Fundamental Equity Analysis - S&P100 Index Members (OEX Index).pdf

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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 14898194 1991.775 1117 1117 203 220 220 102.58 110.21 110.21 15.75 15.75 14.66 14.66 18.58

Euro Stoxx 50 Pr EUR 2493756 5284.795 4561 4561 731 763 763 203.59 297.44 297.44 21.63 17.12 14.81 14.81 20.19

NIKKEI 225 JPY 2727065 192.1279 192 192 18 22 22 5.38 7.90 7.90 0.26 0.27 0.18 0.18 0.11

FTSE 100 INDEX GBP 2587478 11449.56 10098 10098 1411 1676 1676 586.95 805.96 805.96 24.84 21.83 18.09 18.09 21.26

SWISS MARKET INDEX CHF 1017711 10776.65 4094 4094 859 827 827 416.04 556.80 556.80 20.57 17.07 15.37 15.37 22.10

S&P/TSX COMPOSITE INDEX CAD 1566664 16493.48 8368 8368 1782 1970 1970 737.98 820.91 820.91 14.92 14.92 13.42 13.42 23.26

S&P/ASX 200 INDEX AUD 1210714 5733.302 2686 2686 551 684 684 225.02 324.09 324.09 17.92 14.54 12.45 12.45 20.26

HANG SENG INDEX HKD 1576584 2941 1673 1673 353 398 398 278.90 271.70 271.70 1.22 1.38 1.25 1.25 2.90

MSCI EM USD 6919194 1278.432 973 973 188 180 180 82.52 90.76 90.76 11.05 11.20 10.05 10.05 19.18

APPLE INC USD 391520 937 939 0 0 0 121 246.83 156508 169104 171168 186818 58518 57381 10573 10573 44.15 41.89 39.55 43.76 9.96 9.96 10.55 9.53 44.58 43.06 64.36 65.35 33.93 AA+ 23.04.2013 Aa1 23.04.2013

ABBVIE INC USD 67530 218 1577 18 0 0 8 77.93 18380 18485 18922 7255 - 1861 1861 3.69 - 3.12 3.22 - - 13.67 13.25 5.37 - 30.36 - - A 26.10.2012 Baa1 05.11.2012

ABBOTT LABORATORIES USD 54093 461 1577 20 0 0 15 52.77 21494 21588 22416 23742 - - 929 929 1.73 1.54 2.01 2.25 22.53 22.53 17.24 15.39 -44.68 -1.69 - - - A+ 26.10.2012 A1 22.09.2010

ACCENTURE PLC-CL A USD 50251 361 677 0 0 0 7 44.80 29778 30158 28721 30027 4467 4642 1167 1167 3.84 4.53 4.31 4.50 16.15 16.15 16.96 16.25 8.87 3.88 12.08 8.55 15.39 A+ 22.01.2002 - -

AMERICAN ELECTRIC POWER USD 21347 178 486 19 0 0 1 39.79 14945 15146 15881 16183 4874 4873 1172 1172 3.49 3.50 3.15 3.32 12.56 12.56 13.93 13.24 -1.13 2.04 3.42 4.80 32.17 BBB 07.03.2003 Baa2 14.09.2005

AMERICAN INTERNATIONAL GROUP USD 66450 380 1476 49 0 1 1 111.54 65656 66513 49652 51377 - - - - 3.93 3.59 3.93 4.13 12.53 12.53 11.45 10.91 9.77 3.87 - - - A- 02.03.2009 Baa1 12.01.2011

ALLSTATE CORP USD 22832 117 479 6 0 0 1 28.57 33315 33416 33593 34165 - - - - 4.40 4.35 4.69 5.18 11.19 11.19 10.39 9.41 2.02 0.95 - - - A- 29.01.2009 A3 29.01.2009

AMGEN INC USD 73058 179 756 27 0 0 24 75.68 17265 17455 17932 18383 6665 6648 1615 1615 5.72 6.09 7.29 8.26 16.01 16.01 13.35 11.80 10.80 3.45 24.07 2.92 38.09 A+ 07.09.2007 Baa1 07.11.2011

AMAZON.COM INC USD 128447 185 454 4 0 0 11 124.24 61093 63978 74868 91264 2835 3066 965 965 -0.23 -0.56 3.00 5.17 - - 94.18 54.59 27.07 31.59 45.76 25.77 4.79 AA- 26.11.2012 Baa1 26.11.2012

APACHE CORP USD 32124 370 392 12 1 0 0 45.58 16947 16636 17343 18813 12051 11662 2958 2958 9.31 9.58 8.41 9.37 8.55 8.55 9.74 8.75 0.81 14.07 -2.79 10.48 70.10 A- 26.01.2001 A3 29.11.2010

ANADARKO PETROLEUM CORP USD 43954 116 501 13 0 1 2 55.51 13307 13613 15211 17165 6197 6547 2213 2213 1.47 4.74 4.27 5.45 18.49 18.49 20.52 16.09 -4.14 10.92 -18.23 2.13 48.09 BBB- 08.09.2006 Baa3 23.03.2012

AMERICAN EXPRESS CO USD 83079 304 1105 62 0 0 22 114.84 33808 34020 32918 34728 10563 10635 - - 4.40 4.48 4.79 5.31 16.88 16.88 15.78 14.23 4.73 1.17 -6.97 -6.66 31.26 BBB+ 30.04.2009 A3 24.04.2009

BOEING CO/THE USD 78106 175 756 10 0 0 14 75.52 81698 81208 83895 91775 8118 8057 1960 1960 5.11 5.30 6.34 7.08 19.42 19.42 16.23 14.55 18.86 4.17 8.53 2.21 9.92 A 29.07.2009 A2 15.03.2006

BANK OF AMERICA CORP USD 139714 3281 10778 673 19 0 349 100078 99840 90943 92304 - - - - 1.13 0.95 0.95 1.33 13.63 13.63 13.63 9.73 -13.26 1.66 - - - A- 29.11.2011 Baa2 21.06.2012

BAXTER INTERNATIONAL INC USD 37584 124 546 6 0 0 3 40.80 14190 14250 15463 16928 3533 3563 980 980 4.53 4.58 4.66 5.17 15.15 15.15 14.89 13.43 2.14 3.79 -2.30 3.77 25.00 A 06.12.2012 A3 25.04.2013

BANK OF NEW YORK MELLON CORP USD 33682 327 1163 62 1 1 145 15089 15005 14743 15396 - - - - 2.32 2.28 2.25 2.55 12.73 12.73 12.89 11.38 -4.52 -2.90 - - - A+ 29.11.2011 Aa3 *- 02.07.2013

BRISTOL-MYERS SQUIBB CO USD 72305 245 1630 7 0 0 6 74.46 17621 16201 16418 17773 4771 3610 981 981 1.99 1.67 1.82 2.15 26.36 26.36 24.17 20.51 -17.05 -3.68 -35.94 3.29 22.28 A+ 06.09.2006 A2 12.09.2006

BERKSHIRE HATHAWAY INC-CL B USD 279644 330 63 0 4 187 148.65 162463 168183 29524 31989 - - - - - - 13.07 12.90 34.15 4.33 19.02 AA 16.05.2013 Aa2 04.02.2010

CITIGROUP INC USD 146332 1161 3029 624 3 2 36 751.61 90708 90629 79206 81195 30978 31164 - - 4.01 4.13 4.80 5.47 11.63 11.63 10.02 8.79 -11.58 -2.29 -42.16 -20.63 34.39 A- 29.11.2011 Baa2 21.06.2012

CATERPILLAR INC USD 53603 235 655 10 0 0 3 60.53 65875 63104 58820 62888 11966 10923 2282 2282 8.65 7.54 6.84 7.95 10.82 10.82 11.91 10.26 9.54 6.15 23.62 12.24 17.31 A 24.06.2003 A2 15.06.1995

COLGATE-PALMOLIVE CO USD 53530 202 935 5 0 0 1 58.20 17085 17200 17672 18612 4314 4122 1145 1145 2.68 2.71 2.85 3.14 21.15 21.15 20.16 18.27 2.10 3.17 1.22 7.63 23.97 AA- 04.05.2001 Aa3 18.06.2001

COMCAST CORP-CLASS A USD 108617 898 2639 40 0 17 12 152.48 62570 63002 64113 67869 19977 20323 5359 5359 1.92 2.00 2.42 2.78 20.83 20.83 17.21 14.95 12.05 13.37 8.82 11.13 32.26 A- 14.02.2013 A3 13.02.2013

CAPITAL ONE FINANCIAL CORP USD 37731 95 582 51 0 0 11 69.33 23177 24303 22094 21936 9014 9371 - - 6.24 6.03 6.60 6.69 10.71 10.71 9.79 9.65 25.11 6.31 -7.95 -5.36 38.56 BBB 17.06.2009 Baa1 17.02.2012

CONOCOPHILLIPS USD 75487 260 1220 22 0 0 4 92.15 57967 58243 50237 52171 19396 20040 5017 5017 5.47 5.61 5.51 6.20 11.00 11.00 11.20 9.97 -9.70 -8.64 -10.41 -8.76 34.41 A 07.02.2012 A1 26.04.2012

COSTCO WHOLESALE CORP USD 48564 97 432 1 0 0 5 47.12 99137 104887 105806 115043 3667 3991 1299 1299 3.94 4.48 4.57 5.05 24.83 24.83 24.36 22.03 11.50 7.95 11.02 10.87 3.81 A+ 28.11.2012 A1 26.03.2012

CISCO SYSTEMS INC USD 129867 3199 5298 16 0 0 49 98.74 46061 47880 48591 51210 12971 13483 3829 3829 1.60 1.62 2.01 2.12 14.96 14.96 12.11 11.48 6.58 5.45 18.36 5.10 28.16 A+ 10.02.2006 A1 10.02.2006

CVS CAREMARK CORP USD 71137 209 1231 10 0 0 1 79.25 123133 123098 125698 130862 8981 9355 2402 2402 3.21 3.39 3.94 4.43 17.13 17.13 14.74 13.13 14.97 7.83 13.71 8.81 7.60 BBB+ 23.03.2007 Baa2 13.02.2007

CHEVRON CORP USD 231766 229 1947 12 0 1 21 229.62 222580 217734 230022 227252 48426 46203 11867 11867 12.86 12.96 12.38 12.56 9.22 9.22 9.66 9.52 -5.80 1.45 -5.44 7.12 21.22 AA 01.07.1987 Aa1 27.02.2009

DU PONT (E.I.) DE NEMOURS USD 48398 267 933 12 0 0 4 55.40 34812 36129 35926 38306 4794 4817 2115 2115 3.44 3.39 3.81 4.30 15.53 15.53 13.79 12.24 3.36 5.11 -4.99 2.35 13.33 A 17.05.2011 A2 15.07.2011

WALT DISNEY CO/THE USD 114162 405 1780 14 0 2 3 129.20 42278 43765 45215 48055 10850 11349 3677 3677 3.13 3.30 3.47 3.95 19.23 19.23 18.26 16.03 3.39 4.08 12.76 5.45 25.93 A 22.12.2009 A2 23.05.2007

DOW CHEMICAL CO/THE USD 39263 200 1203 21 4 1 4 60.98 56786 56450 57380 59677 6645 6568 2129 2129 1.73 1.80 2.37 2.97 18.05 18.05 13.70 10.94 -5.33 3.28 -3.82 1.85 11.64 BBB 11.05.2011 Baa2 02.11.2012

DEVON ENERGY CORPORATION USD 21831 147 406 12 0 0 7 27.48 9679 8977 9733 11203 5253 4509 1402 1402 3.26 6.82 3.74 5.06 7.88 7.88 14.39 10.62 -15.50 -3.59 -23.63 -6.57 50.23 BBB+ 18.03.2008 Baa1 21.09.2007

EBAY INC USD 69081 526 1294 5 0 0 9 64.20 14072 14542 16312 19007 4088 4285 1247 1247 1.91 1.99 2.74 3.23 26.74 26.74 19.42 16.48 20.77 11.98 23.39 9.42 29.47 A 02.03.2010 A2 21.10.2010

EMC CORP/MA USD 50483 520 2107 2 0 1 6 46.83 21714 22007 23410 25347 5602 5659 1708 1708 1.24 1.25 1.86 2.08 19.23 19.23 12.94 11.57 8.53 9.81 12.92 15.81 25.71 A 25.06.2012 A1 07.06.2013

EMERSON ELECTRIC CO USD 39710 164 724 5 0 0 2 42.78 24412 24697 24801 25849 5155 5242 1359 1359 3.52 3.62 3.50 3.90 15.25 15.25 15.77 14.16 0.78 0.36 1.16 4.42 21.23 A 04.02.2002 A2 15.02.2002

EXELON CORP USD 25307 372 855 20 0 0 1 44.82 23489 24885 25309 25202 6550 6927 1488 1488 1.93 1.97 2.48 2.33 15.05 15.05 11.92 12.69 23.22 6.88 -3.45 -0.89 27.84 BBB 22.07.2009 Baa2 08.11.2012

FORD MOTOR CO USD 65219 3783 3946 14 0 0 24 57.41 134252 137617 136313 143799 12513 12539 3080 3080 1.57 1.54 1.41 1.67 10.76 10.76 11.78 9.92 -1.48 -0.20 -8.19 -0.09 9.11 BB+ 21.10.2011 Baa3 22.05.2012

FREEPORT-MCMORAN COPPER USD 28164 502 949 4 0 4 4 32.57 18010 17988 21948 25390 6934 6617 1612 1612 3.24 3.24 3.07 3.81 8.40 8.40 8.86 7.14 -13.75 4.92 -31.77 -2.37 36.79 BBB 29.07.2011 Baa3 13.10.2010

FEDEX CORP USD 31280 57 318 3 0 0 5 29.35 44287 44287 46028 48701 5597 5580 1399 1399 6.23 6.20 7.04 8.68 15.89 15.89 13.98 11.35 3.77 3.96 3.02 2.68 12.60 BBB 11.02.2004 Baa1 13.01.2012

TWENTY-FIRST CENTURY FOX INC USD 69679 799 2383 15 0 1 10 80.66 33706 35469 31587 33862 6646 6868 1664 1664 1.22 1.23 1.52 1.74 24.42 24.42 19.79 17.31 0.90 2.54 8.36 4.21 19.36 BBB+ 30.11.2012 - -

GENERAL DYNAMICS CORP USD 27849 51 354 4 0 0 3 28.01 31513 31338 31175 30905 3447 1428 1011 1011 6.48 6.48 6.75 7.06 12.17 12.17 11.68 11.17 -3.56 1.45 -21.98 -0.51 4.56 A 09.07.1999 A2 07.08.2003

GENERAL ELECTRIC CO USD 238133 1298 10406 17 0 5 16 233.65 144796 143566 148169 152912 25000 24248 5923 5923 1.55 1.54 1.66 1.83 14.91 14.91 13.85 12.62 1.81 -4.28 -0.16 -6.95 16.89 AA+ 12.03.2009 Aa3 03.04.2012

GILEAD SCIENCES INC USD 81179 622 1519 8 0 0 3 86.79 9703 9952 10629 13015 4288 4522 1133 1133 1.68 1.85 1.96 2.93 28.73 28.73 27.14 18.16 15.71 15.94 4.80 14.12 45.44 A- 23.03.2011 Baa1 23.03.2011

GENERAL MOTORS CO USD 47385 569 1366 5 10 1 26 39.39 152256 151381 156615 166213 5647 5021 3425 3425 3.65 2.79 3.32 4.34 12.34 12.34 10.40 7.94 1.32 - -60.70 - 3.32 BB+ 29.09.2011 - -

GOOGLE INC-CL A USD 295169 145 330 6 0 0 50 248.74 50175 54703 47444 55296 15722 16160 5246 5246 33.53 34.83 46.18 53.38 25.55 25.55 19.28 16.67 32.37 22.23 15.66 21.04 29.54 AA 19.11.2012 Aa2 16.05.2011

GOLDMAN SACHS GROUP INC USD 72401 171 481 511 6 1 73 537.53 41664 41636 34003 34660 20446 20338 - - 14.40 14.61 14.34 15.18 10.40 10.40 10.59 10.01 13.24 -6.82 27.63 -19.57 48.85 A- 29.11.2011 A3 21.06.2012

HALLIBURTON CO USD 40265 266 929 5 0 0 2 43.08 28503 28609 29729 32759 5787 5729 1495 1495 3.04 2.77 3.19 4.04 15.62 15.62 13.58 10.72 14.80 13.05 -5.07 7.51 20.03 A 20.08.2007 A2 01.05.2007

HOME DEPOT INC USD 113329 328 1484 11 0 0 2 121.78 74754 76070 77470 81138 9450 9855 3371 3371 3.10 3.25 3.66 4.27 23.89 23.89 21.22 18.16 6.19 1.52 13.27 0.65 12.96 A- 16.11.2011 A3 30.08.2011

HONEYWELL INTERNATIONAL INC USD 62305 132 783 7 0 0 5 65.12 37665 37686 39131 41400 5082 5220 1734 1734 4.84 5.02 4.96 5.52 15.78 15.78 15.98 14.33 3.11 1.38 43.93 2.19 13.85 A 03.07.2001 A2 12.10.2001

HEWLETT-PACKARD CO USD 49082 538 1963 28 0 0 11 63.03 120357 115569 111403 109165 14384 13639 3537 3537 0.31 0.09 3.55 3.66 272.41 272.41 7.17 6.96 -5.41 -0.20 -12.15 3.69 11.80 BBB+ 30.11.2011 Baa1 28.11.2012

Valuation Measures I/II

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

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

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 14898194 1991.775 1117 1117 203 220 220 102.58 110.21 110.21 15.75 15.75 14.66 14.66 18.58

Euro Stoxx 50 Pr EUR 2493756 5284.795 4561 4561 731 763 763 203.59 297.44 297.44 21.63 17.12 14.81 14.81 20.19

NIKKEI 225 JPY 2727065 192.1279 192 192 18 22 22 5.38 7.90 7.90 0.26 0.27 0.18 0.18 0.11

FTSE 100 INDEX GBP 2587478 11449.56 10098 10098 1411 1676 1676 586.95 805.96 805.96 24.84 21.83 18.09 18.09 21.26

SWISS MARKET INDEX CHF 1017711 10776.65 4094 4094 859 827 827 416.04 556.80 556.80 20.57 17.07 15.37 15.37 22.10

S&P/TSX COMPOSITE INDEX CAD 1566664 16493.48 8368 8368 1782 1970 1970 737.98 820.91 820.91 14.92 14.92 13.42 13.42 23.26

S&P/ASX 200 INDEX AUD 1210714 5733.302 2686 2686 551 684 684 225.02 324.09 324.09 17.92 14.54 12.45 12.45 20.26

HANG SENG INDEX HKD 1576584 2941 1673 1673 353 398 398 278.90 271.70 271.70 1.22 1.38 1.25 1.25 2.90

MSCI EM USD 6919194 1278.432 973 973 188 180 180 82.52 90.76 90.76 11.05 11.20 10.05 10.05 19.18

INTL BUSINESS MACHINES CORP USD 213875 159 1117 33 0 0 11 235.40 104507 103241 103484 106439 25119 24941 6240 6240 15.24 15.46 16.71 18.33 12.48 12.48 11.55 10.52 -2.25 -0.66 0.07 6.06 24.16 AA- 30.05.2012 Aa3 23.11.2010

INTEL CORP USD 118061 1916 4944 13 0 0 23 109.52 53341 53015 53528 55775 22160 21148 4620 4620 2.11 1.98 1.89 2.05 11.98 11.98 12.56 11.61 -1.22 8.14 -5.87 10.34 39.89 A+ 17.02.1993 A1 14.09.2011

