 12/yy

52-Week High (25.03.2013) 905.50

52-Week Low (05.04.2012) 629.00

Daily Volume

869.5





14'058.69 1 Yr Total Return 31.70%







BSY LN EQUITY YTD Change - Average Volume 30 Day 2'829'078

BSY LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'669'556


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

4'952.0 5'359.0 5'506.0 6'565.0 6'791.0 2'567.3 2'857.5 7'152.5 7'498.8 1'811.0 1'820.3

1.99x 1.83x 2.49x 2.41x 1.90x 8.80x 7.86x 2.15x 2.02x 8.16x 8.21x

970.0 1'104.0 1'182.0 1'406.0 1'587.0 523.9 554.4 1'666.1 1'707.9 428.0 415.0

10.14x 8.89x 11.58x 11.25x 8.13x 8.92x 8.44x 9.30x 9.07x - -

(127.0) 259.0 878.0 810.0 906.0 294.7 343.4 930.9 958.5 239.7 227.7

- 30.57x 13.63x 19.46x 13.24x 17.18x 16.51x 15.25x 14.49x - -











EBITDA Margin 23.4%



Asset Turnover 1.13







Fiscal Year Ended

British Sky Broadcasting Group PLCPrice/Volume

Valuation Analysis

435'578.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

!5 !- .!-! !5 !4 .!-! !5 !- .!-- !5 !4 .!-- !5 !- .!-. !5 !4 .!-. !5 !- .!-0



27.03.2013


BSKYB HOLDCO INC Multiple Portfolios REG 645'652'521 39.93 (8'800'626) 01.11.2012 Unclassified





AEGON n/a ULT-AGG 44'992'780 2.78 (1'432'023) 01.11.2012 Unclassified


ODEY ASSET MANAGEMEN Multiple Portfolios REG 37'389'881 2.31 (431'754) 01.11.2012 Hedge Fund Manager



NOMURA INTERNATIONAL n/a RNS-RUL8 32'111'245 1.99 3'259'976 11.07.2011 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 29'127'229 1.8 (332'629) 01.11.2012 Government




ODEY ASSET MGMT LTD Multiple Portfolios MF-AGG 16'708'784 1.03 60'100 28.02.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios REG 15'531'610 0.96 4'699'330 01.11.2012 Unclassified

BRITISH SKY BROADCAS Multiple Portfolios REG 14'532'207 0.9 (1'204'732) 01.11.2012 Unclassified




Berenberg Bank SARAH SIMON sell 1 M 650 Not Provided 26.03.2013

Peel Hunt PATRICK YAU hold 3 M 845 Not Provided 25.03.2013

Oriel Securities Ltd JOHN KARIDIS sell 1 M 600 Not Provided 25.03.2013

Credit Suisse OMAR SHEIKH neutral 3 M 800 Not Provided 21.03.2013

AlphaValue VERONIQUE CABIOC'H add 4 M 980 6 month 21.03.2013

Goldman Sachs VIGHNESH PADIACHY Buy/Neutral 5 M 1'070 12 month 20.03.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI underperform 1 M 600 12 month 13.03.2013

Nomura MATTHEW WALKER buy 5 M 975 12 month 12.03.2013


New Street Research FRANK KNOWLES buy 5 M 900 Not Provided 01.03.2013

HSBC ADAM M RUMLEY underweight 1 M 600 Not Provided 21.02.2013

Kepler Capital Markets CONOR O'SHEA buy 5 M 960 Not Provided 11.02.2013

Macquarie GUY R PEDDY outperform 5 M 900 12 month 05.02.2013

Deutsche Bank LAURIE DAVISON buy 5 M 970 12 month 01.02.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 860 12 month 01.02.2013

Numis Securities Ltd PAUL RICHARDS add 4 M 921 Not Provided 01.02.2013

Barclays JULIEN ROCH equalweight 3 M 840 Not Provided 01.02.2013

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 860 12 month 31.01.2013

Investec STEVEN LIECHTI buy 5 M 870 12 month 31.01.2013

Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 920 Not Provided 31.01.2013

Jefferies WILL SMITH underperform 1 M 650 12 month 24.01.2013


CA Cheuvreux THOMAS JORION underperform 1 N 800 Not Provided 17.09.2012

JPMorgan MARK O'DONNELL overweight 5 M 910 9 month 12.09.2012

Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 04.09.2012

Espirito Santo Investment Bank ResearchGIASONE SALATI buy 5 M 875 Not Provided 04.09.2012

Panmure Gordon & Co Limited ALEX DE GROOTE not rated #N/A N/A M #N/A N/A Not Provided 25.07.2011

ING Bank SIMON WALLIS buy 5 M 765 12 month 15.06.2010

Natixis JEROME BODIN suspended coverage #N/A N/A M #N/A N/A Not Provided 16.02.2010

Holdings By:

British Sky Broadcasting Group PLC ee


27.03.2013

Standard Life PLC is a group holding company for a wide variety of insurance

of which are enabled by Global Positioning System (GPS) technology. The Company

designs, develops, manufactures, and markets hand-held, portable, and fixed

mount GPS-enabled products and other navigation, communications, and information

products under its own brand name.


LTM as of: 12/yy

52-Week High (14.03.2013) 386.70

52-Week Low (18.05.2012) 199.00

Daily Volume

360.7





8'505.42 1 Yr Total Return 58.42%





Enterprise Value 880.42


SL/ LN EQUITY YTD Change - Average Volume 30 Day 5'097'891

SL/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'698'171


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

(16'225.0) 17'167.0 18'569.0 9'086.0 19'185.0 2'758.6 2'715.7 20'389.6 22'064.2 - -

- - 0.08x - 0.01x 6.20x 8.08x - - - -

- - - - - 648.3 694.6 - - - -

- - - - - 8.10x 7.34x - - - -

100.0 213.0 432.0 298.0 698.0 520.9 542.4 538.4 603.0 - -

29.28x 29.06x 11.75x 15.93x 11.19x 14.74x 14.30x 15.03x 13.87x - -





Return on Assets 0.42% Short-Term Rating NR




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.11








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Standard Life PLCPrice/Volume

Valuation Analysis

1'144'237.00


!2

-!-2.!.20!021!122!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F- ! F. ! F0 ! F1 ! F2 ! F3 ! F4 ! F5 ! F6 ! F-! ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.03.2013


PRIVATE INDIVIDUALS Multiple Portfolios REG 1'036'519'084 43.96 (15'953'109) 03.10.2012 Other





NEWTON INV MGMT Multiple Portfolios REG 35'876'476 1.52 (4'707'169) 03.10.2012 Mutual Fund Manager







HENDERSON GLOBAL INV Multiple Portfolios REG 20'953'671 0.89 (1'018'790) 03.10.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios REG 19'988'853 0.85 (730'058) 03.10.2012 Investment Advisor



MAJEDIE ASSET MANAGE Multiple Portfolios REG 18'729'100 0.79 1'451'606 03.10.2012 Investment Advisor


RWC PARTNERS LTD Multiple Portfolios REG 17'317'577 0.73 1'178'977 03.10.2012 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios REG 16'422'300 0.7 476'348 03.10.2012 Mutual Fund Manager


Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 420 Not Provided 25.03.2013

Barclays ALAN DEVLIN underweight 1 M 317 Not Provided 20.03.2013


Sanford C. Bernstein & Co EDWARD HOUGHTON underperform 1 M 300 12 month 15.03.2013

Exane BNP Paribas ANDY HUGHES outperform 5 M 395 Not Provided 14.03.2013


HSBC KAILESH MISTRY underweight 1 M 310 Not Provided 11.03.2013

Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 338 12 month 07.03.2013

Oriel Securities Ltd MARCUS BARNARD add 4 M 260 Not Provided 07.03.2013

Credit Suisse CHRIS ESSON underperform 1 M 321 Not Provided 27.02.2013


JPMorgan ASHIK MUSADDI overweight 5 M 349 9 month 11.02.2013

Macquarie NEIL WELCH outperform 5 N 378 12 month 07.02.2013


Deutsche Bank OLIVER STEEL hold 3 M 360 12 month 24.01.2013

Goldman Sachs COLIN L SIMPSON Sell/Neutral 1 M 300 12 month 18.01.2013


Investec KEVIN RYAN buy 5 M 373 12 month 07.01.2013

Morgan Stanley JON HOCKING Underwt/In-Line 1 M 285 12 month 05.12.2012

Shore Capital Stockbrokers EAMONN FLANAGAN hold 3 M #N/A N/A Not Provided 26.11.2012

Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 22.11.2012

Berenberg Bank MATTHEW PRESTON sell 1 M 290 Not Provided 31.10.2012

Nomura BEN BATHURST reduce 2 M 260 Not Provided 21.03.2012

Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 223 6 month 01.07.2011

Holdings By:

Standard Life PLC ee


27.03.2013

Smith & Nephew plc develops and markets advanced medical devices. The Group is

discovers, develops, and commercializes therapeutics to advance the care of

patients suffering from life-threatening diseases. The Company's primary areas

of focus include HIV/AIDS, liver disease and serious cardiovascular and

respiratory conditions.


LTM as of: 12/yy

52-Week High (27.03.2013) 759.00

52-Week Low (06.06.2012) 567.50

Daily Volume

750.5





6'793.08 1 Yr Total Return 20.89%







SN/ LN EQUITY YTD Change - Average Volume 30 Day 1'632'606

SN/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'667'207


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

3'801.0 3'772.0 3'962.0 4'270.0 4'137.0 8'385.4 9'702.5 4'407.2 4'597.9 1'072.3 1'108.0

1.83x 2.68x 2.49x 2.06x 2.48x 14.21x 21.53x 2.30x 2.13x 9.67x 9.28x

1'049.0 1'169.0 1'223.0 1'208.0 1'250.0 4'094.7 4'288.4 1'255.8 1'370.4 314.0 322.5

6.65x 8.64x 8.08x 7.29x 8.21x 6.98x 14.38x 8.40x 7.70x 8.03x -

377.0 472.0 615.0 582.0 729.0 2'803.6 2'591.6 694.4 755.3 166.0 172.5

15.00x 19.34x 15.23x 14.85x 13.58x 11.34x 21.60x 14.51x 13.30x 14.29x -











EBITDA Margin 29.9%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Smith & Nephew PLCPrice/Volume

Valuation Analysis

301'535.00


!2

-!-2.!.20!021!122!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

-3 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013






WALTER SCOTT & PARTN Multiple Portfolios REG 32'053'564 3.54 458'500 01.01.2013 Investment Advisor


LEGAL & GENERAL n/a RNS-MAJ 27'146'459 3 - 25.01.2013 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios REG 21'472'113 2.37 (613'011) 01.01.2013 Investment Advisor






ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 15'864'866 1.75 46'000 31.12.2012 Investment Advisor

THORNBURG INVESTMENT n/a RNS-MAJ 14'783'322 1.63 - 12.01.2011 Investment Advisor




JO HAMBRO CAPITAL MA Multiple Portfolios REG 11'748'075 1.3 498'476 01.01.2013 Mutual Fund Manager



Societe Generale JUSTIN SMITH sell 1 M 585 12 month 25.03.2013

Sanford C. Bernstein & Co LISA BEDELL CLIVE market perform 3 M 760 12 month 25.03.2013

Morgan Stanley MICHAEL K JUNGLING Equalwt/Attractive 3 M 735 12 month 21.03.2013

Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 765 12 month 21.03.2013

Exane BNP Paribas JULIEN DORMOIS outperform 5 M 775 Not Provided 21.03.2013

AlphaValue KAMLA SINGH reduce 2 M 737 6 month 21.03.2013


Barclays SALLY TAYLOR equalweight 3 M 717 Not Provided 05.03.2013

Numis Securities Ltd CHARLES WESTON add 4 M 800 Not Provided 01.03.2013

S&P Capital IQ JACOB THRANE hold 3 M 750 Not Provided 15.02.2013

Jefferies INGEBORG OIE buy 5 M 800 12 month 12.02.2013

Berenberg Bank TOM JONES buy 5 M 805 Not Provided 08.02.2013

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 720 Not Provided 08.02.2013

Credit Suisse CHRISTOPH GRETLER neutral 3 M 725 Not Provided 07.02.2013

JPMorgan DAVID J ADLINGTON neutral 3 M 709 12 month 07.02.2013

Nomura MARTIN BRUNNINGER neutral 3 M 596 12 month 07.02.2013

Shore Capital Stockbrokers BRIAN WHITE sell 1 M #N/A N/A Not Provided 06.02.2013


Deutsche Bank YI-DAN WANG hold 3 M 638 12 month 08.01.2013

Investec SEBASTIEN JANTET buy 5 U 730 12 month 10.12.2012

Cenkos Securities Ltd NAVID MALIK buy 5 M 790 Not Provided 06.07.2012

Daniel Stewart & Co VADIM K ALEXANDRE buy 5 M 766 12 month 07.02.2012

Equita SIM SpA FABIO FAZZARI buy 5 M 680 12 month 23.11.2011

Holdings By:

Smith & Nephew PLC ee


27.03.2013

Next Plc conducts retailing, home shopping, and customer services management

engine through its website. The Company offers a wide range of search options,

including web, image, groups, directory, and news searches.


LTM as of: 12/yy

52-Week High (26.03.2013) 4'386.00

52-Week Low (21.05.2012) 2'882.00

Daily Volume

4325





6'954.05 1 Yr Total Return 48.46%



Minority Interest (0.1) Analyst Recs 28



Average Volume 5 Day 769'644

NXT LN EQUITY YTD Change - Average Volume 30 Day 537'300

NXT LN EQUITY YTD % CHANGE - Average Volume 3 Month 457'158


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 12/yy 12/yy 01/14 Y 01/15 Y - -

3'271.5 3'406.5 3'297.7 3'441.1 3'547.8 - - 3'690.0 3'822.0 - -

0.86x 1.23x 1.26x 1.46x 2.02x - - 2.02x 1.94x - -

624.6 672.8 691.2 722.5 781.8 - - 802.0 831.7 - -

4.49x 6.21x 6.02x 6.95x 9.15x - - 9.43x 9.10x - -

302.4 364.1 401.1 474.9 508.7 - - 497.3 525.5 - -

7.03x 10.43x 9.16x 10.16x 12.68x - - 13.78x 12.55x - -


EBIT 664.60 Long-Term Rating BBB









EBITDA Margin 22.0%



Asset Turnover 1.89







Fiscal Year Ended

Next PLCPrice/Volume

Valuation Analysis

102'068.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

1 ! F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013



BLACKROCK n/a ULT-AGG 14'812'725 5.54 308'479 25.03.2013 Investment Advisor




T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 9'457'496 3.54 151'141 31.12.2012 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'586'974 1.71 27'119 31.12.2012 Investment Advisor



PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 3'207'437 1.2 (39'630) 31.12.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 2'756'412 1.03 597'897 31.12.2012 Investment Advisor

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 2'715'974 1.02 (130'698) 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'501'395 0.94 (90'008) 31.12.2012 Investment Advisor

SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 2'490'314 0.93 6'165 31.12.2012 Investment Advisor


TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 2'222'539 0.83 (122'117) 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'173'908 0.81 320'943 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 2'116'195 0.79 333'660 31.12.2012 Government

GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 2'046'828 0.77 76'916 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co HEATHER BELLINI neutral/neutral 3 M 760 12 month 26.03.2013

Jefferies BRIAN J PITZ buy 5 M 1'000 12 month 26.03.2013

Wedbush JAMES G DIX neutral 3 M 770 12 month 26.03.2013

Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 830 12 month 25.03.2013

Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 25.03.2013

Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 1'000 12 month 22.03.2013

Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 900 12 month 22.03.2013

Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 22.03.2013

Barclays ANTHONY J DICLEMENTE overweight 5 M 850 Not Provided 22.03.2013

Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 21.03.2013

Credit Agricole Securities (USA) JAMES LEE buy 5 M 1'000 Not Provided 20.03.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013

JMP Securities RONALD V JOSEY III market outperform 4 N 955 12 month 19.03.2013

Stifel JORDAN ROHAN hold 3 M #N/A N/A Not Provided 18.03.2013

Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 925 Not Provided 15.03.2013

Pivotal Research Group LLC BRIAN WIESER hold 3 M 820 12 month 15.03.2013

Sterne, Agee & Leach SHAW WU neutral 3 M #N/A N/A Not Provided 14.03.2013

Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 830 Not Provided 14.03.2013

Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 14.03.2013

Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 932 12 month 12.03.2013

BMO Capital Markets DANIEL SALMON market perform 3 M 790 Not Provided 11.03.2013

Pacific Crest Securities EVAN S WILSON outperform 5 M 980 12 month 11.03.2013

Oppenheimer & Co JASON S HELFSTEIN market perform 3 M 765 12 month 11.03.2013

Nomura BRIAN NOWAK buy 5 M 860 12 month 11.03.2013

RBC Capital Markets MARK S MAHANEY outperform 5 M 950 12 month 10.03.2013

Atlantic Equities LLP HAMILTON FABER overweight 5 M 1'000 12 month 07.03.2013

William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 05.03.2013

Piper Jaffray EUGENE E MUNSTER overweight 5 M 938 12 month 01.03.2013

Argus Research Corp JOSEPH F BONNER buy 5 M 875 Not Provided 28.02.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 22.02.2013

Deutsche Bank ROSS SANDLER buy 5 M 935 12 month 21.02.2013

S&P Capital IQ SCOTT H KESSLER hold 3 M 825 12 month 20.02.2013

Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 870 Not Provided 10.02.2013

JPMorgan DOUGLAS ANMUTH overweight 5 M 860 9 month 07.02.2013

Hilliard Lyons STEPHEN TURNER neutral 3 D #N/A N/A Not Provided 06.02.2013

Raymond James AARON M KESSLER outperform 5 M 825 12 month 05.02.2013


Independent Research GmbH MARKUS FRIEBEL hold 3 M 800 12 month 24.01.2013

Credit Suisse STEPHEN JU outperform 5 M 847 Not Provided 23.01.2013

Needham & Co KERRY RICE buy 5 M 850 12 month 23.01.2013

Macquarie BENJAMIN A SCHACHTER outperform 5 M 795 12 month 23.01.2013

B Riley & Company, Inc SAMEET SINHA buy 5 M 846 Not Provided 23.01.2013

BGC Partners COLIN W GILLIS hold 3 M 760 12 month 23.01.2013

Holdings By:

Next PLC ee


27.03.2013

Kingfisher plc sells a wide range of home improvement consumer goods. The

practice management software, to office-based healthcare practitioners. The

Company has operations in North America and other countries. Henry Schein's

operations include direct marketing, telesales, and field sales.


LTM as of: 12/yy

52-Week High (03.04.2012) 317.00

52-Week Low (24.07.2012) 252.00

Daily Volume

282.1





6'692.47 1 Yr Total Return -6.60%

Total Debt 431.00 YTD Return -0.84%






KGF LN EQUITY YTD Change - Average Volume 30 Day 6'921'363

KGF LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'311'885


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 12/yy 12/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2

10'026.0 10'503.0 10'450.0 10'831.0 10'573.0 8'530.2 8'940.0 11'026.0 11'462.1 2'707.0 2'890.0

0.44x 0.50x 0.58x 0.57x 0.62x 3.18x 3.48x 0.60x 0.56x - -

672.0 833.0 915.0 1'031.0 989.0 698.0 759.5 1'039.8 1'132.9 - -

6.60x 6.36x 6.66x 6.02x 6.63x 9.30x 10.37x 6.48x 5.94x - -

209.0 388.0 494.0 640.0 564.0 367.7 388.1 568.1 635.1 - -

695.50x 12.87x 12.17x 9.30x 11.40x 16.23x 18.05x 11.75x 10.53x - -


EBIT 741.00 Long-Term Rating BBB-









EBITDA Margin 9.4%



Asset Turnover 1.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kingfisher PLCPrice/Volume

Valuation Analysis

1'688'596.00


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

-!!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- F

. F

0 F

1 F

2 F

3 F

4 F

5 F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013



TEMPLETON GLOBAL ADV n/a Co File 197'406'849 8.32 - 15.02.2012 Investment Advisor

THORNBURG INVESTMENT n/a Co File 186'101'763 7.84 - 15.02.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 142'358'584 6 21'482'758 25.03.2013 Investment Advisor






APG ALGEMENE PENSIOE Multiple Portfolios REG 59'959'956 2.53 6'082'195 02.01.2013 Pension Fund (ERISA)



HSBC INVESTMENTS UK Multiple Portfolios REG 52'795'729 2.23 (4'093'498) 02.01.2013 Investment Advisor



BANK OF NEW YORK MEL Multiple Portfolios REG 34'602'970 1.46 10'730'078 02.01.2013 Investment Advisor






Societe Generale JEFFREY D JOHNSON outperform 5 M 98 12 month 26.03.2013

Piper Jaffray KEVIN ELLICH neutral 3 M 92 12 month 26.03.2013

Northcoast Research EDWIN SNYDER buy 5 M 110 12 month 25.03.2013

Edward Jones MATTHEW D COLLINS buy 5 M #N/A N/A Not Provided 18.03.2013

William Blair & Co JOHN C KREGER outperform 5 M #N/A N/A Not Provided 17.03.2013

Leerink Swann & Co DAVID LARSEN market perform 3 M #N/A N/A Not Provided 26.02.2013

Jefferies BRANDON COUILLARD hold 3 M 80 12 month 25.02.2013

Stifel JONATHAN D BLOCK hold 3 M #N/A N/A Not Provided 25.02.2013

Credit Suisse GLEN SANTANGELO neutral 3 M 92 Not Provided 14.02.2013

JPMorgan LISA C GILL neutral 3 M 89 9 month 14.02.2013

Barrington Research CHARLES R JONES market perform 3 M #N/A N/A Not Provided 14.02.2013

CL King & Associates ROSS TAYLOR buy 5 M 100 12 month 14.02.2013

Wallachbeth Capital LLC GLEN M LOSEV hold 3 M 85 12 month 14.02.2013

Goldman Sachs ROBERT P JONES neutral/neutral 3 M 92 12 month 13.02.2013

ISI Group MICHAEL CHERNY neutral 3 M 88 12 month 13.02.2013


Holdings By:

Kingfisher PLC ee


27.03.2013

Associated British Foods PLC is a diversified international food, ingredients,

related products. The Company's major products include microprocessors,

chipsets, embedded processors and microcontrollers, flash memory products,

graphics products, network and communications products, systems management

software, conferencing products, and digital imaging products.


LTM as of: 12/yy

52-Week High (19.03.2013) 1'905.00

52-Week Low (06.06.2012) 1'157.00

Daily Volume

1862





14'740.97 1 Yr Total Return 55.54%







ABF LN EQUITY YTD Change - Average Volume 30 Day 942'824

ABF LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'027'945


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y - -

8'235.0 9'255.0 10'167.0 11'065.0 12'252.0 - - 13'094.3 13'894.6 - -

0.85x 0.88x 0.94x 0.95x 0.94x - - 1.22x 1.13x - -

878.0 1'082.0 1'304.0 1'296.0 1'568.0 - - 1'575.3 1'691.9 - -

7.96x 7.52x 7.35x 8.15x 7.36x - - 10.28x 9.57x - -

357.0 359.0 546.0 541.0 555.0 - - 755.9 838.0 - -

16.50x 18.89x 15.15x 16.28x 18.13x - - 19.42x 17.52x - -











EBITDA Margin 12.8%



Asset Turnover 1.20







Fiscal Year Ended

Associated British Foods PLCPrice/Volume

Valuation Analysis

182'605.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0! ! F

02 ! F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



27.03.2013


WITTINGTON PROPTYS L n/a Co File 431'515'108 54.51 - 15.09.2012 Investment Advisor

HOWARD INVESTMENTS L Multiple Portfolios REG 28'173'893 3.56 - 01.12.2012 Unclassified



NEWTON INV MGMT Multiple Portfolios REG 15'975'514 2.02 (53'882) 01.12.2012 Mutual Fund Manager


ASSOCIATED BRITISH F Multiple Portfolios REG 14'299'314 1.81 - 01.12.2012 Unclassified

ROYAL BANK OF CANADA n/a ULT-AGG 14'216'679 1.8 (1'447'801) 01.12.2012 Bank




ABERDEEN n/a ULT-AGG 7'886'699 1 (310'454) 28.02.2013 Unclassified

AEGON n/a ULT-AGG 5'933'442 0.75 (137'379) 01.12.2012 Unclassified

LAZARD ASSET MANAGEM n/a ULT-AGG 5'841'542 0.74 (157'533) 01.12.2012 Unclassified

GALEWEST LIMITED Multiple Portfolios REG 5'258'642 0.66 - 01.12.2012 Unclassified


JP MORGAN PRIVATE BA Multiple Portfolios REG 4'495'143 0.57 - 01.12.2012 Unclassified


DIRECTOR & RELATED H Multiple Portfolios REG 3'952'713 0.5 60'113 01.12.2012 Other

KUWAIT INVESTMENT AU Multiple Portfolios REG 3'815'927 0.48 (150'000) 01.12.2012 Government


Shore Capital Stockbrokers STACY A RASGON underperform 1 M 18 12 month 26.03.2013

BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 21 Not Provided 25.03.2013

Robert W. Baird & Co TRISTAN GERRA outperform 5 M 26 12 month 25.03.2013

Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 25.03.2013

Piper Jaffray AUGUSTE P RICHARD neutral 3 M 21 12 month 25.03.2013

Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 M 22 12 month 25.03.2013

Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 18 12 month 24.03.2013

Evercore Partners PATRICK WANG equalweight 3 M 22 12 month 24.03.2013

MKM Partners DANIEL A BERENBAUM buy 5 M 24 12 month 22.03.2013

Argus Research Corp JAMES KELLEHER buy 5 M 25 Not Provided 21.03.2013

JPMorgan CHRISTOPHER DANELY neutral 3 M 19 9 month 21.03.2013

B Riley & Company, Inc CRAIG ELLIS neutral 3 M 24 Not Provided 21.03.2013

Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 23 12 month 21.03.2013

Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 21 12 month 21.03.2013

FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 23 12 month 20.03.2013

Longbow Research JOANNE FEENEY neutral 3 M #N/A N/A Not Provided 20.03.2013

Stifel KEVIN E CASSIDY buy 5 M 28 12 month 18.03.2013

Barclays BLAYNE CURTIS equalweight 3 M 20 Not Provided 18.03.2013

Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 15.03.2013

Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 11.03.2013

Maxim Group LLC ASHOK KUMAR buy 5 M 29 12 month 11.03.2013

Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 06.03.2013

Canaccord Genuity Corp ROBERT BURLESON hold 3 M 20 12 month 06.03.2013

Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 05.03.2013

ISI Group SUMIT DHANDA buy 5 M 25 12 month 04.03.2013

JMP Securities ALEX GAUNA market outperform 4 M 26 12 month 27.02.2013

RBC Capital Markets DOUG FREEDMAN sector perform 3 M 24 12 month 26.02.2013

Needham & Co N QUINN BOLTON hold 3 M #N/A N/A Not Provided 26.02.2013

Lazard Capital Markets DANIEL L AMIR buy 5 M 26 12 month 26.02.2013

Raymond James HANS C MOSESMANN underperform 1 M #N/A N/A Not Provided 25.02.2013

Nomura ROMIT SHAH reduce 2 M 19 12 month 25.02.2013

Jefferies MARK J LIPACIS hold 3 M 24 12 month 22.02.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 12.02.2013

Morgan Stanley JOSEPH MOORE Underwt/In-Line 1 M 20 12 month 31.01.2013

Crowell, Weedon & Co JAMES D RAGAN buy 5 M 26 18 month 29.01.2013

Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 21 Not Provided 22.01.2013

Deutsche Bank ROSS C SEYMORE buy 5 M 26 12 month 18.01.2013

Roth Capital Partners KRISHNA SHANKAR neutral 3 M 20 12 month 18.01.2013

Credit Suisse JOHN W PITZER outperform 5 M 28 Not Provided 18.01.2013

Macquarie SHAWN WEBSTER outperform 5 M 26 12 month 18.01.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 M 27 12 month 18.01.2013

Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 18.01.2013

S&P Capital IQ ANGELO ZINO hold 3 M #N/A N/A Not Provided 18.01.2013

Holdings By:

Associated British Foods PLC ee


27.03.2013

Land Securities Group plc is a property investment and management company. The

solutions for small and medium sized businesses, financial institutions,

consumers, and accounting professionals The Company provides software for small

business management and payroll processing, personal finance, and tax

preparation and filing.


LTM as of: 01/yy

52-Week High (06.03.2013) 853.50

52-Week Low (30.05.2012) 700.00

Daily Volume

810.5





6'334.63 1 Yr Total Return 16.76%







LAND LN EQUITY YTD Change - Average Volume 30 Day 1'722'932

LAND LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'549'810


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

818.0 821.2 833.4 701.9 671.5 - - 551.8 593.5 - -

15.24x 4.96x 10.25x 12.87x 13.20x - - 18.46x 17.37x - -

546.4 519.1 445.7 437.6 436.5 - - 444.4 481.4 - -

22.81x 7.84x 19.16x 20.65x 20.30x - - 21.40x 19.76x - -

(830.8) (5'191.3) 1'088.9 1'241.6 522.9 - - 272.0 297.1 - -

- - 4.71x 4.52x 10.70x - - 22.83x 21.16x - -











EBITDA Margin 65.0%



Asset Turnover 0.06







Fiscal Year Ended

Land Securities Group PLCPrice/Volume

Valuation Analysis

760'478.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.03.2013




APG ALGEMENE PENSIOE n/a RNS-MAJ 31'221'316 3.99 (1'221'618) 19.02.2013 Pension Fund (ERISA)


ALBRIGHT INVESTMENTS n/a RNS-MAJ 31'088'858 3.98 - 29.11.2011 Investment Advisor



PEEL HOLDINGS PLC Multiple Portfolios REG 24'519'599 3.14 (5'518) 01.01.2013 Holding Company




COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 12'282'932 1.57 (1'868'121) 25.03.2013 Investment Advisor


ING INV MANAGEMENT E Multiple Portfolios REG 10'437'413 1.34 1'524'389 01.01.2013 Investment Advisor

AXA n/a ULT-AGG 10'226'170 1.31 118'007 01.01.2013 Investment Advisor

NOMURA n/a ULT-AGG 10'028'038 1.28 (188'921) 01.01.2013 Unclassified



HENDERSON GLOBAL INV Multiple Portfolios REG 9'329'859 1.19 1'742'710 01.01.2013 Investment Advisor



Societe Generale LARRY BERLIN equalweight 3 M #N/A N/A Not Provided 27.03.2013

Raymond James WAYNE JOHNSON outperform 5 M 68 12 month 26.03.2013

Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 26.03.2013

Cowen and Company PETER GOLDMACHER outperform 5 M #N/A N/A Not Provided 26.03.2013

Morgan Stanley ADAM H HOLT Equalwt/In-Line 3 M #N/A N/A Not Provided 25.03.2013

Jefferies ROSS MACMILLAN hold 3 M 66 12 month 25.03.2013

Millman Research Associates MICHAEL MILLMAN hold 3 M 59 12 month 25.03.2013

Deutsche Bank THOMAS ERNST JR buy 5 M 69 12 month 22.02.2013

Goldman Sachs GREG DUNHAM neutral/attractive 3 M 67 12 month 22.02.2013

JPMorgan STERLING AUTY overweight 5 M 65 9 month 22.02.2013

Janney Montgomery Scott LLC YUN KIM buy 5 M 80 12 month 22.02.2013

Macquarie BRAD A ZELNICK neutral 3 M 62 12 month 22.02.2013

Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 65 12 month 22.02.2013

Barclays RAIMO LENSCHOW equalweight 3 M 67 Not Provided 22.02.2013

Wedbush GIL B LURIA outperform 5 M 76 12 month 21.02.2013

Evercore Partners DAVID M TOGUT equalweight 3 M 64 12 month 21.02.2013

Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 06.02.2013


Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 29.04.2011

Holdings By:

Land Securities Group PLC ee


27.03.2013

Marks & Spencer Group PLC is a holding company. The Company, through its

Company's surgical system controls Intuitive Surgical endoscopic instruments,

including rigid endoscopes, blunt and sharp endoscopic dissectors, scissors,

scalpels, forceps/pickups, needle holders, endoscopic retractors,

electrocautery, ultrasonic cutters, and accessories during surgical procedures.


