Fundamental Equity Analysis - FTSE Eurotop 100 Index Members (E100 Index)

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October 2013

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Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 15589099 2072.157 1117 1117 203 219 219 104.06 110.23 110.23 16.29 16.29 15.38 15.38 18.48

Euro Stoxx 50 Pr EUR 2984944 6002.296 4677 4677 776 790 790 234.33 302.66 302.66 22.82 20.47 17.67 17.67 21.66

NIKKEI 225 JPY 2857793 203.0095 197 197 19 22 22 6.11 8.07 8.07 0.25 0.24 0.19 0.19 0.12

FTSE 100 INDEX GBP 2928075 12748.62 10012 10012 1524 1661 1661 538.12 807.42 807.42 31.40 24.43 20.93 20.93 22.98

SWISS MARKET INDEX CHF 1120741 11464.75 4198 4198 969 861 861 454.08 567.77 567.77 21.44 18.26 17.14 17.14 24.51

S&P/TSX COMPOSITE INDEX CAD 1697982 17615.94 7406 7406 1859 1968 1968 732.48 803.81 803.81 16.58 16.59 15.11 15.11 24.14

S&P/ASX 200 INDEX AUD 1366032 6451.078 2681 2681 547 684 684 215.80 320.53 320.53 21.50 17.78 14.48 14.48 19.99

HANG SENG INDEX HKD 1793920 3572.425 1668 1668 376 393 393 278.61 269.06 269.06 1.39 1.48 1.43 1.43 2.98

MSCI EM USD 7592957 1394.039 983 983 191 180 180 84.97 88.32 88.32 11.89 12.19 11.44 11.44 19.60

NESTLE SA-REG CHF 223812 1972 3189 30 0 2 10 250.05 98836 101372 104158 109419 - - - - 3.52 3.58 3.81 4.11 21.29 20.89 20.04 18.57 8.08 -3.17 - - - AA 16.08.2007 - -

HSBC HOLDINGS PLC GBp 200559 8254 18476 458 4 13 484 142025 125099 106647 110783 - - - - 0.78 1.39 1.54 1.67 20.02 - 18.06 16.66 -10.88 - - - - A+ 29.11.2011 Aa3 21.06.2012

ROCHE HOLDING AG-GENUSSCHEIN CHF 231397 550 863 27 0 2 15 248.69 50004 50963 51968 53911 21321 21572 - - 15.15 14.54 16.53 17.75 20.29 19.98 17.85 16.62 7.67 1.55 9.25 2.94 46.52 AA 17.09.2012 - -

NOVARTIS AG-REG CHF 207151 1631 2421 22 0 0 9 244.21 62285 62797 63163 64877 18369 18107 - - 4.40 4.24 5.65 6.12 21.93 21.52 16.47 15.20 -3.55 7.45 -6.81 11.60 31.69 AA- 07.04.2008 Aa3 08.02.2013

VODAFONE GROUP PLC GBp 168521 32748 48919 67 0 2 21 216.03 71421 71421 71609 72431 22120 22120 - - 0.21 0.01 0.25 0.25 398.74 27.07 22.73 22.72 -6.83 6.95 -39.25 1.54 49.77 A- 05.09.2013 A3 04.09.2013

BP PLC GBp 131643 10249 19136 78 0 2 32 242.96 603535 598269 560193 553807 32849 40603 15736 15736 0.36 2.18 1.25 1.44 8.32 17.54 14.56 12.59 0.03 5.10 -88.96 -18.40 10.91 A 24.09.2010 - -

ROYAL DUTCH SHELL PLC-A SHS GBp 211951 1140 6331 61 0 2 30 377.18 750688 732193 721241 724682 83744 84226 23995 23995 6.61 6.06 6.25 6.57 13.99 15.04 13.56 12.90 -1.03 5.48 -11.00 -1.10 18.49 AA 03.09.2009 Aa1 20.07.2005

GLAXOSMITHKLINE PLC GBp 122629 3781 4903 29 0 2 7 149.27 42473 42452 43363 44969 17058 15926 4099 4099 2.00 1.32 1.85 2.03 30.53 23.43 21.74 19.83 -5.61 4.25 9.59 6.46 60.29 A+ 18.02.2008 - -

TOTAL SA EUR 137893 1634 2258 45 0 2 23 167.99 246483 239840 246008 255118 43730 41094 12742 12742 6.90 5.69 6.84 7.01 13.78 13.81 11.47 11.19 12.79 4.05 -2.37 1.39 23.17 AA- 12.04.2011 Aa1 30.08.2005

SANOFI EUR 134376 803 1323 20 0 0 9 148.72 47251 45468 45879 48402 16744 15211 - - 6.02 3.49 7.29 8.23 39.25 30.39 18.77 16.64 6.31 4.83 -2.24 4.14 45.23 AA 03.05.2013 A1 28.03.2013

BRITISH AMERICAN TOBACCO PLC GBp 99731 576 2026 17 0 0 3 117.67 24409 24602 24782 25422 9871 10037 5533 5533 3.29 3.31 3.54 3.81 25.51 24.57 23.83 22.14 -2.18 11.44 -4.40 20.97 65.56 A- 09.11.2012 - -

BAYER AG-REG EUR 97666 659 827 13 0 0 3 109.74 53759 54290 55228 58268 12170 12569 2499 2499 7.56 4.75 7.77 8.77 33.65 23.83 20.55 18.21 11.96 5.76 0.57 8.37 31.30 A- 30.04.2008 A3 17.07.2006

SIEMENS AG-REG EUR 105968 735 856 30 0 1 15 124.04 105863 104232 103545 106699 13052 11766 2231 2231 7.57 7.37 7.40 9.44 22.07 22.27 21.98 17.22 9.26 0.28 -10.81 1.13 15.26 A+ 05.06.2009 - -

BANCO SANTANDER SA EUR 89580 35235 9235 568 0 13 260 104325 56260 55555 58085 - - - - 0.24 0.37 0.58 0.73 29.73 15.35 18.83 14.98 -1.47 5.13 - - - BBB 16.10.2012 (P)Baa2 24.10.2012

BASF SE EUR 87576 1202 918 17 0 1 2 105.72 97524 101517 100267 96008 13073 13327 3021 3021 7.10 6.67 7.24 7.94 19.34 19.35 17.81 16.23 -2.52 5.34 -24.93 -2.16 17.75 A+ 10.05.2011 A1 17.11.2010

ROYAL DUTCH SHELL PLC-B SHS GBp 211951 1998 6331 61 0 2 30 377.18 750688 732193 721241 724682 83744 84226 23995 23995 6.61 6.06 6.25 6.57 14.69 15.79 14.24 13.55 -1.03 5.48 -11.00 -1.10 18.49 AA 03.09.2009 Aa1 20.07.2005

ANHEUSER-BUSCH INBEV NV EUR 160442 532 1602 60 0 6 19 281.90 53756 54505 59346 66217 21022 21132 6180 6180 6.03 11.05 6.45 7.38 16.54 31.55 28.34 24.76 2.47 5.64 2.22 24.19 52.42 A 01.05.2012 A3 27.03.2012

DIAGEO PLC GBp 79170 1424 2503 16 0 2 3 94.26 18372 18372 19756 21396 6317 6317 3781 3781 1.68 1.60 1.81 2.01 31.73 30.07 27.94 25.21 10.02 11.73 4.41 15.00 55.25 A- 01.09.2005 A3 17.10.2005

DAIMLER AG-REGISTERED SHARES EUR 82926 1341 1068 114 0 2 20 177.40 154539 154402 158843 169698 16412 14676 - - 7.67 8.48 6.51 7.50 12.37 25.12 16.11 13.97 9.84 6.13 -0.86 -7.01 12.85 A- 23.02.2012 A3 01.10.2007

UBS AG-REG CHF 78100 5026 3747 294 0 5 73 241.34 41492 42530 32031 32564 17067 - - - 0.58 -0.70 1.09 1.42 - 17.43 20.49 15.72 -8.40 -11.00 -12.18 -34.44 - A 29.11.2011 A2 21.06.2012

ALLIANZ SE-REG EUR 71481 842 453 26 0 4 17 82.28 129827 131187 138510 142326 - - - - 15.72 32.71 17.70 18.21 6.48 12.11 11.98 11.64 13.36 4.48 - - - AA 27.01.2012 Aa3 03.05.2004

BARCLAYS PLC GBp 58593 25673 13254 703 0 15 206 54662 53487 46608 47981 - - - - 0.19 -0.02 0.43 0.52 - 124.90 15.86 13.15 -31.37 - - - - A- 02.07.2013 (P)A3 21.06.2012

SAP AG EUR 90643 1087 1192 7 0 0 4 92.74 21935 22496 23332 25414 6763 6931 2018 2018 3.22 3.38 4.59 5.14 29.51 29.33 21.72 19.41 18.90 10.48 9.83 14.94 41.66 - - - -

NOVO NORDISK A/S-B DKK 93067 180 543 0 0 0 3 91.18 14159 14911 15415 16739 5815 6211 1652 1652 - 8.09 8.61 9.52 3.80 - 3.57 3.23 3.19 2.57 5.24 3.96 7.56 AA- 19.06.2013 - -

BNP PARIBAS EUR 84021 2194 1240 1369 10 12 189 90416 126552 52914 53969 - - - - 7.40 5.52 6.34 7.19 16.55 13.64 14.41 12.70 -7.88 -5.73 - - - A+ 25.10.2012 A2 21.06.2012

BG GROUP PLC GBp 64613 1598 3614 25 0 0 7 122.95 30424 31551 32184 35345 16388 16601 3347 3347 2.08 2.02 1.96 2.25 24.39 24.87 25.09 21.90 11.52 -5.44 10.47 9.85 84.55 - - - -

ASTRAZENECA PLC GBp 64519 851 1247 17 0 0 14 106.56 44951 42714 41846 40405 17127 17797 3622 3622 9.74 6.28 8.39 7.74 21.28 16.86 15.93 17.26 -26.88 -6.93 -31.69 -0.77 66.95 AA- 27.07.2007 A2 11.04.2013

BANCO BILBAO VIZCAYA ARGENTA EUR 63458 22182 5433 306 0 3 86 47623 29665 29736 31195 - - - - 0.79 0.40 0.81 0.95 37.22 13.33 18.45 15.70 8.89 2.88 - - - BBB- 16.10.2012 Baa3 24.10.2012

TELEFONICA SA EUR 70671 8106 4503 90 0 10 16 151.02 84310 81040 78297 77689 28706 27463 - - 1.02 1.17 1.39 1.47 17.95 21.04 15.08 14.29 -1.03 0.50 12.82 -1.94 45.82 BBB 20.12.2012 Baa2 18.10.2012

BHP BILLITON PLC GBp 168132 1616 5324 57 0 2 10 320.15 106007 106007 108408 114277 45110 45110 26595 26595 3.80 3.28 4.15 4.57 23.01 19.87 18.19 16.54 -13.92 6.79 -27.49 -0.07 68.38 A+ 15.11.2010 (P)A1 15.11.2010

UNILEVER NV-CVA EUR 118212 1998 2832 14 0 1 4 134.53 69394 69532 69285 72044 11071 11750 - - 2.06 2.26 2.16 2.34 23.30 21.87 24.32 22.49 14.13 6.95 13.15 5.26 22.85 A+ 05.10.2000 A1 11.07.2000

RIO TINTO PLC GBp 92851 1503 1847 43 0 18 12 202.79 81901 80575 83052 88000 25554 25067 19501 19501 5.74 -6.20 7.95 8.96 - 27.98 15.68 13.91 -25.40 0.60 -64.83 13.95 49.99 A- 18.04.2011 - -

LLOYDS BANKING GROUP PLC GBp 84301 47274 70424 312 0 1 170 58506 59802 29624 29595 - - - - 0.02 0.02 0.09 0.10 105.83 34.93 22.22 18.12 2.82 - - - - A- 29.11.2011 A3 21.06.2012

ENI SPA EUR 82894 8676 3623 33 0 5 11 109.10 172012 166702 158407 162444 33213 27720 9392 9392 0.85 0.85 1.96 2.40 36.13 328.28 15.74 12.83 21.75 4.40 -6.14 -1.42 22.48 A *- 16.07.2013 A3 16.07.2012

ABB LTD-REG CHF 54084 1950 2296 11 0 1 9 64.10 43231 44737 45261 47034 5818 6304 1693 1693 1.32 1.34 1.59 1.81 21.18 20.27 17.81 15.66 3.89 3.70 -7.61 2.73 15.49 A 08.06.2010 - -

GLENCORE XSTRATA PLC GBp 71560 8882 7099 57 0 5 5 201.25 344586 351139 396472 419104 7394 8359 12091 12091 0.29 -1.88 0.46 0.66 - - 30.24 21.30 24.42 19.22 6.47 -5.79 3.83 BBB 29.11.2012 - -

CIE FINANCIERE RICHEMON-REG CHF 57079 675 553 2 0 0 6 43.11 11155 11155 12127 13271 3096 3096 1796 1796 3.96 4.02 4.40 4.93 22.20 22.60 20.29 18.09 15.89 15.09 19.80 16.00 30.50 - - - -

LVMH MOET HENNESSY LOUIS VUI EUR 99394 256 500 9 0 1 3 107.90 37998 38983 40727 44883 9486 9662 - - 9.59 8.98 9.88 11.24 29.47 29.43 26.79 23.54 25.40 16.59 19.04 15.27 33.51 A 20.05.2011 - -

SABMILLER PLC GBp 80913 516 1670 30 0 2 3 158.69 37302 37302 38189 40915 9213 9213 - - 3.44 3.31 4.04 4.52 39.57 38.05 32.37 28.94 10.73 26.25 18.05 7.46 39.69 BBB+ 04.08.2003 Baa1 27.10.2005

UNILEVER PLC GBp 116727 1117 2832 16 0 1 5 158.64 82475 82639 82344 85624 13158 13964 - - 2.44 2.68 2.57 2.78 28.00 27.07 29.20 27.00 16.80 8.26 15.63 6.22 27.15 A+ 05.10.2000 A1 11.07.2000

STANDARD CHARTERED PLC GBp 57785 1004 2413 179 1 208 42925 43667 32037 34449 - - - - 3.68 2.80 3.62 3.97 22.07 15.45 17.07 15.57 15.11 5.69 - - - A+ 01.12.2011 A2 26.11.2010

PRUDENTIAL PLC GBp 46884 1185 2557 11 0 0 10 46.53 89147 86752 92373 94578 - - - - 1.23 1.02 1.37 1.53 28.97 28.29 21.50 19.28 83.50 - - - - A+ 17.08.2010 A2 20.12.2002

TESCO PLC GBp 46914 5368 8054 17 0 0 5 59.48 104172 104172 108436 112263 6616 6616 - - 0.47 0.28 0.52 0.55 33.56 19.96 17.97 17.02 2.29 9.32 -35.47 4.42 10.21 BBB+ 19.04.2013 Baa1 20.04.2012

RECKITT BENCKISER GROUP PLC GBp 51888 310 734 5 0 0 1 56.37 15374 15896 16367 16971 4368 4450 - - 4.23 3.81 4.29 4.42 30.42 26.79 27.06 26.25 1.39 16.78 4.50 26.03 44.98 A+ 16.12.2003 - -

DEUTSCHE BANK AG-REGISTERED EUR 46481 2454 929 377 0 1 199 70713 66671 44995 45825 - - - - 4.18 0.24 4.93 6.09 253.29 25.72 12.51 10.13 -0.93 -9.09 - - - A 02.07.2013 A2 21.06.2012

CREDIT SUISSE GROUP AG-REG CHF 47790 1999 1325 363 0 7 70 42107 41736 29466 30450 - - - - 2.42 1.78 2.81 3.29 18.66 11.14 11.85 10.11 -11.28 -12.16 - - - A- 02.07.2013 (P)A2 21.06.2012

DEUTSCHE TELEKOM AG-REG EUR 64155 7063 4319 60 0 6 8 131.81 78649 78826 80111 81121 23970 23659 6082 6082 1.36 -1.60 0.86 0.94 - 13.94 22.73 20.83 -1.12 0.26 -16.56 2.01 40.58 BBB+ 19.05.2008 Baa1 22.12.2011

SCHNEIDER ELECTRIC SA EUR 47195 952 547 11 0 0 5 54.55 32377 32407 33087 35603 5188 5200 - - 4.81 4.41 5.53 6.18 25.83 24.40 20.60 18.43 9.69 7.67 4.07 6.12 21.70 A- *- 17.07.2013 A3 12.01.2009

NATIONAL GRID PLC GBp 43875 2124 3666 45 0 0 10 79.22 23074 23074 23961 24707 8043 8043 - - 0.90 1.01 0.84 0.89 18.78 21.08 22.49 21.35 6.12 6.82 7.67 11.05 56.01 A- 24.08.2007 Baa1 12.01.2007

BT GROUP PLC GBp 43575 3983 7880 16 0 0 2 57.62 29332 28896 29115 28996 9553 9516 2298 2298 0.41 0.41 0.41 0.46 21.78 21.32 21.52 19.27 -8.77 -4.75 8.27 0.84 52.92 BBB 19.07.2011 - -

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 15589099 2072.157 1117 1117 203 219 219 104.06 110.23 110.23 16.29 16.29 15.38 15.38 18.48

Euro Stoxx 50 Pr EUR 2984944 6002.296 4677 4677 776 790 790 234.33 302.66 302.66 22.82 20.47 17.67 17.67 21.66

NIKKEI 225 JPY 2857793 203.0095 197 197 19 22 22 6.11 8.07 8.07 0.25 0.24 0.19 0.19 0.12

FTSE 100 INDEX GBP 2928075 12748.62 10012 10012 1524 1661 1661 538.12 807.42 807.42 31.40 24.43 20.93 20.93 22.98

SWISS MARKET INDEX CHF 1120741 11464.75 4198 4198 969 861 861 454.08 567.77 567.77 21.44 18.26 17.14 17.14 24.51

S&P/TSX COMPOSITE INDEX CAD 1697982 17615.94 7406 7406 1859 1968 1968 732.48 803.81 803.81 16.58 16.59 15.11 15.11 24.14

S&P/ASX 200 INDEX AUD 1366032 6451.078 2681 2681 547 684 684 215.80 320.53 320.53 21.50 17.78 14.48 14.48 19.99

HANG SENG INDEX HKD 1793920 3572.425 1668 1668 376 393 393 278.61 269.06 269.06 1.39 1.48 1.43 1.43 2.98

MSCI EM USD 7592957 1394.039 983 983 191 180 180 84.97 88.32 88.32 11.89 12.19 11.44 11.44 19.60

ING GROEP NV-CVA EUR 43101 8296 3801 281 0 1 24 287.99 53142 53091 20534 20854 - - - - 0.92 1.01 1.36 1.51 15.09 14.49 11.17 10.02 -34.54 -8.67 - - - A 03.09.2009 A3 15.06.2012

AIR LIQUIDE SA EUR 43219 160 311 10 0 0 2 52.79 20722 20762 21323 22854 5128 5170 - - 7.03 6.85 7.21 8.00 27.36 27.48 26.00 23.42 8.13 4.97 8.68 9.19 33.67 A 02.07.2007 - -

HENNES & MAURITZ AB-B SHS SEK 72051 1352 1655 0 0 0 3 70.34 18842 19430 19984 22255 3971 3976 1341 1341 - 1.59 1.64 1.89 4.28 - 4.14 3.60 1.53 1.42 1.20 0.74 3.19 - - - -

DANONE EUR 47319 641 593 13 0 0 4 58.67 28217 29005 29698 31329 4897 4601 - - 3.77 4.02 4.14 4.47 25.24 25.29 24.51 22.69 10.86 10.43 5.27 15.34 21.45 A- 25.07.2007 A3 06.11.2007

L'OREAL EUR 103923 217 598 0 0 0 2 103.15 30371 31081 31481 33292 6136 6359 - - 6.56 6.67 6.93 7.47 34.78 34.71 33.44 31.02 14.09 8.60 19.93 7.41 27.66 - - - -

ERICSSON LM-B SHS SEK 43933 4403 3220 4 0 0 12 38.20 35528 35695 35818 37401 5003 3599 1123 1123 - -0.08 0.68 0.89 - - 3.05 2.34 0.06 0.46 0.69 0.04 1.57 BBB+ 15.06.2007 A3 10.06.2011

AXA SA EUR 55084 3365 2389 21 8 3 41 52.80 157115 157511 136372 139779 - - - - 2.44 2.14 2.75 2.93 14.56 14.01 11.34 10.64 24.57 15.30 - - - A- 18.12.2012 A2 19.03.2003

ZURICH INSURANCE GROUP AG CHF 37878 227 147 14 0 3 10 49.60 77422 78767 64599 65897 - - - - 29.11 26.25 29.82 31.94 11.83 11.82 10.41 9.72 36.24 6.94 - - - - - - -

SYNGENTA AG-REG CHF 37500 177 92 4 0 0 2 44.94 15608 15746 16531 17653 3460 3361 - - 25.01 21.28 25.60 28.84 23.00 20.68 19.12 16.97 7.74 3.43 9.85 11.26 23.46 A 15.06.2007 - -

LINDE AG EUR 36426 166 185 14 0 1 3 49.74 20660 22057 23107 24628 4655 5118 1375 1375 9.36 9.65 11.25 12.67 27.54 27.91 23.63 20.98 14.64 7.42 14.91 10.85 31.37 A 25.05.2012 A3 28.04.2010

IMPERIAL TOBACCO GROUP PLC GBp 35450 408 990 15 0 0 1 53.30 23577 23064 12602 12903 5338 5128 3032 3032 2.65 0.79 3.36 3.57 74.07 24.53 17.47 16.45 -5.44 36.46 3.06 26.39 35.73 BBB 20.05.2008 - -

SOCIETE GENERALE EUR 39463 1871 754 1002 7 6 149 59816 31222 33171 - - - - 4.91 1.60 4.58 5.84 41.80 19.37 14.58 11.44 -12.00 - - - - A 23.01.2012 A2 21.06.2012

EADS NV EUR 49770 806 822 6 0 0 15 47.87 76366 78256 79243 84362 5310 5896 1742 1742 1.96 2.31 3.63 4.92 37.05 37.03 23.51 17.36 20.23 9.98 32.18 31.24 10.19 A 06.09.2013 (P)A2 06.12.2012

NORDEA BANK AB SEK 48767 4740 4030 39 0 0 7 2723 2608 1578 1648 - - - - 0.12 0.12 0.12 0.14 1.79 1.79 1.74 1.55 0.72 -0.49 - - - AA- 29.11.2005 Aa3 24.05.2012

BAYERISCHE MOTOREN WERKE AG EUR 68535 465 656 94 0 0 18 146.25 103905 103368 106081 111640 21975 21677 - - 10.50 10.65 10.68 11.01 13.56 13.56 13.53 13.12 15.77 8.97 7.05 21.79 28.35 A 16.04.2012 A2 22.07.2011

VOLKSWAGEN AG-PREF EUR 106397 432 465 159 0 6 35 234.29 260514 264988 271080 284557 33023 33548 - - 62.58 51.08 28.57 33.04 6.18 6.20 11.04 9.55 28.29 17.14 19.36 13.58 17.12 A- 31.08.2009 A3 17.08.2009

ROLLS-ROYCE HOLDINGS PLC GBp 33417 1325 1872 2 0 0 4 33.15 19542 22153 24702 26239 2711 3196 1875 1875 1.50 0.63 1.08 1.16 45.27 17.39 26.49 24.58 14.98 21.34 22.48 31.97 23.18 A 13.04.2012 - -

ASML HOLDING NV EUR 44059 666 407 1 0 0 4 41.87 6397 5855 6966 8879 1816 1372 385 385 3.62 2.80 2.95 4.67 47.64 48.08 45.17 28.52 -22.00 64.68 -34.66 9.65 31.67 - - Baa2 11.11.2010

GDF SUEZ EUR 60516 2238 2357 78 0 15 15 132.02 131203 130133 110741 111484 24880 24196 18300 18300 1.80 0.53 1.87 1.85 63.88 22.66 18.16 18.33 9.49 20.54 19.60 27.94 25.14 A 06.05.2013 A1 03.07.2012

INDITEX EUR 95151 353 623 0 0 0 6 90.32 21560 22122 23309 25793 5310 5295 1668 1668 5.12 5.14 5.62 6.31 40.19 40.11 36.76 32.72 21.11 15.84 29.99 17.33 32.36 - - - -

E.ON SE EUR 35496 5572 1907 35 0 5 8 63.88 178601 177574 161688 164496 11416 13475 - - 2.45 1.66 1.67 1.60 14.42 9.34 14.33 14.97 22.91 13.33 132.20 -7.11 10.26 A- 27.07.2012 A3 05.10.2011

ANGLO AMERICAN PLC GBp 33504 981 1391 27 0 10 15 77.14 46217 47386 50259 51335 12345 12423 7614 7614 4.16 -2.89 2.89 3.40 - 18.10 21.54 18.32 -9.56 5.01 -52.21 -8.01 42.13 BBB 04.04.2013 Baa2 07.08.2013

MUENCHENER RUECKVER AG-REG EUR 34954 192 179 8 0 0 4 37.40 89097 88606 73672 75241 - - - - 24.31 23.55 22.55 22.67 11.19 11.19 11.69 11.62 11.07 9.16 - - - AA- 22.12.2006 - -

VIVENDI EUR 30769 1014 1323 24 0 4 6 58.51 39202 37031 33447 33374 10353 8787 - - 0.92 -0.40 1.93 1.99 - 125.51 16.11 15.62 0.85 -1.62 -18.19 5.37 32.08 BBB 26.10.2012 Baa2 13.09.2005

CENTRICA PLC GBp 30507 5517 5199 9 0 0 2 37.88 38473 41163 41059 45449 5942 6487 - - 0.42 0.34 0.45 0.48 27.88 27.28 21.22 20.07 7.87 11.97 18.84 13.02 25.32 A- 29.05.2009 A3 21.06.2006

KONINKLIJKE PHILIPS NV EUR 30002 1673 915 6 0 0 5 32.90 33515 32720 32299 33927 3330 3286 1244 1244 0.97 0.44 2.08 2.47 98.62 49.56 20.84 17.51 13.23 -2.21 145.82 -4.79 13.58 A- 11.05.2005 A3 20.04.2006

SWISS RE AG CHF 30434 487 343 22 0 0 12 42.33 36395 39016 37279 39394 - - - - 12.16 16.12 10.87 9.34 6.19 6.66 9.18 10.69 21.03 8.01 - - - - - - -

UNICREDIT SPA EUR 36658 80114 5789 446 0 5 98 56142 32912 33106 33634 - - - - 0.24 0.17 0.27 0.50 51.80 - 31.17 16.96 -1.43 -4.27 - - - BBB 12.07.2013 Baa2 16.07.2012

DEUTSCHE POST AG-REG EUR 40034 2167 1209 7 0 0 4 44.39 75057 75053 77114 80397 5326 5489 1355 1355 1.98 2.06 2.04 2.19 21.78 23.55 21.94 20.41 6.87 1.25 10.03 -3.26 9.89 NR 27.11.2012 WR 31.07.2006

IBERDROLA SA EUR 36211 19738 6053 44 0 0 9 72.01 46243 46704 46352 46520 9705 8234 - - 0.62 0.60 0.55 0.51 13.02 12.74 14.30 15.35 10.91 8.38 3.43 10.88 23.84 BBB 28.11.2012 (P)Baa1 05.11.2012

VINCI SA EUR 34623 820 536 27 0 1 9 54.51 52979 53276 53660 54361 7447 7359 - - 4.76 4.73 4.64 4.90 16.49 16.58 16.80 15.93 5.52 4.76 1.54 5.03 18.68 BBB+ 29.03.2007 Baa1 23.07.2002

ASSICURAZIONI GENERALI EUR 30754 5622 1541 32 0 4 29 37.90 110101 111790 102510 104268 - - - - 0.97 0.31 1.89 1.99 86.67 - 14.12 13.40 14.63 0.50 - - - A- 12.07.2013 Baa2 21.03.2013

ENEL SPA EUR 35854 32566 9403 90 0 22 13 139.49 111816 112024 111418 110636 21836 23770 - - 0.12 0.11 0.43 0.42 46.51 46.51 11.92 12.34 8.93 9.29 -7.59 14.53 28.69 BBB 11.07.2013 Baa2 05.11.2012

PERNOD RICARD SA EUR 32926 215 265 12 0 0 1 44.30 11594 11594 11851 12580 3103 3311 3412 3412 6.06 6.10 6.94 7.79 27.51 26.90 24.17 21.53 5.93 6.80 - 9.38 38.92 BBB- 03.10.2011 Baa3 08.09.2011

INTESA SANPAOLO EUR 33502 186995 16434 383 0 1 57 37614 22543 22368 22902 - - - - 0.12 0.06 0.12 0.19 43.63 31.30 23.40 14.40 13.66 -0.91 - - - BBB 12.07.2013 Baa2 16.07.2012

ORANGE EUR 33143 5126 2627 53 0 3 11 76.45 58836 57159 55883 54658 16731 16210 - - 1.00 0.08 1.36 1.33 208.54 23.39 12.43 12.70 -5.26 -6.21 -23.81 -11.43 38.34 BBB+ 22.04.2013 A3 23.06.2005

VOLVO AB-B SHS SEK 31721 4058 2028 21 0 0 5 49.30 47362 42426 43084 46640 5353 3575 1043 1043 - 0.30 0.62 1.16 7.80 - 3.76 2.01 -0.34 0.07 -3.03 0.04 1.31 BBB 15.04.2011 - -

REPSOL SA EUR 32218 1985 1256 26 0 1 9 52.52 79670 80799 78270 82637 9488 9258 2108 2108 2.22 2.14 2.27 2.21 15.62 - 14.72 15.12 21.31 -0.04 28.37 -6.65 15.49 BBB- 19.04.2012 - -

STATOIL ASA NOK 72358 1325 3180 20 0 0 13 85.87 117405 105552 105964 108771 44154 36726 9398 9398 - 1.99 2.46 2.61 1.90 - 1.54 1.45 1.55 0.15 0.22 1.43 5.79 AA- 03.08.2007 Aa2 23.06.2005

HEINEKEN NV EUR 40576 240 576 18 0 1 1 59.01 24855 25634 26744 27664 4693 5165 - - 6.68 6.60 3.94 4.48 14.44 14.47 24.18 21.28 9.95 10.66 3.52 15.73 27.24 BBB+ 02.10.2012 Baa1 07.03.2012

SWATCH GROUP AG/THE-BR CHF 33513 37 54 0 0 0 2 32.44 8568 8926 9641 10595 2467 2499 1614 1614 32.55 33.48 35.46 39.91 20.94 20.96 19.77 17.57 16.77 8.94 23.97 10.26 30.77 - - - -

ATLAS COPCO AB-A SHS SEK 34612 998 1213 3 0 0 2 36.53 14121 13556 13388 14061 3414 3269 789 789 - 1.67 1.64 1.76 2.71 - 2.77 2.57 1.79 0.58 1.42 1.47 3.76 A 24.02.2011 A2 15.11.2012

HENKEL AG & CO KGAA VORZUG EUR 41180 246 434 5 0 0 5 41.54 22323 22465 22761 23858 3761 3798 1018 1018 4.93 4.81 5.45 5.98 28.85 27.11 25.49 23.22 7.84 4.48 18.70 12.97 22.86 A 18.05.2011 A2 01.06.2011

TELIASONERA AB SEK 33000 4888 4330 14 0 1 5 44.29 16362 16023 15824 15939 5459 5289 1382 1382 - 0.71 0.65 0.68 1.66 - 1.84 1.76 0.01 0.02 -0.81 0.38 5.15 A- 28.10.2005 A3 30.10.2007

TELENOR ASA NOK 34668 1509 1544 8 0 1 1 41.78 16923 16921 17213 17832 6633 6207 1570 1570 - 1.48 1.69 1.91 2.58 - 2.25 2.00 0.54 0.28 2.67 1.10 6.10 A- 12.04.2010 A3 27.01.2009

AP MOELLER-MAERSK A/S-B DKK 39567 3 4 20 0 2 3 57.24 62070 60291 59308 62062 13228 12899 3410 3410 899.69 778.77 790.31 1001.11 2.16 - 2.13 1.68 1.10 0.40 -1.30 0.43 3.88 BBB+ 25.09.2013 Baa1 25.09.2013

ROYAL BANK OF SCOTLAND GROUP GBp 64950 5846 11171 509 0 4 174 45417 44548 33084 32505 - - - - 0.17 -0.45 0.28 0.47 - 33.88 33.33 19.68 -20.66 -25.76 - - - A- 29.11.2011 Baa1 *- 05.07.2013

TENARIS SA EUR 27199 957 1181 2 0 0 2 36.74 14648 14768 15005 16014 3954 3946 940 940 1.95 1.87 1.96 2.18 22.54 22.49 21.53 19.29 11.68 -0.01 26.23 -4.56 36.13 - - - -

ATLAS COPCO AB-B SHS SEK 34612 490 1213 3 0 0 2 36.53 14121 13556 13388 14061 3414 3269 789 789 - 1.67 1.64 1.76 2.44 - 2.49 2.31 1.79 0.58 1.42 1.47 3.76 A 24.02.2011 A2 15.11.2012

CHRISTIAN DIOR EUR 35112 21 179 12 0 23 3 67.08 40402 40402 41752 44877 9763 9763 - - 11.27 10.81 12.70 14.69 24.17 23.09 20.58 17.79 2.68 - - - 32.67 - - - -

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 2.38 2.38 2.21 2.03 2.38 1.52 1.52 1.45 1.39 1.52 10.59 10.59 9.57 8.75 10.59 9.47 9.47 8.73 8.18 9.47 15.38 15.38 13.86 12.53 15.38 2.07 2.07 2.25 2.40 2.07 1850.6 9.2%

Euro Stoxx 50 Pr 1.32 1.32 1.25 1.18 1.32 0.85 0.85 0.82 0.80 0.85 6.58 6.58 6.05 5.47 6.59 7.60 7.60 7.20 6.82 7.60 13.07 13.07 11.69 10.51 13.07 3.90 3.90 4.10 4.45 3.90 3026.5 3.5%

NIKKEI 225 1.56 1.56 1.46 1.37 1.56 0.75 0.75 0.72 0.70 0.75 9.20 9.20 8.49 7.30 9.20 9.07 9.07 8.30 7.80 9.07 18.36 18.36 16.37 14.74 18.36 1.59 1.59 1.74 1.88 1.59 15220.8 4.1%

FTSE 100 INDEX 1.81 1.81 1.69 1.39 1.81 1.05 1.05 1.02 0.99 1.05 8.83 8.83 7.96 7.27 8.83 7.67 7.67 7.03 6.62 7.67 13.02 13.02 11.84 10.86 13.02 3.72 3.73 4.15 4.42 3.72 7099.2 8.5%

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 11.85 10.58 13.16 13.32 13.32 12.34 11.52 13.32 15.60 15.60 14.12 12.83 15.60 3.17 3.17 3.53 3.99 3.17 8666.5 7.5%

S&P/TSX COMPOSITE INDEX 1.76 1.76 1.64 1.52 1.76 1.69 1.69 1.55 1.51 1.69 8.92 8.92 8.05 6.79 8.92 8.95 8.95 7.95 7.36 8.95 15.56 15.56 13.71 12.44 15.56 3.11 3.11 3.23 3.35 3.11 14299.7 11.1%

S&P/ASX 200 INDEX 1.96 1.96 1.86 1.77 1.96 1.85 1.85 1.73 1.66 1.85 11.18 11.18 10.24 9.58 11.18 9.43 9.43 8.59 8.03 9.43 15.44 15.44 14.00 13.00 15.44 4.45 4.45 4.75 5.09 4.45 5383.9 2.0%

HANG SENG INDEX 1.38 1.38 1.28 1.19 1.38 1.79 1.79 1.66 1.54 1.79 8.16 8.16 7.71 7.19 8.16 9.08 9.08 8.31 7.66 9.08 11.12 11.12 10.33 9.38 11.12 3.49 3.49 3.74 4.08 3.49 25126.2 8.3%

MSCI EM 1.49 1.49 1.36 1.24 1.49 1.03 1.03 0.96 0.90 1.03 7.47 7.47 6.80 6.26 7.47 7.74 7.74 7.03 6.52 7.74 11.44 11.44 10.24 9.41 11.44 2.75 2.75 3.01 3.29 2.75 1124.6 11.3%

NESTLE SA-REG 3.32 3.16 2.93 2.76 2.21 2.15 2.05 1.93 1.82 15.19 14.90 13.67 12.53 13.04 12.68 11.89 11.15 10.23 18.54 18.24 16.89 15.53 14.40 3.28 3.41 3.62 3.85 3.84 69.14 9.5%

HSBC HOLDINGS PLC 1.17 1.12 1.08 1.03 0.94 2.95 3.04 2.92 2.77 2.84 11.80 10.44 9.39 8.61 12.22 11.24 10.37 9.30 9.70 3.99 4.77 5.29 5.91 5.65 775.80 16.0%

ROCHE HOLDING AG-GENUSSCHEIN 12.86 10.00 7.94 6.55 5.19 4.64 4.44 4.28 4.14 4.03 15.71 13.52 12.53 11.63 11.74 12.61 11.24 10.66 10.15 9.63 17.87 16.24 15.13 14.15 13.36 3.00 3.28 3.56 3.84 4.16 272.11 11.4%

NOVARTIS AG-REG 2.65 2.58 2.46 2.35 2.08 3.69 3.63 3.53 3.41 3.31 12.92 12.83 12.13 10.93 10.69 13.01 13.24 12.61 11.86 11.44 14.71 14.99 13.83 12.70 12.12 3.17 3.28 3.42 3.65 3.91 74.21 6.5%

VODAFONE GROUP PLC 1.40 1.30 1.21 1.09 2.36 2.35 2.33 2.30 2.24 7.70 7.49 6.54 5.98 10.19 10.25 10.03 9.85 9.58 13.96 14.14 14.14 13.87 13.36 4.81 4.71 4.85 5.18 4.90 222.35 2.7%

BP PLC 1.13 1.06 1.00 0.94 1.04 0.37 0.38 0.38 0.38 0.43 5.08 4.55 4.23 4.10 4.17 4.02 3.78 3.63 3.49 3.77 7.73 9.06 7.84 7.61 7.28 4.82 5.19 5.51 5.65 5.82 490.56 12.7%

ROYAL DUTCH SHELL PLC-A SHS 1.11 1.07 1.01 0.96 0.87 0.45 0.47 0.47 0.47 0.44 4.68 4.72 4.37 4.22 4.39 3.95 3.86 3.70 3.59 3.82 7.82 8.44 8.03 7.94 7.54 5.24 5.48 5.61 5.74 6.07 2399.76 18.0%

GLAXOSMITHKLINE PLC 10.80 12.47 11.65 10.68 8.98 2.88 2.83 2.73 2.63 2.55 13.06 10.89 9.89 9.11 7.80 9.50 9.76 9.14 8.72 8.19 14.01 13.53 12.34 11.29 10.45 4.75 5.00 5.29 5.59 5.97 1769.16 13.3%

TOTAL SA 1.32 1.26 1.16 1.07 1.03 0.57 0.56 0.54 0.54 0.58 4.44 4.53 4.06 3.82 3.77 3.68 3.88 3.68 3.49 3.25 7.86 8.48 8.28 8.06 7.46 5.45 5.54 5.68 5.82 6.13 46.34 8.0%

SANOFI 1.71 1.71 1.66 1.60 1.46 2.85 2.93 2.78 2.64 2.61 10.64 11.66 10.52 9.13 8.36 8.18 9.51 8.54 7.82 7.32 12.10 13.89 12.30 11.01 10.17 3.72 3.74 4.09 4.56 5.22 86.78 15.9%

BRITISH AMERICAN TOBACCO PLC 7.70 8.37 8.27 7.72 7.92 4.04 4.02 3.92 3.76 3.55 13.98 13.49 12.90 11.67 10.19 12.01 11.56 11.03 10.33 9.58 15.85 14.83 13.78 12.59 11.23 4.11 4.44 4.78 5.24 5.80 3749.86 14.8%

BAYER AG-REG 3.62 3.51 3.12 2.75 2.48 1.82 1.77 1.68 1.59 1.52 12.94 11.77 10.55 9.68 8.96 9.79 9.51 8.64 7.96 7.39 16.12 15.20 13.47 12.10 10.98 2.07 2.37 2.66 2.94 3.23 92.40 5.8%

SIEMENS AG-REG 2.39 2.52 2.30 2.10 1.64 1.01 1.02 0.99 0.96 0.92 10.64 12.82 10.09 8.66 7.55 9.25 10.63 8.45 7.75 7.10 14.50 16.26 12.74 11.44 9.91 3.45 3.49 3.69 3.92 3.99 90.34 1.6%

BANCO SANTANDER SA 0.78 0.88 0.88 0.85 1.50 1.61 1.54 1.46 1.45 2.28 2.87 2.80 2.69 10.70 13.92 11.08 9.22 9.74 9.86 9.94 8.74 8.84 5.11 5.59 -6.4%

BASF SE 2.49 2.42 2.29 2.08 1.81 0.83 0.87 0.91 0.87 0.84 8.05 8.55 7.89 7.68 6.33 6.32 7.71 7.19 6.69 6.11 12.99 13.17 12.00 10.91 9.64 3.66 3.81 4.00 4.23 4.50 74.75 6.0%

ROYAL DUTCH SHELL PLC-B SHS 1.16 1.13 1.06 1.01 0.91 0.45 0.47 0.47 0.47 0.44 4.91 4.96 4.59 4.43 4.61 3.95 3.86 3.70 3.59 3.82 8.21 8.86 8.43 8.33 7.92 4.99 5.23 5.37 5.48 5.64 2361.87 10.6%

ANHEUSER-BUSCH INBEV NV 3.74 3.35 3.08 2.78 2.46 4.04 3.66 3.28 3.09 2.98 14.26 11.83 12.06 11.10 10.24 13.46 12.24 10.79 10.05 9.39 21.37 20.96 18.32 16.41 14.69 1.91 2.42 2.81 3.18 3.66 77.11 4.4%

DIAGEO PLC 6.85 5.54 4.57 3.74 3.09 4.32 4.01 3.70 3.43 3.18 21.48 16.29 14.35 12.56 11.05 14.92 13.91 12.71 11.67 10.80 19.13 17.38 15.69 14.07 12.10 2.41 2.63 2.88 3.14 3.90 2244.58 14.5%

DAIMLER AG-REGISTERED SHARES 1.43 1.33 1.24 1.15 1.04 0.54 0.52 0.49 0.46 0.50 6.96 6.82 5.74 5.07 3.61 10.25 9.39 9.11 8.10 6.37 12.40 11.92 10.34 8.87 8.15 3.73 3.82 3.91 4.36 4.36 57.55 0.4%

UBS AG-REG 1.46 1.44 1.36 1.31 2.83 2.44 2.40 2.29 2.38 119.42 17.38 11.68 8.65 18.20 18.64 14.30 11.39 9.54 0.71 1.33 3.23 6.34 6.96 19.72 6.6%

ALLIANZ SE-REG 1.02 1.01 0.95 0.89 1.08 0.51 0.52 0.50 0.49 0.48 10.29 8.86 8.61 8.27 8.20 3.96 4.45 4.64 4.84 5.13 132.75 14.5%

BARCLAYS PLC 0.65 0.73 0.70 0.67 0.63 1.25 1.26 1.22 1.18 1.13 2.98 9.87 8.18 7.30 8.14 9.87 8.18 6.85 6.12 2.24 2.39 4.29 5.69 6.52 304.36 15.5%

SAP AG 4.60 3.92 3.36 2.86 2.37 4.11 3.88 3.57 3.26 3.02 16.92 14.52 12.67 11.38 9.41 12.43 11.10 9.91 8.97 8.17 17.67 16.06 14.35 12.66 11.28 1.54 1.70 1.97 2.21 2.20 64.84 18.8%

NOVO NORDISK A/S-B 13.05 11.33 9.95 8.86 9.32 6.58 6.04 5.56 5.12 4.73 22.38 18.47 16.76 14.53 12.78 15.78 14.25 13.02 11.75 10.87 24.48 19.66 17.78 15.62 13.71 1.85 2.33 2.59 2.95 3.28 1082.24 16.1%

BNP PARIBAS 0.81 0.77 0.73 0.69 1.59 1.59 1.56 1.51 1.49 6.26 6.07 5.53 4.81 9.17 10.66 9.39 8.15 7.70 3.01 3.53 4.11 4.88 5.31 54.30 8.7%

BG GROUP PLC 1.94 1.83 1.66 1.50 1.50 2.88 3.24 2.95 2.39 2.17 8.00 8.33 7.52 6.06 5.98 6.84 7.21 6.31 5.07 5.11 14.01 15.62 13.63 10.57 8.47 1.35 1.42 1.55 1.71 2.28 1381.19 17.0%

ASTRAZENECA PLC 2.79 2.73 2.66 2.59 2.61 2.31 2.49 2.58 2.65 2.75 8.33 8.63 9.05 8.98 9.08 6.07 7.37 7.51 7.68 7.83 8.35 9.91 10.74 10.95 11.35 5.66 5.43 5.47 5.45 5.51 3222.83 0.5%

BANCO BILBAO VIZCAYA ARGENTA 1.08 1.03 0.98 0.92 2.06 2.13 2.03 1.93 1.92 3.55 3.99 3.83 3.59 23.10 13.64 11.61 9.43 9.35 5.12 5.10 4.76 5.18 5.24 7.74 -5.6%

TELEFONICA SA 2.29 2.26 2.19 2.09 0.84 0.90 0.91 0.91 0.92 3.59 4.09 3.90 3.86 8.51 5.27 5.69 5.73 5.69 5.77 9.46 11.15 10.58 9.99 10.07 1.11 6.33 6.77 6.60 7.31 11.50 0.1%

BHP BILLITON PLC 2.13 1.98 1.80 1.66 1.54 2.52 2.50 2.38 2.25 2.15 8.10 7.33 6.77 6.62 5.44 7.01 6.57 6.10 5.85 5.70 11.86 11.32 10.29 9.93 9.50 4.00 4.21 4.52 4.79 4.92 2121.60 17.1%

UNILEVER NV-CVA 5.21 4.86 4.33 3.85 3.26 1.71 1.70 1.64 1.55 1.48 14.50 13.44 12.82 11.64 10.27 12.07 11.61 11.01 10.22 9.41 18.20 17.98 16.63 15.21 13.83 3.30 3.60 3.83 4.10 4.61 32.81 14.0%

RIO TINTO PLC 1.71 1.69 1.49 1.32 1.28 1.83 1.80 1.70 1.60 1.51 7.78 6.62 5.97 5.37 5.24 6.97 6.63 5.93 5.44 5.17 9.73 9.76 8.65 7.71 7.54 3.24 3.73 3.99 4.34 4.37 3717.65 24.4%

LLOYDS BANKING GROUP PLC 1.14 1.16 1.10 1.05 1.05 2.85 2.85 2.85 2.80 3.06 18.33 11.28 9.16 7.79 30.54 13.83 11.28 9.77 9.52 0.00 0.82 3.00 4.64 6.28 78.16 6.6%

ENI SPA 1.02 0.99 0.95 0.91 0.86 0.51 0.52 0.51 0.49 0.55 3.67 4.08 3.41 3.21 3.46 2.74 3.25 2.88 2.72 2.76 8.40 11.64 9.49 8.80 8.83 6.40 6.50 6.62 6.73 6.99 19.23 14.0%

ABB LTD-REG 3.24 2.95 2.66 2.40 1.38 1.32 1.27 1.20 1.14 14.38 12.72 10.91 10.05 10.54 10.86 9.50 8.62 7.92 8.13 17.99 16.20 14.25 12.90 12.78 3.02 3.26 3.44 3.64 4.00 22.56 6.1%

GLENCORE XSTRATA PLC 1.20 1.21 1.13 1.06 0.35 0.29 0.28 0.27 0.24 10.33 8.04 6.84 5.32 22.14 10.35 8.33 7.35 5.92 11.71 18.82 13.25 10.48 8.24 2.73 2.84 3.06 3.38 4.61 368.29 9.7%

CIE FINANCIERE RICHEMON-REG 3.93 3.42 2.97 2.58 2.16 4.19 3.84 6.39 3.21 3.02 18.75 16.13 14.32 12.75 14.05 12.70 11.34 10.32 9.90 20.80 18.47 16.46 14.84 14.09 0.85 1.29 1.51 1.72 2.02 98.12 8.5%

LVMH MOET HENNESSY LOUIS VUI 2.91 2.68 2.42 2.19 1.73 2.63 2.44 2.21 2.05 1.90 15.28 14.46 13.30 12.11 14.76 11.36 10.73 9.57 8.72 8.24 20.08 19.81 17.41 15.56 13.49 2.07 2.19 2.46 2.74 3.02 154.60 6.8%

SABMILLER PLC 2.99 2.83 2.61 2.42 2.09 3.45 3.42 3.19 2.86 2.86 17.07 16.65 15.04 13.34 11.70 16.36 15.10 13.82 12.80 10.68 21.18 20.14 18.01 16.22 14.64 2.02 2.15 2.43 2.68 2.89 3465.07 10.3%

UNILEVER PLC 5.27 4.91 4.37 3.89 3.29 1.69 1.69 1.62 1.54 1.47 14.65 13.58 12.96 11.76 10.38 11.98 11.52 10.92 10.14 9.34 18.40 18.17 16.80 15.37 13.98 3.35 3.57 3.86 4.20 4.49 2835.28 16.3%

STANDARD CHARTERED PLC 1.34 1.24 1.15 1.08 3.04 2.91 2.71 2.51 2.33 10.74 9.07 8.71 8.04 10.95 10.63 9.69 8.87 8.43 3.42 3.72 4.06 4.45 4.45 1704.88 14.9%

PRUDENTIAL PLC 2.97 2.58 2.27 1.95 1.74 0.59 0.51 0.50 0.58 174.44 16.43 13.38 12.00 10.85 9.44 2.33 2.76 2.96 3.20 3.49 1311.55 15.0%

TESCO PLC 1.55 1.60 1.48 1.37 0.44 0.43 0.42 0.40 0.38 7.59 6.87 6.71 6.36 7.62 7.19 6.89 6.62 6.32 12.08 11.18 10.59 10.01 8.52 4.07 4.18 4.40 4.65 5.17 400.90 11.0%

RECKITT BENCKISER GROUP PLC 5.19 4.96 4.34 3.98 4.06 3.38 3.17 3.06 2.90 2.77 16.63 15.92 14.73 14.00 13.41 13.20 12.60 12.25 11.52 10.90 18.15 16.84 16.34 15.39 14.27 2.87 3.09 3.26 3.49 3.67 4697.39 4.5%

DEUTSCHE BANK AG-REGISTERED 0.56 0.59 0.57 0.53 1.02 1.03 1.01 0.99 0.93 5.95 7.56 5.99 4.45 9.42 9.26 7.49 6.10 5.77 2.23 2.39 3.03 4.42 3.33 40.41 19.8%

CREDIT SUISSE GROUP AG-REG 1.04 1.00 0.93 0.89 0.81 1.78 1.62 1.57 1.51 1.47 17.67 10.40 8.80 7.80 11.45 10.78 9.20 8.35 8.37 2.52 2.89 4.01 4.84 5.67 29.93 8.6%

DEUTSCHE TELEKOM AG-REG 1.62 1.67 1.59 1.53 1.67 0.82 0.80 0.79 0.79 0.80 3.45 3.39 3.34 3.36 3.33 5.40 5.66 5.52 5.40 5.27 16.60 16.81 15.40 14.46 11.91 6.56 4.95 4.77 4.93 5.45 10.11 -5.2%

SCHNEIDER ELECTRIC SA 2.02 1.93 1.80 1.69 1.46 1.43 1.33 1.26 1.19 12.69 11.99 11.00 10.10 10.16 10.64 10.02 9.06 8.32 7.89 16.24 15.24 13.63 12.39 11.80 2.82 3.08 3.38 3.70 3.63 64.21 3.1%

NATIONAL GRID PLC 2.64 2.50 2.38 2.26 1.90 1.83 1.78 1.69 1.62 8.10 7.63 7.42 7.48 6.37 9.85 9.31 8.89 8.48 7.87 13.51 14.00 13.28 12.75 12.93 5.59 5.77 5.94 6.13 6.34 800.64 9.4%

BT GROUP PLC 15.59 35.00 12.89 9.00 1.50 1.50 1.50 1.50 1.48 6.26 6.86 6.45 6.79 9.58 5.86 5.94 5.78 5.65 5.55 13.56 13.40 11.99 11.06 10.27 2.77 3.21 3.65 4.20 4.93 341.62 -0.4%

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 2.38 2.38 2.21 2.03 2.38 1.52 1.52 1.45 1.39 1.52 10.59 10.59 9.57 8.75 10.59 9.47 9.47 8.73 8.18 9.47 15.38 15.38 13.86 12.53 15.38 2.07 2.07 2.25 2.40 2.07 1850.6 9.2%

Euro Stoxx 50 Pr 1.32 1.32 1.25 1.18 1.32 0.85 0.85 0.82 0.80 0.85 6.58 6.58 6.05 5.47 6.59 7.60 7.60 7.20 6.82 7.60 13.07 13.07 11.69 10.51 13.07 3.90 3.90 4.10 4.45 3.90 3026.5 3.5%

NIKKEI 225 1.56 1.56 1.46 1.37 1.56 0.75 0.75 0.72 0.70 0.75 9.20 9.20 8.49 7.30 9.20 9.07 9.07 8.30 7.80 9.07 18.36 18.36 16.37 14.74 18.36 1.59 1.59 1.74 1.88 1.59 15220.8 4.1%

FTSE 100 INDEX 1.81 1.81 1.69 1.39 1.81 1.05 1.05 1.02 0.99 1.05 8.83 8.83 7.96 7.27 8.83 7.67 7.67 7.03 6.62 7.67 13.02 13.02 11.84 10.86 13.02 3.72 3.73 4.15 4.42 3.72 7099.2 8.5%

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 11.85 10.58 13.16 13.32 13.32 12.34 11.52 13.32 15.60 15.60 14.12 12.83 15.60 3.17 3.17 3.53 3.99 3.17 8666.5 7.5%

S&P/TSX COMPOSITE INDEX 1.76 1.76 1.64 1.52 1.76 1.69 1.69 1.55 1.51 1.69 8.92 8.92 8.05 6.79 8.92 8.95 8.95 7.95 7.36 8.95 15.56 15.56 13.71 12.44 15.56 3.11 3.11 3.23 3.35 3.11 14299.7 11.1%

S&P/ASX 200 INDEX 1.96 1.96 1.86 1.77 1.96 1.85 1.85 1.73 1.66 1.85 11.18 11.18 10.24 9.58 11.18 9.43 9.43 8.59 8.03 9.43 15.44 15.44 14.00 13.00 15.44 4.45 4.45 4.75 5.09 4.45 5383.9 2.0%

HANG SENG INDEX 1.38 1.38 1.28 1.19 1.38 1.79 1.79 1.66 1.54 1.79 8.16 8.16 7.71 7.19 8.16 9.08 9.08 8.31 7.66 9.08 11.12 11.12 10.33 9.38 11.12 3.49 3.49 3.74 4.08 3.49 25126.2 8.3%

MSCI EM 1.49 1.49 1.36 1.24 1.49 1.03 1.03 0.96 0.90 1.03 7.47 7.47 6.80 6.26 7.47 7.74 7.74 7.03 6.52 7.74 11.44 11.44 10.24 9.41 11.44 2.75 2.75 3.01 3.29 2.75 1124.6 11.3%

ING GROEP NV-CVA 0.63 0.60 0.57 0.56 0.45 0.75 2.10 2.07 2.02 1.88 9.13 6.75 5.85 10.73 8.26 7.41 6.94 6.54 0.00 0.00 0.98 3.20 9.40 13.2%

AIR LIQUIDE SA 2.98 2.82 2.63 2.43 2.09 2.03 1.89 1.76 1.67 11.09 10.70 9.96 9.13 10.34 9.84 9.03 8.30 7.77 20.01 19.23 17.32 15.63 14.13 2.45 2.57 2.79 3.02 3.28 104.24 1.7%

HENNES & MAURITZ AB-B SHS 10.25 10.10 9.25 8.36 7.65 3.81 3.61 3.24 2.92 2.64 22.69 21.55 18.43 16.84 17.05 17.63 17.01 14.91 13.34 12.71 27.51 26.57 23.06 20.78 19.67 3.43 3.44 3.69 4.03 3.83 280.04 0.3%

DANONE 2.66 2.63 2.46 2.30 2.09 1.69 1.59 1.51 1.42 1.32 13.09 12.78 11.75 10.63 9.65 11.99 11.64 10.93 10.22 9.24 18.38 18.12 16.78 15.19 13.80 2.63 2.68 2.88 3.14 3.64 60.06 8.3%

L'OREAL 4.01 3.46 3.20 2.96 2.59 3.44 3.30 3.12 2.93 2.79 21.09 19.76 18.19 16.70 15.56 17.17 16.12 14.98 13.86 13.11 26.51 24.73 22.95 21.10 19.52 1.74 1.97 2.16 2.37 2.58 129.61 2.2%

ERICSSON LM-B SHS 1.92 1.98 1.88 1.77 1.24 1.23 1.17 1.13 1.14 17.51 14.45 11.73 12.15 9.78 9.03 7.50 6.77 6.70 19.87 19.58 15.01 13.17 3.03 3.39 3.66 3.95 89.28 4.4%

AXA SA 0.85 0.81 0.77 0.72 0.66 0.40 0.40 0.39 0.38 10.99 11.20 9.34 8.39 7.87 7.35 7.07 4.28 4.75 5.03 5.37 6.02 19.38 13.8%

ZURICH INSURANCE GROUP AG 1.13 1.13 1.08 1.04 0.99 0.62 0.65 0.64 0.64 0.55 11.53 9.47 8.84 8.53 8.43 7.20 7.01 7.11 7.17 7.11 263.19 13.2%

SYNGENTA AG-REG 4.46 3.80 3.43 3.07 2.65 2.51 2.35 2.22 2.11 15.27 15.20 13.42 12.29 12.81 12.33 11.16 10.32 9.87 18.32 17.40 15.44 14.09 13.24 2.31 2.68 2.97 3.20 3.43 410.48 12.0%

LINDE AG 1.95 1.97 1.84 1.71 1.57 1.77 1.58 1.48 1.38 1.31 9.69 8.46 7.97 7.37 6.57 10.52 9.11 8.43 7.80 7.27 18.66 17.48 15.52 13.77 12.30 1.83 2.01 2.25 2.48 2.80 162.33 11.6%

IMPERIAL TOBACCO GROUP PLC 2.87 3.59 3.41 3.25 3.56 2.78 2.81 2.75 2.65 2.55 10.15 10.33 9.92 9.06 8.30 9.81 9.82 9.50 9.13 8.74 11.42 10.87 10.23 9.53 8.92 4.59 5.08 5.58 6.13 6.85 2488.16 9.3%

SOCIETE GENERALE 0.65 0.61 0.58 0.55 1.27 1.26 1.19 1.15 1.22 5.58 5.13 4.32 3.95 13.19 10.78 8.46 7.20 7.96 1.38 2.53 4.16 5.37 38.20 4.5%

EADS NV 3.88 3.74 3.02 2.44 2.00 0.67 0.63 0.59 0.55 0.54 12.67 11.89 8.91 6.27 5.45 8.05 6.40 5.42 4.85 4.83 24.21 17.39 12.84 10.75 10.35 1.32 2.05 2.78 3.38 2.87 50.73 8.6%

NORDEA BANK AB 1.28 1.23 1.16 1.10 3.55 3.56 3.41 3.29 11.18 11.56 10.79 9.22 11.87 11.15 9.93 9.20 3.34 4.69 5.52 6.18 86.28 11.8%

BAYERISCHE MOTOREN WERKE AG 1.66 1.54 1.40 1.27 1.15 0.66 0.65 0.61 0.59 0.56 6.12 5.13 4.95 4.58 3.66 8.24 8.49 8.20 7.74 6.85 10.17 10.01 9.70 9.27 8.72 3.31 3.43 3.71 3.98 4.32 81.79 3.5%

VOLKSWAGEN AG-PREF 1.04 0.98 0.87 0.77 0.72 0.41 0.39 0.37 0.36 0.34 3.62 3.78 3.41 3.34 2.96 7.94 7.31 6.54 6.08 5.47 8.04 8.17 7.06 6.35 5.64 2.24 2.45 3.16 3.80 5.05 205.35 19.0%