JOHNSON & JOHNSON USD 245525 439 2778 16 0 0 21 239.75 67224 68590 70803 73592 20698 21341 5720 5720 4.85 4.88 5.42 5.79 17.90 17.90 16.14 15.10 3.37 1.71 7.18 2.84 31.11 AAA 17.09.1987 Aaa 10.08.1987

JPMORGAN CHASE & CO USD 201797 1028 3804 696 9 0 472 108184 106713 99197 102201 - - - - 5.86 5.86 5.74 5.98 9.10 9.10 9.31 8.92 -2.39 0.82 - - - A 29.11.2011 A2 21.06.2012

COCA-COLA CO/THE USD 179709 630 4469 33 0 0 17 196.81 48017 47915 48409 50591 12761 12686 3940 3940 2.01 2.01 2.13 2.32 20.11 20.11 18.92 17.41 3.17 9.37 5.23 8.68 26.48 AA- 13.09.2012 Aa3 16.08.2007

ELI LILLY & CO USD 56576 208 1144 6 0 0 6 57.31 22603 22603 22847 19660 6478 6512 1605 1605 3.39 3.61 3.93 2.74 13.91 13.91 12.79 18.33 -6.93 3.21 -15.78 2.06 28.81 AA- 19.08.2010 A2 08.11.2010

LOCKHEED MARTIN CORP USD 34415 60 321 6 0 0 2 37.65 47182 46959 44911 43646 5470 5545 1334 1334 10.20 10.40 9.06 9.04 10.32 10.32 11.86 11.88 1.47 2.13 6.75 0.46 11.81 A- 27.04.2007 Baa1 26.01.2006

LOWE'S COS INC USD 45524 298 1110 9 0 0 1 53.40 50521 50456 52147 54342 5183 5190 1851 1851 1.69 1.80 2.12 2.55 23.58 23.58 20.07 16.63 0.62 1.81 6.73 -3.42 10.29 A- 19.09.2012 A3 14.11.2011

MASTERCARD INC-CLASS A USD 71430 23 123 0 0 0 5 66.42 7391 7539 8173 9160 4187 4302 1183 1183 22.04 22.91 25.41 30.00 25.65 25.65 23.12 19.59 10.08 10.25 13.87 27.78 57.06 A- 19.08.2011 - -

MCDONALD'S CORP USD 99573 242 1003 14 0 0 2 110.50 27567 27626 28506 30026 10101 10112 2593 2593 5.37 5.40 5.71 6.25 18.41 18.41 17.41 15.89 2.08 3.57 1.61 8.06 36.61 A 08.05.2003 A2 17.12.2010

MONDELEZ INTERNATIONAL INC-A USD 51214 704 1778 19 0 0 4 67.10 35015 44434 36022 37964 5028 6703 1288 1288 1.45 2.11 1.56 1.72 13.63 13.63 18.42 16.68 -2.22 -0.73 1.00 -0.96 15.09 BBB 02.02.2010 Baa2 02.02.2010

MEDTRONIC INC USD 52496 223 1016 11 0 0 11 52.08 16590 16589 16965 17497 5697 5696 1413 1413 3.69 3.72 3.83 4.10 14.01 14.01 13.60 12.70 2.51 3.00 0.30 3.82 34.34 A+ 14.02.2012 A2 14.03.2013

METLIFE INC USD 51466 335 1092 27 2 1 16 70.31 68150 69917 68824 71623 - - - - 5.28 5.38 5.47 5.69 8.74 8.74 8.60 8.27 -2.98 9.74 - - - A- 06.08.2010 A3 16.12.2009

3M CO USD 76142 148 687 6 0 0 6 76.70 29904 30052 31013 32684 7771 7806 2032 2032 6.31 6.35 6.69 7.36 17.38 17.38 16.48 15.00 0.99 4.60 4.82 3.91 25.97 AA- 18.03.2009 Aa2 01.05.2009

ALTRIA GROUP INC USD 70920 324 2010 14 0 0 3 81.06 17500 17479 17567 17812 7539 8026 2034 2034 2.25 2.31 2.40 2.57 15.26 15.26 14.72 13.73 5.30 2.00 15.22 -12.44 45.92 BBB 06.01.2009 Baa1 24.10.2006

MONSANTO CO USD 52485 128 534 2 0 0 4 51.85 13504 14769 14940 16067 3760 4206 -102 -102 3.77 4.55 4.58 5.34 21.65 21.65 21.51 18.43 14.23 4.50 20.67 14.20 28.48 A+ 21.10.2008 A1 21.02.2012

MERCK & CO. INC. USD 141318 426 3027 21 0 2 16 148.70 47267 46208 45310 45816 16855 16424 3553 3553 3.65 3.68 3.51 3.75 12.72 12.72 13.35 12.49 -1.62 19.65 -5.70 16.19 35.54 AA 24.11.2010 A2 14.05.2013

MORGAN STANLEY USD 47748 1685 1974 451 2 8 47 513.66 32036 33168 31731 33870 12615 11901 - - 1.71 1.54 2.01 2.56 15.80 15.80 12.13 9.53 -18.15 3.15 17.63 -27.19 35.88 A- 29.11.2011 Baa1 21.06.2012

MICROSOFT CORP USD 280597 2773 8381 12 0 0 63 220.31 73723 76012 78725 84772 30923 30645 8701 8701 2.73 2.68 2.76 3.06 12.54 12.54 12.17 10.97 5.40 7.53 3.33 9.15 40.32 AAA 22.09.2008 Aaa 11.05.2009

NIKE INC -CL B USD 56707 210 894 1 0 0 6 52.13 25313 25508 27568 29678 3413 3521 1063 1063 2.69 2.65 3.02 3.46 23.98 23.98 21.00 18.34 4.91 5.93 - 7.28 13.93 A+ 10.06.2005 A1 29.04.2008

NATIONAL OILWELL VARCO INC USD 30623 291 427 3 0 0 3 32.66 20041 21045 22261 24128 4185 4136 1038 1038 5.98 5.75 5.57 6.59 12.47 12.47 12.86 10.88 36.72 16.12 19.85 13.13 19.65 A 25.04.2012 A2 14.05.2012

NORFOLK SOUTHERN CORP USD 22626 193 314 9 0 0 1 30.42 11040 10989 11242 11951 4046 3994 1088 1088 5.37 5.36 5.61 6.38 13.39 13.39 12.80 11.25 -1.18 2.92 -0.88 3.72 36.35 BBB+ 18.07.2005 Baa1 06.05.1997

ORACLE CORP USD 142351 1558 4646 18 0 0 32 129.13 37180 37180 39032 41025 17363 17363 3847 3847 2.23 2.23 2.90 3.18 13.81 13.81 10.60 9.68 0.16 9.72 2.30 12.84 46.70 A+ 24.04.2012 A1 24.06.2011

OCCIDENTAL PETROLEUM CORP USD 72242 132 806 8 0 0 2 77.78 24172 23776 24742 25611 13701 13369 3661 3661 7.10 6.89 7.16 7.55 13.02 13.02 12.53 11.88 0.97 5.69 -3.30 6.01 56.23 A 23.06.2008 A1 19.04.2012

PEPSICO INC USD 124579 182 1544 28 0 0 7 147.12 65492 65645 67547 70702 11801 11733 3443 3443 4.10 4.11 4.40 4.78 19.59 19.59 18.32 16.87 -1.52 9.06 -4.60 6.54 17.87 A 17.03.2010 A1 25.06.2013

PFIZER INC USD 198114 2551 7276 37 0 0 33 203.76 58986 57601 54272 53096 27270 25049 6495 6495 2.19 2.15 2.18 2.32 12.96 12.96 12.82 12.02 -9.61 4.94 -9.21 6.42 43.49 AA 16.10.2009 A1 15.10.2009

PROCTER & GAMBLE CO/THE USD 213917 519 2748 30 1 1 4 242.09 83680 83724 84460 86564 18072 17876 3968 3968 3.85 4.09 4.05 4.33 19.09 19.09 19.29 18.04 3.18 0.76 -1.42 -0.55 21.35 AA- 10.05.2005 Aa3 01.07.2005

PHILIP MORRIS INTERNATIONAL USD 142567 242 1654 23 0 2 3 165.77 31377 31513 32118 33745 14827 14801 3897 3897 5.20 5.25 5.58 6.22 16.60 16.60 15.63 14.01 0.90 5.33 2.72 8.64 46.97 A 05.03.2008 A2 11.09.2008

QUALCOMM INC USD 104344 1204 1706 0 0 0 27 73.82 19121 21639 24492 27241 6579 7549 2092 2092 3.59 3.66 4.53 4.88 16.49 16.49 13.34 12.38 27.84 19.92 8.08 15.03 34.89 NR 19.12.2001 - -

RAYTHEON COMPANY USD 21152 67 328 5 0 0 4 22.04 24414 24355 23519 22941 3444 3440 765 765 6.20 6.31 5.50 5.59 10.33 10.33 11.84 11.66 -1.52 1.98 5.19 4.99 14.12 A- 04.09.2008 A3 17.10.2011

STARBUCKS CORP USD 50271 341 749 1 0 0 2 49.13 13300 14023 14841 16540 2367 2576 744 744 1.77 1.96 2.18 2.63 34.25 34.25 30.83 25.56 13.67 7.38 14.11 10.50 18.37 A- 24.02.2012 Baa2 29.04.2013

SCHLUMBERGER LTD USD 97701 268 1328 12 0 0 6 103.36 42149 42898 45666 50818 11020 11165 2990 2990 4.16 4.26 4.67 5.67 17.26 17.26 15.75 12.95 14.04 13.15 12.52 5.53 26.03 A+ 11.12.2002 A1 03.06.2003

SOUTHERN CO/THE USD 37409 361 868 22 1 0 1 61.26 16537 16830 17605 18151 6589 6727 1554 1554 2.60 2.66 2.75 2.88 16.17 16.17 15.62 14.94 -6.34 1.48 4.94 6.49 39.97 A 21.12.2000 Baa1 12.08.2010

SIMON PROPERTY GROUP INC USD 48830 86 310 23 0 1 1 71.78 4880 4976 5191 5460 3491 3556 948 948 4.72 3.47 3.95 4.41 45.36 45.36 39.82 35.71 13.32 6.37 15.76 7.34 71.45 A 16.05.2013 - -

AT&T INC USD 190075 972 5581 70 0 0 5 260.67 127434 126968 128312 130742 31140 30948 11004 11004 2.31 2.36 2.51 2.71 14.99 14.99 14.06 13.05 0.56 0.41 2.08 -5.80 24.37 A- 06.12.2010 A3 29.01.2013

TARGET CORP USD 44829 148 645 18 0 0 1 57.22 73301 73140 74958 79528 7352 7092 1704 1704 4.36 3.77 4.82 5.53 18.53 18.53 14.50 12.63 4.92 2.48 -1.36 1.19 9.70 A+ 20.11.2007 A2 27.11.2007

TIME WARNER INC USD 56378 290 932 20 0 0 3 73.33 28729 28689 29538 30877 7106 7250 1597 1597 3.36 3.52 3.68 4.27 17.19 17.19 16.44 14.15 -0.85 -0.95 3.33 -18.04 25.27 BBB 27.03.2009 Baa2 06.03.2006

TEXAS INSTRUMENTS INC USD 39597 550 1108 6 0 0 4 41.42 12825 12589 12224 12922 3986 3908 943 943 1.91 1.79 1.79 2.20 19.90 19.90 19.90 16.26 -6.63 1.54 -10.10 -2.68 31.04 A+ 23.09.2010 A1 25.05.2011

UNITEDHEALTH GROUP INC USD 66780 198 1019 17 0 2 11 73.96 110618 113676 122687 133534 10563 10425 2537 2537 5.28 5.13 5.43 5.83 12.76 12.76 12.05 11.24 8.60 8.38 10.17 4.09 9.17 A 24.09.2012 A3 21.07.2011

UNION PACIFIC CORP USD 73140 55 469 9 0 0 1 81.08 20926 21104 22282 23906 8505 8635 2320 2320 8.24 8.47 9.53 10.90 18.49 18.49 16.45 14.37 7.00 5.33 15.86 12.61 40.92 A- 23.04.2012 Baa1 26.10.2012

UNITED PARCEL SERVICE-CL B USD 82148 71 953 13 0 0 8 87.50 54127 54425 56478 59903 3201 3227 2305 2305 4.47 4.51 4.98 5.70 19.28 19.28 17.46 15.28 1.92 1.49 -59.29 6.62 5.93 A+ 21.09.2012 Aa3 16.01.2013

US BANCORP USD 67715 370 1869 52 5 1 8 22202 22007 19893 20457 - - - - 2.87 2.93 3.03 3.23 12.50 12.50 12.07 11.34 3.75 0.35 - - - A+ 20.08.2012 A1 06.12.2012

UNITED TECHNOLOGIES CORP USD 87940 288 919 23 0 1 5 107.62 57708 59691 64542 68191 9208 9625 2850 2850 5.40 5.54 6.11 6.97 17.27 17.27 15.65 13.72 3.50 1.05 1.09 2.29 16.12 A 02.10.2003 A2 22.04.1993

VISA INC-CLASS A SHARES USD 122354 133 811 0 0 0 6 116.66 10421 11100 11721 13023 6572 7042 1820 1820 7.09 7.89 7.48 8.71 23.86 23.86 25.16 21.61 13.42 15.29 14.28 37.44 63.44 A+ 20.05.2008 - -

VERIZON COMMUNICATIONS INC USD 144280 551 2859 52 0 52 4 245.30 115846 117024 120547 125249 29620 30737 10596 10596 2.24 2.34 2.80 3.21 21.51 21.51 18.04 15.70 4.48 4.38 0.83 -0.97 26.27 A- 06.12.2010 A3 29.10.2008

WALGREEN CO USD 41561 336 944 5 0 0 1 44.93 71633 71349 72261 75584 4630 4525 1260 1260 2.55 2.56 3.07 3.49 17.20 17.20 14.34 12.59 -0.76 4.13 -7.71 3.89 6.34 BBB 02.08.2012 Baa1 02.08.2012

WELLS FARGO & CO USD 221442 835 5266 185 13 1 159 91247 90654 84351 85710 - - - - 3.43 3.60 3.71 3.90 11.62 11.62 11.28 10.73 4.17 13.82 - - - A+ 29.11.2011 A2 21.09.2011

WILLIAMS COS INC USD 22269 166 681 11 0 3 1 35.25 7486 7308 7623 8878 2368 2323 581 581 1.20 1.96 0.75 1.27 16.65 16.65 43.38 25.79 -5.60 -7.09 -31.97 -4.73 31.79 BBB 05.03.2012 Baa3 15.11.2007

WAL-MART STORES INC USD 244473 365 3314 54 0 5 8 298.29 469162 470331 487913 510039 36302 36459 8819 8819 5.02 5.07 5.30 5.83 14.72 14.72 14.07 12.80 4.97 3.81 4.65 5.13 7.75 AA 09.07.1999 Aa2 06.03.1996

EXXON MOBIL CORP USD 403953 476 4502 12 0 6 10 417.23 420714 406354 426521 435712 65769 64362 16176 16176 7.56 8.00 8.01 8.20 11.35 11.35 11.35 11.08 -2.96 3.78 -5.62 -1.21 15.84 AAA 16.12.1985 WR 16.08.1993

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 2.26 2.26 2.07 1.88 2.26 1.45 1.45 1.38 1.33 1.45 10.18 10.18 9.51 9.83 10.18 9.03 9.03 8.33 7.78 9.03 14.66 14.66 13.11 11.96 14.66 2.17 2.17 2.34 2.44 2.17 1777.8 10.1%

Euro Stoxx 50 Pr 1.15 1.15 1.09 1.02 1.15 0.75 0.75 0.73 0.71 0.75 5.69 5.69 5.23 4.76 5.69 6.93 6.93 6.55 6.19 6.93 11.46 11.46 10.21 9.21 11.46 4.36 4.36 4.64 5.00 4.36 2969.9 12.7%

NIKKEI 225 1.52 1.52 1.43 1.32 1.52 0.73 0.73 0.71 0.69 0.73 8.97 8.97 8.30 7.60 8.97 8.85 8.85 8.19 7.71 8.85 17.73 17.73 15.75 14.19 17.73 1.64 1.64 1.79 1.94 1.64 14886.7 6.2%

FTSE 100 INDEX 1.69 1.69 1.58 1.46 1.69 0.96 0.96 0.93 0.95 0.96 8.35 8.35 7.62 6.95 8.35 6.83 6.83 6.43 6.05 6.83 12.00 12.00 10.93 10.09 12.00 3.91 3.91 4.21 4.56 3.91 6995.7 9.0%

SWISS MARKET INDEX 2.34 2.34 2.17 2.02 2.34 2.00 2.00 1.90 1.82 2.00 12.00 12.00 10.95 9.76 12.00 13.03 13.03 12.00 11.23 13.03 14.68 14.68 13.23 12.05 14.68 3.31 3.30 3.69 4.23 3.30 8617.2 10.4%

S&P/TSX COMPOSITE INDEX 1.62 1.62 1.51 1.41 1.62 1.38 1.38 1.43 1.48 1.38 8.20 8.20 7.40 6.13 8.20 8.37 8.37 7.41 6.83 8.37 14.10 14.10 12.45 11.35 14.10 3.31 3.31 3.46 3.61 3.31 14176.6 16.5%

S&P/ASX 200 INDEX 1.75 1.75 1.65 1.56 1.75 1.64 1.64 1.55 1.48 1.64 9.89 9.89 8.92 8.52 9.89 8.38 8.38 7.61 7.09 8.38 13.57 13.57 12.31 11.38 13.57 4.92 4.92 5.26 5.61 4.92 5209.5 8.6%

HANG SENG INDEX 1.22 1.22 1.12 1.06 1.22 1.58 1.58 1.46 1.34 1.58 7.30 7.30 6.94 6.44 7.30 7.40 7.40 6.77 6.08 7.40 9.72 9.72 8.95 8.22 9.72 3.96 3.96 4.27 4.68 3.96 24849.3 21.4%

MSCI EM 1.32 1.32 1.21 1.09 1.32 0.94 0.94 0.88 0.81 0.94 6.51 6.51 5.96 5.46 6.51 7.11 7.11 6.46 5.95 7.11 10.05 10.05 9.05 8.26 10.05 3.08 3.08 3.41 3.69 3.08 1126.2 23.5%

APPLE INC 3.35 2.83 2.46 2.02 2.01 2.51 2.29 2.10 1.91 1.71 7.60 7.61 7.34 6.85 4.25 4.60 4.16 3.73 3.45 9.42 10.55 9.53 8.67 9.55 0.64 2.72 2.96 3.20 0.00 531.71 27.5%

ABBVIE INC 24.58 11.77 8.18 6.13 3.68 3.66 3.57 3.34 3.15 9.92 11.67 11.21 10.75 10.18 10.24 10.47 10.28 9.36 8.62 11.38 13.68 13.25 11.85 10.77 3.75 3.75 3.86 4.08 4.87 47.50 11.4%

ABBOTT LABORATORIES 2.14 2.18 2.03 1.82 1.36 2.41 2.28 2.15 2.01 6.06 13.43 12.35 10.70 4.19 10.33 9.41 8.54 7.71 6.85 17.24 15.40 13.86 12.37 2.25 1.62 1.82 2.07 2.62 39.13 12.8%

ACCENTURE PLC-CL A 10.45 9.27 7.95 6.34 1.81 1.75 1.68 1.57 1.41 14.27 12.77 13.38 11.94 10.26 9.35 9.18 8.60 7.75 19.01 16.96 16.25 14.68 1.80 2.21 2.43 2.54 80.46 10.0%

AMERICAN ELECTRIC POWER 1.40 1.33 1.28 1.24 1.19 1.38 1.34 1.32 1.32 1.17 6.33 5.93 6.09 6.23 8.35 8.32 8.06 7.93 10.10 14.44 13.93 13.24 12.75 12.41 4.28 4.42 4.61 4.84 5.20 51.35 16.9%