LTM as of: 12/yy

52-Week High (18.03.2013) 407.40

52-Week Low (12.07.2012) 310.60

Daily Volume

389.8





6'289.34 1 Yr Total Return 6.00%







MKS LN EQUITY YTD Change - Average Volume 30 Day 5'804'511

MKS LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'487'690


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y - -

9'022.0 9'062.1 9'536.6 9'740.3 9'934.3 - - 10'038.4 10'418.2 - -

0.96x 0.75x 0.85x 0.74x 0.79x - - 0.87x 0.84x - -

1'493.9 1'138.1 1'268.9 1'289.4 1'162.8 - - 1'297.6 1'379.1 - -

5.80x 5.96x 6.37x 5.60x 6.79x - - 6.44x 6.06x - -

821.7 508.0 526.3 612.0 513.1 - - 516.9 560.6 - -

8.05x 8.21x 11.10x 8.73x 11.67x - - 12.03x 11.27x - -











EBITDA Margin 11.5%



Asset Turnover 1.33





Accounts Receivable Turnover - Cash Conversion Cycle -12.05


Fiscal Year Ended

Marks & Spencer Group PLCPrice/Volume

Valuation Analysis

880'151.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- F

. F

0 F

1 F

2 F

3 F

4 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



27.03.2013



BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 2'300'257 5.7 (77'540) 31.12.2012 Investment Advisor






MORGAN STANLEY n/a ULT-AGG 985'936 2.44 (300'639) 31.12.2012 Investment Advisor

MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 969'364 2.4 653'710 31.12.2012 Investment Advisor

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 936'203 2.32 295'136 31.12.2012 Investment Advisor

VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 818'598 2.03 731'598 31.12.2012 Hedge Fund Manager

BROWN ADVISORY INC n/a ULT-AGG 748'303 1.85 74'215 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 727'270 1.8 441'507 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 646'802 1.6 (382'372) 31.12.2012 Investment Advisor

EDGEWOOD MANAGEMENT EDGEWOOD MANAGEMENT 13F 575'597 1.43 66'396 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 572'264 1.42 (78'814) 31.12.2012 Unclassified

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 567'682 1.41 (12'311) 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 547'562 1.36 (8'043) 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 522'564 1.29 7'272 31.01.2013 Unclassified

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 521'852 1.29 (494) 31.01.2013 Investment Advisor


Credit Suisse DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 21.03.2013

Janney Montgomery Scott LLC SPENCER NAM buy 5 M 670 12 month 21.03.2013

William Blair & Co BENJAMIN C ANDREW outperform 5 M #N/A N/A Not Provided 21.03.2013

Cantor Fitzgerald JEREMY FEFFER buy 5 M 575 12 month 21.03.2013

Leerink Swann & Co RICHARD NEWITTER market perform 3 M #N/A N/A Not Provided 21.03.2013

Raymond James LAWRENCE S KEUSCH outperform 5 M 620 12 month 20.03.2013

Canaccord Genuity Corp JASON R MILLS buy 5 M 527 12 month 20.03.2013

Northland Securities Inc SURAJ KALIA underperform 1 M 400 12 month 20.03.2013

Mizuho Securities USA Inc MICHAEL S MATSON buy 5 M 636 12 month 18.03.2013

SunTrust Robinson Humphrey AMIT HAZAN buy 5 M 649 12 month 14.03.2013

JPMorgan TYCHO W PETERSON overweight 5 M 625 9 month 14.03.2013

Lazard Capital Markets SEAN D LAVIN buy 5 M 625 12 month 14.03.2013

JMP Securities J T HARESCO III market outperform 4 M 620 12 month 01.03.2013

Goldman Sachs DAVID H ROMAN Buy/Neutral 5 U 715 12 month 22.02.2013

Barrington Research CHARLES R JONES outperform 5 M 650 12 month 25.01.2013

Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 23.01.2013


Holdings By:

Marks & Spencer Group PLC ee


27.03.2013

William Morrison Supermarkets plc retails groceries through a chain of

systems for the semiconductor industry. The Company's systems are used to

analyze product and process quality at critical steps in the manufacture of

circuits and provide feedback so that fabrication problems can be identified.

KLA-Tencor operates sales, service, and application centers worldwide.


LTM as of: 12/yy

52-Week High (28.03.2012) 305.80

52-Week Low (08.02.2013) 247.50

Daily Volume

274.2





6'371.02 1 Yr Total Return -6.20%







MRW LN EQUITY YTD Change - Average Volume 30 Day 8'533'957

MRW LN EQUITY YTD % CHANGE - Average Volume 3 Month 7'883'165


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 12/yy 12/yy 01/14 Y 01/15 Y - -

14'528.0 15'410.0 16'479.0 17'663.0 18'116.0 - - 18'101.3 18'644.4 - -

0.54x 0.56x 0.48x 0.50x 0.47x - - 0.49x 0.49x - -

961.0 1'209.0 1'224.0 1'314.0 1'318.0 - - 1'293.5 1'341.5 - -

8.16x 7.10x 6.40x 6.76x 6.49x - - 6.61x 6.38x - -

460.0 598.0 632.0 690.0 647.0 - - 609.9 628.6 - -

15.57x 12.68x 11.03x 10.97x 9.45x - - 10.51x 10.16x - -











EBITDA Margin 7.3%



Asset Turnover 1.78








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

WM Morrison Supermarkets PLCPrice/Volume

Valuation Analysis

1'391'417.00


!

-!

.!

0!

1!

2!

3!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.03.2013


INVESCO LTD n/a ULT-AGG 22'627'316 13.62 (370'332) 31.12.2012 Investment Advisor


VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'207'414 6.14 (735'483) 31.12.2012 Investment Advisor


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'915'022 4.16 337'635 31.12.2012 Investment Advisor




T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 3'012'005 1.81 (321'290) 31.12.2012 Investment Advisor




RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 2'300'784 1.38 376'200 31.12.2012 Hedge Fund Manager

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 2'272'086 1.37 29'564 31.12.2012 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'796'300 1.08 - 31.12.2012 Hedge Fund Manager

CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 1'708'804 1.03 1'702'853 31.12.2012 Hedge Fund Manager

CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 1'665'757 1 793'685 31.12.2012 Investment Advisor

EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 1'545'691 0.93 100'773 31.12.2012 Hedge Fund Manager

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'537'676 0.93 157'204 31.12.2012 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 1'478'800 0.89 105'700 31.12.2012 Insurance Company


Jefferies EDWIN MOK buy 5 N 61 12 month 26.03.2013

Exane BNP Paribas JEROME RAMEL outperform 5 M 65 Not Provided 26.03.2013

B Riley & Company, Inc BEN PANG buy 5 M 66 Not Provided 21.03.2013

RBC Capital Markets MAHESH SANGANERIA outperform 5 M 60 12 month 15.03.2013

Piper Jaffray JAGADISH IYER overweight 5 M 62 12 month 15.03.2013

Stifel PATRICK J HO buy 5 M 58 12 month 26.02.2013

Pacific Crest Securities WESTON TWIGG outperform 5 M 61 12 month 25.02.2013

Susquehanna Financial Group MEHDI HOSSEINI neutral 3 M 50 12 month 13.02.2013

Goldman Sachs JAMES V COVELLO Sell/Neutral 1 M 50 12 month 07.02.2013

Cowen and Company TIMOTHY M ARCURI neutral 3 N #N/A N/A Not Provided 04.02.2013

Deutsche Bank VISHAL SHAH hold 3 U 56 12 month 25.01.2013

Credit Suisse SATYA KUMAR outperform 5 M 63 Not Provided 25.01.2013

Credit Agricole Securities (USA) MARK HELLER buy 5 M 62 Not Provided 25.01.2013


S&P Capital IQ ANGELO ZINO buy 5 R 57 12 month 26.10.2012

First Global Stockbroking ISHANSH VIJ market perform 3 M #N/A N/A Not Provided 05.02.2011

Holdings By:

WM Morrison Supermarkets PLC ee


27.03.2013

Burberry Group PLC is a global luxury brand with British heritage, core

packaged food and beverages for North American Grocery stores. Kraft Foods

offers a wide range of branded beverages, cheese, grocery products and

convenient meals.


LTM as of: 12/yy

52-Week High (16.04.2012) 1'605.00

52-Week Low (10.10.2012) 998.00

Daily Volume

1335





5'902.09 1 Yr Total Return -12.51%







BRBY LN EQUITY YTD Change - Average Volume 30 Day 1'179'814

BRBY LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'275'263


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

995.4 1'201.5 1'185.1 1'501.3 1'857.2 0.0 9'100.0 1'977.3 2'277.2 477.7 430.7

2.02x 1.01x 2.41x 3.22x 3.37x #DIV/0! 3.93x 2.86x 2.43x - -

233.9 215.6 272.1 363.8 468.1 0.0 898.0 511.3 583.1 - -

8.61x 5.65x 10.51x 13.30x 13.36x 0.00x 0.00x 11.14x 9.76x - -

135.2 (6.0) 81.4 208.4 263.3 0.0 560.0 287.5 340.2 - -

14.40x - 20.36x 23.81x 24.78x 0.00x 0.00x 19.97x 17.49x - -











EBITDA Margin 18.5%



Asset Turnover 1.24








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Burberry Group PLCPrice/Volume

Valuation Analysis

356'118.00


!

-!

.!

0!

1!

2!

3!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.03.2013






AMERIPRISE FINANCIAL n/a Co File 21'664'800 4.9 - 22.05.2012 Investment Advisor

THORNBURG INVESTMENT n/a RNS-MAJ 19'912'489 4.5 - 10.01.2013 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios REG 12'469'746 2.82 (935'463) 01.11.2012 Investment Advisor

JENNISON ASSOCIATES Multiple Portfolios REG 11'034'562 2.5 (1'800'361) 01.11.2012 Investment Advisor





OPPENHEIMERFUNDS INC Multiple Portfolios REG 9'147'718 2.07 6'080'394 01.11.2012 Investment Advisor


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'787'637 1.76 (703'649) 31.12.2012 Investment Advisor


MERRILL LYNCH & COMP Multiple Portfolios REG 6'696'720 1.51 27'992 01.11.2012 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 6'519'326 1.47 477'091 01.11.2012 Government

CREDIT AGRICOLE GROU Multiple Portfolios REG 5'169'361 1.17 769'776 01.11.2012 Bank


Societe Generale ALICIA FORRY buy 5 M 56 12 month 27.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 22.03.2013

Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 54 Not Provided 20.03.2013

Goldman Sachs JASON ENGLISH neutral/neutral 3 M 51 12 month 17.03.2013

Sanford C. Bernstein & Co ALEXIA HOWARD market perform 3 M 47 12 month 14.03.2013

BMO Capital Markets KENNETH B ZASLOW outperform 5 M 53 Not Provided 13.03.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 12.03.2013

RBC Capital Markets EDWARD AARON outperform 5 M 50 12 month 11.03.2013

Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 07.03.2013

Stifel CHRISTOPHER R GROWE buy 5 M 49 Not Provided 07.03.2013

Jefferies THILO WREDE buy 5 M 52 12 month 01.03.2013

Davenport & Co ANN H GURKIN buy 5 M 53 12 month 27.02.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 46 12 month 21.02.2013

CL King & Associates ERIC J LARSON buy 5 M 50 12 month 19.02.2013

Morgan Stanley MATTHEW GRAINGER Equalwt/In-Line 3 M 47 12 month 18.02.2013

Deutsche Bank ERIC R KATZMAN hold 3 M 46 12 month 16.02.2013

Credit Suisse ROBERT MOSKOW outperform 5 M 50 Not Provided 15.02.2013

JPMorgan KENNETH GOLDMAN neutral 3 M 49 9 month 15.02.2013

Barclays ANDREW LAZAR overweight 5 M 51 Not Provided 15.02.2013

S&P Capital IQ THOMAS GRAVES hold 3 M 46 12 month 16.10.2012

Holdings By:

Burberry Group PLC ee


27.03.2013

Royal Bank of Scotland Group plc, through subsidiaries, accepts deposits and

companies operating outside the continental United States, principally in

Europe, Asia, and Latin America.


LTM as of: 12/yy

52-Week High (28.01.2013) 369.60

52-Week Low (24.07.2012) 193.30

Daily Volume

283.2




Shares Out 28.02.2013 6'077.9 Short Int 0.30

31'655.69 1 Yr Total Return -2.37%





Enterprise Value -


RBS LN EQUITY YTD Change - Average Volume 30 Day 13'867'430

RBS LN EQUITY YTD % CHANGE - Average Volume 3 Month 12'037'890


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

54'331.0 40'844.0 37'526.0 34'247.0 28'263.0 9'510.8 10'310.8 22'796.6 21'051.6 5'901.0 5'359.0

- - - - - 13.73x 14.84x - - - -

- - - - - 4'262.9 4'757.2 - - - -

- - - - - 8.10x 8.76x - - - -

(23'710.0) (2'672.0) (1'001.0) (1'997.0) (5'971.0) (772.7) 322.8 2'442.7 3'518.8 - -

- - - - - 0.00x 0.00x 12.53x 8.69x 11.19x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Royal Bank of Scotland Group PLCPrice/Volume

Valuation Analysis

12'196'971.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

4 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



27.03.2013


UNITED KINGDOM GOVER n/a ULT-AGG 10'240'573 7.25 - 25.03.2013 Investment Advisor

COATUE MANAGEMENT LL n/a 13G 8'584'691 6.07 1'720'594 05.02.2013 Hedge Fund Manager

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'102'429 5.73 3'593'100 31.12.2012 Investment Advisor

COMCAST CORP n/a 13G/PRXY 7'681'369 5.43 - 31.03.2012 Corporation

CASCADE INVESTMENT L n/a 13G 7'381'014 5.22 - 16.06.2011 Investment Advisor

BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 3'900'000 2.76 - 31.12.2012 Hedge Fund Manager

DODGE & COX DODGE & COX 13F 3'758'684 2.66 (43'700) 31.12.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 3'672'844 2.6 (1'999'643) 31.12.2012 Investment Advisor



MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 2'958'710 2.09 191'797 31.12.2012 Investment Advisor

MARATHON ASSET MANAG MARATHON ASSET MANAG 13F 2'655'038 1.88 (1'516'764) 31.12.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 2'635'034 1.86 57'469 31.12.2012 Investment Advisor

ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 2'471'200 1.75 - 31.12.2012 Hedge Fund Manager

MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 2'385'018 1.69 897'807 31.12.2012 Hedge Fund Manager

TIGER GLOBAL MANAGEM TIGER GLOBAL MANAGEM 13F 2'300'000 1.63 (3'950'000) 31.12.2012 Hedge Fund Manager

SLEEP, ZAKARIA & CO SLEEP, ZAKARIA & CO 13F 2'210'000 1.56 - 31.12.2012 Hedge Fund Manager

GATES FOUNDATION BILL & MELINDA FOUND 13F 2'119'515 1.5 - 31.12.2012 Endowment

NORGES BANK NORGES BANK 13F 2'056'197 1.45 (209'351) 31.12.2012 Government

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'872'138 1.32 187'404 31.12.2012 Investment Advisor


Berenberg Bank MATTHEW HARRIGAN buy 5 M 84 18 month 26.03.2013

ISI Group VIJAY JAYANT strong buy 5 M 85 12 month 25.03.2013

Evercore Partners BRYAN KRAFT overweight 5 M 83 12 month 07.03.2013

Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 88 12 month 06.03.2013

Barclays MICHAEL BISHOP overweight 5 M 76 Not Provided 26.02.2013

HSBC NICOLAS COTE-COLISSON overweight 5 M 80 Not Provided 15.02.2013

Morgan Stanley BENJAMIN SWINBURNE not rated #N/A N/A M #N/A N/A Not Provided 14.02.2013

Stifel CHRISTOPHER C KING buy 5 M 80 12 month 14.02.2013

Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013

JPMorgan DANIEL X MORRIS restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013

Credit Suisse JUSTIN FUNNELL outperform 5 M 65 Not Provided 21.01.2013


Nomura HENRIK NYBLOM buy 5 M 67 12 month 14.12.2012

Holdings By:

Royal Bank of Scotland Group PLC ee


27.03.2013

Capita PLC provides an integrated range of services across the United

businesses. The Company owns interests in home shopping television networks

and lifestyle and travel services Internet websites.


LTM as of: 12/yy

52-Week High (21.03.2013) 915.00

52-Week Low (23.05.2012) 600.00

Daily Volume

888.5





5'822.57 1 Yr Total Return 22.08%







CPI LN EQUITY YTD Change - Average Volume 30 Day 1'596'869

CPI LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'391'321


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

2'441.4 2'686.8 2'744.0 2'930.2 3'351.8 - - 3'789.3 4'092.2 - -

2.25x 2.04x 2.01x 1.91x 1.87x - - 1.82x 1.65x - -

371.9 382.1 504.0 567.8 639.9 - - 599.1 647.8 - -

14.77x 14.34x 10.97x 9.87x 9.81x - - 11.95x 11.05x - -

165.8 188.9 235.0 238.0 236.0 - - 362.4 388.1 - -

27.08x 24.42x 18.12x 16.05x 20.36x - - 15.78x 14.47x - -











EBITDA Margin 19.1%



Asset Turnover 0.91








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Capita PLCPrice/Volume

Valuation Analysis

196'323.00


!

2

-!

-2

.!

.2

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

4 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



27.03.2013


INVESCO LTD DODGE & COX 13F 27'022'608 5.27 (2'943'360) 31.12.2012 Investment Advisor

BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 24'681'853 4.81 386'568 31.12.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 24'537'419 4.79 4'061'744 31.12.2012 Investment Advisor



HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 19'739'481 3.85 306'458 31.12.2012 Investment Advisor


CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 14'068'260 2.74 (655'318) 31.12.2012 Investment Advisor




MERITAGE GROUP LP MERITAGE GROUP LP 13F 10'164'241 1.98 2'540'365 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 9'677'945 1.89 1'433'223 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 7'624'453 1.49 2'889'408 31.12.2012 Investment Advisor

UNITED STATES STEEL UNITED STATES STEEL 13F 6'752'704 1.32 - 31.12.2012 Pension Fund (ERISA)


SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 6'286'911 1.23 4'950'027 31.12.2012 Hedge Fund Manager

HORIZON KINETICS n/a ULT-AGG 6'114'848 1.19 1'036'740 31.12.2012 Investment Advisor

FPR PARTNERS LLC FPR PARTNERS LLC 13F 5'979'990 1.17 320'700 31.12.2012 Investment Advisor



Panmure Gordon & Co Limited CRAIG STERLING sell 1 D #N/A N/A Not Provided 25.03.2013

Lazard Capital Markets BARTON CROCKETT buy 5 M 24 12 month 12.03.2013

Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 05.03.2013

Stifel BENJAMIN MOGIL buy 5 M 23 12 month 05.03.2013

Wunderlich Securities MATTHEW HARRIGAN buy 5 M 28 18 month 28.02.2013

Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 28.02.2013

Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 25 12 month 28.02.2013

Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 27 12 month 28.02.2013


Holdings By:

Capita PLC ee


27.03.2013

Intertek Group plc offers product inspection services. The Company tests

The Company offers a broad range of products and services, including systems,

instruments, reagents, and custom services. Life's portfolio of products

includes technologies for capillary electrophoresis based sequencing,

sequencing, mass spectrometry sample preparation, and cell culture.


LTM as of: 12/yy

52-Week High (04.03.2013) 3'509.00

52-Week Low (09.05.2012) 2'382.00

Daily Volume

3355





5'395.40 1 Yr Total Return 35.66%







ITRK LN EQUITY YTD Change - Average Volume 30 Day 351'479

ITRK LN EQUITY YTD % CHANGE - Average Volume 3 Month 323'030


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

1'003.5 1'237.3 1'374.2 1'749.4 2'054.3 - - 2'279.9 2'475.1 - -

1.56x 1.79x 2.20x 2.21x 2.71x - - 2.56x 2.31x - -

204.8 260.4 274.9 319.6 379.4 - - 456.8 509.0 - -

7.62x 8.49x 11.00x 12.09x 14.65x - - 13.07x 11.73x - -

93.8 114.7 128.6 138.8 173.8 - - 243.4 277.1 - -

13.18x 17.33x 21.99x 23.44x 28.64x - - 22.09x 19.53x - -


EBIT 283.30 Long-Term Rating NR









EBITDA Margin 18.5%



Asset Turnover 1.15







Fiscal Year Ended

Intertek Group PLCPrice/Volume

Valuation Analysis

84'093.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.03.2013



MARATHON ASSET MANAG n/a Research 10'387'486 6.46 - 01.12.2012 Investment Advisor


MORGAN STANLEY INVES Multiple Portfolios REG 9'127'492 5.68 (2'298'044) 01.12.2012 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 7'192'178 4.47 245'261 31.01.2013 Investment Advisor

Cantillon Capital Multiple Portfolios REG 6'727'263 4.18 (401'459) 01.12.2012 Unclassified

MORGAN STANLEY n/a ULT-AGG 6'696'993 4.16 (952'125) 31.01.2013 Investment Advisor



SUN LIFE FINANCIAL I n/a ULT-AGG 3'783'142 2.35 (261'390) 31.01.2013 Investment Advisor




T ROWE PRICE ASSOCIA Multiple Portfolios REG 2'352'943 1.46 (6'381) 01.12.2012 Investment Advisor

CREDIT AGRICOLE GROU Multiple Portfolios REG 2'263'914 1.41 (288'049) 01.12.2012 Bank

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 2'172'981 1.35 (102'985) 31.12.2012 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 2'117'053 1.32 87'638 30.11.2012 Investment Advisor

KUWAIT INVESTMENT AU Multiple Portfolios REG 2'109'219 1.31 514'940 01.12.2012 Government

SCOTTISH WIDOWS n/a ULT-AGG 2'017'834 1.25 346'640 01.12.2012 Unclassified


Credit Suisse DOUG SCHENKEL neutral 3 M #N/A N/A Not Provided 25.03.2013

Edward Jones MATTHEW D COLLINS hold 3 M #N/A N/A Not Provided 22.03.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 11.03.2013

Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 60 12 month 07.03.2013

Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 05.03.2013

William Blair & Co AMANDA MURPHY market perform 3 M #N/A N/A Not Provided 25.02.2013

Cantor Fitzgerald SUNG JI NAM hold 3 M 58 12 month 25.02.2013

Oppenheimer & Co DAVID FERREIRO outperform 5 M 67 18 month 24.02.2013

Piper Jaffray WILLIAM R QUIRK neutral 3 M 63 12 month 22.02.2013

Macquarie JONATHAN P GROBERG outperform 5 M 66 12 month 06.02.2013

Wallachbeth Capital LLC DIFEI YANG buy 5 M 74 12 month 06.02.2013

Morgan Stanley DANIEL BRENNAN Equalwt/In-Line 3 M #N/A N/A Not Provided 05.02.2013

Goldman Sachs ISAAC RO Sell/Neutral 1 M 48 12 month 05.02.2013

Credit Suisse VAMIL DIVAN outperform 5 M 69 Not Provided 05.02.2013

First Analysis Corp GREG CHODACZEK equalweight 3 M 45 12 month 05.02.2013

JPMorgan TYCHO W PETERSON neutral 3 M 64 9 month 05.02.2013

Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 66 12 month 05.02.2013

Maxim Group LLC BRYAN BROKMEIER buy 5 M 75 12 month 05.02.2013

Credit Agricole Securities (USA) PAUL R KNIGHT outperform 5 D 74 Not Provided 05.02.2013

Barclays CHARLES ANTHONY BUTLER equalweight 3 M 60 Not Provided 05.02.2013

ISI Group ROSS MUKEN neutral 3 U 65 12 month 04.02.2013

Jefferies JON WOOD buy 5 M 58 12 month 18.01.2013

S&P Capital IQ JEFFREY LOO buy 5 M #N/A N/A Not Provided 02.10.2012

Holdings By:

Intertek Group PLC ee


27.03.2013

InterContinental Hotels Group PLC operates a global hotel business comprised of

linear integrated circuits. The Company's products include high performance

amplifiers, comparators, voltage references, monolithic filters, linear

regulators, DC-DC converters, battery chargers, data converters, communications

interface circuits, and RF signal conditioning circuits.


LTM as of: 12/yy

52-Week High (12.03.2013) 2'044.00

52-Week Low (21.05.2012) 1'386.62

Daily Volume

1955





5'247.21 1 Yr Total Return 38.09%







IHG LN EQUITY YTD Change - Average Volume 30 Day 936'870

IHG LN EQUITY YTD % CHANGE - Average Volume 3 Month 852'277


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

1'897.0 1'538.0 1'628.0 1'768.0 1'835.0 1'336.0 1'282.8 1'937.6 2'034.6 425.5 490.0

1.90x 3.40x 3.88x 3.24x 4.63x 20.77x 22.14x 4.75x 4.44x 21.25x 18.50x

661.0 472.0 552.0 658.0 708.0 706.1 636.2 769.8 821.0 150.0 207.0

5.47x 11.06x 11.46x 8.71x 12.00x 9.36x 11.54x 11.68x 10.95x 11.72x 11.51x

262.0 213.0 293.0 460.0 544.0 496.1 395.8 420.6 448.2 259.0 284.0

9.15x 19.86x 19.19x 11.27x 14.63x 13.90x 20.00x 18.64x 17.17x 9.36x 10.39x











EBITDA Margin 38.6%



Asset Turnover 0.59







Fiscal Year Ended

InterContinental Hotels Group PLCPrice/Volume

Valuation Analysis

183'426.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!12

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.03.2013


JP MORGAN n/a ULT-AGG 28'051'250 12.06 (2'505'250) 31.12.2012 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 17'490'900 7.52 - 31.12.2012 Insurance Company


FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 14'457'182 6.22 (1'018'036) 31.12.2012 Hedge Fund Manager

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 13'355'946 5.74 1'493 30.09.2012 Insurance Company





BANK OF AMERICA CORP BANK OF AMERICA 13F 6'644'258 2.86 6'017'757 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 5'525'424 2.38 373'526 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 3'969'889 1.71 (3'419'188) 31.12.2012 Investment Advisor


NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'376'310 1.45 (62'075) 31.12.2012 Investment Advisor








Panmure Gordon & Co Limited AMBRISH SRIVASTAVA market perform 3 M 35 Not Provided 25.03.2013


MKM Partners DANIEL A BERENBAUM neutral 3 M 33 12 month 22.03.2013

Longbow Research JOANNE FEENEY buy 5 M 42 12 month 20.03.2013

SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 N 36 12 month 12.03.2013

ISI Group SUMIT DHANDA strong buy 5 M 43 12 month 11.03.2013

Stifel TORE E SVANBERG buy 5 M 42 12 month 20.02.2013

Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 45 12 month 13.02.2013

Deutsche Bank ROSS C SEYMORE hold 3 M 33 12 month 17.01.2013


JPMorgan CHRISTOPHER DANELY underweight 1 M 25 9 month 17.01.2013

Raymond James J STEVEN SMIGIE underperform 1 M #N/A N/A Not Provided 17.01.2013



Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 16.01.2013

Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 35 12 month 16.01.2013


Pacific Crest Securities MICHAEL MCCONNELL underperform 1 M #N/A N/A Not Provided 16.01.2013


Oppenheimer & Co RICHARD SCHAFER outperform 5 M 43 18 month 16.01.2013

Nomura ROMIT SHAH neutral 3 M 30 12 month 16.01.2013

Piper Jaffray AUGUSTE P RICHARD overweight 5 M 39 12 month 16.01.2013


Holdings By:

InterContinental Hotels Group PLC ee


27.03.2013

J Sainsbury plc retails food. The Company operates Sainsbury supermarkets in

toy products on a worldwide basis. The Company sells its products to retailers

and directly to consumers. Mattel's products include branded fashion dolls,

infant and preschool products, toy cars, and electrical vehicles, among others.


LTM as of: 12/yy

52-Week High (25.03.2013) 380.30

52-Week Low (13.06.2012) 278.60

Daily Volume

375





7'082.95 1 Yr Total Return 25.29%







SBRY LN EQUITY YTD Change - Average Volume 30 Day 5'091'166

SBRY LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'186'151


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 06/13 Q1 09/13 Q2

17'837.0 18'911.0 19'964.0 21'102.0 22'294.0 6'266.1 6'420.9 23'231.9 24'102.0 - -

0.41x 0.38x 0.39x 0.40x 0.35x 6.08x 7.90x 0.40x 0.38x - -

1'002.0 1'074.0 1'156.0 1'220.0 1'281.0 1'202.4 1'195.3 1'355.9 1'409.7 - -

7.28x 6.70x 6.74x 6.95x 6.04x 7.94x 10.63x 6.87x 6.60x - -

329.0 289.0 585.0 640.0 598.0 768.5 776.5 575.4 608.4 - -

17.38x 18.83x 10.37x 10.19x 9.48x 12.56x 14.65x 12.63x 11.98x - -











EBITDA Margin 5.6%



Asset Turnover 1.86








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

J Sainsbury PLCPrice/Volume

Valuation Analysis

1'702'117.00


!2

-!-2.!.20!021!122!