ROLLS-ROYCE HOLDINGS PLC 3.65 3.01 2.66 2.37 2.10 1.69 1.35 1.27 1.18 1.13 17.98 15.94 13.37 11.19 11.33 9.01 8.36 7.69 6.29 19.27 16.48 15.30 13.86 11.43 1.78 1.97 2.18 2.39 2.80 1224.38 10.7%

ASML HOLDING NV 7.08 5.23 4.58 3.71 2.45 6.88 6.32 4.96 4.41 3.71 24.81 32.59 18.50 14.29 9.35 22.56 25.61 16.82 13.04 9.82 29.34 33.41 21.10 16.28 11.74 0.63 0.76 0.88 1.10 1.12 70.80 -2.9%

GDF SUEZ 0.66 0.73 0.73 0.73 0.70 0.48 0.55 0.54 0.53 0.54 3.71 4.28 4.30 4.17 3.77 5.72 7.21 7.30 7.18 7.04 11.90 13.43 13.56 12.94 12.33 8.09 8.09 8.09 7.47 7.01 18.10 -2.4%

INDITEX 8.27 7.40 6.50 5.71 5.02 4.41 4.08 3.69 3.34 2.82 21.82 20.41 18.19 16.43 16.82 16.06 14.29 12.78 11.41 29.48 27.19 24.20 21.60 18.91 2.01 2.14 2.43 2.76 3.14 114.12 1.1%

E.ON SE 0.66 0.69 0.67 0.65 0.63 0.23 0.22 0.22 0.21 0.21 3.21 3.70 4.00 3.96 4.22 4.38 5.06 5.19 5.25 5.39 5.86 10.60 11.07 11.04 11.82 8.33 5.21 4.91 4.92 4.45 12.63 -3.7%

ANGLO AMERICAN PLC 0.75 0.82 0.80 0.76 1.19 1.08 1.05 0.98 0.84 5.75 4.98 4.63 4.05 6.01 5.59 5.21 4.57 4.25 12.58 13.41 11.40 9.32 9.81 3.13 3.52 3.61 3.85 4.02 1591.65 6.4%

MUENCHENER RUECKVER AG-REG 0.96 0.95 0.91 0.86 0.89 0.47 0.47 0.46 0.46 0.43 8.16 8.64 8.60 8.26 8.68 4.73 4.97 5.13 5.30 5.61 154.48 7.2%

VIVENDI 1.08 1.22 1.19 1.18 0.80 0.92 0.92 0.95 0.76 3.72 4.69 4.94 4.89 5.44 6.75 6.94 7.32 5.29 8.46 11.92 11.55 11.38 7.80 5.90 5.44 5.34 5.23 6.41 18.26 7.5%

CENTRICA PLC 3.17 3.14 2.96 2.73 2.44 0.82 0.74 0.67 0.64 0.61 10.27 7.97 7.07 6.16 5.78 6.51 5.71 5.39 5.17 4.91 13.69 13.20 12.49 11.66 10.91 4.44 4.68 4.92 5.17 5.44 400.43 8.3%

KONINKLIJKE PHILIPS NV 1.89 1.91 1.80 1.66 0.90 0.93 0.88 0.84 0.81 11.53 10.34 8.58 7.37 8.83 7.48 6.67 6.03 5.85 19.80 15.41 12.95 11.25 9.74 3.21 3.31 3.55 3.81 3.99 27.29 15.4%

SWISS RE AG 0.88 0.92 0.89 0.85 0.87 0.93 0.90 0.85 0.80 0.77 8.70 11.16 9.28 8.61 8.10 8.35 9.73 9.02 8.52 4.60 6.01 5.65 5.67 5.68 78.74 5.4%

UNICREDIT SPA 0.44 0.43 0.43 0.41 1.07 1.11 1.09 1.05 1.06 2.67 4.46 3.76 3.31 32.71 23.04 12.55 8.25 9.36 1.24 1.84 2.76 3.72 4.42 -5.5%

DEUTSCHE POST AG-REG 2.65 2.81 2.56 2.34 1.78 0.53 0.52 0.50 0.48 0.45 15.56 9.94 9.27 8.43 7.10 8.33 7.74 7.18 6.59 6.11 19.00 16.23 15.10 13.50 12.08 3.01 3.13 3.37 3.69 4.02 23.83 -2.7%

IBERDROLA SA 0.74 0.76 0.76 0.75 0.85 0.78 0.78 0.75 0.82 4.54 4.31 4.80 4.87 5.43 6.87 7.13 7.19 7.00 6.78 9.41 10.57 11.36 11.06 10.05 7.27 6.89 6.76 6.43 6.22 4.17 -2.8%

VINCI SA 1.75 1.68 1.58 1.47 0.67 0.65 0.64 0.63 0.61 6.23 6.31 6.03 5.70 7.38 7.30 7.01 6.73 6.51 12.35 12.42 11.77 10.78 10.35 4.19 4.15 4.33 4.60 4.81 45.95 7.7%

ASSICURAZIONI GENERALI 1.14 1.09 1.02 0.95 0.84 0.28 0.30 0.29 0.29 0.35 2.36 2.15 17.19 10.44 9.91 8.88 8.99 1.96 2.88 3.53 4.28 2.90 14.48 -0.9%

ENEL SPA 0.65 0.69 0.66 0.63 0.59 0.32 0.32 0.32 0.32 0.33 2.94 2.83 2.69 2.88 2.91 6.21 6.44 6.62 6.50 6.40 7.68 8.81 9.13 8.47 8.32 5.32 4.68 4.54 4.82 5.04 2.84 0.6%

PERNOD RICARD SA 2.08 1.99 1.84 1.70 1.52 2.82 2.78 2.62 2.48 2.33 16.25 15.32 13.84 12.12 11.41 13.40 12.99 12.03 11.25 10.12 19.16 17.88 15.92 14.39 12.80 1.82 1.97 2.20 2.41 3.01 99.67 8.6%

INTESA SANPAOLO 0.51 0.50 0.49 0.48 1.43 1.50 1.46 1.42 1.43 3.17 4.83 4.01 3.63 15.54 17.31 10.65 8.14 7.25 3.35 3.28 4.14 5.25 5.91 1.50 -1.5%

ORANGE 0.89 0.97 0.94 0.90 0.56 0.59 0.61 0.61 0.61 2.43 2.77 2.71 2.78 4.14 4.47 4.63 4.73 4.75 7.18 9.19 9.39 9.38 8.54 8.68 8.17 7.48 7.68 7.92 8.80 -5.0%

VOLVO AB-B SHS 2.21 2.51 2.26 1.97 0.67 0.74 0.68 0.64 0.68 11.25 8.76 7.02 5.79 9.68 11.79 8.62 7.39 7.81 15.48 24.13 12.87 9.81 3.04 3.04 3.62 4.26 104.70 9.6%

REPSOL SA 0.87 0.81 0.78 0.77 0.95 0.39 0.41 0.39 0.40 0.42 4.69 4.78 4.91 4.60 4.19 5.52 5.35 5.31 5.06 4.85 11.65 10.88 11.18 10.67 10.55 4.84 5.31 5.35 5.49 5.46 19.15 4.7%

STATOIL ASA 1.36 1.24 1.15 1.06 0.99 0.60 0.68 0.67 0.66 0.68 3.57 3.98 3.54 3.37 3.16 1.98 2.30 2.13 2.10 2.31 8.26 9.24 8.69 8.58 8.40 4.90 5.10 5.20 5.36 5.58 147.54 8.2%

HEINEKEN NV 2.80 2.45 2.23 1.96 1.96 1.64 1.52 1.47 1.40 1.33 10.43 9.74 8.80 7.83 7.45 11.24 10.07 9.46 8.83 8.40 18.38 17.89 15.74 14.22 12.39 1.69 1.75 1.96 2.17 2.32 54.38 4.4%

SWATCH GROUP AG/THE-BR 3.44 3.10 2.71 2.40 3.93 3.47 3.15 2.90 2.70 21.86 18.28 15.53 13.63 17.96 13.75 11.84 10.48 9.43 9.04 21.11 17.99 15.99 14.34 13.26 1.17 1.33 1.52 1.71 2.02 622.00 7.1%

ATLAS COPCO AB-A SHS 6.43 5.58 4.87 4.24 2.46 2.59 2.46 2.34 1.95 15.35 14.86 14.24 13.27 10.71 11.47 10.83 10.09 8.32 16.30 17.73 16.49 15.22 3.09 3.12 3.37 3.57 192.32 3.2%

HENKEL AG & CO KGAA VORZUG 3.38 3.14 2.80 2.49 2.17 1.84 1.81 1.73 1.64 1.58 16.35 15.22 13.93 12.93 12.11 11.38 10.64 9.92 9.24 8.54 20.47 18.86 17.18 15.66 14.33 1.22 1.37 1.52 1.65 1.83 79.39 4.5%

TELIASONERA AB 1.80 1.85 1.76 1.69 1.68 2.02 2.09 2.07 2.06 2.04 6.29 7.93 7.47 7.49 8.32 7.94 8.16 7.90 7.78 7.73 11.86 11.77 11.26 10.83 10.89 6.34 6.34 6.61 6.80 8.53 47.24 -3.3%

TELENOR ASA 2.76 2.74 2.56 2.39 2.28 2.06 2.01 1.94 1.89 1.84 10.31 7.75 7.40 7.07 6.91 7.75 7.06 6.56 6.27 5.97 16.68 13.50 12.00 10.98 9.76 4.15 5.05 5.70 6.32 7.28 140.81 2.5%

AP MOELLER-MAERSK A/S-B 1.05 1.00 0.92 0.84 0.76 0.64 0.67 0.64 0.61 0.55 4.95 4.77 4.26 3.77 3.68 4.20 4.47 4.00 3.66 3.35 12.16 11.72 9.25 7.69 6.64 2.08 2.39 2.63 2.94 3.50 54365.82 6.5%

ROYAL BANK OF SCOTLAND GROUP 0.60 0.63 0.61 0.58 1.71 1.96 2.00 2.01 9.95 15.53 13.29 9.02 8.14 18.03 20.74 12.25 9.86 9.88 0.00 0.00 0.59 2.26 3.79 330.00 -8.0%

TENARIS SA 2.29 2.15 1.95 1.77 2.51 2.45 2.30 2.17 10.02 11.96 11.21 10.05 9.46 9.41 8.62 8.02 14.32 15.93 14.27 13.20 2.13 2.21 2.37 2.46 15.74 -7.6%

ATLAS COPCO AB-B SHS 5.79 5.02 4.38 3.81 2.46 2.59 2.46 2.34 1.95 13.81 13.37 12.81 11.94 10.71 11.47 10.83 10.09 8.32 14.66 15.95 14.84 13.69

CHRISTIAN DIOR 3.10 2.28 2.06 1.66 1.28 1.08 0.84 0.78 0.71 0.63 7.75 6.08 5.61 5.18 4.07 8.33 6.66 6.03 5.38 4.79 20.36 15.22 13.16 11.68 9.46 1.60 2.27 2.43 2.49 2.65 157.80 10.4%

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

NESTLE SA-REG CHF 3.1 1 1 1 1 0 0 0 0 1 5 80337 -3934 60685 13388 190038 62987 89931 62664 4.66 1.00 18.6 1 2 1 3 1 12 0 3.4396 0 3 0 1 0 1 1 1 1 5

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

ROCHE HOLDING AG-GENUSSCHEIN CHF 11.0 1 1 0 1 1 0 1 1 1 7 53111 11162 14334 16979 158712 48077 45499 16728 5.56 1.00 16.4 1 3 1 11 0 12 0 3.9946 0 2 0 1 0 1 1 1 1 5

NOVARTIS AG-REG CHF 2.2 1 1 1 1 1 1 0 0 0 6 62795 3953 68092 11794 152316 54997 56673 69219 5.22 1.00 16.0 1 3 1 2 1 11 0 3.9889 0 3 0 1 0 1 1 1 1 5

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

TOTAL SA EUR 1.2 1 1 0 1 1 1 0 - 1 6 158971 18498 66997 21862 88067 97636 182299 74193 2.81 1.00 8.2 1 0 1 1 1 4 1 5.9985 0 4 - 1 0 1 1 1 1 5

SANOFI EUR 1.6 1 1 0 1 1 1 1 1 0 7 42142 8940 47817 7787 94466 42935 34947 57472 3.19 1.00 19.0 1 3 1 2 1 12 0 3.8801 0 3 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

BAYER AG-REG EUR 3.2 1 1 0 1 1 0 1 1 1 7 32579 5887 10185 6041 59449 32767 39760 18569 3.69 1.00 24.3 1 1 1 3 1 14 0 2.6429 0 3 0 0 0 1 1 1 1 4

SIEMENS AG-REG EUR 2.2 1 1 0 1 0 1 1 0 1 6 86618 9492 21917 6909 66721 76980 78296 31302 2.14 1.00 13.5 1 1 1 2 1 11 0 3.8501 0 3 0 1 0 1 1 1 1 5

BANCO SANTANDER SA EUR 0.8 1 0 0 0 0 - 0 - 0 1 1241566 - 32081 3838 56334 1185302 77159 84326 - - 26.4 1 1 1 1 1 - - 9.8361 1 4 1 0 0 1 - 1 1 4

BASF SE EUR 2.7 1 1 0 1 1 0 1 0 0 5 50533 10757 20247 6381 65350 37105 72129 25621 3.64 1.00 13.6 1 1 1 3 1 10 1 3.6543 0 4 0 1 0 1 1 1 1 5

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

ANHEUSER-BUSCH INBEV NV EUR 3.4 1 1 1 1 0 1 0 1 0 6 46484 222 21834 12765 138992 77180 39758 45441 4.00 1.00 19.2 1 3 1 3 1 10 0 1.9133 0 3 0 1 1 1 1 1 1 6

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

DAIMLER AG-REGISTERED SHARES EUR 1.0 1 0 0 0 0 1 0 0 0 2 154093 8013 28790 8071 44130 117468 114297 45510 1.39 1.00 7.2 1 0 1 1 1 - - 5.3243 0 3 0 1 0 1 1 1 1 5

UBS AG-REG CHF 1.2 0 1 0 1 0 - 0 - 0 2 1252770 - 11614 1612 53475 1208983 37754 50249 - - - - 1 1 1 1 1 1 1.0512 0 3 - - - 1 - 1 1 3

ALLIANZ SE-REG EUR 0.9 1 1 1 1 1 - 0 - 1 6 681531 - 24738 10190 47492 638403 96020 56218 - - 4.6 1 0 1 1 1 5 1 4.2939 0 4 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

SAP AG EUR 5.1 1 1 0 1 0 0 0 0 1 4 10327 -31 12442 4139 72342 12664 16223 14171 7.33 1.00 25.6 1 4 1 5 1 19 0 1.4006 0 3 0 0 0 1 1 1 1 4

NOVO NORDISK A/S-B DKK 12.2 1 1 1 1 1 0 1 1 1 8 64174 18525 40072 29474 513240 25037 78026 40632 13.85 1.00 23.4 1 6 1 12 0 23 0 1.964 0 2 0 0 1 1 1 1 1 5

BNP PARIBAS EUR 0.7 1 1 1 1 0 - 0 - 0 4 1894114 - 51931 8581 52811 1812868 66872 94422 - - 8.3 1 1 1 1 1 1 1 3.5224 0 4 1 1 0 1 - 1 1 5

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

BANCO BILBAO VIZCAYA ARGENTA EUR 0.9 1 0 0 0 1 - 0 - 0 2 628873 - 17792 1418 37816 593983 35222 43802 - - 28.6 1 1 1 1 1 - - 6.0345 0 3 0 0 0 1 - 1 1 3

TELEFONICA SA EUR 2.2 1 1 0 1 0 1 0 - 0 4 79732 -5915 15450 10798 45887 102112 62356 27661 1.79 1.00 11.7 1 1 1 2 1 3 1 5.2012 0 4 - 1 0 1 1 1 1 5

BHP BILLITON PLC GBp 1.9 1 1 0 1 0 1 0 - 0 4 132883 -586 68409 21127 145840 66074 65968 72035 3.60 1.00 12.5 1 2 1 2 1 7 1 4.5417 0 4 1 1 0 1 0 1 1 5

UNILEVER NV-CVA EUR 5.4 1 1 0 1 1 0 0 1 1 6 24448 -3668 14535 6989 81655 30450 51324 15716 4.50 1.00 18.3 1 2 1 5 1 12 0 3.2946 0 3 0 1 0 1 1 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

ENI SPA EUR 1.1 1 1 1 1 1 1 0 - 1 7 135154 15272 55194 15026 66442 76928 127220 62713 2.42 1.00 16.4 1 1 1 1 1 5 1 5.8888 0 4 0 1 0 1 0 1 1 4

ABB LTD-REG CHF 2.8 1 1 0 1 0 1 0 0 0 4 35343 9028 15215 4112 47151 31624 39336 17446 3.71 1.00 17.4 1 1 1 3 1 12 0 3.3111 0 3 0 1 0 1 1 1 1 5

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

CIE FINANCIERE RICHEMON-REG CHF 3.3 1 1 1 0 0 0 0 1 0 4 14106 7097 9882 2434 33871 4282 10150 10215 7.62 1.00 16.7 1 3 1 3 1 21 0 1.3114 0 3 0 1 1 1 1 1 1 6

LVMH MOET HENNESSY LOUIS VUI EUR 2.8 1 1 0 1 1 1 0 0 1 6 30614 4791 20563 5921 69399 24264 28103 25666 4.23 1.00 20.2 1 2 1 3 1 17 0 2.0893 0 3 0 0 0 1 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

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

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

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

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

DEUTSCHE BANK AG-REGISTERED EUR 0.6 1 0 0 0 0 - 0 - 0 1 1998110 - 27845 2905 30617 1957919 52299 54410 - - 131.8 1 1 1 1 1 - - 2.2762 0 3 0 0 0 1 - 1 1 3

CREDIT SUISSE GROUP AG-REG CHF 0.8 1 0 0 0 0 - 0 - 0 1 915648 - 11809 1573 28800 881996 38313 42284 - - 27.1 1 1 1 1 1 - - 3.3693 0 3 0 0 0 1 - 1 1 3

DEUTSCHE TELEKOM AG-REG EUR 1.4 0 1 0 1 0 1 1 0 1 5 66210 -7989 -36649 6720 37125 77399 58169 30543 0.56 0.00 - - 1 1 1 1 3 1 8.1443 1 4 - - - 1 - 1 1 3

SCHNEIDER ELECTRIC SA EUR 1.8 1 1 0 1 1 1 0 1 0 6 18733 4570 7535 3030 29983 19340 23946 16816 3.67 1.00 16.2 1 1 1 2 1 11 0 3.1005 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

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

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

ING GROEP NV-CVA EUR 0.5 1 0 0 0 0 - 0 - 0 1 1165993 - 2250 4970 26842 1110944 39304 57688 - - 11.4 1 1 1 0 1 - - 0 0 3 - 1 0 1 - 1 1 4

AIR LIQUIDE SA EUR 2.9 1 1 0 1 1 0 1 - 1 6 19145 144 8473 2561 29587 14560 15326 10444 3.16 1.00 18.4 1 2 1 3 1 11 0 2.6302 0 3 0 1 0 1 1 1 1 5

HENNES & MAURITZ AB-B SHS SEK 8.2 1 1 1 1 0 0 1 0 1 6 58615 23222 43628 21754 357330 16338 120799 43835 19.35 1.00 21.2 1 3 1 8 1 19 0 4.4002 0 3 0 0 0 1 1 1 1 4

DANONE EUR 2.4 1 1 0 1 1 0 1 0 1 6 13272 -1630 8543 2958 29610 17283 20869 12254 3.63 1.00 18.0 1 1 1 2 1 10 0 2.9055 0 3 0 1 0 1 1 1 1 5

L'OREAL EUR 3.0 1 1 1 1 1 1 0 0 0 6 20422 1840 19131 3697 62768 8589 22463 20936 8.01 1.00 21.9 1 3 1 3 1 18 0 2.1926 0 3 0 0 1 1 1 1 1 5

ERICSSON LM-B SHS SEK 1.5 1 1 0 1 0 0 0 0 1 4 225550 95850 95626 22189 209639 136513 227779 138483 3.83 1.00 36.3 1 1 1 2 1 10 0 4.2243 0 3 - 0 0 1 0 1 1 3

AXA SA EUR 0.7 1 1 0 1 1 - 0 - 1 5 740061 - 21710 6313 31888 705830 116202 56019 - - 8.1 1 0 1 1 1 3 1 5.3933 0 4 1 1 0 1 - 1 1 5

ZURICH INSURANCE GROUP AG CHF 1.1 1 1 0 0 1 - 0 - 1 4 399712 - 26311 5872 39176 372405 70446 36862 - - 10.1 1 1 1 1 1 11 0 6.8244 0 3 0 1 0 1 - 1 1 4

SYNGENTA AG-REG CHF 4.2 1 1 1 0 1 0 0 1 1 6 15900 4537 5302 2550 36836 10645 14202 8756 3.87 1.00 19.7 1 3 1 4 1 27 0 2.5851 0 3 0 1 1 1 1 1 1 6

LINDE AG EUR 1.9 1 1 0 1 0 1 0 0 0 4 18897 -129 5922 1905 24445 19819 15280 13658 2.31 1.00 18.8 1 2 1 2 1 11 0 2.0455 0 3 0 1 0 1 1 1 1 5

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

SOCIETE GENERALE EUR 0.5 1 1 0 1 0 - 0 - 0 3 1243725 - 18343 2737 21368 1196599 44240 54097 - - 44.3 1 0 1 0 1 1 1 1.5879 0 4 0 0 0 1 - 1 1 3

EADS NV EUR 2.3 1 1 1 1 1 1 0 1 1 8 78680 -3319 2329 1890 24253 81668 56480 10434 1.17 1.00 19.7 1 0 1 2 1 6 1 2.0339 0 4 1 1 1 1 1 1 1 7

NORDEA BANK AB SEK 1.0 1 1 1 1 0 - 0 - 0 4 673995 - 23081 4024 29052 649204 17457 28216 - - 9.3 1 2 1 1 1 2 1 4.7161 0 4 1 1 1 1 - 1 1 6

BAYERISCHE MOTOREN WERKE AG EUR 1.6 1 1 0 0 1 1 0 0 1 5 126643 2046 27666 8298 47841 101448 76848 30402 1.42 1.00 9.4 1 1 1 2 1 10 1 3.4279 0 4 0 1 0 1 1 1 1 5

VOLKSWAGEN AG-PREF EUR 1.0 1 1 1 0 0 1 1 1 0 6 250486 3310 64815 11310 77316 227819 192676 81825 1.45 1.00 3.5 1 0 1 1 1 11 0 - - 3 1 1 1 1 1 1 1 7

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

ASML HOLDING NV EUR 4.8 1 1 0 0 0 1 1 0 0 4 7251 3746 3546 1157 19544 3344 4732 4067 6.90 1.00 17.8 1 4 1 5 1 29 0 1.1042 0 3 1 1 0 1 1 1 1 6

GDF SUEZ EUR 0.6 1 1 0 1 0 0 0 - 1 4 162443 4038 0 9520 36715 134291 97038 71207 1.24 1.00 22.9 1 0 1 1 1 3 1 9.6308 1 5 - 0 0 1 0 1 1 3

INDITEX EUR 7.6 1 1 1 1 0 0 1 1 1 7 12558 3207 8332 3117 64328 4408 15946 8482 11.15 1.00 27.2 1 4 1 8 1 21 0 1.8411 0 3 0 0 1 1 1 1 1 5

E.ON SE EUR 0.8 1 1 1 1 1 1 0 - 1 7 120117 7257 19216 4940 26866 101607 132093 38819 1.77 1.00 12.4 1 0 1 1 1 3 1 7.807 1 5 - 1 - 1 0 1 1 4

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

MUENCHENER RUECKVER AG-REG EUR 0.9 1 1 1 1 0 - 0 - 1 5 253466 - 19791 4374 24390 230937 65896 27423 - - 7.6 1 0 1 1 1 4 1 5.1471 0 4 - 1 1 1 - 1 1 5

VIVENDI EUR 1.2 1 1 0 1 1 0 0 1 1 6 26341 -6211 2912 4935 22416 38078 28994 21436 1.83 1.00 130.4 1 1 1 1 1 3 1 5.8997 0 4 0 0 0 1 1 1 1 4

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

KONINKLIJKE PHILIPS NV EUR 1.6 1 1 1 1 0 0 1 0 1 6 18400 2573 9645 1030 18196 17905 24788 11174 3.16 1.00 71.1 1 1 1 2 1 10 1 3.7698 0 4 - 0 - 1 0 1 1 3

SWISS RE AG CHF 0.7 1 1 1 1 0 - 0 - 1 5 211693 - 25144 5751 24770 181759 33116 34026 - - 6.1 1 1 1 1 1 6 1 3.8099 0 4 - 1 1 1 - 1 1 5

UNICREDIT SPA EUR 0.3 1 0 1 0 0 - 0 - 0 2 911169 - 10258 266 21456 860374 41523 66453 - - 20.3 1 0 1 0 1 - - 2.4285 0 3 1 0 - 1 - 1 1 4

DEUTSCHE POST AG-REG EUR 1.7 1 0 1 0 0 1 1 - 1 5 21970 -336 8488 2895 20070 21957 55512 12164 3.92 1.00 12.1 1 0 1 2 1 - - 4.2169 0 3 0 1 1 1 1 1 1 6

IBERDROLA SA EUR 0.8 1 1 0 1 1 0 0 0 1 5 77413 1549 14488 3828 25393 62732 34201 34085 1.49 1.00 9.1 1 1 1 1 1 5 1 0.7151 0 4 - 1 0 1 0 1 1 4

VINCI SA EUR 1.4 1 1 0 1 1 0 1 - 0 5 31044 -3400 4403 3569 19283 47521 39183 14070 1.95 1.00 10.1 1 0 1 1 1 5 1 4.9221 0 4 0 1 0 1 1 1 1 5

ASSICURAZIONI GENERALI EUR 1.1 1 1 0 1 0 - 1 - 1 5 431842 - 11174 3305 21172 419176 81431 22569 - - 171.8 1 0 1 1 1 10 0 1.4556 0 3 0 0 0 1 - 1 1 3

ENEL SPA EUR 0.8 1 1 0 1 0 1 1 - 1 6 135686 3168 22076 7735 29508 118498 82699 53158 1.16 1.00 34.1 1 0 1 1 1 3 1 4.7801 0 4 0 0 0 1 0 1 1 3

PERNOD RICARD SA EUR 2.0 1 - 1 - 1 0 0 1 1 5 10735 2090 11183 2106 22601 16137 8575 11351 3.84 1.00 19.0 1 3 1 2 1 - - 1.9251 0 3 0 1 0 1 - 1 1 4

INTESA SANPAOLO EUR 0.4 1 0 1 0 1 - 0 - 1 4 658753 - 10133 3060 21364 623273 27819 50199 - - 13.0 1 1 1 0 1 - - - - 3 1 1 - 1 - 1 1 5

ORANGE EUR 0.9 1 1 0 1 0 0 1 - 0 4 52389 -8790 -3080 6045 21910 63596 43515 26384 1.13 1.00 26.9 1 1 1 1 1 2 1 9.3536 1 5 1 0 0 1 1 1 1 5

VOLVO AB-B SHS SEK 2.1 1 1 0 0 1 0 0 0 0 3 298369 10670 83094 19564 180058 251828 303647 86914 1.72 1.00 16.3 1 1 1 2 1 47 0 3.3784 0 3 1 1 0 1 1 1 1 6

REPSOL SA EUR 0.7 1 1 0 1 0 1 0 - 1 5 59407 6851 18992 4430 19264 37449 58924 27472 2.31 1.00 9.8 1 0 1 1 1 4 1 6.345 0 4 1 1 1 1 0 1 1 6

STATOIL ASA NOK 1.4 1 1 0 1 1 0 1 0 0 5 696800 19500 270600 204900 442016 464500 705700 319900 2.68 1.00 6.4 1 1 1 1 1 3 1 4.8561 0 4 - 1 0 1 1 1 1 5

HEINEKEN NV EUR 2.5 1 1 1 0 0 0 0 - 0 3 18254 -2263 8068 2206 29071 23217 18383 12762 2.65 1.00 9.8 1 2 1 2 1 11 0 1.7634 0 3 0 1 1 1 1 1 1 6

SWATCH GROUP AG/THE-BR CHF 2.7 1 1 1 0 1 1 0 - 1 6 10607 6623 9200 1984 24909 1878 7796 9344 11.25 1.00 15.6 1 2 1 3 1 14 0 1.4636 0 3 0 1 1 1 1 1 1 6

ATLAS COPCO AB-A SHS SEK 6.2 1 1 1 0 0 1 0 1 1 6 65270 31061 34292 19227 211397 46017 90533 35132 5.55 1.00 15.6 1 2 1 6 1 16 0 3.0847 0 3 0 1 0 1 1 1 1 5

HENKEL AG & CO KGAA VORZUG EUR 2.9 1 1 1 1 1 0 1 1 1 8 10880 1746 8286 2373 27012 10014 16510 9511 5.39 1.00 17.9 1 2 1 3 1 11 0 - - 3 0 1 1 1 1 1 1 6

TELIASONERA AB SEK 1.7 1 1 1 1 0 1 1 0 0 6 171063 21814 73996 14444 190784 140945 104898 113396 2.78 1.00 9.6 1 2 1 2 1 3 1 6.4685 0 4 0 1 0 1 1 1 1 5

TELENOR ASA NOK 2.3 1 1 1 1 0 0 1 - 1 6 122864 -13992 64846 17645 173259 92127 101718 77237 2.97 1.00 17.4 1 2 1 2 1 8 1 5.3476 0 4 0 1 1 1 1 1 1 6

AP MOELLER-MAERSK A/S-B DKK 0.9 1 1 1 1 1 1 0 - 1 7 386508 10469 204404 41924 181626 198147 342058 222544 2.60 1.00 8.6 1 1 1 1 1 4 1 2.8169 0 4 0 1 1 1 0 1 1 5

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

TENARIS SA EUR 2.1 1 1 1 1 0 0 0 1 1 6 12764 4158 9598 2357 24319 4404 10834 11560 6.45 1.00 14.3 1 2 1 2 1 13 0 2.0874 0 3 - 1 1 1 1 1 1 6

ATLAS COPCO AB-B SHS SEK 6.2 1 1 1 0 0 1 0 1 1 6 65270 31061 34292 19227 211397 46017 90533 35132 5.55 1.00 15.6 1 2 1 6 1 16 0 3.0847 0 3 0 1 0 1 1 1 1 5

CHRISTIAN DIOR EUR 2.2 1 1 - 1 - - - - - 3 32347 4231 8396 6090 23685 27555 29881 28000 2.58 1.00 16.5 1 1 1 2 1 5 1 2.1912 0 4 - 1 0 1 - 1 1 4

Altman Z Score GROWTH & VALUE CHECKLISTRatio Analysis

FUNDAMENTAL SCORING

Pitroski F Score


30.09.2013

Nestle SA is a multinational packaged food company that manufactures and markets

a wide range of food products. The Company's product line includes milk,

chocolate, confectionery, bottled water, coffee, creamer, food seasoning and

pet foods.

Latest Fiscal Year: 12/2012

LTM as of: 06/yy

52-Week High (03.04.2013) 70.00

52-Week Low (16.11.2012) 58.30

Daily Volume

63.15

52-Week High % Change -9.79% Dividend Yield -

52-Week Low % Change 8.32% Beta 0.77

% 52 Week Price Range High/Low 42.31% Equity Float 3'218.97

Shares Out 30.06.2013 3'224.8 Short Int -

203'646.13 1 Yr Total Return 9.82%

Total Debt 27'416.00 YTD Return 9.27%

Preferred Stock 0.0 Adjusted BETA 0.771

Minority Interest 1'657.0 Analyst Recs 41

Cash and Equivalents 9'296.00 Consensus Rating 3.756

Enterprise Value 227'519.12

Average Volume 5 Day 3'147'305

NESN VX EQUITY YTD Change - Average Volume 30 Day 4'121'787

NESN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'354'536

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

103'086.0 100'579.0 88'015.0 83'770.0 89'931.0 85'516 93'257 94'773 99'560 24'109 25'353

1.64x 1.96x 2.08x 2.23x 2.33x 0.00x 0.00x 2.33x 2.20x - -

15'533.0 16'048.0 15'611.0 15'373.0 - 0.0 0.0 17'916.9 19'122.3 - -

10.89x 12.28x 11.72x 12.17x - 0.00x 0.00x 12.68x 11.89x - -

18'039.0 10'428.0 34'233.0 9'487.0 10'228.0 0.0 0.0 10'987.1 11'836.2 - -

20.80x 19.38x 21.06x 18.18x 18.57x 0.00x 0.00x 18.24x 16.89x - -

EBITDA - Long-Term Rating Date 16.08.2007

EBIT 13'388.00 Long-Term Rating AA

Operating Margin 14.89% Long-Term Outlook STABLE

Pretax Margin 15.50% Short-Term Rating Date 23.11.1981

Return on Assets 8.61% Short-Term Rating A-1+

Return on Common Equity 17.63%

Return on Capital - EBITDA/Interest Exp. -

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

Net Debt/EBITDA -

Gross Margin 47.2% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 15.1% Total Debt/Equity 44.9%

Net Income Margin 11.4% Total Debt/Capital 30.4%

Asset Turnover 0.76

Current Ratio 0.90 Net Fixed Asset Turnover 3.65

Quick Ratio 0.24 Accounts receivable turnover-days -

Debt to Assets 21.82% Inventory Days 72.59

Tot Debt to Common Equity 44.94% Accounts Payable Turnover Day 101.58

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover 5.03

Fiscal Year Ended

Nestle SAPrice/Volume

Valuation Analysis

1'972'305.00

Current Price (9/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

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30.09.2013

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

BLACKROCK n/a ULT-AGG 119'317'602 3.7 - 26.09.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 82'413'972 2.56 - 31.12.2012 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 73'166'337 2.27 (9'679'860) 31.07.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 43'559'622 1.35 (706'405) 30.08.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 38'099'853 1.18 (286'474) 30.06.2013 Unclassified

UBS AG n/a ULT-AGG 35'305'429 1.09 (106'500) 27.09.2013 Unclassified

SUN LIFE FINANCIAL I n/a ULT-AGG 29'314'398 0.91 1'924'672 31.07.2013 Investment Advisor

FMR LLC n/a ULT-AGG 22'256'091 0.69 (652'986) 31.07.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 18'952'159 0.59 (255'323) 30.08.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 18'210'070 0.56 (418'183) 30.08.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 14'539'715 0.45 3'957'246 30.04.2013 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 13'738'810 0.43 1'149'170 28.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 13'012'758 0.4 2'709'903 30.06.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 11'851'701 0.37 (35'644) 30.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 10'613'656 0.33 741'449 31.07.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 10'051'508 0.31 (44'643) 28.03.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 8'153'102 0.25 197'400 31.07.2013 Hedge Fund Manager

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 7'192'776 0.22 (185'635) 31.07.2013 Investment Advisor

COVEA FINANCE SAS Multiple Portfolios MF-AGG 7'189'604 0.22 7'056'334 31.07.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'838'510 0.18 264'291 27.09.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Morgan Stanley EILEEN KHOO Overwt/In-Line 5 M 71 12 month 27.09.2013

JPMorgan CELINE PANNUTI overweight 5 M 72 12 month 27.09.2013

AlphaValue SOPHIE CABO-BROSETA add 4 M 69 6 month 26.09.2013

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 68 12 month 25.09.2013

Exane BNP Paribas JEFF STENT neutral 3 M 72 Not Provided 25.09.2013

SNS Securities(ESN) RICHARD WITHAGEN accumulate 4 U 72 Not Provided 24.09.2013

Societe Generale WARREN L ACKERMAN buy 5 M 73 12 month 23.09.2013

Liberum Capital Ltd PABLO ZUANIC hold 3 M #N/A N/A Not Provided 20.09.2013

First Global Stockbroking DEVINA MEHRA long-term outperform 5 M 82 Not Provided 18.09.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 M #N/A N/A Not Provided 17.09.2013

Main First Bank AG ALAIN-SEBASTIAN OBERHUBER outperform 5 M 70 12 month 17.09.2013

RBC Capital Markets JAMES EDWARDES JONES outperform 5 M 78 12 month 13.09.2013

Goldman Sachs MITCHELL COLLETT neutral/neutral 3 M 64 12 month 12.09.2013

Espirito Santo Investment Bank ResearchALEX SMITH neutral 3 M 67 Not Provided 12.09.2013

Natixis PIERRE TEGNER buy 5 M 70 Not Provided 12.09.2013

Bank am Bellevue MICHAEL HEIDER hold 3 M 65 Not Provided 05.09.2013

Canaccord Genuity Corp EDDY HARGREAVES hold 3 M 69 12 month 05.09.2013

Nomura DAVID HAYES reduce 2 M 60 12 month 02.09.2013

Credit Suisse ALEX MOLLOY outperform 5 M 76 Not Provided 15.08.2013

Helvea ANDREAS VON ARX hold 3 M 67 12 month 15.08.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 14.08.2013

Bank Vontobel AG JEAN-PHILIPPE BERTSCHY hold 3 M 66 Not Provided 12.08.2013

Investec MARTIN DEBOO hold 3 M 65 12 month 09.08.2013

Berenberg Bank JAMES TARGETT hold 3 M 68 Not Provided 09.08.2013

Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 09.08.2013

Deutsche Bank HAROLD THOMPSON hold 3 M 60 12 month 08.08.2013

Jefferies ALEX HOWSON buy 5 M 74 12 month 08.08.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS hold 3 M 65 Not Provided 08.08.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 66 12 month 08.08.2013

Kepler Cheuvreux JON COX hold 3 M 60 Not Provided 08.08.2013

S&P Capital IQ CARL SHORT hold 3 M 66 12 month 08.08.2013

Barclays LIAM ROWLEY overweight 5 M 73 Not Provided 08.08.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 22.07.2013

UBS ALAN ERSKINE neutral 3 M 65 12 month 13.06.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 65 12 month 02.05.2013

HSBC CEDRIC BESNARD neutral 3 M 67 Not Provided 18.04.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 U #N/A N/A Not Provided 18.04.2013

National Bank AG STEFFEN MANSKE hold 3 M 64 Not Provided 24.01.2013

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 49 6 month 18.10.2012

Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012

Holdings By:

Nestle SA ee


30.09.2013

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.


LTM as of: 06/yy

52-Week High (22.05.2013) 772.50

52-Week Low (01.10.2012) 574.00

Daily Volume

669

52-Week High % Change -13.35% Dividend Yield 4.35




124'807.90 1 Yr Total Return 21.90%


Preferred Stock 2'728.0 Adjusted BETA 1.222



Enterprise Value -


HSBA LN EQUITY YTD Change - Average Volume 30 Day 20'670'760

HSBA LN EQUITY YTD % CHANGE - Average Volume 3 Month 20'337'750


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 72'964.0 77'849.0 66'366.5 68'940.0 - -

- - - - - 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 18'141.1 19'690.3 - -

19.90x 31.93x 13.43x 8.03x 13.58x 9.67x 11.95x 11.24x 10.37x - -


EBIT - Long-Term Rating A+

Operating Margin 14.52% Long-Term Outlook NEG


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


Return on Capital 3.98% EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 165.2%


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 -


Inventory Turnover -


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

HSBC Holdings PLCPrice/Volume

Valuation Analysis

8'253'991.00


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30.09.2013


JP MORGAN n/a ULT-AGG 1'338'629'211 7.18 (389'304) 31.08.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 1'110'172'768 5.95 - 26.09.2013 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


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

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 435'553'028 2.33 4'229'864 27.09.2013 Investment Advisor


UBS AG n/a ULT-AGG 235'074'113 1.26 31'038'871 27.09.2013 Unclassified

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


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

ABERDEEN n/a ULT-AGG 200'206'455 1.07 (1'681'056) 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


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


30.09.2013

Roche Holding AG develops and manufactures pharmaceutical and diagnostic

products. The Company produces prescription drugs in the areas of

cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,

metabolic disorders, oncology, transplantation, and the central nervous system.


LTM as of: 06/yy

52-Week High (22.05.2013) 258.60

52-Week Low (16.11.2012) 174.20

Daily Volume

244.3



% 52 Week Price Range High/Low 82.58% Equity Float 701.88

Shares Out 30.06.2013 702.6 Short Int -

210'548.06 1 Yr Total Return 43.82%






Average Volume 5 Day 815'451

ROG VX EQUITY YTD Change - Average Volume 30 Day 907'314

ROG VX EQUITY YTD % CHANGE - Average Volume 3 Month 949'552


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

45'617.0 49'051.0 47'473.0 42'531.0 45'499.0 43'283.0 46'371.0 47'285.3 49'053.6 11'709.3 12'208.3

2.93x 3.62x 2.96x 3.65x 3.77x 0.00x 0.00x 4.63x 4.35x - -

16'673.0 18'936.0 18'358.0 17'894.0 19'400.0 0.0 0.0 20'096.4 21'180.6 - -

8.03x 9.38x 7.65x 8.68x 8.84x 0.00x 0.00x 11.24x 10.66x - -

8'969.0 7'784.0 8'666.0 9'343.0 9'539.0 0.0 0.0 12'688.5 13'720.2 - -

15.58x 19.38x 13.51x 14.46x 16.36x 0.00x 0.00x 16.24x 15.13x - -

EBITDA 19'400.00 Long-Term Rating Date 17.09.2012






Return on Capital 32.70% EBITDA/Interest Exp. 13.90

Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 12.34

Net Debt/EBITDA 0.69

Gross Margin 73.8% Total Debt/EBITDA 1.09

EBITDA Margin 42.3%



Asset Turnover 0.78


Quick Ratio 1.16 Accounts receivable turnover-days 75.45



Accounts Receivable Turnover 4.84 Cash Conversion Cycle 181.16



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Roche Holding AGPrice/Volume

Valuation Analysis

550'192.00


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30.09.2013


VANGUARD GROUP INC n/a ULT-AGG 21'048'484 3 122'672 30.06.2013 Unclassified



BLACKROCK n/a ULT-AGG 12'853'543 1.83 467'907 26.09.2013 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 10'513'329 1.5 (85'966) 30.06.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 9'230'473 1.31 (671'627) 31.08.2013 Investment Advisor

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 9'115'734 1.3 101'592 31.08.2013 Investment Advisor


DODGE & COX Multiple Portfolios MF-AGG 7'496'200 1.07 (220'000) 30.06.2013 Investment Advisor

DODGE & COX WORLDWID Multiple Portfolios MF-AGG 7'367'775 1.05 - 31.03.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 4'721'720 0.67 103'523 31.07.2013 Investment Advisor

FMR LLC n/a ULT-AGG 4'700'633 0.67 1'789 31.07.2013 Investment Advisor



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'673'776 0.52 (16'576) 27.09.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'538'214 0.5 (347'600) 31.07.2013 Investment Advisor


FIL LIMITED n/a ULT-AGG 2'645'689 0.38 (832'594) 30.04.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 2'368'760 0.34 (15'066) 31.08.2013 Investment Advisor


Societe Generale STEPHEN MCGARRY buy 5 M 312 12 month 30.09.2013

Jefferies JEFFREY HOLFORD buy 5 M 280 12 month 30.09.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 252 6 month 30.09.2013

Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 273 12 month 27.09.2013

AlphaValue ARMELLE MOULIN add 4 M 252 6 month 26.09.2013

Natixis PHILIPPE LANONE buy 5 M 285 6 month 23.09.2013

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

Exane BNP Paribas VINCENT MEUNIER neutral 3 M 250 Not Provided 23.09.2013

Helvea ODILE RUNDQUIST buy 5 M 270 12 month 23.09.2013

JPMorgan RICHARD VOSSER overweight 5 M 280 9 month 19.09.2013

UBS ANDREW WHITNEY neutral 3 M 225 12 month 17.09.2013

Barclays MARK PURCELL overweight 5 M 258 Not Provided 16.09.2013

Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 05.09.2013

Deutsche Bank TIM RACE buy 5 M 280 12 month 04.09.2013

Bank am Bellevue BRUNO ESCHLI buy 5 M 263 Not Provided 28.08.2013

Kepler Cheuvreux FABIAN WENNER buy 5 M 260 Not Provided 27.08.2013

Berenberg Bank ALISTAIR CAMPBELL buy 5 M 270 Not Provided 30.07.2013

Credit Suisse LUISA HECTOR outperform 5 M 270 Not Provided 26.07.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE buy 5 M 295 12 month 26.07.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 26.07.2013

Bank Vontobel AG ANDREW C WEISS buy 5 M 263 Not Provided 26.07.2013

Landesbank Baden-Wuerttemberg TIMO KUERSCHNER buy 5 M 290 Not Provided 25.07.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 284 12 month 25.07.2013

Liberum Capital Ltd NARESH CHOUHAN buy 5 U 250 Not Provided 28.06.2013

CM - CIC Securities(ESN) ARSENE GUEKAM buy 5 U 281 12 month 18.06.2013

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

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

Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 310 12 month 17.05.2013

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 262 12 month 10.05.2013

National Bank AG STEFFEN MANSKE hold 3 N 210 Not Provided 31.01.2013

Cyrrus TOMAS MENCIK accumulate 4 M 176 Not Provided 05.04.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 160 Not Provided 14.11.2011

Holdings By:

Roche Holding AG ee


30.09.2013

Novartis AG manufactures pharmaceutical and consumer healthcare products. The

Company produces pharmaceuticals for cardiovascular, respiratory and infectious

diseases, oncology, neuroscience, transplantation, dermatology,

gastrointestinal and urinary conditions, and arthritis, vaccines and

diagnostics, vision, and animal health products.


LTM as of: 06/yy

52-Week High (22.05.2013) 73.75

52-Week Low (20.11.2012) 55.20

Daily Volume

69.65





188'486.34 1 Yr Total Return 25.49%



Minority Interest 126.0 Analyst Recs 30




NOVN VX EQUITY YTD Change - Average Volume 30 Day 3'250'692

NOVN VX EQUITY YTD % CHANGE - Average Volume 3 Month 3'127'324


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

41'459.0 44'267.0 50'624.0 58'566.0 56'673.0 57'662.0 57'139.0 57'472.1 59'032.0 14'272.3 14'646.7

2.76x 2.72x 3.08x 2.61x 2.89x 10.61x 12.33x 3.77x 3.59x - -

12'109.0 12'318.0 15'866.0 17'818.0 16'714.0 16'889.0 16'476.0 16'751.8 17'582.2 - -

9.44x 9.79x 9.81x 8.58x 9.82x 8.96x 11.37x 13.24x 12.61x - -

8'195.0 8'400.0 9'794.0 9'113.0 9'505.0 8'534.0 9'408.0 12'601.5 13'437.1 3'188.0 2'975.0

13.89x 14.73x 13.70x 14.94x 16.01x 15.87x 18.37x 14.99x 13.83x 14.96x 14.47x


EBIT 11'794.00 Long-Term Rating AA-









EBITDA Margin 28.8%



Asset Turnover 0.48







Fiscal Year Ended

Novartis AGPrice/Volume

Valuation Analysis

1'631'482.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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30.09.2013



BLACKROCK n/a ULT-AGG 118'843'860 4.39 8'408'828 26.09.2013 Investment Advisor

NOVARTIS AG n/a EXCH 109'194'165 4.03 - 09.05.2012 Corporation

EMASAN AG n/a Co File 87'859'938 3.25 - 31.12.2011 Hedge Fund Manager

NOVARTIS FOUNDATION n/a EXCH 78'926'882 2.92 - 25.02.2013 n/a




VANGUARD GROUP INC n/a ULT-AGG 33'278'472 1.23 884'368 30.06.2013 Unclassified

UBS AG n/a ULT-AGG 30'093'271 1.11 21'264 27.09.2013 Unclassified


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 13'520'441 0.5 (145) 30.06.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 10'323'016 0.38 1'160'179 27.09.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 9'867'796 0.36 - 31.07.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 8'816'259 0.33 49'996 28.03.2013 Investment Advisor









Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 76 6 month 23.09.2013

Natixis BEATRICE MUZARD neutral 3 M 72 6 month 23.09.2013

Exane BNP Paribas FLORENT CESPEDES outperform 5 M 79 Not Provided 19.09.2013

Bank Vontobel AG ANDREW C WEISS reduce 2 M 60 Not Provided 16.09.2013

Barclays MARK PURCELL underweight 1 D 64 Not Provided 16.09.2013


Deutsche Bank TIM RACE hold 3 M 74 12 month 04.09.2013

Credit Suisse MATTHEW WESTON outperform 5 M 79 Not Provided 29.08.2013


Zuercher Kantonalbank MICHAEL NAWRATH outperform 5 M #N/A N/A Not Provided 20.08.2013

Liberum Capital Ltd NARESH CHOUHAN buy 5 M 85 Not Provided 16.08.2013


Bank am Bellevue BRUNO ESCHLI hold 3 M 70 Not Provided 23.07.2013


Kepler Cheuvreux FABIAN WENNER hold 3 M 66 Not Provided 19.07.2013


Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 75 12 month 17.07.2013


CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 55 12 month 17.07.2013

S&P Capital IQ SHO MATSUBARA hold 3 M 69 12 month 17.07.2013


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


Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 76 12 month 17.05.2013

UBS ANDREW WHITNEY buy 5 M 80 12 month 19.03.2013

Cyrrus TOMAS MENCIK hold 3 M 52 Not Provided 05.04.2012

Mirabaud Securities NICHOLAS TURNER accumulate 4 M 61 Not Provided 02.04.2012

Holdings By:

Novartis AG ee


30.09.2013

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

216.4





104'870.32 1 Yr Total Return 30.46%







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

VOD LN EQUITY YTD % CHANGE - Average Volume 3 Month 90'535'080


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 44'562.1 45'073.9 - -

2.36x 2.54x 2.67x 2.43x 2.72x 0.00x 0.00x 2.99x 2.88x - -

14'520.0 14'820.0 14'668.0 18'214.0 13'765.0 0.0 0.0 13'118.1 13'399.7 - -

6.67x 7.62x 8.35x 6.20x 8.78x 0.00x 0.00x 10.25x 10.03x - -

3'078.0 8'645.0 7'968.0 6'957.0 429.0 0.0 0.0 7'624.6 6'797.8 - -

21.03x 9.25x 11.61x 12.54x 213.97x 0.00x 0.00x 14.14x 14.14x - -


EBIT 6'065.00 Long-Term Rating A-









EBITDA Margin 31.0%



Asset Turnover 0.31





Accounts Receivable Turnover 11.28 Cash Conversion Cycle -15.08



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vodafone Group PLCPrice/Volume

Valuation Analysis

32'747'580.00


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0.0

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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

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30.09.2013



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 Unclassified

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 986'310'427 2.04 (50'535'912) 27.09.2013 Unclassified



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

FIL LIMITED n/a ULT-AGG 645'514'034 1.33 (79'708'675) 03.06.2013 Investment Advisor

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


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

HSBC STEPHEN HOWARD overweight 5 M 230 Not Provided 01.07.2013

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

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

Holdings By:

Vodafone Group PLC ee


30.09.2013

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

435.4





81'921.63 1 Yr Total Return 5.00%







BP/ LN EQUITY YTD Change - Average Volume 30 Day 20'909'330

BP/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 20'181'310


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 9.06x 7.84x 8.38x 7.93x


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





Accounts Receivable Turnover - Cash Conversion Cycle 23.17


Fiscal Year Ended

BP PLCPrice/Volume

Valuation Analysis

10'248'614.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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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

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30.09.2013


LEGAL & GENERAL n/a ULT-AGG 1'352'774'589 7.19 (19'852'881) 31.07.2013 Unclassified


CAPITAL GROUP COMPAN n/a ULT-AGG 743'547'210 3.95 - 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 163'921'193 0.87 2'308'050 31.08.2013 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 136'057'977 0.72 7'560'582 01.05.2013 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


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


30.09.2013

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 (30.09.2013) 2'020.00

Daily Volume

2034





131'896.89 1 Yr Total Return 0.12%

Total Debt 37'754.00 YTD Return -0.21%






RDSA LN EQUITY YTD Change - Average Volume 30 Day 2'621'217

RDSA LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'825'288


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

458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 475'975.0 455'644.0 448'828.0 450'969.8 115'677.3 118'919.0

0.37x 0.76x 0.65x 0.56x 0.52x 2.01x 2.05x 0.54x 0.54x 2.05x 2.06x

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 3.86x 3.70x 3.79x 3.79x

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 8.44x 8.03x 8.33x 8.09x











EBITDA Margin 11.5%



Asset Turnover 1.32







Fiscal Year Ended

Royal Dutch Shell PLCPrice/Volume

Valuation Analysis

1'139'559.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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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

! !!

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30.09.2013





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


STATE STREET CORP n/a ULT-AGG 58'028'458 1.5 486'044 27.09.2013 Investment Advisor

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





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 25'077'899 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


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

AVIVA PLC Multiple Portfolios MF-AGG 16'558'440 0.43 308'395 31.07.2013 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


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


30.09.2013

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

1561





76'311.86 1 Yr Total Return 14.94%







GSK LN EQUITY YTD Change - Average Volume 30 Day 6'996'232

GSK LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'348'261


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

24'352.0 28'368.0 28'392.0 27'387.0 26'431.0 27'184.0 26'418.0 26'984.9 27'984.4 6'780.4 7'067.4

3.17x 2.77x 2.61x 3.07x 3.04x 11.81x 13.03x 3.33x 3.18x - -

9'115.0 11'117.0 6'932.0 10'017.7 10'615.3 9'453.0 9'911.0 9'519.0 10'160.3 2'551.0 2'771.0

8.47x 7.08x 10.70x 8.39x 7.58x 8.61x 9.73x 9.76x 9.14x - -

4'602.0 5'531.0 1'634.0 5'261.0 4'565.0 5'176.0 3'992.0 5'591.2 6'070.1 1'386.0 1'588.0

14.50x 12.09x 38.59x 14.06x 14.36x 13.89x 20.06x 13.53x 12.34x 13.22x 12.89x


EBIT 9'170.30 Long-Term Rating A+









EBITDA Margin 37.5%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GlaxoSmithKline PLCPrice/Volume

Valuation Analysis

3'780'683.00


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10'000.0

15'000.0

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30'000.0

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

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30.09.2013



LEGAL & GENERAL n/a ULT-AGG 199'157'242 4.07 (517'183) 31.07.2013 Unclassified




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 62'294'467 1.27 1'315'302 31.07.2013 Unclassified



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

Societe Generale STEPHEN MCGARRY buy 5 M 2'000 12 month 11.09.2013

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


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


30.09.2013

Total SA explores for, produces, refines, transports, and markets oil and

natural gas. The Company also operates a chemical division which produces

polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and

resins. Total operates gasoline filling stations in Europe, the United States,

and Africa.


LTM as of: 06/yy

52-Week High (27.09.2013) 43.79

52-Week Low (17.04.2013) 35.18

Daily Volume

42.91





101'985.71 1 Yr Total Return 18.04%







FP FP EQUITY YTD Change - Average Volume 30 Day 4'634'791

FP FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'171'695


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

160'331.0 112'153.0 140'476.0 166'550.0 182'299.0 175'834.0 177'386.0 181'947.5 188'685.0 43'852.5 40'841.5

0.62x 1.03x 0.74x 0.65x 0.58x 2.28x 2.39x 0.67x 0.64x 2.82x 2.98x

29'887.0 22'234.0 28'045.0 32'919.0 32'343.0 31'821.0 30'393.0 31'956.6 33'714.4 9'424.0 9'481.0

3.32x 5.22x 3.72x 3.28x 3.27x 3.10x 3.53x 3.88x 3.68x 3.33x 3.28x

10'590.0 8'447.0 10'571.0 12'276.0 10'694.0 10'790.0 9'521.0 11'591.8 12'034.0 3'226.5 3'263.0

8.21x 11.87x 8.38x 7.23x 8.23x 7.43x 8.91x 8.48x 8.28x 8.19x 8.18x










Gross Margin - Total Debt/EBITDA 1.07

EBITDA Margin 17.1%



Asset Turnover 1.04





Accounts Receivable Turnover 9.02 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Total SAPrice/Volume

Valuation Analysis

1'633'699.00


!2

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

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



30.09.2013


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

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

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

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

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


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


AMUNDI Multiple Portfolios MF-AGG 22'406'254 0.94 2'983'384 31.08.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 17'113'676 0.72 1'014'679 31.08.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 13'107'361 0.55 895'479 31.07.2013 Hedge Fund Manager


FMR LLC n/a ULT-AGG 10'863'198 0.46 3'661'305 31.07.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 10'566'114 0.44 (3'635'391) 31.05.2013 Investment Advisor



LBPAM Multiple Portfolios MF-AGG 7'843'202 0.33 4'635 28.03.2013 Investment Advisor



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


Sanford C. Bernstein & Co OSWALD CLINT outperform 5 M 52 12 month 30.09.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS outperform 5 M 48 Not Provided 30.09.2013

Deutsche Bank LUCAS HERRMANN buy 5 M 45 12 month 27.09.2013

AlphaValue ALEXANDRE ANDLAUER sell 1 M 37 6 month 26.09.2013

S&P Capital IQ CHRISTINE TISCARENO strong buy 5 U 48 12 month 25.09.2013

Societe Generale IRENE HIMONA buy 5 M 48 12 month 24.09.2013

Investec NEILL MORTON hold 3 M 43 12 month 24.09.2013

RBC Capital Markets PETER HUTTON outperform 5 M 46 12 month 24.09.2013

Raymond James BERTRAND HODEE outperform 5 M 47 12 month 24.09.2013

Macquarie JASON D GAMMEL neutral 3 M 42 12 month 24.09.2013

Independent Research GmbH SVEN DIERMEIER hold 3 U 47 12 month 24.09.2013

CM - CIC Securities(ESN) JEAN-LUC ROMAIN buy 5 M 54 12 month 24.09.2013

Oddo & Cie AHMED BEN SALEM buy 5 M 50 Not Provided 24.09.2013

Canaccord Genuity Corp SAMUEL SIMON buy 5 M 45 12 month 24.09.2013

Kepler Cheuvreux PETER OPPITZHAUSER buy 5 M 49 Not Provided 24.09.2013

Natixis ANNE PUMIR buy 5 M 48 Not Provided 24.09.2013

Nomura THEEPAN JOTHILINGAM buy 5 M 45 Not Provided 24.09.2013


Barclays LYDIA RAINFORTH equalweight 3 U 47 Not Provided 24.09.2013

Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 47 12 month 23.09.2013



JPMorgan NITIN SHARMA overweight 5 M 49 9 month 17.09.2013

Grupo Santander JASON KENNEY hold 3 D 46 12 month 28.08.2013


Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 30.07.2013

Jefferies IAIN REID buy 5 M 48 12 month 29.07.2013


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

VTB Capital COLIN SMITH buy 5 M 50 12 month 15.05.2013

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

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

Holdings By:

Total SA ee


30.09.2013

Sanofi is a global pharmaceutical company that researches, develops and

manufactures prescription pharmaceuticals and vaccines. The Company develops

cardiovascular, thrombosis, metabolic disorder, central nervous system,

internal medicine and oncology drugs, and vaccines.