AMERICAN INTERNATIONAL GROUP 0.68 0.65 0.60 0.56 1.18 1.34 1.29 1.24 33.10 24.60 11.71 11.45 10.91 9.06 0.00 0.32 0.69 0.84 48.75 8.3%

ALLSTATE CORP 1.15 1.07 0.98 0.90 0.69 0.68 0.67 0.66 13.19 10.39 9.41 8.62 1.80 2.01 2.12 2.21 54.21 11.3%

AMGEN INC 3.81 3.15 2.76 2.37 4.24 4.07 3.97 3.93 3.91 11.82 11.45 9.91 13.45 25.70 10.19 10.41 9.23 9.07 14.99 13.35 11.80 11.27 10.94 1.47 1.92 2.26 2.51 2.44 114.62 17.7%

AMAZON.COM INC 16.78 13.88 11.41 8.80 6.44 2.07 1.72 1.41 1.17 0.98 43.57 32.90 23.04 14.51 8.62 38.62 26.89 19.89 14.89 10.32 146.88 94.18 54.59 32.84 18.77 0.00 0.00 0.00 0.00 316.28 12.1%

APACHE CORP 1.04 0.94 0.85 0.82 1.89 1.85 1.71 1.62 1.52 3.32 3.30 3.01 2.72 3.72 3.79 3.47 3.35 8.55 9.74 8.75 8.63 0.86 1.00 1.03 1.02 98.62 20.3%

ANADARKO PETROLEUM CORP 2.09 1.86 1.66 1.47 3.30 2.89 2.56 2.40 2.27 5.91 5.43 4.78 4.09 4.24 6.63 5.69 5.01 4.57 4.33 26.19 20.52 16.09 14.75 14.05 0.42 0.42 0.42 0.42 108.62 23.9%

AMERICAN EXPRESS CO 4.37 4.11 3.71 3.81 2.63 2.52 2.39 2.24 17.34 15.78 14.23 12.82 1.05 1.17 1.29 1.43 75.37 -0.3%

BOEING CO/THE 9.49 10.26 8.90 7.41 0.96 0.93 0.85 0.83 0.80 14.98 12.61 10.47 10.96 9.50 9.27 8.15 7.76 7.17 20.53 16.23 14.55 12.90 11.49 1.71 1.85 2.05 2.28 2.24 113.81 10.5%

BANK OF AMERICA CORP 0.63 0.62 0.58 0.55 0.49 1.60 1.54 1.51 1.48 1.43 31.23 14.16 9.28 8.05 22.38 13.63 9.74 8.39 6.58 0.30 0.35 1.60 2.58 4.63 13.79 6.4%

BAXTER INTERNATIONAL INC 5.13 4.62 3.84 3.23 2.97 2.66 2.43 2.22 2.13 2.01 12.74 11.53 10.08 9.38 8.94 10.29 9.65 8.65 8.13 7.52 15.33 14.89 13.43 12.31 11.15 2.08 2.56 2.70 2.92 3.33 77.00 11.0%

BANK OF NEW YORK MELLON CORP 0.95 0.92 0.87 0.84 0.84 2.32 2.28 2.19 2.09 12.62 11.54 10.53 9.07 13.62 12.89 11.38 10.31 7.99 1.79 2.01 2.32 2.68 3.20 29.66 2.2%

BRISTOL-MYERS SQUIBB CO 4.60 5.53 5.33 5.30 4.11 4.40 4.07 4.06 3.83 15.82 14.31 17.13 17.30 16.87 14.09 17.87 15.01 15.79 14.19 22.48 24.17 20.51 21.60 19.84 3.10 3.16 3.24 3.32 3.28 45.63 3.6%

BERKSHIRE HATHAWAY INC-CL B 123.50 8.9%

CITIGROUP INC 0.75 0.73 0.68 0.63 2.06 1.85 1.80 1.73 13.98 10.00 8.57 7.68 11.80 10.03 8.79 7.85 0.08 0.16 1.28 2.43 55.44 15.3%

CATERPILLAR INC 2.98 2.64 2.22 1.91 0.81 0.91 0.85 0.79 0.52 6.78 7.52 6.72 5.90 5.27 6.69 5.90 5.34 8.97 11.91 10.26 8.86 2.41 2.41 2.61 2.79 98.14 20.4%

COLGATE-PALMOLIVE CO 9.60 34.16 41.59 191.30 3.13 3.03 2.88 2.72 2.57 18.17 16.96 15.62 14.03 12.95 13.16 12.72 11.72 10.93 9.84 21.41 20.16 18.27 16.70 14.98 2.09 2.75 3.00 3.53 2.77 61.81 7.7%

COMCAST CORP-CLASS A 2.21 2.13 1.96 1.79 1.94 1.74 1.69 1.60 1.54 1.47 7.95 7.35 6.79 6.22 7.70 7.22 6.82 6.46 6.15 21.10 17.21 14.95 12.85 10.95 1.53 1.86 2.12 2.39 2.38 47.52 14.3%

CAPITAL ONE FINANCIAL CORP 0.93 0.87 0.81 0.77 1.76 1.71 1.72 1.67 8.97 10.43 9.79 9.65 9.16 0.31 1.51 2.21 2.50 65.71 1.7%

CONOCOPHILLIPS 1.42 1.48 1.38 1.29 1.22 1.50 1.45 1.54 5.59 5.07 4.72 4.55 4.31 3.96 4.24 3.91 3.89 4.22 10.83 11.21 9.97 10.22 9.49 4.31 4.34 4.46 4.43 4.27 65.36 5.9%

COSTCO WHOLESALE CORP 3.69 4.31 3.82 3.12 2.68 0.49 0.46 0.42 0.39 0.37 14.38 15.37 14.02 13.43 12.84 11.65 10.51 9.58 8.87 28.73 24.36 22.03 19.70 17.69 0.90 7.35 1.16 1.30 1.18 114.04 2.5%

CISCO SYSTEMS INC 2.47 2.27 2.11 2.03 2.82 2.67 2.54 2.38 11.65 10.37 10.11 8.74 6.82 6.52 6.33 5.99 13.24 12.11 11.48 10.70 1.07 2.55 2.86 3.05 25.76 6.0%

CVS CAREMARK CORP 1.96 1.85 1.75 1.64 0.58 0.57 0.54 0.52 0.48 12.17 10.75 9.68 8.62 8.83 8.00 7.53 7.09 17.07 14.74 13.13 11.64 1.12 1.48 1.72 2.29 64.43 10.9%

CHEVRON CORP 1.72 1.55 1.42 1.30 1.17 0.98 1.01 1.02 0.94 6.25 5.98 5.71 5.32 4.82 4.03 4.11 4.03 3.86 3.66 9.70 9.66 9.52 9.20 8.46 2.94 3.21 3.43 3.60 3.88 133.53 11.7%

DU PONT (E.I.) DE NEMOURS 4.81 3.70 3.05 2.58 1.39 1.35 1.26 1.19 1.11 12.11 10.73 9.09 7.68 8.72 8.24 7.63 6.89 6.40 15.98 13.79 12.24 10.90 10.11 3.22 3.35 3.56 3.63 3.39 54.81 4.2%

WALT DISNEY CO/THE 2.80 2.65 2.49 2.27 2.42 2.68 2.52 2.38 2.21 2.09 14.50 12.78 11.29 9.74 9.09 11.48 10.50 9.50 8.64 8.17 20.60 18.26 16.04 13.86 12.42 0.94 1.15 1.31 1.43 1.66 72.07 13.7%

DOW CHEMICAL CO/THE 1.74 1.87 1.72 1.60 0.70 0.68 0.66 0.63 0.59 8.10 7.64 6.57 5.83 8.19 7.31 6.63 6.28 5.52 16.87 13.70 10.94 9.33 8.22 3.77 4.00 4.17 4.25 37.14 14.4%

DEVON ENERGY CORPORATION 0.99 0.99 0.88 0.80 2.49 2.24 1.95 1.94 4.64 4.33 3.56 3.39 5.54 5.28 4.08 3.88 16.66 14.39 10.62 10.13 1.36 1.57 1.64 1.65 70.91 31.9%

EBAY INC 3.46 2.99 2.52 2.17 1.86 4.91 4.23 3.63 3.09 2.71 17.77 14.56 12.76 10.67 9.45 13.93 11.98 10.33 8.59 7.43 22.62 19.42 16.48 14.05 12.29 0.00 0.00 0.00 0.00 64.00 20.2%

EMC CORP/MA 2.25 2.08 1.86 1.65 2.32 2.16 1.99 1.83 1.61 8.80 8.08 7.03 6.57 7.49 6.56 6.06 5.84 14.19 12.94 11.57 10.16 8.31 0.00 0.52 0.83 1.11 29.62 23.3%

EMERSON ELECTRIC CO 3.69 3.59 3.27 2.91 1.63 1.60 1.54 1.46 12.27 11.89 10.79 9.87 8.90 8.70 8.08 7.59 16.53 15.77 14.16 12.75 2.90 2.97 3.19 3.44 61.29 10.9%

EXELON CORP 1.14 1.05 1.02 0.99 0.91 1.05 1.00 1.00 1.01 0.90 4.88 5.11 5.37 5.39 4.60 7.14 7.32 7.31 7.04 10.32 11.91 12.69 12.15 12.95 7.10 4.86 4.20 4.20 4.19 34.90 18.0%

FORD MOTOR CO 3.28 3.34 2.68 2.13 2.01 0.52 0.48 0.45 0.42 0.43 9.93 7.52 6.34 5.44 5.46 5.63 5.27 4.60 3.90 3.36 12.36 11.78 9.92 8.20 7.72 1.34 2.41 2.48 2.68 3.10 16.74 0.9%

FREEPORT-MCMORAN COPPER 1.43 1.36 1.23 1.09 1.56 1.28 1.11 1.06 1.08 5.60 4.21 3.28 3.00 4.64 3.59 2.78 2.63 2.25 8.60 8.86 7.14 6.89 4.87 4.52 4.59 4.59 4.59 4.59 36.62 34.5%

FEDEX CORP 1.91 1.64 1.46 1.31 0.71 0.68 0.64 0.61 0.60 7.61 6.54 5.64 5.04 5.39 4.76 4.11 3.52 16.31 13.98 11.35 9.56 8.87 0.57 0.62 0.71 0.79 1.25 114.72 16.5%

TWENTY-FIRST CENTURY FOX INC 2.70 2.90 2.71 2.67 2.89 2.05 2.21 2.06 1.96 1.84 16.83 10.90 14.03 11.46 9.39 11.96 12.06 11.00 9.84 8.68 21.41 19.79 17.31 14.32 11.79 0.57 0.59 0.65 0.71 0.86 33.16 10.3%

GENERAL DYNAMICS CORP 1.93 2.27 2.10 1.98 0.86 0.89 0.90 0.92 0.87 9.40 9.70 9.06 9.45 6.41 6.75 6.69 6.76 6.24 11.36 11.68 11.17 10.65 9.83 2.53 2.73 3.04 3.16 80.13 1.6%

GENERAL ELECTRIC CO 1.94 1.92 1.81 1.76 1.62 1.61 1.56 1.52 11.23 10.58 9.11 8.14 8.79 8.04 7.35 6.78 15.32 13.85 12.62 11.69 2.99 3.35 3.75 4.05 25.71 11.7%

GILEAD SCIENCES INC 7.93 9.59 7.77 4.76 8.50 7.64 6.24 4.88 4.16 25.19 23.83 14.59 8.67 18.57 18.33 12.94 9.44 9.52 26.64 27.14 18.17 12.21 9.33 0.00 0.00 0.00 0.00 65.43 23.0%

GENERAL MOTORS CO 1.77 1.59 1.40 1.15 0.98 0.31 0.30 0.29 0.26 0.27 7.47 5.64 4.31 3.88 3.64 3.07 2.89 2.50 2.28 2.11 10.60 10.40 7.94 7.03 5.92 0.00 0.00 0.00 0.00 0.00 40.05 16.2%

GOOGLE INC-CL A 4.13 3.48 2.93 2.41 2.09 7.08 6.22 5.34 4.62 3.93 18.42 16.18 13.64 11.59 10.42 13.53 11.48 9.71 8.19 7.14 22.41 19.28 16.67 14.04 12.19 0.00 0.00 0.00 0.00 942.40 5.9%

GOLDMAN SACHS GROUP INC 1.06 0.98 0.90 0.85 2.21 2.13 2.09 2.14 9.89 8.40 8.15 7.72 12.46 10.59 10.01 9.61 1.22 1.33 1.44 1.52 161.19 6.1%

HALLIBURTON CO 2.57 2.29 1.95 1.63 1.43 1.35 1.23 1.14 9.80 8.50 7.06 6.43 7.12 6.84 5.60 4.96 14.54 13.58 10.72 9.12 0.96 1.14 1.25 1.34 51.00 17.9%

HOME DEPOT INC 6.62 7.19 7.30 8.30 9.37 1.53 1.46 1.40 1.34 1.29 18.65 15.78 13.30 12.32 12.85 11.45 10.39 9.73 9.16 25.44 21.22 18.16 15.95 14.30 1.39 2.02 2.30 2.60 2.86 83.67 7.8%

HONEYWELL INTERNATIONAL INC 4.66 4.04 3.41 2.85 1.66 1.59 1.50 1.44 1.33 15.97 12.90 12.09 11.44 10.21 9.42 8.63 8.19 17.67 15.98 14.33 13.07 11.86 1.91 2.08 2.32 2.49 82.95 4.7%

HEWLETT-PACKARD CO 1.50 1.92 1.64 1.33 0.41 0.44 0.45 0.45 5.51 4.64 4.78 4.82 3.87 4.48 4.49 4.54 6.30 7.16 6.96 7.13 1.98 2.08 2.17 2.35 22.82 -10.3%

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 2.26 2.26 2.07 1.88 2.26 1.45 1.45 1.38 1.33 1.45 10.18 10.18 9.51 9.83 10.18 9.03 9.03 8.33 7.78 9.03 14.66 14.66 13.11 11.96 14.66 2.17 2.17 2.34 2.44 2.17 1777.8 10.1%

Euro Stoxx 50 Pr 1.15 1.15 1.09 1.02 1.15 0.75 0.75 0.73 0.71 0.75 5.69 5.69 5.23 4.76 5.69 6.93 6.93 6.55 6.19 6.93 11.46 11.46 10.21 9.21 11.46 4.36 4.36 4.64 5.00 4.36 2969.9 12.7%

NIKKEI 225 1.52 1.52 1.43 1.32 1.52 0.73 0.73 0.71 0.69 0.73 8.97 8.97 8.30 7.60 8.97 8.85 8.85 8.19 7.71 8.85 17.73 17.73 15.75 14.19 17.73 1.64 1.64 1.79 1.94 1.64 14886.7 6.2%

FTSE 100 INDEX 1.69 1.69 1.58 1.46 1.69 0.96 0.96 0.93 0.95 0.96 8.35 8.35 7.62 6.95 8.35 6.83 6.83 6.43 6.05 6.83 12.00 12.00 10.93 10.09 12.00 3.91 3.91 4.21 4.56 3.91 6995.7 9.0%

SWISS MARKET INDEX 2.34 2.34 2.17 2.02 2.34 2.00 2.00 1.90 1.82 2.00 12.00 12.00 10.95 9.76 12.00 13.03 13.03 12.00 11.23 13.03 14.68 14.68 13.23 12.05 14.68 3.31 3.30 3.69 4.23 3.30 8617.2 10.4%

S&P/TSX COMPOSITE INDEX 1.62 1.62 1.51 1.41 1.62 1.38 1.38 1.43 1.48 1.38 8.20 8.20 7.40 6.13 8.20 8.37 8.37 7.41 6.83 8.37 14.10 14.10 12.45 11.35 14.10 3.31 3.31 3.46 3.61 3.31 14176.6 16.5%

S&P/ASX 200 INDEX 1.75 1.75 1.65 1.56 1.75 1.64 1.64 1.55 1.48 1.64 9.89 9.89 8.92 8.52 9.89 8.38 8.38 7.61 7.09 8.38 13.57 13.57 12.31 11.38 13.57 4.92 4.92 5.26 5.61 4.92 5209.5 8.6%

HANG SENG INDEX 1.22 1.22 1.12 1.06 1.22 1.58 1.58 1.46 1.34 1.58 7.30 7.30 6.94 6.44 7.30 7.40 7.40 6.77 6.08 7.40 9.72 9.72 8.95 8.22 9.72 3.96 3.96 4.27 4.68 3.96 24849.3 21.4%

MSCI EM 1.32 1.32 1.21 1.09 1.32 0.94 0.94 0.88 0.81 0.94 6.51 6.51 5.96 5.46 6.51 7.11 7.11 6.46 5.95 7.11 10.05 10.05 9.05 8.26 10.05 3.08 3.08 3.41 3.69 3.08 1126.2 23.5%

INTL BUSINESS MACHINES CORP 8.62 8.25 6.56 5.30 10.99 2.05 2.07 2.01 1.96 1.88 10.63 9.44 8.52 7.74 6.75 8.94 8.47 7.99 7.48 7.11 12.75 11.55 10.52 9.56 8.86 1.69 1.81 1.95 2.06 2.54 222.10 15.1%

INTEL CORP 2.41 2.15 1.96 1.88 2.21 2.21 2.12 2.04 2.13 6.73 6.81 6.20 6.11 5.05 5.28 4.88 4.89 5.33 10.69 12.56 11.61 11.49 12.18 3.66 3.82 3.89 4.07 24.30 2.3%

JOHNSON & JOHNSON 3.74 3.29 2.92 2.61 2.47 3.65 3.47 3.34 3.21 3.07 14.24 13.81 11.81 11.23 10.84 11.21 10.42 9.77 9.21 8.64 17.16 16.14 15.11 14.27 13.32 2.69 2.93 3.15 3.21 3.68 90.83 3.9%

JPMORGAN CHASE & CO 1.05 0.97 0.89 0.84 2.05 2.03 1.97 1.90 10.79 9.11 10.87 11.93 10.74 9.31 8.92 9.02 2.23 2.67 3.09 3.62 57.96 8.6%

COCA-COLA CO/THE 5.61 5.39 5.02 4.67 3.73 3.71 3.55 3.37 3.25 16.60 17.27 14.57 13.15 12.19 14.64 14.19 13.30 12.27 11.81 20.15 18.92 17.41 16.02 15.07 2.54 2.77 2.95 3.26 3.41 46.79 15.9%

ELI LILLY & CO 3.60 3.50 3.45 3.39 2.52 2.48 2.88 2.79 2.62 11.41 12.30 13.49 11.74 10.19 9.17 8.84 11.67 10.93 9.59 15.10 12.79 18.33 16.06 13.30 3.90 3.90 3.91 3.91 3.90 56.86 13.2%

LOCKHEED MARTIN CORP 14.65 44.40 23.47 13.24 0.74 0.77 0.79 0.82 0.80 9.17 8.98 9.05 9.07 7.25 7.04 7.06 6.83 5.62 12.73 11.86 11.88 11.04 11.69 3.87 4.38 4.80 5.18 105.15 -2.1%

LOWE'S COS INC 3.42 3.60 3.79 3.93 6.11 0.90 0.87 0.84 0.81 0.77 14.29 11.91 10.06 10.18 12.27 10.33 9.54 8.73 8.10 7.47 24.51 20.07 16.63 13.75 11.48 1.45 1.62 1.82 2.19 2.90 44.32 4.4%

MASTERCARD INC-CLASS A 9.99 9.20 7.11 5.99 9.68 8.75 7.81 6.93 6.18 25.68 19.02 16.56 15.81 15.98 13.95 12.16 10.58 9.42 26.73 23.12 19.59 16.38 0.18 0.31 0.34 0.44 606.30 3.2%