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.03.2013


QATAR INVESTMENT AUT n/a ULT-AGG 30'339'567 8.81 - 25.03.2013 Investment Advisor






STATE STREET n/a ULT-AGG 13'796'644 4 488'774 25.03.2013 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 7'773'226 2.26 (409'088) 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 6'818'003 1.98 (153'300) 31.12.2012 Investment Advisor



CORNERSTONE INVESTME CORNERSTONE INVESTME 13F 5'289'229 1.54 545'032 31.12.2012 Investment Advisor

M&G INVESTMENT MANAG M&G INVESTMENT MANAG 13F 4'744'712 1.38 (600) 31.12.2012 Investment Advisor



EDGE ASSET MANAGEMEN EDGE ASSET MANAGEMEN 13F 3'194'203 0.93 (50'725) 31.12.2012 Investment Advisor

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 3'103'095 0.9 (75'421) 31.12.2012 Investment Advisor

EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 2'953'635 0.86 182'402 31.12.2012 Hedge Fund Manager



Jefferies ERIC O HANDLER buy 5 M 45 12 month 25.03.2013

B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 47 Not Provided 20.03.2013

Monness, Crespi, Hardt & Co JIM CHARTIER neutral 3 M 36 Not Provided 20.03.2013


Stifel DREW E CRUM hold 3 M #N/A N/A Not Provided 05.03.2013

BMO Capital Markets GERRICK L JOHNSON outperform 5 M 50 Not Provided 19.02.2013

SunTrust Robinson Humphrey MICHAEL A SWARTZ buy 5 M 45 12 month 19.02.2013

Wells Fargo Securities, LLC TIMOTHY A CONDER outperform 5 M #N/A N/A Not Provided 19.02.2013

Goldman Sachs MICHAEL KELTER neutral/cautious 3 M 40 12 month 14.02.2013

Longbow Research JAMES L HARDIMAN buy 5 M 45 12 month 11.02.2013

Needham & Co SEAN P MCGOWAN buy 5 M 42 12 month 04.02.2013

KeyBanc Capital Markets SCOTT W HAMANN buy 5 M 42 12 month 03.02.2013

Barclays FELICIA R KANTOR HENDRIX equalweight 3 M 39 Not Provided 01.02.2013

Holdings By:

J Sainsbury PLC ee


27.03.2013

Randgold Resources Ltd. provides mining services. The Company offers

acquisition, development, and exploration of gold and other precious metal in

Africa.


LTM as of: 12/yy

52-Week High (02.10.2012) 7'875.00

52-Week Low (16.05.2012) 4'480.00

Daily Volume

5570





5'130.86 1 Yr Total Return -0.73%







RRS LN EQUITY YTD Change - Average Volume 30 Day 365'074

RRS LN EQUITY YTD % CHANGE - Average Volume 3 Month 341'036


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

338.6 432.8 484.6 1'127.1 1'317.8 2'460.6 2'404.5 1'606.4 2'107.9 - -

9.01x 15.50x 14.79x 7.97x 6.59x 10.96x 12.26x 4.61x 3.25x - -

97.3 142.3 164.3 569.8 699.2 839.7 800.9 896.8 1'265.8 - -

31.34x 47.15x 43.62x 15.77x 12.43x 8.44x 9.66x 8.41x 5.96x - -

41.6 69.4 103.5 377.1 431.8 483.4 369.7 521.5 741.5 - -

78.87x 94.26x 72.03x 24.74x 20.57x 16.48x 18.54x 15.31x 10.48x 16.20x -











EBITDA Margin 53.1%



Asset Turnover 0.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Randgold Resources LtdPrice/Volume

Valuation Analysis

64'248.00


!

2

-!

-2

.!

.2

0!

02

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.03.2013



VAN ECK ASSOCIATES C n/a ULT-AGG 6'334'035 6.88 - 31.12.2011 Investment Advisor

PACIFIC CENTURY GROU n/a Co File 6'249'762 6.78 - 31.12.2011 Corporation


CARMIGNAC GESTION n/a Co File 4'555'052 4.94 - 31.12.2011 Investment Advisor

WELLS FARGO n/a ULT-AGG 4'350'752 4.72 1 31.01.2013 Unclassified


MASSACHUSETTS MUTUAL n/a Co File 2'386'554 2.59 - 31.12.2011 Insurance Company

FRANKLIN RESOURCES n/a ULT-AGG 2'215'042 2.4 - 31.12.2011 Investment Advisor

COMGEST SA n/a Co File 2'041'700 2.22 - 31.12.2011 Unclassified

STATE STREET n/a ULT-AGG 1'894'654 2.06 - 25.03.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 892'284 0.97 36'786 31.12.2012 Investment Advisor

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 786'704 0.85 19'837 31.01.2013 Investment Advisor

BRISTOW D MARK n/a RNS-DIR 716'507 0.78 10'442 18.03.2013 n/a

SCOTTISH WIDOWS n/a ULT-AGG 519'961 0.56 232'006 30.11.2012 Unclassified

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 350'000 0.38 - 30.06.2011 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 309'369 0.34 (19'169) 31.01.2013 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 255'369 0.28 20'000 31.01.2013 Mutual Fund Manager

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 179'857 0.2 - 31.12.2012 Investment Advisor

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 179'019 0.19 91 31.12.2012 Investment Advisor


Canaccord Genuity Corp TIM DUDLEY buy 5 M 8'300 12 month 25.03.2013

Goldman Sachs EUGENE KING neutral/neutral 3 M 7'800 12 month 15.03.2013

SBG Securities MICHAEL STARKE hold 3 M 6'500 12 month 11.03.2013

Nomura TYLER BRODA reduce 2 M 4'650 Not Provided 07.03.2013

Societe Generale BRUCE ALWAY buy 5 M 8'000 12 month 01.03.2013

Numis Securities Ltd CAILEY BARKER buy 5 M 8'000 Not Provided 01.03.2013

CIBC World Markets LEON ESTERHUIZEN sector perform 3 M 6'500 Not Provided 20.02.2013

Barclays IAN ROSSOUW overweight 5 M 6'500 Not Provided 06.02.2013


Morgan Stanley ALAIN GABRIEL Overwt/In-Line 5 M 6'800 12 month 05.02.2013

RBC Capital Markets JONATHAN GUY outperform 5 M 7'500 12 month 05.02.2013

GMP BROCK SALIER buy 5 M 7'800 Not Provided 05.02.2013

Clarus Securities NANA SANGMUAH buy 5 M 7'671 12 month 05.02.2013

JPMorgan ALLAN COOKE overweight 5 M 7'560 9 month 01.02.2013

Liberum Capital Ltd KATE CRAIG buy 5 U #N/A N/A Not Provided 01.02.2013

Investec HUNTER HILLCOAT buy 5 M 6'882 12 month 29.01.2013



Davy BART JAWORSKI outperform 5 M #N/A N/A Not Provided 08.01.2013

BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 7'823 Not Provided 07.11.2012

Holdings By:

Randgold Resources Ltd ee


27.03.2013

British Land Company plc invests, both directly and through joint ventures, in

income-producing and freehold commercial properties in order to maximize their

growth and potential. The Company trades, finances, and develops property.

Their portfolio consists of offices, retail superstores, shopping centers,

leisure, industrial, and distribution spaces.


LTM as of: 12/yy

52-Week High (19.02.2013) 588.00

52-Week Low (11.04.2012) 461.70

Daily Volume

540.5





5'331.60 1 Yr Total Return 14.90%







BLND LN EQUITY YTD Change - Average Volume 30 Day 3'675'431

BLND LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'953'406


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 06/12 Q1 09/12 Q2

685.0 515.0 407.0 313.0 348.0 1'424.3 1'490.4 505.3 522.7 - 79.0

14.37x 12.19x 13.96x 20.99x 18.67x 16.38x 15.21x 18.91x 18.59x - -

- - - - - 528.1 405.4 417.8 433.2 - -

- - - - - 11.52x 14.10x 18.75x 18.09x - -

(1'563.0) (3'881.0) 1'140.0 840.0 480.0 381.6 148.3 269.4 282.0 - 64.9

- - 3.62x 5.77x 8.87x 19.80x 21.30x 18.02x 17.49x 16.55x 17.92x







Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin 86.8% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

British Land Co PLCPrice/Volume

Valuation Analysis

972'761.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F . F 1 F 3 F 5 F- ! F- . F- 1 F- 3 F- 5 F. ! F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.03.2013


NORGES BANK n/a RNS-MAJ 62'598'618 6.35 17'985'340 15.03.2013 Government


APG ALGEMENE PENSIOE Multiple Portfolios REG 51'816'357 5.25 491'778 01.03.2013 Pension Fund (ERISA)


GOVT OF SINGAPORE IN n/a ULT-AGG 39'473'304 4 89'065 21.03.2013 Government


STICHTING PENSIOEN F n/a RNS-MAJ 34'793'042 3.53 13'961'285 09.02.2010 Pension Fund (ERISA)


SCOTTISH WIDOWS n/a ULT-AGG 27'842'633 2.82 (44'642) 01.03.2013 Unclassified


STICHTING PENSIOENFO Multiple Portfolios REG 16'319'499 1.65 1'256'487 01.03.2013 Investment Advisor





COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 12'434'747 1.26 (2'393'639) 25.03.2013 Investment Advisor


PEOPLES REPUBLIC OF Multiple Portfolios REG 11'832'247 1.2 268'000 01.03.2013 Government


ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 10'561'672 1.07 7'478'923 17.07.2012 Investment Advisor


Societe Generale MARC MOZZI buy 5 M 630 Not Provided 27.03.2013

JPMorgan HARM M MEIJER overweight 5 M 665 12 month 26.03.2013

Jefferies MICHAEL PREW hold 3 M 528 12 month 25.03.2013

Peel Hunt KEITH CRAWFORD hold 3 M 550 Not Provided 25.03.2013

AlphaValue PIERRE-LOUP ETIENNE reduce 2 M 548 6 month 21.03.2013


Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 585 12 month 18.03.2013

Oriel Securities Ltd MATTHEW S SAPERIA hold 3 M #N/A N/A Not Provided 14.03.2013

Deutsche Bank MARTIN ALLEN buy 5 M 720 12 month 13.03.2013

Kempen & Co RYAN PALECEK overweight 5 M 610 12 month 13.03.2013

Espirito Santo Investment Bank ResearchMICHAEL BURT neutral 3 M 603 Not Provided 13.03.2013

Panmure Gordon & Co Limited MARK HUGHES buy 5 M 600 Not Provided 13.03.2013

Morgan Stanley BART GYSENS Overwt/Attractive 5 M 630 12 month 12.03.2013

Investec ALAN CARTER buy 5 M #N/A N/A Not Provided 12.03.2013

Exane BNP Paribas NICK WEBB outperform 5 M 590 Not Provided 12.03.2013

Numis Securities Ltd CHRISTOPHER SPEARING hold 3 M 615 Not Provided 01.03.2013


Credit Suisse STEVE BRAMLEY-JACKSON outperform 5 U 605 Not Provided 26.09.2012

Liberum Capital Ltd ALISON WATSON hold 3 M 528 Not Provided 10.08.2012

Barclays AARON GUY equalweight 3 D 609 Not Provided 18.07.2012

Fairfax I.S. Limited AOIFE MCGRATH corporate #N/A N/A M #N/A N/A Not Provided 25.02.2010

Holdings By:

British Land Co PLC ee


27.03.2013

Smiths Group plc is a global technology company. The company delivers products

and services for the threat & contraband detection, medical devices, energy and

communications market worldwide.


LTM as of: 02/yy

52-Week High (19.03.2013) 1'342.00

52-Week Low (01.06.2012) 975.00

Daily Volume

1229





4'834.45 1 Yr Total Return 21.41%







SMIN LN EQUITY YTD Change - Average Volume 30 Day 782'867

SMIN LN EQUITY YTD % CHANGE - Average Volume 3 Month 754'132


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 03/yy 02/yy 07/13 Y 07/14 Y - -

2'321.2 2'664.6 2'769.6 2'842.0 3'030.1 - - 3'141.2 3'269.2 - -

2.08x 1.38x 1.88x 1.83x 1.65x - - 1.79x 1.68x - -

431.7 544.3 580.3 598.7 603.4 - - 651.4 689.6 - -

11.20x 6.78x 8.96x 8.67x 8.27x - - 8.74x 8.26x - -

268.5 269.5 310.0 383.8 256.6 - - 368.3 390.6 - -

16.62x 10.17x 14.82x 14.59x 16.32x - - 12.99x 12.24x - -











EBITDA Margin 19.8%



Asset Turnover 0.83







Fiscal Year Ended

Smiths Group PLCPrice/Volume

Valuation Analysis

260'535.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



27.03.2013






NEWTON INV MGMT n/a Co File 15'200'000 3.86 - 17.09.2012 Mutual Fund Manager

SUN LIFE FINANCIAL I n/a ULT-AGG 13'667'513 3.47 (440'340) 01.01.2013 Investment Advisor

MORGAN STANLEY INVES Multiple Portfolios REG 11'361'652 2.89 (378'487) 01.01.2013 Investment Advisor


HARRIS ASSOCIATES LP Multiple Portfolios REG 9'886'445 2.51 818'190 01.01.2013 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios REG 9'231'910 2.35 (114'815) 01.01.2013 Unclassified



DEUTSCHE BANK AG Multiple Portfolios MF-AGG 8'445'657 2.15 (609) 31.01.2013 Investment Advisor


ARTEMIS INVESTMENT M Multiple Portfolios REG 7'746'982 1.97 (1'041'720) 01.01.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 6'521'955 1.66 510'500 31.12.2012 Investment Advisor


RENSBURG INVESTMENT Multiple Portfolios REG 5'694'339 1.45 642'148 01.01.2013 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios REG 5'512'090 1.4 1'844'500 01.01.2013 Mutual Fund Manager

CREDIT AGRICOLE GROU Multiple Portfolios REG 5'428'572 1.38 (420'630) 01.01.2013 Bank


Barclays ALLAN SMYLIE underweight 1 M 1'157 Not Provided 27.03.2013

Deutsche Bank MARTIN WILKIE buy 5 M 1'400 12 month 26.03.2013

Societe Generale ALASDAIR LESLIE sell 1 M 1'200 12 month 22.03.2013

Arden Partners Ltd DAVID LARKAM neutral 3 D 1'300 Not Provided 22.03.2013

Investec CHRIS DYETT buy 5 M 1'425 12 month 21.03.2013

RBC Capital Markets ANDREW CARTER underperform 1 M 1'200 12 month 21.03.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 1'220 Not Provided 21.03.2013

Exane BNP Paribas JONATHAN R MOUNSEY outperform 5 M 1'375 Not Provided 21.03.2013


Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 1'281 12 month 20.03.2013

Credit Suisse ANDRE KUKHNIN outperform 5 M 1'420 Not Provided 20.03.2013

JPMorgan GLEN H LIDDY overweight 5 M 1'500 9 month 20.03.2013

Jefferies SANDY MORRIS buy 5 M 1'400 12 month 20.03.2013

Numis Securities Ltd SCOTT CAGEHIN hold 3 M 1'400 Not Provided 20.03.2013

HSBC SEAN D MCLOUGHLIN overweight 5 N 1'400 Not Provided 07.02.2013


Berenberg Bank ALEXANDER VIRGO buy 5 M 1'350 Not Provided 08.01.2013

Nomura JUHO LAHDENPERA neutral 3 M 1'150 12 month 06.11.2012

Gabelli & Co WAYNE PINSENT buy 5 M #N/A N/A Not Provided 05.05.2011

Holdings By:

Smiths Group PLC ee


27.03.2013

United Utilities Group PLC manages and operates the regulated electricity

distribution, water and wastewater networks in North West England. The Company

also manages other infrastructure assets in the United Kingdom and overseas.


LTM as of: 12/yy

52-Week High (14.08.2012) 816.00

52-Week Low (12.04.2012) 590.00

Daily Volume

697.5





4'756.17 1 Yr Total Return 20.62%







UU/ LN EQUITY YTD Change - Average Volume 30 Day 2'760'444

UU/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'942'956


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y - -

2'362.9 2'427.2 1'573.1 1'513.3 1'564.9 - - 1'644.2 1'699.6 - -

3.78x 3.57x 5.71x 6.01x 6.16x - - 6.26x 6.21x - -

905.7 998.8 1'105.7 899.6 900.0 - - 964.2 1'008.5 - -

9.87x 8.69x 8.13x 10.10x 10.71x - - 10.98x 10.49x - -

909.2 179.1 403.5 458.2 316.5 - - 290.8 308.6 - -

14.60x 18.25x 10.98x 11.38x 13.16x - - 17.93x 16.81x - -











EBITDA Margin 56.7%



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

United Utilities Group PLCPrice/Volume

Valuation Analysis

661'616.00


!

2

-!

-2

.!

.2

0!

02


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.03.2013




PICTET ASSET MANAGEM n/a Co File 34'090'439 5 - 23.05.2012 Investment Advisor




NOMURA n/a ULT-AGG 16'048'587 2.35 2'009'113 01.01.2013 Unclassified


FRANKLIN RESOURCES n/a ULT-AGG 14'000'000 2.05 - 01.01.2013 Investment Advisor


BARCLAYS PERSONAL IN Multiple Portfolios REG 10'780'410 1.58 677'916 01.01.2013 Investment Advisor



EPOCH INVESTMENT PAR Multiple Portfolios REG 10'464'744 1.53 4'081'154 01.01.2013 Hedge Fund Manager

TD WATERHOUSE GROUP Multiple Portfolios REG 9'861'003 1.45 248'244 01.01.2013 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 8'614'636 1.26 (556'329) 01.01.2013 Government

HARGREAVES LANSDOWN Multiple Portfolios REG 7'984'072 1.17 527'792 01.01.2013 Investment Advisor

CO-OPERATIVE INSURAN Multiple Portfolios REG 7'613'884 1.12 822'884 01.01.2013 Insurance Company




RBC Capital Markets JOHN MUSK underperform 1 M 680 12 month 26.03.2013

HSBC VERITY MITCHELL neutral 3 M 775 Not Provided 21.03.2013

AlphaValue MYRIAM COHEN add 4 U 766 6 month 21.03.2013

Goldman Sachs ANDREW MEAD neutral/neutral 3 M 829 12 month 11.03.2013

Credit Suisse GUY MACKENZIE underperform 1 M 660 Not Provided 07.03.2013

Day by Day VALERIE GASTALDY buy 5 U 816 3 month 05.03.2013

Baden Hill LLP ROY CAMPBELL sell 1 M #N/A N/A Not Provided 01.03.2013

Nomura JONATHAN CONSTABLE neutral 3 M 765 Not Provided 21.02.2013

JPMorgan EDMUND REID neutral 3 M 720 12 month 13.02.2013

Cantor Fitzgerald ANGELOS ANASTASIOU buy 5 N 792 Not Provided 11.02.2013

Exane BNP Paribas IAIN TURNER neutral 3 M 740 Not Provided 08.02.2013

S&P Capital IQ CLIVE ROBERTS sell 1 M 603 12 month 30.01.2013

Barclays HARRY WYBURD equalweight 3 M 700 Not Provided 25.01.2013


Societe Generale ASHLEY THOMAS buy 5 M 779 12 month 15.01.2013

Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 700 12 month 04.09.2012

Deutsche Bank JAMES BRAND buy 5 M 770 12 month 11.05.2012

Holdings By:

United Utilities Group PLC ee


27.03.2013

The Weir Group PLC is an engineering solutions provider focused on the minerals,

oil and gas and power markets. The Company manufactures and supplies engineering

products and services for mining and minerals processing, power generation, oil

and gas production, water supply and other industrial uses. The Weir Group

supplies pumps, valves, compressors and turbines.


LTM as of: 12/yy

52-Week High (12.03.2013) 2'490.00

52-Week Low (14.06.2012) 1'352.00

Daily Volume

2222





4'730.42 1 Yr Total Return 27.97%







WEIR LN EQUITY YTD Change - Average Volume 30 Day 1'059'566

WEIR LN EQUITY YTD % CHANGE - Average Volume 3 Month 866'650


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

1'353.6 1'390.2 1'635.0 2'292.0 2'538.3 - - 2'631.0 2'789.2 - -

0.66x 1.17x 2.47x 2.17x 1.84x - - 2.04x 1.85x - -

203.7 230.1 338.7 449.7 528.9 - - 554.8 603.4 - -

4.38x 7.08x 11.91x 11.05x 8.85x - - 9.77x 8.99x - -

170.8 128.8 185.1 298.3 315.4 - - 311.2 344.0 - -

5.76x 12.20x 18.88x 15.42x 12.75x - - 14.49x 13.23x - -











EBITDA Margin 20.8%



Asset Turnover 0.82







Fiscal Year Ended

Weir Group PLC/ThePrice/Volume

Valuation Analysis

275'613.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0! ! F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.03.2013





AXA FRAMLINGTON INV Multiple Portfolios REG 9'384'275 4.41 22'243 01.02.2013 Investment Advisor



LANSDOWNE PARTNERS n/a Short (7'268'078) -3.41 - 01.11.2012 Investment Advisor

M&G INVESTMENT MANAG Multiple Portfolios REG 6'382'319 3 79'630 01.02.2013 Investment Advisor






BROOKSIDE CAPITAL MA n/a Short (3'846'556) -1.81 - 27.02.2013 Investment Advisor



EAST SIDE CAPITAL LL Multiple Portfolios REG 3'728'788 1.75 (665'944) 01.02.2013 Unclassified



STEADFAST CAPITAL MA n/a Short (3'379'019) -1.59 106'258 14.03.2013 Other


Societe Generale ALASDAIR LESLIE sell 1 M 1'870 12 month 22.03.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 21.03.2013

Investec THOMAS RANDS hold 3 M 2'400 12 month 19.03.2013

Nomura JUHO LAHDENPERA neutral 3 M 1'950 12 month 19.03.2013

Berenberg Bank ALEXANDER VIRGO hold 3 D 2'552 Not Provided 18.03.2013

Credit Suisse JONATHAN HURN neutral 3 M 2'520 Not Provided 15.03.2013

Exane BNP Paribas JONATHAN R MOUNSEY outperform 5 M 2'600 Not Provided 14.03.2013

Jefferies ANDREW DOUGLAS hold 3 M 2'500 12 month 12.03.2013

Barclays NICK WEBSTER overweight 5 M 2'405 Not Provided 08.03.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 2'550 12 month 28.02.2013

JPMorgan GLEN H LIDDY overweight 5 M 2'600 9 month 27.02.2013

Numis Securities Ltd SCOTT CAGEHIN buy 5 M 2'600 Not Provided 27.02.2013

Baden Hill LLP ANTOINE HNEIN sell 1 M 1'720 12 month 27.02.2013

Oriel Securities Ltd HARRY PHILIPS add 4 M 2'200 Not Provided 25.02.2013

CA Cheuvreux OLIVER GIRAKHOU outperform 5 N 2'400 Not Provided 21.02.2013

Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 1'830 12 month 14.02.2013

Deutsche Bank PETER REILLY buy 5 M 2'400 12 month 11.02.2013

Cowen Securities LLC DOUG GARBER sell 1 M 1'530 Not Provided 11.02.2013

Goldman Sachs ADAM PINCKARD Buy/Neutral 5 M 3'150 12 month 17.01.2013

Arden Partners Ltd DAVID LARKAM neutral 3 D #N/A N/A Not Provided 05.11.2012

N+1 Singer Ltd JO REEDMAN not rated #N/A N/A M #N/A N/A Not Provided 19.06.2012

Holdings By:

Weir Group PLC/The ee


27.03.2013

ITV plc is a United Kingdom media company covering broadcasting, news, and

production. The Company owns all of the regional Channel 3 licenses in England

and Wales. ITV owns ITV1, a commercial television channel, as well as ITV2, a

partial interest in GMTV, and other interests.


LTM as of: 12/yy

52-Week High (19.03.2013) 132.90

52-Week Low (01.06.2012) 68.55

Daily Volume

128.1





5'011.66 1 Yr Total Return 46.39%







ITV LN EQUITY YTD Change - Average Volume 30 Day 14'410'770

ITV LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'288'130


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

2'029.0 1'879.0 2'064.0 2'140.0 2'196.0 1'703.2 2'060.7 2'307.3 2'391.5 456.0 -

1.21x 1.54x 1.52x 1.30x 1.86x 14.91x 18.89x 2.07x 1.91x 12.32x -

247.0 240.0 438.0 488.0 547.0 473.5 571.2 601.8 631.6 - -

9.96x 12.06x 7.18x 5.68x 7.46x 15.33x 14.78x 8.27x 7.88x - -

(2'556.0) 91.0 269.0 247.0 267.0 286.2 340.0 394.1 414.7 - -

- 22.33x 10.11x 10.71x 15.32x 29.92x 28.41x 12.94x 12.08x - -


EBIT 460.00 Long-Term Rating BB+



Return on Assets 9.34% Short-Term Rating B






EBITDA Margin 24.9%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ITV PLCPrice/Volume

Valuation Analysis

4'350'148.00


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

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F. ! F1 ! F3 ! F5 ! F-! ! F-. ! F-1 ! F-3 ! F-5 ! F.! ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



27.03.2013


BRITISH SKY BROADCAS Multiple Portfolios REG 291'684'730 7.46 - 01.11.2012 Corporation

SKY HOLDINGS LIMITED n/a Co File 291'684'730 7.46 - 31.12.2011 Investment Advisor




MAJEDIE ASSET MANAGE Multiple Portfolios REG 196'103'145 5.01 415'535 01.11.2012 Investment Advisor

BRANDES INVESTMENT P n/a Co File 194'304'930 4.97 - 31.12.2011 Investment Advisor


LEGAL AND GENERAL IN n/a Co File 153'692'144 3.93 - 31.12.2011 n/a

AXA FRAMLINGTON INV Multiple Portfolios REG 146'078'266 3.73 14'235'016 01.11.2012 Investment Advisor

RUFFER INVESTMENT MA Multiple Portfolios REG 104'632'310 2.67 (5'029'646) 01.11.2012 Investment Advisor



MARATHON ASSET MANAG Multiple Portfolios REG 80'787'915 2.06 (2'384'446) 01.11.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 74'328'141 1.9 17'312'822 31.12.2012 Investment Advisor



RUFFER LLP Multiple Portfolios MF-AGG 65'931'596 1.69 - 31.10.2012 Hedge Fund Manager



Berenberg Bank SARAH SIMON hold 3 M 91 Not Provided 26.03.2013

AlphaValue VERONIQUE CABIOC'H sell 1 M 120 6 month 22.03.2013

Goldman Sachs RICHARD JONES Buy/Neutral 5 M 154 12 month 20.03.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI outperform 5 M 155 12 month 19.03.2013


S&P Capital IQ ALEXANDER WISCH sell 1 M 105 12 month 07.03.2013

Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 180 Not Provided 07.03.2013

Westhouse Securities RODDY DAVIDSON add 4 M 144 Not Provided 07.03.2013

Kepler Capital Markets CONOR O'SHEA hold 3 M 125 Not Provided 04.03.2013

Deutsche Bank LAURIE DAVISON sell 1 M 100 12 month 28.02.2013

Investec STEVEN LIECHTI hold 3 U 110 12 month 28.02.2013

Macquarie ANGUS TWEEDIE outperform 5 M 130 12 month 28.02.2013

Peel Hunt PATRICK YAU buy 5 M 130 Not Provided 28.02.2013

Nomura WILLIAM MAIRS buy 5 M 130 12 month 28.02.2013

Barclays JULIEN ROCH equalweight 3 M 115 Not Provided 28.02.2013

Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 135 12 month 27.02.2013

Credit Suisse OMAR SHEIKH outperform 5 M 130 Not Provided 27.02.2013

JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 M 126 9 month 27.02.2013

Espirito Santo Investment Bank ResearchGIASONE SALATI sell 1 M 76 Not Provided 27.02.2013

Numis Securities Ltd PAUL RICHARDS add 4 M 140 Not Provided 27.02.2013

Exane BNP Paribas ADRIEN DE SAINT HILAIRE outperform 5 M 135 Not Provided 27.02.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 155 Not Provided 21.02.2013


HSBC DAN GRAHAM underweight 1 M 83 Not Provided 25.10.2012

Jefferies WILL SMITH hold 3 M 77 12 month 26.07.2012

Holdings By:

ITV PLC ee


27.03.2013

Johnson Matthey PLC is a specialty chemicals company which manufactures

catalysts, pharmaceutical materials, and pollution control systems. The

Company also refines platinum, gold and silver, and produces color and coating

materials for the glass, ceramics, tile, plastics, paint, ink, and construction

industries. Johnson Matthey has operations around the world.


LTM as of: 12/yy

52-Week High (17.09.2012) 2'579.00

52-Week Low (25.07.2012) 2'013.30

Daily Volume

2234





4'577.86 1 Yr Total Return -2.08%







JMAT LN EQUITY YTD Change - Average Volume 30 Day 539'977

JMAT LN EQUITY YTD % CHANGE - Average Volume 3 Month 559'561


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y - -

7'498.7 7'847.8 7'839.4 9'984.8 12'023.2 - - 10'293.0 8'177.5 - -

0.66x 0.36x 0.54x 0.46x 0.45x - - 0.51x 0.63x - -

374.4 401.2 402.2 520.5 580.2 - - 543.3 567.6 - -

13.16x 7.05x 10.53x 8.76x 9.33x - - 9.73x 9.32x - -

186.2 174.1 164.2 181.5 315.9 - - 297.6 312.7 - -

22.71x 12.84x 22.50x 21.60x 15.86x - - 15.34x 14.47x - -











EBITDA Margin 5.1%



Asset Turnover 3.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Johnson Matthey PLCPrice/Volume

Valuation Analysis

134'104.00


!

2

-!

-2

.!

.2

0!

