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

&riSQeaioQd !iQdtncn & !iQdtno FaRleeaiSQoclinIFL 7Trfolno 9iatAkTat - 9ML8 -!!Mea 9ML8 -!! AkTat fo Q SQmfpQifwQpflk-safdepaT fkTat lc pea -!! jlop efdeiv SQmfpQifwaT SljmQkfao pnQTaT lk pea ElkTlk LplSh 8tSeQkda

October 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 15439500 2063.628 1118 1118 203 219 219 104.27 110.09 110.09 16.13 16.13 15.27 15.27 18.47

Euro Stoxx 50 Pr EUR 2965996 6102.334 4723 4723 775 796 796 235.03 303.10 303.10 22.78 20.43 17.67 17.67 21.65

NIKKEI 225 JPY 2838405 199.5747 197 197 19 22 22 6.14 8.10 8.10 0.25 0.24 0.19 0.19 0.12

FTSE 100 INDEX GBP 2909103 12791.87 10098 10098 1536 1670 1670 543.36 812.04 812.04 31.26 24.36 20.92 20.92 23.16

SWISS MARKET INDEX CHF 1126878 11568.39 4219 4219 977 864 864 458.21 571.55 571.55 21.56 18.37 17.29 17.29 24.73

S&P/TSX COMPOSITE INDEX CAD 1689705 17647.02 7386 7386 1850 1964 1964 731.18 803.05 803.05 16.47 16.48 15.00 15.00 24.05

S&P/ASX 200 INDEX AUD 1359491 6456.327 2699 2699 549 686 686 217.71 323.09 323.09 21.24 17.03 14.31 14.31 20.05

HANG SENG INDEX HKD 1767307 3537.043 1667 1667 375 392 392 278.24 268.98 268.98 1.37 1.45 1.41 1.41 2.97

MSCI EM USD 7417180 1371.527 981 981 191 179 179 85.06 87.95 87.95 11.61 11.93 11.23 11.23 19.56

HSBC HOLDINGS PLC GBp 203131 7852 18476 462 4 13 489 143407 126317 107713 111824 - - - - 0.79 1.41 1.56 1.69 20.36 - 18.37 16.94 -10.98 - - - - A+ 29.11.2011 Aa3 21.06.2012

VODAFONE GROUP PLC GBp 170790 58924 48919 67 0 2 21 218.77 72116 72116 72111 73167 22335 22335 - - 0.21 0.01 0.25 0.24 404.11 27.43 23.02 23.49 -6.89 7.02 -39.63 1.56 50.25 A- 05.09.2013 A3 04.09.2013

BP PLC GBp 132196 7539 19136 79 0 2 33 245.03 609411 604094 565647 559199 33169 40998 15889 15889 0.36 2.20 1.24 1.44 8.37 17.65 14.82 12.84 0.03 5.15 -89.83 -18.58 11.01 A 24.09.2010 - -

ROYAL DUTCH SHELL PLC-A SHS GBp 211898 1571 6331 61 0 2 30 378.86 757996 739322 728304 731721 84559 85046 24228 24228 6.67 6.12 6.32 6.64 14.06 15.12 13.63 12.97 -1.04 5.54 -11.11 -1.11 18.67 AA 03.09.2009 Aa1 20.07.2005

GLAXOSMITHKLINE PLC GBp 122958 3589 4903 30 0 2 7 149.86 42887 42865 43784 45350 17224 16081 4139 4139 2.02 1.33 1.87 2.05 30.63 23.50 21.81 19.89 -5.66 4.29 9.68 6.52 60.87 A+ 18.02.2008 - -

BRITISH AMERICAN TOBACCO PLC GBp 99242 2040 2026 17 0 0 3 117.35 24647 24842 25022 25668 9968 10135 5587 5587 3.32 3.34 3.57 3.85 25.39 24.45 23.72 22.03 -2.20 11.55 -4.44 21.17 66.20 A- 09.11.2012 - -

ROYAL DUTCH SHELL PLC-B SHS GBp 211898 2652 6331 61 0 2 30 378.86 757996 739322 728304 731721 84559 85046 24228 24228 6.67 6.12 6.32 6.64 14.71 15.82 14.26 13.57 -1.04 5.54 -11.11 -1.11 18.67 AA 03.09.2009 Aa1 20.07.2005

DIAGEO PLC GBp 79107 2641 2503 16 0 2 3 94.34 18551 18551 19925 21570 6378 6378 3818 3818 1.69 1.61 1.83 2.03 31.72 30.06 27.94 25.22 10.12 11.84 4.45 15.15 55.79 A- 01.09.2005 A3 17.10.2005

BARCLAYS PLC GBp 60589 29336 13254 710 0 15 208 55194 54008 47024 48376 - - - - 0.19 -0.02 0.43 0.52 - 128.85 16.36 13.56 -31.67 - - - - A- 02.07.2013 (P)A3 21.06.2012

BG GROUP PLC GBp 64938 1806 3614 25 0 0 7 124.09 30720 31858 32497 35689 16547 16763 3380 3380 2.10 2.04 1.98 2.27 24.62 25.10 25.32 22.10 11.63 -5.49 10.58 9.94 85.38 - - - -

ASTRAZENECA PLC GBp 65076 798 1247 17 0 0 14 107.91 45389 43130 42253 40801 17294 17970 3658 3658 9.83 6.34 8.47 7.82 21.55 17.07 16.13 17.48 -27.14 -6.99 -32.00 -0.77 67.61 AA- 27.07.2007 A2 11.04.2013

BHP BILLITON PLC GBp 168518 3048 5297 57 0 2 10 322.38 107039 107039 109463 115390 45095 45095 26854 26854 3.58 3.31 4.19 4.61 23.09 21.36 18.24 16.58 -14.06 6.86 -29.10 -0.40 68.36 A+ 15.11.2010 (P)A1 15.11.2010

RIO TINTO PLC GBp 93143 1445 1847 44 0 18 12 204.40 82698 81360 83919 88827 25802 25311 19691 19691 5.80 -6.26 8.05 9.05 - 28.22 15.77 14.03 -25.65 0.61 -65.46 14.08 50.48 A- 18.04.2011 - -

LLOYDS BANKING GROUP PLC GBp 86306 49211 70424 315 0 1 172 59075 60385 29912 29883 - - - - 0.02 0.02 0.09 0.11 108.35 35.77 22.75 18.55 2.85 - - - - A- 29.11.2011 A3 21.06.2012

GLENCORE XSTRATA PLC GBp 70245 10869 7099 58 0 5 5 200.44 347941 354558 400355 423185 7466 8441 12209 12209 0.29 -1.90 0.47 0.66 - - 29.81 20.99 24.65 19.40 6.53 -5.84 3.86 BBB 29.11.2012 - -

PRUDENTIAL PLC GBp 48836 2907 2557 11 0 0 10 48.48 90015 87597 93273 95498 - - - - 1.25 1.03 1.38 1.54 30.18 29.46 22.40 20.09 84.32 - - - - A+ 17.08.2010 A2 20.12.2002

STANDARD CHARTERED PLC GBp 57600 3138 2413 181 1 210 43343 44092 32302 34769 - - - - 3.72 2.83 3.65 4.00 22.09 15.47 17.11 15.61 15.26 5.75 - - - A+ 01.12.2011 A2 26.11.2010

SABMILLER PLC GBp 79464 2065 1670 30 0 2 4 157.16 37665 37665 38561 41314 9302 9302 - - 3.47 3.34 4.08 4.56 39.00 37.51 31.92 28.55 10.83 26.51 18.23 7.53 40.07 BBB+ 04.08.2003 Baa1 27.10.2005

TESCO PLC GBp 46971 8494 8054 18 0 0 5 59.66 105186 105186 109494 113354 6680 6680 - - 0.47 0.28 0.52 0.55 33.60 19.98 17.99 17.04 2.31 9.41 -35.81 4.46 10.30 BBB+ 19.04.2013 Baa1 20.04.2012

RECKITT BENCKISER GROUP PLC GBp 51765 833 734 5 0 0 1 56.29 15523 16051 16520 17115 4410 4493 - - 4.27 3.85 4.33 4.46 30.35 26.73 27.01 26.22 1.40 16.94 4.54 26.29 45.42 A+ 16.12.2003 - -

UNILEVER PLC GBp 113382 4404 2832 17 0 1 5 155.36 83278 83443 82904 85945 13286 14100 - - 2.46 2.71 2.58 2.78 27.35 26.44 28.68 26.62 16.96 8.34 15.79 6.28 27.42 A+ 05.10.2000 A1 11.07.2000

BT GROUP PLC GBp 44475 6261 7880 16 0 0 2 58.66 29617 29177 29338 29283 9646 9609 2320 2320 0.41 0.41 0.41 0.46 22.23 21.75 22.04 19.65 -8.86 -4.79 8.35 0.85 53.44 BBB 19.07.2011 - -

NATIONAL GRID PLC GBp 44211 1809 3666 46 0 0 10 79.90 23299 23299 24194 24948 8121 8121 - - 0.91 1.02 0.85 0.89 18.92 21.24 22.65 21.50 6.18 6.89 7.74 11.16 56.56 A- 24.08.2007 Baa1 12.01.2007

IMPERIAL TOBACCO GROUP PLC GBp 35354 806 990 16 0 0 1 53.38 23807 23289 12725 13029 5390 5178 3062 3062 2.67 0.80 3.40 3.60 73.87 24.46 17.44 16.45 -5.49 36.82 3.09 26.65 36.07 BBB 20.05.2008 - -

ROLLS-ROYCE HOLDINGS PLC GBp 34658 3137 1872 2 0 0 4 34.39 19732 22369 24936 26472 2737 3227 1894 1894 1.52 0.64 1.09 1.17 46.95 18.03 27.47 25.49 15.13 21.55 22.69 32.28 23.41 A 13.04.2012 - -

ANGLO AMERICAN PLC GBp 33129 1349 1391 27 0 10 15 76.98 46667 47847 50748 51834 12465 12544 7689 7689 4.20 -2.91 2.92 3.44 - 17.97 21.39 18.19 -9.65 5.06 -52.72 -8.09 42.54 BBB 04.04.2013 Baa2 07.08.2013

CENTRICA PLC GBp 30621 4761 5199 9 0 0 2 38.07 38848 41564 41459 45891 6000 6550 - - 0.42 0.35 0.45 0.48 27.99 27.38 21.30 20.15 7.95 12.09 19.02 13.15 25.57 A- 29.05.2009 A3 21.06.2006

WPP PLC GBp 27447 1584 1265 8 0 0 3 32.29 16831 17407 18110 19085 2957 3067 - - 1.04 1.07 1.33 1.47 31.10 29.74 25.04 22.67 5.69 16.47 25.27 21.13 28.59 BBB 10.11.2008 Baa2 26.03.2012

COMPASS GROUP PLC GBp 25022 1684 1855 3 0 0 1 27.30 27430 27842 28597 29649 2401 2463 2523 2523 0.72 0.53 0.76 0.83 42.40 29.91 29.50 27.24 10.99 15.87 18.16 26.32 14.35 A 18.02.2013 Baa1 26.11.2009

BAE SYSTEMS PLC GBp 23808 1617 3251 5 0 0 5 25.87 26967 27154 30597 30304 3743 3474 - - 0.53 0.50 0.69 0.68 23.88 25.01 17.33 17.66 -10.50 5.50 1.78 8.26 20.76 BBB+ 16.10.2007 Baa2 14.04.2005

SSE PLC GBp 23044 849 964 10 0 0 1 32.04 45927 45927 53530 55924 2809 2809 - - 1.69 0.73 1.94 2.08 53.35 22.85 19.92 18.59 -17.49 26.15 -17.97 3.42 9.92 A- 21.08.2009 A3 22.09.2009

ARM HOLDINGS PLC GBp 22477 1042 1381 0 0 0 1 21.50 936 1055 1140 1325 368 341 141 141 0.19 0.17 0.34 0.42 152.08 205.10 77.60 62.26 28.07 34.21 68.51 44.96 52.39 - - - -

SHIRE PLC GBp 22349 619 552 2 0 0 2 35.90 7542 7631 8084 8679 2571 2309 733 733 2.66 1.74 3.73 4.28 61.17 49.27 28.51 24.83 15.89 19.63 15.28 40.57 49.10 - - - -

AVIVA PLC GBp 19513 4522 2946 13 3 3 37 70641 59617 40771 40376 - - - - 0.60 0.43 0.71 0.77 24.80 8.04 15.11 13.94 71.06 42.38 - - - A- 15.08.2012 A2 12.06.2013

EXPERIAN PLC GBp 19303 967 1010 5 0 0 0 36.23 7675 7675 8035 8641 3498 3498 - - 1.38 0.41 1.49 1.66 123.79 36.63 33.98 30.55 8.79 4.71 74.43 23.85 73.96 - - - -

LEGAL & GENERAL GROUP PLC GBp 18891 4480 5913 5 0 0 27 56752 68244 9698 10236 - - - - 0.21 0.24 0.25 0.27 21.65 21.67 20.59 19.01 147.57 - - - - A 09.02.2010 A3 18.05.2010

CRH PLC GBp 17649 533 734 8 0 0 3 28.11 30276 30276 29378 31257 2661 2661 1760 1760 0.82 1.24 0.95 1.45 37.89 57.65 49.36 32.45 5.19 -3.24 -1.57 -17.06 14.26 BBB+ 17.12.2007 - -

PEARSON PLC GBp 16560 575 807 4 0 0 2 19.95 8209 7657 9600 9270 1551 1433 - - 0.77 0.49 1.27 1.46 67.00 48.27 25.91 22.56 8.15 4.83 2.41 2.67 30.36 BBB+ 25.11.1998 Baa1 01.02.2002

REED ELSEVIER PLC GBp 15882 719 1187 6 0 2 1 23.33 9924 9878 10000 10331 3065 3109 1496 1496 0.73 0.71 0.88 0.95 30.83 31.38 24.98 23.19 3.08 7.71 14.20 14.28 51.07 BBB+ 12.12.2008 - -

TULLOW OIL PLC GBp 15084 721 908 2 0 0 1 27.23 3804 4095 4169 4171 1695 2365 - - 0.16 0.66 1.02 1.00 65.96 - 42.87 43.57 2.81 43.06 -60.39 9.27 93.71 - - - -

KINGFISHER PLC GBp 15008 4142 2372 1 0 0 1 14.67 17156 17542 17958 18730 1548 1554 - - 0.41 0.51 0.38 0.43 19.97 24.31 26.80 23.60 -3.87 3.66 -12.12 15.65 14.38 BBB- 30.04.2008 Baa2 29.03.2012

OLD MUTUAL PLC GBp 14873 2404 4892 6 0 3 6 13.95 29054 30920 10808 11363 - - - - 0.20 0.25 0.31 0.34 19.33 20.16 15.82 14.40 215.61 237.73 - - - - - Baa2 08.10.2012

WOLSELEY PLC GBp 14602 1629 274 1 0 0 1 15.37 21344 21344 22619 24178 1438 1438 - - 2.94 1.72 3.35 3.95 50.07 29.39 25.75 21.84 -3.23 0.87 11.16 -8.30 10.93 - - - -

BRITISH SKY BROADCASTING GRO GBp 22703 825 1594 5 0 0 2 25.15 11739 11739 12285 12831 2708 2708 589 589 0.98 0.98 0.95 1.06 23.50 23.74 24.30 21.77 10.61 13.69 8.38 18.60 37.43 BBB+ 30.11.2009 Baa1 09.04.2009

STANDARD LIFE PLC GBp 13330 1641 2358 3 0 1 16 4.61 31129 32439 34559 36633 - - - - 0.53 0.41 0.38 0.42 22.26 21.97 23.96 21.73 180.35 - - - - A- 25.02.2009 - -

MARKS & SPENCER GROUP PLC GBp 13149 1155 1614 4 0 0 0 16.49 16269 16269 16876 17555 2042 2042 - - 0.53 0.47 0.54 0.61 27.89 25.06 24.29 21.64 1.51 3.24 -3.96 -5.48 20.36 BBB- 07.01.2009 - -

NEXT PLC GBp 13169 108 161 1 0 0 0 14.07 5757 5816 5956 6180 1278 1309 - - 5.14 5.62 5.38 5.81 24.27 25.01 25.38 23.51 5.03 3.67 14.64 6.63 36.53 BBB 13.05.2003 Baa2 06.06.2003

ROYAL BANK OF SCOTLAND GROUP GBp 66442 5790 11171 514 0 4 176 45859 44981 33354 32822 - - - - 0.18 -0.46 0.28 0.48 - 34.66 34.09 20.13 -20.86 -26.01 - - - A- 29.11.2011 Baa1 *- 05.07.2013

BURBERRY GROUP PLC GBp 11775 334 442 0 0 0 1 11.35 3243 3243 3767 4172 859 859 - - 1.16 0.95 1.27 1.44 45.56 37.18 33.84 29.91 12.36 26.49 21.18 28.78 42.96 - - - -

LAND SECURITIES GROUP PLC GBp 11697 423 791 6 0 0 0 17.72 1195 1195 947 993 728 728 - - 1.10 1.11 0.62 0.67 21.77 21.96 38.99 36.33 15.73 132.68 4.46 -6.28 98.80 - - - -

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 15439500 2063.628 1118 1118 203 219 219 104.27 110.09 110.09 16.13 16.13 15.27 15.27 18.47

Euro Stoxx 50 Pr EUR 2965996 6102.334 4723 4723 775 796 796 235.03 303.10 303.10 22.78 20.43 17.67 17.67 21.65

NIKKEI 225 JPY 2838405 199.5747 197 197 19 22 22 6.14 8.10 8.10 0.25 0.24 0.19 0.19 0.12

FTSE 100 INDEX GBP 2909103 12791.87 10098 10098 1536 1670 1670 543.36 812.04 812.04 31.26 24.36 20.92 20.92 23.16

SWISS MARKET INDEX CHF 1126878 11568.39 4219 4219 977 864 864 458.21 571.55 571.55 21.56 18.37 17.29 17.29 24.73

S&P/TSX COMPOSITE INDEX CAD 1689705 17647.02 7386 7386 1850 1964 1964 731.18 803.05 803.05 16.47 16.48 15.00 15.00 24.05

S&P/ASX 200 INDEX AUD 1359491 6456.327 2699 2699 549 686 686 217.71 323.09 323.09 21.24 17.03 14.31 14.31 20.05

HANG SENG INDEX HKD 1767307 3537.043 1667 1667 375 392 392 278.24 268.98 268.98 1.37 1.45 1.41 1.41 2.97

MSCI EM USD 7417180 1371.527 981 981 191 179 179 85.06 87.95 87.95 11.61 11.93 11.23 11.23 19.56

SMITH & NEPHEW PLC GBp 11161 616 904 1 0 0 0 18.55 6713 6779 7042 7354 2028 2022 481 481 1.12 0.99 1.22 1.34 33.17 28.97 26.85 24.50 -5.05 2.72 5.64 9.41 48.39 - - - -

CAPITA PLC GBp 10738 431 668 3 0 0 1 13.27 5439 5782 6291 6904 1037 1152 - - 0.87 0.62 0.92 1.01 42.47 27.25 28.89 26.20 23.35 14.77 20.46 24.21 32.33 - - - -

ASSOCIATED BRITISH FOODS PLC GBp 24124 498 792 2 0 1 1 26.89 19880 20800 21438 22681 2544 2749 1543 1543 1.32 1.26 1.59 1.67 39.30 34.48 31.19 29.64 17.41 18.44 34.05 21.93 21.44 - - - -

INTL CONSOLIDATED AIRLINE-DI GBp 11113 3261 1855 8 0 0 5 15.53 29396 29680 30716 32368 1700 2080 1126 1126 -0.42 -1.04 0.21 0.54 - - 51.42 19.80 20.29 - -49.27 - 11.37 - - - -

ITV PLC GBp 11286 2794 3912 1 0 0 1 11.45 3563 3586 3822 4033 888 928 - - 0.11 0.12 0.17 0.19 40.23 32.91 27.08 24.53 4.25 3.92 19.62 18.59 42.00 BBB- 29.03.2013 Baa3 09.08.2013

WM MORRISON SUPERMARKETS GBp 10598 2718 2346 4 0 0 0 14.72 29395 29393 29320 30278 2139 2012 1053 1053 0.43 0.40 0.41 0.42 18.28 17.31 18.09 17.40 4.16 7.71 0.49 13.97 11.11 - - (P)Baa1 19.09.2013

JOHNSON MATTHEY PLC GBp 9363 172 205 2 0 0 0 10.75 17408 17408 18045 19462 888 888 952 952 2.41 2.18 2.62 2.89 33.96 30.72 28.31 25.64 -17.47 14.64 -9.14 12.81 8.28 - - - -

BRITISH LAND CO PLC GBp 9346 1503 986 4 0 0 0 12.60 558 558 515 589 367 - - - 0.49 0.51 0.49 0.53 29.48 27.28 30.87 28.52 -1.87 -17.73 -5.55 - - - - - -

GKN PLC GBp 9145 1708 1661 2 0 1 0 10.69 10563 11201 11682 12384 1199 1272 - - 0.46 0.35 0.43 0.51 25.82 19.21 20.81 17.65 21.57 17.05 31.46 19.50 18.43 NR 19.04.2002 - -

SMITHS GROUP PLC GBp 9045 214 394 2 0 0 1 10.26 5044 5044 5262 5485 1123 1123 441 441 1.69 1.47 1.61 1.73 25.31 22.02 23.19 21.58 4.20 9.59 23.88 16.07 36.13 BBB+ 15.01.2007 Baa2 06.05.2010

SAINSBURY (J) PLC GBp 11964 1967 1893 5 0 0 1 15.64 37811 37811 39219 41024 2186 2186 2281 2281 0.48 0.53 0.52 0.55 19.29 21.48 19.79 18.57 7.34 8.68 8.36 9.89 9.38 NR 13.05.2010 WR 01.06.2006

INTERTEK GROUP PLC GBp 8762 96 161 1 0 0 0 9.84 3333 3485 3665 3946 616 658 399 399 1.90 1.80 2.34 2.62 48.96 41.75 37.71 33.61 28.28 31.53 30.36 32.65 30.62 NR 23.10.2006 - -

WHITBREAD PLC GBp 8710 299 179 1 0 0 0 9.49 3294 3294 3666 4048 850 850 902 902 2.76 2.77 2.71 3.01 28.27 28.42 28.91 26.03 23.00 17.29 19.58 14.68 41.86 - - - -

WEIR GROUP PLC/THE GBp 8052 264 213 2 0 0 1 9.60 4119 3913 4168 4423 858 822 504 504 2.31 2.20 2.48 2.69 27.90 28.49 24.75 22.76 17.44 23.85 28.58 50.48 34.09 - - - -

INTERCONTINENTAL HOTELS GROU GBp 7687 240 268 2 0 0 0 13.81 2977 2977 3070 3162 1149 1149 252 252 2.31 3.08 2.48 2.65 25.17 33.35 31.17 29.22 6.15 5.87 12.33 6.03 62.60 BBB 22.06.2011 WR 01.03.2005

UNITED UTILITIES GROUP PLC GBp 7684 1248 682 10 0 0 0 17.37 2655 2655 2748 2851 1535 1535 1647 1647 0.69 0.67 0.67 0.72 27.22 26.34 27.09 25.27 7.37 -10.07 8.31 1.42 93.83 - - - -

IMI PLC GBp 7470 199 341 0 0 0 0 7.86 3557 3549 3676 3824 724 720 388 388 1.35 1.18 1.44 1.58 32.44 28.56 26.69 24.38 4.33 5.97 -2.37 18.63 32.91 - - - -

BUNZL PLC GBp 7249 164 355 1 0 0 0 8.68 8696 9255 9856 10214 609 650 - - 0.99 0.99 1.27 1.35 35.64 30.98 27.90 26.29 7.93 14.05 6.24 12.40 11.39 - - - -

RSA INSURANCE GROUP PLC GBp 7078 7176 3596 3 0 0 2 8.08 14347 14842 14801 15408 - - - - 0.15 0.16 0.18 0.20 19.32 19.51 17.28 15.49 1.99 9.54 - - - NR 13.08.1997 WR 10.03.1997

BABCOCK INTL GROUP PLC GBp 7109 229 362 1 0 0 0 8.11 4915 4915 5621 6084 578 578 657 657 1.15 0.86 1.13 1.25 37.04 27.82 28.29 25.40 10.31 21.68 8.89 33.63 19.07 - - - -

RESOLUTION LTD GBp 7326 1894 1418 2 0 1 15 18059 25942 11825 12378 - - - - -0.08 0.05 0.38 0.43 155.82 155.97 21.98 19.64 263.87 - - - - - - - -

MEGGITT PLC GBp 7054 301 785 1 0 0 0 8.19 2606 2661 2750 2904 798 840 - - 0.52 0.50 0.62 0.67 29.21 26.41 23.38 21.68 16.78 15.29 25.32 28.84 51.23 - - - -

SEVERN TRENT PLC GBp 6873 168 238 8 0 0 1 14.03 2972 2972 3037 3103 1270 1270 1364 1364 1.52 1.55 1.44 1.48 30.06 29.62 32.38 31.63 5.59 5.34 -0.89 3.67 69.31 BBB- 28.01.2010 Baa1 08.09.2009

TRAVIS PERKINS PLC GBp 6690 394 240 1 0 0 0 7.35 7861 7923 8056 8496 587 579 364 364 1.29 1.56 1.62 1.86 28.48 39.30 27.35 23.81 2.23 16.30 0.31 -0.63 11.86 - - - -

G4S PLC GBp 6448 4005 1411 4 0 0 1 10.07 12171 11757 12307 12885 1068 1066 574 574 0.26 -0.05 0.27 0.31 - 22.09 24.59 21.76 12.46 11.17 24.07 17.58 14.71 BBB- 05.11.2012 - -

AGGREKO PLC GBp 6840 519 266 1 0 0 0 7.74 2569 2612 2615 2680 1009 1050 1023 1023 1.63 1.66 1.49 1.49 24.82 25.64 27.61 27.61 21.75 21.83 29.16 36.16 65.25 - - - -

RANDGOLD RESOURCES LTD GBp 6427 346 92 0 0 0 1 10.61 2138 1969 1930 2588 1134 950 203 203 7.55 6.01 4.59 7.03 30.52 30.52 39.95 26.08 27.46 62.11 32.71 86.55 78.28 - - - -

MELROSE INDUSTRIES PLC GBp 6192 846 1267 2 0 0 0 7.93 2517 3260 3482 3579 379 535 334 334 0.20 0.10 0.27 0.30 81.48 36.98 29.27 26.14 70.74 138.49 57.98 77.01 26.61 - - - -

REXAM PLC GBp 6206 1001 878 4 0 0 2 8.60 6997 6682 7076 7301 1089 1042 - - 0.54 0.46 0.61 0.68 27.60 25.18 20.89 18.75 3.07 -2.75 -0.48 10.53 25.30 BBB- 19.02.2009 Baa3 26.09.2001

CARNIVAL PLC GBp 26546 312 776 15 0 0 1 57.70 24959 24951 25026 26028 5423 - 787 787 3.05 2.31 2.50 2.64 38.47 32.27 35.60 33.77 -4.22 0.19 -17.88 -4.33 - NR 16.04.2003 Baa1 10.06.2013

MONDI PLC GBp 8150 459 486 3 0 0 0 13.17 9422 10237 10776 11170 1491 1681 - - 1.13 0.88 1.44 1.57 37.10 22.63 22.70 20.78 1.92 2.16 -6.93 1.64 26.64 - - - -

SAGE GROUP PLC/THE GBp 5920 1420 1264 0 0 0 0 6.26 2175 2258 2241 2285 635 650 318 318 0.32 0.06 0.36 0.39 155.00 24.90 24.27 22.17 0.74 4.46 -1.48 8.09 46.71 - - - -

PETROFAC LTD GBp 7863 483 340 1 0 0 1 13.36 10261 9535 10774 12134 1404 1302 1035 1035 2.86 2.62 3.06 3.57 22.80 24.22 19.53 16.75 14.63 21.93 21.21 38.45 22.16 BBB+ 17.05.2013 Baa1 03.06.2013

COCA-COLA HBC AG-CDI GBp 10781 249 4 0 0 1 15.73 11431 11431 11613 12021 1335 1335 - - - - 1.38 1.61 - - 41.77 35.75 5.24 - -12.76 - 18.95 BBB+ 10.05.2013 - -

ABERDEEN ASSET MGMT PLC GBp 7380 1155 1151 0 0 0 1 7.02 1410 1577 1716 1861 586 682 407 407 0.28 0.38 0.49 0.54 26.50 28.53 20.38 18.65 17.63 36.23 24.76 42.35 70.17 - - - -

WILLIAM HILL PLC GBp 5847 11972 760 1 0 0 0 7.02 2072 2273 2431 2634 603 633 316 316 0.42 0.42 0.48 0.51 25.87 24.40 22.95 21.28 20.01 14.53 31.02 4.64 45.21 BB+ 27.10.2009 Ba1 13.11.2009

CRODA INTERNATIONAL PLC GBp 5856 179 140 0 0 0 0 6.22 1707 1690 1784 1905 468 478 - - 2.11 2.13 2.19 2.45 32.87 32.87 31.99 28.60 3.77 7.66 10.36 33.92 45.87 - - - -

HAMMERSON PLC GBp 5795 248 713 3 0 0 0 9.57 581 607 544 581 353 394 - - 0.20 0.36 0.36 0.39 37.12 35.99 36.95 34.01 -2.59 -0.26 -1.55 -6.97 105.45 - - Baa2 12.01.2004

TATE & LYLE PLC GBp 5607 722 466 1 0 0 1 6.45 5283 5283 5620 5677 738 738 - - 0.98 0.91 0.96 1.02 21.47 19.92 20.41 19.05 8.83 6.00 5.53 9.84 22.67 BBB 15.07.2011 Baa2 15.02.2013

PERSIMMON PLC GBp 5379 475 303 0 0 0 0 5.30 2793 2944 3147 3479 369 431 489 489 0.92 1.04 1.21 1.51 27.61 27.08 23.73 19.06 19.70 1.53 73.10 -30.11 23.76 - - - -

EASYJET PLC GBp 8480 1263 396 2 0 0 1 7.78 6253 6377 6837 7327 709 816 - - 1.00 0.93 1.50 1.69 37.51 37.77 23.19 20.50 18.90 20.20 35.25 26.47 20.77 - - - -

AMEC PLC GBp 5159 319 308 0 0 0 0 5.12 6747 6701 6915 7009 589 617 326 326 1.32 1.12 1.39 1.56 25.14 20.18 20.20 18.01 44.63 17.13 47.35 36.84 14.93 - - - -

SCHRODERS PLC GBp 11589 71 267 0 0 0 4 5.23 2313 2502 2208 2522 536 618 - - 1.53 1.92 2.14 2.52 35.70 38.61 32.08 27.20 -8.26 21.22 -29.98 -2.61 40.05 A+ 30.04.2013 - -

ANTOFAGASTA PLC GBp 12965 896 986 3 0 3 7 21.56 10936 10314 9258 9399 5400 4463 2870 2870 2.36 1.29 1.44 1.41 26.91 17.80 24.08 24.60 17.73 20.51 -8.83 5.89 70.21 - - - -

LONDON STOCK EXCHANGE GROUP GBp 6845 200 271 1 0 0 1 7.52 1368 1368 1822 1922 908 908 - - 1.69 1.31 1.66 1.79 31.39 24.20 24.73 22.91 7.32 7.88 27.31 17.27 107.66 A- 03.05.2013 Baa2 01.07.2011

ADMIRAL GROUP PLC GBp 5473 209 274 0 0 0 0 5.14 1597 1543 2186 2256 - - - - 1.54 1.59 1.61 1.67 20.36 20.41 20.06 19.42 21.25 30.01 - - - - - - -

HARGREAVES LANSDOWN PLC GBp 7619 175 474 0 0 0 0 7.30 474 474 541 614 314 314 360 360 0.51 0.51 0.59 0.69 50.66 51.19 44.01 37.62 36.47 32.04 43.07 43.53 107.46 - - - -

TUI TRAVEL PLC GBp 6688 808 1118 2 0 0 1 8.43 23463 23381 24256 24929 1150 1199 - - 0.38 0.24 0.47 0.51 40.11 27.74 20.63 18.93 -2.51 1.69 5.68 -7.51 8.32 - - - -

FRESNILLO PLC GBp 11114 773 717 0 0 1 1 17.75 3501 3242 2816 3007 2112 1790 - - 1.48 1.16 0.78 0.84 34.20 32.68 50.86 47.50 -2.61 36.24 -24.73 59.26 89.60 - - - -

SPORTS DIRECT INTERNATIONAL GBp 6895 178 598 0 0 0 0 7.14 3546 3546 4324 4936 426 426 527 527 0.40 0.43 0.52 0.63 43.24 47.00 36.00 29.62 30.92 21.62 33.46 20.78 19.49 - - - -

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 2.36 2.36 2.19 2.02 2.36 1.50 1.50 1.44 1.38 1.50 10.94 10.94 10.56 10.43 10.94 9.43 9.43 8.69 8.14 9.43 15.27 15.27 13.77 12.45 15.27 2.09 2.09 2.27 2.44 2.09 1853.2 10.2%

Euro Stoxx 50 Pr 1.31 1.31 1.25 1.17 1.31 0.84 0.84 0.81 0.79 0.84 6.56 6.56 6.03 5.46 6.56 7.67 7.67 7.26 6.87 7.67 13.03 13.03 11.64 10.46 13.03 3.92 3.92 4.12 4.46 3.92 3038.5 4.4%

NIKKEI 225 1.56 1.56 1.46 1.36 1.56 0.75 0.75 0.72 0.70 0.75 9.09 9.09 8.42 7.22 9.09 8.91 8.91 8.14 7.65 8.91 18.24 18.24 16.16 14.56 18.24 1.61 1.61 1.76 1.90 1.61 15398.4 6.3%

FTSE 100 INDEX 1.78 1.78 1.66 1.36 1.78 1.04 1.04 1.01 0.98 1.04 8.69 8.69 7.88 7.16 8.69 7.66 7.66 7.02 6.60 7.66 12.89 12.89 11.73 10.77 12.89 3.77 3.77 4.10 4.47 3.77 7099.4 10.1%

SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.84 10.57 13.16 13.38 13.38 12.41 11.59 13.38 15.59 15.59 14.12 12.82 15.59 3.17 3.17 3.54 3.99 3.17 8703.6 8.3%

S&P/TSX COMPOSITE INDEX 1.75 1.75 1.63 1.51 1.75 1.68 1.68 1.55 1.49 1.68 8.84 8.84 8.02 6.74 8.84 8.99 8.99 7.98 7.38 8.99 15.45 15.45 13.65 12.38 15.45 3.13 3.13 3.25 3.38 3.13 14291.9 11.8%

S&P/ASX 200 INDEX 1.93 1.93 1.83 1.74 1.93 1.82 1.82 1.71 1.64 1.82 11.03 11.03 10.10 9.46 11.03 9.41 9.41 8.58 8.02 9.41 15.19 15.19 13.80 12.80 15.19 4.52 4.52 4.82 5.17 4.52 5387.5 3.5%

HANG SENG INDEX 1.36 1.36 1.26 1.16 1.36 1.77 1.77 1.64 1.52 1.77 8.03 8.03 7.60 7.10 8.03 9.01 9.01 8.24 7.55 9.01 10.96 10.96 10.17 9.23 10.96 3.54 3.54 3.80 4.18 3.54 25158.2 10.1%

MSCI EM 1.45 1.45 1.33 1.21 1.45 1.01 1.01 0.94 0.88 1.01 7.28 7.28 6.63 6.09 7.28 7.65 7.65 6.95 6.43 7.65 11.23 11.23 10.05 9.20 11.23 2.80 2.80 3.08 3.37 2.80 1120.8 13.5%

HSBC HOLDINGS PLC 1.18 1.13 1.08 1.03 0.95 2.97 3.06 2.95 2.79 2.86 11.89 10.51 9.46 8.67 12.31 11.32 10.44 9.37 9.78 3.96 4.73 5.25 5.86 5.61 775.80 15.6%

VODAFONE GROUP PLC 1.40 1.38 1.26 1.15 2.37 2.37 2.33 2.31 2.25 7.73 7.67 6.50 5.55 10.22 10.31 10.04 9.85 9.60 14.01 14.19 14.47 14.19 13.40 4.79 4.74 4.84 5.02 4.88 223.31 2.8%

BP PLC 1.13 1.06 0.99 0.93 1.03 0.37 0.38 0.38 0.38 0.43 5.06 4.53 4.31 4.08 4.15 4.01 3.78 3.63 3.49 3.76 7.70 9.13 7.91 7.58 7.26 4.84 5.14 5.44 5.67 5.84 490.56 13.5%

ROYAL DUTCH SHELL PLC-A SHS 1.10 1.07 1.00 0.95 0.86 0.45 0.47 0.47 0.47 0.44 4.66 4.70 4.35 4.20 4.37 3.93 3.84 3.68 3.58 3.80 7.79 8.40 7.99 7.90 7.51 5.27 5.51 5.64 5.77 6.09 2399.76 19.0%

GLAXOSMITHKLINE PLC 10.73 11.95 11.16 10.23 8.92 2.86 2.81 2.71 2.62 2.54 12.98 10.82 9.80 9.05 7.75 9.45 9.70 9.10 8.67 8.14 13.92 13.44 12.26 11.22 10.38 4.78 5.03 5.31 5.63 6.01 1769.16 14.1%

BRITISH AMERICAN TOBACCO PLC 7.59 8.25 8.15 7.61 7.80 3.98 3.97 3.87 3.71 3.50 13.77 13.29 12.72 11.50 10.04 11.86 11.42 10.89 10.20 9.46 15.63 14.62 13.58 12.40 11.07 4.17 4.50 4.85 5.32 5.88 3749.86 16.4%

ROYAL DUTCH SHELL PLC-B SHS 1.15 1.12 1.05 1.00 0.90 0.45 0.47 0.47 0.47 0.44 4.87 4.92 4.55 4.39 4.57 3.93 3.84 3.68 3.58 3.80 8.14 8.79 8.36 8.27 7.86 5.03 5.27 5.41 5.53 5.69 2361.87 11.9%

DIAGEO PLC 6.78 5.48 4.52 3.70 3.06 4.27 3.97 3.67 3.39 3.14 21.26 16.12 14.20 12.43 10.94 14.79 13.81 12.62 11.57 10.70 18.94 17.22 15.54 13.92 11.98 2.43 2.66 2.91 3.17 3.94 2244.58 15.6%

BARCLAYS PLC 0.66 0.75 0.72 0.68 0.64 1.28 1.29 1.25 1.21 1.15 3.05 10.08 8.36 7.45 8.31 10.08 8.36 6.99 6.24 2.19 2.34 4.20 5.65 6.39 304.36 13.0%

BG GROUP PLC 1.94 1.83 1.66 1.50 1.50 2.88 3.24 2.95 2.39 2.16 7.99 8.33 7.52 6.06 5.97 6.84 7.21 6.31 5.06 5.11 14.00 15.61 13.62 10.56 8.47 1.35 1.42 1.55 1.72 2.28 1381.19 17.5%

ASTRAZENECA PLC 2.80 2.73 2.66 2.60 2.62 2.32 2.50 2.59 2.66 2.75 8.35 8.65 9.08 9.00 9.11 6.09 7.39 7.53 7.70 7.85 8.37 9.94 10.78 10.97 11.38 5.64 5.42 5.46 5.43 5.50 3222.83 0.7%

BHP BILLITON PLC 2.11 1.96 1.78 1.65 1.53 2.51 2.50 2.37 2.25 2.15 8.05 7.28 6.72 6.57 5.40 6.99 6.56 6.08 5.83 5.69 11.78 11.24 10.22 9.86 9.44 4.03 4.24 4.56 4.83 4.96 2121.60 18.3%

RIO TINTO PLC 1.70 1.69 1.49 1.32 1.28 1.83 1.80 1.70 1.60 1.51 7.77 6.61 5.96 5.36 5.24 6.95 6.61 5.92 5.44 5.16 9.72 9.72 8.65 7.71 7.53 3.25 3.74 3.99 4.35 4.37 3669.83 23.4%

LLOYDS BANKING GROUP PLC 1.16 1.18 1.12 1.06 1.07 2.88 2.89 2.89 2.83 3.10 18.58 11.43 9.29 7.91 30.97 14.02 11.43 9.91 9.65 0.00 0.81 2.83 4.71 6.19 78.16 5.2%

GLENCORE XSTRATA PLC 1.17 1.18 1.10 1.03 0.34 0.28 0.27 0.26 0.23 10.08 7.85 6.68 5.19 21.84 10.20 8.22 7.25 5.84 11.43 18.37 12.94 10.23 8.04 2.80 2.91 3.14 3.46 4.72 368.29 12.8%

PRUDENTIAL PLC 3.06 2.66 2.35 2.01 1.79 0.60 0.52 0.51 0.59 179.99 16.95 13.80 12.38 11.19 9.74 2.26 2.68 2.87 3.10 3.38 1311.55 11.5%

STANDARD CHARTERED PLC 1.33 1.23 1.15 1.07 3.01 2.89 2.69 2.48 2.31 10.65 8.99 8.63 7.97 10.85 10.55 9.62 8.81 8.35 3.45 3.75 4.10 4.49 4.49 1701.81 16.2%

SABMILLER PLC 2.91 2.77 2.55 2.36 2.04 3.37 3.34 3.12 2.69 2.80 16.66 16.20 14.68 13.01 11.41 16.05 14.81 13.55 12.55 10.47 20.67 19.68 17.59 15.84 14.28 2.06 2.20 2.49 2.75 2.97 3465.07 13.5%

TESCO PLC 1.54 1.59 1.47 1.36 0.44 0.43 0.41 0.40 0.38 7.53 6.81 6.66 6.31 7.56 7.15 6.84 6.57 6.27 11.98 11.09 10.50 9.92 8.45 4.10 4.22 4.44 4.69 5.22 400.90 11.9%

RECKITT BENCKISER GROUP PLC 5.13 4.90 4.29 3.93 4.01 3.34 3.13 3.02 2.87 2.73 16.43 15.75 14.61 13.83 13.25 13.06 12.46 12.13 11.40 10.77 17.94 16.64 16.16 15.21 14.10 2.91 3.13 3.30 3.54 3.71 4697.39 5.8%

UNILEVER PLC 5.09 4.76 4.24 3.77 3.18 1.63 1.64 1.58 1.49 1.42 14.17 13.18 12.58 11.40 10.03 11.62 11.23 10.67 9.90 9.06 17.79 17.67 16.40 14.98 13.52 3.46 3.69 3.97 4.33 4.65 2776.58 18.3%

BT GROUP PLC 15.75 35.35 12.97 9.07 1.51 1.52 1.52 1.51 1.50 6.32 6.93 6.51 6.86 9.68 5.90 5.99 5.82 5.69 5.59 13.70 13.58 12.11 11.17 10.37 2.74 3.18 3.61 4.16 4.88 343.52 -0.9%

NATIONAL GRID PLC 2.64 2.49 2.37 2.26 1.89 1.83 1.77 1.68 1.62 8.08 7.61 7.40 7.46 6.35 9.83 9.30 8.88 8.47 7.86 13.48 13.96 13.25 12.72 12.90 5.60 5.78 5.96 6.15 6.36 800.64 9.6%

IMPERIAL TOBACCO GROUP PLC 2.83 3.54 3.37 3.21 3.52 2.75 2.78 2.71 2.62 2.52 10.03 10.20 9.81 8.96 8.21 9.73 9.74 9.45 9.09 8.76 11.28 10.75 10.14 9.45 8.90 4.65 5.14 5.62 6.17 6.80 2488.16 10.7%

ROLLS-ROYCE HOLDINGS PLC 3.75 3.10 2.74 2.44 2.15 1.74 1.39 1.31 1.22 1.16 18.47 16.37 13.72 11.50 11.64 9.25 8.59 7.90 6.46 19.79 16.93 15.71 14.24 11.74 1.73 1.92 2.12 2.32 2.73 1224.38 7.8%

ANGLO AMERICAN PLC 0.74 0.81 0.78 0.74 1.17 1.06 1.04 0.97 0.83 5.65 4.89 4.55 3.98 5.94 5.53 5.15 4.52 4.20 12.37 13.18 11.21 9.16 9.64 3.18 3.58 3.67 3.91 4.09 1591.65 8.7%

CENTRICA PLC 3.15 3.12 2.94 2.72 2.43 0.81 0.74 0.67 0.64 0.60 10.21 7.92 7.03 6.13 5.74 6.48 5.69 5.37 5.14 4.88 13.61 13.13 12.42 11.60 10.84 4.46 4.71 4.95 5.20 5.47 400.43 9.0%

WPP PLC 2.23 2.14 1.98 1.83 1.64 1.52 1.44 1.37 1.28 13.48 11.71 10.87 10.73 11.30 11.29 10.41 9.62 8.97 8.43 17.36 15.43 13.97 12.73 11.99 2.12 2.64 3.05 3.49 3.95 1352.12 6.7%

COMPASS GROUP PLC 4.62 4.72 4.26 3.84 0.91 0.87 0.84 0.80 0.74 14.78 14.12 12.51 11.38 11.54 10.82 10.25 9.57 8.61 20.06 18.18 16.79 15.48 2.46 2.75 3.00 3.27 893.00 4.5%

BAE SYSTEMS PLC 3.17 3.61 3.42 3.24 2.93 0.78 0.78 0.79 0.77 0.77 11.46 37.91 12.07 9.28 6.84 6.65 6.92 6.76 6.93 11.63 10.68 10.88 10.39 9.89 4.24 4.46 4.57 4.73 4.77 440.94 -3.0%

SSE PLC 3.04 2.80 2.61 2.41 3.08 0.45 0.43 0.41 0.39 0.36 8.30 7.44 7.02 6.92 7.01 8.95 8.55 7.96 7.51 7.08 12.86 12.28 11.46 11.04 9.58 5.73 5.98 6.24 6.54 6.82 1545.00 5.0%

ARM HOLDINGS PLC 11.09 9.79 8.39 6.88 5.24 24.55 19.72 16.96 14.70 12.79 66.44 52.11 38.67 31.43 24.69 51.07 40.20 30.89 25.44 18.71 67.35 47.83 38.37 31.94 22.35 0.40 0.56 0.69 0.83 0.78 1049.62 6.0%

SHIRE PLC 5.44 5.03 3.87 3.03 2.69 4.76 4.48 4.17 4.05 3.88 16.28 15.71 13.21 12.38 12.34 13.47 12.14 10.76 10.13 9.68 19.92 17.57 15.30 14.40 13.31 0.43 0.45 0.56 0.60 0.68 2647.73 6.3%

AVIVA PLC 1.16 1.26 1.16 1.04 1.05 0.19 0.48 0.48 0.52 8.80 9.32 8.59 7.97 8.46 6.22 3.68 3.85 4.14 4.98 413.15 1.2%

EXPERIAN PLC 5.86 5.77 4.81 4.05 4.04 3.89 3.62 3.36 3.10 15.16 14.24 12.46 11.77 13.79 13.11 12.05 11.06 10.75 22.78 20.94 18.83 16.97 1.76 1.95 2.16 2.42 1280.08 7.9%

LEGAL & GENERAL GROUP PLC 2.09 2.00 1.89 1.74 1.61 0.44 1.95 1.85 2.26 14.06 12.70 11.71 10.87 10.24 3.76 4.57 5.18 5.74 6.91 200.20 1.7%

CRH PLC 1.19 1.22 1.20 1.15 1.06 0.70 0.72 0.68 0.64 0.60 10.04 11.08 9.81 8.16 7.00 10.81 11.86 10.00 8.46 7.00 24.33 30.42 20.01 14.93 10.95 3.53 3.53 3.56 3.65 3.50 1371.92 -8.0%

PEARSON PLC 1.65 1.72 1.64 1.56 1.65 1.72 1.79 1.75 1.66 12.40 13.51 11.41 10.47 11.54 12.41 11.22 10.27 9.59 14.81 15.97 13.90 12.53 11.84 3.57 3.83 4.07 4.30 4.57 1288.68 3.3%

REED ELSEVIER PLC 5.94 5.65 5.00 4.23 1.59 1.59 1.54 1.49 1.42 11.04 10.67 9.96 9.32 12.76 7.47 7.27 6.86 6.58 6.01 16.69 15.40 14.29 13.50 13.02 2.90 2.98 3.19 3.40 3.74 852.81 2.2%

TULLOW OIL PLC 2.77 2.72 2.56 2.48 6.34 5.86 5.87 5.79 4.44 10.26 10.55 11.13 10.38 7.36 9.60 10.02 9.71 9.97 21.52 26.42 26.88 30.51 22.70 0.97 1.07 1.11 1.13 1.39 1283.73 25.6%

KINGFISHER PLC 1.52 1.42 1.35 1.28 0.88 0.84 0.80 0.77 0.75 14.44 11.71 10.71 9.58 9.31 8.83 7.97 7.27 5.92 17.80 16.52 14.54 12.70 10.18 2.33 2.54 2.85 3.16 3.98 421.14 8.0%

OLD MUTUAL PLC 1.08 1.21 1.15 1.07 0.99 3.40 1.38 1.31 1.14 11.48 9.36 8.63 7.97 10.70 9.75 8.87 8.21 7.01 3.47 4.27 4.75 5.40 5.61 209.98 12.2%

WOLSELEY PLC 3.14 2.84 2.53 2.09 0.68 0.65 0.60 0.58 0.56 20.99 14.46 12.61 8.95 11.45 10.03 8.76 7.77 7.89 18.67 15.87 13.47 11.38 2.02 2.35 2.77 3.22 3447.43 5.1%

BRITISH SKY BROADCASTING GRO 16.46 15.16 10.51 7.96 1.95 1.85 1.77 1.69 1.64 10.80 10.50 9.42 8.25 9.21 9.21 8.54 7.84 15.21 14.97 13.42 11.99 172.35 3.29 3.54 3.94 4.38 0.00 880.05 0.1%

STANDARD LIFE PLC 1.94 1.88 1.81 1.74 1.72 0.42 0.39 0.36 0.34 11.56 14.76 13.39 12.30 11.48 4.25 4.52 5.27 5.09 5.47 355.63 2.9%

MARKS & SPENCER GROUP PLC 3.29 2.99 2.70 2.45 0.81 0.78 0.75 0.72 0.71 9.39 8.59 7.60 7.23 7.80 7.62 7.06 6.70 6.62 15.48 14.97 13.34 12.08 11.64 3.39 3.53 3.81 4.19 4.39 492.62 -1.8%

NEXT PLC 30.23 26.64 17.34 11.67 2.27 2.21 2.13 2.05 1.95 15.16 13.87 12.56 11.62 11.26 10.71 10.27 9.85 9.52 18.34 15.64 14.49 13.72 12.68 1.96 2.30 2.52 2.64 2.86 5136.36 -0.9%

ROYAL BANK OF SCOTLAND GROUP 0.61 0.64 0.62 0.59 1.73 1.99 2.02 2.03 10.08 15.74 13.46 9.13 8.24 18.27 21.01 12.41 9.96 10.01 0.00 0.00 0.58 2.23 3.74 330.00 -9.2%

BURBERRY GROUP PLC 7.06 5.74 4.87 4.17 3.75 3.66 3.13 2.82 2.55 2.42 21.04 16.86 15.41 13.14 13.42 11.46 10.30 9.20 9.36 23.86 20.85 18.43 16.64 15.05 1.70 1.95 2.21 2.48 2.63 1651.30 0.9%

LAND SECURITIES GROUP PLC 1.01 0.92 0.85 0.81 14.55 12.35 11.78 10.96 11.01 26.38 24.61 22.39 21.40 24.44 22.84 21.34 19.91 17.84 25.64 24.03 22.39 21.55 19.66 3.25 3.36 3.52 3.64 4.20 954.44 4.0%

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 2.36 2.36 2.19 2.02 2.36 1.50 1.50 1.44 1.38 1.50 10.94 10.94 10.56 10.43 10.94 9.43 9.43 8.69 8.14 9.43 15.27 15.27 13.77 12.45 15.27 2.09 2.09 2.27 2.44 2.09 1853.2 10.2%

Euro Stoxx 50 Pr 1.31 1.31 1.25 1.17 1.31 0.84 0.84 0.81 0.79 0.84 6.56 6.56 6.03 5.46 6.56 7.67 7.67 7.26 6.87 7.67 13.03 13.03 11.64 10.46 13.03 3.92 3.92 4.12 4.46 3.92 3038.5 4.4%

NIKKEI 225 1.56 1.56 1.46 1.36 1.56 0.75 0.75 0.72 0.70 0.75 9.09 9.09 8.42 7.22 9.09 8.91 8.91 8.14 7.65 8.91 18.24 18.24 16.16 14.56 18.24 1.61 1.61 1.76 1.90 1.61 15398.4 6.3%

FTSE 100 INDEX 1.78 1.78 1.66 1.36 1.78 1.04 1.04 1.01 0.98 1.04 8.69 8.69 7.88 7.16 8.69 7.66 7.66 7.02 6.60 7.66 12.89 12.89 11.73 10.77 12.89 3.77 3.77 4.10 4.47 3.77 7099.4 10.1%

SWISS MARKET INDEX 2.50 2.50 2.32 2.17 2.50 2.11 2.11 2.02 1.93 2.11 13.16 13.16 11.84 10.57 13.16 13.38 13.38 12.41 11.59 13.38 15.59 15.59 14.12 12.82 15.59 3.17 3.17 3.54 3.99 3.17 8703.6 8.3%

S&P/TSX COMPOSITE INDEX 1.75 1.75 1.63 1.51 1.75 1.68 1.68 1.55 1.49 1.68 8.84 8.84 8.02 6.74 8.84 8.99 8.99 7.98 7.38 8.99 15.45 15.45 13.65 12.38 15.45 3.13 3.13 3.25 3.38 3.13 14291.9 11.8%

S&P/ASX 200 INDEX 1.93 1.93 1.83 1.74 1.93 1.82 1.82 1.71 1.64 1.82 11.03 11.03 10.10 9.46 11.03 9.41 9.41 8.58 8.02 9.41 15.19 15.19 13.80 12.80 15.19 4.52 4.52 4.82 5.17 4.52 5387.5 3.5%

HANG SENG INDEX 1.36 1.36 1.26 1.16 1.36 1.77 1.77 1.64 1.52 1.77 8.03 8.03 7.60 7.10 8.03 9.01 9.01 8.24 7.55 9.01 10.96 10.96 10.17 9.23 10.96 3.54 3.54 3.80 4.18 3.54 25158.2 10.1%

MSCI EM 1.45 1.45 1.33 1.21 1.45 1.01 1.01 0.94 0.88 1.01 7.28 7.28 6.63 6.09 7.28 7.65 7.65 6.95 6.43 7.65 11.23 11.23 10.05 9.20 11.23 2.80 2.80 3.08 3.37 2.80 1120.8 13.5%

SMITH & NEPHEW PLC 3.02 2.79 2.52 2.30 2.68 2.57 2.46 2.35 2.24 13.64 13.87 12.81 9.81 7.98 9.44 9.34 8.52 7.96 7.48 16.68 16.55 15.10 13.95 13.04 1.96 2.15 2.38 2.57 2.67 783.33 2.1%

CAPITA PLC 7.12 6.44 5.47 4.70 3.05 1.98 1.71 1.56 1.46 1.38 20.16 15.62 14.60 12.28 11.30 14.75 13.66 12.49 11.75 11.26 19.38 17.81 16.15 15.01 14.31 2.32 2.54 2.77 3.01 3.22 1000.41 -0.6%

ASSOCIATED BRITISH FOODS PLC 2.43 2.32 2.13 1.97 1.75 1.21 1.13 1.06 1.00 0.93 14.55 12.19 11.64 10.78 9.51 11.49 10.28 9.92 9.35 8.53 21.81 19.22 18.27 16.63 14.57 1.46 1.70 1.83 2.00 2.26 1916.65 2.1%

INTL CONSOLIDATED AIRLINE-DI 1.47 2.09 1.82 1.53 0.46 0.43 0.41 0.39 0.38 9.76 6.55 4.20 3.90 9.13 5.51 4.05 3.46 3.20 31.70 12.21 8.47 6.70 0.00 0.10 0.27 0.90 0.61 336.72 -1.4%

ITV PLC 6.70 6.06 3.88 3.18 3.15 2.95 2.80 2.70 2.94 20.10 17.17 14.15 13.61 13.16 11.20 10.22 9.56 20.33 16.69 15.12 13.71 14.62 1.36 2.26 2.43 2.77 178.27 0.8%

WM MORRISON SUPERMARKETS 1.28 1.20 1.15 1.09 0.36 0.36 0.35 0.34 0.32 6.46 6.63 6.33 6.08 6.84 7.17 6.90 6.58 6.35 10.52 11.15 10.72 10.07 8.18 4.18 4.61 4.82 5.11 5.75 287.00 2.5%

JOHNSON MATTHEY PLC 3.79 3.72 3.29 2.91 3.07 0.56 0.52 0.48 0.45 0.46 15.26 13.21 11.39 10.16 10.28 12.18 11.29 10.36 9.40 8.96 19.22 17.45 15.80 14.13 13.80 2.04 2.25 2.48 2.75 2.90 2952.50 4.8%

BRITISH LAND CO PLC 1.00 0.94 0.87 0.82 18.77 18.15 15.87 14.36 20.02 18.84 17.74 15.79 16.06 16.47 15.01 13.95 13.25 19.15 19.03 17.58 16.06 14.97 4.60 4.68 4.82 4.98 4.91 612.38 6.2%

GKN PLC 4.01 3.07 2.53 2.18 0.87 0.78 0.74 0.69 0.66 14.63 9.93 8.30 6.86 8.90 7.65 6.78 6.26 14.32 12.82 10.88 9.99 2.07 2.30 2.59 2.85 375.92 9.4%

SMITHS GROUP PLC 4.49 3.66 3.29 2.91 1.77 1.72 1.65 1.60 1.56 15.17 13.05 11.96 11.58 10.01 9.53 8.93 8.47 15.33 14.29 13.30 12.74 2.77 2.92 3.06 3.20 1353.36 -4.4%

SAINSBURY (J) PLC 1.26 1.24 1.19 1.17 0.32 0.31 0.29 0.28 0.27 6.73 6.60 6.23 5.97 7.21 6.86 6.45 6.12 6.20 13.02 12.20 11.44 10.81 10.51 4.33 4.46 4.67 4.80 381.75 -1.6%

INTERTEK GROUP PLC 8.29 6.94 5.73 4.76 4.36 2.61 2.39 2.22 2.06 1.91 18.46 17.62 15.38 13.63 12.95 15.04 13.97 12.63 11.52 10.82 26.03 23.24 20.71 18.62 16.67 1.21 1.37 1.57 1.77 1.81 3465.52 3.5%

WHITBREAD PLC 3.63 3.08 2.73 2.42 2.66 2.38 2.15 1.96 1.81 15.18 12.55 11.40 10.27 11.62 10.52 9.64 8.74 20.03 17.82 16.04 14.44 13.31 1.89 2.13 2.31 2.53 2.61 3073.76 3.3%

WEIR GROUP PLC/THE 3.96 3.28 2.87 2.53 1.91 1.93 1.82 1.74 1.62 17.11 15.20 12.39 11.50 11.17 10.69 9.79 9.24 15.80 15.26 14.02 13.06 12.06 1.58 1.80 1.95 2.13 0.00 2331.13 0.1%

INTERCONTINENTAL HOTELS GROU 43.25 37.13 12.00 4.19 4.06 3.94 3.72 3.46 15.41 14.36 13.34 12.69 11.31 12.08 11.27 10.91 10.01 9.24 21.28 19.21 18.01 16.30 14.70 2.12 2.68 2.61 2.89 2.99 2069.05 14.1%

UNITED UTILITIES GROUP PLC 2.56 2.39 2.29 2.27 2.88 2.80 2.69 2.68 2.60 8.27 7.26 6.85 7.27 10.91 10.55 10.06 10.19 9.56 17.67 16.69 15.57 16.46 16.38 4.95 5.17 5.43 5.49 5.20 730.89 5.2%

IMI PLC 7.24 6.90 5.28 4.29 2.07 2.03 1.95 1.88 1.77 24.86 15.49 14.53 12.05 11.48 10.83 10.02 9.27 17.84 16.45 15.03 13.76 2.23 2.42 2.62 2.84 1503.07 3.0%

BUNZL PLC 5.08 4.13 3.80 3.43 0.84 0.74 0.71 0.68 18.12 15.82 14.39 13.04 14.27 12.48 11.87 11.35 19.16 17.20 16.20 15.24 2.07 2.32 2.48 2.67 1269.50 -5.5%

RSA INSURANCE GROUP PLC 1.11 1.11 1.04 0.98 0.51 0.48 0.46 0.44 0.40 1193.00 10.65 10.65 9.54 8.84 8.23 7.80 5.28 5.45 5.78 6.12 126.68 6.2%

BABCOCK INTL GROUP PLC 4.28 4.14 3.71 3.33 1.35 1.26 1.17 1.10 0.99 19.24 18.73 16.24 14.54 12.05 13.31 12.34 11.38 10.49 12.47 17.66 17.44 15.65 14.37 12.58 2.06 2.36 2.60 2.88 3.38 1277.18 5.6%

RESOLUTION LTD 0.82 0.85 0.88 0.93 0.79 2.80 0.62 0.59 0.42 14.47 13.55 12.10 11.29 11.53 6.60 6.66 6.72 6.85 7.01 325.62 2.3%

MEGGITT PLC 2.22 2.05 1.89 1.73 1.72 2.71 2.56 2.43 2.30 2.20 17.15 14.22 12.57 10.59 10.85 10.20 9.48 8.96 8.20 16.00 14.41 13.36 12.43 11.76 2.07 2.34 2.56 2.80 3.14 537.73 -2.3%

SEVERN TRENT PLC 4.89 4.90 4.77 4.80 2.32 2.26 2.22 2.23 2.11 8.59 8.03 7.91 7.85 10.29 10.28 10.06 10.14 8.98 20.40 19.96 19.49 20.51 18.99 4.28 4.53 4.81 4.92 5.02 1751.11 -1.2%

TRAVIS PERKINS PLC 1.73 1.64 1.52 1.39 0.85 0.83 0.79 0.74 0.69 13.75 13.70 12.35 10.96 11.41 11.00 9.94 8.94 7.89 17.93 16.85 14.68 12.83 10.57 1.44 1.78 2.17 2.61 3.63 1621.88 -3.6%

G4S PLC 2.31 2.70 2.59 2.42 0.50 0.52 0.50 0.48 0.45 10.67 13.99 12.02 9.81 9.36 10.28 9.44 8.85 8.42 11.54 15.15 13.41 12.37 3.40 3.48 3.59 3.98 258.08 0.8%

AGGREKO PLC 3.87 3.41 2.96 2.62 2.30 2.65 2.62 2.55 2.42 2.11 12.95 9.65 9.57 7.17 6.27 7.63 7.56 7.53 7.11 6.24 15.38 17.01 17.01 15.48 13.09 1.51 1.66 1.84 2.09 2.62 1767.50 12.8%

RANDGOLD RESOURCES LTD 2.50 2.23 2.01 1.79 4.80 5.40 4.03 4.07 3.46 10.58 16.31 9.33 8.87 6.84 9.27 13.28 10.08 8.45 6.17 14.59 24.61 16.08 15.80 13.14 0.75 0.66 0.77 1.05 0.83 5586.72 30.1%

MELROSE INDUSTRIES PLC 2.18 1.84 1.78 1.68 2.47 1.78 1.73 1.65 22.65 14.99 12.66 12.45 17.84 12.34 11.43 10.80 18.83 18.04 16.11 14.92 2.29 2.69 2.92 3.15 306.86 1.8%

REXAM PLC 1.79 1.85 1.68 1.46 0.87 0.88 0.85 0.82 9.80 9.72 8.73 8.25 7.77 8.26 7.91 7.49 13.49 12.88 11.55 10.78 3.27 3.42 3.85 4.18 558.00 15.5%

CARNIVAL PLC 1.09 1.09 1.07 1.03 1.02 1.73 1.72 1.66 1.54 1.47 9.11 9.51 8.75 7.85 10.72 11.55 10.98 9.44 9.18 18.12 21.95 20.80 15.41 15.43 3.20 3.26 3.06 3.22 2185.36 4.8%

MONDI PLC 2.25 2.13 1.93 1.75 1.04 0.91 0.87 0.85 8.58 6.98 6.32 6.18 8.87 7.55 7.04 6.76 18.82 14.01 12.79 11.68 8.91 2.17 2.67 3.08 3.40 1071.08 3.6%

SAGE GROUP PLC/THE 2.48 3.69 3.42 3.16 2.71 2.64 2.59 2.47 2.47 14.83 13.02 12.24 11.36 9.82 9.47 9.22 8.70 8.56 16.05 14.96 13.66 12.67 12.81 3.30 5.08 3.57 3.81 4.05 344.58 4.2%

PETROFAC LTD 5.35 4.05 3.22 2.60 1.22 1.18 1.05 0.96 0.90 14.71 11.94 8.43 7.04 10.18 8.92 8.17 6.92 5.87 6.78 12.30 12.04 10.33 9.06 12.90 2.80 2.91 3.35 3.79 2.73 1590.10 13.5%

COCA-COLA HBC AG-CDI 2.65 2.49 2.32 2.14 1.97 1.13 1.11 1.07 1.03 0.99 11.32 11.17 9.53 8.57 7.28 11.30 10.91 10.09 9.16 8.14 27.88 25.74 22.04 18.66 15.39 0.89 1.50 1.73 2.12 2.93 1704.41 -6.6%

ABERDEEN ASSET MGMT PLC 3.76 3.22 2.95 2.70 5.36 4.30 3.97 3.65 15.05 10.17 10.59 9.88 12.48 9.30 8.43 7.68 17.72 12.56 11.49 10.28 9.60 2.77 3.95 4.56 5.19 7.28 461.87 21.8%

WILLIAM HILL PLC 3.16 2.30 2.13 1.97 2.85 2.41 2.22 2.10 2.05 12.83 11.81 11.42 11.15 11.93 10.97 10.07 10.39 9.97 15.51 14.14 13.12 13.68 13.08 2.50 2.84 3.15 3.32 3.92 492.57 18.5%

CRODA INTERNATIONAL PLC 10.11 8.38 6.51 5.32 3.34 3.28 3.07 2.89 2.69 17.86 17.27 15.44 14.44 12.48 13.24 12.29 11.24 10.45 10.07 20.98 19.72 17.63 16.19 14.73 2.22 2.42 2.68 2.91 3.27 2699.33 1.6%

HAMMERSON PLC 0.93 0.90 0.85 0.81 0.76 12.52 10.66 9.97 9.30 9.05 25.56 22.67 20.37 17.77 17.16 25.05 22.70 21.01 19.32 18.14 25.18 22.77 20.96 18.98 17.64 3.47 3.77 4.03 4.31 4.67 534.20 6.6%

TATE & LYLE PLC 2.96 2.94 2.61 2.32 2.07 1.05 1.00 0.99 0.96 0.91 12.11 8.98 8.80 7.90 7.40 8.72 8.22 7.85 7.49 13.30 12.58 11.74 10.91 10.18 3.52 3.72 3.93 4.17 4.71 893.86 20.6%

PERSIMMON PLC 1.70 1.65 1.50 0.99 1.42 1.94 1.71 1.55 1.40 1.32 21.56 20.82 13.34 11.01 14.45 14.64 10.84 8.80 7.40 7.36 20.51 14.62 11.74 9.65 9.51 2.90 4.51 3.24 6.19 10.08 1247.21 14.3%

EASYJET PLC 3.01 2.58 2.26 2.04 1.35 1.24 1.16 1.08 1.01 13.45 10.06 8.89 8.14 10.62 7.80 7.05 6.46 5.87 22.23 14.30 12.64 11.38 8.75 0.90 2.34 3.09 2.96 3.96 1519.21 15.3%

AMEC PLC 2.70 2.81 2.57 2.31 0.78 0.75 0.74 0.69 0.74 12.78 10.98 9.68 8.76 9.37 8.30 7.57 7.34 13.75 12.45 11.10 10.18 3.14 3.69 4.11 4.56 1203.53 12.6%

SCHRODERS PLC 3.62 3.16 2.87 2.52 6.41 5.25 4.60 4.18 21.38 17.30 15.99 14.38 9.08 6.89 5.79 5.06 26.34 19.77 16.77 14.95 13.50 1.55 1.95 2.26 2.57 2.96 2525.05 -3.0%

ANTOFAGASTA PLC 1.80 1.83 1.70 1.59 1.95 2.27 2.24 2.20 2.01 5.34 7.56 7.35 7.42 6.32 3.55 5.10 5.27 5.17 4.50 9.59 14.84 15.17 14.54 11.79 4.44 2.34 2.44 2.49 2.78 923.52 13.9%

LONDON STOCK EXCHANGE GROUP 2.86 2.49 2.30 2.07 5.03 3.76 3.56 3.31 13.82 11.61 11.18 9.86 10.18 8.74 8.32 7.57 15.89 15.24 14.12 12.63 1.90 2.00 2.11 2.29 1635.00 5.1%

ADMIRAL GROUP PLC 7.69 6.91 6.54 6.16 1.56 2.50 2.43 2.37 13.51 12.36 11.97 11.76 6.98 7.73 7.77 7.79 1225.07 -0.3%

HARGREAVES LANSDOWN PLC 24.32 19.26 15.79 0.02 15.96 14.10 12.41 11.32 27.20 36.13 22.92 23.28 20.26 17.71 15.15 31.53 27.12 23.19 19.30 2.72 3.06 3.70 4.16 942.60 -4.8%

TUI TRAVEL PLC 2.11 2.39 2.16 1.95 1.64 0.28 0.28 0.27 0.26 0.25 11.38 8.63 8.02 6.82 5.75 7.82 7.02 6.52 6.19 5.58 15.36 12.71 11.67 10.75 9.15 3.20 3.53 3.85 4.15 4.61 380.07 3.1%

FRESNILLO PLC 5.08 4.16 3.89 3.56 5.10 6.40 5.99 5.15 13.27 10.15 16.13 15.23 13.01 8.33 13.09 11.52 9.61 6.26 14.76 31.33 29.27 23.27 14.78 3.82 2.01 2.08 2.40 4.44 1122.57 20.8%

SPORTS DIRECT INTERNATIONAL 1.96 1.59 1.40 1.23 23.83 18.35 18.49 16.43 13.56 11.17 9.76 27.63 22.19 18.25 15.54 0.00 0.00 0.00 0.83 760.71 7.1%

Price to Earnings Ratio

Valuation Measures II/II

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


Currency

Price to

Book

Ratio

Positive

Net

Income

Positive

Operati

ng Cash

Flow

Increasi

ng ROA

Quality

of

Earning

s

Long

Term

Debt

vs.