LTM as of: 06/yy

52-Week High (28.05.2013) 87.03

52-Week Low (11.10.2012) 65.63

Daily Volume

74.9





99'384.84 1 Yr Total Return 16.65%







SAN FP EQUITY YTD Change - Average Volume 30 Day 2'891'960

SAN FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'659'685


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

27'568.0 29'306.0 32'367.0 33'389.0 34'947.0 34'642.0 33'628.0 33'931.8 35'798.1 8'949.3 8'841.0

2.22x 2.61x 1.99x 2.59x 2.94x 5.12x 6.51x 3.09x 2.85x - -

9'940.0 12'805.0 13'156.0 12'593.0 12'384.0 9'570.0 7'976.0 11'562.4 12'875.2 - -

6.16x 5.97x 4.90x 6.88x 8.30x 0.00x 0.00x 9.51x 8.54x - -

3'851.0 5'265.0 5'467.0 5'693.0 4'967.0 6'431.0 3'417.0 7'049.9 7'956.2 2'104.8 1'897.4

15.94x 14.13x 11.42x 13.17x 18.99x 12.32x 30.86x 13.89x 12.30x 13.06x 12.71x











EBITDA Margin 33.5%



Asset Turnover 0.34







Fiscal Year Ended

SanofiPrice/Volume

Valuation Analysis

802'687.00


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--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E- ! E. ! E0 ! E1 ! E2 ! E3 ! E4 ! E5 ! E6 ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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30.09.2013


L'OREAL SA n/a 20F 118'227'307 8.91 - 31.01.2013 Corporation






SANOFI EMP SAVINGS P n/a 20F 17'191'116 1.3 - 31.01.2013 n/a


FIL LIMITED n/a ULT-AGG 16'044'481 1.21 229'816 31.07.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 14'744'957 1.11 407'364 31.08.2013 Investment Advisor


NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 7'350'443 0.55 542'686 31.05.2013 Investment Advisor


AVIVA PLC Multiple Portfolios MF-AGG 6'586'812 0.5 (7'639) 30.08.2013 Investment Advisor

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 5'965'946 0.45 (30'300) 31.07.2013 Hedge Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'939'633 0.37 716'336 31.08.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 4'682'226 0.35 (135'315) 28.03.2013 Investment Advisor



AMUNDI Multiple Portfolios MF-AGG 3'854'683 0.29 (103'617) 30.08.2013 Investment Advisor





Deutsche Bank RICHARD J PARKES buy 5 M 95 12 month 25.09.2013


Exane BNP Paribas VINCENT MEUNIER outperform 5 M 85 Not Provided 20.09.2013

Day by Day VALERIE GASTALDY buy 5 U 81 3 month 19.09.2013

Redburn Partners TEAM COVERAGE buy 5 M #N/A N/A Not Provided 19.09.2013

Oddo & Cie SEBASTIEN MALAFOSSE buy 5 M 87 Not Provided 17.09.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD buy 5 M 88 6 month 17.09.2013


Hamburger Sparkasse MARCO GUENTHER hold 3 U #N/A N/A Not Provided 16.09.2013

CM - CIC Securities(ESN) ARSENE GUEKAM hold 3 M 76 12 month 16.09.2013

Barclays MARK PURCELL overweight 5 U 81 Not Provided 16.09.2013


Morgan Stanley PETER VERDULT Overwt/Attractive 5 M 95 12 month 13.09.2013

Credit Suisse LUISA HECTOR neutral 3 M 80 Not Provided 12.09.2013

Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M 83 12 month 12.09.2013



Goldman Sachs KEYUR PAREKH neutral/neutral 3 M 85 12 month 20.08.2013



UBS ANDREW WHITNEY buy 5 M 89 12 month 02.08.2013


Natixis PHILIPPE LANONE neutral 3 M 85 Not Provided 02.08.2013


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

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

Mirabaud Securities NICHOLAS TURNER neutral 3 D 83 Not Provided 22.03.2013

Banco Sabadell MARTA DIAZ buy 5 M 80 12 month 15.02.2013

National Bank AG STEFFEN MANSKE buy 5 M 78 Not Provided 13.02.2013

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

Cyrrus TOMAS MENCIK hold 3 M 60 Not Provided 05.04.2012

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

Holdings By:

Sanofi ee


30.09.2013

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

3267.5





62'062.87 1 Yr Total Return 6.93%







BATS LN EQUITY YTD Change - Average Volume 30 Day 2'580'221

BATS LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'484'622


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 15'422.1 15'820.1 - -

3.84x 3.52x 3.90x 4.56x 4.75x 8.70x 7.34x 4.63x 4.53x - -

3'978.0 5'091.0 5'888.0 6'316.0 6'143.0 873.0 0.0 6'335.1 6'641.6 - -

11.69x 9.82x 9.87x 11.12x 11.75x 0.00x 0.00x 11.56x 11.03x - -

2'457.0 2'713.0 2'879.0 3'095.0 3'841.0 2'130.0 2'457.0 4'208.5 4'445.0 - -

14.60x 14.72x 16.97x 19.45x 15.76x 18.69x 14.60x 14.83x 13.78x - -











EBITDA Margin 40.8%



Asset Turnover 0.56







Fiscal Year Ended

British American Tobacco PLCPrice/Volume

Valuation Analysis

575'666.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

0!!!

02!!

1!!!


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 !!

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-. !!

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-5 !!

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30.09.2013


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 72'383'353 3.81 616'324 27.09.2013 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








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 16'728'625 0.88 660'294 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


30.09.2013

Bayer AG produces and markets healthcare and agricultural products, and

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

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

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

protection products, plastics, and polyurethanes.


LTM as of: 06/yy

52-Week High (06.08.2013) 91.03

52-Week Low (15.11.2012) 64.65

Daily Volume

87.35





72'233.89 1 Yr Total Return 33.83%







BAYN GY EQUITY YTD Change - Average Volume 30 Day 1'871'079

BAYN GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'830'159


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

32'918.0 31'168.0 35'088.0 36'528.0 39'760.0 38'081.0 40'153.0 40'846.7 43'095.1 9'972.8 10'369.0

1.40x 1.80x 1.53x 1.32x 1.67x 5.12x 6.96x 1.92x 1.77x - -

6'702.0 7'695.0 8'900.0 8'963.0 9'001.0 9'332.0 9'296.0 8'519.5 9'378.8 1'848.0 2'050.5

6.86x 7.30x 6.04x 5.36x 7.39x 5.86x 8.24x 9.51x 8.64x - -

1'719.0 1'359.0 1'301.0 2'470.0 2'446.0 2'560.0 2'903.0 4'587.0 5'221.9 847.5 1'094.0

18.72x 32.92x 35.22x 16.52x 24.29x 18.24x 23.30x 15.20x 13.47x - -







Return on Capital - EBITDA/Interest Exp. 12.11




EBITDA Margin 23.2%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bayer AGPrice/Volume

Valuation Analysis

659'401.00


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

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- ! E

. ! E

0 ! E

1 ! E

2 ! E

3 ! E

4 ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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-. !!

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30.09.2013



CAPITAL GROUP COMPAN n/a ULT-AGG 70'759'889 8.56 (743'466) 31.07.2013 Investment Advisor

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


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







DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 8'727'331 1.06 (441'999) 30.09.2013 Bank

DEUTSCHE BANK AG n/a ULT-AGG 7'794'629 0.94 (317'621) 31.07.2013 Investment Advisor



UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'911'757 0.59 (27'066) 31.07.2013 Investment Advisor

BNP PARIBAS n/a ULT-AGG 4'702'366 0.57 (555'211) 31.08.2013 Unclassified

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

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'999'285 0.48 80'895 30.06.2013 Investment Advisor



Sanford C. Bernstein & Co JEREMY REDENIUS market perform 3 M 78 12 month 27.09.2013

AlphaValue MARTIN SCHNEE reduce 2 M 85 6 month 26.09.2013


Helvea ODILE RUNDQUIST hold 3 M 90 12 month 23.09.2013

Exane BNP Paribas FLORENT CESPEDES outperform 5 M 94 Not Provided 19.09.2013

Equinet Institutional Services(ESN) MARIETTA MIEMIETZ accumulate 4 M 94 Not Provided 16.09.2013

Barclays MARK PURCELL equalweight 3 M 85 Not Provided 16.09.2013

Bryan Garnier & Cie MARTIAL DESCOUTURES buy 5 M 98 6 month 12.09.2013


Deutsche Bank TIM RACE buy 5 M 99 12 month 04.09.2013

Macquarie CHRISTIAN FAITZ outperform 5 M 98 12 month 04.09.2013

Societe Generale STEPHEN MCGARRY sell 1 M 79 12 month 27.08.2013

Landesbank Baden-Wuerttemberg ULLE WORNER buy 5 M 97 Not Provided 16.08.2013

DZ Bank AG PETER SPENGLER buy 5 M 95 Not Provided 15.08.2013

Morgan Stanley AMY WALKER Equalwt/Attractive 3 M 95 12 month 14.08.2013


Berenberg Bank ALISTAIR CAMPBELL hold 3 D 97 Not Provided 06.08.2013


Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 97 6 month 02.08.2013

Goldman Sachs STEVE CHESNEY Buy/Neutral 5 M 105 12 month 02.08.2013

Credit Suisse JOHANNA WALTON outperform 5 M 95 Not Provided 01.08.2013



Natixis BEATRICE MUZARD buy 5 M 98 Not Provided 01.08.2013

Liberum Capital Ltd NARESH CHOUHAN buy 5 M 110 Not Provided 01.08.2013

Nord/LB THORSTEN STRAUSS sell 1 M 69 12 month 31.07.2013

M.M. Warburg Investment Research ULRICH HUWALD hold 3 M 89 12 month 31.07.2013

Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 87 12 month 31.07.2013


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

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



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

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

UBS ANDREW WHITNEY neutral 3 M 82 12 month 22.03.2013

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

Holdings By:

Bayer AG ee


30.09.2013

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

four major business sectors including infrastructure and cities, healthcare,

industry and energy. Siemens AG also provides engineering solutions in

automation and control, power, transportation, and medical.


LTM as of: 06/yy

52-Week High (19.09.2013) 91.33

52-Week Low (24.06.2013) 73.08

Daily Volume

88.96





78'373.76 1 Yr Total Return 22.65%







SIE GY EQUITY YTD Change - Average Volume 30 Day 1'988'111

SIE GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'306'907


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

77'327.0 76'651.0 68'978.0 73'275.0 78'296.0 76'980.0 77'090.0 76'581.6 78'914.6 20'662.4 18'579.5

0.82x 0.81x 1.09x 0.92x 1.00x 3.69x 4.24x 1.21x 1.14x 4.55x 5.16x

8'175.0 9'196.0 9'544.0 10'492.0 9'653.0 9'726.0 8'702.0 8'617.6 10'841.9 1'650.0 2'418.0

7.77x 6.77x 7.87x 6.40x 8.08x 6.83x 9.39x 10.63x 8.45x 9.44x 8.52x

5'725.0 2'292.0 3'899.0 6'145.0 4'458.0 4'185.0 4'491.0 4'432.2 5'928.5 1'103.8 1'397.0

34.66x 24.49x 16.42x 8.24x 13.50x 12.03x 14.30x 16.26x 12.74x 12.75x 11.99x











EBITDA Margin 11.3%



Asset Turnover 0.72







Fiscal Year Ended

Siemens AGPrice/Volume

Valuation Analysis

734'983.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

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30.09.2013



SIEMENS FAMILY n/a Research 54'852'206 6.23 - 10.11.2011 n/a


SIEMENS AG n/a Research 26'820'674 3.04 - 08.10.2012 Corporation






DEUTSCHE BANK AG n/a ULT-AGG 6'232'647 0.71 1'965'989 31.07.2013 Investment Advisor


DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'170'870 0.59 4'928'947 31.07.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'686'512 0.53 332'271 31.07.2013 Investment Advisor


AMUNDI Multiple Portfolios MF-AGG 3'200'095 0.36 (2'141'123) 31.08.2013 Investment Advisor


MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 2'559'203 0.29 13'074 26.09.2013 Investment Advisor


BNP PARIBAS n/a ULT-AGG 1'876'127 0.21 289'086 31.07.2013 Unclassified

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'821'925 0.21 295'600 28.06.2013 Investment Advisor


Exane BNP Paribas OLIVIER ESNOU outperform 5 M 102 Not Provided 30.09.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 83 12 month 26.09.2013

Nomura DANIEL CUNLIFFE buy 5 M 102 Not Provided 24.09.2013

JPMorgan ANDREAS WILLI neutral 3 M 98 15 month 23.09.2013

National Bank AG EKKEHARD D LINK hold 3 M 82 12 month 20.09.2013

Morgan Stanley BEN UGLOW Overwt/Cautious 5 M 97 12 month 19.09.2013

AlphaValue HEINZ STEFFEN reduce 2 M 90 6 month 19.09.2013


Canaccord Genuity Corp ANDREW BELL hold 3 M 80 12 month 11.09.2013

Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 M 90 Not Provided 09.09.2013

Societe Generale GAEL DE BRAY buy 5 M 100 12 month 06.09.2013

Deutsche Bank PETER REILLY buy 5 M 95 12 month 05.09.2013

Barclays JAMES STETTLER overweight 5 U 100 Not Provided 05.09.2013

HSBC MICHAEL HAGMANN neutral 3 M 90 Not Provided 28.08.2013

Kepler Cheuvreux HANS-JOACHIM HEIMBUERGER buy 5 M 100 Not Provided 28.08.2013


Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL add 4 M 84 6 month 21.08.2013

William Blair & Co NICHOLAS P HEYMANN market perform 3 M 83 12 month 09.08.2013

Credit Suisse SIMON TOENNESSEN outperform 5 M 95 Not Provided 05.08.2013

DZ Bank AG JASKO TERZIC hold 3 M 83 Not Provided 05.08.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER buy 5 M 90 12 month 02.08.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 D 90 Not Provided 02.08.2013

Nord/LB WOLFGANG DONIE hold 3 M 85 12 month 01.08.2013


Hamburger Sparkasse MARCO GUENTHER buy 5 M 83 12 month 01.08.2013

S&P Capital IQ UNAI FRANCO hold 3 M 88 12 month 01.08.2013

Redburn Partners JAMES MOORE neutral 3 M #N/A N/A Not Provided 01.08.2013

Main First Bank AG CHRISTOPHER YOUL outperform 5 M 93 12 month 01.08.2013

Goldman Sachs DANIELA COSTA neutral/neutral 3 M 80 12 month 31.07.2013

Bankhaus Metzler ULRICH TRABERT buy 5 M 87 12 month 31.07.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 95 Not Provided 30.07.2013

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

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

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

UBS FREDRIC STAHL buy 5 M 85 12 month 31.01.2013

SRH AlsterResearch OLIVER DREBING buy 5 M 89 12 month 23.01.2013

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

Holdings By:

Siemens AG ee


30.09.2013

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

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

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

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

and advice on mergers and acquisitions.


LTM as of: 06/yy

52-Week High (14.01.2013) 6.68

52-Week Low (24.06.2013) 4.79

Daily Volume

5.973





66'253.17 1 Yr Total Return 14.57%





Enterprise Value -


SAN SQ EQUITY YTD Change - Average Volume 30 Day 59'948'260

SAN SQ EQUITY YTD % CHANGE - Average Volume 3 Month 81'338'900


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

70'114.3 69'736.2 68'965.5 78'009.0 77'159.0 43'979.0 41'610.0 41'088.5 42'959.8 10'087.0 10'208.0

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

- - - - - 0.0 0.0 - - - -

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

8'876.4 8'942.5 8'180.9 5'351.0 2'205.0 3'577.0 2'756.0 4'841.7 6'394.4 1'407.0 1'406.0

5.74x 11.09x 8.39x 9.18x 26.44x 13.18x 18.04x 13.92x 11.08x - -


EBIT - Long-Term Rating BBB







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Banco Santander SAPrice/Volume

Valuation Analysis

35'235'392.00


!

-

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0

1

2

3

4

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0!! ! E

1!! ! E

2!! ! E

3!! ! E

4!! ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! .!

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30.09.2013


BNP PARIBAS SA n/a EXCH 317'600'714 2.86 (23'663'677) 16.04.2013 Bank




DE LOS RIOS EMILIO B n/a EXCH 79'291'178 0.71 7'442 01.08.2013 n/a

DODGE & COX Multiple Portfolios MF-AGG 78'001'217 0.7 8'057'177 30.06.2013 Investment Advisor

BANCO SANTANDER SA n/a ULT-AGG 74'306'648 0.67 - 10.09.2013 Bank


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 61'394'251 0.55 61'394'251 30.06.2013 Investment Advisor

PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 54'995'669 0.5 - 30.06.2013 Investment Advisor


BNP PARIBAS n/a ULT-AGG 48'259'341 0.44 8'645'722 31.07.2013 Unclassified




INVESCO LTD n/a ULT-AGG 25'279'047 0.23 (1'366'347) 27.09.2013 Investment Advisor

DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 20'537'140 0.19 5'366'493 30.09.2013 Bank

CREDIT SUISSE AG n/a ULT-AGG 19'536'957 0.18 196'929 30.08.2013 Investment Advisor

O'SHEA JAVIER BOTIN- n/a EXCH 16'282'411 0.15 1'228 01.08.2013 n/a



NMAS 1 Agencia de Valores FRANCISCO RIQUEL neutral 3 M 6 12 month 27.09.2013

Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 5 Not Provided 27.09.2013

BPI CARLOS JOAQUIM PEIXOTO neutral 3 M 6 Not Provided 26.09.2013

BBVA IGNACIO ULARGUI outperform 5 M 7 Not Provided 26.09.2013

Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 6 12 month 26.09.2013

Natixis FREDERIC TESCHNER reduce 2 M 5 Not Provided 26.09.2013

AlphaValue DAVID GRINSZTAJN buy 5 M 8 6 month 26.09.2013

Banco Sabadell MARIO LODOS buy 5 M 7 12 month 25.09.2013

Nomura DARAGH QUINN reduce 2 M 5 12 month 25.09.2013


Oddo & Cie JULIE LEGRAND buy 5 M 7 Not Provided 24.09.2013

Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 7 12 month 20.09.2013

HSBC CARLO DIGRANDI neutral 3 M 7 Not Provided 17.09.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 7 12 month 16.09.2013

Societe Generale CARLOS GARCIA GONZALEZ hold 3 M 5 12 month 11.09.2013

JPMorgan JAIME BECERRIL neutral 3 U 6 15 month 11.09.2013

Credit Suisse IGNACIO CEREZO neutral 3 M 6 Not Provided 05.09.2013

RBC Capital Markets PATRICK LEE underperform 1 M 5 12 month 04.09.2013

Berenberg Bank NICK ANDERSON sell 1 M 4 Not Provided 02.09.2013

Barclays ROHITH CHANDRA-RAJAN underweight 1 M 4 Not Provided 02.09.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO sell 1 M 5 Not Provided 29.08.2013

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 27.08.2013

Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 6 12 month 23.08.2013


Bankhaus Lampe NEIL SMITH sell 1 D 5 12 month 16.08.2013


Mediobanca SpA ANDREA FILTRI underperform 1 M 4 12 month 31.07.2013

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

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 M 6 Not Provided 31.07.2013

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

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

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

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


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

UBS IGNACIO SANZ neutral 3 U 6 12 month 23.04.2013

La Caixa DAVID FERNANDEZ overweight 5 D 6 Not Provided 20.03.2013

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

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

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

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

Holdings By:

Banco Santander SA ee


30.09.2013

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

Plastics, Performance Products, Functional Solutions, Agricultural Solutions

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

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

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


LTM as of: 06/yy

52-Week High (04.06.2013) 76.39

52-Week Low (24.10.2012) 62.05

Daily Volume

70.52





64'771.11 1 Yr Total Return 11.37%







BAS GY EQUITY YTD Change - Average Volume 30 Day 2'584'078

BAS GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'799'457


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

62'304.0 50'693.0 63'873.0 73'497.0 72'129.0 72'351.0 75'082.0 74'157.8 71'007.8 17'801.3 18'402.5

0.62x 1.07x 1.09x 0.84x 1.07x 3.45x 4.02x 1.05x 1.07x 4.42x 4.22x

10'238.0 8'500.0 11'903.0 11'855.0 9'669.0 11'258.0 9'857.0 10'141.0 10'864.5 2'234.0 2'311.7

3.74x 6.36x 5.85x 5.20x 8.02x 5.54x 7.79x 7.71x 7.19x - -

2'912.0 1'410.0 4'557.0 6'188.0 4'819.0 5'234.0 4'532.0 4'787.6 5'244.7 1'013.0 1'145.0

8.86x 28.22x 12.04x 8.00x 13.55x 9.60x 14.00x 13.17x 12.00x - -











EBITDA Margin 13.1%



Asset Turnover 1.18








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BASF SEPrice/Volume

Valuation Analysis

1'202'484.00


!

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1!

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

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30.09.2013





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




DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'248'759 0.79 (222'398) 24.09.2013 Investment Advisor



ALLIANZ ASSET MANAGE n/a ULT-AGG 6'224'755 0.68 (65'350) 31.08.2013 Investment Advisor


ADIG INVESTMENT Multiple Portfolios MF-AGG 3'179'430 0.35 45'000 31.05.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 3'042'286 0.33 316'260 31.07.2013 Investment Advisor




FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 2'458'610 0.27 (1'000) 28.06.2013 Investment Advisor

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

NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 2'024'615 0.22 196'938 31.07.2013 Insurance Company


Sanford C. Bernstein & Co JEREMY REDENIUS outperform 5 M 86 12 month 27.09.2013

Canaccord Genuity Corp PAUL W SATCHELL sell 1 M 60 12 month 27.09.2013

AlphaValue MARTIN SCHNEE reduce 2 M 70 6 month 26.09.2013

UBS THOMAS GILBERT neutral 3 M 75 12 month 23.09.2013

Bankhaus Lampe HEIKO FEBER buy 5 M 75 12 month 23.09.2013

Jefferies LAURENCE ALEXANDER hold 3 M 74 12 month 20.09.2013

Baader Bank NORBERT BARTH buy 5 M 75 12 month 16.09.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA hold 3 M 75 Not Provided 16.09.2013

Deutsche Bank TIMOTHY JONES buy 5 M 79 12 month 15.09.2013

Morgan Stanley PAUL RICHARD WALSH Overwt/In-Line 5 M 78 12 month 13.09.2013

JPMorgan MARTIN EVANS underweight 1 M 54 15 month 13.09.2013

HSBC GEOFF HAIRE overweight 5 M 82 Not Provided 11.09.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 10.09.2013

Macquarie CHRISTIAN FAITZ outperform 5 U 75 12 month 04.09.2013

Goldman Sachs MICHAEL RAE Sell/Neutral 1 M 68 12 month 30.08.2013


Exane BNP Paribas JAMES KNIGHT outperform 5 M 73 Not Provided 22.08.2013

M.M. Warburg Investment Research OLIVER SCHWARZ hold 3 M 79 12 month 15.08.2013

Kepler Cheuvreux MARKUS MAYER buy 5 M 80 Not Provided 13.08.2013

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



Societe Generale PETER CLARK hold 3 M 70 12 month 26.07.2013

Bankhaus Metzler LARS HETTCHE sell 1 M 61 12 month 26.07.2013

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

Barclays ANDREAS HEINE overweight 5 M 79 Not Provided 26.07.2013

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

Credit Suisse CHRIS COUNIHAN neutral 3 M 73 Not Provided 25.07.2013


Nomura JEAN DE WATTEVILLE neutral 3 M 82 12 month 25.07.2013

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

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

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

Berenberg Bank JAIDEEP PANDYA hold 3 M 60 Not Provided 15.04.2013

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

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


Steubing AG TEAM COVERAGE buy 5 M 81 Not Provided 05.01.2012

SRH AlsterResearch OLIVER DREBING buy 5 M 60 12 month 29.10.2010

Holdings By:

BASF SE ee


30.09.2013

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

2135.5





131'896.89 1 Yr Total Return 2.26%







RDSB LN EQUITY YTD Change - Average Volume 30 Day 4'112'472

RDSB LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'175'594


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

458'361.0 278'188.0 368'056.0 470'171.0 467'153.0 475'975.0 455'644.0 448'828.0 450'969.8 115'677.3 118'919.0

0.37x 0.76x 0.65x 0.56x 0.52x 2.01x 2.05x 0.54x 0.54x 2.05x 2.06x

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 3.86x 3.70x 3.79x 3.79x

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 8.86x 8.43x 8.74x 8.49x











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

1'998'140.00


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5 ! E

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-. ! E

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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 !!

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30.09.2013








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 44'170'243 1.77 (893'810) 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 30'790'847 1.23 (291'635) 01.07.2013 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

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

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


30.09.2013

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

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

nationally and internationally prominent. The Company has production plants in

Europe, the Americas, and Asia.


LTM as of: 06/yy

52-Week High (03.04.2013) 79.60

52-Week Low (24.06.2013) 63.44

Daily Volume

73.83



% 52 Week Price Range High/Low 64.11% Equity Float -


118'662.88 1 Yr Total Return 14.21%







ABI BB EQUITY YTD Change - Average Volume 30 Day 1'364'184

ABI BB EQUITY YTD % CHANGE - Average Volume 3 Month 1'451'665


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

23'507.0 36'758.0 36'297.0 39'046.0 39'758.0 39'294.0 40'312.0 43'892.5 48'974.2 11'989.8 12'173.0

4.07x 3.57x 3.70x 3.49x 4.37x 7.65x 9.04x 4.64x 4.05x - -

7'734.0 12'925.0 13'768.0 15'297.0 15'548.0 15'940.0 16'406.0 17'016.6 19'306.0 4'570.8 5'076.3

12.37x 10.15x 9.76x 8.91x 11.18x 10.30x 11.61x 12.24x 10.79x - -

1'927.0 4'613.0 4'026.0 5'855.0 7'243.0 7'047.0 13'104.0 7'690.2 8'821.4 2'024.3 2'185.2

11.99x 17.92x 22.61x 16.71x 19.15x 17.56x 10.87x 20.96x 18.32x - -











EBITDA Margin 38.8%



Asset Turnover 0.32







Fiscal Year Ended

Anheuser-Busch InBev NVPrice/Volume

Valuation Analysis

532'132.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



30.09.2013


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

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


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







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

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

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

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



HARTFORD INVESTMENT Multiple Portfolios MF-AGG 3'387'045 0.21 4'311 31.08.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'004'748 0.19 (288'985) 30.06.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 2'451'494 0.15 (420'403) 27.09.2013 Investment Advisor


AlphaValue ISABELLE COMBEMALE sell 1 M 61 6 month 26.09.2013

Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 85 12 month 25.09.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA underperform 1 M 64 Not Provided 25.09.2013

Jefferies DIRK VAN VLAANDEREN buy 5 M 84 12 month 19.09.2013


Nomura IAN SHACKLETON reduce 2 D 66 Not Provided 12.09.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 83 Not Provided 11.09.2013

HSBC LAUREN E TORRES overweight 5 M 85 Not Provided 09.09.2013

ING Bank MARCO GULPERS hold 3 M 78 12 month 09.09.2013

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 80 12 month 05.09.2013


Petercam KRIS KIPPERS buy 5 M 80 Not Provided 05.08.2013

ISI Group ROBERT E OTTENSTEIN buy 5 M #N/A N/A Not Provided 05.08.2013

KBC Securities WIM HOSTE accumulate 4 M 75 12 month 02.08.2013

Societe Generale ANDREW HOLLAND hold 3 M 71 12 month 01.08.2013

Credit Suisse SANJEET AUJLA outperform 5 M 88 Not Provided 01.08.2013

JPMorgan MIKE J GIBBS overweight 5 M 92 9 month 01.08.2013

Mirabaud Securities JONATHAN FYFE add 4 U 82 12 month 01.08.2013

Natixis OLIVIER DELAHOUSSE neutral 3 M 70 Not Provided 01.08.2013

Redburn Partners CHRIS PITCHER buy 5 M #N/A N/A Not Provided 01.08.2013

Barclays SIMON HALES equalweight 3 M 77 Not Provided 01.08.2013

ABN Amro Bank N.V. ROBERT JAN VOS hold 3 U 72 12 month 01.08.2013


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

Goldman Sachs MITCHELL COLLETT sell/attractive 1 M 65 12 month 31.07.2013

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


Rabobank International KAREL ZOETE buy 5 U 80 12 month 31.07.2013

Berenberg Bank PHILIP MORRISEY buy 5 M 82 Not Provided 31.07.2013



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

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

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

UBS MELISSA EARLAM buy 5 M 80 12 month 28.02.2013

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

Banco Sabadell IGNACIO ROMERO buy 5 M 42 Not Provided 05.03.2012

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

Holdings By:

Anheuser-Busch InBev NV ee


30.09.2013

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

1961





49'267.52 1 Yr Total Return 15.39%







DGE LN EQUITY YTD Change - Average Volume 30 Day 3'286'300

DGE LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'417'855


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 - - 12'294.2 13'314.8 - -

3.27x 3.57x 3.98x 4.68x 4.94x - - 4.71x 4.28x - -

2'777.0 2'984.0 3'232.0 3'826.0 3'931.0 - - 4'217.3 4'615.6 - -

10.96x 11.70x 12.24x 13.16x 14.36x - - 13.91x 12.71x - -

1'605.0 1'629.0 1'900.0 1'942.0 2'485.0 - - 2'852.1 3'154.5 - -

13.51x 15.99x 16.71x 21.00x 18.93x - - 17.38x 15.69x - -











EBITDA Margin 34.4%



Asset Turnover 0.48







Fiscal Year Ended

Diageo PLCPrice/Volume

Valuation Analysis

1'423'823.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

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 !!

.! !!

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0! !!

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30.09.2013













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



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


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


Nomura IAN SHACKLETON buy 5 M 2'350 12 month 26.09.2013

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

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



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


30.09.2013

Daimler AG develops, manufactures, distributes, and sells a wide range of

automotive products, mainly passenger cars, trucks, vans and buses. The Company

also provides financial and other services relating to its automotive

businesses.


LTM as of: 06/yy

52-Week High (20.09.2013) 59.56

52-Week Low (16.11.2012) 35.15

Daily Volume

57.35





61'332.15 1 Yr Total Return 60.38%







DAI GY EQUITY YTD Change - Average Volume 30 Day 3'098'947

DAI GY EQUITY YTD % CHANGE - Average Volume 3 Month 3'383'308


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

95'873.0 78'924.0 97'761.0 106'540.0 114'297.0 111'368.0 114'196.0 117'480.0 125'508.6 29'639.3 32'565.7

0.87x 1.15x 1.10x 0.93x 1.01x 3.69x 4.07x 0.66x 0.62x - -

11'685.0 3'032.0 10'489.0 12'216.0 12'138.0 12'317.0 10'854.0 13'970.3 14'399.1 - -

7.14x 29.84x 10.26x 8.09x 9.50x 8.78x 11.01x 9.39x 9.11x - -

1'348.0 (2'640.0) 4'498.0 5'667.0 6'095.0 5'825.0 6'700.0 5'539.1 5'932.4 1'283.5 1'390.5

15.61x - 11.85x 6.38x 7.24x 6.46x 7.40x 11.92x 10.34x - -











EBITDA Margin 9.5%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Daimler AGPrice/Volume

Valuation Analysis

1'341'069.00


!

-!

.!

0!

1!

2!

3!

4!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

-1 ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

-3! !!

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



30.09.2013


DEUTSCHE BANK AG n/a ULT-AGG 140'497'673 13.14 - 23.09.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 93'897'996 8.78 (161'418) 26.09.2013 Investment Advisor

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


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

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


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

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 14'357'505 1.34 2'212'510 30.08.2013 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'511'692 0.98 - 30.06.2013 Investment Advisor

DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 10'353'255 0.97 (1'259'644) 30.09.2013 Bank

FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 6'356'137 0.59 (34'395) 31.07.2013 Hedge Fund Manager

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

DIMENSIONAL FUND ADV n/a ULT-AGG 3'437'987 0.32 8'169 31.07.2013 Investment Advisor



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


GOLDMAN SACHS GROUP n/a ULT-AGG 2'719'961 0.25 (5'882) 30.11.2012 Investment Advisor


HSBC HORST SCHNEIDER overweight 5 M 68 Not Provided 30.09.2013

Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 55 12 month 27.09.2013

Oddo & Cie FRANCOIS MAURY buy 5 M 68 Not Provided 26.09.2013

AlphaValue HANS-PETER WODNIOK sell 1 M 41 6 month 26.09.2013

DZ Bank AG MICHAEL PUNZET sell 1 M 50 Not Provided 25.09.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 66 6 month 23.09.2013

Deutsche Bank JOCHEN GEHRKE buy 5 M 62 12 month 23.09.2013

Morgan Stanley LAURA LEMBKE Equalwt/In-Line 3 M 46 12 month 23.09.2013

UBS PHILIPPE HOUCHOIS buy 5 M 62 12 month 23.09.2013

JPMorgan JOSE ASUMENDI overweight 5 M 66 15 month 23.09.2013

Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 60 Not Provided 23.09.2013

M.M. Warburg Investment Research MARC-RENE TONN hold 3 M 60 12 month 23.09.2013

Bankhaus Metzler JUERGEN PIEPER buy 5 M 66 12 month 23.09.2013

Kepler Cheuvreux MICHAEL RAAB reduce 2 M 52 Not Provided 23.09.2013

Natixis GEORGES DIENG buy 5 M 65 Not Provided 23.09.2013

Barclays KRISTINA CHURCH underweight 1 M 39 Not Provided 23.09.2013

ISI Group ARNDT ELLINGHORST buy 5 M 60 12 month 20.09.2013

Nomura HARALD C HENDRIKSE neutral 3 M 55 12 month 20.09.2013

Exane BNP Paribas RABIH FREIHA outperform 5 M 63 Not Provided 06.09.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 D #N/A N/A Not Provided 29.08.2013

Equinet Institutional Services(ESN) TIM SCHULDT reduce 2 M 46 12 month 27.08.2013

Baader Bank KLAUS BREITENBACH hold 3 M 55 12 month 12.08.2013


Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 72 12 month 07.08.2013

Nord/LB FRANK SCHWOPE buy 5 M 59 12 month 02.08.2013


Steubing AG TOBIAS SCHMIDT buy 5 M 76 Not Provided 29.07.2013

Societe Generale STEPHEN REITMAN buy 5 M 60 12 month 25.07.2013

Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 63 12 month 25.07.2013

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

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

Bankhaus Lampe CHRISTIAN LUDWIG hold 3 M 53 12 month 24.07.2013

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

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

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

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

Cyrrus JIRI SIMARA hold 3 M 37 Not Provided 29.10.2012

Holdings By:

Daimler AG ee


30.09.2013

UBS AG is a wealth management, investment banking, and asset management firm.

The Company provides a variety of financial services to individuals,

institutions, corporations, governments, and financial intermediaries around the

world.


LTM as of: 06/yy

52-Week High (19.09.2013) 19.60

52-Week Low (01.10.2012) 11.29

Daily Volume

18.51





71'063.45 1 Yr Total Return 63.11%







UBSN VX EQUITY YTD Change - Average Volume 30 Day 8'075'220

UBSN VX EQUITY YTD % CHANGE - Average Volume 3 Month 8'544'331


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

67'219.0 44'658.0 46'526.0 40'880.0 37'754.0 37'651.0 38'698.0 29'144.9 29'630.2 6'908.0 7'276.0

8.31x 9.51x 8.39x 9.20x 6.86x 35.58x 25.76x 37.90x 33.33x - -

37'052.0 19'874.0 20'964.0 17'464.0 15'529.0 12'178.0 13'651.0 - - - -

15.08x 21.36x 18.62x 21.53x 16.67x 0.00x 0.00x - - - -

(21'292.0) (2'736.0) 7'534.0 4'159.0 (2'511.0) 2'762.0 (2'384.0) 3'831.6 4'888.6 822.0 1'034.0

- - 7.71x 10.16x - 15.14x 0.00x 18.64x 14.30x 14.84x 13.71x


EBIT - Long-Term Rating A


Pretax Margin -4.70% Short-Term Rating Date 19.12.2008

Return on Assets -0.19% Short-Term Rating A-1

Return on Common Equity -4.68%

Return on Capital -0.63% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -


Net Income Margin -6.7% Total Debt/Capital 84.2%

Asset Turnover 0.03







Fiscal Year Ended

UBS AGPrice/Volume

Valuation Analysis

5'025'665.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

-! ! E

.! ! E

0! ! E

1! ! E

2! ! E

3! ! E

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

1 2!

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30.09.2013


GIC PRIVATE LIMITED n/a ULT-AGG 245'596'591 6.4 - 12.09.2013 Government


NORGES BANK n/a EXCH 116'490'210 3.03 - 27.09.2011 Government






BLACKROCK n/a ULT-AGG 31'255'664 0.81 (1'114'824) 26.09.2013 Investment Advisor


ZURCHER KANTONALBANK ZURCHER KANTONALBANK 13F 24'085'894 0.63 (2'534'077) 30.06.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 23'172'660 0.6 332'960 31.07.2013 Investment Advisor


CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 22'168'898 0.58 4'697'001 30.06.2013 Investment Advisor


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'670'005 0.56 (2'974'135) 30.06.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 16'886'540 0.44 7'764'122 30.06.2013 Investment Advisor



BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 15'105'719 0.39 752'938 30.06.2013 Investment Advisor


RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 20 12 month 27.09.2013

Nomura JON PEACE buy 5 M 20 12 month 27.09.2013

Exane BNP Paribas DANIEL DAVIES neutral 3 M 18 Not Provided 27.09.2013

AlphaValue DIETER HEIN sell 1 M 17 6 month 26.09.2013

Grupo Santander AURELIA FAURE underweight 1 M 16 12 month 25.09.2013

Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 19 12 month 25.09.2013

Macquarie PIERS BROWN outperform 5 M 21 12 month 19.09.2013

Main First Bank AG KILIAN MAIER underperform 1 M 18 12 month 18.09.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 21 12 month 16.09.2013

JPMorgan KIAN ABOUHOSSEIN overweight 5 M 21 15 month 11.09.2013

Oddo & Cie JEAN SASSUS neutral 3 M 19 Not Provided 06.09.2013





Kepler Cheuvreux DIRK BECKER hold 3 M 19 Not Provided 20.08.2013

Helvea TIM DAWSON buy 5 M 20 12 month 15.08.2013

Barclays KIRI VIJAYARAJAH overweight 5 M 22 Not Provided 14.08.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 20 12 month 13.08.2013

Bank am Bellevue MARC DEUSTER hold 3 M 20 Not Provided 08.08.2013

Credit Suisse AMIT GOEL neutral 3 M 16 Not Provided 07.08.2013

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 18 6 month 06.08.2013

Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 22 Not Provided 06.08.2013


Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 24 12 month 01.08.2013


Mirabaud Securities Claudia von Turk Myers accumulate 4 M 21 12 month 01.08.2013

Keefe, Bruyette & Woods ANDREW STIMPSON market perform 3 U 19 12 month 31.07.2013

Natixis ANTOINE BURGARD buy 5 M 20 Not Provided 31.07.2013

Deutsche Bank MATT SPICK buy 5 M 21 12 month 30.07.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 14 12 month 30.07.2013


Canaccord Genuity Corp ARUN MELMANE buy 5 M 24 12 month 26.07.2013

Redburn Partners NICHOLAS WATTS buy 5 M #N/A N/A Not Provided 16.07.2013

HSBC ROBERT MURPHY overweight 5 M 20 Not Provided 17.06.2013

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

Espirito Santo Investment Bank ResearchANDREW LIM buy 5 M 23 Not Provided 05.06.2013

Societe Generale GEOFF DAWES sell 1 M 15 12 month 29.05.2013

Liberum Capital Ltd CORMAC LEECH buy 5 M 18 Not Provided 25.03.2013

Zuercher Kantonalbank ANDREAS VENDITTI outperform 5 U #N/A N/A Not Provided 30.10.2012



Holdings By:

UBS AG ee


30.09.2013

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

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

travel insurance, and fund management services.


LTM as of: 06/yy

52-Week High (22.05.2013) 122.10

52-Week Low (11.10.2012) 90.36

Daily Volume

115.95





52'867.40 1 Yr Total Return 30.03%







ALV GY EQUITY YTD Change - Average Volume 30 Day 1'631'629

ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'609'538


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

76'195.0 82'711.0 89'740.0 87'384.0 96'020.0 90'556.0 97'026.0 102'442.2 105'264.4 24'605.0 24'916.0

0.57x 0.50x 0.60x 2.07x 2.31x 0.66x 0.64x - -

- - - - - 0.0 0.0 - - - -

- - - 0.00x 0.00x - - - -

(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 3'317.0 5'859.0 5'858.5 6'005.3 1'230.5 1'430.5

7.94x 13.13x 4.62x 10.58x 4.64x 8.86x 8.61x - -


EBIT - Long-Term Rating AA







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.14

Current Ratio - Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allianz SEPrice/Volume

Valuation Analysis

842'320.00


!

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0 ! E

1 ! E

2 ! E

3 ! E

4 ! E

5 ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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30.09.2013












DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 3'655'951 0.8 79'004 30.09.2013 Bank

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

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 2'657'513 0.58 (1'139'274) 31.07.2013 Investment Advisor




ADIG INVESTMENT Multiple Portfolios MF-AGG 1'967'279 0.43 (89'450) 31.05.2013 Investment Advisor





Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 115 12 month 26.09.2013

Berenberg Bank PETER ELIOT buy 5 M 144 Not Provided 26.09.2013

AlphaValue DIETER HEIN add 4 M 131 6 month 26.09.2013

JPMorgan MICHAEL HUTTNER overweight 5 M 140 3 month 24.09.2013

Bankhaus Lampe ANDREAS SCHAEFER buy 5 M 135 12 month 23.09.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 135 12 month 20.09.2013


Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 118 12 month 18.09.2013

Oddo & Cie NICOLAS JACOB buy 5 M 130 12 month 18.09.2013

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 151 12 month 17.09.2013

Nomura MICHAEL KLIEN buy 5 M 140 12 month 13.09.2013

Main First Bank AG MICHAEL HAID outperform 5 M 150 12 month 09.09.2013

Helvea DANIEL BISCHOF buy 5 M 128 12 month 09.09.2013

Kepler Cheuvreux ATANASIO PANTARROTAS buy 5 M 140 Not Provided 03.09.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 M 135 Not Provided 22.08.2013

Societe Generale NICK HOLMES hold 3 M 125 12 month 09.08.2013

Credit Suisse RICHARD BURDEN neutral 3 M 132 Not Provided 05.08.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 140 12 month 05.08.2013

HSBC KAILESH MISTRY overweight 5 M 145 Not Provided 05.08.2013

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

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 110 12 month 05.08.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 120 12 month 05.08.2013

S&P Capital IQ RODERICK WALLACE hold 3 M 130 12 month 05.08.2013

Nord/LB JULIA SIEKMANN buy 5 M 132 12 month 02.08.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 130 12 month 02.08.2013

Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 02.08.2013


Independent Research GmbH STEFAN BONGARDT buy 5 M 145 12 month 02.08.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 140 6 month 02.08.2013

DZ Bank AG THORSTEN WENZEL buy 5 M 134 Not Provided 02.08.2013

Deutsche Bank OLIVER STEEL buy 5 M 130 12 month 25.07.2013

Barclays ANDREW BROADFIELD overweight 5 M 118 Not Provided 22.07.2013

Mediobanca SpA MARC THIELE neutral 3 M 123 Not Provided 20.06.2013


Natixis BENOIT VALLEAUX buy 5 M 130 Not Provided 16.05.2013

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


Holdings By:

Allianz SE ee


30.09.2013

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

263.55





36'462.38 1 Yr Total Return 35.76%





Enterprise Value -


BARC LN EQUITY YTD Change - Average Volume 30 Day 50'854'320

BARC LN EQUITY YTD % CHANGE - Average Volume 3 Month 48'717'760


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 29'004.1 29'858.8 6'762.2 6'873.5

- - - - - 0.00x 0.00x -3.97x -4.39x - -

- - - - - 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) 3'759.7 5'231.0 816.0 488.5

3.00x 11.49x 8.73x 7.22x - 11.81x 0.00x 9.87x 8.18x - -


EBIT - Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Barclays PLCPrice/Volume

Valuation Analysis

25'673'300.00


!

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02!

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.! ! E

1! ! E

3! ! E

5! ! E

-!! ! E

-.! ! E

-1! ! E

-3! ! E

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

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30.09.2013


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


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


30.09.2013

SAP AG is a multinational software company. The Company develops business

software, including e-business and enterprise management software, consults on

organizational usage of its applications software, and provides training

services. SAP markets its products and services worldwide.


LTM as of: 06/yy

52-Week High (15.03.2013) 65.00

52-Week Low (23.10.2012) 52.62

Daily Volume

54.57





67'039.48 1 Yr Total Return 0.49%







SAP GY EQUITY YTD Change - Average Volume 30 Day 2'668'288

SAP GY EQUITY YTD % CHANGE - Average Volume 3 Month 2'832'845


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

11'575.0 10'672.0 12'464.0 14'233.0 16'223.0 15'157.0 16'638.0 17'256.6 18'795.9 4'193.9 5'386.6

2.71x 3.65x 3.71x 3.31x 4.62x 13.82x 17.12x 3.87x 3.40x 16.33x 12.53x

3'300.0 3'301.0 4'125.0 4'663.0 5'002.0 4'810.0 5'126.0 6'182.6 6'920.4 1'492.5 2'324.5

9.49x 11.81x 11.20x 10.10x 14.99x 11.69x 13.37x 11.10x 9.91x 10.74x 10.38x

1'847.0 1'748.0 1'811.0 3'438.0 2'823.0 3'553.0 2'967.0 3'920.4 4'394.3 957.1 1'548.6

16.28x 22.45x 25.07x 14.13x 25.61x 15.71x 22.47x 16.06x 14.35x 15.26x 14.83x

EBITDA 5'002.00 Long-Term Rating Date -

EBIT 4'139.00 Long-Term Rating -

Operating Margin 25.51% Long-Term Outlook -

Pretax Margin 23.57% Short-Term Rating Date -

Return on Assets 11.42% Short-Term Rating -






EBITDA Margin 30.8%



Asset Turnover 0.64







Fiscal Year Ended

SAP AGPrice/Volume

Valuation Analysis

1'087'254.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

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. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

2 !!

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-2 !!

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30.09.2013


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

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


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

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

MORGAN STANLEY n/a ULT-AGG 23'436'828 1.91 1'118'820 30.06.2013 Investment Advisor








DEUTSCHE BANK AG n/a ULT-AGG 7'583'646 0.62 (2'509'077) 31.07.2013 Investment Advisor


OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 6'538'742 0.53 (4'744) 31.07.2013 Investment Advisor


THORNBURG INVESTMENT Multiple Portfolios MF-AGG 5'573'465 0.45 (1'507'903) 31.07.2013 Investment Advisor




M.M. Warburg Investment Research ANDREAS WOLF hold 3 D 60 12 month 30.09.2013

HSBC ANTONIN BAUDRY overweight 5 M 74 Not Provided 27.09.2013

Natixis GWENAEL GIARD neutral 3 M 59 Not Provided 20.09.2013

Baader Bank KNUT WOLLER buy 5 M 65 12 month 19.09.2013

Main First Bank AG CHANDRAMOULI SRIRAMAN outperform 5 M 68 12 month 19.09.2013

AlphaValue HEINZ STEFFEN buy 5 M 73 6 month 19.09.2013

Commerzbank Corporates & Markets THOMAS M BECKER add 4 U 62 6 month 18.09.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 70 Not Provided 18.09.2013

Grupo Santander CARLOS JAVIER TREVINO hold 3 U 61 Not Provided 11.09.2013

Goldman Sachs MOHAMMED MOAWALLA buy/attractive 5 M 90 12 month 11.09.2013

Bryan Garnier & Cie GREGORY RAMIREZ buy 5 M 69 6 month 11.09.2013

Morgan Stanley ADAM WOOD Overwt/In-Line 5 M 67 12 month 06.09.2013

Exane BNP Paribas BRICE PRUNAS neutral 3 M 54 Not Provided 06.09.2013

Redburn Partners NEIL STEER sell 1 D #N/A N/A Not Provided 03.09.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 70 12 month 29.08.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER buy 5 U 65 Not Provided 15.08.2013


Jyske Bank ROBERT JAKOBSEN reduce 2 M 62 Not Provided 09.08.2013

UBS MICHAEL BRIEST neutral 3 M 62 12 month 09.08.2013

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 68 12 month 31.07.2013


Societe Generale RICHARD NGUYEN buy 5 M 68 12 month 22.07.2013

Jefferies ROSS MACMILLAN hold 3 M 60 12 month 22.07.2013

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

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

Nomura RICHARD G SHERLUND buy 5 M 68 12 month 21.07.2013

JPMorgan STACY E POLLARD neutral 3 D 62 6 month 19.07.2013

Macquarie BRAD A ZELNICK outperform 5 M 64 12 month 19.07.2013

Berenberg Bank DAUD KHAN buy 5 M 71 Not Provided 19.07.2013

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

Barclays GERARDUS VOS equalweight 3 M 55 Not Provided 19.07.2013

Deutsche Bank KAI KORSCHELT hold 3 M 57 12 month 18.07.2013

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



Kepler Cheuvreux LAURENT DAURE buy 5 M 66 Not Provided 18.07.2013

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

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

Banco Sabadell ANDRES BOLUMBURU buy 5 M 67 12 month 15.02.2013

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

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

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

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

Holdings By:

SAP AG ee


30.09.2013

Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The

Company focuses on diabetes care and offers insulin delivery systems and other

diabetes products. Novo Nordisk also works in areas such as haemostatis

management, growth disorders, and hormone replacement therapy. The Company

offers educational and training materials. Novo Nordisk markets worldwide.


LTM as of: 06/yy

52-Week High (07.02.2013) 1'100.00

52-Week Low (24.06.2013) 848.00

Daily Volume

932.5





512'875.00 1 Yr Total Return 3.70%

Total Debt 500.00 YTD Return 3.70%






NOVOB DC EQUITY YTD Change - Average Volume 30 Day 591'747

NOVOB DC EQUITY YTD % CHANGE - Average Volume 3 Month 558'495


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

45'553.0 51'078.0 60'776.0 66'346.0 78'026.0 71'871.0 82'170.0 84'949.9 92'242.7 21'238.2 22'328.5

3.45x 3.47x 5.98x 5.52x 6.38x 20.34x 23.46x 5.85x 5.35x - -

14'815.0 17'484.0 21'358.0 24'864.0 32'047.0 28'083.0 34'229.0 35'272.9 38'603.6 9'105.2 8'800.0

10.60x 10.13x 17.02x 14.73x 15.53x 16.05x 13.62x 14.25x 13.02x 13.84x 13.73x

9'645.0 10'768.0 14'403.0 17'097.0 21'432.0 18'900.0 24'138.0 25'642.0 27'684.7 6'671.2 6'562.5

17.30x 18.47x 25.35x 21.83x 23.45x 24.98x 20.03x 19.66x 17.78x 19.28x 19.26x









Net Debt/EBITDA -0.30


EBITDA Margin 41.7%



Asset Turnover 1.31







Fiscal Year Ended

Novo Nordisk A/SPrice/Volume

Valuation Analysis

179'710.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!!

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- ! E

. ! E

0 ! E

1 ! E

2 ! E

3 ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! !!

2 !!

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-2 !!

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30.09.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 82'015'437 18.53 802'246 31.07.2013 Investment Advisor

NOVO AS n/a 20F 35'312'800 7.98 (5'100'000) 31.01.2013 Holding Company

NOVO-NORDISK A/S n/a Research 17'186'048 3.88 - 06.09.2013 Corporation





CARMIGNAC GESTION Multiple Portfolios MF-AGG 5'553'844 1.26 440'771 28.06.2013 Investment Advisor




SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'096'263 0.47 (1'617) 31.03.2013 Investment Advisor


JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 1'596'886 0.36 1'992 31.07.2013 Investment Advisor

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'285'975 0.29 (49'381) 31.07.2013 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'163'920 0.26 1'109'960 31.12.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 981'600 0.22 47'978 30.06.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 956'856 0.22 33'328 30.08.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 891'013 0.2 - 25.09.2013 Investment Advisor


AlphaValue KAMLA SINGH add 4 M 1'048 6 month 26.09.2013

SEB Enskilda PETER HUGREFFE buy 5 M 1'300 Not Provided 25.09.2013

Nordea Equity Research MICHAEL NOVOD strong buy 5 M 1'285 12 month 25.09.2013

Natixis PHILIPPE LANONE buy 5 M 1'180 Not Provided 25.09.2013

Sanford C. Bernstein & Co AARON GAL market perform 3 M 1'000 12 month 24.09.2013

Handelsbanken PETER SEHESTED buy 5 M 1'165 12 month 23.09.2013

Exane BNP Paribas VINCENT MEUNIER underperform 1 M 850 Not Provided 19.09.2013

Barclays MICHAEL LEUCHTEN overweight 5 U 1'000 Not Provided 16.09.2013

Helvea OLAV ZILIAN buy 5 M 1'190 12 month 13.09.2013


Commerzbank Corporates & Markets DANIEL WENDORFF buy 5 M 1'320 6 month 09.09.2013

ABG Sundal Collier MORTEN LARSEN buy 5 M 1'200 6 month 09.09.2013

Danske Markets MARTIN PARKHOI buy 5 M 1'150 12 month 09.09.2013

Swedbank JOHAN UNNERUS buy 5 D 1'125 12 month 06.09.2013

Deutsche Bank TIM RACE hold 3 M 980 12 month 04.09.2013

Jyske Bank FRANK HOERNING ANDERSEN buy 5 M 1'096 Not Provided 04.09.2013

Carnegie CARSTEN LONBORG MADSEN buy 5 M #N/A N/A Not Provided 04.09.2013

Bryan Garnier & Cie ERIC LE BERRIGAUD neutral 3 M 1'040 6 month 04.09.2013

DNB Markets RUNE MAJLUND DAHL buy 5 M 1'150 Not Provided 03.09.2013

Societe Generale STEPHEN MCGARRY sell 1 M 801 12 month 27.08.2013

Credit Suisse LUISA HECTOR neutral 3 M 1'080 Not Provided 09.08.2013

JPMorgan RICHARD VOSSER underweight 1 M 800 3 month 09.08.2013

Berenberg Bank ALISTAIR CAMPBELL hold 3 M 1'090 Not Provided 09.08.2013

Alm Brand Markets MICHAEL FRIIS JORGENSEN neutral 3 M 1'020 12 month 08.08.2013

S&P Capital IQ SHO MATSUBARA buy 5 M 1'080 12 month 08.08.2013



Goldman Sachs KEYUR PAREKH Buy/Neutral 5 M 1'260 12 month 17.05.2013

Kepler Cheuvreux RICHARD KOCH hold 3 M 980 Not Provided 14.05.2013

UBS ANDREW WHITNEY buy 5 M 1'040 12 month 12.02.2013

Mirabaud Securities NICHOLAS TURNER reduce 2 D 819 Not Provided 23.11.2012

NYKREDIT KRESTEN JOHNSEN outperform 5 M #N/A N/A Not Provided 23.07.2012

Cyrrus TOMAS MENCIK sell 1 M 627 Not Provided 05.04.2012

Sydbank SOEREN LONTOFT HANSEN overweight 5 U #N/A N/A Not Provided 02.02.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 648 Not Provided 15.04.2011

Holdings By:

Novo Nordisk A/S ee


30.09.2013

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

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

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

United States, Asia and the Emerging Markets.


LTM as of: 06/yy

52-Week High (19.09.2013) 51.56

52-Week Low (01.10.2012) 36.57

Daily Volume

49.935





62'142.25 1 Yr Total Return 39.49%

Total Debt 1'012'615.00 YTD Return 21.13%




Enterprise Value -


BNP FP EQUITY YTD Change - Average Volume 30 Day 3'450'677

BNP FP EQUITY YTD % CHANGE - Average Volume 3 Month 3'648'226


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

77'571.0 70'439.0 72'579.0 71'009.0 66'872.0 0.0 9'395.0 39'135.0 39'915.3 9'757.0 9'785.8

- - - - - #DIV/0! 0.00x - - - -

- - - - - 0.0 0.0 - - - -

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

3'021.0 5'832.0 7'843.0 6'050.0 6'553.0 6'023.0 5'185.0 5'829.9 6'619.4 1'344.0 1'292.0

9.85x 10.75x 7.52x 6.30x 8.25x 6.02x 9.95x 10.66x 9.39x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BNP Paribas SAPrice/Volume

Valuation Analysis

2'193'746.00


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1 ! E

3 ! E

5 ! E

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-. ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! !!

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30.09.2013


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

AXA n/a ULT-AGG 66'464'562 5.34 - 31.12.2012 Investment Advisor






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




NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 8'181'726 0.66 (50'444) 31.05.2013 Investment Advisor

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




WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 5'142'845 0.41 (3'255'061) 30.06.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'117'763 0.41 684'101 30.08.2013 Investment Advisor




Natixis ALEX KOAGNE buy 5 M 62 Not Provided 30.09.2013


AlphaValue CHRISTOPHE NIJDAM reduce 2 M 51 6 month 26.09.2013

HSBC ROBIN DOWN overweight 5 M 56 Not Provided 18.09.2013

Macquarie PIERS BROWN neutral 3 M 45 12 month 18.09.2013

Morgan Stanley SARA MINELLI Overwt/In-Line 5 M 60 12 month 16.09.2013

JPMorgan DELPHINE LEE neutral 3 M 49 15 month 11.09.2013

Oddo & Cie JEAN SASSUS buy 5 M 55 Not Provided 06.09.2013


Jefferies OMAR FALL hold 3 N 51 12 month 03.09.2013

Societe Generale GEOFF DAWES buy 5 M 58 12 month 02.09.2013

Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 57 Not Provided 02.09.2013



Barclays JEREMY SIGEE overweight 5 M 59 Not Provided 14.08.2013

Mediobanca SpA ANTONIO GUGLIELMI outperform 5 M 56 12 month 07.08.2013

Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 60 12 month 05.08.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 68 12 month 02.08.2013


RBC Capital Markets ANKE REINGEN outperform 5 M 53 12 month 01.08.2013

Kepler Cheuvreux CYRIL MEILLAND buy 5 M 57 Not Provided 01.08.2013


Deutsche Bank FLORA BENHAKOUN buy 5 M 53 12 month 31.07.2013

UBS NICK DAVEY neutral 3 M 46 12 month 31.07.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN hold 3 D 50 Not Provided 31.07.2013

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

S&P Capital IQ WILLIAM HOWLETT buy 5 M 52 12 month 31.07.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 54 12 month 31.07.2013

Calamatta Cuschieri TEAM COVERAGE overweight 5 M 50 12 month 22.07.2013

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

Grupo Santander AURELIA FAURE buy 5 M 55 Not Provided 26.06.2013

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


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



Holdings By:

BNP Paribas SA ee


30.09.2013

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

1181





40'208.80 1 Yr Total Return -4.02%







BG/ LN EQUITY YTD Change - Average Volume 30 Day 5'645'560

BG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 5'101'588


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 3.86x 3.69x 14.28x 13.66x

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 8.60x

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 15.62x 13.63x 13.67x 13.32x











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

1'597'970.00


!

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

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30.09.2013




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 Unclassified





STATE STREET CORP n/a ULT-AGG 57'510'813 1.69 (1'623'221) 27.09.2013 Investment Advisor








THREADNEEDLE n/a ULT-AGG 42'853'996 1.26 (2'490'329) 01.07.2013 Unclassified

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

Liberum Capital Ltd ANDREW WHITTOCK hold 3 M 1'260 Not Provided 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


30.09.2013

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

3205.5





40'150.05 1 Yr Total Return 14.98%







AZN LN EQUITY YTD Change - Average Volume 30 Day 1'842'800

AZN LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'858'659


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 25'144.2 6'438.2 7'066.2

2.11x 2.07x 1.84x 1.71x 2.18x 7.54x 9.42x 2.56x 2.62x - -

11'657.0 13'235.0 14'170.0 13'276.0 10'658.0 14'028.0 11'075.0 8'999.9 8'826.8 2'254.3 2'503.3

5.72x 5.14x 4.31x 4.32x 5.72x 4.16x 5.48x 7.37x 7.51x - -

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 9.91x 10.74x 10.62x 10.86x











EBITDA Margin 41.7%



Asset Turnover 0.49







Fiscal Year Ended

AstraZeneca PLCPrice/Volume

Valuation Analysis

850'664.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

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- !!

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30.09.2013





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










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




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


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

Morgan Stanley PETER VERDULT Underwt/Attractive 1 M 3'200 12 month 02.09.2013

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

Shore Capital Stockbrokers BRIAN WHITE buy 5 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


30.09.2013

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

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

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

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

States, China and Turkey.


LTM as of: 06/yy

52-Week High (26.09.2013) 8.46

52-Week Low (11.10.2012) 5.82

Daily Volume

8.199





46'933.75 1 Yr Total Return 44.57%





Enterprise Value -


BBVA SQ EQUITY YTD Change - Average Volume 30 Day 36'716'800

BBVA SQ EQUITY YTD % CHANGE - Average Volume 3 Month 65'562'180


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

41'508.0 34'467.0 32'482.0 33'049.0 35'222.0 20'422.0 21'940.0 21'992.8 23'072.0 5'310.0 5'403.0

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

- - - - - 0.0 0.0 - - - -

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

5'020.0 4'210.0 4'606.0 3'004.0 1'676.0 2'175.0 3'047.0 3'723.6 4'221.8 - -

6.41x 11.37x 6.46x 11.78x 28.56x 14.03x 21.64x 13.64x 11.61x - -


EBIT - Long-Term Rating BBB-







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

Banco Bilbao Vizcaya Argentaria SAPrice/Volume

Valuation Analysis

22'182'456.00


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-!! ! E

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1!! ! E

2!! ! E

3!! ! E

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! !!