02


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.03.2013












MANNING & NAPIER ADV Multiple Portfolios REG 4'967'991 2.42 (999'339) 01.12.2012 Unclassified

JOHNSON MATTHEY PLC Multiple Portfolios REG 4'463'881 2.18 (210'338) 01.12.2012 Other



MANNING & NAPIER ADV Multiple Portfolios MF-AGG 3'851'250 1.88 325'169 31.12.2012 Investment Advisor


WILLIAM BLAIR & COMP Multiple Portfolios REG 3'361'546 1.64 (951'213) 01.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios REG 3'121'157 1.52 235'699 01.12.2012 Investment Advisor

AXA FRAMLINGTON INV Multiple Portfolios REG 2'858'947 1.4 (66'217) 01.12.2012 Investment Advisor

NEPTUNE INVESTMENT M Multiple Portfolios REG 2'323'271 1.13 (98'729) 01.12.2012 Investment Advisor


HSBC GEOFF HAIRE neutral 3 M 2'300 Not Provided 26.03.2013

AlphaValue MARTIN SCHNEE reduce 2 M 2'395 6 month 21.03.2013


JPMorgan MARTIN EVANS neutral 3 M 2'150 12 month 20.03.2013

Morgan Stanley PAUL R WALSH Underwt/In-Line 1 M 2'200 12 month 22.02.2013

Numis Securities Ltd CHARLES PICK add 4 M 2'515 Not Provided 18.02.2013

Deutsche Bank MARTIN DUNWOODIE buy 5 M 2'550 12 month 16.02.2013

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 2'900 12 month 15.02.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 3'000 Not Provided 15.02.2013

Credit Suisse RHIAN O'CONNOR outperform 5 M 2'400 Not Provided 12.02.2013


S&P Capital IQ SHO MATSUBARA hold 3 M 2'350 12 month 27.11.2012

Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 05.10.2012

Holdings By:

Johnson Matthey PLC ee


27.03.2013

Aggreko plc provides specialist power and temperature control rental services in

two main product areas, mobile electricity generators and temperature control

equipment. Aggreko also supplies oil-free diesel compressors used to eliminate

oil based contaminants in the food, pharmaceutical and textile industries. The

Group operates through approximately 118 depots in 23 countries worldwide.


LTM as of: 01/yy

52-Week High (17.09.2012) 2'415.00

52-Week Low (31.01.2013) 1'548.00

Daily Volume

1781





4'783.40 1 Yr Total Return -20.26%







AGK LN EQUITY YTD Change - Average Volume 30 Day 1'038'900

AGK LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'026'636


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

946.6 1'023.9 1'229.9 1'396.1 1'583.2 - - 1'635.6 1'738.8 - -

1.65x 2.62x 3.34x 4.05x 3.30x - - 3.20x 2.92x - -

318.4 403.4 472.9 526.9 621.6 - - 634.8 677.4 - -

4.90x 6.64x 8.69x 10.72x 8.41x - - 8.47x 7.94x - -

122.7 168.4 213.1 260.1 276.0 - - 255.5 279.5 - -

9.74x 14.84x 18.67x 20.60x 16.71x - - 18.75x 17.29x - -











EBITDA Margin 39.3%



Asset Turnover 0.81








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Aggreko PLCPrice/Volume

Valuation Analysis

384'374.00


!2

-!-2.!.20!021!122!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.03.2013






SALVESEN ALASTAIR ER n/a RNS-MAJ 9'995'283 3.72 (894'717) 27.12.2012 n/a


PRIVATE INDIVIDUALS Multiple Portfolios REG 8'391'217 3.12 (126'635) 01.02.2013 Other

LANSDOWNE PARTNERS n/a Short (7'727'861) -2.88 (348'827) 02.01.2013 Investment Advisor



BREWIN DOLPHIN LIMIT Multiple Portfolios REG 5'909'565 2.2 3'414'961 01.02.2013 Investment Advisor

SPEIRS & JEFFERY STO Multiple Portfolios REG 5'755'174 2.14 59'579 01.02.2013 Unclassified



KIMBERLEY GRANGE INV Multiple Portfolios REG 4'862'100 1.81 - 01.02.2013 Unclassified

INVESTEC BANK (UK) L Multiple Portfolios REG 4'724'801 1.76 743'000 01.02.2013 Unclassified


PEOPLES REPUBLIC OF Multiple Portfolios REG 3'678'747 1.37 (193'744) 01.02.2013 Government

GE ASSET MANAGEMENT Multiple Portfolios REG 3'312'584 1.23 (591'689) 01.02.2013 Investment Advisor



Oriel Securities Ltd HECTOR FORSYTHE buy 5 M #N/A N/A Not Provided 27.03.2013

RBC Capital Markets ANDREW BROOKE outperform 5 M 2'100 12 month 20.03.2013

Deutsche Bank ANDY CHU buy 5 U 2'250 12 month 15.03.2013

Westhouse Securities MICHAEL DONNELLY buy 5 N 2'502 12 month 15.03.2013

Jefferies WILLIAM KIRKNESS buy 5 M 2'200 12 month 14.03.2013

Cantor Fitzgerald CAROLINE DE LA SOUJEOLE buy 5 M 2'200 Not Provided 14.03.2013

Peel Hunt ANDREW NUSSEY hold 3 M 1'800 Not Provided 12.03.2013

Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 2'425 12 month 08.03.2013

WH Ireland Ltd NICK SPOLIAR buy 5 M 2'300 12 month 08.03.2013

Numis Securities Ltd MIKE MURPHY hold 3 M 1'938 Not Provided 08.03.2013

Investec JOHN LAWSON buy 5 M 1'940 12 month 07.03.2013

JPMorgan Nicholas de la Grense neutral 3 M 1'870 9 month 07.03.2013

Panmure Gordon & Co Limited PAUL JONES hold 3 M 1'742 Not Provided 07.03.2013

AlphaValue LIONEL PELLICER buy 5 M 2'437 6 month 07.03.2013

Berenberg Bank SIMON MEZZANOTTE hold 3 M 1'720 Not Provided 26.02.2013

HSBC ALEX MAGNI neutral 3 U 1'650 Not Provided 08.02.2013



Credit Suisse DAVID RIGBY neutral 3 M 1'850 Not Provided 18.12.2012

Espirito Santo Investment Bank ResearchDAVID BROCKTON neutral 3 D 1'700 Not Provided 18.12.2012

S&P Capital IQ CLIVE ROBERTS hold 3 M 2'300 12 month 17.12.2012

Barclays PAUL CHECKETTS overweight 5 M 2'360 Not Provided 22.10.2012

Arden Partners Ltd GEOFF ALLUM neutral 3 M 1'450 12 month 30.09.2011

Holdings By:

Aggreko PLC ee


27.03.2013

Whitbread PLC is a hotel and restaurant group. The Company operates businesses

operations include the production and distribution of motion pictures and

television programming. The Company provides television, direct satellite, and

cable broadcasting and the publication of newspapers, magazines, books and

promotional inserts.


LTM as of: 12/yy

52-Week High (08.02.2013) 2'694.00

52-Week Low (27.03.2012) 1'767.00

Daily Volume

2483





4'451.76 1 Yr Total Return 40.59%







WTB LN EQUITY YTD Change - Average Volume 30 Day 567'227

WTB LN EQUITY YTD % CHANGE - Average Volume 3 Month 460'447


29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 12/yy 12/yy 02/13 Y 02/14 Y - -

1'216.7 1'334.6 1'435.0 1'599.6 1'778.0 - - 2'023.0 2'247.8 - -

2.24x 1.45x 2.16x 2.20x 1.98x - - 2.47x 2.23x - -

339.6 354.6 364.9 427.1 467.3 - - 502.9 553.8 - -

8.04x 5.44x 8.51x 8.23x 7.52x - - 9.91x 9.00x - -

557.9 91.8 161.0 223.3 267.3 - - 261.9 294.6 - -

25.77x 14.17x 15.94x 13.43x 11.13x - - 16.71x 14.86x - -











EBITDA Margin 25.7%



Asset Turnover 0.63







Fiscal Year Ended

Whitbread PLCPrice/Volume

Valuation Analysis

95'065.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F. ! F1 ! F3 ! F5 ! F-! ! F-. ! F-1 ! F-3 ! F-5 ! F

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 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.03.2013





YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 80'106'935 5.25 (449'404) 31.12.2012 Investment Advisor


DODGE & COX DODGE & COX 13F 73'990'044 4.85 (9'828'325) 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 50'745'635 3.32 1'242'647 31.12.2012 Investment Advisor

CHILDRENS INV FUND M CHILDRENS INVESTMENT 13F 34'348'479 2.25 (12'657'102) 31.12.2012 Hedge Fund Manager

VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 34'295'229 2.25 3'537'977 31.12.2012 Hedge Fund Manager



ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 28'100'000 1.84 9'100'000 31.12.2012 Hedge Fund Manager

HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 27'945'300 1.83 (3'592'000) 31.12.2012 Hedge Fund Manager


EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 22'180'447 1.45 1'184'087 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 19'150'391 1.25 (668) 31.12.2012 Government

INVESCO LTD INVESCO LTD 13F 17'590'189 1.15 (3'322'085) 31.12.2012 Investment Advisor

EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 17'571'378 1.15 2'373'660 31.12.2012 Hedge Fund Manager

LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 16'929'453 1.11 2'887'188 31.12.2012 Hedge Fund Manager

WADDELL & REED FINAN WADDELL & REED FINAN 13F 14'275'510 0.94 1'726'350 31.12.2012 Investment Advisor


AlphaValue MICHAEL NATHANSON buy 5 M 31 12 month 25.03.2013


Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 36 12 month 22.03.2013

Needham & Co LAURA A MARTIN buy 5 M 34 12 month 15.03.2013

Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 32 12 month 08.03.2013

Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 08.03.2013


Susquehanna Financial Group VASILY KARASYOV Positive 4 M 34 12 month 07.03.2013

Credit Suisse MICHAEL SENNO neutral 3 M 28 Not Provided 06.03.2013

Wedbush JAMES G DIX outperform 5 M 26 12 month 06.03.2013

Macquarie TIMOTHY W NOLLEN outperform 5 M 33 12 month 06.03.2013

Davenport & Co MICHAEL C MORRIS buy 5 M 34 12 month 06.03.2013

Wunderlich Securities MATTHEW HARRIGAN buy 5 M 36 18 month 06.03.2013

S&P Capital IQ TUNA AMOBI buy 5 M 31 Not Provided 06.03.2013

Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 34 Not Provided 06.03.2013

RBC Capital Markets DAVID BANK outperform 5 M 32 12 month 05.03.2013

Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 20.02.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 11.02.2013

Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 08.02.2013

Evercore Partners ALAN GOULD overweight 5 M 30 12 month 07.02.2013

Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 07.02.2013

Atlantic Equities LLP HAMILTON FABER overweight 5 M 33 12 month 07.02.2013

Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 32 12 month 28.01.2013

Goldman Sachs DREW BORST not rated #N/A N/A M #N/A N/A Not Provided 28.06.2012

BTIG LLC RICHARD GREENFIELD buy 5 M 30 Not Provided 27.06.2012

Holdings By:

Whitbread PLC ee


27.03.2013

GKN plc produces automotive components and aerospace vehicles, and supplies a

and consumers around the world. The Company's products include a speech

recognizer, call steering, and a product that converts text into speech.


LTM as of: 12/yy

52-Week High (06.03.2013) 291.20

52-Week Low (28.06.2012) 171.50

Daily Volume

264.3





4'315.71 1 Yr Total Return 28.68%







GKN LN EQUITY YTD Change - Average Volume 30 Day 5'708'944

GKN LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'979'199


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

4'376.0 4'223.0 5'084.0 5'746.0 6'510.0 1'375.6 1'753.1 7'442.5 7'805.4 - -

0.32x 0.52x 0.80x 0.66x 0.76x 20.25x 19.19x 0.73x 0.67x - -

379.0 344.0 570.0 619.0 739.0 287.0 379.8 867.5 969.7 - -

3.68x 6.41x 7.13x 6.17x 6.71x 28.46x 22.20x 6.39x 5.71x - -

(109.0) (36.0) 305.0 279.0 480.0 47.6 175.7 418.6 487.8 - -

- - 11.34x 10.17x 7.58x 46.59x 25.08x 9.94x 8.69x - -











EBITDA Margin 11.4%



Asset Turnover 1.15







Fiscal Year Ended

GKN PLCPrice/Volume

Valuation Analysis

1'000'885.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

4 ! F

5 ! F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013


STANDARD LIFE INVEST WARBURG PINCUS LLC 13F 53'004'254 16.76 - 31.12.2012 Private Equity

WARBURG PINCUS LLC n/a 13D 43'058'531 13.61 (9'945'723) 14.03.2013 Private Equity

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 29'398'004 9.3 (6'904'115) 31.12.2012 Investment Advisor


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'852'538 3.75 (214'677) 31.12.2012 Investment Advisor





JP MORGAN n/a ULT-AGG 7'787'480 2.46 (258'843) 31.12.2012 Unclassified




RICCI PAUL A n/a Form 4 4'014'898 1.27 - 01.02.2013 n/a

WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 3'948'645 1.25 338'110 31.12.2012 Investment Advisor

FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 3'843'339 1.22 104'968 31.12.2012 Investment Advisor

PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 3'545'481 1.12 593'927 31.12.2012 Investment Advisor

LUTHER KING CAPITAL LUTHER KING CAPITAL 13F 2'994'953 0.95 (6'741) 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 2'812'375 0.89 58'903 31.12.2012 Investment Advisor

ING INV MANAGEMENT E ING INVESTMENT MANAG 13F 2'652'333 0.84 406'379 31.12.2012 Investment Advisor


Societe Generale GRAY W POWELL market perform 3 M #N/A N/A Not Provided 15.03.2013

Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 35 12 month 12.03.2013

Raymond James SHYAM PATIL strong buy 5 M 28 12 month 06.03.2013

Mizuho Securities USA Inc JOANNA MAKRIS buy 5 M 26 12 month 04.03.2013

B Riley & Company, Inc DANIEL CUMMINS neutral 3 N 21 Not Provided 20.02.2013

Morgan Stanley JENNIFER LOWE Overwt/In-Line 5 M 28 12 month 08.02.2013

Goldman Sachs GREG DUNHAM neutral/neutral 3 M 22 12 month 08.02.2013

Needham & Co SCOTT ZELLER hold 3 D #N/A N/A Not Provided 08.02.2013

FBR Capital Markets DANIEL H IVES outperform 5 M 28 12 month 08.02.2013

Stifel TOM RODERICK hold 3 D #N/A N/A Not Provided 08.02.2013

Oppenheimer & Co SHAUL EYAL outperform 5 M 30 12 month 08.02.2013

Craig-Hallum Capital Group LLC JEFF VAN RHEE hold 3 D 24 12 month 08.02.2013

Northland Securities Inc MICHAEL JAMES LATIMORE outperform 5 M 26 12 month 08.02.2013

Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 26 12 month 07.02.2013

Piper Jaffray MARK R MURPHY neutral 3 M 22 12 month 07.02.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

Deutsche Bank NANDAN AMLADI buy 5 M 30 12 month 15.11.2012

Wedbush SCOTT P SUTHERLAND underperform 1 M 19 12 month 07.08.2012

Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 15.03.2012

Holdings By:

GKN PLC ee


27.03.2013

Bunzl plc is a distribution group supplying a range of non-food consumable

graphics processors and related software. The Company's products provide

interactive 3D graphics to the mainstream personal computer market.


LTM as of: 01/yy

52-Week High (06.03.2013) 1'328.00

52-Week Low (29.03.2012) 985.50

Daily Volume

1275





4'235.13 1 Yr Total Return 29.72%







BNZL LN EQUITY YTD Change - Average Volume 30 Day 708'405

BNZL LN EQUITY YTD % CHANGE - Average Volume 3 Month 599'055


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

4'177.3 4'648.7 4'829.6 5'109.5 5'359.2 - - 5'959.6 6'152.3 - -

0.71x 0.67x 0.68x 0.74x 0.81x - - 0.82x 0.77x - -

297.9 319.7 331.7 361.3 375.2 - - 413.7 433.3 - -

10.01x 9.72x 9.88x 10.52x 11.55x - - 12.05x 11.50x - -

142.2 148.9 159.0 123.8 195.3 - - 252.7 269.6 - -

13.25x 14.53x 14.64x 23.14x 16.85x - - 16.67x 15.72x - -











EBITDA Margin 7.0%



Asset Turnover 1.89








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bunzl PLCPrice/Volume

Valuation Analysis

122'140.00


!

.

1

3

5

-!

-.

-1

-3


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

2! !!

!2 !. .!-! !2 !5 .!-! !2 !. .!-- !2 !5 .!-- !2 !. .!-. !2 !5 .!-. !2 !. .!-0



27.03.2013



VANGUARD GROUP INC VANGUARD GROUP INC 13F 37'668'172 6.12 1'164'492 31.12.2012 Investment Advisor



HUANG JEN-HSUN n/a Form 4 22'168'135 3.6 - 20.03.2013 n/a



AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 11'701'670 1.9 3'158'033 31.12.2012 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 8'945'165 1.45 645'257 31.12.2012 Investment Advisor

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 8'041'269 1.31 6'139'523 31.12.2012 Investment Advisor




FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 5'915'747 0.96 786'088 31.12.2012 Investment Advisor

CONTRARIUS INVESTMEN CONTRARIUS INVESTMEN 13F 5'785'902 0.94 942'748 31.12.2012 Investment Advisor


JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'243'814 0.69 (1'293'529) 31.12.2012 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 4'076'221 0.66 (36'419) 31.12.2012 Investment Advisor

CHARLES SCHWAB INVES CHARLES SCHWAB INVES 13F 3'757'015 0.61 2'239'918 31.12.2012 Investment Advisor


HSBC AMBRISH SRIVASTAVA market perform 3 M 12 Not Provided 25.03.2013

Raymond James HANS C MOSESMANN strong buy 5 M 17 12 month 25.03.2013


Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M #N/A N/A Not Provided 24.03.2013

Evercore Partners PATRICK WANG underweight 1 M 11 12 month 24.03.2013


Wedbush BETSY VAN HEES outperform 5 M 17 12 month 20.03.2013



Nomura ROMIT SHAH buy 5 M 15 12 month 20.03.2013

JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 20.03.2013

Longbow Research JOANNE FEENEY neutral 3 M #N/A N/A Not Provided 20.03.2013

Susquehanna Financial Group CHRISTOPHER CASO negative 2 M 11 12 month 20.03.2013


JPMorgan HARLAN SUR neutral 3 M 14 9 month 19.03.2013



Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 18.03.2013

FBR Capital Markets CHRISTOPHER ROLLAND market perform 3 M 14 12 month 04.03.2013

Miller Tabak + Co., LLC BRENDAN FURLONG buy 5 M 17 12 month 20.02.2013




Brean Murray Carret & Co MIKE BURTON hold 3 M #N/A N/A Not Provided 14.02.2013

Roth Capital Partners KRISHNA SHANKAR buy 5 M 17 12 month 14.02.2013


Needham & Co RAJVINDRA S. GILL hold 3 D #N/A N/A Not Provided 14.02.2013

Macquarie SHAWN WEBSTER neutral 3 M 14 12 month 14.02.2013

Lazard Capital Markets DANIEL L AMIR neutral 3 M #N/A N/A Not Provided 14.02.2013

Goldman Sachs JAMES SCHNEIDER neutral/attractive 3 M 14 12 month 13.02.2013


Canaccord Genuity Corp ROBERT BURLESON buy 5 M 16 12 month 13.02.2013


Hudson Square Research DANIEL ERNST buy 5 U 18 Not Provided 10.05.2010

Holdings By:

Bunzl PLC ee


27.03.2013

RSA Insurance Group PLC is a worldwide commercial insurer. The Company

tools, supplies, equipment, and accessories. The Company sells its products to

do-it-yourself customers and professional mechanics or service technicians.

O'Reilly operates stores throughout the United States.


LTM as of: 12/yy

52-Week High (19.02.2013) 137.30

52-Week Low (18.05.2012) 97.00

Daily Volume

115.6












RSA LN EQUITY YTD Change - Average Volume 30 Day 17'611'160

RSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'677'100


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 09/11 Q3 12/11 Q4

7'143.0 7'458.0 7'924.0 8'735.0 8'842.0 5'788.8 6'182.2 8'908.9 9'316.5 - -

0.67x 0.67x 0.62x 0.49x 0.57x 6.40x 7.07x 0.41x 0.45x - -

- - - - - 1'029.8 1'154.5 - - - -

- - - - - 10.30x 9.48x - - - -

574.0 418.0 346.0 426.0 344.0 507.7 585.7 452.9 484.4 - -

3.97x 4.88x 6.23x 8.86x 13.26x 20.93x 18.83x 9.25x 8.89x - -


EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.39







Fiscal Year Ended

RSA Insurance Group PLCPrice/Volume

Valuation Analysis

2'924'085.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

1 ! F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013


FRANKLIN RESOURCES VANGUARD GROUP INC 13F 7'468'481 6.71 (303'624) 31.12.2012 Investment Advisor




RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 3'658'781 3.29 (3'711) 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 2'624'914 2.36 175'909 31.12.2012 Investment Advisor



LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 2'164'498 1.94 639'137 31.12.2012 Hedge Fund Manager


SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 2'106'437 1.89 (846'503) 31.12.2012 Hedge Fund Manager



GAMCO n/a ULT-AGG 1'762'790 1.58 61'805 31.12.2012 Unclassified


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'666'774 1.5 393'150 31.12.2012 Investment Advisor


O'REILLY DAVID E n/a Form 4 1'480'017 1.33 (502) 08.02.2013 n/a


AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'350'050 1.21 (1'155'963) 31.12.2012 Investment Advisor


Keefe, Bruyette & Woods DAVID A SCHICK buy 5 M 102 12 month 26.03.2013

Piper Jaffray PETER J KEITH neutral 3 M 97 12 month 25.03.2013

ISI Group GREGORY MELICH neutral 3 M 106 12 month 24.03.2013

Northcoast Research NICHOLAS MITCHELL neutral 3 M #N/A N/A Not Provided 13.03.2013

Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 106 12 month 12.03.2013

Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 05.03.2013

Raymond James DANIEL R WEWER JR strong buy 5 M 112 12 month 05.03.2013

Nomura ARAM RUBINSON neutral 3 M 98 12 month 01.03.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 11.02.2013

Deutsche Bank MICHAEL BAKER hold 3 M 102 12 month 08.02.2013

Morgan Stanley DAVID GOBER Overwt/In-Line 5 M 108 12 month 08.02.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 110 12 month 08.02.2013

JPMorgan CHRISTOPHER HORVERS neutral 3 M 106 9 month 08.02.2013

Stephens Inc JOHN R LAWRENCE overweight 5 M 115 12 month 08.02.2013

BB&T Capital Markets BRET D JORDAN buy 5 M 112 12 month 08.02.2013

Gabelli & Co BRIAN SPONHEIMER buy 5 M #N/A N/A Not Provided 08.02.2013

RBC Capital Markets R SCOT CICCARELLI outperform 5 M 113 12 month 07.02.2013

Credit Suisse GARY BALTER outperform 5 M 115 Not Provided 07.02.2013

Robert W. Baird & Co CRAIG R KENNISON neutral 3 M 110 12 month 07.02.2013

Oppenheimer & Co BRIAN NAGEL market perform 3 M 92 18 month 07.02.2013

S&P Capital IQ MICHAEL SOUERS buy 5 M 112 Not Provided 07.02.2013

Barclays ALAN M RIFKIN overweight 5 M 120 Not Provided 07.02.2013

William Blair & Co DANIEL H HOFKIN outperform 5 M #N/A N/A Not Provided 06.02.2013

Holdings By:

RSA Insurance Group PLC ee


27.03.2013

IMI PLC manufactures fluid controls, retail displays, and other products. The

Company offers databases and relational servers, application development and

decision support tools, and enterprise business applications. Oracle's software

runs on network computers, personal digital assistants, set-top devices, PCs,

workstations, minicomputers, mainframes, and massively parallel computers.


LTM as of: 02/yy

52-Week High (07.03.2013) 1'370.00

52-Week Low (26.07.2012) 763.50

Daily Volume

1298





4'163.02 1 Yr Total Return 37.07%







IMI LN EQUITY YTD Change - Average Volume 30 Day 766'288

IMI LN EQUITY YTD % CHANGE - Average Volume 3 Month 661'267


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 02/yy 02/yy 12/13 Y 12/14 Y - -

1'897.0 1'785.0 1'917.0 2'135.0 2'192.0 - - 2'293.3 2'388.4 - -

0.64x 1.07x 1.77x 1.28x 1.69x - - 1.87x 1.73x - -

275.0 308.6 370.0 420.5 418.7 - - 454.1 485.4 - -

4.40x 6.21x 9.16x 6.48x 8.83x - - 9.55x 8.93x - -

112.9 130.2 224.7 200.4 230.6 - - 276.3 301.0 - -

7.68x 12.71x 14.23x 12.03x 15.12x - - 14.89x 13.62x - -











EBITDA Margin 19.1%



Asset Turnover 1.27







Fiscal Year Ended

IMI PLCPrice/Volume

Valuation Analysis

135'167.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0! ! F

02 ! F

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 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

!2 !3 .!!6 !2 -. .!!6 !2 !3 .!-! !2 -. .!-! !2 !3 .!-- !2 -. .!-- !2 !3 .!-. !2 -. .!-.



27.03.2013


STANDARD LIFE INVEST n/a Form 4 1'112'434'580 23.62 7'200'000 28.12.2012 n/a





BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 78'316'425 1.66 1'366'222 31.12.2012 Investment Advisor






GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 49'190'816 1.04 (1'571'164) 31.12.2012 Investment Advisor


TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 39'724'493 0.84 4'197'117 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 38'397'212 0.82 1'152'929 31.12.2012 Government


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 32'112'868 0.68 (1'663'800) 31.12.2012 Investment Advisor



GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 26'051'615 0.55 (6'302'603) 31.12.2012 Investment Advisor


Societe Generale RICHARD NGUYEN hold 3 M 37 12 month 26.03.2013

Jefferies ROSS MACMILLAN hold 3 M 36 12 month 26.03.2013

Sanford C. Bernstein & Co MARK L MOERDLER market perform 3 M 34 12 month 26.03.2013

BMO Capital Markets KARL KEIRSTEAD outperform 5 M 43 Not Provided 25.03.2013

Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 39 12 month 25.03.2013

Wedbush STEVEN R KOENIG neutral 3 M 36 12 month 25.03.2013

William Blair & Co LAURA J LEDERMAN outperform 5 M #N/A N/A Not Provided 25.03.2013

Raymond James MICHAEL TURITS outperform 5 M 36 12 month 25.03.2013

Macquarie BRAD A ZELNICK neutral 3 M 36 12 month 25.03.2013

Stifel BRAD REBACK buy 5 M 37 12 month 25.03.2013

Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 25.03.2013

Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 41 12 month 25.03.2013

Longbow Research KEVIN M BUTTIGIEG buy 5 M 38 12 month 25.03.2013

Barclays RAIMO LENSCHOW overweight 5 M 38 Not Provided 25.03.2013

Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 22.03.2013

FBR Capital Markets DAVID M HILAL outperform 5 M 39 12 month 22.03.2013

Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 22.03.2013

Deutsche Bank THOMAS ERNST JR hold 3 M 29 12 month 21.03.2013

RBC Capital Markets MATTHEW HEDBERG outperform 5 M 37 12 month 21.03.2013

Argus Research Corp JOSEPH F BONNER buy 5 M 39 12 month 21.03.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 40 Not Provided 21.03.2013

JPMorgan JOHN DIFUCCI overweight 5 M 40 9 month 21.03.2013

Janney Montgomery Scott LLC YUN KIM buy 5 M 43 12 month 21.03.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 44 12 month 21.03.2013

Davenport & Co F DRAKE JOHNSTONE buy 5 M 40 12 month 21.03.2013

Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 42 12 month 21.03.2013

Berenberg Bank DAUD KHAN buy 5 M 35 Not Provided 21.03.2013

Nomura RICHARD G SHERLUND buy 5 M 39 12 month 21.03.2013

Cowen and Company PETER GOLDMACHER neutral 3 M #N/A N/A Not Provided 21.03.2013

JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 21.03.2013

Susquehanna Financial Group J DERRICK WOOD Positive 4 M 40 12 month 21.03.2013

Cross Research RICHARD T WILLIAMS hold 3 M 35 12 month 21.03.2013

Piper Jaffray MARK R MURPHY overweight 5 M 37 12 month 21.03.2013

MKM Partners ISRAEL HERNANDEZ buy 5 M 38 12 month 21.03.2013

Credit Agricole Securities (USA) EDWARD MAGUIRE underperform 1 D 35 Not Provided 21.03.2013

Evercore Partners STEWART KIRK MATERNE III equalweight 3 D 36 12 month 20.03.2013

Oppenheimer & Co BRIAN SCHWARTZ outperform 5 M 40 12 month 20.03.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 21.02.2013

Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 20.02.2013

Goldman Sachs HEATHER BELLINI Buy/Neutral 5 M 39 12 month 24.01.2013

Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 38 Not Provided 24.12.2012


Holdings By:

IMI PLC ee


27.03.2013

Rexam Plc manufactures and distributes packaging materials. The Company

heavy-duty trucks, and related aftermarket distribution of parts. The Company

also offers finance and leasing services to its customers and dealers.


LTM as of: 12/yy

52-Week High (27.03.2013) 531.50

52-Week Low (25.05.2012) 391.87

Daily Volume

522.5





4'130.63 1 Yr Total Return 24.94%







REX LN EQUITY YTD Change - Average Volume 30 Day 1'852'048

REX LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'719'710


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

4'618.0 4'533.0 4'619.0 4'232.0 4'312.0 - - 4'562.6 4'720.5 - -

1.09x 1.00x 1.01x 1.07x 1.10x - - 1.12x 1.06x - -

644.0 619.0 710.0 673.0 671.0 - - 694.4 728.0 - -

7.83x 7.32x 6.60x 6.72x 7.06x - - 7.25x 6.92x - -

172.0 (29.0) 124.0 376.0 214.0 - - 322.3 349.0 - -

13.10x 25.49x 12.28x 10.66x 14.39x - - 12.71x 11.72x - -











EBITDA Margin 15.6%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rexam PLCPrice/Volume

Valuation Analysis

472'150.00


!

-!

.!

0!

1!

2!