Assets

Current

ratio

Shares

Out -

Same

or Dec.

Inc.

Gross

Margin

Inc.

Asset

Turnov

er

Pitroski

F Score

Tangiable

Assets

Working

Captial

Retained

Earnings

Trailing

12M

Operating

Inc (Loss)

Market CapTotal

Liabilities

Net Sales

(T12M)

Total

Shareholder

s Equity

Altman Z

Score

Altman Z

Score

Bankruptcy

flag

PE PE < 40Price to

Sales

Price To

Sales <

10

Price to

Book

Price to

Book <

10

Price to

Cash

Flow

Price to

Cash

Flow <

10

Dividen

d Yield

Div

Yield >

7%

Final

Score

PEG <

0.75PE < 20

EPS

Growth >

15%

Relative

Strength

> 0

ROCE >

12%

Market

Cap >

20m

Market <

1000m

FINAL

SCORE

HSBC HOLDINGS PLC GBp 1.1 1 0 0 0 0 - 0 - 0 1 2662685 - 155920 10068 194126 2509409 88382 183129 - - 13.6 1 2 1 1 1 - - 4.2829 0 3 0 1 0 1 - 1 1 4

VODAFONE GROUP PLC GBp 1.3 1 1 0 1 0 0 1 0 0 4 90301 -7937 -86668 6065 91282 70210 44445 72488 0.04 0.00 214.0 1 2 1 1 1 6 1 5.4609 0 4 - 0 0 1 0 1 1 3

BP PLC GBp 1.1 1 1 0 1 0 1 0 0 0 4 264291 28641 102107 7961 132029 180573 375580 119620 2.77 1.00 11.3 1 0 1 1 1 6 1 4.7829 0 4 0 1 0 1 0 1 1 4

ROYAL DUTCH SHELL PLC-A SHS GBp 1.2 1 1 0 1 1 1 0 0 0 5 355855 17755 187952 37499 221603 170398 467153 189927 3.15 1.00 8.1 1 0 1 1 1 5 1 4.9905 0 4 0 1 0 1 1 1 1 5

GLAXOSMITHKLINE PLC GBp 11.3 1 1 0 0 0 0 1 0 0 3 26955 -123 2439 9170 65450 34728 26431 6747 3.47 1.00 14.4 1 2 1 11 0 18 0 5.5431 0 2 0 1 0 1 1 1 1 5

BRITISH AMERICAN TOBACCO PLC GBp 8.5 1 1 1 1 0 1 0 - 0 5 15617 1044 3049 5668 63240 19548 15190 7779 4.32 1.00 15.8 1 4 1 8 1 15 0 4.3223 0 3 0 1 1 1 1 1 1 6

ROYAL DUTCH SHELL PLC-B SHS GBp 1.2 1 1 0 1 1 1 0 0 0 5 355855 17755 187952 37499 221603 170398 467153 189927 3.15 1.00 8.1 1 0 1 1 1 5 1 4.9905 0 4 0 1 0 1 1 1 1 5

DIAGEO PLC GBp 6.7 1 1 1 0 1 1 1 1 0 7 16029 3050 4895 3528 47056 16970 11433 8107 3.76 1.00 18.9 1 4 1 7 1 23 0 2.5213 0 3 0 1 1 1 1 1 1 6

BARCLAYS PLC GBp 0.6 0 0 0 0 0 - 0 - 0 0 1480420 - 38138 2880 32126 1428349 34016 59986 - - - - 1 1 1 1 - - 2.4771 0 2 - - - 1 - 1 1 3

BG GROUP PLC GBp 1.8 1 1 0 1 1 1 0 - 0 5 60754 3074 31840 7605 59432 32153 18933 33094 2.51 1.00 16.9 1 3 1 2 1 7 1 1.5895 0 4 0 1 0 1 0 1 1 4

ASTRAZENECA PLC GBp 2.5 1 1 0 1 0 0 1 0 0 4 27188 4885 19921 8140 58928 29582 27973 23952 4.23 1.00 9.5 1 2 1 2 1 8 1 5.9252 0 4 - 1 0 1 1 1 1 5

BHP BILLITON PLC GBp 1.9 1 1 0 1 0 1 1 - 0 5 132883 -586 68409 20847 145840 66074 65968 72035 3.05 1.00 12.5 1 2 1 2 1 7 1 4.5417 0 4 1 1 0 1 0 1 1 5

RIO TINTO PLC GBp 2.2 0 1 0 1 0 0 1 - 0 3 108171 4006 36676 11461 179239 59552 50967 58021 2.12 1.00 - - 2 1 2 1 11 0 2.9281 0 2 - - - 1 - 1 1 3

LLOYDS BANKING GROUP PLC GBp 0.8 0 0 1 0 1 - 0 - 1 3 919744 - 20085 1864 33744 879868 36408 44684 - - - - 1 1 1 1 - - 0 0 2 - - 1 1 - 1 1 4

GLENCORE XSTRATA PLC GBp 1.3 1 1 0 1 1 0 0 0 0 4 102873 6910 4507 3128 40508 71237 214436 34300 1.89 1.00 39.6 1 0 1 1 1 8 1 2.7603 0 4 0 0 0 1 - 1 1 3

PRUDENTIAL PLC GBp 2.1 1 1 1 0 1 - 0 - 1 5 308606 - 8342 3090 22133 299889 55476 10364 - - 10.0 1 0 1 2 1 132 0 3.3726 0 3 0 1 1 1 - 1 1 5

STANDARD CHARTERED PLC GBp 1.4 1 1 0 0 0 - 0 - 0 2 629206 - 38679 7566 61669 590463 26712 46055 - - 12.5 1 2 1 1 1 25 0 3.2868 0 3 0 1 0 1 - 1 1 4

SABMILLER PLC GBp 3.3 1 1 0 1 1 0 0 - 0 4 26797 -2964 19624 4416 87852 28834 23213 27460 4.13 1.00 25.6 1 4 1 3 1 16 0 1.9196 0 3 0 0 0 1 1 1 1 4

TESCO PLC GBp 1.8 1 1 0 1 0 1 0 0 0 4 45767 -5889 11220 2527 29981 33468 64826 16661 2.32 1.00 21.5 1 0 1 2 1 10 0 3.9651 0 3 0 0 0 1 0 1 1 3

RECKITT BENCKISER GROUP PLC GBp 4.8 1 1 0 1 1 0 0 1 0 5 3905 -3430 5664 2570 28480 9158 9567 5922 7.20 1.00 15.4 1 3 1 5 1 15 0 3.4545 0 3 0 1 0 1 - 1 1 4

UNILEVER PLC GBp 5.4 1 1 0 1 1 0 0 1 1 6 24448 -3668 14535 6989 82459 30450 51324 15716 4.57 1.00 18.4 1 2 1 5 1 12 0 3.3311 0 3 0 1 0 1 1 1 1 5

BT GROUP PLC GBp - 1 1 1 1 0 1 0 - 0 5 21568 -2930 -732 3102 21907 25088 18253 -262 1.78 1.00 10.4 1 1 1 - - 5 1 3.4173 0 3 0 1 0 1 1 1 1 5

NATIONAL GRID PLC GBp 2.7 1 1 1 1 0 1 1 - 0 6 49088 2131 8451 3644 28045 44472 14359 10233 1.19 1.00 12.2 1 2 1 3 1 9 1 5.3399 0 4 0 1 0 1 0 1 1 4

IMPERIAL TOBACCO GROUP PLC GBp 3.8 1 1 0 1 0 1 1 1 1 7 10030 -2029 95 2747 22694 21555 14672 6084 2.43 1.00 33.6 1 2 1 4 1 14 0 4.6073 0 3 0 0 0 1 - 1 1 3

ROLLS-ROYCE HOLDINGS PLC GBp 2.7 1 1 1 0 1 1 1 1 1 8 15214 2399 5714 1200 16352 12010 12161 6105 2.27 1.00 7.1 1 1 1 3 1 13 0 2.2324 0 3 1 1 1 1 1 1 1 7

ANGLO AMERICAN PLC GBp 1.1 0 1 0 1 0 1 0 0 0 3 74798 11822 32528 5393 42789 35582 28761 43787 1.90 1.00 - - 1 1 1 1 8 1 2.7631 0 3 - - - 1 - 1 1 3

CENTRICA PLC GBp 2.9 1 1 1 1 0 1 0 1 0 6 17830 -352 4677 2422 17344 16025 23942 5927 3.00 1.00 13.6 1 1 1 3 1 6 1 4.9161 0 4 0 1 1 1 1 1 1 6

WPP PLC GBp 1.6 1 1 0 1 1 0 1 0 1 6 13593 -917 6507 1426 11237 17817 10373 7061 2.33 1.00 13.4 1 1 1 2 1 12 0 3.2106 0 3 0 1 0 1 - 1 1 4

COMPASS GROUP PLC GBp 3.9 1 1 0 1 0 1 1 - 1 6 4389 -437 2659 1143 12680 5989 16905 3241 6.77 1.00 21.3 1 1 1 4 1 12 0 3.1163 0 3 0 0 0 1 1 1 1 4

BAE SYSTEMS PLC GBp 2.9 1 1 0 1 0 1 0 - 0 4 11346 -1939 2381 1638 10953 18500 16620 3774 2.62 1.00 10.3 1 1 1 3 1 5 1 5.7881 0 4 0 1 0 1 - 1 1 4

SSE PLC GBp 2.6 1 1 1 1 1 0 0 1 0 6 19678 -855 4209 1155 14310 15047 28305 5549 2.45 1.00 33.2 1 0 1 3 1 7 1 5.6739 0 4 0 0 1 1 0 1 1 4

ARM HOLDINGS PLC GBp 8.8 1 1 1 1 0 1 0 1 1 7 936 430 839 209 10605 261 577 1206 24.85 1.00 65.7 1 18 0 9 1 63 0 0.5859 0 2 0 0 1 1 1 1 1 5

SHIRE PLC GBp 4.4 1 1 0 1 0 1 0 1 0 5 4285 1567 772 1276 16912 3508 4648 3809 4.90 1.00 22.8 1 4 1 4 1 12 0 0.5654 0 3 0 0 0 1 1 1 1 4

AVIVA PLC GBp 1.3 0 1 0 1 1 - 0 - 1 4 313085 - 3032 1633 10988 304329 43536 11360 - - - - 0 1 1 1 7 1 5.0938 0 3 - - - 1 - 1 1 3

EXPERIAN PLC GBp 5.5 1 1 0 1 0 1 1 0 0 5 2664 -720 1602 1691 17491 4971 4730 3224 6.50 1.00 68.7 1 4 1 5 1 12 0 2.0069 0 3 0 0 0 1 - 1 1 3

LEGAL & GENERAL GROUP PLC GBp 1.6 1 1 1 1 1 - 0 - 1 6 346090 - 4337 1201 8609 340821 34976 5480 - - 10.5 1 0 1 2 1 3 1 5.2541 0 4 0 1 0 1 - 1 1 4

CRH PLC GBp 1.1 1 1 0 1 1 1 0 1 1 7 16722 3186 6154 845 11227 10595 18659 10573 2.45 1.00 20.0 1 1 1 1 1 10 0 4.085 0 3 0 0 0 1 0 1 1 3

PEARSON PLC GBp 1.7 1 1 0 1 0 0 0 0 1 4 5130 1733 2927 639 9586 5638 5059 5710 3.47 1.00 33.8 1 2 1 2 1 12 0 3.7879 0 3 0 0 0 1 1 1 1 4

REED ELSEVIER PLC GBp 6.3 1 1 1 1 0 1 1 1 1 8 3194 -1384 -183 1334 7618 8700 6116 2314 3.67 1.00 14.0 1 1 1 6 1 5 1 3.5826 0 4 0 1 1 1 - 1 1 5

TULLOW OIL PLC GBp 3.6 1 1 0 1 1 1 0 0 0 5 6405 65 4498 483 18592 4060 2344 5322 3.16 1.00 29.7 1 8 1 4 1 13 0 0.5859 0 3 0 0 0 1 1 1 1 4

KINGFISHER PLC GBp 1.1 1 1 0 1 1 0 0 0 0 4 7332 -170 3571 706 6518 3741 10573 6156 4.05 1.00 11.4 1 1 1 1 1 11 0 3.4425 0 3 0 1 0 1 1 1 1 5

OLD MUTUAL PLC GBp 1.1 1 1 1 1 1 - 1 - 1 7 140441 - 6439 1641 8718 133699 17906 9798 - - 13.4 1 0 1 1 1 4 1 3.9282 0 4 0 1 1 1 - 1 1 5

WOLSELEY PLC GBp 2.8 1 1 1 1 0 0 1 1 1 7 5796 1445 2998 660 8633 3989 13154 3053 4.92 1.00 29.6 1 1 1 3 1 21 0 2.0979 0 3 0 0 1 1 0 1 1 4

BRITISH SKY BROADCASTING GRO GBp 12.5 1 1 0 1 0 1 1 - 0 5 4628 246 -1222 1291 12624 5333 7235 1012 3.39 1.00 13.0 1 2 1 12 0 8 1 3.7879 0 3 1 1 1 1 1 1 1 7

STANDARD LIFE PLC GBp 1.8 1 0 1 0 0 - 0 - 1 3 173887 - 3009 920 7831 169405 19185 4696 - - 11.2 1 0 1 2 1 - - 8.2806 1 4 1 1 1 1 - 1 1 6

MARKS & SPENCER GROUP PLC GBp 2.5 1 1 0 1 1 0 0 1 0 5 6873 -970 1787 791 6294 5081 10027 2486 2.78 1.00 13.4 1 1 1 3 1 6 1 4.359 0 4 0 1 0 1 1 1 1 5

NEXT PLC GBp 22.9 1 1 1 1 1 0 1 1 1 8 1849 392 269 671 6544 1608 3548 286 6.19 1.00 12.7 1 2 1 23 0 10 0 2.5868 0 2 0 1 1 1 1 1 1 6

ROYAL BANK OF SCOTLAND GROUP GBp 0.5 0 0 0 0 1 - 0 - 0 1 1298750 - 36756 6077 36249 1241847 28263 70448 - - - - 1 1 1 1 - - 0 0 2 - - 0 1 - 1 1 3

BURBERRY GROUP PLC GBp 5.8 1 1 0 1 0 0 0 1 0 4 1536 363 776 418 5876 693 1999 1053 8.28 1.00 22.8 1 3 1 6 1 14 0 2.1821 0 3 0 0 0 1 1 1 1 4

LAND SECURITIES GROUP PLC GBp 0.9 1 1 0 0 1 0 0 0 1 4 11786 -268 6620 446 6558 4299 737 7487 1.86 1.00 12.1 1 9 1 1 1 26 0 3.5947 0 3 0 1 0 1 0 1 1 4

Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis

FUNDAMENTAL SCORING

Pitroski F Score


Currency

Price to

Book

Ratio

Positive

Net

Income

Positive

Operati

ng Cash

Flow

Increasi

ng ROA

Quality

of

Earning

s

Long

Term

Debt

vs.

Assets

Current

ratio

Shares

Out -

Same

or Dec.

Inc.

Gross

Margin

Inc.

Asset

Turnov

er

Pitroski

F Score

Tangiable

Assets

Working

Captial

Retained

Earnings

Trailing

12M

Operating

Inc (Loss)

Market CapTotal

Liabilities

Net Sales

(T12M)

Total

Shareholder

s Equity

Altman Z

Score

Altman Z

Score

Bankruptcy

flag

PE PE < 40Price to

Sales

Price To

Sales <

10

Price to

Book

Price to

Book <

10

Price to

Cash

Flow

Price to

Cash

Flow <

10

Dividen

d Yield

Div

Yield >

7%

Final

Score

PEG <

0.75PE < 20

EPS

Growth >

15%

Relative

Strength

> 0

ROCE >

12%

Market

Cap >

20m

Market <

1000m

FINAL

SCORE

SMITH & NEPHEW PLC GBp 2.6 1 1 1 1 0 1 0 1 0 6 3392 1214 3203 938 9978 1758 4137 3884 7.87 1.00 13.6 1 2 1 3 1 11 0 2.3649 0 3 0 1 1 1 1 1 1 6

CAPITA PLC GBp 5.7 1 1 0 1 1 1 0 0 0 5 1944 -82 394 471 5046 2985 3352 878 3.38 1.00 20.4 1 1 1 6 1 12 0 3.1126 0 3 0 0 0 1 1 1 1 4

ASSOCIATED BRITISH FOODS PLC GBp 1.7 1 1 0 1 0 1 1 0 1 6 8471 530 5789 1052 10094 4019 12252 6221 4.94 1.00 18.1 1 1 1 2 1 9 1 2.2353 0 4 0 1 0 1 1 1 1 5

INTL CONSOLIDATED AIRLINE-DI GBp 0.9 0 1 0 1 1 0 1 - 0 4 17872 -2538 -1453 -23 4220 14782 18117 5055 0.73 0.00 - - 0 1 1 1 11 0 0 0 2 - - - 1 - 1 1 3

ITV PLC GBp 5.0 1 1 1 1 1 0 0 - 1 6 1863 624 304 460 4115 1963 2196 832 5.01 1.00 15.3 1 2 1 5 1 11 0 2.4715 0 3 1 1 0 1 1 1 1 6

WM MORRISON SUPERMARKETS GBp 1.1 1 1 0 1 0 1 1 0 0 5 10112 -992 4888 950 5905 5297 18116 5230 3.24 1.00 9.4 1 0 1 1 1 6 1 4.6881 0 4 0 1 0 1 0 1 1 4

JOHNSON MATTHEY PLC GBp 3.4 1 1 0 1 0 0 1 1 0 5 2735 437 1025 398 4713 2141 10729 1393 6.44 1.00 17.1 1 0 1 3 1 13 0 2.4783 0 3 0 1 0 1 1 1 1 5

BRITISH LAND CO PLC GBp 0.9 1 1 0 0 1 0 0 0 0 3 8269 -85 4196 224 5360 2582 344 5687 2.07 1.00 17.1 1 14 0 1 1 26 0 4.8574 0 2 - 1 0 1 - 1 1 4

GKN PLC GBp 2.4 1 1 1 0 0 1 0 - 0 4 4730 497 1269 471 3799 4343 6510 1927 2.83 1.00 7.6 1 1 1 2 1 8 1 3.1469 0 4 1 1 1 1 1 1 1 7

SMITHS GROUP PLC GBp 3.7 1 1 1 0 0 1 0 0 0 4 2320 699 998 559 5454 2573 3109 1494 4.35 1.00 15.3 1 2 1 4 1 15 0 2.852 0 3 0 1 1 1 1 1 1 6

SAINSBURY (J) PLC GBp 1.2 1 1 0 1 1 0 0 1 0 5 12524 -1239 4117 830 6868 6961 23303 5734 3.01 1.00 11.1 1 0 1 1 1 7 1 4.6031 0 4 0 1 0 1 0 1 1 4

INTERTEK GROUP PLC GBp 7.9 1 1 1 1 1 1 0 - 0 6 1012 275 371 283 4983 1180 2054 655 6.20 1.00 28.6 1 2 1 8 1 21 0 1.323 0 3 0 0 1 1 1 1 1 5

WHITBREAD PLC GBp 2.9 1 1 1 1 1 1 0 - 1 7 2959 -237 1331 395 4521 1629 2030 1545 3.33 1.00 14.8 1 2 1 3 1 11 0 2.2751 0 3 0 1 0 1 1 1 1 5

WEIR GROUP PLC/THE GBp 3.0 1 1 0 0 0 1 0 1 0 4 1829 767 1242 443 3987 1972 2538 1310 5.14 1.00 12.8 1 2 1 3 1 15 0 2.0256 0 3 0 1 0 1 1 1 1 5

INTERCONTINENTAL HOTELS GROU GBp 24.1 1 1 1 0 0 1 1 1 0 6 2816 -120 129 614 7430 2946 1835 317 2.93 1.00 14.6 1 4 1 24 0 17 0 2.3084 0 2 1 1 1 1 1 1 1 7

UNITED UTILITIES GROUP PLC GBp 2.6 1 1 0 1 0 0 1 - 0 4 10303 -60 1369 617 4831 8536 1636 1872 0.87 0.00 17.1 1 3 1 3 1 8 1 4.844 0 4 0 1 0 1 0 1 1 4

IMI PLC GBp 5.9 1 1 1 0 1 1 0 0 0 5 1180 392 380 371 3737 1041 2192 684 5.61 1.00 15.1 1 2 1 6 1 18 0 2.9626 0 3 - 1 0 1 1 1 1 5

BUNZL PLC GBp 4.0 1 1 1 1 1 0 0 - 0 5 1618 281 627 294 3586 2056 5359 886 5.78 1.00 16.8 1 1 1 4 1 14 0 2.7948 0 3 0 1 1 1 1 1 1 6

RSA INSURANCE GROUP PLC GBp 1.2 1 1 0 0 1 - 0 - 1 4 21296 - 1449 600 4520 18906 8842 3879 - - 13.3 1 1 1 1 1 15 0 5.8154 0 3 1 1 0 1 - 1 1 5

BABCOCK INTL GROUP PLC GBp 4.2 1 1 1 1 1 0 0 1 1 7 1142 -241 -143 245 3939 2035 3029 969 4.09 1.00 20.5 1 1 1 4 1 17 0 2.4173 0 3 0 0 1 1 1 1 1 5

RESOLUTION LTD GBp 0.7 0 1 0 1 1 - 0 - 1 4 123418 - 1152 -32 3510 122041 11130 5698 - - - - 0 1 1 1 3 1 8.5414 1 4 - - 0 1 - 1 1 3

MEGGITT PLC GBp 1.6 1 1 1 1 1 0 0 0 1 6 1187 118 722 337 3001 1979 1606 1905 4.76 1.00 12.3 1 2 1 2 1 9 1 3.0866 0 4 0 1 1 1 1 1 1 6

SEVERN TRENT PLC GBp 4.9 1 1 1 1 0 1 0 - 1 6 7878 402 510 487 4081 7175 1832 844 0.93 0.00 17.9 1 2 1 5 1 9 1 4.4305 0 4 0 1 1 1 - 1 1 5

TRAVIS PERKINS PLC GBp 1.1 1 1 1 0 1 0 0 1 0 5 2125 -115 1796 292 2606 2049 4845 2308 4.94 1.00 10.0 1 1 1 1 1 11 0 2.2978 0 3 0 1 1 1 1 1 1 6

G4S PLC GBp 3.1 1 1 0 1 0 1 1 0 1 6 3202 836 565 427 3618 4385 7501 1231 3.68 1.00 32.5 1 0 1 3 1 20 0 3.4932 0 3 0 0 0 1 1 1 1 4

AGGREKO PLC GBp 4.4 1 1 0 1 1 0 0 1 0 5 1954 69 971 381 4632 1079 1583 1045 4.82 1.00 16.7 1 3 1 4 1 12 0 1.3741 0 3 - 1 0 1 1 1 1 5

RANDGOLD RESOURCES LTD GBp 3.4 1 1 0 1 0 0 0 0 0 3 3127 724 1205 567 8897 342 1318 2785 18.06 1.00 20.6 1 7 1 3 1 18 0 0.5174 0 3 0 0 0 1 1 1 1 4

MELROSE INDUSTRIES PLC GBp 1.6 1 1 0 1 0 0 0 1 0 4 1397 228 1733 203 2831 2675 1551 1742 4.80 1.00 50.8 1 1 1 2 1 39 0 3.4004 0 3 0 0 0 1 1 1 1 4

REXAM PLC GBp 1.7 1 1 0 1 1 0 0 - 0 4 4550 233 730 493 3830 4076 4312 2287 2.29 1.00 14.4 1 1 1 2 1 8 1 3.4862 0 4 1 1 0 1 1 1 1 6

CARNIVAL PLC GBp 1.3 1 1 0 1 1 1 1 0 0 6 34673 -5519 15314 1815 30332 15232 15382 23929 2.10 1.00 24.3 1 2 1 1 1 12 0 2.4703 0 3 0 0 0 1 0 1 1 3

MONDI PLC GBp 1.6 1 1 0 1 0 1 1 0 1 6 5919 416 2030 564 4001 3738 5807 2876 2.84 1.00 16.3 1 1 1 2 1 6 1 3.3982 0 4 0 1 0 1 0 1 1 4

SAGE GROUP PLC/THE GBp 3.0 1 1 1 0 0 0 0 1 1 5 519 -421 837 344 4167 1100 1340 1373 6.56 1.00 16.8 1 3 1 3 1 14 0 3.2387 0 3 0 1 0 1 - 1 1 4

PETROFAC LTD GBp 5.8 1 0 0 0 0 0 0 1 0 2 4900 92 1538 735 8974 3782 6324 1550 2.98 1.00 14.2 1 1 1 6 1 - - 2.4279 0 3 0 1 1 1 1 1 1 6

COCA-COLA HBC AG-CDI GBp - 1 1 0 1 1 0 - 0 1 5 5306 -252 2049 444 - 4244 7045 3007 - - - - - - - - - - - - 0 - - - 1 0 1 1 3

ABERDEEN ASSET MGMT PLC GBp 3.3 1 1 1 1 1 0 0 - 0 5 3077 269 157 275 3581 2771 869 1301 1.79 1.00 16.5 1 4 1 3 1 9 1 3.6966 0 4 0 1 1 1 1 1 1 6

WILLIAM HILL PLC GBp 2.4 1 1 1 1 1 1 0 1 1 8 442 -83 630 323 2455 838 1277 1037 7.25 1.00 12.9 1 2 1 2 1 8 1 3.2175 0 4 0 1 1 1 1 1 1 6

CRODA INTERNATIONAL PLC GBp 9.7 1 1 0 0 1 1 1 1 1 7 790 213 236 257 3325 659 1052 344 6.39 1.00 18.3 1 3 1 10 1 23 0 2.5042 0 3 0 1 0 1 1 1 1 5

HAMMERSON PLC GBp 0.9 1 1 0 1 1 1 0 1 0 6 6406 -121 2451 216 3481 2481 358 3926 1.47 1.00 38.8 1 10 1 1 1 24 0 3.6248 0 3 0 0 0 1 0 1 1 3

TATE & LYLE PLC GBp 3.8 1 1 0 0 0 1 0 - 1 4 2431 770 513 347 3964 1751 3256 1036 3.84 1.00 15.2 1 1 1 4 1 16 0 3.0824 0 3 0 1 0 1 1 1 1 5

PERSIMMON PLC GBp 1.2 1 1 1 1 0 1 0 1 1 7 2555 1697 1729 223 2423 805 1721 1994 5.28 1.00 14.2 1 1 1 1 1 13 0 0 0 3 1 1 1 1 0 1 1 6

EASYJET PLC GBp 1.3 1 1 1 1 1 0 1 - 1 7 3839 63 1030 332 2299 2501 3854 1794 2.55 1.00 9.3 1 1 1 1 1 5 1 3.7037 0 4 1 1 1 1 0 1 1 6

AMEC PLC GBp 2.9 1 1 0 1 0 0 1 0 1 5 1549 145 824 308 3089 1435 4158 1083 5.38 1.00 15.0 1 1 1 3 1 13 0 3.6391 0 3 - 1 0 1 1 1 1 5

SCHRODERS PLC GBp 2.2 1 1 0 1 0 1 1 1 0 6 14533 1273 1697 318 4502 12605 1425 2070 0.73 0.00 16.1 1 3 1 2 1 9 1 2.5504 0 4 0 1 0 1 - 1 1 4

ANTOFAGASTA PLC GBp 3.0 1 1 0 1 1 0 1 0 1 6 12712 4252 6822 2834 21200 4065 6740 8805 4.26 1.00 20.5 1 3 1 3 1 7 1 0.9765 0 4 0 0 0 1 1 1 1 4

LONDON STOCK EXCHANGE GROUP GBp 2.3 1 1 0 1 1 1 1 0 0 6 146877 398 1512 430 3541 147327 843 1599 0.05 0.00 16.2 1 4 1 2 1 10 0 2.2588 0 3 0 1 0 1 1 1 1 5

ADMIRAL GROUP PLC GBp 6.9 1 1 0 0 0 - 0 - 0 2 3112 - 444 345 3173 2744 984 461 - - 12.2 1 3 1 7 1 14 0 7.8103 1 4 1 1 1 1 - 1 1 6

HARGREAVES LANSDOWN PLC GBp 21.4 1 1 1 1 0 0 1 - 0 5 479 179 195 192 4212 284 292 197 11.84 1.00 28.0 1 14 0 21 0 26 0 2.3288 0 1 0 0 1 1 1 1 1 5

TUI TRAVEL PLC GBp 1.7 1 1 1 1 0 0 1 1 1 7 4139 -2962 1453 490 2617 7012 14460 1609 3.34 1.00 18.8 1 0 1 2 1 5 1 4.9979 0 4 0 1 1 1 - 1 1 5

FRESNILLO PLC GBp 9.6 1 1 0 1 0 1 1 0 0 5 3271 972 1583 1048 21514 669 2157 2602 13.14 1.00 29.2 1 10 1 10 1 29 0 1.9301 0 3 0 0 0 1 1 1 1 4

SPORTS DIRECT INTERNATIONAL GBp 4.3 1 1 1 0 1 1 1 1 0 7 1168 276 -293 210 2796 764 2186 645 4.59 1.00 17.5 1 1 1 4 1 24 0 0 0 3 - 1 1 1 1 1 1 6

Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis

FUNDAMENTAL SCORING

Pitroski F Score


01.10.2013

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: 06/yy

52-Week High (22.05.2013) 772.50

52-Week Low (01.10.2012) 574.00

Daily Volume

671

52-Week High % Change -13.09% Dividend Yield 4.32

52-Week Low % Change 16.90% Beta 1.23

% 52 Week Price Range High/Low 48.06% Equity Float 18'647.18

Shares Out 30.09.2013 18'657.2 Short Int -

125'189.91 1 Yr Total Return 19.31%

Total Debt 284'987.00 YTD Return 7.37%

Preferred Stock 2'728.0 Adjusted BETA 1.234

Minority Interest 7'887.0 Analyst Recs 47

Cash and Equivalents 301'381.00 Consensus Rating 3.787

Enterprise Value -

Average Volume 5 Day 18'895'720

HSBA LN EQUITY YTD Change - Average Volume 30 Day 20'455'870

HSBA LN EQUITY YTD % CHANGE - Average Volume 3 Month 20'367'860

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

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

126'036.0 97'533.0 91'171.0 94'799.0 88'382.0 72'964 77'849 66'384 68'917 - -

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

- - - - - 0.0 0.0 - - - -

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

5'728.0 5'834.0 13'159.0 16'797.0 14'027.0 16'020.0 15'873.0 18'134.2 19'709.8 - -

19.90x 31.93x 13.43x 8.03x 13.58x 9.67x 11.95x 11.32x 10.44x - -

EBITDA - Long-Term Rating Date 29.11.2011

EBIT - Long-Term Rating A+

Operating Margin 14.52% Long-Term Outlook NEG

Pretax Margin 29.77% Short-Term Rating Date 29.11.2011

Return on Assets 0.60% Short-Term Rating A-1

Return on Common Equity 9.00%

Return on Capital 3.98% 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 20.2% Total Debt/Capital 60.9%

Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 7.34

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

7'851'759.00

Current Price (10/dd/yy) Market Data

!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

5!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

-! ! F

.! ! F

0! ! F

1! ! F

2! ! F

3! ! F

4! ! 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

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

! .!

! 1!

! 3!

! 5!

- !!

- .!

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


01.10.2013

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

JP MORGAN n/a ULT-AGG 1'338'629'211 7.17 (389'304) 31.08.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 1'110'172'768 5.95 - 27.09.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 748'467'133 4.01 (9'835'788) 31.07.2013 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 588'120'515 3.15 98'539'136 31.07.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 476'556'585 2.55 - 01.05.2013 Government

NORGES BANK Multiple Portfolios MF-AGG 466'932'178 2.5 - 31.12.2012 Government

VANGUARD GROUP INC n/a ULT-AGG 461'215'618 2.47 26'400'348 30.06.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 460'045'487 2.47 (2'452'327) 31.08.2013 Unclassified

STATE STREET CORP n/a ULT-AGG 435'517'176 2.33 4'194'012 27.09.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 323'889'762 1.74 34'592'720 31.07.2013 Investment Advisor

UBS AG n/a ULT-AGG 235'075'428 1.26 31'041'501 30.09.2013 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 225'751'909 1.21 (6'887'857) 31.08.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 216'147'783 1.16 14'200'208 31.07.2013 Investment Advisor

BARCLAYS GLOBAL INVE Multiple Portfolios MF-AGG 213'843'953 1.15 - 28.06.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 200'405'981 1.07 (2'274'104) 31.08.2013 Investment Advisor

DZ BANK AG Multiple Portfolios REG 199'626'669 1.07 (243'050) 01.05.2013 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 198'945'867 1.07 519'114 01.05.2013 Investment Advisor

PRUDENTIAL PLC n/a ULT-AGG 178'830'276 0.96 (1'738'451) 30.06.2013 Unclassified

AXA n/a ULT-AGG 153'923'594 0.83 5'011'957 30.06.2013 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 148'430'627 0.8 6'437'582 01.05.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura CHINTAN JOSHI buy 5 M 850 12 month 27.09.2013

Exane BNP Paribas TOM RAYNER neutral 3 M 750 Not Provided 27.09.2013

Mizuho Securities JIM ANTOS neutral 3 M 750 12 month 26.09.2013

BNP Paribas Equity Research DOMINIC CHAN buy 5 M 823 12 month 26.09.2013

AlphaValue DAVID GRINSZTAJN sell 1 M 579 6 month 26.09.2013

Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 780 12 month 24.09.2013

Grupo Santander ARTURO DE FRIAS underweight 1 D 690 12 month 23.09.2013

Deutsche Bank JASON NAPIER hold 3 M 730 12 month 23.09.2013

JPMorgan RAUL SINHA neutral 3 D 800 15 month 11.09.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA outperform 5 M 860 12 month 09.09.2013

Shore Capital Stockbrokers GARY GREENWOOD hold 3 D #N/A N/A Not Provided 06.09.2013

Macquarie THOMAS STOEGNER outperform 5 M 800 12 month 05.09.2013

RBC Capital Markets PATRICK LEE sector perform 3 M 700 12 month 04.09.2013

China International Capital Corp MAO JUNHUA accumulate 4 M 765 Not Provided 03.09.2013

Credit Suisse AMIT GOEL outperform 5 M 780 Not Provided 02.09.2013

Berenberg Bank JAMES CHAPPELL buy 5 M 790 Not Provided 02.09.2013

Citic Securities Co., Ltd STEVEN CHAN overweight 5 M 805 6 month 02.09.2013

Barclays ROHITH CHANDRA-RAJAN overweight 5 M 810 Not Provided 02.09.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 780 12 month 23.08.2013

Day by Day VALERIE GASTALDY buy 5 M 750 3 month 23.08.2013

Investec IAN GORDON buy 5 U 745 12 month 09.08.2013

Phillip Securities CHEN XINGYU buy 5 M 832 Not Provided 08.08.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 835 12 month 07.08.2013

Societe Generale JAMES INVINE buy 5 M 810 12 month 06.08.2013

Morgan Stanley ANIL AGARWAL Equalwt/In-Line 3 D 747 12 month 06.08.2013

Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 757 12 month 06.08.2013

DBS Vickers ALEXANDER LEE hold 3 D 750 12 month 06.08.2013

Bankhaus Lampe NEIL SMITH sell 1 M 650 12 month 06.08.2013

Canaccord Genuity Corp GARETH HUNT buy 5 M 825 12 month 06.08.2013

Numis Securities Ltd MICHAEL J TRIPPITT hold 3 M 712 Not Provided 06.08.2013

BOCOM International Holdings LI SHANSHAN neutral 3 M 733 Not Provided 06.08.2013

EVA Dimensions DOUG WALTERS underweight 1 U #N/A N/A Not Provided 06.08.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 780 Not Provided 05.08.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 N #N/A N/A Not Provided 05.08.2013

S&P Capital IQ FRANK BRADEN buy 5 M 800 12 month 05.08.2013

Oriel Securities Ltd VIVEK RAJA buy 5 M 860 Not Provided 05.08.2013

CCB International Securities Ltd ADAM CHAN neutral 3 M 756 Not Provided 05.08.2013

Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 16.07.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 850 Not Provided 03.07.2013

Goldman Sachs FREDERIK THOMASEN Buy/Neutral 5 M 950 12 month 03.06.2013

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 745 Not Provided 08.05.2013

Liberum Capital Ltd CORMAC LEECH hold 3 D 650 Not Provided 12.04.2013

UBS JOHN-PAUL CRUTCHLEY neutral 3 M 750 12 month 05.03.2013

Holdings By:

HSBC Holdings PLC ee


01.10.2013

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: 06/yy

52-Week High (26.09.2013) 219.20

52-Week Low (31.12.2012) 154.20

Daily Volume

217.2





105'258.01 1 Yr Total Return 30.50%


Preferred Stock 0.0 Adjusted BETA 0.747



Enterprise Value 134'825.01

Average Volume 5 Day #########

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

VOD LN EQUITY YTD % CHANGE - Average Volume 3 Month 89'277'180


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

41'017.0 44'472.0 45'884.0 46'417.0 44'445.0 45'525.0 44'778.0 44'441.7 45'092.8 - -

2.36x 2.54x 2.67x 2.43x 2.72x 0.00x 0.00x 2.97x 2.87x - -

14'520.0 14'820.0 14'668.0 18'214.0 13'765.0 0.0 0.0 13'080.4 13'430.3 - -

6.67x 7.62x 8.35x 6.20x 8.78x 0.00x 0.00x 10.31x 10.04x - -

3'078.0 8'645.0 7'968.0 6'957.0 429.0 0.0 0.0 7'603.2 6'449.6 - -

21.03x 9.25x 11.61x 12.54x 213.97x 0.00x 0.00x 14.19x 14.47x - -

EBITDA 13'765.00 Long-Term Rating Date 05.09.2013

EBIT 6'065.00 Long-Term Rating A-

Operating Margin 13.65% Long-Term Outlook STABLE




Return on Capital 0.92% EBITDA/Interest Exp. 7.70

Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. 5.09

Net Debt/EBITDA 2.07

Gross Margin 31.4% Total Debt/EBITDA 3.02

EBITDA Margin 31.0%

EBIT Margin 13.6% Total Debt/Equity 58.1%


Asset Turnover 0.31

Current Ratio 0.75 Net Fixed Asset Turnover 2.28

Quick Ratio 0.54 Accounts receivable turnover-days 32.36

Debt to Assets 29.10% Inventory Days 5.60

Tot Debt to Common Equity 58.10% Accounts Payable Turnover Day 53.03

Accounts Receivable Turnover 11.28 Cash Conversion Cycle -15.08

Inventory Turnover 65.18

Fiscal Year Ended

Vodafone Group PLCPrice/Volume

Valuation Analysis

58'924'491.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



01.10.2013



LEGAL & GENERAL n/a ULT-AGG 2'086'376'701 4.31 34'853'609 31.07.2013 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 1'911'082'045 3.94 (97'984'099) 31.07.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 1'412'874'653 2.92 50'993'181 30.06.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 1'404'336'633 2.9 56'284'040 31.08.2013 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 1'370'547'139 2.83 - 30.06.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 1'190'966'875 2.46 64'373'245 03.06.2013 Government

NORGES BANK Multiple Portfolios MF-AGG 1'121'139'281 2.31 - 31.12.2012 Government

UBS AG n/a ULT-AGG 986'313'774 2.04 (50'529'218) 30.09.2013 Unclassified



PEOPLES REPUBLIC OF Multiple Portfolios REG 740'416'478 1.53 53'178'665 03.06.2013 Government

SUN LIFE FINANCIAL I n/a ULT-AGG 638'193'168 1.32 (100'065'739) 31.07.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 621'506'332 1.28 (92'678'216) 03.06.2013 Investment Advisor


CREDIT SUISSE AG n/a ULT-AGG 554'021'342 1.14 68'686'103 30.08.2013 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 544'419'847 1.12 11'066'075 03.06.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 515'954'525 1.06 (4'648'532) 31.08.2013 Investment Advisor


AXA n/a ULT-AGG 465'325'373 0.96 (5'601'758) 30.06.2013 Investment Advisor


HSBC STEPHEN HOWARD overweight 5 M 255 Not Provided 01.10.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK market perform 3 M 230 12 month 30.09.2013

Exane BNP Paribas ANTOINE PRADAYROL underperform 1 M 202 Not Provided 30.09.2013

Oriel Securities Ltd JOHN KARIDIS hold 3 M 215 Not Provided 27.09.2013

AlphaValue JEAN-MICHEL SALVADOR add 4 M 247 6 month 26.09.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 230 12 month 25.09.2013


Nomura JAMES BRITTON buy 5 M 235 Not Provided 24.09.2013

UBS NICK LYALL buy 5 M 245 12 month 23.09.2013

New Street Research JAMES RATZER buy 5 M 235 Not Provided 23.09.2013

National Bank AG MARKUS GLOCKENMEIER buy 5 M 230 Not Provided 17.09.2013

Credit Suisse JUSTIN FUNNELL outperform 5 M 195 Not Provided 13.09.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 220 Not Provided 13.09.2013

Banca Akros(ESN) ANDREA DEVITA hold 3 M 220 12 month 13.09.2013

Natixis BENOIT MAYNARD neutral 3 M 220 Not Provided 12.09.2013

Societe Generale OTTAVIO ADORISIO sell 1 M 130 12 month 06.09.2013

JPMorgan AKHIL DATTANI restricted #N/A N/A M #N/A N/A Not Provided 06.09.2013

Jefferies JEREMY A DELLIS hold 3 M 216 12 month 06.09.2013

Deutsche Bank DAVID A WRIGHT buy 5 M 246 12 month 05.09.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 05.09.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 M 215 Not Provided 04.09.2013

Grupo Santander JOHN DAVIES hold 3 M 190 Not Provided 03.09.2013

Raymond James STEPHANE BEYAZIAN outperform 5 M 220 12 month 03.09.2013

Macquarie GUY R PEDDY neutral 3 D 230 12 month 03.09.2013

Oddo & Cie VINCENT MAULAY buy 5 M 240 Not Provided 03.09.2013

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 233 Not Provided 03.09.2013

S&P Capital IQ JAMES CRAWSHAW hold 3 M 229 12 month 03.09.2013

Barclays MAURICE PATRICK suspended coverage #N/A N/A M #N/A N/A Not Provided 03.09.2013

Morgan Stanley LUIS PROTA restricted #N/A N/A M #N/A N/A Not Provided 29.08.2013

Makor Capital ALBERT SAPORTA buy 5 N 250 Not Provided 29.08.2013

Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 12.06.2013

Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 05.04.2013

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

Holdings By:

Vodafone Group PLC ee


01.10.2013

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: 06/yy

52-Week High (22.05.2013) 485.00

52-Week Low (16.11.2012) 416.35

Daily Volume

432.1





81'472.49 1 Yr Total Return 3.71%







BP/ LN EQUITY YTD Change - Average Volume 30 Day 21'364'480

BP/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 20'362'020


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

361'143.0 239'272.0 297'107.0 375'517.0 375'580.0 378'677.0 372'303.0 348'608.1 344'634.2 96'000.7 94'599.0

0.47x 0.87x 0.55x 0.44x 0.43x 1.70x 1.70x 0.45x 0.46x 1.60x 1.63x

41'761.0 33'392.0 38'497.0 45'796.0 20'442.0 37'562.0 25'267.0 39'977.0 41'608.1 9'792.7 10'620.0

4.05x 6.24x 4.22x 3.63x 7.92x 4.24x 5.93x 3.78x 3.63x 3.58x 3.53x

21'157.0 16'578.0 (3'719.0) 25'700.0 11'582.0 16'976.0 25'957.0 14'556.9 17'113.3 4'086.8 4'213.8

6.81x 10.95x - 5.25x 11.34x 7.39x 5.09x 9.13x 7.91x 8.35x 7.90x


EBIT 7'961.00 Long-Term Rating A

Operating Margin 2.12% Long-Term Outlook POS





Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. -1.75



EBITDA Margin 6.8%



Asset Turnover 1.24


Quick Ratio 0.59 Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle 23.17


Fiscal Year Ended

BP PLCPrice/Volume

Valuation Analysis

7'539'284.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!

.!!

0!!

1!!

2!!

3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

-! ! F

.! ! F

0! ! F

1! ! F

2! ! F

3! ! F

4! ! F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



01.10.2013


LEGAL & GENERAL n/a ULT-AGG 1'352'774'589 7.17 (19'852'881) 31.07.2013 Unclassified


CAPITAL GROUP COMPAN n/a ULT-AGG 743'547'210 3.94 - 30.06.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 538'558'781 2.86 13'522'251 31.08.2013 Unclassified


NORGES BANK INVESTME Multiple Portfolios REG 440'435'909 2.34 (1'478'376) 01.05.2013 Government






KUWAIT INVESTMENT AU Multiple Portfolios REG 328'143'792 1.74 - 01.05.2013 Government

PRUDENTIAL PLC n/a ULT-AGG 308'914'530 1.64 (868'987) 30.06.2013 Unclassified


STANDARD LIFE INVEST Multiple Portfolios REG 239'057'923 1.27 (1'652'884) 01.05.2013 Investment Advisor


AVIVA INVESTORS Multiple Portfolios REG 175'533'364 0.93 6'799'667 01.05.2013 Investment Advisor


AVIVA PLC Multiple Portfolios MF-AGG 163'549'797 0.87 1'936'654 31.08.2013 Investment Advisor



Jyske Bank ROBERT JAKOBSEN buy 5 M 507 Not Provided 30.09.2013

Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 490 12 month 30.09.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 550 Not Provided 30.09.2013

Goldman Sachs MICHELE DELLA VIGNA neutral/cautious 3 M 450 12 month 27.09.2013

AlphaValue ALEXANDRE ANDLAUER reduce 2 M 450 6 month 26.09.2013

Simmons & Company International GUY BABER overweight 5 M #N/A N/A Not Provided 23.09.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 23.09.2013

Societe Generale IRENE HIMONA hold 3 M 490 12 month 17.09.2013

Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 09.09.2013

Nomura THEEPAN JOTHILINGAM neutral 3 M 460 12 month 05.09.2013

RBC Capital Markets PETER HUTTON sector perform 3 M 530 12 month 30.08.2013

Grupo Santander JASON KENNEY underweight 1 D 485 12 month 28.08.2013

Barclays RAHIM KARIM underweight 1 M 485 Not Provided 22.08.2013

Canaccord Genuity Corp SAMUEL SIMON hold 3 M 470 12 month 15.08.2013

EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 05.08.2013

Jefferies IAIN REID hold 3 M 500 12 month 31.07.2013

Macquarie JASON D GAMMEL outperform 5 M 550 12 month 31.07.2013

Natixis ANNE PUMIR neutral 3 M 465 Not Provided 31.07.2013

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 445 Not Provided 31.07.2013

Deutsche Bank LUCAS HERRMANN buy 5 M 500 12 month 30.07.2013

Morgan Stanley MARTIJN P RATS Underwt/In-Line 1 M 452 12 month 30.07.2013

Investec NEILL MORTON hold 3 M 440 12 month 30.07.2013

JPMorgan FREDERICK G LUCAS overweight 5 M 515 3 month 30.07.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 530 Not Provided 30.07.2013

Independent Research GmbH SVEN DIERMEIER hold 3 D 510 12 month 30.07.2013

S&P Capital IQ CHRISTINE TISCARENO hold 3 M 595 12 month 30.07.2013

Oriel Securities Ltd RICHARD GRIFFITH hold 3 M #N/A N/A Not Provided 30.07.2013

VSA Capital Ltd DOUGIE YOUNGSON sell 1 M 400 12 month 30.07.2013

VTB Capital COLIN SMITH hold 3 M 490 12 month 30.07.2013

UBS JONATHON RIGBY buy 5 M 500 12 month 19.02.2013

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

Holdings By:

BP PLC ee


01.10.2013

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: 06/yy

52-Week High (30.01.2013) 2'323.50

52-Week Low (01.10.2013) 2'011.50

Daily Volume

2017





130'592.73 1 Yr Total Return -1.57%

Total Debt 37'754.00 YTD Return -1.05%






RDSA LN EQUITY YTD Change - Average Volume 30 Day 2'640'830

RDSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'816'495


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

458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 475'975.0 455'644.0 448'853.6 450'959.9 115'677.3 118'919.0

0.37x 0.76x 0.65x 0.56x 0.52x 2.01x 2.05x 0.54x 0.54x 2.04x 2.05x

57'301.0 29'079.0 41'839.0 55'943.0 52'114.0 52'487.0 52'414.0 60'849.5 63'491.9 14'932.0 15'826.0

2.98x 7.28x 5.69x 4.73x 4.65x 4.46x 4.29x 3.84x 3.68x 3.77x 3.77x

26'277.0 12'518.0 20'127.0 30'918.0 26'592.0 26'296.0 23'723.0 24'255.8 26'230.1 5'686.0 6'531.3

6.16x 14.87x 10.16x 7.39x 8.12x 7.99x 8.45x 8.40x 7.99x 8.29x 8.05x


EBIT 37'499.00 Long-Term Rating AA



Return on Assets 6.86% Short-Term Rating A-1+






EBITDA Margin 11.5%



Asset Turnover 1.32





Accounts Receivable Turnover 6.83 Cash Conversion Cycle 22.13



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

1'571'452.00


!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



01.10.2013



BLACKROCK n/a ULT-AGG 190'215'159 4.93 - 27.09.2013 Investment Advisor


SCOTTISH WIDOWS n/a ULT-AGG 92'522'996 2.4 211'803 31.08.2013 Unclassified


STATE STREET CORP n/a ULT-AGG 58'035'680 1.5 494'600 27.09.2013 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 54'024'002 1.4 29'616 01.07.2013 Government

SUN LIFE FINANCIAL I n/a ULT-AGG 46'954'362 1.22 621'383 31.07.2013 Investment Advisor


UBS AG n/a ULT-AGG 41'981'008 1.09 (630'508) 30.09.2013 Unclassified


GIC PRIVATE LIMITED n/a ULT-AGG 31'885'730 0.83 (7'434'748) 01.07.2013 Government

FRANKLIN RESOURCES n/a ULT-AGG 28'604'365 0.74 974'555 30.06.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 25'186'875 0.65 3'591'933 31.08.2013 Investment Advisor

BP INVESTMENT MANAGE Multiple Portfolios REG 22'150'138 0.57 (250'000) 01.07.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 19'551'813 0.51 (71'901) 31.07.2013 Investment Advisor

NORTHERN TRUST GLOBA Multiple Portfolios REG 17'748'060 0.46 (50'509) 01.07.2013 Investment Advisor

AVIVA PLC Multiple Portfolios MF-AGG 16'825'596 0.44 575'551 31.08.2013 Investment Advisor

HALIFAX FUND MANAGEM Multiple Portfolios MF-AGG 15'753'161 0.41 15'753'161 30.04.2013 Unclassified

STANDARD LIFE INVEST Multiple Portfolios REG 14'671'783 0.38 (124'558) 01.07.2013 Investment Advisor


Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'200 12 month 27.09.2013

ING Bank QUIRIJN MULDER buy 5 M 2'322 12 month 26.09.2013

AlphaValue ALEXANDRE ANDLAUER reduce 2 M 2'034 6 month 26.09.2013


JPMorgan FREDERICK G LUCAS underweight 1 M 2'200 3 month 18.09.2013

Raymond James BERTRAND HODEE market perform 3 M #N/A N/A Not Provided 12.09.2013

Tudor Pickering & Co ROBERT KESSLER buy 5 M 2'700 Not Provided 05.09.2013

EVA Dimensions DOUG WALTERS buy 5 N #N/A N/A Not Provided 02.09.2013

RBC Capital Markets PETER HUTTON outperform 5 M 2'520 12 month 28.08.2013

Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 2'485 Not Provided 22.08.2013

Barclays RAHIM KARIM overweight 5 M 2'410 Not Provided 22.08.2013


Canaccord Genuity Corp SAMUEL SIMON buy 5 M 2'650 12 month 15.08.2013

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 M 2'320 12 month 13.08.2013

Investec NEILL MORTON buy 5 M 2'550 Not Provided 07.08.2013

UBS JONATHON RIGBY neutral 3 M 2'200 12 month 02.08.2013

Jefferies IAIN REID buy 5 M 2'450 12 month 02.08.2013

Macquarie JASON D GAMMEL outperform 5 M 2'500 12 month 02.08.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 2'259 12 month 02.08.2013

Hamburger Sparkasse INGO SCHMIDT buy 5 M #N/A N/A Not Provided 02.08.2013

Natixis ANNE PUMIR neutral 3 M 2'350 Not Provided 02.08.2013

Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 02.08.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN buy 5 M 2'580 Not Provided 01.08.2013

Deutsche Bank LUCAS HERRMANN hold 3 M 2'400 12 month 19.07.2013

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

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

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

Holdings By:

Royal Dutch Shell PLC ee


01.10.2013

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: 06/yy

52-Week High (28.05.2013) 1'816.00

52-Week Low (19.11.2012) 1'314.00

Daily Volume

1551





75'779.14 1 Yr Total Return 12.94%



Minority Interest 937.0 Analyst Recs 30




GSK LN EQUITY YTD Change - Average Volume 30 Day 6'980'038

GSK LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'315'178


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

24'352.0 28'368.0 28'392.0 27'387.0 26'431.0 27'184.0 26'418.0 26'983.8 27'949.3 6'780.4 7'067.4

3.17x 2.77x 2.61x 3.07x 3.04x 11.81x 13.03x 3.31x 3.16x - -

9'115.0 11'117.0 6'932.0 10'017.7 10'615.3 9'453.0 9'911.0 9'518.3 10'153.5 2'551.0 2'771.0

8.47x 7.08x 10.70x 8.39x 7.58x 8.61x 9.73x 9.70x 9.10x - -

4'602.0 5'531.0 1'634.0 5'261.0 4'565.0 5'176.0 3'992.0 5'590.7 6'066.3 1'386.0 1'588.0

14.50x 12.09x 38.59x 14.06x 14.36x 13.89x 20.06x 13.44x 12.26x 13.13x 12.81x


EBIT 9'170.30 Long-Term Rating A+









EBITDA Margin 37.5%



Asset Turnover 0.63







Fiscal Year Ended

GlaxoSmithKline PLCPrice/Volume

Valuation Analysis

3'589'152.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!!1!!3!!5!!

-!!!-.!!-1!!-3!!-5!!.!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



01.10.2013



LEGAL & GENERAL n/a ULT-AGG 199'157'242 4.08 (517'183) 31.07.2013 Unclassified

INVESCO LTD n/a ULT-AGG 196'574'727 4.02 1'779'967 30.09.2013 Investment Advisor



PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 139'489'742 2.85 1'809'167 30.08.2013 Investment Advisor


NORGES BANK INVESTME Multiple Portfolios REG 115'208'137 2.36 (21'446) 01.07.2013 Government







NEWTON INV MGMT Multiple Portfolios REG 69'380'765 1.42 (1'147'509) 01.07.2013 Investment Advisor



THREADNEEDLE n/a ULT-AGG 62'907'414 1.29 672'028 31.07.2013 Unclassified

DODGE & COX WORLDWID Multiple Portfolios MF-AGG 62'449'823 1.28 - 31.03.2013 Investment Advisor



Societe Generale STEPHEN MCGARRY buy 5 M 2'000 12 month 01.10.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 1'755 12 month 27.09.2013

AlphaValue ARMELLE MOULIN sell 1 M 1'440 6 month 26.09.2013

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU buy 5 M 1'850 Not Provided 24.09.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 1'870 6 month 23.09.2013

Helvea ODILE RUNDQUIST hold 3 M 1'710 12 month 23.09.2013

Barclays MARK PURCELL equalweight 3 M 1'555 Not Provided 23.09.2013

Exane BNP Paribas FLORENT CESPEDES underperform 1 M 1'600 Not Provided 19.09.2013

Deutsche Bank MARK CLARK buy 5 M 1'850 12 month 17.09.2013

Jefferies JEFFREY HOLFORD hold 3 M 1'750 12 month 12.09.2013

Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M 1'836 12 month 11.09.2013

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 1'845 Not Provided 11.09.2013

S&P Capital IQ SHO MATSUBARA sell 1 M 1'400 12 month 09.09.2013

Shore Capital Stockbrokers BRIAN WHITE buy 5 M #N/A N/A Not Provided 05.09.2013

Credit Suisse KERRY HOLFORD neutral 3 M 1'670 Not Provided 28.08.2013

JPMorgan JAMES D GORDON neutral 3 U 1'900 9 month 14.08.2013

Natixis PHILIPPE LANONE neutral 3 M 1'700 Not Provided 13.08.2013

Day by Day VALERIE GASTALDY buy 5 M 1'781 3 month 12.08.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 05.08.2013

Cenkos Securities Ltd NAVID MALIK buy 5 M 1'933 Not Provided 29.07.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 1'750 12 month 25.07.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER hold 3 M 1'650 Not Provided 24.07.2013

Kepler Cheuvreux FABIAN WENNER buy 5 M 1'900 Not Provided 24.07.2013

EVA Dimensions TIMOTHY STANISH hold 3 U #N/A N/A Not Provided 17.07.2013

UBS ANDREW WHITNEY neutral 3 M 1'745 12 month 17.06.2013

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

Liberum Capital Ltd NARESH CHOUHAN hold 3 U 1'600 Not Provided 10.06.2013

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 1'740 12 month 17.05.2013

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

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

Holdings By:

GlaxoSmithKline PLC ee


01.10.2013

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 (29.05.2013) 3'807.50

52-Week Low (02.11.2012) 3'060.50

Daily Volume

3220.5





61'162.71 1 Yr Total Return 4.16%







BATS LN EQUITY YTD Change - Average Volume 30 Day 2'572'910

BATS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'451'241


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 9'866.0 12'122.0 15'421.1 15'819.4 - -

3.84x 3.52x 3.90x 4.56x 4.75x 8.70x 7.34x 4.57x 4.47x - -

3'978.0 5'091.0 5'888.0 6'316.0 6'143.0 873.0 0.0 6'334.6 6'641.2 - -

11.69x 9.82x 9.87x 11.12x 11.75x 0.00x 0.00x 11.42x 10.89x - -

2'457.0 2'713.0 2'879.0 3'095.0 3'841.0 2'130.0 2'457.0 4'208.0 4'444.1 - -

14.60x 14.72x 16.97x 19.45x 15.76x 18.69x 14.60x 14.62x 13.58x - -










Gross Margin - Total Debt/EBITDA 2.02

EBITDA Margin 40.8%



Asset Turnover 0.56








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

2'040'345.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

1!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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 !!

-3 !!

-5 !!

.! !!