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30.09.2013


BNP PARIBAS SA n/a EXCH 177'140'051 3.09 10'373'306 09.05.2013 Bank

INVERAVANTE INVERSIO n/a 13G 160'934'820 2.81 (86'470'698) 24.07.2012 Other










PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 20'528'011 0.36 5'021 30.06.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 19'908'967 0.35 (2'565) 31.07.2013 Investment Advisor



JANUS CAPITAL MANAGE n/a ULT-AGG 14'855'689 0.26 (19'828'799) 30.06.2013 Investment Advisor


BANCO BILBAO VIZCAYA n/a EXCH 12'076'251 0.21 - 22.08.2013 Bank

PIONEER n/a ULT-AGG 11'005'863 0.19 1'094'112 31.07.2013 Unclassified



Exane BNP Paribas SANTIAGO LOPEZ DIAZ underperform 1 M 7 Not Provided 27.09.2013

BPI CARLOS JOAQUIM PEIXOTO neutral 3 M 8 Not Provided 26.09.2013

AlphaValue DAVID GRINSZTAJN reduce 2 M 8 6 month 26.09.2013


Nomura DARAGH QUINN neutral 3 M 7 12 month 25.09.2013



Keefe, Bruyette & Woods ANTONIO RAMIREZ market perform 3 M 8 12 month 24.09.2013

Morgan Stanley ALVARO SERRANO Overwt/In-Line 5 M 9 12 month 20.09.2013

Natixis FREDERIC TESCHNER neutral 3 M 7 Not Provided 19.09.2013

Ahorro Corporacion Financiera SA IRMA GARRIDO buy 5 M 8 Not Provided 18.09.2013


Bankia Bolsa (ESN) JAVIER BERNAT hold 3 M 8 12 month 17.09.2013

Goldman Sachs JERNEJ OMAHEN Buy/Neutral 5 M 10 12 month 16.09.2013

Societe Generale CARLOS GARCIA GONZALEZ buy 5 M 8 12 month 11.09.2013

JPMorgan JAIME BECERRIL underweight 1 M 7 15 month 11.09.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 9 6 month 09.09.2013

Oddo & Cie JULIE LEGRAND buy 5 M 9 Not Provided 06.09.2013

Credit Suisse IGNACIO CEREZO outperform 5 U 9 Not Provided 05.09.2013

RBC Capital Markets PATRICK LEE sector perform 3 M 7 12 month 04.09.2013

Berenberg Bank NICK ANDERSON sell 1 M 7 Not Provided 02.09.2013

Barclays ROHITH CHANDRA-RAJAN equalweight 3 M 7 Not Provided 02.09.2013



Grupo Santander ARTURO DE FRIAS buy 5 M 9 Not Provided 06.08.2013




Mediobanca SpA ANDREA FILTRI neutral 3 M 7 12 month 01.08.2013


Interdin Bolsa JAVIER RUIZ-CAPILLAS buy 5 M 8 Not Provided 31.07.2013

S&P Capital IQ WILLIAM HOWLETT hold 3 M 7 12 month 31.07.2013


UBS IGNACIO SANZ buy 5 U 8 12 month 22.07.2013

Espirito Santo Investment Bank ResearchJUAN PABLO LOPEZ buy 5 M 8 Not Provided 18.07.2013

La Caixa DAVID FERNANDEZ buy 5 M 8 Not Provided 13.06.2013

Banesto Bolsa SA Sociedad JUAN ALBERTO TUESTA VILANOVA overweight 5 M 8 12 month 26.04.2013

Inteligo SAB LUIS ORDONEZ buy 5 M 8 12 month 24.04.2013


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

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

Holdings By:

Banco Bilbao Vizcaya Argentaria SA ee


30.09.2013

Telefonica S.A. provides telecommunications services mainly to countries in

Europe and Latin America. The Company offers fixed-line and mobile telephone,

Internet, and data transmission services to residential and corporate customers.


LTM as of: 06/yy

52-Week High (25.03.2013) 11.63

52-Week Low (21.02.2013) 9.47

Daily Volume

11.485





52'268.52 1 Yr Total Return 10.70%







TEF SQ EQUITY YTD Change - Average Volume 30 Day 24'162'260

TEF SQ EQUITY YTD % CHANGE - Average Volume 3 Month 22'179'600


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

57'946.0 56'731.0 60'737.0 62'837.0 62'356.0 62'932.0 59'937.0 57'908.1 57'458.7 14'002.5 14'857.5

2.10x 2.42x 2.29x 1.99x 1.74x 7.73x 7.25x 1.85x 1.83x - -

22'919.0 22'603.0 25'777.0 19'392.0 21'231.0 18'455.9 20'311.7 19'634.9 19'494.4 - -

5.31x 6.07x 5.39x 6.46x 5.10x 6.19x 5.11x 5.69x 5.73x - -

7'592.0 7'776.0 10'167.0 5'402.9 3'928.0 4'315.9 3'909.0 4'619.0 4'798.2 982.0 530.0

9.72x 11.43x 7.54x 11.18x 11.71x 10.89x 11.38x 11.15x 10.58x - -


EBIT 10'798.00 Long-Term Rating BBB









EBITDA Margin 33.9%



Asset Turnover 0.48







Fiscal Year Ended

Telefonica SAPrice/Volume

Valuation Analysis

8'106'008.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E.! ! E1! ! E3! ! E5! ! E-!! ! E-.! ! E-1! ! E-3! ! E-5! ! E

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 !!

-! !!

-. !!

-1 !!

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



30.09.2013


BANCO BILBAO VIZCAYA n/a 20F 261'798'437 5.75 3'581'300 21.03.2013 Bank

CAIXABANK n/a 20F 254'697'815 5.6 7'798'898 21.03.2013 Investment Advisor




PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 37'507'740 0.82 (48) 30.06.2013 Investment Advisor

TELEFONICA SA n/a ULT-AGG 30'901'456 0.68 - 25.07.2013 Corporation




NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 15'333'636 0.34 7'558'473 31.05.2013 Investment Advisor





SANTANDER ASSET MGMT Multiple Portfolios MF-AGG 7'005'886 0.15 (225'400) 30.06.2013 Investment Advisor






Sanford C. Bernstein & Co ROBIN BIENENSTOCK outperform 5 M 13 12 month 30.09.2013

Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 11 Not Provided 30.09.2013

BPI PEDRO OLIVEIRA strong buy 5 M 13 Not Provided 26.09.2013

HSBC LUIGI MINERVA neutral 3 M 12 Not Provided 26.09.2013

BBVA IVON LEAL outperform 5 M 13 Not Provided 26.09.2013

Ahorro Corporacion Financiera SA GERMAN GARCIA BOU buy 5 M 13 Not Provided 26.09.2013

AlphaValue JEAN-MICHEL SALVADOR buy 5 M 18 6 month 26.09.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 26.09.2013

Grupo Santander NAHUM SANCHEZ DE LAMADRID buy 5 M 13 12 month 25.09.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 13 Not Provided 25.09.2013


Jefferies JEREMY A DELLIS underperform 1 M 9 12 month 24.09.2013

Bankia Bolsa (ESN) DAVID CABEZA JARENO buy 5 M 13 12 month 24.09.2013

National Bank AG MARKUS GLOCKENMEIER buy 5 N 13 Not Provided 24.09.2013

Berenberg Bank PAUL ANDREW MARSCH sell 1 M 9 Not Provided 24.09.2013

NMAS 1 Agencia de Valores JOSE RAMON OCINA strong buy 5 M 13 12 month 24.09.2013

New Street Research JAMES RATZER reduce 2 M 8 Not Provided 24.09.2013

Credit Suisse JUSTIN FUNNELL neutral 3 M 12 Not Provided 23.09.2013

Nomura FREDERIC BOULAN reduce 2 M 9 12 month 23.09.2013

Barclays JONATHAN DANN equalweight 3 M 12 Not Provided 16.09.2013

Natixis BENOIT MAYNARD neutral 3 M 13 Not Provided 12.09.2013

Raymond James STEPHANE BEYAZIAN underperform 1 M 10 12 month 05.09.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 10 12 month 27.08.2013


JPMorgan AKHIL DATTANI restricted #N/A N/A M #N/A N/A Not Provided 01.08.2013

Espirito Santo Investment Bank ResearchNUNO MATIAS neutral 3 M 10 Not Provided 29.07.2013

Mirabaud Finanzas Sociedad de Valores SJAVIER MIELGO overweight 5 M 13 Not Provided 29.07.2013

Macquarie GUY R PEDDY neutral 3 M 10 12 month 26.07.2013

Oddo & Cie ALEXANDRE IATRIDES reduce 2 M 10 Not Provided 26.07.2013

Kepler Cheuvreux JAVIER BORRACHERO buy 5 M 13 Not Provided 26.07.2013

Morgan Stanley LUIS PROTA restricted #N/A N/A M #N/A N/A Not Provided 25.07.2013

Interdin Bolsa BORJA MIJANGOS BLANCO buy 5 M 12 Not Provided 25.07.2013

S&P Capital IQ ALEXANDER WISCH sell 1 M 9 12 month 25.07.2013

Deutsche Bank KEVAL KHIROYA restricted #N/A N/A M #N/A N/A Not Provided 23.07.2013

Goldman Sachs TIMOTHY BODDY not rated #N/A N/A M #N/A N/A Not Provided 23.07.2013

BCP Investimento ALEXANDRA DELGADO buy 5 M 15 Not Provided 18.07.2013


La Caixa BORJA PAGOAGA buy 5 M 13 Not Provided 22.05.2013

Banesto Bolsa SA Sociedad MARTA GOMEZ overweight 5 M 12 12 month 03.04.2013

UBS GIOVANNI MONTALTI neutral 3 M 10 12 month 02.04.2013

Renta 4 SA SVB IVAN SAN FELIX hold 3 M 19 Not Provided 23.07.2012

Holdings By:

Telefonica SA ee


30.09.2013

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

1812.5





104'628.36 1 Yr Total Return -2.22%







BLT LN EQUITY YTD Change - Average Volume 30 Day 5'911'852

BLT LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'509'017


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 - - 2.95x 2.77x - -

21'761.0 24'590.0 38'093.0 33'866.0 28'072.0 - - 30'304.1 32'667.8 - -

6.86x 6.07x 5.65x 5.15x 6.28x - - 6.57x 6.10x - -

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 - - 11.32x 10.29x - -











EBITDA Margin 42.6%



Asset Turnover 0.49







Fiscal Year Ended

BHP Billiton PLCPrice/Volume

Valuation Analysis

1'616'420.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

-1 ! E

-3 ! E

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



30.09.2013




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 Unclassified





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



JPMorgan FRASER JAMIESON neutral 3 M 2'345 9 month 27.09.2013

Canaccord Genuity Corp PETER MALLIN-JONES hold 3 M 2'050 12 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


30.09.2013

Unilever NV manufactures branded and packaged consumer goods, including food,

detergents, fragrances, home and personal care products. Dually-listed company

with ULVR LN.


LTM as of: 06/yy

52-Week High (28.05.2013) 33.09

52-Week Low (24.10.2012) 27.34

Daily Volume

28.775





87'429.95 1 Yr Total Return 8.17%







UNA NA EQUITY YTD Change - Average Volume 30 Day 4'356'573

UNA NA EQUITY YTD % CHANGE - Average Volume 3 Month 4'332'363


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 51'242.9 53'283.8 13'144.7 12'638.7

1.40x 1.77x 1.64x 1.82x 1.75x 0.00x 0.00x 1.86x 1.77x - -

6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 0.0 0.0 8'562.9 9'029.0 - -

8.36x 10.25x 9.54x 11.30x 10.94x 0.00x 0.00x 11.61x 11.01x - -

5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 0.0 0.0 4'701.7 5'079.4 1'140.0 1'190.0

9.69x 18.80x 15.43x 17.60x 18.25x 0.00x 0.00x 17.98x 16.63x - -











EBITDA Margin 16.9%



Asset Turnover 1.04





Accounts Receivable Turnover - Cash Conversion Cycle -8.85



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Unilever NVPrice/Volume

Valuation Analysis

1'997'918.00


!

2

-!

-2

.!

.2

0!

02


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

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



30.09.2013


FOUNDATION UNILEVER n/a Co File 1'321'784'807 77.08 - 04.03.2013 Other

UNILEVER NV n/a Co File 141'560'629 8.26 - 31.12.2012 Other

AXA INVESTMENT MANAG Multiple Portfolios MF-AGG 58'405'762 3.41 58'405'762 31.05.2013 Investment Advisor









WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'060'499 0.47 (60'991) 30.06.2013 Investment Advisor



ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 6'341'513 0.37 243 30.06.2013 Investment Advisor



ING INVESTMENT MANAG Multiple Portfolios MF-AGG 5'417'382 0.32 (65'812) 30.06.2013 Investment Advisor




ING Bank MARCO GULPERS hold 3 M 31 12 month 30.09.2013

JPMorgan CELINE PANNUTI neutral 3 M 30 12 month 27.09.2013

Credit Suisse CHARLES MILLS underperform 1 M 31 Not Provided 25.09.2013

Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 36 12 month 25.09.2013


Morgan Stanley EILEEN KHOO Equalwt/In-Line 3 M 30 12 month 24.09.2013



RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 30 12 month 13.09.2013

Goldman Sachs ROSIE EDWARDS Buy/Neutral 5 M 38 12 month 12.09.2013


Natixis PIERRE TEGNER reduce 2 M 29 Not Provided 12.09.2013

Nomura DAVID HAYES buy 5 M 34 12 month 12.09.2013

UBS ALAN ERSKINE buy 5 M 33 12 month 09.09.2013


Rabobank International KAREL ZOETE buy 5 M 35 12 month 27.08.2013

Theodoor Gilissen Securities TOM MULLER buy 5 M 33 Not Provided 22.08.2013

Helvea ANDREAS VON ARX buy 5 M 35 12 month 15.08.2013

SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 28 12 month 13.08.2013

Kepler Cheuvreux JON COX buy 5 M 34 Not Provided 13.08.2013

S&P Capital IQ CARL SHORT buy 5 M 35 12 month 12.08.2013


Societe Generale WARREN L ACKERMAN buy 5 M 36 12 month 26.07.2013

Jefferies ALEX HOWSON hold 3 M 32 12 month 26.07.2013


Berenberg Bank JAMES TARGETT buy 5 M 36 Not Provided 26.07.2013


ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 30 Not Provided 26.07.2013

HSBC CEDRIC BESNARD overweight 5 M 36 Not Provided 25.07.2013


Barclays IAIN SIMPSON overweight 5 M 36 Not Provided 25.07.2013

Petercam FERNAND DE BOER reduce 2 D 30 Not Provided 05.07.2013


Kempen & Co ERWIN DUT hold 3 M 33 Not Provided 04.06.2013


Banco Sabadell IGNACIO ROMERO sell 1 M 26 12 month 15.02.2013


Redburn Partners JEREMY FIALKO neutral 3 M #N/A N/A Not Provided 24.09.2012

Holdings By:

Unilever NV ee


30.09.2013

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

2989.5





57'781.40 1 Yr Total Return 7.27%







RIO LN EQUITY YTD Change - Average Volume 30 Day 3'517'054

RIO LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'991'371


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 51'683.2 54'762.4 - -

1.28x 5.29x 4.32x 2.78x 4.12x #DIV/0! 8.17x 2.45x 2.28x - -

18'964.0 10'920.0 22'752.0 26'657.0 15'902.0 0.0 13'532.0 19'042.4 21'290.1 - -

3.66x 20.24x 10.46x 6.30x 13.19x 0.00x 0.00x 6.63x 5.93x - -

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 9.76x 8.65x - -








Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. -1.07



EBITDA Margin 31.1%



Asset Turnover 0.42







Fiscal Year Ended

Rio Tinto PLCPrice/Volume

Valuation Analysis

1'502'841.00


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--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

-1 ! E

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



30.09.2013


SHINING PROSPECT PTE Multiple Portfolios REG 182'550'329 12.92 - 03.06.2013 Holding Company










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 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

CREDIT SUISSE AG n/a ULT-AGG 12'394'711 0.88 (1'887'256) 03.06.2013 Investment Advisor


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

Canaccord Genuity Corp PETER MALLIN-JONES buy 5 M 4'000 12 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

S&P Capital IQ JOHNSON IMODE buy 5 M 3'800 12 month 12.08.2013

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


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


30.09.2013

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

73.3





52'460.47 1 Yr Total Return 88.77%





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 3'627.2 4'403.1 - -

18.90x 6.76x - - - 0.00x 56.75x 13.83x 11.28x - -









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

Lloyds Banking Group PLCPrice/Volume

Valuation Analysis

47'274'270.00


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

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

-!! ! E

.!! ! E

0!! ! E

1!! ! E

2!! ! E

3!! ! E

4!! ! E

5!! ! E

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!

- !!

- .!



30.09.2013


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 2'605'742'339 3.65 90'188'805 26.09.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 1'753'214'825 2.46 (166'613'564) 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 1'250'559'585 1.75 98'758'020 27.09.2013 Unclassified

VANGUARD GROUP INC n/a ULT-AGG 1'073'537'233 1.5 85'558'919 01.09.2013 Unclassified

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






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



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


30.09.2013

Eni S.p.A. explores for and produces hydrocarbons in Italy, Africa, the North

Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces

natural gas and imports it for sale in Italy and elsewhere in Europe. Eni

transports natural gas in pipelines. The Company generates and trades

electricity, refines oil, and operates gasoline service stations.


LTM as of: 06/yy

52-Week High (18.01.2013) 19.59

52-Week Low (25.06.2013) 15.16

Daily Volume

16.87





61'308.71 1 Yr Total Return 5.25%







ENI IM EQUITY YTD Change - Average Volume 30 Day 24'354'930

ENI IM EQUITY YTD % CHANGE - Average Volume 3 Month 16'944'400


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

108'082.0 83'227.0 98'523.0 109'589.0 127'220.0 119'417.0 123'293.0 117'157.5 120'143.4 31'541.0 32'708.0

0.74x 1.10x 0.91x 0.83x 0.68x 3.07x 2.80x 0.67x 0.66x 2.44x 2.34x

26'939.0 20'817.0 24'992.0 25'732.0 24'564.0 26'157.0 20'502.0 24'795.3 27'986.9 6'946.0 7'525.0

2.98x 4.39x 3.58x 3.53x 3.52x 3.80x 4.03x 3.25x 2.88x 2.79x 2.71x

8'825.0 4'367.0 6'318.0 6'860.0 7'788.0 6'903.0 5'762.0 5'136.5 6'367.8 1'419.0 1'712.0

6.89x 14.71x 9.39x 8.47x 16.38x 8.82x 24.99x 11.64x 9.49x 10.18x 9.40x


EBIT 15'026.00 Long-Term Rating A *-



Return on Assets 4.00% Short-Term Rating A-1 *-






EBITDA Margin 16.6%



Asset Turnover 0.86







Fiscal Year Ended

Eni SpAPrice/Volume

Valuation Analysis

8'676'029.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

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

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

-! ! E

.! ! E

0! ! E

1! ! E

2! ! E

3! ! E

4! ! E

5! ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



30.09.2013


CASSA DEPOSITI E PRE n/a Research 958'298'322 26.37 - 22.05.2013 Other

MINISTERO DELL'ECONO n/a Research 142'968'850 3.93 - 22.05.2013 Government









THORNBURG INVESTMENT Multiple Portfolios MF-AGG 11'727'100 0.32 749'900 31.07.2013 Investment Advisor


VERITAS ASSET MANAGE Multiple Portfolios MF-AGG 10'045'209 0.28 10'044'649 30.06.2013 Investment Advisor





UNION INVESTMENT GMB Multiple Portfolios MF-AGG 5'887'750 0.16 1'176'636 28.03.2013 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 5'668'299 0.16 547'359 28.03.2013 Investment Advisor





Mediobanca SpA ANDREA SCAURI outperform 5 M 21 12 month 26.09.2013



Banca Akros(ESN) DARIO MICHI buy 5 M 22 12 month 20.09.2013

JPMorgan NITIN SHARMA overweight 5 M 22 9 month 17.09.2013


Equita SIM SpA ROBERTO LETIZIA buy 5 M 21 12 month 12.09.2013

Morgan Stanley MARTIJN P RATS Overwt/In-Line 5 M 19 12 month 10.09.2013

Nomura THEEPAN JOTHILINGAM neutral 3 D 18 Not Provided 05.09.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS underperform 1 M 18 Not Provided 04.09.2013

Macquarie MARC B KOFLER outperform 5 M 21 12 month 03.09.2013

Grupo Santander JASON KENNEY hold 3 M 19 12 month 29.08.2013


Barclays RAHIM KARIM overweight 5 M 21 Not Provided 22.08.2013

Canaccord Genuity Corp SAMUEL SIMON sell 1 M 17 12 month 15.08.2013

Banca IMI ROBERTO RANIERI add 4 M 19 12 month 08.08.2013



Jefferies IAIN REID buy 5 M 22 12 month 02.08.2013


Natixis ANNE PUMIR neutral 3 M 18 Not Provided 02.08.2013

VTB Capital COLIN SMITH hold 3 M 19 12 month 02.08.2013

Deutsche Bank MARK BLOOMFIELD buy 5 M 20 12 month 01.08.2013

Independent Research GmbH SVEN DIERMEIER sell 1 D 15 12 month 01.08.2013

ICBPI LUCA ARENA not rated #N/A N/A M #N/A N/A Not Provided 01.08.2013

S&P Capital IQ CHRISTINE TISCARENO hold 3 M 18 12 month 01.08.2013


Kepler Cheuvreux ENRICO COCO hold 3 M 18 Not Provided 17.06.2013


Hamburger Sparkasse INGO SCHMIDT hold 3 M #N/A N/A Not Provided 14.05.2013

Investec NEILL MORTON hold 3 M 16 Not Provided 25.04.2013

Pareto Securities THOMAS AARRESTAD hold 3 N #N/A N/A Not Provided 23.04.2010

Holdings By:

Eni SpA ee


30.09.2013

ABB Limited provides power and automation technologies. The Company operates

under segments that include power products, power systems, automation products,

process automation and robotics.


LTM as of: 06/yy

52-Week High (22.05.2013) 22.10

52-Week Low (16.11.2012) 16.11

Daily Volume

21.26





49'211.44 1 Yr Total Return 24.41%







ABBN VX EQUITY YTD Change - Average Volume 30 Day 4'168'775

ABBN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'015'151


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

34'912.0 31'795.0 31'589.0 37'990.0 39'336.0 38'478.0 40'706.0 41'183.1 42'796.2 10'007.0 11'297.5

0.83x 1.18x 1.42x 1.10x 1.25x 4.40x 5.03x 1.36x 1.27x 5.61x 4.98x

5'259.0 4'892.0 4'733.0 5'688.0 5'294.0 5'454.0 5'736.0 6'133.2 6'761.2 1'540.7 1'687.1

5.48x 7.67x 9.49x 7.37x 9.31x 7.67x 9.36x 9.50x 8.62x 9.17x 9.03x

3'118.0 2'901.0 2'561.0 3'168.0 2'704.0 2'961.0 2'790.0 3'321.7 3'811.0 844.5 959.8

10.76x 15.27x 19.85x 13.65x 17.40x 12.71x 17.77x 16.20x 14.25x 15.64x -











EBITDA Margin 14.1%



Asset Turnover 0.90







Fiscal Year Ended

ABB LtdPrice/Volume

Valuation Analysis

1'950'221.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

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 !!

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



30.09.2013


INVESTOR AB n/a Co File 182'030'142 7.86 - 31.12.2012 Investment Advisor





SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 29'672'514 1.28 14'183'006 30.06.2013 Investment Advisor



NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 22'815'966 0.99 (789'433) 30.08.2013 Investment Advisor


SEB n/a ULT-AGG 14'366'955 0.62 2'632'729 26.08.2013 Unclassified

AMF FONDER AB Multiple Portfolios MF-AGG 11'080'901 0.48 1'637'501 31.03.2013 Investment Advisor

SKAGEN AS Multiple Portfolios MF-AGG 10'641'737 0.46 - 30.08.2013 Investment Advisor



HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 8'261'233 0.36 248'815 30.08.2013 Investment Advisor


FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 7'750'666 0.33 1'685'882 31.03.2013 Investment Advisor

NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 5'905'912 0.26 5'427'446 31.07.2013 Insurance Company



Credit Suisse SIMON TOENNESSEN outperform 5 M 26 Not Provided 27.09.2013

RBC Capital Markets ANDREW CARTER sector perform 3 M 23 12 month 26.09.2013

AlphaValue HEINZ STEFFEN reduce 2 D 22 6 month 26.09.2013

Barclays JAMES STETTLER equalweight 3 M 21 Not Provided 18.09.2013


Espirito Santo Investment Bank ResearchROB VIRDEE neutral 3 D 23 Not Provided 09.09.2013

Exane BNP Paribas OLIVIER ESNOU underperform 1 M 22 Not Provided 09.09.2013

HSBC COLIN GIBSON underweight 1 D 20 Not Provided 28.08.2013

Helvea STEFAN GAECHTER buy 5 M 25 12 month 15.08.2013

Goldman Sachs DANIELA COSTA neutral/neutral 3 D 21 12 month 01.08.2013



Societe Generale SEBASTIEN GRUTER buy 5 M 24 12 month 26.07.2013

Morgan Stanley BEN UGLOW Underwt/Cautious 1 M 20 12 month 26.07.2013

Bank am Bellevue MICHAEL ROOST hold 3 M 20 Not Provided 26.07.2013


JPMorgan ANDREAS WILLI underweight 1 M 22 15 month 26.07.2013

Zuercher Kantonalbank RICHARD FREI outperform 5 M #N/A N/A Not Provided 26.07.2013


Nordea Equity Research ANDREAS BROCK buy 5 M 23 12 month 26.07.2013

Berenberg Bank WILLIAM MACKIE hold 3 M 20 Not Provided 26.07.2013

Bank Vontobel AG TAKIS SPILIOPOULOS buy 5 M 24 Not Provided 26.07.2013

Danske Markets CARL GUSTAFSSON buy 5 M 25 12 month 26.07.2013

Deutsche Bank MARTIN WILKIE hold 3 M 20 12 month 25.07.2013

ABG Sundal Collier ANDERS IDBORG buy 5 M 24 6 month 25.07.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 D 22 Not Provided 25.07.2013

SEB Enskilda DANIEL SCHMIDT buy 5 M 22 Not Provided 25.07.2013

Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 25.07.2013


Handelsbanken HAMPUS ENGELLAU buy 5 M 27 12 month 25.07.2013

Swedbank MATS LISS buy 5 M 23 12 month 25.07.2013

Natixis ARNAUD SCHMIT neutral 3 M 20 Not Provided 25.07.2013

Nomura DANIEL CUNLIFFE buy 5 M 27 12 month 25.07.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 22 12 month 25.07.2013

Main First Bank AG CHRISTOPHER YOUL outperform 5 M 24 12 month 25.07.2013

Baden Hill LLP NICHOLAS WOODIFIELD buy 5 M #N/A N/A Not Provided 09.07.2013

Kepler Cheuvreux CHRISTOPHER LADNER hold 3 M 22 Not Provided 15.05.2013

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

Pareto Securities DAVID JACOBSSON hold 3 M 17 6 month 27.07.2012

Holdings By:

ABB Ltd ee


30.09.2013

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

335.75





44'531.89 1 Yr Total Return 0.89%







GLEN LN EQUITY YTD Change - Average Volume 30 Day 29'777'170

GLEN LN EQUITY YTD % CHANGE - Average Volume 3 Month 27'510'260


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

152'236.0 106'364.0 144'978.0 186'152.0 214'436.0 131'129.0 167'091.0 246'724.6 260'808.2 - -

- - - 0.39x 0.36x 0.00x 0.48x 0.50x 0.46x - -

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 10.35x 8.33x - -

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 18.82x 13.25x - -











EBITDA Margin 2.4%



Asset Turnover 1.75







Fiscal Year Ended

Glencore Xstrata PLCPrice/Volume

Valuation Analysis

8'882'437.00


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--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

.! ! E

1! ! E

3! ! E

5! ! E

-!! ! E

-.! ! E

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



30.09.2013


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



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


30.09.2013

Compagnie Financiere Richemont SA, through subsidiaries, manufactures and

retails luxury goods. The Company produces jewelry, watches, leather goods,

writing instruments, and men's and women's wear.


LTM as of: 03/yy

52-Week High (14.08.2013) 96.15

52-Week Low (01.10.2012) 56.55

Daily Volume

90.45





51'936.39 1 Yr Total Return 62.09%



Minority Interest (1.0) Analyst Recs 37




CFR VX EQUITY YTD Change - Average Volume 30 Day 1'008'346

CFR VX EQUITY YTD % CHANGE - Average Volume 3 Month 990'627


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

5'418.0 5'176.0 6'892.0 8'868.0 10'150.0 6'430.0 9'697.0 11'034.6 12'075.7 - -

1.05x 2.82x 2.72x 2.56x 3.02x 0.00x 0.00x 3.47x 3.07x - -

1'345.0 1'259.0 1'669.0 2'387.0 2'817.0 0.0 0.0 3'087.3 3'455.9 - -

4.23x 11.59x 11.22x 9.50x 10.88x 0.00x 0.00x 12.70x 11.34x - -

1'075.0 599.0 1'090.0 1'544.0 2'013.0 0.0 0.0 2'248.6 2'507.9 - -

8.94x 26.38x 20.65x 16.70x 16.74x 0.00x 0.00x 18.47x 16.46x - -











EBITDA Margin 27.8%



Asset Turnover 0.77








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cie Financiere Richemont SAPrice/Volume

Valuation Analysis

675'411.00


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

-!!


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

! !!

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30.09.2013



CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'746'169 2.25 (681'540) 28.06.2013 Investment Advisor





GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 6'797'657 1.3 (528'190) 30.06.2013 Investment Advisor













ALLIANCE BERNSTEIN n/a ULT-AGG 1'460'368 0.28 188'677 30.06.2013 Investment Advisor


UBS EVA QUIROGA buy 5 M 101 12 month 27.09.2013

Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 105 12 month 27.09.2013

Aurel - BGC DAVID DA MAIA hold 3 M 96 6 month 27.09.2013


Societe Generale THIERRY COTA buy 5 M 115 12 month 26.09.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 100 Not Provided 26.09.2013

Nomura CHRISTOPHER WALKER buy 5 M 105 12 month 26.09.2013

Exane BNP Paribas LUCA GIUSEPPE SOLCA outperform 5 M 110 Not Provided 26.09.2013

AlphaValue VIRGINIE BLIN reduce 2 M 84 6 month 26.09.2013

Renaissance Capital REY WIUM hold 3 M 89 Not Provided 23.09.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 M 90 Not Provided 20.09.2013

Mirabaud Securities ALESSANDRO MIGLIORINI accumulate 4 N 110 12 month 20.09.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 86 12 month 13.09.2013

Telsey Advisory Group DANA TELSEY no rating system #N/A N/A M 97 12 month 13.09.2013

Morgan Stanley NATASHA MOOLMAN Equalwt/In-Line 3 M 80 12 month 12.09.2013

JPMorgan MELANIE A FLOUQUET neutral 3 M 95 18 month 12.09.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN market perform 3 D #N/A N/A Not Provided 12.09.2013


Oddo & Cie LEOPOLD AUTHIE buy 5 M 100 Not Provided 12.09.2013

Bryan Garnier & Cie LOIC MORVAN buy 5 M 95 6 month 12.09.2013

S&P Capital IQ WILLIAM MACK buy 5 M 105 12 month 12.09.2013

Main First Bank AG MATTHIAS EIFERT underperform 1 M 85 12 month 12.09.2013

Berenberg Bank JOHN GUY hold 3 M 86 Not Provided 10.09.2013

HSBC ERWAN RAMBOURG overweight 5 M 104 Not Provided 05.09.2013

Barclays HELEN NORRIS overweight 5 M 107 Not Provided 28.08.2013

Macquarie WYNAND VAN ZYL outperform 5 M 109 12 month 19.08.2013

Bank am Bellevue SERGE MONNERAT hold 3 M 72 Not Provided 13.08.2013


Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 17.07.2013

BNP Paribas Cadiz Securities JASMINE LIN hold 3 M 87 12 month 15.07.2013

Goldman Sachs WILLIAM HUTCHINGS Buy/Neutral 5 M 121 12 month 17.05.2013

Bank Vontobel AG RENE WEBER hold 3 M 90 Not Provided 17.05.2013

Natixis JOSEPHINE CHEVALLIER neutral 3 M 75 Not Provided 17.05.2013

ISI Group OMAR SAAD strong buy 5 M 105 12 month 16.05.2013

Investec THANE DUFF hold 3 M 87 12 month 25.03.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 21.03.2013

Avior Research MATHEW MENEZES neutral 3 D 70 Not Provided 05.09.2012

Holdings By:

Cie Financiere Richemont SA ee


30.09.2013

LVMH Moet Hennessy Louis Vuitton SA is a diversified luxury goods group. The

Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,

watches and jewelry.


LTM as of: 06/yy

52-Week High (19.09.2013) 150.05

52-Week Low (01.10.2012) 117.00

Daily Volume

144.75





73'511.73 1 Yr Total Return 26.58%







MC FP EQUITY YTD Change - Average Volume 30 Day 678'903

MC FP EQUITY YTD % CHANGE - Average Volume 3 Month 718'756


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

17'193.0 17'053.0 20'320.0 23'659.0 28'103.0 26'333.0 28'832.0 30'122.0 33'195.8 7'371.0 8'808.5

1.60x 2.41x 3.08x 2.56x 2.67x 0.00x 0.00x 2.63x 2.34x - -

4'323.0 4'055.0 5'106.0 6'150.0 7'016.0 0.0 0.0 7'433.3 8'329.4 - -

6.34x 10.13x 12.27x 9.84x 10.71x 0.00x 0.00x 10.73x 9.57x - -

2'026.0 1'755.0 3'032.0 3'065.0 3'424.0 0.0 0.0 3'696.7 4'191.1 - -

11.16x 21.13x 19.36x 17.45x 20.23x 0.00x 0.00x 19.81x 17.41x - -











EBITDA Margin 24.8%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

LVMH Moet Hennessy Louis Vuitton SAPrice/Volume

Valuation Analysis

255'848.00


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10'000.0

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20'000.0

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30'000.0

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30.09.2013


GROUPE ARNAULT SAS n/a Co File 235'886'503 46.45 - 31.12.2012 Holding Company

LVMH MOET HENNESSY L n/a Co File 8'167'519 1.61 - 31.12.2012 Holding Company














TRAPANI FRANCESCO n/a Co File 1'382'092 0.27 - 31.12.2012 n/a






Sanford C. Bernstein & Co MARIO ORTELLI outperform 5 M 165 12 month 27.09.2013

Aurel - BGC DAVID DA MAIA buy 5 M 165 6 month 27.09.2013

Societe Generale THIERRY COTA hold 3 M 153 12 month 26.09.2013

Credit Suisse ROGERIO FUJIMORI neutral 3 M 142 Not Provided 26.09.2013





AlphaValue VIRGINIE BLIN add 4 D 173 6 month 26.09.2013

Morgan Stanley TEAM COVERAGE not rated #N/A N/A M #N/A N/A Not Provided 25.09.2013


HSBC ANTOINE BELGE neutral 3 M 160 Not Provided 20.09.2013

Mirabaud Securities ALESSANDRO MIGLIORINI accumulate 4 N 170 12 month 20.09.2013

Independent Research GmbH LARS LUSEBRINK buy 5 M 175 12 month 19.09.2013


Natixis OLIVIER DELAHOUSSE buy 5 M 155 Not Provided 10.09.2013

Kepler Cheuvreux CATHERINE ROLLAND buy 5 M 165 Not Provided 09.09.2013

S&P Capital IQ WILLIAM MACK hold 3 M 146 12 month 03.09.2013

Deutsche Bank WARWICK OKINES hold 3 M 145 12 month 02.09.2013

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M 123 12 month 02.08.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 150 Not Provided 30.07.2013


UBS EVA QUIROGA buy 5 U 155 12 month 26.07.2013


ISI Group OMAR SAAD buy 5 M 160 Not Provided 26.07.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 154 12 month 26.07.2013

Barclays JULIAN EASTHOPE overweight 5 M 164 Not Provided 26.07.2013



Raymond James HERMINE DE BENTZMANN strong buy 5 M 163 Not Provided 28.06.2013



Banco Sabadell IGNACIO ROMERO buy 5 M 144 12 month 15.02.2013

Equita SIM SpA FABIO FAZZARI buy 5 N 178 12 month 10.12.2012

Redburn Partners ANNABEL GLEESON buy 5 M #N/A N/A Not Provided 19.10.2012

Helvea TIM DAWSON suspended coverage #N/A N/A M #N/A N/A Not Provided 02.04.2012

Holdings By:

LVMH Moet Hennessy Louis Vuitton SA ee


30.09.2013

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

3140.5





50'352.23 1 Yr Total Return 17.89%







SAB LN EQUITY YTD Change - Average Volume 30 Day 1'690'079

SAB LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'859'264


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 - - 4.05x 3.69x - -

3'663.0 4'212.0 4'682.0 5'154.0 5'733.0 - - 6'541.2 7'147.0 - -

9.13x 13.74x 14.30x 16.73x 18.37x - - 15.10x 13.82x - -

1'881.0 1'910.0 2'408.0 4'221.0 3'274.0 - - 4'042.7 4'542.8 - -

11.84x 23.94x 23.21x 15.05x 25.55x - - 20.14x 18.01x - -


EBIT 4'416.00 Long-Term Rating BBB+









EBITDA Margin 24.7%



Asset Turnover 0.41







Fiscal Year Ended

SABMiller PLCPrice/Volume

Valuation Analysis

516'459.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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2 ! E

3 ! E

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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

! !!

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30.09.2013


ALTRIA GROUP INC n/a Co File 430'000'000 26.82 - 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










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



OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 12'223'684 0.76 - 31.07.2013 Investment Advisor


Oriel Securities Ltd CHRIS WICKHAM add 4 M 3'300 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

Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 3'600 Not Provided 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

Numis Securities Ltd WYN ELLIS buy 5 M 3'700 Not Provided 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

Investec MARTIN DEBOO hold 3 M 3'600 12 month 09.04.2013

UBS MELISSA EARLAM neutral 3 M 3'300 12 month 11.02.2013


Holdings By:

SABMiller PLC ee


30.09.2013

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

2437





72'639.13 1 Yr Total Return 11.92%







ULVR LN EQUITY YTD Change - Average Volume 30 Day 2'459'046

ULVR LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'370'818


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 51'242.9 53'283.8 13'144.7 12'638.7

1.35x 1.75x 1.62x 1.77x 1.76x 0.00x 0.00x 1.85x 1.76x - -

6'793.0 6'887.0 7'620.0 7'462.0 8'188.0 0.0 0.0 8'562.9 9'029.0 - -

8.04x 10.14x 9.40x 11.04x 11.04x 0.00x 0.00x 11.52x 10.92x - -

5'027.0 3'370.0 4'244.0 4'252.0 4'480.0 0.0 0.0 4'701.7 5'079.4 1'140.0 1'190.0

9.21x 18.57x 15.17x 17.14x 18.39x 0.00x 0.00x 18.17x 16.80x - -











EBITDA Margin 16.9%



Asset Turnover 1.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Unilever PLCPrice/Volume

Valuation Analysis

1'117'294.00


!

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1 ! E

2 ! E

3 ! E

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 !!

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30.09.2013




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



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


Oriel Securities Ltd CHRIS WICKHAM hold 3 M 2'800 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

Credit Suisse CHARLES MILLS underperform 1 M 2'730 Not Provided 25.09.2013

Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 3'050 12 month 25.09.2013

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

Shore Capital Stockbrokers DARREN SHIRLEY buy 5 M #N/A N/A Not Provided 13.08.2013

S&P Capital IQ CARL SHORT buy 5 M 2'980 12 month 12.08.2013


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

Deutsche Bank HAROLD THOMPSON hold 3 M 2'590 12 month 25.07.2013

HSBC CEDRIC BESNARD overweight 5 M 3'070 Not Provided 25.07.2013

Barclays IAIN SIMPSON overweight 5 M 3'100 Not Provided 11.07.2013

Exane BNP Paribas JEFF STENT neutral 3 M 2'800 Not Provided 13.06.2013

Liberum Capital Ltd PABLO ZUANIC buy 5 M 3'250 Not Provided 10.06.2013

Mirabaud Securities JULIAN LAKIN hold 3 M 2'810 12 month 29.04.2013

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


30.09.2013

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

1483.5





35'959.36 1 Yr Total Return 9.57%


Preferred Stock - Adjusted BETA 1.260



Enterprise Value -


STAN LN EQUITY YTD Change - Average Volume 30 Day 4'138'613

STAN LN EQUITY YTD % CHANGE - Average Volume 3 Month 4'107'480


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 - - 19'936.9 21'437.5 - -

- - - - - - - 32.36x 31.77x - -

- - - - - - - - - - -

- - - - - - - - - - -

3'241.0 3'380.0 4'332.0 4'849.0 4'887.0 - - 5'376.9 6'094.5 - -

6.41x 14.69x 13.38x 10.66x 12.53x - - 10.63x 9.69x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Standard Chartered PLCPrice/Volume

Valuation Analysis

1'003'766.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

-1 ! E

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 !!

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30.09.2013


TEMASEK HOLDINGS PRI n/a ULT-AGG 438'346'486 18.08 - 31.12.2012 Government

ABERDEEN n/a ULT-AGG 199'264'079 8.22 5'884'953 31.08.2013 Investment Advisor







BNP PARIBAS SA Multiple Portfolios REG 46'902'118 1.93 1'322'959 01.07.2013 Bank






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


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


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

Sanford C. Bernstein & Co CHIRANTAN BARUA underperform 1 M 1'330 12 month 18.09.2013

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

Morgan Stanley CHRISTOPHER MANNERS Equalwt/In-Line 3 M 1'640 12 month 28.08.2013

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


30.09.2013

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

1140





29'176.08 1 Yr Total Return 46.30%







PRU LN EQUITY YTD Change - Average Volume 30 Day 4'126'036

PRU LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'941'140


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 174.44x - - -

(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 13.38x 12.00x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.18







Fiscal Year Ended

Prudential PLCPrice/Volume

Valuation Analysis

1'185'244.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

-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



30.09.2013






FRAMLINGTON INVESTME Multiple Portfolios MF-AGG 101'907'451 3.98 97'273'768 31.05.2013 Investment Advisor


BAILLIE GIFFORD AND Multiple Portfolios REG 89'441'724 3.49 (1'868'089) 01.07.2013 Investment Advisor








PEOPLES REPUBLIC OF Multiple Portfolios REG 34'754'886 1.36 - 01.07.2013 Government

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

SCHRODER INVESTMENT Multiple Portfolios REG 28'097'266 1.1 (641'090) 01.07.2013 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 26'062'474 1.02 2'813'383 01.07.2013 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


30.09.2013

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

361.25





29'194.46 1 Yr Total Return 13.49%







TSCO LN EQUITY YTD Change - Average Volume 30 Day 13'060'620

TSCO LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'302'870


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 - - 67'479.5 69'861.4 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 - - 7.19x 6.89x - -

2'133.0 2'327.0 2'655.0 2'806.0 124.0 - - 2'624.8 2'774.9 - -

12.28x 14.31x 11.79x 8.09x 21.52x - - 11.18x 10.59x - -











EBITDA Margin 6.4%



Asset Turnover 1.28








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tesco PLCPrice/Volume

Valuation Analysis

5'368'018.00


!2!

-!!-2!.!!.2!0!!02!1!!12!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

.! ! E

1! ! E

3! ! E

5! ! E

-!! ! E

-.! ! E

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



30.09.2013






BERKSHIRE HATHAWAY I n/a ULT-AGG 257'443'328 3.19 - 01.07.2013 Investment Advisor






WALTER SCOTT & PARTN Multiple Portfolios REG 130'535'474 1.62 4'078'939 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 27.09.2013

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


30.09.2013

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

4493





32'289.90 1 Yr Total Return 29.84%




Cash and Equivalents 891.00 Consensus Rating 2.906



RB/ LN EQUITY YTD Change - Average Volume 30 Day 936'120

RB/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'047'236


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 10'185.4 10'560.8 2'611.0 2'642.0

2.96x 3.10x 3.28x 2.65x 3.23x 2.63x 0.00x 3.36x 3.16x - -

1'612.0 2'030.0 2'375.0 2'644.0 2'718.0 0.0 0.0 2'784.8 2'864.4 - -

12.05x 11.84x 11.66x 9.49x 11.36x 0.00x 0.00x 12.60x 12.25x - -

1'120.0 1'418.0 1'568.0 1'745.0 1'829.0 986.0 0.0 1'955.9 2'025.1 516.0 599.0

16.36x 16.87x 16.28x 13.26x 15.36x 0.00x 0.00x 16.84x 16.34x - -











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

310'400.00


!

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1!!!

2!!!

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- ! E

. ! E

0 ! E

1 ! E

2 ! E

3 ! E

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 !!

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



30.09.2013


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



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



WALTER SCOTT & PARTN Multiple Portfolios REG 10'986'837 1.53 (270'098) 03.06.2013 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


30.09.2013

Deutsche Bank AG is a global financial service provider delivering commercial,

investment, private and retail banking. The Bank offers debt, foreign exchange,

derivatives, commodities, money markets, repo and securitization, cash equities,

research, equity prime services, loans, convertibles, advice on M&A and IPO's,

trade finance, retail banking, asset management and corporate investments.


LTM as of: 06/yy

52-Week High (01.02.2013) 38.73

52-Week Low (18.04.2013) 29.41

Daily Volume

33.72





34'377.53 1 Yr Total Return 12.03%





Enterprise Value -


DBK GY EQUITY YTD Change - Average Volume 30 Day 5'472'198

DBK GY EQUITY YTD % CHANGE - Average Volume 3 Month 5'732'171


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

58'492.0 45'167.0 46'151.0 52'660.0 52'299.0 49'520.0 49'310.0 33'278.0 33'892.0 7'709.4 7'760.2

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

- - - - - 0.0 0.0 - - - -

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

(3'835.0) 4'973.0 2'310.0 4'132.0 237.0 2'916.0 190.0 3'831.6 4'520.2 749.8 780.8

- 6.24x 12.74x 6.61x 131.80x 9.08x 179.61x 9.26x 7.49x 8.13x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Deutsche Bank AGPrice/Volume

Valuation Analysis

2'454'154.00


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--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



30.09.2013




DEKABANK DEUTSCHE GI DEKABANK DEUTSCHE GI 13F 23'529'706 2.31 (982'040) 30.06.2013 Bank


COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 19'790'330 1.94 (195'485) 30.06.2013 Bank


CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 15'521'141 1.52 (891'299) 30.06.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 14'939'396 1.47 (8'703'861) 31.07.2013 Investment Advisor


BANK OF AMERICA CORP BANK OF AMERICA 13F 10'724'776 1.05 5'157'052 30.06.2013 Investment Advisor



BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 6'738'764 0.66 2'080'863 30.06.2013 Investment Advisor

HSBC HOLDINGS PLC HSBC HOLDINGS PLC 13F 5'921'773 0.58 (11'954'777) 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 5'363'452 0.53 1'496'235 30.06.2013 Investment Advisor





JANUS CAPITAL MANAGE n/a ULT-AGG 4'337'613 0.43 (341'928) 30.06.2013 Investment Advisor


Natixis ANTOINE BURGARD buy 5 M 44 Not Provided 30.09.2013

RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 36 12 month 27.09.2013

Nomura JON PEACE neutral 3 M 38 12 month 27.09.2013

Exane BNP Paribas DANIEL DAVIES outperform 5 M 42 Not Provided 27.09.2013



Equinet Institutional Services(ESN) PHILIPP HAESSLER accumulate 4 M 40 12 month 26.09.2013


HSBC ROBERT MURPHY overweight 5 M 49 Not Provided 25.09.2013

Credit Suisse AMIT GOEL outperform 5 M 41 Not Provided 24.09.2013

Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 46 12 month 24.09.2013


Macquarie PIERS BROWN neutral 3 M 34 12 month 19.09.2013

Grupo Santander AURELIA FAURE hold 3 M 37 Not Provided 18.09.2013

Main First Bank AG KILIAN MAIER outperform 5 M 42 12 month 18.09.2013

Morgan Stanley HUW VAN STEENIS Equalwt/In-Line 3 M 39 12 month 16.09.2013

UBS DANIELE BRUPBACHER buy 5 U 47 12 month 16.09.2013


Kepler Cheuvreux DIRK BECKER buy 5 M 40 Not Provided 20.08.2013



M.M. Warburg Investment Research ANDREAS PLAESIER buy 5 M 45 12 month 15.08.2013

Barclays JEREMY SIGEE overweight 5 M 47 Not Provided 14.08.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 40 12 month 13.08.2013

Commerzbank Corporates & Markets MICHAEL DUNST buy 5 M 44 6 month 01.08.2013

Goldman Sachs JERNEJ OMAHEN Sell/Neutral 1 M 36 12 month 01.08.2013


Nord/LB MICHAEL SEUFERT hold 3 D 35 12 month 30.07.2013

Landesbank Baden-Wuerttemberg INGO FROMMEN buy 5 M 40 Not Provided 30.07.2013

Bankhaus Metzler GUIDO HOYMANN buy 5 M 42 12 month 30.07.2013


Canaccord Genuity Corp ARUN MELMANE buy 5 M 45 12 month 26.07.2013

Redburn Partners NICHOLAS WATTS neutral 3 D #N/A N/A Not Provided 16.07.2013


Espirito Santo Investment Bank ResearchANDREW LIM sell 1 M 28 Not Provided 03.07.2013


DZ Bank AG CHRISTOPH BAST buy 5 M 40 Not Provided 10.05.2013


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

National Bank AG DIRK GOJNY buy 5 M 32 Not Provided 25.07.2012


SRC Research STEFAN SCHARFF sell 1 M 33 Not Provided 08.02.2010

Holdings By:

Deutsche Bank AG ee


30.09.2013

Credit Suisse Group AG is an international financial services group. The Group

provides investment banking, private banking, and asset management services to

customers located around the world.


LTM as of: 06/yy

52-Week High (21.05.2013) 29.32

52-Week Low (01.10.2012) 19.39

Daily Volume

27.56





43'484.00 1 Yr Total Return 42.19%





Enterprise Value -


CSGN VX EQUITY YTD Change - Average Volume 30 Day 4'394'206

CSGN VX EQUITY YTD % CHANGE - Average Volume 3 Month 4'325'713


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

48'697.0 51'547.0 50'345.0 42'693.0 38'313.0 39'473.0 37'976.0 26'811.1 27'706.8 6'539.3 6'638.7

- - - - - 0.00x 0.00x 32.71x 31.57x - -

- - - - - 0.0 0.0 - - - -

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

(8'218.0) 6'724.0 5'098.0 1'953.0 1'349.0 878.0 2'999.0 4'143.4 4'911.1 1'002.3 994.3

- 9.96x 9.59x 16.11x 27.15x 42.10x 15.43x 10.78x 9.20x 9.42x -





Return on Assets 0.31% Short-Term Rating NR




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Credit Suisse Group AGPrice/Volume

Valuation Analysis

1'998'749.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E. ! E1 ! E3 ! E5 ! E-! ! E-. ! E-1 ! E-3 ! E-5 ! E.! ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



30.09.2013


CRESCENT HOLDING GMB n/a EXCH 88'475'201 5.61 - 25.02.2013 Investment Advisor

QATAR INVESTMENT AUT n/a Co File 74'953'677 4.75 - 31.12.2012 Government

DODGE & COX n/a Co File 65'086'135 4.13 - 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 55'202'293 3.5 - 12.09.2013 Investment Advisor





HARRIS ASSOCIATES LP n/a Co File 37'800'423 2.4 - 31.12.2012 Investment Advisor

KOOR INDUSTRIES LTD n/a Research 31'060'000 1.97 - 22.07.2013 Holding Company





WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 8'624'475 0.55 3'918'148 30.06.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 7'471'729 0.47 147'795 31.05.2013 Investment Advisor




CREDIT SUISSE n/a EXCH 4'392'336 0.28 (33'747'664) 05.04.2013 Investment Advisor


RBC Capital Markets FIONA SWAFFIELD outperform 5 M 33 12 month 27.09.2013


Exane BNP Paribas DANIEL DAVIES outperform 5 M 31 Not Provided 27.09.2013


Macquarie PIERS BROWN outperform 5 M 33 12 month 19.09.2013

Main First Bank AG KILIAN MAIER outperform 5 M 32 12 month 18.09.2013

Morgan Stanley HUW VAN STEENIS Overwt/In-Line 5 M 31 12 month 16.09.2013







Helvea TIM DAWSON hold 3 M 30 12 month 15.08.2013

Barclays JEREMY SIGEE equalweight 3 M 28 Not Provided 14.08.2013


Keefe, Bruyette & Woods ANDREW STIMPSON outperform 5 M 36 12 month 07.08.2013

Goldman Sachs JERNEJ OMAHEN neutral/neutral 3 M 32 12 month 01.08.2013

HSBC ROBERT MURPHY neutral 3 M 29 Not Provided 01.08.2013

Commerzbank Corporates & Markets MICHAEL DUNST hold 3 M 28 6 month 30.07.2013

Bank Vontobel AG TERESA NIELSEN hold 3 M 28 Not Provided 30.07.2013

EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 30.07.2013

Bank am Bellevue MARC DEUSTER hold 3 M 27 Not Provided 29.07.2013

Natixis ANTOINE BURGARD neutral 3 M 25 Not Provided 29.07.2013

UBS DANIELE BRUPBACHER buy 5 M 33 12 month 26.07.2013

Zuercher Kantonalbank ANDREAS VENDITTI market perform 3 M #N/A N/A Not Provided 26.07.2013

Mirabaud Securities Claudia von Turk Myers accumulate 4 M 29 12 month 26.07.2013

Canaccord Genuity Corp ARUN MELMANE hold 3 M 28 12 month 26.07.2013

Bankhaus Metzler GUIDO HOYMANN sell 1 M 23 12 month 26.07.2013

Kepler Cheuvreux DIRK BECKER buy 5 M 32 Not Provided 26.07.2013

Deutsche Bank MATT SPICK hold 3 M 28 12 month 25.07.2013



Grupo Santander AURELIA FAURE buy 5 U 33 12 month 23.07.2013

Redburn Partners NICHOLAS WATTS neutral 3 M #N/A N/A Not Provided 16.07.2013



Liberum Capital Ltd CORMAC LEECH hold 3 M 24 Not Provided 18.04.2013

Espirito Santo Investment Bank ResearchANDREW LIM neutral 3 M 25 Not Provided 30.01.2013



Holdings By:

Credit Suisse Group AG ee


30.09.2013

Deutsche Telekom AG offers telecommunications services. The Company offers a

full range of fixed-line telephone services, mobile communications services,

Internet access, and combined information technology and telecommunications

services for businesses.


LTM as of: 06/yy

52-Week High (27.09.2013) 10.89

52-Week Low (21.02.2013) 7.98

Daily Volume

10.66





47'448.93 1 Yr Total Return 19.80%







DTE GY EQUITY YTD Change - Average Volume 30 Day 12'782'290

DTE GY EQUITY YTD % CHANGE - Average Volume 3 Month 12'348'600


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

61'666.0 64'602.0 62'421.0 58'653.0 58'169.0 58'392.0 58'300.0 59'250.2 59'997.2 14'894.7 15'444.3

1.49x 1.46x 1.48x 1.45x 1.38x 5.86x 5.76x 1.55x 1.50x 6.27x 6.01x

17'535.0 17'335.0 17'726.0 20'202.0 17'728.0 19'592.0 17'498.0 17'202.2 17'636.1 4'498.0 4'268.0

5.24x 5.46x 5.20x 4.22x 4.53x 4.31x 5.13x 5.66x 5.52x - -

1'483.0 353.0 1'695.0 557.0 (5'255.0) 756.0 (5'013.0) 2'771.0 3'047.8 590.5 500.0

31.62x 128.63x 24.76x 68.19x - 47.97x 0.00x 16.81x 15.40x - -











EBITDA Margin 30.0%



Asset Turnover 0.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Deutsche Telekom AGPrice/Volume

Valuation Analysis

7'062'700.00


!

.

1

3

5

-!

-.

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E2 ! E-! ! E-2 ! E.! ! E.2 ! E0! ! E02 ! E1! ! E12 ! E2! ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

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



30.09.2013


KREDITANSTALT FUER W n/a Research 774'494'730 17.4 - 30.06.2013 Government

FEDERAL REPUBLIC OF n/a Research 645'412'275 14.5 - 30.06.2013 Government

BLACKSTONE n/a ULT-AGG 191'700'000 4.31 - 03.08.2012 Unclassified








SCHRODER INVESTMENT Multiple Portfolios MF-AGG 15'545'121 0.35 2'377'173 06.09.2013 Investment Advisor

PICTET FUNDS n/a ULT-AGG 13'370'877 0.3 11'676'421 31.05.2013 Investment Advisor



PIONEER n/a ULT-AGG 9'833'493 0.22 986'203 30.04.2013 Unclassified


ALLIANZ ASSET MANAGE n/a ULT-AGG 8'357'003 0.19 (504) 31.07.2013 Investment Advisor


ING INTERNATIONAL AD Multiple Portfolios MF-AGG 6'359'036 0.14 (463'921) 28.03.2013 Investment Advisor




Exane BNP Paribas MATHIEU ROBILLIARD neutral 3 M 9 Not Provided 30.09.2013

National Bank AG MARKUS GLOCKENMEIER hold 3 M 11 Not Provided 26.09.2013

AlphaValue HEINZ STEFFEN reduce 2 D 11 6 month 26.09.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 D 11 12 month 25.09.2013

Morgan Stanley RYAN FOX Underwt/In-Line 1 M 9 12 month 20.09.2013

Bankhaus Lampe WOLFGANG SPECHT hold 3 M 10 12 month 18.09.2013

Natixis JACQUES DE GRELING reduce 2 M 7 Not Provided 12.09.2013

Hamburger Sparkasse TINA HECKING-VELTMAN buy 5 U #N/A N/A Not Provided 10.09.2013

Nomura FREDERIC BOULAN buy 5 M 11 12 month 10.09.2013

Societe Generale OTTAVIO ADORISIO buy 5 M 11 12 month 06.09.2013

Deutsche Bank DAVID A WRIGHT buy 5 M 11 12 month 05.09.2013


Commerzbank Corporates & Markets HEIKE PAULS hold 3 M 10 6 month 28.08.2013

Credit Suisse JUSTIN FUNNELL outperform 5 M 10 Not Provided 23.08.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 11 Not Provided 21.08.2013

Kepler Cheuvreux PETER KURT NIELSEN buy 5 M 11 Not Provided 15.08.2013

JPMorgan HANNES C WITTIG neutral 3 M 10 3 month 13.08.2013

Jefferies ULRICH RATHE buy 5 M 11 12 month 13.08.2013


Goldman Sachs TIMOTHY BODDY neutral/neutral 3 M 10 12 month 12.08.2013

Makor Capital ALBERT SAPORTA sell 1 N #N/A N/A Not Provided 12.08.2013

M.M. Warburg Investment Research JOCHEN REICHERT buy 5 U 12 12 month 09.08.2013


DZ Bank AG CHRISTOPH BAST sell 1 M 9 Not Provided 09.08.2013

Barclays JONATHAN DANN equalweight 3 M 10 Not Provided 09.08.2013

Grupo Santander JOHN DAVIES underweight 1 M 8 Not Provided 08.08.2013

Oddo & Cie ALEXANDRE IATRIDES buy 5 M 11 Not Provided 08.08.2013

Equinet Institutional Services(ESN) ADRIAN PEHL accumulate 4 M 10 12 month 08.08.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 10 12 month 08.08.2013

New Street Research CHARLES GAYNOR reduce 2 M 8 Not Provided 08.08.2013

Macquarie GUY R PEDDY underperform 1 M 8 12 month 05.08.2013

Berenberg Bank PAUL ANDREW MARSCH hold 3 M 10 Not Provided 29.07.2013

Steubing AG TEAM COVERAGE buy 5 M 10 Not Provided 29.07.2013

Raymond James STEPHANE BEYAZIAN outperform 5 M 11 Not Provided 10.07.2013

HSBC DOMINIK KLARMANN neutral 3 M 10 Not Provided 27.05.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY neutral 3 M 8 Not Provided 05.04.2013

UBS POLO TANG neutral 3 M 9 12 month 01.04.2013

Banco Sabadell ANDRES BOLUMBURU sell 1 M 10 12 month 15.02.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Deutsche Telekom AG ee


30.09.2013

Schneider Electric SA manufactures power distribution and automation systems.