3!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.03.2013


FRANKLIN RESOURCES n/a ULT-AGG 23'256'303 6.58 1'822'240 31.12.2012 Unclassified


BANK OF AMERICA CORP BANK OF AMERICA 13F 16'314'903 4.62 1'220'425 31.12.2012 Investment Advisor





FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 5'994'403 1.7 5'994'403 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'801'832 1.36 (26'056) 31.12.2012 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 4'668'942 1.32 (2'196'600) 31.12.2012 Investment Advisor


NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 4'228'702 1.2 (651'306) 31.12.2012 Investment Advisor



PIGOTT MARK CHARLES n/a Form 4 3'314'022 0.94 295 05.03.2013 n/a


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 2'892'300 0.82 726'600 31.12.2012 Investment Advisor


US BANCORP US BANCORP 13F 2'470'981 0.7 3'453 31.12.2012 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'286'146 0.65 29'627 31.12.2012 Investment Advisor


Credit Suisse KRISTINE KUBACKI market perform 3 M 44 12 month 26.03.2013

Robert W. Baird & Co DAVID LEIKER neutral 3 M 41 12 month 25.03.2013

Wolfe Trahan & Co TIMOTHY J DENOYER underperform 1 M 36 12 month 25.03.2013

BMO Capital Markets JOEL G TISS outperform 5 M 57 Not Provided 22.03.2013

Jefferies STEPHEN VOLKMANN buy 5 M 55 12 month 22.03.2013

Sterne, Agee & Leach JEFFREY A KAUFFMAN neutral 3 M #N/A N/A Not Provided 22.03.2013

Wells Fargo Securities, LLC ANDREW M CASEY outperform 5 M #N/A N/A Not Provided 22.03.2013

Piper Jaffray ALEXANDER E POTTER overweight 5 M 55 12 month 20.03.2013

Northcoast Research BRIAN M RAYLE buy 5 M 55 12 month 19.03.2013

D.A. Davidson & Co JB GROH buy 5 M 65 18 month 18.03.2013

Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 12.03.2013

RBC Capital Markets SETH R WEBER sector perform 3 M 50 12 month 04.03.2013

BB&T Capital Markets A RHEM WOOD JR hold 3 M #N/A N/A Not Provided 04.02.2013

Deutsche Bank PATRICK NOLAN hold 3 M 50 12 month 01.02.2013

Barclays ANDY KAPLOWITZ equalweight 3 M 44 Not Provided 01.02.2013

Credit Suisse JAMIE L COOK neutral 3 M 47 Not Provided 31.01.2013

JPMorgan ANN DUIGNAN neutral 3 M 47 9 month 31.01.2013


Goldman Sachs JERRY REVICH neutral/neutral 3 M 48 12 month 04.01.2013

McAdams Wright Ragen Inc MICHAEL ROARKE hold 3 M 60 12 month 26.10.2012

Holdings By:

Rexam PLC ee


27.03.2013

International Consolidated Airlines Group SA provides international and

employee benefits outsourcing solutions for small- to medium-sized businesses

in the United States. The Company's services range from calculating payroll and

filing tax payments to administering retirement plans and workers' compensation.


LTM as of: 11/yy

52-Week High (15.03.2013) 274.00

52-Week Low (28.05.2012) 136.00

Daily Volume

250.8





4'653.27 1 Yr Total Return 40.74%







IAG LN EQUITY YTD Change - Average Volume 30 Day 7'595'583

IAG LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'781'712


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 11/yy 11/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

- 13'456.0 14'798.0 16'103.0 18'117.0 2'162.8 2'268.6 18'509.3 19'273.9 - -

- 0.41x 0.48x 0.29x 0.35x 19.59x 19.67x 0.46x 0.45x - -

- (134.0) 1'069.0 1'505.0 1'391.0 924.8 972.1 1'673.2 2'110.7 - -

- - 6.58x 3.14x 4.61x 10.96x 11.86x 4.60x 3.64x - -

- (777.0) 100.0 562.0 (943.0) 538.8 559.7 262.6 569.8 - -

- - 58.52x 5.67x - 19.56x 21.13x 24.52x 10.23x - -


EBIT -23.00 Long-Term Rating -

Operating Margin -0.13% Long-Term Outlook -

Pretax Margin -5.50% Short-Term Rating Date -

Return on Assets -4.76% Short-Term Rating -






EBITDA Margin 7.7%

EBIT Margin -0.1% Total Debt/Equity 100.9%


Asset Turnover 0.92








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

International Consolidated Airlines Group SAPrice/Volume

Valuation Analysis

2'474'474.00


!

2

-!

-2

.!

.2

0!

02

1!


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

!2 !3 .!!6 !2 -. .!!6 !2 !3 .!-! !2 -. .!-! !2 !3 .!-- !2 -. .!-- !2 !3 .!-. !2 -. .!-.



27.03.2013


BANKIA SA n/a Form 4 37'657'753 10.35 (21'975) 27.12.2012 n/a







BANK OF AMERICA CORP BANK OF AMERICA 13F 8'970'426 2.47 957'885 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 7'788'270 2.14 9'133 31.12.2012 Unclassified

GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 6'532'589 1.8 (302'963) 31.12.2012 Corporation



PARNASSUS INVESTMENT PARNASSUS INVESTMENT 13F 3'780'000 1.04 10'000 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 3'680'600 1.01 1'244'500 31.12.2012 Investment Advisor




MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 2'915'069 0.8 179'459 31.12.2012 Investment Advisor




Day by Day RODERICK BOURGEOIS market perform 3 M 29 12 month 27.03.2013

RBC Capital Markets DANIEL R PERLIN sector perform 3 M 34 12 month 26.03.2013

Credit Agricole Securities (USA) CRAIG J MAURER sell 1 M 30 Not Provided 26.03.2013

Stifel DAVID M GROSSMAN hold 3 M #N/A N/A Not Provided 21.03.2013

Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 21.03.2013

Oppenheimer & Co GLENN GREENE market perform 3 M #N/A N/A Not Provided 19.03.2013

BMO Capital Markets JEFFREY M SILBER market perform 3 M 34 Not Provided 18.03.2013

Goldman Sachs PAUL THOMAS neutral/neutral 3 M 36 12 month 18.03.2013

Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 33 12 month 15.03.2013

Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 13.03.2013

Jefferies JASON KUPFERBERG underperform 1 M 31 12 month 12.03.2013

Robert W. Baird & Co MARK S MARCON neutral 3 M 34 12 month 08.03.2013

William Blair & Co TIMOTHY J MCHUGH outperform 5 M #N/A N/A Not Provided 08.03.2013


JPMorgan TIEN-TSIN HUANG underweight 1 M 34 9 month 11.01.2013

Raymond James MICHAEL J BAKER market perform 3 M #N/A N/A Not Provided 21.12.2012

Cowen and Company MOSHE KATRI neutral 3 M #N/A N/A Not Provided 21.12.2012

Barclays GARY E BISBEE underweight 1 M 30 Not Provided 21.12.2012

Credit Suisse GEORGE MIHALOS neutral 3 M 35 Not Provided 20.12.2012

First Analysis Corp JAMES ROBERT MACDONALD equalweight 3 M 37 12 month 20.12.2012


Northcoast Research KARTIK MEHTA neutral 3 M #N/A N/A Not Provided 14.12.2012

S&P Capital IQ DYLAN CATHERS hold 3 M 35 12 month 20.09.2012

Deutsche Bank BRYAN KEANE hold 3 M 33 12 month 20.07.2012

Holdings By:

International Consolidated Airlines Group SA ee


27.03.2013

Carnival plc owns and operates cruise ships. The Company offers cruise

distributes OTC and generic prescription pharmaceuticals, infant formulas,

nutritional products, active pharmaceutical ingredients and pharmaceutical and

medical diagnostic products. The Company's primary markets and locations of

manufacturing and logistics operations are the US, UK, Mexico, and Australia.


LTM as of: 12/yy

52-Week High (29.01.2013) 2'638.00

52-Week Low (11.04.2012) 1'864.93

Daily Volume

2247





18'220.98 1 Yr Total Return 15.52%







CCL LN EQUITY YTD Change - Average Volume 30 Day 1'044'208

CCL LN EQUITY YTD % CHANGE - Average Volume 3 Month 920'152


30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 12/yy 12/yy 11/13 Y 11/14 Y 05/13 Q2 08/13 Q3

14'646.0 13'460.0 14'469.0 15'793.0 15'382.0 2'959.7 3'262.6 15'865.4 16'723.6 3'580.0 4'922.3

1.73x 2.66x 2.82x 2.26x 2.59x 12.24x 13.66x 2.26x 2.11x 10.24x 7.29x

3'978.0 3'463.0 3'763.0 3'756.0 3'342.0 629.1 774.3 3'528.8 4'054.9 529.3 1'761.7

6.35x 10.34x 10.83x 9.50x 11.94x 15.96x 13.59x 10.32x 8.98x 10.28x 9.69x

2'330.0 1'790.0 1'978.0 1'912.0 1'298.0 344.9 443.0 1'595.5 2'071.6 55.2 1'283.0

7.12x 14.69x 16.28x 14.20x 24.26x 24.02x 20.46x 16.56x 12.76x 15.87x 14.21x


EBIT 1'815.00 Long-Term Rating NR









EBITDA Margin 22.1%



Asset Turnover 0.40







Fiscal Year Ended

Carnival PLCPrice/Volume

Valuation Analysis

259'894.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F - F . F 0 F 1 F 2 F 3 F 4 F 5 F 6 F- ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



27.03.2013


Carnival Investments n/a ULT-AGG 6'461'001 6.91 - 25.03.2013 Investment Advisor


ARKIN MOSHE n/a 13D 4'531'281 4.84 (463'579) 01.03.2012 n/a


JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 3'834'248 4.1 (562'479) 31.12.2012 Investment Advisor


MACQUARIE GROUP n/a ULT-AGG 3'328'393 3.56 (241'297) 31.12.2012 Investment Advisor



RUANE CUNNIFF & GOLD RUANE CUNNIFF & GOLD 13F 1'728'076 1.85 (13'319) 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'290'980 1.38 (150'075) 31.12.2012 Investment Advisor

MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 1'283'048 1.37 (107'000) 31.12.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'278'770 1.37 (161'001) 31.12.2012 Investment Advisor




SELECT EQUITY GROUP SELECT EQUITY GROUP 13F 1'041'325 1.11 18'786 31.12.2012 Hedge Fund Manager

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'025'163 1.1 (35'542) 31.12.2012 Investment Advisor


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 778'624 0.83 194'065 31.12.2012 Investment Advisor


EVA Dimensions LOUISE CHEN buy 5 M 130 12 month 22.03.2013

Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 125 12 month 21.03.2013

B Riley & Company, Inc LINDA BOLTON WEISER buy 5 M 133 Not Provided 20.03.2013

Buckingham Research Group DAVID G BUCK buy 5 M 145 12 month 18.03.2013

Canaccord Genuity Corp RANDALL STANICKY buy 5 M 128 12 month 18.03.2013

William Blair & Co JON R ANDERSEN outperform 5 M #N/A N/A Not Provided 08.03.2013

JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 108 9 month 19.02.2013

Deutsche Bank DAVID M STEINBERG hold 3 M 115 12 month 12.02.2013

CLAL Finance Betucha JONATHAN KREIZMAN market perform 3 M 106 Not Provided 12.02.2013

Goldman Sachs JAMI E RUBIN sell/attractive 1 M 112 12 month 11.02.2013

Needham & Co ELLIOT WILBUR hold 3 M #N/A N/A Not Provided 11.02.2013

Stifel ANNABEL SAMIMY buy 5 M 125 12 month 11.02.2013

Barrington Research CHARLES R JONES outperform 5 M 142 12 month 04.02.2013

RBC Capital Markets SHIBANI MALHOTRA sector perform 3 M 111 12 month 01.02.2013

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

I.B.I. NATALI GOTLIEB reduce 2 M 89 Not Provided 09.05.2012

Holdings By:

Carnival PLC ee


27.03.2013

G4S PLC offers security services. The Company offers security guards, alarms,

on a variety of products and services. The Company's product allows customers

to name their own price on products or services and communicates that demand

directly to participating sellers or to their private databases. Participants

include domestic and international airlines, and hotel chains.


LTM as of: 12/yy

52-Week High (12.03.2013) 310.50

52-Week Low (23.07.2012) 237.30

Daily Volume

288.4












GFS LN EQUITY YTD Change - Average Volume 30 Day 3'266'610

GFS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'908'767


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

5'928.5 7'009.0 7'258.0 7'522.0 7'501.0 - - 8'194.6 8'702.4 - -

0.75x 0.74x 0.71x 0.75x 0.75x - - 0.71x 0.65x - -

532.2 637.0 645.0 641.0 661.0 - - 718.5 762.8 - -

8.31x 8.19x 8.00x 8.75x 8.49x - - 8.43x 7.95x - -

151.2 202.0 223.0 181.0 48.0 - - 342.5 372.9 - -

15.53x 17.49x 15.07x 18.49x 32.47x - - 11.77x 10.72x - -











EBITDA Margin 8.8%



Asset Turnover 1.34







Fiscal Year Ended

G4S PLCPrice/Volume

Valuation Analysis

983'621.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.03.2013


INVESCO LTD T ROWE PRICE ASSOCIA 13F 4'627'871 9.28 (287'074) 31.12.2012 Investment Advisor





LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 1'770'983 3.55 354'525 31.12.2012 Hedge Fund Manager

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 1'361'625 2.73 49'346 31.12.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'174'200 2.35 (142) 31.12.2012 Investment Advisor



JP MORGAN n/a ULT-AGG 988'269 1.98 286'848 31.12.2012 Unclassified

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 976'991 1.96 (74'602) 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 924'834 1.85 8'264 31.12.2012 Investment Advisor

UBS n/a ULT-AGG 872'997 1.75 (117'033) 31.01.2013 Unclassified

MACQUARIE GROUP n/a ULT-AGG 862'631 1.73 31'140 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 839'300 1.68 - 31.12.2012 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 773'065 1.55 (8'975) 31.01.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 664'529 1.33 9'458 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 572'001 1.15 160'500 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 567'850 1.14 (10'002) 31.12.2012 Investment Advisor


Credit Suisse NAVED KHAN buy 5 M 800 12 month 22.03.2013

Evercore Partners KEN SENA overweight 5 M 850 12 month 21.03.2013

Monness, Crespi, Hardt & Co WILLIAM LENNAN neutral 3 M #N/A N/A Not Provided 20.03.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 M #N/A N/A Not Provided 20.03.2013

JMP Securities RONALD V JOSEY III market outperform 4 N 850 12 month 19.03.2013

Cowen and Company KEVIN KOPELMAN outperform 5 M #N/A N/A Not Provided 18.03.2013

Piper Jaffray MICHAEL J OLSON overweight 5 M 800 12 month 18.03.2013

Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 745 Not Provided 05.03.2013

Lazard Capital Markets JAKE FULLER buy 5 U 859 12 month 01.03.2013


Deutsche Bank ROSS SANDLER hold 3 M 745 12 month 27.02.2013

Morgan Stanley SCOTT W DEVITT Equalwt/Attractive 3 M 750 12 month 27.02.2013

Goldman Sachs HEATH P TERRY buy/attractive 5 M 825 12 month 27.02.2013

Credit Suisse STEPHEN JU outperform 5 M 895 Not Provided 27.02.2013

JPMorgan DOUGLAS ANMUTH overweight 5 M 835 9 month 27.02.2013

Janney Montgomery Scott LLC BRIAN MULLAN neutral 3 M 740 12 month 27.02.2013

Jefferies BRIAN P FITZGERALD buy 5 M 820 12 month 27.02.2013

Macquarie THOMAS WHITE outperform 5 M 820 12 month 27.02.2013

Stifel MICHAEL B PURCELL buy 5 M 860 12 month 27.02.2013

Nomura BRIAN NOWAK buy 5 M 850 12 month 27.02.2013


Atlantic Equities LLP JAMES CORDWELL overweight 5 M 840 12 month 27.02.2013

Benchmark Company LLC DANIEL L KURNOS buy 5 M 800 12 month 27.02.2013


Ascendiant Capital Markets EDWARD WOO buy 5 M 875 12 month 27.02.2013

Pacific Crest Securities CHAD BARTLEY outperform 5 M 879 12 month 26.02.2013

Raymond James AARON M KESSLER outperform 5 M 840 12 month 26.02.2013

Millman Research Associates MICHAEL MILLMAN hold 3 M 785 12 month 26.02.2013


Holdings By:

G4S PLC ee


27.03.2013

The Sage Group plc is a software publishing company. The Group develops,

Company licenses its code division multiple access (CDMA) and orthogonal

frequency division multiplexing access intellectual property to other companies,

and produces CDMA-based integrated circuits, and produces equipment and software

used to track workers and assets, and software for wireless content enablement.


LTM as of: 12/yy

52-Week High (08.03.2013) 356.30

52-Week Low (18.05.2012) 245.30

Daily Volume

339





3'998.34 1 Yr Total Return 18.79%







SGE LN EQUITY YTD Change - Average Volume 30 Day 2'903'223

SGE LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'747'656


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y - -

1'295.0 1'439.3 1'277.7 1'334.1 1'340.2 - - 1'386.5 1'417.8 - -

2.38x 2.42x 2.99x 2.55x 3.22x - - 3.03x 2.93x - -

322.6 346.2 363.0 394.8 391.2 - - 396.5 423.0 - -

9.54x 10.06x 10.53x 8.63x 11.02x - - 10.45x 9.80x - -

166.3 189.5 227.3 189.0 296.6 - - 246.9 268.3 - -

15.34x 16.14x 16.95x 13.19x 16.82x - - 15.41x 14.18x - -











EBITDA Margin 29.2%



Asset Turnover 0.51








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sage Group PLC/ThePrice/Volume

Valuation Analysis

824'323.00


!

-!

.!

0!

1!

2!

3!

4!

5!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

-3 ! F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.03.2013













JACOBS IRWIN MARK n/a Form 4 18'545'579 1.08 (66'379) 05.03.2012 n/a



TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 16'861'913 0.98 1'737'652 31.12.2012 Investment Advisor


SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 15'415'875 0.9 (4'025'353) 31.12.2012 Investment Advisor

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 15'097'814 0.88 (2'711'518) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 15'092'976 0.88 3'254'562 31.12.2012 Investment Advisor



Baader Bank JEROME RAMEL outperform 5 M 75 Not Provided 26.03.2013



Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 73 12 month 22.03.2013

MKM Partners DANIEL A BERENBAUM buy 5 M 74 12 month 22.03.2013

Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 85 12 month 21.03.2013

Nomura ROMIT SHAH buy 5 M 75 12 month 19.03.2013

Evercore Partners MARK A MCKECHNIE overweight 5 M 85 12 month 18.03.2013

Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 18.03.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 18.03.2013

Lazard Capital Markets IAN ING buy 5 M 79 12 month 15.03.2013

RBC Capital Markets MARK SUE outperform 5 M 77 12 month 14.03.2013

William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 14.03.2013

Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 80 12 month 13.03.2013

BMO Capital Markets TIMOTHY P LONG outperform 5 M 80 Not Provided 10.03.2013

Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 08.03.2013

Societe Generale PETER KNOX hold 3 M 64 12 month 07.03.2013

D.A. Davidson & Co AALOK K SHAH neutral 3 M 65 18 month 07.03.2013


Credit Suisse KULBINDER GARCHA outperform 5 M 85 Not Provided 05.03.2013

Raymond James TAVIS C MCCOURT outperform 5 M 80 12 month 05.03.2013

Scotia Capital GUS PAPAGEORGIOU focus stock 5 M 81 12 month 05.03.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 50 Not Provided 05.03.2013

S&P Capital IQ JAMES G MOORMAN strong buy 5 M 84 12 month 05.03.2013

FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 76 12 month 04.03.2013

Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 83 12 month 03.03.2013

Oppenheimer & Co ITTAI KIDRON outperform 5 M 72 18 month 25.02.2013




JPMorgan ROD HALL neutral 3 D 70 9 month 12.02.2013

Barclays BLAYNE CURTIS overweight 5 M 77 Not Provided 11.02.2013

Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 71 Not Provided 04.02.2013

Deutsche Bank BRIAN T MODOFF buy 5 M 78 12 month 31.01.2013

Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 80 12 month 31.01.2013

Brean Murray Carret & Co MIKE BURTON buy 5 M 80 12 month 31.01.2013


Davenport & Co F DRAKE JOHNSTONE buy 5 M 72 12 month 31.01.2013

Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 31.01.2013

Atlantic Equities LLP JAMES CORDWELL overweight 5 M 80 12 month 31.01.2013

Credit Agricole Securities (USA) SRINI PAJJURI outperform 5 M 74 Not Provided 31.01.2013


Pacific Crest Securities JAMES FAUCETTE outperform 5 M 70 12 month 30.01.2013

Holdings By:

Sage Group PLC/The ee


27.03.2013

Severn Trent plc supplies water, waste, and utility services throughout the

acquisition, development, and exploration of gold and other precious metal in

Africa.


LTM as of: 12/yy

52-Week High (14.08.2012) 1'836.00

52-Week Low (05.04.2012) 1'442.71

Daily Volume

1658





3'952.02 1 Yr Total Return 16.26%







SVT LN EQUITY YTD Change - Average Volume 30 Day 594'984

SVT LN EQUITY YTD % CHANGE - Average Volume 3 Month 600'769


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y - -

1'552.4 1'642.2 1'703.9 1'711.3 1'770.6 - - 1'830.4 1'876.3 - -

4.38x 3.74x 3.86x 4.38x 4.39x - - 4.51x 4.46x - -

699.7 713.6 813.9 792.5 786.7 - - 827.7 852.4 - -

9.73x 8.60x 8.07x 9.45x 9.89x - - 9.82x 9.53x - -

209.5 (57.8) 249.2 272.6 171.8 - - 221.9 233.9 - -

15.89x - 11.32x 12.69x 21.30x - - 17.98x 17.27x - -











EBITDA Margin 43.1%



Asset Turnover 0.23








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Severn Trent PLCPrice/Volume

Valuation Analysis

95'275.00


!

.!

1!

3!

5!

-!!

-.!

-1!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. F

1 F

3 F

5 F

- ! F

- . F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

-3! !!

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



27.03.2013



VAN ECK ASSOCIATES C n/a ULT-AGG 6'627'558 7.19 365'169 26.03.2013 Investment Advisor


CARMIGNAC GESTION Multiple Portfolios MF-AGG 3'917'000 4.25 (633'099) 31.12.2012 Investment Advisor


FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 1'264'736 1.37 (47'000) 31.12.2012 Hedge Fund Manager

AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 1'196'861 1.3 (132'195) 31.12.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 1'013'740 1.1 (96'778) 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 968'495 1.05 (224'221) 31.12.2012 Unclassified

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 952'220 1.03 (175'960) 31.12.2012 Hedge Fund Manager

PAULSON & CO PAULSON & CO 13F 930'502 1.01 - 31.12.2012 Hedge Fund Manager

WELLS FARGO n/a ULT-AGG 850'000 0.92 - 31.01.2013 Unclassified


GAMCO n/a ULT-AGG 818'535 0.89 1'320 31.12.2012 Unclassified

OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 656'494 0.71 30'000 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 533'200 0.58 164'900 31.12.2012 Investment Advisor

ASA BERMUDA LIMITED ASA BERMUDA LIMITED 13F 444'700 0.48 - 31.12.2012 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 399'700 0.43 171'000 31.12.2012 Hedge Fund Manager

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 385'000 0.42 (15'400) 31.12.2012 Investment Advisor

NIKKO ASSET MANAGEME n/a ULT-AGG 321'000 0.35 (11'600) 31.12.2012 Unclassified


RBC Capital Markets TANYA M JAKUSCONEK sector perform 3 M 109 12 month 14.03.2013

BMO Capital Markets ANDREW BREICHMANAS market perform 3 M 110 Not Provided 25.02.2013

HSBC PATRICK CHIDLEY overweight 5 M 125 Not Provided 31.01.2013

Clarus Securities NANA SANGMUAH buy 5 M 120 18 month 29.01.2013

Canaccord Genuity Corp TIM DUDLEY buy 5 M 145 12 month 17.12.2012

S&P Capital IQ LEO LARKIN buy 5 M 125 Not Provided 16.11.2012

GARP Research SETH DADDS buy 5 M #N/A N/A Not Provided 10.08.2012

EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011

Holdings By:

Severn Trent PLC ee


27.03.2013

Aberdeen Asset Management PLC operates an investment management group, which

develops, and commercializes pharmaceutical products for the treatment of

serious medical conditions. The Company has therapeutic candidates in clinical

trials for the potential treatment of cancer, eye diseases, and inflammatory

diseases, and has preclinical programs in other diseases and disorders.


LTM as of: 12/yy

52-Week High (20.02.2013) 442.30

52-Week Low (31.05.2012) 232.70

Daily Volume

426.8





5'114.79 1 Yr Total Return 68.03%







ADN LN EQUITY YTD Change - Average Volume 30 Day 3'742'919

ADN LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'704'651


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y - -

430.1 421.9 638.2 784.0 869.2 - - 1'012.6 1'145.6 - -

2.84x 4.39x 3.16x 2.56x 4.12x - - 4.86x 4.12x - -

114.9 132.0 226.4 313.2 361.0 - - 426.4 497.5 - -

10.64x 14.02x 8.90x 6.40x 9.91x - - 11.73x 10.05x - -

35.2 (8.1) 92.6 169.7 208.7 - - 332.2 383.4 - -

27.55x - 18.72x 11.51x 16.46x - - 15.69x 13.34x - -











EBITDA Margin 41.5%



Asset Turnover 0.25







Fiscal Year Ended

Aberdeen Asset Management PLCPrice/Volume

Valuation Analysis

2'150'201.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

-!!-.!-1!-3!-5!.!!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F . F 1 F 3 F 5 F- ! F- . F- 1 F- 3 F- 5 F. ! F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

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



27.03.2013


MITSUBISHI UFJ FINAN n/a Form 4 15'816'953 16.58 1'017'401 13.10.2010 Corporation






SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 3'223'869 3.38 (610'504) 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 3'119'564 3.27 36'747 31.12.2012 Investment Advisor




YANCOPOULOS GEORGE D n/a Form 4 1'122'864 1.18 50'846 19.12.2012 n/a


TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 828'000 0.87 22'000 31.12.2012 Mutual Fund Manager

JANUS CAPITAL MANAGE n/a ULT-AGG 803'814 0.84 (153'262) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 795'113 0.83 (5'936) 31.12.2012 Investment Advisor

PINNACLE ASSOCIATES PINNACLE ASSOCIATES 13F 766'916 0.8 (154'017) 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 765'640 0.8 70'587 31.12.2012 Investment Advisor


GCIC LTD/CANADA GOODMAN & COMPANY IN 13F 599'800 0.63 9'100 31.12.2012 Investment Advisor


Exane BNP Paribas JASON KANTOR outperform 5 M 187 Not Provided 19.03.2013

Jefferies BIREN AMIN hold 3 M 179 12 month 19.03.2013

Lazard Capital Markets JOSHUA SCHIMMER neutral 3 M #N/A N/A Not Provided 03.03.2013

RBC Capital Markets ADNAN BUTT outperform 5 M 190 12 month 28.02.2013

Barclays YING HUANG overweight 5 N 194 Not Provided 28.02.2013

Roth Capital Partners JOSEPH PANTGINIS buy 5 M 200 12 month 19.02.2013

Leerink Swann & Co JOSEPH P SCHWARTZ outperform 5 M #N/A N/A Not Provided 19.02.2013

Robert W. Baird & Co CHRISTOPHER J RAYMOND outperform 5 M 205 12 month 15.02.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 15.02.2013

BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 192 Not Provided 14.02.2013

Goldman Sachs TERENCE FLYNN buy/attractive 5 M 196 12 month 14.02.2013

Brean Murray Carret & Co JONATHAN M ASCHOFF hold 3 M #N/A N/A Not Provided 14.02.2013

JPMorgan GEOFFREY MEACHAM neutral 3 M 150 9 month 14.02.2013

Cowen and Company PHILIP NADEAU neutral 3 M #N/A N/A Not Provided 14.02.2013

Piper Jaffray EDWARD A TENTHOFF neutral 3 M 140 12 month 14.02.2013

Deutsche Bank ROBYN KARNAUSKAS buy 5 M 190 12 month 25.10.2012

Holdings By:

Aberdeen Asset Management PLC ee


27.03.2013

Babcock International Group plc offers support services to public sector

accessories stores. Ross offers name brand and designer apparel, accessories,

footwear, and home fashions at discount prices.


LTM as of: 02/yy

52-Week High (07.03.2013) 1'113.00

52-Week Low (27.03.2012) 774.50

Daily Volume

1073





3'865.71 1 Yr Total Return 37.62%







BAB LN EQUITY YTD Change - Average Volume 30 Day 729'144

BAB LN EQUITY YTD % CHANGE - Average Volume 3 Month 664'202


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 02/yy 03/13 Y 03/14 Y - -

1'555.9 1'901.9 1'923.4 2'703.2 3'070.4 - - 3'229.0 3'441.0 - -

1.05x 0.88x 0.88x 1.10x 1.15x - - 1.37x 1.25x - -

138.8 168.9 189.6 293.5 337.5 - - 385.7 402.0 - -

11.79x 9.89x 8.92x 10.12x 10.45x - - 11.65x 11.17x - -

67.3 72.0 106.0 101.1 100.8 - - 245.5 249.9 - -

19.06x 11.48x 13.02x 20.60x 18.55x - - 15.60x 15.24x - -











EBITDA Margin 11.2%



Asset Turnover 0.99








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Babcock International Group PLCPrice/Volume

Valuation Analysis

90'570.00


!

-!

.!

0!

1!

2!

3!

4!

5!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

1 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

!2 !. .!-! !2 !5 .!-! !2 !. .!-- !2 !5 .!-- !2 !. .!-. !2 !5 .!-. !2 !. .!-0



27.03.2013








WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 5'910'719 2.66 3'854'546 31.12.2012 Investment Advisor





MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 3'258'732 1.47 (782'991) 31.01.2013 Investment Advisor


ORBAN GEORGE P n/a Form 4 2'756'802 1.24 16'000 28.12.2012 n/a



PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 2'509'699 1.13 957'912 31.12.2012 Investment Advisor


AKRE CAPITAL MANAGEM AKRE CAPITAL MANAGEM 13F 1'937'709 0.87 (10'813) 31.12.2012 Hedge Fund Manager



Peel Hunt OMAR SAAD buy 5 M 70 12 month 24.03.2013

Morgan Stanley KIMBERLY GREENBERGER Equalwt/Cautious 3 M #N/A N/A Not Provided 22.03.2013

RBC Capital Markets HOWARD TUBIN sector perform 3 M 67 12 month 22.03.2013

William Blair & Co DANIEL H HOFKIN outperform 5 M #N/A N/A Not Provided 22.03.2013

Johnson Rice & Co DAVID M MANN overweight 5 M #N/A N/A Not Provided 22.03.2013

FBR Capital Markets DUTCH FOX outperform 5 M 69 12 month 22.03.2013

Buckingham Research Group DAVID J GLICK neutral 3 M 60 12 month 22.03.2013

Sterne, Agee & Leach IKE BORUCHOW neutral 3 M 60 12 month 22.03.2013

Avondale Partners LLC MARK K MONTAGNA market outperform 4 M 66 12 month 22.03.2013

Wells Fargo Securities, LLC EVREN DOGAN KOPELMAN market perform 3 M #N/A N/A Not Provided 22.03.2013

MKM Partners PATRICK G MCKEEVER JR buy 5 M 68 12 month 22.03.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 64 12 month 22.03.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 22.03.2013

Credit Suisse MICHAEL B EXSTEIN outperform 5 M 68 Not Provided 21.03.2013

Jefferies RANDAL J KONIK hold 3 M 55 12 month 21.03.2013

Stifel RICHARD E JAFFE hold 3 M #N/A N/A Not Provided 21.03.2013

Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 65 12 month 21.03.2013

Piper Jaffray ALEX J FUHRMAN overweight 5 M 71 12 month 21.03.2013

Northcoast Research JEFFERY STEIN buy 5 M 65 12 month 21.03.2013

CL King & Associates MORRY BROWN buy 5 M 70 12 month 20.03.2013

S&P Capital IQ JASON ASAEDA buy 5 M 64 Not Provided 15.03.2013

BMO Capital Markets JOHN D MORRIS market perform 3 M 58 Not Provided 14.03.2013

Deutsche Bank MICHAEL BAKER buy 5 U 66 12 month 09.01.2013

JPMorgan BRIAN J TUNICK neutral 3 M 60 9 month 03.12.2012

Crowell, Weedon & Co SCOTT M SWANSON buy 5 M 70 18 month 16.11.2012

Holdings By:

Babcock International Group PLC ee


27.03.2013

Tate & Lyle PLC is the holding company for an international group of companies

in a variety of form factors using our flash memory, proprietary controller and

firmware technologies. The Company's solutions include removable cards,

embedded products, universal serial bus, or USB, drives, digital media players,

wafers and components.