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



01.10.2013


LEGAL & GENERAL n/a ULT-AGG 156'848'836 8.26 494'876 31.07.2013 Unclassified


REINET INVESTMENTS S Multiple Portfolios REG 76'518'264 4.03 (7'785'406) 03.06.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 72'775'562 3.83 525'501 30.09.2013 Investment Advisor




MORGAN STANLEY n/a ULT-AGG 51'048'140 2.69 10'441 30.06.2013 Investment Advisor


CREDIT SUISSE AG n/a ULT-AGG 40'352'339 2.12 (3'270'569) 03.06.2013 Investment Advisor

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 40'036'620 2.11 543'657 30.08.2013 Investment Advisor



FIL LIMITED n/a ULT-AGG 31'900'581 1.68 (780'914) 03.06.2013 Investment Advisor


UBS AG n/a ULT-AGG 25'120'554 1.32 831'144 30.09.2013 Unclassified


Northern Cross Inter Multiple Portfolios REG 20'489'760 1.08 509'084 03.06.2013 Unclassified

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 19'154'821 1.01 463'153 30.06.2013 Investment Advisor

THREADNEEDLE n/a ULT-AGG 16'195'687 0.85 (359'359) 31.07.2013 Unclassified


Oriel Securities Ltd CHRIS WICKHAM hold 3 M 3'700 Not Provided 30.09.2013

AlphaValue ISABELLE COMBEMALE add 4 M 3'746 6 month 26.09.2013

Exane BNP Paribas JAMES BUSHNELL outperform 5 M 3'700 Not Provided 25.09.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 3'000 12 month 23.09.2013

Jefferies DIRK VAN VLAANDEREN buy 5 M 3'800 12 month 19.09.2013

Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 19.09.2013

Societe Generale CHAS MANSO DE ZUNIGA hold 3 M 3'550 12 month 12.09.2013

Berenberg Bank ERIK BLOOMQUIST buy 5 M 3'850 Not Provided 12.09.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 3'700 Not Provided 11.09.2013

Renaissance Capital REY WIUM hold 3 M 3'453 Not Provided 11.09.2013

Natixis NICOLAS LANGLET buy 5 M 3'900 6 month 11.09.2013

Nomura DAVID HAYES buy 5 M 4'100 12 month 11.09.2013

Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 3'900 Not Provided 11.09.2013

Morgan Stanley MATTHEW GRAINGER Equalwt/Attractive 3 M 3'700 12 month 10.09.2013

Investec MARTIN DEBOO hold 3 U 3'580 Not Provided 21.08.2013

Macquarie WYNAND VAN ZYL neutral 3 M 3'671 12 month 12.08.2013

Goldman Sachs FULVIO CAZZOL buy/attractive 5 M 4'280 12 month 11.08.2013

Avior Research RICHARD TESSENDORF neutral 3 M 3'953 Not Provided 07.08.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 3'700 12 month 05.08.2013

Deutsche Bank HAROLD THOMPSON buy 5 M 3'600 12 month 01.08.2013

S&P Capital IQ CARL SHORT hold 3 M 3'760 12 month 01.08.2013

Barclays SIMON HALES overweight 5 M 3'950 Not Provided 01.08.2013

JPMorgan RAE MAILE overweight 5 M 4'209 3 month 31.07.2013


UBS JONATHAN LEINSTER buy 5 M 3'850 12 month 26.06.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 06.06.2013

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

Holdings By:

British American Tobacco PLC ee


01.10.2013

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: 06/yy

52-Week High (30.01.2013) 2'374.50

52-Week Low (16.11.2012) 2'092.50

Daily Volume

2110





130'592.73 1 Yr Total Return -0.08%







RDSB LN EQUITY YTD Change - Average Volume 30 Day 4'123'815

RDSB LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'173'359


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

458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 475'975.0 455'644.0 448'853.6 450'959.9 115'677.3 118'919.0

0.37x 0.76x 0.65x 0.56x 0.52x 2.01x 2.05x 0.54x 0.54x 2.04x 2.05x

57'301.0 29'079.0 41'839.0 55'943.0 52'114.0 52'487.0 52'414.0 60'849.5 63'491.9 14'932.0 15'826.0

2.98x 7.28x 5.69x 4.73x 4.65x 4.46x 4.29x 3.84x 3.68x 3.77x 3.77x

26'277.0 12'518.0 20'127.0 30'918.0 26'592.0 26'296.0 23'723.0 24'255.8 26'230.1 5'686.0 6'531.3

6.16x 14.87x 10.16x 7.39x 8.12x 7.99x 8.45x 8.79x 8.36x 8.67x 8.42x


EBIT 37'499.00 Long-Term Rating AA









EBITDA Margin 11.5%



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

2'652'248.00


!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



01.10.2013







CAPITAL GROUP COMPAN n/a ULT-AGG 73'734'073 2.95 (18'228'650) 01.07.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 60'912'105 2.44 1'350 01.07.2013 Government


QATAR INVESTMENT AUT Multiple Portfolios REG 44'703'170 1.79 - 01.07.2013 Government

STATE STREET CORP n/a ULT-AGG 44'167'880 1.77 (896'993) 27.09.2013 Investment Advisor




ABERDEEN n/a ULT-AGG 38'190'671 1.53 667'800 31.08.2013 Investment Advisor

STANDARD LIFE INVEST Multiple Portfolios REG 32'953'132 1.32 484'560 01.07.2013 Investment Advisor


THREADNEEDLE n/a ULT-AGG 29'978'188 1.2 (1'124'142) 31.07.2013 Unclassified


BREWIN DOLPHIN LIMIT Multiple Portfolios REG 26'911'800 1.08 (143'054) 01.07.2013 Investment Advisor

NEWTON INV MGMT Multiple Portfolios REG 24'621'539 0.99 (431'135) 01.07.2013 Investment Advisor


Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 2'200 12 month 30.09.2013

Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 U 2'310 12 month 27.09.2013

JPMorgan FREDERICK G LUCAS underweight 1 M 2'200 3 month 18.09.2013

Nomura THEEPAN JOTHILINGAM neutral 3 M 2'400 12 month 05.09.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 2'350 Not Provided 02.09.2013

EVA Dimensions DOUG WALTERS buy 5 N #N/A N/A Not Provided 30.08.2013


Canaccord Genuity Corp SAMUEL SIMON buy 5 M 2'650 12 month 15.08.2013

Grupo Santander JASON KENNEY hold 3 U 2'368 12 month 09.08.2013

Morgan Stanley MARTIJN P RATS Equalwt/In-Line 3 D 2'320 12 month 08.08.2013

Societe Generale IRENE HIMONA buy 5 M 2'500 12 month 02.08.2013


Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 2'200 Not Provided 02.08.2013

VTB Capital COLIN SMITH hold 3 M 2'500 12 month 01.08.2013

Deutsche Bank LUCAS HERRMANN hold 3 M 2'400 12 month 01.07.2013

VSA Capital Ltd DOUGIE YOUNGSON not rated #N/A N/A M #N/A N/A Not Provided 02.05.2013

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

Holdings By:

Royal Dutch Shell PLC ee


01.10.2013

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: 01/yy

52-Week High (06.08.2013) 2'152.50

52-Week Low (01.10.2012) 1'739.50

Daily Volume

1941





48'753.58 1 Yr Total Return 12.12%







DGE LN EQUITY YTD Change - Average Volume 30 Day 3'304'987

DGE LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'346'004


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

9'311.0 9'780.0 9'936.0 10'762.0 11'433.0 - - 12'279.9 13'293.3 - -

3.27x 3.57x 3.98x 4.68x 4.94x - - 4.68x 4.25x - -

2'777.0 2'984.0 3'232.0 3'826.0 3'931.0 - - 4'211.2 4'606.8 - -

10.96x 11.70x 12.24x 13.16x 14.36x - - 13.81x 12.62x - -

1'605.0 1'629.0 1'900.0 1'942.0 2'485.0 - - 2'848.0 3'148.9 - -

13.51x 15.99x 16.71x 21.00x 18.93x - - 17.22x 15.54x - -











EBITDA Margin 34.4%



Asset Turnover 0.48







Fiscal Year Ended

Diageo PLCPrice/Volume

Valuation Analysis

2'641'454.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



01.10.2013













MORGAN STANLEY n/a ULT-AGG 38'992'784 1.55 (3'923'273) 30.06.2013 Investment Advisor





CASCADE INVESTMENT L Multiple Portfolios REG 27'516'958 1.1 - 01.06.2013 Investment Advisor


CREDIT SUISSE AG n/a ULT-AGG 22'587'421 0.9 586'361 01.06.2013 Investment Advisor

DIAGEO PLC ESOP Multiple Portfolios REG 20'207'977 0.8 (578'334) 01.06.2013 Unclassified


Nomura IAN SHACKLETON buy 5 M 2'350 12 month 30.09.2013

Oriel Securities Ltd CHRIS WICKHAM buy 5 M 2'250 Not Provided 30.09.2013

Raymond James HERMINE DE BENTZMANN outperform 5 M 2'300 12 month 27.09.2013

Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 27.09.2013

AlphaValue ISABELLE COMBEMALE reduce 2 M 1'991 6 month 26.09.2013

Credit Suisse SANJEET AUJLA outperform 5 M 2'350 Not Provided 25.09.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 25.09.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 2'010 Not Provided 25.09.2013

Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 U 2'410 12 month 19.09.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 2'000 12 month 13.09.2013

HSBC CEDRIC BESNARD neutral 3 M 2'200 Not Provided 09.09.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 1'950 12 month 05.09.2013

Grupo Santander ANTHONY J BUCALO hold 3 M 2'050 Not Provided 03.09.2013

JPMorgan MATTHEW WEBB overweight 5 M 2'200 9 month 28.08.2013

Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 20.08.2013

Shore Capital Stockbrokers PHIL CARROLL hold 3 D #N/A N/A Not Provided 08.08.2013


Societe Generale NICOLAS CERON hold 3 M 2'150 12 month 01.08.2013


Natixis OLIVIER DELAHOUSSE buy 5 M 2'400 Not Provided 01.08.2013

Barclays SIMON HALES overweight 5 M 2'250 Not Provided 01.08.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 01.08.2013


Stifel MARK D SWARTZBERG buy 5 M 2'400 12 month 31.07.2013

Berenberg Bank PHILIP MORRISEY buy 5 M 2'250 Not Provided 31.07.2013

Kepler Cheuvreux LAETITIA DELAYE buy 5 M 2'215 Not Provided 31.07.2013

S&P Capital IQ CARL SHORT buy 5 M 2'270 12 month 31.07.2013

Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 2'250 Not Provided 03.07.2013

Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 2'620 12 month 27.06.2013

Investec MARTIN DEBOO hold 3 M 1'970 12 month 07.05.2013

UBS MELISSA EARLAM neutral 3 M 2'050 12 month 10.04.2013

National Bank AG STEFFEN MANSKE buy 5 M 2'100 Not Provided 31.01.2013

Holdings By:

Diageo PLC ee


01.10.2013

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: 06/yy

52-Week High (22.05.2013) 312.41

52-Week Low (01.10.2012) 198.14

Daily Volume

269.25





37'341.19 1 Yr Total Return 34.02%





Enterprise Value -


BARC LN EQUITY YTD Change - Average Volume 30 Day 51'444'390

BARC LN EQUITY YTD % CHANGE - Average Volume 3 Month 48'680'170


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

37'159.0 41'789.0 40'449.0 42'266.0 34'016.0 37'151.0 33'285.0 28'981.0 29'814.2 6'762.2 6'873.5

- - - - - 0.00x 0.00x -3.94x -4.37x - -

- - - - - 0.0 0.0 - - - -

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

4'382.0 9'393.0 3'514.0 2'924.0 (624.0) 1'657.0 (101.0) 3'627.8 5'118.5 816.0 488.5

3.00x 11.49x 8.73x 7.22x - 11.81x 0.00x 10.08x 8.36x - -


EBIT - Long-Term Rating A-



Return on Assets -0.01% Short-Term Rating A-2

Return on Common Equity -0.20%



Net Debt/EBITDA -


EBITDA Margin -


Net Income Margin -2.4% Total Debt/Capital 87.9%

Asset Turnover 0.02







Fiscal Year Ended

Barclays PLCPrice/Volume

Valuation Analysis

29'335'738.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

! !2

! -!

! -2

! .!

! .2

! 0!

! 02

! 1!

! 12

! 2!

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



01.10.2013


QATAR HOLDINGS LLC Multiple Portfolios REG 813'964'552 6.32 - 01.08.2013 Government









UPPER CHANCE GROUP L Multiple Portfolios REG 248'872'808 1.93 - 01.08.2013 Unclassified




DODGE & COX Multiple Portfolios MF-AGG 207'960'957 1.62 (39'188'341) 30.06.2013 Investment Advisor

DODGE & COX Multiple Portfolios REG 204'449'298 1.59 (34'052'000) 01.08.2013 Investment Advisor

BARCLAYS PLC n/a ULT-AGG 203'383'874 1.58 (9'865'580) 01.08.2013 Investment Advisor




PEOPLES REPUBLIC OF Multiple Portfolios REG 141'482'313 1.1 - 01.08.2013 Government


Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 310 12 month 27.09.2013

RBC Capital Markets FIONA SWAFFIELD outperform 5 M 310 12 month 27.09.2013

Nomura CHINTAN JOSHI buy 5 M 330 Not Provided 27.09.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 341 6 month 26.09.2013

Independent Research GmbH STEFAN BONGARDT sell 1 M 260 12 month 24.09.2013

Deutsche Bank JASON NAPIER buy 5 M 342 12 month 23.09.2013

Macquarie EDWARD FIRTH neutral 3 M 280 12 month 23.09.2013


Morgan Stanley CHRISTOPHER MANNERS restricted #N/A N/A M #N/A N/A Not Provided 20.09.2013

Keefe, Bruyette & Woods MARK J PHIN outperform 5 M 330 12 month 20.09.2013

S&P Capital IQ WILLIAM HOWLETT buy 5 M 320 12 month 19.09.2013

Numis Securities Ltd MICHAEL J TRIPPITT reduce 2 M 222 Not Provided 19.09.2013

Investec IAN GORDON add 4 M 300 12 month 18.09.2013

UBS JOHN-PAUL CRUTCHLEY neutral 3 M 295 12 month 18.09.2013

HSBC PETER TOEMAN overweight 5 M 315 Not Provided 18.09.2013

JPMorgan RAUL SINHA overweight 5 M 340 15 month 17.09.2013

Shore Capital Stockbrokers GARY GREENWOOD buy 5 M #N/A N/A Not Provided 17.09.2013

Exane BNP Paribas TOM RAYNER restricted #N/A N/A M #N/A N/A Not Provided 17.09.2013

Jefferies JOSEPH DICKERSON buy 5 N 339 12 month 13.09.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 342 Not Provided 12.09.2013

Redburn Partners FAHED KUNWAR neutral 3 M #N/A N/A Not Provided 11.09.2013

Sanford C. Bernstein & Co CHIRANTAN BARUA market perform 3 M 268 12 month 06.09.2013

Berenberg Bank JAMES CHAPPELL sell 1 M 203 Not Provided 05.09.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 345 12 month 27.08.2013

Bankhaus Lampe NEIL SMITH buy 5 M 342 12 month 19.08.2013


EVA Dimensions DOUG WALTERS underweight 1 D #N/A N/A Not Provided 07.08.2013

Societe Generale JAMES INVINE hold 3 D 300 12 month 31.07.2013

Oriel Securities Ltd VIVEK RAJA buy 5 M 300 Not Provided 31.07.2013

Credit Suisse CARLA ANTUNES-SILVA restricted #N/A N/A M #N/A N/A Not Provided 30.07.2013

Canaccord Genuity Corp GARETH HUNT hold 3 M #N/A N/A Not Provided 30.07.2013

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

Baden Hill LLP JAMIE MOYES sell 1 M #N/A N/A Not Provided 12.04.2013

Liberum Capital Ltd CORMAC LEECH hold 3 D 212 Not Provided 14.11.2012

Holdings By:

Barclays PLC ee


01.10.2013

BG Group PLC operates as an integrated natural gas company. The Company explores

develops, produces, liquefies, and markets hydrocarbons with a focus on natural

gas. BG Group extends its services throughout global networks.


LTM as of: 06/yy

52-Week High (19.10.2012) 1'357.00

52-Week Low (19.11.2012) 991.00

Daily Volume

1175.5





40'021.54 1 Yr Total Return -6.63%







BG/ LN EQUITY YTD Change - Average Volume 30 Day 5'658'909

BG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'059'529


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

23'270.8 15'992.8 17'166.0 17'667.0 18'933.0 17'283.0 19'634.0 20'028.1 21'995.1 5'196.0 5'560.3

2.83x 4.28x 4.68x 5.03x 3.73x 19.50x 15.09x 3.85x 3.69x 14.28x 13.65x

11'459.4 8'440.4 8'672.0 9'574.0 10'198.0 9'780.0 10'331.0 10'605.9 12'128.8 2'083.0 2'019.0

5.75x 8.10x 9.27x 9.29x 6.92x 8.16x 6.72x 7.21x 6.31x 8.89x 8.59x

5'790.8 3'394.9 3'351.0 4'234.0 4'519.0 3'891.0 5'316.0 4'147.3 4'776.6 1'123.5 1'207.0

10.25x 17.40x 20.19x 17.67x 16.87x 20.33x 13.52x 15.61x 13.62x 13.66x 13.31x

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 8.11% Short-Term Rating -






EBITDA Margin 52.6%



Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BG Group PLCPrice/Volume

Valuation Analysis

1'805'775.00


!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F-! ! F.! ! F0! ! F1! ! F2! ! F3! ! F4! ! F5! ! F6! ! F-!! ! 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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



01.10.2013




NORGES BANK n/a RNS-MAJ 172'003'916 5.05 - 27.08.2013 Government

VANGUARD GROUP INC n/a ULT-AGG 170'367'213 5 2'998'397 01.07.2013 Investment Advisor





STATE STREET CORP n/a ULT-AGG 57'515'947 1.69 (1'617'483) 27.09.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 53'370'409 1.57 41'935'269 31.08.2013 Investment Advisor






SCHRODER INVESTMENT Multiple Portfolios REG 42'802'945 1.26 393'238 01.07.2013 Investment Advisor


GIC PRIVATE LIMITED n/a ULT-AGG 41'839'173 1.23 (5'445'420) 01.07.2013 Government

STATE FARM MUTUAL AU Multiple Portfolios REG 41'334'000 1.21 378'800 01.07.2013 Insurance Company


Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 1'770 12 month 30.09.2013

Goldman Sachs MICHELE DELLA VIGNA Buy/Cautious 5 M 1'620 12 month 27.09.2013


AlphaValue ALEXANDRE ANDLAUER sell 1 M 738 6 month 26.09.2013


Oriel Securities Ltd RICHARD GRIFFITH buy 5 M #N/A N/A Not Provided 19.09.2013

Macquarie JASON D GAMMEL outperform 5 M 1'400 12 month 12.09.2013

Deutsche Bank LUCAS HERRMANN buy 5 M 1'400 12 month 11.09.2013


Societe Generale IRENE HIMONA hold 3 M 1'300 12 month 10.09.2013

Investec NEILL MORTON sell 1 M 1'100 12 month 10.09.2013

Credit Suisse THOMAS YOICHI ADOLFF underperform 1 D 1'190 Not Provided 10.09.2013

JPMorgan FREDERICK G LUCAS overweight 5 M 1'550 9 month 10.09.2013

Raymond James BERTRAND HODEE outperform 5 M 1'400 12 month 10.09.2013

Independent Research GmbH SVEN DIERMEIER hold 3 D 1'350 12 month 10.09.2013

Canaccord Genuity Corp SAMUEL SIMON hold 3 M 1'250 12 month 10.09.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 1'450 Not Provided 10.09.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 1'450 Not Provided 10.09.2013

Barclays RAHIM KARIM equalweight 3 D 1'320 Not Provided 10.09.2013

Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 1'370 12 month 09.09.2013

Grupo Santander JASON KENNEY buy 5 M 1'455 12 month 04.09.2013


EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 05.08.2013

Jefferies BRENDAN MICHAEL WARN buy 5 M 1'700 12 month 29.07.2013

S&P Capital IQ CHRISTINE TISCARENO sell 1 M 1'150 12 month 26.07.2013

Tudor Pickering & Co ANISH KAPADIA hold 3 M 1'600 Not Provided 31.05.2013

Equita SIM SpA MASSIMO BONISOLI buy 5 M 1'460 12 month 17.05.2013

UBS JONATHON RIGBY buy 5 M 1'400 12 month 12.11.2012

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


01.10.2013

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: 06/yy

52-Week High (28.05.2013) 3'544.50

52-Week Low (16.11.2012) 2'786.00

Daily Volume

3202





40'106.21 1 Yr Total Return 16.04%







AZN LN EQUITY YTD Change - Average Volume 30 Day 1'807'188

AZN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'853'081


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

31'601.0 32'804.0 33'269.0 33'591.0 27'973.0 30'878.0 26'581.0 26'040.8 25'145.8 6'438.2 7'066.2

2.11x 2.07x 1.84x 1.71x 2.18x 7.54x 9.42x 2.56x 2.63x - -

11'657.0 13'235.0 14'170.0 13'276.0 10'658.0 14'028.0 11'075.0 8'999.9 8'828.8 2'254.3 2'503.3

5.72x 5.14x 4.31x 4.32x 5.72x 4.16x 5.48x 7.39x 7.53x - -

6'101.0 7'521.0 8'053.0 9'983.0 6'297.0 8'185.0 4'880.0 6'452.3 5'863.5 1'626.7 1'551.6

9.74x 9.05x 8.14x 6.29x 9.46x 7.18x 12.10x 9.94x 10.78x 10.65x 10.89x


EBIT 8'140.00 Long-Term Rating AA-









EBITDA Margin 41.7%



Asset Turnover 0.49








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

797'589.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

1!!!


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



01.10.2013





AXA n/a ULT-AGG 68'555'410 5.47 (541'502) 30.06.2013 Investment Advisor

INVESTOR AB Multiple Portfolios REG 51'587'810 4.12 - 01.05.2013 Investment Advisor








THREADNEEDLE n/a ULT-AGG 22'563'141 1.8 1'407'697 31.07.2013 Unclassified


SCHRODER INVESTMENT Multiple Portfolios REG 16'435'885 1.31 (1'649'061) 01.05.2013 Investment Advisor



GMO LLC Multiple Portfolios REG 13'347'455 1.07 1'189'255 01.05.2013 Corporation


SCHRODER INVESTMENT Multiple Portfolios MF-AGG 10'492'061 0.84 342'617 30.08.2013 Investment Advisor


Morgan Stanley AMY WALKER Underwt/Attractive 1 M 3'200 12 month 30.09.2013

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 3'200 Not Provided 30.09.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 3'485 12 month 27.09.2013

AlphaValue ARMELLE MOULIN reduce 2 M 3'256 6 month 26.09.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 3'450 12 month 20.09.2013

Handelsbanken PETER SEHESTED reduce 2 N 3'430 12 month 19.09.2013

Exane BNP Paribas NICOLAS GUYON-GELLIN neutral 3 M 3'200 Not Provided 19.09.2013

Helvea ODILE RUNDQUIST neutral 3 M 3'280 12 month 18.09.2013

Nordea Equity Research ERIK HULTGARD buy 5 U 3'865 12 month 16.09.2013

Barclays MARK PURCELL equalweight 3 M 3'050 Not Provided 16.09.2013

Jefferies JEFFREY HOLFORD hold 3 M 2'850 12 month 12.09.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER sell 1 M 2'900 Not Provided 10.09.2013

Deutsche Bank MARK CLARK hold 3 M 3'425 12 month 04.09.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 3'620 6 month 04.09.2013

Danske Markets MATTIAS HAGGBLOM sell 1 D 3'000 12 month 02.09.2013

Berenberg Bank ALISTAIR CAMPBELL hold 3 M 3'472 Not Provided 29.08.2013

Credit Suisse LUISA HECTOR underperform 1 M 3'130 Not Provided 28.08.2013

JPMorgan JAMES D GORDON neutral 3 M 3'300 9 month 28.08.2013

Societe Generale STEPHEN MCGARRY sell 1 M 2'700 12 month 27.08.2013


Carnegie KRISTOFER LILJEBERG hold 3 M #N/A N/A Not Provided 02.08.2013


Pareto Securities YILMAZ MAHSHID sell 1 M 3'128 6 month 02.08.2013

Swedbank JOHAN UNNERUS reduce 2 U 2'921 12 month 02.08.2013

SEB Enskilda LARS HEVRENG hold 3 M 3'240 Not Provided 01.08.2013

Natixis BEATRICE MUZARD neutral 3 M 3'504 Not Provided 01.08.2013

S&P Capital IQ SHO MATSUBARA sell 1 M 2'900 12 month 01.08.2013

Redburn Partners TEAM COVERAGE sell 1 M #N/A N/A Not Provided 19.07.2013

Liberum Capital Ltd NARESH CHOUHAN hold 3 M 3'100 Not Provided 28.06.2013

Kepler Cheuvreux FABIAN WENNER reduce 2 D 2'700 Not Provided 08.06.2013

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

Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 3'750 12 month 17.05.2013

ABG Sundal Collier STEN GUSTAFSSON sell 1 N 2'573 6 month 25.04.2013

UBS ANDREW WHITNEY buy 5 M 3'600 12 month 19.03.2013

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

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


01.10.2013

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: 01/yy

52-Week High (19.02.2013) 2'251.50

52-Week Low (03.07.2013) 1'644.00

Daily Volume

1793





103'857.34 1 Yr Total Return -5.70%







BLT LN EQUITY YTD Change - Average Volume 30 Day 5'798'071

BLT LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'436'260


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 01/yy 01/yy 06/14 Y 06/15 Y - -

50'211.0 52'798.0 71'739.0 72'226.0 65'968.0 - - 67'462.3 71'114.7 - -

2.97x 2.83x 3.00x 2.42x 2.67x - - 2.94x 2.76x - -

21'761.0 24'590.0 38'093.0 33'866.0 27'792.0 - - 30'304.1 32'667.8 - -

6.86x 6.07x 5.65x 5.15x 6.34x - - 6.56x 6.08x - -

5'877.0 12'722.0 23'648.0 15'417.0 10'876.0 - - 13'850.2 15'004.8 - -

21.26x 11.48x 9.18x 9.78x 12.50x - - 11.24x 10.22x - -











EBITDA Margin 42.1%



Asset Turnover 0.49





Accounts Receivable Turnover 14.22 Cash Conversion Cycle -


Fiscal Year Ended

BHP Billiton PLCPrice/Volume

Valuation Analysis

3'047'534.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! 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

80'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



01.10.2013




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

ABERDEEN n/a ULT-AGG 79'489'309 3.76 7'984'859 31.08.2013 Investment Advisor

NORGES BANK INVESTME Multiple Portfolios REG 65'345'943 3.09 3'690'452 01.05.2013 Government

VANGUARD GROUP INC n/a ULT-AGG 59'082'815 2.8 (3'950'848) 30.06.2013 Investment Advisor





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


BNP PARIBAS SA Multiple Portfolios REG 25'260'320 1.2 5'127'605 01.05.2013 Bank



SCHRODER INVESTMENT Multiple Portfolios REG 21'127'581 1 (1'345'049) 01.05.2013 Investment Advisor

ALECTA INVESTMENT MA Multiple Portfolios REG 19'570'000 0.93 500'000 01.05.2013 Unclassified

PRUDENTIAL PLC n/a ULT-AGG 19'385'286 0.92 342'337 01.05.2013 Unclassified

Northern Cross Inter Multiple Portfolios REG 19'195'308 0.91 (371'341) 01.05.2013 Unclassified



Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 2'050 12 month 30.09.2013

JPMorgan FRASER JAMIESON neutral 3 M 2'345 9 month 27.09.2013

Deutsche Bank ANNA MULHOLLAND buy 5 M 2'500 12 month 26.09.2013

Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 2'250 12 month 26.09.2013

Macquarie JEFFREY LARGEY outperform 5 M 2'250 12 month 26.09.2013

AlphaValue SACHIN KUMAR add 4 U 2'022 6 month 26.09.2013

Exane BNP Paribas SYLVAIN BRUNET underperform 1 M 1'650 Not Provided 23.09.2013

Credit Suisse PAUL MCTAGGART neutral 3 M 2'250 Not Provided 20.09.2013

Nomura SAM CATALANO buy 5 M 2'200 Not Provided 19.09.2013

Liberum Capital Ltd RICHARD KNIGHTS buy 5 M #N/A N/A Not Provided 18.09.2013

RBC Capital Markets DES KILALEA outperform 5 M 2'200 12 month 16.09.2013


Jefferies Christopher LaFemina buy 5 M 2'350 12 month 09.09.2013

Investec ALBERT MINASSIAN hold 3 M 2'001 Not Provided 05.09.2013

Natixis RAOUDHA BOUZEKRI buy 5 M 2'275 Not Provided 29.08.2013


Societe Generale ABHISHEK SHUKLA sell 1 M 1'654 12 month 22.08.2013

UBS MYLES ALLSOP buy 5 M 2'180 12 month 21.08.2013

Avior Research CLINTON DUNCAN outperform 5 M 2'443 Not Provided 21.08.2013

BMO Capital Markets TONY ROBSON outperform 5 M 2'250 Not Provided 20.08.2013

Morgan Stanley MENNO SANDERSE Overwt/In-Line 5 M 2'000 12 month 20.08.2013

Goldman Sachs MICHELE DELLA VIGNA neutral/neutral 3 M 2'000 12 month 20.08.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 1'700 12 month 20.08.2013

EVA Dimensions TIMOTHY STANISH buy 5 U #N/A N/A Not Provided 20.08.2013

Barclays DAVID BUTLER overweight 5 M 2'225 Not Provided 19.08.2013

Espirito Santo Investment Bank ResearchNICK MELLOR buy 5 U 2'130 Not Provided 01.08.2013

HSBC ANDREW KEEN overweight 5 M 1'990 Not Provided 16.07.2013

SBG Securities PETER DAVEY buy 5 M 2'200 12 month 28.06.2013

Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 24.06.2013

Imara STEPHEN MEINTJES hold 3 M #N/A N/A Not Provided 09.04.2013

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

Holdings By:

BHP Billiton PLC ee


01.10.2013

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: 06/yy

52-Week High (14.02.2013) 3'838.00

52-Week Low (24.06.2013) 2'579.50

Daily Volume

2973





57'403.97 1 Yr Total Return 4.75%







RIO LN EQUITY YTD Change - Average Volume 30 Day 3'499'264

RIO LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'972'980


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 06/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 0.0 46'038.0 51'719.5 54'744.2 - -

1.28x 5.29x 4.32x 2.78x 4.12x #DIV/0! 8.17x 2.44x 2.28x - -

18'964.0 10'920.0 22'752.0 26'657.0 15'902.0 0.0 13'532.0 19'045.0 21'268.7 - -

3.66x 20.24x 10.46x 6.30x 13.19x 0.00x 0.00x 6.61x 5.92x - -

3'676.0 4'872.0 14'238.0 5'826.0 (2'990.0) 0.0 9'402.0 9'048.0 10'359.0 - -

6.19x 18.14x 9.63x 16.07x - 0.00x 0.00x 9.72x 8.65x - -




Pretax Margin -5.04% Short-Term Rating Date 08.07.2009



Return on Capital - EBITDA/Interest Exp. 10.90




EBITDA Margin 31.1%



Asset Turnover 0.42








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

1'445'118.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

1!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



01.10.2013


SHINING PROSPECT PTE Multiple Portfolios REG 182'550'329 12.92 - 03.06.2013 Holding Company







VANGUARD GROUP INC n/a ULT-AGG 30'708'074 2.17 (534'999) 30.06.2013 Investment Advisor



BNP PARIBAS SA Multiple Portfolios REG 22'673'647 1.61 (2'842'902) 03.06.2013 Bank




PRUDENTIAL PLC n/a ULT-AGG 15'717'679 1.11 1'116'256 30.06.2013 Unclassified


AVIVA PLC Multiple Portfolios MF-AGG 14'592'653 1.03 656'369 31.08.2013 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 13'892'388 0.98 294'310 03.06.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios REG 13'034'042 0.92 (105'047) 03.06.2013 Investment Advisor



Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 4'000 12 month 30.09.2013

S&P Capital IQ JOHNSON IMODE sell 1 D 2'700 12 month 30.09.2013

Investec TIM GERRARD buy 5 M 3'303 12 month 27.09.2013

JPMorgan DOMINIC O'KANE overweight 5 M 4'300 9 month 27.09.2013

Deutsche Bank ROBERT CLIFFORD buy 5 M 4'570 12 month 26.09.2013


Macquarie JEFFREY LARGEY outperform 5 M 4'200 12 month 26.09.2013

Nomura SAM CATALANO buy 5 M 3'700 12 month 26.09.2013

AlphaValue SACHIN KUMAR reduce 2 M 2'968 6 month 26.09.2013

Credit Suisse JAMES GURRY outperform 5 M 3'900 Not Provided 24.09.2013


Exane BNP Paribas LUC PEZ outperform 5 M 4'070 Not Provided 23.09.2013

Liberum Capital Ltd RICHARD KNIGHTS buy 5 M #N/A N/A Not Provided 18.09.2013

RBC Capital Markets DES KILALEA outperform 5 M 3'800 12 month 16.09.2013

Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 3'590 12 month 09.09.2013

Jefferies Christopher LaFemina buy 5 M 3'600 12 month 09.09.2013

Goldman Sachs MICHELE DELLA VIGNA Sell/Neutral 1 M 2'550 12 month 05.09.2013

BMO Capital Markets TONY ROBSON outperform 5 M 3'500 Not Provided 04.09.2013

Societe Generale ABHISHEK SHUKLA buy 5 M 3'698 12 month 29.08.2013

Natixis RAOUDHA BOUZEKRI neutral 3 M 3'300 Not Provided 29.08.2013

Independent Research GmbH SVEN DIERMEIER buy 5 M 3'500 12 month 09.08.2013

Espirito Santo Investment Bank ResearchNICK MELLOR buy 5 U 3'980 Not Provided 01.08.2013

UBS MYLES ALLSOP buy 5 M 3'650 12 month 30.07.2013

Barclays AMOS FLETCHER equalweight 3 M 3'000 Not Provided 26.07.2013


SBG Securities PETER DAVEY buy 5 M 3'460 12 month 28.06.2013

Redburn Partners SIMON TOYNE buy 5 M #N/A N/A Not Provided 24.06.2013

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

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


01.10.2013

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: 06/yy

52-Week High (11.09.2013) 78.78

52-Week Low (09.10.2012) 36.74

Daily Volume

74.32





53'190.48 1 Yr Total Return 85.92%





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 06/yy 06/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4

20'413.0 44'007.0 43'432.0 35'780.0 36'408.0 34'977.0 37'215.0 18'435.0 18'416.8 4'575.0 4'604.0

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

- - - - - 0.0 0.0 - - - -

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

772.0 2'827.0 (320.0) (2'787.0) (1'427.0) (1'179.0) 809.0 3'539.8 4'243.6 - -

18.90x 6.76x - - - 0.00x 56.75x 14.02x 11.43x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Lloyds Banking Group PLCPrice/Volume

Valuation Analysis

49'210'659.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

40'000.0

45'000.0

50'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



01.10.2013


UNITED KINGDOM GOVER n/a RNS-MAJ 23'326'529'533 32.69 (4'282'034'109) 20.09.2013 Government

BLACKROCK n/a ULT-AGG 2'605'428'305 3.65 89'153'861 27.09.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 1'718'607'780 2.41 (256'266'648) 01.09.2013 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 1'596'221'504 2.24 (95'090'074) 01.09.2013 Unclassified

HALIFAX SHARE DEALIN Multiple Portfolios REG 1'405'483'353 1.97 381'533'402 01.09.2013 Corporation

NORGES BANK INVESTME Multiple Portfolios REG 1'315'234'776 1.84 - 01.09.2013 Government

UBS AG n/a ULT-AGG 1'250'562'603 1.75 98'764'056 30.09.2013 Unclassified

VANGUARD GROUP INC n/a ULT-AGG 1'073'537'233 1.5 85'558'919 01.09.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 1'051'964'895 1.47 - 31.12.2012 Government

Northern Cross Inter Multiple Portfolios REG 986'276'991 1.38 - 01.09.2013 Unclassified


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 943'794'318 1.32 307'924'915 30.06.2013 Investment Advisor




TD DIRECT INVESTING Multiple Portfolios REG 680'235'802 0.95 (18'272'867) 01.09.2013 Investment Advisor

DEUTSCHE PRIVATE BAN Multiple Portfolios REG 650'331'357 0.91 (227'328'310) 01.09.2013 Unclassified

HARRIS ASSOCIATES LP Multiple Portfolios REG 567'521'700 0.8 (309'943'400) 01.09.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 541'942'300 0.76 (52'741'900) 30.06.2013 Investment Advisor




JPMorgan RAUL SINHA neutral 3 M 84 15 month 27.09.2013

Nomura CHINTAN JOSHI neutral 3 M 64 12 month 27.09.2013

Exane BNP Paribas TOM RAYNER outperform 5 M 90 Not Provided 27.09.2013

Investec IAN GORDON hold 3 U 76 12 month 24.09.2013

Deutsche Bank JASON NAPIER buy 5 M 77 12 month 23.09.2013

Jefferies JOSEPH DICKERSON hold 3 M 69 12 month 17.09.2013

S&P Capital IQ FRANK BRADEN hold 3 M 75 12 month 17.09.2013

Numis Securities Ltd MICHAEL J TRIPPITT add 4 M 85 Not Provided 17.09.2013

Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 75 12 month 11.09.2013

Redburn Partners FAHED KUNWAR buy 5 M #N/A N/A Not Provided 11.09.2013



Morgan Stanley CHRISTOPHER MANNERS Overwt/In-Line 5 M 100 12 month 04.09.2013


Macquarie EDWARD FIRTH underperform 1 M 60 12 month 29.08.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 88 Not Provided 28.08.2013


HSBC PETER TOEMAN overweight 5 M 90 Not Provided 15.08.2013

Credit Suisse CARLA ANTUNES-SILVA neutral 3 M 65 Not Provided 07.08.2013

UBS JOHN-PAUL CRUTCHLEY buy 5 M 100 12 month 05.08.2013

Societe Generale JAMES INVINE buy 5 M 86 12 month 02.08.2013


RBC Capital Markets CLAIRE KANE outperform 5 M 88 12 month 02.08.2013

Barclays ROHITH CHANDRA-RAJAN overweight 5 U 85 Not Provided 02.08.2013

Keefe, Bruyette & Woods MARK J PHIN underperform 1 M 54 12 month 01.08.2013

Canaccord Genuity Corp GARETH HUNT Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013

Oriel Securities Ltd VIVEK RAJA hold 3 M 68 Not Provided 01.08.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA sell 1 M 59 Not Provided 22.07.2013

Liberum Capital Ltd CORMAC LEECH buy 5 M 62 Not Provided 02.04.2013

Daniel Stewart & Co SIMON WILLIS sell 1 M 39 12 month 01.03.2013

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

Holdings By:

Lloyds Banking Group PLC ee


01.10.2013

Glencore Xstrata plc is a diversified natural resources company. The

Company operates in three groups: Metals and Minerals, Energy Products, and

Agricultural Products. Glencore Xstrata offers its products and services around

the world.


LTM as of: 06/yy

52-Week High (13.02.2013) 386.81

52-Week Low (10.07.2013) 253.22

Daily Volume

326.4





43'291.75 1 Yr Total Return -1.60%







GLEN LN EQUITY YTD Change - Average Volume 30 Day 29'614'860

GLEN LN EQUITY YTD % CHANGE - Average Volume 3 Month 27'536'030


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

152'236.0 106'364.0 144'978.0 186'152.0 214'436.0 131'129.0 167'091.0 246'739.0 260'809.0 - -

- - - 0.39x 0.36x 0.00x 0.48x 0.49x 0.45x - -

5'068.0 3'074.0 4'474.0 4'423.0 4'601.0 3'708.0 5'333.0 12'105.4 15'030.3 - -

- - - 16.24x 16.57x 0.00x 15.01x 10.20x 8.22x - -

1'044.0 1'633.0 3'751.0 4'048.0 1'004.0 2'136.0 4'755.0 3'755.7 5'402.1 - -

- - - 8.50x 39.57x 0.00x 0.00x 18.37x 12.94x - -


EBIT 3'128.00 Long-Term Rating BBB









EBITDA Margin 2.4%



Asset Turnover 1.75







Fiscal Year Ended

Glencore Xstrata PLCPrice/Volume

Valuation Analysis

10'868'823.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

.! ! F

1! ! F

3! ! F

5! ! F

-!! ! F

-.! ! F

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

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



01.10.2013


GLASENBERG IVAN n/a RNS-MAJ 1'101'848'752 8.31 - 02.05.2013 n/a

QATAR HOLDINGS LLC n/a RNS-MAJ 1'080'779'642 8.15 - 02.05.2013 Government


MATE BADENE DANIEL F n/a RNS-MAJ 417'468'330 3.15 - 02.05.2013 n/a

MISTAKIDIS ARISTOTEL n/a RNS-MAJ 414'730'597 3.13 - 02.05.2013 n/a

PETERSON TOR n/a RNS-MAJ 366'074'885 2.76 - 02.05.2013 n/a

BEARD ALEXANDER FRAN n/a RNS-MAJ 320'260'410 2.41 - 02.05.2013 n/a

JSC VERNY CAPITAL n/a RNS-RUL8 176'742'520 1.33 - 11.10.2012 Investment Advisor

LEGAL & GENERAL n/a ULT-AGG 165'545'629 1.25 19'799'811 31.07.2013 Unclassified

FEGEL GARY n/a RNS-RUL8 154'814'588 1.17 - 15.02.2012 n/a

MAHONEY CHRIS n/a RNS-RUL8 143'834'821 1.08 - 15.02.2012 n/a

FR GALAXY HOLDINGS S n/a RNS-RUL8 129'372'165 0.98 16'875'000 29.01.2013 Holding Company


CAPITAL GROUP COMPAN n/a ULT-AGG 117'078'214 0.88 (455'409) 31.07.2013 Investment Advisor

ABU DHABI INVESTMENT n/a RNS-RUL8 99'299'065 0.75 3'072'650 02.02.2012 Government

POPOVIC NIKOLA n/a RNS-RUL8 93'437'150 0.7 - 15.02.2012 n/a

WOLFENSBERGER CHRIST n/a RNS-RUL8 87'403'187 0.66 - 15.02.2012 n/a

BLUMGART STEVEN n/a RNS-RUL8 86'736'565 0.65 - 15.02.2012 n/a

ALVAREZ LUIS n/a RNS-RUL8 81'654'211 0.62 - 15.02.2012 n/a

CUTLER STUART n/a RNS-RUL8 78'568'743 0.59 200'000 18.05.2012 n/a


Deutsche Bank ROBERT CLIFFORD buy 5 M 367 12 month 26.09.2013

Sanford C. Bernstein & Co PAUL GAIT outperform 5 M 525 12 month 26.09.2013

Macquarie JEFFREY LARGEY outperform 5 M 390 12 month 26.09.2013

S&P Capital IQ JOHNSON IMODE buy 5 N 390 12 month 26.09.2013

Exane BNP Paribas SYLVAIN BRUNET outperform 5 M 410 Not Provided 23.09.2013

Liberum Capital Ltd BEN DAVIS buy 5 M #N/A N/A Not Provided 20.09.2013

Nomura SAM CATALANO neutral 3 M 290 12 month 19.09.2013

AlphaValue SACHIN KUMAR add 4 M 359 6 month 19.09.2013

Credit Suisse LIAM FITZPATRICK outperform 5 M 400 Not Provided 17.09.2013

Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 309 12 month 16.09.2013

RBC Capital Markets TIMOTHY HUFF outperform 5 M 350 12 month 16.09.2013

UBS MYLES ALLSOP neutral 3 D 335 12 month 16.09.2013

Redburn Partners SIMON TOYNE buy 5 M #N/A N/A Not Provided 16.09.2013


JPMorgan DOMINIC O'KANE overweight 5 M 380 9 month 11.09.2013

Jefferies Christopher LaFemina buy 5 M 425 12 month 11.09.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 370 12 month 11.09.2013

Barclays IAN ROSSOUW equalweight 3 M 305 Not Provided 11.09.2013

Goldman Sachs EUGENE KING neutral/neutral 3 M 270 12 month 26.08.2013

Societe Generale ALAIN WILLIAM buy 5 M 345 12 month 12.08.2013

BMO Capital Markets TONY ROBSON restricted #N/A N/A M #N/A N/A Not Provided 17.07.2013

SBG Securities PETER DAVEY sell 1 M 270 12 month 28.06.2013

Standard Chartered SUBRAMANIAM VARADA in-line 3 D 342 12 month 21.06.2013

Kepler Cheuvreux JOAKIM AHLBERG buy 5 N 360 Not Provided 18.06.2013

EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013

ABN Amro Bank N.V. TEUN TEEUWISSE buy 5 N 415 12 month 31.10.2012

Holdings By:

Glencore Xstrata PLC ee


01.10.2013

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: 06/yy

52-Week High (13.08.2013) 1'270.00

52-Week Low (01.10.2012) 801.50

Daily Volume

1176





30'097.43 1 Yr Total Return 47.43%







PRU LN EQUITY YTD Change - Average Volume 30 Day 4'043'490

PRU LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'883'081


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

(10'269.0) 48'099.0 47'646.0 36'506.0 55'476.0 0.0 0.0 57'484.0 58'855.7 - -

- 0.38x 0.39x 0.47x 0.41x #DIV/0! #DIV/0! - - - -

- - - - - 0.0 0.0 166.0 - - -

- - - - - 0.00x 0.00x 179.99x - - -

(396.0) 676.0 1'431.0 1'415.0 2'197.0 0.0 0.0 2'151.6 2'385.0 - -

- 23.20x 11.78x 11.43x 10.01x 0.00x 0.00x 13.80x 12.38x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.18

Current Ratio - Net Fixed Asset Turnover -






Fiscal Year Ended

Prudential PLCPrice/Volume

Valuation Analysis

2'907'310.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-20'000.0

-10'000.0

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 !- !4 .!-0



01.10.2013






FRAMLINGTON INVESTME Multiple Portfolios MF-AGG 101'907'451 3.98 97'273'768 31.05.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 90'414'720 3.53 524'059 01.07.2013 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 89'441'724 3.49 (1'868'089) 01.07.2013 Investment Advisor



JANUS CAPITAL MANAGE n/a ULT-AGG 53'489'976 2.09 (14'254'165) 01.07.2013 Investment Advisor



FMR LLC n/a ULT-AGG 40'258'849 1.57 2'427'463 31.08.2013 Investment Advisor



AXA n/a ULT-AGG 29'317'273 1.15 274'720 01.07.2013 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 28'647'689 1.12 3'947 01.07.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 28'514'943 1.11 (5'519'461) 31.08.2013 Investment Advisor




AlphaValue JEROME CASSAGNE reduce 2 U 1'155 6 month 27.09.2013

Berenberg Bank MATTHEW PRESTON buy 5 M 1'400 Not Provided 26.09.2013

Sanford C. Bernstein & Co EDWARD HOUGHTON outperform 5 M 1'355 12 month 25.09.2013

Mediobanca SpA MAARTEN ALTENA outperform 5 N 1'317 12 month 17.09.2013

Goldman Sachs WILLIAM ELDERKIN Buy/Neutral 5 M 1'480 12 month 17.09.2013

HSBC KAILESH MISTRY overweight 5 M 1'460 Not Provided 17.09.2013

Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 16.09.2013

Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 1'453 Not Provided 16.09.2013

UBS JAMES SHUCK neutral 3 M 1'150 12 month 09.09.2013

Barclays ALAN DEVLIN overweight 5 M 1'450 Not Provided 09.09.2013

Deutsche Bank OLIVER STEEL buy 5 M 1'290 12 month 23.08.2013


S&P Capital IQ RODERICK WALLACE buy 5 M 1'320 12 month 22.08.2013

Exane BNP Paribas ANDY HUGHES underperform 1 M 835 Not Provided 22.08.2013

Morgan Stanley JON HOCKING Overwt/In-Line 5 M 1'259 12 month 21.08.2013

Nomura FAHAD CHANGAZI buy 5 M 1'487 Not Provided 16.08.2013

Societe Generale ABID HUSSAIN buy 5 M 1'300 12 month 13.08.2013

Oriel Securities Ltd MARCUS BARNARD buy 5 M 1'350 Not Provided 13.08.2013

Credit Suisse CHRIS ESSON outperform 5 M 1'300 Not Provided 12.08.2013

Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 1'045 12 month 12.08.2013

JPMorgan ASHIK MUSADDI underweight 1 M 836 3 month 01.08.2013

Macquarie NEIL WELCH outperform 5 U 1'200 12 month 02.07.2013


RBC Capital Markets GORDON AITKEN outperform 5 M 1'270 12 month 07.05.2013

Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 20.03.2013

Holdings By:

Prudential PLC ee


01.10.2013

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: 01/yy

52-Week High (05.03.2013) 1'860.50

52-Week Low (10.10.2012) 1'376.50

Daily Volume

1464.5





35'498.81 1 Yr Total Return 5.49%


Preferred Stock - Adjusted BETA 1.269



Enterprise Value -


STAN LN EQUITY YTD Change - Average Volume 30 Day 4'072'676

STAN LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'106'941


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 - -

22'429.0 20'558.0 21'355.0 24'416.0 26'712.0 - - 19'907.9 21'427.9 - -

- - - - - - - 32.38x 31.76x - -

- - - - - - - - - - -

- - - - - - - - - - -

3'241.0 3'380.0 4'332.0 4'849.0 4'887.0 - - 5'363.3 6'064.0 - -

6.41x 14.69x 13.38x 10.66x 12.53x - - 10.55x 9.62x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Standard Chartered PLCPrice/Volume

Valuation Analysis

3'137'579.00


!.!!1!!3!!5!!

-!!!-.!!-1!!-3!!-5!!.!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! 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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



01.10.2013


TEMASEK HOLDINGS PRI n/a ULT-AGG 438'346'486 18.08 - 31.12.2012 Government













THORNBURG INVESTMENT Multiple Portfolios REG 31'949'623 1.32 1'206'240 01.07.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 31'714'907 1.31 - 30.06.2013 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 31'644'919 1.31 1'836'656 01.07.2013 Investment Advisor


FMR LLC n/a ULT-AGG 29'170'668 1.2 (3'941'079) 31.08.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 27'617'606 1.14 2'065'700 31.07.2013 Investment Advisor

WALTER SCOTT & PARTN Multiple Portfolios REG 26'831'010 1.11 4'350'239 01.07.2013 Investment Advisor


Sanford C. Bernstein & Co CHIRANTAN BARUA underperform 1 M 1'330 12 month 01.10.2013

Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 1'548 12 month 30.09.2013

Nomura CHINTAN JOSHI buy 5 M 1'830 12 month 27.09.2013

Exane BNP Paribas TOM RAYNER outperform 5 M 1'650 Not Provided 27.09.2013

Mizuho Securities JIM ANTOS neutral 3 M 1'700 12 month 26.09.2013

BNP Paribas Equity Research DOMINIC CHAN buy 5 M 1'905 12 month 26.09.2013

AlphaValue DAVID GRINSZTAJN add 4 M 1'715 6 month 26.09.2013

Deutsche Bank JASON NAPIER hold 3 M 1'645 12 month 23.09.2013

JPMorgan RAUL SINHA neutral 3 M 1'800 15 month 11.09.2013

Shore Capital Stockbrokers GARY GREENWOOD hold 3 D #N/A N/A Not Provided 06.09.2013

Macquarie THOMAS STOEGNER neutral 3 D 1'650 12 month 05.09.2013

RBC Capital Markets PATRICK LEE sector perform 3 M 1'500 12 month 04.09.2013

Credit Suisse AMIT GOEL underperform 1 M 1'350 Not Provided 02.09.2013

China International Capital Corp MAO JUNHUA hold 3 M 1'662 Not Provided 02.09.2013

Berenberg Bank JAMES CHAPPELL sell 1 M 1'450 Not Provided 02.09.2013

Citic Securities Co., Ltd STEVEN CHAN hold 3 M 1'571 6 month 02.09.2013

Barclays ROHITH CHANDRA-RAJAN equalweight 3 D 1'530 Not Provided 02.09.2013

Baden Hill LLP JAMIE MOYES sell 1 M #N/A N/A Not Provided 02.09.2013

Keefe, Bruyette & Woods MARK J PHIN market perform 3 M 1'700 12 month 23.08.2013

Bankhaus Lampe NEIL SMITH sell 1 M 1'450 12 month 22.08.2013


Investec IAN GORDON buy 5 M 1'900 12 month 13.08.2013

EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 13.08.2013

UBS JOHN-PAUL CRUTCHLEY buy 5 M 1'790 12 month 09.08.2013

Societe Generale JAMES INVINE buy 5 M 1'800 12 month 07.08.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 1'700 12 month 07.08.2013

HSBC PETER TOEMAN neutral 3 M 1'650 Not Provided 07.08.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 1'900 12 month 07.08.2013

Numis Securities Ltd MICHAEL J TRIPPITT add 4 U 1'780 Not Provided 07.08.2013

Oriel Securities Ltd VIVEK RAJA add 4 M 1'935 Not Provided 07.08.2013

Grupo Santander ARTURO DE FRIAS buy 5 M 1'960 Not Provided 06.08.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 1'800 Not Provided 06.08.2013

S&P Capital IQ FRANK BRADEN hold 3 M 1'715 12 month 06.08.2013

CCB International Securities Ltd ADAM CHAN outperform 5 M 1'846 Not Provided 06.08.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA buy 5 M 1'840 Not Provided 26.07.2013

Canaccord Genuity Corp GARETH HUNT sell 1 M 1'325 12 month 27.06.2013

Goldman Sachs FREDERIK THOMASEN neutral/neutral 3 M 1'900 12 month 08.05.2013


JM Financial Institutional Securities P PUNEET GULATI buy 5 M 1'975 Not Provided 09.04.2013

Liberum Capital Ltd CORMAC LEECH hold 3 D 1'875 Not Provided 12.03.2013

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 1'888 Not Provided 06.03.2013

Daniel Stewart & Co SIMON WILLIS buy 5 M 1'900 12 month 08.08.2012

Holdings By:

Standard Chartered PLC ee


01.10.2013

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: 01/yy

52-Week High (16.05.2013) 3'683.50

52-Week Low (19.10.2012) 2'593.50

Daily Volume

3053



% 52 Week Price Range High/Low 50.46% Equity Float 822.53


48'973.68 1 Yr Total Return 13.33%







SAB LN EQUITY YTD Change - Average Volume 30 Day 1'662'527

SAB LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'818'527


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

18'703.0 18'020.0 19'408.0 21'760.0 23'213.0 - - 23'765.0 25'461.6 - -

1.79x 3.21x 3.45x 3.96x 4.54x - - 3.97x 3.62x - -

3'663.0 4'212.0 4'682.0 5'154.0 5'733.0 - - 6'541.2 7'147.4 - -

9.13x 13.74x 14.30x 16.73x 18.37x - - 14.81x 13.55x - -

1'881.0 1'910.0 2'408.0 4'221.0 3'274.0 - - 4'042.8 4'543.9 - -

11.84x 23.94x 23.21x 15.05x 25.55x - - 19.68x 17.59x - -


EBIT 4'416.00 Long-Term Rating BBB+

Operating Margin 19.02% Long-Term Outlook POS








EBITDA Margin 24.7%



Asset Turnover 0.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SABMiller PLCPrice/Volume

Valuation Analysis

2'065'144.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

1!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

4 ! F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



01.10.2013


ALTRIA GROUP INC n/a Co File 430'000'000 26.81 - 03.06.2013 Corporation

BEVCO INTERNATIONAL n/a Co File 225'000'000 14.03 - 03.06.2013 Corporation

PUBLIC INVESTMENT CO n/a Co File 67'663'248 4.22 - 03.06.2013 Government

KULCZYK HOLDING n/a Co File 48'000'000 2.99 - 03.06.2013 Holding Company

BLACKROCK n/a ULT-AGG 35'014'324 2.18 (1'434'509) 27.09.2013 Investment Advisor









KULCZYK INVESTMENT H Multiple Portfolios REG 17'475'287 1.09 (42'524'713) 01.05.2013 Investment Advisor



ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 13'973'231 0.87 (866'761) 30.06.2013 Investment Advisor

FMR LLC n/a ULT-AGG 13'719'451 0.86 (222'325) 31.08.2013 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'223'684 0.76 - 31.07.2013 Investment Advisor


Numis Securities Ltd WYN ELLIS buy 5 M 3'700 Not Provided 01.10.2013

Oriel Securities Ltd CHRIS WICKHAM add 4 M 3'300 Not Provided 30.09.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 3'600 Not Provided 30.09.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 3'300 12 month 26.09.2013

AlphaValue ISABELLE COMBEMALE sell 1 M 2'699 6 month 26.09.2013

Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 3'370 12 month 25.09.2013


Liberum Capital Ltd PABLO ZUANIC sell 1 M 2'700 Not Provided 20.09.2013

Societe Generale ANDREW HOLLAND buy 5 M 3'620 12 month 17.09.2013

Morgan Stanley VIKHYAT SHARMA Equalwt/In-Line 3 M 3'400 12 month 17.09.2013

Renaissance Capital REY WIUM hold 3 M 3'325 Not Provided 17.09.2013

Mirabaud Securities JONATHAN FYFE hold 3 D 3'500 12 month 17.09.2013

Nomura IAN SHACKLETON reduce 2 M 2'800 12 month 16.09.2013

BNP Paribas Equity Research DAN LEECH buy 5 M 3'700 12 month 10.09.2013

HSBC CEDRIC BESNARD overweight 5 U 3'600 Not Provided 09.09.2013



SBG Securities BRENDAN GRUNDLINGH hold 3 M 3'800 12 month 12.08.2013

Macquarie WYNAND VAN ZYL outperform 5 M 3'747 12 month 07.08.2013

Shore Capital Stockbrokers PHIL CARROLL buy 5 M #N/A N/A Not Provided 26.07.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 3'400 12 month 25.07.2013

Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 3'850 12 month 25.07.2013

Credit Suisse SANJEET AUJLA outperform 5 M 3'800 Not Provided 25.07.2013


Barclays SIMON HALES equalweight 3 M 3'550 Not Provided 25.07.2013

Natixis OLIVIER DELAHOUSSE buy 5 M 3'500 Not Provided 18.07.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 3'675 12 month 12.07.2013

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 3'370 Not Provided 03.07.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 01.07.2013

JPMorgan MATTHEW WEBB overweight 5 M 3'520 9 month 28.06.2013

Avior Research DE WET SCHUTTE underperform 1 M 3'230 Not Provided 13.06.2013

Berenberg Bank PHILIP MORRISEY buy 5 M 3'800 Not Provided 23.05.2013


UBS MELISSA EARLAM neutral 3 M 3'300 12 month 11.02.2013

Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 10.12.2012

Holdings By:

SABMiller PLC ee


01.10.2013

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: 01/yy

52-Week High (28.05.2013) 388.05

52-Week Low (05.10.2012) 306.40

Daily Volume

358.2





28'947.97 1 Yr Total Return 12.87%







TSCO LN EQUITY YTD Change - Average Volume 30 Day 13'307'720

TSCO LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'266'120


28.02.2009 28.02.2010 28.02.2011 29.02.2012 28.02.2013 01/yy 01/yy 02/14 Y 02/15 Y 08/12 Q2 11/12 Q3

53'898.0 56'910.0 60'455.0 63'916.0 64'826.0 - - 67'481.0 69'860.2 32'917.0 -

0.70x 0.75x 0.67x 0.53x 0.58x - - 0.52x 0.49x - -

4'122.0 4'464.0 4'905.0 5'283.0 4'117.0 - - 5'144.7 5'374.7 - -

9.09x 9.57x 8.23x 6.39x 9.18x - - 7.15x 6.84x - -

2'133.0 2'327.0 2'655.0 2'806.0 124.0 - - 2'623.0 2'774.1 - -

12.28x 14.31x 11.79x 8.09x 21.52x - - 11.09x 10.50x - -











EBITDA Margin 6.4%



Asset Turnover 1.28







Fiscal Year Ended

Tesco PLCPrice/Volume

Valuation Analysis

8'494'036.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

.! ! F

1! ! F

3! ! F

5! ! F

-!! ! F

-.! ! F

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!2 !0 .!-! !2 !6 .!-! !2 !0 .!-- !2 !6 .!-- !2 !0 .!-. !2 !6 .!-. !2 !0 .!-0 !2 !6 .!-0



01.10.2013


BLACKROCK n/a ULT-AGG 406'665'281 5.03 7'799'083 27.09.2013 Investment Advisor




BERKSHIRE HATHAWAY I n/a ULT-AGG 257'443'328 3.19 - 01.07.2013 Investment Advisor







SILCHESTER INTL INVE Multiple Portfolios REG 128'762'362 1.59 32'588'641 01.07.2013 Investment Advisor

MONDRIAN INVESTMENT Multiple Portfolios REG 114'807'330 1.42 6'421'337 01.07.2013 Hedge Fund Manager

ARTISAN PARTNERS HOL Multiple Portfolios REG 110'613'354 1.37 13'021'795 01.07.2013 Investment Advisor

GEICO CORP Multiple Portfolios REG 90'000'000 1.11 - 01.07.2013 Unclassified



GENERAL REINSURANCE Multiple Portfolios REG 72'862'000 0.9 - 01.07.2013 Insurance Company


MANNING & NAPIER ADV Multiple Portfolios REG 72'430'910 0.9 11'553'520 01.07.2013 Unclassified


Grupo Santander TIM ATTENBOROUGH buy 5 M 425 12 month 30.09.2013

Cantor Fitzgerald MICHAEL J DENNIS buy 5 M 443 Not Provided 30.09.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK buy 5 M #N/A N/A Not Provided 26.09.2013

Oriel Securities Ltd JONATHAN PRITCHARD buy 5 M 425 Not Provided 26.09.2013

Exane BNP Paribas JOHN KERSHAW outperform 5 M 425 Not Provided 26.09.2013

AlphaValue VIRGINIE BLIN add 4 M 401 6 month 26.09.2013

Societe Generale ARNAUD JOLY sell 1 M 290 12 month 25.09.2013

JPMorgan JAIME VAZQUEZ underweight 1 D 350 3 month 25.09.2013

Jefferies JAMES GRZINIC buy 5 M 440 12 month 25.09.2013

Barclays JAMES ANSTEAD equalweight 3 M 365 Not Provided 24.09.2013

Credit Suisse ANDREW KASOULIS outperform 5 M 430 Not Provided 20.09.2013

HSBC JEROME SAMUEL overweight 5 M 430 Not Provided 20.09.2013

UBS BENJAMIN PETERS buy 5 M 430 12 month 19.09.2013

Deutsche Bank JAMES G COLLINS buy 5 M 415 12 month 18.09.2013

Nomura DAVID PAYNE neutral 3 D 400 12 month 18.09.2013

Independent Research GmbH ZAFER RUZGAR buy 5 M 440 12 month 17.09.2013


Baader Bank VOLKER BOSSE buy 5 M 410 12 month 11.09.2013

S&P Capital IQ WILLIAM MACK hold 3 D 380 12 month 05.09.2013

Redburn Partners MARC DE SPEVILLE neutral 3 M #N/A N/A Not Provided 02.09.2013

Kepler Cheuvreux FABIENNE CARON hold 3 M 380 Not Provided 28.08.2013

Morgan Stanley EDOUARD AUBIN restricted #N/A N/A M #N/A N/A Not Provided 09.08.2013

Macquarie SREEDHAR MAHAMKALI outperform 5 M 400 12 month 04.07.2013

Panmure Gordon & Co Limited PHILIP DORGAN buy 5 M 440 Not Provided 01.07.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013

Investec DAVID MCCARTHY sell 1 M 295 12 month 05.06.2013

Espirito Santo Investment Bank ResearchSANJAY VIDYARTHI sell 1 M 310 Not Provided 22.04.2013

Goldman Sachs FRANKLIN WALDING neutral/neutral 3 M 390 12 month 11.04.2013

Aurel - BGC JEAN-MARIE L'HOME sell 1 M 300 Not Provided 10.01.2013

Holdings By:

Tesco PLC ee


01.10.2013

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: 06/yy

52-Week High (10.07.2013) 4'986.00

52-Week Low (01.10.2012) 3'561.00

Daily Volume

4439




Shares Out 30.09.2013 718.7 Short Int -

31'902.51 1 Yr Total Return 26.19%




Cash and Equivalents 891.00 Consensus Rating 2.906


Average Volume 5 Day 942'435

RB/ LN EQUITY YTD Change - Average Volume 30 Day 936'503

RB/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'037'430


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

6'563.0 7'753.0 8'453.0 9'485.0 9'567.0 9'533.0 9'892.0 10'181.2 10'548.0 2'611.0 2'642.0

2.96x 3.10x 3.28x 2.65x 3.23x 2.63x 0.00x 3.32x 3.12x - -

1'612.0 2'030.0 2'375.0 2'644.0 2'718.0 0.0 0.0 2'783.6 2'860.9 - -

12.05x 11.84x 11.66x 9.49x 11.36x 0.00x 0.00x 12.46x 12.13x - -

1'120.0 1'418.0 1'568.0 1'745.0 1'829.0 986.0 0.0 1'955.0 2'022.3 516.0 599.0

16.36x 16.87x 16.28x 13.26x 15.36x 0.00x 0.00x 16.64x 16.16x - -











EBITDA Margin 28.0%



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

832'658.00


!