The Company produces circuit breakers, remote installation management equipment,

panelboards, programmable logic controllers, industrial control products,

detectors, human-machine interfaces, and process controls. Schneider's products

are sold various brands.


LTM as of: 06/yy

52-Week High (19.09.2013) 66.99

52-Week Low (01.10.2012) 45.85

Daily Volume

62.27





34'905.30 1 Yr Total Return 39.66%







SU FP EQUITY YTD Change - Average Volume 30 Day 1'302'069

SU FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'354'335


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

18'311.0 15'793.0 19'580.0 22'345.0 23'946.0 23'459.0 23'968.0 24'470.9 26'332.2 6'306.0 6'798.5

0.95x 1.51x 1.68x 1.23x 1.44x 0.00x 0.00x 1.61x 1.46x - -

3'321.0 2'575.0 3'575.0 3'725.0 3'837.0 0.0 0.0 4'020.6 4'445.9 - -

5.24x 9.26x 9.20x 7.36x 9.01x 0.00x 0.00x 10.02x 9.06x - -

1'682.0 824.0 1'720.0 1'793.0 1'840.0 0.0 0.0 2'215.7 2'490.4 - -

7.55x 24.63x 17.00x 12.18x 16.17x 0.00x 0.00x 15.24x 13.63x - -


EBIT 3'030.00 Long-Term Rating A- *-









EBITDA Margin 16.0%



Asset Turnover 0.67







Fiscal Year Ended

Schneider Electric SAPrice/Volume

Valuation Analysis

952'328.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

.!

0!

1!

2!

3!

4!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0 2 E

1 ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

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



30.09.2013



AMUNDI n/a Research 27'220'485 4.86 (1'168'334) 16.05.2012 Investment Advisor



CAISSE DES DEPOTS ET n/a Research 20'349'002 3.63 - 31.12.2012 Government

CREDIT AGRICOLE SA n/a RNS-RUL8 19'194'142 3.42 196'876 20.09.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 18'060'558 3.22 308 28.08.2013 Unclassified



NORGES BANK n/a RNS-RUL8 12'762'212 2.28 - 12.07.2013 Government


SAFE INVESTMENT COMP n/a RNS-RUL8 12'614'776 2.25 - 22.07.2013 Government

NORTHERN CROSS LLC n/a RNS-RUL8 12'361'186 2.21 8'005 30.07.2013 Investment Advisor

WELLINGTON MANAGEMEN n/a RNS-RUL8 12'359'201 2.2 3'460 28.08.2013 Investment Advisor

DODGE & COX n/a RNS-RUL8 11'305'324 2.02 - 11.07.2013 Investment Advisor



SCHNEIDER ELECTRIC S n/a RNS-RUL8 9'009'626 1.61 (139'993) 05.08.2013 Corporation

SOCIETE GENERALE n/a RNS-RUL8 8'997'787 1.61 8'228 15.08.2013 Bank



Societe Generale GAEL DE BRAY buy 5 M 73 12 month 30.09.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 65 12 month 27.09.2013

UBS FREDRIC STAHL sell 1 D 53 12 month 27.09.2013

AlphaValue LIONEL PELLICER add 4 M 73 6 month 26.09.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 M 66 12 month 18.09.2013


Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 72 Not Provided 09.09.2013

Exane BNP Paribas OLIVIER ESNOU outperform 5 M 65 Not Provided 09.09.2013

Barclays JAMES STETTLER suspended coverage #N/A N/A M #N/A N/A Not Provided 05.09.2013

Main First Bank AG CHRISTOPHER YOUL outperform 5 N 75 12 month 27.08.2013

HSBC MICHAEL HAGMANN overweight 5 M 74 Not Provided 14.08.2013

Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 M 60 Not Provided 09.08.2013

Goldman Sachs DANIELA COSTA Buy/Neutral 5 M 65 12 month 05.08.2013


Redburn Partners JAMES MOORE buy 5 M #N/A N/A Not Provided 02.08.2013

Oddo & Cie ALFRED GLASER buy 5 M 64 Not Provided 01.08.2013

Berenberg Bank WILLIAM MACKIE hold 3 M 60 Not Provided 01.08.2013

Kepler Cheuvreux PIERRE BOUCHENY reduce 2 M 58 Not Provided 01.08.2013

Natixis ARNAUD SCHMIT neutral 3 M 63 Not Provided 01.08.2013

Nomura DANIEL CUNLIFFE neutral 3 M 58 Not Provided 01.08.2013


Morgan Stanley BEN UGLOW restricted #N/A N/A M #N/A N/A Not Provided 17.07.2013

Deutsche Bank MARTIN WILKIE restricted #N/A N/A M #N/A N/A Not Provided 12.07.2013

Credit Suisse SIMON TOENNESSEN neutral 3 M 58 Not Provided 12.07.2013

JPMorgan ANDREAS WILLI restricted #N/A N/A M #N/A N/A Not Provided 12.07.2013


CM - CIC Securities(ESN) ARI AGOPYAN hold 3 M 58 12 month 23.04.2013

Banco Sabadell MARIA CEBOLLERO buy 5 M 48 12 month 15.02.2013

Holdings By:

Schneider Electric SA ee


30.09.2013

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

732





27'303.11 1 Yr Total Return 13.29%







NG/ LN EQUITY YTD Change - Average Volume 30 Day 6'539'885

NG/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 6'332'556


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 - - 3.38x 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 - - 9.31x 8.89x - -

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 - - 14.00x 13.28x - -











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

2'124'007.00


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

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

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



30.09.2013





CRESCENT HOLDING GMB n/a RNS-MAJ 149'414'285 4.01 - 17.07.2013 Investment Advisor







NOMURA n/a ULT-AGG 46'953'805 1.26 644'804 03.06.2013 Unclassified

BREWIN DOLPHIN LIMIT Multiple Portfolios REG 43'256'010 1.16 (680'082) 03.06.2013 Investment Advisor

MONDRIAN INVESTMENT Multiple Portfolios REG 41'613'515 1.12 16'540'273 03.06.2013 Hedge Fund Manager




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 30.09.2013

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



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


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


30.09.2013

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

342.9





27'116.87 1 Yr Total Return 53.49%







BT/A LN EQUITY YTD Change - Average Volume 30 Day 11'588'160

BT/A LN EQUITY YTD % CHANGE - Average Volume 3 Month 12'848'830


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 18'118.5 18'044.0 4'459.0 4'497.0

0.88x 1.01x 1.23x 1.41x 1.67x 5.21x 6.56x 1.90x 1.85x 7.97x 7.72x

3'629.0 5'594.0 5'886.0 5'654.0 5'945.0 5'670.0 5'922.0 6'038.2 6'207.1 1'430.0 1'523.0

5.19x 3.76x 4.19x 4.82x 5.12x 4.61x 5.59x 5.94x 5.78x - -

(193.0) 1'028.0 1'502.0 2'003.0 2'091.0 2'033.0 1'985.0 1'972.0 2'202.7 - -

- 9.33x 9.58x 8.77x 10.41x 8.10x 12.22x 13.40x 11.99x - -











EBITDA Margin 32.9%

EBIT Margin 17.3% Total Debt/Equity -


Asset Turnover 0.72




Tot Debt to Common Equity - Accounts Payable Turnover Day -




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

BT Group PLCPrice/Volume

Valuation Analysis

3'983'077.00


!

2!

-!!

-2!

.!!

.2!

0!!

02!

1!!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

-! ! E

.! ! E

0! ! E

1! ! E

2! ! E

3! ! E

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



30.09.2013






BT GROUP PLC SHAREVI Multiple Portfolios REG 274'615'887 3.47 11'272'301 01.08.2013 Unclassified





NORGES BANK INVESTME Multiple Portfolios REG 173'818'968 2.2 34'695'884 01.08.2013 Government




AVIVA PLC Multiple Portfolios MF-AGG 113'972'546 1.44 (1'388'931) 31.07.2013 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



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

Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 310 12 month 15.08.2013


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


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

S&P Capital IQ JAMES CRAWSHAW hold 3 M 370 12 month 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


30.09.2013

ING Groep N.V. offers financial services to individuals, corporations, and other

institutions. The Company offers corporate, investment, and private banking

services, asset and portfolio management, treasury services, and insurance. ING

Groep has offices throughout the world.


LTM as of: 06/yy

52-Week High (19.09.2013) 9.20

52-Week Low (28.03.2013) 5.52

Daily Volume

8.304





31'877.46 1 Yr Total Return 35.05%







INGA NA EQUITY YTD Change - Average Volume 30 Day 17'996'380

INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 19'985'380


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

64'680.0 46'025.0 51'411.0 52'787.0 39'304.0 43'490.0 39'266.0 15'187.1 15'423.9 3'743.5 3'746.5

4.40x 5.41x 4.99x 4.38x 5.54x 22.40x 22.32x 6.89x 6.76x - -

- - - - - 0.0 0.0 - - - -

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

(729.0) (935.0) 2'810.0 5'766.0 3'894.0 4'899.0 4'635.0 3'849.2 4'309.8 957.7 717.2

- - 12.77x 6.70x 11.39x 8.57x 9.41x 8.26x 7.41x 8.39x -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ING Groep NVPrice/Volume

Valuation Analysis

8'296'373.00


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-!

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-! ! E

.! ! E

0! ! E

1! ! E

2! ! E

3! ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! .!

! 1!

! 3!

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- .!



30.09.2013










ING INVESTMENT MANAG Multiple Portfolios MF-AGG 28'773'377 0.75 (1'347'595) 30.06.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 26'018'515 0.68 20'555'914 31.07.2013 Investment Advisor




ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'776'736 0.52 1'316 30.06.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 18'398'613 0.48 (4'688'475) 31.03.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 17'018'179 0.44 (903'636) 30.06.2013 Investment Advisor




WADDELL & REED FINAN n/a ULT-AGG 11'180'790 0.29 6'753'710 30.06.2013 Investment Advisor


AlphaValue JEROME CASSAGNE reduce 2 M 8 6 month 26.09.2013

Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 10 12 month 25.09.2013

Exane BNP Paribas FRANCOIS BOISSIN neutral 3 D 9 Not Provided 23.09.2013

Morgan Stanley DAVID ANDRICH Overwt/In-Line 5 M 10 12 month 20.09.2013


JPMorgan ASHIK MUSADDI overweight 5 M 11 15 month 20.09.2013

KBC Securities MATTHIAS DE WIT hold 3 M 9 Not Provided 20.09.2013

Oddo & Cie NICOLAS JACOB neutral 3 M 8 Not Provided 20.09.2013

Kepler Cheuvreux BENOIT PETRARQUE reduce 2 M 7 Not Provided 20.09.2013

Nomura MARCO KISIC buy 5 M 10 Not Provided 20.09.2013



Theodoor Gilissen Securities TOM MULLER hold 3 M 9 Not Provided 18.09.2013

Goldman Sachs MARTIN LEITGEB Buy/Neutral 5 M 12 12 month 16.09.2013

SNS Securities(ESN) LEMER SALAH buy 5 M 11 Not Provided 16.09.2013


Credit Suisse RICHARD BURDEN outperform 5 M 9 Not Provided 05.09.2013

Barclays KIRI VIJAYARAJAH equalweight 3 M 9 Not Provided 04.09.2013


HSBC STEVEN HAYWOOD neutral 3 M 9 Not Provided 28.08.2013


Petercam TOM VAN KEMPEN add 4 D 9 Not Provided 27.08.2013

Rabobank International COR KLUIS buy 5 M 10 12 month 27.08.2013


Macquarie THOMAS STOEGNER neutral 3 M 8 12 month 21.08.2013

Jefferies OMAR FALL buy 5 M 11 12 month 19.08.2013

Deutsche Bank DAVID LOCK buy 5 M 10 12 month 12.08.2013


Societe Generale PHILIP RICHARDS buy 5 M 10 12 month 08.08.2013

UBS ANTON KRYACHOK buy 5 M 10 12 month 08.08.2013


DZ Bank AG WERNER EISENMANN buy 5 M 8 Not Provided 10.05.2013

Holdings By:

ING Groep NV ee


30.09.2013

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

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

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

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

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


LTM as of: 06/yy

52-Week High (19.09.2013) 105.65

52-Week Low (21.02.2013) 88.55

Daily Volume

102.5





31'965.09 1 Yr Total Return 9.04%







AI FP EQUITY YTD Change - Average Volume 30 Day 540'656

AI FP EQUITY YTD % CHANGE - Average Volume 3 Month 566'554


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

13'103.1 11'976.1 13'488.0 14'456.9 15'326.3 14'702.2 15'354.0 15'770.5 16'902.9 3'944.0 4'170.4

1.73x 2.25x 2.38x 2.25x 2.34x 0.00x 0.00x 2.44x 2.26x - 9.10x

2'941.8 2'969.0 3'374.3 3'563.6 3'792.3 0.0 0.0 3'965.1 4'320.1 - 2'081.0

7.71x 9.08x 9.50x 9.13x 9.48x 0.00x 0.00x 9.84x 9.03x - -

1'220.0 1'230.0 1'403.6 1'534.9 1'609.4 0.0 0.0 1'656.8 1'854.3 - 905.0

13.93x 17.67x 18.97x 17.60x 18.38x 0.00x 0.00x 19.23x 17.32x - -











EBITDA Margin 24.9%



Asset Turnover 0.62







Fiscal Year Ended

Air Liquide SAPrice/Volume

Valuation Analysis

159'905.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

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-.!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E . E 1 E 3 E 5 E- ! E- . E- 1 E- 3 E- 5 E. ! E

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



30.09.2013







LANSDOWNE PARTNERS L n/a Short (2'774'061) -0.89 31'170 18.06.2013 Hedge Fund Manager







AIR LIQUIDE n/a Co File 1'003'394 0.32 - 31.12.2012 Corporation

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 961'885 0.31 4'920 26.09.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 942'077 0.3 37'000 30.06.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 844'641 0.27 (4'158) 28.03.2013 Investment Advisor

NEW YORK LIFE INVEST Multiple Portfolios MF-AGG 809'084 0.26 801'157 31.07.2013 Insurance Company

ALLIANZ ASSET MANAGE n/a ULT-AGG 796'354 0.26 (2'145) 31.07.2013 Investment Advisor

UBS AG n/a ULT-AGG 763'181 0.24 (8'199) 27.09.2013 Unclassified

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 680'866 0.22 35'583 31.08.2013 Investment Advisor



Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 90 12 month 27.09.2013

Exane BNP Paribas HEIDI VESTERINEN outperform 5 M 105 Not Provided 26.09.2013

Societe Generale PETER CLARK hold 3 M 105 12 month 19.09.2013

Credit Suisse CHRIS COUNIHAN outperform 5 M 103 Not Provided 18.09.2013

JPMorgan MARCUS DIEBEL overweight 5 M 122 15 month 18.09.2013


AlphaValue FABRICE FARIGOULE reduce 2 M 100 6 month 05.09.2013


Goldman Sachs RAKESH PATEL neutral/neutral 3 M 118 12 month 30.08.2013


Main First Bank AG THOMAS SWOBODA outperform 5 M 105 12 month 20.08.2013






Commerzbank Corporates & Markets STEPHAN KIPPE buy 5 M 120 6 month 01.08.2013

S&P Capital IQ JOHNSON IMODE hold 3 M 106 12 month 01.08.2013

HSBC GEOFF HAIRE neutral 3 M 108 Not Provided 31.07.2013

Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 83 Not Provided 31.07.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 104 Not Provided 31.07.2013

Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 104 12 month 30.07.2013

Berenberg Bank JOHN PHILIPP KLEIN hold 3 M 98 Not Provided 23.07.2013

Barclays GUNTHER ZECHMANN underweight 1 M 93 Not Provided 17.07.2013

CM - CIC Securities(ESN) ARI AGOPYAN accumulate 4 M 106 12 month 13.06.2013

EVA Dimensions TIMOTHY STANISH underweight 1 M #N/A N/A Not Provided 06.06.2013

Liberum Capital Ltd ADAM COLLINS buy 5 M 109 Not Provided 26.04.2013


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

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

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

Holdings By:

Air Liquide SA ee


30.09.2013

Hennes & Mauritz AB (H&M) designs and retails fashions for women, men, teens,

and children. The Company sells a variety trendy, sporty, and classic garments

in addition to accessories such as jewelery, bags, and scarves, and cosmetics.

H&M owns and operates stores in many European countries and the United States.


LTM as of: 08/yy

52-Week High (26.09.2013) 285.00

52-Week Low (16.11.2012) 209.70

Daily Volume

279.1





461'930.59 1 Yr Total Return 27.47%







HMB SS EQUITY YTD Change - Average Volume 30 Day 2'676'101

HMB SS EQUITY YTD % CHANGE - Average Volume 3 Month 2'347'101


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

88'532.0 101'393.0 108'483.0 109'999.0 120'799.0 119'248.0 124'569.0 128'122.2 142'684.3 35'768.3 31'619.6

2.53x 3.15x 3.39x 3.03x 2.82x 12.00x 11.77x 3.49x 3.13x - -

22'340.0 24'474.0 27'720.0 23'641.0 25'459.0 25'444.0 25'491.0 26'508.6 30'238.7 8'594.6 4'918.3

10.02x 13.04x 13.28x 14.08x 13.36x 15.05x 15.38x 17.01x 14.91x 15.77x 15.25x

15'294.0 16'384.0 18'681.0 15'821.0 16'867.0 16'937.0 16'831.0 17'387.9 19'946.8 5'930.7 2'956.4

16.12x 20.82x 21.03x 22.39x 21.19x 23.41x 23.94x 26.57x 23.06x 24.48x 23.90x











EBITDA Margin 20.5%



Asset Turnover 2.28







Fiscal Year Ended

Hennes & Mauritz ABPrice/Volume

Valuation Analysis

1'351'930.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

!1 -. .!!6 !1 !3 .!-! !1 -. .!-! !1 !3 .!-- !1 -. .!-- !1 !3 .!-. !1 -. .!-. !1 !3 .!-0



30.09.2013


PERSSON STEFAN n/a Research 429'449'332 29.4 - 31.01.2013 n/a

THAM LOTTIE n/a Research 88'080'400 6.03 - 31.01.2013 n/a

ALECTA PENSIONSFORSA n/a Research 65'340'000 4.47 - 31.01.2013 Pension Fund (ERISA)

SWEDBANK ROBUR FONDE n/a Research 46'207'198 3.16 - 31.01.2013 Investment Advisor


AMF FORAKRING OCH FO n/a Research 33'183'861 2.27 - 31.01.2013 n/a

CLEARSTREAM BANKING n/a Research 29'003'861 1.99 - 31.01.2013 Bank

JP MORGAN CHASE BANK n/a Research 28'345'566 1.94 - 31.01.2013 Investment Advisor

SSB CL OMNIBUS n/a Research 27'316'541 1.87 - 31.01.2013 Other

FOLKSAM GROUP n/a Research 17'812'084 1.22 - 28.09.2012 Insurance Company

AFA FORSAKRINGAR n/a Research 17'365'420 1.19 - 31.01.2013 Insurance Company


FJARDE AP-FONDEN n/a Research 15'518'751 1.06 - 31.01.2013 Pension Fund (ERISA)

HANDELSBANKEN FONDER n/a Research 15'328'521 1.05 - 28.09.2012 Investment Advisor

BENGTSSON JAN n/a Research 14'222'030 0.97 - 31.01.2013 n/a

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 14'119'251 0.97 (1'609'372) 30.08.2013 Investment Advisor




NORDEA INVESTMENT FU n/a Research 11'904'522 0.82 - 31.01.2013 Investment Advisor


Sanford C. Bernstein & Co JAMIE MERRIMAN underperform 1 M 195 12 month 30.09.2013

Independent Research GmbH ZAFER RUZGAR hold 3 U 300 12 month 30.09.2013

Grupo Santander REBECCA MCCLELLAN underweight 1 M 254 12 month 27.09.2013

Societe Generale ANNE CRITCHLOW buy 5 U 317 12 month 27.09.2013

Credit Suisse SIMON IRWIN outperform 5 U 315 Not Provided 27.09.2013

Raymond James CEDRIC LECASBLE underperform 1 M 242 12 month 27.09.2013

SEB Enskilda NICKLAS FHARM buy 5 M 300 Not Provided 27.09.2013

Cantor Fitzgerald ALLEGRA PERRY hold 3 U 270 Not Provided 27.09.2013

Nordea Equity Research STEFAN STJERNHOLM sell 1 M 255 12 month 27.09.2013

Handelsbanken ERIK SANDSTEDT buy 5 M 340 12 month 27.09.2013

Swedbank CHRISTIAN ANDERSON buy 5 M 305 12 month 27.09.2013

Natixis JEAN BAPTISTE TEISSIER neutral 3 M 260 Not Provided 27.09.2013

Nomura FRASER RAMZAN neutral 3 M 278 Not Provided 27.09.2013

Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 27.09.2013

Exane BNP Paribas SIMON BOWLER underperform 1 M 240 Not Provided 27.09.2013

Barclays CHRISTODOULOS CHAVIARAS overweight 5 M 315 Not Provided 27.09.2013


Danske Markets ANDERS HANSSON buy 5 M 315 12 month 27.09.2013

UBS ADAM COCHRANE buy 5 M 310 12 month 26.09.2013

Carnegie NIKLAS EKMAN buy 5 M #N/A N/A Not Provided 26.09.2013

Stifel RICHARD E JAFFE hold 3 M #N/A N/A Not Provided 26.09.2013

ISI Group OMAR SAAD neutral 3 M 290 12 month 26.09.2013

S&P Capital IQ WILLIAM MACK hold 3 M 295 12 month 26.09.2013

AlphaValue VIRGINIE BLIN reduce 2 M 235 6 month 26.09.2013

DNB Markets HAAKON ASCHEHOUG sell 1 M 200 Not Provided 19.09.2013

Deutsche Bank CHARLIE MUIR-SANDS buy 5 M 275 12 month 17.09.2013


ABG Sundal Collier ANDREAS LUNDBERG buy 5 U 250 6 month 25.06.2013

HSBC PAUL ROSSINGTON underweight 1 M 230 Not Provided 20.06.2013

Kepler Cheuvreux DANIEL OVIN hold 3 U 230 Not Provided 20.06.2013

Morgan Stanley GEOFFREY RUDDELL Underwt/Cautious 1 M 195 12 month 19.06.2013

Goldman Sachs FRANKLIN WALDING Sell/Neutral 1 D 205 12 month 28.05.2013


Espirito Santo Investment Bank ResearchFILIPE ROSA sell 1 M 185 Not Provided 19.11.2012

Sydbank SOEREN LONTOFT HANSEN hold 3 M #N/A N/A Not Provided 01.10.2012

Holdings By:

Hennes & Mauritz AB ee


30.09.2013

Danone is a food processing company. The Company produces dairy products,

beverages, baby food and clinical/medical nutrition products.


LTM as of: 06/yy

52-Week High (02.08.2013) 60.45

52-Week Low (23.10.2012) 45.61

Daily Volume

55.46





34'996.81 1 Yr Total Return 18.68%







BN FP EQUITY YTD Change - Average Volume 30 Day 1'473'033

BN FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'435'540


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

15'220.0 14'982.0 17'010.0 19'318.0 20'869.0 20'065.0 21'451.0 21'964.9 23'170.7 5'434.2 5'394.3

2.09x 2.20x 2.11x 1.89x 1.73x 0.00x 0.00x 1.87x 1.75x - -

2'796.0 2'844.0 3'194.0 3'486.0 3'622.0 0.0 0.0 3'717.6 3'960.2 - -

11.35x 11.61x 11.23x 10.45x 9.99x 0.00x 0.00x 11.64x 10.93x - -

1'313.0 1'361.0 1'875.0 1'671.0 1'672.0 0.0 0.0 1'792.3 1'944.6 - -

19.75x 17.77x 15.42x 17.53x 17.95x 0.00x 0.00x 18.12x 16.78x - -











EBITDA Margin 15.9%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Danone SAPrice/Volume

Valuation Analysis

641'430.00


!

-!

.!

0!

1!

2!

3!

4!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

- ! E

. ! E

0 ! E

1 ! E

2 ! E

3 ! E

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 !!

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



30.09.2013



GROUPE DANONE n/a ULT-AGG 44'051'229 6.98 - 31.12.2012 Corporation

AMUNDI SA n/a Co File 20'039'020 3.18 - 31.12.2012 Other

EURAZEO n/a Co File 16'433'370 2.6 - 31.12.2012 Investment Advisor

NORGES BANK n/a Co File 15'048'614 2.38 - 31.12.2012 Government

SOFINA & HENEX GROUP n/a Co File 13'584'541 2.15 - 31.12.2012 Other

NATIXIS ASSET MANAGE n/a Co File 12'811'179 2.03 - 31.12.2012 Investment Advisor



CAISSE DES DEPOTS ET n/a Co File 9'783'434 1.55 - 31.12.2012 Government

FCPE FONDS GROUPE DA n/a Co File 8'533'644 1.35 - 31.12.2012 n/a





TRIAN FUND MANAGEMEN n/a Research 6'431'620 1.02 - 07.11.2012 Hedge Fund Manager




MANNING & NAPIER ADV Multiple Portfolios MF-AGG 4'324'592 0.69 745'570 31.12.2012 Investment Advisor


Independent Research GmbH LARS LUSEBRINK hold 3 D 61 12 month 30.09.2013

Morgan Stanley EILEEN KHOO Underwt/In-Line 1 M 49 12 month 28.09.2013


Redburn Partners JEREMY FIALKO neutral 3 D #N/A N/A Not Provided 27.09.2013


Helvea ANDREAS VON ARX buy 5 M 64 12 month 27.09.2013

Jefferies ALEX HOWSON hold 3 M 58 12 month 26.09.2013

AlphaValue SOPHIE CABO-BROSETA add 4 M 63 6 month 26.09.2013

Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 60 12 month 25.09.2013


Credit Suisse CHARLES MILLS underperform 1 M 54 Not Provided 24.09.2013


RBC Capital Markets JAMES EDWARDES JONES underperform 1 M 57 12 month 13.09.2013

Goldman Sachs MITCHELL COLLETT Buy/Neutral 5 M 71 12 month 12.09.2013

Equita SIM SpA FABIO FAZZARI buy 5 M 66 12 month 12.09.2013

Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 63 Not Provided 12.09.2013

Natixis PIERRE TEGNER neutral 3 M 56 Not Provided 12.09.2013

Oddo & Cie LAURENCE HOFMANN neutral 3 M 56 Not Provided 11.09.2013

UBS ALAN ERSKINE neutral 3 M 56 12 month 09.09.2013

CM - CIC Securities(ESN) FRANCIS PRETRE reduce 2 M 52 12 month 09.09.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 45 12 month 05.09.2013

Societe Generale WARREN L ACKERMAN hold 3 M 59 12 month 04.09.2013


Nomura DAVID HAYES buy 5 M 70 12 month 30.08.2013


Investec MARTIN DEBOO hold 3 M 61 Not Provided 07.08.2013



Berenberg Bank JAMES TARGETT sell 1 M 58 Not Provided 02.08.2013




Barclays LIAM ROWLEY equalweight 3 M 57 Not Provided 29.07.2013

Erste Group HANS ENGEL buy 5 M #N/A N/A Not Provided 01.07.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013


Banco Sabadell IGNACIO ROMERO sell 1 M 56 12 month 15.02.2013

Aurel - BGC JEAN-MARIE L'HOME hold 3 M 50 Not Provided 13.12.2012

Nord/LB WOLFGANG VASTERLING buy 5 M #N/A N/A Not Provided 10.09.2012

Gabelli & Co JOSEPH A GABELLI buy 5 M #N/A N/A Not Provided 01.11.2011

Holdings By:

Danone SA ee


30.09.2013

L'Oreal SA manufactures, markets, and distributes health and beauty aids. The

Company produces colorants, styling, and hair care products for professional

hairdressers, hair care, cosmetics, and skin care products and perfumes for

consumers, luxury cosmetics and perfumes sold through department stores,

perfumeries and travel stores, and dermatological and pharmaceutical products.


LTM as of: 06/yy

52-Week High (02.05.2013) 137.85

52-Week Low (11.10.2012) 94.55

Daily Volume

126.8





76'861.37 1 Yr Total Return 34.02%







OR FP EQUITY YTD Change - Average Volume 30 Day 514'633

OR FP EQUITY YTD % CHANGE - Average Volume 3 Month 486'182


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

17'541.8 17'472.6 19'495.8 20'343.1 22'462.7 21'406.7 22'987.6 23'283.5 24'622.8 5'592.7 5'866.3

2.28x 2.72x 2.52x 2.33x 2.72x 0.00x 0.00x 3.19x 2.97x - -

3'441.7 3'368.7 3'757.5 3'955.1 4'538.0 0.0 0.0 4'719.2 5'078.5 - -

11.63x 14.12x 13.05x 12.00x 13.49x 0.00x 0.00x 16.12x 14.98x - -

1'948.3 1'792.2 2'239.7 2'438.4 2'867.7 0.0 0.0 3'103.7 3'352.6 - -

17.80x 22.81x 21.75x 19.64x 21.90x 0.00x 0.00x 24.73x 22.95x - -











EBITDA Margin 20.5%



Asset Turnover 0.78







Fiscal Year Ended

L'Oreal SAPrice/Volume

Valuation Analysis

216'746.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!

3!

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-1!

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l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

. E

1 E

3 E

5 E

- ! E

- . E

- 1 E

- 3 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

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30.09.2013


BETTENCOURT FAMILY n/a Co File 185'661'879 30.63 - 31.12.2012 n/a

NESTLE SA n/a Co File 178'381'021 29.43 - 31.12.2012 Corporation

L'OREAL SA n/a Co File 10'454'165 1.72 - 31.12.2012 Corporation






OWEN-JONES LINDSAY n/a Co File 2'998'095 0.49 - 31.12.2012 n/a







LBPAM Multiple Portfolios MF-AGG 974'438 0.16 (70'028) 28.03.2013 Investment Advisor

FIL LIMITED n/a ULT-AGG 894'329 0.15 381'519 30.04.2013 Investment Advisor

COMGEST S A Multiple Portfolios MF-AGG 856'708 0.14 193'233 30.08.2013 Unclassified

AMUNDI Multiple Portfolios MF-AGG 726'408 0.12 (42'796) 30.04.2013 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 725'628 0.12 - 30.06.2012 Pension Fund (ERISA)



Sanford C. Bernstein & Co ANDREW WOOD underperform 1 M 108 12 month 25.09.2013

Exane BNP Paribas EAMONN FERRY outperform 5 M 167 Not Provided 25.09.2013

Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 150 12 month 24.09.2013

Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 24.09.2013

Raymond James HERMINE DE BENTZMANN outperform 5 M 138 12 month 23.09.2013


Commerzbank Corporates & Markets ANDREAS RIEMANN hold 3 M 120 6 month 19.09.2013

Morgan Stanley ERIK SJOGREN Underwt/In-Line 1 M 110 12 month 19.09.2013

Natixis PIERRE TEGNER neutral 3 M 110 Not Provided 19.09.2013

Nomura GUILLAUME DELMAS reduce 2 M 97 12 month 19.09.2013

AlphaValue ARMELLE MOULIN reduce 2 M 119 6 month 19.09.2013


Bryan Garnier & Cie CEDRIC ROSSI buy 5 M 147 6 month 18.09.2013

Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 18.09.2013

Bankhaus Lampe MICHAEL GORNY buy 5 N 145 12 month 17.09.2013

RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 135 12 month 13.09.2013




Main First Bank AG GAEL COLCOMBET underperform 1 M 130 12 month 02.09.2013


Credit Suisse NICOLAS SOCHOVSKY neutral 3 M 125 Not Provided 30.08.2013




Telsey Advisory Group DAVID WU no rating system #N/A N/A M 130 12 month 30.08.2013

Berenberg Bank BASSEL CHOUGHARI Under Review #N/A N/A M #N/A N/A Not Provided 25.07.2013

Goldman Sachs ROSIE EDWARDS buy/attractive 5 M 159 12 month 23.07.2013



Jefferies ALEX HOWSON buy 5 M 106 12 month 17.07.2013


Espirito Santo Investment Bank ResearchALEX SMITH sell 1 M 105 Not Provided 03.07.2013


UBS EVA QUIROGA neutral 3 M 140 12 month 29.05.2013


Aurel - BGC DAVID DA MAIA not rated #N/A N/A M #N/A N/A Not Provided 07.11.2012

Banco Sabadell IGNACIO ROMERO sell 1 M 92 Not Provided 30.07.2012

Holdings By:

L'Oreal SA ee


30.09.2013

Telefonaktiebolaget LM Ericsson develops and manufactures network equipment and

software, as well as services for network and business operations. The

Company's portfolio also includes products for the enterprise, cable, mobile

platform and power module markets.


LTM as of: 06/yy

52-Week High (16.09.2013) 90.95

52-Week Low (16.11.2012) 56.60

Daily Volume

85.55





281'660.88 1 Yr Total Return 48.03%







ERICB SS EQUITY YTD Change - Average Volume 30 Day 7'959'426

ERICB SS EQUITY YTD % CHANGE - Average Volume 3 Month 6'725'653


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

208'930.0 206'477.0 203'348.0 226'921.0 227'779.0 225'478.0 228'849.0 229'636.8 239'783.4 54'897.5 67'143.2

0.71x 0.81x 0.98x 0.79x 0.72x 3.11x 3.33x 1.08x 1.00x 4.63x 3.66x

23'592.0 25'441.0 25'925.0 30'714.0 32'078.0 33'503.0 23'074.0 27'118.9 32'639.9 7'197.1 9'494.4

6.26x 6.57x 7.72x 5.83x 5.09x 5.04x 9.25x 9.03x 7.50x 8.41x 8.52x

11'273.0 3'672.0 11'146.0 12'194.0 5'775.0 15'035.0 (1'611.0) 13'669.5 18'187.4 3'667.7 5'199.4

16.60x 57.25x 22.42x 18.51x 36.25x 13.46x 0.00x 19.58x 15.01x 16.79x 16.28x











EBITDA Margin 10.1%



Asset Turnover 0.85








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Telefonaktiebolaget LM EricssonPrice/Volume

Valuation Analysis

4'402'753.00


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

-!!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

02 ! E

1! ! E

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



30.09.2013


SWEDBANK ROBUR FONDE n/a Co File 141'913'401 4.66 - 31.12.2011 Investment Advisor


SEB n/a ULT-AGG 89'710'312 2.95 (2'445'742) 31.03.2013 Unclassified

AMF FONDER AB n/a Co File 75'600'000 2.48 - 31.12.2011 Investment Advisor

NORGES BANK INVESTME n/a Co File 69'572'027 2.29 - 31.12.2011 Government

OPPENHEIMERFUNDS INC n/a Co File 67'628'249 2.22 - 31.12.2011 Investment Advisor

ABERDEEN ASSET MANAG n/a Co File 58'953'636 1.94 - 31.12.2011 Investment Advisor

INVESTOR AB n/a Co File 58'709'995 1.93 - 31.12.2011 Investment Advisor

DODGE & COX n/a Co File 54'067'771 1.78 - 31.12.2011 Investment Advisor

HANDELSBANKEN FONDER n/a Co File 54'063'621 1.78 - 31.12.2011 Investment Advisor



FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 34'211'824 1.12 702'957 31.03.2013 Investment Advisor


ORBIS HOLDINGS LIMIT Multiple Portfolios MF-AGG 25'562'957 0.84 (8'988'043) 27.06.2013 Investment Advisor

NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 22'561'543 0.74 (470'973) 30.08.2013 Investment Advisor


SPP FONDER AB Multiple Portfolios MF-AGG 18'209'026 0.6 462'381 31.03.2013 Investment Advisor

PLATINUM INVESTMENT Multiple Portfolios MF-AGG 17'915'222 0.59 (377'850) 31.08.2013 Hedge Fund Manager

AFA FORSAKRINGAR n/a Co File 15'779'975 0.52 - 31.12.2011 Insurance Company


SEB Enskilda ANDREAS JOELSSON buy 5 M 102 Not Provided 27.09.2013

Carnegie LENA OSTERBERG buy 5 M #N/A N/A Not Provided 27.09.2013

HSBC RICHARD DINEEN overweight 5 M 105 Not Provided 23.09.2013

DNB Markets FREDRIK THORESEN hold 3 D 92 Not Provided 20.09.2013

Danske Markets ILKKA RAUVOLA sell 1 M 70 12 month 20.09.2013

Natixis ERIC BEAUDET buy 5 M 105 Not Provided 19.09.2013


Morgan Stanley FRANCOIS MEUNIER Overwt/In-Line 5 M 108 12 month 15.09.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 D 93 Not Provided 13.09.2013

Nordea Equity Research DANIEL DJURBERG sell 1 M 70 12 month 12.09.2013


Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 115 12 month 11.09.2013


Berenberg Bank ADNAAN AHMAD buy 5 M 108 Not Provided 11.09.2013

Swedbank HAKAN WRANNE neutral 3 D 87 12 month 11.09.2013

Exane BNP Paribas ALEXANDER PETERC outperform 5 M 95 Not Provided 10.09.2013

Credit Suisse ACHAL SULTANIA outperform 5 U 100 Not Provided 06.09.2013

Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 100 12 month 04.09.2013

Nomura STUART JEFFREY buy 5 M 88 12 month 04.09.2013


Deutsche Bank KAI KORSCHELT buy 5 M 88 12 month 27.08.2013

Societe Generale ANDY PERKINS sell 1 M 70 12 month 06.08.2013


Pohjola Bank Plc (ESN) HANNU RAUHALA buy 5 M 102 12 month 22.07.2013

Kepler Cheuvreux SEBASTIEN SZTABOWICZ buy 5 M 95 Not Provided 22.07.2013

UBS GARETH JENKINS neutral 3 M 77 12 month 19.07.2013

JPMorgan SANDEEP S DESHPANDE overweight 5 M 90 3 month 19.07.2013

Oddo & Cie VINCENT MAULAY neutral 3 M 80 Not Provided 19.07.2013

Handelsbanken FREDRIK LITHELL reduce 2 M 66 12 month 19.07.2013

Liberum Capital Ltd JANARDAN MENON buy 5 M 90 Not Provided 19.07.2013

Barclays ANDREW M GARDINER equalweight 3 M 65 Not Provided 19.07.2013

Grupo Santander CARLOS JAVIER TREVINO hold 3 M 88 12 month 18.07.2013

ABG Sundal Collier PER LINDBERG buy 5 M 90 6 month 18.07.2013

Pareto Securities ERIK PAULSSON hold 3 M 85 6 month 18.07.2013

S&P Capital IQ JAMES CRAWSHAW buy 5 D 90 12 month 18.07.2013

Jyske Bank ROBERT JAKOBSEN sell 1 D 70 Not Provided 26.03.2012

Holdings By:

Telefonaktiebolaget LM Ericsson ee


30.09.2013

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

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

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

international markets.


LTM as of: 06/yy

52-Week High (19.09.2013) 18.30

52-Week Low (11.10.2012) 11.36

Daily Volume

17.03





40'740.43 1 Yr Total Return 54.24%







CS FP EQUITY YTD Change - Average Volume 30 Day 6'578'042

CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 6'164'237


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

51'235.0 122'704.0 117'414.0 98'334.0 116'202.0 0.0 0.0 100'861.1 103'380.3 - -

0.62x 0.36x 0.29x 0.18x 0.21x #DIV/0! #DIV/0! 0.52x 0.57x - -

- - - - - 0.0 0.0 - - - -

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

923.0 3'606.0 2'749.0 4'324.0 4'152.0 0.0 0.0 4'887.0 5'221.1 - -

51.67x 10.60x 12.33x 5.88x 8.10x 0.00x 0.00x 8.39x 7.87x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AXA SAPrice/Volume

Valuation Analysis

3'365'090.00


!.135

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


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

1 !!

1 2!

2 !!

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



30.09.2013


MUTUELLES AXA n/a Co File 342'767'775 14.33 - 31.12.2012 Insurance Company














LBPAM Multiple Portfolios MF-AGG 11'827'759 0.49 93'680 28.03.2013 Investment Advisor







Berenberg Bank PETER ELIOT buy 5 U 20 Not Provided 26.09.2013

AlphaValue JEROME CASSAGNE add 4 M 20 6 month 26.09.2013

Morgan Stanley JON HOCKING Overwt/In-Line 5 M 19 12 month 18.09.2013


Goldman Sachs WILLIAM ELDERKIN Buy/Neutral 5 M 22 12 month 17.09.2013

Natixis BENOIT VALLEAUX buy 5 M 21 Not Provided 17.09.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 M 21 Not Provided 12.09.2013

Main First Bank AG FEDERICO SALERNO underperform 1 M 16 12 month 09.09.2013


Raymond James RAPHAEL CARUSO strong buy 5 M 21 12 month 22.08.2013



Societe Generale NICK HOLMES buy 5 M 23 12 month 09.08.2013


Credit Suisse RICHARD BURDEN outperform 5 M 20 Not Provided 06.08.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 D 19 12 month 06.08.2013

HSBC KAILESH MISTRY overweight 5 M 21 Not Provided 05.08.2013




Deutsche Bank OLIVER STEEL buy 5 M 20 12 month 02.08.2013

RBC Capital Markets GORDON AITKEN sector perform 3 M 15 12 month 02.08.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 19 Not Provided 02.08.2013

CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 19 12 month 02.08.2013


Nomura MICHAEL KLIEN buy 5 M 23 12 month 02.08.2013

S&P Capital IQ RODERICK WALLACE buy 5 M 20 12 month 02.08.2013

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 14 3 month 29.07.2013

Barclays CLAUDIA GASPARI underweight 1 M 15 Not Provided 22.07.2013

Macquarie NEIL WELCH neutral 3 D 16 12 month 13.07.2013

Mediobanca SpA MARC THIELE neutral 3 D 17 6 month 20.06.2013

Hammer Partners SA ENRICO RACIOPPI buy 5 N 21 Not Provided 25.03.2013


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

BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011

Holdings By:

AXA SA ee


30.09.2013

Zurich Insurance Group AG provides insurance-based financial services. The

Company offers general and life insurance products and services for individuals,

small businesses, commercial enterprises, mid-sized and large corporations, and

multinational companies.


LTM as of: 06/yy

52-Week High (15.05.2013) 270.90

52-Week Low (16.11.2012) 205.94

Daily Volume

232.4





34'464.95 1 Yr Total Return 6.01%







ZURN VX EQUITY YTD Change - Average Volume 30 Day 538'749

ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 423'098


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

32'331.0 70'123.0 67'819.0 52'978.0 70'446.0 57'825.0 71'670.0 58'779.0 59'959.4 - -

0.99x 0.50x 0.64x 0.73x 0.64x 2.74x 2.52x 0.90x 0.88x - -

- - - - - 0.0 0.0 - - - -

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

3'039.0 3'963.0 3'428.0 3'750.0 3'878.0 4'006.0 3'505.0 4'113.7 4'370.9 973.3 948.3

9.86x 7.83x 10.92x 8.80x 10.08x 8.20x 10.84x 9.47x 8.84x 8.57x 8.11x

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.18







Fiscal Year Ended

Zurich Insurance Group AGPrice/Volume

Valuation Analysis

227'010.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!

-!!

-2!

.!!

.2!

0!!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



30.09.2013





CREDIT SUISSE n/a EXCH 2'525'492 1.7 787 23.03.2010 Investment Advisor







PICTET FUNDS n/a ULT-AGG 790'605 0.53 (14'638) 31.05.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 788'348 0.53 31'432 31.07.2013 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716'240 0.48 (13'585) 31.03.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 606'910 0.41 93'692 27.09.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 569'132 0.38 2'471 31.07.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 491'146 0.33 (4'854) 28.03.2013 Investment Advisor

DIMENSIONAL FUND ADV n/a ULT-AGG 477'153 0.32 3'271 31.07.2013 Investment Advisor

WADDELL & REED FINAN n/a ULT-AGG 433'600 0.29 433'600 30.06.2013 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 389'064 0.26 - 31.07.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 381'497 0.26 (4'502) 30.06.2013 Investment Advisor


Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 250 12 month 26.09.2013

Berenberg Bank PETER ELIOT buy 5 M 275 Not Provided 26.09.2013


AlphaValue DIETER HEIN buy 5 M 312 6 month 26.09.2013

Canaccord Genuity Corp BEN COHEN hold 3 M 245 12 month 20.09.2013


Morgan Stanley MARCUS RIVALDI Equalwt/In-Line 3 M 246 12 month 18.09.2013



Main First Bank AG RENE LOCHER underperform 1 M 265 12 month 09.09.2013

Raymond James RAPHAEL CARUSO outperform 5 M 272 12 month 02.09.2013

Banca Akros(ESN) MARCO CAVALLERI hold 3 M 245 12 month 02.09.2013

Nomura MICHAEL KLIEN neutral 3 M 280 12 month 30.08.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 U 230 Not Provided 29.08.2013

Exane BNP Paribas NICCOLO DALLA PALMA outperform 5 M 296 Not Provided 22.08.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 290 12 month 21.08.2013

Barclays ANDREW BROADFIELD equalweight 3 U 224 Not Provided 21.08.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 265 12 month 19.08.2013

HSBC DHRUV GAHLAUT neutral 3 M 260 Not Provided 19.08.2013


Bank am Bellevue ANDREAS FRICK hold 3 M 240 Not Provided 16.08.2013

Credit Suisse RICHARD BURDEN neutral 3 M 273 Not Provided 16.08.2013

Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 260 Not Provided 16.08.2013


Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 15.08.2013

Oddo & Cie NICOLAS JACOB buy 5 M 300 Not Provided 15.08.2013


S&P Capital IQ RODERICK WALLACE hold 3 U 245 12 month 15.08.2013

DZ Bank AG THORSTEN WENZEL sell 1 M 235 Not Provided 15.08.2013

Deutsche Bank OLIVER STEEL hold 3 M 265 12 month 25.07.2013


UBS JAMES SHUCK neutral 3 M 250 12 month 09.07.2013

Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 20.06.2013

JPMorgan MICHAEL HUTTNER underweight 1 D 240 3 month 07.06.2013

Societe Generale JASON KALAMBOUSSIS hold 3 M 252 12 month 20.05.2013

Holdings By:

Zurich Insurance Group AG ee


30.09.2013

Syngenta AG produces crop protection products and seeds. The Company produces

herbicides, insecticides and fungicides, and seeds for field crops, vegetables,

and flowers.


LTM as of: 06/yy

52-Week High (15.03.2013) 416.00

52-Week Low (23.10.2012) 341.00

Daily Volume

366.4





34'121.42 1 Yr Total Return 6.77%







SYNN VX EQUITY YTD Change - Average Volume 30 Day 183'223

SYNN VX EQUITY YTD % CHANGE - Average Volume 3 Month 210'605


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 06/13 Q2 09/13 Q3

11'624.0 10'992.0 11'641.0 13'268.0 14'202.0 8'265.0 14'327.0 15'041.4 16'062.4 4'062.5 2'922.4

1.71x 2.56x 2.45x 2.11x 2.72x 0.00x 0.00x 2.60x 2.40x - -

2'495.0 2'368.0 2'460.0 2'889.0 3'148.0 0.0 0.0 3'313.7 3'662.7 - -

7.99x 11.86x 11.60x 9.69x 12.26x 0.00x 0.00x 12.33x 11.16x - -

1'385.0 1'371.0 1'397.0 1'599.0 1'872.0 0.0 0.0 2'171.7 2'418.5 1'867.0 -

12.86x 19.06x 19.37x 16.84x 19.65x 0.00x 0.00x 17.40x 15.44x - -











EBITDA Margin 21.3%



Asset Turnover 0.71







Fiscal Year Ended

Syngenta AGPrice/Volume

Valuation Analysis

176'576.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!

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- E

. E

0 E

1 E

2 E

3 E

4 E

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 !!

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30.09.2013




BANK OF NEW YORK n/a EXCH 4'254'126 4.57 346'967 31.08.2013 Investment Advisor






THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'072'410 1.15 88'036 31.07.2013 Investment Advisor


JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 646'762 0.69 (14'044) 31.07.2013 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 536'300 0.58 (76'790) 31.12.2012 Investment Advisor

THREADNEEDLE n/a ULT-AGG 517'654 0.56 100'622 31.05.2013 Unclassified


INVESCO LTD n/a ULT-AGG 374'611 0.4 (2'883) 27.09.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 296'779 0.32 103'930 31.07.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 282'549 0.3 (310'200) 30.06.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 281'193 0.3 70'471 30.06.2013 Investment Advisor

FLEXSHARES TRUST Multiple Portfolios MF-AGG 274'611 0.29 17'865 31.08.2013 Investment Advisor


Sanford C. Bernstein & Co JEREMY REDENIUS underperform 1 M 313 12 month 27.09.2013

Canaccord Genuity Corp PAUL W SATCHELL buy 5 M 430 12 month 27.09.2013

AlphaValue FABRICE FARIGOULE buy 5 M 466 6 month 19.09.2013

Credit Suisse CHRIS COUNIHAN outperform 5 M 420 Not Provided 18.09.2013

Exane BNP Paribas JAMES KNIGHT neutral 3 M 371 Not Provided 13.09.2013


Liberum Capital Ltd SOPHIE JOURDIER hold 3 M 400 Not Provided 05.09.2013

JPMorgan MARTIN EVANS neutral 3 M 376 15 month 04.09.2013


Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 500 12 month 30.08.2013

Deutsche Bank VIRGINIE BOUCHER-FERTE buy 5 M 430 12 month 22.08.2013

Bank Vontobel AG PATRICK RAFAISZ hold 3 M 390 Not Provided 19.08.2013

Bank am Bellevue BRUNO ESCHLI buy 5 M 435 Not Provided 15.08.2013

Main First Bank AG RONALD KOEHLER outperform 5 M 415 12 month 14.08.2013

Equita SIM SpA MASSIMO BONISOLI hold 3 M 390 12 month 13.08.2013

Kepler Cheuvreux MARTIN ROEDIGER buy 5 M 410 Not Provided 05.08.2013

EVA Dimensions TIMOTHY STANISH hold 3 D #N/A N/A Not Provided 30.07.2013

UBS THOMAS GILBERT sell 1 M 330 12 month 29.07.2013


Barclays ANDREAS HEINE equalweight 3 M 389 Not Provided 25.07.2013

Morgan Stanley PAUL RICHARD WALSH Equalwt/In-Line 3 M 380 12 month 24.07.2013


Nomura PATRICK LAMBERT buy 5 M 488 12 month 24.07.2013

S&P Capital IQ JACOB THRANE hold 3 M 395 12 month 24.07.2013

HSBC GEOFF HAIRE neutral 3 M 420 Not Provided 12.07.2013

Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 510 Not Provided 02.07.2013

Redburn Partners TONY JONES buy 5 M #N/A N/A Not Provided 01.07.2013

Zuercher Kantonalbank MARTIN SCHREIBER outperform 5 U #N/A N/A Not Provided 27.06.2013

Holdings By:

Syngenta AG ee


30.09.2013

Linde AG is a gases and engineering company. The Gases Division offers a wide

range of industrial and medical gases mainly used in energy sector, steel

production, chemical processing, as well as in food processing. The Engineering

Division develops olefin plants, natural gas plants and air separation plants,

as well as hydrogen and synthesis gas plants.


LTM as of: 06/yy

52-Week High (28.05.2013) 154.80

52-Week Low (16.11.2012) 125.00

Daily Volume

145.45





26'941.03 1 Yr Total Return 10.51%







LIN GY EQUITY YTD Change - Average Volume 30 Day 380'144

LIN GY EQUITY YTD % CHANGE - Average Volume 3 Month 382'999


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

12'663.0 11'211.0 12'868.0 13'787.0 15'280.0 14'438.0 16'313.0 17'090.1 18'215.0 4'259.5 4'458.3

1.34x 1.86x 1.97x 1.88x 2.17x 7.44x 8.62x 2.07x 1.91x 8.52x 8.07x

2'468.0 2'320.0 2'847.0 3'101.0 3'443.0 3'299.0 3'785.0 4'037.3 4'361.9 1'016.8 1'036.6

6.86x 8.97x 8.92x 8.37x 9.63x 8.66x 9.64x 9.11x 8.43x - -

717.0 591.0 1'005.0 1'174.0 1'250.0 1'194.0 1'319.0 1'480.2 1'681.6 364.5 369.0

14.02x 23.98x 19.12x 16.71x 18.78x 17.54x 20.10x 17.48x 15.52x - -











EBITDA Margin 23.2%



Asset Turnover 0.51








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Linde AGPrice/Volume

Valuation Analysis

166'040.00


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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

! !!

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30.09.2013






CREDIT SUISSE AG n/a ULT-AGG 5'138'495 2.77 - 31.05.2013 Investment Advisor







ALLIANZ ASSET MANAGE n/a ULT-AGG 1'844'783 1 45 31.08.2013 Investment Advisor





MORGAN STANLEY n/a ULT-AGG 832'256 0.45 (248) 30.06.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 820'205 0.44 - 30.06.2013 Investment Advisor

MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 716'112 0.39 (176) 31.07.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 677'872 0.37 (1'834) 31.07.2013 Investment Advisor


Bankhaus Lampe HEIKO FEBER buy 5 M 168 Not Provided 30.09.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA accumulate 4 M 160 12 month 30.09.2013



Canaccord Genuity Corp PAUL W SATCHELL hold 3 M 141 12 month 27.09.2013

Baader Bank NORBERT BARTH buy 5 M 164 12 month 26.09.2013

Exane BNP Paribas HEIDI VESTERINEN neutral 3 M 143 Not Provided 26.09.2013


AlphaValue HANS-PETER WODNIOK add 4 M 168 6 month 12.09.2013

Societe Generale PETER CLARK buy 5 M 165 12 month 11.09.2013

Main First Bank AG THOMAS SWOBODA outperform 5 M 170 12 month 11.09.2013


JPMorgan MARCUS DIEBEL neutral 3 M 177 15 month 04.09.2013


Goldman Sachs RAKESH PATEL Buy/Neutral 5 M 187 12 month 30.08.2013

Commerzbank Corporates & Markets STEPHAN KIPPE buy 5 M 174 6 month 28.08.2013




Jefferies LAURENCE ALEXANDER buy 5 M 164 12 month 06.08.2013



HSBC SEBASTIAN SATZ overweight 5 M 166 Not Provided 31.07.2013

M.M. Warburg Investment Research EGGERT KULS buy 5 M 170 12 month 31.07.2013

Natixis FREDERIC WILLIAMS-GOBEAUX neutral 3 M 147 6 month 31.07.2013

Nomura JEAN DE WATTEVILLE neutral 3 M 155 Not Provided 31.07.2013

SRH AlsterResearch CARSTEN MAINITZ buy 5 M 180 12 month 31.07.2013

Morgan Stanley PETER MACKEY Equalwt/In-Line 3 M 155 12 month 30.07.2013

Nord/LB THORSTEN STRAUSS buy 5 M 170 12 month 30.07.2013

Credit Suisse CHRIS COUNIHAN underperform 1 M 140 Not Provided 30.07.2013

S&P Capital IQ JOHNSON IMODE buy 5 M 160 12 month 30.07.2013

Bankhaus Metzler LARS HETTCHE buy 5 M 156 12 month 24.07.2013

Berenberg Bank JOHN PHILIPP KLEIN buy 5 M 175 Not Provided 23.07.2013

Barclays GUNTHER ZECHMANN equalweight 3 M 150 Not Provided 17.07.2013

EVA Dimensions TIMOTHY STANISH sell 1 M #N/A N/A Not Provided 06.06.2013


Liberum Capital Ltd ADAM COLLINS buy 5 M 156 Not Provided 23.04.2013

Equita SIM SpA MASSIMO BONISOLI buy 5 M 160 12 month 08.03.2013


Alembic Global Advisors HASSAN I AHMED neutral 3 M 120 12 month 15.10.2012

Redburn Partners TONY JONES neutral 3 M #N/A N/A Not Provided 08.10.2012

Holdings By:

Linde AG ee


30.09.2013

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

2276





22'060.23 1 Yr Total Return 4.04%







IMT LN EQUITY YTD Change - Average Volume 30 Day 1'928'708

IMT LN EQUITY YTD % CHANGE - Average Volume 3 Month 2'064'477


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 - - 3.94x 3.82x - -

1'958.0 3'158.0 3'307.0 3'260.0 3'322.0 - - 3'377.2 3'491.9 - -

15.29x 9.34x 8.75x 9.53x 9.54x - - 9.82x 9.50x - -

428.0 663.0 1'505.0 1'796.0 678.0 - - 2'043.4 2'138.5 - -

35.54x 27.61x 12.78x 12.26x 33.65x - - 10.87x 10.23x - -











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

407'880.00


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1 ! E

2 ! E

3 ! E

4 ! E

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

! !!

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30.09.2013



INVESCO LTD n/a ULT-AGG 61'000'000 6.29 - 30.10.2012 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

Credit Suisse ROGERIO FUJIMORI outperform 5 M 2'700 Not Provided 02.09.2013

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


30.09.2013

Societe Generale attracts deposits and offers commercial, retail, investment,

and private banking services. The Bank offers consumer credit, vehicle lease

financing, information technology equipment leasing, life and non-life

insurance, custodian services, trade and project financing, currency exchange,

treasury services, and financial and commodities futures brokerage services.


LTM as of: 06/yy

52-Week High (19.09.2013) 38.94

52-Week Low (01.10.2012) 22.02

Daily Volume

36.545





29'186.89 1 Yr Total Return 67.76%





Enterprise Value -


GLE FP EQUITY YTD Change - Average Volume 30 Day 4'732'854

GLE FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'138'507


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

57'829.0 43'984.0 45'295.0 48'549.0 44'240.0 6'504.0 21'337.0 23'091.5 24'532.9 5'863.7 5'919.5

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

- - - - - 0.0 0.0 - - - -

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

2'010.0 678.0 3'917.0 2'385.0 774.0 1'893.0 928.0 2'652.4 3'391.2 706.5 631.0

10.65x 108.78x 8.11x 5.38x 44.28x 7.39x 22.33x 10.78x 8.46x - -








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

Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover -







Fiscal Year Ended

Societe Generale SAPrice/Volume

Valuation Analysis

1'871'487.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! .!

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- .!



30.09.2013


SOC GEN ESOP n/a Co File 59'344'358 7.43 - 31.12.2012 n/a


LYXOR INTERNATIONAL n/a Research 50'619'422 6.34 - 26.09.2011 Investment Advisor




MEIJI YASUDA LIFE IN n/a Co File 11'069'312 1.39 - 31.12.2012 Insurance Company

SOCIETE GENERALE n/a Co File 8'987'016 1.13 - 31.12.2012 Bank


FRANKLIN RESOURCES n/a ULT-AGG 7'992'124 1 5'707'917 30.06.2013 Investment Advisor

CNP ASSURANCES n/a Co File 7'769'307 0.97 - 31.12.2012 Insurance Company




JANUS CAPITAL MANAGE n/a ULT-AGG 3'557'663 0.45 (467'389) 30.06.2013 Investment Advisor







Natixis ALEX KOAGNE buy 5 M 46 Not Provided 30.09.2013

Exane BNP Paribas GUILLAUME TIBERGHIEN outperform 5 M 38 Not Provided 27.09.2013

AlphaValue CHRISTOPHE NIJDAM add 4 M 40 6 month 26.09.2013

Kepler Cheuvreux CYRIL MEILLAND reduce 2 D 41 Not Provided 24.09.2013

Nomura JON PEACE buy 5 M 45 Not Provided 23.09.2013

Macquarie PIERS BROWN underperform 1 M 32 12 month 18.09.2013

Morgan Stanley SARA MINELLI Equalwt/In-Line 3 M 44 12 month 16.09.2013



Keefe, Bruyette & Woods JEAN-PIERRE LAMBERT outperform 5 M 50 12 month 12.09.2013

JPMorgan DELPHINE LEE overweight 5 M 39 15 month 11.09.2013

Mediobanca SpA ANTONIO GUGLIELMI neutral 3 M 36 12 month 09.09.2013


Jefferies OMAR FALL hold 3 N 38 12 month 03.09.2013

Credit Suisse MAXENCE LE GOUVELLO outperform 5 M 43 Not Provided 02.09.2013



Barclays KIRI VIJAYARAJAH equalweight 3 M 38 Not Provided 14.08.2013

HSBC ROBIN DOWN overweight 5 M 45 Not Provided 13.08.2013

Grupo Santander AURELIA FAURE buy 5 M 38 Not Provided 06.08.2013

RBC Capital Markets ANKE REINGEN sector perform 3 M 37 12 month 02.08.2013

UBS NICK DAVEY sell 1 M 26 12 month 02.08.2013

Main First Bank AG FEDERICO SALERNO underperform 1 D 34 12 month 02.08.2013

Deutsche Bank FLORA BENHAKOUN buy 5 U 40 12 month 01.08.2013


CM - CIC Securities(ESN) PIERRE CHEDEVILLE accumulate 4 M 37 12 month 01.08.2013

S&P Capital IQ WILLIAM HOWLETT strong buy 5 U 40 12 month 01.08.2013

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


Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 U 42 12 month 03.06.2013

Espirito Santo Investment Bank ResearchANDREW LIM buy 5 U 40 Not Provided 13.05.2013


Banco Sabadell MARIO LODOS buy 5 M 32 Not Provided 30.07.2012


Holdings By:

Societe Generale SA ee


30.09.2013

European Aeronautic Defence and Space Company manufactures airplanes and

military equipment. The Company produces commercial aircraft including the

Airbus, military fighter aircraft, military and commercial helicopters,

missiles, satellites, and telecommunications and defense systems, and offers

military and commercial aircraft conversion and maintenance services.