LTM as of: 12/yy

52-Week High (22.03.2013) 852.00

52-Week Low (10.09.2012) 627.50

Daily Volume

819





3'819.05 1 Yr Total Return 20.01%







TATE LN EQUITY YTD Change - Average Volume 30 Day 1'413'449

TATE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'314'429


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 12/yy 03/13 Y 03/14 Y - -

2'867.0 3'553.0 2'533.0 2'720.0 3'088.0 - - 3'268.8 3'479.1 - -

1.23x 0.69x 1.15x 1.17x 1.24x - - 1.31x 1.19x - -

339.0 296.0 373.0 418.0 440.0 - - 456.3 491.4 - -

10.44x 8.24x 7.83x 7.62x 8.70x - - 9.34x 8.67x - -

194.0 65.0 15.0 163.0 305.0 - - 263.3 288.1 - -

22.69x 13.36x - 13.56x 10.70x - - 14.76x 13.58x - -











EBITDA Margin 12.0%



Asset Turnover 1.13







Fiscal Year Ended

Tate & Lyle PLCPrice/Volume

Valuation Analysis

301'442.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

!5 !- .!-! !5 !4 .!-! !5 !- .!-- !5 !4 .!-- !5 !- .!-. !5 !4 .!-. !5 !- .!-0



27.03.2013





CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 10'649'095 4.4 173'278 31.12.2012 Investment Advisor



PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 7'073'816 2.92 147'100 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 5'720'676 2.37 - 31.12.2012 Investment Advisor



EDINBURGH PARTNERS L EDINBURGH PARTNERS L 13F 4'511'060 1.87 (177'894) 31.12.2012 Investment Advisor

VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 4'482'305 1.85 3'542'305 31.12.2012 Hedge Fund Manager

LEGG MASON INC Multiple Portfolios MF-AGG 4'451'294 1.84 41'763 31.12.2012 Investment Advisor

KENSICO CAPITAL MANA KENSICO CAPITAL MANA 13F 4'244'000 1.75 1'084'200 31.12.2012 Hedge Fund Manager

DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 3'585'900 1.48 2'131'900 31.12.2012 Hedge Fund Manager



HARARI ELI n/a Form 5 3'283'017 1.36 - 02.01.2011 n/a

NORGES BANK NORGES BANK 13F 2'897'220 1.2 (3'685'038) 31.12.2012 Government



Investec RYAN GOODMAN underperform 1 M 58 Not Provided 27.03.2013

Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 60 12 month 26.03.2013

Robert W. Baird & Co TRISTAN GERRA neutral 3 M 47 12 month 25.03.2013

Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 70 12 month 24.03.2013

Pacific Crest Securities MONIKA GARG outperform 5 M 56 12 month 22.03.2013



Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 65 12 month 21.03.2013


Raymond James HANS C MOSESMANN outperform 5 M 62 12 month 18.03.2013

B Riley & Company, Inc CRAIG ELLIS buy 5 M 67 Not Provided 18.03.2013

Piper Jaffray JAGADISH IYER overweight 5 M 60 12 month 15.03.2013

RBC Capital Markets DOUG FREEDMAN outperform 5 M 65 12 month 14.03.2013

Macquarie DEEPON NAG outperform 5 N 65 12 month 14.03.2013

Morgan Stanley JOSEPH MOORE Overwt/In-Line 5 M 60 12 month 13.03.2013

Goldman Sachs JAMES SCHNEIDER buy/attractive 5 M 58 6 month 13.03.2013


Cross Research STEVEN B FOX buy 5 M 60 12 month 27.02.2013

Lazard Capital Markets DANIEL L AMIR buy 5 M 58 12 month 14.02.2013


Needham & Co RAJVINDRA S. GILL buy 5 M 60 12 month 04.02.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 01.02.2013

Nomura SIDNEY HO buy 5 M 55 12 month 31.01.2013

Deutsche Bank BOB GUJAVARTY hold 3 M 45 12 month 24.01.2013

JPMorgan HARLAN SUR neutral 3 M 56 9 month 24.01.2013

Jefferies SUNDEEP BAJIKAR buy 5 M 59 12 month 24.01.2013

S&P Capital IQ ANGELO ZINO buy 5 D 58 12 month 24.01.2013

Gabelli & Co HENDI SUSANTO buy 5 M #N/A N/A Not Provided 24.01.2013


Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 02.11.2012

JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 17.10.2012

BOE Securities BINDAL PARIKH TOTLANI buy 5 M 46 12 month 01.08.2012

Holdings By:

Tate & Lyle PLC ee


27.03.2013

Meggitt plc operates an engineering group, which specializes in aerospace,

infrastructure in the United States. The Company offers both site leasing and

site development services. SBA leases antenna space on its multi-tenant towers

to a variety of wireless service providers under long-term lease contracts. The

Company also offers site development consulting and construction.


LTM as of: 12/yy

52-Week High (25.03.2013) 496.80

52-Week Low (14.06.2012) 362.50

Daily Volume

482.1





3'784.89 1 Yr Total Return 23.77%







MGGT LN EQUITY YTD Change - Average Volume 30 Day 1'401'534

MGGT LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'501'782


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

1'162.6 1'150.5 1'162.0 1'455.3 1'605.8 - - 1'701.1 1'797.0 - -

1.82x 2.25x 2.84x 2.43x 2.27x - - 2.58x 2.38x - -

290.1 379.3 362.5 425.5 491.6 - - 500.3 533.2 - -

7.29x 6.83x 9.11x 8.31x 7.41x - - 8.85x 8.30x - -

99.1 138.8 138.8 184.9 243.3 - - 291.3 312.3 - -

10.67x 12.67x 18.43x 14.69x 12.29x - - 12.89x 11.82x - -











EBITDA Margin 30.6%



Asset Turnover 0.41







Fiscal Year Ended

Meggitt PLCPrice/Volume

Valuation Analysis

407'156.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



27.03.2013



WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 6'338'878 4.99 81'285 31.12.2012 Investment Advisor




TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 5'682'550 4.48 (617'000) 31.12.2012 Investment Advisor

BAMCO INC BAMCO INC 13F 5'501'746 4.33 (178'257) 31.12.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'253'590 4.14 1'508'618 31.12.2012 Investment Advisor

COLUMBIA WANGER ASSE COLUMBIA WANGER ASSE 13F 4'427'000 3.49 (30'000) 31.12.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'204'203 3.31 1'134'458 31.12.2012 Investment Advisor



INVESCO LTD INVESCO LTD 13F 3'083'619 2.43 1'352'937 31.12.2012 Investment Advisor




PRUDENTIAL FINANCIAL n/a ULT-AGG 2'646'346 2.08 117'525 31.01.2013 Investment Advisor

POINTSTATE CAPITAL POINTSTATE CAPITAL L 13F 2'522'500 1.99 1'373'100 31.12.2012 Hedge Fund Manager

JANUS CAPITAL MANAGE n/a ULT-AGG 2'434'513 1.92 (461'740) 31.12.2012 Investment Advisor



Espirito Santo Investment Bank ResearchJENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 15.03.2013

Macquarie KEVIN SMITHEN neutral 3 M 77 12 month 13.03.2013

Stifel BEN LOWE buy 5 M 83 12 month 13.03.2013

Evercore Partners JONATHAN SCHILDKRAUT overweight 5 M 83 12 month 12.03.2013

Pacific Crest Securities MICHAEL BOWEN outperform 5 M 98 12 month 07.03.2013

Cowen and Company COLBY SYNESAEL outperform 5 M #N/A N/A Not Provided 06.03.2013

RBC Capital Markets JONATHAN ATKIN top pick 5 M 85 12 month 01.03.2013

Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 83 12 month 26.02.2013

Morgan Stanley SIMON FLANNERY Overwt/In-Line 5 M 77 12 month 24.02.2013

Canaccord Genuity Corp GREGORY MILLER buy 5 M 85 12 month 24.02.2013

JPMorgan PHILIP CUSICK overweight 5 M 80 9 month 22.02.2013

Raymond James RICHARD H PRENTISS JR strong buy 5 M 81 12 month 22.02.2013

Nomura MICHAEL L MCCORMACK buy 5 M 85 12 month 22.02.2013

Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 73 12 month 22.02.2013

New Street Research JONATHAN CHAPLIN buy 5 M 75 Not Provided 21.02.2013

Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 78 12 month 22.01.2013

Deutsche Bank BRETT FELDMAN buy 5 M 85 12 month 15.01.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

S&P Capital IQ JAMES G MOORMAN buy 5 M 84 12 month 02.01.2013

Holdings By:

Meggitt PLC ee


27.03.2013

Resolution Limited is a life insurance company. The Company provides life

enterprise applications, client compute applications, client non-compute

applications, personal data backup systems, portable external storage systems

and digital media systems. The Company also provides data storage services for

businesses, including online backup, data protection and recovery solutions.


LTM as of: 12/yy

52-Week High (21.03.2013) 278.40

52-Week Low (27.06.2012) 189.80

Daily Volume

271.1





3'844.49 1 Yr Total Return 10.63%





Enterprise Value -


RSL LN EQUITY YTD Change - Average Volume 30 Day 2'816'208

RSL LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'663'164


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 09/11 Q3 12/11 Q4

- 2'816.0 11'115.0 4'238.0 11'130.0 11'560.0 16'332.0 1'567.0 1'758.0 272.0 -

- - - - - 2.36x 2.89x 1.88x 1.67x - -

- - - - - 1'968.0 4'319.0 - - - -

- - - - - 4.23x 2.70x - - - -

- 1'280.0 765.0 (62.0) (72.0) 915.0 3'233.0 360.4 404.1 - -

- 0.65x 2.89x - - 7.42x 3.96x 10.80x 9.65x - -



Operating Margin -0.29% Long-Term Outlook -

Pretax Margin -1.73% Short-Term Rating Date -

Return on Assets -0.06% Short-Term Rating -




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Resolution LtdPrice/Volume

Valuation Analysis

1'773'061.00


!

2

-!

-2

.!

.2

0!

02

1!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0! ! F

02 ! F

1! ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



27.03.2013


FMR LLC n/a Form 3 45'239'490 12.61 - 27.01.2012 Corporation


LEGG MASON INC n/a RNS-MAJ 23'472'945 6.54 - 22.11.2010 Investment Advisor





ALKEN ASSET MANAGEME ALKEN ASSET MANAGEME 13F 10'436'769 2.91 (11'717) 31.12.2012 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 9'947'957 2.77 (575'260) 31.12.2012 Investment Advisor


GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 8'370'896 2.33 (8'217'244) 31.12.2012 Hedge Fund Manager


FIRST TRUST n/a ULT-AGG 6'463'432 1.8 (1'143) 31.12.2012 Investment Advisor


ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 5'381'133 1.5 (866'533) 31.12.2012 Investment Advisor

BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 4'189'394 1.17 3'049'571 31.12.2012 Investment Advisor



BARCLAYS PLC n/a ULT-AGG 3'325'324 0.93 2'707'096 31.12.2012 Investment Advisor



RBC Capital Markets ANANDA BARUAH buy 5 M 39 12 month 26.03.2013

Longbow Research JOE WITTINE neutral 3 M #N/A N/A Not Provided 20.03.2013

Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 15.03.2013


BMO Capital Markets KEITH F BACHMAN market perform 3 M 35 Not Provided 14.03.2013

Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 U 36 Not Provided 13.03.2013

Pacific Crest Securities MONIKA GARG sector perform 3 M #N/A N/A Not Provided 06.03.2013

Lazard Capital Markets EDWARD PARKER buy 5 M 42 12 month 11.02.2013

Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 06.02.2013

Barclays BENJAMIN A REITZES underweight 1 D 29 Not Provided 31.01.2013

Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 30.01.2013

Deutsche Bank SHERRI SCRIBNER hold 3 M 40 12 month 29.01.2013

Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 29.01.2013

Goldman Sachs WILLIAM C SHOPE JR neutral/neutral 3 M 29 6 month 29.01.2013

RBC Capital Markets AMIT DARYANANI sector perform 3 M 35 12 month 29.01.2013

JPMorgan MARK A MOSKOWITZ underweight 1 M 20 9 month 29.01.2013

Needham & Co RICHARD J KUGELE hold 3 M #N/A N/A Not Provided 29.01.2013

Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 35 12 month 29.01.2013

Evercore Partners ROBERT CIHRA equalweight 3 D 36 12 month 29.01.2013

Noble Financial Group MARK S MILLER hold 3 M 25 Not Provided 29.01.2013

S&P Capital IQ ANGELO ZINO sell 1 M 31 Not Provided 29.01.2013

Craig-Hallum Capital Group LLC CHRISTIAN SCHWAB buy 5 M 40 12 month 29.01.2013

Cross Research STEVEN B FOX hold 3 M 39 12 month 29.01.2013

Credit Agricole Securities (USA) AVI SILVER underperform 1 M 35 Not Provided 29.01.2013

FBN Securities SHEBLY SEYRAFI sector perform 3 D 40 12 month 29.01.2013


Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 14.01.2013

Holdings By:

Resolution Ltd ee


27.03.2013

Petrofac Limited is an international provider of facilities solutions to the

retail stores in the United States and Canada. The Company retails home

appliances, as well as tools, lawn and garden products, home electronics, and

other products. Sears Holdings also provides automotive repair and maintenance.


LTM as of: 02/yy

52-Week High (20.04.2012) 1'784.00

52-Week Low (27.06.2012) 1'324.00

Daily Volume

1424





4'925.49 1 Yr Total Return -13.78%







PFC LN EQUITY YTD Change - Average Volume 30 Day 1'457'684

PFC LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'109'118


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 02/yy 12/13 Y 12/14 Y - -

3'329.5 3'655.4 4'354.2 5'800.7 6'324.0 - - 6'747.2 7'330.3 - -

0.34x 1.20x 1.69x 1.05x 1.36x - - 1.09x 1.00x - -

420.9 550.2 637.7 764.0 859.0 - - 1'073.1 1'254.5 - -

2.69x 7.94x 11.56x 7.96x 10.04x - - 6.61x 5.65x - -

265.0 353.6 557.8 539.4 632.0 - - 694.1 782.8 - -

6.46x 16.07x 15.03x 14.05x 14.18x - - 10.70x 9.43x - -











EBITDA Margin 13.6%



Asset Turnover 1.24







Fiscal Year Ended

Petrofac LtdPrice/Volume

Valuation Analysis

155'011.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

5!


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 2013

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

!2 !. .!-! !2 !5 .!-! !2 !. .!-- !2 !5 .!-- !2 !. .!-. !2 !5 .!-. !2 !. .!-0



27.03.2013


ASFARI AYMAN RBS PARTNERS L P 13F 36'334'181 34.15 (5'939'961) 31.12.2012 Hedge Fund Manager

RBS PARTNERS L P n/a 13D 33'856'069 31.82 (2'478'112) 20.03.2013 Hedge Fund Manager

LAMPERT EDWARD S n/a 13D 25'041'046 23.54 - 20.03.2013 n/a

FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 18'146'573 17.06 1'212'493 31.12.2012 Investment Advisor

TISCH THOMAS J n/a PROXY 3'869'816 3.64 (58'140) 10.02.2012 n/a

HORIZON KINETICS n/a ULT-AGG 3'047'600 2.86 (84'798) 31.12.2012 Investment Advisor





FINE CAPITAL PARTNER FINE CAPITAL PARTNER 13F 1'106'100 1.04 406'900 31.12.2012 Hedge Fund Manager

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 948'073 0.89 (10'500) 31.12.2012 Investment Advisor

OLD WEST INVESTMENT OLD WEST INVESTMENT 13F 905'445 0.85 905'445 31.12.2012 Investment Advisor

CHOU ASSOCIATES MANA CHOU ASSOCIATES MANA 13F 683'700 0.64 - 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 344'220 0.32 (54'262) 31.12.2012 Government

SOUTHPOINT CAPITAL A SOUTHPOINT CAPITAL A 13F 325'000 0.31 125'000 31.12.2012 Hedge Fund Manager

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 323'511 0.3 (241'439) 31.12.2012 Investment Advisor

UOB GLOBAL STRATEGIE Multiple Portfolios MF-AGG 306'600 0.29 3'400 28.02.2013 Mutual Fund Manager

BARCLAYS PLC n/a ULT-AGG 300'019 0.28 16'219 31.12.2012 Investment Advisor

AKRE CAPITAL MANAGEM AKRE CAPITAL MANAGEM 13F 300'000 0.28 - 31.12.2012 Hedge Fund Manager


Societe Generale GREGORY MELICH sell 1 M 22 12 month 24.03.2013

Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 05.03.2013

Credit Suisse GARY BALTER underperform 1 M 20 Not Provided 04.03.2013


Longbow Research DAVID S MACGREGOR not rated #N/A N/A M #N/A N/A Not Provided 14.01.2013

S&P Capital IQ JASON ASAEDA hold 3 M 44 Not Provided 08.01.2013

Imperial Capital LLC MARY ROSS-GILBERT underperform 1 M #N/A N/A Not Provided 02.05.2012

Holdings By:

Petrofac Ltd ee


27.03.2013

Croda International plc is the holding company for a group of companies that

broad range of chemicals, biochemicals and equipment. The Company's chemical

products and kits are used in scientific research, including genomic and

proteomic, biotechnology, pharmaceutical development and as key components in

pharmaceutical, diagnostic and other high technology manufacturing.


LTM as of: 12/yy

52-Week High (25.03.2013) 2'784.00

52-Week Low (01.11.2012) 2'000.00

Daily Volume

2710





3'792.64 1 Yr Total Return 30.72%







CRDA LN EQUITY YTD Change - Average Volume 30 Day 329'740

CRDA LN EQUITY YTD % CHANGE - Average Volume 3 Month 316'498


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

911.1 827.5 1'001.9 1'028.0 1'051.9 2'505.0 2'623.0 1'128.6 1'201.6 250.3 297.0

1.24x 1.70x 2.44x 2.68x 3.36x 12.45x 13.58x 3.51x 3.26x - -

143.5 136.7 232.7 269.2 286.5 761.0 809.0 315.6 343.4 72.2 78.6

7.87x 10.32x 10.49x 10.24x 12.33x 9.74x 10.86x 12.68x 11.65x 12.85x 12.72x

61.0 23.8 130.8 167.5 161.9 457.0 460.0 186.6 205.2 41.2 47.1

10.82x 18.78x 16.94x 15.02x 18.28x 16.61x 19.01x 19.67x 18.01x 19.97x 19.64x











EBITDA Margin 27.2%



Asset Turnover 1.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Croda International PLCPrice/Volume

Valuation Analysis

53'071.00


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

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. F

1 F

3 F

5 F

- ! F

- . F

- 1 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.03.2013


SUN LIFE FINANCIAL I STATE FARM MUTUAL AU 13F 14'033'160 11.65 - 31.12.2012 Insurance Company



STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 6'628'173 5.5 - 30.09.2012 Insurance Company





STATE FARM INSURANCE Multiple Portfolios MF-AGG 3'251'389 2.7 - 31.12.2012 Investment Advisor


HARDING LOEVNER LP HARDING LOEVNER LP 13F 2'714'070 2.25 198'666 31.12.2012 Investment Advisor

WELLS FARGO n/a ULT-AGG 2'675'280 2.22 (10'687) 31.12.2012 Unclassified





MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 1'173'300 0.97 38'300 31.12.2012 Investment Advisor


FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 1'138'832 0.95 (26'160) 31.12.2012 Investment Advisor

CAPITAL COUNSEL LLC CAPITAL COUNSEL LLC 13F 1'136'232 0.94 9'630 31.12.2012 Hedge Fund Manager


HSBC TRACY MARSHBANKS equalweight 3 M #N/A N/A Not Provided 26.03.2013

Longbow Research DMITRY SILVERSTEYN neutral 3 M #N/A N/A Not Provided 26.03.2013

KeyBanc Capital Markets MICHAEL J SISON buy 5 M 86 12 month 25.03.2013

Wells Fargo Securities, LLC TIM EVANS market perform 3 M #N/A N/A Not Provided 25.03.2013

Jefferies JON WOOD hold 3 M 67 12 month 22.03.2013

Robert W. Baird & Co JEFF T ELLIOTT outperform 5 M 85 12 month 22.03.2013

Macquarie JONATHAN P GROBERG neutral 3 M 76 12 month 22.03.2013

JPMorgan TYCHO W PETERSON neutral 3 M 74 9 month 21.03.2013

Leerink Swann & Co DANIEL L LEONARD market perform 3 M #N/A N/A Not Provided 21.03.2013

Mizuho Securities USA Inc PETER R LAWSON neutral 3 M 70 12 month 21.03.2013

Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 14.03.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 01.03.2013

Credit Agricole Securities (USA) PAUL R KNIGHT outperform 5 M 89 Not Provided 07.02.2013

Goldman Sachs ISAAC RO neutral/neutral 3 M 72 12 month 16.01.2013

Holdings By:

Croda International PLC ee


27.03.2013

Antofagasta plc owns and operates copper mines in Chile and conducts

The Company provides its services throughout the continental United States for

a monthly subscription fee. Sirius delivers various streams of commercial-free

music in every genre, as well as streams of news, sports, weather, talk,

comedy, and public radio.


LTM as of: 12/yy

52-Week High (02.01.2013) 1'392.00

52-Week Low (01.06.2012) 972.00

Daily Volume

1029





10'144.47 1 Yr Total Return -10.71%







ANTO LN EQUITY YTD Change - Average Volume 30 Day 2'331'777

ANTO LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'955'072


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

3'372.6 2'962.6 4'577.1 6'076.0 6'740.1 3'014.5 3'402.0 6'611.0 6'485.4 1'587.8 1'761.5

1.29x 5.22x 5.42x 3.14x 3.04x 12.53x 15.43x 2.25x 2.22x - -

1'776.4 1'676.9 2'881.1 3'519.3 3'854.4 941.2 1'135.5 3'395.1 3'306.8 923.4 1'010.0

2.45x 9.23x 8.60x 5.41x 5.32x 9.64x 15.08x 4.30x 4.42x - -

1'706.5 667.7 1'051.8 1'236.6 1'032.0 427.0 3'472.7 1'292.9 1'229.4 - -

3.58x 23.65x 23.56x 15.02x 20.54x 26.00x 5.35x 11.97x 12.69x - -











EBITDA Margin 57.2%



Asset Turnover 0.55







Fiscal Year Ended

Antofagasta PLCPrice/Volume

Valuation Analysis

443'329.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

-

.

.

0

0

1

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F2 ! F-! ! F-2 ! F.! ! F.2 ! F0! ! F02 ! F1! ! F12 ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



27.03.2013


METALINVEST ESTABLIS #N/A N/A Form 4 3'292'800'312 50.2 1'293'509'076 18.01.2013 Corporation






OMEGA ADVISORS OMEGA ADVISORS INC 13F 71'479'203 1.09 7'546'900 31.12.2012 Hedge Fund Manager

SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 69'783'900 1.06 (61'592'700) 31.12.2012 Hedge Fund Manager

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 68'693'100 1.05 - 31.01.2013 Investment Advisor



COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 45'794'813 0.7 (4'437'368) 31.12.2012 Hedge Fund Manager

ALGER MANAGEMENT INC FRED ALGER MANAGEMEN 13F 45'224'130 0.69 17'004'984 31.12.2012 Investment Advisor

BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 43'300'000 0.66 (35'500'000) 31.12.2012 Hedge Fund Manager

SLATE PATH CAPITAL L SLATE PATH CAPITAL L 13F 36'750'000 0.56 36'750'000 31.12.2012 Hedge Fund Manager

COLUMBUS CIRCLE INVE COLUMBUS CIRCLE INVE 13F 32'879'946 0.5 30'945'906 31.12.2012 Hedge Fund Manager

SCOUT CAPITAL MANAGE SCOUT CAPITAL MANAGE 13F 30'000'000 0.46 10'000'000 31.12.2012 Hedge Fund Manager


NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'076'542 0.4 2'195'735 31.12.2012 Investment Advisor

HHR ASSET MANAGEMENT HHR ASSET MANAGEMENT 13F 25'068'700 0.38 (6'405'600) 31.12.2012 Investment Advisor


Exane BNP Paribas BRYAN KRAFT overweight 5 M 4 12 month 18.03.2013


Piper Jaffray JAMES M MARSH JR overweight 5 M 3 12 month 27.02.2013

Wunderlich Securities MATTHEW HARRIGAN hold 3 M 3 18 month 26.02.2013

ISI Group VIJAY JAYANT buy 5 M 4 12 month 20.02.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 18.02.2013

Barrington Research JAMES C GOSS outperform 5 M 4 12 month 11.02.2013

Macquarie AMY YONG neutral 3 D 3 12 month 06.02.2013


Gabelli & Co BRETT HARRISS sell 1 M #N/A N/A Not Provided 06.02.2013

Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 3 12 month 05.02.2013

RBC Capital Markets DAVID BANK sector perform 3 M 3 12 month 05.02.2013

Maxim Group LLC JOHN TINKER buy 5 M 4 12 month 05.02.2013

Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 4 12 month 05.02.2013

Goldman Sachs MATTHEW NIKNAM buy/attractive 5 N 4 12 month 17.12.2012


Holdings By:

Antofagasta PLC ee


27.03.2013

Hammerson plc invests in and develops property. The Company develops, builds

customers include consumers and businesses in the United States, Canada, the

United Kingdom, and Germany. Staples serves its customers through office

superstores, mail order catalogs, the Internet, and a contract business.


LTM as of: 02/yy

52-Week High (06.03.2013) 529.50

52-Week Low (16.04.2012) 399.60

Daily Volume

479.9





3'420.88 1 Yr Total Return 15.84%







HMSO LN EQUITY YTD Change - Average Volume 30 Day 1'870'050

HMSO LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'600'259


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 02/yy 12/13 Y 12/14 Y - -

408.5 404.8 401.5 409.7 358.0 - - 313.1 334.1 - -

12.25x 12.88x 12.08x 11.32x 15.58x - - 17.50x 16.99x - -

210.4 67.6 273.1 250.8 217.4 - - 252.1 272.4 - -

23.78x 77.10x 17.75x 18.50x 25.66x - - 21.89x 20.26x - -

(1'572.6) (344.5) 615.4 335.7 138.4 - - 155.9 166.6 - -

- - 4.78x 7.61x 38.75x - - 22.12x 20.16x - -











EBITDA Margin 60.7%



Asset Turnover 0.06







Fiscal Year Ended

Hammerson PLCPrice/Volume

Valuation Analysis

807'327.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!2 !. .!-! !2 !5 .!-! !2 !. .!-- !2 !5 .!-- !2 !. .!-. !2 !5 .!-. !2 !. .!-0



27.03.2013


APG ALGEMENE PENSIOE n/a ULT-AGG 56'637'268 8.47 - 25.03.2013 Investment Advisor


PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 39'176'664 5.86 (2'969'235) 31.12.2012 Hedge Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 31'134'639 4.66 (715'650) 31.12.2012 Investment Advisor





MACQUARIE GROUP n/a ULT-AGG 19'929'275 2.98 815'780 31.12.2012 Investment Advisor



HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 15'647'400 2.34 (5'699'100) 31.12.2012 Investment Advisor


INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 12'570'879 1.88 (539'530) 31.12.2012 Investment Advisor


NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 10'927'474 1.63 1'485'386 31.12.2012 Investment Advisor

FAIRPOINTE CAPITAL L FAIRPOINTE CAPITAL L 13F 9'822'560 1.47 3'125'563 31.12.2012 Investment Advisor

AMERICAN INTERNATION n/a ULT-AGG 9'014'859 1.35 8'648'346 31.12.2012 Government

EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 6'428'000 0.96 (128'903) 31.12.2012 Hedge Fund Manager

HAWKINS CAPITAL LP HAWKINS CAPITAL LP 13F 6'222'400 0.93 - 31.12.2012 Hedge Fund Manager


Societe Generale GREGORY MELICH sell 1 M 12 12 month 24.03.2013

Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 17 12 month 18.03.2013

Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 13 12 month 12.03.2013

Jefferies DANIEL T BINDER hold 3 M 14 12 month 08.03.2013

Argus Research Corp CHRISTOPHER GRAJA buy 5 M 15 Not Provided 07.03.2013

JPMorgan CHRISTOPHER HORVERS overweight 5 M 14 9 month 07.03.2013

B Riley & Company, Inc SCOTT TILGHMAN buy 5 M 18 Not Provided 07.03.2013

Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 14 12 month 07.03.2013

Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 06.03.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 13 12 month 06.03.2013

Credit Suisse GARY BALTER outperform 5 M 15 Not Provided 06.03.2013

Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 06.03.2013

KeyBanc Capital Markets BRADLEY B THOMAS hold 3 M #N/A N/A Not Provided 06.03.2013

Oppenheimer & Co BRIAN NAGEL market perform 3 M 12 18 month 06.03.2013

BB&T Capital Markets ANTHONY CHUKUMBA buy 5 M 16 12 month 06.03.2013

Nomura ARAM RUBINSON neutral 3 M 15 12 month 06.03.2013

S&P Capital IQ IAN GORDON buy 5 M 15 Not Provided 06.03.2013

Barclays ALAN M RIFKIN equalweight 3 M 13 Not Provided 06.03.2013


Deutsche Bank MICHAEL BAKER hold 3 D 11 12 month 15.08.2012

Holdings By:

Hammerson PLC ee


27.03.2013

Melrose Industries PLC is an international engineering group with worldwide

coffee. The Company operates retail locations worldwide and sells whole bean

coffees through its sales group, direct response business, supermarkets, and on

the World Wide Web. Starbucks also produces and sells bottled coffee drinks and

a line of ice creams.