MCDONALD'S CORP 7.10 6.32 5.96 5.60 3.62 3.49 3.32 3.11 2.89 14.52 13.40 12.30 11.10 11.10 10.63 10.00 9.27 18.69 17.41 15.89 14.45 13.33 2.88 3.20 3.48 3.81 106.83 7.6%

MONDELEZ INTERNATIONAL INC-A 1.54 1.47 1.38 1.36 1.46 1.42 1.35 1.27 1.18 109.13 17.24 12.42 10.51 11.99 12.06 11.02 10.11 9.27 20.06 18.42 16.68 15.03 12.87 1.80 1.84 2.06 2.45 2.40 32.39 12.9%

MEDTRONIC INC 2.92 2.57 2.28 2.10 3.18 3.09 3.00 2.91 2.79 11.59 11.10 10.35 9.93 8.65 8.45 8.13 7.74 7.63 14.13 13.60 12.70 11.94 11.05 2.02 2.16 2.32 2.69 55.88 7.2%

METLIFE INC 0.88 0.86 0.80 0.71 0.76 0.75 0.72 0.70 9.02 8.60 8.27 7.74 1.65 2.14 2.56 2.84 49.53 5.4%

3M CO 4.39 3.95 3.53 3.16 2.56 2.46 2.33 2.21 14.89 13.00 11.97 10.31 9.86 9.43 8.81 8.17 7.16 17.47 16.48 15.00 13.76 2.15 2.30 2.49 2.50 111.67 1.2%

ALTRIA GROUP INC 18.29 16.58 13.98 12.50 4.08 4.04 3.98 3.96 20.49 16.38 14.59 12.01 10.77 10.48 10.06 9.80 16.00 14.72 13.73 12.85 4.84 5.22 5.67 6.08 36.80 4.2%

MONSANTO CO 4.40 3.99 3.51 3.05 3.84 3.51 3.27 3.04 3.04 19.96 18.29 15.38 13.32 13.83 12.29 10.66 9.59 9.74 26.49 21.51 18.43 16.29 15.23 1.16 1.53 1.61 1.65 117.86 19.7%

MERCK & CO. INC. 2.50 2.68 2.54 2.46 3.01 3.12 3.09 3.05 2.97 9.94 9.41 9.34 7.64 7.45 7.34 8.37 8.18 7.92 7.04 12.31 13.36 12.49 11.95 11.08 3.59 3.79 3.75 3.86 4.26 52.96 13.2%

MORGAN STANLEY 0.79 0.76 0.71 0.68 1.74 1.50 1.41 1.36 39.29 12.56 9.16 7.68 17.98 12.13 9.53 8.51 0.84 0.86 1.22 1.82 27.30 12.1%

MICROSOFT CORP 4.02 3.53 2.88 2.51 3.80 3.56 3.31 3.12 3.17 10.02 9.27 8.28 7.75 7.20 6.82 6.22 5.77 6.04 12.52 12.17 10.97 10.11 2.30 2.68 2.89 3.14 35.64 6.1%

NIKE INC -CL B 4.62 4.33 3.87 4.49 4.46 2.24 2.06 1.91 1.77 1.68 22.35 19.33 16.06 14.12 12.68 11.38 10.28 9.73 23.75 21.00 18.34 15.84 13.92 1.26 1.42 1.55 1.52 66.03 4.0%

NATIONAL OILWELL VARCO INC 1.52 1.37 1.23 1.11 1.03 1.56 1.38 1.27 1.18 1.20 12.60 9.96 8.70 8.09 7.61 7.62 7.57 6.61 5.96 6.39 12.25 12.86 10.88 9.72 9.38 0.66 0.90 0.97 1.07 1.39 82.60 15.3%

NORFOLK SOUTHERN CORP 2.28 2.16 1.96 1.77 2.05 2.01 1.89 1.80 1.68 7.72 7.40 6.83 6.70 7.54 7.43 6.77 6.30 5.90 13.63 12.80 11.25 10.04 9.17 2.62 2.85 3.05 3.25 85.27 18.7%

ORACLE CORP 3.26 2.80 2.46 2.00 3.81 3.65 3.47 3.31 3.02 10.28 9.65 9.04 6.74 6.91 6.50 6.15 5.82 11.44 10.60 9.68 8.98 0.98 1.38 1.44 1.52 36.06 17.3%

OCCIDENTAL PETROLEUM CORP 1.76 1.64 1.50 1.39 3.05 2.92 2.82 2.79 6.43 5.86 5.58 5.12 4.71 5.53 5.16 4.82 4.73 12.93 12.53 11.88 11.56 8.34 2.45 2.75 3.14 3.32 3.70 103.80 15.8%

PEPSICO INC 5.84 5.20 4.89 4.75 1.91 1.84 1.76 1.68 1.59 14.71 12.88 12.16 10.44 8.64 11.90 11.32 10.64 9.98 9.27 19.82 18.32 16.87 15.44 13.85 2.64 2.79 2.98 3.18 3.50 88.14 9.4%

PFIZER INC 2.57 2.66 2.72 2.68 3.39 3.65 3.73 3.75 3.76 10.95 11.76 9.89 9.66 9.34 6.97 7.97 8.12 8.19 8.96 12.91 12.82 12.02 11.50 11.14 3.14 3.41 3.58 3.72 4.01 31.79 13.8%

PROCTER & GAMBLE CO/THE 3.35 3.35 3.31 3.15 2.55 2.53 2.47 2.38 2.25 17.00 15.05 14.38 13.62 13.02 12.74 11.95 11.29 10.39 20.47 19.29 18.04 16.63 15.07 2.70 2.96 3.20 3.42 3.84 84.28 8.0%

PHILIP MORRIS INTERNATIONAL 4.53 4.44 4.22 4.04 3.72 14.28 13.72 11.91 11.41 11.13 10.84 10.14 9.51 8.90 16.73 15.63 14.01 12.66 11.61 3.76 4.10 4.55 4.96 5.59 98.31 12.8%

QUALCOMM INC 3.15 2.69 2.35 2.13 5.52 4.26 3.83 3.59 15.15 13.30 11.86 11.32 10.04 8.05 7.20 6.79 16.60 13.34 12.38 11.74 1.48 1.77 2.00 2.36 75.54 25.1%

RAYTHEON COMPANY 2.49 3.00 2.69 2.16 0.87 0.90 0.92 0.94 0.84 11.92 11.70 12.41 9.26 6.54 7.05 7.07 6.57 11.75 11.84 11.66 9.94 11.46 3.01 3.31 3.67 3.99 64.50 -1.0%

STARBUCKS CORP 9.45 8.57 7.80 6.69 3.77 3.39 3.04 2.72 2.45 26.60 20.56 18.62 15.82 19.25 16.27 13.76 11.71 10.72 37.75 30.83 25.55 20.78 18.39 1.03 1.28 1.51 1.86 2.09 69.63 3.8%

SCHLUMBERGER LTD 2.77 2.52 2.22 1.89 2.31 2.14 1.92 1.74 12.20 10.51 8.80 8.17 9.24 8.43 7.37 6.47 17.56 15.75 12.95 11.08 1.49 1.67 1.77 1.88 89.67 22.0%

SOUTHERN CO/THE 1.96 1.88 1.80 1.73 2.15 2.12 2.06 1.99 1.74 8.34 8.26 7.79 7.77 9.96 9.74 9.05 8.52 7.65 16.40 15.62 14.94 14.21 13.73 4.53 4.70 4.87 5.05 5.21 47.71 11.0%

SIMON PROPERTY GROUP INC 8.01 5.18 4.98 9.37 10.10 9.36 8.90 8.89 23.44 18.97 17.25 14.74 20.03 18.20 17.20 15.45 37.28 39.82 35.71 21.30 2.63 3.00 3.24 3.64 3.99 188.61 19.8%

AT&T INC 2.06 2.20 2.12 2.04 1.50 1.48 1.45 1.43 1.41 5.93 5.77 5.65 5.54 6.26 6.25 6.00 5.77 5.52 15.02 14.06 13.05 12.22 11.36 5.01 5.12 5.25 5.40 5.55 37.84 7.1%

TARGET CORP 2.77 2.65 2.46 2.14 1.83 0.61 0.60 0.56 0.53 0.51 8.68 6.30 7.45 7.16 7.65 7.80 7.02 6.69 6.22 14.65 14.50 12.63 10.80 9.77 1.89 2.10 2.37 2.79 74.12 6.1%

TIME WARNER INC 1.83 1.83 1.52 1.52 1.61 1.96 1.91 1.83 1.75 1.65 13.56 12.72 10.34 9.66 10.59 9.84 9.01 8.38 7.71 18.85 16.44 14.15 12.27 10.50 1.72 1.89 2.03 2.22 2.53 66.56 10.0%

TEXAS INSTRUMENTS INC 3.66 3.56 3.46 3.22 3.10 3.24 3.07 2.90 2.77 13.82 12.39 10.74 10.45 11.81 11.03 9.52 9.07 9.16 21.65 19.90 16.26 14.81 15.53 1.99 2.86 3.07 3.14 35.44 -0.7%

UNITEDHEALTH GROUP INC 2.25 1.99 1.79 1.69 0.61 0.54 0.50 0.45 11.03 9.65 8.61 8.68 7.30 6.78 6.39 6.40 7.31 12.41 12.05 11.24 10.14 8.85 1.15 1.40 1.47 1.60 71.00 8.4%

UNION PACIFIC CORP 3.72 3.41 3.05 2.74 3.49 3.28 3.06 2.89 2.78 12.32 10.75 9.81 9.15 9.50 8.67 7.88 7.28 6.81 19.01 16.45 14.37 12.82 11.65 1.56 1.80 1.98 2.10 162.78 3.9%

UNITED PARCEL SERVICE-CL B 10.74 16.33 12.23 11.70 4.46 1.52 1.46 1.37 1.30 1.20 13.14 11.63 10.03 9.82 9.85 9.25 8.47 7.87 6.44 18.97 17.46 15.28 13.60 11.60 2.61 2.82 3.05 3.28 3.57 95.00 9.2%

US BANCORP 1.97 1.82 1.68 1.52 3.35 3.40 3.31 3.14 12.25 11.73 10.97 9.71 12.79 12.07 11.34 10.32 9.63 2.11 2.42 2.69 3.13 37.28 1.8%

UNITED TECHNOLOGIES CORP 3.44 3.06 2.74 2.42 1.52 1.36 1.29 1.24 1.11 13.53 12.27 10.51 9.52 11.58 9.84 9.01 8.53 17.97 15.65 13.72 12.24 10.71 2.10 2.29 2.49 2.69 103.53 8.2%

VISA INC-CLASS A SHARES 4.44 4.11 3.61 3.22 11.79 10.43 9.38 8.32 7.43 26.75 25.00 18.55 17.33 20.20 15.45 13.57 11.78 10.50 30.59 25.16 21.61 18.26 16.85 0.46 0.68 0.78 0.89 195.23 3.7%

VERIZON COMMUNICATIONS INC 3.61 3.90 3.54 3.34 1.25 1.20 1.15 1.12 1.09 4.71 4.01 3.84 3.59 6.47 5.88 5.50 5.25 5.05 21.27 18.04 15.70 14.19 13.55 4.00 4.12 4.23 4.37 4.38 54.57 8.2%

WALGREEN CO 2.37 2.16 1.99 1.78 0.58 0.58 0.55 0.56 0.43 10.64 13.03 11.95 10.44 9.28 8.29 7.46 7.56 4.84 17.02 14.34 12.59 11.22 9.16 2.13 2.50 2.74 3.15 48.42 10.1%

WELLS FARGO & CO 1.54 1.40 1.29 1.21 2.59 2.63 2.58 2.50 11.71 10.78 10.26 8.95 12.53 11.28 10.73 10.12 9.61 2.10 2.68 2.94 3.37 42.06 0.6%

WILLIAMS COS INC 4.30 4.32 4.03 4.93 2.94 2.92 2.51 2.40 12.53 14.03 10.23 8.39 13.99 14.33 10.87 9.66 8.44 29.33 43.38 25.79 23.00 19.08 3.75 4.44 5.36 6.28 6.22 40.42 23.9%

WAL-MART STORES INC 3.24 3.06 2.84 2.55 2.51 0.52 0.50 0.48 0.45 0.44 9.54 9.11 8.22 7.40 6.53 8.16 7.89 7.50 7.21 7.26 15.18 14.07 12.80 11.65 10.41 2.16 2.50 2.73 3.07 82.27 10.3%

EXXON MOBIL CORP 2.49 2.28 2.08 1.90 1.73 0.88 0.95 0.93 0.94 0.93 7.68 7.53 7.15 6.69 5.91 4.77 5.25 5.13 4.76 4.58 11.55 11.35 11.08 10.51 9.70 2.39 2.70 2.92 3.09 3.30 95.58 5.2%

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


05.07.2013

Apple Inc. designs, manufactures, and markets personal computers and related

personal computing and mobile communication devices along with a variety of

related software, services, peripherals, and networking solutions. The Company

sells its products worldwide through its online stores, its retail stores, its

direct sales force, third-party wholesalers, and resellers.

Latest Fiscal Year: 09/2012

LTM as of: 03/yy

52-Week High (21.09.2012) 705.07

52-Week Low (19.04.2013) 385.10

Daily Volume

417.11

52-Week High % Change -40.83% Dividend Yield 1.91

52-Week Low % Change 8.31% Beta 0.98

% 52 Week Price Range High/Low 11.16% Equity Float 938.19

Shares Out 12.04.2013 938.6 Short Int 23.38

391'519.88 1 Yr Total Return -28.92%

Total Debt 0.00 YTD Return -20.78%

Preferred Stock 0.0 Adjusted BETA 0.977

Minority Interest 0.0 Analyst Recs 67

Cash and Equivalents 121'251.00 Consensus Rating 4.388

Enterprise Value 246'832.87

Average Volume 5 Day 3'229'263

AAPL UW EQUITY YTD Change - Average Volume 30 Day 2'900'254

AAPL UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'520'768

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

30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

37'491.0 42'905.0 65'225.0 108'249.0 156'508.0 142'360 169'104 171'168 186'818 35'008 37'900

2.39x 3.03x 3.32x 2.72x 3.23x 8.79x 9.16x 1.67x 1.45x 7.11x 6.43x

8'823.0 12'474.0 19'412.0 35'604.0 58'518.0 53'298.0 57'381.0 53'807.6 59'554.1 10'573.0 11'106.3

10.14x 10.43x 11.17x 8.26x 8.63x 8.45x 4.73x 4.60x 4.16x 4.39x 4.26x

6'119.0 8'235.0 14'013.0 25'922.0 41'733.0 38'617.0 39'672.0 37'166.2 39'957.6 6'882.7 7'654.8

18.91x 20.08x 19.30x 14.61x 15.11x 14.62x 10.57x 10.55x 9.53x 10.49x 10.04x

EBITDA 58'518.00 Long-Term Rating Date 23.04.2013

EBIT 55'241.00 Long-Term Rating AA+

Operating Margin 35.30% Long-Term Outlook STABLE

Pretax Margin 35.63% Short-Term Rating Date -

Return on Assets 22.95% Short-Term Rating -

Return on Common Equity 33.34%

Return on Capital 33.34% EBITDA/Interest Exp. -

Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -2.52

Gross Margin 43.9% Total Debt/EBITDA 0.00

EBITDA Margin 33.9%

EBIT Margin 30.9% Total Debt/Equity 0.0%

Net Income Margin 26.7% Total Debt/Capital 0.0%

Asset Turnover 0.98

Current Ratio 1.50 Net Fixed Asset Turnover 14.17

Quick Ratio 1.04 Accounts receivable turnover-days 15.20

Debt to Assets 0.00% Inventory Days 4.18

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 56.71

Accounts Receivable Turnover 23.94 Cash Conversion Cycle -52.97

Inventory Turnover 87.18

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Apple IncPrice/Volume

Valuation Analysis

937'228.00

Current Price (7/dd/yy) Market Data

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

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


05.07.2013

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

BLACKROCK n/a ULT-AGG 49'261'621 5.25 (317'260) 03.07.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 43'247'824 4.61 1'164'484 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 37'551'260 4 344'973 02.07.2013 Investment Advisor

FMR LLC n/a ULT-AGG 34'747'682 3.7 (6'409'599) 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 13'848'715 1.48 298'410 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 13'755'175 1.47 (1'805'958) 31.05.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 12'562'591 1.34 (410'792) 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 12'498'739 1.33 (370'147) 03.07.2013 Investment Advisor

SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 12'059'221 1.28 (4'823'496) 31.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 11'659'713 1.24 (11'939'192) 31.03.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 10'717'061 1.14 562'009 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 8'808'076 0.94 2'446'421 31.03.2013 Investment Advisor

UBS n/a ULT-AGG 8'140'452 0.87 252'692 31.03.2013 Unclassified

NORGES BANK NORGES BANK 13F 7'531'087 0.8 - 31.12.2012 Government

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 7'319'772 0.78 (448'812) 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 7'093'217 0.76 (993'118) 31.05.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 6'951'047 0.74 (88'273) 30.04.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 6'599'619 0.7 (1'050'711) 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 6'577'462 0.7 1'630'609 31.03.2013 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 6'507'309 0.69 149'259 31.03.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

S&P Capital IQ SCOTT H KESSLER strong buy 5 M 550 12 month 04.07.2013

Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 600 12 month 02.07.2013

Cross Research SHANNON S CROSS buy 5 M 530 12 month 02.07.2013

Raymond James TAVIS C MCCOURT strong buy 5 U 600 12 month 01.07.2013

Stifel AARON C RAKERS buy 5 M 600 12 month 01.07.2013

Avondale Partners LLC JOHN F BRIGHT market outperform 4 M 600 12 month 01.07.2013

Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 500 12 month 28.06.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 28.06.2013

Wells Fargo Securities, LLC MAYNARD UM outperform 5 M #N/A N/A Not Provided 28.06.2013

Susquehanna Financial Group CHRISTOPHER CASO neutral 3 M 440 12 month 27.06.2013

Piper Jaffray EUGENE E MUNSTER overweight 5 M 655 12 month 27.06.2013

Robert W. Baird & Co WILLIAM V POWER neutral 3 M 438 12 month 26.06.2013

Scotia Capital GUS PAPAGEORGIOU sector perform 3 M 423 12 month 26.06.2013

RBC Capital Markets AMIT DARYANANI outperform 5 M 475 12 month 25.06.2013

BMO Capital Markets KEITH F BACHMAN market perform 3 M 450 Not Provided 24.06.2013

William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 24.06.2013

Oppenheimer & Co ITTAI KIDRON outperform 5 M 460 12 month 24.06.2013

JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 24.06.2013

Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 24.06.2013

Jefferies PETER J MISEK hold 3 M 405 12 month 23.06.2013

Evercore Partners ROBERT CIHRA overweight 5 M 550 12 month 20.06.2013

Topeka Capital Markets Inc BRIAN J WHITE buy 5 M 888 12 month 20.06.2013

Needham & Co CHARLES WOLF buy 5 M 710 12 month 19.06.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 15.06.2013

Morgan Stanley KATHRYN HUBERTY Overwt/In-Line 5 M 540 12 month 11.06.2013

Credit Suisse KULBINDER GARCHA outperform 5 M 525 Not Provided 11.06.2013

Edward Jones WILLIAM C KREHER hold 3 M #N/A N/A Not Provided 11.06.2013

Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 560 12 month 11.06.2013

Nomura STUART JEFFREY neutral 3 M 420 12 month 11.06.2013

Cowen and Company MATTHEW HOFFMAN outperform 5 M 550 12 month 11.06.2013

Telsey Advisory Group THOMAS FORTE no rating system #N/A N/A M 540 12 month 11.06.2013

Deutsche Bank CHRISTOPHER WHITMORE buy 5 M 480 12 month 10.06.2013

Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 550 12 month 10.06.2013

ISI Group BRIAN MARSHALL strong buy 5 M 600 12 month 10.06.2013

Barclays BENJAMIN A REITZES overweight 5 M 525 Not Provided 10.06.2013

BGC Partners COLIN W GILLIS buy 5 M 500 12 month 07.06.2013

Independent Research GmbH MARKUS FRIEBEL buy 5 M 610 12 month 06.06.2013

Daiwa Securities Co. Ltd. YOKO YAMADA neutral 3 M 455 Not Provided 30.05.2013

Lazard Capital Markets EDWARD PARKER buy 5 M 500 12 month 28.05.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 360 Not Provided 21.05.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 520 Not Provided 20.05.2013

Oracle Investment Research LAURENCE BALTER strong buy 5 M 600 Not Provided 14.05.2013

ABG Sundal Collier PER LINDBERG hold 3 U 400 6 month 25.04.2013

Holdings By:

Apple Inc ee


05.07.2013

AbbVie Inc. researches and develops pharmaceutical products. The Company

produces pharmaceutical drugs for specialty therapeutic areas such as

immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and

neuroscience. AbbVie also offers treatments for diseases including Multiple

Sclerosis, Parkinson's, and Alzheimer's disease.