LTM as of: 06/yy

52-Week High (27.09.2013) 47.74

52-Week Low (23.11.2012) 24.26

Daily Volume

46.725





36'809.65 1 Yr Total Return 92.00%







EAD FP EQUITY YTD Change - Average Volume 30 Day 2'033'042

EAD FP EQUITY YTD % CHANGE - Average Volume 3 Month 2'164'843


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

43'265.0 42'822.0 45'752.0 49'128.0 56'480.0 52'126.0 57'878.0 58'608.1 62'394.3 13'318.7 17'854.3

0.09x 0.13x 0.17x 0.31x 0.32x 1.33x 1.68x 0.56x 0.53x 2.40x 1.54x

4'136.0 1'236.0 2'500.0 3'172.0 3'927.0 3'881.0 4'361.0 5'531.4 6'531.0 1'288.5 1'835.0

0.89x 4.62x 3.02x 4.81x 4.58x 5.08x 7.33x 6.40x 5.42x - -

1'572.0 (763.0) 553.0 1'033.0 1'228.0 1'503.0 1'393.0 2'082.3 2'691.3 454.0 761.0

6.17x - 25.65x 19.02x 19.67x 15.26x 24.08x 17.39x 12.84x 18.88x 19.72x











EBITDA Margin 7.5%



Asset Turnover 0.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

European Aeronautic Defence and Space Co NVPrice/Volume

Valuation Analysis

806'142.00


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2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

2 !!

-! !!

-2 !!

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02 !!

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30.09.2013


FRENCH STATE n/a Research 112'072'054 14.23 (12'977'088) 16.04.2013 Government

FEDERAL REPUBLIC OF n/a Research 83'837'750 10.64 61'112'568 02.04.2013 Government

EUROPEAN AERONAUTIC n/a Research 49'001'830 6.22 - 17.04.2013 Corporation


SOCIEDAD ESTATAL DE n/a Research 34'687'784 4.4 (53'355) 04.04.2013 Government


VNESHECONOMBANK n/a Research 22'614'753 2.87 - 26.07.2013 Government

CAISSE DES DEPOTS ET n/a RNS-RUL8 15'584'382 1.98 - 25.09.2012 Government

AMUNDI SA n/a RNS-RUL8 15'385'347 1.95 (2'721) 10.10.2012 Other


VIKING GLOBAL INVEST n/a RNS-RUL8 11'930'093 1.51 (1'079'438) 10.10.2012 Hedge Fund Manager


OLD MUTUAL n/a ULT-AGG 9'409'523 1.19 (18'074) 31.08.2013 Unclassified

OPPENHEIMERFUNDS INC n/a RNS-RUL8 9'211'702 1.17 (9'990) 05.10.2012 Investment Advisor








RBC Capital Markets ROBERT STALLARD outperform 5 M 52 12 month 30.09.2013

Exane BNP Paribas OLIVIER BROCHET outperform 5 M 64 Not Provided 27.09.2013

Bankhaus Lampe SEBASTIAN HEIN buy 5 M 53 12 month 26.09.2013

Oddo & Cie YAN DEROCLES buy 5 M 50 Not Provided 26.09.2013

AlphaValue THOMAS PICHERIT buy 5 M 60 6 month 26.09.2013

UBS CHARLES ARMITAGE buy 5 M 55 12 month 25.09.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 46 12 month 25.09.2013

Kepler Cheuvreux CHRISTOPHE MENARD buy 5 M 57 Not Provided 20.09.2013

Cantor Fitzgerald ANDREW CHAMBERS buy 5 M 55 Not Provided 19.09.2013

Investec ANDREW GOLLAN buy 5 M 50 12 month 18.09.2013

Jefferies SANDY MORRIS buy 5 M 45 12 month 11.09.2013

Espirito Santo Investment Bank ResearchEDWARD STACEY sell 1 M 31 Not Provided 02.09.2013

Day by Day VALERIE GASTALDY sell 1 D 36 3 month 20.08.2013

Deutsche Bank BEN FIDLER buy 5 M 55 12 month 19.08.2013

Hamburger Sparkasse INGO SCHMIDT sell 1 M #N/A N/A Not Provided 12.08.2013

Morgan Stanley RUPINDER VIG Overwt/In-Line 5 M 54 12 month 06.08.2013

Nord/LB WOLFGANG DONIE buy 5 U 53 12 month 05.08.2013

Societe Generale ZAFAR KHAN buy 5 M 53 12 month 01.08.2013

Commerzbank Corporates & Markets STEPHAN BOEHM buy 5 M 53 6 month 01.08.2013

CM - CIC Securities(ESN) HARALD LIBERGE-DONDOUX reduce 2 M 34 12 month 01.08.2013

DZ Bank AG MARKUS TURNWALD buy 5 M 51 Not Provided 01.08.2013

JPMorgan DAVID H PERRY overweight 5 M 67 15 month 31.07.2013

Landesbank Baden-Wuerttemberg STEFAN MAICHL buy 5 M 50 Not Provided 31.07.2013


S&P Capital IQ UNAI FRANCO strong buy 5 M 53 12 month 31.07.2013


Barclays CARTER COPELAND overweight 5 M 49 Not Provided 15.05.2013

Gabelli & Co JAMES FOUNG hold 3 M #N/A N/A Not Provided 10.10.2011

Holdings By:

European Aeronautic Defence and Space Co NV ee


30.09.2013

Nordea Bank AB is a financial services group that provides banking services,

financial solutions, and related advisory services. The Group attracts deposits

and offers credit, investment banking, securities trading, and insurance

products to private individuals, companies, institutions, and the public sector.

Nordea services the Scandinavian countries and the Baltic Sea region.


LTM as of: 06/yy

52-Week High (02.08.2013) 85.00

52-Week Low (16.11.2012) 57.50

Daily Volume

77.2





312'656.28 1 Yr Total Return 23.37%





Enterprise Value -


NDA SS EQUITY YTD Change - Average Volume 30 Day 10'257'260

NDA SS EQUITY YTD % CHANGE - Average Volume 3 Month 8'033'791


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

20'485.0 15'492.0 14'595.0 16'685.0 17'457.0 17'228.0 16'723.0 10'118.8 10'568.5 2'521.1 2'601.8

- - - - - 0.00x 0.00x -64.44x -62.92x - -

- - - - - 0.0 0.0 - - - -

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

2'671.0 2'314.0 2'657.0 2'627.0 3'119.0 2'782.0 3'092.0 3'229.9 3'611.6 821.0 855.1

4.84x 11.79x 12.35x 9.15x 9.30x 9.86x 11.06x 11.15x 9.93x 10.77x 10.41x


EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03







Fiscal Year Ended

Nordea Bank ABPrice/Volume

Valuation Analysis

4'740'274.00


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--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

.! ! E

1! ! E

3! ! E

5! ! E

-!! ! E

-.! ! E

-1! ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

1! !!

12 !!

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



30.09.2013


SAMPO OYJ n/a Research 866'689'708 21.4 - 31.05.2013 Insurance Company

NORDEA FONDER AB/SWE n/a Research 157'948'124 3.9 - 31.05.2013 Investment Advisor


AMF PENSION n/a Research 85'048'990 2.1 - 31.05.2013 Pension Fund (ERISA)

NORWEGIAN PETROLEUM n/a Research 76'949'086 1.9 - 31.05.2013 n/a


SHB FUNDS n/a Research 64'799'230 1.6 - 31.05.2013 n/a





HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 40'705'230 1.01 (767'524) 30.08.2013 Investment Advisor

AFA INSURANCE n/a Research 36'449'567 0.9 - 31.05.2013 Insurance Company



VARMA MUTUAL PENSION n/a Research 32'399'615 0.8 - 31.05.2013 Insurance Company


NORDEA FUNDS n/a Research 28'349'663 0.7 - 31.05.2013 n/a

FORSTA AP FONDEN n/a Research 28'349'663 0.7 - 31.05.2013 Investment Advisor

SKANDIA LIV n/a Research 28'349'663 0.7 - 31.05.2013 Pension Fund (ERISA)


Exane BNP Paribas ANDREAS HAKANSSON neutral 3 M 77 Not Provided 27.09.2013

Kepler Cheuvreux MATS ANDERSON buy 5 M 90 Not Provided 26.09.2013

Nomura OMAR KEENAN buy 5 M 86 12 month 26.09.2013

AlphaValue CHRISTOPHE NIJDAM reduce 2 M 78 6 month 26.09.2013

Keefe, Bruyette & Woods RONNY REHN outperform 5 U 86 12 month 25.09.2013

HSBC CARLO DIGRANDI overweight 5 U 88 Not Provided 25.09.2013

SEB Enskilda MASIH YAZDI buy 5 M 88 Not Provided 23.09.2013

Morgan Stanley ALVARO SERRANO Equalwt/In-Line 3 M 87 12 month 16.09.2013

UBS NICK DAVEY buy 5 M 94 12 month 11.09.2013

JPMorgan SOFIE PETERZENS overweight 5 M 97 18 month 11.09.2013

Handelsbanken MATTI AHOKAS buy 5 M 96 12 month 09.09.2013

Berenberg Bank NICK ANDERSON buy 5 M 85 Not Provided 05.09.2013

Pareto Securities JON DAVID GJERTSEN buy 5 M 94 6 month 26.08.2013

Barclays CHRISTOFFER ROSQUIST overweight 5 M 93 Not Provided 05.08.2013


Macquarie EDWARD FIRTH neutral 3 M 84 12 month 19.07.2013

Alm Brand Markets JESPER CHRISTENSEN neutral 3 M 83 12 month 18.07.2013

ABG Sundal Collier MAGNUS ANDERSSON buy 5 M 90 6 month 18.07.2013

Carnegie TOBIAS KAJ buy 5 M #N/A N/A Not Provided 18.07.2013

DNB Markets HAKON FURE buy 5 M 85 Not Provided 18.07.2013


SpareBank 1 Markets AS NILS CHRISTIAN OYEN buy 5 M 85 12 month 17.07.2013

Arctic Securities ASA FRIDTJOF BERENTS buy 5 M 85 Not Provided 17.07.2013

Danske Markets PER GRONBORG hold 3 M 82 12 month 17.07.2013

Swedbank First Securities BENGT KIRKOEN buy 5 M 90 Not Provided 17.07.2013

NYKREDIT RICKY S RASMUSSEN neutral 3 M #N/A N/A Not Provided 15.07.2013

RBC Capital Markets CLAIRE KANE outperform 5 M 78 12 month 09.07.2013

Makor Capital ALBERT SAPORTA sell 1 N #N/A N/A Not Provided 04.07.2013

Goldman Sachs PAWEL DZIEDZIC neutral/neutral 3 D 90 12 month 09.06.2013

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

Jyske Bank CHRISTIAN HEDE strong buy 5 M 98 Not Provided 13.05.2013

Mediobanca SpA RICCARDO ROVERE underperform 1 M 73 Not Provided 25.03.2013

Evli Bank Plc KIMMO RAMA buy 5 U 86 12 month 29.05.2012

Nordea Equity Research MATHS LILJEDAHL not rated #N/A N/A M #N/A N/A Not Provided 16.04.2012

Holdings By:

Nordea Bank AB ee


30.09.2013

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

motorcycles worldwide. The Company produces everything from convertible sports

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


LTM as of: 06/yy

52-Week High (19.09.2013) 82.44

52-Week Low (01.10.2012) 56.51

Daily Volume

79.02





50'688.43 1 Yr Total Return 43.68%







BMW GY EQUITY YTD Change - Average Volume 30 Day 1'435'057

BMW GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'442'081


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

53'197.0 50'681.0 60'477.0 68'821.0 76'848.0 72'391.0 76'451.0 78'457.7 82'569.3 20'993.0 22'876.7

1.19x 1.40x 1.49x 1.31x 1.36x 5.07x 5.27x 0.49x 0.45x - -

4'468.0 9'311.0 12'905.0 15'447.0 16'253.0 16'348.0 16'032.0 12'747.0 13'184.4 - -

14.18x 7.59x 6.99x 5.86x 6.43x 5.77x 6.34x 8.49x 8.20x - -

324.0 204.0 3'227.0 4'881.0 5'096.0 4'596.0 5'173.0 5'237.0 5'362.6 1'396.0 1'530.5

44.10x 102.58x 11.94x 6.95x 9.39x 8.11x 8.54x 10.01x 9.70x - -











EBITDA Margin 21.0%



Asset Turnover 0.59







Fiscal Year Ended

Bayerische Motoren Werke AGPrice/Volume

Valuation Analysis

465'164.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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



30.09.2013


QUANDT STEFAN n/a Co File 104'747'161 17.4 - 31.12.2012 n/a

QUANDT JOHANNA n/a Co File 100'533'195 16.7 - 31.12.2012 n/a

KLATTEN SUSANNE n/a Co File 75'851'392 12.6 - 31.12.2012 n/a




DODGE & COX Multiple Portfolios MF-AGG 7'619'900 1.27 891'400 30.06.2013 Investment Advisor




WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 4'045'326 0.67 541'749 30.06.2013 Investment Advisor

WADDELL & REED FINAN n/a ULT-AGG 3'907'100 0.65 (4'537'600) 30.06.2013 Investment Advisor


BESTINVER GESTION SG Multiple Portfolios MF-AGG 3'773'414 0.63 45'105 31.07.2013 Investment Advisor








Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 90 12 month 27.09.2013

Oddo & Cie FRANCOIS MAURY reduce 2 M 63 Not Provided 26.09.2013

AlphaValue HANS-PETER WODNIOK add 4 M 92 6 month 26.09.2013

Barclays KRISTINA CHURCH overweight 5 M 92 Not Provided 23.09.2013

National Bank AG EKKEHARD D LINK buy 5 M 85 Not Provided 20.09.2013


Commerzbank Corporates & Markets DANIEL SCHWARZ add 4 M 87 6 month 17.09.2013

Natixis GEORGES DIENG neutral 3 M 77 Not Provided 13.09.2013



JPMorgan JOSE ASUMENDI neutral 3 M 78 15 month 06.09.2013

Exane BNP Paribas RABIH FREIHA neutral 3 M 76 Not Provided 06.09.2013

Nomura HARALD C HENDRIKSE buy 5 N 85 Not Provided 05.09.2013

ISI Group ARNDT ELLINGHORST strong buy 5 N 90 12 month 02.09.2013

DZ Bank AG MICHAEL PUNZET buy 5 M 80 Not Provided 27.08.2013

Macquarie CHRISTIAN BREITSPRECHER neutral 3 M 80 12 month 22.08.2013

Baader Bank KLAUS BREITENBACH buy 5 M 80 12 month 08.08.2013


Goldman Sachs STEFAN BURGSTALLER neutral/attractive 3 M 85 12 month 07.08.2013

Nord/LB FRANK SCHWOPE sell 1 M 64 12 month 05.08.2013

Societe Generale PHILIPPE BARRIER buy 5 M 83 12 month 02.08.2013

Kepler Cheuvreux MICHAEL RAAB buy 5 M 88 Not Provided 02.08.2013

Deutsche Bank JOCHEN GEHRKE hold 3 M 68 12 month 01.08.2013


Landesbank Baden-Wuerttemberg FRANK BILLER hold 3 M 72 Not Provided 01.08.2013

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 80 12 month 01.08.2013

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 84 12 month 01.08.2013

Bankhaus Metzler JUERGEN PIEPER sell 1 D 68 12 month 01.08.2013

Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 88 12 month 01.08.2013

S&P Capital IQ RODERICK BRIDGE buy 5 D 80 12 month 01.08.2013

HSBC HORST SCHNEIDER neutral 3 M 79 Not Provided 29.07.2013

Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 100 Not Provided 23.07.2013

Redburn Partners CHARLES WINSTON buy 5 M #N/A N/A Not Provided 14.06.2013

Dr. Kalliwoda Equity Research NORBERT KALLIWODA buy 5 N 82 12 month 13.06.2013

Creative Global Investments CARLO R BESENIUS buy 5 M 87 Not Provided 30.04.2013



Bank of Valletta TEAM COVERAGE neutral 3 M 71 Not Provided 20.03.2013

UBS PHILIPPE HOUCHOIS neutral 3 D 73 12 month 18.02.2013

Cyrrus JIRI SIMARA accumulate 4 M 66 Not Provided 29.10.2012

Holdings By:

Bayerische Motoren Werke AG ee


30.09.2013

Volkswagen AG manufactures economy and luxury automobiles, sports cars, trucks,

and commercial vehicles for sale worldwide. The Company produces the Passat,

Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,

Seat and Skoda, which manufacture and sell cars in Spain and in southern and

eastern Europe, and Lamborghini, which makes sports cars in Italy.


LTM as of: 06/yy

52-Week High (28.01.2013) 187.40

52-Week Low (18.04.2013) 136.60

Daily Volume

172.55





78'691.30 1 Yr Total Return 24.48%







VOW3 GY EQUITY YTD Change - Average Volume 30 Day 999'259

VOW3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 938'980


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

113'808.0 105'187.0 126'875.0 159'337.0 192'676.0 176'948.0 195'985.0 200'490.6 210'458.3 49'458.8 50'520.0

1.22x 0.97x 0.83x 0.77x 0.90x 2.83x 3.35x 0.38x 0.35x - -

14'854.0 10'896.0 16'659.0 21'365.0 24'424.0 23'081.0 24'812.0 23'721.3 26'502.5 - -

9.34x 9.35x 6.29x 5.76x 7.10x 5.98x 6.62x 7.31x 6.54x - -

4'753.0 960.0 6'835.0 15'409.0 21'717.0 17'936.0 17'801.0 10'114.9 11'672.1 - -

20.97x 32.35x 6.98x 3.13x 3.51x 3.06x 3.97x 8.17x 7.06x - -











EBITDA Margin 12.7%



Asset Turnover 0.66







Fiscal Year Ended

Volkswagen AGPrice/Volume

Valuation Analysis

431'638.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

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


0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

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



30.09.2013






CARMIGNAC GESTION Multiple Portfolios MF-AGG 1'684'876 0.99 (308'807) 28.06.2013 Investment Advisor




BG MASTER FUND PLC n/a Short (1'173'985) -0.69 17'015 22.04.2013 Investment Advisor


UNION INVESTMENT GMB Multiple Portfolios MF-AGG 996'683 0.59 (190'153) 28.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 907'527 0.53 (71'295) 31.07.2013 Investment Advisor


ADIG INVESTMENT Multiple Portfolios MF-AGG 784'624 0.46 (12'000) 31.05.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 637'766 0.37 (200'672) 27.09.2013 Investment Advisor

DEKABANK DEUTSCHE GI Multiple Portfolios MF-AGG 619'552 0.36 25'873 30.09.2013 Bank

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 455'360 0.27 20'000 28.06.2013 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 415'306 0.24 936 26.09.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 373'977 0.22 (83'819) 30.06.2013 Investment Advisor


Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 170 12 month 27.09.2013

Oddo & Cie FRANCOIS MAURY neutral 3 M 170 Not Provided 26.09.2013

AlphaValue HANS-PETER WODNIOK reduce 2 U 162 6 month 26.09.2013

JPMorgan JOSE ASUMENDI overweight 5 M 214 15 month 25.09.2013

M.M. Warburg Investment Research MARC-RENE TONN buy 5 M 217 12 month 25.09.2013

Bankhaus Lampe CHRISTIAN LUDWIG buy 5 M 215 12 month 23.09.2013

Barclays MICHAEL TYNDALL overweight 5 M 192 Not Provided 23.09.2013

Berenberg Bank ADAM HULL buy 5 M 240 Not Provided 20.09.2013

Natixis GEORGES DIENG buy 5 M 208 Not Provided 13.09.2013

Commerzbank Corporates & Markets DANIEL SCHWARZ buy 5 M 205 6 month 12.09.2013

Deutsche Bank JOCHEN GEHRKE buy 5 M 240 12 month 10.09.2013


Equinet Institutional Services(ESN) TIM SCHULDT buy 5 M 185 12 month 10.09.2013

Nomura HARALD C HENDRIKSE neutral 3 M 170 12 month 09.09.2013

Main First Bank AG LOTHAR LUBINETZKI outperform 5 M 220 12 month 09.09.2013

Exane BNP Paribas RABIH FREIHA outperform 5 M 212 Not Provided 06.09.2013

Bankhaus Metzler JUERGEN PIEPER sell 1 M 165 12 month 04.09.2013

Redburn Partners CHARLES WINSTON neutral 3 M #N/A N/A Not Provided 04.09.2013

ISI Group ARNDT ELLINGHORST neutral 3 N 180 12 month 02.09.2013



Morgan Stanley LAURA LEMBKE Overwt/In-Line 5 M 220 12 month 09.08.2013

Goldman Sachs STEFAN BURGSTALLER buy/attractive 5 M 238 12 month 07.08.2013

Baader Bank KLAUS BREITENBACH buy 5 M 220 12 month 05.08.2013

Societe Generale STEPHEN REITMAN buy 5 M 220 12 month 01.08.2013

Macquarie CHRISTIAN BREITSPRECHER outperform 5 M 200 12 month 01.08.2013

Landesbank Baden-Wuerttemberg FRANK BILLER buy 5 M 205 Not Provided 01.08.2013

Kepler Cheuvreux MICHAEL RAAB buy 5 M 210 Not Provided 01.08.2013

Nord/LB FRANK SCHWOPE buy 5 M 195 12 month 31.07.2013

S&P Capital IQ RODERICK BRIDGE buy 5 M 192 12 month 31.07.2013


HSBC HORST SCHNEIDER overweight 5 M 191 Not Provided 02.05.2013


UBS PHILIPPE HOUCHOIS neutral 3 M 165 12 month 25.02.2013

Cyrrus JIRI SIMARA buy 5 M 170 Not Provided 29.10.2012

Hammer Partners SA ALBERTO ROLLA buy 5 M 168 Not Provided 18.10.2012

Holdings By:

Volkswagen AG ee


30.09.2013

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

1106





20'795.63 1 Yr Total Return 33.76%







RR/ LN EQUITY YTD Change - Average Volume 30 Day 3'933'194

RR/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'456'885


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 - - 15'372.1 16'328.8 - -

0.56x 0.76x 0.93x 1.25x 1.25x - - 1.26x 1.16x - -

1'096.0 1'396.0 1'404.0 1'480.0 1'687.0 - - 2'290.5 2'466.7 - -

4.63x 5.67x 7.36x 9.36x 8.98x - - 9.01x 8.36x - -

(1'340.0) 2'221.0 539.0 850.0 2'281.0 - - 1'280.9 1'376.7 - -

- 4.02x 21.34x 16.25x 7.09x - - 16.48x 15.30x - -











EBITDA Margin 14.4%



Asset Turnover 0.70








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Rolls-Royce Holdings PLCPrice/Volume

Valuation Analysis

1'325'015.00


!

.!!

1!!

3!!

5!!

-!!!

-.!!

-1!!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E. ! E1 ! E3 ! E5 ! E-! ! E-. ! E-1 ! E-3 ! E-5 ! E.! ! E

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



30.09.2013



BLACKROCK n/a ULT-AGG 93'990'210 5 - 26.09.2013 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



SCOTTISH WIDOWS n/a ULT-AGG 42'004'275 2.23 (833'953) 31.07.2013 Unclassified

THREADNEEDLE n/a ULT-AGG 34'736'953 1.85 (564'879) 31.05.2013 Unclassified

M FINANCIAL INVESTME Multiple Portfolios MF-AGG 32'727'840 1.74 32'455'108 30.06.2013 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


30.09.2013

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

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

the optimal numerical aperture and wavelength for their applications, assure

uniformity, and produce more using less floor space.


LTM as of: 06/yy

52-Week High (30.09.2013) 73.28

52-Week Low (18.10.2012) 38.25

Daily Volume

72.93





32'585.73 1 Yr Total Return 112.42%







ASML NA EQUITY YTD Change - Average Volume 30 Day 981'467

ASML NA EQUITY YTD % CHANGE - Average Volume 3 Month 1'059'336


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

2'953.7 1'596.1 4'507.9 5'651.0 4'731.6 5'149.0 4'330.7 5'152.1 6'566.9 1'339.1 1'762.3

1.71x 6.29x 2.52x 2.02x 3.72x 9.58x 17.99x 6.00x 4.60x 23.53x 18.06x

406.2 (21.5) 1'402.1 1'806.4 1'343.4 1'540.5 1'014.4 1'206.9 1'837.7 284.7 474.0

12.42x - 8.11x 6.33x 13.11x 9.65x 25.11x 25.61x 16.82x 18.37x 16.17x

322.4 (150.9) 1'021.8 1'467.0 1'146.3 1'213.8 889.4 911.8 1'467.7 218.1 380.1

17.00x - 12.30x 9.41x 17.78x 13.67x 29.29x 33.41x 21.10x 23.12x 21.15x











EBITDA Margin 23.4%



Asset Turnover 0.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ASML Holding NVPrice/Volume

Valuation Analysis

665'730.00


!

-!

.!

0!

1!

2!

3!

4!

5!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

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



30.09.2013


STICHTING ADM MAKTSJ n/a Research 62'977'877 14.1 - 30.05.2013 Other


FMR LLC n/a ULT-AGG 36'311'008 8.13 - 31.07.2013 Investment Advisor


STICHT ADM TSMC n/a 20F 20'992'625 4.7 - 06.02.2013 Other

ASML HOLDING NV n/a Co File 8'980'030 2.01 - 01.07.2012 Corporation



WADDELL & REED FINAN n/a ULT-AGG 5'430'772 1.22 (1'694'310) 30.06.2013 Investment Advisor









ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 1'208'197 0.27 - 30.06.2013 Investment Advisor




Sanford C. Bernstein & Co PIERRE FERRAGU outperform 5 M 83 12 month 30.09.2013

Cowen and Company TIMOTHY M ARCURI outperform 5 M 80 12 month 30.09.2013

Deutsche Bank KAI KORSCHELT buy 5 M 75 12 month 26.09.2013

Natixis STEPHANE HOURI buy 5 M 83 Not Provided 26.09.2013

AlphaValue LIONEL PELLICER reduce 2 M 64 6 month 26.09.2013

Jefferies LEE SIMPSON buy 5 M 80 12 month 25.09.2013

Berenberg Bank #N/A N/A hold 3 M 73 Not Provided 25.09.2013

Grupo Santander CARLOS JAVIER TREVINO hold 3 M #N/A N/A Not Provided 23.09.2013

Pacific Crest Securities WESTON TWIGG sector perform 3 M #N/A N/A Not Provided 23.09.2013

Exane BNP Paribas JEROME RAMEL neutral 3 M 67 Not Provided 20.09.2013

HSBC CHRISTIAN DOMINIK RATH overweight 5 M 76 Not Provided 18.09.2013

Goldman Sachs SIMON F SCHAFER Buy/Neutral 5 M 105 12 month 11.09.2013


ING Bank MARC ZWARTSENBURG hold 3 M 73 12 month 09.09.2013

Morgan Stanley FRANCOIS MEUNIER Overwt/Cautious 5 M 70 12 month 22.08.2013

Theodoor Gilissen Securities JOS VERSTEEG hold 3 M 75 Not Provided 22.08.2013

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 80 12 month 21.08.2013

Piper Jaffray JAGADISH IYER neutral 3 M 58 12 month 13.08.2013

Credit Suisse JOHN W PITZER outperform 5 M 75 Not Provided 26.07.2013

Redburn Partners SUMANT WAHI buy 5 M #N/A N/A Not Provided 23.07.2013

Main First Bank AG JUERGEN WAGNER underperform 1 M 51 12 month 19.07.2013

Liberum Capital Ltd JANARDAN MENON hold 3 M 45 Not Provided 19.07.2013

Societe Generale PETER KNOX hold 3 M 66 12 month 18.07.2013

Baader Bank GUENTHER MICHAEL HOLLFELDER hold 3 M 70 12 month 18.07.2013

UBS GARETH JENKINS buy 5 M 75 12 month 18.07.2013

JPMorgan SANDEEP S DESHPANDE overweight 5 M 75 6 month 18.07.2013

Landesbank Baden-Wuerttemberg WALTER SCHNEIDER hold 3 M 71 Not Provided 18.07.2013

Petercam MARCEL ACHTERBERG hold 3 M 66 Not Provided 18.07.2013

Rabobank International PHILIP SCHOLTE hold 3 M 60 Not Provided 18.07.2013

Kepler Cheuvreux BERND LAUX buy 5 M 75 Not Provided 18.07.2013

Barclays ANDREW M GARDINER overweight 5 M 80 Not Provided 18.07.2013

Commerzbank Corporates & Markets THOMAS M BECKER reduce 2 M 40 6 month 17.07.2013

Independent Research GmbH MARKUS FRIEBEL sell 1 M 53 12 month 17.07.2013

SNS Securities(ESN) EDWIN DE JONG suspended coverage #N/A N/A M 31 12 month 17.07.2013

S&P Capital IQ JAMES CRAWSHAW buy 5 M 75 12 month 17.07.2013


Kempen & Co ERWIN DUT hold 3 M 68 Not Provided 04.06.2013


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

Holdings By:

ASML Holding NV ee


30.09.2013

GDF Suez offers a full range of electricity, gas and associated energy and

environment services throughout the world. The Company produces, trades,

transports, stores and distributes natural gas, and offers energy management and

climatic and thermal engineering services.


LTM as of: 06/yy

52-Week High (27.09.2013) 19.05

52-Week Low (01.03.2013) 14.05

Daily Volume

18.55





44'757.89 1 Yr Total Return 11.03%







GSZ FP EQUITY YTD Change - Average Volume 30 Day 4'556'468

GSZ FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'282'891


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

67'923.8 79'908.0 84'478.0 90'673.0 97'038.0 90'449.0 96'246.0 81'904.2 82'453.3 - -

1.64x 1.32x 1.24x 1.18x 0.97x 0.00x 0.00x 1.09x 1.06x - -

9'605.7 13'781.0 15'918.0 16'071.0 18'401.0 0.0 0.0 13'534.3 13'371.1 - -

11.61x 7.63x 6.59x 6.64x 5.13x 0.00x 0.00x 7.21x 7.30x - -

4'857.1 4'477.0 4'616.0 4'003.0 1'550.0 0.0 0.0 3'325.1 3'286.2 - -

11.85x 14.77x 12.79x 11.73x 22.90x 0.00x 0.00x 13.43x 13.56x - -











EBITDA Margin 18.6%



Asset Turnover 0.47







Fiscal Year Ended

GDF SuezPrice/Volume

Valuation Analysis

2'237'926.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

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

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E2 ! E-! ! E-2 ! E.! ! E.2 ! E0! ! E02 ! E1! ! E12 ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

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



30.09.2013


FRENCH STATE n/a Co File 885'506'488 36.7 - 31.12.2012 Government


GROUPE BRUXELLES LAM n/a Research 57'953'937 2.4 46'162 17.05.2013 Holding Company

GDF SUEZ n/a Co File 55'494'957 2.3 - 31.12.2012 Corporation




CNP ASSURANCES n/a Co File 24'128'242 1 - 31.12.2012 Insurance Company



PICTET FUNDS n/a ULT-AGG 13'691'858 0.57 6'233'317 16.07.2013 Investment Advisor


SOFINA SA n/a Co File 12'064'121 0.5 - 31.12.2012 Holding Company




INTERNATIONAL VALUE Multiple Portfolios MF-AGG 7'392'588 0.31 (385'377) 31.03.2013 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 6'854'128 0.28 (1'296'624) 28.03.2013 Investment Advisor




RBC Capital Markets MARTIN YOUNG outperform 5 M 20 12 month 30.09.2013

Kepler Cheuvreux XAVIER CAROEN buy 5 M 21 Not Provided 19.09.2013

Credit Suisse MICHEL DEBS outperform 5 M 20 Not Provided 16.09.2013


AlphaValue MYRIAM COHEN add 4 M 20 6 month 12.09.2013

BPI LOUIS BOUJARD neutral 3 N 17 Not Provided 09.09.2013

Goldman Sachs ANDREW MEAD Buy/Neutral 5 M 22 12 month 09.09.2013

Exane BNP Paribas BENJAMIN LEYRE underperform 1 M 15 Not Provided 04.09.2013

Raymond James EMMANUEL RETIF underperform 1 M #N/A N/A Not Provided 02.09.2013

Grupo Santander OSCAR NAJAR RIOS buy 5 M 19 12 month 30.08.2013

HSBC ADAM DICKENS neutral 3 D 18 Not Provided 21.08.2013


S&P Capital IQ CLIVE ROBERTS sell 1 D 15 12 month 16.08.2013

Societe Generale VINCENT AYRAL hold 3 M 16 12 month 09.08.2013

Deutsche Bank MARTIN BROUGH buy 5 U 20 12 month 07.08.2013

Bryan Garnier & Cie JULIEN DESMARETZ buy 5 M 19 6 month 06.08.2013

UBS ALBERTO GANDOLFI buy 5 M 19 12 month 02.08.2013


Natixis PHILIPPE OURPATIAN neutral 3 M 18 Not Provided 02.08.2013

Main First Bank AG ANDREAS THIELEN outperform 5 M 19 12 month 02.08.2013

Morgan Stanley EMMANUEL TURPIN Equalwt/In-Line 3 M 16 12 month 01.08.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 D 17 Not Provided 01.08.2013

KBC Securities DIETER FURNIERE hold 3 M 17 Not Provided 01.08.2013

Berenberg Bank TEAM COVERAGE sell 1 M 14 Not Provided 22.05.2013

Investec HAROLD HUTCHINSON hold 3 N 15 Not Provided 13.05.2013

CM - CIC Securities(ESN) OLIVIER BAILS buy 5 M 23 12 month 24.04.2013

Macquarie SHAI HILL outperform 5 M 17 12 month 23.04.2013

JPMorgan NATHALIE F CASALI neutral 3 U 15 9 month 11.04.2013

Barclays JULIE ARAV equalweight 3 M 16 Not Provided 08.04.2013


Nord/LB HEINO HAMMANN hold 3 M 17 Not Provided 06.12.2012

Holdings By:

GDF Suez ee


30.09.2013

Industria de Diseno Textil, S.A. (Inditex), also known as ZARA, designs,

manufactures and distributes apparel. The Company operates retail chains in

Europe, the Americas, Asia, and Africa.


LTM as of: 07/yy

52-Week High (26.09.2013) 116.10

52-Week Low (24.06.2013) 90.13

Daily Volume

112.9





70'374.00 1 Yr Total Return 19.15%







ITX SQ EQUITY YTD Change - Average Volume 30 Day 1'080'128

ITX SQ EQUITY YTD % CHANGE - Average Volume 3 Month 999'903


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 07/yy 07/yy 01/14 Y 01/15 Y 10/13 Q3 01/14 Q4

10'407.0 11'083.5 12'526.6 13'792.6 15'946.1 14'823.3 16'361.6 17'239.1 19'076.1 4'494.7 5'067.5

1.68x 2.36x 2.48x 2.76x 3.78x 11.04x 14.46x 3.81x 3.39x - -

2'186.9 2'353.1 2'966.2 3'214.6 3'927.6 3'575.4 3'916.1 4'160.4 4'673.2 1'233.7 1'289.0

7.97x 11.09x 10.46x 11.86x 15.36x 13.63x 15.04x 16.06x 14.29x 15.37x 14.66x

1'253.5 1'314.4 1'731.8 1'932.3 2'360.8 2'159.1 2'367.4 2'589.7 2'912.5 807.4 839.8

14.82x 21.63x 19.86x 21.51x 27.25x 24.20x 26.38x 27.19x 24.20x 25.43x 24.34x











EBITDA Margin 23.9%



Asset Turnover 1.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Inditex SAPrice/Volume

Valuation Analysis

352'523.00


!

.!

1!

3!

5!

-!!

-.!

-1!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

02 ! E

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!

- !!

- .!



30.09.2013


GARTLER SL n/a Co File 311'727'598 50.01 - 31.01.2013 Unclassified

PARTLER 2006 SL n/a Co File 57'872'465 9.28 - 31.01.2013 Corporation

ROSP CORUNNA n/a EXCH 31'494'806 5.05 - 15.08.2013 Unclassified











BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 1'562'000 0.25 115'700 28.06.2013 Investment Advisor


UMB BANK N A Multiple Portfolios MF-AGG 1'149'037 0.18 - 31.07.2013 Investment Advisor


COMGEST S A Multiple Portfolios MF-AGG 1'041'835 0.17 355'434 30.08.2013 Unclassified

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 894'465 0.14 519'493 31.05.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 774'119 0.12 12'471 27.09.2013 Investment Advisor


Grupo Santander REBECCA MCCLELLAN buy 5 M 129 12 month 27.09.2013

BPI JOSE RITO buy 5 M 127 Not Provided 26.09.2013

BBVA ISABEL CARBALLO market perform 3 M 115 Not Provided 26.09.2013

Ahorro Corporacion Financiera SA GERMAN GARCIA BOU sell 1 M 92 Not Provided 26.09.2013

AlphaValue VIRGINIE BLIN sell 1 M 92 6 month 26.09.2013

Sanford C. Bernstein & Co JAMIE MERRIMAN outperform 5 M 130 12 month 25.09.2013

Banco Sabadell IGNACIO ROMERO buy 5 M 122 12 month 25.09.2013


Societe Generale ANNE CRITCHLOW buy 5 M 141 12 month 19.09.2013

Credit Suisse SIMON IRWIN underperform 1 M 93 Not Provided 19.09.2013

Raymond James CEDRIC LECASBLE outperform 5 M 119 12 month 19.09.2013


Independent Research GmbH ZAFER RUZGAR sell 1 M 96 12 month 19.09.2013


Espirito Santo Investment Bank ResearchFILIPE ROSA neutral 3 M 107 Not Provided 19.09.2013

Natixis JEAN BAPTISTE TEISSIER buy 5 M 125 Not Provided 19.09.2013


Deutsche Bank WARWICK OKINES buy 5 M 120 12 month 18.09.2013

Morgan Stanley GEOFFREY RUDDELL Equalwt/Cautious 3 M 100 12 month 18.09.2013

La Caixa ANTONIO JOSE CASTELL NEYRA underweight 1 M 111 Not Provided 18.09.2013

Bankia Bolsa (ESN) SERGIO RUIZ MARTIN hold 3 M 98 12 month 18.09.2013

ISI Group OMAR SAAD strong buy 5 M 130 Not Provided 18.09.2013

Nomura FRASER RAMZAN buy 5 M 117 12 month 18.09.2013

S&P Capital IQ WILLIAM MACK buy 5 M 130 12 month 18.09.2013

NMAS 1 Agencia de Valores FRANCISCO RIQUEL buy 5 M 123 12 month 18.09.2013

Exane BNP Paribas BEN SPRUNTULIS outperform 5 M 120 Not Provided 18.09.2013

HSBC PAUL ROSSINGTON neutral 3 M 116 Not Provided 17.09.2013

SEB Enskilda NICKLAS FHARM not rated #N/A N/A M #N/A N/A Not Provided 16.09.2013

BCP Investimento JOAO C FLORES neutral 3 D 112 Not Provided 10.09.2013

Interdin Bolsa SOFIA REBUELTA VILLEGAS sell 1 M 84 Not Provided 29.08.2013

Barclays CHRISTODOULOS CHAVIARAS equalweight 3 M 100 Not Provided 29.08.2013

Mirabaud Finanzas Sociedad de Valores SGONZALO SANZ underweight 1 M 96 Not Provided 29.07.2013

Kepler Cheuvreux DANIEL OVIN reduce 2 M 95 Not Provided 12.06.2013

Redburn Partners GEOFF LOWERY buy 5 M #N/A N/A Not Provided 03.06.2013

Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO neutral 3 M 105 12 month 03.04.2013


Intermoney Valores ANTONIO PAUSA RODRIGUEZ hold 3 M 94 12 month 13.03.2013

UBS ANDREW HUGHES neutral 3 M 105 12 month 30.01.2013

Goldman Sachs FRANKLIN WALDING Buy/Neutral 5 M 125 12 month 07.11.2012

Renta 4 SA SVB IVAN SAN FELIX hold 3 M 81 Not Provided 12.09.2012

Link Securities PAULA SAMPEDRO accumulate 4 D 47 Not Provided 26.11.2009

Holdings By:

Inditex SA ee


30.09.2013

E.ON SE operates in power generation and gas production businesses. The

Company's operations include electric generation at conventional, nuclear, and

renewable-source facilities, electric transmission via high-voltage wires

network, regional distribution of electricity, gas, and heat, power trading and

electricity, gas, and heat sales.


LTM as of: 06/yy

52-Week High (02.10.2012) 18.85

52-Week Low (08.07.2013) 11.82

Daily Volume

13.12





26'253.12 1 Yr Total Return -22.98%







EOAN GY EQUITY YTD Change - Average Volume 30 Day 10'463'780

EOAN GY EQUITY YTD % CHANGE - Average Volume 3 Month 9'345'915


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

86'753.0 81'817.0 92'863.0 112'954.0 132'093.0 100'850.0 103'107.0 119'584.2 121'661.5 - -

1.08x 1.11x 0.78x 0.52x 0.38x 2.38x 1.94x 0.40x 0.38x - -

5'403.0 12'703.0 13'006.0 4'269.0 8'443.0 4'407.0 7'043.0 9'327.3 9'096.7 - -

17.28x 7.18x 5.56x 13.73x 5.99x 0.00x 0.00x 5.06x 5.19x - -

1'266.0 8'396.0 5'853.0 (2'219.0) 2'217.0 (190.0) 2'559.0 2'382.4 2'301.3 - -

37.92x 6.50x 6.53x - 12.36x 0.00x 0.00x 10.60x 11.07x - -











EBITDA Margin 7.6%



Asset Turnover 0.93








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

E.ON SEPrice/Volume

Valuation Analysis

5'572'214.00


!.135

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

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

-! ! E

.! ! E

0! ! E

1! ! E

2! ! E

3! ! E

4! ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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



30.09.2013



E.ON AG n/a Co File 95'529'865 4.77 - 31.12.2011 Corporation

GOVERNMENT OF NORWAY n/a Research 58'428'022 2.92 - 25.04.2013 Government

CREDIT SUISSE AG n/a ULT-AGG 47'239'166 2.36 - 31.05.2013 Investment Advisor



MORGAN STANLEY n/a Research 25'888'854 1.29 - 10.05.2012 Investment Advisor







PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 7'002'471 0.35 - 30.06.2013 Investment Advisor





FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 4'682'600 0.23 (95'700) 28.06.2013 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 4'438'987 0.22 254'908 30.11.2012 Investment Advisor


RBC Capital Markets JOHN MUSK underperform 1 M 11 12 month 30.09.2013

Grupo Santander OSCAR NAJAR RIOS hold 3 M 13 Not Provided 27.09.2013

Commerzbank Corporates & Markets TANJA MARKLOFF hold 3 M 13 6 month 27.09.2013

AlphaValue EILEEN RYAN buy 5 M 17 6 month 26.09.2013

Exane BNP Paribas BENJAMIN LEYRE neutral 3 M 13 Not Provided 20.09.2013

Societe Generale ALBERTO PONTI sell 1 M 12 12 month 19.09.2013


M.M. Warburg Investment Research STEPHAN WULF buy 5 M 16 12 month 11.09.2013

Goldman Sachs DEBORAH WILKENS Buy/Neutral 5 M 17 12 month 09.09.2013

HSBC ADAM DICKENS underweight 1 M 10 Not Provided 09.09.2013

JPMorgan NATHALIE F CASALI underweight 1 M 11 9 month 04.09.2013

Redburn Partners AHMED FARMAN neutral 3 M #N/A N/A Not Provided 04.09.2013

Morgan Stanley BOBBY CHADA Equalwt/In-Line 3 M 15 12 month 02.09.2013

Credit Suisse VINCENT GILLES underperform 1 M 10 Not Provided 02.09.2013

Kepler Cheuvreux INGO BECKER hold 3 M 12 Not Provided 30.08.2013

Landesbank Baden-Wuerttemberg ERKAN AYCICEK hold 3 M 12 Not Provided 27.08.2013

Deutsche Bank ALEXANDER KARNICK hold 3 M 12 12 month 19.08.2013


Macquarie ROBERT SCHRAMM-FUCHS underperform 1 M 11 12 month 15.08.2013

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 15.08.2013

Nord/LB HEINO HAMMANN hold 3 M 14 12 month 14.08.2013

Natixis PHILIPPE OURPATIAN reduce 2 M 12 Not Provided 14.08.2013

Barclays PETER BISZTYGA overweight 5 M 15 Not Provided 14.08.2013

Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 13.08.2013

Independent Research GmbH SVEN DIERMEIER sell 1 M 11 12 month 13.08.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 14 12 month 13.08.2013


Investec HAROLD HUTCHINSON reduce 2 M 12 Not Provided 07.08.2013

UBS PATRICK HUMMEL neutral 3 M 12 12 month 07.08.2013

Main First Bank AG ANDREAS THIELEN outperform 5 M 15 12 month 07.06.2013

Berenberg Bank TEAM COVERAGE sell 1 M 11 Not Provided 24.05.2013

Equinet Institutional Services(ESN) MICHAEL SCHAEFER hold 3 M 14 12 month 18.03.2013


National Bank AG STEFFEN MANSKE sell 1 M #N/A N/A Not Provided 31.01.2013

Holdings By:

E.ON SE ee


30.09.2013

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

1495.5





20'849.29 1 Yr Total Return -14.95%







AAL LN EQUITY YTD Change - Average Volume 30 Day 3'260'122

AAL LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'548'983


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 - - 1.63x 1.65x - -

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 - - 5.59x 5.21x - -

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 - - - 13.41x 11.40x - -











EBITDA Margin 26.2%



Asset Turnover 0.40







Fiscal Year Ended

Anglo American PLCPrice/Volume

Valuation Analysis

981'187.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2!!

-!!!

-2!!

.!!!

.2!!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

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



30.09.2013


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


Deutsche Bank ANNA MULHOLLAND buy 5 M 1'830 12 month 26.09.2013


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



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


30.09.2013

Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial

services. The Company offers reinsurance, insurance, and asset management

services. MunichRe has subsidiaries in most major financial centers throughout

the world.


LTM as of: 06/yy

52-Week High (25.04.2013) 158.65

52-Week Low (01.10.2012) 121.20

Daily Volume

144.15





25'852.04 1 Yr Total Return 24.22%







MUV2 GY EQUITY YTD Change - Average Volume 30 Day 649'982

MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 608'166


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

47'151.0 53'891.0 59'111.0 60'908.0 65'896.0 64'012.0 65'533.0 54'487.5 55'648.3 - -

0.56x 0.44x 0.42x 0.33x 0.43x 1.33x 1.67x 0.57x 0.55x - -

- - - - - 0.0 0.0 - - - -

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

1'555.0 2'521.0 2'422.0 702.0 3'195.0 2'501.0 3'108.0 2'990.4 2'958.2 649.5 682.5

14.34x 8.39x 8.69x 24.03x 7.56x 7.88x 8.08x 8.64x 8.60x - -


EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26







Fiscal Year Ended

Muenchener Rueckversicherungs AGPrice/Volume

Valuation Analysis

192'470.00


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--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



30.09.2013




PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2012 Unclassified

CREDIT SUISSE AG n/a ULT-AGG 5'357'374 2.99 238 31.05.2013 Investment Advisor











TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 835'251 0.47 763 28.03.2013 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 741'768 0.41 (139'206) 30.06.2013 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 699'370 0.39 - 31.05.2013 Investment Advisor




Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 117 12 month 26.09.2013

Berenberg Bank TOM CARSTAIRS buy 5 M 166 Not Provided 26.09.2013


Exane BNP Paribas THOMAS JACQUET underperform 1 M 143 Not Provided 23.09.2013



Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 155 12 month 18.09.2013


JPMorgan MICHAEL HUTTNER overweight 5 U 161 15 month 13.09.2013


Mediobanca SpA MARC THIELE outperform 5 M 167 12 month 11.09.2013

Commerzbank Corporates & Markets FRANK KOPFINGER add 4 M 158 6 month 11.09.2013

RBC Capital Markets KAMRAN HOSSAIN sector perform 3 M 142 12 month 10.09.2013


Independent Research GmbH STEFAN BONGARDT buy 5 U 165 12 month 09.09.2013

Bankhaus Lampe ANDREAS SCHAEFER hold 3 M 150 12 month 09.09.2013

Main First Bank AG MICHAEL HAID outperform 5 U 155 12 month 09.09.2013

Helvea DANIEL BISCHOF hold 3 M 150 12 month 09.09.2013


Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 155 6 month 06.09.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 170 12 month 05.09.2013

Kepler Cheuvreux FABRIZIO CROCE buy 5 M 163 Not Provided 26.08.2013

Credit Suisse ADAM MCINALLY neutral 3 M 155 Not Provided 13.08.2013

Societe Generale JASON KALAMBOUSSIS hold 3 M 142 12 month 07.08.2013

HSBC THOMAS FOSSARD overweight 5 M 180 Not Provided 07.08.2013


Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 07.08.2013

Nord/LB JULIA SIEKMANN hold 3 M 154 12 month 06.08.2013

Raymond James RAPHAEL CARUSO market perform 3 M #N/A N/A Not Provided 06.08.2013


Nomura MICHAEL KLIEN reduce 2 M 140 12 month 06.08.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 150 12 month 06.08.2013



Natixis BENOIT VALLEAUX neutral 3 M 143 Not Provided 08.05.2013

Holdings By:

Muenchener Rueckversicherungs AG ee


30.09.2013

Vivendi, through its subsidiaries, conducts operations ranging from music, games

and television to film and telecommunications. The Company provides digital and

pay television services, sells music compact discs (CDs), develops and

distributes interactive entertainment, and operates mobile and fixed-line

telecommunications.


LTM as of: 06/yy

52-Week High (19.09.2013) 17.62

52-Week Low (24.06.2013) 14.00

Daily Volume

16.995





22'756.66 1 Yr Total Return 19.00%







VIV FP EQUITY YTD Change - Average Volume 30 Day 4'626'614

VIV FP EQUITY YTD % CHANGE - Average Volume 3 Month 4'208'686


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

25'392.0 27'132.0 28'878.0 28'813.0 28'994.0 27'131.0 27'388.0 24'737.6 24'683.7 6'016.0 7'179.0

1.55x 1.44x 1.29x 1.24x 1.34x 5.09x 5.62x 1.39x 1.35x - -

6'774.0 7'682.0 8'020.0 8'847.0 7'657.0 7'912.0 6'499.0 6'402.9 6'232.0 - -

5.82x 5.07x 4.64x 4.03x 5.08x 4.47x 6.13x 6.75x 6.94x - -

2'603.0 830.0 2'198.0 2'681.0 164.0 1'288.0 39.0 1'809.5 1'861.6 - -

10.43x 30.14x 11.35x 7.83x 130.38x 18.77x 0.00x 11.92x 11.55x - -











EBITDA Margin 23.7%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vivendi SAPrice/Volume

Valuation Analysis

1'014'017.00


!.135

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l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

. ! E

1 ! E

3 ! E

5 ! E

-! ! E

-. ! E

-1 ! E

-3 ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

0 2!

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



30.09.2013



GROUPE BOLLORE n/a Co File 66'234'684 4.95 - 31.12.2012 Holding Company

CIE DE CORNOUAILLE S n/a Research 66'174'684 4.94 - 14.11.2012 Unclassified

SOCIETE GENERALE n/a Co File 60'152'744 4.49 - 31.12.2012 Bank

AMUNDI n/a Co File 55'933'342 4.18 - 31.12.2012 Investment Advisor


PEG VIVENDI n/a Co File 41'377'407 3.09 - 31.12.2012 Other







QATAR HOLDINGS LLC n/a Co File 21'009'122 1.57 - 31.12.2012 Government

BAUPOST GROUP LLC n/a Co File 18'225'000 1.36 - 31.12.2012 Hedge Fund Manager



CNP ASSURANCES n/a Co File 12'836'828 0.96 - 31.12.2012 Insurance Company

DNCA FINANCE n/a Co File 12'331'532 0.92 - 31.12.2012 Investment Advisor



Sanford C. Bernstein & Co CLAUDIO ASPESI market perform 3 M 18 12 month 30.09.2013


Natixis JEROME BODIN buy 5 M 22 Not Provided 25.09.2013

Morgan Stanley PATRICK WELLINGTON Overwt/Attractive 5 M 20 12 month 20.09.2013


Exane BNP Paribas CHARLES BEDOUELLE neutral 3 M 18 Not Provided 20.09.2013

Deutsche Bank PATRICK KIRBY hold 3 M 17 12 month 19.09.2013

Oddo & Cie BRUNO HARENG buy 5 M 21 Not Provided 19.09.2013

Barclays JULIEN ROCH suspended coverage #N/A N/A M #N/A N/A Not Provided 19.09.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 18.09.2013

Macquarie ANGUS TWEEDIE outperform 5 M 18 12 month 17.09.2013

CM - CIC Securities(ESN) ERIC RAVARY hold 3 M 18 12 month 17.09.2013

Credit Suisse OMAR SHEIKH outperform 5 M 21 Not Provided 16.09.2013

Kepler Cheuvreux CONOR O'SHEA buy 5 M 19 Not Provided 16.09.2013


Societe Generale CHRISTOPHE CHERBLANC buy 5 M 19 12 month 12.09.2013

UBS POLO TANG neutral 3 M 16 12 month 12.09.2013

JPMorgan FILIPPO PIETRO LO FRANCO neutral 3 M 18 9 month 12.09.2013

Raymond James STEPHANE BEYAZIAN outperform 5 U 19 12 month 12.09.2013

HSBC NICOLAS COTE-COLISSON neutral 3 M 18 Not Provided 12.09.2013

Nomura MATTHEW WALKER neutral 3 M 18 12 month 12.09.2013

Landesbank Baden-Wuerttemberg MIRKO MAIER hold 3 M 17 Not Provided 11.09.2013

S&P Capital IQ ALEXANDER WISCH hold 3 M 16 12 month 30.08.2013

Grupo Santander CARLOS JAVIER TREVINO buy 5 M 22 12 month 29.08.2013

New Street Research RUSSELL WALLER neutral 3 M 15 Not Provided 29.08.2013

Liberum Capital Ltd IAN WHITTAKER buy 5 M 23 Not Provided 05.08.2013

Goldman Sachs VIGHNESH PADIACHY not rated #N/A N/A M #N/A N/A Not Provided 26.07.2013

Makor Capital ALBERT SAPORTA hold 3 N #N/A N/A Not Provided 26.07.2013


Espirito Santo Investment Bank ResearchNUNO MATIAS buy 5 M 18 Not Provided 24.04.2013

Hamburger Sparkasse ANNEMARIE SCHLUETER hold 3 M #N/A N/A Not Provided 08.03.2013


National Bank AG STEFFEN MANSKE sell 1 D 16 Not Provided 04.04.2012

Holdings By:

Vivendi SA ee


30.09.2013

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

369.7





18'984.48 1 Yr Total Return 17.83%







CNA LN EQUITY YTD Change - Average Volume 30 Day 8'971'491

CNA LN EQUITY YTD % CHANGE - Average Volume 3 Month 8'435'797


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 0.85x - -

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 - - 5.71x 5.39x - -

(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 - - 13.20x 12.49x - -











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

5'516'636.00


!2!

-!!-2!.!!.2!0!!02!1!!12!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

2 ! E

-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

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 !!

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



30.09.2013







NEWTON INV MGMT Multiple Portfolios REG 175'772'868 3.42 (2'496'825) 01.05.2013 Investment Advisor



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 135'620'521 2.64 (9'552'273) 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


PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 77'000'595 1.5 (307'001) 31.01.2013 Investment Advisor




RBC Capital Markets CAILEY BARKER sector perform 3 M 400 12 month 30.09.2013

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

UBS STEPHEN HUNT neutral 3 D 370 12 month 26.06.2013



Mirabaud Securities GUS HOCHSCHILD buy 5 M 435 Not Provided 25.02.2013

Holdings By:

Centrica PLC ee


30.09.2013

Koninklijke Philips N.V. manufactures medical systems, domestic

appliances, consumer electronics, and lighting. The Company produces imaging,

ultrasound and healthcare informatics equipment, shaving and beauty and health

and wellness products, displays, and peripherals, and lamps and luminaries.


LTM as of: 06/yy

52-Week High (10.09.2013) 25.48

52-Week Low (01.10.2012) 18.05

Daily Volume

23.66





22'189.43 1 Yr Total Return 35.10%







PHIA NA EQUITY YTD Change - Average Volume 30 Day 3'482'876

PHIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 3'249'352


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

26'385.0 20'092.0 22'287.0 22'579.0 24'788.0 22'983.0 24'200.0 23'888.0 25'092.7 5'883.5 7'092.3

0.51x 0.95x 0.92x 0.70x 0.76x 2.65x 3.35x 0.97x 0.90x - -

1'883.0 2'055.0 3'436.0 1'185.0 2'463.0 2'559.0 2'430.0 3'247.5 3'641.9 920.0 1'220.0

7.11x 9.30x 5.98x 13.35x 7.69x 6.37x 8.76x 7.48x 6.67x - -

(91.0) 410.0 1'446.0 (1'295.0) 226.0 196.0 289.0 1'369.8 1'622.6 309.0 582.0

- 41.36x 14.60x - 71.05x 28.71x 64.57x 15.41x 12.95x 14.60x 14.00x











EBITDA Margin 10.0%



Asset Turnover 0.85







Fiscal Year Ended

Koninklijke Philips NVPrice/Volume

Valuation Analysis

1'673'316.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! !!

2 !!

-! !!

-2 !!

.! !!

.2 !!

0! !!

02 !!