LTM as of: 12/yy

52-Week High (12.03.2013) 278.40

52-Week Low (16.11.2012) 198.20

Daily Volume

263.2





3'333.76 1 Yr Total Return 11.93%







MRO LN EQUITY YTD Change - Average Volume 30 Day 3'072'873

MRO LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'696'413


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

895.3 1'298.5 1'035.4 1'153.9 1'551.4 - - 2'344.8 2'463.9 - -

1.09x 0.94x 1.77x 1.40x 2.47x - - 1.83x 1.70x - -

103.6 156.6 147.2 180.2 233.7 - - 422.3 463.3 - -

9.45x 7.78x 12.47x 8.99x 16.41x - - 10.27x 9.37x - -

(48.3) 79.5 141.1 286.4 42.5 - - 223.0 252.8 - -

21.16x 16.36x 14.95x 13.49x 50.80x - - 14.95x 13.16x - -











EBITDA Margin 15.1%



Asset Turnover 0.50







Fiscal Year Ended

Melrose Industries PLCPrice/Volume

Valuation Analysis

1'067'962.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



27.03.2013








SCHULTZ HOWARD D n/a Form 4 18'875'169 2.52 (1'050'000) 06.03.2013 n/a








AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 8'369'222 1.12 2'216'565 31.12.2012 Investment Advisor

BROWN ADVISORY INC n/a ULT-AGG 7'623'782 1.02 7'567'551 31.12.2012 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 6'621'549 0.88 1'675'484 31.12.2012 Investment Advisor


MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'938'815 0.79 (5'544'671) 31.12.2012 Investment Advisor


Arden Partners Ltd WILL SLABAUGH overweight 5 M 66 Not Provided 25.03.2013

Piper Jaffray NICOLE MILLER REGAN overweight 5 M 65 12 month 25.03.2013

William Blair & Co SHARON M ZACKFIA outperform 5 M #N/A N/A Not Provided 22.03.2013

Jefferies ANDREW M BARISH buy 5 M 60 12 month 21.03.2013

BMO Capital Markets PHILLIP JUHAN outperform 5 M 64 Not Provided 19.03.2013

Longbow Research ALTON K STUMP buy 5 M 65 12 month 19.03.2013

Lazard Capital Markets MATTHEW J DIFRISCO buy 5 M 74 12 month 17.03.2013

Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 65 12 month 15.03.2013

Sanford C. Bernstein & Co SARA H SENATORE outperform 5 M 65 12 month 11.03.2013

JPMorgan JOHN W IVANKOE overweight 5 M 62 9 month 08.03.2013

Oppenheimer & Co BRIAN J BITTNER outperform 5 M 62 12 month 07.03.2013

Morgan Stanley JOHN S GLASS Overwt/In-Line 5 M 61 12 month 04.03.2013

Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 28.02.2013

Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 25.02.2013

Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 64 Not Provided 10.02.2013

Argus Research Corp JOHN D STASZAK buy 5 M 64 Not Provided 29.01.2013

Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 65 12 month 25.01.2013

Buckingham Research Group MITCHELL J SPEISER buy 5 M 62 12 month 25.01.2013

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 58 12 month 25.01.2013

Cowen and Company PAUL L WESTRA neutral 3 M #N/A N/A Not Provided 25.01.2013

Atlantic Equities LLP ALISTAIR M SCOBIE overweight 5 M 65 12 month 25.01.2013

Barclays JEFFREY A BERNSTEIN equalweight 3 M 56 Not Provided 25.01.2013

RBC Capital Markets LARRY A MILLER sector perform 3 M 63 12 month 24.01.2013

Credit Suisse KEITH SIEGNER outperform 5 M 66 Not Provided 24.01.2013

Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 69 Not Provided 24.01.2013


Deutsche Bank JASON WEST buy 5 M 60 12 month 04.01.2013

Williams Capital Group MARC RIDDICK market perform 3 M 55 12 month 12.12.2012

S&P Capital IQ JIM YIN buy 5 M 58 Not Provided 14.11.2012

Goldman Sachs MICHAEL KELTER Buy/Neutral 5 M 62 12 month 08.10.2012

Holdings By:

Melrose Industries PLC ee


27.03.2013

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

Company offers waste collection, transportation, treatment, and disposal to

customers in the United States, Canada, Mexico, Argentina, Chile, the United

Kingdom and Ireland.


LTM as of: 12/yy

52-Week High (25.09.2012) 1'174.00

52-Week Low (01.06.2012) 914.00

Daily Volume

1060





3'149.59 1 Yr Total Return -1.93%







AMEC LN EQUITY YTD Change - Average Volume 30 Day 1'257'461

AMEC LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'198'552


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

2'606.4 2'539.1 2'951.0 3'261.0 4'158.0 - - 4'243.9 4'520.4 - -

0.35x 0.76x 1.07x 0.78x 0.72x - - 0.71x 0.64x - -

209.8 155.6 238.0 281.0 363.0 - - 367.4 407.4 - -

4.31x 12.45x 13.23x 9.06x 8.25x - - 8.31x 7.50x - -

199.7 171.7 231.0 232.0 216.0 - - 256.2 286.8 - -

7.64x 16.64x 15.75x 14.34x 14.97x - - 12.10x 10.85x - -











EBITDA Margin 8.7%



Asset Turnover 1.67








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AMEC PLCPrice/Volume

Valuation Analysis

222'831.00


!

.!

1!

3!

5!

-!!

-.!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- F

. F

0 F

1 F

2 F

3 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



27.03.2013





BLACKROCK n/a ULT-AGG 4'301'701 5 77'721 25.03.2013 Investment Advisor


BROWN ADVISORY INC n/a ULT-AGG 3'807'649 4.42 (563'164) 31.12.2012 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 2'223'645 2.58 (1'021'855) 31.12.2012 Investment Advisor



SCHULER JACK W n/a Form 5 1'284'891 1.49 (419'965) 31.12.2012 n/a




RAINIER INVESTMENT M RAINIER INVESTMENT M 13F 964'000 1.12 (54'400) 31.12.2012 Investment Advisor

MUNDER CAPITAL MANAG MUNDER CAPITAL MANAG 13F 935'357 1.09 (8'350) 31.12.2012 Investment Advisor

IRONBRIDGE CAPITAL M IRONBRIDGE CAPITAL M 13F 920'001 1.07 (227'790) 31.12.2012 Investment Advisor


TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 847'832 0.98 93'050 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 825'400 0.96 50'821 31.12.2012 Unclassified


EVA Dimensions SCOTT A SCHNEEBERGER outperform 5 M 115 12 month 25.03.2013

Robert W. Baird & Co DAVID J MANTHEY neutral 3 M 110 12 month 18.03.2013

Wedbush AL KASCHALK outperform 5 M 110 12 month 18.03.2013

Northcoast Research EDWIN SNYDER buy 5 M 110 12 month 18.03.2013

Wellington Shields & Co. LLC ELLIOTT LEO SCHLANG hold 3 M 79 12 month 18.03.2013

William Blair & Co RYAN S DANIELS outperform 5 M #N/A N/A Not Provided 15.03.2013

Goldman Sachs ISAAC RO Buy/Neutral 5 M 115 6 month 13.03.2013

Avondale Partners LLC RICHARD CLOSE market perform 3 M 92 18 month 12.03.2013

Barrington Research KEVIN M STEINKE outperform 5 M 110 12 month 08.02.2013

Barclays GARY E BISBEE equalweight 3 M 103 Not Provided 08.02.2013

Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 07.02.2013

Raymond James WILLIAM H FISHER outperform 5 M 103 12 month 07.02.2013

Stifel SHLOMO H ROSENBAUM buy 5 M 117 12 month 07.02.2013

Wunderlich Securities MICHAEL E HOFFMAN hold 3 M 85 18 month 04.02.2013


S&P Capital IQ STEWART SCHARF buy 5 M 105 Not Provided 08.11.2012

Holdings By:

AMEC PLC ee


27.03.2013

John Wood Group PLC is an international energy service company that provides

solutions to help businesses and consumers secure and manage their information.

The Company offers software and services that protect, manage and control

information risks related to security, data protection, storage, compliance and

management.


LTM as of: 12/yy

52-Week High (19.10.2012) 883.50

52-Week Low (26.06.2012) 649.00

Daily Volume

867





3'235.43 1 Yr Total Return 22.43%







WG/ LN EQUITY YTD Change - Average Volume 30 Day 994'310

WG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'031'258


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

5'243.1 4'927.1 4'085.1 5'666.8 6'821.3 - - 7'299.1 7'684.9 - -

0.33x 0.56x 1.14x 0.65x 0.67x - - 0.67x 0.60x - -

485.1 424.6 284.8 396.0 511.3 - - 589.4 653.2 - -

3.53x 6.46x 16.32x 9.36x 8.93x - - 8.57x 7.73x - -

251.6 163.2 166.0 2'302.3 257.0 - - 347.5 398.5 - -

5.54x 15.52x 58.32x 93.55x 18.06x - - 13.16x 11.67x - -











EBITDA Margin 7.5%



Asset Turnover 1.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

John Wood Group PLCPrice/Volume

Valuation Analysis

340'360.00


!

2

-!

-2

.!

.2

0!


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



27.03.2013


BLACKROCK DODGE & COX 13F 58'417'616 8.48 (1'011'900) 31.12.2012 Investment Advisor








AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 19'069'170 2.77 (1'292'719) 31.12.2012 Investment Advisor



DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 10'723'533 1.56 (2'297'195) 31.12.2012 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 10'434'459 1.51 (1'237'789) 31.12.2012 Investment Advisor


AJO, LP AJO, LP 13F 8'659'900 1.26 (876'600) 31.12.2012 Investment Advisor


SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 8'206'507 1.19 3'515'139 31.12.2012 Hedge Fund Manager

CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 7'995'572 1.16 (2'355'921) 31.12.2012 Investment Advisor

THIRD POINT LLC THIRD POINT LLC 13F 6'700'000 0.97 700'000 31.12.2012 Hedge Fund Manager

RS INVESTMENT MANAGE RS INVESTMENT MANAGE 13F 6'523'851 0.95 179'760 31.12.2012 Investment Advisor


EVA Dimensions KEVIN M BUTTIGIEG neutral 3 M #N/A N/A Not Provided 22.03.2013

Oppenheimer & Co SHAUL EYAL market perform 3 D #N/A N/A Not Provided 20.03.2013

RBC Capital Markets ROBERT P BREZA outperform 5 M 30 12 month 18.03.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 28 Not Provided 18.03.2013

Wells Fargo Securities, LLC GRAY W POWELL market perform 3 M #N/A N/A Not Provided 15.03.2013

Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 28 12 month 12.03.2013

Cowen and Company GREGG MOSKOWITZ outperform 5 M #N/A N/A Not Provided 12.03.2013

Cross Research RICHARD T WILLIAMS buy 5 M 23 12 month 12.03.2013

B Riley & Company, Inc DANIEL CUMMINS buy 5 M 27 Not Provided 04.03.2013

Lazard Capital Markets JOEL P FISHBEIN JR neutral 3 M #N/A N/A Not Provided 01.03.2013

Jefferies AARON SCHWARTZ buy 5 M 25 12 month 28.02.2013

JPMorgan JOHN DIFUCCI overweight 5 M 27 9 month 22.02.2013

Raymond James MICHAEL TURITS market perform 3 M #N/A N/A Not Provided 13.02.2013

MKM Partners ISRAEL HERNANDEZ buy 5 M 27 12 month 12.02.2013

William Blair & Co JONATHAN HO outperform 5 M #N/A N/A Not Provided 01.02.2013

JMP Securities PATRICK WALRAVENS market outperform 4 M 26 12 month 01.02.2013

Argus Research Corp JOSEPH F BONNER buy 5 M 27 Not Provided 28.01.2013

Goldman Sachs GREG DUNHAM Sell/Neutral 1 M 17 12 month 24.01.2013

First Analysis Corp CRAIG NANKERVIS equalweight 3 M #N/A N/A Not Provided 24.01.2013

Robert W. Baird & Co STEVEN M ASHLEY neutral 3 M 23 12 month 24.01.2013

Stephens Inc JONATHAN B RUYKHAVER equalweight 3 M 19 12 month 24.01.2013

FBR Capital Markets DANIEL H IVES market perform 3 M 22 12 month 24.01.2013

Macquarie BRAD A ZELNICK outperform 5 M 24 12 month 24.01.2013

Stifel TODD C WELLER hold 3 D #N/A N/A Not Provided 24.01.2013

Wunderlich Securities BRIAN S FREED hold 3 D 22 18 month 24.01.2013

Barclays RAIMO LENSCHOW overweight 5 M 25 Not Provided 24.01.2013

Topeka Capital Markets Inc FREDERICK D ZIEGEL hold 3 M 23 12 month 24.01.2013

Pacific Crest Securities ROB D OWENS sector perform 3 M #N/A N/A Not Provided 23.01.2013


Deutsche Bank THOMAS ERNST JR hold 3 M 17 12 month 14.06.2012

GARP Research BRETT CARSON neutral 3 M #N/A N/A Not Provided 30.01.2009

Holdings By:

John Wood Group PLC ee


27.03.2013

Serco Group plc provides outsourcing services to governments, international

and supplies analog technologies, digital signal processing (DSP) and

microcontroller (MCU) semiconductors. The Company also operates materials and

controls, and educational and productivity solutions businesses. Texas

Instruments has manufacturing or sales operations in countries around the world.


LTM as of: 12/yy

52-Week High (05.03.2013) 650.00

52-Week Low (23.05.2012) 507.50

Daily Volume

622





3'101.11 1 Yr Total Return 14.17%







SRP LN EQUITY YTD Change - Average Volume 30 Day 1'204'101

SRP LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'068'451


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

3'123.5 3'970.0 4'326.7 4'646.4 4'913.0 - - 5'172.4 5'462.9 - -

0.87x 0.75x 0.69x 0.64x 0.66x - - 0.70x 0.64x - -

207.7 285.6 326.9 359.9 384.1 - - 395.1 425.0 - -

13.03x 10.37x 9.14x 8.31x 8.46x - - 9.32x 8.67x - -

99.5 130.2 156.7 175.1 245.3 - - 210.1 233.5 - -

21.99x 19.81x 17.42x 13.28x 10.71x - - 14.27x 12.90x - -











EBITDA Margin 7.8%



Asset Turnover 1.53







Fiscal Year Ended

Serco Group PLCPrice/Volume

Valuation Analysis

238'749.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

1!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.03.2013


INVESCO LTD n/a ULT-AGG 193'119'021 17.48 14'033'650 31.12.2012 Investment Advisor






INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 26'632'178 2.41 122'698 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 26'078'508 2.36 (608'552) 31.12.2012 Investment Advisor



DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'877'608 1.44 (1'447'465) 31.12.2012 Investment Advisor



FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 12'143'612 1.1 2'472'433 31.12.2012 Hedge Fund Manager

BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 11'142'097 1.01 36'568 31.12.2012 Investment Advisor


NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'524'297 0.86 1'013'978 31.12.2012 Investment Advisor



GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 7'538'362 0.68 (817'051) 31.12.2012 Investment Advisor


Peel Hunt JEROME RAMEL underperform 1 M 26 Not Provided 26.03.2013

BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 25.03.2013


Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 25.03.2013

Needham & Co VERNON P ESSI JR hold 3 M #N/A N/A Not Provided 22.03.2013


Longbow Research JOANNE FEENEY underperform 1 M 27 12 month 20.03.2013

JPMorgan CHRISTOPHER DANELY overweight 5 M 37 9 month 19.03.2013

Williams Financial Group CODY G ACREE buy 5 M 41 Not Provided 18.03.2013

Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 18.03.2013

B Riley & Company, Inc CRAIG ELLIS buy 5 M 39 Not Provided 15.03.2013


Sanford C. Bernstein & Co STACY A RASGON market perform 3 D 38 12 month 13.03.2013






FBR Capital Markets CHRISTOPHER ROLLAND underperform 1 M 28 12 month 08.03.2013


Stifel TORE E SVANBERG buy 5 M 40 12 month 08.03.2013

Evercore Partners PATRICK WANG equalweight 3 M 35 12 month 08.03.2013


Gabelli & Co HENDI SUSANTO hold 3 M #N/A N/A Not Provided 08.03.2013


Credit Agricole Securities (USA) SRINI PAJJURI underperform 1 M 34 Not Provided 08.03.2013


Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 35 12 month 07.03.2013

Credit Suisse JOHN W PITZER neutral 3 M 35 Not Provided 07.03.2013

SunTrust Robinson Humphrey WILLIAM STEIN reduce 2 M 30 12 month 07.03.2013

Jefferies MARK J LIPACIS buy 5 M 41 12 month 07.03.2013


Raymond James J STEVEN SMIGIE outperform 5 M 39 12 month 07.03.2013

Sterne, Agee & Leach VIJAY R RAKESH underperform 1 M 30 12 month 07.03.2013



Edward Jones WILLIAM C KREHER hold 3 D #N/A N/A Not Provided 06.03.2013


EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 14.02.2013

Drexel Hamilton LLC RICHARD WHITTINGTON hold 3 M 32 12 month 13.02.2013

Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 U 34 Not Provided 28.01.2013

Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 28.01.2013


Holdings By:

Serco Group PLC ee


27.03.2013

easyJet plc, a low-cost passenger airline, conducts operations throughout the

analytics. The Company offers data, statistical, and actuarial services, as

well as standardized insurance policy programs, underwriting information, and

rating-integrity tools. Verisk Analytics provides data and software information

services to the property, casualty, and mortgage fields in the United States.


LTM as of: 12/yy

52-Week High (14.03.2013) 1'086.00

52-Week Low (11.04.2012) 464.60

Daily Volume

1048





4'153.66 1 Yr Total Return 119.01%







EZJ LN EQUITY YTD Change - Average Volume 30 Day 1'700'715

EZJ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'613'999


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

2'362.8 2'666.8 2'973.0 3'452.0 3'854.0 1'331.8 1'534.3 4'139.8 4'410.2 - -

0.46x 0.62x 0.55x 0.40x 0.62x 20.85x 24.44x 0.96x 0.86x - -

138.0 108.9 259.0 359.0 437.0 588.6 695.8 533.0 580.5 - -

7.94x 15.22x 6.30x 3.85x 5.43x 12.74x 14.25x 7.93x 7.28x - -

83.2 71.2 121.0 225.0 255.0 282.8 329.1 317.7 345.0 - -

15.88x 22.47x 13.05x 6.56x 9.29x 24.77x 26.55x 13.44x 12.36x - -











EBITDA Margin 11.5%



Asset Turnover 0.87








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

easyJet PLCPrice/Volume

Valuation Analysis

350'843.00


!

-!

.!

0!

1!

2!

3!

4!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013


EASYGROUP HOLDINGS L GREATBANC TRUST CO 13F 17'040'371 10.13 (516'368) 31.12.2012 Investment Advisor

GREATBANC TRUST CO n/a Research 17'040'371 10.13 - 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 14'092'883 8.38 (3'122'010) 31.01.2013 Investment Advisor


ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 5'893'700 3.51 740'600 31.12.2012 Investment Advisor






BAMCO INC BAMCO INC 13F 4'642'699 2.76 14'880 31.12.2012 Investment Advisor



INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 3'308'130 1.97 (106'343) 31.12.2012 Investment Advisor


GENERAL RE NEW ENGLA GENERAL RE NEW ENGLA 13F 2'994'350 1.78 - 31.12.2012 Insurance Company


TCW GROUP INC TCW GROUP INCORPORAT 13F 2'382'710 1.42 198'967 31.12.2012 Investment Advisor


ALKEON CAPITAL MANAG ALKEON CAPITAL MANAG 13F 2'294'945 1.36 (44'490) 31.12.2012 Hedge Fund Manager


Credit Suisse WAYNE JOHNSON outperform 5 M 62 12 month 26.03.2013

William Blair & Co TIMOTHY J MCHUGH outperform 5 M #N/A N/A Not Provided 21.03.2013

Barclays MANAV PATNAIK overweight 5 M 62 Not Provided 11.03.2013

Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 63 12 month 08.03.2013

Keefe, Bruyette & Woods WILLIAM CLARK outperform 5 M 63 12 month 07.03.2013


Wells Fargo Securities, LLC ERIC J BOYER outperform 5 M #N/A N/A Not Provided 07.03.2013

Macquarie KEVIN MCVEIGH neutral 3 M 64 12 month 01.03.2013

Morgan Stanley SUZANNE E STEIN Equalwt/In-Line 3 M 55 12 month 28.02.2013

Credit Suisse KELLY A FLYNN outperform 5 M 63 Not Provided 27.02.2013

SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 68 12 month 27.02.2013

JPMorgan ANDREW C STEINERMAN overweight 5 M 65 9 month 27.02.2013


Holdings By:

easyJet PLC ee


27.03.2013

Admiral Group Plc principally sells private motor insurance, together with

novel, small molecule pharmaceuticals for the treatment of diseases for which

there are currently limited or no effective treatments. The Company is

developing drugs for the treatment of viral diseases, multidrug resistance in

cancer, inflammatory and autoimmune diseases, and neurodegenerative diseases.


LTM as of: 12/yy

52-Week High (07.03.2013) 1'378.00

52-Week Low (31.05.2012) 1'016.47

Daily Volume

1320





3'615.57 1 Yr Total Return 20.31%







ADM LN EQUITY YTD Change - Average Volume 30 Day 480'853

ADM LN EQUITY YTD % CHANGE - Average Volume 3 Month 425'188


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

422.8 507.5 640.8 870.3 984.3 1'410.6 1'527.0 1'557.3 1'670.5 - -

5.35x 5.83x 5.97x 2.39x 3.01x 25.64x 25.90x 2.03x 1.89x - -

- - - - - 256.7 42.4 - - - -

- - - - - 25.55x 199.38x - - - -

144.9 156.9 193.8 221.2 258.4 29.6 (107.0) 263.9 280.7 - -

16.56x 20.14x 20.94x 10.40x 12.20x 50.32x 135.16x 13.65x 12.92x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.34







Fiscal Year Ended

Admiral Group PLCPrice/Volume

Valuation Analysis

89'921.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

0.0

200.0

400.0

600.0

800.0

1'000.0

1'200.0

1'400.0

1'600.0

1'800.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

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



27.03.2013


DIRECTOR & RELATED H n/a ULT-AGG 21'497'754 9.85 6'434'175 31.12.2012 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 17'766'754 8.14 2'436'793 31.12.2012 Investment Advisor










LAZARD ASSET MANAGEM n/a ULT-AGG 5'015'968 2.3 3'457'379 28.02.2013 Unclassified


NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 3'738'088 1.71 1'110'564 31.12.2012 Investment Advisor

LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 3'632'636 1.66 (281'322) 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 3'478'934 1.59 619'648 31.01.2013 Investment Advisor

SECTORAL ASSET MANAG SECTORAL ASSET MANAG 13F 3'397'168 1.56 (267'942) 31.12.2012 Hedge Fund Manager

WESTFIELD CAPITAL MG WESTFIELD CAPITAL MA 13F 3'097'022 1.42 (57'718) 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 3'093'350 1.42 1'332'387 31.12.2012 Investment Advisor



Keefe, Bruyette & Woods ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 25.03.2013

JPMorgan GEOFFREY MEACHAM overweight 5 M 86 9 month 21.03.2013

JMP Securities LIISA A BAYKO market outperform 4 M 100 12 month 20.03.2013

ISI Group MARK J SCHOENEBAUM buy 5 M 58 12 month 18.03.2013

Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 66 12 month 11.03.2013

Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 11.03.2013

RBC Capital Markets MICHAEL J YEE outperform 5 M 70 12 month 06.03.2013

S&P Capital IQ STEVEN SILVER buy 5 M 60 Not Provided 05.03.2013

Morgan Stanley DAVID FRIEDMAN Equalwt/In-Line 3 M 45 12 month 04.03.2013

Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 53 12 month 04.03.2013

William Blair & Co Y KATHERINE XU outperform 5 M 69 12 month 04.03.2013

Maxim Group LLC JASON KOLBERT buy 5 M 60 12 month 04.03.2013

Credit Suisse RAVI MEHROTRA neutral 3 M 48 Not Provided 27.02.2013

Janney Montgomery Scott LLC KIMBERLY LEE buy 5 M 54 12 month 27.02.2013

Needham & Co ALAN CARR buy 5 M 65 12 month 27.02.2013

Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 27.02.2013

Cowen and Company PHILIP NADEAU neutral 3 M #N/A N/A Not Provided 27.02.2013

Piper Jaffray EDWARD A TENTHOFF neutral 3 M 57 12 month 27.02.2013

Summer Street Research Partners CAROL A WERTHER buy 5 M 56 12 month 27.02.2013

Barclays YING HUANG overweight 5 M 68 Not Provided 27.02.2013

Lazard Capital Markets JOSHUA SCHIMMER neutral 3 M #N/A N/A Not Provided 26.02.2013

Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 14.02.2013

Goldman Sachs TERENCE FLYNN sell/attractive 1 M 38 12 month 13.12.2012

Deutsche Bank ROBYN KARNAUSKAS buy 5 M 75 12 month 06.12.2012

Holdings By:

Admiral Group PLC ee


27.03.2013

Schroders PLC is an international asset management group. The Group manages

acquires programming for television, the Internet, mobile devices, video games,

and other consumer electronics products. Viacom also produces, finances, and

distributes motion pictures to movie theaters and on DVDs, television, digital

and other platforms internationally.


LTM as of: 12/yy

52-Week High (26.03.2013) 2'261.00

52-Week Low (23.05.2012) 1'163.00

Daily Volume

2082





5'658.91 1 Yr Total Return 31.95%







SDR LN EQUITY YTD Change - Average Volume 30 Day 408'072

SDR LN EQUITY YTD % CHANGE - Average Volume 3 Month 334'088


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

1'230.2 1'037.6 1'394.8 1'501.9 1'425.4 - - 1'277.9 1'421.0 276.0 -

- 0.87x 1.25x - - - - 2.27x 1.73x - -

110.2 149.1 395.1 404.9 330.1 - - 420.3 481.5 - -

- 6.05x 4.43x - - - - 2.67x 2.33x - -

76.7 95.4 307.9 315.8 283.2 - - 331.3 378.1 139.0 -

31.27x 38.78x 16.59x 11.33x 16.09x - - 17.29x 15.00x - -


EBIT 318.10 Long-Term Rating A









EBITDA Margin 23.2%



Asset Turnover 0.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schroders PLCPrice/Volume

Valuation Analysis

174'762.00


!

-!

.!

0!

1!

2!

3!

4!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

4 ! F

5 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



27.03.2013


FLAVIDA LIMITED n/a ULT-AGG 27'912'240 6.29 2'216'492 25.03.2013 Investment Advisor





LAZARD ASSET MANAGEM n/a ULT-AGG 14'671'342 3.31 1'311'187 28.02.2013 Unclassified

INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 12'227'118 2.76 (394'750) 31.12.2012 Investment Advisor

YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 11'125'914 2.51 (919'049) 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 8'696'805 1.96 (1'038'400) 31.12.2012 Investment Advisor



BERKSHIRE HATHAWAY I n/a ULT-AGG 7'607'200 1.71 - 31.12.2012 Investment Advisor

LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 7'477'711 1.68 7'477'711 31.12.2012 Investment Advisor


NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 6'688'470 1.51 (1'049'307) 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'645'993 1.5 246'859 31.12.2012 Investment Advisor


NORGES BANK NORGES BANK 13F 6'201'501 1.4 (58'140) 31.12.2012 Government




Exane BNP Paribas TODD JUENGER underperform 1 M 58 12 month 25.03.2013

Nomura MICHAEL NATHANSON buy 5 M 66 12 month 25.03.2013



Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 11.03.2013

Pivotal Research Group LLC BRIAN WIESER buy 5 M 77 12 month 08.03.2013

Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 64 12 month 07.03.2013

Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 04.03.2013

B Riley & Company, Inc DAVID W MILLER buy 5 M 68 Not Provided 04.03.2013

Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 04.03.2013

Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 21.02.2013

Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 72 Not Provided 10.02.2013

Wedbush JAMES G DIX neutral 3 D 63 12 month 07.02.2013

Barrington Research JAMES C GOSS market perform 3 M #N/A N/A Not Provided 05.02.2013

Evercore Partners ALAN GOULD equalweight 3 M 62 12 month 05.02.2013

Atlantic Equities LLP HAMILTON FABER neutral 3 M 66 12 month 05.02.2013

Stifel DREW E CRUM buy 5 M 65 12 month 04.02.2013

Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 65 12 month 01.02.2013

Credit Suisse MICHAEL SENNO neutral 3 M 58 Not Provided 01.02.2013

Macquarie TIMOTHY W NOLLEN neutral 3 M 62 12 month 01.02.2013

Wunderlich Securities MATTHEW HARRIGAN hold 3 M 56 12 month 01.02.2013


Piper Jaffray JAMES M MARSH JR neutral 3 D 58 12 month 01.02.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 01.02.2013

RBC Capital Markets DAVID BANK outperform 5 M 64 12 month 31.01.2013

Janney Montgomery Scott LLC TONY WIBLE buy 5 M 65 12 month 31.01.2013

Davenport & Co MICHAEL C MORRIS buy 5 M 67 12 month 31.01.2013


Maxim Group LLC JOHN TINKER buy 5 M 68 12 month 31.01.2013

Susquehanna Financial Group VASILY KARASYOV Positive 4 M 65 12 month 31.01.2013


JPMorgan ALEXIA S QUADRANI overweight 5 M 66 9 month 29.01.2013

Goldman Sachs DREW BORST buy/attractive 5 U 68 12 month 22.01.2013

BTIG LLC RICHARD GREENFIELD buy 5 M 50 12 month 14.01.2011

Holdings By:

Schroders PLC ee


27.03.2013

London Stock Exchange Group plc is the United Kingdom's primary stock exchange.

telephony and fixed line telephony services that offer a variety of

entertainment and communications services to residential and commercial

customers throughout the U.K.