-!!!

.!!!

0!!!

1!!!

2!!!

3!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



01.10.2013


JAB HOLDINGS BV n/a Co File 76'659'342 10.67 - 01.03.2013 Other

JAB INVESTMENTS BV Multiple Portfolios REG 76'659'342 10.67 - 03.06.2013 Unclassified

SUN LIFE FINANCIAL I n/a ULT-AGG 36'608'287 5.09 - 01.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 36'323'474 5.05 (359'245) 30.09.2013 Investment Advisor


MORGAN STANLEY n/a ULT-AGG 28'266'229 3.93 1'100'756 30.06.2013 Investment Advisor


PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 23'836'570 3.32 (354'341) 30.08.2013 Investment Advisor


SCOTTISH WIDOWS n/a ULT-AGG 15'413'516 2.14 (169'751) 30.06.2013 Unclassified




MORGAN STANLEY INVES Multiple Portfolios REG 12'309'781 1.71 184'456 03.06.2013 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 11'010'401 1.53 791'561 31.08.2013 Investment Advisor

WALTER SCOTT & PARTN Multiple Portfolios REG 10'986'837 1.53 (270'098) 03.06.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 10'075'592 1.4 (1'294'694) 31.07.2013 Investment Advisor

CEDAR ROCK CAPITAL L Multiple Portfolios REG 8'971'380 1.25 - 03.06.2013 Investment Advisor




JPMorgan CELINE PANNUTI neutral 3 M 4'450 12 month 27.09.2013

Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 4'625 Not Provided 27.09.2013

AlphaValue ARMELLE MOULIN reduce 2 M 4'332 6 month 26.09.2013

Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 5'450 12 month 25.09.2013

Exane BNP Paribas EAMONN FERRY underperform 1 M 4'400 Not Provided 25.09.2013

Liberum Capital Ltd PABLO ZUANIC sell 1 M 3'700 Not Provided 20.09.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 5'200 12 month 13.09.2013





Berenberg Bank JAMES TARGETT Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013

Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 31.07.2013

Societe Generale CHAS MANSO DE ZUNIGA sell 1 M 4'300 12 month 30.07.2013

Investec MARTIN DEBOO sell 1 M 4'425 12 month 30.07.2013

Jefferies ALEX HOWSON hold 3 M 4'500 12 month 30.07.2013


Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 4'500 6 month 29.07.2013

Morgan Stanley ERIK SJOGREN Equalwt/In-Line 3 M 4'500 12 month 29.07.2013

Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 5'130 12 month 29.07.2013

Credit Suisse CHARLES MILLS neutral 3 M 4'650 Not Provided 29.07.2013

Raymond James HERMINE DE BENTZMANN market perform 3 M #N/A N/A Not Provided 29.07.2013

Nomura GUILLAUME DELMAS buy 5 M 4'800 12 month 29.07.2013


Barclays IAIN SIMPSON equalweight 3 M 4'400 Not Provided 29.07.2013

HSBC CEDRIC BESNARD neutral 3 M 4'800 Not Provided 16.07.2013

Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 4'160 Not Provided 03.07.2013

UBS EVA QUIROGA buy 5 M 5'210 12 month 31.05.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 4'320 12 month 09.05.2013

Redburn Partners JEREMY FIALKO sell 1 M #N/A N/A Not Provided 09.05.2013

Holdings By:

Reckitt Benckiser Group PLC ee


01.10.2013

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: 06/yy

52-Week High (28.05.2013) 2'908.00

52-Week Low (01.10.2012) 2'243.00

Daily Volume

2348





69'877.56 1 Yr Total Return 6.79%







ULVR LN EQUITY YTD Change - Average Volume 30 Day 2'471'106

ULVR LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'331'278


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

40'523.0 39'823.0 44'262.0 46'467.0 51'324.0 49'077.0 51'426.0 51'093.5 52'967.8 13'144.7 12'638.7

1.62x 1.77x 1.76x 0.00x 0.00x 1.80x 1.71x - -

6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 0.0 0.0 8'526.4 8'975.3 - -

9.40x 11.04x 11.04x 0.00x 0.00x 11.23x 10.67x - -

5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 0.0 0.0 4'683.5 5'051.5 1'140.0 1'190.0

15.17x 17.14x 18.39x 0.00x 0.00x 17.67x 16.40x - -











EBITDA Margin 16.9%



Asset Turnover 1.04





Accounts Receivable Turnover - Cash Conversion Cycle -8.85


Fiscal Year Ended

Unilever PLCPrice/Volume

Valuation Analysis

4'404'111.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



01.10.2013




The Leverhulme Trust Multiple Portfolios REG 70'566'764 5.5 - 01.07.2013 Unclassified




COMMONWEALTH BANK OF n/a ULT-AGG 29'472'341 2.3 1'534'822 01.07.2013 Bank







PEOPLES REPUBLIC OF Multiple Portfolios REG 17'414'434 1.36 (1'096'149) 01.07.2013 Government

OPPENHEIMERFUNDS INC Multiple Portfolios REG 17'021'470 1.33 (438'268) 01.07.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 16'976'959 1.32 141'170 31.07.2013 Investment Advisor


BREWIN DOLPHIN LIMIT Multiple Portfolios REG 13'951'186 1.09 2'465 01.07.2013 Investment Advisor

MONDRIAN INVESTMENT Multiple Portfolios REG 12'958'273 1.01 (106'389) 01.07.2013 Hedge Fund Manager

CEDAR ROCK CAPITAL L Multiple Portfolios REG 12'778'186 1 (30'193) 01.07.2013 Investment Advisor


Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 3'050 12 month 01.10.2013

Shore Capital Stockbrokers DARREN SHIRLEY buy 5 M #N/A N/A Not Provided 01.10.2013

S&P Capital IQ CARL SHORT buy 5 M 2'730 12 month 01.10.2013

Oriel Securities Ltd CHRIS WICKHAM sell 1 D 2'170 12 month 01.10.2013

Exane BNP Paribas JEFF STENT neutral 3 M 2'800 Not Provided 01.10.2013

Barclays IAIN SIMPSON overweight 5 M 2'900 Not Provided 01.10.2013

Credit Suisse CHARLES MILLS underperform 1 M 2'730 Not Provided 30.09.2013

JPMorgan CELINE PANNUTI neutral 3 M 2'600 12 month 27.09.2013

Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 2'800 Not Provided 27.09.2013

AlphaValue SOPHIE CABO-BROSETA reduce 2 M 2'432 6 month 26.09.2013

Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 2'500 12 month 24.09.2013

RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 2'600 12 month 13.09.2013

Goldman Sachs ROSIE EDWARDS Buy/Neutral 5 M 3'280 12 month 12.09.2013

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 2'730 Not Provided 12.09.2013


EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 29.07.2013

Investec MARTIN DEBOO buy 5 M 3'000 12 month 26.07.2013

Jefferies ALEX HOWSON hold 3 M 2'760 12 month 26.07.2013

Berenberg Bank JAMES TARGETT buy 5 M 3'000 Not Provided 26.07.2013


HSBC CEDRIC BESNARD overweight 5 M 3'070 Not Provided 25.07.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 3'250 Not Provided 10.06.2013


UBS ALAN ERSKINE buy 5 M 2'990 12 month 26.03.2013

Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012

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


01.10.2013

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: 06/yy

52-Week High (13.09.2013) 350.60

52-Week Low (31.10.2012) 212.50

Daily Volume

346.5





27'410.02 1 Yr Total Return 54.17%







BT/A LN EQUITY YTD Change - Average Volume 30 Day 11'694'260

BT/A LN EQUITY YTD % CHANGE - Average Volume 3 Month 12'855'030


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

21'390.0 20'859.0 20'076.0 19'307.0 18'253.0 19'047.0 17'982.0 18'081.2 18'047.3 4'459.0 4'497.0

0.88x 1.01x 1.23x 1.41x 1.67x 5.21x 6.56x 1.92x 1.87x 8.03x 7.79x

3'629.0 5'594.0 5'886.0 5'654.0 5'945.0 5'670.0 5'922.0 6'036.7 6'210.5 1'430.0 1'523.0

5.19x 3.76x 4.19x 4.82x 5.12x 4.61x 5.59x 5.99x 5.82x - -

(193.0) 1'028.0 1'502.0 2'003.0 2'091.0 2'033.0 1'985.0 1'956.9 2'205.6 - -

- 9.33x 9.58x 8.77x 10.41x 8.10x 12.22x 13.58x 12.11x - -











EBITDA Margin 32.9%

EBIT Margin 17.3% Total Debt/Equity -


Asset Turnover 0.72




Tot Debt to Common Equity - Accounts Payable Turnover Day -



Fiscal Year Ended

BT Group PLCPrice/Volume

Valuation Analysis

6'261'077.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

-! ! F

.! ! F

0! ! F

1! ! F

2! ! F

3! ! F

16'500.0

17'000.0

17'500.0

18'000.0

18'500.0

19'000.0

19'500.0

20'000.0

20'500.0

21'000.0

21'500.0

22'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



01.10.2013






BT GROUP PLC SHAREVI Multiple Portfolios REG 274'615'887 3.47 11'272'301 01.08.2013 Unclassified









AVIVA PLC Multiple Portfolios MF-AGG 114'776'509 1.45 (584'968) 31.08.2013 Investment Advisor




AVIVA INVESTORS Multiple Portfolios REG 91'662'854 1.16 (27'322'335) 01.08.2013 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 90'844'770 1.15 12'800'853 31.12.2012 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 86'745'508 1.1 (3'719'189) 01.08.2013 Investment Advisor


Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 350 12 month 01.10.2013

Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 385 12 month 30.09.2013

Nomura JAMES BRITTON buy 5 M 390 12 month 30.09.2013

Exane BNP Paribas MICHAEL WILLIAMS neutral 3 M 277 Not Provided 30.09.2013

AlphaValue JEAN-MICHEL SALVADOR reduce 2 M 325 6 month 26.09.2013

Barclays MAURICE PATRICK overweight 5 M 400 Not Provided 23.09.2013

Berenberg Bank BARRY ZEITOUNE buy 5 M 375 Not Provided 13.09.2013

Deutsche Bank DAVID A WRIGHT hold 3 M 300 12 month 05.09.2013

Credit Suisse PAUL SIDNEY outperform 5 M 350 Not Provided 02.09.2013

Jefferies JEREMY A DELLIS buy 5 M 385 12 month 20.08.2013


Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 M 405 Not Provided 02.08.2013

Macquarie GUY R PEDDY underperform 1 M 180 12 month 31.07.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 30.07.2013

UBS NICK LYALL neutral 3 M 330 12 month 26.07.2013

Societe Generale OTTAVIO ADORISIO hold 3 M 245 12 month 25.07.2013

JPMorgan CARL MURDOCK-SMITH neutral 3 M 330 6 month 25.07.2013

Raymond James STEPHANE BEYAZIAN outperform 5 M 340 Not Provided 25.07.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK sell 1 M 242 Not Provided 25.07.2013


Oriel Securities Ltd JOHN KARIDIS buy 5 M 390 Not Provided 25.07.2013

New Street Research JAMES RATZER neutral 3 M 350 Not Provided 25.07.2013

Goldman Sachs ANDREW LEE Buy/Neutral 5 M 400 12 month 11.07.2013

Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 175 Not Provided 30.05.2013

HSBC STEPHEN HOWARD neutral 3 M 220 Not Provided 20.11.2012

Holdings By:

BT Group PLC ee


01.10.2013

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: 01/yy

52-Week High (15.05.2013) 849.50

52-Week Low (15.02.2013) 678.00

Daily Volume

730.5





27'247.15 1 Yr Total Return 10.95%







NG/ LN EQUITY YTD Change - Average Volume 30 Day 6'502'765

NG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'123'895


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

15'624.0 14'007.0 14'343.0 13'832.0 14'359.0 - - 14'911.0 15'375.5 - -

2.41x 2.84x 2.90x 3.16x 3.49x - - 3.37x 3.37x - -

4'037.0 4'309.0 4'845.0 4'777.0 5'005.0 - - 5'293.0 5'545.0 - -

9.34x 9.24x 8.58x 9.14x 10.00x - - 9.30x 8.88x - -

944.0 1'386.0 2'159.0 2'036.0 2'295.0 - - 1'930.3 2'059.3 - -

14.32x 13.25x 9.30x 11.04x 12.21x - - 13.96x 13.25x - -











EBITDA Margin 34.9%



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

1'809'311.00


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

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

18'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



01.10.2013





CRESCENT HOLDING GMB n/a RNS-MAJ 149'414'285 4.01 - 17.07.2013 Investment Advisor






PICTET FUNDS n/a ULT-AGG 49'092'363 1.32 (779'643) 16.07.2013 Investment Advisor

NOMURA n/a ULT-AGG 46'953'805 1.26 644'804 03.06.2013 Unclassified






STOCK LENDING ACCOUN Multiple Portfolios REG 33'192'138 0.89 15'889'686 03.06.2013 Other



DEUTSCHE PRIVATE BAN Multiple Portfolios REG 30'101'911 0.81 5'447'195 03.06.2013 Unclassified


RBC Capital Markets JOHN MUSK outperform 5 M 900 12 month 01.10.2013

AlphaValue MYRIAM COHEN reduce 2 M 786 6 month 26.09.2013

UBS STEPHEN HUNT neutral 3 D 740 12 month 23.09.2013

Barclays PETER BISZTYGA overweight 5 M 850 Not Provided 13.09.2013

Goldman Sachs ANDREW MEAD Sell/Neutral 1 M 695 12 month 09.09.2013

Exane BNP Paribas IAIN TURNER neutral 3 M 780 Not Provided 02.09.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 810 12 month 28.08.2013


Societe Generale ASHLEY THOMAS sell 1 M 730 12 month 08.08.2013

Credit Suisse MARK FRESHNEY outperform 5 M 800 Not Provided 07.08.2013

HSBC VERITY MITCHELL overweight 5 M 885 Not Provided 07.08.2013

Morgan Stanley BOBBY CHADA Overwt/In-Line 5 M 880 12 month 06.08.2013

Liberum Capital Ltd PETER ATHERTON buy 5 N 730 Not Provided 31.07.2013

S&P Capital IQ CLIVE ROBERTS hold 3 M 789 12 month 29.07.2013

Deutsche Bank MARTIN BROUGH sell 1 M 660 12 month 10.06.2013

Berenberg Bank TEAM COVERAGE hold 3 M 740 Not Provided 10.06.2013

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

JPMorgan EDMUND REID neutral 3 M 735 6 month 31.05.2013

Redburn Partners JAMIE TUNNICLIFFE neutral 3 D #N/A N/A Not Provided 24.05.2013

Holdings By:

National Grid PLC ee


01.10.2013

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: 01/yy

52-Week High (05.12.2012) 2'545.00

52-Week Low (28.08.2013) 2'106.00

Daily Volume

2248





21'788.84 1 Yr Total Return 1.70%







IMT LN EQUITY YTD Change - Average Volume 30 Day 1'865'403

IMT LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'048'872


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

10'116.0 14'748.0 15'018.0 15'186.0 14'672.0 - - 7'842.3 8'029.5 - -

2.96x 2.00x 1.93x 2.05x 2.16x - - 3.91x 3.78x - -

1'958.0 3'158.0 3'307.0 3'260.0 3'322.0 - - 3'377.2 3'480.4 - -

15.29x 9.34x 8.75x 9.53x 9.54x - - 9.74x 9.45x - -

428.0 663.0 1'505.0 1'796.0 678.0 - - 2'043.5 2'138.0 - -

35.54x 27.61x 12.78x 12.26x 33.65x - - 10.75x 10.14x - -











EBITDA Margin 22.2%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Imperial Tobacco Group PLCPrice/Volume

Valuation Analysis

806'205.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

14'000.0

16'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



01.10.2013


MORGAN STANLEY n/a ULT-AGG 61'764'487 6.37 (357'175) 30.06.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 61'000'000 6.29 - 30.10.2012 Investment Advisor




FRANKLIN RESOURCES n/a ULT-AGG 41'000'000 4.23 - 30.06.2013 Investment Advisor



FIL LIMITED n/a ULT-AGG 22'107'588 2.28 572'077 03.06.2013 Investment Advisor





ALLIANZ ASSET MANAGE n/a ULT-AGG 18'144'726 1.87 2'976'907 31.08.2013 Investment Advisor

CEDAR ROCK CAPITAL L Multiple Portfolios REG 17'669'281 1.82 137'270 03.06.2013 Unclassified




DWS INVESTMENTS Multiple Portfolios REG 10'592'294 1.09 2'015'813 03.06.2013 Investment Advisor




AlphaValue ISABELLE COMBEMALE buy 5 M 2'991 6 month 26.09.2013

Exane BNP Paribas JAMES BUSHNELL underperform 1 M 2'350 Not Provided 25.09.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 2'450 12 month 23.09.2013

Jefferies DIRK VAN VLAANDEREN hold 3 M 2'500 12 month 19.09.2013

Redburn Partners CHRISTIAN DE ROUALLE neutral 3 M #N/A N/A Not Provided 19.09.2013

Berenberg Bank ERIK BLOOMQUIST hold 3 M 2'500 Not Provided 06.09.2013


UBS JONATHAN LEINSTER buy 5 M 2'500 12 month 30.08.2013

Renaissance Capital REY WIUM buy 5 M 2'450 Not Provided 28.08.2013

Natixis NICOLAS LANGLET neutral 3 M 2'350 Not Provided 19.08.2013

Morgan Stanley MATTHEW GRAINGER Overwt/Attractive 5 M 2'680 12 month 15.08.2013

JPMorgan RAE MAILE neutral 3 M 3'067 3 month 15.08.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 2'650 12 month 15.08.2013

Nomura DAVID HAYES reduce 2 M 2'150 12 month 15.08.2013

S&P Capital IQ CARL SHORT sell 1 D 2'040 12 month 15.08.2013

Panmure Gordon & Co Limited DAMIAN MCNEELA buy 5 M 2'650 Not Provided 15.08.2013


Goldman Sachs FULVIO CAZZOL neutral/attractive 3 M 2'465 12 month 11.08.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 08.08.2013

Investec MARTIN DEBOO buy 5 U 2'440 12 month 07.08.2013

Barclays SIMON HALES equalweight 3 M 2'600 Not Provided 11.07.2013


Holdings By:

Imperial Tobacco Group PLC ee


01.10.2013

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: 01/yy

52-Week High (25.07.2013) 1'248.00

52-Week Low (01.10.2012) 827.34

Daily Volume

1136





21'359.96 1 Yr Total Return 34.28%







RR/ LN EQUITY YTD Change - Average Volume 30 Day 3'901'896

RR/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'385'021


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 - -

9'082.0 10'414.0 11'085.0 11'124.0 12'161.0 - - 15'367.8 16'314.8 - -

0.56x 0.76x 0.93x 1.25x 1.25x - - 1.30x 1.20x - -

1'096.0 1'396.0 1'404.0 1'480.0 1'687.0 - - 2'290.2 2'466.2 - -

4.63x 5.67x 7.36x 9.36x 8.98x - - 9.25x 8.59x - -

(1'340.0) 2'221.0 539.0 850.0 2'281.0 - - 1'280.8 1'376.5 - -

- 4.02x 21.34x 16.25x 7.09x - - 16.93x 15.71x - -









Net Debt/EBITDA -0.43


EBITDA Margin 14.4%



Asset Turnover 0.70







Fiscal Year Ended

Rolls-Royce Holdings PLCPrice/Volume

Valuation Analysis

3'137'387.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F. ! F1 ! F3 ! F5 ! F-! ! F-. ! F-1 ! F-3 ! F-5 ! 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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



01.10.2013



BLACKROCK n/a ULT-AGG 93'990'210 5 - 27.09.2013 Investment Advisor




BAILLIE GIFFORD AND Multiple Portfolios REG 60'277'271 3.21 208'582 01.05.2013 Investment Advisor

HARBOR FUNDS n/a RNS-MAJ 58'969'691 3.14 - 18.09.2013 n/a




Northern Cross Inter Multiple Portfolios REG 45'553'844 2.42 - 01.05.2013 Unclassified





M FINANCIAL INVESTME Multiple Portfolios MF-AGG 32'727'840 1.74 32'455'108 30.06.2013 Investment Advisor



FMR LLC n/a ULT-AGG 30'958'721 1.65 219'381 31.08.2013 Investment Advisor



RBC Capital Markets ROBERT STALLARD outperform 5 M 1'340 12 month 30.09.2013

Jefferies SANDY MORRIS buy 5 M 1'400 12 month 30.09.2013

AlphaValue THOMAS PICHERIT sell 1 M 1'009 6 month 26.09.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 950 Not Provided 25.09.2013

Investec ANDREW GOLLAN add 4 M 1'180 12 month 18.09.2013


Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 1'340 Not Provided 12.09.2013

Cantor Fitzgerald ANDREW CHAMBERS buy 5 M 1'350 Not Provided 02.09.2013

Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 1'300 12 month 27.08.2013

Exane BNP Paribas OLIVIER BROCHET outperform 5 M 1'365 Not Provided 20.08.2013

EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 19.08.2013

Societe Generale ZAFAR KHAN sell 1 M 1'150 12 month 26.07.2013

Deutsche Bank BEN FIDLER sell 1 D 1'020 12 month 26.07.2013

JPMorgan DAVID H PERRY overweight 5 M 1'560 15 month 26.07.2013

Shore Capital Stockbrokers GERARD LANE corporate #N/A N/A M #N/A N/A Not Provided 26.07.2013

S&P Capital IQ UNAI FRANCO buy 5 M 1'400 12 month 26.07.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 1'100 12 month 22.07.2013

UBS CHARLES ARMITAGE sell 1 M 900 12 month 09.07.2013

Barclays NICK WEBSTER overweight 5 M 1'225 Not Provided 09.07.2013

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX sell 1 M 800 12 month 18.02.2013

Kepler Cheuvreux CHRISTOPHE MENARD hold 3 M 1'050 Not Provided 15.02.2013

Holdings By:

Rolls-Royce Holdings PLC ee


01.10.2013

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: 01/yy

52-Week High (15.02.2013) 2'088.50

52-Week Low (03.07.2013) 1'195.50

Daily Volume

1464.5





20'417.11 1 Yr Total Return -19.97%







AAL LN EQUITY YTD Change - Average Volume 30 Day 3'227'574

AAL LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'492'314


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 - -

26'311.0 20'858.0 27'960.0 30'580.0 28'761.0 - - 31'276.1 31'945.5 - -

1.61x 3.39x 2.84x 1.75x 1.97x - - 1.61x 1.63x - -

9'986.0 4'465.0 10'301.0 11'379.0 7'682.0 - - 8'584.6 9'220.2 - -

4.23x 15.82x 7.71x 4.69x 7.37x - - 5.53x 5.15x - -

5'215.0 2'425.0 6'544.0 6'169.0 (1'493.0) - - 2'171.4 2'707.1 - -

5.19x 21.67x 9.58x 7.24x - - - 13.18x 11.21x - -











EBITDA Margin 26.2%



Asset Turnover 0.40







Fiscal Year Ended

Anglo American PLCPrice/Volume

Valuation Analysis

1'349'395.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



01.10.2013


PUBLIC INVESTMENT CO Multiple Portfolios REG 81'235'375 5.83 - 01.05.2013 Government

CORONATION ASSET MAN n/a RNS-MAJ 71'675'580 5.14 - 05.07.2013 Investment Advisor


GENESIS ASSET MANAGE n/a RNS-MAJ 63'296'166 4.54 - 10.05.2013 Investment Advisor


TARL INVESTMENT HOLD Multiple Portfolios REG 47'275'613 3.39 - 01.05.2013 Unclassified

EPOCH TWO INVESTMENT Multiple Portfolios REG 42'166'686 3.02 - 01.05.2013 Unclassified





E OPPENHEIMER & SON Multiple Portfolios REG 25'200'000 1.81 - 01.05.2013 Other


OPPENHEIMERFUNDS INC Multiple Portfolios REG 24'657'790 1.77 2'780'180 01.05.2013 Investment Advisor






MOMENTUM Multiple Portfolios MF-AGG 13'556'213 0.97 11'781'598 31.08.2013 Investment Advisor




Macquarie KIERAN DALY outperform 5 M 1'700 12 month 26.09.2013

AlphaValue SACHIN KUMAR add 4 M 1'720 6 month 26.09.2013

Barclays IAN ROSSOUW equalweight 3 M 1'415 Not Provided 24.09.2013

Nomura SAM CATALANO neutral 3 M 1'600 12 month 19.09.2013

Liberum Capital Ltd BEN DAVIS sell 1 D #N/A N/A Not Provided 18.09.2013

BMO Capital Markets TONY ROBSON market perform 3 M 1'500 Not Provided 16.09.2013

RBC Capital Markets DES KILALEA underperform 1 M 1'500 12 month 16.09.2013

Exane BNP Paribas RAPHAEL VEVERKA neutral 3 M 1'550 Not Provided 10.09.2013

Jefferies Christopher LaFemina hold 3 M 1'650 12 month 09.09.2013

Investec ALBERT MINASSIAN buy 5 M 1'924 Not Provided 06.09.2013

Kepler Cheuvreux JOAKIM AHLBERG buy 5 M 2'000 Not Provided 04.09.2013

Natixis RAOUDHA BOUZEKRI neutral 3 M 1'370 Not Provided 29.08.2013

JPMorgan FRASER JAMIESON neutral 3 M 1'655 9 month 21.08.2013


Makor Capital ALBERT SAPORTA buy 5 N #N/A N/A Not Provided 15.08.2013

Redburn Partners SIMON TOYNE neutral 3 M #N/A N/A Not Provided 09.08.2013

Credit Suisse LIAM FITZPATRICK neutral 3 M 1'600 Not Provided 06.08.2013

Societe Generale ALAIN WILLIAM hold 3 M 1'500 12 month 31.07.2013

Morgan Stanley MENNO SANDERSE Equalwt/In-Line 3 M 1'610 12 month 29.07.2013


Goldman Sachs EUGENE KING Sell/Neutral 1 M 1'100 12 month 26.07.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 1'200 12 month 26.07.2013


Espirito Santo Investment Bank ResearchNICK MELLOR neutral 3 N 1'224 Not Provided 15.07.2013

UBS MYLES ALLSOP neutral 3 M 1'350 12 month 10.07.2013

SBG Securities PETER DAVEY sell 1 M 1'430 12 month 28.06.2013

EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013

Imara STEPHEN MEINTJES hold 3 N #N/A N/A Not Provided 17.01.2013

Standard Chartered SUBRAMANIAM VARADA in-line 3 M 1'960 12 month 08.09.2012

Holdings By:

Anglo American PLC ee


01.10.2013

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: 01/yy

52-Week High (20.09.2013) 403.20

52-Week Low (13.11.2012) 308.80

Daily Volume

367.5





18'871.51 1 Yr Total Return 16.60%







CNA LN EQUITY YTD Change - Average Volume 30 Day 9'136'008

CNA LN EQUITY YTD % CHANGE - Average Volume 3 Month 8'372'507


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

20'872.0 21'963.0 22'423.0 22'824.0 23'942.0 - - 25'551.2 28'282.8 - -

0.68x 0.81x 0.92x 0.81x 0.91x - - 0.94x 0.84x - -

2'613.0 2'721.0 3'336.0 3'310.0 3'698.0 - - 4'127.0 4'373.1 - -

5.43x 6.54x 6.19x 5.62x 5.88x - - 5.69x 5.37x - -

(137.0) 844.0 1'935.0 421.0 1'273.0 - - 1'425.6 1'489.0 - -

241.82x 22.13x 9.11x 33.64x 13.56x - - 13.13x 12.42x - -











EBITDA Margin 15.8%



Asset Turnover 1.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Centrica PLCPrice/Volume

Valuation Analysis

4'761'392.00


!2!

-!!-2!.!!.2!0!!02!1!!12!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0! ! 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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



01.10.2013










BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 135'734'067 2.64 (10'046'858) 27.09.2013 Investment Advisor






SCHRODER INVESTMENT Multiple Portfolios REG 93'158'901 1.81 2'869'659 01.05.2013 Investment Advisor

WALTER SCOTT & PARTN Multiple Portfolios REG 79'150'586 1.54 (1'053'000) 01.05.2013 Investment Advisor






RBC Capital Markets JOHN MUSK sector perform 3 M 400 12 month 27.09.2013

JPMorgan EDMUND REID neutral 3 D 375 3 month 26.09.2013

Raymond James EMMANUEL RETIF underperform 1 M 347 12 month 26.09.2013

S&P Capital IQ CLIVE ROBERTS strong buy 5 M 538 12 month 26.09.2013

AlphaValue MYRIAM COHEN add 4 M 427 6 month 26.09.2013


Exane BNP Paribas IAIN TURNER underperform 1 M 310 Not Provided 10.09.2013

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 395 12 month 09.09.2013

Goldman Sachs ANDREW MEAD neutral/neutral 3 M 456 12 month 09.09.2013

Deutsche Bank MARTIN BROUGH buy 5 U 430 12 month 03.09.2013

Liberum Capital Ltd PETER ATHERTON buy 5 N 440 Not Provided 23.08.2013

Credit Suisse MARK FRESHNEY underperform 1 M 320 Not Provided 19.08.2013

HSBC VERITY MITCHELL overweight 5 M 440 Not Provided 15.08.2013

Kepler Cheuvreux INGO BECKER reduce 2 M 350 Not Provided 07.08.2013

Societe Generale ASHLEY THOMAS buy 5 M 410 12 month 01.08.2013

Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 01.08.2013

Barclays PETER BISZTYGA equalweight 3 U 380 Not Provided 16.07.2013


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

Berenberg Bank TEAM COVERAGE hold 3 M 380 Not Provided 31.05.2013

Mirabaud Securities GUS HOCHSCHILD buy 5 M 435 Not Provided 25.02.2013

Holdings By:

Centrica PLC ee


01.10.2013

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: 06/yy

52-Week High (16.09.2013) 1'313.00

52-Week Low (25.10.2012) 766.00

Daily Volume

1267





16'915.34 1 Yr Total Return 53.92%







WPP LN EQUITY YTD Change - Average Volume 30 Day 3'267'981

WPP LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'747'603


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

7'476.9 8'684.3 9'331.0 10'021.8 10'373.1 10'280.3 10'728.2 11'161.0 11'761.9 2'677.6 3'115.2

1.11x 1.21x 1.29x 1.12x 1.38x 0.00x 0.00x 1.75x 1.61x - -

1'107.6 1'135.8 1'358.4 1'576.7 1'822.3 0.0 0.0 1'911.3 2'069.5 - -

7.51x 9.23x 8.89x 7.14x 7.85x 0.00x 0.00x 10.41x 9.62x - -

439.1 437.7 586.0 840.1 822.7 0.0 0.0 1'081.3 1'197.1 - -

10.48x 16.97x 16.61x 9.99x 13.42x 0.00x 0.00x 15.43x 13.97x - -











EBITDA Margin 17.6%



Asset Turnover 0.44







Fiscal Year Ended

WPP PLCPrice/Volume

Valuation Analysis

1'583'513.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



01.10.2013








T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 27'551'920 2.06 770'600 30.06.2013 Investment Advisor


SORRELL MARTIN STUAR n/a RNS-DIR 18'556'204 1.39 112'683 02.05.2013 n/a

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 17'976'694 1.35 - 31.07.2013 Investment Advisor




SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 10'490'465 0.79 - 30.08.2013 Investment Advisor

FIRST PACIFIC ADVISO Multiple Portfolios MF-AGG 10'134'960 0.76 - 31.03.2013 Investment Advisor

FRAMLINGTON INVESTME Multiple Portfolios MF-AGG 9'962'845 0.75 - 30.08.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 8'919'285 0.67 (371'995) 31.03.2013 Investment Advisor


JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 5'707'092 0.43 447'881 30.06.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 5'218'352 0.39 (144'920) 31.05.2013 Bank


Macquarie TIMOTHY W NOLLEN outperform 5 M 1'500 12 month 01.10.2013

Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 1'550 12 month 01.10.2013

HSBC OLIVIER MORAL overweight 5 M 1'500 Not Provided 27.09.2013

Nomura WILLIAM MAIRS buy 5 M 1'300 12 month 27.09.2013


AlphaValue VERONIQUE CABIOC'H reduce 2 M 1'220 6 month 26.09.2013

Deutsche Bank PATRICK KIRBY buy 5 M 1'500 12 month 25.09.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI outperform 5 M 1'500 12 month 25.09.2013

Pivotal Research Group LLC BRIAN WIESER hold 3 M 1'320 12 month 24.09.2013

Barclays JULIEN ROCH overweight 5 M 1'425 Not Provided 19.09.2013

Exane BNP Paribas CHARLES BEDOUELLE outperform 5 M 1'500 Not Provided 17.09.2013

BMO Capital Markets DANIEL SALMON market perform 3 M 1'200 Not Provided 11.09.2013

JPMorgan FILIPPO PIETRO LO FRANCO overweight 5 M 1'520 9 month 10.09.2013

Goldman Sachs VIGHNESH PADIACHY Buy/Neutral 5 M 1'600 12 month 09.09.2013

Berenberg Bank SARAH SIMON sell 1 M 1'085 Not Provided 09.09.2013

Jefferies DAVID REYNOLDS buy 5 M 1'425 12 month 04.09.2013

Natixis JEROME BODIN reduce 2 M 1'080 Not Provided 04.09.2013

Societe Generale LAURENT PICARD buy 5 M 1'340 12 month 30.08.2013

Investec STEVEN LIECHTI buy 5 M 1'325 12 month 30.08.2013

Credit Suisse NICK BERTOLOTTI outperform 5 M 1'400 Not Provided 30.08.2013

Numis Securities Ltd PAUL RICHARDS add 4 M 1'270 Not Provided 30.08.2013

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 1'235 12 month 29.08.2013

Evercore Partners DOUGLAS M ARTHUR overweight 5 M 1'400 12 month 29.08.2013

S&P Capital IQ ALEXANDER WISCH buy 5 M 1'350 12 month 29.08.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 1'300 Not Provided 16.08.2013

UBS TAMSIN GARRITY buy 5 U 1'300 12 month 29.07.2013

Main First Bank AG THOMAS JORION underperform 1 N 1'100 12 month 15.07.2013

Kepler Cheuvreux CONOR O'SHEA buy 5 M 1'300 Not Provided 18.06.2013


Oddo & Cie BRUNO HARENG neutral 3 M 950 Not Provided 22.01.2013

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


01.10.2013

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: 01/yy

52-Week High (22.05.2013) 917.00

52-Week Low (23.10.2012) 670.50

Daily Volume

854.5





15'421.21 1 Yr Total Return 26.38%







CPG LN EQUITY YTD Change - Average Volume 30 Day 3'326'343

CPG LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'888'840


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

11'440.0 13'444.0 14'468.0 15'833.0 16'905.0 - - 17'624.6 18'272.8 - -

0.64x 0.60x 0.74x 0.68x 0.81x - - 0.96x 0.91x - -

864.0 1'102.0 1'228.0 1'331.0 1'480.0 - - 1'554.9 1'641.0 - -

8.53x 7.36x 8.73x 8.07x 9.29x - - 10.82x 10.25x - -

443.0 586.0 675.0 728.0 605.0 - - 853.8 912.9 - -

16.46x 12.96x 15.03x 14.31x 21.29x - - 18.18x 16.79x - -











EBITDA Margin 8.8%



Asset Turnover 1.78








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Compass Group PLCPrice/Volume

Valuation Analysis

1'684'004.00


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

-!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



01.10.2013


BLACKROCK n/a ULT-AGG 181'766'878 10.07 (878'115) 27.09.2013 Investment Advisor




INVESCO LTD n/a ULT-AGG 57'947'188 3.21 (1'927'814) 30.09.2013 Investment Advisor







ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 40'742'164 2.26 3'421'969 31.03.2013 Investment Advisor





LONGVIEW PARTNERS (G Multiple Portfolios REG 27'921'695 1.55 (244'000) 01.05.2013 Unclassified





Goldman Sachs NICK EDELMAN neutral/neutral 3 M 815 12 month 01.10.2013

Natixis GEOFFREY D'HALLUIN neutral 3 M 880 Not Provided 01.10.2013

Nomura TIM BARRETT buy 5 M 1'055 12 month 30.09.2013

Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 880 12 month 27.09.2013

JPMorgan MIKE J GIBBS overweight 5 M 950 9 month 27.09.2013

Numis Securities Ltd WYN ELLIS hold 3 M 850 Not Provided 27.09.2013

Oriel Securities Ltd JEFFREY HARWOOD buy 5 M 800 12 month 27.09.2013

Societe Generale SABRINA BLANC buy 5 M 970 12 month 26.09.2013

Investec JAMES HOLLINS buy 5 M 925 12 month 26.09.2013

RBC Capital Markets ANDREW BROOKE outperform 5 M 930 12 month 26.09.2013

Raymond James JULIEN RICHER market perform 3 M #N/A N/A Not Provided 26.09.2013

HSBC LENA THAKKAR underweight 1 M 760 Not Provided 26.09.2013

Oddo & Cie GUILLAUME RASCOUSSIER neutral 3 M 850 Not Provided 26.09.2013

Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 900 6 month 26.09.2013

Panmure Gordon & Co Limited KARL BURNS hold 3 M 820 Not Provided 26.09.2013

Exane BNP Paribas MATTHIAS DESMARAIS outperform 5 M 940 Not Provided 26.09.2013

Barclays VICTORIA LEE overweight 5 M 1'000 Not Provided 26.09.2013

AlphaValue BERENICE LACROIX reduce 2 M 850 6 month 26.09.2013

Deutsche Bank RICHARD CARTER buy 5 M 1'000 12 month 23.09.2013

Credit Suisse TIM RAMSKILL outperform 5 M 985 Not Provided 19.09.2013

Shore Capital Stockbrokers GREG JOHNSON hold 3 M #N/A N/A Not Provided 05.09.2013

Kepler Cheuvreux CATHERINE ROLLAND reduce 2 M 845 Not Provided 15.07.2013

Canaccord Genuity Corp GRAHAM BROWN hold 3 M 665 Not Provided 08.07.2013


UBS JARROD CASTLE neutral 3 M 900 12 month 19.06.2013

Jefferies JAMES WHEATCROFT hold 3 M 890 12 month 13.06.2013

Baden Hill LLP CRAIG FRASER buy 5 M #N/A N/A Not Provided 09.05.2013


Holdings By:

Compass Group PLC ee


01.10.2013

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: 01/yy

52-Week High (27.09.2013) 471.00

52-Week Low (16.11.2012) 300.80

Daily Volume

454.7





14'672.78 1 Yr Total Return 46.77%







BA/ LN EQUITY YTD Change - Average Volume 30 Day 4'979'440

BA/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'906'350


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 - -

16'671.0 20'374.0 20'980.0 17'770.0 16'620.0 - - 18'856.9 18'676.2 - -

0.81x 0.60x 0.54x 0.58x 0.64x - - 0.84x 0.85x - -

2'512.0 2'379.0 2'394.0 2'282.0 2'307.0 - - 2'399.4 2'306.4 - -

5.37x 5.12x 4.72x 4.53x 4.61x - - 6.65x 6.92x - -

1'745.0 (67.0) 1'052.0 1'240.0 1'068.0 - - 1'377.2 1'313.4 - -

7.60x - 11.83x 7.71x 10.27x - - 10.68x 10.88x - -











EBITDA Margin 12.8%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BAE Systems PLCPrice/Volume

Valuation Analysis

1'617'016.00


!2!

-!!-2!.!!.2!0!!02!1!!12!2!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0! ! 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! !!

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



01.10.2013







BARCLAYS PLC n/a ULT-AGG 128'774'804 3.99 44'239 31.12.2012 Investment Advisor

SILCHESTER INTL INVE Multiple Portfolios REG 118'224'809 3.66 - 01.07.2013 Investment Advisor


BAE SYSTEMS PLC SIP Multiple Portfolios REG 107'723'551 3.34 3'936'476 01.07.2013 Unclassified


LLOYDS BANKING GROUP n/a ULT-AGG 88'466'322 2.74 (69'117) 30.08.2013 Investment Advisor





NEWTON INV MGMT Multiple Portfolios REG 49'266'039 1.53 22'759'250 01.07.2013 Investment Advisor


ARTEMIS INVESTMENT M Multiple Portfolios REG 44'916'347 1.39 (867'274) 01.07.2013 Investment Advisor

MAJEDIE ASSET MANAGE Multiple Portfolios REG 39'042'485 1.21 (7'195'110) 01.07.2013 Investment Advisor

GRANTHAM MAYO VAN OT n/a RNS-RUL8 38'552'907 1.19 (33'900) 08.10.2012 Investment Advisor


AlphaValue THOMAS PICHERIT reduce 2 M 415 6 month 26.09.2013

UBS CHARLES ARMITAGE buy 5 M 490 12 month 25.09.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY buy 5 M 510 Not Provided 25.09.2013

Day by Day VALERIE GASTALDY buy 5 U 495 3 month 19.09.2013

Investec ANDREW GOLLAN buy 5 M 485 12 month 18.09.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 485 12 month 16.09.2013

Cantor Fitzgerald ANDREW CHAMBERS buy 5 M 490 Not Provided 13.09.2013

RBC Capital Markets ROBERT STALLARD underperform 1 M 420 12 month 11.09.2013

Morgan Stanley RUPINDER VIG Equalwt/In-Line 3 M 430 12 month 09.08.2013

Kepler Cheuvreux CHRISTOPHE MENARD hold 3 M 440 Not Provided 07.08.2013

EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 07.08.2013

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX hold 3 D 450 12 month 02.08.2013

S&P Capital IQ UNAI FRANCO sell 1 M 420 12 month 02.08.2013

Exane BNP Paribas TRISTAN SANSON neutral 3 M 460 Not Provided 02.08.2013

Societe Generale ZAFAR KHAN hold 3 U 480 12 month 01.08.2013

Deutsche Bank BEN FIDLER hold 3 M 415 12 month 01.08.2013

JPMorgan DAVID H PERRY underweight 1 M 390 15 month 01.08.2013

Jefferies SANDY MORRIS buy 5 M 350 12 month 01.08.2013

Barclays NICK WEBSTER equalweight 3 M 370 Not Provided 09.07.2013

Canaccord Genuity Corp PAUL BRANT buy 5 M 345 Not Provided 26.03.2012

Holdings By:

BAE Systems PLC ee


01.10.2013

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: 01/yy

52-Week High (22.05.2013) 1'690.00

52-Week Low (13.11.2012) 1'363.00

Daily Volume

1471





14'202.32 1 Yr Total Return 11.00%







SSE LN EQUITY YTD Change - Average Volume 30 Day 1'826'721

SSE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'739'684


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

25'424.2 21'550.4 28'334.2 31'723.9 28'304.6 - - 32'990.6 34'465.7 - -

0.60x 0.74x 0.60x 0.59x 0.70x - - 0.66x 0.64x - -

1'784.1 1'773.4 1'856.3 1'946.8 1'731.2 - - 2'308.7 2'480.4 - -

8.58x 8.97x 9.13x 9.56x 11.47x - - 8.55x 7.96x - -

112.3 1'235.3 1'504.5 197.8 425.9 - - 1'145.8 1'245.8 - -

87.20x 8.22x 7.77x 63.01x 33.17x - - 12.28x 11.46x - -











EBITDA Margin 6.1%



Asset Turnover 1.41







Fiscal Year Ended

SSE PLCPrice/Volume

Valuation Analysis

849'286.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!!1!!3!!5!!

-!!!-.!!-1!!-3!!-5!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



01.10.2013





BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 31'514'212 3.26 922'670 27.09.2013 Investment Advisor






CLEARSTREAM BANKING Multiple Portfolios REG 13'569'318 1.41 796'580 01.08.2013 Bank


RATHBONE n/a ULT-AGG 11'217'071 1.16 27'886 01.08.2013 Other


FEDERATED INVESTORS Multiple Portfolios MF-AGG 10'391'770 1.08 624'000 30.06.2013 Investment Advisor


BARCLAYS PROP TRADIN Multiple Portfolios REG 8'883'695 0.92 - 01.08.2013 Other

INVESTEC WEALTH & IN Multiple Portfolios REG 8'710'412 0.9 (46'485) 01.08.2013 Investment Advisor



NOMURA n/a ULT-AGG 7'282'567 0.75 49'241 01.08.2013 Unclassified


RBC Capital Markets JOHN MUSK sector perform 3 M 1'740 12 month 01.10.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 1'700 12 month 30.09.2013

Raymond James EMMANUEL RETIF underperform 1 M 1'270 12 month 26.09.2013

AlphaValue MYRIAM COHEN add 4 U 1'650 6 month 26.09.2013

Societe Generale ASHLEY THOMAS sell 1 M 1'380 Not Provided 19.09.2013

Exane BNP Paribas IAIN TURNER outperform 5 M 1'800 Not Provided 17.09.2013

Morgan Stanley BOBBY CHADA Underwt/In-Line 1 M 1'280 12 month 09.09.2013

Goldman Sachs ANDREW MEAD Sell/Neutral 1 M 1'385 12 month 09.09.2013

Credit Suisse MARK FRESHNEY outperform 5 M 1'700 Not Provided 03.09.2013

HSBC VERITY MITCHELL neutral 3 U 1'630 Not Provided 19.08.2013


Liberum Capital Ltd PETER ATHERTON buy 5 N 1'575 Not Provided 30.07.2013

JPMorgan EDMUND REID underweight 1 M 1'220 6 month 19.07.2013

Barclays PETER BISZTYGA overweight 5 M 1'810 Not Provided 16.07.2013

UBS STEPHEN HUNT buy 5 M 1'630 12 month 26.06.2013

Berenberg Bank TEAM COVERAGE hold 3 M 1'570 Not Provided 11.06.2013

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

Deutsche Bank MARTIN BROUGH hold 3 M 1'400 12 month 23.05.2013

Redburn Partners JAMIE TUNNICLIFFE buy 5 M #N/A N/A Not Provided 16.10.2012

Holdings By:

SSE PLC ee


01.10.2013

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: 06/yy

52-Week High (21.05.2013) 1'111.00

52-Week Low (12.10.2012) 570.00

Daily Volume

990





13'852.46 1 Yr Total Return 69.90%

Total Debt 5.80 YTD Return 29.64%






ARM LN EQUITY YTD Change - Average Volume 30 Day 3'351'847

ARM LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'046'038


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

298.9 305.0 406.6 491.8 576.9 526.0 650.3 702.4 816.9 175.7 188.4

3.63x 7.36x 13.31x 15.56x 17.72x 55.96x 62.26x 18.96x 16.04x 75.40x 70.12x

90.0 63.1 125.6 159.3 226.5 0.0 0.0 329.7 429.0 86.8 97.3

12.05x 35.55x 43.09x 48.06x 45.14x 0.00x 0.00x 40.20x 30.89x 32.39x 30.30x

43.6 40.4 86.0 112.6 160.7 141.3 146.2 294.4 362.5 69.4 77.4

25.11x 55.60x 64.66x 70.69x 65.72x 48.68x 75.26x 47.83x 38.37x 42.86x 40.41x

EBITDA 226.50 Long-Term Rating Date -

EBIT 209.10 Long-Term Rating -









EBITDA Margin 32.3%



Asset Turnover 0.44








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

1'042'178.00


!

.!!

1!!

3!!

5!!

-!!!

-.!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F. ! F1 ! F3 ! F5 ! F-! ! F-. ! F-1 ! F-3 ! F-5 ! F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

6! !!

-!! !!

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



01.10.2013








JANUS CAPITAL MANAGE n/a ULT-AGG 48'899'985 3.49 - 03.06.2013 Investment Advisor






LONE PINE CAPITAL LL Multiple Portfolios REG 22'036'543 1.57 9'364'546 03.06.2013 Hedge Fund Manager

THORNBURG INVESTMENT Multiple Portfolios REG 21'683'776 1.55 (3'661'735) 03.06.2013 Investment Advisor

SANDS CAPITAL MANAGE Multiple Portfolios REG 20'818'400 1.49 1'979'600 03.06.2013 Investment Advisor

APG ALGEMENE PENSIOE Multiple Portfolios REG 17'554'268 1.25 262'731 03.06.2013 Pension Fund (ERISA)

HARDING LOEVNER LP Multiple Portfolios REG 12'267'180 0.88 (4'453'770) 03.06.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 11'236'231 0.8 (99'784) 30.06.2013 Investment Advisor




AlphaValue LIONEL PELLICER sell 1 M 722 6 month 26.09.2013


Exane BNP Paribas JEROME RAMEL neutral 3 M 940 Not Provided 20.09.2013

Sanford C. Bernstein & Co PIERRE FERRAGU underperform 1 M 590 12 month 18.09.2013

Finncap LORNE DANIEL hold 3 M 900 Not Provided 16.09.2013

Kepler Cheuvreux BERND LAUX buy 5 M 1'040 Not Provided 13.09.2013

Morgan Stanley FRANCOIS MEUNIER Equalwt/Cautious 3 M 925 12 month 12.09.2013

RBC Capital Markets ANDREW DUNN outperform 5 M 1'050 12 month 12.09.2013

Numis Securities Ltd NICK JAMES reduce 2 M 800 Not Provided 12.09.2013

Deutsche Bank KAI KORSCHELT buy 5 M 1'080 12 month 11.09.2013

Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 1'500 12 month 11.09.2013

Jefferies LEE SIMPSON buy 5 M 1'300 12 month 11.09.2013

Berenberg Bank ADNAAN AHMAD buy 5 M 1'350 Not Provided 11.09.2013

Natixis STEPHANE HOURI buy 5 M 1'000 6 month 11.09.2013

Societe Generale PETER KNOX sell 1 M 640 12 month 06.09.2013

BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 1'200 Not Provided 03.09.2013

Peel Hunt ALEXANDRA JARVIS hold 3 M 950 Not Provided 20.08.2013

Barclays ANDREW M GARDINER overweight 5 M 1'125 Not Provided 12.08.2013

Credit Suisse ACHAL SULTANIA outperform 5 M 1'130 Not Provided 25.07.2013

JPMorgan SANDEEP S DESHPANDE neutral 3 M 625 3 month 25.07.2013

Investec JULIAN YATES buy 5 M 1'100 12 month 24.07.2013

S&P Capital IQ JAMES CRAWSHAW buy 5 M 1'030 12 month 24.07.2013

Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 24.07.2013

UBS GARETH JENKINS buy 5 U 970 12 month 03.07.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 05.06.2013

Liberum Capital Ltd JANARDAN MENON sell 1 M 725 Not Provided 13.05.2013

Espirito Santo Investment Bank ResearchVIJAY ANAND neutral 3 M 920 Not Provided 18.03.2013

Sanlam Securities UK Ltd 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


01.10.2013

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: 06/yy

52-Week High (20.09.2013) 2'602.00

52-Week Low (26.10.2012) 1'682.00

Daily Volume

2490





13'773.59 1 Yr Total Return 36.64%







SHP LN EQUITY YTD Change - Average Volume 30 Day 1'392'599

SHP LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'377'387


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

2'999.7 2'986.2 3'456.3 4'233.7 4'648.3 4'581.3 4'702.8 4'982.2 5'348.9 1'221.5 1'330.8

3.06x 3.89x 4.07x 4.64x 3.56x 15.78x 14.07x 4.27x 3.71x 18.08x 16.09x

867.6 876.3 1'075.4 1'448.0 1'584.4 1'559.8 1'423.0 1'822.4 2'055.5 452.0 565.0

10.59x 13.26x 13.09x 13.56x 10.43x 10.23x 12.06x 12.14x 10.76x - -

156.0 491.6 588.0 865.0 745.4 924.4 592.1 1'315.7 1'498.2 310.4 347.2

45.95x 20.96x 22.34x 22.17x 22.84x 17.19x 29.57x 17.57x 15.30x 18.36x 18.04x











EBITDA Margin 30.3%



Asset Turnover 0.63







Fiscal Year Ended

Shire PLCPrice/Volume

Valuation Analysis

618'676.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



01.10.2013



FMR LLC n/a ULT-AGG 27'861'459 5.04 - 15.02.2013 Investment Advisor



CAPITAL GROUP INTERN n/a RNS-MAJ 9'789'761 1.77 - 19.01.2012 Investment Advisor








WADDELL & REED FINAN n/a ULT-AGG 2'545'390 0.46 1'635'550 30.06.2013 Investment Advisor

EDMOND DE ROTHSCHILD Multiple Portfolios MF-AGG 2'486'901 0.45 - 30.08.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'465'145 0.45 (99'594) 31.03.2013 Investment Advisor

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 2'464'850 0.45 (16'232) 28.06.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'355'822 0.43 (3'410) 31.07.2013 Investment Advisor

BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 2'022'870 0.37 - 31.07.2013 Unclassified

PRINCIPAL FINANCIAL n/a ULT-AGG 1'999'866 0.36 422'708 31.08.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 1'865'223 0.34 (317'561) 31.07.2013 Investment Advisor


Morgan Stanley AMY WALKER Overwt/Attractive 5 M 2'750 12 month 30.09.2013

JPMorgan JAMES D GORDON overweight 5 U 3'000 3 month 30.09.2013

Sanford C. Bernstein & Co AARON GAL outperform 5 M 2'800 12 month 30.09.2013

AlphaValue KAMLA SINGH reduce 2 M 2'338 6 month 26.09.2013

Deutsche Bank MARK CLARK buy 5 M 2'660 12 month 24.09.2013

Exane BNP Paribas NICOLAS GUYON-GELLIN outperform 5 M 2'700 Not Provided 19.09.2013

Panmure Gordon & Co Limited SAVVAS NEOPHYTOU buy 5 M 2'750 Not Provided 18.09.2013

Day by Day VALERIE GASTALDY buy 5 U 2'665 3 month 16.09.2013

Barclays DANI SAURYMPER overweight 5 M 2'515 Not Provided 16.09.2013

Berenberg Bank ALISTAIR CAMPBELL hold 3 M 2'350 Not Provided 29.08.2013

Societe Generale STEPHEN MCGARRY buy 5 M 2'786 12 month 27.08.2013

Bryan Garnier & Cie MARTIAL DESCOUTURES neutral 3 M 2'350 6 month 26.08.2013


Cenkos Securities Ltd NAVID MALIK buy 5 M 2'590 12 month 30.07.2013

Credit Suisse LUISA HECTOR outperform 5 M 2'600 Not Provided 26.07.2013

UBS GUILLAUME VAN RENTERGHEM buy 5 M 2'600 12 month 26.07.2013

Jefferies PETER WELFORD buy 5 M 2'700 12 month 26.07.2013

S&P Capital IQ JACOB THRANE hold 3 M 2'500 12 month 26.07.2013


Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 2'850 12 month 17.05.2013

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

Holdings By:

Shire PLC ee


01.10.2013

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: 06/yy

52-Week High (17.09.2013) 422.60

52-Week Low (17.04.2013) 292.50

Daily Volume

408.1





12'026.16 1 Yr Total Return 29.08%


Preferred Stock 1'582.0 Adjusted BETA 1.518



Enterprise Value -


AV/ LN EQUITY YTD Change - Average Volume 30 Day 7'486'867

AV/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 7'958'317


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

20'484.0 59'434.0 50'197.0 30'277.0 43'536.0 0.0 0.0 25'127.1 24'883.9 - -

0.23x 0.09x 0.11x - - #DIV/0! #DIV/0! - - - -

- - - - - 0.0 0.0 - - - -

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

(915.0) 1'085.0 1'463.0 225.0 (3'218.0) 0.0 0.0 1'151.9 1'366.0 - -

- 10.51x 14.10x 16.39x - 0.00x 0.00x 9.32x 8.59x - -

EBITDA - Long-Term Rating Date -






Return on Capital -5.84% EBITDA/Interest Exp. -


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

Aviva PLCPrice/Volume

Valuation Analysis

4'522'369.00


!2!

-!!-2!.!!.2!0!!02!1!!12!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F-! ! F.! ! F0! ! F1! ! F2! ! F3! ! F4! ! F5! ! F6! ! F-!! ! 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! !!

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



01.10.2013










AVIVA PLC SHARE ACCO Multiple Portfolios REG 65'399'621 2.22 (440'517) 01.08.2013 Unclassified





HARGREAVES LANSDOWN Multiple Portfolios REG 40'574'799 1.38 (2'893'241) 01.08.2013 Investment Advisor

CAUSEWAY CAPITAL MAN Multiple Portfolios REG 40'418'141 1.37 6'636'870 01.08.2013 Investment Advisor


CAZENOVE CAPITAL MAN Multiple Portfolios REG 37'202'576 1.26 6'975'874 01.08.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 35'881'104 1.22 (2'088'395) 01.08.2013 Investment Advisor

TD DIRECT INVESTING Multiple Portfolios REG 34'889'391 1.18 (5'492'874) 01.08.2013 Investment Advisor

APG ALGEMENE PENSIOE Multiple Portfolios REG 32'073'528 1.09 (7'305'222) 01.08.2013 Pension Fund (ERISA)


Berenberg Bank MATTHEW PRESTON sell 1 M 375 Not Provided 26.09.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 460 12 month 20.09.2013

AlphaValue JEROME CASSAGNE reduce 2 M 369 6 month 19.09.2013

Morgan Stanley JON HOCKING Overwt/In-Line 5 M 445 12 month 18.09.2013

Mediobanca SpA MAARTEN ALTENA underperform 1 N 349 12 month 17.09.2013

Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 430 12 month 17.09.2013

Nomura FAHAD CHANGAZI buy 5 M 474 12 month 16.09.2013

Exane BNP Paribas ANDY HUGHES neutral 3 M 403 Not Provided 13.09.2013

UBS JAMES SHUCK buy 5 M 440 12 month 09.09.2013

Panmure Gordon & Co Limited BARRIE CORNES hold 3 M 380 Not Provided 09.09.2013

Barclays ALAN DEVLIN underweight 1 M 320 Not Provided 30.08.2013

JPMorgan ASHIK MUSADDI overweight 5 M 436 3 month 21.08.2013

Sanford C. Bernstein & Co EDWARD HOUGHTON market perform 3 M 430 12 month 20.08.2013

Societe Generale ABID HUSSAIN buy 5 M 400 12 month 16.08.2013



Shore Capital Stockbrokers EAMONN FLANAGAN sell 1 M #N/A N/A Not Provided 09.08.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 420 12 month 09.08.2013

RBC Capital Markets GORDON AITKEN underperform 1 M 300 12 month 08.08.2013

Keefe, Bruyette & Woods GREIG N PATERSON outperform 5 M 432 12 month 08.08.2013

HSBC KAILESH MISTRY neutral 3 M 400 Not Provided 08.08.2013

Oriel Securities Ltd MARCUS BARNARD hold 3 M 400 Not Provided 08.08.2013

Credit Suisse CHRIS ESSON outperform 5 M 435 Not Provided 31.07.2013

Macquarie NEIL WELCH neutral 3 M 330 12 month 22.05.2013

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

Holdings By:

Aviva PLC ee


01.10.2013

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: 01/yy

52-Week High (22.05.2013) 1'290.00

52-Week Low (31.12.2012) 975.00

Daily Volume

1186





11'896.46 1 Yr Total Return 15.31%







EXPN LN EQUITY YTD Change - Average Volume 30 Day 1'736'154

EXPN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'630'571


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

3'873.0 3'880.0 3'885.0 4'487.0 4'730.0 - - 4'952.2 5'325.2 - -

2.24x 3.07x 3.71x 4.04x 4.34x - - 4.47x 4.03x - -

1'139.0 1'124.0 1'258.0 1'478.0 2'156.0 - - 1'702.8 1'853.9 - -

7.62x 10.59x 11.44x 12.26x 9.52x - - 13.11x 12.05x - -

486.0 600.0 581.0 655.0 367.0 - - 916.6 1'012.9 - -

13.34x 16.47x 25.10x 23.33x 68.71x - - 20.94x 18.83x - -











EBITDA Margin 45.6%



Asset Turnover 0.58








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

967'101.00


!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

5'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



01.10.2013



ARTISAN PARTNERS HOL n/a Co File 50'901'871 5.07 - 09.05.2012 Investment Advisor





WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11'357'902 1.13 1'312'481 30.06.2013 Investment Advisor



JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 9'918'295 0.99 38'460 31.07.2013 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9'347'934 0.93 401'433 30.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 8'530'689 0.85 (849'102) 30.06.2013 Investment Advisor


BNP PARIBAS n/a ULT-AGG 7'933'964 0.79 305'963 31.05.2013 Unclassified

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7'487'278 0.75 (2'579'950) 31.07.2013 Investment Advisor



JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 5'712'290 0.57 707'371 30.06.2013 Investment Advisor




Credit Suisse ANDY GROBLER outperform 5 M 1'390 Not Provided 01.10.2013

Jefferies JUSTIN JORDAN buy 5 M 1'200 12 month 01.10.2013

JPMorgan ROBERT PLANT overweight 5 M 1'347 6 month 26.09.2013

Evercore Partners DAVID M TOGUT overweight 5 M 1'199 12 month 23.09.2013


Shore Capital Stockbrokers ROBIN SPEAKMAN buy 5 M #N/A N/A Not Provided 05.09.2013

Oriel Securities Ltd HECTOR FORSYTHE hold 3 M 1'182 Not Provided 04.09.2013

Exane BNP Paribas PIERRE-EMMANUEL CAUSSE outperform 5 M 1'400 Not Provided 23.08.2013

Nomura MATTHEW WALKER buy 5 M 1'215 12 month 23.07.2013

Deutsche Bank ANDY CHU buy 5 M 1'300 12 month 15.07.2013

Goldman Sachs CHARLES WILSON neutral/neutral 3 M 1'230 12 month 12.07.2013

Canaccord Genuity Corp GRAHAM BROWN sell 1 M 985 12 month 12.07.2013

Barclays PAUL D A SULLIVAN overweight 5 M 1'340 Not Provided 03.07.2013

HSBC RAJESH KUMAR overweight 5 M 1'500 Not Provided 01.07.2013

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

Baden Hill LLP JEFF CHISLETT sell 1 M #N/A N/A Not Provided 09.05.2013

UBS WILLIAM VANDERPUMP buy 5 U 1'300 12 month 07.02.2013

Holdings By:

Experian PLC ee


01.10.2013

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: 06/yy

52-Week High (06.08.2013) 205.40

52-Week Low (11.10.2012) 130.50

Daily Volume

196.8





11'642.22 1 Yr Total Return 53.58%





Enterprise Value -


LGEN LN EQUITY YTD Change - Average Volume 30 Day 9'347'372

LGEN LN EQUITY YTD % CHANGE - Average Volume 3 Month 10'162'570


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

(31'644.0) 43'790.0 38'440.0 18'317.0 34'976.0 0.0 0.0 5'977.0 6'308.3 - -

- - - - - #DIV/0! #DIV/0! 1.79x 1.69x - -

- - - - - 0.0 0.0 - - - -

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

(1'067.0) 863.0 820.0 724.0 813.0 0.0 0.0 922.5 978.1 - -

- 2.72x 6.88x 8.28x 10.48x 0.00x 0.00x 12.70x 11.71x - -


EBIT - Long-Term Rating A







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

Legal & General Group PLCPrice/Volume

Valuation Analysis

4'479'742.00


!

2!

-!!

-2!

.!!

.2!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0! ! F

02 ! F

-40'000.0

-30'000.0

-20'000.0

-10'000.0

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



01.10.2013









SWISS REINSURANCE Multiple Portfolios REG 164'754'656 2.79 448'605 03.06.2013 Insurance Company



ARTEMIS INVESTMENT M Multiple Portfolios REG 144'698'224 2.45 13'070'964 03.06.2013 Investment Advisor











Sanford C. Bernstein & Co EDWARD HOUGHTON outperform 5 M 225 12 month 27.09.2013

Berenberg Bank MATTHEW PRESTON buy 5 M 225 Not Provided 26.09.2013

Canaccord Genuity Corp BEN COHEN hold 3 M 215 12 month 20.09.2013

Deutsche Bank OLIVER STEEL buy 5 M 225 12 month 19.09.2013

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 196 12 month 18.09.2013

Mediobanca SpA MAARTEN ALTENA outperform 5 N 225 12 month 17.09.2013

Goldman Sachs RAVI TANNA neutral/neutral 3 M 205 12 month 17.09.2013



Barclays ALAN DEVLIN overweight 5 M 205 Not Provided 15.08.2013

HSBC KAILESH MISTRY overweight 5 M 230 Not Provided 13.08.2013

Nomura FAHAD CHANGAZI neutral 3 M 191 Not Provided 08.08.2013


Societe Generale ABID HUSSAIN hold 3 M 175 12 month 06.08.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 200 12 month 06.08.2013

Credit Suisse CHRIS ESSON neutral 3 M 175 Not Provided 06.08.2013

Keefe, Bruyette & Woods GREIG N PATERSON underperform 1 M 149 12 month 06.08.2013

S&P Capital IQ RODERICK WALLACE sell 1 M 180 12 month 06.08.2013

Oriel Securities Ltd MARCUS BARNARD buy 5 M 200 Not Provided 06.08.2013

Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 235 Not Provided 06.08.2013

JPMorgan ASHIK MUSADDI underweight 1 M 151 3 month 17.06.2013

Macquarie NEIL WELCH outperform 5 M 194 12 month 17.06.2013

EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013

Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 10.12.2012

Holdings By:

Legal & General Group PLC ee


01.10.2013

CRH plc manufactures cement, concrete products, aggregates, asphalt, clay

bricks, chemical lime, security fencing products, and roofing, insulation and

other building materials. The Group also operates some 136 builders merchant

locations and 54 DIY stores. CRH, via its subsidiaries, operates in some 19

countries, including Ireland, the US, Spain, Germany and the Netherlands.