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



30.09.2013


SOUTHEASTERN ASSET M n/a 13G 48'050'713 5.12 6'547'816 31.07.2013 Investment Advisor

DODGE & COX n/a 13G 46'061'138 4.91 - 31.12.2012 Investment Advisor



NORGES BANK #N/A N/A Research 27'964'120 2.98 (791'801) 26.09.2013 Government

KONINKLIJKE PHILIPS n/a Research 22'824'691 2.43 - 19.09.2013 Corporation




FMR LLC n/a ULT-AGG 9'392'607 1 284'928 31.07.2013 Investment Advisor




AMERICAN CENTURY COM Multiple Portfolios MF-AGG 5'264'176 0.56 1'697'360 30.06.2013 Investment Advisor


ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 4'714'444 0.5 59'221 30.06.2013 Investment Advisor




BARCLAYS PLC n/a ULT-AGG 2'911'837 0.31 - 04.05.2012 Investment Advisor


Kempen & Co ERWIN DUT buy 5 M 28 12 month 30.09.2013

RBC Capital Markets ANDREW CARTER outperform 5 M 28 12 month 26.09.2013

Berenberg Bank WILLIAM MACKIE buy 5 M 30 Not Provided 26.09.2013

Rabobank International HANS SLOB buy 5 M 27 12 month 19.09.2013

AlphaValue THOMAS PICHERIT add 4 M 29 6 month 19.09.2013

Societe Generale GAEL DE BRAY hold 3 M 24 12 month 18.09.2013

Credit Suisse SIMON TOENNESSEN neutral 3 M 26 Not Provided 18.09.2013

Petercam MARCEL ACHTERBERG hold 3 M 26 Not Provided 18.09.2013

Nomura DANIEL CUNLIFFE buy 5 M 32 12 month 18.09.2013

S&P Capital IQ UNAI FRANCO buy 5 M 29 12 month 18.09.2013

Exane BNP Paribas OLIVIER ESNOU neutral 3 M 27 Not Provided 18.09.2013

ABN Amro Bank N.V. ROBIN VAN DEN BROEK buy 5 M 28 Not Provided 18.09.2013

Deutsche Bank MARTIN WILKIE buy 5 M 27 12 month 17.09.2013

Morgan Stanley BEN UGLOW Equalwt/Cautious 3 M 27 12 month 17.09.2013

JPMorgan ANDREAS WILLI overweight 5 M 28 15 month 17.09.2013


Redburn Partners PHILIP WILSON buy 5 M #N/A N/A Not Provided 17.09.2013

Kepler Cheuvreux PETER OLOFSEN buy 5 M 27 Not Provided 09.09.2013

Espirito Santo Investment Bank ResearchROB VIRDEE buy 5 M 30 Not Provided 09.09.2013

ING Bank FABIAN SMEETS buy 5 M 30 12 month 09.09.2013

Barclays DAVID VOS overweight 5 M 30 Not Provided 05.09.2013

HSBC MICHAEL HAGMANN neutral 3 M 26 Not Provided 28.08.2013

Theodoor Gilissen Securities JOS VERSTEEG buy 5 M 29 Not Provided 22.08.2013


Nord/LB WOLFGANG VASTERLING hold 3 M 25 12 month 23.07.2013


Landesbank Baden-Wuerttemberg VOLKER STOLL hold 3 U 24 Not Provided 22.07.2013




Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 29.04.2013

Goldman Sachs AARON IBBOTSON neutral/neutral 3 M 23 12 month 22.04.2013

Banco Sabadell GLEN SPENCER-CHAPMAN sell 1 M 20 12 month 15.02.2013

National Bank AG STEFFEN MANSKE sell 1 D #N/A N/A Not Provided 03.04.2012

Jyske Bank ROBERT JAKOBSEN sell 1 M 23 Not Provided 29.03.2010

Holdings By:

Koninklijke Philips NV ee


30.09.2013

Swiss Re AG offers reinsurance, insurance and insurance linked financial

market products. The Company offers automobile, liability, accident,

engineering, marine, aviation, life, and health insurance. Swiss Re also

manages fixed-income and equity investments for itself and other insurance

companies.


LTM as of: 06/yy

52-Week High (26.09.2013) 76.50

52-Week Low (01.10.2012) 54.55

Daily Volume

74.7





27'691.81 1 Yr Total Return 36.23%







SREN VX EQUITY YTD Change - Average Volume 30 Day 875'093

SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 874'938


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

24'011.8 30'624.0 28'484.0 27'797.0 33'116.0 29'270.0 35'501.0 33'920.4 35'844.9 - -

1.03x 0.50x 1.13x 1.02x 1.02x 4.00x 3.82x 1.13x 1.07x - -

- - - - - 0.0 0.0 - - - -

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

(800.3) 467.4 863.0 2'626.0 4'201.0 3'555.0 5'122.0 3'472.2 3'044.5 646.0 717.0

- 33.44x 21.30x 6.64x 6.09x 6.04x 5.07x 8.35x 9.73x - -


EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.16







Fiscal Year Ended

Swiss Re AGPrice/Volume

Valuation Analysis

486'542.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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0!

1!

2!

3!

4!

5!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

0 2 E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

. !!

1 !!

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5 !!

-! !!

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30.09.2013


SWISS RE n/a EXCH 27'282'124 7.36 (1'396'672) 29.03.2012 Unclassified





DODGE & COX n/a EXCH 11'104'278 3 - 06.05.2013 Investment Advisor








SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'376'961 0.37 (144'763) 28.03.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'373'191 0.37 631'716 31.08.2013 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'365'000 0.37 (400'000) 31.07.2013 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'125'402 0.3 1'125'402 31.03.2013 Investment Advisor

SARASIN n/a ULT-AGG 1'015'044 0.27 (641'603) 31.07.2013 Unclassified

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 819'676 0.22 - 30.04.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 800'145 0.22 42'048 31.08.2013 Investment Advisor



Berenberg Bank TOM CARSTAIRS hold 3 M 71 Not Provided 26.09.2013

AlphaValue DIETER HEIN reduce 2 M 70 6 month 26.09.2013

HSBC THOMAS FOSSARD neutral 3 M 83 Not Provided 25.09.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 U 88 Not Provided 23.09.2013


Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 78 12 month 18.09.2013


Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 78 12 month 13.09.2013

Bank am Bellevue ANDREAS FRICK buy 5 M 89 Not Provided 13.09.2013

JPMorgan MICHAEL HUTTNER neutral 3 M 80 3 month 13.09.2013

Mediobanca SpA GIANLUCA FERRARI neutral 3 M 78 12 month 11.09.2013

Commerzbank Corporates & Markets FRANK KOPFINGER buy 5 M 87 6 month 11.09.2013

Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 85 Not Provided 11.09.2013

RBC Capital Markets KAMRAN HOSSAIN underperform 1 M 70 12 month 10.09.2013


Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 10.09.2013

S&P Capital IQ RODERICK WALLACE buy 5 M 85 Not Provided 09.09.2013

Main First Bank AG RENE LOCHER outperform 5 M 78 12 month 09.09.2013

Helvea DANIEL BISCHOF hold 3 M 78 12 month 09.09.2013



Credit Suisse ADAM MCINALLY neutral 3 M 72 Not Provided 16.08.2013


Societe Generale JASON KALAMBOUSSIS buy 5 M 95 12 month 09.08.2013





Nomura MICHAEL KLIEN reduce 2 M 67 12 month 08.08.2013




Holdings By:

Swiss Re AG ee


30.09.2013

UniCredit SpA attracts deposits and offers commercial banking services. The

Bank offers consumer credit, mortgages, life insurance, business loan,

investment banking, asset management, and other services. UniCredit operates

worldwide.


LTM as of: 06/yy

52-Week High (19.09.2013) 5.00

52-Week Low (27.03.2013) 3.16

Daily Volume

4.68





27'112.17 1 Yr Total Return 47.79%





Enterprise Value -


UCG IM EQUITY YTD Change - Average Volume 30 Day 78'834'040

UCG IM EQUITY YTD % CHANGE - Average Volume 3 Month 76'588'220


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

65'266.9 47'278.6 41'223.4 41'968.2 41'523.0 25'216.0 24'342.0 24'484.9 24'875.5 6'009.0 6'136.0

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

- - - - - 0.0 0.0 - - - -

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

4'011.8 1'702.3 1'323.3 (9'206.4) 864.9 (9'444.0) 592.0 1'157.2 2'169.3 - -

5.74x 23.66x 24.19x - 20.31x 0.00x 29.45x 23.04x 12.55x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

UniCredit SpAPrice/Volume

Valuation Analysis

80'114'387.00


!

-

.

0

1

2

3

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2! ! E

-!! ! E

-2! ! E

.!! ! E

.2! ! E

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!

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- !!

- .!



30.09.2013


AABAR LUX SARL n/a Research 376'220'171 6.5 - 07.05.2013 Other

PGFF LUX SARL n/a Research 289'992'198 5.01 - 07.05.2013 Other

FONDAZIONE CASSA RIS n/a Research 204'516'549 3.53 - 07.05.2013 Bank

CARIMONTE HOLDING SP n/a Research 173'381'885 2.99 - 07.05.2013 Investment Advisor


CENTRAL BANK OF LIBY n/a Research 152'258'925 2.63 - 07.05.2013 Government

FONDAZIONE CASSA RIS n/a Research 145'082'905 2.51 - 07.05.2013 Corporation

DELFIN SARL n/a Research 116'031'602 2 - 07.05.2013 Investment Advisor

DODGE & COX Multiple Portfolios MF-AGG 113'543'136 1.96 (13'092'851) 30.06.2013 Investment Advisor





ALLIANZ SPA n/a Research 68'982'379 1.19 - 07.05.2013 Insurance Company

ALLIANZ FINANCE IV L n/a Research 42'130'178 0.73 - 07.05.2013 Other







Exane BNP Paribas ANDREA VERCELLONE underperform 1 M 4 Not Provided 27.09.2013

Barclays ANTONIO RIZZO equalweight 3 M 5 Not Provided 27.09.2013

AlphaValue DAVID GRINSZTAJN add 4 D 6 6 month 26.09.2013

Nomura DARAGH QUINN reduce 2 M 3 12 month 25.09.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ Buy/Neutral 5 M 6 12 month 18.09.2013

Banca IMI MANUELA MERONI hold 3 M 4 12 month 18.09.2013

Banca Akros(ESN) LUIGI TRAMONTANA accumulate 4 M 5 12 month 18.09.2013

Societe Generale CARLO TOMMASELLI buy 5 M 5 12 month 17.09.2013

Mediobanca SpA ANDREA FILTRI outperform 5 M 5 12 month 17.09.2013

Berenberg Bank ELENI PAPOULA sell 1 M 3 Not Provided 17.09.2013


JPMorgan MARTA BASTONI overweight 5 U 6 15 month 11.09.2013

Keefe, Bruyette & Woods DOMENICO SANTORO market perform 3 M 5 12 month 10.09.2013

Deutsche Bank PAOLA SABBIONE buy 5 M 6 12 month 06.09.2013

Oddo & Cie JULIE LEGRAND reduce 2 M 4 Not Provided 06.09.2013

ICBPI LUCA COMI sell 1 M 4 12 month 05.09.2013


Macquarie BENJIE CREELAN-SANDFORD outperform 5 M 5 12 month 03.09.2013


Credit Suisse IGNACIO CEREZO neutral 3 M 5 Not Provided 14.08.2013



Equita SIM SpA GIOVANNI RAZZOLI buy 5 M 6 12 month 07.08.2013

Natixis STEVEN GOULD neutral 3 M 4 Not Provided 07.08.2013

S&P Capital IQ WILLIAM HOWLETT sell 1 M 4 12 month 07.08.2013

Main First Bank AG ALDO COMI outperform 5 M 5 12 month 07.08.2013

Grupo Santander TANIA GOLD underweight 1 M 3 Not Provided 06.08.2013

UBS MATTEO RAMENGHI neutral 3 M 5 12 month 06.08.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 4 Not Provided 06.08.2013

Kepler Cheuvreux ANNA MARIA BENASSI hold 3 M 4 Not Provided 06.08.2013

DZ Bank AG CHRISTOPH BAST sell 1 M 3 Not Provided 14.05.2013

RBC Capital Markets ANKE REINGEN underperform 1 M 3 12 month 13.05.2013

Morgan Stanley FRANCESCA TONDI Overwt/In-Line 5 M 6 12 month 10.05.2013


Centrobanca GUGLIELMO MARCO OPIPARI overvalued 1 U 3 12 month 11.03.2013

Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 5 12 month 15.01.2013

Nord/LB MICHAEL SEUFERT sell 1 M #N/A N/A Not Provided 23.10.2012


Banco Sabadell MARIO LODOS Under Review #N/A N/A M #N/A N/A Not Provided 05.03.2012

Holdings By:

UniCredit SpA ee


30.09.2013

Deutsche Post AG provides mail delivery and other services to the public and

businesses. The Company offers domestic mail delivery, international parcel

and mail delivery services, and freight delivery and logistics services.

Deutsche Post also provides a variety of financial services including standard

banking services, retail and commercial lending, and brokerage services.


LTM as of: 06/yy

52-Week High (20.09.2013) 24.82

52-Week Low (08.11.2012) 14.40

Daily Volume

24.49





29'608.80 1 Yr Total Return 66.78%







DPW GY EQUITY YTD Change - Average Volume 30 Day 5'970'488

DPW GY EQUITY YTD % CHANGE - Average Volume 3 Month 4'638'630


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

54'474.0 46'201.0 51'481.0 52'829.0 55'512.0 54'315.0 55'509.0 57'033.9 59'461.5 14'438.2 15'426.0

0.37x 0.45x 0.36x 0.30x 0.40x 1.19x 1.68x 0.57x 0.54x 2.27x 2.09x

2'052.0 2'047.0 3'495.0 3'667.0 3'939.0 4'061.0 4'060.0 4'245.0 4'577.1 1'002.0 1'167.0

9.72x 10.15x 5.29x 4.35x 5.70x 4.48x 6.49x 7.74x 7.18x 7.53x 7.38x

(1'688.0) 644.0 2'541.0 1'163.0 1'658.0 1'285.0 1'844.0 1'843.5 2'008.1 441.0 562.3

- 79.32x 6.05x 12.38x 12.12x 13.10x 12.58x 16.23x 15.10x 15.80x 15.72x


EBIT 2'895.00 Long-Term Rating NR



Return on Assets 5.40% Short-Term Rating NR






EBITDA Margin 7.3%



Asset Turnover 1.63







Fiscal Year Ended

Deutsche Post AGPrice/Volume

Valuation Analysis

2'166'919.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

-! ! E

.! ! E

0! ! E

1! ! E

2! ! E

3! ! E

4! ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

! !!

-!! !!

.!! !!

0!! !!

1!! !!

2!! !!

3!! !!

4!! !!

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30.09.2013


KREDITANSTALT FUER W n/a Research 254'100'000 21.02 - 19.07.2013 Government




VANGUARD GROUP INC n/a ULT-AGG 12'112'601 1 (666'347) 30.06.2013 Unclassified


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 10'193'761 0.84 1'427'231 31.03.2013 Investment Advisor





ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 5'646'936 0.47 265'000 31.12.2012 Investment Advisor




ADIG INVESTMENT Multiple Portfolios MF-AGG 4'391'758 0.36 (50'000) 31.05.2013 Investment Advisor

HENDERSON GROUP PLC Multiple Portfolios MF-AGG 4'023'554 0.33 (20'439) 30.08.2013 Investment Advisor


DWS INVESTMENTS Multiple Portfolios MF-AGG 2'660'828 0.22 (466'176) 28.06.2013 Investment Advisor

MAINFIRST SICAV Multiple Portfolios MF-AGG 2'552'215 0.21 (776'459) 31.03.2013 Investment Advisor


Goldman Sachs JOHN WOODMAN Buy/Neutral 5 M 29 12 month 27.09.2013

Independent Research GmbH ZAFER RUZGAR hold 3 M 26 12 month 27.09.2013

AlphaValue HEINZ STEFFEN reduce 2 M 24 6 month 26.09.2013

JPMorgan CHRISTOPHER G COMBE overweight 5 M 27 15 month 25.09.2013

Cantor Fitzgerald ROBIN BYDE hold 3 M 23 Not Provided 23.09.2013


Equinet Institutional Services(ESN) JOCHEN ROTHENBACHER hold 3 M 24 Not Provided 17.09.2013

Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 16.09.2013


RBC Capital Markets DAMIAN BREWER outperform 5 M 24 12 month 13.09.2013

Credit Suisse NEIL GLYNN outperform 5 M 24 Not Provided 13.09.2013

Landesbank Baden-Wuerttemberg PER-OLA HELLGREN hold 3 D 24 Not Provided 13.09.2013

Morgan Stanley PENNY BUTCHER Overwt/In-Line 5 M 26 12 month 11.09.2013


Deutsche Bank ANDY CHU buy 5 M 25 12 month 05.09.2013


Main First Bank AG TOBIAS SITTIG outperform 5 M 23 Not Provided 02.09.2013

Commerzbank Corporates & Markets JOHANNES BRAUN buy 5 M 25 6 month 30.08.2013

EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 13.08.2013

HSBC JULIA WINARSO underweight 1 M 20 Not Provided 08.08.2013

Nord/LB VOLKER SACK buy 5 M 24 12 month 07.08.2013

Bankhaus Lampe SEBASTIAN HEIN buy 5 M 24 Not Provided 07.08.2013

Nomura MARK MCVICAR buy 5 M 24 Not Provided 07.08.2013

DZ Bank AG DIRK SCHLAMP buy 5 M 23 Not Provided 07.08.2013

Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 21 Not Provided 07.08.2013

S&P Capital IQ JAWAHAR HINGORANI buy 5 U 24 12 month 06.08.2013

Redburn Partners TIM MARSHALL neutral 3 M #N/A N/A Not Provided 06.08.2013

UBS DOMINIC EDRIDGE neutral 3 M 21 12 month 05.08.2013

Macquarie ROBERT JOYNSON underperform 1 M 15 12 month 30.07.2013

Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 26.07.2013

Barclays SUSANNA INVERNIZZI overweight 5 M 21 Not Provided 17.05.2013

Kepler Cheuvreux ANDRE MULDER buy 5 M 21 Not Provided 03.04.2013

Davy STEPHEN FURLONG outperform 5 M #N/A N/A Not Provided 10.11.2011

Thompson, Davis & Company DAVID P CAMPBELL hold 3 M 19 12 month 13.09.2010

Holdings By:

Deutsche Post AG ee


30.09.2013

Iberdrola S.A. generates, distributes, trades, and markets electricity in

the United Kingdom, United States, Spain, Portugal, and Latin America. The

Company specializes in clean energy and more specifically wind power.


LTM as of: 06/yy

52-Week High (27.09.2013) 4.36

52-Week Low (01.10.2012) 3.39

Daily Volume

4.292





26'781.97 1 Yr Total Return 31.12%







IBE SQ EQUITY YTD Change - Average Volume 30 Day 28'986'480

IBE SQ EQUITY YTD % CHANGE - Average Volume 3 Month 37'190'400


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

25'196.2 25'891.9 30'431.0 31'648.0 34'201.2 33'590.6 34'542.6 34'282.2 34'406.4 - -

2.50x 2.39x 1.90x 1.76x 1.52x 6.73x 5.88x 1.59x 1.53x - -

6'412.5 6'197.0 6'857.9 7'000.4 7'177.7 6'901.5 6'089.8 7'465.9 7'403.5 - -

9.81x 10.00x 8.42x 7.95x 7.25x 7.28x 8.43x 7.13x 7.19x - -

2'860.6 2'824.3 2'870.9 2'804.5 2'840.7 3'004.0 2'767.6 2'526.2 2'432.0 658.0 658.0

11.20x 12.54x 10.95x 10.04x 9.14x 7.33x 9.10x 10.57x 11.36x - -











EBITDA Margin 17.6%



Asset Turnover 0.39

Current Ratio 1.11 Net Fixed Asset Turnover -







Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Iberdrola SAPrice/Volume

Valuation Analysis

19'737'843.00


!--..001122

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

2! ! E

-!! ! E

-2! ! E

.!! ! E

.2! ! E

0!! ! E

02! ! E

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 !!

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



30.09.2013


QATAR INVESTMENT AUT n/a Co File 514'250'814 8.24 - 31.12.2012 Government

ACS ACTIVIDADES CONS n/a Co File 415'111'949 6.65 - 31.12.2012 Corporation

BANCAJA (VALENCIA CA n/a EXCH 314'887'559 5.05 - 24.05.2013 Bank

BILBAO BIZKAIA KUTXA n/a EXCH 309'430'747 4.96 (13'299'908) 24.01.2013 Bank

NATIXIS n/a EXCH 299'440'779 4.8 - 19.07.2013 Investment Advisor

SOCIETE GENERALE n/a EXCH 202'239'009 3.24 (27'245'778) 17.06.2013 Bank






LBPAM Multiple Portfolios MF-AGG 21'601'399 0.35 4'014'702 28.03.2013 Investment Advisor

FMR LLC n/a ULT-AGG 21'143'677 0.34 (2'299'729) 31.07.2013 Investment Advisor


PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 16'928'861 0.27 73 30.06.2013 Investment Advisor


DE URRUTIA VAL VICTO n/a EXCH 14'465'535 0.23 1'000'000 27.02.2013 n/a

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'007'128 0.21 (207'572) 28.03.2013 Investment Advisor


IBERDROLA SA n/a EXCH 10'623'575 0.17 - 23.07.2013 Corporation


Grupo Santander BOSCO MUGUIRO buy 5 M 5 Not Provided 27.09.2013

BPI GONZALO SANCHEZ-BORDONA neutral 3 M 5 Not Provided 26.09.2013

BBVA ISIDORO DEL ALAMO market perform 3 M 4 Not Provided 26.09.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE neutral 3 M 5 6 month 26.09.2013

Macquarie JOSE RUIZ underperform 1 M 4 12 month 25.09.2013

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M 4 12 month 25.09.2013

Kepler Cheuvreux JOSE PORTA SAUDAN buy 5 M 5 Not Provided 25.09.2013

UBS ALBERTO GANDOLFI neutral 3 M 4 12 month 23.09.2013


Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 U 5 12 month 16.09.2013

Mediobanca SpA JAVIER SUAREZ underperform 1 M 4 12 month 13.09.2013

Goldman Sachs FRED BARASI neutral/neutral 3 M 5 12 month 09.09.2013

Exane BNP Paribas MANUEL PALOMO underperform 1 M 4 Not Provided 04.09.2013

Morgan Stanley CAROLINA DORES Underwt/In-Line 1 M 4 12 month 30.08.2013

Credit Suisse STEFANO BEZZATO outperform 5 M 5 Not Provided 14.08.2013

Ahorro Corporacion Financiera SA LUIS PADRON hold 3 M 5 Not Provided 13.08.2013


Barclays MONICA GIRARDI underweight 1 M 4 Not Provided 30.07.2013

Societe Generale JORGE ALONSO SUILS buy 5 M 4 12 month 26.07.2013

Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 4 12 month 25.07.2013


Independent Research GmbH SVEN DIERMEIER sell 1 D 4 12 month 25.07.2013

Bankia Bolsa (ESN) VICTOR PEIRO PEREZ buy 5 M 5 12 month 25.07.2013


S&P Capital IQ CLIVE ROBERTS sell 1 D 3 12 month 25.07.2013

HSBC ADAM DICKENS underweight 1 D 4 Not Provided 17.07.2013

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 5 Not Provided 17.07.2013

Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA neutral 3 D 4 Not Provided 15.07.2013

La Caixa FERNANDO MURILLO GUIRAO overweight 5 M 4 Not Provided 12.06.2013


Investec HAROLD HUTCHINSON hold 3 N 4 Not Provided 13.05.2013

Banesto Bolsa SA Sociedad ANTONIO CRUZ buy 5 M 6 12 month 03.04.2013

JPMorgan JAVIER GARRIDO underweight 1 D 4 3 month 25.03.2013

BCP Investimento VANDA MESQUITA buy 5 M 5 Not Provided 20.12.2012

Renta 4 SA SVB NATALIA AGUIRRE hold 3 M 5 Not Provided 21.09.2012

Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012

Holdings By:

Iberdrola SA ee


30.09.2013

Vinci SA builds roads, offers electrical, mechanical, and civil engineering and

construction services, and operates toll roads. The Company builds and

maintains roads and produces road construction materials, builds electricity

and communications networks, installs fire protection and power and ventilation

systems, and operates toll highways, bridges, parking garages, and a stadium.


LTM as of: 06/yy

52-Week High (27.09.2013) 43.50

52-Week Low (16.11.2012) 31.84

Daily Volume

42.65





25'607.42 1 Yr Total Return 35.50%







DG FP EQUITY YTD Change - Average Volume 30 Day 1'350'783

DG FP EQUITY YTD % CHANGE - Average Volume 3 Month 1'361'007


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

33'930.3 31'177.7 34'002.8 37'646.1 39'183.2 37'205.8 39'403.0 39'686.8 40'205.6 - -

0.90x 1.09x 1.07x 0.86x 0.86x 0.00x 0.00x 1.00x 0.96x - -

5'009.2 4'813.1 5'165.6 5'445.9 5'507.8 0.0 0.0 5'528.3 5'755.8 - -

6.09x 7.03x 7.01x 5.93x 6.12x 0.00x 0.00x 7.30x 7.01x - -

1'591.4 1'596.0 1'775.9 1'904.3 1'916.7 0.0 0.0 1'900.3 2'010.6 - -

8.85x 12.07x 12.14x 9.59x 10.07x 0.00x 0.00x 12.42x 11.77x - -











EBITDA Margin 13.8%



Asset Turnover 0.64








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Vinci SAPrice/Volume

Valuation Analysis

819'923.00


!2

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

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

- ! E

. ! E

0 ! E

1 ! E

2 ! E

3 ! E

4 ! E

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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30.09.2013


VINCI SA n/a Research 40'940'297 6.82 - 31.12.2012 Corporation

COMET LUXEMBOURG HLD n/a Research 31'714'315 5.28 - 31.12.2012 Corporation




ARTEMIS SA n/a Research 8'072'735 1.34 - 31.12.2012 Holding Company








COMMONWEALTH BANK OF n/a ULT-AGG 2'339'290 0.39 20'339 31.05.2013 Bank


COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 1'878'935 0.31 226'570 30.06.2013 Investment Advisor




DNCA FINANCE Multiple Portfolios MF-AGG 1'440'000 0.24 115'000 28.03.2013 Investment Advisor


Raymond James ARNAUD PALLIEZ outperform 5 M 45 12 month 27.09.2013

BPI FILIPE MARTINS LEITE buy 5 M 48 Not Provided 26.09.2013

RBC Capital Markets OLIVIA PETERS sector perform 3 M 43 12 month 26.09.2013

Aurel - BGC ERIC LEMARIE buy 5 M 48 6 month 26.09.2013

Oddo & Cie VIRGINIE ROUSSEAU buy 5 M 49 Not Provided 26.09.2013

Bryan Garnier & Cie SVEN EDELFELT buy 5 M 45 6 month 26.09.2013

Exane BNP Paribas NICOLAS MORA outperform 5 M 49 Not Provided 26.09.2013

AlphaValue GAETAN DUPONT buy 5 M 58 6 month 26.09.2013

Natixis GREGOIRE THIBAULT buy 5 M 45 Not Provided 25.09.2013

UBS GREGOR KUGLITSCH buy 5 M 48 12 month 24.09.2013

CM - CIC Securities(ESN) JEAN-CHRISTOPHE LEFEVRE-MOULENQ buy 5 M 49 12 month 18.09.2013

Goldman Sachs JAMES RUTLAND neutral/neutral 3 D 46 12 month 17.09.2013

JPMorgan ELODIE RALL overweight 5 M 48 12 month 17.09.2013


Societe Generale MURIEL FELLOUS buy 5 M 48 12 month 03.09.2013

EVA Dimensions TIMOTHY STANISH underweight 1 D #N/A N/A Not Provided 28.08.2013

Morgan Stanley JAIME ROWBOTHAM Overwt/In-Line 5 M 46 12 month 08.08.2013

Hamburger Sparkasse INGO SCHMIDT sell 1 D #N/A N/A Not Provided 06.08.2013

HSBC PIERRE BOSSET neutral 3 M 41 Not Provided 02.08.2013

Landesbank Baden-Wuerttemberg HANS-PETER KUHLMANN hold 3 M 42 Not Provided 01.08.2013

Deutsche Bank LUIS PRIETO buy 5 M 47 12 month 31.07.2013


Kepler Cheuvreux JOSEP PUJAL buy 5 M 48 Not Provided 31.07.2013

S&P Capital IQ JAWAHAR HINGORANI hold 3 D 42 12 month 31.07.2013

Berenberg Bank CHRIS MOORE buy 5 N 47 Not Provided 24.06.2013

Banco Sabadell MARIA CEBOLLERO buy 5 M 43 12 month 15.02.2013

Barclays SUSANNA INVERNIZZI overweight 5 M 45 Not Provided 23.01.2013

Nord/LB HEINO HAMMANN buy 5 M #N/A N/A Not Provided 14.06.2012

Holdings By:

Vinci SA ee


30.09.2013

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

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

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

reinsurance.


LTM as of: 06/yy

52-Week High (19.08.2013) 15.74

52-Week Low (01.10.2012) 11.17

Daily Volume

14.61





22'745.92 1 Yr Total Return 32.36%







G IM EQUITY YTD Change - Average Volume 30 Day 5'766'117

G IM EQUITY YTD % CHANGE - Average Volume 3 Month 6'080'377


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

62'298.4 85'790.6 87'072.1 73'481.8 81'431.0 77'867.8 82'679.7 75'816.5 77'116.5 19'485.0 23'742.0

0.61x 0.50x 0.40x 0.22x 0.32x 0.48x 0.71x 0.50x 0.49x - -

- - - - - 0.0 0.0 - - - -

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

860.9 1'309.1 1'701.9 856.1 90.0 3'503.2 329.4 2'145.7 2'233.3 644.0 332.0

30.45x 20.68x 12.92x 20.77x 171.75x 4.76x 58.88x 10.44x 9.91x - -







Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.19







Fiscal Year Ended

Assicurazioni Generali SpAPrice/Volume

Valuation Analysis

5'622'097.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

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30.09.2013


MEDIOBANCA SPA n/a Research 194'048'687 12.46 - 13.05.2013 Bank

CASSA DEPOSITI E PRE n/a Research 69'779'061 4.48 - 13.05.2013 Other

DEA PARTICIPATIONS S n/a Research 35'185'336 2.26 - 13.05.2013 Investment Advisor

EFFETI SPA n/a Research 33'488'344 2.15 - 13.05.2013 Corporation

DELFIN SARL n/a Research 31'168'603 2 - 13.05.2013 Investment Advisor




COMPASS SPA n/a Research 14'198'684 0.91 - 13.05.2013 Corporation


VM 2006 SRL n/a Research 6'196'356 0.4 - 13.05.2013 Other



PANTHEON 2000 SPA n/a Research 3'502'965 0.23 - 13.05.2013 Other

MARKETFIELD ASSET MA Multiple Portfolios MF-AGG 3'499'885 0.22 3'499'885 31.12.2012 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 3'335'333 0.21 2'269'413 31.08.2013 Investment Advisor

CALTAGIRONE EDITORE n/a Research 3'144'884 0.2 - 13.05.2013 Corporation


GAMMA SRL n/a Research 2'958'059 0.19 - 13.05.2013 Holding Company

B&D FINANCE SA n/a Research 2'693'391 0.17 - 13.05.2013 Investment Advisor


Banca IMI ELENA PERINI hold 3 M 16 12 month 30.09.2013

UBS JAMES SHUCK suspended coverage #N/A N/A M #N/A N/A Not Provided 27.09.2013

JPMorgan ANDREAS VAN EMBDEN overweight 5 M 18 3 month 26.09.2013


AlphaValue JEROME CASSAGNE reduce 2 M 14 6 month 26.09.2013

Raymond James RAPHAEL CARUSO underperform 1 M 13 12 month 25.09.2013

Oddo & Cie NICOLAS JACOB neutral 3 M 14 Not Provided 25.09.2013

Banca Akros(ESN) MARCO CAVALLERI hold 3 M 15 12 month 25.09.2013

ICBPI ENRICO ESPOSTI neutral 3 M 15 12 month 24.09.2013

Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 12 month 18.09.2013

Morgan Stanley MARCUS RIVALDI Underwt/In-Line 1 M 13 12 month 18.09.2013

Goldman Sachs WILLIAM ELDERKIN neutral/neutral 3 M 17 12 month 17.09.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 17 12 month 09.09.2013

Independent Research GmbH STEFAN BONGARDT sell 1 M 14 12 month 05.09.2013

Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 15 Not Provided 22.08.2013



Societe Generale NICK HOLMES hold 3 M 16 12 month 09.08.2013

HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 05.08.2013

Equita SIM SpA MATTEO GHILOTTI buy 5 M 16 12 month 02.08.2013

Nomura MICHAEL KLIEN reduce 2 M 14 Not Provided 02.08.2013

Credit Suisse RICHARD BURDEN underperform 1 M 16 Not Provided 01.08.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 15 12 month 01.08.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 13 Not Provided 01.08.2013

S&P Capital IQ RODERICK WALLACE strong sell 1 M 13 12 month 01.08.2013



Barclays CLAUDIA GASPARI suspended coverage #N/A N/A M #N/A N/A Not Provided 11.06.2013

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

Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 13.05.2013

Holdings By:

Assicurazioni Generali SpA ee


30.09.2013

Enel S.p.A. generates, transmits, distributes, and trades electricity. The

Company operates hydroelectric, geothermal, and other generating plants. Enel,

through subsidiaries, also provides fixed-line and mobile telephone services,

installs public lighting systems, and operates real estate, factoring,

insurance, telecommunications, and Internet service provider businesses.


LTM as of: 06/yy

52-Week High (14.01.2013) 3.30

52-Week Low (15.07.2013) 2.28

Daily Volume

2.82





26'517.47 1 Yr Total Return 8.88%







ENEL IM EQUITY YTD Change - Average Volume 30 Day 37'221'680

ENEL IM EQUITY YTD % CHANGE - Average Volume 3 Month 35'739'290


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

59'577.0 62'498.0 71'943.0 77'573.0 82'699.0 81'042.0 82'853.0 82'404.5 81'826.1 - -

1.53x 1.85x 1.56x 1.34x 1.24x 5.03x 4.83x 1.03x 1.00x - -

13'722.0 15'883.0 16'768.0 17'110.0 16'150.0 13'521.0 17'580.0 16'030.4 15'579.9 - -

6.63x 7.29x 6.68x 6.06x 6.35x 0.00x 5.65x 6.44x 6.62x - -

5'293.0 5'586.0 4'390.0 4'113.0 865.0 3'396.0 724.0 2'980.8 2'887.3 - -

5.54x 5.90x 8.01x 7.19x 34.11x 6.92x 29.39x 8.81x 9.13x - -











EBITDA Margin 21.2%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Enel SpAPrice/Volume

Valuation Analysis

32'565'886.00


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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

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

! !!

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30.09.2013


MINISTERO DELL'ECONO n/a EXCH 2'937'984'993 31.24 - 20.11.2012 Government









ARCA SGR SPA Multiple Portfolios MF-AGG 12'846'204 0.14 34'518 28.06.2013 Investment Advisor




ING INTERNATIONAL AD Multiple Portfolios MF-AGG 9'405'910 0.1 1'138'042 28.03.2013 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 8'671'396 0.09 - 31.12.2012 Investment Advisor


EURIZON CAPITAL SGR Multiple Portfolios MF-AGG 7'391'078 0.08 - 30.06.2013 Investment Advisor

JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 7'228'734 0.08 47'123 31.08.2013 Investment Advisor




Grupo Santander OSCAR NAJAR RIOS buy 5 M 4 12 month 27.09.2013

Mediobanca SpA JAVIER SUAREZ neutral 3 M 3 12 month 27.09.2013


ICBPI SIMONA PEDRAZZINI neutral 3 M 3 12 month 26.09.2013

AlphaValue MYRIAM COHEN add 4 D 3 6 month 26.09.2013

Banca IMI ROBERTO RANIERI hold 3 M 3 12 month 25.09.2013

Banca Akros(ESN) DARIO MICHI hold 3 M 3 12 month 25.09.2013

Kepler Cheuvreux CLAUDIA INTROVIGNE hold 3 M 3 Not Provided 25.09.2013


Morgan Stanley ANNA MARIA SCAGLIA Equalwt/In-Line 3 M 3 12 month 24.09.2013

Societe Generale ALBERTO PONTI buy 5 M 3 12 month 09.09.2013

UBS ALBERTO GANDOLFI buy 5 U 3 12 month 05.09.2013

Exane BNP Paribas MANUEL PALOMO underperform 1 M 2 Not Provided 04.09.2013

Credit Suisse STEFANO BEZZATO underperform 1 M 2 Not Provided 14.08.2013

Investec HAROLD HUTCHINSON add 4 U 3 Not Provided 07.08.2013

Deutsche Bank VIRGINIA SANZ DE MADRID hold 3 M 3 12 month 06.08.2013

Goldman Sachs DARIO CARRADORI neutral/neutral 3 M 3 12 month 06.08.2013

S&P Capital IQ CLIVE ROBERTS buy 5 M 3 12 month 05.08.2013

Raymond James EMMANUEL RETIF market perform 3 M #N/A N/A Not Provided 02.08.2013


Equita SIM SpA ROBERTO LETIZIA buy 5 U 3 12 month 02.08.2013

Main First Bank AG ENRICO BARTOLI underperform 1 N 2 12 month 17.07.2013

Espirito Santo Investment Bank ResearchFERNANDO GARCIA GARCIA buy 5 U 3 Not Provided 15.07.2013


Barclays MONICA GIRARDI equalweight 3 M 3 Not Provided 12.06.2013

HSBC ADAM DICKENS neutral 3 U 3 Not Provided 11.06.2013

EVA Dimensions DOUG WALTERS overweight 5 U #N/A N/A Not Provided 06.06.2013


Centrobanca EDOARDO MONTALBANO hold 3 M 3 12 month 03.04.2013

JPMorgan JAVIER GARRIDO underweight 1 D 3 3 month 25.03.2013

Banco Sabadell JORGE GONZALEZ SADORNIL sell 1 M #N/A N/A Not Provided 03.08.2012

Nord/LB HEINO HAMMANN hold 3 M #N/A N/A Not Provided 05.06.2012

Holdings By:

Enel SpA ee


30.09.2013

Pernod Ricard SA produces wines and spirits. The Company produces wines,

bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and

white spirits and rums. Pernod Ricard markets its products worldwide.


LTM as of: 06/yy

52-Week High (18.03.2013) 101.15

52-Week Low (16.11.2012) 82.31

Daily Volume

91.75





24'352.43 1 Yr Total Return 7.14%







RI FP EQUITY YTD Change - Average Volume 30 Day 495'514

RI FP EQUITY YTD % CHANGE - Average Volume 3 Month 487'844


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

7'203.0 7'081.0 7'643.0 8'215.0 8'575.0 3'601.0 8'575.0 8'765.1 9'304.2 - -

3.11x 3.87x 3.54x 3.86x 3.62x 0.00x 0.00x 3.72x 3.42x - -

2'187.0 2'063.0 2'111.0 2'295.0 - 0.0 0.0 2'523.2 2'724.8 - -

10.26x 13.28x 12.82x 13.82x - 0.00x 0.00x 12.99x 12.03x - -

945.0 951.0 1'045.0 1'146.0 1'208.0 0.0 0.0 1'375.2 1'546.3 - -

11.26x 17.67x 17.08x 19.33x 19.01x 0.00x 0.00x 17.88x 15.92x - -


EBIT 2'106.00 Long-Term Rating BBB-









EBITDA Margin 28.8%



Asset Turnover 0.31







Fiscal Year Ended

Pernod Ricard SAPrice/Volume

Valuation Analysis

214'770.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

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-.!


0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

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

! !!

-! !!

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0! !!

1! !!

2! !!

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30.09.2013


SOCIETE PAUL RICARD n/a Co File 34'866'200 13.14 - 29.08.2012 Corporation


GROUPE BRUXELLES LAM n/a Co File 19'890'770 7.49 - 29.08.2012 Holding Company




CREDIT AGRICOLE ASSE n/a Co File 5'615'014 2.12 - 29.08.2012 Investment Advisor

AMUNDI ASSET MANAGEM n/a Co File 5'468'037 2.06 - 29.08.2012 Other

NORGES BANK INVESTME n/a Co File 5'310'761 2 - 29.08.2012 Government



GARDNER RUSSO & GARD GARDNER RUSSO & GARD 13F 4'146'182 1.56 199'174 30.06.2013 Investment Advisor

ARTISAN PARTNERS HOL n/a Co File 3'710'368 1.4 - 29.08.2012 Investment Advisor



CITIGROUP GLOBAL MAR n/a Co File 2'898'012 1.09 - 29.08.2012 Unclassified


LANSDOWNE PARTNERS L n/a Co File 2'786'833 1.05 - 29.08.2012 Hedge Fund Manager

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'736'301 1.03 1'436'782 31.05.2013 Investment Advisor



AlphaValue ISABELLE COMBEMALE add 4 M 96 6 month 26.09.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA outperform 5 M 99 Not Provided 25.09.2013

Liberum Capital Ltd PABLO ZUANIC sell 1 M #N/A N/A Not Provided 20.09.2013

Sanford C. Bernstein & Co TREVOR STIRLING market perform 3 M 105 12 month 19.09.2013


Jefferies DIRK VAN VLAANDEREN hold 3 M 89 12 month 12.09.2013

Nomura IAN SHACKLETON neutral 3 M 89 12 month 12.09.2013

HSBC CEDRIC BESNARD overweight 5 U 108 Not Provided 09.09.2013


Societe Generale NICOLAS CERON hold 3 M 94 12 month 02.09.2013

Grupo Santander ANTHONY J BUCALO buy 5 M 100 12 month 30.08.2013

JPMorgan MIKE J GIBBS neutral 3 M 91 9 month 30.08.2013

Raymond James HERMINE DE BENTZMANN market perform 3 D #N/A N/A Not Provided 30.08.2013

Natixis JOSEPHINE CHEVALLIER buy 5 M 100 6 month 30.08.2013

Barclays SIMON HALES overweight 5 M 103 Not Provided 30.08.2013

CM - CIC Securities(ESN) FRANCIS PRETRE accumulate 4 M 98 12 month 29.08.2013

Berenberg Bank PHILIP MORRISEY buy 5 M 115 Not Provided 29.08.2013

Kepler Cheuvreux LAETITIA DELAYE hold 3 M 90 Not Provided 29.08.2013


BPI HUBERT D'AILLIERES buy 5 M 114 Not Provided 27.08.2013


Investec MARTIN DEBOO hold 3 M 91 Not Provided 07.08.2013

Goldman Sachs MITCHELL COLLETT buy/attractive 5 M 120 12 month 19.07.2013

Espirito Santo Investment Bank ResearchALEX SMITH buy 5 M 106 Not Provided 03.07.2013

Deutsche Bank HAROLD THOMPSON sell 1 M 75 12 month 21.06.2013

Credit Suisse ALEX MOLLOY outperform 5 M 110 Not Provided 11.06.2013

Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 06.06.2013

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

Shore Capital Stockbrokers PHIL CARROLL hold 3 D #N/A N/A Not Provided 20.02.2013

UBS MELISSA EARLAM buy 5 U 100 12 month 12.02.2013


Equita SIM SpA FABIO FAZZARI hold 3 U 66 12 month 12.01.2012

Holdings By:

Pernod Ricard SA ee


30.09.2013

Intesa Sanpaolo attracts deposits and offers banking and financial services.

The Bank offers consumer credit, asset management, Internet banking, merchant

banking, securities brokerage, factoring, and lease financing services, and

manages mutual funds. Intesa Sanpaolo operates branches throughout Italy, and

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


LTM as of: 06/yy

52-Week High (20.09.2013) 1.72

52-Week Low (27.03.2013) 1.09

Daily Volume

1.523





24'778.14 1 Yr Total Return 33.16%





Enterprise Value -

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

ISP IM EQUITY YTD Change - Average Volume 30 Day #########

ISP IM EQUITY YTD % CHANGE - Average Volume 3 Month #########


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

33'216.0 27'022.0 24'836.0 25'266.0 27'819.0 21'109.0 16'673.0 16'543.1 16'938.1 4'255.0 4'424.0

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

- - - - - 0.0 0.0 - - - -

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

2'553.0 2'805.0 2'705.0 (8'190.0) 1'605.0 (8'318.0) 753.0 1'426.6 2'306.1 - -

23.67x 15.27x 12.90x - 13.00x 0.00x 26.08x 17.31x 10.65x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intesa Sanpaolo SpAPrice/Volume

Valuation Analysis

186'994'825.00


!!!-----..

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

! .!

! 1!

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30.09.2013


COMPAGNIA DI SAN PAO n/a Research 1'532'789'479 9.89 - 11.07.2013 Other

FOND CR PROVINCIE LO n/a Research 725'470'748 4.68 - 11.07.2013 Bank

FONDAZIONE CASSA RIS n/a Research 647'963'190 4.18 - 11.07.2013 Bank

ENTE CASSA DI RISP F n/a Research 523'641'066 3.38 - 11.07.2013 Bank

FONDAZIONE CASSA RIS n/a Research 422'881'240 2.73 - 11.07.2013 Other



HARBOR INTERNATIONAL n/a Research 332'972'472 2.15 - 11.07.2013 n/a



ALLEANZA TORO SPA n/a Research 200'279'531 1.29 - 11.07.2013 Insurance Company

ASSICURAZIONI GENERA n/a Research 184'778'020 1.19 - 11.07.2013 Insurance Company



PLATINUM INVESTMENT Multiple Portfolios MF-AGG 86'401'579 0.56 103'648 31.08.2013 Hedge Fund Manager



METROPOLE GESTION Multiple Portfolios MF-AGG 57'807'636 0.37 - 28.06.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 50'030'866 0.32 (7'979'363) 31.07.2013 Investment Advisor



Mediobanca SpA ANDREA FILTRI underperform 1 D 1 12 month 30.09.2013

RBC Capital Markets PATRICK LEE underperform 1 M 1 12 month 30.09.2013

Keefe, Bruyette & Woods DOMENICO SANTORO market perform 3 M 1 12 month 30.09.2013

Banca Akros(ESN) LUIGI TRAMONTANA hold 3 M 1 12 month 30.09.2013

Natixis STEVEN GOULD buy 5 M 2 Not Provided 30.09.2013

ICBPI LUCA COMI sell 1 M 1 12 month 27.09.2013

Exane BNP Paribas ANDREA VERCELLONE neutral 3 M 2 Not Provided 27.09.2013

Barclays ANTONIO RIZZO underweight 1 M 1 Not Provided 27.09.2013

AlphaValue DAVID GRINSZTAJN add 4 M 2 6 month 26.09.2013


Nomura DARAGH QUINN neutral 3 M 1 12 month 25.09.2013

Goldman Sachs JEAN-FRANCOIS NEUEZ neutral/neutral 3 M 2 12 month 18.09.2013

Societe Generale CARLO TOMMASELLI hold 3 M 2 12 month 17.09.2013

Berenberg Bank ELENI PAPOULA sell 1 M 1 Not Provided 17.09.2013

JPMorgan MARTA BASTONI neutral 3 U 2 15 month 11.09.2013

Oddo & Cie JEAN SASSUS reduce 2 M 1 Not Provided 06.09.2013


Credit Suisse IGNACIO CEREZO outperform 5 M 2 Not Provided 02.09.2013


Grupo Santander TANIA GOLD underweight 1 M 1 Not Provided 21.08.2013



Equita SIM SpA MATTEO GHILOTTI buy 5 M 2 12 month 05.08.2013

Main First Bank AG ALDO COMI outperform 5 M 2 12 month 05.08.2013

Deutsche Bank PAOLA SABBIONE buy 5 M 2 12 month 04.08.2013

Kepler Cheuvreux ANNA MARIA BENASSI hold 3 M 2 Not Provided 04.08.2013

S&P Capital IQ WILLIAM HOWLETT hold 3 M 2 12 month 02.08.2013

Morgan Stanley FRANCESCA TONDI Equalwt/In-Line 3 M 2 12 month 21.07.2013


Intermonte Securities SpA CHRISTIAN CARRESE outperform 5 M 2 12 month 19.02.2013

Centrobanca GUGLIELMO MARCO OPIPARI sell 1 N 1 12 month 11.01.2013

UBS MATTEO RAMENGHI buy 5 M 2 12 month 09.01.2013



Banco Sabadell MARIO LODOS buy 5 M #N/A N/A Not Provided 06.02.2012

Holdings By:

Intesa Sanpaolo SpA ee


30.09.2013

Orange provides telecommunications services to residential, professional, and

large business customers. The Company offers public fixed-line telephone,

leased lines and data transmission, mobile telecommunications, cable television,

Internet and wireless applications, and broadcasting services, and

telecommunications equipment sales and rentals.


LTM as of: 06/yy

52-Week High (18.10.2012) 9.75

52-Week Low (03.07.2013) 7.03

Daily Volume

9.254





24'512.79 1 Yr Total Return 1.20%







ORA FP EQUITY YTD Change - Average Volume 30 Day 11'629'160

ORA FP EQUITY YTD % CHANGE - Average Volume 3 Month 9'807'062


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

46'712.0 44'845.0 45'503.0 45'277.0 43'515.0 44'551.0 42'275.0 41'331.3 40'425.0 10'344.0 10'443.0

1.92x 1.82x 1.64x 1.42x 1.26x 0.00x 0.00x 1.38x 1.38x - -

17'300.0 14'480.0 15'291.0 15'019.0 12'374.0 0.0 0.0 12'653.0 12'193.3 - -

5.18x 5.64x 4.89x 4.29x 4.42x 0.00x 0.00x 4.47x 4.63x - -

4'073.0 3'018.0 4'880.0 3'895.0 820.0 0.0 0.0 2'683.1 2'625.5 - -

14.20x 16.37x 10.83x 8.26x 26.90x 0.00x 0.00x 9.19x 9.39x - -











EBITDA Margin 28.4%



Asset Turnover 0.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Orange SAPrice/Volume

Valuation Analysis

5'125'694.00


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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

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30.09.2013


FRENCH STATE n/a Research 713'720'564 26.94 - 12.07.2013 Government

SOCIETE GENERALE n/a Research 132'135'951 4.99 (27'339'807) 16.05.2012 Bank


BARCLAYS PLC n/a ULT-AGG 121'078'597 4.57 - 04.06.2013 Investment Advisor






DNCA FINANCE Multiple Portfolios MF-AGG 15'687'873 0.59 1'777'000 28.03.2013 Investment Advisor

FRANCE TELECOM SA n/a Co File 15'456'045 0.58 - 31.12.2011 Corporation


AVIVA PLC Multiple Portfolios MF-AGG 8'793'792 0.33 - 31.07.2013 Investment Advisor



LBPAM Multiple Portfolios MF-AGG 5'814'923 0.22 (1'868'459) 28.03.2013 Investment Advisor







Independent Research GmbH MARKUS FRIEBEL hold 3 D 10 12 month 30.09.2013

Exane BNP Paribas ANTOINE PRADAYROL neutral 3 D 10 Not Provided 30.09.2013



Credit Suisse JAKOB BLUESTONE neutral 3 M 9 Not Provided 20.09.2013

Societe Generale STEPHANE SCHLATTER buy 5 M 10 12 month 18.09.2013

Natixis BENOIT MAYNARD buy 5 M 11 6 month 16.09.2013


Berenberg Bank WASSIL EL HEBIL hold 3 M 8 Not Provided 13.09.2013

Nomura FREDERIC BOULAN neutral 3 M 8 12 month 10.09.2013

Morgan Stanley SAROOP PUREWAL Overwt/In-Line 5 M 10 12 month 06.09.2013

Deutsche Bank CAROLA BARDELLI hold 3 M 8 12 month 05.09.2013

Kepler Cheuvreux JAVIER BORRACHERO hold 3 M 8 Not Provided 02.09.2013

New Street Research FRANK KNOWLES neutral 3 M 8 Not Provided 30.08.2013

Barclays JONATHAN DANN underweight 1 M 8 Not Provided 29.08.2013




Grupo Santander CARLOS JAVIER TREVINO hold 3 M #N/A N/A Not Provided 26.07.2013

JPMorgan HANNES C WITTIG underweight 1 M 6 3 month 26.07.2013

Macquarie GUY R PEDDY outperform 5 M 12 12 month 26.07.2013

Oddo & Cie VINCENT MAULAY neutral 3 M 10 Not Provided 26.07.2013

Goldman Sachs ANDREW LEE Sell/Neutral 1 M 6 12 month 25.07.2013

Raymond James STEPHANE BEYAZIAN market perform 3 M #N/A N/A Not Provided 25.07.2013

Landesbank Baden-Wuerttemberg STEFAN BORSCHEID buy 5 M 10 Not Provided 25.07.2013

CM - CIC Securities(ESN) JEAN-MICHEL KOSTER hold 3 M 9 12 month 25.07.2013

S&P Capital IQ ALEXANDER WISCH sell 1 M 7 12 month 25.07.2013

UBS GIOVANNI MONTALTI sell 1 M 7 12 month 24.07.2013

HSBC NICOLAS COTE-COLISSON overweight 5 M 11 Not Provided 24.07.2013

Gabelli & Co EVAN D MILLER buy 5 M #N/A N/A Not Provided 08.07.2013

Espirito Santo Investment Bank ResearchNUNO MATIAS buy 5 M 11 Not Provided 25.04.2013


Banco Sabadell ANDRES BOLUMBURU sell 1 M 11 12 month 15.02.2013

Fincorp SAOG GAURAV RAMAIYA buy 5 M 15 Not Provided 23.10.2011

Holdings By:

Orange SA ee


30.09.2013

Volvo AB manufactures trucks, buses, construction equipment, drive systems for

marine and industrial uses, and aircraft engine components. The Company also

offers repair and maintenance, lease financing, insurance, and financial

services to its customers.


LTM as of: 06/yy

52-Week High (23.09.2013) 104.00

52-Week Low (24.10.2012) 82.55

Daily Volume

95.55





203'370.56 1 Yr Total Return 7.25%







VOLVB SS EQUITY YTD Change - Average Volume 30 Day 6'124'300

VOLVB SS EQUITY YTD % CHANGE - Average Volume 3 Month 5'892'724


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

304'642.0 218'361.0 264'749.0 310'367.0 303'647.0 320'574.0 272'004.0 276'221.1 299'020.0 68'242.0 77'808.6

0.69x 1.12x 1.29x 0.80x 0.94x 3.27x 4.34x 0.93x 0.83x 3.37x 2.82x

30'239.0 2'157.0 33'711.0 42'597.0 34'319.0 40'969.0 22'920.0 26'816.6 36'671.3 6'689.9 8'430.3

6.94x 113.19x 10.14x 5.80x 8.28x 6.56x 12.86x 11.79x 8.62x 10.05x 9.63x

9'942.0 (14'718.0) 10'866.0 17'751.0 11'039.0 17'486.0 3'874.0 8'139.2 15'488.7 2'203.2 3'586.8

8.75x - 22.11x 8.60x 16.31x 9.13x 47.00x 24.13x 12.87x 15.19x 13.73x











EBITDA Margin 8.4%



Asset Turnover 0.76








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Volvo ABPrice/Volume

Valuation Analysis

4'057'945.00


!

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3!

5!

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50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

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

! !!

-! !!

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0! !!

1! !!

2! !!

3! !!

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30.09.2013


VOLVO AB n/a Research 80'013'209 4.98 - 28.12.2012 Corporation






AMF FORSAKRING n/a Research 42'544'960 2.65 - 28.12.2012 Other

SEB FONDER AB n/a Research 35'329'637 2.2 - 28.12.2012 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 32'431'960 2.02 497'000 31.03.2013 Investment Advisor

SHB FUNDS n/a Research 27'578'727 1.72 - 28.12.2012 Investment Advisor


NORDEA FONDER AB/SWE n/a Research 23'592'830 1.47 - 28.12.2012 Investment Advisor


HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 22'879'017 1.42 1'562'923 30.08.2013 Investment Advisor




ANDRA AP FONDEN n/a Research 11'526'751 0.72 - 28.12.2012 Pension Fund (ERISA)


DANSKE BANK A/S Multiple Portfolios MF-AGG 9'180'355 0.57 218'311 30.06.2013 Bank


AlphaValue HANS-PETER WODNIOK sell 1 M 89 6 month 26.09.2013

Natixis KATHLEEN GAILLIOT buy 5 M 119 Not Provided 25.09.2013

DNB Markets CHRISTER MAGNERGARD sell 1 M 82 Not Provided 25.09.2013

Societe Generale ALASDAIR LESLIE buy 5 M 120 12 month 20.09.2013

Robert W. Baird & Co DAVID LEIKER outperform 5 M 115 12 month 19.09.2013

Nordea Equity Research ANDREAS BROCK buy 5 M 115 12 month 18.09.2013

JPMorgan ALEXANDER WHIGHT neutral 3 M 107 15 month 09.09.2013

SEB Enskilda ANDERS TRAPP buy 5 M 111 Not Provided 04.09.2013

Handelsbanken HAMPUS ENGELLAU buy 5 M 120 12 month 29.08.2013

HSBC COLIN GIBSON neutral 3 M 105 Not Provided 28.08.2013

ABG Sundal Collier ERIK PETTERSSON-GOLRANG buy 5 M 110 6 month 26.08.2013

Barclays MICHAEL TYNDALL overweight 5 M 111 Not Provided 13.08.2013

Prime Predictions PETER LJUNGGREN sell 1 M 84 12 month 09.08.2013

Goldman Sachs ASHIK KURIAN buy/attractive 5 M 123 12 month 07.08.2013

Redburn Partners MARTIN VIECHA sell 1 M #N/A N/A Not Provided 06.08.2013

Evli Bank Plc ANTTI KANSANEN buy 5 M 115 Not Provided 01.08.2013

EVA Dimensions TIMOTHY STANISH sell 1 D #N/A N/A Not Provided 31.07.2013

Berenberg Bank ALEXANDER VIRGO buy 5 M 116 Not Provided 26.07.2013

Main First Bank AG CHRISTOPHER YOUL underperform 1 M 94 12 month 26.07.2013

UBS FREDRIC STAHL neutral 3 D 100 12 month 25.07.2013

Macquarie JENS SCHATTNER outperform 5 M 110 12 month 25.07.2013

Carnegie KENNETH TOLL JOHANSSON buy 5 M #N/A N/A Not Provided 25.07.2013


Kepler Cheuvreux THOMAS BESSON buy 5 U 115 Not Provided 25.07.2013

Danske Markets BJORN ENARSON buy 5 M 124 12 month 25.07.2013

Deutsche Bank PETER REILLY hold 3 M 90 12 month 24.07.2013


Canaccord Genuity Corp ANDREW BELL sell 1 M 80 12 month 24.07.2013

S&P Capital IQ RODERICK BRIDGE hold 3 M 97 12 month 24.07.2013

Swedbank FREDRIK NILHOV buy 5 M 105 12 month 14.02.2012

Holdings By:

Volvo AB ee


30.09.2013

Repsol S.A., through subsidiaries, explores for and produces crude oil and

natural gas, refines petroleum, and transports petroleum products and liquefied

petroleum gas (LPG). The Company retails gasoline and other products through

its chain of gasoline filling stations. Repsol's petroleum reserves are in

Spain, Latin America, Asia, North Africa, and the Middle East and United States.