LTM as of: 12/yy

52-Week High (12.03.2013) 1'431.00

52-Week Low (16.11.2012) 913.50

Daily Volume

1315





3'565.08 1 Yr Total Return 32.84%







LSE LN EQUITY YTD Change - Average Volume 30 Day 629'581

LSE LN EQUITY YTD % CHANGE - Average Volume 3 Month 485'334


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

546.4 671.4 621.8 667.2 806.7 3'991.8 4'100.5 841.3 872.1 209.0 212.0

7.18x 3.14x 3.88x 3.88x 4.24x 10.52x 10.33x 4.81x 4.55x - -

337.4 424.4 347.4 387.6 478.8 1'590.2 1'653.5 470.1 457.7 - -

11.63x 4.96x 6.94x 6.68x 7.14x 5.98x 7.15x 8.75x 8.98x - -

168.3 (338.0) 90.4 151.6 522.0 75.9 2'852.6 265.0 259.3 - -

17.07x - 21.03x 14.75x 5.34x 29.97x 21.76x 13.96x 14.64x - -


EBIT 383.50 Long-Term Rating A- *-









EBITDA Margin 57.6%



Asset Turnover 0.01







Fiscal Year Ended

London Stock Exchange Group PLCPrice/Volume

Valuation Analysis

146'422.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F. ! F1 ! F3 ! F5 ! F-! ! F-. ! F-1 ! F-3 ! F-5 ! F.! ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



27.03.2013


BORSE DUBAI LTD n/a ULT-AGG 67'738'315 25.15 (10'701'700) 28.02.2013 Investment Advisor


MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 17'425'463 6.47 (73'760) 31.12.2012 Investment Advisor

COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 16'109'508 5.98 - 31.12.2012 Hedge Fund Manager

SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 10'948'447 4.06 1'467'296 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 10'865'101 4.03 (1'410'417) 31.12.2012 Investment Advisor





TIMESSQUARE CAPITAL TIMESSQUARE CAPITAL 13F 6'959'260 2.58 (2'051'750) 31.12.2012 Investment Advisor




GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 4'920'000 1.83 - 31.12.2012 Hedge Fund Manager


BLUE RIDGE CAPITAL L BLUE RIDGE CAPITAL L 13F 4'600'000 1.71 4'600'000 31.12.2012 Hedge Fund Manager

LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 4'093'694 1.52 3'629'865 31.12.2012 Hedge Fund Manager




RBC Capital Markets MATTHEW HARRIGAN buy 5 M 55 18 month 26.03.2013

Peel Hunt PATRICK YAU hold 3 M 46 Not Provided 25.03.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 45 12 month 13.03.2013

Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 49 Not Provided 08.03.2013

Berenberg Bank STUART GORDON hold 3 M 47 Not Provided 06.03.2013

Evercore Partners BRYAN KRAFT equalweight 3 D 47 12 month 12.02.2013

Deutsche Bank DAVID A WRIGHT hold 3 D 50 12 month 07.02.2013

Macquarie GUY R PEDDY neutral 3 D 46 12 month 07.02.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 D 46 Not Provided 07.02.2013

New Street Research FRANK KNOWLES Under Review #N/A N/A M #N/A N/A Not Provided 07.02.2013

Barclays MICHAEL BISHOP overweight 5 M 48 Not Provided 07.02.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 07.02.2013

Morgan Stanley NICK DELFAS Underwt/In-Line 1 M 31 12 month 06.02.2013

Jefferies JEREMY A DELLIS hold 3 M 33 12 month 06.02.2013

Nomura HENRIK NYBLOM buy 5 M 40 12 month 06.02.2013

Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 05.02.2013

JPMorgan CARL MURDOCK-SMITH restricted #N/A N/A M #N/A N/A Not Provided 05.02.2013

Credit Suisse PAUL SIDNEY restricted #N/A N/A M #N/A N/A Not Provided 24.01.2013

HSBC ADAM M RUMLEY overweight 5 M 43 Not Provided 12.11.2012

Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 04.09.2012

Holdings By:

London Stock Exchange Group PLC ee


27.03.2013

Fresnillo plc is a silver and gold mining and exploration company. The Company

including voice and data communications. Vodafone has equity interests in 28

countries and Partner Networks in a further 7 countries with almost all the

Group's mobile subsidiaries operating principally under the brand name Vodafone.

In the United States their associated undertaking operates as Verizon Wireless.


LTM as of: 12/yy

52-Week High (27.11.2012) 2'033.00

52-Week Low (01.06.2012) 1'259.00

Daily Volume

1373





9'846.61 1 Yr Total Return -16.36%







FRES LN EQUITY YTD Change - Average Volume 30 Day 855'994

FRES LN EQUITY YTD % CHANGE - Average Volume 3 Month 699'020


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

720.5 849.9 1'409.6 2'192.7 2'157.4 - - 2'411.3 2'742.4 - -

3.17x 10.57x 12.98x 7.56x 9.86x - - 6.13x 5.32x - -

335.5 496.0 938.7 1'535.8 1'300.7 - - 1'513.5 1'774.9 - -

6.80x 18.12x 19.49x 10.80x 16.35x - - 9.66x 8.24x - -

127.9 322.0 665.1 901.7 736.1 - - 788.4 938.7 - -

18.02x 28.48x 28.04x 18.83x 29.23x - - 19.16x 16.34x - -











EBITDA Margin 60.3%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Fresnillo PLCPrice/Volume

Valuation Analysis

110'393.00


!

2

-!

-2

.!

.2

0!

02

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



27.03.2013


PENOLES n/a ULT-AGG 45'364'547 0.93 1'801'302 31.12.2012 Investment Advisor


INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 29'093'934 0.59 (1'007'886) 31.12.2012 Investment Advisor

DODGE & COX DODGE & COX 13F 24'142'133 0.49 (816'942) 31.12.2012 Investment Advisor

BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 22'026'860 0.45 (229'054) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 18'034'949 0.37 (46'157) 31.12.2012 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 16'309'108 0.33 678'457 31.12.2012 Investment Advisor






MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 9'732'151 0.2 345'250 31.01.2013 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 9'574'678 0.2 - 31.12.2012 Insurance Company

LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 9'441'183 0.19 (360'362) 31.12.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 9'168'053 0.19 66'747 31.12.2012 Investment Advisor


STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 7'608'755 0.16 - 30.09.2012 Insurance Company

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 7'016'978 0.14 (1'620'266) 31.12.2012 Investment Advisor

FISHER INVESTMENTS I FISHER INVESTMENTS 13F 7'012'239 0.14 (2'793'264) 31.12.2012 Investment Advisor


BMO Capital Markets TIMOTHY BODDY Buy/Neutral 5 M 33 12 month 26.03.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 21 12 month 14.03.2013

Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 13.03.2013

Robert W. Baird & Co WILLIAM V POWER outperform 5 M 30 12 month 13.03.2013

Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 07.02.2013

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

Holdings By:

Fresnillo PLC ee


27.03.2013

Hargreaves Lansdown PLC provides investment management and financial planning

collection, storage, management, protection and use of digital content,

including audio and video. The Company's products include hard drives,

solid-state drives, and home entertainment and networking products.


LTM as of: 12/yy

52-Week High (15.03.2013) 929.50

52-Week Low (11.04.2012) 439.77

Daily Volume

857





4'064.91 1 Yr Total Return 81.69%







HL/ LN EQUITY YTD Change - Average Volume 30 Day 664'890

HL/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 715'888


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4

120.3 132.8 159.0 207.9 238.7 9'344.0 15'648.0 288.8 329.0 - -

5.26x 6.63x 9.63x 13.26x 9.85x 1.87x 2.11x 13.46x 11.65x - -

59.0 71.6 87.8 126.8 153.0 1'549.0 3'716.0 204.2 234.2 - -

10.72x 12.32x 17.44x 21.75x 15.37x 2.31x 2.23x 19.18x 16.72x - -

42.4 52.1 61.3 91.8 113.0 688.0 2'082.0 141.0 164.4 - -

16.20x 9.16x 25.66x 30.65x 21.90x 7.64x 4.51x 27.82x 23.94x - -











EBITDA Margin 65.4%



Asset Turnover 0.96








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hargreaves Lansdown PLCPrice/Volume

Valuation Analysis

123'069.00


!

-!

.!

0!

1!

2!

3!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

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



27.03.2013


DIRECTOR & RELATED H n/a ULT-AGG 25'000'000 10.39 - 17.09.2012 Corporation




ALKEN ASSET MANAGEME ALKEN ASSET MANAGEME 13F 8'852'610 3.68 1'070'249 31.12.2012 Investment Advisor

FIRST PACIFIC ADVISO FIRST PACIFIC ADVISO 13F 6'662'900 2.77 (1'393'600) 31.12.2012 Investment Advisor

CORNERSTONE INVESTME CORNERSTONE INVESTME 13F 6'319'955 2.63 1'584'764 31.12.2012 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'689'830 2.36 (278'610) 31.12.2012 Investment Advisor


BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 4'620'895 1.92 (499'946) 31.12.2012 Investment Advisor


APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 3'448'194 1.43 101'212 31.12.2012 Investment Advisor

HERNDON CAPITAL MANA HERNDON CAPITAL MANA 13F 3'125'852 1.3 188'163 31.12.2012 Investment Advisor


COMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 3'063'188 1.27 3'003'257 31.12.2012 Bank


BRANDYWINE GLOBAL IN BRANDYWINE GLOBAL IN 13F 2'968'439 1.23 1'265'072 31.12.2012 Investment Advisor



AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 2'526'308 1.05 641'724 31.12.2012 Hedge Fund Manager


Canaccord Genuity Corp AMIT DARYANANI outperform 5 N 55 12 month 26.03.2013

Brean Murray Carret & Co ANANDA BARUAH buy 5 M 54 12 month 26.03.2013

Longbow Research JOE WITTINE neutral 3 M #N/A N/A Not Provided 20.03.2013

Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 15.03.2013


BMO Capital Markets KEITH F BACHMAN market perform 3 M 45 Not Provided 14.03.2013

Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 51 Not Provided 13.03.2013

Lazard Capital Markets EDWARD PARKER buy 5 M 54 12 month 12.03.2013

Cross Research STEVEN B FOX hold 3 M 49 12 month 12.03.2013

Pacific Crest Securities MONIKA GARG sector perform 3 M #N/A N/A Not Provided 06.03.2013


Credit Agricole Securities (USA) AVI SILVER underperform 1 M 47 Not Provided 29.01.2013

Deutsche Bank SHERRI SCRIBNER buy 5 M 60 12 month 24.01.2013

Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 24.01.2013

Goldman Sachs WILLIAM C SHOPE JR neutral/neutral 3 M 40 6 month 24.01.2013

JPMorgan MARK A MOSKOWITZ neutral 3 M 40 9 month 24.01.2013

Needham & Co RICHARD J KUGELE strong buy 5 M 52 12 month 24.01.2013

Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 50 12 month 24.01.2013

Stifel AARON C RAKERS buy 5 M 55 12 month 24.01.2013

Noble Financial Group MARK S MILLER buy 5 M 52 12 month 24.01.2013

Craig-Hallum Capital Group LLC CHRISTIAN SCHWAB buy 5 M 54 12 month 24.01.2013

Barclays BENJAMIN A REITZES equalweight 3 M 45 Not Provided 24.01.2013

FBN Securities SHEBLY SEYRAFI sector perform 3 M 50 12 month 24.01.2013

Evercore Partners ROBERT CIHRA overweight 5 M 55 12 month 23.01.2013


Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 14.01.2013

S&P Capital IQ JIM YIN sell 1 M 27 Not Provided 30.11.2012

Holdings By:

Hargreaves Lansdown PLC ee


27.03.2013

Polymetal International PLC is a holding company. The Company's subsidiary

in the United States. The Company's stores provides full range of merchandise,

featuring products that are free of artificial flavors, sweeteners, colors,

preservatives, and added chemicals. Whole Foods also develops, produces, and

markets nutriceuticals and nutritional supplements.


LTM as of: 01/yy

52-Week High (02.01.2013) 1'231.00

52-Week Low (09.05.2012) 726.71

Daily Volume

861.5


52-Week Low % Change 18.55% Beta -



3'308.00 1 Yr Total Return -4.03%


Preferred Stock 0.0 Adjusted BETA -





POLY LN EQUITY YTD Change - Average Volume 30 Day 790'402

POLY LN EQUITY YTD % CHANGE - Average Volume 3 Month 596'059


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

- - - 925.4 1'326.4 - - 1'846.6 2'156.2 - -

- - - - 5.27x - - 3.24x 2.68x - -

- - - 406.3 555.6 - - 889.3 1'065.8 - -

- - - - 12.57x - - 6.77x 5.65x - -

- - - 239.0 289.3 - - 502.4 645.4 - -

- - - - 21.52x - - 9.82x 7.73x - -











EBITDA Margin 41.9%



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Polymetal International PLCPrice/Volume

Valuation Analysis

419'466.00


!

.!

1!

3!

5!

-!!

-.!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

1 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013


PEARLMOON BAILLIE GIFFORD & CO 13F 11'110'126 5.99 (59'264) 31.12.2012 Investment Advisor











HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 2'868'018 1.55 (289'568) 31.12.2012 Investment Advisor





ING INVESTMENT MANAG ING INVESTMENT MANAG 13F 1'941'788 1.05 582'564 31.12.2012 Investment Advisor


WADDELL & REED FINAN WADDELL & REED FINAN 13F 1'540'444 0.83 (153'770) 31.12.2012 Investment Advisor



Canaccord Genuity Corp SEAN NAUGHTON neutral 3 D 89 12 month 25.03.2013

Northcoast Research CHARLES E CERANKOSKY buy 5 M 112 12 month 25.03.2013

Morgan Stanley MARK WILTAMUTH Overwt/In-Line 5 M 110 12 month 20.03.2013

Raymond James BENJAMIN BROWNLOW market perform 3 N #N/A N/A Not Provided 19.03.2013

Longbow Research PHILIP TERPOLILLI neutral 3 M #N/A N/A Not Provided 19.03.2013

SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 105 12 month 18.03.2013

Edward Jones BRIAN YARBROUGH buy 5 U #N/A N/A Not Provided 12.03.2013

Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 110 12 month 06.03.2013


BMO Capital Markets KAREN SHORT outperform 5 M 105 Not Provided 19.02.2013

Cantor Fitzgerald AJAY JAIN buy 5 M 104 12 month 19.02.2013

CL King & Associates ERIC J LARSON neutral 3 M 88 12 month 19.02.2013

Goldman Sachs STEPHEN GRAMBLING Buy/Neutral 5 M 103 12 month 18.02.2013

Deutsche Bank SHANE HIGGINS buy 5 M 100 12 month 15.02.2013

Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 15.02.2013

RBC Capital Markets EDWARD AARON outperform 5 M 100 12 month 14.02.2013

JPMorgan KENNETH GOLDMAN overweight 5 M 103 9 month 14.02.2013

William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 14.02.2013

Canaccord Genuity Corp SCOTT VAN WINKLE buy 5 M 112 12 month 14.02.2013

BB&T Capital Markets ANDREW P WOLF hold 3 M #N/A N/A Not Provided 14.02.2013

Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 105 12 month 14.02.2013

Cowen and Company PAUL L WESTRA outperform 5 M #N/A N/A Not Provided 14.02.2013

Barclays MEREDITH ADLER equalweight 3 M 88 Not Provided 14.02.2013

Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 105 12 month 14.02.2013

Credit Suisse EDWARD J KELLY neutral 3 M 90 Not Provided 13.02.2013

Williams Capital Group MARC RIDDICK market perform 3 M 99 12 month 13.02.2013

Wells Fargo Securities, LLC KATE WENDT outperform 5 M #N/A N/A Not Provided 13.02.2013


S&P Capital IQ JOSEPH AGNESE hold 3 D 99 12 month 08.11.2012

Gabelli & Co JUSTYN PUTNAM buy 5 N #N/A N/A Not Provided 28.11.2008

Holdings By:

Polymetal International PLC ee


27.03.2013

Tui Travel PLC operates as an international leisure travel group in the

resorts in Las Vegas, Nevada and in Macau, China. The Resorts feature guest

rooms and suites, restaurants, a golf course, and an on-site luxury automotive

dealership.


LTM as of: 12/yy

52-Week High (20.02.2013) 334.60

52-Week Low (14.06.2012) 156.50

Daily Volume

319.4





3'570.93 1 Yr Total Return 70.95%







TT/ LN EQUITY YTD Change - Average Volume 30 Day 2'771'696

TT/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'959'587


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 12/yy 12/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3

13'931.8 13'851.0 13'514.0 14'687.0 14'460.0 5'269.8 5'154.3 14'861.3 15'226.2 - -

0.18x 0.23x 0.20x 0.12x 0.19x 13.17x 12.59x 0.24x 0.22x - -

837.4 644.0 649.0 685.0 709.0 1'536.9 1'442.5 732.1 773.9 - -

3.01x 4.89x 4.07x 2.47x 3.88x 10.36x 10.95x 5.06x 4.79x - -

(270.7) (67.0) (123.0) 85.0 138.0 613.4 502.0 323.8 356.7 - -

- - - 19.44x 18.80x 19.02x 21.35x 11.53x 10.54x - -











EBITDA Margin 4.9%



Asset Turnover 1.64







Fiscal Year Ended

TUI Travel PLCPrice/Volume

Valuation Analysis

3'902'378.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F . F 1 F 3 F 5 F- ! F- . F- 1 F- 3 F- 5 F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



27.03.2013


TUI AG WADDELL & REED FINAN 13F 15'039'402 14.9 434'885 31.12.2012 Investment Advisor

WYNN STEPHEN A n/a PROXY 10'026'708 9.94 - 13.12.2012 n/a

WYNN ELAINE P n/a Form 4 9'659'355 9.57 (82'795) 04.02.2013 n/a

MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'410'939 5.36 515'471 31.12.2012 Investment Advisor






LATEEF INVESTMENT MA LATEEF INVESTMENT MA 13F 2'552'192 2.53 63'898 31.12.2012 Investment Advisor


COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 1'469'017 1.46 - 31.01.2013 Investment Advisor

THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 1'374'520 1.36 179'320 31.12.2012 Investment Advisor

PACIFIC HEIGHTS ASSE PACIFIC HEIGHTS ASSE 13F 1'208'000 1.2 - 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 1'007'868 1 678'903 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 994'084 0.99 (12'807) 31.12.2012 Investment Advisor

SOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 990'000 0.98 990'000 31.12.2012 Hedge Fund Manager

BAMCO INC BAMCO INC 13F 921'613 0.91 (87'840) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 798'333 0.79 17'786 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 794'161 0.79 107'904 31.12.2012 Government


Nomura JOHN KEMPF outperform 5 M 133 12 month 26.03.2013

Susquehanna Financial Group RACHAEL ROTHMAN Positive 4 M 146 12 month 26.03.2013

Cantor Fitzgerald ROBERT A LAFLEUR buy 5 M 151 12 month 25.03.2013

Lazard Capital Markets JAKE FULLER buy 5 M 145 12 month 25.03.2013

ISI Group IAN WEISSMAN buy 5 M 144 12 month 24.03.2013

Wells Fargo Securities, LLC CAMERON MCKNIGHT outperform 5 M #N/A N/A Not Provided 21.03.2013

Stifel STEVEN M WIECZYNSKI hold 3 M #N/A N/A Not Provided 12.03.2013

Compass Point Research & Trading LLC MICHAEL TURNER neutral 3 M 119 12 month 04.03.2013

JPMorgan JOSEPH R GREFF overweight 5 M 148 9 month 01.03.2013

Janney Montgomery Scott LLC BRIAN MCGILL buy 5 M 175 12 month 19.02.2013

Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 131 Not Provided 10.02.2013

Morgan Stanley THOMAS ALLEN Equalwt/In-Line 3 M 127 12 month 04.02.2013

Deutsche Bank CARLO SANTARELLI buy 5 M 146 12 month 01.02.2013

Macquarie CHAD BEYNON neutral 3 M 119 12 month 01.02.2013

Sterne, Agee & Leach DAVID BAIN neutral 3 M 120 12 month 01.02.2013

Nomura HARRY C CURTIS buy 5 M 141 12 month 01.02.2013

S&P Capital IQ ESTHER KWON buy 5 M 140 Not Provided 01.02.2013

Gabelli & Co AMIT KAPOOR buy 5 M #N/A N/A Not Provided 01.02.2013

Craig-Hallum Capital Group LLC BRYAN MAHER buy 5 M 150 12 month 01.02.2013

Atlantic Equities LLP ALISTAIR M SCOBIE neutral 3 M 130 12 month 01.02.2013

Credit Agricole Securities (USA) JON OH outperform 5 M 132 Not Provided 01.02.2013

Barclays FELICIA R KANTOR HENDRIX overweight 5 M 139 Not Provided 01.02.2013

Credit Suisse JOEL H SIMKINS outperform 5 M 144 Not Provided 31.01.2013

Union Gaming Research BILL LERNER buy 5 U 150 12 month 31.01.2013

Goldman Sachs STEVEN KENT Buy/Neutral 5 M 159 12 month 17.01.2013


Imperial Capital LLC GREGG M KLEIN outperform 5 M 145 12 month 07.01.2013

Phillip Securities MAGDALENE CHOONG neutral 3 N #N/A N/A Not Provided 18.07.2012

Holdings By:

TUI Travel PLC ee


27.03.2013

Vedanta Resources Plc mines and processes metals. The Company mines copper,

solutions. The Company's solutions include advanced integrated circuits,

software design tools, predefined system functions delivered as cores of logic,

and field engineering support. Xilinx sells its products through several

channels of distribution to customers in the United States and overseas.


LTM as of: 12/yy

52-Week High (27.03.2012) 1'345.00

52-Week Low (26.07.2012) 821.00

Daily Volume

1026





2'733.57 1 Yr Total Return -18.41%







VED LN EQUITY YTD Change - Average Volume 30 Day 744'068

VED LN EQUITY YTD % CHANGE - Average Volume 3 Month 747'758


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

8'203.7 6'578.9 7'930.5 11'427.2 14'005.3 2'269.6 2'195.5 14'718.4 17'147.6 3'601.0 3'879.0

1.86x 1.13x 2.54x 1.87x 2.12x 13.27x 15.02x 1.87x 1.55x 3.80x -

3'003.9 1'856.1 2'035.7 3'490.6 4'465.0 740.1 670.8 4'907.8 5'816.2 1'181.0 -

5.07x 4.01x 9.90x 6.14x 6.64x 10.22x 12.62x 5.75x 4.85x - -

879.0 219.4 602.3 770.8 59.8 567.7 479.3 359.9 644.1 - -

13.63x 12.64x 19.21x 13.50x 89.55x 14.64x 19.62x 10.68x 6.45x - -











EBITDA Margin 35.7%



Asset Turnover 0.39







Fiscal Year Ended

Vedanta Resources PLCPrice/Volume

Valuation Analysis

275'543.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

-!-2.!.20!021!12

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



27.03.2013


VOLCAN INVESTMENTS L n/a ULT-AGG 21'658'314 8.28 897'763 25.03.2013 Investment Advisor




GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 12'815'197 4.9 562'584 31.12.2012 Investment Advisor




ASHMORE WELATH MANAG ASHMORE WEALTH MANAG 13F 6'376'000 2.44 6'376'000 31.12.2012 Investment Advisor

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 5'991'619 2.29 1'087'094 31.12.2012 Investment Advisor



AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'015'969 1.92 (1'708'902) 31.12.2012 Investment Advisor

PIONEER INVESTMENT M PIONEER INVESTMENT M 13F 4'488'960 1.72 (105'305) 31.12.2012 Investment Advisor





ALKEON CAPITAL MANAG ALKEON CAPITAL MANAG 13F 3'289'997 1.26 (1'220'960) 31.12.2012 Hedge Fund Manager



Societe Generale AMBRISH SRIVASTAVA outperform 5 M 41 Not Provided 25.03.2013




Miller Tabak + Co., LLC BRENDAN FURLONG hold 3 M 36 12 month 21.03.2013


Argus Research Corp JAMES KELLEHER hold 3 N #N/A N/A Not Provided 08.03.2013



SunTrust Robinson Humphrey WILLIAM STEIN neutral 3 M 38 12 month 06.03.2013

JPMorgan CHRISTOPHER DANELY overweight 5 M 41 9 month 06.03.2013

Pacific Crest Securities JOHN VINH sector perform 3 M #N/A N/A Not Provided 06.03.2013

William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 06.03.2013

Lazard Capital Markets IAN ING neutral 3 M #N/A N/A Not Provided 06.03.2013


Credit Agricole Securities (USA) SRINI PAJJURI buy 5 M 44 Not Provided 06.03.2013




Raymond James HANS C MOSESMANN outperform 5 M 42 12 month 05.03.2013

Mizuho Securities USA Inc RUBEN ROY neutral 3 M 39 12 month 05.03.2013


Goldman Sachs JAMES SCHNEIDER neutral/attractive 3 M 41 12 month 20.02.2013



Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 18.01.2013



GARP Research SETH DADDS neutral 3 M #N/A N/A Not Provided 26.07.2012

Holdings By:

Vedanta Resources PLC ee


27.03.2013

Evraz PLC mines iron ore and coal, and manufactures steel. The Company mines

content, and a community platform that delivers consumer experiences and

advertising solutions across digitial screens. The Company's site includes a

hierarchical, subject-based directory of Web sites, which enables users to

locate and access information.


LTM as of: 12/yy

52-Week High (27.03.2012) 398.80

52-Week Low (26.07.2012) 206.80

Daily Volume

219.2


52-Week Low % Change 6.00% Beta -



3'227.90 1 Yr Total Return -38.28%


Preferred Stock 0.0 Adjusted BETA -





EVR LN EQUITY YTD Change - Average Volume 30 Day 3'377'109

EVR LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'370'277


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/11 Q4 03/12 Q1

- 20'380.0 9'772.0 13'394.0 16'400.0 4'984.2 4'986.6 14'379.7 14'948.3 - 3'923.0

- - - - 0.88x 12.98x 11.61x 0.80x 0.78x - -

- 5'335.0 1'057.0 2'203.0 2'794.0 1'473.0 1'457.1 2'008.1 2'172.7 - -

- - - - 5.17x 11.37x 11.15x 5.55x 5.13x - -

- 1'797.0 (295.0) 486.0 461.0 1'048.8 3'945.5 130.5 198.0 - -

- - - - 16.31x 19.43x 17.01x 42.99x 26.48x - -











EBITDA Margin 14.7%



Asset Turnover 0.85








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Evraz PLCPrice/Volume

Valuation Analysis

1'424'964.00


!

2

-!

-2

.!

.2

e--. T--. e--. d--. d--. T--. m--. j--. f--. U--. d--0 a--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



27.03.2013


LANEBROOK LTD THIRD POINT LLC 13F 73'000'400 6.63 - 31.12.2012 Hedge Fund Manager

FILO DAVID n/a Form 4 71'361'390 6.48 (500'000) 27.08.2012 n/a

THIRD POINT LLC n/a Form 4 62'000'000 5.63 (11'000'400) 01.02.2013 Hedge Fund Manager




YANG JERRY n/a Form 4 46'610'564 4.23 800'000 25.11.2011 n/a





CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 15'898'615 1.44 14'394'332 31.12.2012 Investment Advisor


TIGER GLOBAL MANAGEM TIGER GLOBAL MANAGEM 13F 14'000'000 1.27 (11'000'000) 31.12.2012 Hedge Fund Manager

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'830'883 1.26 (446) 31.12.2012 Investment Advisor


CRAMER ROSENTHAL MCG CRAMER ROSENTHAL MCG 13F 10'725'954 0.97 2'010'559 31.12.2012 Investment Advisor

D E SHAW & COMPANY I D E SHAW & CO 13F 9'997'715 0.91 2'847'197 31.12.2012 Hedge Fund Manager

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 9'766'006 0.89 2'053'676 31.12.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 9'740'706 0.88 (153'900) 31.12.2012 Investment Advisor


UFS-Finance Investment Company PETER STABLER market perform 3 M #N/A N/A Not Provided 26.03.2013

Sanford C. Bernstein & Co CARLOS KIRJNER market perform 3 M 23 12 month 22.03.2013

Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 26 12 month 22.03.2013

Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 22.03.2013

Pivotal Research Group LLC BRIAN WIESER buy 5 M 23 12 month 21.03.2013

Oppenheimer & Co JASON S HELFSTEIN outperform 5 U 27 12 month 20.03.2013

BGC Partners COLIN W GILLIS hold 3 D 21 12 month 20.03.2013

JMP Securities RONALD V JOSEY III market perform 3 N #N/A N/A Not Provided 19.03.2013

Raymond James AARON M KESSLER outperform 5 N 26 12 month 18.03.2013


Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 M 23 Not Provided 15.03.2013

BMO Capital Markets DANIEL SALMON market perform 3 M 20 Not Provided 11.03.2013


Morgan Stanley JORDAN MONAHAN Equalwt/Attractive 3 M 23 12 month 05.03.2013

Piper Jaffray EUGENE E MUNSTER neutral 3 M 21 12 month 05.03.2013

Barclays ANTHONY J DICLEMENTE overweight 5 U 26 Not Provided 04.03.2013

Goldman Sachs HEATH P TERRY buy/attractive 5 M 26 12 month 01.03.2013

Stifel JORDAN ROHAN buy 5 M 25 12 month 01.03.2013




Macquarie BENJAMIN A SCHACHTER neutral 3 M 23 12 month 30.01.2013

Credit Suisse STEPHEN JU neutral 3 M 21 Not Provided 29.01.2013

JPMorgan DOUGLAS ANMUTH neutral 3 M 22 9 month 29.01.2013

Jefferies BRIAN J PITZ hold 3 M 20 12 month 29.01.2013

William Blair & Co RALPH SCHACKART market perform 3 M #N/A N/A Not Provided 29.01.2013

B Riley & Company, Inc SAMEET SINHA buy 5 M 26 12 month 29.01.2013

Nomura BRIAN NOWAK neutral 3 M 18 12 month 29.01.2013

Atlantic Equities LLP HAMILTON FABER neutral 3 M 21 12 month 29.01.2013

Credit Agricole Securities (USA) JAMES LEE underperform 1 M 21 Not Provided 29.01.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 29.01.2013

Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 28.01.2013

Evercore Partners KEN SENA equalweight 3 M 22 12 month 28.01.2013

Deutsche Bank LLOYD WALMSLEY hold 3 M 15 12 month 27.11.2012

Holdings By:

Evraz PLC ee


Date post:	20-Jan-2015
Category:	Economy & Finance
Upload:	qms-advisors
View:	544 times
Download:	0 times

Fundamental Equity Analysis - FTSE 100 Index Members (UKX Index)

Economy & Finance