LTM as of: 01/yy

52-Week High (15.03.2013) 1'554.00

52-Week Low (24.10.2012) 1'088.00

Daily Volume

1491





10'877.01 1 Yr Total Return 30.44%







CRH LN EQUITY YTD Change - Average Volume 30 Day 2'001'683

CRH LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'841'075


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

20'887.0 17'373.0 17'173.0 18'081.0 18'659.0 - - 18'105.5 19'263.4 - -

0.78x 1.01x 0.86x 0.82x 0.77x - - 0.89x 0.84x - -

2'656.0 1'803.0 1'614.0 1'656.0 1'640.0 - - 1'460.7 1'733.1 - -

6.11x 9.69x 9.18x 9.01x 8.77x - - 11.86x 10.00x - -

1'248.0 592.0 432.0 590.0 552.0 - - 419.9 648.9 - -

7.66x 21.54x 25.28x 18.60x 20.01x - - 30.42x 20.01x - -


EBIT 845.00 Long-Term Rating BBB+









EBITDA Margin 8.8%



Asset Turnover 0.88







Fiscal Year Ended

CRH PLCPrice/Volume

Valuation Analysis

532'932.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!!1!!3!!5!!

-!!!-.!!-1!!-3!!-5!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! 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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



01.10.2013



JP MORGAN n/a ULT-AGG 42'393'425 5.81 167 30.08.2013 Investment Advisor




HARBOR CAPITAL ADVIS n/a 20F 21'999'275 3.02 - 22.03.2013 Investment Advisor

NORGES BANK n/a RNS-MAJ 21'832'661 2.99 - 13.08.2013 Government

TEMPLETON GLOBAL ADV n/a Co File 21'503'171 2.95 - 31.12.2012 n/a


GRWTH FUND OF AMERIC n/a RNS-MAJ 21'114'087 2.89 - 15.02.2011 n/a

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 15'747'839 2.16 425'000 31.07.2013 Hedge Fund Manager


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 7'703'980 1.06 3'376'460 31.12.2012 Investment Advisor

BNP PARIBAS n/a ULT-AGG 7'539'057 1.03 (82'754) 31.05.2013 Unclassified


NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 6'629'550 0.91 707'790 31.07.2013 Insurance Company



MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 4'196'785 0.58 2'571'785 31.12.2012 Investment Advisor

METROPOLE GESTION Multiple Portfolios MF-AGG 3'640'823 0.5 - 28.06.2013 Investment Advisor


Jefferies MICHAEL F BETTS buy 5 M 1'770 12 month 27.09.2013

Raymond James ARNAUD PALLIEZ outperform 5 M 1'485 12 month 27.09.2013

Oddo & Cie VIRGINIE ROUSSEAU reduce 2 M 1'384 Not Provided 27.09.2013

Redburn Partners WILLIAM JONES buy 5 U #N/A N/A Not Provided 27.09.2013

Sanford C. Bernstein & Co PHIL ROSEBERG underperform 1 M 1'197 12 month 26.09.2013

Goodbody Stockbrokers Ltd ROBERT EASON hold 3 M 1'405 12 month 26.09.2013

UBS GREGOR KUGLITSCH neutral 3 M 1'580 12 month 24.09.2013


AlphaValue GAETAN DUPONT reduce 2 M 1'399 6 month 19.09.2013

Berenberg Bank ROBERT MUIR hold 3 U 1'573 Not Provided 18.09.2013

Goldman Sachs WILL MORGAN neutral/neutral 3 M 1'511 12 month 17.09.2013

Kepler Cheuvreux JOSEP PUJAL hold 3 M 1'317 Not Provided 02.09.2013

Baden Hill LLP ROY CAMPBELL buy 5 N #N/A N/A Not Provided 02.09.2013

Credit Suisse HARRY GOAD underperform 1 M 1'126 Not Provided 30.08.2013

Exane BNP Paribas PAUL ROGER outperform 5 U 1'578 Not Provided 30.08.2013

Investec TOM HOLMES buy 5 M 1'672 Not Provided 27.08.2013

EVA Dimensions TIMOTHY STANISH underweight 1 U #N/A N/A Not Provided 23.08.2013

Societe Generale MURIEL FELLOUS sell 1 D 1'200 12 month 22.08.2013

Deutsche Bank LUIS PRIETO buy 5 M 1'500 12 month 21.08.2013

JPMorgan EMILY BIDDULPH neutral 3 M 1'279 9 month 21.08.2013

HSBC JOHN FRASER-ANDREWS underweight 1 M 1'193 Not Provided 21.08.2013

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN sell 1 M 1'279 Not Provided 21.08.2013

Natixis ABDELKADER BENCHIHA neutral 3 M 1'364 Not Provided 21.08.2013

Merrion Stockbrokers DAVID HOLOHAN sell 1 M 1'193 Not Provided 21.08.2013

Numis Securities Ltd HOWARD SEYMOUR reduce 2 M 1'200 Not Provided 21.08.2013

Cantor Fitzgerald IAN OSBURN hold 3 M 1'200 Not Provided 20.08.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE sell 1 D 1'284 12 month 20.08.2013

Bryan Garnier & Cie SVEN EDELFELT neutral 3 M 1'284 6 month 20.08.2013

S&P Capital IQ JAWAHAR HINGORANI sell 1 M 1'284 12 month 20.08.2013

Morgan Stanley YURI SEROV Equalwt/In-Line 3 M 1'354 12 month 01.08.2013

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 1'150 Not Provided 09.11.2012

Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 19.10.2012

Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 14.06.2012

Holdings By:

CRH PLC ee


01.10.2013

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: 01/yy

52-Week High (26.07.2013) 1'370.00

52-Week Low (15.04.2013) 1'090.00

Daily Volume

1247





10'205.77 1 Yr Total Return 5.64%







PSON LN EQUITY YTD Change - Average Volume 30 Day 1'617'523

PSON LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'784'893


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 - -

4'811.0 5'140.0 5'663.0 4'817.0 5'059.0 - - 5'916.7 5'713.3 - -

1.45x 1.66x 1.53x 2.16x 2.14x - - 1.90x 1.91x - -

847.0 821.0 948.0 942.0 956.0 - - 990.4 1'096.2 - -

8.21x 10.39x 9.16x 11.02x 11.31x - - 12.41x 11.22x - -

292.0 425.0 1'297.0 957.0 326.0 - - 624.7 726.1 - -

13.38x 18.96x 15.27x 10.93x 33.75x - - 15.97x 13.90x - -

EBITDA 956.00 Long-Term Rating Date 25.11.1998










EBITDA Margin 18.7%



Asset Turnover 0.42







Fiscal Year Ended

Pearson PLCPrice/Volume

Valuation Analysis

574'509.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F- ! F. ! F0 ! F1 ! F2 ! F3 ! F4 ! F5 ! F6 ! F-! ! 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 !- !4 .!-0



01.10.2013




LIBYAN INVESTMENT AU Multiple Portfolios REG 26'572'179 3.25 - 01.05.2013 Other

THORNBURG INVESTMENT Multiple Portfolios REG 23'093'960 2.82 (281'857) 01.05.2013 Investment Advisor






LONGVIEW PARTNERS (G Multiple Portfolios REG 16'893'927 2.06 - 01.05.2013 Unclassified


THORNBURG INVESTMENT Multiple Portfolios MF-AGG 14'384'918 1.76 (1'723'113) 31.07.2013 Investment Advisor



MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 13'922'784 1.7 (96'192) 30.06.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios REG 13'847'432 1.69 2'127'832 01.05.2013 Investment Advisor

PSP INVESTMENTS Multiple Portfolios REG 13'550'705 1.66 6'957'705 01.05.2013 Unclassified





Natixis PAVEL GOVCIYAN buy 5 M 1'530 Not Provided 01.10.2013

Deutsche Bank MARK BRALEY sell 1 M 1'000 12 month 27.09.2013

Exane BNP Paribas SAMI KASSAB outperform 5 M 1'600 Not Provided 27.09.2013

AlphaValue VERONIQUE CABIOC'H add 4 M 1'468 6 month 26.09.2013

Credit Suisse JOSEPH BARNET-LAMB outperform 5 M 1'530 Not Provided 20.09.2013

HSBC DAN GRAHAM underweight 1 M 1'100 Not Provided 20.09.2013

Barclays NICK DEMPSEY equalweight 3 M 1'340 Not Provided 19.09.2013

Nomura MATTHEW WALKER reduce 2 M 1'100 Not Provided 11.09.2013

JPMorgan MARK O'DONNELL overweight 5 M 1'490 15 month 10.09.2013


Sanford C. Bernstein & Co CLAUDIO ASPESI outperform 5 M 1'400 12 month 09.09.2013

Investec STEVEN LIECHTI add 4 M 1'325 12 month 04.09.2013


Morgan Stanley PATRICK WELLINGTON Underwt/Attractive 1 M 1'225 12 month 15.08.2013

Liberum Capital Ltd IAN WHITTAKER sell 1 M 1'050 Not Provided 15.08.2013

Numis Securities Ltd GARETH R DAVIES hold 3 M 1'225 12 month 29.07.2013

Societe Generale CHRISTOPHE CHERBLANC sell 1 M 1'100 12 month 26.07.2013

Jefferies DAVID REYNOLDS hold 3 M 1'240 12 month 26.07.2013

Macquarie TIMOTHY W NOLLEN underperform 1 M 1'050 12 month 26.07.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 1'400 12 month 26.07.2013

Kepler Cheuvreux ANDREA BENEVENTI reduce 2 M 1'150 Not Provided 18.06.2013

Panmure Gordon & Co Limited ALEX DE GROOTE hold 3 M 1'125 Not Provided 05.06.2013

Berenberg Bank SARAH SIMON hold 3 M 1'200 Not Provided 26.03.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 14.03.2013

UBS ALASTAIR REID buy 5 M 1'500 12 month 14.01.2013

Holdings By:

Pearson PLC ee


01.10.2013

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: 01/yy

52-Week High (01.08.2013) 860.00

52-Week Low (01.10.2012) 590.50

Daily Volume

834.5





9'788.22 1 Yr Total Return 43.96%







REL LN EQUITY YTD Change - Average Volume 30 Day 3'131'033

REL LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'956'824


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 09/13 Q3 12/13 Q4

5'334.0 6'071.0 6'055.0 6'002.0 6'116.0 - - 6'163.2 6'367.1 - -

2.20x 1.80x 1.77x 1.81x 1.96x - - 2.25x 2.07x - -

1'337.0 1'528.0 1'650.0 1'737.0 1'889.0 - - 1'978.1 2'096.5 - -

8.76x 7.16x 6.51x 6.24x 6.34x - - 7.27x 6.86x - -

241.0 195.0 327.0 389.0 552.0 - - 1'184.5 1'258.4 - -

24.70x 29.68x 19.86x 16.04x 13.96x - - 15.40x 14.29x - -











EBITDA Margin 31.5%



Asset Turnover 0.57








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

718'563.00


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

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



01.10.2013









SILCHESTER INTL INVE n/a 20F 47'677'807 4.06 - 07.03.2013 Investment Advisor

LLOYDS BANKING GROUP n/a ULT-AGG 47'597'906 4.06 - 30.08.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios REG 40'297'175 3.44 989'419 01.07.2013 Investment Advisor



ARTEMIS INVESTMENT M Multiple Portfolios REG 27'317'425 2.33 (3'309'347) 01.07.2013 Investment Advisor


NEWTON INV MGMT Multiple Portfolios REG 26'153'435 2.23 59'396 01.07.2013 Investment Advisor





ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 22'365'700 1.91 (2'639'089) 31.12.2012 Investment Advisor


Peel Hunt PATRICK YAU hold 3 M 788 Not Provided 30.09.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI underperform 1 M 550 12 month 26.09.2013

AlphaValue VERONIQUE CABIOC'H reduce 2 M 800 6 month 26.09.2013

Berenberg Bank SARAH SIMON buy 5 M 890 Not Provided 25.09.2013

HSBC DAN GRAHAM neutral 3 M 825 Not Provided 20.09.2013

Barclays NICK DEMPSEY overweight 5 M 935 Not Provided 19.09.2013

Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 925 12 month 13.09.2013

Jefferies DAVID REYNOLDS hold 3 M 884 12 month 12.09.2013

JPMorgan MARK O'DONNELL overweight 5 M 915 15 month 10.09.2013

Goldman Sachs VIGHNESH PADIACHY neutral/neutral 3 M 955 12 month 09.09.2013


Exane BNP Paribas SAMI KASSAB outperform 5 M 900 Not Provided 06.08.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 840 Not Provided 05.08.2013

Petercam KRIS KIPPERS buy 5 M 900 Not Provided 30.07.2013

Societe Generale CHRISTOPHE CHERBLANC buy 5 M 940 12 month 26.07.2013

Macquarie TIMOTHY W NOLLEN underperform 1 M 750 12 month 26.07.2013

Nomura MATTHEW WALKER buy 5 M 900 Not Provided 26.07.2013

Numis Securities Ltd GARETH R DAVIES add 4 M 937 Not Provided 26.07.2013

Deutsche Bank MARK BRALEY buy 5 M 860 12 month 25.07.2013

Investec STEVEN LIECHTI buy 5 M 900 12 month 25.07.2013

Kepler Cheuvreux ANDREA BENEVENTI reduce 2 M 700 Not Provided 25.07.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 900 12 month 25.07.2013

Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 825 Not Provided 11.06.2013

UBS ALASTAIR REID neutral 3 D 770 12 month 02.05.2013


Credit Suisse JOSEPH BARNET-LAMB neutral 3 M 620 Not Provided 21.01.2013

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


01.10.2013

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: 01/yy

52-Week High (18.10.2012) 1'485.00

52-Week Low (17.04.2013) 931.00

Daily Volume

1022





9'296.45 1 Yr Total Return -25.96%







TLW LN EQUITY YTD Change - Average Volume 30 Day 1'380'751

TLW LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'493'628


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

1'280.9 911.8 1'089.8 2'304.2 2'344.1 - - 2'569.6 2'570.4 - -

7.60x 19.23x 17.80x 9.77x 8.34x - - 6.59x 6.92x - -

478.0 486.2 628.7 1'663.8 1'044.6 - - 1'675.6 1'731.1 - -

20.36x 36.06x 30.86x 13.54x 18.72x - - 10.02x 9.71x - -

413.4 23.6 71.0 649.0 624.3 - - 559.0 563.0 - -

21.37x 688.29x 243.62x 30.01x 29.75x - - 26.42x 26.88x - -











EBITDA Margin 57.8%



Asset Turnover 0.25







Fiscal Year Ended

Tullow Oil PLCPrice/Volume

Valuation Analysis

720'986.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

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



01.10.2013




GENESIS INVESTMENT M Multiple Portfolios REG 56'581'972 6.22 16'916'902 03.06.2013 Unclassified

GENESIS ASSET MANAGE n/a RNS-MAJ 41'820'113 4.6 7'772'308 26.04.2013 Investment Advisor

IFG INTL TRUST CO LT n/a Co File 38'960'366 4.28 - 12.02.2013 Corporation







T ROWE PRICE ASSOCIA Multiple Portfolios REG 20'490'932 2.25 1'661'451 03.06.2013 Investment Advisor

LANSDOWNE PARTNERS n/a Short (20'346'810) -2.24 (1'095'706) 03.07.2013 Investment Advisor









Goodbody Stockbrokers Ltd GERRY F HENNIGAN buy 5 M 1'285 Not Provided 01.10.2013

Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 1'700 12 month 30.09.2013

Morgan Stanley JAMIE MADDOCK Overwt/In-Line 5 M 1'510 12 month 27.09.2013

Societe Generale DAVID MIRZAI hold 3 M 1'125 12 month 26.09.2013

Credit Suisse THOMAS YOICHI ADOLFF neutral 3 M 1'161 Not Provided 26.09.2013

Oriel Securities Ltd RICHARD GRIFFITH add 4 M #N/A N/A Not Provided 26.09.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 1'485 Not Provided 26.09.2013

VSA Capital Ltd JOE STOKELD hold 3 M 1'050 12 month 26.09.2013


AlphaValue ALEXANDRE ANDLAUER sell 1 M 857 6 month 26.09.2013

Canaccord Genuity Corp THOMAS MARTIN hold 3 M 1'050 12 month 17.09.2013


Numis Securities Ltd SANJEEV BAHL hold 3 M 1'084 Not Provided 12.09.2013

RBC Capital Markets AL STANTON outperform 5 M 1'375 12 month 11.09.2013

Macquarie MARK WILSON neutral 3 U 960 12 month 09.09.2013

HSBC PETER HITCHENS neutral 3 M 1'381 Not Provided 04.09.2013

Investec BRIAN GALLAGHER sell 1 M 940 12 month 06.08.2013


Jefferies BRENDAN MICHAEL WARN buy 5 M 1'500 12 month 01.08.2013

FirstEnergy Capital Corp GERRY F DONNELLY outperform 5 M 1'280 12 month 01.08.2013

Nomura THEEPAN JOTHILINGAM neutral 3 M 1'220 Not Provided 01.08.2013

Liberum Capital Ltd ANDREW WHITTOCK buy 5 M 1'446 Not Provided 01.08.2013

Goldman Sachs HENRY MORRIS Buy/Cautious 5 M 1'280 12 month 31.07.2013

JPMorgan JAMES THOMPSON overweight 5 M 1'260 9 month 29.07.2013

UBS JONATHON RIGBY neutral 3 M 1'130 12 month 23.07.2013

GMP TEAM COVERAGE buy 5 M 1'310 Not Provided 07.06.2013

Tudor Pickering & Co ANISH KAPADIA trim 1 M 900 Not Provided 18.04.2013

SBG Securities LIONEL THEROND hold 3 U 1'150 12 month 18.04.2013

WH Ireland Ltd ANGUS B MCPHAIL buy 5 M 1'515 12 month 13.02.2013

Merrion Stockbrokers MUNA MULEYA buy 5 M 1'780 Not Provided 11.01.2013

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

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


01.10.2013

Kingfisher plc sells a wide range of home improvement consumer goods. The

Company conducts retail operations through stores located throughout the world.


LTM as of: 08/yy

52-Week High (10.09.2013) 421.60

52-Week Low (03.10.2012) 260.90

Daily Volume

389.8





9'249.46 1 Yr Total Return 52.32%







KGF LN EQUITY YTD Change - Average Volume 30 Day 5'474'711

KGF LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'375'745


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 07/yy 08/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4

10'026.0 10'503.0 10'450.0 10'831.0 10'573.0 10'647.0 7'718.0 11'067.2 11'543.2 2'898.7 2'464.3

0.44x 0.50x 0.58x 0.57x 0.62x 0.00x 0.00x 0.82x 0.77x - -

672.0 833.0 915.0 1'031.0 954.0 0.0 0.0 1'024.3 1'134.3 - -

6.60x 6.36x 6.66x 6.02x 6.88x 0.00x 0.00x 8.83x 7.97x - -

209.0 388.0 494.0 640.0 564.0 0.0 0.0 561.0 645.6 - -

695.50x 12.87x 12.17x 9.30x 11.40x 0.00x 0.00x 16.52x 14.54x - -


EBIT 706.00 Long-Term Rating BBB-









EBITDA Margin 8.9%



Asset Turnover 1.09








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

4'142'245.00


!2!

-!!-2!.!!.2!0!!02!1!!12!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



01.10.2013



THORNBURG INVESTMENT n/a Co File 194'252'960 8.19 - 07.03.2013 Investment Advisor






HSBC INVESTMENTS UK Multiple Portfolios REG 57'011'675 2.4 (5'599'953) 01.07.2013 Investment Advisor









ABU DHABI INVESTMENT Multiple Portfolios REG 42'742'656 1.8 (2'563'148) 01.07.2013 Government






AlphaValue VIRGINIE BLIN reduce 2 M 391 6 month 26.09.2013

Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 465 12 month 23.09.2013

Espirito Santo Investment Bank ResearchROBERT EVANS buy 5 M 360 Not Provided 23.09.2013

Numis Securities Ltd MATTHEW TAYLOR hold 3 M 425 Not Provided 23.09.2013

Exane BNP Paribas BEN SPRUNTULIS outperform 5 M 480 Not Provided 20.09.2013

Societe Generale ANNE CRITCHLOW hold 3 M 414 12 month 17.09.2013

HSBC PAUL ROSSINGTON overweight 5 M 480 Not Provided 13.09.2013

Deutsche Bank WARWICK OKINES hold 3 M 400 12 month 12.09.2013

Nomura SUNITA ENTWISLE neutral 3 M 380 12 month 12.09.2013


Barclays CHRISTODOULOS CHAVIARAS overweight 5 M 450 Not Provided 12.09.2013

Morgan Stanley GEOFFREY RUDDELL Underwt/Cautious 1 M 300 12 month 11.09.2013

Cantor Fitzgerald FREDDIE GEORGE hold 3 U 400 Not Provided 11.09.2013

Natixis JEAN BAPTISTE TEISSIER neutral 3 M 400 Not Provided 11.09.2013

S&P Capital IQ WILLIAM MACK hold 3 U 425 12 month 11.09.2013

Oriel Securities Ltd JONATHAN PRITCHARD hold 3 M 400 Not Provided 11.09.2013

N+1 Singer Ltd MATTHEW MCEACHRAN hold 3 M 395 12 month 11.09.2013

Credit Suisse SIMON IRWIN outperform 5 M 440 Not Provided 09.09.2013


UBS ANDREW HUGHES neutral 3 M 400 12 month 19.07.2013

Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 12.07.2013

Goldman Sachs ROBERT JOYCE Buy/Neutral 5 M 440 12 month 11.07.2013


Baden Hill LLP JEFF CHISLETT buy 5 M #N/A N/A Not Provided 09.05.2013

ING Bank PETER BROCKWELL not rated #N/A N/A M #N/A N/A Not Provided 12.10.2010

Holdings By:

Kingfisher PLC ee


01.10.2013

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: 06/yy

52-Week High (09.05.2013) 223.90

52-Week Low (16.11.2012) 165.00

Daily Volume

187.2





9'166.47 1 Yr Total Return 12.37%







OML LN EQUITY YTD Change - Average Volume 30 Day 7'109'514

OML LN EQUITY YTD % CHANGE - Average Volume 3 Month 7'872'974


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/11 Q3 12/11 Q4

(2'414.0) 18'013.0 17'356.0 7'689.0 17'906.0 0.0 0.0 6'660.8 7'003.0 353.0 -

- 0.48x 0.55x 1.33x 0.57x #DIV/0! #DIV/0! - - - -

- - - - - 0.0 0.0 - - - -

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

495.0 (275.0) (220.0) 729.0 1'223.0 0.0 0.0 917.5 1'011.8 - -

5.93x - 13.41x 14.26x 13.42x 0.00x 0.00x 9.75x 8.87x - -


EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.13








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

2'403'918.00


!

2!

-!!

-2!

.!!

.2!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0! ! F

02 ! F

-5'000.0

0.0

5'000.0

10'000.0

15'000.0

20'000.0

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

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

1 2!

2 !!

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



01.10.2013


CEVIAN CAPITAL Multiple Portfolios REG 359'405'008 7.34 - 03.06.2013 Other


PUBLIC INVESTMENT CO n/a Co File 268'811'081 5.49 - 01.03.2013 Government

SANLAM ASSET MANAGEM Multiple Portfolios REG 255'514'951 5.22 - 03.06.2013 Investment Advisor


OLD MUTUAL n/a ULT-AGG 145'783'360 2.98 (16'498'041) 30.06.2013 Unclassified


NORGES BANK Multiple Portfolios MF-AGG 97'832'828 2 - 31.12.2012 Government



ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 74'190'770 1.52 6'370'149 30.06.2013 Investment Advisor



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 47'034'930 0.96 (177'475) 31.01.2013 Investment Advisor





APG ALGEMENE PENSIOE Multiple Portfolios REG 37'870'172 0.77 - 03.06.2013 Pension Fund (ERISA)

COLLINS STEWART LTD Multiple Portfolios REG 33'740'657 0.69 (1'568'397) 03.06.2013 Investment Advisor


AlphaValue JEROME CASSAGNE add 4 M 215 6 month 26.09.2013

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 186 12 month 18.09.2013

Goldman Sachs WILLIAM ELDERKIN Buy/Neutral 5 M 230 12 month 17.09.2013

Barclays LARISSA VAN-DEVENTER overweight 5 M 225 Not Provided 17.09.2013

SBG Securities RISTO KETOLA buy 5 M 260 12 month 27.08.2013

Investec MARK SALMON buy 5 M 218 Not Provided 20.08.2013

JPMorgan FRANCOIS DU TOIT overweight 5 U 228 9 month 14.08.2013

Imara TONDERAI MANESWA buy 5 M #N/A N/A Not Provided 14.08.2013

Credit Suisse BRIAN MUSHONGA neutral 3 M 208 Not Provided 13.08.2013

EVA Dimensions DOUG WALTERS sell 1 D #N/A N/A Not Provided 13.08.2013

Nomura BEN BATHURST neutral 3 D 202 12 month 12.08.2013

UBS MICHAEL CHRISTELIS neutral 3 M 205 12 month 09.08.2013




Oriel Securities Ltd MARCUS BARNARD buy 5 M 230 Not Provided 07.08.2013


Deutsche Bank OLIVER STEEL not rated #N/A N/A M #N/A N/A Not Provided 04.07.2013

Avior Research HARRY BOTHA outperform 5 M 239 Not Provided 13.06.2013

RBC Capital Markets GORDON AITKEN sector perform 3 M 220 12 month 09.05.2013

Nedgroup Securities DAVID S DANILOWITZ not rated #N/A N/A M 206 12 month 01.03.2013

Shore Capital Stockbrokers EAMONN FLANAGAN hold 3 M #N/A N/A Not Provided 31.10.2011

Holdings By:

Old Mutual PLC ee


01.10.2013

Wolseley plc distributes bathroom materials, heating and plumbing supplies, and

industrial pipes, valves, and fittings, to customers in the United Kingdom,

Europe, and the United States. Wolseley also distributes building materials and

lumber products, as well as operates tool hire centers.


LTM as of: 07/yy

52-Week High (21.05.2013) 3'483.00

52-Week Low (02.10.2012) 2'601.62

Daily Volume

3280





8'999.14 1 Yr Total Return 24.85%







WOS LN EQUITY YTD Change - Average Volume 30 Day 785'655

WOS LN EQUITY YTD % CHANGE - Average Volume 3 Month 720'466


31.07.2009 31.07.2010 31.07.2011 31.07.2012 31.07.2013 07/yy 07/yy 07/14 Y 07/15 Y 07/13 Q4 10/13 Q1

13'301.0 13'203.0 13'558.0 13'421.0 13'154.0 13'421.0 13'154.0 13'940.0 14'900.8 3'580.4 -

0.36x 0.34x 0.42x 0.49x 0.69x 0.00x 0.00x 0.67x 0.61x - -

1'140.0 840.0 852.0 829.0 886.0 0.0 0.0 944.2 1'083.9 - -

4.23x 5.36x 6.72x 7.98x 10.28x 0.00x 0.00x 10.03x 8.76x - -

(1'173.0) (340.0) 271.0 57.0 305.0 0.0 0.0 572.7 671.6 - -

- - 18.26x 108.63x 29.60x 0.00x 0.00x 15.87x 13.47x - -











EBITDA Margin 6.7%



Asset Turnover 1.86







Fiscal Year Ended

Wolseley PLCPrice/Volume

Valuation Analysis

1'628'846.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

1!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

!3 !5 .!-! !3 !. .!-- !3 !5 .!-- !3 !. .!-. !3 !5 .!-. !3 !. .!-0 !3 !5 .!-0



01.10.2013



CEVIAN CAPITAL n/a Co File 14'051'392 5.12 - 31.07.2012 Other

FIL LIMITED n/a ULT-AGG 13'735'172 5.01 - 31.12.2012 Investment Advisor







FRAMLINGTON INVESTME Multiple Portfolios MF-AGG 4'434'601 1.62 (73'371) 30.08.2013 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 3'730'435 1.36 - 31.12.2011 Pension Fund (ERISA)

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'139'507 1.14 (11'144) 31.08.2013 Investment Advisor


NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 2'353'709 0.86 230'049 31.07.2013 Insurance Company

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2'211'695 0.81 1'283'000 30.04.2013 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'696'380 0.62 (1'059'878) 30.06.2013 Investment Advisor

MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 1'667'465 0.61 745'378 31.12.2012 Investment Advisor




Jefferies SAM CULLEN underperform 1 M 2'510 12 month 01.10.2013

Goodbody Stockbrokers Ltd ROBERT EASON buy 5 M 3'555 12 month 01.10.2013

Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 3'900 Not Provided 01.10.2013

Numis Securities Ltd HOWARD SEYMOUR hold 3 M 3'250 12 month 01.10.2013

RBC Capital Markets OLIVIA PETERS sector perform 3 M 2'900 12 month 30.09.2013

Deutsche Bank THOMAS SYKES buy 5 M 3'400 12 month 27.09.2013

Goldman Sachs JOHN WOODMAN neutral/neutral 3 M 3'649 12 month 27.09.2013

Raymond James ARNAUD PALLIEZ underperform 1 M #N/A N/A Not Provided 27.09.2013

Exane BNP Paribas PAUL ROGER neutral 3 M 3'210 Not Provided 23.09.2013

Cantor Fitzgerald IAN OSBURN Under Review #N/A N/A M #N/A N/A Not Provided 18.09.2013

Panmure Gordon & Co Limited MIKE ALLEN hold 3 M 3'620 Not Provided 18.09.2013

Credit Suisse HARRY GOAD neutral 3 D 3'700 Not Provided 16.09.2013


HSBC RAJESH KUMAR overweight 5 U 3'930 Not Provided 10.09.2013

Oriel Securities Ltd MARK HOWSON hold 3 M #N/A N/A Not Provided 04.09.2013

Baden Hill LLP ROY CAMPBELL buy 5 N #N/A N/A Not Provided 02.09.2013

UBS GREGOR KUGLITSCH buy 5 U 3'500 12 month 22.08.2013


Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 3'500 Not Provided 28.06.2013

Berenberg Bank MICHAEL WATTS hold 3 M 3'000 Not Provided 21.06.2013

JPMorgan EMILY BIDDULPH overweight 5 M 3'350 3 month 11.06.2013

Morgan Stanley YURI SEROV Equalwt/In-Line 3 U 3'050 12 month 05.06.2013

Barclays PAUL CHECKETTS overweight 5 M 3'700 Not Provided 05.06.2013

Redburn Partners JOHN MESSENGER neutral 3 D #N/A N/A Not Provided 18.01.2013

Davy FLORENCE O'DONOGHUE neutral 3 D #N/A N/A Not Provided 18.07.2012

Holdings By:

Wolseley PLC ee


01.10.2013

British Sky Broadcasting Group plc provides a pay television broadcasting

service to customers in the United Kingdom and the Republic of Ireland. The

Group's channels broadcast news, movies, sports and pay-per-view events.

British Sky also offers Internet services via fixed telecommunications

infrastructure.


LTM as of: 06/yy

52-Week High (25.03.2013) 905.50

52-Week Low (24.10.2012) 704.00

Daily Volume

879





13'991.92 1 Yr Total Return 21.10%







BSY LN EQUITY YTD Change - Average Volume 30 Day 2'259'726

BSY LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'841'916


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 06/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2

5'359.0 5'506.0 6'565.0 6'791.0 7'235.0 6'791.0 7'235.0 7'571.2 7'907.5 1'803.0 1'910.0

1.83x 2.49x 2.41x 1.90x 1.95x 3.92x 3.87x 2.04x 1.91x 8.45x 8.02x

1'104.0 1'182.0 1'406.0 1'587.0 1'669.0 0.0 0.0 1'683.6 1'815.1 363.0 407.0

8.89x 11.58x 11.25x 8.13x 8.47x 0.00x 0.00x 9.21x 8.54x 9.32x -

259.0 878.0 810.0 906.0 979.0 906.0 979.0 933.6 1'033.1 224.5 230.5

30.57x 13.63x 19.46x 13.24x 13.05x 13.24x 13.05x 14.97x 13.42x 14.92x -











EBITDA Margin 23.1%



Asset Turnover 1.22







Fiscal Year Ended

British Sky Broadcasting Group PLCPrice/Volume

Valuation Analysis

824'921.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



01.10.2013


BSKYB HOLDCO INC n/a RNS-MAJ 623'817'229 39.19 (31'156'837) 01.07.2013 Unclassified






ODEY ASSET MANAGEMEN Multiple Portfolios REG 37'260'771 2.34 2'170'828 01.05.2013 Hedge Fund Manager





INVESCO LTD n/a ULT-AGG 23'828'226 1.5 (1'197'169) 30.09.2013 Investment Advisor




KAMES CAPITAL PLC Multiple Portfolios REG 16'923'869 1.06 267'238 01.05.2013 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 13'838'618 0.87 (15'602) 01.05.2013 Government

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'468'963 0.85 4'010'521 30.06.2013 Investment Advisor

ODEY ASSET MANAGEMEN Multiple Portfolios MF-AGG 13'039'299 0.82 (88'200) 30.08.2013 Hedge Fund Manager

TIAA CREF INVESTMENT Multiple Portfolios REG 12'447'796 0.78 164'343 01.05.2013 Investment Advisor


Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 985 Not Provided 30.09.2013

New Street Research FRANK KNOWLES buy 5 M 993 Not Provided 27.09.2013

AlphaValue VERONIQUE CABIOC'H buy 5 M 1'041 6 month 26.09.2013

Barclays JULIEN ROCH equalweight 3 M 915 Not Provided 19.09.2013

JPMorgan MARK O'DONNELL neutral 3 D 930 9 month 10.09.2013


Sanford C. Bernstein & Co CLAUDIO ASPESI underperform 1 M 700 12 month 09.09.2013

Oriel Securities Ltd JOHN KARIDIS sell 1 M 600 Not Provided 06.09.2013


Westhouse Securities RODDY DAVIDSON add 4 M 934 12 month 16.08.2013

Morgan Stanley PATRICK WELLINGTON Equalwt/Attractive 3 M 860 12 month 12.08.2013

Nomura MATTHEW WALKER buy 5 M 975 12 month 12.08.2013

UBS POLO TANG neutral 3 M 880 12 month 09.08.2013

Investec STEVEN LIECHTI hold 3 M 825 Not Provided 07.08.2013

Kepler Cheuvreux CONOR O'SHEA buy 5 M 960 Not Provided 02.08.2013

Macquarie GUY R PEDDY outperform 5 M 900 12 month 30.07.2013

Deutsche Bank LAURIE DAVISON buy 5 M 1'000 12 month 29.07.2013

Berenberg Bank SARAH SIMON sell 1 M 705 Not Provided 29.07.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 900 12 month 29.07.2013

Numis Securities Ltd PAUL RICHARDS add 4 M 1'014 Not Provided 29.07.2013

Jefferies JEREMY A DELLIS underperform 1 M 710 12 month 26.07.2013

Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 26.07.2013


Credit Suisse OMAR SHEIKH neutral 3 M 810 Not Provided 15.07.2013

HSBC ADAM M RUMLEY underweight 1 M 600 Not Provided 03.05.2013

Espirito Santo Investment Bank ResearchGIASONE SALATI buy 5 M 935 Not Provided 02.05.2013


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


01.10.2013

Standard Life PLC is a group holding company for a wide variety of insurance

and financial services companies.


LTM as of: 06/yy

52-Week High (22.05.2013) 422.20

52-Week Low (01.10.2012) 261.28

Daily Volume

345.7





8'215.48 1 Yr Total Return 34.47%







SL/ LN EQUITY YTD Change - Average Volume 30 Day 4'766'194

SL/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'804'261


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

(16'225.0) 17'167.0 18'569.0 9'086.0 19'185.0 0.0 0.0 21'298.8 22'576.7 - -

- - 0.08x - 0.01x #DIV/0! #DIV/0! - - - -

- - - - - 0.0 0.0 - - - -

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

100.0 213.0 432.0 298.0 698.0 0.0 0.0 529.6 604.9 - -

29.28x 29.06x 11.75x 15.93x 11.19x 0.00x 0.00x 14.76x 13.39x - -





Return on Assets 0.33% Short-Term Rating NR




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

Standard Life PLCPrice/Volume

Valuation Analysis

1'641'046.00


!2!

-!!-2!.!!.2!0!!02!1!!12!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

-3 ! F

-20'000.0

-15'000.0

-10'000.0

-5'000.0

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 !!

6 !!

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



01.10.2013


PRIVATE INDIVIDUALS Multiple Portfolios REG 985'678'746 41.48 1'053'923 01.07.2013 Other






BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 39'179'205 1.65 3'163'396 27.09.2013 Investment Advisor


ARTEMIS INVESTMENT M Multiple Portfolios REG 32'985'894 1.39 (157'918) 01.07.2013 Investment Advisor



HENDERSON GLOBAL INV Multiple Portfolios REG 29'152'584 1.23 1'628'782 01.07.2013 Investment Advisor




KAMES CAPITAL PLC Multiple Portfolios REG 18'686'855 0.79 (3'913'291) 01.07.2013 Investment Advisor

HENDERSON GROUP PLC Multiple Portfolios MF-AGG 18'593'488 0.78 14'646'774 31.07.2013 Investment Advisor

MAJEDIE ASSET MANAGE Multiple Portfolios REG 18'308'177 0.77 (714'475) 01.07.2013 Investment Advisor

JO HAMBRO CAPITAL MA Multiple Portfolios REG 17'792'562 0.75 4'394'262 01.07.2013 Investment Advisor

STANDARD LIFE PLC ES Multiple Portfolios REG 17'693'168 0.74 8'109'089 01.07.2013 Unclassified


Berenberg Bank MATTHEW PRESTON hold 3 M 333 Not Provided 26.09.2013

Mediobanca SpA MAARTEN ALTENA underperform 1 N 302 12 month 17.09.2013

Goldman Sachs RAVI TANNA Sell/Neutral 1 M 315 12 month 17.09.2013

Exane BNP Paribas ANDY HUGHES outperform 5 M 434 Not Provided 17.09.2013

Credit Suisse CHRIS ESSON neutral 3 U 362 Not Provided 21.08.2013

Morgan Stanley JON HOCKING Underwt/In-Line 1 M 321 12 month 20.08.2013

Barclays ALAN DEVLIN underweight 1 M 285 Not Provided 16.08.2013

HSBC KAILESH MISTRY underweight 1 M 335 Not Provided 13.08.2013



Societe Generale ABID HUSSAIN sell 1 M 320 12 month 09.08.2013

Deutsche Bank OLIVER STEEL buy 5 M 425 12 month 08.08.2013

JPMorgan ASHIK MUSADDI overweight 5 M 419 3 month 08.08.2013

Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 338 12 month 08.08.2013

Sanford C. Bernstein & Co EDWARD HOUGHTON underperform 1 M 300 12 month 08.08.2013

Nomura BEN BATHURST reduce 2 M 351 12 month 08.08.2013

Oriel Securities Ltd MARCUS BARNARD add 4 M 400 Not Provided 08.08.2013

Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 420 Not Provided 08.08.2013



Macquarie NEIL WELCH outperform 5 M 409 12 month 01.05.2013

Shore Capital Stockbrokers EAMONN FLANAGAN hold 3 M #N/A N/A Not Provided 26.11.2012


Holdings By:

Standard Life PLC ee


01.10.2013

Marks & Spencer Group PLC is a holding company. The Company, through its

subsidiaries, provides retail of clothing, food and home products.


LTM as of: 06/yy

52-Week High (16.09.2013) 520.50

52-Week Low (10.01.2013) 351.60

Daily Volume

501.5





8'103.53 1 Yr Total Return 45.68%



Minority Interest (19.0) Analyst Recs 30




MKS LN EQUITY YTD Change - Average Volume 30 Day 3'776'394

MKS LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'772'979


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

9'062.1 9'536.6 9'740.3 9'934.3 10'026.8 0.0 0.0 10'401.0 10'819.1 - -

0.75x 0.85x 0.74x 0.79x 0.83x #DIV/0! #DIV/0! 1.02x 0.96x - -

1'138.1 1'268.9 1'286.5 1'289.8 1'258.3 0.0 0.0 1'333.7 1'439.0 - -

5.96x 6.37x 5.61x 6.12x 6.64x 0.00x 0.00x 7.62x 7.06x - -

508.0 526.3 612.0 513.1 466.7 0.0 0.0 544.5 612.5 - -

8.21x 11.10x 8.73x 11.67x 13.37x 0.00x 0.00x 14.97x 13.34x - -











EBITDA Margin 12.5%



Asset Turnover 1.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Marks & Spencer Group PLCPrice/Volume

Valuation Analysis

1'154'812.00


!

-!!

.!!

0!!

1!!

2!!

3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0! ! F

02 ! F

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



01.10.2013





BRANDES INVESTMENT P n/a Co File 74'959'501 4.64 - 21.05.2012 Investment Advisor


WELLCOME TRUST Multiple Portfolios REG 52'000'000 3.22 - 03.06.2013 Unclassified


Marks & Spencer Grou Multiple Portfolios REG 47'791'717 2.96 (2'868'913) 03.06.2013 Unclassified







BARCLAYS PRIVATE BAN Multiple Portfolios REG 28'889'041 1.79 224'562 03.06.2013 Bank







Peel Hunt JOHN STEVENSON hold 3 M 525 Not Provided 01.10.2013

Cantor Fitzgerald FREDDIE GEORGE sell 1 M 445 Not Provided 27.09.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK buy 5 M #N/A N/A Not Provided 26.09.2013

AlphaValue VIRGINIE BLIN sell 1 M 392 6 month 26.09.2013

Exane BNP Paribas BEN SPRUNTULIS underperform 1 M 390 Not Provided 24.09.2013

Numis Securities Ltd MATTHEW TAYLOR hold 3 M 450 Not Provided 23.09.2013


Societe Generale ANNE CRITCHLOW buy 5 M 581 12 month 17.09.2013

Sanford C. Bernstein & Co JAMIE MERRIMAN market perform 3 M 445 12 month 10.09.2013

Oriel Securities Ltd EITHNE O'LEARY buy 5 M 550 Not Provided 10.09.2013

N+1 Singer Ltd MATTHEW MCEACHRAN buy 5 U 650 12 month 10.09.2013

HSBC PAUL ROSSINGTON overweight 5 U 550 Not Provided 05.09.2013

Equita SIM SpA FABIO FAZZARI buy 5 M 588 12 month 04.09.2013

S&P Capital IQ WILLIAM MACK strong buy 5 M 570 12 month 27.08.2013

Espirito Santo Investment Bank ResearchROBERT EVANS neutral 3 M 370 Not Provided 20.08.2013

Morgan Stanley GEOFFREY RUDDELL Overwt/Cautious 5 M 490 12 month 07.08.2013

Investec BETHANY HOCKING sell 1 M 275 Not Provided 07.08.2013

Nomura FRASER RAMZAN buy 5 M 540 12 month 30.07.2013

Deutsche Bank CHARLIE MUIR-SANDS hold 3 M 465 12 month 10.07.2013

Credit Suisse SIMON IRWIN underperform 1 M 425 Not Provided 09.07.2013

Panmure Gordon & Co Limited JEAN ROCHE buy 5 M 516 Not Provided 09.07.2013

Grupo Santander REBECCA MCCLELLAN hold 3 M 460 Not Provided 04.07.2013

Kepler Cheuvreux DANIEL OVIN reduce 2 M 430 Not Provided 18.06.2013

UBS ANDREW HUGHES buy 5 M 530 12 month 30.05.2013

Barclays CHRISTODOULOS CHAVIARAS underweight 1 M 350 Not Provided 22.05.2013

Redburn Partners GEOFF LOWERY sell 1 M #N/A N/A Not Provided 07.05.2013

Goldman Sachs ROBERT JOYCE Sell/Neutral 1 M 345 12 month 05.04.2013

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

Holdings By:

Marks & Spencer Group PLC ee


01.10.2013

Next Plc conducts retailing, home shopping, and customer services management

operations. The Company's retail stores sell ladies wear, mens wear,

childrens wear, and housewares.


LTM as of: 01/yy

52-Week High (16.09.2013) 5'255.00

52-Week Low (02.10.2012) 3'435.00

Daily Volume

5185





8'116.14 1 Yr Total Return 53.73%







NXT LN EQUITY YTD Change - Average Volume 30 Day 323'015

NXT LN EQUITY YTD % CHANGE - Average Volume 3 Month 329'582


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y - -

3'271.5 3'406.5 3'297.7 3'441.1 3'547.8 - - 3'670.6 3'808.8 - -

0.86x 1.23x 1.26x 1.46x 2.02x - - 2.35x 2.25x - -

624.6 672.8 691.2 722.5 787.7 - - 809.9 844.8 - -

4.49x 6.21x 6.02x 6.95x 9.08x - - 10.71x 10.27x - -

302.4 364.1 401.1 474.9 508.7 - - 519.6 545.5 - -

7.03x 10.43x 9.16x 10.16x 12.68x - - 15.64x 14.49x - -


EBIT 670.50 Long-Term Rating BBB









EBITDA Margin 22.5%



Asset Turnover 1.90







Fiscal Year Ended

Next PLCPrice/Volume

Valuation Analysis

108'026.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!!

.!!!

0!!!

1!!!

2!!!

3!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

3'500.0

4'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



01.10.2013



FMR LLC n/a ULT-AGG 23'332'854 14.91 (822) 31.03.2013 Investment Advisor


NEXT PLC ESOP Multiple Portfolios REG 7'331'988 4.68 751'701 03.06.2013 Unclassified

NEXT PLC ESOT n/a Co File 6'881'904 4.4 - 19.03.2013 n/a










SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 2'821'593 1.8 20'388 30.08.2013 Investment Advisor



FRAMLINGTON INVESTME Multiple Portfolios MF-AGG 2'432'693 1.55 21'215 30.08.2013 Investment Advisor

DIRECTOR & RELATED H Multiple Portfolios REG 1'811'496 1.16 (62'388) 03.06.2013 Other

RWC PARTNERS LTD Multiple Portfolios REG 1'775'456 1.13 - 03.06.2013 Investment Advisor


AlphaValue VIRGINIE BLIN reduce 2 M 5'173 6 month 25.09.2013

Peel Hunt JOHN STEVENSON hold 3 M 5'000 Not Provided 24.09.2013

Numis Securities Ltd MATTHEW TAYLOR hold 3 M 5'250 Not Provided 23.09.2013

Grupo Santander REBECCA MCCLELLAN underweight 1 D 5'200 Not Provided 19.09.2013

UBS ANDREW HUGHES neutral 3 M 5'350 12 month 18.09.2013

Societe Generale ANNE CRITCHLOW hold 3 M 5'500 12 month 17.09.2013

Credit Suisse SIMON IRWIN neutral 3 M 5'500 Not Provided 16.09.2013

Sanford C. Bernstein & Co JAMIE MERRIMAN market perform 3 M 4'600 12 month 16.09.2013

HSBC PAUL ROSSINGTON neutral 3 M 5'400 Not Provided 13.09.2013

Oriel Securities Ltd ALISTAIR DAVIES hold 3 M 5'000 Not Provided 13.09.2013

Redburn Partners GEOFF LOWERY sell 1 M #N/A N/A Not Provided 13.09.2013

Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 5'000 Not Provided 13.09.2013

Deutsche Bank CHARLIE MUIR-SANDS hold 3 M 5'600 12 month 12.09.2013

Morgan Stanley GEOFFREY RUDDELL Underwt/Cautious 1 M 3'920 12 month 12.09.2013

Cantor Fitzgerald FREDDIE GEORGE hold 3 M 5'000 Not Provided 12.09.2013

Nomura FRASER RAMZAN neutral 3 M 4'900 12 month 12.09.2013

S&P Capital IQ WILLIAM MACK hold 3 M 5'500 12 month 12.09.2013

Exane BNP Paribas SIMON BOWLER neutral 3 M 5'400 Not Provided 12.09.2013

N+1 Singer Ltd MATTHEW MCEACHRAN hold 3 M 5'100 12 month 12.09.2013

Espirito Santo Investment Bank ResearchROBERT EVANS neutral 3 M 4'150 Not Provided 20.08.2013

Panmure Gordon & Co Limited JEAN ROCHE buy 5 M 5'330 Not Provided 30.07.2013



Goldman Sachs ROBERT JOYCE neutral/neutral 3 M 4'700 12 month 04.07.2013

Kepler Cheuvreux DANIEL OVIN reduce 2 M 4'000 Not Provided 18.06.2013

Investec BETHANY HOCKING hold 3 M 3'760 Not Provided 13.05.2013

ING Bank PETER BROCKWELL not rated #N/A N/A M #N/A N/A Not Provided 12.08.2010

Holdings By:

Next PLC ee


01.10.2013

Royal Bank of Scotland Group plc, through subsidiaries, accepts deposits and

offers commercial banking services. The bank offers business term loans,

commercial mortgages, professional practice loans, asset finance and invoice

finance loans, residential mortgages, consumer loans, credit cards, financial

planning services, and life, personal lines, and income protection insurance.


LTM as of: 06/yy

52-Week High (25.09.2013) 380.60

52-Week Low (03.10.2012) 252.70

Daily Volume

363.5





40'947.97 1 Yr Total Return 36.45%





Enterprise Value -


RBS LN EQUITY YTD Change - Average Volume 30 Day 11'379'060

RBS LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'050'180


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

54'331.0 40'844.0 37'526.0 32'433.0 28'263.0 27'234.0 27'722.0 20'556.2 20'228.1 4'984.0 4'787.5

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

- - - - - 0.0 0.0 - - - -

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

(23'710.0) (2'672.0) (1'001.0) (1'997.0) (5'683.0) (2'604.0) (3'332.0) 1'729.3 3'124.1 294.0 -

- - - - - 0.00x 0.00x 21.01x 12.41x 16.01x -







Return on Capital -0.77% 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

Royal Bank of Scotland Group PLCPrice/Volume

Valuation Analysis

5'789'650.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F2 ! F-! ! F-2 ! F.! ! F.2 ! F0! ! F02 ! F1! ! F12 ! 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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



01.10.2013


UNITED KINGDOM GOVER n/a RNS-MAJ 3'964'483'519 64.09 - 28.03.2013 Government




MAJEDIE ASSET MANAGE Multiple Portfolios REG 74'492'455 1.2 8'115'571 03.06.2013 Investment Advisor



TD DIRECT INVESTING Multiple Portfolios REG 70'359'299 1.14 1'391'134 03.06.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 64'472'547 1.04 3'377'097 30.08.2013 Investment Advisor

EDINBURGH PARTNERS L Multiple Portfolios REG 48'587'103 0.79 7'165'206 03.06.2013 Investment Advisor


RBS GROUP PLC ESOP Multiple Portfolios REG 34'038'412 0.55 (17'009'823) 03.06.2013 Unclassified

HALIFAX SHARE DEALIN Multiple Portfolios REG 33'111'460 0.54 7'094'307 03.06.2013 Corporation







JUPITER ASSET MANAGE Multiple Portfolios REG 28'488'028 0.46 (1'428'154) 03.06.2013 Investment Advisor



Numis Securities Ltd MICHAEL J TRIPPITT add 4 D 410 Not Provided 30.09.2013

Barclays ROHITH CHANDRA-RAJAN overweight 5 M 400 Not Provided 30.09.2013

Nomura CHINTAN JOSHI reduce 2 M 270 12 month 27.09.2013

Exane BNP Paribas TOM RAYNER neutral 3 M 360 Not Provided 27.09.2013


Day by Day VALERIE GASTALDY buy 5 U 427 3 month 25.09.2013

Deutsche Bank JASON NAPIER sell 1 M 275 12 month 23.09.2013

Investec IAN GORDON sell 1 M 345 12 month 20.09.2013


UBS JOHN-PAUL CRUTCHLEY neutral 3 D 365 12 month 16.09.2013

JPMorgan RAUL SINHA neutral 3 M 335 15 month 11.09.2013


Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 U 348 12 month 04.09.2013

Macquarie EDWARD FIRTH underperform 1 M 280 12 month 04.09.2013

Credit Suisse CARLA ANTUNES-SILVA underperform 1 M 265 Not Provided 02.09.2013


Keefe, Bruyette & Woods MARK J PHIN market perform 3 M 320 12 month 23.08.2013

Goldman Sachs FREDERIK THOMASEN Buy/Neutral 5 M 400 12 month 12.08.2013

Jefferies JOSEPH DICKERSON buy 5 M 390 12 month 06.08.2013

Societe Generale JAMES INVINE sell 1 D 305 12 month 05.08.2013

Oriel Securities Ltd VIVEK RAJA sell 1 M 245 Not Provided 05.08.2013

Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 332 12 month 02.08.2013

S&P Capital IQ FRANK BRADEN hold 3 M 335 12 month 02.08.2013

HSBC PETER TOEMAN neutral 3 D 300 Not Provided 02.07.2013

RBC Capital Markets CLAIRE KANE sector perform 3 M 355 12 month 20.06.2013


Grupo Santander ARTURO DE FRIAS buy 5 M 400 Not Provided 02.04.2013

Liberum Capital Ltd CORMAC LEECH buy 5 U 340 Not Provided 20.03.2013

Canaccord Genuity Corp GARETH HUNT hold 3 M 275 12 month 28.02.2013

Espirito Santo Investment Bank ResearchSHAILESH RAIKUNDLIA sell 1 D 320 Not Provided 29.01.2013

Holdings By:

Royal Bank of Scotland Group PLC ee


01.10.2013

Burberry Group PLC is a global luxury brand with British heritage, core

outerwear and large leather goods base. The Company designs and sources

apparel and accessories, selling through a diversified network of retail,

digital, wholesale and licensing channels worldwide.


LTM as of: 06/yy

52-Week High (10.09.2013) 1'687.00

52-Week Low (10.10.2012) 998.00

Daily Volume

1637





7'256.65 1 Yr Total Return 64.96%







BRBY LN EQUITY YTD Change - Average Volume 30 Day 1'057'649

BRBY LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'153'680


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

1'201.5 1'185.1 1'501.3 1'857.2 1'998.7 1'899.5 1'590.5 2'321.4 2'571.5 - -

1.01x 2.41x 3.22x 3.37x 2.81x 0.00x 0.00x 2.97x 2.61x - -

215.6 272.1 363.8 468.1 529.2 0.0 0.0 610.5 679.1 - -

5.65x 10.51x 13.30x 13.36x 10.61x 0.00x 0.00x 11.46x 10.30x - -

(6.0) 81.4 208.4 263.3 254.3 0.0 0.0 350.1 398.0 - -

- 20.36x 23.81x 24.78x 22.80x 0.00x 0.00x 20.85x 18.43x - -











EBITDA Margin 26.5%



Asset Turnover 1.19







Fiscal Year Ended

Burberry Group PLCPrice/Volume

Valuation Analysis

333'939.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!!1!!3!!5!!

-!!!-.!!-1!!-3!!-5!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



01.10.2013






THORNBURG INVESTMENT Multiple Portfolios REG 22'895'430 5.16 505'131 01.08.2013 Investment Advisor


AMERIPRISE FINANCIAL n/a Co File 21'664'800 4.89 - 20.05.2013 Investment Advisor

BAILLIE GIFFORD AND Multiple Portfolios REG 18'029'448 4.07 718'193 01.08.2013 Investment Advisor











JANUS CAPITAL MANAGE n/a ULT-AGG 5'547'173 1.25 2'189'981 30.06.2013 Investment Advisor



Morgan Stanley GEOFFREY RUDDELL Overwt/In-Line 5 U 1'650 12 month 29.09.2013

HSBC ERWAN RAMBOURG overweight 5 M 1'900 Not Provided 29.09.2013

Sanford C. Bernstein & Co MARIO ORTELLI market perform 3 M 1'550 12 month 27.09.2013

Aurel - BGC DAVID DA MAIA buy 5 U 1'850 6 month 27.09.2013

Societe Generale THIERRY COTA hold 3 M 1'690 12 month 26.09.2013


Nomura FRASER RAMZAN neutral 3 M 1'630 12 month 26.09.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA neutral 3 M 1'670 Not Provided 26.09.2013

AlphaValue VIRGINIE BLIN reduce 2 M 1'496 6 month 26.09.2013

Barclays JULIAN EASTHOPE equalweight 3 M 1'700 Not Provided 17.09.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 16.09.2013

Deutsche Bank WARWICK OKINES hold 3 M 1'530 12 month 02.09.2013

Redburn Partners ANNABEL GLEESON buy 5 U #N/A N/A Not Provided 30.08.2013

Investec BETHANY HOCKING hold 3 D 1'330 Not Provided 07.08.2013

UBS FRED SPEIRS neutral 3 M 1'530 12 month 11.07.2013

Oddo & Cie LEOPOLD AUTHIE reduce 2 M 1'400 Not Provided 11.07.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 1'600 12 month 11.07.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 2'181 12 month 10.07.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 1'450 6 month 10.07.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 1'515 Not Provided 10.07.2013

Berenberg Bank JOHN GUY buy 5 M 1'700 Not Provided 10.07.2013

ISI Group OMAR SAAD buy 5 M 1'800 12 month 10.07.2013

S&P Capital IQ WILLIAM MACK hold 3 M 1'650 12 month 10.07.2013


Equita SIM SpA FABIO FAZZARI buy 5 U 1'800 12 month 10.06.2013

Holdings By:

Burberry Group PLC ee


01.10.2013

Land Securities Group plc is a property investment and management company. The

Group invests in real estate, including offices, shops and shopping centres, out

of town retail locations, supermarkets and industrial/warehouse facilities

throughout the United Kingdom. Land Securities' portfolio also consists of a

small percentage of hotel, leisure and residential properties.


LTM as of: 01/yy

52-Week High (20.05.2013) 1'006.00

52-Week Low (21.01.2013) 746.00

Daily Volume

918





7'208.95 1 Yr Total Return 23.94%







LAND LN EQUITY YTD Change - Average Volume 30 Day 1'670'884

LAND LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'785'858


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

821.2 833.4 701.9 671.5 736.6 - - 583.9 612.2 - -

8.73x 10.25x 12.87x 13.20x 13.94x - - 19.53x 18.65x - -

519.1 445.7 437.6 436.5 448.5 - - 478.1 511.7 - -

13.80x 19.16x 20.65x 20.30x 22.89x - - 22.84x 21.34x - -

(5'191.3) 1'088.9 1'241.6 522.9 533.0 - - 291.7 319.6 - -

- 4.71x 4.52x 10.70x 12.11x - - 24.03x 22.39x - -











EBITDA Margin 60.9%



Asset Turnover 0.07







Fiscal Year Ended

Land Securities Group PLCPrice/Volume

Valuation Analysis

423'231.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F 2 F- ! F- 2 F. ! F. 2 F0 ! F0 2 F1 ! F1 2 F2 ! 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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



01.10.2013





ALBRIGHT INVESTMENTS n/a RNS-MAJ 31'088'858 3.96 - 29.11.2011 Investment Advisor

APG ALGEMENE PENSIOE Multiple Portfolios REG 30'701'943 3.91 1'865 01.07.2013 Pension Fund (ERISA)



PEEL HOLDINGS PLC Multiple Portfolios REG 24'519'599 3.12 - 01.07.2013 Holding Company


CBRE GROUP INC n/a ULT-AGG 22'511'997 2.87 4'320'046 01.07.2013 Corporation








DIMENSIONAL FUND ADV n/a ULT-AGG 10'617'906 1.35 249'723 31.07.2013 Investment Advisor




Peel Hunt JAMES CARSWELL hold 3 M 933 Not Provided 01.10.2013

Exane BNP Paribas NICK WEBB outperform 5 M 1'050 Not Provided 01.10.2013

Societe Generale MARC MOZZI hold 3 M 960 12 month 30.09.2013

Jefferies MICHAEL PREW hold 3 M 902 12 month 30.09.2013

AlphaValue PIERRE-LOUP ETIENNE reduce 2 M 853 6 month 26.09.2013

Deutsche Bank MARTIN ALLEN sell 1 M 750 12 month 24.09.2013

EVA Dimensions DOUG WALTERS hold 3 D #N/A N/A Not Provided 23.09.2013


JPMorgan HARM M MEIJER overweight 5 M 1'040 12 month 13.09.2013

Numis Securities Ltd CHRISTOPHER SPEARING hold 3 M 935 Not Provided 10.09.2013

Morgan Stanley CHRISTOPHER FREMANTLE Overwt/Attractive 5 M 1'020 12 month 28.08.2013

Oriel Securities Ltd MIRANDA COCKBURN hold 3 M #N/A N/A Not Provided 17.07.2013

UBS KRISTIAN BANDY neutral 3 M 960 12 month 21.05.2013

Investec ALAN CARTER hold 3 M 935 12 month 15.05.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 908 12 month 19.04.2013

Kempen & Co RYAN PALECEK underweight 1 M 820 Not Provided 12.04.2013

Barclays AARON GUY overweight 5 U 935 Not Provided 08.02.2013

Panmure Gordon & Co Limited MARK HUGHES hold 3 M 820 Not Provided 25.01.2013

Holdings By:

Land Securities Group PLC ee


01.10.2013

Smith & Nephew plc develops and markets advanced medical devices. The Group is

involved in orthopaedics, endoscopy, and advanced wound management.


LTM as of: 06/yy

52-Week High (14.08.2013) 805.50

52-Week Low (02.11.2012) 636.00

Daily Volume

767.5





6'878.82 1 Yr Total Return 13.59%







SN/ LN EQUITY YTD Change - Average Volume 30 Day 1'318'972

SN/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'367'680


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

3'801.0 3'772.0 3'962.0 4'270.0 4'137.0 4'246.0 4'178.0 4'340.0 4'532.1 1'025.5 1'158.5

1.83x 2.68x 2.49x 2.06x 2.48x 8.26x 9.75x 2.63x 2.43x 11.13x 9.95x

1'049.0 1'169.0 1'223.0 1'208.0 1'250.0 988.0 1'246.0 1'223.8 1'342.1 296.5 346.5

6.65x 8.64x 8.08x 7.29x 8.21x 8.92x 8.30x 9.34x 8.52x - -

377.0 472.0 615.0 582.0 729.0 722.0 548.0 653.1 723.1 150.0 192.5

15.00x 19.34x 15.23x 14.85x 13.58x 12.37x 18.34x 16.55x 15.10x - -











EBITDA Margin 29.8%



Asset Turnover 0.81







Fiscal Year Ended

Smith & Nephew PLCPrice/Volume

Valuation Analysis

616'338.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

1 ! 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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



01.10.2013





WALTER SCOTT & PARTN Multiple Portfolios REG 36'051'776 4.02 (607'735) 01.07.2013 Investment Advisor









AVIVA INVESTORS Multiple Portfolios REG 16'553'578 1.85 (909'206) 01.07.2013 Investment Advisor



ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 15'864'866 1.77 46'000 31.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios REG 13'869'553 1.55 95'000 01.07.2013 Investment Advisor



JO HAMBRO CAPITAL MA Multiple Portfolios REG 11'641'868 1.3 (901'452) 01.07.2013 Investment Advisor


Numis Securities Ltd CHARLES WESTON add 4 M 870 Not Provided 01.10.2013

UBS MARTIN WALES neutral 3 M 780 12 month 27.09.2013

AlphaValue KAMLA SINGH reduce 2 M 712 6 month 26.09.2013

Societe Generale JUSTIN SMITH sell 1 M 660 12 month 09.09.2013

Investec NICHOLAS KEHER hold 3 M 783 12 month 13.08.2013

Sanford C. Bernstein & Co LISA BEDELL CLIVE market perform 3 M 775 12 month 05.08.2013

Morgan Stanley MICHAEL K JUNGLING Equalwt/Attractive 3 M 757 12 month 02.08.2013

Credit Suisse CHRISTOPH GRETLER neutral 3 M 775 Not Provided 02.08.2013

Jefferies INGEBORG OIE buy 5 M 890 12 month 02.08.2013

Barclays SALLY TAYLOR equalweight 3 M 780 Not Provided 02.08.2013

Deutsche Bank YI-DAN WANG hold 3 M 650 12 month 01.08.2013

JPMorgan DAVID J ADLINGTON neutral 3 M 740 6 month 01.08.2013

Berenberg Bank TOM JONES hold 3 M 810 Not Provided 01.08.2013

S&P Capital IQ JACOB THRANE hold 3 M 830 12 month 01.08.2013

Exane BNP Paribas JULIEN DORMOIS outperform 5 M 800 Not Provided 01.08.2013


Goldman Sachs VERONIKA DUBAJOVA neutral/neutral 3 M 760 12 month 08.07.2013


Panmure Gordon & Co Limited SAVVAS NEOPHYTOU hold 3 M 720 Not Provided 02.05.2013

Shore Capital Stockbrokers BRIAN WHITE sell 1 M #N/A N/A Not Provided 01.05.2013

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


01.10.2013

Capita PLC provides an integrated range of services across the United

Kingdom's public and private sectors. The Company provides customer services,

human resource services, software services, systems and strategic support, and

property services.