LTM as of: 03/yy

52-Week High (22.05.2013) 47.99

52-Week Low (17.12.2012) 32.51

Daily Volume

42.64

52-Week High % Change -11.34% Dividend Yield -

52-Week Low % Change 31.16% Beta -

% 52 Week Price Range High/Low 62.79% Equity Float 1'583.06

Shares Out 31.03.2013 1'583.7 Short Int 9.97

67'530.21 1 Yr Total Return -

Total Debt 17'911.00 YTD Return 27.47%

Preferred Stock 0.0 Adjusted BETA -





ABBV UN EQUITY YTD Change - Average Volume 30 Day 1'517'146

ABBV UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'410'486


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

- 14'214.2 15'637.7 17'444.0 18'380.0 0.0 4'329.0 18'484.9 18'922.1 4'540.5 4'442.2

- - - - 3.47x #DIV/0! 17.32x 3.84x 3.63x - -

- 5'799.3 6'214.3 5'565.4 7'255.0 0.0 1'532.0 7'419.2 7'557.8 1'861.0 1'848.0

- - - - 8.80x 0.00x 0.00x 10.47x 10.28x 10.33x 10.32x

- 4'636.5 4'177.9 3'433.1 5'275.0 0.0 968.0 5'010.8 5'158.7 1'260.6 1'224.0

- - - - 9.26x 0.00x 0.00x 13.68x 13.25x 13.65x 13.62x


EBIT 6'105.00 Long-Term Rating A

Operating Margin 33.22% Long-Term Outlook POS

Pretax Margin 31.15% Short-Term Rating Date 26.10.2012

Return on Assets - Short-Term Rating A-1

Return on Common Equity -

Return on Capital - EBITDA/Interest Exp. 86.37

Asset Turnover - (EBITDA-Capex)/Interest Exp. 82.40

Net Debt/EBITDA -

Gross Margin 75.5% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 532.6%


Asset Turnover -

Current Ratio 2.27 Net Fixed Asset Turnover -

Quick Ratio 1.71 Accounts receivable turnover-days -

Debt to Assets 66.32% Inventory Days -

Tot Debt to Common Equity 532.59% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -260.37

Inventory Turnover -

Fiscal Year Ended

AbbVie IncPrice/Volume

Valuation Analysis

217'752.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&122&

X -. d -0 b -0 e -0 P -0 e -0 d -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

&!.&

&!1&

&!3&

&!5&

-!&&

-!.&



05.07.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 131'953'478 8.33 126'536'896 31.03.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 82'921'627 5.24 - 31.03.2013 Investment Advisor


STATE STREET n/a ULT-AGG 72'724'731 4.59 72'066'330 02.07.2013 Investment Advisor

FMR LLC n/a ULT-AGG 52'527'453 3.32 48'680'919 31.03.2013 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 26'383'128 1.67 17'250'069 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 24'679'333 1.56 24'679'333 31.03.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 19'162'420 1.21 18'214'503 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 17'229'673 1.09 15'481'073 31.03.2013 Investment Advisor


STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 15'061'000 0.95 15'061'000 31.03.2013 Insurance Company

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 12'226'992 0.77 3'902'963 31.03.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 11'602'743 0.73 11'356'641 30.04.2013 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 10'765'680 0.68 10'765'680 31.03.2013 Investment Advisor

UBS n/a ULT-AGG 10'469'574 0.66 10'292'357 31.03.2013 Unclassified

SUN LIFE FINANCIAL I n/a ULT-AGG 10'036'175 0.63 (3'729'624) 31.05.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 8'517'099 0.54 8'517'099 31.03.2013 Investment Advisor

FEDERATED INVESTORS FEDERATED INVESTORS 13F 8'339'139 0.53 8'339'139 31.03.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 7'875'871 0.5 7'875'871 31.03.2013 Investment Advisor


Morgan Stanley DAVID R RISINGER Overwt/In-Line 5 M 49 12 month 03.07.2013

Edward Jones JUDSON CLARK hold 3 M #N/A N/A Not Provided 27.06.2013

Cowen and Company STEVEN R SCALA outperform 5 M 52 12 month 27.06.2013

Jefferies JEFFREY HOLFORD buy 5 M 51 12 month 07.06.2013

BMO Capital Markets ALEX ARFAEI market perform 3 M 47 Not Provided 03.06.2013

Atlantic Equities LLP RICHARD J PURKISS neutral 3 M 44 12 month 31.05.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 10.05.2013

Goldman Sachs JAMI E RUBIN buy/attractive 5 M 52 12 month 29.04.2013

Hilliard Lyons STEPHEN A O'NEIL neutral 3 M #N/A N/A Not Provided 29.04.2013

JPMorgan CHRISTOPHER T SCHOTT neutral 3 M 41 6 month 29.04.2013

Spin-Off Research TEAM COVERAGE hold 3 M 47 12 month 29.04.2013

Barclays CHARLES ANTHONY BUTLER equalweight 3 M 44 Not Provided 26.04.2013

Holdings By:

AbbVie Inc ee


05.07.2013

Abbott Laboratories discovers, develops, manufactures, and sells a broad and

diversified line of health care products and services. The Company's products

include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott

markets its products worldwide through affiliates and distributors.


LTM as of: 03/yy

52-Week High (22.05.2013) 38.77

52-Week Low (19.11.2012) 29.98

Daily Volume

34.7





54'092.61 1 Yr Total Return 14.47%







ABT UN EQUITY YTD Change - Average Volume 30 Day 2'098'850

ABT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'898'562


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

29'527.6 30'764.7 35'166.7 38'851.3 21'494.0 35'093.6 21'587.9 22'416.4 23'742.4 5'523.5 5'551.1

3.02x 2.94x 2.49x 2.46x 5.06x 10.80x 17.92x 2.16x 1.93x - -

8'315.9 8'495.3 9'025.1 9'468.3 - 8'573.5 1'035.6 5'095.2 5'590.1 929.3 1'105.7

10.73x 10.63x 9.71x 10.11x - 12.09x 0.00x 10.33x 9.41x 12.48x 12.30x

4'880.7 5'745.8 4'626.2 4'728.4 579.0 5'107.1 772.7 3'190.9 3'543.7 695.8 852.6

16.08x 13.83x 11.61x 12.57x 37.78x 15.54x 22.94x 17.24x 15.40x 16.73x 16.08x

EBITDA - Long-Term Rating Date 26.10.2012

EBIT 1'894.00 Long-Term Rating A+



Return on Assets 1.47% Short-Term Rating A-1+


Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin 54.3% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.41





Accounts Receivable Turnover 3.73 Cash Conversion Cycle 199.80


Fiscal Year Ended

Abbott LaboratoriesPrice/Volume

Valuation Analysis

461'128.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&12

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9.!& 91!& 93!& 95!& 9-&!& 9-.!& 9-1!& 9-3!& 9-5!& 9

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!&&

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



05.07.2013


BLACKROCK n/a ULT-AGG 97'567'010 6.26 11'496'654 03.07.2013 Investment Advisor


STATE STREET n/a ULT-AGG 67'065'382 4.3 297'100 02.07.2013 Investment Advisor


NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 25'471'754 1.63 (596'015) 31.03.2013 Investment Advisor





SUN LIFE FINANCIAL I n/a ULT-AGG 15'536'605 1 14'986'988 31.05.2013 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 15'061'000 0.97 - 31.03.2013 Insurance Company

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 14'775'015 0.95 370'144 31.03.2013 Investment Advisor

SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 14'554'678 0.93 7'600'472 31.03.2013 Investment Advisor

GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 14'485'435 0.93 (107'291) 31.03.2013 Investment Advisor


MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 13'711'677 0.88 5'446'932 31.03.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 13'424'731 0.86 7'408'947 31.03.2013 Investment Advisor



BANK OF AMERICA CORP BANK OF AMERICA 13F 12'394'624 0.8 (5'065'032) 31.03.2013 Investment Advisor


BMO Capital Markets JOANNE K WUENSCH outperform 5 M 40 Not Provided 03.07.2013

Wells Fargo Securities, LLC LAWRENCE BIEGELSEN outperform 5 M #N/A N/A Not Provided 03.07.2013

Cowen and Company JOSHUA JENNINGS outperform 5 M 41 12 month 03.07.2013

Goldman Sachs DAVID H ROMAN Buy/Neutral 5 M 43 12 month 02.07.2013

Deutsche Bank KRISTEN M STEWART hold 3 M 35 12 month 27.06.2013

Sanford C. Bernstein & Co DERRICK SUNG market perform 3 M 35 12 month 26.06.2013

Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M #N/A N/A Not Provided 25.06.2013

William Blair & Co BENJAMIN C ANDREW outperform 5 M #N/A N/A Not Provided 21.06.2013

Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 13.06.2013


Stifel FREDERICK A WISE buy 5 M 44 12 month 07.06.2013

RBC Capital Markets GLENN J NOVARRO outperform 5 M 42 12 month 28.05.2013

Gabelli & Co JENNIE TSAI buy 5 N #N/A N/A Not Provided 21.05.2013

Morgan Stanley DAVID R LEWIS Equalwt/In-Line 3 M #N/A N/A Not Provided 14.05.2013

Barclays MATTHEW TAYLOR equalweight 3 M 35 Not Provided 10.05.2013

Argus Research Corp DAVID H TOUNG hold 3 M #N/A N/A Not Provided 22.04.2013

Credit Suisse BRUCE NUDELL neutral 3 M 40 Not Provided 19.04.2013

Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 M #N/A N/A Not Provided 18.04.2013

Raymond James JAYSON BEDFORD market perform 3 M #N/A N/A Not Provided 18.04.2013

Spin-Off Research TEAM COVERAGE hold 3 M 40 Not Provided 18.04.2013

Atlantic Equities LLP STEPHAN B GASTEYGER neutral 3 M 36 12 month 18.04.2013

Hilliard Lyons STEPHEN A O'NEIL long-term buy 5 M 40 12 month 17.04.2013

JPMorgan MICHAEL N WEINSTEIN neutral 3 M 36 6 month 17.04.2013

S&P Capital IQ HERMAN SAFTLAS buy 5 M 36 Not Provided 29.11.2012

First Global Stockbroking KAVITA THOMAS long-term outperform 5 M #N/A N/A Not Provided 26.04.2012

Maxim Group LLC ANTHONY PETRONE not rated #N/A N/A M #N/A N/A Not Provided 27.01.2009

Holdings By:

Abbott Laboratories ee


05.07.2013

Accenture PLC provides management and technology consulting services and

solutions. The Company delivers a range of specialized capabilities and

solutions to clients across all industries on a worldwide basis. Accenture's

network of businesses provides consulting, technology, outsourcing, and

alliances.


LTM as of: 05/yy

52-Week High (22.05.2013) 84.22

52-Week Low (12.07.2012) 56.23

Daily Volume

73.14





50'251.31 1 Yr Total Return 22.39%

Total Debt 0.03 YTD Return 11.14%






ACN UN EQUITY YTD Change - Average Volume 30 Day 947'731

ACN UN EQUITY YTD % CHANGE - Average Volume 3 Month 863'229


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1

25'313.8 23'171.0 23'094.1 27'352.9 29'778.0 29'663.8 30'157.6 28'721.3 30'026.8 7'028.9 7'482.8

1.08x 0.85x 0.90x 1.19x 1.19x 4.63x 5.71x 1.54x 1.45x 6.46x 6.17x

3'525.9 3'391.7 3'399.1 3'985.2 4'466.8 4'411.4 4'641.7 4'797.7 4'890.8 1'166.6 1'231.7

7.76x 5.79x 6.14x 8.16x 7.95x 7.69x 10.80x 9.35x 9.18x 9.17x 9.06x

1'691.8 1'590.0 1'780.7 2'277.7 2'553.5 2'587.2 3'189.2 3'145.8 3'136.4 713.5 786.8

15.55x 12.48x 13.72x 15.75x 16.03x 14.75x 18.13x 16.96x 16.25x 16.48x 16.07x







Return on Capital 66.81% EBITDA/Interest Exp. 296.58

Asset Turnover 1.88% (EBITDA-Capex)/Interest Exp. 271.88



EBITDA Margin 15.4%



Asset Turnover 1.88





Accounts Receivable Turnover 9.14 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Accenture PLCPrice/Volume

Valuation Analysis

361'121.00


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

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

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!&&

-5!&&

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



05.07.2013


SUN LIFE FINANCIAL I n/a ULT-AGG 42'376'622 6.57 918'683 31.05.2013 Investment Advisor


BLACKROCK n/a ULT-AGG 31'192'429 4.84 766'395 03.07.2013 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 30'074'388 4.66 129'091 31.03.2013 Investment Advisor



MORGAN STANLEY n/a ULT-AGG 19'691'827 3.05 69'715 31.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17'114'652 2.65 129'306 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 16'402'622 2.54 443'115 31.03.2013 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'961'114 2.17 (2'427'956) 31.03.2013 Investment Advisor

THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 11'467'160 1.78 (275'215) 31.03.2013 Investment Advisor


LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 9'108'726 1.41 1'783'496 31.03.2013 Hedge Fund Manager

FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 8'564'997 1.33 733'878 31.03.2013 Investment Advisor


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 7'420'390 1.15 (33'710) 31.03.2013 Investment Advisor

BROWN ADVISORY INC n/a ULT-AGG 6'680'245 1.04 423'206 31.03.2013 Investment Advisor

LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 6'243'776 0.97 29'802 31.03.2013 Investment Advisor


CALAMOS ADVISORS LLC CALAMOS ADVISORS LLC 13F 5'728'875 0.89 (727'838) 31.03.2013 Investment Advisor


Societe Generale RICHARD NGUYEN sell 1 M 70 12 month 02.07.2013

Argus Research Corp JAMES KELLEHER hold 3 D #N/A N/A Not Provided 02.07.2013


Janney Montgomery Scott LLC JOSEPH D FORESI buy 5 M 82 12 month 01.07.2013



Deutsche Bank BRYAN KEANE buy 5 M 82 12 month 28.06.2013

Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 M 85 12 month 28.06.2013

Credit Suisse GEORGE MIHALOS neutral 3 M 75 Not Provided 28.06.2013

Edward Jones JOSH OLSON hold 3 M #N/A N/A Not Provided 28.06.2013

JPMorgan TIEN-TSIN HUANG overweight 5 M 76 12 month 28.06.2013

Robert W. Baird & Co DAVID J KONING neutral 3 M 78 12 month 28.06.2013

Sanford C. Bernstein & Co RODERICK BOURGEOIS outperform 5 M 88 12 month 28.06.2013

Raymond James BRIAN GESUALE market perform 3 D #N/A N/A Not Provided 28.06.2013

Stifel DAVID M GROSSMAN buy 5 M 86 12 month 28.06.2013

BNP Paribas Equity Research ARVIND RAMNANI hold 3 M 75 12 month 28.06.2013

Berenberg Bank DAUD KHAN hold 3 M 69 Not Provided 28.06.2013

Wells Fargo Securities, LLC EDWARD S CASO JR outperform 5 M #N/A N/A Not Provided 28.06.2013

Cowen and Company MOSHE KATRI outperform 5 M 92 12 month 28.06.2013

Susquehanna Financial Group JAMES E FRIEDMAN Positive 4 M 88 12 month 28.06.2013

Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 85 12 month 28.06.2013

Barclays DARRIN D PELLER equalweight 3 M 80 Not Provided 28.06.2013

Jefferies JASON KUPFERBERG hold 3 M 71 12 month 27.06.2013

Evercore Partners DAVID M TOGUT overweight 5 M 80 12 month 27.06.2013

S&P Capital IQ DYLAN CATHERS hold 3 D 85 12 month 30.05.2013

Holdings By:

Accenture PLC ee


05.07.2013

American Electric Power Company, Inc.(AEP)is a public utility holding company.

The Company provides electric service, consisting of generation, transmission

and distribution, on an integrated basis to their retail customers. AEP serves

portions of the states of Arkansas, Indiana, Kentucky, Louisiana, Michigan,

Ohio, Oklahoma, Tennessee, Texas, Virginia and West Virginia.


LTM as of: 03/yy

52-Week High (01.05.2013) 51.59

52-Week Low (21.11.2012) 40.57

Daily Volume

43.92





21'347.10 1 Yr Total Return 11.73%




Cash and Equivalents 603.00 Consensus Rating 3.917


Average Volume 5 Day 907'613

AEP UN EQUITY YTD Change - Average Volume 30 Day 1'053'697

AEP UN EQUITY YTD % CHANGE - Average Volume 3 Month 792'310


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

14'440.0 13'489.0 14'427.0 15'116.0 14'945.0 15'011.0 15'146.0 15'881.5 16'183.1 3'658.7 4'620.4

2.18x 2.48x 2.41x 2.49x 2.60x 9.68x 10.38x 2.49x 2.48x 10.97x 8.60x

4'087.0 4'431.0 4'443.0 4'713.0 4'874.0 4'651.0 4'873.0 4'786.6 4'942.3 1'172.3 1'443.5

7.70x 7.55x 7.83x 7.98x 7.97x 7.86x 8.63x 8.32x 8.06x 8.50x 8.44x

1'383.0 1'360.0 1'214.0 1'946.0 1'259.0 1'981.0 1'233.0 1'541.4 1'625.7 388.0 521.0

9.82x 11.71x 14.22x 12.02x 12.23x 12.45x 13.90x 13.93x 13.24x 13.69x 13.55x


EBIT 2'956.00 Long-Term Rating BBB



Return on Assets 2.29% Short-Term Rating A-2




Net Debt/EBITDA 3.78


EBITDA Margin 32.2%



Asset Turnover 0.28







Fiscal Year Ended

American Electric Power Co IncPrice/Volume

Valuation Analysis

177'786.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

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-!2 9

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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

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

&!&&

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05.07.2013



STATE STREET n/a ULT-AGG 24'611'292 5.06 (18'880) 02.07.2013 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 20'263'680 4.17 (175'694) 31.03.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 13'085'432 2.69 5'558'343 31.03.2013 Investment Advisor




SUN LIFE FINANCIAL I n/a ULT-AGG 5'814'995 1.2 (649'370) 31.05.2013 Investment Advisor


LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'113'886 1.05 (468'393) 31.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'830'345 0.99 1'238'941 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 4'657'430 0.96 102'555 03.07.2013 Investment Advisor

EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4'429'578 0.91 (241'331) 31.03.2013 Investment Advisor



ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 3'416'122 0.7 651'253 31.03.2013 Investment Advisor

FEDERATED INVESTORS FEDERATED INVESTORS 13F 3'354'773 0.69 91'933 31.03.2013 Investment Advisor


AJO, LP AJO, LP 13F 3'299'800 0.68 1'051'900 31.03.2013 Investment Advisor


SunTrust Robinson Humphrey ALI AGHA buy 5 M 50 12 month 01.07.2013

Wolfe Research STEVEN I FLEISHMAN outperform 5 M 53 12 month 01.07.2013

Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 52 12 month 26.06.2013

ISI Group GREG GORDON buy 5 M 48 12 month 24.06.2013

Wells Fargo Securities, LLC NEIL A KALTON market perform 3 M #N/A N/A Not Provided 24.06.2013

Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 46 12 month 23.06.2013

BMO Capital Markets MICHAEL S WORMS market perform 3 M 52 Not Provided 17.06.2013

BGC Partners KIT KONOLIGE buy 5 N 50 12 month 17.06.2013

RBC Capital Markets SHELBY G TUCKER sector perform 3 M 51 12 month 13.06.2013

Edward Jones ANDREW B SMITH hold 3 M #N/A N/A Not Provided 10.06.2013

Morgan Stanley STEPHEN C BYRD Equalwt/In-Line 3 M 49 12 month 03.06.2013

Deutsche Bank JONATHAN ARNOLD hold 3 M 49 12 month 10.05.2013

Argus Research Corp MICHAEL BURKE buy 5 M 55 12 month 10.05.2013

Hilliard Lyons DAVID B BURKS buy 5 M 54 12 month 29.04.2013

JPMorgan CHRISTOPHER TURNURE neutral 3 M 50 6 month 29.04.2013

Jefferies PAUL B FREMONT buy 5 M 57 12 month 29.04.2013

Macquarie ANGIE STOROZYNSKI neutral 3 M 49 12 month 27.04.2013

Credit Suisse DANIEL EGGERS outperform 5 M 56 Not Provided 26.04.2013

Barclays DANIEL F FORD overweight 5 M 54 Not Provided 24.04.2013

KeyBanc Capital Markets PAUL T RIDZON buy 5 M 52 12 month 22.04.2013

EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 05.03.2013

Holdings By:

American Electric Power Co Inc ee


05.07.2013

American International Group, Inc. is an international insurance organization

serving commercial, institutional and individual customers. AIG provides

property-casualty insurance, life insurance and retirement services.