LTM as of: 06/yy

52-Week High (27.09.2013) 18.69

52-Week Low (11.10.2012) 14.43

Daily Volume

18.295





23'828.72 1 Yr Total Return 28.52%







REP SQ EQUITY YTD Change - Average Volume 30 Day 5'725'577

REP SQ EQUITY YTD % CHANGE - Average Volume 3 Month 6'263'450


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

58'475.0 45'827.0 53'663.0 50'903.0 58'924.0 56'577.0 59'759.0 57'888.4 61'118.0 13'478.0 13'478.0

0.48x 0.87x 0.79x 0.91x 0.56x 3.00x 2.37x 0.58x 0.54x 2.52x 2.23x

8'009.0 6'686.0 11'919.0 5'800.0 7'017.0 5'938.0 6'847.0 7'254.3 7'316.0 1'559.0 3'084.0

3.49x 5.99x 3.56x 8.03x 4.68x 5.68x 5.28x 5.35x 5.31x 4.92x 4.87x

2'555.0 1'559.0 4'693.0 2'193.0 2'060.0 1'885.0 1'925.0 2'206.8 2'176.8 441.0 519.0

7.19x 14.63x 5.43x 18.27x 9.83x 9.33x 10.24x 10.88x 11.18x 12.38x 11.97x


EBIT 4'430.00 Long-Term Rating BBB-









EBITDA Margin 11.5%



Asset Turnover 0.91







Fiscal Year Ended

Repsol SAPrice/Volume

Valuation Analysis

1'985'473.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

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30.09.2013


CAIXABANK n/a Research 159'023'605 12.21 - 26.03.2013 Investment Advisor

SACYR VALLEHERMOSO S n/a EXCH 122'208'433 9.38 - 17.01.2013 Corporation

PETROLEOS MEXICANOS n/a Co File 118'484'231 9.1 - 31.12.2012 Unclassified

TEMASEK HOLDINGS PRI n/a ULT-AGG 80'700'000 6.2 - 04.03.2013 Government


BNP PARIBAS SA n/a EXCH 39'542'937 3.04 682'896 10.06.2013 Bank






PRIVAT BANK PATRIMON Multiple Portfolios MF-AGG 5'391'354 0.41 (2) 30.06.2013 Investment Advisor






UNION INVESTMENT LUX Multiple Portfolios MF-AGG 3'920'496 0.3 355'996 28.03.2013 Investment Advisor


SKANDIA INVESTMENT M Multiple Portfolios MF-AGG 2'942'099 0.23 - 31.07.2013 Investment Advisor



Bankia Bolsa (ESN) SONIA RUIZ DE GARIBAY CUBILLO buy 5 M 23 12 month 27.09.2013

BPI BRUNO ALMEIDA DA SILVA buy 5 M 20 Not Provided 26.09.2013


BBVA LUIS DE TOLEDO outperform 5 M 20 Not Provided 26.09.2013



Espirito Santo Investment Bank ResearchFILIPE ROSA buy 5 M 20 Not Provided 25.09.2013

Tudor Pickering & Co ANISH KAPADIA trim 1 M 19 Not Provided 20.09.2013

Barclays LYDIA RAINFORTH equalweight 3 M 20 Not Provided 20.09.2013


Intermoney Valores ALVARO NAVARRO buy 5 M 19 12 month 18.09.2013

JPMorgan NITIN SHARMA neutral 3 M 18 9 month 17.09.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 19 Not Provided 17.09.2013

Credit Suisse THOMAS YOICHI ADOLFF neutral 3 D 19 Not Provided 16.09.2013

Ahorro Corporacion Financiera SA TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.09.2013

NMAS 1 Agencia de Valores FERNANDO LAFUENTE strong buy 5 M 21 12 month 16.09.2013

Raymond James BERTRAND HODEE outperform 5 M 20 12 month 09.09.2013

Grupo Santander JASON KENNEY hold 3 M 20 12 month 03.09.2013

Canaccord Genuity Corp SAMUEL SIMON hold 3 M 18 12 month 15.08.2013


Nomura THEEPAN JOTHILINGAM neutral 3 M 16 12 month 09.08.2013

Investec NEILL MORTON buy 5 M 20 Not Provided 07.08.2013

Mirabaud Finanzas Sociedad de Valores SJOSE MARTIN-VIVAS overweight 5 M 19 Not Provided 29.07.2013


Morgan Stanley HAYTHEM RASHED Underwt/In-Line 1 M 17 12 month 26.07.2013

Macquarie MARC B KOFLER neutral 3 M 16 12 month 26.07.2013

Landesbank Baden-Wuerttemberg JENS MUENSTERMANN hold 3 M 18 Not Provided 26.07.2013

Natixis ANNE PUMIR buy 5 M 21 Not Provided 26.07.2013

Deutsche Bank MARK BLOOMFIELD hold 3 M 16 12 month 25.07.2013

S&P Capital IQ CHRISTINE TISCARENO buy 5 M 21 12 month 25.07.2013

Equita SIM SpA MASSIMO BONISOLI buy 5 M 19 12 month 11.07.2013


La Caixa FERNANDO MURILLO GUIRAO overweight 5 D 20 Not Provided 17.05.2013

Kepler Cheuvreux NATALIA BOBO BJOERK buy 5 M 21 Not Provided 15.05.2013

UBS JONATHON RIGBY neutral 3 M 18 12 month 13.05.2013

Jefferies BRENDAN MICHAEL WARN hold 3 M 17 12 month 09.05.2013

Interdin Bolsa ALEJANDRO MIRANDA FOURNIER buy 5 M 23 Not Provided 16.04.2013

Goldman Sachs HENRY MORRIS not rated #N/A N/A M #N/A N/A Not Provided 27.02.2013

Holdings By:

Repsol SA ee


30.09.2013

Statoil ASA explores for, produces, transports, refines, and trades oil and

natural gas. The Company explores for oil in Europe, Africa, the Middle East,

Asia, and the Americas.


LTM as of: 06/yy

52-Week High (01.10.2012) 149.00

52-Week Low (24.06.2013) 122.90

Daily Volume

136.4





434'931.44 1 Yr Total Return -3.02%







STL NO EQUITY YTD Change - Average Volume 30 Day 3'065'836

STL NO EQUITY YTD % CHANGE - Average Volume 3 Month 2'694'008


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

651'977.0 462'292.0 526'950.0 645'599.0 705'700.0 721'637.0 634'454.0 636'927.8 653'797.9 158'154.9 165'682.1

0.63x 1.16x 0.98x 0.88x 0.68x 2.02x 2.31x 0.78x 0.77x 3.17x 2.94x

240'545.0 173'918.0 186'787.0 261'920.0 265'400.0 277'937.0 220'750.0 224'620.2 242'036.4 56'490.6 62'687.5

1.71x 3.08x 2.77x 2.16x 1.82x 1.76x 2.18x 2.30x 2.13x 2.13x 2.12x

43'265.0 18'313.0 38'082.0 78'787.0 68'900.0 77'403.0 38'067.0 46'199.4 51'384.8 12'062.3 13'729.1

8.39x 25.17x 11.58x 6.20x 6.42x 5.81x 10.47x 9.24x 8.69x 8.71x 8.69x











EBITDA Margin 34.8%



Asset Turnover 0.80







Fiscal Year Ended

Statoil ASAPrice/Volume

Valuation Analysis

1'324'573.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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1!

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100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

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

! !!

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30.09.2013


MINISTRY OF PETROLEU n/a EXCH 2'136'393'559 67 - 23.09.2013 Corporation

DEUTSCHE BANK TRUST n/a EXCH 115'125'654 3.61 - 23.09.2013 Investment Advisor

GOVERNMENT PENSION F n/a EXCH 107'288'332 3.36 - 23.09.2013 Government


CLEARSTREAM BANKING n/a EXCH 69'324'809 2.17 - 23.09.2013 Bank

BANK OF NEW YORK MEL n/a EXCH 35'315'208 1.11 - 23.09.2013 Investment Advisor

JP MORGAN CHASE BANK n/a EXCH 30'355'952 0.95 - 23.09.2013 Investment Advisor

NORTHERN TRUST CO n/a EXCH 25'939'340 0.81 - 23.09.2013 Investment Advisor


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 14'776'099 0.46 (3'622'519) 31.05.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 12'894'410 0.4 (2'200'405) 30.06.2013 Investment Advisor

SIX SIS AG n/a EXCH 12'821'272 0.4 - 23.09.2013 Bank

HSBC BANK PLC n/a ULT-AGG 12'059'357 0.38 - 23.09.2013 Bank

EUROCLEAR BANK SA n/a EXCH 11'725'406 0.37 - 23.09.2013 Bank

VERITAS ASSET MANAGE Multiple Portfolios MF-AGG 10'739'728 0.34 8'863'728 30.06.2013 Investment Advisor

STOREBRAND FUND MANA Multiple Portfolios MF-AGG 10'351'791 0.32 153'497 31.08.2013 Investment Advisor



KLP AKSJENORGE n/a EXCH 9'421'153 0.3 - 23.09.2013 Investment Advisor

STATOIL ASA n/a EXCH 8'830'656 0.28 - 23.09.2013 Corporation


Sanford C. Bernstein & Co OSWALD CLINT market perform 3 M 133 12 month 30.09.2013

Handelsbanken ANNE GJOEN accumulate 4 M 145 12 month 27.09.2013

DNB Markets HELGE ANDRE MARTINSEN buy 5 M 155 Not Provided 27.09.2013



RBC Capital Markets PETER HUTTON top pick 5 M 175 12 month 23.09.2013

Nordea Equity Research KELLY CHEN hold 3 M 140 12 month 23.09.2013


Fearnley Fonds OLE-JACOB STORVIK reduce 2 D 140 Not Provided 20.09.2013

Macquarie MARC B KOFLER neutral 3 M 150 12 month 19.09.2013

JPMorgan NITIN SHARMA neutral 3 M 165 9 month 17.09.2013


Nomura THEEPAN JOTHILINGAM reduce 2 M 145 12 month 05.09.2013

Grupo Santander JASON KENNEY underweight 1 M 145 12 month 29.08.2013

Exane BNP Paribas ALEJANDRO DEMICHELIS neutral 3 M 145 Not Provided 29.08.2013

ABG Sundal Collier JOHN A SCHJ OLAISEN buy 5 U 160 6 month 28.08.2013

Barclays RAHIM KARIM overweight 5 M 150 Not Provided 22.08.2013

SEB Enskilda LARS HENRIK ROREN buy 5 U 145 Not Provided 20.08.2013

SpareBank 1 Markets AS ODDVAR BJORGAN buy 5 U 145 6 month 20.08.2013

Danske Markets ANDRE BAUSTAD BENONISEN buy 5 M 151 12 month 20.08.2013

Carnegie MARTIN VOLD buy 5 M #N/A N/A Not Provided 19.08.2013

Arctic Securities ASA TROND OMDAL buy 5 M 155 Not Provided 19.08.2013

Swedbank First Securities TEODOR SVEEN NILSEN neutral 3 M 145 Not Provided 19.08.2013

Canaccord Genuity Corp SAMUEL SIMON buy 5 M 150 12 month 15.08.2013

Norne Securities AS IRMANTAS VASKELA hold 3 M 135 12 month 31.07.2013

Pareto Securities SIGURD-ERIK NISSEN-MEYER buy 5 M 170 6 month 26.07.2013

S&P Capital IQ CHRISTINE TISCARENO sell 1 M 128 12 month 26.07.2013

Deutsche Bank MARK BLOOMFIELD hold 3 M 150 12 month 25.07.2013


Morgan Stanley HAYTHEM RASHED Equalwt/In-Line 3 M 136 12 month 16.07.2013


Jefferies BRENDAN MICHAEL WARN buy 5 M 200 12 month 24.06.2013



Fondsfinans AS MORTEN EVJENTH LINDBACK Under Review #N/A N/A M #N/A N/A Not Provided 08.05.2012

Holdings By:

Statoil ASA ee


30.09.2013

Heineken NV produces and distributes beverages internationally. The Company

produces beers, spirits, wines, and soft drinks under various brand names.


LTM as of: 06/yy

52-Week High (27.03.2013) 60.20

52-Week Low (01.10.2012) 46.16

Daily Volume

52.1





30'009.73 1 Yr Total Return 14.26%







HEIA NA EQUITY YTD Change - Average Volume 30 Day 702'856

HEIA NA EQUITY YTD % CHANGE - Average Volume 3 Month 721'212


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

14'319.0 14'701.0 16'133.0 17'123.0 18'383.0 17'543.0 19'980.0 19'779.7 20'460.4 5'492.0 5'097.0

1.42x 1.68x 1.85x 1.72x 2.31x 0.00x 0.00x 2.14x 2.01x - -

2'388.0 2'713.0 3'413.0 3'383.0 3'471.0 0.0 0.0 4'328.0 4'609.3 - -

8.51x 9.13x 8.73x 8.70x 12.24x 0.00x 0.00x 10.07x 9.46x - -

209.0 1'018.0 1'447.0 1'430.0 2'949.0 1'608.0 2'805.0 1'657.1 1'877.0 - -

50.93x 15.99x 14.28x 14.66x 9.84x 14.93x 9.90x 17.89x 15.74x - -











EBITDA Margin 20.1%



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Heineken NVPrice/Volume

Valuation Analysis

240'085.00


!

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- ! E

- 2 E

. ! E

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

! !!

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30.09.2013


HEINEKEN HOLDING NV n/a Co File 288'030'112 50 - 31.12.2012 Corporation

CB EQUITY LLP n/a Co File 72'173'129 12.53 - 31.12.2012 Holding Company



DAVIS INVESTMENTS LL n/a Research 8'514'203 1.48 - 16.02.2012 Other





COMGEST S A Multiple Portfolios MF-AGG 3'067'000 0.53 - 31.12.2012 Unclassified



SKAGEN AS Multiple Portfolios MF-AGG 2'216'744 0.38 - 30.08.2013 Investment Advisor


MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 1'532'093 0.27 (417) 31.07.2013 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 1'287'796 0.22 (2'652) 30.06.2013 Investment Advisor

UNIVERSAL INVEST LUX Multiple Portfolios MF-AGG 1'165'000 0.2 - 28.03.2013 Investment Advisor


ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 854'439 0.15 - 30.06.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 837'474 0.15 (28'080) 31.05.2012 Investment Advisor


AlphaValue ISABELLE COMBEMALE buy 5 M 64 6 month 26.09.2013

Sanford C. Bernstein & Co TREVOR STIRLING outperform 5 M 66 12 month 25.09.2013

ING Bank MARCO GULPERS buy 5 M 61 12 month 25.09.2013

Exane BNP Paribas JAVIER GONZALEZ LASTRA neutral 3 M 55 Not Provided 25.09.2013


RBC Capital Markets JAMES EDWARDES JONES sector perform 3 M 59 12 month 13.09.2013

Nomura IAN SHACKLETON reduce 2 M 44 Not Provided 12.09.2013

Rabobank International KAREL ZOETE hold 3 M 52 12 month 10.09.2013

Credit Suisse SANJEET AUJLA underperform 1 D 52 Not Provided 09.09.2013

HSBC FLORENCE DOHAN neutral 3 M 58 Not Provided 09.09.2013

SNS Securities(ESN) RICHARD WITHAGEN reduce 2 M 47 12 month 09.09.2013


Mirabaud Securities JONATHAN FYFE hold 3 M 59 12 month 30.08.2013

Jefferies DIRK VAN VLAANDEREN underperform 1 M 45 12 month 28.08.2013

Grupo Santander ANTHONY J BUCALO underweight 1 M 50 12 month 27.08.2013

Goldman Sachs MITCHELL COLLETT neutral/attractive 3 M 57 12 month 27.08.2013

KBC Securities WIM HOSTE accumulate 4 M 60 12 month 27.08.2013

Societe Generale ANDREW HOLLAND buy 5 M 61 12 month 22.08.2013

JPMorgan MIKE J GIBBS underweight 1 M 49 9 month 22.08.2013

Theodoor Gilissen Securities TOM MULLER hold 3 M 57 Not Provided 22.08.2013

Natixis JOSEPHINE CHEVALLIER buy 5 M 60 Not Provided 22.08.2013

Barclays SAMAR CHAND underweight 1 M 49 Not Provided 22.08.2013

Petercam KRIS KIPPERS hold 3 M 52 Not Provided 21.08.2013


ABN Amro Bank N.V. ROBERT JAN VOS hold 3 M 54 12 month 21.08.2013

UBS OLIVIER NICOLAI neutral 3 U 55 12 month 14.08.2013



Redburn Partners CHRIS PITCHER neutral 3 M #N/A N/A Not Provided 02.07.2013

Deutsche Bank HAROLD THOMPSON buy 5 M 60 12 month 21.06.2013


Berenberg Bank PHILIP MORRISEY hold 3 M 49 Not Provided 24.04.2013

Kempen & Co SANDER VAN OORT hold 3 M 53 Not Provided 03.04.2013

Holdings By:

Heineken NV ee


30.09.2013

Swatch Group AG manufactures watches, watch components, jewelry, miniature

batteries, LCD displays, and scoreboards. The Company produces watches under

various branded names. Swatch also operates retail boutiques.


LTM as of: 01/yy

52-Week High (21.05.2013) 602.00

52-Week Low (10.10.2012) 367.50

Daily Volume

580.5





30'493.19 1 Yr Total Return 56.61%







UHR VX EQUITY YTD Change - Average Volume 30 Day 113'064

UHR VX EQUITY YTD % CHANGE - Average Volume 3 Month 121'967


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

5'677.0 5'142.0 6'108.0 6'764.0 7'796.0 - - 8'772.0 9'640.3 - -

1.29x 2.54x 3.33x 2.50x 2.96x - - 3.31x 2.93x - -

1'421.0 1'123.0 1'658.0 1'843.0 2'245.0 - - 2'484.2 2'806.5 - -

5.17x 11.63x 12.26x 9.17x 10.29x - - 11.84x 10.48x - -

834.0 759.0 1'074.0 1'269.0 1'600.0 - - 1'750.8 1'977.4 - -

9.26x 18.10x 20.56x 14.96x 15.56x - - 17.99x 15.99x - -











EBITDA Margin 28.0%



Asset Turnover 0.80







Fiscal Year Ended

Swatch Group AG/ThePrice/Volume

Valuation Analysis

37'468.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

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

! !!

2 !!

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30.09.2013



NORGES BANK Multiple Portfolios MF-AGG 935'958 3.03 - 31.12.2012 Government

VANGUARD GROUP INC n/a ULT-AGG 517'099 1.68 22'434 30.06.2013 Unclassified

SWATCH GROUP AG n/a Co File 505'000 1.64 - 31.12.2012 Corporation

CREDIT SUISSE AG n/a ULT-AGG 418'044 1.36 (15'735) 31.05.2013 Investment Advisor


BLACKROCK n/a ULT-AGG 330'721 1.07 60 26.09.2013 Investment Advisor

UBS AG n/a ULT-AGG 275'251 0.89 816 31.07.2013 Unclassified

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 255'065 0.83 - 31.07.2013 Investment Advisor

FMR LLC n/a ULT-AGG 242'152 0.79 3'742 31.07.2013 Investment Advisor


WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 184'025 0.6 - 30.06.2013 Hedge Fund Manager

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 163'944 0.53 158'622 30.06.2013 Investment Advisor

BNP PARIBAS n/a ULT-AGG 154'115 0.5 2'237 30.04.2013 Unclassified

THREADNEEDLE n/a ULT-AGG 147'935 0.48 (51'478) 31.05.2013 Unclassified

CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 147'780 0.48 (79'825) 31.07.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 120'149 0.39 1'148 30.04.2013 Bank

GRETHER ESTHER n/a Co File 114'000 0.37 - 31.12.2012 n/a

NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 112'727 0.37 3'834 31.07.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 95'719 0.31 29'771 31.07.2013 Investment Advisor


UBS EVA QUIROGA suspended coverage #N/A N/A M #N/A N/A Not Provided 27.09.2013

Sanford C. Bernstein & Co MARIO ORTELLI market perform 3 M 620 12 month 27.09.2013

Aurel - BGC DAVID DA MAIA buy 5 U 650 6 month 27.09.2013


Societe Generale THIERRY COTA buy 5 M 660 12 month 26.09.2013

Credit Suisse ROGERIO FUJIMORI outperform 5 M 630 Not Provided 26.09.2013



AlphaValue VERONIQUE CABIOC'H add 4 M 612 6 month 26.09.2013



Mirabaud Securities ALESSANDRO MIGLIORINI neutral 3 N 610 12 month 20.09.2013

Cantor Fitzgerald ALLEGRA PERRY buy 5 M 600 Not Provided 19.09.2013

Zuercher Kantonalbank PATRIK SCHWENDIMANN outperform 5 M #N/A N/A Not Provided 16.09.2013

S&P Capital IQ WILLIAM MACK buy 5 U 650 12 month 03.09.2013

Deutsche Bank FRANCESCA DI PASQUANTONIO buy 5 M 600 12 month 02.09.2013

Bank Vontobel AG RENE WEBER buy 5 M 630 Not Provided 30.08.2013

Bank am Bellevue SERGE MONNERAT buy 5 N 625 Not Provided 13.08.2013





ISI Group OMAR SAAD strong buy 5 M 650 Not Provided 24.07.2013

Main First Bank AG MATTHIAS EIFERT outperform 5 M 650 12 month 24.07.2013

Barclays HELEN NORRIS equalweight 3 M 550 Not Provided 24.07.2013

Morgan Stanley LOUISE SINGLEHURST Overwt/In-Line 5 M 602 12 month 23.07.2013


Redburn Partners ANNABEL GLEESON neutral 3 N #N/A N/A Not Provided 08.05.2013



Holdings By:

Swatch Group AG/The ee


30.09.2013

Atlas Copco AB is an international industrial group. The Group develops,

manufactures, and markets compressed air equipment and generators, construction

and mining equipment, electric and pneumatic tools, and assembly systems and

offers related services. Atlas Copco also rents equipment. The Company markets

to manufacturing, building, construction, and mining companies worldwide.


LTM as of: 06/yy

52-Week High (19.09.2013) 194.10

52-Week Low (24.10.2012) 147.40

Daily Volume

186.4





221'902.78 1 Yr Total Return 25.51%







ATCOA SS EQUITY YTD Change - Average Volume 30 Day 2'753'078

ATCOA SS EQUITY YTD % CHANGE - Average Volume 3 Month 2'822'484


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

74'177.0 63'762.0 69'875.0 81'203.0 90'533.0 88'720.0 86'912.0 85'835.5 90'149.6 21'399.3 22'210.2

1.38x 2.15x 2.97x 2.39x 2.43x 8.47x 9.86x 2.63x 2.45x 10.86x 10.33x

15'808.0 11'527.0 16'400.0 20'061.0 21'891.0 21'688.0 20'959.0 20'413.1 21'622.3 5'056.0 5'310.0

6.48x 11.87x 12.67x 9.68x 10.05x 8.93x 9.96x 11.47x 10.83x 11.59x 11.55x

10'157.0 6'244.0 9'921.0 12'963.0 13'901.0 13'987.0 13'004.0 12'754.3 13'628.0 3'167.8 3'356.8

8.16x 20.51x 20.80x 13.86x 15.57x 12.87x 15.12x 17.73x 16.49x 17.39x 17.18x











EBITDA Margin 24.1%



Asset Turnover 1.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Atlas Copco ABPrice/Volume

Valuation Analysis

997'869.00


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. ! E

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3 ! E

5 ! E

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-. ! E

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! !!

2 !!

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30.09.2013


INVESTOR AB n/a Research 194'803'726 23.21 - 31.12.2012 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 31'731'795 3.78 (6'503'000) 30.06.2013 Investment Advisor



SEB n/a ULT-AGG 19'521'699 2.33 1'432'141 31.03.2013 Unclassified



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 10'908'127 1.3 722'416 30.06.2013 Investment Advisor




LANSDOWNE PARTNERS L n/a Short (8'310'002) -0.99 83'939 11.09.2013 Hedge Fund Manager


BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 7'394'090 0.88 - 28.06.2013 Investment Advisor







Exane BNP Paribas JONATHAN R MOUNSEY outperform 5 U 215 Not Provided 26.09.2013

AlphaValue LIONEL PELLICER sell 1 M 148 6 month 19.09.2013

Nordea Equity Research ANDREAS KOSKI buy 5 M 210 12 month 18.09.2013

JPMorgan ALEXANDER WHIGHT neutral 3 M 200 15 month 17.09.2013

Credit Suisse ANDRE KUKHNIN outperform 5 M 200 Not Provided 11.09.2013

Barclays ALLAN SMYLIE overweight 5 M 195 Not Provided 05.09.2013

SEB Enskilda DANIEL SCHMIDT hold 3 M 185 Not Provided 04.09.2013

Kepler Cheuvreux JOAKIM HOGLUND buy 5 M 220 Not Provided 04.09.2013

HSBC COLIN GIBSON overweight 5 M 220 Not Provided 28.08.2013

Evli Bank Plc ELINA RIUTTA accumulate 4 M 195 Not Provided 21.08.2013

Morgan Stanley MARKUS ALMERUD Equalwt/Cautious 3 M 176 12 month 20.08.2013

Carnegie KENNETH TOLL JOHANSSON hold 3 M #N/A N/A Not Provided 20.08.2013

Handelsbanken PEDER FROLEN buy 5 M 220 12 month 20.08.2013

ABG Sundal Collier ANDERS IDBORG buy 5 M 200 6 month 19.08.2013

Nomura KLAS BERGELIND neutral 3 M 168 12 month 19.08.2013

Redburn Partners JAMES MOORE sell 1 M #N/A N/A Not Provided 02.08.2013

Espirito Santo Investment Bank ResearchNICK WILSON neutral 3 M 175 Not Provided 30.07.2013

Societe Generale SEBASTIEN GRUTER hold 3 U 170 12 month 19.07.2013

DNB Markets LARS BRORSON hold 3 M 175 Not Provided 19.07.2013

Deutsche Bank MARTIN WILKIE hold 3 M 170 12 month 18.07.2013

Goldman Sachs AARON IBBOTSON Buy/Neutral 5 M 264 12 month 18.07.2013

William Blair & Co LAWRENCE T DE MARIA market perform 3 M 170 12 month 18.07.2013

Canaccord Genuity Corp ANDREW BELL buy 5 M 205 12 month 18.07.2013


Danske Markets OSCAR STJERNGREN buy 5 M 210 12 month 18.07.2013


Berenberg Bank ALEXANDER VIRGO sell 1 M 165 Not Provided 02.07.2013


UBS GUILLERMO PEIGNEUX sell 1 M 134 12 month 04.12.2012

Swedbank MATS LISS neutral 3 M 160 12 month 30.11.2011

Holdings By:

Atlas Copco AB ee


30.09.2013

Henkel AG & Co. KGaA manufactures industrial, commercial, and consumer chemical

products. The Company produces reactive polyurethane and laminating adhesives,

labeling for glass and PET plastic bottles, corrosion inhibitors and surface

treatments, soaps, skin care products, hair dye, perfumes, detergents,

dishwashing soaps, glass cleaners, wallpaper adhesives, and roofing products.


LTM as of: 06/yy

52-Week High (28.05.2013) 78.77

52-Week Low (16.11.2012) 57.85

Daily Volume

75.97





30'456.95 1 Yr Total Return 24.39%







HEN3 GY EQUITY YTD Change - Average Volume 30 Day 432'714

HEN3 GY EQUITY YTD % CHANGE - Average Volume 3 Month 463'431


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

14'131.0 13'573.0 15'092.0 15'605.0 16'510.0 16'043.0 16'615.0 16'834.0 17'645.5 4'361.0 4'204.8

1.00x 1.40x 1.37x 1.34x 1.66x 5.53x 6.99x 1.76x 1.62x - -

2'048.0 1'938.0 2'445.0 2'444.0 2'782.0 2'470.0 2'809.0 2'888.5 3'096.9 753.0 778.0

6.87x 9.84x 8.43x 8.55x 9.84x 9.65x 11.20x 10.64x 9.92x 9.96x 9.88x

1'221.0 602.0 1'118.0 1'161.0 1'510.0 1'265.0 1'551.0 1'739.7 1'914.4 463.3 439.3

54.66x 26.40x 18.11x 16.70x 17.93x 17.95x 20.36x 18.86x 17.18x - -











EBITDA Margin 16.9%



Asset Turnover 0.86







Fiscal Year Ended

Henkel AG & Co KGaAPrice/Volume

Valuation Analysis

245'766.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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2 E

- ! E

- 2 E

. ! E

. 2 E

0 ! E

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 !!

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-. !!

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30.09.2013




HENKEL KGAA n/a EXCH 4'541'372 2.55 - 05.08.2011 Corporation









ROYAL BANK OF CANADA n/a ULT-AGG 1'232'318 0.69 (516) 30.04.2013 Bank


CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'151'163 0.65 - 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 951'224 0.53 (18'643) 31.08.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 885'306 0.5 13'178 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 838'342 0.47 (65'859) 31.07.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 713'399 0.4 (280'911) 31.07.2013 Investment Advisor

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 644'150 0.36 30'000 28.06.2013 Investment Advisor

DWS INVESTMENTS Multiple Portfolios MF-AGG 627'317 0.35 193'389 28.06.2013 Investment Advisor


JPMorgan CELINE PANNUTI underweight 1 M 65 12 month 27.09.2013

Nomura GUILLAUME DELMAS buy 5 M 79 12 month 26.09.2013

Sanford C. Bernstein & Co ANDREW WOOD outperform 5 M 85 12 month 25.09.2013

Exane BNP Paribas EAMONN FERRY neutral 3 M 75 Not Provided 25.09.2013

Main First Bank AG GAEL COLCOMBET outperform 5 M 88 12 month 24.09.2013


DZ Bank AG HERBERT STURM buy 5 M 86 Not Provided 17.09.2013

Raymond James HERMINE DE BENTZMANN outperform 5 M 86 12 month 16.09.2013

Canaccord Genuity Corp EDDY HARGREAVES buy 5 M 84 12 month 05.09.2013

Commerzbank Corporates & Markets ANDREAS RIEMANN buy 5 M 90 6 month 20.08.2013

M.M. Warburg Investment Research JOERG PHILIPP FREY hold 3 M 79 12 month 14.08.2013


Goldman Sachs ROSIE EDWARDS neutral/attractive 3 M 82 12 month 12.08.2013

Baader Bank CHRISTIAN WEIZ hold 3 M 79 12 month 12.08.2013

Credit Suisse NICOLAS SOCHOVSKY underperform 1 M 73 Not Provided 12.08.2013

Societe Generale CHAS MANSO DE ZUNIGA buy 5 M 87 12 month 09.08.2013


Independent Research GmbH ZAFER RUZGAR hold 3 M 80 12 month 09.08.2013


Bankhaus Metzler SEBASTIAN FRERICKS buy 5 M 85 12 month 09.08.2013

Deutsche Bank HAROLD THOMPSON buy 5 M 80 12 month 08.08.2013

Morgan Stanley ERIK SJOGREN Overwt/In-Line 5 M 83 12 month 08.08.2013

HSBC CEDRIC BESNARD underweight 1 M 63 Not Provided 08.08.2013


Bankhaus Lampe MICHAEL GORNY hold 3 M 73 12 month 08.08.2013

Equinet Institutional Services(ESN) NADESHDA DEMIDOVA sell 1 M 56 12 month 08.08.2013



Berenberg Bank JAMES TARGETT Under Review #N/A N/A M #N/A N/A Not Provided 01.08.2013


Kepler Cheuvreux MARKUS MAYER hold 3 M 78 Not Provided 13.06.2013


Redburn Partners WILLIAM HOUSTON sell 1 M #N/A N/A Not Provided 13.05.2013

Landesbank Baden-Wuerttemberg BARBARA AMBRUS buy 5 M 81 Not Provided 08.05.2013

Jefferies ALEX HOWSON hold 3 M 54 Not Provided 19.03.2013

National Bank AG STEFFEN MANSKE buy 5 M 76 Not Provided 19.11.2012

Holdings By:

Henkel AG & Co KGaA ee


30.09.2013

TeliaSonera AB offers telecommunication services. The Company offers mobile

communications services as well as operates fixed networks throughout Eurasia.


LTM as of: 06/yy

52-Week High (26.09.2013) 49.67

52-Week Low (23.04.2013) 41.80

Daily Volume

48.86





211'567.94 1 Yr Total Return 10.13%







TLSN SS EQUITY YTD Change - Average Volume 30 Day 7'300'534

TLSN SS EQUITY YTD % CHANGE - Average Volume 3 Month 6'550'020


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

103'585.0 109'161.0 106'979.0 104'804.0 104'898.0 105'953.0 102'727.0 101'449.5 102'187.7 25'183.7 26'092.8

2.31x 2.65x 2.77x 2.64x 2.45x 10.40x 10.35x 2.67x 2.61x 10.93x 10.47x

31'663.0 35'329.0 37'677.0 36'917.0 35'000.0 37'234.0 33'911.0 34'811.6 35'932.2 8'860.6 8'885.3

7.57x 8.19x 7.86x 7.51x 7.33x 7.27x 7.72x 8.16x 7.90x 7.95x 7.83x

19'011.0 18'854.0 21'257.0 18'388.0 19'886.0 18'937.0 19'822.0 17'896.6 18'942.0 4'571.4 4'818.8

9.19x 12.35x 11.26x 11.11x 9.59x 10.09x 9.55x 11.77x 11.26x 11.36x 11.27x











EBITDA Margin 33.0%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

TeliaSonera ABPrice/Volume

Valuation Analysis

4'888'261.00


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1!

2!

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-! ! E

-2 ! E

.! ! E

.2 ! E

0! ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

-! !!

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



30.09.2013


GOVERNMENT OF SWEDEN n/a Co File 1'614'513'748 37.29 - 31.12.2012 Government

REPUBLIC OF FINLAND n/a Research 437'338'581 10.1 - 05.09.2013 Government


ALECTA PENSIONSFORSA n/a Co File 112'272'322 2.59 - 31.12.2012 Pension Fund (ERISA)

SWEDBANK ROBUR FONDE n/a Co File 111'387'612 2.57 - 31.12.2012 Investment Advisor

AMF PENSION n/a Co File 80'445'164 1.86 - 31.12.2012 Pension Fund (ERISA)

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 53'753'791 1.24 1'184'485 27.09.2013 Investment Advisor

SHB FUNDS n/a Co File 53'624'855 1.24 - 31.12.2012 n/a


FJARDE AP-FONDEN n/a Co File 45'541'893 1.05 - 31.12.2012 Pension Fund (ERISA)

GOVERNMENT OF NORWAY n/a Research 45'514'625 1.05 - 30.09.2012 Government

AFA INSURANCE n/a Research 40'936'185 0.95 (1'638'000) 30.09.2012 Insurance Company

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 36'408'922 0.84 175'790 30.08.2013 Investment Advisor



AMF FONDER AB Multiple Portfolios MF-AGG 29'615'480 0.68 (3'293'000) 31.03.2013 Investment Advisor

SKANDIA LIV n/a Research 28'199'595 0.65 - 30.09.2012 Pension Fund (ERISA)

FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 27'735'087 0.64 (2'153'413) 31.03.2013 Investment Advisor


SPP n/a Research 24'185'095 0.56 - 30.09.2012 n/a


Swedbank SVEN SKOLD neutral 3 D 51 12 month 30.09.2013

Exane BNP Paribas MICHAEL WILLIAMS outperform 5 M 51 Not Provided 30.09.2013


Carnegie LENA OSTERBERG buy 5 M #N/A N/A Not Provided 25.09.2013

Credit Suisse JAKOB BLUESTONE neutral 3 M 45 Not Provided 20.09.2013


Evli Bank Plc MIKKO ERVASTI reduce 2 D 50 Not Provided 18.09.2013

Natixis JACQUES DE GRELING neutral 3 M 41 Not Provided 12.09.2013

Deutsche Bank KEVAL KHIROYA hold 3 M 46 12 month 05.09.2013

Pohjola Bank Plc (ESN) KIMMO STENVALL hold 3 M 48 12 month 05.09.2013

Nordea Equity Research STEFAN GAUFFIN hold 3 M 48 12 month 22.08.2013

SEB Enskilda ANDREAS JOELSSON buy 5 M 50 Not Provided 08.08.2013

Berenberg Bank BARRY ZEITOUNE hold 3 M 43 Not Provided 07.08.2013

Morgan Stanley TERENCE TSUI Equalwt/In-Line 3 M 53 12 month 02.08.2013

UBS NICK LYALL sell 1 M 43 12 month 01.08.2013

Goldman Sachs ANDREW LEE neutral/neutral 3 M 53 12 month 26.07.2013

Barclays MAURICE PATRICK equalweight 3 M 45 Not Provided 24.07.2013

Jefferies ULRICH RATHE underperform 1 M 36 12 month 22.07.2013

Inderes TIMO RAHKONEN accumulate 4 M 50 Not Provided 22.07.2013

ABG Sundal Collier KRISTOFER ERIKSSON sell 1 M 44 6 month 18.07.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK buy 5 M 51 Not Provided 18.07.2013

Nomura JAMES BRITTON neutral 3 M 46 12 month 18.07.2013

S&P Capital IQ ALEXANDER WISCH buy 5 M 52 12 month 18.07.2013

Danske Markets PANU LAITINMAKI hold 3 M 48 12 month 18.07.2013

Grupo Santander JOHN DAVIES underweight 1 M 45 Not Provided 17.07.2013

Handelsbanken THOMAS HEATH accumulate 4 M 50 12 month 17.07.2013

DNB Markets CHRISTER ROTH buy 5 M 51 Not Provided 17.07.2013

SpareBank 1 Markets AS TORE A TONSETH sell 1 M 41 6 month 17.06.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 M 36 Not Provided 22.04.2013

HSBC DOMINIK KLARMANN overweight 5 M 52 Not Provided 27.02.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 05.02.2013

Pareto Securities THOMAS NIELSEN hold 3 D 46 6 month 31.01.2013


JPMorgan AKHIL DATTANI overweight 5 M 55 3 month 21.01.2013

Holdings By:

TeliaSonera AB ee


30.09.2013

Telenor ASA researches, develops and provides telecommunications, information

and media services. The Company offers telephone services, as well as installs

and operates complete IT (information technology) systems. Telenor provides

phone card, mobile telephone, satellite communications, paging and mobile data

services. The Company operates in Norway and internationally.


LTM as of: 06/yy

52-Week High (26.09.2013) 139.90

52-Week Low (23.10.2012) 104.30

Daily Volume

137.4





208'384.17 1 Yr Total Return 28.80%







TEL NO EQUITY YTD Change - Average Volume 30 Day 1'888'854

TEL NO EQUITY YTD % CHANGE - Average Volume 3 Month 1'622'686


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

96'167.0 90'748.0 94'843.0 98'516.0 101'718.0 100'540.0 101'706.0 103'463.2 107'186.0 26'000.2 27'061.0

1.37x 1.89x 1.94x 1.82x 2.14x 7.38x 8.85x 2.39x 2.29x 9.40x 9.01x

30'133.0 33'071.0 29'262.0 34'352.0 39'870.0 39'047.0 37'308.0 35'595.0 38'267.2 9'434.0 9'209.1

4.36x 5.18x 6.28x 5.22x 5.46x 5.05x 6.18x 7.06x 6.56x 6.73x 6.64x

13'065.0 8'653.0 14'334.0 7'165.0 10'067.0 3'303.0 13'693.0 15'544.4 17'419.1 4'320.2 4'146.0

5.81x 14.43x 10.60x 22.04x 17.44x 46.89x 13.57x 13.50x 12.00x 12.13x 11.93x











EBITDA Margin 36.7%



Asset Turnover 0.59







Fiscal Year Ended

Telenor ASAPrice/Volume

Valuation Analysis

1'509'359.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.!

1!

3!

5!

-!!

-.!

-1!

-3!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

- ! E

. ! E

0 ! E

1 ! E

2 ! E

3 ! E

4 ! E

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



30.09.2013


NORWEGIAN GOVT MINIS n/a EXCH 818'449'421 53.97 - 23.09.2013 Government


GOVERNMENT PENSION F n/a EXCH 78'330'639 5.16 - 23.09.2013 Government

BANK OF NEW YORK MEL n/a EXCH 42'932'391 2.83 - 23.09.2013 Investment Advisor

JP MORGAN CHASE BANK n/a EXCH 40'517'950 2.67 - 23.09.2013 Investment Advisor

CLEARSTREAM BANKING n/a EXCH 30'084'175 1.98 - 23.09.2013 Bank


NORTHERN TRUST CO n/a EXCH 21'466'419 1.42 - 23.09.2013 Investment Advisor


DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 14'004'233 0.92 (151'496) 31.05.2013 Investment Advisor


MANNING & NAPIER ADV Multiple Portfolios MF-AGG 12'089'340 0.8 (3'550) 31.12.2012 Investment Advisor

EUROCLEAR BANK SA n/a EXCH 10'957'191 0.72 - 23.09.2013 Bank



KLP AKSJENORGE n/a EXCH 6'556'150 0.43 - 23.09.2013 Investment Advisor



STOREBRAND FUND MANA Multiple Portfolios MF-AGG 6'105'425 0.4 93'419 31.08.2013 Investment Advisor




Exane BNP Paribas MICHAEL WILLIAMS neutral 3 M 130 Not Provided 30.09.2013


Swedbank SVEN SKOLD buy 5 U 145 12 month 23.09.2013

Goldman Sachs ANDREW LEE Buy/Neutral 5 M 179 12 month 19.09.2013

S&P Capital IQ ALEXANDER WISCH strong buy 5 M 150 12 month 19.09.2013

Jefferies ULRICH RATHE buy 5 M 145 12 month 18.09.2013

Landesbank Baden-Wuerttemberg RALPH SZYMCZAK hold 3 M 135 Not Provided 18.09.2013

SEB Enskilda ANDREAS JOELSSON sell 1 M 108 Not Provided 18.09.2013

Arctic Securities ASA MARKUS BJERKE hold 3 M 130 Not Provided 18.09.2013

Barclays MAURICE PATRICK overweight 5 M 160 Not Provided 18.09.2013

Danske Markets ERIK STRANDIN PERS buy 5 M 150 12 month 18.09.2013

HSBC DOMINIK KLARMANN overweight 5 M 150 Not Provided 12.09.2013

Fondsfinans AS DANIEL JOHANSSON buy 5 N 146 12 month 12.09.2013

Deutsche Bank KEVAL KHIROYA buy 5 M 140 12 month 05.09.2013

Berenberg Bank BARRY ZEITOUNE hold 3 M 129 Not Provided 29.08.2013

Credit Suisse JAKOB BLUESTONE neutral 3 D 130 Not Provided 28.08.2013

SpareBank 1 Markets AS TORE A TONSETH buy 5 M 140 6 month 27.08.2013

Grupo Santander JOHN DAVIES buy 5 M 143 Not Provided 22.08.2013

Morgan Stanley TERENCE TSUI Overwt/In-Line 5 M 150 12 month 06.08.2013

ABG Sundal Collier OLE PETTER KJERKREIT buy 5 U 136 6 month 24.07.2013

Nordea Equity Research STEFAN GAUFFIN buy 5 D 147 12 month 24.07.2013

Handelsbanken THOMAS HEATH accumulate 4 M 135 12 month 24.07.2013

Nomura JAMES BRITTON buy 5 M 136 Not Provided 24.07.2013

DNB Markets CHRISTER ROTH buy 5 M 146 Not Provided 24.07.2013



Carnegie ESPEN TORGERSEN hold 3 M #N/A N/A Not Provided 16.07.2013

UBS NICK LYALL buy 5 M 140 12 month 13.05.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 02.05.2013

Espirito Santo Investment Bank ResearchANDREW HOGLEY buy 5 M 150 Not Provided 22.04.2013

Pareto Securities THOMAS NIELSEN sell 1 M 105 6 month 13.02.2013

JPMorgan AKHIL DATTANI overweight 5 M 130 3 month 21.01.2013

Holdings By:

Telenor ASA ee


30.09.2013

A.P. Moeller-Maersk A/S is a conglomerate with diversified holdings. The

Company's fleet includes container vessels, tankers, supply ships, special

vessels, and oil drilling rigs. A.P. Moeller-Maersk also operates industrial,

and supermarket businesses, and explores for and produces oil and gas. The

Company is active worldwide.


LTM as of: 06/yy

52-Week High (26.09.2013) 52'750.00

52-Week Low (08.11.2012) 39'720.00

Daily Volume

51050





218'043.73 1 Yr Total Return 26.49%







MAERSKB DC EQUITY YTD Change - Average Volume 30 Day 4'936

MAERSKB DC EQUITY YTD % CHANGE - Average Volume 3 Month 4'470


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

311'821.0 260'336.0 315'396.0 322'520.0 342'058.0 333'510.0 332'253.0 326'835.5 342'010.1 82'167.4 83'562.3

0.68x 1.01x 0.97x 0.84x 0.85x 3.25x 3.49x 0.99x 0.93x 3.86x 3.90x

83'945.0 49'262.0 89'218.0 78'506.0 72'897.0 69'058.0 71'086.0 70'534.2 78'914.6 18'790.0 18'925.4

2.52x 5.34x 3.44x 3.44x 4.00x 4.06x 3.91x 4.47x 4.00x 4.00x 3.85x

16'960.0 (7'027.0) 26'455.0 15'189.0 21'673.0 13'991.0 18'749.0 19'306.0 24'841.9 6'001.9 5'620.0

6.86x - 8.33x 10.96x 8.59x 12.07x 10.90x 11.72x 9.25x 9.42x 8.80x











EBITDA Margin 21.4%



Asset Turnover 0.80







Fiscal Year Ended

AP Moeller - Maersk A/SPrice/Volume

Valuation Analysis

2'991.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!!!!

.!!!!

0!!!!

1!!!!

2!!!!

3!!!!

l--. k--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E

! E

! E

! E

! E

! E

! E

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

6 !!

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



30.09.2013


AP & CHASTINE MOLLER n/a Co File 905'933 41.22 - 31.12.2011 Endowment

AP MOLLER C MCKINNEY n/a Co File 216'483 9.85 - 31.12.2011 Other

FRANKLIN RESOURCES n/a ULT-AGG 82'696 3.76 (4'863) 30.06.2013 Investment Advisor

MC-KINNEY MOLLER MAE n/a Co File 81'758 3.72 - 31.12.2011 n/a

DEN AP MOLLERSKE STO n/a Co File 64'615 2.94 - 31.12.2011 Other

NORGES BANK Multiple Portfolios MF-AGG 53'167 2.42 - 31.12.2012 Government

AP MOLLER - MAERSK A n/a Co File 29'729 1.35 - 31.12.2011 Corporation

VANGUARD GROUP INC n/a ULT-AGG 27'574 1.25 1'119 30.06.2013 Unclassified

SKAGEN AS Multiple Portfolios MF-AGG 21'558 0.98 - 30.08.2013 Investment Advisor


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 16'124 0.73 1'449 31.07.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 8'828 0.4 1'519 30.06.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 8'644 0.39 (4'984) 26.09.2013 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 8'367 0.38 2'365 31.05.2013 Investment Advisor

SPARINVEST n/a ULT-AGG 7'276 0.33 (56) 30.08.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 6'932 0.32 196 31.07.2013 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'316 0.29 (102) 30.06.2013 Investment Advisor

MANDARINE GESTION Multiple Portfolios MF-AGG 6'218 0.28 (582) 30.08.2013 Investment Advisor

PERPETUAL INVESTMENT Multiple Portfolios MF-AGG 6'148 0.28 - 31.08.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 6'084 0.28 1'516 30.08.2013 Investment Advisor


Deutsche Bank JOSE FRANCISCO RUIZ SOLERA buy 5 M 60'350 12 month 27.09.2013

Jyske Bank FRANS HOYER reduce 2 D 52'000 Not Provided 27.09.2013

SEB Enskilda MIKKEL M NIELSEN buy 5 M 61'700 Not Provided 27.09.2013

Cantor Fitzgerald ROBIN BYDE hold 3 M #N/A N/A Not Provided 27.09.2013

Carnegie STIG FREDERIKSEN buy 5 M #N/A N/A Not Provided 27.09.2013

Nordea Equity Research FINN BJARKE PETERSEN hold 3 D 55'000 12 month 27.09.2013

Danske Markets ERIK BERGOO buy 5 M 65'000 12 month 27.09.2013

AlphaValue HELENE COUMES reduce 2 M 47'172 6 month 26.09.2013

Handelsbanken DAN TOGO JENSEN buy 5 M 61'000 12 month 24.09.2013

Morgan Stanley PENNY BUTCHER Equalwt/In-Line 3 M 56'000 12 month 12.09.2013

DNB Markets NICOLAY DYVIK hold 3 M 51'000 Not Provided 06.09.2013

Goldman Sachs NICK EDELMAN Buy/Neutral 5 M 62'000 12 month 03.09.2013

Jefferies JOHNSON LEUNG underperform 1 M 34'500 12 month 30.08.2013

Equita SIM SpA GIANMARCO BONACINA buy 5 M 60'000 12 month 26.08.2013

EVA Dimensions TIMOTHY STANISH overweight 5 D #N/A N/A Not Provided 26.08.2013

Kepler Cheuvreux BEAT KEISER buy 5 N 57'500 Not Provided 22.08.2013

SpareBank 1 Markets AS GLENN LODDEN neutral 3 U 50'000 6 month 22.08.2013

RS Platou Markets FRODE MOERKEDAL neutral 3 M 55'000 6 month 22.08.2013

HSBC JULIA WINARSO overweight 5 M 58'000 Not Provided 20.08.2013

Macquarie ROBERT JOYNSON outperform 5 U 57'000 12 month 20.08.2013

NYKREDIT RICKY S RASMUSSEN outperform 5 M #N/A N/A Not Provided 19.08.2013

Fearnley Fonds RIKARD VABO accumulate 4 M 55'000 Not Provided 19.08.2013

Clarkson Capital Markets LLC URS M DUR market perform 3 M 45'250 12 month 19.08.2013

ABG Sundal Collier LARS HEINDORFF buy 5 M 57'000 6 month 18.08.2013

Alm Brand Markets JESPER CHRISTENSEN neutral 3 M 50'000 Not Provided 16.08.2013

ABN Amro Bank N.V. MARK VAN DER GEEST buy 5 M 52'500 Not Provided 16.08.2013

JPMorgan CHRISTOPHER G COMBE neutral 3 M 49'500 15 month 15.08.2013

Nomura MARK MCVICAR buy 5 M 56'000 12 month 15.08.2013

Credit Suisse NEIL GLYNN underperform 1 M 42'700 Not Provided 22.07.2013

UBS DOMINIC EDRIDGE neutral 3 M 43'000 12 month 18.06.2013

Holdings By:

AP Moeller - Maersk A/S ee


30.09.2013

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

358.8





40'418.52 1 Yr Total Return 39.61%





Enterprise Value -


RBS LN EQUITY YTD Change - Average Volume 30 Day 11'530'440

RBS LN EQUITY YTD % CHANGE - Average Volume 3 Month 13'306'070


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 20'588.1 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) 1'802.5 3'206.9 294.0 -

- - - - - 0.00x 0.00x 20.74x 12.25x 15.81x -







Return on Capital -0.77% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.02







Fiscal Year Ended

Royal Bank of Scotland Group PLCPrice/Volume

Valuation Analysis

5'846'029.00


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--. U--. g--0 c--0 j--0 S--0 j--0 g--0 g--0 S--0 o--0 ! E2 ! E-! ! E-2 ! E.! ! E.2 ! E0! ! E02 ! E1! ! E12 ! E

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



30.09.2013


UNITED KINGDOM GOVER n/a RNS-MAJ 3'964'483'519 64.31 - 28.03.2013 Government

SCHRODER INVESTMENT Multiple Portfolios REG 117'887'408 1.91 2'896'435 03.06.2013 Investment Advisor



MAJEDIE ASSET MANAGE Multiple Portfolios REG 74'492'455 1.21 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


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


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


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

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


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


30.09.2013

Tenaris S.A. manufactures seamless steel pipe products on a global basis. The

Company also provides pipe handling, stocking, and distribution services to the

oil and gas, energy, and mechanical industries. In addition, Tenaris supplies

welded steel pipes for gas pipelines in South America.


LTM as of: 06/yy

52-Week High (20.09.2013) 18.45

52-Week Low (08.11.2012) 13.80

Daily Volume

17.04





20'116.35 1 Yr Total Return 9.55%







TEN IM EQUITY YTD Change - Average Volume 30 Day 1'368'565

TEN IM EQUITY YTD % CHANGE - Average Volume 3 Month 1'660'641


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

12'131.8 8'149.3 7'711.6 9'972.5 10'834.0 10'664.2 10'922.8 11'098.0 11'844.3 2'677.7 2'827.7

1.16x 3.15x 3.77x 2.23x 2.29x 7.69x 8.88x 2.41x 2.20x 10.02x 9.46x

3'560.8 2'318.5 2'080.4 2'449.1 2'924.3 2'792.9 2'918.4 2'886.5 3'151.9 695.0 741.5

3.94x 11.08x 13.99x 9.06x 8.47x 7.63x 8.09x 9.41x 8.62x 9.11x 8.94x

2'124.8 1'161.6 1'127.4 1'331.2 1'699.0 1'619.4 1'636.7 1'712.7 1'915.8 422.5 458.0

7.06x 21.37x 25.49x 16.38x 14.31x 12.68x 14.49x 15.93x 14.27x 14.88x 14.41x











EBITDA Margin 26.7%



Asset Turnover 0.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tenaris SAPrice/Volume

Valuation Analysis

956'875.00


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2'000.0

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14'000.0

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

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30.09.2013


SAN FAUSTIN NV n/a 20F 713'605'187 60.45 - 31.03.2012 Other



COMGEST GROWTH PLC Multiple Portfolios MF-AGG 5'592'792 0.47 - 28.06.2013 Investment Advisor


COMGEST S A Multiple Portfolios MF-AGG 3'874'938 0.33 3'874'938 31.05.2013 Unclassified


HINOJOSA GUILLERMO n/a 20F 1'915'446 0.16 - 30.04.2008 n/a

VOGEL GUILLERMO n/a 20F 1'325'446 0.11 - 31.03.2012 n/a

ARCA SGR SPA Multiple Portfolios MF-AGG 1'163'874 0.1 (92'578) 28.06.2013 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 1'005'583 0.09 88'000 30.08.2013 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 769'237 0.07 26 31.07.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 768'856 0.07 (36'709) 30.08.2013 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 735'000 0.06 - 28.03.2013 Investment Advisor

STATE STREET CORP n/a ULT-AGG 634'478 0.05 1'772 27.09.2013 Investment Advisor

EURIZON CAPITAL SGR Multiple Portfolios MF-AGG 625'113 0.05 - 30.06.2013 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 582'661 0.05 - 31.12.2012 Investment Advisor

PIONEER n/a ULT-AGG 580'652 0.05 51'616 30.04.2013 Unclassified

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 553'183 0.05 - 31.07.2013 Investment Advisor

Comgest Asset Manage Multiple Portfolios MF-AGG 552'010 0.05 5'730 28.06.2013 Unclassified


Credit Suisse MICHAEL SHILLAKER underperform 1 M 15 Not Provided 23.09.2013

Exane BNP Paribas RAPHAEL VEVERKA neutral 3 M 17 Not Provided 23.09.2013

AlphaValue FABRICE FARIGOULE reduce 2 M 17 6 month 19.09.2013

Kepler Cheuvreux GEOFFROY STERN hold 3 M 18 Not Provided 17.09.2013

Banca Akros(ESN) FRANCESCO SALA reduce 2 M 16 12 month 19.08.2013

Mediobanca SpA ANDREA SCAURI underperform 1 M 14 12 month 16.08.2013

Equita SIM SpA ROBERTO LETIZIA hold 3 M 17 12 month 06.08.2013

Natixis JULIEN LAURENT neutral 3 M 16 Not Provided 05.08.2013

Goldman Sachs HENRY TARR Sell/Neutral 1 M 15 12 month 02.08.2013

Banca IMI BRUNO PERMUTTI hold 3 M 16 12 month 02.08.2013


Simmons & Company International STEPHEN WILLIAMS overweight 5 U #N/A N/A Not Provided 13.01.2010

Holdings By:

Tenaris SA ee


30.09.2013

Atlas Copco AB is an international industrial group. The Group develops,

manufactures, and markets compressed air equipment and generators, construction

and mining equipment, electric and pneumatic tools, and assembly systems and

offers related services. Atlas Copco also rents equipment. The Company markets

to manufacturing, building, construction, and mining companies worldwide.


LTM as of: 06/yy

52-Week High (19.09.2013) 176.40

52-Week Low (24.10.2012) 131.90

Daily Volume

167.7





221'902.78 1 Yr Total Return 26.42%




Cash and Equivalents 12'416.00 Consensus Rating -



ATCOB SS EQUITY YTD Change - Average Volume 30 Day 858'217

ATCOB SS EQUITY YTD % CHANGE - Average Volume 3 Month 949'753


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

74'177.0 63'762.0 69'875.0 81'203.0 90'533.0 88'720.0 86'912.0 85'835.5 90'149.6 21'399.3 22'210.2

1.38x 2.15x 2.97x 2.39x 2.43x 8.47x 9.86x 2.63x 2.45x 10.86x 10.33x

15'808.0 11'527.0 16'400.0 20'061.0 21'891.0 21'688.0 20'959.0 20'413.1 21'622.3 5'056.0 5'310.0

6.48x 11.87x 12.67x 9.68x 10.05x 8.93x 9.96x 11.47x 10.83x 11.59x 11.55x

10'157.0 6'244.0 9'921.0 12'963.0 13'901.0 13'987.0 13'004.0 12'754.3 13'628.0 3'167.8 3'356.8

8.16x 20.51x 20.80x 13.86x 15.57x 12.87x 15.12x 15.95x 14.84x 15.65x 15.46x











EBITDA Margin 24.1%



Asset Turnover 1.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Atlas Copco ABPrice/Volume

Valuation Analysis

490'094.00


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100'000.0

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30.09.2013



AMF n/a Research 28'955'671 7.42 - 31.12.2012 Other



INVESTOR AB n/a Research 12'091'885 3.1 - 31.12.2012 Investment Advisor




NORDEA FONDER AB/SWE n/a Co File 8'787'802 2.25 - 31.12.2010 Investment Advisor

AMF FONDER AB Multiple Portfolios MF-AGG 8'021'520 2.06 (3'855'000) 31.03.2013 Investment Advisor





FOLKSAM GROUP n/a Research 3'670'004 0.94 - 31.12.2012 Insurance Company


NOMURA n/a ULT-AGG 2'673'976 0.69 (1'619'254) 15.01.2013 Unclassified

DANSKE BANK A/S Multiple Portfolios MF-AGG 2'669'087 0.68 (35'281) 30.06.2013 Bank


ODIN FORVALTNING AS Multiple Portfolios MF-AGG 2'242'602 0.57 956'725 30.08.2013 Investment Advisor


#N/A N/A

Holdings By:

Atlas Copco AB ee


30.09.2013

Christian Dior SA manufactures luxury products such as upscale clothing,

champagne and wines, cognac and spirits, luggage and leather goods, perfumes and

cosmetics, and jewelry and watches. The Company markets its products

internationally.


LTM as of: 04/yy

52-Week High (22.05.2013) 148.10

52-Week Low (10.10.2012) 104.20

Daily Volume

142.9





25'968.79 1 Yr Total Return 39.35%







CDI FP EQUITY YTD Change - Average Volume 30 Day 67'650

CDI FP EQUITY YTD % CHANGE - Average Volume 3 Month 70'403


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 04/yy 04/13 Y 04/14 Y 07/13 Q1 10/13 Q2

17'245.0 17'933.0 17'745.0 21'123.0 24'628.0 24'628.0 29'881.0 30'880.0 33'190.8 - -

1.74x 1.26x 1.55x 1.68x 1.55x 0.00x 0.00x 1.59x 1.45x - -

4'207.0 4'294.0 4'102.0 5'175.0 6'266.0 0.0 0.0 7'439.8 8'218.7 - -

7.14x 5.24x 6.69x 6.85x 6.08x 0.00x 0.00x 6.66x 6.03x - -

880.0 796.0 695.0 1'261.0 1'279.0 0.0 0.0 1'780.2 2'186.8 - -

18.20x 9.02x 18.40x 15.14x 12.83x 0.00x 0.00x 15.22x 13.16x - -





Return on Assets - Short-Term Rating -

Return on Common Equity -


Asset Turnover - (EBITDA-Capex)/Interest Exp. 27.34



EBITDA Margin 24.2%



Asset Turnover -

Current Ratio 1.41 Net Fixed Asset Turnover -






Fiscal Year Ended

Christian Dior SAPrice/Volume

Valuation Analysis

20'529.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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30.09.2013


GROUPE ARNAULT SAS n/a Research 127'874'042 70.37 33'750 01.10.2012 Holding Company


CHRISTIAN DIOR SA n/a Co File 2'380'206 1.31 - 30.04.2012 n/a



HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 950'136 0.52 333'736 30.06.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 668'615 0.37 (8'727) 27.09.2013 Investment Advisor

VANGUARD GROUP INC n/a ULT-AGG 616'657 0.34 751 30.06.2013 Unclassified

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 473'290 0.26 (141'619) 28.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 472'766 0.26 667 26.09.2013 Investment Advisor



FMR LLC n/a ULT-AGG 370'302 0.2 11'620 31.07.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 318'023 0.18 (546'764) 30.06.2013 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 316'395 0.17 (1'922) 31.05.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 283'557 0.16 8'212 31.07.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 249'210 0.14 39'140 31.07.2013 Investment Advisor

PALATINE ASSET MANAG Multiple Portfolios MF-AGG 247'310 0.14 - 30.08.2013 Investment Advisor

SOCIETE GENERALE Multiple Portfolios MF-AGG 245'347 0.14 (53) 30.04.2013 Bank

LBPAM Multiple Portfolios MF-AGG 221'701 0.12 1'012 28.03.2013 Investment Advisor


Aurel - BGC DAVID DA MAIA buy 5 M 160 6 month 27.09.2013

AlphaValue VIRGINIE BLIN buy 5 M 181 6 month 26.09.2013


Goldman Sachs MARKUS IWAR Buy/Neutral 5 M 190 12 month 31.07.2013


Natixis OLIVIER DELAHOUSSE buy 5 M 154 Not Provided 29.07.2013


Raymond James MARC WILLAUME outperform 5 M #N/A N/A Not Provided 17.07.2013





Main First Bank AG GAEL COLCOMBET outperform 5 M 174 12 month 09.01.2013

JPMorgan MELANIE A FLOUQUET overweight 5 M 110 Not Provided 15.12.2011

Holdings By:

Christian Dior SA ee


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