LTM as of: 01/yy

52-Week High (23.07.2013) 1'060.00

52-Week Low (13.11.2012) 704.00

Daily Volume

1006





6'618.03 1 Yr Total Return 32.22%







CPI LN EQUITY YTD Change - Average Volume 30 Day 939'305

CPI LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'050'510


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

2'441.4 2'686.8 2'744.0 2'930.2 3'351.8 - - 3'877.3 4'255.2 - -

2.25x 2.04x 2.01x 1.91x 1.90x - - 1.99x 1.78x - -

371.9 382.1 504.0 567.8 639.4 - - 598.8 654.8 - -

14.77x 14.34x 10.97x 9.87x 9.98x - - 13.66x 12.49x - -

165.8 188.9 235.0 238.0 236.0 - - 352.6 392.7 - -

27.08x 24.42x 18.12x 16.05x 20.36x - - 17.81x 16.15x - -











EBITDA Margin 19.9%



Asset Turnover 0.83








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

430'604.00


!

.!!

1!!

3!!

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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



01.10.2013




VERITAS ASSET MANAGE Multiple Portfolios REG 38'472'887 5.85 1'318'595 03.06.2013 Unclassified





LEGAL & GENERAL n/a Co File 23'279'554 3.54 - 20.02.2013 Investment Advisor

MARATHON ASSET MANAG Multiple Portfolios REG 20'074'860 3.05 136'112 03.06.2013 Investment Advisor





CREDIT AGRICOLE GROU Multiple Portfolios REG 14'102'738 2.14 2'386'719 03.06.2013 Bank

T ROWE PRICE ASSOCIA Multiple Portfolios REG 12'372'856 1.88 (534'643) 03.06.2013 Investment Advisor







Panmure Gordon & Co Limited MIKE ALLEN hold 3 M 950 Not Provided 24.09.2013

Peel Hunt CHRISTOPHER BAMBERRY buy 5 M 1'060 Not Provided 23.09.2013

Oriel Securities Ltd HECTOR FORSYTHE add 4 M #N/A N/A Not Provided 04.09.2013


Cantor Fitzgerald CAROLINE DE LA SOUJEOLE sell 1 M 810 Not Provided 22.08.2013

UBS WILLIAM VANDERPUMP neutral 3 M 1'000 12 month 02.08.2013

Berenberg Bank SIMON MEZZANOTTE hold 3 D 1'060 Not Provided 02.08.2013

Westhouse Securities MICHAEL DONNELLY sell 1 M 813 12 month 30.07.2013

RBC Capital Markets DAVID GREENALL underperform 1 M 870 12 month 26.07.2013

Jefferies KEAN MARDEN buy 5 M 1'115 12 month 26.07.2013

Numis Securities Ltd MIKE MURPHY hold 3 M 992 Not Provided 26.07.2013

Deutsche Bank THOMAS SYKES hold 3 M 892 12 month 25.07.2013

Investec GIDEON ADLER hold 3 M 1'000 12 month 25.07.2013

Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 1'200 12 month 25.07.2013


Shore Capital Stockbrokers ROBIN SPEAKMAN sell 1 M #N/A N/A Not Provided 25.07.2013

S&P Capital IQ CLIVE ROBERTS strong buy 5 M 1'300 12 month 25.07.2013

Canaccord Genuity Corp GRAHAM BROWN sell 1 M 650 Not Provided 08.07.2013


HSBC ALEX MAGNI neutral 3 U 1'050 Not Provided 21.05.2013

Baden Hill LLP CRAIG FRASER sell 1 M 612 12 month 14.05.2013

Barclays PAUL D A SULLIVAN equalweight 3 M 885 Not Provided 01.03.2013

Holdings By:

Capita PLC ee


01.10.2013

Associated British Foods PLC is a diversified international food, ingredients,

and retail group. The Group conducts business in China, South America, Africa

Europe, Australia, New Zealand, Asia, and the United States.


LTM as of: 01/yy

52-Week High (15.05.2013) 2'044.00

52-Week Low (01.10.2012) 1'289.00

Daily Volume

1878





14'867.64 1 Yr Total Return 46.28%







ABF LN EQUITY YTD Change - Average Volume 30 Day 733'755

ABF LN EQUITY YTD % CHANGE - Average Volume 3 Month 714'610


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

8'235.0 9'255.0 10'167.0 11'065.0 12'252.0 - - 13'212.4 13'978.5 - -

0.85x 0.88x 0.94x 0.95x 0.94x - - 1.22x 1.14x - -

878.0 1'082.0 1'304.0 1'296.0 1'568.0 - - 1'612.4 1'671.0 - -

7.96x 7.52x 7.35x 8.15x 7.36x - - 10.28x 9.92x - -

357.0 359.0 546.0 541.0 555.0 - - 771.3 809.7 - -

16.50x 18.89x 15.15x 16.28x 18.13x - - 19.22x 18.27x - -











EBITDA Margin 13.2%



Asset Turnover 1.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Associated British Foods PLCPrice/Volume

Valuation Analysis

498'279.00


!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !6 .!!6 -5 !0 .!-! -5 !6 .!-! -5 !0 .!-- -5 !6 .!-- -5 !0 .!-. -5 !6 .!-. -5 !0 .!-0 -5 !6 .!-0



01.10.2013


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 - 03.06.2013 Unclassified

ASSOCIATED BRITISH F Multiple Portfolios REG 17'159'287 2.17 - 03.06.2013 Unclassified


ROYAL BANK OF CANADA n/a ULT-AGG 14'593'625 1.84 528'368 03.06.2013 Bank





BLACKROCK n/a ULT-AGG 11'019'487 1.39 52'172 27.09.2013 Investment Advisor




PICTET FUNDS n/a ULT-AGG 6'387'160 0.81 (8'188) 03.06.2013 Investment Advisor



GALEWEST LIMITED Multiple Portfolios REG 5'258'642 0.66 - 03.06.2013 Unclassified




Societe Generale WARREN L ACKERMAN hold 3 M 1'950 12 month 26.09.2013

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 1'800 12 month 25.09.2013

Exane BNP Paribas JEFF STENT outperform 5 M 2'400 Not Provided 25.09.2013


Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 2'075 Not Provided 20.09.2013



Morgan Stanley AUDREY BORIUS-GUNNING Overwt/In-Line 5 N 2'140 12 month 17.09.2013

Berenberg Bank JAMES TARGETT hold 3 M 1'960 Not Provided 17.09.2013

Nomura DAVID HAYES reduce 2 M 1'670 Not Provided 17.09.2013

Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 16.09.2013

Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 1'630 12 month 12.09.2013

Canaccord Genuity Corp ALICIA FORRY sell 1 M 1'663 12 month 12.09.2013


Numis Securities Ltd CHARLES PICK hold 3 M 1'845 Not Provided 10.09.2013

Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 10.09.2013

Barclays LIAM ROWLEY overweight 5 M 2'100 Not Provided 10.09.2013





JPMorgan ANKUR GUPTA overweight 5 M 2'000 Not Provided 11.07.2013

UBS ALAN ERSKINE buy 5 M 2'030 12 month 19.06.2013


Holdings By:

Associated British Foods PLC ee


01.10.2013

International Consolidated Airlines Group SA provides international and

domestic air passenger and cargo transportation services. The Company and its

subsidiaries serve Europe, the Americas, Africa, Asia, Australia and the Middle

East.


LTM as of: 06/yy

52-Week High (25.09.2013) 343.70

52-Week Low (01.10.2012) 149.80

Daily Volume

341.4





6'849.09 1 Yr Total Return 121.26%







IAG LN EQUITY YTD Change - Average Volume 30 Day 8'301'112

IAG LN EQUITY YTD % CHANGE - Average Volume 3 Month 8'904'842


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

- 13'456.0 14'798.0 16'103.0 18'117.0 17'098.0 18'292.0 18'930.1 19'948.2 5'432.0 4'822.0

- 0.41x 0.58x 0.29x 0.35x 0.58x 0.74x 0.60x 0.57x - -

- (134.0) 1'069.0 1'505.0 1'048.0 1'186.0 1'248.0 1'736.6 2'361.7 694.0 363.0

- - 8.00x 3.14x 6.12x 4.45x 5.68x 5.51x 4.05x - -

- (777.0) 100.0 562.0 (943.0) 267.0 (1'185.0) 197.8 742.3 323.0 (2.0)

- - 58.52x 5.67x - 12.71x 0.00x 31.70x 12.21x - -


EBIT -23.00 Long-Term Rating -

Operating Margin -0.13% Long-Term Outlook -

Pretax Margin -5.50% Short-Term Rating Date -

Return on Assets -5.73% Short-Term Rating -






EBITDA Margin 7.0%



Asset Turnover 0.87







Fiscal Year Ended

International Consolidated Airlines Group SAPrice/Volume

Valuation Analysis

3'261'439.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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 !!

-3 !!

-5 !!

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



01.10.2013



STANDARD LIFE INVEST n/a RNS-MAJ 89'676'679 4.47 (14'131'269) 11.01.2011 Investment Advisor

UNION BANK OF SWITZE n/a Research 56'707'515 2.83 - 22.08.2011 Other

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 34'400'360 1.71 (6'458'612) 30.08.2013 Investment Advisor


LANSDOWNE PARTNERS L n/a EXCH 23'548'644 1.17 - 02.04.2012 Hedge Fund Manager



BLACKROCK n/a ULT-AGG 20'071'450 1 1'308'202 27.09.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 19'100'006 0.95 - 28.06.2013 Investment Advisor

MAJEDIE ASSET MANAGE Multiple Portfolios MF-AGG 16'489'178 0.82 16'489'178 31.07.2013 Investment Advisor


FEROX CAPITAL MANAGE n/a Short (13'842'625) -0.69 81'010 24.09.2013 Hedge Fund Manager


PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 11'232'686 0.56 3'244'260 31.08.2013 Insurance Company


BG MASTER FUND PLC n/a Short (9'817'558) -0.49 5'001'398 18.07.2013 Investment Advisor


BTG PACTUAL EUROPE L n/a Short (9'076'611) -0.45 - 13.08.2013 Investment Advisor

OLD MUTUAL n/a ULT-AGG 8'297'503 0.41 4'807'431 31.08.2013 Unclassified


HSBC ANDREW DAVID LOBBENBERG overweight 5 M 405 Not Provided 30.09.2013

Goldman Sachs ALEXIA DOGANI Sell/Neutral 1 M 281 12 month 27.09.2013

Ahorro Corporacion Financiera SA ELENA FERNANDEZ sell 1 M 226 Not Provided 27.09.2013

Deutsche Bank GEOF COLLYER buy 5 M 360 12 month 26.09.2013

BBVA JUAN ROS PADILLA market perform 3 M 252 Not Provided 26.09.2013

AlphaValue HELENE COUMES sell 1 M 219 6 month 26.09.2013

Banco Sabadell FRANCISCO JOSE RODRIGUEZ sell 1 M 286 12 month 25.09.2013

Cantor Fitzgerald ROBIN BYDE buy 5 M 360 Not Provided 24.09.2013

Natixis SARAH EMSELLEM neutral 3 M 300 Not Provided 24.09.2013


Grupo Santander JOSE MANUEL ARROYAS hold 3 M 327 Not Provided 16.09.2013

Main First Bank AG LOIC SABATIER underperform 1 M 293 12 month 16.09.2013

Oddo & Cie YAN DEROCLES neutral 3 M 260 Not Provided 13.09.2013

La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 U 362 Not Provided 12.09.2013

Goodbody Stockbrokers Ltd DONAL O'NEILL buy 5 M 360 12 month 12.09.2013

NMAS 1 Agencia de Valores RODRIGO VAZQUEZ buy 5 M 341 12 month 05.09.2013

Commerzbank Corporates & Markets FRANK SKODZIK buy 5 M 350 6 month 30.08.2013

Jefferies MARK IRVINE-FORTESCUE buy 5 M 355 12 month 29.08.2013

Redburn Partners TIM MARSHALL buy 5 M #N/A N/A Not Provided 29.08.2013

Investec JAMES HOLLINS hold 3 M 320 12 month 27.08.2013

Morgan Stanley PENNY BUTCHER Overwt/Attractive 5 M 409 12 month 15.08.2013

RBC Capital Markets DAMIAN BREWER outperform 5 M 360 12 month 15.08.2013

Macquarie SAM DOBSON outperform 5 U 400 12 month 14.08.2013

Nomura ANDREW EVANS buy 5 M 335 Not Provided 14.08.2013

Oriel Securities Ltd EDWARD STANFORD buy 5 M #N/A N/A Not Provided 14.08.2013

UBS JARROD CASTLE buy 5 M 365 12 month 13.08.2013

Credit Suisse NEIL GLYNN outperform 5 M 345 Not Provided 02.08.2013

BPI GUILHERME MACEDO SAMPAIO strong buy 5 M 376 Not Provided 01.08.2013

JPMorgan JAMIE N BAKER overweight 5 M 302 3 month 17.07.2013


Baden Hill LLP HOA QUACH sell 1 M #N/A N/A Not Provided 09.05.2013

Barclays DAVID E FINTZEN overweight 5 M 300 Not Provided 05.04.2013

Davy STEPHEN FURLONG outperform 5 U #N/A N/A Not Provided 19.11.2012

Raymond James JULIEN RICHER market perform 3 M #N/A N/A Not Provided 06.06.2012

Renta 4 SA SVB TEAM COVERAGE hold 3 M 169 Not Provided 13.12.2011

Holdings By:

International Consolidated Airlines Group SA ee


01.10.2013

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: 06/yy

52-Week High (16.09.2013) 186.20

52-Week Low (09.11.2012) 81.43

Daily Volume

176.9





6'955.55 1 Yr Total Return 107.67%







ITV LN EQUITY YTD Change - Average Volume 30 Day 11'231'700

ITV LN EQUITY YTD % CHANGE - Average Volume 3 Month 11'230'840


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

2'029.0 1'879.0 2'064.0 2'140.0 2'196.0 2'145.0 2'210.0 2'355.8 2'485.8 456.0 566.5

1.21x 1.54x 1.52x 1.30x 1.86x 0.00x 0.00x 2.92x 2.69x 16.63x -

247.0 240.0 438.0 488.0 547.0 0.0 0.0 630.0 690.5 - -

9.96x 12.06x 7.18x 5.68x 7.46x 0.00x 0.00x 11.20x 10.22x - -

(2'556.0) 91.0 269.0 247.0 267.0 0.0 0.0 426.9 467.6 - -

- 22.33x 10.11x 10.71x 15.32x 0.00x 0.00x 16.69x 15.12x - -











EBITDA Margin 25.9%



Asset Turnover 0.89








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

2'793'923.00


!.!1!3!5!

-!!-.!-1!-3!-5!.!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



01.10.2013



BRITISH SKY BROADCAS Multiple Portfolios REG 291'684'730 7.42 - 01.05.2013 Corporation






LEGAL AND GENERAL IN n/a Co File 153'692'144 3.91 - 31.12.2011 n/a


SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 141'388'763 3.6 (1'045'303) 30.08.2013 Investment Advisor






RUFFER INVESTMENT MA Multiple Portfolios REG 80'846'050 2.06 (6'745'840) 01.05.2013 Investment Advisor



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 75'797'828 1.93 730'970 30.06.2013 Investment Advisor




AlphaValue VERONIQUE CABIOC'H sell 1 M 154 6 month 26.09.2013

UBS TAMSIN GARRITY buy 5 M 175 12 month 25.09.2013

Barclays JULIEN ROCH equalweight 3 M 175 Not Provided 19.09.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 230 Not Provided 18.09.2013

Nomura WILLIAM MAIRS buy 5 M 200 Not Provided 13.09.2013

JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 M 181 9 month 10.09.2013

Westhouse Securities RODDY DAVIDSON add 4 M 195 12 month 10.09.2013

Goldman Sachs LISA YANG Buy/Neutral 5 M 204 12 month 09.09.2013

Credit Suisse OMAR SHEIKH outperform 5 M 220 Not Provided 09.09.2013

Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 D 175 12 month 09.09.2013

Panmure Gordon & Co Limited ALEX DE GROOTE buy 5 M 180 Not Provided 23.08.2013

Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 185 12 month 19.08.2013

HSBC DAN GRAHAM underweight 1 M 95 Not Provided 02.08.2013

Macquarie ANGUS TWEEDIE outperform 5 M 190 12 month 01.08.2013

Investec STEVEN LIECHTI hold 3 M 160 12 month 31.07.2013

Kepler Cheuvreux CONOR O'SHEA hold 3 M 160 Not Provided 31.07.2013

S&P Capital IQ ALEXANDER WISCH buy 5 M 180 12 month 31.07.2013

Exane BNP Paribas ADRIEN DE SAINT HILAIRE outperform 5 M 185 Not Provided 31.07.2013

Deutsche Bank LAURIE DAVISON hold 3 U 150 12 month 30.07.2013

Numis Securities Ltd PAUL RICHARDS buy 5 U 198 Not Provided 30.07.2013

Oriel Securities Ltd JOHN KARIDIS hold 3 M 140 Not Provided 30.07.2013


Jefferies WILL SMITH hold 3 M 110 12 month 03.04.2013

Berenberg Bank SARAH SIMON hold 3 M 91 Not Provided 26.03.2013


Holdings By:

ITV PLC ee


01.10.2013

William Morrison Supermarkets plc retails groceries through a chain of

supermarkets in England. Approximately half of the Group's stores contain

petrol filling stations. William Morrison has its own fresh food manufacturing

and processing operations, thus allowing them to market a number of own label

brands.


LTM as of: 08/yy

52-Week High (12.09.2013) 312.30

52-Week Low (08.02.2013) 247.50

Daily Volume

279.9





6'531.28 1 Yr Total Return 1.48%







MRW LN EQUITY YTD Change - Average Volume 30 Day 6'922'629

MRW LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'847'469


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 07/yy 08/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4

14'528.0 15'410.0 16'479.0 17'663.0 18'116.0 0.0 0.0 18'070.1 18'660.6 - -

0.54x 0.56x 0.48x 0.50x 0.45x #DIV/0! #DIV/0! 0.51x 0.50x - -

961.0 1'209.0 1'224.0 1'314.0 1'318.0 0.0 0.0 1'265.6 1'315.4 - -

8.16x 7.10x 6.40x 6.76x 6.14x 0.00x 0.00x 7.17x 6.90x - -

460.0 598.0 632.0 690.0 647.0 0.0 0.0 591.5 611.3 - -

15.57x 12.68x 11.03x 10.97x 9.45x 0.00x 0.00x 11.15x 10.72x - -











EBITDA Margin 6.8%



Asset Turnover 1.73







Fiscal Year Ended

WM Morrison Supermarkets PLCPrice/Volume

Valuation Analysis

2'718'296.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

18'000.0

20'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



01.10.2013







WALTER SCOTT & PARTN n/a Co File 107'775'155 4.62 - 13.03.2013 Investment Advisor

SUSAN PRITCHARD n/a Co File 94'720'169 4.06 - 13.03.2013 n/a

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 90'708'263 3.89 6'872'100 31.07.2013 Hedge Fund Manager

ZURICH FINANCIAL SER n/a Co File 81'286'130 3.48 - 13.03.2013 Insurance Company


KERNIGHAN ELEANOR MA n/a RNS-MAJ 69'693'360 2.99 (4'500'000) 12.03.2013 n/a


MORRISON DUNCAN JAME n/a RNS-MAJ 68'511'466 2.94 135'765 15.03.2013 n/a

SELFTRADE Multiple Portfolios REG 59'784'732 2.56 (4'036'316) 03.06.2013 Investment Advisor



PRIVATE INDIVIDUALS Multiple Portfolios REG 57'041'338 2.44 (501'965) 03.06.2013 Other



MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 49'875'879 2.14 (571'800) 30.06.2013 Investment Advisor


Cantor Fitzgerald MICHAEL J DENNIS sell 1 M 229 Not Provided 27.09.2013


Oriel Securities Ltd JONATHAN PRITCHARD hold 3 M 300 Not Provided 26.09.2013

Exane BNP Paribas JOHN KERSHAW neutral 3 M 305 Not Provided 26.09.2013


JPMorgan JAIME VAZQUEZ underweight 1 M 245 3 month 25.09.2013

UBS BENJAMIN PETERS neutral 3 M 270 12 month 19.09.2013

Nomura DAVID PAYNE buy 5 U 360 12 month 18.09.2013



Redburn Partners JAMES TRACEY sell 1 M #N/A N/A Not Provided 16.09.2013

Grupo Santander TIM ATTENBOROUGH hold 3 M 300 Not Provided 13.09.2013

Credit Suisse ANDREW KASOULIS neutral 3 M 285 Not Provided 13.09.2013


S&P Capital IQ WILLIAM MACK hold 3 D 315 12 month 12.09.2013

Barclays JAMES ANSTEAD equalweight 3 M 310 Not Provided 12.09.2013

Deutsche Bank JAMES G COLLINS hold 3 M 277 12 month 05.09.2013

Morgan Stanley EDOUARD AUBIN Underwt/In-Line 1 M 255 12 month 15.08.2013

HSBC JEROME SAMUEL underweight 1 M 260 Not Provided 31.07.2013

Macquarie SREEDHAR MAHAMKALI underperform 1 M 230 12 month 06.07.2013

Investec DAVID MCCARTHY sell 1 M 240 12 month 05.06.2013

Panmure Gordon & Co Limited PHILIP DORGAN sell 1 M 260 Not Provided 17.05.2013

Espirito Santo Investment Bank ResearchSANJAY VIDYARTHI sell 1 M 230 Not Provided 22.04.2013

Goldman Sachs FRANKLIN WALDING Sell/Neutral 1 M 250 12 month 23.01.2013

Holdings By:

WM Morrison Supermarkets PLC ee


01.10.2013

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: 01/yy

52-Week High (05.09.2013) 3'015.00

52-Week Low (21.11.2012) 2'150.00

Daily Volume

2816





5'770.48 1 Yr Total Return 17.15%







JMAT LN EQUITY YTD Change - Average Volume 30 Day 450'132

JMAT LN EQUITY YTD % CHANGE - Average Volume 3 Month 455'865


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

7'847.8 7'839.4 9'984.8 12'023.2 10'728.8 - - 11'121.4 11'994.4 - -

0.36x 0.54x 0.47x 0.46x 0.52x - - 0.59x 0.54x - -

401.2 402.2 520.5 580.2 547.5 - - 586.9 639.3 - -

7.05x 10.53x 8.93x 9.54x 10.17x - - 11.29x 10.36x - -

174.1 164.2 181.5 315.9 276.5 - - 332.5 370.4 - -

12.84x 22.50x 21.60x 15.86x 17.09x - - 17.45x 15.80x - -











EBITDA Margin 5.1%



Asset Turnover 3.16







Fiscal Year Ended

Johnson Matthey PLCPrice/Volume

Valuation Analysis

172'205.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



01.10.2013








NORGES BANK n/a RNS-MAJ 8'348'729 4.07 2'124'154 10.07.2013 Government




MANNING & NAPIER ADV Multiple Portfolios REG 5'387'857 2.63 (45'241) 03.06.2013 Unclassified

BAILLIE GIFFORD AND Multiple Portfolios REG 5'106'132 2.49 (780'735) 03.06.2013 Investment Advisor



JOHNSON MATTHEY PLC Multiple Portfolios REG 4'514'875 2.2 53'521 03.06.2013 Other




MANNING & NAPIER ADV Multiple Portfolios MF-AGG 3'851'250 1.88 325'169 31.12.2012 Investment Advisor



Numis Securities Ltd CHARLES PICK hold 3 M 2'855 Not Provided 01.10.2013

Exane BNP Paribas SIMON FICKLING outperform 5 M 3'300 Not Provided 26.09.2013

AlphaValue MARTIN SCHNEE sell 1 M 2'348 6 month 26.09.2013

Kempen & Co DENIS LEPADATU hold 3 N 2'850 12 month 19.09.2013

UBS CAROL CHAN neutral 3 M 2'910 12 month 18.09.2013

Berenberg Bank EVGENIA MOLOTOVA hold 3 M 2'800 Not Provided 09.09.2013

Morgan Stanley PAUL RICHARD WALSH Equalwt/In-Line 3 M 2'890 12 month 05.09.2013

JPMorgan MARTIN EVANS neutral 3 M 2'800 15 month 04.09.2013

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 3'400 12 month 30.08.2013

Deutsche Bank MARTIN DUNWOODIE buy 5 M 3'050 12 month 23.08.2013

Credit Suisse CHRIS COUNIHAN neutral 3 M 2'900 Not Provided 25.07.2013

HSBC GEOFF HAIRE neutral 3 M 2'825 Not Provided 05.07.2013



S&P Capital IQ SHO MATSUBARA sell 1 D 2'350 12 month 11.06.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 3'100 Not Provided 10.06.2013

Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 05.10.2012

Holdings By:

Johnson Matthey PLC ee


01.10.2013

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: 03/yy

52-Week High (20.05.2013) 659.50

52-Week Low (16.11.2012) 506.00

Daily Volume

576.5





5'759.76 1 Yr Total Return 14.53%







BLND LN EQUITY YTD Change - Average Volume 30 Day 3'312'766

BLND LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'326'136


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2

515.0 407.0 313.0 348.0 344.0 316.0 352.0 317.3 363.0 - -

12.10x 13.97x 20.99x 18.67x 21.40x 74.22x 75.18x 33.17x 29.84x - -

- - 215.0 234.0 226.0 59.0 0.0 471.3 517.3 - -

- - 30.55x 27.76x 32.58x 0.00x 0.00x 16.47x 15.01x - -

(3'881.0) 1'140.0 840.0 480.0 284.0 840.0 480.0 327.0 374.0 - -

- 3.62x 5.77x 8.87x 17.13x 5.77x 8.87x 19.03x 17.58x - -









Net Debt/EBITDA -

Gross Margin 86.0% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

British Land Co PLCPrice/Volume

Valuation Analysis

1'503'485.00


!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F. ! F1 ! F3 ! F5 ! F-! ! F-. ! F-1 ! F-3 ! F-5 ! F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



01.10.2013



NORGES BANK INVESTME Multiple Portfolios REG 59'981'518 6 10'882'900 03.06.2013 Government

APG ALGEMENE PENSIOE Multiple Portfolios REG 54'592'968 5.46 2'776'611 03.06.2013 Pension Fund (ERISA)



GIC PRIVATE LIMITED n/a ULT-AGG 41'030'728 4.11 2'087'214 03.06.2013 Government





STICHTING PENSIOENFO Multiple Portfolios REG 25'166'986 2.52 8'847'487 03.06.2013 Investment Advisor




BREWIN DOLPHIN LIMIT Multiple Portfolios REG 13'694'045 1.37 1'156'293 03.06.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 12'501'943 1.25 1'765'514 31.07.2013 Investment Advisor




ABN AMRO ASSET MGMT Multiple Portfolios MF-AGG 10'561'672 1.06 7'478'923 17.07.2012 Investment Advisor


Numis Securities Ltd CHRISTOPHER SPEARING add 4 M 615 Not Provided 01.10.2013

Exane BNP Paribas NICK WEBB neutral 3 M 610 Not Provided 01.10.2013

Societe Generale MARC MOZZI hold 3 D 620 12 month 30.09.2013



Deutsche Bank MARTIN ALLEN hold 3 M 520 12 month 24.09.2013

Barclays AARON GUY overweight 5 U 695 Not Provided 17.09.2013

JPMorgan HARM M MEIJER overweight 5 M 670 12 month 13.09.2013


Morgan Stanley BART GYSENS Overwt/Attractive 5 M 670 12 month 28.08.2013

Peel Hunt JAMES CARSWELL hold 3 M 550 Not Provided 05.08.2013

Investec ALAN CARTER reduce 2 M 600 12 month 24.07.2013

Oriel Securities Ltd MATTHEW S SAPERIA hold 3 M #N/A N/A Not Provided 24.07.2013


Goldman Sachs JULIAN LIVINGSTON-BOOTH neutral/neutral 3 M 630 12 month 08.07.2013

UBS HARRY STOKES neutral 3 M 630 12 month 19.06.2013


Liberum Capital Ltd ALISON WATSON hold 3 M 528 Not Provided 29.04.2013

Kempen & Co RYAN PALECEK overweight 5 M 600 Not Provided 25.04.2013

Holdings By:

British Land Co PLC ee


01.10.2013

GKN plc produces automotive components and aerospace vehicles, and supplies a

variety of industrial services. The Company manufactures and provides driveline

systems, vehicle chassis assemblies, sub-assemblies and power take-off shafts,

in addition to aircraft transmissions and helicopters.


LTM as of: 06/yy

52-Week High (20.09.2013) 364.90

52-Week Low (16.10.2012) 201.00

Daily Volume

343.7





5'636.04 1 Yr Total Return 62.47%







GKN LN EQUITY YTD Change - Average Volume 30 Day 4'223'728

GKN LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'263'367


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

4'376.0 4'223.0 5'084.0 5'746.0 6'510.0 3'254.0 6'903.0 7'199.9 7'632.1 - -

0.32x 0.52x 0.80x 0.66x 0.77x 0.00x 0.00x 0.94x 0.86x - -

379.0 344.0 570.0 619.0 739.0 0.0 0.0 860.5 972.0 - -

3.68x 6.41x 7.13x 6.17x 6.80x 0.00x 0.00x 7.65x 6.78x - -

(109.0) (36.0) 305.0 279.0 480.0 0.0 0.0 417.3 508.9 - -

- - 11.34x 10.17x 7.58x 0.00x 0.00x 12.82x 10.88x - -


EBIT 471.00 Long-Term Rating NR









EBITDA Margin 11.4%



Asset Turnover 1.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GKN PLCPrice/Volume

Valuation Analysis

1'708'446.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

02! !!

1!! !!

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



01.10.2013















SANDERSON ASSET MANA Multiple Portfolios REG 37'305'164 2.27 1'031'000 01.05.2013 Investment Advisor



CAZENOVE CAPITAL MAN Multiple Portfolios REG 28'813'138 1.76 (2'859'757) 01.05.2013 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios REG 27'876'911 1.7 1'404'949 01.05.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 26'062'599 1.59 (1'196'730) 31.08.2013 Investment Advisor



Societe Generale ALASDAIR LESLIE buy 5 M 425 12 month 26.09.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 290 12 month 26.09.2013

UBS RAMI MYERSON buy 5 M 400 12 month 25.09.2013

Investec ANDREW GOLLAN buy 5 M 410 12 month 18.09.2013

Cantor Fitzgerald ANDREW CHAMBERS buy 5 M 420 Not Provided 13.09.2013

Exane BNP Paribas JONATHAN R MOUNSEY neutral 3 M 390 Not Provided 05.09.2013

Barclays MICHAEL TYNDALL equalweight 3 M 327 Not Provided 16.08.2013

Goldman Sachs STEPHAN PUETTER neutral/attractive 3 M 409 12 month 07.08.2013

Credit Suisse JONATHAN HURN outperform 5 M 395 Not Provided 01.08.2013

JPMorgan GLEN H LIDDY overweight 5 U 375 15 month 30.07.2013


EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 11.06.2013

Holdings By:

GKN PLC ee


01.10.2013

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: 01/yy

52-Week High (31.05.2013) 1'456.00

52-Week Low (16.11.2012) 1'018.00

Daily Volume

1415





5'574.25 1 Yr Total Return 40.35%







SMIN LN EQUITY YTD Change - Average Volume 30 Day 569'085

SMIN LN EQUITY YTD % CHANGE - Average Volume 3 Month 695'862


31.07.2009 31.07.2010 31.07.2011 31.07.2012 31.07.2013 01/yy 01/yy 07/14 Y 07/15 Y - -

2'664.6 2'769.6 2'842.0 3'030.1 3'108.6 - - 3'242.8 3'380.5 - -

1.38x 1.88x 1.83x 1.65x 2.00x - - 1.94x 1.83x - -

544.3 580.3 598.7 603.4 692.2 - - 664.0 708.1 - -

6.78x 8.96x 8.67x 8.27x 8.97x - - 9.53x 8.93x - -

269.5 310.0 383.8 256.6 356.6 - - 394.6 424.9 - -

10.17x 14.82x 14.59x 16.32x 15.27x - - 14.29x 13.30x - -











EBITDA Margin 22.3%



Asset Turnover 0.81







Fiscal Year Ended

Smiths Group PLCPrice/Volume

Valuation Analysis

213'749.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

3'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

!3 !5 .!-! !3 !. .!-- !3 !5 .!-- !3 !. .!-. !3 !5 .!-. !3 !. .!-0 !3 !5 .!-0



01.10.2013



HARRIS ASSOCIATES LP Multiple Portfolios REG 21'081'435 5.35 11'932'545 01.07.2013 Investment Advisor

PRUDENTIAL PLC n/a ULT-AGG 17'400'000 4.42 - 01.07.2013 Unclassified





DWS INVESTMENTS Multiple Portfolios REG 10'760'210 2.73 892'999 01.07.2013 Investment Advisor


MORGAN STANLEY INVES Multiple Portfolios REG 9'686'591 2.46 (1'883'669) 01.07.2013 Investment Advisor



DEUTSCHE BANK AG n/a ULT-AGG 8'391'540 2.13 (3'490) 30.08.2013 Investment Advisor



BNP PARIBAS SA Multiple Portfolios REG 6'294'829 1.6 (394'580) 01.07.2013 Bank

JO HAMBRO CAPITAL MA Multiple Portfolios REG 6'069'038 1.54 202'372 01.07.2013 Investment Advisor



JUPITER ASSET MANAGE Multiple Portfolios REG 5'874'272 1.49 (116'629) 01.07.2013 Investment Advisor


RBC Capital Markets ANDREW CARTER underperform 1 M 1'200 12 month 30.09.2013

Jefferies SANDY MORRIS buy 5 M 1'400 12 month 30.09.2013

Deutsche Bank MARTIN WILKIE hold 3 M 1'400 12 month 27.09.2013

Investec CHRIS DYETT buy 5 M 1'640 12 month 25.09.2013

UBS RAMI MYERSON neutral 3 D 1'450 12 month 25.09.2013

Morgan Stanley BEN UGLOW not rated #N/A N/A M #N/A N/A Not Provided 23.09.2013

Societe Generale ALASDAIR LESLIE sell 1 M 1'235 12 month 19.09.2013

Credit Suisse ANDRE KUKHNIN outperform 5 M 1'460 Not Provided 18.09.2013

JPMorgan GLEN H LIDDY neutral 3 M 1'460 15 month 18.09.2013

Numis Securities Ltd SCOTT CAGEHIN hold 3 M 1'400 Not Provided 18.09.2013


Exane BNP Paribas JONATHAN R MOUNSEY outperform 5 M 1'525 Not Provided 05.09.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 1'220 Not Provided 02.09.2013

HSBC SEAN D MCLOUGHLIN neutral 3 D 1'400 Not Provided 28.08.2013

Barclays NICK WEBSTER underweight 1 M 1'157 Not Provided 01.08.2013

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

Berenberg Bank ALEXANDER VIRGO hold 3 M 1'275 Not Provided 24.05.2013

Gabelli & Co WAYNE PINSENT buy 5 M #N/A N/A Not Provided 05.05.2011

Holdings By:

Smiths Group PLC ee


01.10.2013

J Sainsbury plc retails food. The Company operates Sainsbury supermarkets in

the United Kingdom, convenience stores, an Internet-based home delivery

service, and Sainsbury Bank. The Bank offers saving accounts, credit cards,

mortgages, insurance products, and consumer loans.


LTM as of: 06/yy

52-Week High (16.09.2013) 403.30

52-Week Low (15.01.2013) 320.30

Daily Volume

387.9





7'373.51 1 Yr Total Return 17.40%







SBRY LN EQUITY YTD Change - Average Volume 30 Day 3'682'139

SBRY LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'448'581


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3

18'911.0 19'964.0 21'102.0 22'294.0 23'303.0 0.0 0.0 24'170.6 25'282.8 - -

0.38x 0.39x 0.40x 0.35x 0.39x #DIV/0! #DIV/0! 0.41x 0.39x - -

1'074.0 1'156.0 1'220.0 1'281.0 1'347.0 0.0 0.0 1'406.1 1'495.4 - -

6.70x 6.74x 6.95x 6.04x 6.78x 0.00x 0.00x 6.86x 6.45x - -

289.0 585.0 640.0 598.0 614.0 0.0 0.0 612.8 653.9 - -

18.83x 10.37x 10.19x 9.48x 11.12x 0.00x 0.00x 12.20x 11.44x - -











EBITDA Margin 5.8%



Asset Turnover 1.86







Fiscal Year Ended

J Sainsbury PLCPrice/Volume

Valuation Analysis

1'967'431.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

.3 !0 .!-! .3 !6 .!-! .3 !0 .!-- .3 !6 .!-- .3 !0 .!-. .3 !6 .!-. .3 !0 .!-0



01.10.2013



SCHRODER PRIVATE BAN Multiple Portfolios REG 102'831'356 5.41 - 03.06.2013 Unclassified

SAINSBURY TURVILLE D n/a Co File 94'009'955 4.95 - 08.05.2013 n/a

Innotech Advisors Lt Multiple Portfolios REG 84'750'000 4.46 - 03.06.2013 Unclassified


PORTRAIT JUDITH n/a RNS-MAJ 56'197'619 2.96 - 22.05.2013 n/a



SAINSBURY FAMILY Multiple Portfolios REG 44'177'079 2.32 (13'576'709) 03.06.2013 Unclassified


M1 Capital Ltd n/a RNS-MAJ 42'160'449 2.22 - 10.09.2013 Unclassified

LANSDOWNE PARTNERS n/a Short (36'366'748) -1.91 (3'977'613) 22.05.2013 Investment Advisor




SANDERSON ASSET MANA Multiple Portfolios REG 29'726'261 1.56 - 03.06.2013 Investment Advisor

BREWIN DOLPHIN LIMIT Multiple Portfolios REG 27'686'518 1.46 (1'535'405) 03.06.2013 Investment Advisor

PELHAM CAPITAL LONG/ n/a Short (19'756'224) -1.04 (2'093'595) 16.07.2013 Other


SPARINVEST n/a ULT-AGG 17'438'617 0.92 - 31.07.2013 Investment Advisor


Grupo Santander TIM ATTENBOROUGH hold 3 M 395 12 month 27.09.2013

Cantor Fitzgerald MICHAEL J DENNIS hold 3 M 381 Not Provided 27.09.2013

Exane BNP Paribas ANDREW GWYNN underperform 1 M 360 Not Provided 27.09.2013

Shore Capital Stockbrokers CLIVE WILLIAM BLACK hold 3 M #N/A N/A Not Provided 26.09.2013

Oriel Securities Ltd JONATHAN PRITCHARD add 4 U 425 Not Provided 26.09.2013


Deutsche Bank JAMES G COLLINS hold 3 M 370 12 month 25.09.2013

JPMorgan JAIME VAZQUEZ underweight 1 M 360 3 month 25.09.2013

Jefferies JAMES GRZINIC hold 3 M 385 12 month 25.09.2013

Morgan Stanley EDOUARD AUBIN Overwt/In-Line 5 M 400 12 month 24.09.2013

UBS BENJAMIN PETERS buy 5 M 425 12 month 19.09.2013

S&P Capital IQ WILLIAM MACK sell 1 D 350 12 month 19.09.2013

Nomura DAVID PAYNE neutral 3 M 350 12 month 18.09.2013

HSBC JEROME SAMUEL underweight 1 M 340 Not Provided 06.09.2013

Redburn Partners JAMES TRACEY sell 1 M #N/A N/A Not Provided 02.09.2013

Credit Suisse ANDREW KASOULIS underperform 1 M 285 Not Provided 12.06.2013

Panmure Gordon & Co Limited PHILIP DORGAN hold 3 M 400 Not Provided 12.06.2013

Investec DAVID MCCARTHY hold 3 M 375 12 month 07.06.2013

Barclays JAMES ANSTEAD overweight 5 M 410 Not Provided 06.06.2013



Natixis ANTOINE PARISON neutral 3 M 360 Not Provided 09.05.2013

Espirito Santo Investment Bank ResearchSANJAY VIDYARTHI neutral 3 M 400 Not Provided 22.04.2013

Macquarie SREEDHAR MAHAMKALI neutral 3 M 290 12 month 12.01.2013

Goldman Sachs FRANKLIN WALDING Sell/Neutral 1 M 295 12 month 05.12.2012

Holdings By:

J Sainsbury PLC ee


01.10.2013

Intertek Group plc offers product inspection services. The Company tests

textiles, toys, petroleum products, chemicals, electronic products, building

materials, and agricultural products. Intertek inspects and certifies products

for safety to governments, exporters and importers, and certifies that import

duties are declared and paid.


LTM as of: 01/yy

52-Week High (04.04.2013) 3'510.00

52-Week Low (10.10.2012) 2'689.00

Daily Volume

3347





5'399.84 1 Yr Total Return 23.51%







ITRK LN EQUITY YTD Change - Average Volume 30 Day 351'721

ITRK LN EQUITY YTD % CHANGE - Average Volume 3 Month 403'116


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

1'003.5 1'237.3 1'374.2 1'749.4 2'054.3 - - 2'258.6 2'431.9 - -

1.56x 1.79x 2.20x 2.21x 2.71x - - 2.61x 2.38x - -

204.8 260.4 274.9 319.6 379.4 - - 434.0 480.0 - -

7.62x 8.49x 11.00x 12.09x 14.65x - - 13.97x 12.63x - -

93.8 114.7 128.6 138.8 173.8 - - 233.7 264.1 - -

13.18x 17.33x 21.99x 23.44x 28.64x - - 23.24x 20.71x - -











EBITDA Margin 18.9%



Asset Turnover 1.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intertek Group PLCPrice/Volume

Valuation Analysis

96'307.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

1!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



01.10.2013



CAPITAL GROUP COMPAN n/a ULT-AGG 9'681'119 6 167'542 30.06.2013 Investment Advisor

MARATHON ASSET MANAG Multiple Portfolios REG 9'502'983 5.89 (933'814) 03.06.2013 Investment Advisor


CREDIT SUISSE GROUP n/a RNS-MAJ 8'245'135 5.11 - 28.08.2013 Investment Advisor


Cantillon Capital Multiple Portfolios REG 6'992'103 4.33 19'017 03.06.2013 Unclassified


ALLIANCE BERNSTEIN n/a ULT-AGG 6'226'268 3.86 (34'700) 31.08.2013 Investment Advisor

MORGAN STANLEY INVES Multiple Portfolios REG 4'459'621 2.76 (3'950'823) 03.06.2013 Investment Advisor




SUN LIFE FINANCIAL I n/a ULT-AGG 3'869'814 2.4 (50'358) 31.07.2013 Investment Advisor




WALTER SCOTT & PARTN Multiple Portfolios REG 2'430'700 1.51 - 03.06.2013 Investment Advisor


KUWAIT INVESTMENT AU Multiple Portfolios REG 2'171'294 1.35 62'075 03.06.2013 Government


Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 3'916 12 month 27.09.2013

HSBC ALEX MAGNI neutral 3 M 3'520 Not Provided 19.09.2013


Deutsche Bank THOMAS SYKES hold 3 M 3'243 12 month 10.09.2013


Societe Generale PATRICK JOUSSEAUME hold 3 M 3'500 12 month 16.08.2013

Helvea CHRISTIAN BURGER hold 3 M 3'300 12 month 15.08.2013

RBC Capital Markets ANDREW BROOKE sector perform 3 U 3'050 12 month 06.08.2013

Morgan Stanley ALLEN WELLS Overwt/In-Line 5 M 3'950 12 month 31.07.2013

Kepler Cheuvreux BEAT KEISER reduce 2 D 2'900 Not Provided 31.07.2013

UBS WILLIAM VANDERPUMP neutral 3 M 3'100 12 month 30.07.2013

Cantor Fitzgerald CAROLINE DE LA SOUJEOLE hold 3 M 3'175 Not Provided 30.07.2013

Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 3'800 Not Provided 30.07.2013

Natixis OLIVIER LEBRUN buy 5 M 3'300 Not Provided 30.07.2013

Exane BNP Paribas LAURENT BRUNELLE outperform 5 M 4'100 Not Provided 30.07.2013

Barclays PAUL D A SULLIVAN overweight 5 M 3'700 Not Provided 30.07.2013

Jefferies WILLIAM KIRKNESS underperform 1 M 2'750 12 month 29.07.2013

Shore Capital Stockbrokers ROBIN SPEAKMAN sell 1 M #N/A N/A Not Provided 29.07.2013

Berenberg Bank SIMON MEZZANOTTE buy 5 M 3'300 Not Provided 29.07.2013

Numis Securities Ltd STEVE WOOLF buy 5 M 3'782 12 month 29.07.2013

Main First Bank AG MOURAD LAHMIDI outperform 5 M 3'450 12 month 08.07.2013


S&P Capital IQ JOHNSON IMODE hold 3 M 3'300 12 month 29.05.2013

Holdings By:

Intertek Group PLC ee


01.10.2013

Whitbread PLC is a hotel and restaurant group. The Company operates businesses

in budget hotels, restaurants and coffee shops.


LTM as of: 01/yy

52-Week High (06.08.2013) 3'311.00

52-Week Low (23.10.2012) 2'243.00

Daily Volume

2977





5'367.91 1 Yr Total Return 32.37%







WTB LN EQUITY YTD Change - Average Volume 30 Day 471'501

WTB LN EQUITY YTD % CHANGE - Average Volume 3 Month 413'729


28.02.2009 28.02.2010 28.02.2011 29.02.2012 28.02.2013 01/yy 01/yy 02/14 Y 02/15 Y - -

1'334.6 1'435.0 1'599.6 1'778.0 2'030.0 - - 2'259.6 2'494.6 - -

1.45x 2.16x 2.20x 1.98x 2.46x - - 2.61x 2.36x - -

354.6 364.9 427.1 467.3 523.7 - - 556.1 606.8 - -

5.44x 8.51x 8.23x 7.52x 9.55x - - 10.52x 9.64x - -

91.8 161.0 223.3 267.3 303.5 - - 295.1 327.5 - -

14.17x 15.94x 13.43x 11.13x 14.76x - - 17.82x 16.04x - -











EBITDA Margin 25.8%



Asset Turnover 0.66







Fiscal Year Ended

Whitbread PLCPrice/Volume

Valuation Analysis

298'583.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

. F

1 F

3 F

5 F

- ! F

- . F

- 1 F

- 3 F

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

!2 !0 .!-! !2 !6 .!-! !2 !0 .!-- !2 !6 .!-- !2 !0 .!-. !2 !6 .!-. !2 !0 .!-0 !2 !6 .!-0



01.10.2013



CAPITAL GROUP COMPAN n/a ULT-AGG 10'825'963 6 - 31.07.2013 Investment Advisor


ABBEY NATIONAL TREAS n/a RNS-MAJ 7'700'780 4.27 - 20.05.2013 Investment Advisor









HSBC INVESTMENTS UK Multiple Portfolios REG 3'879'154 2.15 (96'059) 01.07.2013 Investment Advisor



MARGATE CAPITAL LP Multiple Portfolios REG 3'130'600 1.74 49'291 01.07.2013 Unclassified

NEWTON INV MGMT Multiple Portfolios REG 2'986'764 1.66 835'695 01.07.2013 Investment Advisor





Natixis ANDRE JUILLARD neutral 3 M 2'700 Not Provided 01.10.2013

Raymond James JULIEN RICHER outperform 5 M 3'100 Not Provided 27.09.2013

Oriel Securities Ltd JEFFREY HARWOOD hold 3 M #N/A N/A Not Provided 27.09.2013

AlphaValue BERENICE LACROIX reduce 2 M 2'975 6 month 26.09.2013

Societe Generale SABRINA BLANC sell 1 M 2'900 12 month 19.09.2013

Deutsche Bank GEOF COLLYER buy 5 M 3'350 12 month 11.09.2013

JPMorgan KOMAL DHILLON neutral 3 D 3'250 12 month 11.09.2013

Nomura TIM BARRETT buy 5 M 3'110 12 month 11.09.2013

Numis Securities Ltd WYN ELLIS hold 3 M 3'100 Not Provided 11.09.2013

Oddo & Cie FEHMI BEN NAAMANE neutral 3 M 2'500 Not Provided 10.09.2013

Shore Capital Stockbrokers GREG JOHNSON buy 5 M #N/A N/A Not Provided 10.09.2013

Panmure Gordon & Co Limited SIMON FRENCH sell 1 M 2'644 Not Provided 10.09.2013

Credit Suisse TIM RAMSKILL outperform 5 M 3'530 Not Provided 05.09.2013

Barclays VICTORIA LEE overweight 5 M 3'420 Not Provided 03.09.2013

Jefferies IAN RENNARDSON hold 3 M 2'700 12 month 22.08.2013

UBS JARROD CASTLE neutral 3 D 3'150 12 month 05.07.2013

Exane BNP Paribas ROBERTA CIACCIA outperform 5 M 3'500 Not Provided 05.07.2013

Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 2'900 12 month 04.07.2013

HSBC LENA THAKKAR overweight 5 M 3'400 Not Provided 19.06.2013

Investec JAMES HOLLINS sell 1 M 2'000 12 month 18.06.2013

Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 3'310 12 month 10.06.2013


Holdings By:

Whitbread PLC ee


01.10.2013

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: 01/yy

52-Week High (12.03.2013) 2'490.00

52-Week Low (24.10.2012) 1'651.00

Daily Volume

2328





4'962.33 1 Yr Total Return 31.51%







WEIR LN EQUITY YTD Change - Average Volume 30 Day 471'062

WEIR LN EQUITY YTD % CHANGE - Average Volume 3 Month 584'330


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

1'353.6 1'390.2 1'635.0 2'292.0 2'538.3 - - 2'568.6 2'725.8 - -

0.66x 1.17x 2.47x 2.17x 1.84x - - 2.23x 2.03x - -

203.7 230.1 338.7 449.7 528.9 - - 553.5 604.6 - -

4.38x 7.07x 11.91x 11.05x 8.85x - - 10.69x 9.79x - -

170.8 128.8 185.1 298.3 315.4 - - 314.3 345.3 - -

5.76x 12.20x 18.88x 15.42x 12.75x - - 15.26x 14.02x - -











EBITDA Margin 21.0%



Asset Turnover 0.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Weir Group PLC/ThePrice/Volume

Valuation Analysis

264'119.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



01.10.2013




CREDIT SUISSE AG n/a ULT-AGG 12'780'388 6 162'231 12.07.2013 Investment Advisor


NORGES BANK n/a RNS-MAJ 8'503'919 3.99 (39'210) 23.09.2013 Government

LANSDOWNE PARTNERS n/a Short (7'204'757) -3.38 63'321 13.09.2013 Investment Advisor

SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 6'427'993 3.02 (22'000) 30.08.2013 Investment Advisor












EAST SIDE CAPITAL LL Multiple Portfolios REG 3'728'788 1.75 - 01.05.2013 Unclassified




Jefferies ANDREW DOUGLAS hold 3 M 2'500 12 month 30.09.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 2'700 12 month 26.09.2013

Investec THOMAS RANDS buy 5 M 2'610 12 month 18.09.2013


HSBC SEAN D MCLOUGHLIN neutral 3 M 2'350 Not Provided 03.09.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 2'150 12 month 01.08.2013

Berenberg Bank ALEXANDER VIRGO buy 5 U 2'545 Not Provided 01.08.2013

Societe Generale ALASDAIR LESLIE sell 1 M 1'870 12 month 31.07.2013

Credit Suisse JONATHAN HURN neutral 3 M 2'260 Not Provided 31.07.2013

JPMorgan GLEN H LIDDY overweight 5 M 2'680 15 month 31.07.2013

Cowen and Company PETER HATFIELD underperform 1 M 1'843 12 month 31.07.2013

Deutsche Bank PETER REILLY buy 5 M 2'300 12 month 30.07.2013

Numis Securities Ltd SCOTT CAGEHIN buy 5 M 2'500 12 month 30.07.2013


Nomura CHRISTYAN MALEK neutral 3 M 1'950 12 month 02.07.2013

UBS FREDRIC STAHL buy 5 M 2'500 12 month 07.06.2013

Baden Hill LLP ANTOINE HNEIN sell 1 M 1'720 12 month 01.05.2013

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


01.10.2013

InterContinental Hotels Group PLC owns and operates a portfolio of hotel

businesses. The Group's portfolio is comprised primarily of various franchised

hotels from an established and diverse group of brands. InterContinental Hotels

manages hotel loyalty and priority club rewards programs. The Group operates

hotels in countries and territories all over the world.


LTM as of: 12/yy

52-Week High (02.04.2013) 1'961.90

52-Week Low (06.11.2012) 1'424.84

Daily Volume

1814





4'737.37 1 Yr Total Return 18.59%







IHG LN EQUITY YTD Change - Average Volume 30 Day 833'125

IHG LN EQUITY YTD % CHANGE - Average Volume 3 Month 820'411


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

1'897.0 1'538.0 1'628.0 1'768.0 1'835.0 1'768.0 1'835.0 1'892.2 1'948.8 431.2 472.0

1.90x 3.40x 3.88x 3.24x 4.63x 13.96x 17.16x 4.71x 4.56x 20.42x 18.75x

661.0 472.0 552.0 658.0 708.0 658.0 708.0 754.8 779.8 155.0 201.0

5.47x 11.06x 11.46x 8.71x 12.00x 8.71x 12.00x 11.27x 10.91x 11.31x 11.25x

262.0 213.0 293.0 460.0 544.0 460.0 544.0 404.2 421.9 88.0 -

9.15x 19.86x 19.19x 11.27x 14.63x 11.27x 14.63x 19.21x 18.01x 11.55x 11.60x











EBITDA Margin 38.6%



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

InterContinental Hotels Group PLCPrice/Volume

Valuation Analysis

239'801.00


!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

2 F

- ! F

- 2 F

. ! F

. 2 F

0 ! F

0 2 F

1 ! 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 .!-! !- !- .!-- !- !4 .!-- !- !- .!-. !- !4 .!-. !- !- .!-0 !- !4 .!-0



01.10.2013




CEDAR ROCK CAPITAL L Multiple Portfolios REG 13'428'181 5.14 - 03.06.2013 Investment Advisor


NOMURA n/a ULT-AGG 11'168'540 4.28 (4'152'808) 31.12.2012 Unclassified



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 7'754'102 2.97 (1'251'918) 30.06.2013 Investment Advisor

WILLIAM BLAIR & COMP Multiple Portfolios REG 6'714'173 2.57 1'126'472 03.06.2013 Investment Advisor




SOUTHEASTERN ASSET M n/a 13G 5'819'200 2.23 - 30.09.2012 Investment Advisor



F&C ASSET MANAGEMENT Multiple Portfolios REG 4'793'241 1.84 (87'859) 03.06.2013 Investment Advisor



PICTET FUNDS n/a ULT-AGG 3'441'748 1.32 63'364 03.06.2013 Investment Advisor



Natixis ANDRE JUILLARD buy 5 M 2'200 Not Provided 01.10.2013

Oriel Securities Ltd JEFFREY HARWOOD buy 5 M #N/A N/A Not Provided 27.09.2013

AlphaValue BERENICE LACROIX add 4 M 2'073 6 month 26.09.2013

Societe Generale SABRINA BLANC buy 5 M 2'200 12 month 19.09.2013


JPMorgan KOMAL DHILLON neutral 3 M 1'920 9 month 11.09.2013

Nomura TIM BARRETT neutral 3 M 2'066 12 month 11.09.2013

Numis Securities Ltd WYN ELLIS add 4 M 2'100 Not Provided 11.09.2013

Morgan Stanley JAMIE ROLLO Overwt/In-Line 5 M 2'200 12 month 06.09.2013

Raymond James JULIEN RICHER outperform 5 M 2'150 12 month 06.09.2013

UBS JARROD CASTLE buy 5 U 2'200 12 month 05.09.2013

Shore Capital Stockbrokers GREG JOHNSON sell 1 D #N/A N/A Not Provided 05.09.2013

HSBC LENA THAKKAR neutral 3 M 1'900 Not Provided 03.09.2013

Credit Suisse TIM RAMSKILL neutral 3 M 1'865 Not Provided 22.08.2013


Oddo & Cie GUILLAUME RASCOUSSIER buy 5 M 2'200 Not Provided 07.08.2013

Exane BNP Paribas MATTHIAS DESMARAIS neutral 3 M 2'060 Not Provided 07.08.2013

Barclays VICTORIA LEE equalweight 3 M 2'085 Not Provided 07.08.2013

Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 2'000 Not Provided 07.08.2013


Investec JAMES HOLLINS buy 5 M 2'100 12 month 06.08.2013

Bryan Garnier & Cie BRUNO DE LA ROCHEBROCHARD neutral 3 M 1'925 6 month 06.08.2013

S&P Capital IQ WILLIAM MACK sell 1 M 1'700 12 month 06.08.2013

Panmure Gordon & Co Limited KARL BURNS hold 3 M 1'920 Not Provided 06.08.2013

Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 2'230 12 month 10.06.2013


Holdings By:

InterContinental Hotels Group PLC ee


01.10.2013

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: 01/yy

52-Week High (23.05.2013) 795.00

52-Week Low (13.11.2012) 641.00

Daily Volume

694.5












UU/ LN EQUITY YTD Change - Average Volume 30 Day 1'985'372

UU/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'829'319


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

2'427.2 1'573.1 1'513.3 1'564.9 1'636.0 - - 1'693.3 1'757.3 - -

3.57x 5.71x 6.01x 6.16x 6.60x - - 6.27x 6.11x - -

998.8 1'105.7 899.6 900.0 946.1 - - 1'015.3 1'064.5 - -

8.69x 8.13x 10.10x 10.71x 11.42x - - 10.55x 10.06x - -

179.1 403.5 458.2 316.5 296.9 - - 323.7 328.3 - -

18.25x 10.98x 11.38x 13.16x 17.11x - - 16.69x 15.57x - -











EBITDA Margin 57.8%



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

1'247'610.00


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

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



01.10.2013





PICTET ASSET MANAGEM n/a Co File 34'094'421 5 - 22.05.2013 Investment Advisor


NOMURA n/a ULT-AGG 21'618'247 3.17 1'541'800 01.07.2013 Unclassified







BARCLAYS PLC n/a ULT-AGG 10'817'795 1.59 406'922 01.07.2013 Investment Advisor

EPOCH INVESTMENT PAR Multiple Portfolios REG 10'089'023 1.48 (1'390'582) 01.07.2013 Hedge Fund Manager

TD DIRECT INVESTING Multiple Portfolios REG 9'940'789 1.46 104'810 01.07.2013 Investment Advisor



HARGREAVES LANSDOWN Multiple Portfolios REG 9'335'631 1.37 915'010 01.07.2013 Investment Advisor




RBC Capital Markets JOHN MUSK underperform 1 M 650 12 month 01.10.2013

Macquarie DOMINIC NASH outperform 5 M 800 12 month 20.09.2013

S&P Capital IQ CLIVE ROBERTS sell 1 M 620 12 month 19.09.2013

AlphaValue MYRIAM COHEN add 4 M 787 6 month 19.09.2013

Exane BNP Paribas IAIN TURNER outperform 5 M 830 Not Provided 28.08.2013

JPMorgan EDMUND REID neutral 3 M 750 6 month 27.08.2013


Credit Suisse GUY MACKENZIE underperform 1 M 660 Not Provided 29.07.2013

Societe Generale ASHLEY THOMAS hold 3 M 773 12 month 26.07.2013

HSBC VERITY MITCHELL neutral 3 M 745 Not Provided 24.07.2013

Deutsche Bank JAMES BRAND buy 5 M 800 12 month 16.07.2013

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 D 780 12 month 20.06.2013


Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 915 12 month 05.06.2013


Baden Hill LLP ROY CAMPBELL sell 1 M #N/A N/A Not Provided 01.03.2013

Barclays HARRY WYBURD equalweight 3 M 700 Not Provided 25.01.2013

Holdings By:

United Utilities Group PLC ee


01.10.2013

IMI PLC, the international engineering company, designs, manufactures and

services bespoke solutions that control the precise movement of fluids. The

Company works with customers across a range of high-growth sectors, including

energy, oil and gas, energy efficient buildings, rail, commercial vehicles and

beverage dispense.


LTM as of: 01/yy

52-Week High (10.09.2013) 1'528.00

52-Week Low (12.10.2012) 897.50

Daily Volume

1459





4'603.97 1 Yr Total Return 60.49%







IMI LN EQUITY YTD Change - Average Volume 30 Day 710'599

IMI LN EQUITY YTD % CHANGE - Average Volume 3 Month 594'502


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

1'897.0 1'785.0 1'917.0 2'135.0 2'192.0 - - 2'265.8 2'356.9 - -

0.64x 1.07x 1.77x 1.28x 1.78x - - 2.12x 1.96x - -

314.5 298.0 377.0 452.8 446.2 - - 447.2 483.3 - -

3.85x 6.43x 8.99x 6.01x 8.76x - - 10.83x 10.02x - -

112.9 130.2 224.7 200.4 230.6 - - 277.6 306.0 - -

7.68x 12.71x 14.23x 12.02x 15.12x - - 16.45x 15.03x - -











EBITDA Margin 20.3%



Asset Turnover 1.20







Fiscal Year Ended

IMI PLCPrice/Volume

Valuation Analysis

198'712.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



01.10.2013









SPRUCEGROVE INVESTME Multiple Portfolios REG 10'555'591 3.35 841'489 03.06.2013 Investment Advisor


BT PENSION SCHEME n/a RNS-MAJ 9'609'771 3.05 (64'946) 24.10.2011 Pension Fund (ERISA)






RUANE CUNNIFF & GOLD Multiple Portfolios REG 5'506'201 1.74 248'305 03.06.2013 Investment Advisor



BURGUNDY ASSET MANAG Multiple Portfolios REG 4'263'992 1.35 86'216 03.06.2013 Investment Advisor



Numis Securities Ltd SCOTT CAGEHIN add 4 M 1'550 Not Provided 01.10.2013

Jefferies ANDREW DOUGLAS hold 3 M 1'405 12 month 30.09.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 1'400 12 month 26.09.2013

AlphaValue LIONEL PELLICER reduce 2 M 1'431 6 month 26.09.2013

Investec MICHAEL BLOGG hold 3 M 1'550 12 month 18.09.2013

Berenberg Bank ALEXANDER VIRGO hold 3 M 1'420 Not Provided 12.09.2013

Credit Suisse JONATHAN HURN outperform 5 M 1'640 Not Provided 11.09.2013


Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 1'397 12 month 03.09.2013

Peel Hunt DOMINIC CONVEY hold 3 M 1'340 Not Provided 03.09.2013

HSBC SEAN D MCLOUGHLIN neutral 3 D 1'675 Not Provided 28.08.2013

Societe Generale ALASDAIR LESLIE hold 3 M 1'440 12 month 23.08.2013

JPMorgan GLEN H LIDDY overweight 5 M 1'660 15 month 22.08.2013

N+1 Singer Ltd JON LIENARD hold 3 M 1'376 12 month 22.08.2013



Holdings By:

IMI PLC ee


01.10.2013

Bunzl plc is a distribution group supplying a range of non-food consumable

products for customers to operate their businesses but which they do not

actually sell. The Company partners with both suppliers and customers in

providing outsourcing solutions and service oriented distribution. Bunzl's main

customer markets include grocery, foodservice, cleaning and safety.