LTM as of: 03/yy

52-Week High (30.05.2013) 46.46

52-Week Low (23.07.2012) 29.90

Daily Volume

45.01





66'450.30 1 Yr Total Return 38.96%



Minority Interest 1'001.0 Analyst Recs 24




AIG UN EQUITY YTD Change - Average Volume 30 Day 3'679'554

AIG UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'174'010


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

6'896.0 75'352.0 77'526.0 59'812.0 65'656.0 63'272.0 66'513.0 49'651.5 51'376.5 13'092.0 13'216.5

38.32x 3.38x 2.92x 2.13x 1.53x 8.39x 6.82x - - - -

- - - - - 0.0 0.0 - - - -

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

(99'289.0) (10'949.0) 7'786.0 20'622.0 3'438.0 22'533.0 2'436.0 5'684.8 5'852.6 1'351.8 1'243.3

- - - 33.29x 8.98x 20.82x 10.81x 11.45x 10.91x 12.40x 11.89x


EBIT - Long-Term Rating A-

Operating Margin 17.75% Long-Term Outlook NEG






Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.12

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -



Accounts Receivable Turnover - Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

American International Group IncPrice/Volume

Valuation Analysis

379'613.00


&2

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2&!& 9

3&!& 9

4&!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

&!&&

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05.07.2013


FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 85'900'077 5.82 37'783 31.03.2013 Investment Advisor






ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 25'623'367 1.74 5'400'344 31.03.2013 Investment Advisor

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 25'536'301 1.73 4'186'268 31.03.2013 Investment Advisor


HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 17'371'134 1.18 (277'068) 31.03.2013 Investment Advisor




POWER CORP OF CANADA n/a ULT-AGG 15'280'332 1.04 (290'713) 31.03.2013 Holding Company

STARR INTERNATIONAL STARR INTERNATIONAL 13F 14'513'353 0.98 585'069 31.03.2013 Investment Advisor

THIRD POINT LLC THIRD POINT LLC 13F 13'500'000 0.91 (5'000'000) 31.03.2013 Hedge Fund Manager

PERRY CORP PERRY CORPORATION 13F 13'157'260 0.89 (1'708'643) 31.03.2013 Hedge Fund Manager


D E SHAW & COMPANY I D E SHAW & CO 13F 12'336'817 0.84 520'122 31.03.2013 Hedge Fund Manager

BAUPOST GROUP LLC THE BAUPOST GROUP LL 13F 11'850'200 0.8 4'850'200 31.03.2013 Hedge Fund Manager


Sterne, Agee & Leach JOHN M NADEL neutral 3 M 47 12 month 03.07.2013

Macquarie AMIT KUMAR outperform 5 M 48 12 month 01.07.2013

Barclays JAY H GELB overweight 5 M 52 Not Provided 01.07.2013

BMO Capital Markets CHARLES J SEBASKI outperform 5 M 53 Not Provided 27.06.2013

Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 60 12 month 27.06.2013

William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 27.06.2013

Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 26.06.2013

Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 43 12 month 24.06.2013

Deutsche Bank JOSHUA D SHANKER buy 5 M 56 12 month 19.06.2013

S&P Capital IQ CATHY SEIFERT buy 5 M 50 Not Provided 17.06.2013

Drexel Hamilton LLC GLORIA L VOGEL buy 5 M 50 12 month 14.06.2013

Nomura CLIFFORD H GALLANT III neutral 3 N 46 12 month 04.06.2013

Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 04.06.2013

Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 52 12 month 31.05.2013

Evercore Partners MARK FINKELSTEIN equalweight 3 M 48 12 month 15.05.2013

Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M 37 12 month 10.05.2013

Argus Research Corp JOHN M EADE buy 5 M 50 12 month 08.05.2013

Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 D 46 12 month 07.05.2013

Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 03.05.2013

JPMorgan JIMMY S BHULLAR neutral 3 M 42 6 month 03.05.2013

FBR Capital Markets RANDY BINNER outperform 5 M 47 12 month 02.05.2013

Credit Suisse THOMAS GALLAGHER restricted #N/A N/A M #N/A N/A Not Provided 05.04.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013

Holdings By:

American International Group Inc ee


05.07.2013

The Allstate Corporation, through its subsidiaries, provides property-liability

insurance, as well as other types of insurance in the United States and Canada.

The Company primarily sells private passenger automobile and homeowners

insurance through independent and specialized brokers. Allstate also sells life

insurance, annuity, and group pension products through agents.


LTM as of: 03/yy

52-Week High (15.05.2013) 50.69

52-Week Low (12.07.2012) 33.35

Daily Volume

48.72





22'832.33 1 Yr Total Return 40.99%







ALL UN EQUITY YTD Change - Average Volume 30 Day 1'007'987

ALL UN EQUITY YTD % CHANGE - Average Volume 3 Month 987'197


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

29'394.0 32'013.0 31'400.0 32'654.0 33'315.0 32'921.0 33'416.0 33'592.9 34'164.6 8'366.0 8'433.3

0.78x 0.67x 0.71x 0.59x 0.74x 2.40x 3.01x 0.83x 0.84x - -

- - - - - 0.0 0.0 - - - -

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

(1'679.0) 854.0 928.0 787.0 2'306.0 1'029.0 2'249.0 2'210.8 2'288.0 496.9 460.8

10.17x 8.26x 11.23x 20.83x 9.12x 17.95x 11.27x 10.39x 9.41x 10.37x 9.92x

EBITDA - Long-Term Rating Date -








Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allstate Corp/ThePrice/Volume

Valuation Analysis

117'336.00


&

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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

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

&!&&

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05.07.2013



VANGUARD GROUP INC VANGUARD GROUP INC 13F 22'140'955 4.72 (151'704) 31.03.2013 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'048'711 4.7 (623'144) 31.03.2013 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 19'788'357 4.22 (195'719) 31.03.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 11'259'637 2.4 (1'698'158) 03.07.2013 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 7'612'763 1.62 (2'872'542) 31.03.2013 Investment Advisor

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 7'288'174 1.56 (100'946) 31.03.2013 Investment Advisor



NORTHERN TRUST CORPO n/a Research 7'163'891 1.53 - 31.12.2012 Investment Advisor


CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 6'466'011 1.38 2'210'090 31.03.2013 Hedge Fund Manager


MACQUARIE GROUP n/a ULT-AGG 5'732'796 1.22 (131'899) 31.05.2013 Investment Advisor

AJO, LP AJO, LP 13F 4'893'000 1.04 347'700 31.03.2013 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 4'763'127 1.02 2'338'640 31.03.2013 Investment Advisor

PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 4'753'119 1.01 (1'733'129) 31.03.2013 Hedge Fund Manager

VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 4'601'400 0.98 4'601'400 31.03.2013 Hedge Fund Manager


JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 02.07.2013

Macquarie AMIT KUMAR neutral 3 M 52 12 month 01.07.2013

Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 51 12 month 01.07.2013

William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 27.06.2013

Deutsche Bank JOSHUA D SHANKER buy 5 M 58 12 month 26.06.2013

Credit Suisse MICHAEL ZAREMSKI outperform 5 M 55 Not Provided 26.06.2013

Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 50 12 month 24.06.2013

Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 20.06.2013

Janney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M #N/A N/A Not Provided 20.06.2013

Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 55 12 month 20.06.2013

Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 20.06.2013


Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 55 12 month 11.06.2013

MKM Partners HARRY FONG buy 5 M 60 12 month 11.06.2013

Nomura CLIFFORD H GALLANT III neutral 3 N 52 12 month 04.06.2013


Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 09.05.2013

Raymond James C GREGORY PETERS strong buy 5 M 57 12 month 06.05.2013

Evercore Partners VINAY MISQUITH overweight 5 M 54 12 month 06.05.2013

Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 03.05.2013

Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 M 60 12 month 03.05.2013

RBC Capital Markets MARK A DWELLE sector perform 3 M 51 12 month 02.05.2013

SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M 52 12 month 02.05.2013

Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 02.05.2013

Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 50 12 month 01.05.2013

FBR Capital Markets RANDY BINNER market perform 3 M 45 12 month 25.03.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013

S&P Capital IQ CATHY SEIFERT hold 3 M 43 Not Provided 29.11.2012

Holdings By:

Allstate Corp/The ee


05.07.2013

Amgen Inc. is an independent biotechnology medicines company that discovers,

develops, manufactures and markets medicines for grievous illnesses. The

Company focuses solely on human therapeutics and concentrates on innovating

novel medicines based on advances in cellular and molecular biology.


LTM as of: 03/yy

52-Week High (23.04.2013) 114.95

52-Week Low (05.07.2012) 73.72

Daily Volume

97.41





73'057.50 1 Yr Total Return 32.00%







AMGN UW EQUITY YTD Change - Average Volume 30 Day 1'280'999

AMGN UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'371'878


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

15'003.0 14'642.0 15'053.0 15'582.0 17'265.0 15'924.0 17'455.0 17'931.6 18'383.4 4'486.6 4'553.5

4.02x 3.65x 3.13x 3.33x 3.92x 12.60x 15.52x 3.90x 3.59x - -

6'287.0 6'728.0 6'679.0 5'372.0 6'665.0 5'542.0 6'648.0 7'276.2 8'203.0 1'615.0 1'663.0

9.59x 7.94x 7.05x 9.66x 10.15x 9.95x 11.95x 10.41x 9.23x - -

4'052.0 4'605.0 4'627.0 3'683.0 4'345.0 3'742.0 4'595.0 5'528.9 6'175.9 1'327.2 1'358.5

12.89x 12.60x 11.66x 13.74x 15.07x 13.70x 16.85x 13.35x 11.80x 13.41x 12.80x











EBITDA Margin 38.1%



Asset Turnover 0.35







Fiscal Year Ended

Amgen IncPrice/Volume

Valuation Analysis

178'805.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

.&

1&

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0!& 9

1!& 9

2!& 9

3!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

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05.07.2013



FMR LLC n/a ULT-AGG 58'461'730 7.79 481'597 31.03.2013 Investment Advisor


PRIMECAP MANAGEMENT n/a 13G 37'457'491 4.99 (2'427'936) 30.04.2013 Investment Advisor



WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 21'429'549 2.86 (402'779) 31.03.2013 Investment Advisor



FRANKLIN RESOURCES n/a ULT-AGG 10'400'385 1.39 (1'315'085) 30.04.2013 Investment Advisor



CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7'265'604 0.97 145'149 31.03.2013 Investment Advisor

DEUTSCHE BANK AG n/a ULT-AGG 6'418'002 0.86 2'476'863 31.05.2013 Investment Advisor


AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'241'700 0.83 (2'320'132) 31.03.2013 Investment Advisor

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 5'981'818 0.8 1'234'885 31.03.2013 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'928'739 0.79 (1'652'330) 31.03.2013 Investment Advisor




RBC Capital Markets MICHAEL J YEE outperform 5 M 120 12 month 02.07.2013

Oppenheimer & Co BORIS PEAKER market perform 3 M 100 18 month 02.07.2013

Robert W. Baird & Co CHRISTOPHER J RAYMOND neutral 3 M 101 12 month 01.07.2013

Sanford C. Bernstein & Co GEOFFREY C PORGES market perform 3 M 115 12 month 01.07.2013

Leerink Swann & Co HOWARD LIANG market perform 3 M #N/A N/A Not Provided 01.07.2013

Stifel JOEL D SENDEK hold 3 M #N/A N/A Not Provided 01.07.2013

Guggenheim Securities LLC BRET HOLLEY neutral 3 M 105 12 month 01.07.2013


Deutsche Bank ROBYN KARNAUSKAS buy 5 M 115 12 month 30.06.2013

Cowen and Company ERIC SCHMIDT outperform 5 M 121 12 month 30.06.2013


Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 125 12 month 26.06.2013

Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 N #N/A N/A Not Provided 24.06.2013

Atlantic Equities LLP RICHARD J PURKISS overweight 5 M 130 12 month 14.06.2013

ISI Group MARK J SCHOENEBAUM buy 5 M 92 12 month 13.06.2013

S&P Capital IQ STEVEN SILVER buy 5 M 116 Not Provided 12.06.2013

Piper Jaffray M IAN SOMAIYA neutral 3 M 107 12 month 12.06.2013

Brean Capital LLC GENE MACK buy 5 M 110 12 month 03.06.2013

Jefferies EUN K YANG buy 5 M 123 12 month 03.06.2013

William Blair & Co JOHN S SONNIER market perform 3 M #N/A N/A Not Provided 03.06.2013

BMO Capital Markets JIM BIRCHENOUGH market perform 3 M 83 Not Provided 01.06.2013

JPMorgan GEOFFREY MEACHAM neutral 3 M 115 6 month 23.05.2013

Credit Suisse RAVI MEHROTRA neutral 3 M 120 Not Provided 17.05.2013

Goldman Sachs TERENCE FLYNN buy/attractive 5 U 130 12 month 01.05.2013

Argus Research Corp JOHN M EADE buy 5 M 120 Not Provided 25.04.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 115 12 month 25.04.2013

Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 20.03.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013

First Global Stockbroking KAVITA THOMAS sector outperform 5 M #N/A N/A Not Provided 17.05.2012

Cyrrus TOMAS MENCIK buy 5 M 78 Not Provided 05.04.2012

Holdings By:

Amgen Inc ee


05.07.2013

Amazon.com, Inc. is an online retailer that offers a wide range of products.

The Company's products include books, music, videotapes, computers,

electronics, home and garden, and numerous other products. Amazon offers

personalized shopping services, Web-based credit card payment, and direct

shipping to customers.


LTM as of: 03/yy

52-Week High (02.07.2013) 286.54

52-Week Low (12.07.2012) 212.62

Daily Volume

282.15





128'446.73 1 Yr Total Return 22.93%







AMZN UW EQUITY YTD Change - Average Volume 30 Day 725'731

AMZN UW EQUITY YTD % CHANGE - Average Volume 3 Month 797'932


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

19'166.0 24'509.0 34'204.0 48'077.0 61'093.0 51'405.0 63'978.0 74'867.9 91'264.1 15'746.1 17'018.5

0.98x 2.19x 2.15x 1.49x 1.75x 6.60x 6.75x 1.64x 1.31x 7.94x 7.29x

1'129.0 1'507.0 1'974.0 1'945.0 2'835.0 2'070.0 3'066.0 4'635.7 6'267.3 964.6 974.4

16.55x 35.69x 37.21x 36.75x 37.68x 41.26x 38.18x 26.89x 19.89x 25.54x 24.22x

645.0 902.0 1'152.0 631.0 (39.0) 561.0 (88.0) 1'425.6 2'399.1 243.6 244.1

36.89x 63.60x 71.15x 126.35x - 167.53x 0.00x 94.18x 54.59x 87.82x 79.23x


EBIT 676.00 Long-Term Rating AA-



Return on Assets -0.36% Short-Term Rating NR

Return on Common Equity -1.12%

Return on Capital -1.24% EBITDA/Interest Exp. 30.82

Asset Turnover 2.63% (EBITDA-Capex)/Interest Exp. -10.33



EBITDA Margin 4.8%


Net Income Margin -0.1% Total Debt/Capital 34.9%

Asset Turnover 2.63







Fiscal Year Ended

Amazon.com IncPrice/Volume

Valuation Analysis

185'257.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

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0!2 9

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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05.07.2013


BEZOS JEFFREY P n/a Form 4 86'970'020 19.1 (195'151) 15.02.2013 n/a





FMR LLC n/a ULT-AGG 14'810'691 3.25 (466'579) 31.03.2013 Investment Advisor


BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 11'895'369 2.61 30'532 31.03.2013 Investment Advisor

SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 8'235'520 1.81 505'005 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 6'159'628 1.35 (243'527) 31.05.2013 Investment Advisor

JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'000'588 1.32 (217'105) 31.03.2013 Investment Advisor





TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 4'260'402 0.94 202 31.03.2013 Investment Advisor


UBS n/a ULT-AGG 4'107'855 0.9 (238'428) 31.03.2013 Unclassified

WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'392'801 0.75 390'774 31.03.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 3'355'648 0.74 526'454 30.04.2013 Investment Advisor


Stifel JORDAN ROHAN buy 5 M 335 12 month 01.07.2013

ISI Group GREGORY MELICH buy 5 M 320 12 month 01.07.2013

Lazard Capital Markets BRETT FODERO buy 5 M 310 12 month 01.07.2013

Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 350 12 month 28.06.2013

Raymond James AARON M KESSLER market perform 3 M #N/A N/A Not Provided 28.06.2013

Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 315 12 month 28.06.2013


Barclays ANTHONY J DICLEMENTE equalweight 3 M 260 Not Provided 27.06.2013

Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 310 12 month 21.06.2013

Evercore Partners KEN SENA overweight 5 M 330 12 month 20.06.2013

Canaccord Genuity Corp MICHAEL GRAHAM hold 3 M 300 12 month 17.06.2013

Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 325 12 month 14.06.2013

RBC Capital Markets MARK S MAHANEY outperform 5 M 330 12 month 12.06.2013

Morgan Stanley SCOTT W DEVITT Overwt/Attractive 5 M 300 12 month 11.06.2013

Topeka Capital Markets Inc VICTOR ANTHONY buy 5 M 350 12 month 11.06.2013

Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 10.06.2013

BMO Capital Markets EDWARD S WILLIAMS market perform 3 M 260 Not Provided 07.06.2013

Atlantic Equities LLP JAMES CORDWELL overweight 5 M 325 12 month 05.06.2013

Needham & Co KERRY RICE hold 3 M #N/A N/A Not Provided 03.06.2013

Daiwa Securities Co. Ltd. KAZUYA NISHIMURA outperform 5 M 295 Not Provided 22.05.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 15.05.2013

William Blair & Co MARK R MILLER outperform 5 M #N/A N/A Not Provided 13.05.2013

Tigress Financial Partners IVAN FEINSETH buy 5 N #N/A N/A Not Provided 02.05.2013

Argus Research Corp JOSEPH F BONNER hold 3 M #N/A N/A Not Provided 30.04.2013

Deutsche Bank ROSS SANDLER buy 5 M 335 12 month 26.04.2013

Goldman Sachs HEATH P TERRY buy/attractive 5 M 325 12 month 26.04.2013

Credit Suisse STEPHEN JU outperform 5 M 320 Not Provided 26.04.2013

JPMorgan DOUGLAS ANMUTH neutral 3 M 285 6 month 26.04.2013

Jefferies BRIAN J PITZ buy 5 M 330 12 month 26.04.2013

Pacific Crest Securities CHAD BARTLEY outperform 5 M 330 12 month 26.04.2013

Macquarie BENJAMIN A SCHACHTER outperform 5 M 305 12 month 26.04.2013

B Riley & Co SCOTT TILGHMAN buy 5 M 341 Not Provided 26.04.2013

BGC Partners COLIN W GILLIS hold 3 M 245 12 month 26.04.2013

Nomura ARAM RUBINSON buy 5 M 315 12 month 26.04.2013

Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 26.04.2013

JMP Securities RONALD V JOSEY III market perform 3 M #N/A N/A Not Provided 26.04.2013

S&P Capital IQ MICHAEL SOUERS hold 3 M 300 Not Provided 26.04.2013

Benchmark Company LLC DANIEL L KURNOS buy 5 M 330 12 month 26.04.2013


Oppenheimer & Co JASON S HELFSTEIN outperform 5 M 325 12 month 25.04.2013


McAdams Wright Ragen Inc DAN GEIMAN hold 3 M #N/A N/A Not Provided 26.10.2012

Makor Capital ALBERT SAPORTA sell 1 M 200 Not Provided 03.10.2012

Holdings By:

Amazon.com Inc ee


05.07.2013

Apache Corporation is an independent energy company. The Company explores for,

develops, and produces natural gas, crude oil, and natural gas liquids. The

Company has operations in the United States, Canada, Egypt, Australia, offshore

the United Kingdom in the North Sea, and Argentina.