LTM as of: 01/yy

52-Week High (31.07.2013) 1'423.00

52-Week Low (20.12.2012) 995.00

Daily Volume

1343





4'467.54 1 Yr Total Return 23.00%







BNZL LN EQUITY YTD Change - Average Volume 30 Day 361'718

BNZL LN EQUITY YTD % CHANGE - Average Volume 3 Month 397'563


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 - - 6'074.3 6'294.9 - -

0.72x 0.67x 0.68x 0.74x 0.81x - - 0.86x 0.80x - -

297.9 319.7 331.7 361.3 375.2 - - 428.5 450.5 - -

10.03x 9.75x 9.88x 10.52x 11.55x - - 12.48x 11.87x - -

142.2 148.9 159.0 123.8 195.3 - - 260.3 277.8 - -

13.25x 14.53x 14.64x 23.14x 16.85x - - 17.20x 16.20x - -











EBITDA Margin 7.0%



Asset Turnover 1.92







Fiscal Year Ended

Bunzl PLCPrice/Volume

Valuation Analysis

164'297.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



01.10.2013




CAPITAL GROUP COMPAN n/a ULT-AGG 17'359'674 5.22 284'600 01.08.2013 Investment Advisor



CASCADE INVESTMENT L Multiple Portfolios REG 13'618'458 4.09 2'000'000 01.08.2013 Investment Advisor




OPPENHEIMERFUNDS INC Multiple Portfolios REG 9'283'116 2.79 49'889 01.08.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 9'251'633 2.78 (137'551) 31.08.2013 Investment Advisor



BUNZL PLC ESOP Multiple Portfolios REG 7'771'048 2.34 1'962'518 01.08.2013 Unclassified




PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 7'084'595 2.13 - 31.03.2012 Investment Advisor




Goldman Sachs CHARLES WILSON neutral/neutral 3 U 1'470 12 month 27.09.2013

Deutsche Bank SYLVIA FOTEVA hold 3 M 1'426 12 month 17.09.2013

UBS RORY MCKENZIE neutral 3 M 1'325 12 month 13.09.2013

Oriel Securities Ltd HECTOR FORSYTHE hold 3 M 1'200 Not Provided 04.09.2013

Credit Suisse ANDY GROBLER underperform 1 M 1'000 Not Provided 03.09.2013


Shore Capital Stockbrokers ROBIN SPEAKMAN buy 5 M #N/A N/A Not Provided 28.08.2013

Berenberg Bank SIMON MEZZANOTTE sell 1 M 1'050 Not Provided 28.08.2013

Numis Securities Ltd MIKE MURPHY buy 5 M 1'505 Not Provided 28.08.2013

Investec GIDEON ADLER add 4 M 1'400 12 month 27.08.2013

RBC Capital Markets ANDREW BROOKE underperform 1 M 1'020 12 month 27.08.2013

Cantor Fitzgerald CAROLINE DE LA SOUJEOLE sell 1 M 1'070 Not Provided 27.08.2013

Panmure Gordon & Co Limited PAUL JONES hold 3 M 1'218 Not Provided 27.08.2013


Canaccord Genuity Corp GRAHAM BROWN sell 1 M 1'000 Not Provided 01.05.2013

HSBC RAJESH KUMAR neutral 3 M 1'360 Not Provided 26.03.2013

Jefferies WILLIAM KIRKNESS underperform 1 M 990 12 month 27.02.2013

Barclays PAUL CHECKETTS equalweight 3 M 1'250 Not Provided 26.02.2013

Holdings By:

Bunzl PLC ee


01.10.2013

RSA Insurance Group PLC is a worldwide commercial insurer. The Company

provides property, automobile, liability, and specialty insurance products.


LTM as of: 09/yy

52-Week High (19.02.2013) 137.30

52-Week Low (19.04.2013) 107.30

Daily Volume

119.3





4'362.13 1 Yr Total Return 12.70%







RSA LN EQUITY YTD Change - Average Volume 30 Day 9'488'121

RSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 10'433'570


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 09/11 Q3 12/11 Q4

7'143.0 7'458.0 7'924.0 8'735.0 8'842.0 3'185.0 0.0 9'122.1 9'496.1 - -

0.67x 0.67x 0.62x 0.49x 0.57x 0.72x #DIV/0! 0.49x 0.48x - -

- - - - - 0.0 0.0 - - - -

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

574.0 418.0 346.0 426.0 344.0 234.0 561.0 404.5 465.2 - -

3.97x 4.88x 6.23x 8.86x 13.26x 9.99x 8.23x 10.65x 9.54x - -


EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

RSA Insurance Group PLCPrice/Volume

Valuation Analysis

7'176'408.00


!

.!

1!

3!

5!

-!!

-.!

-1!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

14'000.0

16'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



01.10.2013









PRUDENTIAL FINANCIAL n/a ULT-AGG 88'483'354 2.42 (510'680) 30.08.2013 Investment Advisor







SKAGEN FUNDS Multiple Portfolios REG 54'281'885 1.48 20'911'198 01.07.2013 Investment Advisor

ABBEY NATIONAL TREAS n/a RNS-MAJ 50'807'479 1.39 (69'312'086) 01.10.2012 Investment Advisor

RWC PARTNERS LTD Multiple Portfolios REG 49'194'336 1.35 4'053'652 01.07.2013 Investment Advisor

MELLON CAPITAL MANAG Multiple Portfolios REG 48'217'386 1.32 4'223'342 01.07.2013 Investment Advisor


SKAGEN AS Multiple Portfolios MF-AGG 42'926'107 1.17 608'000 30.08.2013 Investment Advisor


AlphaValue JEROME CASSAGNE add 4 M 140 6 month 01.10.2013

Sanford C. Bernstein & Co THOMAS SEIDL outperform 5 M 155 12 month 30.09.2013

Berenberg Bank SAMI TAIPALUS buy 5 M 141 Not Provided 26.09.2013

Exane BNP Paribas ANDY HUGHES outperform 5 M 156 Not Provided 23.09.2013

Canaccord Genuity Corp BEN COHEN hold 3 M 120 12 month 20.09.2013


UBS JAMES SHUCK neutral 3 M 113 12 month 09.09.2013

Barclays ANDREW BROADFIELD underweight 1 M 115 Not Provided 19.08.2013


Credit Suisse CHRIS ESSON neutral 3 D 130 Not Provided 07.08.2013

EVA Dimensions DOUG WALTERS hold 3 U #N/A N/A Not Provided 07.08.2013


HSBC DHRUV GAHLAUT neutral 3 M 128 Not Provided 02.08.2013


Numis Securities Ltd NICHOLAS JOHNSON hold 3 M 115 12 month 02.08.2013

Panmure Gordon & Co Limited BARRIE CORNES sell 1 M 117 Not Provided 02.08.2013

Deutsche Bank OLIVER STEEL hold 3 M 120 12 month 01.08.2013

Morgan Stanley MARCUS RIVALDI Overwt/In-Line 5 M 127 12 month 01.08.2013


JPMorgan ANDREAS VAN EMBDEN overweight 5 M 132 9 month 01.08.2013


Raymond James RAPHAEL CARUSO outperform 5 M #N/A N/A Not Provided 01.08.2013

Nomura FAHAD CHANGAZI neutral 3 M 124 12 month 01.08.2013

Redburn Partners DAVID BRACEWELL neutral 3 D #N/A N/A Not Provided 24.04.2013

Daniel Stewart & Co SIMON WILLIS hold 3 D 135 12 month 20.02.2013

Jyske Bank ROBERT JAKOBSEN strong buy 5 M 130 Not Provided 06.12.2012

Holdings By:

RSA Insurance Group PLC ee


01.10.2013

Babcock International Group plc offers support services to public sector

institutions. The Company offers facilities management, training, and support

services to defense, rail transportation, marine, and other public sector

organizations. Babcock serves customers in Europe, Africa, and North America.


LTM as of: 01/yy

52-Week High (11.07.2013) 1'225.00

52-Week Low (01.10.2012) 919.00

Daily Volume

1210





4'381.09 1 Yr Total Return 34.44%







BAB LN EQUITY YTD Change - Average Volume 30 Day 563'784

BAB LN EQUITY YTD % CHANGE - Average Volume 3 Month 648'591


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

1'901.9 1'895.5 2'564.5 2'848.4 3'029.4 - - 3'464.4 3'749.8 - -

0.88x 0.89x 1.16x 1.24x 1.50x - - 1.41x 1.28x - -

168.9 189.6 293.5 337.5 356.0 - - 405.0 439.1 - -

9.89x 8.92x 10.12x 10.45x 12.80x - - 12.34x 11.38x - -

72.0 106.0 101.1 100.8 175.2 - - 242.8 271.4 - -

11.48x 13.02x 20.60x 18.55x 20.53x - - 17.44x 15.65x - -











EBITDA Margin 11.8%



Asset Turnover 1.01







Fiscal Year Ended

Babcock International Group PLCPrice/Volume

Valuation Analysis

229'272.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

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



01.10.2013


BAKER STEEL CAPITAL n/a RNS-MAJ 35'846'324 9.9 - 17.05.2013 Investment Advisor


Cantillon Capital Multiple Portfolios REG 20'005'905 5.53 (1'826'811) 03.06.2013 Unclassified



CANTILLON CAPITAL MA n/a Co File 17'938'977 4.95 - 13.05.2013 Hedge Fund Manager



JP MORGAN n/a ULT-AGG 14'225'498 3.93 301'433 31.07.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11'545'075 3.19 (83'160) 30.06.2013 Investment Advisor



WILLIAM BLAIR & COMP Multiple Portfolios REG 8'921'055 2.46 354'277 03.06.2013 Investment Advisor






CREDIT SUISSE AG n/a ULT-AGG 7'408'756 2.05 (493'848) 03.06.2013 Investment Advisor



Jefferies KEAN MARDEN buy 5 M 1'250 12 month 30.09.2013

Panmure Gordon & Co Limited MIKE ALLEN buy 5 M 1'350 Not Provided 30.09.2013

Westhouse Securities MICHAEL DONNELLY add 4 M 1'371 Not Provided 30.09.2013

Liberum Capital Ltd JOE BRENT hold 3 M 1'200 Not Provided 30.09.2013

Goldman Sachs CHARLES WILSON neutral/neutral 3 M 1'371 12 month 27.09.2013


Cantor Fitzgerald CAROLINE DE LA SOUJEOLE buy 5 M 1'300 Not Provided 27.09.2013

Berenberg Bank SIMON MEZZANOTTE buy 5 M 1'350 Not Provided 25.09.2013

Peel Hunt CHRISTOPHER BAMBERRY hold 3 M 1'105 Not Provided 18.09.2013

UBS GEORGE GREGORY neutral 3 M 1'150 12 month 02.08.2013


Numis Securities Ltd MIKE MURPHY buy 5 M 1'417 Not Provided 11.07.2013

Investec JOHN LAWSON add 4 M 1'155 12 month 14.05.2013

WH Ireland Ltd NICK SPOLIAR buy 5 N 1'250 12 month 08.05.2013

Shore Capital Stockbrokers ROBIN SPEAKMAN hold 3 M #N/A N/A Not Provided 31.01.2013

N+1 Singer Ltd JAMES GC WOODROW hold 3 M 1'013 12 month 12.11.2012

Holdings By:

Babcock International Group PLC ee


01.10.2013

Resolution Limited is a life insurance company. The Company provides life

cover, critical illness cover, income protection, and business protection.

Resolution also offers individual personal pension, individual stakeholder

pension, and online stakeholder pension and corporate pensions.


LTM as of: 06/yy

52-Week High (13.08.2013) 342.40

52-Week Low (29.10.2012) 204.80

Daily Volume

318.4





4'515.26 1 Yr Total Return 56.82%





Enterprise Value -


RSL LN EQUITY YTD Change - Average Volume 30 Day 2'300'406

RSL LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'440'888


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/11 Q3 12/11 Q4

- 2'816.0 11'115.0 4'238.0 11'130.0 0.0 0.0 7'287.5 7'628.5 272.0 -

- - - - - #DIV/0! #DIV/0! - - - -

- - - - - 0.0 0.0 - - - -

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

- 1'280.0 765.0 (62.0) (72.0) 0.0 0.0 268.0 271.6 - -

- 0.65x 2.89x - - 0.00x 0.00x 13.55x 12.10x - -



Operating Margin -0.29% Long-Term Outlook -

Pretax Margin -1.73% Short-Term Rating Date -





Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12







Fiscal Year Ended

Resolution LtdPrice/Volume

Valuation Analysis

1'893'655.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



01.10.2013


SCHRODERS PLC n/a RNS-MAJ 132'593'192 9.35 - 22.03.2013 Investment Advisor

PRUDENTIAL PLC n/a RNS-MAJ 71'074'425 5.01 - 07.06.2013 Investment Advisor



AVIVA PLC n/a RNS-MAJ 42'278'177 2.98 (12'524'439) 04.04.2013 Investment Advisor




ABBEY NATIONAL TREAS n/a RNS-MAJ 26'285'404 1.85 (31'319'163) 10.09.2012 Investment Advisor


HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 22'395'855 1.58 (394'767) 31.05.2013 Investment Advisor









Alliance Trust Savin Multiple Portfolios MF-AGG 8'736'842 0.62 (8'405) 30.06.2013 Unclassified


Berenberg Bank MATTHEW PRESTON sell 1 M 295 Not Provided 26.09.2013

Canaccord Genuity Corp MING ZHU buy 5 M 355 12 month 24.09.2013


Morgan Stanley JON HOCKING Overwt/In-Line 5 M 371 12 month 18.09.2013


EVA Dimensions DOUG WALTERS buy 5 U #N/A N/A Not Provided 20.08.2013

Keefe, Bruyette & Woods GREIG N PATERSON outperform 5 M 376 12 month 16.08.2013


RBC Capital Markets GORDON AITKEN outperform 5 M 320 12 month 13.08.2013

Credit Suisse CHRIS ESSON neutral 3 M 265 Not Provided 13.08.2013

Nomura BEN BATHURST neutral 3 M 311 12 month 13.08.2013

Barclays ALAN DEVLIN overweight 5 M 296 Not Provided 13.08.2013

JPMorgan ASHIK MUSADDI neutral 3 M 302 3 month 26.07.2013

Deutsche Bank OLIVER STEEL hold 3 M 273 12 month 08.05.2013

Societe Generale ABID HUSSAIN hold 3 M 260 12 month 03.05.2013


Shore Capital Stockbrokers EAMONN FLANAGAN not rated #N/A N/A M #N/A N/A Not Provided 11.08.2009

Holdings By:

Resolution Ltd ee


01.10.2013

Meggitt plc operates an engineering group, which specializes in aerospace,

defense and electronics products. The Company manufactures aircraft instruments

and valves, water injection systems, compact heat exchangers, smoke detection

systems and defense systems, including aerial target systems and surveillance

drones. Meggitt markets its products internationally.


LTM as of: 01/yy

52-Week High (06.08.2013) 575.00

52-Week Low (13.11.2012) 363.60

Daily Volume

550.5





4'347.34 1 Yr Total Return 41.12%







MGGT LN EQUITY YTD Change - Average Volume 30 Day 1'108'139

MGGT LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'205'542


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

1'162.6 1'150.5 1'162.0 1'455.3 1'605.8 - - 1'695.1 1'789.9 - -

1.82x 2.25x 2.84x 2.43x 2.27x - - 2.91x 2.69x - -

290.1 379.3 362.5 425.5 491.9 - - 495.0 532.5 - -

7.29x 6.83x 9.11x 8.31x 7.41x - - 10.20x 9.48x - -

99.1 138.8 138.8 184.9 243.3 - - 300.2 321.4 - -

10.67x 12.67x 18.43x 14.69x 12.29x - - 14.41x 13.36x - -











EBITDA Margin 31.6%



Asset Turnover 0.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Meggitt PLCPrice/Volume

Valuation Analysis

301'070.00


!

-!!

.!!

0!!

1!!

2!!

3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

1'800.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



01.10.2013





FMR LLC n/a ULT-AGG 39'522'708 5 (337'561) 11.09.2013 Investment Advisor













BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 15'232'675 1.93 (152'082) 27.09.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 14'953'368 1.89 158'763 31.07.2013 Investment Advisor




RBC Capital Markets ROBERT STALLARD top pick 5 M 650 12 month 30.09.2013

Jefferies SANDY MORRIS hold 3 M 365 12 month 30.09.2013

Morgan Stanley JONATHAN J ACKERLEY Equalwt/In-Line 3 N 600 12 month 20.09.2013

AlphaValue THOMAS PICHERIT reduce 2 M 533 6 month 19.09.2013

Investec CHRIS DYETT add 4 M 600 12 month 18.09.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY neutral 3 M 495 Not Provided 02.09.2013

Cantor Fitzgerald ANDREW CHAMBERS hold 3 M 520 Not Provided 28.08.2013

UBS CHARLES ARMITAGE neutral 3 M 540 12 month 07.08.2013

JPMorgan DAVID H PERRY neutral 3 M 625 15 month 07.08.2013

Deutsche Bank BEN FIDLER hold 3 M 525 12 month 06.08.2013


Societe Generale ZAFAR KHAN buy 5 M 550 Not Provided 15.07.2013

Liberum Capital Ltd BENJAMIN BOURNE hold 3 M 500 Not Provided 21.06.2013

Barclays NICK WEBSTER overweight 5 M 565 Not Provided 14.06.2013


Holdings By:

Meggitt PLC ee


01.10.2013

Severn Trent plc supplies water, waste, and utility services throughout the

United Kingdom, Europe, and the United States. The Group offers a range of water

purification, sewage treatment and disposal, and recycling services. Severn

also provides utility companies with a range of information technology services

and software solutions, as well as engineering consultancy services.


LTM as of: 01/yy

52-Week High (07.06.2013) 2'200.00

52-Week Low (09.11.2012) 1'500.00

Daily Volume

1773












SVT LN EQUITY YTD Change - Average Volume 30 Day 480'959

SVT LN EQUITY YTD % CHANGE - Average Volume 3 Month 516'947


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

1'642.2 1'703.9 1'711.3 1'770.6 1'831.6 - - 1'871.7 1'912.3 - -

3.76x 3.86x 4.38x 4.39x 4.64x - - 4.71x 4.66x - -

713.6 813.9 792.5 786.7 782.4 - - 840.8 859.8 - -

8.66x 8.07x 9.45x 9.89x 10.85x - - 10.28x 10.06x - -

(57.8) 249.2 272.6 171.8 227.5 - - 214.5 220.5 - -

- 11.32x 12.69x 21.30x 17.89x - - 19.96x 19.49x - -











EBITDA Margin 42.7%



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

168'079.00


!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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



01.10.2013






RREEF AMERICA LLC n/a RNS-RUL8 6'418'608 2.69 (208'434) 30.05.2013 Investment Advisor



NOMURA n/a ULT-AGG 5'765'880 2.41 (1'484'245) 01.07.2013 Unclassified

BARCLAYS CAPITAL SEC n/a RNS-RUL8 4'876'419 2.04 (59'645) 11.06.2013 Investment Advisor

RARE INFRASTRUCTURE Multiple Portfolios REG 4'340'796 1.82 (1'770'134) 01.07.2013 Investment Advisor




PICTET ASSET MANAGEM n/a RNS-RUL8 3'735'586 1.56 (964) 07.06.2013 Investment Advisor

KAMES CAPITAL PLC Multiple Portfolios REG 3'694'699 1.55 (444'098) 01.07.2013 Investment Advisor


PEOPLES REPUBLIC OF Multiple Portfolios REG 3'172'292 1.33 (242'376) 01.07.2013 Government

SAFE INVESTMENT COMP n/a RNS-RUL8 3'171'819 1.33 - 17.05.2013 Government




RBC Capital Markets JOHN MUSK underperform 1 M 1'580 12 month 01.10.2013

Macquarie DOMINIC NASH outperform 5 M 1'800 12 month 25.09.2013

Exane BNP Paribas IAIN TURNER neutral 3 M 1'870 Not Provided 28.08.2013

JPMorgan EDMUND REID neutral 3 M 1'680 6 month 27.08.2013


Societe Generale ASHLEY THOMAS hold 3 M 2'100 12 month 26.07.2013

HSBC VERITY MITCHELL underweight 1 M 1'780 Not Provided 24.07.2013

Credit Suisse GUY MACKENZIE neutral 3 M 1'530 Not Provided 23.07.2013

S&P Capital IQ CLIVE ROBERTS hold 3 M 1'800 12 month 17.07.2013

Deutsche Bank JAMES BRAND hold 3 M 1'550 12 month 16.07.2013

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 1'730 12 month 20.06.2013

Goldman Sachs ANDREW MEAD Buy/Neutral 5 U 2'211 12 month 13.06.2013

Barclays HARRY WYBURD equalweight 3 M 1'765 Not Provided 13.06.2013

UBS STEPHEN HUNT neutral 3 M 1'800 12 month 12.06.2013


Holdings By:

Severn Trent PLC ee


01.10.2013

Travis Perkins plc markets and distributes products to the UK construction and

building trade industries, including timber, building, and plumbing and heating

materials.


LTM as of: 01/yy

52-Week High (24.07.2013) 1'728.00

52-Week Low (01.10.2012) 1'040.00

Daily Volume

1682





4'123.02 1 Yr Total Return 60.49%







TPK LN EQUITY YTD Change - Average Volume 30 Day 544'417

TPK LN EQUITY YTD % CHANGE - Average Volume 3 Month 643'646


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 - -

3'178.6 2'930.9 3'152.8 4'779.1 4'844.9 - - 4'965.1 5'236.3 - -

0.45x 0.75x 1.04x 0.52x 0.63x - - 0.90x 0.83x - -

217.5 336.7 285.2 360.8 361.5 - - 411.7 455.7 - -

6.62x 6.56x 11.50x 6.91x 8.46x - - 11.00x 9.94x - -

101.9 157.4 141.3 212.4 259.6 - - 239.9 279.5 - -

3.90x 9.64x 15.21x 8.81x 9.99x - - 16.85x 14.68x - -











EBITDA Margin 7.3%



Asset Turnover 1.11







Fiscal Year Ended

Travis Perkins PLCPrice/Volume

Valuation Analysis

394'186.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!!1!!3!!5!!

-!!!-.!!-1!!-3!!-5!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

-3 ! 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 !!

-5 !!

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



01.10.2013





LLOYDS BANKING GROUP n/a ULT-AGG 14'397'703 5.87 (3'020'859) 01.07.2013 Investment Advisor

SPRUCEGROVE INVESTME n/a RNS-MAJ 12'267'137 5 - 19.09.2013 Investment Advisor


DIMENSIONAL FUND ADV n/a ULT-AGG 9'512'417 3.88 (85'641) 31.07.2013 Investment Advisor

SANDERSON ASSET MANA Multiple Portfolios REG 9'166'336 3.74 155'167 01.07.2013 Investment Advisor

SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 8'088'670 3.3 (3'915) 30.08.2013 Investment Advisor


TRAVIS PERKINS FAMIL Multiple Portfolios REG 7'443'861 3.04 (535'103) 01.07.2013 Unclassified


PZENA INVESTMENT MAN Multiple Portfolios REG 6'791'956 2.77 (126'926) 01.07.2013 Hedge Fund Manager


TIAA CREF INVESTMENT Multiple Portfolios REG 6'590'657 2.69 (3'409'267) 01.07.2013 Investment Advisor


HARRIS ASSOCIATES LP Multiple Portfolios REG 4'994'697 2.04 1'043'077 01.07.2013 Investment Advisor

TRAVIS PERKINS ESOP Multiple Portfolios REG 4'514'734 1.84 (924'421) 01.07.2013 Other

MAJEDIE ASSET MANAGE Multiple Portfolios REG 4'365'100 1.78 518'472 01.07.2013 Investment Advisor

PRIVATE INDIVIDUALS Multiple Portfolios REG 4'344'745 1.77 (1'053'975) 01.07.2013 Other


Deutsche Bank GLYNIS JOHNSON hold 3 M 1'352 12 month 27.09.2013

Goldman Sachs JOHN WOODMAN Buy/Neutral 5 U 1'947 12 month 27.09.2013

Jefferies SAM CULLEN underperform 1 M 1'130 12 month 27.09.2013

AlphaValue LIONEL PELLICER reduce 2 M 1'623 6 month 26.09.2013

UBS BENJAMIN ROSENBERGER buy 5 U 1'825 12 month 24.09.2013

Oriel Securities Ltd MARK HOWSON add 4 M #N/A N/A Not Provided 04.09.2013

Panmure Gordon & Co Limited MARK HUGHES hold 3 M 1'540 Not Provided 29.08.2013

Credit Suisse HARRY GOAD neutral 3 M 1'579 Not Provided 07.08.2013


Redburn Partners JOHN MESSENGER neutral 3 D #N/A N/A Not Provided 06.08.2013

Berenberg Bank MICHAEL WATTS sell 1 M 1'330 Not Provided 02.08.2013

Goodbody Stockbrokers Ltd ROBERT EASON hold 3 M 1'580 12 month 01.08.2013

Peel Hunt ANDREW NUSSEY hold 3 U 1'800 Not Provided 29.07.2013

Numis Securities Ltd HOWARD SEYMOUR hold 3 M 1'800 Not Provided 26.07.2013

Liberum Capital Ltd CHARLIE CAMPBELL buy 5 M 1'890 Not Provided 26.07.2013

Barclays PAUL CHECKETTS equalweight 3 M 1'800 Not Provided 26.07.2013

Cantor Fitzgerald IAN OSBURN Under Review #N/A N/A M #N/A N/A Not Provided 25.07.2013

RBC Capital Markets OLIVIA PETERS outperform 5 M 1'550 12 month 18.07.2013

JPMorgan EMILY BIDDULPH neutral 3 M 1'380 9 month 10.05.2013

Davy FLORENCE O'DONOGHUE outperform 5 U #N/A N/A Not Provided 04.12.2012

Holdings By:

Travis Perkins PLC ee


01.10.2013

G4S PLC offers security services. The Company offers security guards, alarms,

monitoring, management and transportation of cash and valuables, prison

management, and electronic monitoring of offenders.


LTM as of: 01/yy

52-Week High (30.04.2013) 315.80

52-Week Low (15.07.2013) 203.60

Daily Volume

256.1





3'973.63 1 Yr Total Return -0.26%







GFS LN EQUITY YTD Change - Average Volume 30 Day 6'210'580

GFS LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'737'930


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

5'928.5 7'009.0 7'258.0 6'966.0 7'501.0 - - 7'585.1 7'940.8 - -

0.75x 0.74x 0.71x 0.80x 0.75x - - 0.75x 0.70x - -

532.2 637.0 645.0 573.0 658.0 - - 603.8 657.4 - -

8.31x 8.19x 8.00x 9.78x 8.51x - - 10.28x 9.44x - -

151.2 202.0 223.0 181.0 48.0 - - 259.2 295.4 - -

15.53x 17.49x 15.07x 20.44x 32.47x - - 15.15x 13.41x - -







Return on Capital -3.79% EBITDA/Interest Exp. 3.15




EBITDA Margin 9.1%



Asset Turnover 1.30







Fiscal Year Ended

G4S PLCPrice/Volume

Valuation Analysis

4'004'851.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0! ! F

02 ! 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! !!

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



01.10.2013


INVESCO LTD n/a ULT-AGG 248'239'496 16 21'962'034 30.09.2013 Investment Advisor


CEVIAN CAPITAL n/a RNS-MAJ 72'142'365 4.65 - 08.08.2013 Other

HARRIS ASSOCIATES LP Multiple Portfolios REG 69'584'044 4.48 - 03.06.2013 Investment Advisor



TWEEDY BROWNE COMPAN Multiple Portfolios REG 54'818'310 3.53 9'547'642 03.06.2013 Investment Advisor


CASCADE INVESTMENT L n/a RNS-MAJ 45'224'081 2.91 - 06.06.2013 Investment Advisor



Danish Depositary In Multiple Portfolios REG 37'944'831 2.45 4'979'110 03.06.2013 Unclassified

ABU DHABI INVESTMENT Multiple Portfolios REG 35'588'161 2.29 (1'255'877) 03.06.2013 Government





MARATHON ASSET MANAG Multiple Portfolios REG 30'571'283 1.97 1'044'893 03.06.2013 Investment Advisor




Goldman Sachs CHARLES WILSON Sell/Neutral 1 M 193 12 month 27.09.2013

Cantor Fitzgerald CAROLINE DE LA SOUJEOLE hold 3 M 240 Not Provided 27.09.2013

Jefferies KEAN MARDEN buy 5 M 290 12 month 18.09.2013

UBS GEORGE GREGORY neutral 3 M 250 12 month 17.09.2013


RBC Capital Markets DAVID GREENALL sector perform 3 D 270 12 month 05.09.2013

Credit Suisse ANDY GROBLER neutral 3 M 275 Not Provided 04.09.2013

Investec GIDEON ADLER buy 5 M 280 12 month 03.09.2013

Exane BNP Paribas LAURENT BRUNELLE neutral 3 M 260 Not Provided 02.09.2013

EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 02.09.2013

Deutsche Bank ANDY CHU hold 3 M 212 12 month 29.08.2013

JPMorgan ROBERT PLANT overweight 5 M 308 15 month 29.08.2013

SEB Enskilda DANIEL PATTERSON buy 5 M 309 Not Provided 29.08.2013

Carnegie STIG FREDERIKSEN hold 3 D #N/A N/A Not Provided 29.08.2013

Barclays PAUL CHECKETTS overweight 5 M 280 Not Provided 29.08.2013

Panmure Gordon & Co Limited MIKE ALLEN hold 3 M 275 Not Provided 28.08.2013

HSBC ALEX MAGNI underweight 1 M 205 Not Provided 12.07.2013

Canaccord Genuity Corp GRAHAM BROWN buy 5 M 300 12 month 08.07.2013

Numis Securities Ltd STEVE WOOLF add 4 M 300 Not Provided 05.06.2013

Kepler Cheuvreux NIKLAS KRISTOFFERSSONN buy 5 N 300 Not Provided 14.05.2013

Danske Markets KASPER FROM LARSEN hold 3 M 286 12 month 06.11.2012

Holdings By:

G4S PLC ee


01.10.2013

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 (05.10.2012) 2'374.00

52-Week Low (31.01.2013) 1'548.00

Daily Volume

1567





4'215.61 1 Yr Total Return -31.65%

Total Debt 615.90 YTD Return -8.63%






AGK LN EQUITY YTD Change - Average Volume 30 Day 806'268

AGK LN EQUITY YTD % CHANGE - Average Volume 3 Month 775'212


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 - -

946.6 1'023.9 1'229.9 1'396.1 1'583.2 - - 1'611.6 1'651.7 - -

1.65x 2.62x 3.34x 4.05x 3.30x - - 2.89x 2.73x - -

318.4 403.4 472.9 526.9 621.6 - - 630.6 633.2 - -

4.90x 6.64x 8.69x 10.72x 8.41x - - 7.56x 7.53x - -

122.7 168.4 213.1 260.1 276.0 - - 244.3 242.6 - -

9.74x 14.84x 18.67x 20.60x 16.71x - - 17.01x 17.01x - -











EBITDA Margin 40.2%



Asset Turnover 0.74








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

519'026.00


!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

1'800.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



01.10.2013





SALVESEN ALASTAIR ER n/a Co File 9'995'283 3.72 - 31.12.2012 n/a


PRIVATE INDIVIDUALS Multiple Portfolios REG 8'355'170 3.11 24'915 01.08.2013 Other

LANSDOWNE PARTNERS n/a Short (7'727'861) -2.87 (348'827) 02.01.2013 Investment Advisor



SPEIRS & JEFFERY STO Multiple Portfolios REG 6'010'656 2.23 113'022 01.08.2013 Unclassified



MORGAN STANLEY INVES Multiple Portfolios REG 5'804'864 2.16 (245'524) 01.08.2013 Investment Advisor



INVESTEC BANK (UK) L Multiple Portfolios REG 5'147'801 1.91 48'000 01.08.2013 Unclassified

KIMBERLEY GRANGE INV Multiple Portfolios REG 4'862'100 1.81 - 01.08.2013 Unclassified





Peel Hunt ANDREW NUSSEY hold 3 M 1'700 Not Provided 30.09.2013

Goldman Sachs CHARLES WILSON Buy/Neutral 5 M 1'876 12 month 27.09.2013

Morgan Stanley TOBY REEKS Underwt/In-Line 1 N 1'300 12 month 26.09.2013

AlphaValue LIONEL PELLICER buy 5 M 2'001 6 month 26.09.2013

Credit Suisse ANDY GROBLER underperform 1 D 1'400 Not Provided 17.09.2013

Cantor Fitzgerald CAROLINE DE LA SOUJEOLE buy 5 M 2'200 Not Provided 16.09.2013


Deutsche Bank ANDY CHU buy 5 M 1'870 12 month 12.09.2013

UBS GEORGE GREGORY neutral 3 M 1'610 12 month 12.09.2013

Oriel Securities Ltd HECTOR FORSYTHE hold 3 M #N/A N/A Not Provided 04.09.2013

S&P Capital IQ CLIVE ROBERTS hold 3 M 1'700 12 month 28.08.2013

RBC Capital Markets ANDREW BROOKE sector perform 3 M 1'680 12 month 22.08.2013

Westhouse Securities MICHAEL DONNELLY buy 5 M 2'502 Not Provided 22.08.2013


Investec JOHN LAWSON hold 3 M 1'700 12 month 02.08.2013

Jefferies WILLIAM KIRKNESS buy 5 M 2'000 12 month 02.08.2013

Numis Securities Ltd MIKE MURPHY reduce 2 M 1'400 Not Provided 02.08.2013

Panmure Gordon & Co Limited PAUL JONES buy 5 M 1'822 Not Provided 02.08.2013

JPMorgan ROBERT PLANT neutral 3 M 1'800 3 month 01.08.2013

Berenberg Bank SIMON MEZZANOTTE hold 3 M 1'720 Not Provided 17.04.2013

Barclays PAUL CHECKETTS overweight 5 M 2'150 Not Provided 05.04.2013

WH Ireland Ltd NICK SPOLIAR buy 5 M 2'300 12 month 08.03.2013

HSBC ALEX MAGNI neutral 3 U 1'650 Not Provided 08.02.2013

Holdings By:

Aggreko PLC ee


01.10.2013

Randgold Resources Ltd. provides mining services. The Company offers

acquisition, development, and exploration of gold and other precious metal in

Africa.


LTM as of: 06/yy

52-Week High (02.10.2012) 7'875.00

52-Week Low (26.06.2013) 3'934.00

Daily Volume

4295





3'961.08 1 Yr Total Return -43.61%







RRS LN EQUITY YTD Change - Average Volume 30 Day 554'146

RRS LN EQUITY YTD % CHANGE - Average Volume 3 Month 578'653


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

338.6 432.8 484.6 1'127.1 1'317.8 1'166.6 1'213.5 1'189.6 1'594.7 295.5 303.0

9.01x 15.50x 14.79x 7.97x 6.59x 28.44x 27.54x 5.46x 3.98x - -

97.3 142.3 164.3 581.9 699.2 625.2 585.5 492.6 649.2 125.0 120.0

31.34x 47.15x 43.62x 15.44x 12.43x 12.72x 9.97x 13.28x 10.08x - -

41.6 69.4 103.5 383.9 431.8 435.9 340.8 262.8 438.6 - -

78.87x 94.26x 72.03x 24.30x 20.57x 18.91x 16.76x 24.61x 16.08x 21.19x -











EBITDA Margin 48.2%



Asset Turnover 0.42








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

345'798.00


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

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

-3! !!

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



01.10.2013



VAN ECK ASSOCIATES C n/a ULT-AGG 6'627'558 7.19 293'523 31.08.2013 Investment Advisor

WELLS FARGO & COMPAN n/a ULT-AGG 4'797'738 5.2 1 31.07.2013 Investment Advisor


CARMIGNAC GESTION n/a Co File 4'270'202 4.63 - 31.12.2012 Investment Advisor


COMGEST SA n/a Co File 2'892'000 3.14 - 31.12.2012 Unclassified

STATE STREET CORP n/a ULT-AGG 2'596'091 2.81 (621) 27.09.2013 Investment Advisor


GOVERNMENT OF NORWAY n/a Co File 1'721'309 1.87 - 31.12.2012 Government


COMGEST S A Multiple Portfolios MF-AGG 1'150'000 1.25 - 31.12.2012 Unclassified


HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 828'741 0.9 828'741 28.06.2013 Unclassified

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 735'721 0.8 8'401 31.05.2013 Investment Advisor

BRISTOW D MARK n/a RNS-DIR 716'507 0.78 10'442 18.03.2013 n/a

FIL LIMITED n/a ULT-AGG 572'698 0.62 (40'724) 28.02.2013 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 493'338 0.53 (478) 28.02.2013 Unclassified

MARSHALL WACE LLP n/a Short (414'866) -0.45 92'193 12.08.2013 Hedge Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 309'763 0.34 275 31.08.2013 Investment Advisor


Numis Securities Ltd CAILEY BARKER buy 5 M 5'900 Not Provided 30.09.2013


Clarus Securities NANA SANGMUAH buy 5 M 6'219 12 month 25.09.2013

Liberum Capital Ltd KATE CRAIG buy 5 M 5'414 Not Provided 24.09.2013

Nomura TYLER BRODA neutral 3 M 4'370 12 month 13.09.2013

Goldman Sachs EUGENE KING neutral/neutral 3 M 5'700 12 month 12.09.2013

JPMorgan ALLAN COOKE overweight 5 M 6'130 12 month 12.09.2013

Societe Generale BRUCE ALWAY hold 3 M 4'800 12 month 11.09.2013

CIBC World Markets LEON ESTERHUIZEN sector outperform 5 M 6'300 18 month 08.09.2013

RBC Capital Markets JONATHAN GUY outperform 5 M 5'500 12 month 05.09.2013

Canaccord Genuity Corp DMITRY KALACHEV buy 5 M 5'700 12 month 27.08.2013



Morgan Stanley ALAIN GABRIEL Overwt/In-Line 5 M 4'900 12 month 07.08.2013

Investec HUNTER HILLCOAT hold 3 M 4'981 12 month 07.08.2013

GMP BROCK SALIER buy 5 M 5'400 Not Provided 06.08.2013

Barclays AMOS FLETCHER overweight 5 M 6'500 Not Provided 26.07.2013

Fox-Davies Capital PETER ROSE buy 5 M 6'177 12 month 09.07.2013

SBG Securities MICHAEL STARKE hold 3 M 5'400 12 month 28.06.2013

Davy BART JAWORSKI outperform 5 M #N/A N/A Not Provided 26.06.2013

Holdings By:

Randgold Resources Ltd ee


01.10.2013

Melrose Industries PLC is an international engineering group with worldwide

interests in the design, development and manufacture of specialist components

for a wide range of markets, including aerospace, IT, telecommunications,

consumer electronics, automotive, medical and consumer durables.


LTM as of: 01/yy

52-Week High (11.09.2013) 312.70

52-Week Low (16.11.2012) 198.20

Daily Volume

301.3





3'816.35 1 Yr Total Return 27.45%







MRO LN EQUITY YTD Change - Average Volume 30 Day 2'090'418

MRO LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'210'478


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 - -

895.3 1'298.5 1'035.4 1'080.4 1'551.4 - - 2'146.3 2'205.6 - -

1.09x 0.94x 1.77x 1.50x 2.47x - - 2.10x 2.01x - -

103.6 156.6 147.2 172.1 233.6 - - 396.1 427.9 - -

9.45x 7.78x 12.47x 9.41x 16.42x - - 12.34x 11.43x - -

(48.3) 79.5 141.1 286.4 42.5 - - 210.3 235.7 - -

21.16x 16.36x 14.95x 24.64x 50.80x - - 18.04x 16.11x - -











EBITDA Margin 16.4%



Asset Turnover 0.64







Fiscal Year Ended

Melrose Industries PLCPrice/Volume

Valuation Analysis

846'119.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

02!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

2 ! F

-! ! F

-2 ! F

.! ! F

.2 ! F

0! ! F

02 ! 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 !- !4 .!-0



01.10.2013




SCHRODERS PLC n/a RNS-MAJ 92'937'131 7.34 - 02.07.2013 Investment Advisor




LLOYDS BANKING GROUP n/a ULT-AGG 62'720'706 4.95 (8'228'911) 30.08.2013 Investment Advisor


ARTEMIS INVESTMENT M n/a Co File 51'544'983 4.07 - 06.03.2013 Investment Advisor


DIRECTOR & RELATED H Multiple Portfolios REG 35'815'411 2.83 (296'958) 01.07.2013 Other

F&C ASSET MANAGEMENT Multiple Portfolios REG 32'347'027 2.55 (2'719'862) 01.07.2013 Investment Advisor



JUPITER ASSET MANAGE Multiple Portfolios REG 27'078'848 2.14 1'757'421 01.07.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 26'770'433 2.11 (60'355) 31.05.2013 Investment Advisor


NORGES BANK Multiple Portfolios MF-AGG 25'270'966 2 - 31.12.2012 Government


CAZENOVE UNIT TRUST Multiple Portfolios MF-AGG 20'996'083 1.66 3'829'165 31.08.2013 Investment Advisor


RBC Capital Markets ANDREW CARTER outperform 5 M 325 12 month 26.09.2013

Investec CHRIS DYETT add 4 M 318 12 month 18.09.2013

UBS ROBBIE CAPP neutral 3 D 305 12 month 05.09.2013


JPMorgan ANDREW J WILSON not rated #N/A N/A M #N/A N/A Not Provided 29.08.2013

Liberum Capital Ltd BENJAMIN BOURNE buy 5 M 295 Not Provided 01.08.2013

Credit Suisse JONATHAN HURN neutral 3 M 275 Not Provided 11.07.2013

Barclays RICHARD PAIGE overweight 5 M 280 Not Provided 08.03.2013

Holdings By:

Melrose Industries PLC ee


01.10.2013

Rexam Plc manufactures and distributes packaging materials. The Company

supplies packaging solutions to the beauty, food, beverages, and healthcare

industry. Rexam's products are marketed worldwide.


LTM as of: 01/yy

52-Week High (02.04.2013) 550.50

52-Week Low (19.11.2012) 430.95

Daily Volume

483.1





3'824.51 1 Yr Total Return 12.46%







REX LN EQUITY YTD Change - Average Volume 30 Day 1'636'079

REX LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'842'946


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 - -

4'618.0 4'533.0 4'619.0 4'232.0 4'312.0 - - 4'361.0 4'499.8 - -

1.09x 1.00x 1.01x 1.07x 1.10x - - 1.18x 1.13x - -

644.0 619.0 710.0 673.0 671.0 - - 641.4 670.4 - -

7.83x 7.32x 6.60x 6.72x 7.06x - - 8.26x 7.91x - -

172.0 (29.0) 124.0 376.0 214.0 - - 295.0 339.1 - -

13.10x 25.49x 12.28x 10.66x 14.39x - - 12.88x 11.55x - -











EBITDA Margin 15.6%



Asset Turnover 0.72








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

1'001'150.00


!

-!!

.!!

0!!

1!!

2!!

3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

5'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



01.10.2013




LAZARD ASSET MANAGEM n/a ULT-AGG 40'377'252 5.1 (79'928) 06.09.2013 Unclassified



CAUSEWAY CAPITAL MAN Multiple Portfolios REG 21'306'763 2.69 (1'042'011) 03.06.2013 Investment Advisor

WELLINGTON MANAGEMEN Multiple Portfolios REG 20'573'923 2.6 1'050'130 03.06.2013 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios REG 19'517'388 2.47 575'000 03.06.2013 Investment Advisor






LAZARD FRERES ASSET Multiple Portfolios REG 15'584'098 1.97 758'276 03.06.2013 Investment Advisor


MONDRIAN INVESTMENT Multiple Portfolios REG 12'819'269 1.62 28'088 03.06.2013 Hedge Fund Manager



POLARIS CAPITAL MANA Multiple Portfolios REG 11'234'801 1.42 804'271 03.06.2013 Investment Advisor



AlphaValue THOMAS PICHERIT add 4 M 562 6 month 26.09.2013

Oriel Securities Ltd HECTOR FORSYTHE add 4 M 570 Not Provided 25.09.2013

Robert W. Baird & Co GHANSHAM PANJABI neutral 3 M 550 12 month 23.09.2013


EVA Dimensions TIMOTHY STANISH overweight 5 D #N/A N/A Not Provided 09.08.2013

Barclays PAUL CHECKETTS overweight 5 M 540 Not Provided 06.08.2013

Deutsche Bank DEBBIE JONES buy 5 M 550 12 month 05.08.2013

Credit Suisse LARS KJELLBERG neutral 3 M 555 Not Provided 05.08.2013

Macquarie ALBERT KABILI neutral 3 M 530 12 month 05.08.2013

S&P Capital IQ CARL SHORT hold 3 M 540 12 month 02.08.2013

Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 567 6 month 25.06.2013

Holdings By:

Rexam PLC ee


01.10.2013

Carnival plc owns and operates cruise ships. The Company offers cruise

vacations in North America, continental Europe, the United Kingdom, South

America, and Australia. Dually-listed company with CCL US.


LTM as of: 08/yy

52-Week High (29.01.2013) 2'638.00

52-Week Low (21.05.2013) 2'017.00

Daily Volume

2085





16'360.38 1 Yr Total Return -5.45%







CCL LN EQUITY YTD Change - Average Volume 30 Day 891'644

CCL LN EQUITY YTD % CHANGE - Average Volume 3 Month 738'793


30.11.2008 30.11.2009 30.11.2010 30.11.2011 30.11.2012 08/yy 08/yy 11/13 Y 11/14 Y 11/13 Q4 02/14 Q1

14'646.0 13'460.0 14'469.0 15'793.0 15'382.0 15'500.0 15'377.0 15'423.6 16'040.8 3'588.5 3'583.6

1.73x 2.66x 2.82x 2.21x 2.52x 8.79x 9.90x 2.31x 2.23x 10.03x 10.05x

3'978.0 3'463.0 3'763.0 3'756.0 3'342.0 3'467.0 1'645.0 3'082.3 3'241.1 485.2 442.5

6.35x 10.34x 10.83x 9.30x 11.62x 10.12x 0.00x 11.55x 10.98x 11.56x 11.33x

2'330.0 1'790.0 1'978.0 1'912.0 1'298.0 1'422.0 1'105.0 1'183.4 1'271.7 5.1 (60.8)

7.12x 14.69x 16.28x 14.20x 24.26x 18.68x 26.19x 21.95x 20.80x 22.12x 20.89x


EBIT 1'815.00 Long-Term Rating NR







Net Debt/EBITDA -

Gross Margin 44.2% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.39







Fiscal Year Ended

Carnival PLCPrice/Volume

Valuation Analysis

312'335.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!1 -. .!!6 !1 !3 .!-! !1 -. .!-! !1 !3 .!-- !1 -. .!-- !1 !3 .!-. !1 -. .!-. !1 !3 .!-0



01.10.2013


THORNBURG INVESTMENT Multiple Portfolios REG 17'589'474 8.15 (2'561'859) 01.05.2013 Investment Advisor





SPRUCEGROVE INVESTME Multiple Portfolios REG 7'072'865 3.28 (573'745) 01.05.2013 Investment Advisor








MAJEDIE ASSET MANAGE Multiple Portfolios REG 4'644'000 2.15 (287'241) 01.05.2013 Investment Advisor


ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 4'359'876 2.02 (28'853) 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios REG 4'212'010 1.95 (600'458) 01.05.2013 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios REG 3'918'033 1.82 (1'107'678) 01.05.2013 Investment Advisor

F&C ASSET MANAGEMENT Multiple Portfolios REG 3'185'065 1.48 345'706 01.05.2013 Investment Advisor


Natixis GEOFFREY D'HALLUIN reduce 2 M 2'000 Not Provided 01.10.2013

HSBC LENA THAKKAR neutral 3 M 2'120 Not Provided 30.09.2013

Panmure Gordon & Co Limited KARL BURNS sell 1 M 1'770 Not Provided 30.09.2013

Deutsche Bank RICHARD CARTER buy 5 M 2'640 12 month 27.09.2013


UBS ROBIN M FARLEY neutral 3 M 2'100 12 month 26.09.2013

Numis Securities Ltd WYN ELLIS hold 3 M 2'250 Not Provided 26.09.2013

Morgan Stanley JAMIE ROLLO Underwt/In-Line 1 D 2'000 12 month 25.09.2013

S&P Capital IQ WILLIAM MACK buy 5 M 2'700 12 month 25.09.2013

Exane BNP Paribas MATTHIAS DESMARAIS underperform 1 M 2'000 Not Provided 25.09.2013

Barclays CHRIS STEVENS equalweight 3 M 2'000 Not Provided 25.09.2013

Credit Suisse TIM RAMSKILL neutral 3 M 2'065 Not Provided 24.09.2013



Shore Capital Stockbrokers GREG JOHNSON hold 3 M #N/A N/A Not Provided 09.07.2013

Oriel Securities Ltd EDWARD STANFORD hold 3 M #N/A N/A Not Provided 26.06.2013


Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 2'800 Not Provided 10.02.2013

Holdings By:

Carnival PLC ee


01.10.2013

Mondi is an international packaging and paper Group, with key operations in

central Europe, Russia and South Africa. Mondi is fully integrated, growing

wood, manufacturing pulp and converting packaging into corrugated packaging,

industrial bags, extrusion coatings and release liner. Mondi is also a supplier

of consumer packaging solutions, advanced films and hygiene product components.


LTM as of: 01/yy

52-Week High (11.09.2013) 1'117.00

52-Week Low (04.10.2012) 615.00

Daily Volume

1034





5'023.03 1 Yr Total Return 69.49%







MNDI LN EQUITY YTD Change - Average Volume 30 Day 1'426'446

MNDI LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'142'495


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 - -

6'345.0 5'257.0 5'610.0 5'739.0 5'807.0 - - 6'641.1 6'884.4 - -

0.50x 0.74x 0.87x 0.68x 1.06x - - 1.21x 1.14x - -

801.0 654.0 803.0 960.0 919.0 - - 1'075.3 1'152.5 - -

3.94x 5.94x 6.11x 4.09x 6.71x - - 7.55x 7.04x - -

(211.0) (33.0) 224.0 330.0 244.0 - - 428.7 496.0 - -

- - 15.85x 9.47x 16.32x - - 14.01x 12.79x - -











EBITDA Margin 16.4%



Asset Turnover 1.04







Fiscal Year Ended

Mondi PLCPrice/Volume

Valuation Analysis

459'044.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



01.10.2013


DIMENSIONAL FUND ADV n/a ULT-AGG 23'333'547 6.35 (144'863) 01.05.2013 Investment Advisor


INVESTEC ASSET MANAG n/a Co File 17'789'698 4.84 - 20.02.2013 Investment Advisor

Investec Asset Manag Multiple Portfolios REG 17'789'698 4.84 - 01.05.2013 Unclassified


CORONATION ASSET MAN Multiple Portfolios MF-AGG 14'757'932 4.02 (49'176) 30.06.2013 Investment Advisor


ACADIAN ASSET MANAGE Multiple Portfolios REG 13'575'707 3.7 2'511'904 01.05.2013 Investment Advisor



OLD MUTUAL n/a ULT-AGG 11'978'984 3.26 - 30.06.2013 Unclassified

ALLAN GRAY UNIT TRUS n/a Co File 10'993'007 2.99 - 20.02.2013 Investment Advisor

SANLAM ASSET MANAGEM Multiple Portfolios REG 10'936'128 2.98 - 01.05.2013 Investment Advisor

SANLAM INVESTMENT MA n/a Co File 10'936'128 2.98 - 20.02.2013 Investment Advisor


MAJEDIE ASSET MANAGE Multiple Portfolios REG 9'990'329 2.72 1'211'739 01.05.2013 Investment Advisor



LSV ASSET MANAGEMENT Multiple Portfolios REG 6'540'446 1.78 (836'200) 01.05.2013 Investment Advisor

PRINCIPAL GLOBAL INV Multiple Portfolios REG 6'511'682 1.77 1'542'443 01.05.2013 Corporation


Credit Suisse LARS KJELLBERG outperform 5 M 1'310 Not Provided 24.09.2013

UBS NISHAL RAMLOUTAN neutral 3 M 1'016 12 month 24.09.2013

Jefferies JUSTIN JORDAN buy 5 M 1'150 12 month 12.09.2013

Barclays CAROLINE LEARMONTH equalweight 3 M 910 Not Provided 03.09.2013

Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 960 6 month 22.08.2013

Avior Research SEAN UNGERER neutral 3 M 1'146 Not Provided 16.08.2013

EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 14.08.2013

Deutsche Bank MATTHIAS PFEIFENBERGER buy 5 M 1'050 12 month 31.07.2013

BNP Paribas Cadiz Securities BRIAN MORGAN hold 3 M 905 12 month 15.04.2013

Davy BARRY DIXON outperform 5 M #N/A N/A Not Provided 31.10.2012

Holdings By:

Mondi PLC ee


01.10.2013

The Sage Group plc is a software publishing company. The Group develops,

publishes and distributes accounting and payroll software for personal computer

systems. Via its subsidiaries, Sage also maintains a registered user database

which provides a market for their related products and services, including

computer forms, software support contracts, program upgrades and training.


LTM as of: 01/yy

52-Week High (22.05.2013) 371.90

52-Week Low (06.12.2012) 289.07

Daily Volume

330.6












SGE LN EQUITY YTD Change - Average Volume 30 Day 2'047'805

SGE LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'003'903


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

1'295.0 1'439.3 1'277.7 1'334.1 1'340.2 - - 1'381.4 1'408.1 - -

2.38x 2.42x 2.99x 2.55x 3.22x - - 2.92x 2.84x - -

322.6 346.2 363.0 394.8 391.2 - - 407.6 418.6 - -

9.54x 10.06x 10.53x 8.63x 11.02x - - 9.47x 9.22x - -

166.3 189.5 227.3 189.0 296.6 - - 250.6 263.6 - -

15.34x 16.14x 16.95x 13.19x 16.82x - - 14.96x 13.66x - -











EBITDA Margin 28.8%



Asset Turnover 0.56








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

1'420'455.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!


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 !!

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



01.10.2013











JUPITER ASSET MANAGE Multiple Portfolios REG 31'776'701 2.88 1'867'352 01.07.2013 Investment Advisor




JO HAMBRO CAPITAL MA Multiple Portfolios REG 27'880'402 2.53 (1'570'872) 01.07.2013 Investment Advisor


LINDSELL TRAIN INVES Multiple Portfolios REG 26'224'031 2.38 3'488'702 01.07.2013 Unclassified


TROY ASSET MANAGEMEN Multiple Portfolios REG 23'129'565 2.1 3'171'838 01.07.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 20'343'238 1.84 1'755'830 31.07.2013 Investment Advisor



AlphaValue HELENE COUMES add 4 M 405 6 month 26.09.2013

Credit Suisse CHARLES BRENNAN underperform 1 M 317 Not Provided 25.09.2013

Morgan Stanley ADAM WOOD Underwt/In-Line 1 M 320 12 month 24.09.2013

Panmure Gordon & Co Limited GEORGE O'CONNOR hold 3 M 337 12 month 24.09.2013

Natixis GWENAEL GIARD neutral 3 M 335 Not Provided 20.09.2013


Goldman Sachs MOHAMMED MOAWALLA neutral/attractive 3 M 410 12 month 11.09.2013

N+1 Singer Ltd CHRIS GLASPER corporate #N/A N/A M #N/A N/A Not Provided 11.09.2013

UBS MICHAEL BRIEST neutral 3 M 330 12 month 03.09.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 16.08.2013

Exane BNP Paribas BRICE PRUNAS underperform 1 M 333 Not Provided 06.08.2013

Sanlam Securities UK Ltd ROGER PHILLIPS sell 1 M 315 12 month 05.08.2013

Societe Generale RICHARD NGUYEN sell 1 M 305 12 month 23.07.2013

RBC Capital Markets ANDREW DUNN sector perform 3 M 363 12 month 23.07.2013

Baader Bank KNUT WOLLER hold 3 M 370 12 month 23.07.2013

Berenberg Bank DAUD KHAN hold 3 M 342 Not Provided 23.07.2013

Bryan Garnier & Cie GREGORY RAMIREZ neutral 3 M 365 6 month 23.07.2013


Barclays GERARDUS VOS underweight 1 M 274 Not Provided 10.07.2013

Espirito Santo Investment Bank ResearchVIJAY ANAND buy 5 M 400 Not Provided 01.07.2013

Numis Securities Ltd DAVID TOMS hold 3 M 337 Not Provided 19.06.2013

JPMorgan STACY E POLLARD neutral 3 M 344 3 month 14.06.2013

Investec JULIAN YATES sell 1 M 316 Not Provided 13.05.2013

Canaccord Genuity Corp BOB LIAO hold 3 M 368 Not Provided 09.05.2013

Jefferies MILAN RADIA hold 3 M 337 12 month 20.03.2013

Redburn Partners NEIL STEER buy 5 M #N/A N/A Not Provided 15.11.2011

Holdings By:

Sage Group PLC/The ee


01.10.2013

Petrofac Limited is an international provider of facilities solutions to the

oil and gas production and processing industry. The Company's solutions include

designing and building oil and gas facilities, operating and managing

facilities, and training personnel.


LTM as of: 01/yy

52-Week High (25.01.2013) 1'752.00

52-Week Low (25.06.2013) 1'160.00

Daily Volume

1401





4'846.24 1 Yr Total Return -10.32%







PFC LN EQUITY YTD Change - Average Volume 30 Day 1'027'902

PFC LN EQUITY YTD % CHANGE - Average Volume 3 Month 853'669


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 - -

3'329.5 3'655.4 4'354.2 5'801.0 6'324.0 - - 6'639.9 7'478.0 - -

0.34x 1.20x 1.69x 1.05x 1.36x - - 1.23x 1.11x - -

420.9 550.2 637.7 765.0 865.0 - - 1'007.4 1'189.8 - -

2.69x 7.94x 11.56x 7.95x 9.97x - - 8.17x 6.92x - -

265.0 353.6 557.8 540.0 632.0 - - 642.1 747.3 - -

6.46x 16.07x 15.03x 14.03x 14.18x - - 12.04x 10.33x - -











EBITDA Margin 13.7%



Asset Turnover 1.13







Fiscal Year Ended

Petrofac LtdPrice/Volume

Valuation Analysis

483'139.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!!1!!3!!5!!

-!!!-.!!-1!!-3!!-5!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F 2 F- ! F- 2 F. ! F. 2 F0 ! F0 2 F1 ! F1 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

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

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



01.10.2013


ASFARI AYMAN n/a RNS-DIR 62'950'678 18.2 49'843 16.05.2013 n/a

SEMAAN MAROUN n/a RNS-DIR 28'288'813 8.18 70'949 16.05.2013 n/a




BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 3'117'000 0.9 1'712'000 30.04.2013 Investment Advisor


HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 2'617'203 0.76 107'413 31.05.2013 Investment Advisor

ETON PARK INTERNATIO n/a Short (2'455'981) -0.71 (380'504) 24.07.2013 Hedge Fund Manager


PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 2'180'957 0.63 490'048 30.06.2013 Investment Advisor

ROBERTS KEITH STEPHE n/a RNS-DIR 2'120'000 0.61 - 21.03.2011 n/a

CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 1'945'473 0.56 564'153 30.06.2013 Investment Advisor

ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 1'916'433 0.55 19'825 28.06.2013 Investment Advisor

OYSTER ASSET MANAGEM Multiple Portfolios MF-AGG 1'689'634 0.49 (167'166) 28.02.2013 Investment Advisor

GLG PARTNERS LP n/a Short (1'660'279) -0.48 345'892 21.02.2013 Hedge Fund Manager

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'622'551 0.47 - 31.12.2012 Investment Advisor


AKO CAPITAL LLP n/a Short (1'452'834) -0.42 345'802 04.09.2013 Investment Advisor




Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 1'600 Not Provided 20.09.2013

Credit Suisse DAVID J THOMAS outperform 5 M 1'800 Not Provided 19.09.2013

JPMorgan ANDREW DOBBING overweight 5 M 2'215 3 month 19.09.2013

Numis Securities Ltd SANJEEV BAHL hold 3 M 1'350 Not Provided 12.09.2013

Nomura CHRISTYAN MALEK neutral 3 M 1'300 12 month 10.09.2013

Liberum Capital Ltd ANDREW WHITTOCK buy 5 M 1'550 Not Provided 05.09.2013


Berenberg Bank ASAD FARID hold 3 M 1'370 Not Provided 03.09.2013

RBC Capital Markets KATHERINE TONKS sector perform 3 M 1'600 12 month 29.08.2013

Societe Generale GUILLAUME DELABY buy 5 M 1'580 12 month 28.08.2013

Deutsche Bank SEBASTIAN YOSHIDA hold 3 M 1'450 12 month 28.08.2013

HSBC PHILLIP LINDSAY neutral 3 M 1'300 Not Provided 28.08.2013

Macquarie MARK WILSON underperform 1 M 1'140 12 month 28.08.2013

Natixis ALAIN PARENT buy 5 M 1'650 Not Provided 28.08.2013

Goldman Sachs HENRY TARR neutral/neutral 3 M 1'512 12 month 27.08.2013

S&P Capital IQ CHRISTINE TISCARENO strong buy 5 M 2'200 12 month 27.08.2013

Oriel Securities Ltd DAVID ROUND hold 3 M #N/A N/A Not Provided 27.08.2013

Investec KEITH ADAM MORRIS buy 5 M 1'500 12 month 22.08.2013

UBS AMY WONG buy 5 M 1'850 12 month 16.08.2013

VSA Capital Ltd DOUGIE YOUNGSON buy 5 M 1'850 12 month 24.07.2013

Morgan Stanley ROBERT PULLEYN Overwt/In-Line 5 M 1'700 12 month 09.07.2013

ABN Amro Bank N.V. MARK VAN DER GEEST buy 5 M 1'650 Not Provided 25.06.2013

Barclays MICK PICKUP underweight 1 M 1'800 Not Provided 28.05.2013

Holdings By:

Petrofac Ltd ee


01.10.2013

Coca-Cola HBC AG is one of the bottlers in the Coca-Cola system, operating

plants in Europe, Africa and Asia. The Company produces, sells, and distributes

a wide range of non-alcoholic beverages, including sparkling, juice, water,

sport, energy, tea and coffee.


LTM as of: 06/yy

52-Week High (16.09.2013) 1'979.00

52-Week Low (24.06.2013) 1'374.28

Daily Volume

1825


52-Week Low % Change 32.80% Beta -



6'644.51 1 Yr Total Return -

Total Debt 2'159.70 YTD Return -

Preferred Stock 0.0 Adjusted BETA -





CCH LN EQUITY YTD Change - Average Volume 30 Day 958'056

CCH LN EQUITY YTD % CHANGE - Average Volume 3 Month 539'973


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

- - 6'761.6 6'824.3 7'044.7 0.0 3'381.1 7'156.9 7'408.5 - -

- - - - - #DIV/0! 0.00x 1.34x 1.27x - -

- - 1'058.8 892.9 822.7 0.0 0.0 888.7 961.4 - -

- - - - - 0.00x 0.00x 10.91x 10.09x - -

- - 421.0 264.4 190.4 0.0 65.6 301.6 362.3 - -

- - - - - 0.00x 0.00x 25.74x 22.04x - -











EBITDA Margin 11.7%



Asset Turnover 0.97








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Coca-Cola HBC AGPrice/Volume

Valuation Analysis

249'061.00


!

2!!

-!!!

-2!!

.!!!

.2!!

Q--0 j--0 g--0 g--0 Q--0 o--0 ! F. ! F1 ! F3 ! F5 ! 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

7'000.0

8'000.0

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

! .!

! 1!

! 3!

! 5!

- !!

- .!



01.10.2013


KAR-TESS HOLDING S.A n/a 13D 85'340'094 23.44 - 19.06.2013 Holding Company

COCA-COLA CO/THE n/a RNS-MAJ 85'112'078 23.38 - 29.04.2013 Corporation


UMB BANK N A Multiple Portfolios MF-AGG 3'828'430 1.05 - 31.07.2013 Investment Advisor

COMGEST S A Multiple Portfolios MF-AGG 3'727'000 1.02 - 31.12.2012 Unclassified




ST JAMES' PLACE UNIT Multiple Portfolios MF-AGG 1'100'167 0.3 - 30.08.2013 Investment Advisor

PETERCAM SA Multiple Portfolios MF-AGG 531'065 0.15 531'065 30.04.2013 Investment Advisor

ALPHA MUTUAL FUND MA Multiple Portfolios MF-AGG 465'011 0.13 375'011 28.06.2013 Investment Advisor

IOANNOU CHRISTOS n/a RNS-DIR 447'500 0.12 - 31.05.2013 n/a

CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 443'000 0.12 - 31.07.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 362'862 0.1 10'602 31.07.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 341'943 0.09 (3'236) 30.06.2013 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 335'000 0.09 335'000 31.05.2013 Investment Advisor

MOTLEY FOOL ASSET MA Multiple Portfolios MF-AGG 211'408 0.06 211'408 30.04.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 208'668 0.06 9'007 31.07.2013 Investment Advisor

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 179'015 0.05 179'015 30.06.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 174'037 0.05 (3'800) 26.09.2013 Investment Advisor


Societe Generale ANDREW HOLLAND sell 1 M 1'520 12 month 23.09.2013


Nomura EDWARD MUNDY neutral 3 M 1'600 12 month 12.09.2013

JPMorgan MIKE J GIBBS overweight 5 M 1'860 12 month 03.09.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.08.2013

Eurobank EFG STAMATIOS DRAZIOTIS sell 1 D 1'515 Not Provided 20.08.2013

Goldman Sachs CONOR PARSONS neutral/attractive 3 D 1'940 12 month 13.08.2013

HSBC LAUREN E TORRES neutral 3 M 1'800 Not Provided 09.08.2013

IBG Research (ESN) DIMITRIS BIRBOS hold 3 M 1'763 12 month 09.08.2013

Barclays SAMAR CHAND overweight 5 M 2'000 Not Provided 09.08.2013


Piraeus Securities S.A. GEORGE DOUKAS neutral 3 M 1'549 12 month 08.08.2013

NBG Securities COSTAS THEODOROU neutral 3 M #N/A N/A Not Provided 08.08.2013


Holdings By:

Coca-Cola HBC AG ee


01.10.2013

Aberdeen Asset Management PLC operates an investment management group, which

manages unit trusts, investment trusts, and institutional funds for retail and

institutional clients. The Group's funds under management are mainly United

Kingdom funds, but also include an assortment from the Far East, Japan, Europe,

and the United States.


LTM as of: 01/yy

52-Week High (28.05.2013) 492.20

52-Week Low (01.10.2012) 309.90

Daily Volume

379.3





4'548.54 1 Yr Total Return 23.01%







ADN LN EQUITY YTD Change - Average Volume 30 Day 5'203'751

ADN LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'732'790


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -

430.1 421.9 638.2 784.0 869.2 - - 1'057.7 1'147.1 - -

2.84x 4.39x 3.16x 2.56x 3.99x - - 4.09x 3.59x - -

114.9 132.0 226.4 313.2 361.0 - - 464.9 512.9 - -

10.64x 14.02x 8.90x 6.40x 9.61x - - 9.30x 8.43x - -

35.2 (8.1) 92.6 169.7 208.7 - - 353.3 386.7 - -

27.55x - 18.72x 11.51x 16.46x - - 12.56x 11.49x - -











EBITDA Margin 43.2%



Asset Turnover 0.25







Fiscal Year Ended

Aberdeen Asset Management PLCPrice/Volume

Valuation Analysis

1'154'800.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!

.!!

0!!

1!!

2!!

3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

-3 ! F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

1'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

6! !!

-!! !!

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



01.10.2013


MITSUB UFJ FINANCIAL n/a ULT-AGG 450'802'990 37.59 1'646'457 01.08.2013 Holding Company



ABERDEEN ASSET MANAG Multiple Portfolios REG 54'038'430 4.51 (1'175'926) 01.08.2013 Unclassified

APPLEBY TRUST (JERSE n/a RNS-MAJ 47'936'218 4 - 21.12.2012 Unclassified

SKAGEN FUNDS n/a RNS-MAJ 34'233'445 2.85 (647'777) 15.08.2012 Investment Advisor



SWEDBANK PRIVATE BAN Multiple Portfolios REG 26'462'809 2.21 23'962'809 01.08.2013 Bank










ODEY ASSET MANAGEMEN n/a Short (14'390'317) -1.2 (959'354) 11.09.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 14'327'509 1.19 1'431'598 01.08.2013 Bank


Numis Securities Ltd DAVID MCCANN buy 5 M 480 Not Provided 01.10.2013

Exane BNP Paribas DANIEL DAVIES outperform 5 M 525 Not Provided 27.09.2013

RBC Capital Markets PETER K LENARDOS outperform 5 M 480 12 month 26.09.2013

Shore Capital Stockbrokers OWEN JONES buy 5 M #N/A N/A Not Provided 26.09.2013

Credit Suisse GURJIT KAMBO outperform 5 M 465 Not Provided 25.09.2013

Peel Hunt STUART DUNCAN buy 5 M 450 Not Provided 25.09.2013

Societe Generale MICHAEL SANDERSON buy 5 M 465 12 month 23.09.2013

JPMorgan RAE MAILE overweight 5 M 523 15 month 23.09.2013

Keefe, Bruyette & Woods TOM MILLS outperform 5 M 420 12 month 23.09.2013

Cantor Fitzgerald CATHERINE HEATH buy 5 M 535 Not Provided 23.09.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 M 440 12 month 23.09.2013

Morgan Stanley BRUCE HAMILTON Equalwt/In-Line 3 M 407 12 month 17.09.2013

UBS ARNAUD GIBLAT neutral 3 D 404 12 month 16.09.2013

HSBC NITIN ARORA overweight 5 M 455 Not Provided 11.09.2013

Baden Hill LLP MATTHEW WAKEFIELD buy 5 N #N/A N/A Not Provided 02.09.2013

Espirito Santo Investment Bank ResearchPHILIP DOBBIN buy 5 M 461 Not Provided 30.07.2013

Berenberg Bank PRAS JEYANANDHAN buy 5 M 500 Not Provided 29.07.2013

Oriel Securities Ltd SARAH ING buy 5 M 530 Not Provided 29.07.2013

Barclays DANIEL R GARROD overweight 5 M 530 Not Provided 29.07.2013

Jefferies JASON STREETS hold 3 M 440 12 month 08.07.2013

Goldman Sachs CHRIS M. TURNER neutral/neutral 3 M 465 12 month 03.07.2013



Holdings By:

Aberdeen Asset Management PLC ee


01.10.2013

William Hill plc provides bookmaking services in the United Kingdom. The Group,

which operates licensed betting offices, telephone based-betting operations, and

online betting, offers odds and takes bets on an assortment of sporting and

other events. William Hill's betting offices provide access to real-time sports

information via television and audio satellite links.


LTM as of: 01/yy

52-Week High (01.08.2013) 494.60

52-Week Low (01.10.2012) 292.26

Daily Volume

415.8





3'603.44 1 Yr Total Return 44.82%







WMH LN EQUITY YTD Change - Average Volume 30 Day 3'409'225

WMH LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'312'544


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 - -

963.7 997.9 1'071.8 1'136.7 1'276.9 - - 1'498.3 1'623.2 - -

1.82x 1.90x 1.54x 1.48x 2.13x - - 2.90x 2.58x - -

318.0 296.3 310.8 311.8 371.4 - - 394.6 429.8 - -

5.53x 6.41x 5.31x 5.38x 7.33x - - 10.97x 10.07x - -

234.0 61.1 129.7 115.2 189.8 - - 246.7 276.5 - -

3.18x 20.03x 9.21x 11.45x 12.90x - - 14.14x 13.12x - -


EBIT 322.70 Long-Term Rating BB+









EBITDA Margin 27.9%



Asset Turnover 0.65







Fiscal Year Ended

William Hill PLCPrice/Volume

Valuation Analysis

11'972'418.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!

.!!

0!!

1!!

2!!

3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

-! ! F

.! ! F

0! ! F

1! ! F

2! ! F

3! ! 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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



01.10.2013





SUN LIFE FINANCIAL I n/a ULT-AGG 37'376'972 4.31 - 01.03.2013 Investment Advisor















DIMENSIONAL FUND ADV n/a ULT-AGG 15'958'682 1.84 1'715'275 31.07.2013 Investment Advisor



Numis Securities Ltd IVOR JONES buy 5 M 550 Not Provided 26.09.2013

AlphaValue BERENICE LACROIX add 4 M 464 6 month 26.09.2013

Morgan Stanley VAUGHAN LEWIS Overwt/In-Line 5 M 500 12 month 20.09.2013

Nomura RICHARD STUBER buy 5 M 505 12 month 13.09.2013

JPMorgan VICTORIA A GREER overweight 5 M 550 9 month 11.09.2013

Davy DAVID JENNINGS outperform 5 M #N/A N/A Not Provided 26.08.2013

Investec JAMES HOLLINS buy 5 M 540 12 month 09.08.2013

Goodbody Stockbrokers Ltd GAVIN KELLEHER buy 5 M 510 12 month 09.08.2013

Daniel Stewart & Co MICHAEL CAMPBELL buy 5 N 555 12 month 09.08.2013

Oriel Securities Ltd JEFFREY HARWOOD buy 5 M #N/A N/A Not Provided 09.08.2013

Exane BNP Paribas ROBERTA CIACCIA neutral 3 M 425 Not Provided 08.08.2013

Jefferies JAMES WHEATCROFT buy 5 M 500 12 month 07.08.2013

Panmure Gordon & Co Limited SIMON FRENCH buy 5 M 518 Not Provided 07.08.2013



Peel Hunt NICHOLAS BATRAM hold 3 M 409 Not Provided 05.08.2013

Canaccord Genuity Corp SIMON DAVIES hold 3 M 438 12 month 02.08.2013

Deutsche Bank RICHARD CARTER hold 3 M 496 12 month 25.07.2013

Barclays CHRIS STEVENS equalweight 3 U 450 Not Provided 25.06.2013


UBS JONATHAN LEINSTER neutral 3 M 400 12 month 19.04.2013

Holdings By:

William Hill PLC ee


01.10.2013

Croda International plc is the holding company for a group of companies that

manufacture a diverse range of chemicals and chemical products, including

oleochemicals and industrial chemicals. Croda supplies its items to companies

that specialize in the personal care, pharmaceutical, plastics, food processing,

nutrition, fire prevention, engineering and automotive industries.


LTM as of: 06/yy

52-Week High (03.04.2013) 2'846.00

52-Week Low (01.11.2012) 2'000.00

Daily Volume

2658












CRDA LN EQUITY YTD Change - Average Volume 30 Day 247'840

CRDA LN EQUITY YTD % CHANGE - Average Volume 3 Month 265'701


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

911.1 827.5 1'001.9 1'028.0 1'051.9 1'081.7 1'041.7 1'099.3 1'174.1 279.0 257.5

1.24x 1.70x 2.44x 2.68x 3.36x 0.00x 0.00x 3.47x 3.20x - -

143.5 136.7 232.7 271.0 288.3 0.0 0.0 311.9 340.8 - -

7.87x 10.32x 10.49x 10.17x 12.25x 0.00x 0.00x 12.29x 11.24x - -

61.0 23.8 130.8 167.5 161.9 0.0 0.0 183.1 204.6 45.7 44.7

10.82x 18.78x 16.94x 15.02x 18.28x 0.00x 0.00x 19.72x 17.63x - -











EBITDA Margin 28.3%



Asset Turnover 1.02







Fiscal Year Ended

Croda International PLCPrice/Volume

Valuation Analysis

178'827.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



01.10.2013



MONDRIAN INVESTMENT Multiple Portfolios REG 6'180'992 4.55 576'612 01.05.2013 Hedge Fund Manager





ALLIANZ ASSET MANAGE n/a ULT-AGG 3'406'662 2.51 (36'829) 31.08.2013 Investment Advisor



DANSKE BANK A/S Multiple Portfolios REG 2'936'201 2.16 (252'565) 01.05.2013 Bank


F&C ASSET MANAGEMENT Multiple Portfolios REG 2'513'815 1.85 65'221 01.05.2013 Investment Advisor

RUANE CUNNIFF & GOLD Multiple Portfolios REG 2'276'434 1.68 - 01.05.2013 Investment Advisor


KUWAIT INVESTMENT AU Multiple Portfolios REG 2'211'676 1.63 (2'315) 01.05.2013 Government


MAWER INVESTMENT MAN Multiple Portfolios REG 1'836'940 1.35 23'263 01.05.2013 Investment Advisor

FINANCIERE DE L'ECHI Multiple Portfolios REG 1'831'700 1.35 - 01.05.2013 Investment Advisor


HENDERSON GLOBAL INV Multiple Portfolios REG 1'701'885 1.25 (30'000) 01.05.2013 Investment Advisor


Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 3'200 Not Provided 26.09.2013

Credit Suisse CHRIS COUNIHAN outperform 5 U 3'000 Not Provided 23.09.2013

Canaccord Genuity Corp ALICIA FORRY sell 1 M 2'000 12 month 05.09.2013

JPMorgan MARTIN EVANS overweight 5 M 2'850 15 month 04.09.2013

Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 3'460 12 month 30.08.2013

Deutsche Bank MARTIN DUNWOODIE buy 5 U 2'850 12 month 22.08.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 2'800 Not Provided 09.08.2013

Morgan Stanley PAUL RICHARD WALSH Overwt/In-Line 5 M 2'920 12 month 29.07.2013

Numis Securities Ltd CHARLES PICK hold 3 M 2'500 12 month 29.07.2013

UBS CAROL CHAN neutral 3 M 2'370 12 month 24.07.2013

Jefferies LAURENCE ALEXANDER hold 3 M 2'600 12 month 23.07.2013

HSBC SEBASTIAN SATZ neutral 3 M 2'800 Not Provided 23.07.2013

Berenberg Bank JAIDEEP PANDYA buy 5 M 3'100 Not Provided 23.07.2013

Barclays GUNTHER ZECHMANN underweight 1 D 2'520 Not Provided 17.07.2013


N+1 Singer Ltd JAMES TETLEY hold 3 M 2'700 12 month 02.04.2013

Main First Bank AG THOMAS SWOBODA underperform 1 D 2'350 12 month 23.01.2013

Holdings By:

Croda International PLC ee


01.10.2013

Hammerson plc invests in and develops property. The Company develops, builds

and manages commercial buildings, offices and shopping centers. Hammerson

operates throughout the United Kingdom, but also has investment and development

activities in France and Germany.


LTM as of: 01/yy

52-Week High (15.05.2013) 556.50

52-Week Low (01.10.2012) 450.40

Daily Volume

501





3'571.46 1 Yr Total Return 13.98%







HMSO LN EQUITY YTD Change - Average Volume 30 Day 1'802'079

HMSO LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'717'961


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 - -

408.5 404.8 401.5 363.8 358.0 - - 335.0 358.1 - -

12.25x 12.88x 12.08x 12.75x 15.58x - - 17.07x 16.14x - -

210.4 67.6 273.1 219.5 217.4 - - 260.0 280.9 - -

23.78x 77.10x 17.75x 21.13x 25.66x - - 22.70x 21.01x - -

(1'572.6) (344.5) 615.4 335.7 138.4 - - 157.5 167.2 - -

- - 4.78x 8.76x 38.75x - - 22.77x 20.96x - -











EBITDA Margin 65.0%



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hammerson PLCPrice/Volume

Valuation Analysis

248'127.00


!

-!!

.!!

0!!

1!!

2!!

3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

400.0

450.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



01.10.2013







COHEN & STEERS CAPIT Multiple Portfolios REG 27'316'612 3.83 5'894'936 03.06.2013 Investment Advisor




BANK OF NEW YORK MEL Multiple Portfolios REG 16'735'709 2.35 2'220'951 03.06.2013 Investment Advisor

EII CAPITAL MANAGEME n/a Research 15'028'617 2.11 643'100 30.06.2013 Investment Advisor

CBRE GROUP INC n/a ULT-AGG 12'259'027 1.72 (544'400) 03.06.2013 Corporation

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 11'777'668 1.65 (2'679'050) 27.09.2013 Investment Advisor






WELLINGTON MANAGEMEN Multiple Portfolios REG 8'425'923 1.18 2'622'321 03.06.2013 Investment Advisor



Exane BNP Paribas NICK WEBB outperform 5 M 570 Not Provided 01.10.2013

Societe Generale MARC MOZZI buy 5 M 590 12 month 30.09.2013




JPMorgan HARM M MEIJER overweight 5 M 570 12 month 13.09.2013

Numis Securities Ltd CHRISTOPHER SPEARING hold 3 M 520 Not Provided 10.09.2013

Deutsche Bank MARTIN ALLEN hold 3 M 450 12 month 03.09.2013

Morgan Stanley CHRISTOPHER FREMANTLE Equalwt/Attractive 3 M 540 12 month 28.08.2013


Peel Hunt KATE BARLOW hold 3 M 500 Not Provided 05.08.2013

Oriel Securities Ltd MIRANDA COCKBURN add 4 M #N/A N/A Not Provided 31.07.2013

Investec ALAN CARTER reduce 2 M 525 12 month 29.07.2013

Goldman Sachs JULIAN LIVINGSTON-BOOTH Buy/Neutral 5 M 570 12 month 29.07.2013

Kempen & Co RYAN PALECEK overweight 5 M 555 12 month 10.05.2013


UBS HOWARD LESSER buy 5 M 560 12 month 11.03.2013

Barclays AARON GUY equalweight 3 M 534 Not Provided 30.07.2012

Holdings By:

Hammerson PLC ee


01.10.2013

Tate & Lyle PLC is the holding company for an international group of companies

which produces and markets ingredients and solutions for the food, beverage,

industrials and agriculture industries around the world. The Company's range

of products includes nutritive sweeteners, industrial starches, ethanol,

acidulants and animal feed.


LTM as of: 01/yy

52-Week High (11.07.2013) 889.50

52-Week Low (02.10.2012) 662.50

Daily Volume

741





3'455.87 1 Yr Total Return 14.80%







TATE LN EQUITY YTD Change - Average Volume 30 Day 1'248'156

TATE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'173'250


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 01/yy 01/yy 03/14 Y 03/15 Y - -

3'553.0 2'533.0 2'720.0 3'088.0 3'256.0 - - 3'463.5 3'498.9 - -

0.69x 1.15x 1.17x 1.24x 1.38x - - 1.10x 1.06x - -

296.0 373.0 418.0 440.0 455.0 - - 483.4 506.1 - -

8.24x 7.83x 7.62x 8.70x 9.85x - - 8.22x 7.85x - -

65.0 15.0 163.0 305.0 277.0 - - 280.5 299.4 - -

13.36x - 13.56x 10.70x 15.18x - - 12.58x 11.74x - -











EBITDA Margin 14.0%



Asset Turnover 1.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tate & Lyle PLCPrice/Volume

Valuation Analysis

721'719.00


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

-!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

3'000.0

3'500.0

4'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



01.10.2013




SCHRODERS PLC n/a RNS-MAJ 25'479'583 5.46 (846'762) 04.07.2013 Investment Advisor




TIAA CREF INVESTMENT #N/A N/A RNS-MAJ 19'481'249 4.18 1'203'406 26.09.2013 Investment Advisor

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 19'188'720 4.11 - 31.03.2012 Investment Advisor


BARCLAYS GLOBAL INVE n/a Co File 17'568'133 3.77 - 29.05.2013 Investment Advisor






JUPITER ASSET MANAGE Multiple Portfolios REG 9'164'576 1.97 107'494 01.07.2013 Investment Advisor




AVIVA INVESTORS Multiple Portfolios REG 6'572'612 1.41 (32'004) 01.07.2013 Investment Advisor


Morgan Stanley AUDREY BORIUS-GUNNING Overwt/In-Line 5 M 975 12 month 27.09.2013

Investec MARTIN DEBOO buy 5 M 825 12 month 27.09.2013

Exane BNP Paribas JEFF STENT neutral 3 M 800 Not Provided 27.09.2013

Credit Suisse CHARLES MILLS neutral 3 D 800 Not Provided 20.09.2013

Numis Securities Ltd CHARLES PICK add 4 U 884 Not Provided 19.09.2013

Canaccord Genuity Corp ALICIA FORRY buy 5 M 900 12 month 12.09.2013

UBS ALAN ERSKINE sell 1 D 770 12 month 09.09.2013

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 29.08.2013

Mirabaud Securities JULIAN LAKIN add 4 M 930 12 month 31.07.2013

Societe Generale WARREN L ACKERMAN hold 3 M 900 12 month 25.07.2013


Berenberg Bank JAMES TARGETT buy 5 M 950 Not Provided 25.07.2013

Panmure Gordon & Co Limited DAMIAN MCNEELA sell 1 M 750 Not Provided 25.07.2013

JPMorgan ANKUR GUPTA underweight 1 M 735 15 month 24.07.2013

Jefferies DIRK VAN VLAANDEREN buy 5 M 980 12 month 24.07.2013



Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 820 12 month 23.04.2013

Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 18.12.2012

Holdings By:

Tate & Lyle PLC ee


01.10.2013

Persimmon plc designs, builds and develops residential housing. The Company has

regional branches in Yorkshire, the North East and North West, Scotland, the

Midlands, Anglia, Wessex, Thames Valley, the South East, South Coast, South West

and Wales.


LTM as of: 01/yy

52-Week High (16.07.2013) 1'321.00

52-Week Low (10.10.2012) 679.22

Daily Volume

1091





3'315.09 1 Yr Total Return 53.56%







PSN LN EQUITY YTD Change - Average Volume 30 Day 1'302'260

PSN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'113'311


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

1'755.1 1'420.6 1'569.5 1'535.0 1'721.4 - - 1'939.6 2'144.1 - -

0.81x 1.18x 0.85x 0.90x 1.29x - - 1.67x 1.41x - -

193.5 59.3 132.1 156.7 227.3 - - 301.4 371.4 - -

7.30x 28.38x 10.13x 8.81x 9.77x - - 10.84x 8.80x - -

(625.0) 74.1 115.3 109.0 170.2 - - 228.0 297.7 - -

- 19.03x 10.88x 12.99x 14.22x - - 14.62x 11.74x - -











EBITDA Margin 14.6%



Asset Turnover 0.67







Fiscal Year Ended

Persimmon PLCPrice/Volume

Valuation Analysis

475'308.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



01.10.2013





ALLIANZ GLOBAL INVES n/a Co File 18'098'600 5.96 - 31.12.2012 Investment Advisor


TEMPLETON FOREIGN FU n/a Co File 14'827'805 4.88 - 31.12.2012 n/a

AMERIPRISE FINANCIAL n/a RNS-MAJ 14'416'769 4.74 (904'422) 12.09.2013 Investment Advisor



PRIVATE INDIVIDUALS Multiple Portfolios REG 11'802'142 3.88 (1'418'609) 01.08.2013 Other





POLARIS CAPITAL MANA Multiple Portfolios REG 6'991'738 2.3 (1'138'305) 01.08.2013 Investment Advisor







JPMorgan EMILY BIDDULPH overweight 5 U 1'250 3 month 30.09.2013

Deutsche Bank GLYNIS JOHNSON hold 3 M 1'202 12 month 27.09.2013

Jefferies ANTHONY CODLING hold 3 M 1'162 12 month 27.09.2013

Panmure Gordon & Co Limited MARK HUGHES sell 1 M 1'026 Not Provided 18.09.2013

Davy COLIN SHERIDAN underperform 1 M #N/A N/A Not Provided 10.09.2013


HSBC JEFFREY G DAVIS overweight 5 M 1'395 Not Provided 04.09.2013

Liberum Capital Ltd CHARLIE CAMPBELL hold 3 M 1'245 Not Provided 28.08.2013

Numis Securities Ltd CHRISTOPHER MILLINGTON reduce 2 M 1'000 Not Provided 20.08.2013

Credit Suisse HARRY GOAD outperform 5 M 1'532 Not Provided 07.08.2013

Peel Hunt CLYDE LEWIS hold 3 D 1'310 Not Provided 30.07.2013

Redburn Partners WILLIAM JONES neutral 3 M #N/A N/A Not Provided 11.07.2013

Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 1'811 6 month 02.07.2013

UBS BENJAMIN ROSENBERGER neutral 3 D 1'260 12 month 31.05.2013

Northland Capital Partners Ltd SIMON BROWN buy 5 M 950 Not Provided 15.02.2013

Holdings By:

Persimmon PLC ee


01.10.2013

easyJet plc, a low-cost passenger airline, conducts operations throughout the

United Kingdom and mainland Europe. The Company sells the majority of its

tickets through its Web site.


LTM as of: 06/yy

52-Week High (05.08.2013) 1'465.00

52-Week Low (01.10.2012) 578.00

Daily Volume

1318





5'225.94 1 Yr Total Return 127.72%







EZJ LN EQUITY YTD Change - Average Volume 30 Day 1'536'672

EZJ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'391'687


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

2'362.8 2'666.8 2'973.0 3'452.0 3'854.0 3'749.0 4'099.0 4'213.9 4'515.6 1'477.0 -

0.46x 0.62x 0.55x 0.40x 0.62x 0.00x 0.58x 1.21x 1.08x - -

138.0 108.9 259.0 359.0 437.0 0.0 0.0 614.4 680.2 - -

7.94x 15.22x 6.30x 3.85x 5.43x 0.00x 0.00x 7.80x 7.05x - -

83.2 71.2 121.0 225.0 255.0 0.0 0.0 372.5 424.3 - -

15.88x 22.47x 13.05x 6.56x 9.29x 0.00x 0.00x 14.30x 12.64x - -











EBITDA Margin 12.8%



Asset Turnover 0.89








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

1'263'466.00


!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



01.10.2013


EASYGROUP HOLDINGS L Multiple Portfolios REG 101'952'938 25.71 (800'500) 01.05.2013 Holding Company

POLYS HOLDINGS LTD Multiple Portfolios REG 43'357'820 10.93 (400'540) 01.05.2013 Unclassified




DIMENSIONAL FUND ADV n/a ULT-AGG 10'648'302 2.69 - 01.05.2013 Investment Advisor





OLD MUTUAL n/a ULT-AGG 7'286'557 1.84 377'563 31.08.2013 Unclassified




BANK OF NEW YORK MEL Multiple Portfolios REG 6'456'861 1.63 913'981 01.05.2013 Investment Advisor

EGERTON CAPITAL LIMI Multiple Portfolios REG 6'099'714 1.54 (2'315'759) 01.05.2013 Hedge Fund Manager


Easyjet plc LTIP Multiple Portfolios REG 5'442'219 1.37 (154'972) 01.05.2013 Unclassified




Numis Securities Ltd WYN ELLIS buy 5 M 1'600 Not Provided 01.10.2013

Panmure Gordon & Co Limited GERT ZONNEVELD buy 5 M 1'500 12 month 01.10.2013

Cantor Fitzgerald ROBIN BYDE hold 3 M 1'500 Not Provided 30.09.2013

Redburn Partners TIM MARSHALL buy 5 M #N/A N/A Not Provided 30.09.2013

Macquarie SAM DOBSON neutral 3 M 1'300 12 month 27.09.2013

AlphaValue HELENE COUMES sell 1 M 1'159 6 month 26.09.2013

HSBC ANDREW DAVID LOBBENBERG neutral 3 M 1'350 Not Provided 20.09.2013

Oddo & Cie YAN DEROCLES buy 5 M 1'620 Not Provided 13.09.2013

Morgan Stanley PENNY BUTCHER Overwt/Attractive 5 M 1'800 12 month 03.09.2013

Jefferies MARK IRVINE-FORTESCUE hold 3 M 1'470 12 month 29.08.2013


Goldman Sachs NICK EDELMAN neutral/neutral 3 M 1'442 12 month 22.08.2013

Goodbody Stockbrokers Ltd DONAL O'NEILL buy 5 M 1'750 12 month 06.08.2013

Commerzbank Corporates & Markets JOHANNES BRAUN hold 3 M 1'450 6 month 05.08.2013

Oriel Securities Ltd EDWARD STANFORD buy 5 M #N/A N/A Not Provided 26.07.2013


UBS JARROD CASTLE buy 5 M 1'560 12 month 25.07.2013

RBC Capital Markets DAMIAN BREWER sector perform 3 M 1'450 12 month 24.07.2013

Credit Suisse NEIL GLYNN neutral 3 M 1'518 Not Provided 24.07.2013

Nomura ANDREW EVANS buy 5 M 1'375 Not Provided 24.07.2013

Main First Bank AG LOIC SABATIER outperform 5 M 1'550 12 month 24.07.2013

JPMorgan JAMIE N BAKER overweight 5 U 1'540 3 month 17.07.2013


Barclays DAVID E FINTZEN equalweight 3 M 950 Not Provided 28.01.2013

Davy STEPHEN FURLONG neutral 3 D #N/A N/A Not Provided 16.01.2013

Holdings By:

easyJet PLC ee


01.10.2013

AMEC PLC provides consulting, engineering and project management services to the

world's energy, power and process industries. The Company project manages the

delivery of major industrial and infrastructure projects, such as power

networks, and supplies engineering, procurement and construction management

services in the energy and mining industries.


LTM as of: 01/yy

52-Week High (03.10.2012) 1'162.00

52-Week Low (22.04.2013) 961.00

Daily Volume

1069





3'179.56 1 Yr Total Return -4.14%







AMEC LN EQUITY YTD Change - Average Volume 30 Day 786'832

AMEC LN EQUITY YTD % CHANGE - Average Volume 3 Month 730'569


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

2'606.4 2'539.1 2'951.0 3'261.0 4'158.0 - - 4'261.5 4'319.9 - -

0.35x 0.76x 1.07x 0.78x 0.72x - - 0.72x 0.69x - -

209.8 155.6 238.0 281.0 363.0 - - 380.0 416.9 - -

4.31x 12.45x 13.23x 9.06x 8.25x - - 8.30x 7.57x - -

199.7 171.7 231.0 232.0 216.0 - - 245.8 274.7 - -

7.64x 16.64x 15.75x 14.34x 14.97x - - 12.45x 11.10x - -











EBITDA Margin 9.2%



Asset Turnover 1.58







Fiscal Year Ended

AMEC PLCPrice/Volume

Valuation Analysis

318'675.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F 2 F- ! F- 2 F. ! F. 2 F0 ! F0 2 F1 ! F1 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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

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



01.10.2013




MONDRIAN INVESTMENT n/a RNS-MAJ 15'309'947 5.15 - 31.05.2013 Hedge Fund Manager










INVESTEC WEALTH & IN Multiple Portfolios REG 5'944'436 2 1'165'752 01.05.2013 Investment Advisor


AMEC PLC ESOP Multiple Portfolios REG 5'121'984 1.72 (60'698) 01.05.2013 Unclassified

PEOPLES REPUBLIC OF Multiple Portfolios REG 4'714'375 1.59 (1'225'956) 01.05.2013 Government

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 4'381'348 1.47 (533'373) 30.06.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 4'361'973 1.47 1'315'009 30.06.2013 Investment Advisor


RATHBONE n/a ULT-AGG 4'144'269 1.39 189'879 01.05.2013 Other


JPMorgan ANDREW DOBBING neutral 3 M 1'243 3 month 24.09.2013

Societe Generale GUILLAUME DELABY buy 5 M 1'320 12 month 23.09.2013

UBS AMY WONG neutral 3 D 1'145 12 month 23.09.2013

Nomura CHRISTYAN MALEK buy 5 M 1'230 12 month 20.09.2013

EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 10.09.2013

Oriel Securities Ltd DAVID ROUND hold 3 M #N/A N/A Not Provided 06.09.2013

Shore Capital Stockbrokers GREG JOHNSON hold 3 N #N/A N/A Not Provided 05.09.2013


Deutsche Bank SEBASTIAN YOSHIDA restricted #N/A N/A M #N/A N/A Not Provided 19.08.2013

Credit Suisse DAVID J THOMAS outperform 5 M 1'250 Not Provided 19.08.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 1'110 Not Provided 19.08.2013

Goldman Sachs HENRY TARR Buy/Neutral 5 M 1'248 12 month 13.08.2013

Morgan Stanley ROBERT PULLEYN Underwt/In-Line 1 M 1'100 12 month 09.08.2013

RBC Capital Markets KATHERINE TONKS sector perform 3 M 1'150 12 month 09.08.2013

Barclays MICK PICKUP underweight 1 M 1'350 Not Provided 09.08.2013

HSBC PHILLIP LINDSAY neutral 3 M 1'130 Not Provided 08.08.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 1'300 12 month 08.08.2013

Investec KEITH ADAM MORRIS buy 5 M 1'300 12 month 01.08.2013

Holdings By:

AMEC PLC ee


01.10.2013

Schroders PLC is an international asset management group. The Group manages

funds across all asset categories, including equities, bonds, cash, and

alternative investments and Venture Capital. Schroders clients comprise

charities, insurance companies, public authorities, pension funds and unit trust

holders.


LTM as of: 01/yy

52-Week High (23.09.2013) 2'639.00

52-Week Low (03.10.2012) 1'493.00

Daily Volume

2602





7'142.43 1 Yr Total Return 69.00%







SDR LN EQUITY YTD Change - Average Volume 30 Day 240'689

SDR LN EQUITY YTD % CHANGE - Average Volume 3 Month 299'755


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

1'083.0 998.5 1'394.8 1'501.9 1'425.4 - - 1'360.6 1'554.1 276.0 314.0

1.34x 2.31x 2.32x 0.82x 1.37x - - 3.81x 3.27x - -

110.2 149.1 395.1 404.9 330.1 - - 468.1 557.0 - -

13.20x 15.44x 8.18x 3.06x 5.93x - - 6.89x 5.79x - -

76.7 95.4 307.9 315.8 283.2 - - 360.9 425.7 139.0 -

31.27x 38.78x 16.59x 11.33x 16.09x - - 19.77x 16.77x - -


EBIT 318.10 Long-Term Rating A+





Return on Capital - EBITDA/Interest Exp. -




EBITDA Margin 24.7%



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

70'966.00


!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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 !- !4 .!-0



01.10.2013


FLAVIDA LIMITED n/a Co File 60'951'886 26.97 - 06.03.2013 Unclassified

FERVIDA LTD n/a Co File 36'795'041 16.28 - 06.03.2013 Unclassified

SCHRODER BRUNO L n/a Co File 13'881'416 6.14 - 06.03.2013 n/a

SCHRODERS PLC ESOP Multiple Portfolios REG 12'224'183 5.41 252'981 01.07.2013 Unclassified

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 9'522'176 4.21 (430'024) 30.06.2013 Investment Advisor

NIPPON LIFE INSURANC n/a ULT-AGG 5'721'822 2.53 - 01.07.2013 Insurance Company

LINDSELL TRAIN INVES Multiple Portfolios REG 5'026'154 2.22 228'952 01.07.2013 Unclassified



KAMES CAPITAL PLC Multiple Portfolios REG 4'094'130 1.81 (116'928) 01.07.2013 Investment Advisor







CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 2'338'900 1.03 18'900 28.02.2013 Investment Advisor



Schroders Investment Multiple Portfolios REG 1'933'142 0.86 - 01.07.2013 Unclassified


Exane BNP Paribas DANIEL DAVIES outperform 5 M 2'500 Not Provided 27.09.2013

Makor Capital ALBERT SAPORTA sell 1 N #N/A N/A Not Provided 11.09.2013

RBC Capital Markets PETER K LENARDOS sector perform 3 M 2'600 12 month 02.09.2013

Keefe, Bruyette & Woods TOM MILLS outperform 5 M 2'600 12 month 29.08.2013

Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 2'650 12 month 14.08.2013

Credit Suisse GURJIT KAMBO neutral 3 M 2'350 Not Provided 12.08.2013

Berenberg Bank PRAS JEYANANDHAN hold 3 M 2'550 Not Provided 12.08.2013

Numis Securities Ltd DAVID MCCANN add 4 M 2'625 Not Provided 12.08.2013

HSBC NITIN ARORA neutral 3 D 2'670 Not Provided 09.08.2013

Societe Generale MICHAEL SANDERSON hold 3 M 2'460 12 month 08.08.2013

Goldman Sachs CHRIS M. TURNER Buy/Neutral 5 M 2'790 12 month 08.08.2013

JPMorgan RAE MAILE overweight 5 M 2'543 15 month 08.08.2013

Cantor Fitzgerald CATHERINE HEATH buy 5 M 2'666 Not Provided 08.08.2013

S&P Capital IQ FRANK BRADEN hold 3 M 2'550 12 month 08.08.2013

Oriel Securities Ltd SARAH ING add 4 M 2'400 Not Provided 08.08.2013

Panmure Gordon & Co Limited KEITH BAIRD hold 3 M 2'740 Not Provided 08.08.2013

Barclays DANIEL R GARROD underweight 1 M 2'220 Not Provided 08.08.2013

UBS ARNAUD GIBLAT neutral 3 M 2'350 12 month 12.07.2013

Jefferies JASON STREETS hold 3 M 2'300 12 month 08.07.2013

Macquarie NEIL WELCH neutral 3 U 2'200 12 month 02.07.2013


Shore Capital Stockbrokers OWEN JONES hold 3 M #N/A N/A Not Provided 02.05.2013

Canaccord Genuity Corp ARUN MELMANE buy 5 M 2'400 Not Provided 02.05.2013

Holdings By:

Schroders PLC ee


01.10.2013

Antofagasta plc owns and operates copper mines in Chile and conducts

exploration activities in Chile and Peru. The Group also operates a rail

network servicing the mining region of northern Chile, as well as operates a

concession for the distribution of water in this region.


LTM as of: 06/yy

52-Week High (02.01.2013) 1'321.01

52-Week Low (26.06.2013) 783.00

Daily Volume

810.5





7'990.37 1 Yr Total Return -32.72%







ANTO LN EQUITY YTD Change - Average Volume 30 Day 2'017'701

ANTO LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'053'219


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

3'372.6 2'962.6 4'577.1 6'076.0 6'740.1 6'182.5 6'356.7 5'705.4 5'792.6 - -

1.29x 5.22x 5.42x 3.14x 3.04x 0.00x 0.00x 2.30x 2.32x - -

1'776.4 1'676.9 2'881.1 3'519.3 3'327.8 0.0 0.0 2'604.7 2'522.6 - -

2.45x 9.23x 8.60x 5.41x 6.16x 0.00x 0.00x 5.10x 5.27x - -

1'706.5 667.7 1'051.8 1'236.6 1'032.0 0.0 0.0 834.1 888.6 - -

3.58x 23.65x 23.56x 15.02x 20.54x 0.00x 0.00x 14.84x 15.17x - -











EBITDA Margin 43.3%



Asset Turnover 0.53







Fiscal Year Ended

Antofagasta PLCPrice/Volume

Valuation Analysis

895'619.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

4 ! 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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



01.10.2013


METALINVEST ESTABLIS n/a Co File 500'026'513 50.72 - 12.03.2012 Unclassified

KUPFERBERG ESTABLISH Multiple Portfolios REG 98'032'110 9.94 - 01.07.2013 Unclassified


AUREBERG ESTABLISHME Multiple Portfolios REG 41'963'110 4.26 - 01.07.2013 Unclassified


RS INVESTMENT MANAGE Multiple Portfolios REG 17'060'427 1.73 7'446'362 01.07.2013 Investment Advisor

RS INVESTMENT MANAGE Multiple Portfolios MF-AGG 14'460'006 1.47 4'906'527 30.06.2013 Investment Advisor








COMMONWEALTH BANK OF n/a ULT-AGG 8'217'477 0.83 484'083 01.07.2013 Bank





APG ALGEMENE PENSIOE Multiple Portfolios REG 6'414'877 0.65 (386'013) 01.07.2013 Pension Fund (ERISA)


Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 1'020 12 month 30.09.2013

Numis Securities Ltd CAILEY BARKER hold 3 M 750 Not Provided 30.09.2013

Deutsche Bank ANNA MULHOLLAND hold 3 M 1'035 12 month 26.09.2013

Macquarie ALON OLSHA underperform 1 M 700 12 month 26.09.2013

AlphaValue SACHIN KUMAR add 4 M 986 6 month 26.09.2013


Exane BNP Paribas RAPHAEL VEVERKA outperform 5 M 1'100 Not Provided 23.09.2013

Nomura PATRICK JONES reduce 2 M 875 12 month 19.09.2013

Morgan Stanley ALAIN GABRIEL Underwt/In-Line 1 M 810 12 month 17.09.2013

RBC Capital Markets TIMOTHY HUFF outperform 5 M 1'000 12 month 16.09.2013

Larrain Vial Corredores de Bolsa JOSE PEDRO FUENZALIDA sell 1 M 940 12 month 12.09.2013

Jefferies Christopher LaFemina hold 3 M 1'000 12 month 09.09.2013

Investec MARC ELLIOTT sell 1 M 725 12 month 04.09.2013

Westhouse Securities NICK HATCH buy 5 M 1'090 12 month 30.08.2013

Natixis RAOUDHA BOUZEKRI buy 5 M 1'050 Not Provided 29.08.2013

Societe Generale ABHISHEK SHUKLA sell 1 M 866 12 month 28.08.2013

S&P Capital IQ JOHNSON IMODE sell 1 M 800 12 month 28.08.2013

Liberum Capital Ltd BEN DAVIS hold 3 M #N/A N/A Not Provided 28.08.2013

Credit Suisse LIAM FITZPATRICK underperform 1 M 900 Not Provided 27.08.2013

UBS MYLES ALLSOP buy 5 M 990 12 month 27.08.2013

JPMorgan FRASER JAMIESON neutral 3 M 975 9 month 27.08.2013

CIBC World Markets TOM MEYER sector perform 3 M 1'000 12 month 27.08.2013

Goldman Sachs FAWZI HANANO neutral/neutral 3 M 800 12 month 31.07.2013

Barclays IAN ROSSOUW equalweight 3 M 900 Not Provided 26.07.2013

HSBC ANDREW KEEN neutral 3 M 900 Not Provided 16.07.2013

Redburn Partners SIMON TOYNE sell 1 M #N/A N/A Not Provided 24.06.2013

GMP MATHEW FERNLEY hold 3 M 1'035 Not Provided 17.06.2013


Fox-Davies Capital PETER ROSE buy 5 M 1'010 12 month 16.05.2013


BMO Capital Markets TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 22.11.2012

Grupo Santander RODRIGO ORDONEZ buy 5 M 1'500 Not Provided 15.03.2012

Holdings By:

Antofagasta PLC ee


01.10.2013

London Stock Exchange Group plc is the United Kingdom's primary stock exchange.

The LSE provides markets that facilitate the raising of capital and the trading

of corporate securities, access to a trading environment, as well as real-time

pricing and reference information services worldwide. Market coverage includes

equities, derivatives and fixed-interest securities.


LTM as of: 12/yy

52-Week High (11.09.2013) 1'665.00

52-Week Low (16.11.2012) 913.50

Daily Volume

1556





4'218.45 1 Yr Total Return 70.60%







LSE LN EQUITY YTD Change - Average Volume 30 Day 376'623

LSE LN EQUITY YTD % CHANGE - Average Volume 3 Month 393'327


31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 12/yy 12/yy 03/14 Y 03/15 Y 03/13 Q4 06/13 Q1

671.4 621.8 667.2 806.7 843.1 701.4 733.6 1'122.8 1'184.6 - 273.0

3.14x 3.88x 3.88x 4.24x 4.70x 0.00x 0.00x 4.28x 3.98x - -

424.4 347.4 387.6 478.8 559.4 0.0 0.0 530.5 557.6 - -

4.96x 6.94x 6.68x 7.14x 7.08x 0.00x 0.00x 8.74x 8.32x - -

(338.0) 90.4 151.6 522.0 217.0 0.0 0.0 251.8 278.3 - -

- 21.03x 14.75x 5.34x 16.24x 0.00x 0.00x 15.24x 14.12x - -


EBIT 430.20 Long-Term Rating A-









EBITDA Margin 66.4%



Asset Turnover 0.01








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

London Stock Exchange Group PLCPrice/Volume

Valuation Analysis

200'106.00


!.!!1!!3!!5!!

-!!!-.!!-1!!-3!!-5!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

- ! F

. ! F

0 ! F

1 ! F

2 ! F

3 ! F

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

900.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



01.10.2013


BORSE DUBAI LTD Multiple Portfolios REG 55'966'856 20.64 - 01.08.2013 Holding Company




LINDSELL TRAIN INVES Multiple Portfolios REG 9'718'088 3.58 (151'320) 01.08.2013 Unclassified






Paulson Partners LP Multiple Portfolios REG 5'247'251 1.94 (73'244) 01.08.2013 Unclassified



SOCIETE GEN SECS SER Multiple Portfolios REG 4'486'955 1.66 (36) 01.08.2013 Unclassified


JUPITER ASSET MANAGE Multiple Portfolios REG 3'533'359 1.3 - 01.08.2013 Investment Advisor


CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 3'144'266 1.16 (125'289) 28.02.2013 Investment Advisor




Numis Securities Ltd JAMES HAMILTON hold 3 M 1'505 Not Provided 27.09.2013

BMO Capital Markets JILLIAN MILLER market perform 3 M 1'600 Not Provided 26.09.2013

RBC Capital Markets PETER K LENARDOS outperform 5 M 1'600 12 month 26.09.2013

JPMorgan RAE MAILE underweight 1 M 1'539 15 month 26.09.2013

Barclays DANIEL R GARROD overweight 5 M 1'800 Not Provided 26.09.2013

AlphaValue CHRISTOPHE NIJDAM reduce 2 M 1'472 6 month 26.09.2013

HSBC JOHANNES THORMANN neutral 3 M 1'650 Not Provided 13.09.2013

Morgan Stanley BRUCE HAMILTON Overwt/In-Line 5 M 1'795 12 month 04.09.2013

Credit Suisse GURJIT KAMBO outperform 5 M 1'700 Not Provided 31.07.2013


UBS ARNAUD GIBLAT neutral 3 M 1'550 12 month 19.07.2013

Goldman Sachs CHRIS M. TURNER Sell/Neutral 1 M 1'250 12 month 19.06.2013

Macquarie NEIL WELCH neutral 3 M 1'399 12 month 17.06.2013

Espirito Santo Investment Bank ResearchPHILIP DOBBIN buy 5 M 1'718 Not Provided 28.05.2013

Berenberg Bank PRAS JEYANANDHAN hold 3 M 1'150 Not Provided 29.01.2013

Keefe, Bruyette & Woods TOM MILLS market perform 3 M 1'010 12 month 16.11.2012

Holdings By:

London Stock Exchange Group PLC ee


01.10.2013

Admiral Group Plc principally sells private motor insurance, together with

additional products and services such as breakdown coverage. The Company markets

directly to the public in the United Kingdom through its core brands, Admiral,

Elephant, Diamond, and Bell. Admiral Group also offer motor insurance and

operates comparison websites in Spain, Italy, France and the United States.


LTM as of: 09/yy

52-Week High (31.07.2013) 1'395.08

52-Week Low (08.11.2012) 977.88

Daily Volume

1229





3'372.89 1 Yr Total Return 24.28%







ADM LN EQUITY YTD Change - Average Volume 30 Day 505'577

ADM LN EQUITY YTD % CHANGE - Average Volume 3 Month 476'260


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 09/yy 12/13 Y 12/14 Y 12/12 Q4 03/13 Q1

422.8 507.5 640.8 870.3 984.3 0.0 1'738.0 1'347.2 1'390.2 - -

5.35x 5.83x 5.97x 2.39x 3.01x #DIV/0! 0.00x 2.51x 2.43x - -

- - - - - 0.0 0.0 - - - -

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

144.9 156.9 193.8 221.2 258.4 0.0 0.0 271.6 282.1 - -

16.56x 20.14x 20.94x 10.40x 12.20x 0.00x 0.00x 12.36x 11.97x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Admiral Group PLCPrice/Volume

Valuation Analysis

208'595.00


!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

-3!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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 !!

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



01.10.2013


DIRECTOR & RELATED H Multiple Portfolios REG 46'475'531 16.93 - 01.08.2013 Other

ENGELHARDT HENRY ALL n/a RNS-DIR 35'505'472 12.94 (1'500'000) 12.04.2013 n/a


MUNICH RE GROUP Multiple Portfolios REG 27'899'400 10.17 - 01.08.2013 Unclassified


MANNING & NAPIER ADV n/a Co File 11'056'280 4.03 - 31.01.2013 Investment Advisor

STEVENS DAVID GRAHAM n/a Co File 10'631'950 3.87 - 31.03.2013 n/a

MACKENZIE FINANCIAL Multiple Portfolios REG 9'768'402 3.56 55'300 01.08.2013 Investment Advisor

POWER CORPORATION OF n/a Co File 9'719'702 3.54 - 31.01.2013 n/a

MANNING & NAPIER ADV Multiple Portfolios REG 9'358'000 3.41 (580'090) 01.08.2013 Unclassified



ALLIANCE BERNSTEIN n/a ULT-AGG 7'328'578 2.67 (670'433) 01.08.2013 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 7'094'500 2.59 1'728'350 31.12.2012 Investment Advisor


BARING ASSET MANAGEM Multiple Portfolios REG 5'724'111 2.09 (191'082) 01.08.2013 Investment Advisor

WALTER SCOTT & PARTN Multiple Portfolios REG 5'460'372 1.99 425'764 01.08.2013 Investment Advisor

SARASIN n/a ULT-AGG 5'190'525 1.89 78'756 01.08.2013 Unclassified



UBS JAMES SHUCK neutral 3 M 1'250 12 month 30.09.2013

Berenberg Bank PETER ELIOT sell 1 M 1'080 Not Provided 26.09.2013

Oriel Securities Ltd MARCUS BARNARD sell 1 M 900 Not Provided 25.09.2013

Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 1'227 12 month 24.09.2013

Canaccord Genuity Corp BEN COHEN sell 1 M 1'200 12 month 20.09.2013

Shore Capital Stockbrokers EAMONN FLANAGAN sell 1 M #N/A N/A Not Provided 19.09.2013

HSBC DHRUV GAHLAUT overweight 5 M 1'550 Not Provided 03.09.2013

RBC Capital Markets GORDON AITKEN underperform 1 M 1'020 12 month 29.08.2013

Nomura FAHAD CHANGAZI buy 5 M 1'493 12 month 29.08.2013


Numis Securities Ltd NICHOLAS JOHNSON reduce 2 M 1'170 Not Provided 28.08.2013

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 1'122 3 month 27.08.2013

Redburn Partners DAVID BRACEWELL buy 5 M #N/A N/A Not Provided 15.08.2013

Credit Suisse CHRIS ESSON neutral 3 M 1'351 Not Provided 31.07.2013

Barclays ANDREW BROADFIELD equalweight 3 M 1'369 Not Provided 22.07.2013

EVA Dimensions DOUG WALTERS hold 3 M #N/A N/A Not Provided 06.06.2013

Deutsche Bank OLIVER STEEL hold 3 M 1'300 12 month 19.04.2013

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 1'257 12 month 18.04.2013

Goldman Sachs RAVI TANNA Buy/Neutral 5 M 1'550 12 month 15.03.2013

Peel Hunt MARK WILLIAMSON hold 3 D 1'226 Not Provided 05.03.2013

Holdings By:

Admiral Group PLC ee


01.10.2013

Hargreaves Lansdown PLC provides investment management and financial planning

services. The Company's services include fund research, pension management,

financial planning, and currency services.


LTM as of: 06/yy

52-Week High (19.09.2013) 1'044.00

52-Week Low (01.10.2012) 622.05

Daily Volume

990





4'695.75 1 Yr Total Return 59.71%







HL/ LN EQUITY YTD Change - Average Volume 30 Day 531'311

HL/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 500'459


30.06.2009 30.06.2010 30.06.2011 30.06.2012 30.06.2013 03/yy 06/yy 06/14 Y 06/15 Y 09/13 Q1 12/13 Q2

132.8 159.0 207.9 238.7 292.4 62.1 292.4 333.1 378.3 - -

6.63x 9.63x 13.26x 9.85x 13.73x 0.00x 0.00x 13.39x 11.64x - -

71.6 87.8 126.8 153.0 193.6 0.0 0.0 222.0 254.0 - -

12.32x 17.44x 21.75x 15.37x 20.73x 0.00x 0.00x 20.26x 17.71x - -

52.1 61.3 91.8 113.0 148.4 0.0 0.0 172.7 199.1 - -

9.16x 25.66x 30.65x 21.90x 28.00x 0.00x 0.00x 27.12x 23.19x - -











EBITDA Margin 66.2%



Asset Turnover 0.74








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

174'546.00


!

.!!

1!!

3!!

5!!

-!!!

-.!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--0 ! F

. ! F

1 ! F

3 ! F

5 ! F

-! ! F

-. ! F

-1 ! F

-3 ! F

0.0

50.0

100.0

150.0

200.0

250.0

300.0

350.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



01.10.2013


DIRECTOR & RELATED H Multiple Portfolios REG 153'799'347 32.43 - 01.08.2013 Other

HARGREAVES PETER K n/a Co File 152'717'606 32.2 - 30.06.2012 n/a

LANSDOWN STEPHEN PHI n/a RNS-MAJ 90'000'000 18.97 - 24.04.2013 n/a

HARGREAVES LANSDOWN Multiple Portfolios REG 42'371'668 8.93 (164'927) 01.08.2013 Investment Advisor



NORRIS ADAM n/a Co File 14'491'199 3.06 - 14.09.2012 n/a

BARRY THERESA n/a RNS-DIR 13'599'781 2.87 - 08.11.2011 n/a


BARCLAYS PRIVATE BAN Multiple Portfolios REG 11'870'360 2.5 - 01.08.2013 Bank

LINDSELL TRAIN INVES Multiple Portfolios REG 10'153'834 2.14 1'706'832 01.08.2013 Unclassified

Hargreaves Lansdown Multiple Portfolios REG 7'263'396 1.53 - 01.08.2013 Unclassified




MSD CAPITAL EUROPE L n/a Short (5'644'392) -1.19 332'022 23.08.2013 Investment Advisor



CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 5'495'408 1.16 (522'372) 28.02.2013 Investment Advisor

Cantillon Capital Multiple Portfolios REG 5'261'573 1.11 (3'714'942) 01.08.2013 Unclassified


Peel Hunt STUART DUNCAN hold 3 M 1'000 Not Provided 30.09.2013

Credit Suisse GURJIT KAMBO underperform 1 M 790 Not Provided 12.09.2013

Morgan Stanley ANIL SHARMA Equalwt/In-Line 3 M 1'050 12 month 09.09.2013

Canaccord Genuity Corp ROBIN SAVAGE hold 3 M 1'040 12 month 04.09.2013

Numis Securities Ltd JAMES HAMILTON hold 3 M 1'006 Not Provided 04.09.2013

Barclays DANIEL R GARROD overweight 5 M 1'145 Not Provided 04.09.2013

HSBC NITIN ARORA underweight 1 M 665 Not Provided 09.08.2013

Oriel Securities Ltd SARAH ING hold 3 D 900 Not Provided 10.07.2013

Jefferies JASON STREETS buy 5 M 1'050 12 month 08.07.2013


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

Holdings By:

Hargreaves Lansdown PLC ee


01.10.2013

Tui Travel PLC operates as an international leisure travel group in the

European and North American market. The Company offers accommodations in

flights, hotels, tours, cruises, car hire, and retail shops. Tui services

business and personal travelers.


LTM as of: 06/yy

52-Week High (06.08.2013) 401.50

52-Week Low (01.10.2012) 229.50

Daily Volume

368.7





4'122.11 1 Yr Total Return 64.99%







TT/ LN EQUITY YTD Change - Average Volume 30 Day 2'142'289

TT/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'032'988


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

13'931.8 13'851.0 13'514.0 14'687.0 14'460.0 14'843.0 14'580.0 14'949.1 15'363.5 5'535.0 -

0.18x 0.23x 0.20x 0.12x 0.19x 0.34x 0.51x 0.28x 0.25x - -

837.4 644.0 649.0 685.0 709.0 0.0 0.0 740.7 797.3 - -

3.01x 4.89x 4.07x 2.47x 3.88x 0.00x 0.00x 7.02x 6.52x - -

(270.7) (67.0) (123.0) 85.0 138.0 65.0 186.0 339.2 373.9 - -

- - - 19.44x 18.80x 28.95x 21.31x 12.71x 11.67x - -











EBITDA Margin 5.1%



Asset Turnover 1.57







Fiscal Year Ended

TUI Travel PLCPrice/Volume

Valuation Analysis

808'097.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

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



01.10.2013


TUI AG Multiple Portfolios REG 609'120'138 54.48 (21'867'865) 01.07.2013 Unclassified

Monteray Enterprises n/a Research 60'037'177 5.37 - 31.12.2012 Unclassified





MARATHON ASSET MANAG Multiple Portfolios REG 21'920'816 1.96 (174'978) 01.07.2013 Investment Advisor



JO HAMBRO CAPITAL MA Multiple Portfolios REG 13'217'101 1.18 938'295 01.07.2013 Investment Advisor






BNP PARIBAS SA n/a Short (9'167'687) -0.82 (1'118'011) 24.09.2013 Bank


DE SHAW & CO LONDON n/a Short (8'496'881) -0.76 (1'453'413) 26.09.2013 Private Equity


ROYAL LONDON ASSET M Multiple Portfolios MF-AGG 7'259'890 0.65 (84'138) 28.06.2013 Investment Advisor


Natixis GEOFFREY D'HALLUIN neutral 3 M 370 Not Provided 01.10.2013

Oriel Securities Ltd JEFFREY HARWOOD add 4 M #N/A N/A Not Provided 30.09.2013

Exane BNP Paribas PIERRE-EMMANUEL CAUSSE neutral 3 M 350 Not Provided 27.09.2013

Numis Securities Ltd WYN ELLIS add 4 M 400 Not Provided 26.09.2013

Panmure Gordon & Co Limited KARL BURNS hold 3 M 315 Not Provided 26.09.2013

Barclays PATRICK COFFEY overweight 5 M 420 Not Provided 26.09.2013

AlphaValue BERENICE LACROIX add 4 M 406 6 month 26.09.2013

Deutsche Bank GEOF COLLYER hold 3 M 355 12 month 25.09.2013

Jefferies IAN RENNARDSON hold 3 M 380 12 month 18.09.2013

JPMorgan JAAFAR MESTARI overweight 5 U 410 12 month 11.09.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 06.09.2013

Investec JAMES HOLLINS hold 3 M 400 12 month 27.08.2013

Morgan Stanley JAMIE ROLLO Equalwt/In-Line 3 M 360 12 month 09.08.2013

UBS ALEX BRIGNALL buy 5 M 410 12 month 08.08.2013

Nomura RICHARD STUBER neutral 3 M 310 Not Provided 08.08.2013

Credit Suisse TIM RAMSKILL neutral 3 M 394 Not Provided 07.08.2013



HSBC LENA THAKKAR neutral 3 M 290 Not Provided 10.05.2013

Peel Hunt NICHOLAS BATRAM hold 3 M 327 Not Provided 10.05.2013

Baden Hill LLP MATTHEW WAKEFIELD sell 1 M #N/A N/A Not Provided 01.03.2013


Holdings By:

TUI Travel PLC ee


01.10.2013

Fresnillo plc is a silver and gold mining and exploration company. The Company

owns and operates silver and gold mines in Mexico. Fresnillo also holds a

portfolio of development and exploration projects located along the silver and

gold belts of Mexico.


LTM as of: 01/yy

52-Week High (27.11.2012) 2'033.00

52-Week Low (28.06.2013) 846.00

Daily Volume

929.5





6'849.43 1 Yr Total Return -49.17%







FRES LN EQUITY YTD Change - Average Volume 30 Day 1'704'662

FRES LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'403'400


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 - -

720.5 849.9 1'409.6 2'192.7 2'157.4 - - 1'735.6 1'853.2 - -

3.17x 10.57x 12.98x 7.56x 9.86x - - 6.22x 5.91x - -

335.5 496.0 938.7 1'535.8 1'301.7 - - 835.6 949.9 - -

6.80x 18.12x 19.49x 10.80x 16.34x - - 13.09x 11.52x - -

127.9 322.0 665.1 901.7 736.1 - - 335.8 397.4 - -

18.02x 28.48x 28.04x 18.83x 29.23x - - 31.33x 29.27x - -











EBITDA Margin 55.2%



Asset Turnover 0.65







Fiscal Year Ended

Fresnillo PLCPrice/Volume

Valuation Analysis

772'696.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!


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 !- !4 .!-0



01.10.2013


PENOLES n/a RNS-MAJ 552'595'191 74.99 - 03.05.2013 Corporation

INDUSTRIAS PENOLES S Multiple Portfolios REG 552'591'460 74.99 - 01.07.2013 Corporation


FIRST EAGLE INVESTME Multiple Portfolios REG 30'579'953 4.15 19'150'695 01.07.2013 Hedge Fund Manager

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 23'170'680 3.14 11'790'872 31.07.2013 Hedge Fund Manager


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 9'557'943 1.3 20'551 30.06.2013 Investment Advisor

LANSDOWNE PARTNERS n/a Short (6'705'732) -0.91 (663'204) 04.06.2013 Investment Advisor


VONTOBEL Multiple Portfolios REG 5'696'391 0.77 738'413 01.07.2013 Unclassified




GAMCO n/a ULT-AGG 2'979'500 0.4 - 01.07.2013 Unclassified

AGF MANAGEMENT LIMIT Multiple Portfolios REG 2'567'242 0.35 6'800 01.07.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 2'353'000 0.32 (537'700) 01.07.2013 Investment Advisor



TIAA CREF INVESTMENT Multiple Portfolios REG 1'913'227 0.26 (120'936) 01.07.2013 Investment Advisor

VIRTUS INVESTMENT AD Multiple Portfolios MF-AGG 1'898'507 0.26 850'845 28.06.2013 Insurance Company


BMO Capital Markets ANDREW KAIP market perform 3 M 1'300 Not Provided 30.09.2013

Numis Securities Ltd CAILEY BARKER add 4 M 1'100 Not Provided 30.09.2013

Deutsche Bank ANNA MULHOLLAND hold 3 M 1'000 12 month 26.09.2013

Liberum Capital Ltd KATE CRAIG hold 3 M 1'100 Not Provided 24.09.2013

JPMorgan ROGER BELL overweight 5 M 1'160 9 month 20.09.2013

UBS DANIEL MAJOR neutral 3 M 1'150 12 month 18.09.2013

BBVA JEAN-BAPTISTE BRUNY underperform 1 M 1'221 Not Provided 18.09.2013

RBC Capital Markets JONATHAN GUY sector perform 3 M 1'200 12 month 12.09.2013

Societe Generale BRUCE ALWAY hold 3 M 1'120 12 month 11.09.2013

VSA Capital Ltd JESSICA PENDAL hold 3 M 910 12 month 05.09.2013

CIBC World Markets LEON ESTERHUIZEN sector perform 3 M 1'000 18 month 29.08.2013

EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 28.08.2013

Goldman Sachs EUGENE KING Sell/Neutral 1 M 820 12 month 07.08.2013

Credit Suisse SANTIAGO PEREZ TEUFFER neutral 3 M 1'100 Not Provided 07.08.2013

Barclays AMOS FLETCHER overweight 5 M 1'375 Not Provided 26.07.2013


Holdings By:

Fresnillo PLC ee


01.10.2013

Sports Direct International retails sports apparel products. The Company offers

a wide range of branded sports, fashion and leisurewear clothing and

accessories.


LTM as of: 07/yy

52-Week High (11.09.2013) 732.50

52-Week Low (01.10.2012) 339.30

Daily Volume

710





4'249.10 1 Yr Total Return 105.50%







SPD LN EQUITY YTD Change - Average Volume 30 Day 708'891

SPD LN EQUITY YTD % CHANGE - Average Volume 3 Month 953'860


30.04.2009 30.04.2010 30.04.2011 30.04.2012 30.04.2013 07/yy 07/yy 04/14 Y 04/15 Y 10/13 Q2 01/14 Q3

1'367.3 1'451.6 1'599.2 1'835.8 2'185.6 972.8 2'279.9 2'665.1 3'041.8 - -

0.66x 0.66x 0.80x 1.06x 1.35x 0.00x 0.00x 1.60x 1.34x - -

132.6 158.1 199.5 217.7 262.6 0.0 0.0 324.6 394.0 - -

6.85x 6.07x 6.43x 8.97x 11.23x 0.00x 0.00x 13.56x 11.17x - -

(15.8) 89.4 84.2 106.2 151.6 0.0 0.0 201.0 261.5 - -

- 7.12x 13.29x 16.17x 17.54x 0.00x 0.00x 22.19x 18.25x - -











EBITDA Margin 12.0%



Asset Turnover 1.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sports Direct International PLCPrice/Volume

Valuation Analysis

178'379.00


!

-!!

.!!

0!!

1!!

2!!

3!!

4!!

5!!

l--. k--. T--. g--0 c--0 j--0 Q--0 j--0 g--0 g--0 Q--0 o--0 l--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

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

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



01.10.2013


ASHLEY MICHAEL n/a Co File 385'400'000 64.4 - 18.07.2013 n/a

Mash Holdings Ltd (M Multiple Portfolios REG 385'400'000 64.4 - 12.08.2013 Unclassified

ODEY ASSET MANAGEMEN Multiple Portfolios REG 42'677'267 7.13 (1'417'476) 12.08.2013 Hedge Fund Manager





SPORTS DIRECT INT EB n/a RNS-MAJ 10'100'000 1.69 - 06.08.2013 n/a

Sports Direct Intern Multiple Portfolios REG 10'079'490 1.68 (19'411'406) 12.08.2013 Unclassified


HENDERSON GLOBAL INV Multiple Portfolios REG 7'868'656 1.31 (1'394'959) 12.08.2013 Investment Advisor






BANK OF NEW YORK MEL Multiple Portfolios REG 5'245'897 0.88 425'751 12.08.2013 Investment Advisor

CAPITA FINANCIAL MAN Multiple Portfolios MF-AGG 4'811'851 0.8 168'399 28.02.2013 Investment Advisor


OLD MUTUAL n/a ULT-AGG 3'851'000 0.64 1'833'000 31.08.2013 Unclassified


Numis Securities Ltd ANDREW WADE add 4 M 800 Not Provided 01.10.2013

Cantor Fitzgerald FREDDIE GEORGE hold 3 M 680 Not Provided 24.09.2013

Espirito Santo Investment Bank ResearchROBERT EVANS buy 5 M 765 Not Provided 11.09.2013

Oriel Securities Ltd JONATHAN PRITCHARD add 4 M 750 Not Provided 11.09.2013

N+1 Singer Ltd MATTHEW MCEACHRAN hold 3 M 700 12 month 11.09.2013

Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 980 24 month 20.08.2013



Charles Stanley Securities PETER SMEDLEY buy 5 M #N/A N/A Not Provided 24.10.2012

Holdings By:

Sports Direct International PLC ee


Date post:	25-Mar-2016
Category:	Documents
Upload:	qms-advisors
View:	246 times
Download:	8 times

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

Documents