LTM as of: 03/yy

52-Week High (14.09.2012) 94.83

52-Week Low (22.04.2013) 67.91

Daily Volume

81.98





32'124.39 1 Yr Total Return -8.30%


Preferred Stock 1'227.0 Adjusted BETA 1.440





APA UN EQUITY YTD Change - Average Volume 30 Day 1'091'870

APA UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'022'981


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

12'327.8 8'614.8 12'183.0 16'810.0 16'947.0 17'389.0 16'636.0 17'342.7 18'812.9 4'264.6 4'402.6

2.27x 4.38x 4.50x 2.55x 2.61x 10.60x 10.80x 2.58x 2.35x 10.61x 10.23x

8'988.1 2'963.7 8'792.0 12'397.0 12'051.0 12'798.0 11'662.0 12'023.9 13'132.9 2'958.2 3'083.5

3.11x 12.73x 6.24x 3.46x 3.66x 3.71x 3.75x 3.79x 3.47x 3.68x 3.59x

712.0 (284.4) 3'032.0 4'584.0 2'001.0 4'247.0 1'921.0 3'379.2 3'848.2 816.3 859.4

35.66x 19.64x 13.32x 7.53x 8.43x 8.19x 8.05x 9.74x 8.75x 9.49x 9.17x


EBIT 4'942.00 Long-Term Rating A-









EBITDA Margin 70.1%



Asset Turnover 0.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Apache CorpPrice/Volume

Valuation Analysis

370'335.00


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

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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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05.07.2013



BLACKROCK n/a ULT-AGG 21'772'472 5.56 (1'948'907) 03.07.2013 Investment Advisor







NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 5'223'542 1.33 455'918 31.03.2013 Investment Advisor

EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 5'013'596 1.28 434'797 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'984'105 1.27 (1'313'173) 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 4'080'546 1.04 546'488 31.05.2013 Investment Advisor



DEUTSCHE BANK AG n/a ULT-AGG 2'985'347 0.76 (190'295) 31.05.2013 Investment Advisor





LAZARD ASSET MANAGEM n/a ULT-AGG 2'537'961 0.65 (142'748) 31.03.2013 Unclassified


Guggenheim Securities LLC ROBERT CORDRAY buy 5 M 95 12 month 05.07.2013

Tudor Pickering & Co MATTHEW PORTILLO accumulate 4 M 103 Not Provided 05.07.2013

Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 103 12 month 03.07.2013

Raymond James JOHN FREEMAN outperform 5 M 100 12 month 03.07.2013

RBC Capital Markets LEO P MARIANI sector perform 3 M 94 12 month 01.07.2013

Clarkson Capital Markets LLC BRIAN W FOOTE outperform 5 M 110 12 month 01.07.2013

Susquehanna Financial Group DUANE GRUBERT Positive 4 M 98 12 month 27.06.2013

Edward Jones BRIAN YOUNGBERG hold 3 M #N/A N/A Not Provided 26.06.2013

ISI Group JONATHAN WOLFF strong buy 5 M 88 12 month 23.06.2013

Oppenheimer & Co FADEL GHEIT market perform 3 M #N/A N/A Not Provided 21.06.2013

Capital One Southcoast, Inc. RICHARD TULLIS add 4 M 112 Not Provided 18.06.2013

Societe Generale JOHN HERRLIN buy 5 M 100 12 month 13.06.2013

Simmons & Company International PEARCE W HAMMOND overweight 5 M 116 Not Provided 11.06.2013

Deutsche Bank STEPHEN RICHARDSON buy 5 U 105 12 month 05.06.2013

Credit Suisse ARUN JAYARAM outperform 5 M 100 Not Provided 05.06.2013

Argus Research Corp JONATHAN GELCIUS hold 3 M #N/A N/A Not Provided 30.05.2013

Atlantic Equities LLP BARRY MACCARTHY overweight 5 N 105 12 month 29.05.2013

Barclays THOMAS R DRISCOLL overweight 5 M 111 Not Provided 28.05.2013

Stifel AMIR ARIF buy 5 M 90 12 month 24.05.2013

FBR Capital Markets REHAN RASHID market perform 3 M 100 12 month 23.05.2013

Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 23.05.2013

Morgan Stanley J EVAN CALIO Equalwt/Attractive 3 M 87 12 month 14.05.2013

Goldman Sachs BRIAN SINGER neutral/attractive 3 M 97 12 month 10.05.2013

Macquarie JOSEPH MAGNER neutral 3 M 96 12 month 10.05.2013

Peters & Co Ltd JEFF MARTIN sector perform 3 M 90 12 month 10.05.2013

EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 10.05.2013

Howard Weil Inc PETER KISSEL sector outperform 5 M 97 12 month 09.05.2013

Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 09.05.2013

Global Hunter Securities CURTIS R TRIMBLE neutral 3 M 88 12 month 09.05.2013

JPMorgan JOSEPH D ALLMAN neutral 3 D 77 6 month 18.04.2013

Alembic Global Advisors JAMES J SULLIVAN neutral 3 M 92 12 month 16.04.2013

S&P Capital IQ MICHAEL KAY strong buy 5 M 116 Not Provided 15.02.2013

Holdings By:

Apache Corp ee


05.07.2013

Anadarko Petroleum Corporation is an independent oil and gas exploration and

production company with international operations. In the United States, the

Company operates in Texas and surrounding states, the Rocky Mountain region,

Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration

and/or production operations in Africa, Asia, South America, and the Caribbean.


LTM as of: 03/yy

52-Week High (20.05.2013) 92.17

52-Week Low (10.07.2012) 64.19

Daily Volume

87.65





43'954.16 1 Yr Total Return 27.52%







APC UN EQUITY YTD Change - Average Volume 30 Day 768'535

APC UN EQUITY YTD % CHANGE - Average Volume 3 Month 808'058


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

14'079.0 8'210.0 10'842.0 13'882.0 13'307.0 14'070.0 13'613.0 15'210.6 17'165.0 3'504.8 3'870.8

1.99x 4.93x 4.42x 3.71x 3.70x 13.83x 14.57x 3.63x 3.12x 15.72x 14.20x

7'935.0 3'234.0 5'557.0 7'579.0 6'197.0 7'541.0 6'547.0 9'736.7 11'072.7 2'213.1 2'485.9

3.54x 12.51x 8.62x 6.79x 7.95x 6.96x 8.46x 5.69x 5.01x 5.55x 5.29x

3'260.0 (135.0) 761.0 (2'649.0) 2'391.0 (709.0) 695.0 2'136.7 2'718.1 453.1 531.7

5.69x - 39.83x 7.48x 50.50x 16.30x 18.45x 20.52x 16.09x 19.65x 17.87x


EBIT 2'233.00 Long-Term Rating BBB-



Return on Assets 1.29% Short-Term Rating NR






EBITDA Margin 48.1%



Asset Turnover 0.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Anadarko Petroleum CorpPrice/Volume

Valuation Analysis

115'531.00


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

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0!& 9

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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05.07.2013






STATE STREET n/a ULT-AGG 21'619'596 4.31 (1'295'693) 02.07.2013 Investment Advisor

CARMIGNAC GESTION CARMIGNAC GESTION 13F 15'580'800 3.11 15'580'800 31.12.2012 Investment Advisor







NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 6'365'321 1.27 (687'942) 31.03.2013 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'873'278 1.17 596'244 31.03.2013 Investment Advisor

HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 5'702'469 1.14 1'581'000 31.03.2013 Hedge Fund Manager



DIMENSIONAL FUND ADV n/a ULT-AGG 4'810'527 0.96 61'676 31.03.2013 Investment Advisor

CREDIT SUISSE AG n/a ULT-AGG 4'493'988 0.9 342'113 31.03.2013 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 3'921'637 0.78 250'485 31.03.2013 Investment Advisor


Tudor Pickering & Co MATTHEW PORTILLO buy 5 M 133 Not Provided 05.07.2013

Sanford C. Bernstein & Co BOB BRACKETT outperform 5 M 100 12 month 03.07.2013

Jefferies SUBASH CHANDRA buy 5 M 111 12 month 02.07.2013

Raymond James ANDREW COLEMAN outperform 5 M 105 12 month 28.06.2013


ISI Group JONATHAN WOLFF buy 5 M 95 12 month 23.06.2013

Oppenheimer & Co FADEL GHEIT outperform 5 M 100 18 month 21.06.2013

Howard Weil Inc PETER KISSEL focus list 5 M 115 12 month 19.06.2013

Capital One Southcoast, Inc. RICHARD TULLIS strong buy 5 M 139 Not Provided 18.06.2013

Iberia Capital Partners LLC ERIC FOX outperform 5 N 112 12 month 18.06.2013


Simmons & Company International DAVID W KISTLER overweight 5 M 128 Not Provided 11.06.2013

Wells Fargo Securities, LLC DAVID R TAMERON outperform 5 M #N/A N/A Not Provided 10.06.2013

Canaccord Genuity Corp JOHN J GERDES buy 5 M 127 12 month 03.06.2013

JPMorgan JOSEPH D ALLMAN neutral 3 M 98 6 month 30.05.2013

FBR Capital Markets REHAN RASHID market perform 3 M 90 12 month 23.05.2013



Barclays THOMAS R DRISCOLL overweight 5 M 102 Not Provided 09.05.2013

Macquarie JOSEPH MAGNER outperform 5 M 97 12 month 08.05.2013

Spin-Off Research TEAM COVERAGE neutral 3 M 86 Not Provided 08.05.2013

S&P Capital IQ MICHAEL KAY buy 5 M 105 Not Provided 08.05.2013

Global Hunter Securities JOHN MALONE buy 5 M 110 12 month 08.05.2013

Deutsche Bank STEPHEN RICHARDSON buy 5 M 101 12 month 07.05.2013

Morgan Stanley J EVAN CALIO Overwt/Attractive 5 M 101 12 month 07.05.2013

Goldman Sachs BRIAN SINGER buy/attractive 5 M 112 12 month 07.05.2013

RBC Capital Markets SCOTT HANOLD outperform 5 M 100 12 month 07.05.2013

Johnson Rice & Co CHARLES MEADE overweight 5 M #N/A N/A Not Provided 07.05.2013

Stifel AMIR ARIF buy 5 M 95 12 month 07.05.2013

Alembic Global Advisors JAMES J SULLIVAN overweight 5 M 108 12 month 16.04.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 27.02.2013

Holdings By:

Anadarko Petroleum Corp ee


05.07.2013

American Express Company is a global payment and travel company. The Company's

principal products and services are charge and credit payment card products and

travel-related services offered to consumers and businesses around the world.


LTM as of: 03/yy

52-Week High (10.06.2013) 78.60

52-Week Low (15.11.2012) 53.02

Daily Volume

75.62





83'079.05 1 Yr Total Return 28.95%







AXP UN EQUITY YTD Change - Average Volume 30 Day 1'475'899

AXP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'325'484


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

31'920.0 26'730.0 30'005.0 32'282.0 33'808.0 32'819.0 34'020.0 32'918.0 34'728.0 8'262.2 8'206.5

2.19x 3.23x 3.49x 2.88x 3.06x 11.90x 12.11x 4.20x 4.03x - -

13'646.0 10'413.0 11'624.0 11'355.0 10'563.0 11'307.0 10'635.0 - - - -

5.13x 8.30x 9.02x 8.19x 9.80x 8.93x 9.95x - - - -

2'699.0 2'130.0 4'057.0 4'935.0 4'482.0 5'014.0 4'506.0 5'220.2 5'495.9 1'337.9 1'303.6

6.82x 40.37x 12.58x 11.46x 13.06x 13.75x 15.06x 15.78x 14.23x 15.47x 15.07x


EBIT - Long-Term Rating BBB+








Gross Margin - Total Debt/EBITDA 5.62

EBITDA Margin 31.3%



Asset Turnover 0.22

Current Ratio - Net Fixed Asset Turnover 9.50






Fiscal Year Ended

American Express CoPrice/Volume

Valuation Analysis

304'213.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

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



05.07.2013


BERKSHIRE HATHAWAY I n/a ULT-AGG 151'610'700 13.8 - 31.03.2013 Investment Advisor





DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 39'937'627 3.64 (2'398'437) 31.03.2013 Investment Advisor


BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 24'641'183 2.24 (169'023) 31.03.2013 Investment Advisor




SUN LIFE FINANCIAL I n/a ULT-AGG 13'129'527 1.2 2'622'138 31.05.2013 Investment Advisor

FISHER INVESTMENTS I FISHER INVESTMENTS 13F 10'807'046 0.98 1'796'698 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 10'169'805 0.93 332'334 31.03.2013 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 9'963'345 0.91 (48'917) 31.03.2013 Hedge Fund Manager



EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 8'741'220 0.8 4'750'320 31.03.2013 Hedge Fund Manager


NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 7'177'716 0.65 809'725 31.03.2013 Investment Advisor


Sandler O'Neill & Partners, LP CHRISTOPHER R DONAT hold 3 M 78 Not Provided 01.07.2013

Evercore Partners BRADLEY BALL equalweight 3 M 76 12 month 01.07.2013

Wells Fargo Securities, LLC JOEL HOUCK market perform 3 M #N/A N/A Not Provided 28.06.2013

Sanford C. Bernstein & Co JOHN E MCDONALD market perform 3 M 78 12 month 26.06.2013

Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 21.06.2013

Keefe, Bruyette & Woods SANJAY SAKHRANI outperform 5 M 80 12 month 20.06.2013

Nomura BILL CARCACHE buy 5 M 89 12 month 20.06.2013

Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 78 12 month 19.06.2013

RBC Capital Markets JASON ARNOLD underperform 1 M 54 12 month 18.06.2013

Buckingham Research Group DAVID HOCHSTIM buy 5 M 80 12 month 17.06.2013

Barclays MARK C DEVRIES equalweight 3 D 82 Not Provided 14.06.2013

William Blair & Co ROBERT P NAPOLI outperform 5 M #N/A N/A Not Provided 13.06.2013

Oppenheimer & Co BEN CHITTENDEN market perform 3 N #N/A N/A Not Provided 12.06.2013


S&P Capital IQ SONIA PARECHANIAN strong buy 5 M 96 Not Provided 31.05.2013

Goldman Sachs RYAN M. NASH neutral/attractive 3 M 76 12 month 20.05.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 U 77 Not Provided 17.05.2013

FBR Capital Markets SCOTT VALENTIN market perform 3 M 62 12 month 15.05.2013

Guggenheim Securities LLC DAVID W DARST neutral 3 M 70 12 month 14.05.2013

Drexel Hamilton LLC DAVID B HILDER buy 5 M 80 12 month 09.05.2013

Argus Research Corp DAVID RITTER buy 5 M 80 12 month 29.04.2013

Morgan Stanley BETSY L GRASECK Equalwt/Attractive 3 M 68 12 month 18.04.2013

JPMorgan RICHARD SHANE JR underweight 1 M 63 6 month 18.04.2013

Jefferies DANIEL FURTADO hold 3 M 62 12 month 18.04.2013

Stifel CHRISTOPHER C BRENDLER hold 3 M #N/A N/A Not Provided 18.04.2013

Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 18.04.2013

Piper Jaffray MICHAEL J GRONDAHL neutral 3 M 65 12 month 18.04.2013

Credit Suisse MOSHE A ORENBUCH underperform 1 M 61 Not Provided 17.04.2013

Sterne, Agee & Leach HENRY J COFFEY JR not rated #N/A N/A M #N/A N/A Not Provided 15.01.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M #N/A N/A Not Provided 17.10.2012

Holdings By:

American Express Co ee


05.07.2013

The Boeing Company, together with its subsidiaries, develops, produces, and

markets commercial jet aircraft, as well as provides related support services to

the commercial airline industry worldwide. The Company also researches,

develops, produces, modifies, and supports information, space, and defense

systems, including military aircraft, helicopters and space and missile systems.


LTM as of: 03/yy

52-Week High (18.06.2013) 104.15

52-Week Low (20.09.2012) 69.04

Daily Volume

102.95





78'106.23 1 Yr Total Return 41.96%







BA UN EQUITY YTD Change - Average Volume 30 Day 1'194'251

BA UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'100'373


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

60'909.0 68'281.0 64'306.0 68'735.0 81'698.0 73'208.0 81'208.0 83'895.5 91'774.8 20'597.1 21'511.0

0.56x 0.60x 0.78x 0.81x 0.66x 2.99x 2.78x 0.89x 0.80x 3.73x 3.53x

5'437.0 3'786.0 6'692.0 7'480.0 8'118.0 8'092.0 8'057.0 8'150.4 9'265.1 1'959.6 1'970.3

6.26x 10.86x 7.47x 7.46x 6.64x 7.03x 7.76x 9.27x 8.15x 9.13x 8.79x

2'672.0 1'312.0 3'307.0 4'018.0 3'900.0 4'355.0 4'083.0 4'334.5 4'905.7 1'023.2 1'023.5

6.87x 28.31x 15.41x 15.38x 14.76x 14.30x 16.20x 16.23x 14.55x 16.00x 15.39x











EBITDA Margin 9.9%



Asset Turnover 0.95








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Boeing Co/ThePrice/Volume

Valuation Analysis

175'237.00


&

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1!& 9

2!& 9

3!& 9

4!& 9

5!& 9

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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05.07.2013



EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 58'386'241 7.7 (5'680'405) 31.03.2013 Investment Advisor





JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'816'097 1.69 152'998 31.03.2013 Investment Advisor


WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 12'278'777 1.62 816'664 31.03.2013 Investment Advisor







HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 6'695'907 0.88 19'121 31.03.2013 Investment Advisor



ALLIANCE BERNSTEIN n/a ULT-AGG 4'693'498 0.62 (172'021) 30.04.2013 Investment Advisor



Jefferies HOWARD A RUBEL buy 5 M 115 12 month 05.07.2013

Stifel STEPHEN E LEVENSON buy 5 M 115 12 month 03.07.2013

Oppenheimer & Co YAIR REINER outperform 5 M 120 18 month 03.07.2013

Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN outperform 5 M #N/A N/A Not Provided 03.07.2013

Cowen and Company CAI VON RUMOHR outperform 5 M 125 12 month 02.07.2013

Sterne, Agee & Leach PETER J ARMENT buy 5 M 120 12 month 01.07.2013

Sanford C. Bernstein & Co DOUGLAS S HARNED outperform 5 M 123 12 month 28.06.2013

Argus Research Corp NATHANIEL GABRIEL buy 5 M 115 Not Provided 25.06.2013

Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 25.06.2013

RBC Capital Markets ROBERT STALLARD outperform 5 M 116 12 month 21.06.2013

D.A. Davidson & Co JB GROH neutral 3 M 105 18 month 20.06.2013

Deutsche Bank MYLES WALTON buy 5 M 120 12 month 19.06.2013

Edward Jones CHRISTIAN MAYES hold 3 M #N/A N/A Not Provided 18.06.2013

Drexel Hamilton LLC RICHARD WHITTINGTON buy 5 M 110 12 month 17.06.2013

Morgan Stanley JOHN D GODYN Overwt/Attractive 5 N 120 12 month 14.06.2013

Imperial Capital LLC KEN HERBERT in-line 3 M 98 12 month 12.06.2013

JPMorgan JOSEPH B NADOL III overweight 5 M 133 6 month 11.06.2013

Credit Suisse ROBERT M SPINGARN outperform 5 M 121 Not Provided 04.06.2013

Goldman Sachs NOAH POPONAK buy/attractive 5 M 115 12 month 30.05.2013

Buckingham Research Group RICHARD SAFRAN buy 5 M 120 12 month 28.05.2013

Barclays CARTER COPELAND overweight 5 M 110 Not Provided 17.05.2013

Societe Generale ZAFAR KHAN hold 3 M 94 Not Provided 10.05.2013

BB&T Capital Markets F CARTER LEAKE buy 5 U 110 12 month 26.04.2013

CRT Capital Group MICHAEL W DERCHIN buy 5 M 105 Not Provided 26.04.2013


Tigress Financial Partners IVAN FEINSETH neutral 3 N #N/A N/A Not Provided 13.03.2013

S&P Capital IQ RICHARD TORTORIELLO hold 3 M 82 Not Provided 17.01.2013

EarlyBirdCapital Inc ALEX P HAMILTON buy 5 M 88 12 month 18.07.2012

Holdings By:

Boeing Co/The ee


05.07.2013

Bank of America Corporation accepts deposits and offers banking, investing,

asset management, and other financial and risk-management products and

services. The Company has a mortgage lending subsidiary, and an investment

banking and securities brokerage subsidiary.


LTM as of: 03/yy

52-Week High (31.05.2013) 13.99

52-Week Low (23.07.2012) 6.90

Daily Volume

12.96





139'713.69 1 Yr Total Return 61.42%





Enterprise Value -


BAC UN EQUITY YTD Change - Average Volume 30 Day 20'053'696

BAC UN EQUITY YTD % CHANGE - Average Volume 3 Month 19'870'438


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

113'106.0 153'286.0 135'161.0 115'373.0 100'078.0 109'598.0 99'840.0 90'943.0 92'303.9 22'633.7 22'434.9

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

- - - - - 0.0 0.0 - - - -

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

4'008.0 6'276.0 (2'238.0) 1'446.0 4'188.0 50.0 5'018.0 10'295.8 14'573.9 3'006.9 2'673.7

24.70x 15.25x 14.70x 22.58x 10.29x 10.96x 12.81x 13.63x 9.74x 12.20x 11.32x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Bank of America CorpPrice/Volume

Valuation Analysis

3'281'047.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

.

1

3

5

-&

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-3

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

-&!& 9

.&!& 9

0&!& 9

1&!& 9

2&!& 9

3&!& 9

4&!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

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05.07.2013





CITIGROUP INCORPORAT n/a ULT-AGG 177'288'479 1.64 (47'924'482) 31.03.2013 Investment Advisor




CAPITAL GROUP COMPAN n/a ULT-AGG 142'985'000 1.33 - 31.03.2013 Investment Advisor


DODGE & COX DODGE & COX 13F 127'482'788 1.18 (2'950'541) 31.03.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a ULT-AGG 107'954'481 1 (9'567'070) 31.03.2013 Investment Advisor


FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 100'589'215 0.93 82'500 31.03.2013 Investment Advisor




DIMENSIONAL FUND ADV n/a ULT-AGG 74'274'780 0.69 8'311'809 31.03.2013 Investment Advisor

ING GROEP NV ING GROEP NV 13F 73'845'089 0.68 25'290'924 31.03.2013 Investment Advisor


KOREA INVESTMENT COR KOREA INVESTMENT COR 13F 73'090'645 0.68 (622'600) 31.03.2013 Government


Raymond James ANTHONY J POLINI strong buy 5 M 15 12 month 03.07.2013

Robert W. Baird & Co DAVID A GEORGE neutral 3 M 12 12 month 02.07.2013


Evercore Partners ANDREW A MARQUARDT overweight 5 M 15 12 month 02.07.2013

Guggenheim Securities LLC MARTY L MOSBY III buy 5 M 16 12 month 02.07.2013

Oppenheimer & Co CHRISTOPHER M KOTOWSKI market perform 3 M #N/A N/A Not Provided 28.06.2013

Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO market perform 3 M 14 12 month 26.06.2013

Macquarie DAVID J KONRAD underperform 1 M 12 12 month 26.06.2013

Sterne, Agee & Leach TODD L HAGERMAN neutral 3 M 13 12 month 21.06.2013

Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 18 12 month 21.06.2013

Portales Partners CHARLES W PEABODY underperform 1 M #N/A N/A Not Provided 21.06.2013

Edward Jones SHANNON L STEMM buy 5 M #N/A N/A Not Provided 20.06.2013

SunTrust Robinson Humphrey ERIC E WASSERSTROM neutral 3 M 14 12 month 20.06.2013

Morgan Stanley BETSY L GRASECK Overwt/Attractive 5 M 16 12 month 16.06.2013


Atlantic Equities LLP RICHARD STAITE overweight 5 M 17 12 month 12.06.2013

Wells Fargo Securities, LLC MATTHEW H BURNELL market perform 3 M #N/A N/A Not Provided 10.06.2013

JMP Securities DAVID M TRONE market perform 3 M #N/A N/A Not Provided 03.06.2013

R.W. Pressprich & Co BRIAN CHARLES buy 5 M 16 Not Provided 30.05.2013

Goldman Sachs RICHARD N RAMSDEN neutral/attractive 3 M 14 12 month 24.05.2013

Deutsche Bank MATTHEW D O'CONNOR hold 3 M 13 12 month 15.05.2013

RBC Capital Markets JOSEPH K MORFORD outperform 5 M 14 12 month 15.05.2013

Credit Suisse MOSHE A ORENBUCH neutral 3 M 12 Not Provided 14.05.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 M 12 Not Provided 13.05.2013

Barclays JASON M GOLDBERG equalweight 3 M 14 Not Provided 08.05.2013

Sandler O'Neill & Partners, LP JEFFERY HARTE hold 3 M 13 12 month 07.05.2013

Scotia Capital KEVIN R CHOQUETTE sector outperform 5 M 16 12 month 06.05.2013

Nomura GLENN P SCHORR neutral 3 M 12 12 month 06.05.2013

JPMorgan VIVEK JUNEJA overweight 5 M 14 6 month 26.04.2013


FBR Capital Markets PAUL J MILLER JR market perform 3 M 12 12 month 18.04.2013

Independent Research GmbH STEFAN BONGARDT hold 3 M 13 12 month 18.04.2013

Buckingham Research Group JAMES F MITCHELL buy 5 M 15 12 month 18.04.2013

S&P Capital IQ ERIK M OJA hold 3 M 13 Not Provided 17.04.2013

Argus Research Corp DAVID RITTER hold 3 M #N/A N/A Not Provided 09.04.2013

HSBC ROBERT MURPHY underweight 1 M 10 Not Provided 26.03.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013


Phillip Securities MAGDALENE CHOONG neutral 3 M #N/A N/A Not Provided 26.01.2011

Holdings By:

Bank of America Corp ee


05.07.2013

Baxter International Inc. develops, manufactures, and markets products and

technologies related to hemophilia, immune disorders, infectious diseases,

kidney disease, trauma and other chronic and acute medical conditions. The

Company's products are used by hospitals, kidney dialysis centers, nursing

homes, rehabilitation centers, doctors' offices, and research laboratories.


LTM as of: 03/yy

52-Week High (20.05.2013) 73.95

52-Week Low (09.07.2012) 53.49

Daily Volume

69.35





37'584.38 1 Yr Total Return 31.56%







BAX UN EQUITY YTD Change - Average Volume 30 Day 762'021

BAX UN EQUITY YTD % CHANGE - Average Volume 3 Month 801'308


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

12'348.0 12'562.0 12'843.0 13'893.0 14'190.0 13'997.0 14'250.0 15'463.3 16'928.5 3'703.2 3'996.7

2.81x 2.93x 2.44x 2.18x 2.76x 9.80x 10.51x 2.77x 2.48x 11.94x 11.00x

3'195.0 3'515.0 2'821.0 3'616.0 3'533.0 3'581.0 3'563.0 4'231.5 4'718.4 980.4 1'064.2

10.84x 10.49x 11.11x 8.38x 11.07x 10.14x 11.96x 9.65x 8.65x 9.27x 8.71x

2'014.0 2'205.0 1'420.0 2'224.0 2'326.0 2'242.0 2'290.0 2'556.6 2'819.1 619.6 642.4

15.86x 15.40x 12.54x 11.59x 14.72x 13.87x 15.87x 14.89x 13.43x 14.51x 14.04x











EBITDA Margin 25.0%



Asset Turnover 0.73







Fiscal Year Ended

Baxter International IncPrice/Volume

Valuation Analysis

123'923.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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-&

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1&

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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

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

&!&&

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05.07.2013






BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 18'049'024 3.33 (1'785'777) 31.03.2013 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 13'240'194 2.44 72'700 31.03.2013 Insurance Company

BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 11'242'229 2.07 (912'697) 31.03.2013 Investment Advisor



INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 9'007'804 1.66 1'051'585 31.03.2013 Investment Advisor



JP MORGAN n/a ULT-AGG 8'393'805 1.55 2'165'142 31.05.2013 Investment Advisor



ABERDEEN n/a ULT-AGG 7'077'362 1.31 92'310 30.04.2013 Investment Advisor

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 6'718'327 1.24 - 31.03.2013 Insurance Company





Morgan Stanley DAVID R LEWIS Overwt/In-Line 5 M 81 12 month 02.07.2013



Raymond James LAWRENCE S KEUSCH outperform 5 M 75 12 month 01.07.2013

Piper Jaffray MATT MIKSIC overweight 5 M 81 12 month 27.06.2013

Edward Jones JEFF WINDAU buy 5 M #N/A N/A Not Provided 26.06.2013

Sanford C. Bernstein & Co DERRICK SUNG outperform 5 M 82 12 month 12.06.2013

RBC Capital Markets GLENN J NOVARRO outperform 5 M 72 12 month 11.06.2013

Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M #N/A N/A Not Provided 02.06.2013


William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 07.05.2013

Stifel FREDERICK A WISE hold 3 M #N/A N/A Not Provided 07.05.2013


Barclays MATTHEW TAYLOR overweight 5 U 76 Not Provided 07.05.2013


JPMorgan MICHAEL N WEINSTEIN restricted #N/A N/A M #N/A N/A Not Provided 18.04.2013

CL King & Associates ROBERT M GOLDMAN neutral 3 M #N/A N/A Not Provided 18.04.2013


EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 05.03.2013

Goldman Sachs DAVID H ROMAN not rated #N/A N/A M #N/A N/A Not Provided 04.12.2012


Holdings By:

Baxter International Inc ee


05.07.2013

The Bank of New York Mellon Corporation (BNY Mellon) is a global financial

services company. The Company provides financial services for institutions,

corporations and high-net-worth individuals, providing asset management and

wealth management, asset servicing, issuer services, clearing services and

treasury services.


LTM as of: 03/yy

52-Week High (31.05.2013) 30.84

52-Week Low (24.07.2012) 20.13

Daily Volume

29.02





33'681.97 1 Yr Total Return 32.68%





Enterprise Value -


BK UN EQUITY YTD Change - Average Volume 30 Day 1'673'813

BK UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'485'151


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

16'238.0 8'279.0 14'920.0 15'804.0 15'089.0 15'370.0 15'005.0 14'743.4 15'396.1 3'727.0 3'701.2

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

- - - - - 0.0 0.0 - - - -

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

1'386.0 (1'367.0) 2'518.0 2'516.0 2'445.0 2'510.0 1'573.0 2'461.9 2'799.5 666.1 670.9

8.77x - 13.21x 9.37x 11.09x 11.03x 12.28x 12.89x 11.38x 12.54x 12.18x


EBIT - Long-Term Rating A+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Bank of New York Mellon Corp/ThePrice/Volume

Valuation Analysis

326'791.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

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-2

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02

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1!& 9

2!& 9

3!& 9

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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1&!&&

2&!&&

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05.07.2013








SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 43'932'417 3.79 (1'075'306) 31.03.2013 Investment Advisor


FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 24'450'290 2.11 41'600 31.03.2013 Hedge Fund Manager

CI INVESTMENTS INC CI INVESTMENTS INC 13F 19'385'000 1.67 - 31.03.2013 Investment Advisor

BERKSHIRE HATHAWAY I n/a ULT-AGG 18'939'115 1.63 (694'800) 31.03.2013 Investment Advisor

LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 17'533'891 1.51 316'050 31.03.2013 Investment Advisor



ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 13'716'297 1.18 564'750 31.03.2013 Investment Advisor

MAGELLAN ASSET MANAG MAGELLAN ASSET MANAG 13F 11'728'073 1.01 6'081'149 31.03.2013 Hedge Fund Manager




THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 9'570'525 0.82 (720'305) 31.03.2013 Hedge Fund Manager


Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ market perform 3 M 27 12 month 03.07.2013

ISI Group BRIAN BEDELL neutral 3 M 29 12 month 02.07.2013

Guggenheim Securities LLC MARTY L MOSBY III neutral 3 M 33 12 month 02.07.2013

Jefferies KENNETH M USDIN hold 3 M 31 12 month 01.07.2013

Evercore Partners ANDREW A MARQUARDT equalweight 3 M 30 12 month 01.07.2013

Credit Suisse HOWARD H CHEN neutral 3 M 28 Not Provided 26.06.2013

Keefe, Bruyette & Woods ROBERT A LEE market perform 3 M 30 12 month 26.06.2013



JPMorgan VIVEK JUNEJA neutral 3 M 31 6 month 20.06.2013

Raymond James DAVID J LONG outperform 5 M 33 12 month 10.06.2013

Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 31 Not Provided 05.06.2013

Goldman Sachs ALEXANDER BLOSTEIN Sell/Neutral 1 M 26 12 month 04.06.2013

Macquarie JOHN MORAN neutral 3 M 33 12 month 21.05.2013

Barclays JASON M GOLDBERG overweight 5 M 30 Not Provided 10.05.2013

Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 02.05.2013

Argus Research Corp DAVID RITTER buy 5 M 35 Not Provided 19.04.2013


Morgan Stanley BETSY L GRASECK Underwt/Attractive 1 M 25 12 month 18.04.2013

EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 18.04.2013

RBC Capital Markets GERARD S CASSIDY sector perform 3 M 28 12 month 17.04.2013


S&P Capital IQ SONIA PARECHANIAN hold 3 M 33 12 month 08.03.2013

Stifel J JEFFREY HOPSON hold 3 M #N/A N/A Not Provided 18.10.2012

Holdings By:

Bank of New York Mellon Corp/The ee


05.07.2013

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company

develops, licenses, manufactures, markets, and sells pharmaceutical and

nutritional products. Bristol-Myers Squibb products and experimental therapies

address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis,

hepatitis, organ transplant rejection, and psychiatric disorders.


LTM as of: 03/yy

52-Week High (03.06.2013) 49.57

52-Week Low (15.11.2012) 30.64

Daily Volume

44.02





72'305.14 1 Yr Total Return 30.87%







BMY UN EQUITY YTD Change - Average Volume 30 Day 2'973'886

BMY UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'537'586


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

17'715.0 18'808.0 19'484.0 21'244.0 17'621.0 21'484.0 16'201.0 16'418.4 17'773.4 4'075.6 4'080.5

2.49x 2.10x 2.07x 2.50x 3.07x 9.23x 14.58x 4.77x 4.39x - -

4'382.0 5'646.0 6'722.0 7'448.0 4'771.0 7'724.0 3'610.0 4'146.8 4'938.4 981.0 963.0

10.08x 7.01x 6.01x 7.13x 11.36x 6.93x 19.25x 17.87x 15.01x - -

5'247.0 10'612.0 3'102.0 3'709.0 1'960.0 3'824.0 1'468.0 2'968.3 3'471.4 731.2 763.7

15.60x 13.65x 12.26x 16.31x 16.38x 11.56x 24.66x 24.17x 20.51x 23.12x 22.88x











EBITDA Margin 22.3%



Asset Turnover 0.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Bristol-Myers Squibb CoPrice/Volume

Valuation Analysis

244'869.00


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10'000.0

15'000.0

20'000.0

25'000.0

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

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05.07.2013







NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 27'866'720 1.7 (2'125'881) 31.03.2013 Investment Advisor




MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 18'753'434 1.14 7'645'445 31.03.2013 Investment Advisor





LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 15'189'287 0.92 (165'810) 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 14'115'900 0.86 853'400 31.03.2013 Hedge Fund Manager



MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 11'870'665 0.72 1'330'604 31.03.2013 Investment Advisor



Sanford C. Bernstein & Co TIMOTHY M ANDERSON market perform 3 M 45 12 month 02.07.2013

SunTrust Robinson Humphrey JOHN T BORIS buy 5 M 55 12 month 01.07.2013




Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 21.06.2013

William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 20.06.2013




MKM Partners JON LECROY sell 1 M 29 12 month 03.06.2013


Morgan Stanley DAVID R RISINGER Equalwt/In-Line 3 M 35 12 month 16.05.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 16.05.2013



S&P Capital IQ HERMAN SAFTLAS hold 3 M 42 Not Provided 25.04.2013


ISI Group MARK J SCHOENEBAUM neutral 3 M 36 Not Provided 10.04.2013

Cyrrus TOMAS MENCIK sell 1 M 32 Not Provided 05.04.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA underperform 1 M 26 Not Provided 31.01.2012

Holdings By:

Bristol-Myers Squibb Co ee


05.07.2013

Berkshire Hathaway Inc. is a holding company owning subsidiaries in a variety

of business sectors. The Company's principal operations are insurance business

conducted nationwide on a primary basis and worldwide on a reinsurance basis.

Berkshire's other operations include a railway company, a specialty chemical

company, and an international association of diversified businesses.


LTM as of: 03/yy

52-Week High (10.06.2013) 115.97

52-Week Low (01.08.2012) 82.12

Daily Volume

113.43





279'644.16 1 Yr Total Return 35.39%







BRK/B UN EQUITY YTD Change - Average Volume 30 Day 1'642'148

BRK/B UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'523'452


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

107'786.0 112'493.0 136'185.0 143'688.0 162'463.0 148'115.0 168'183.0 - - - -

0.58x 0.35x 0.78x 0.64x 0.62x 2.37x 2.51x - - - -

11'708.0 15'985.0 25'185.0 22'008.0 29'524.0 24'862.0 31'989.0 - - - -

5.38x 2.48x 4.23x 4.15x 3.39x 3.63x 3.93x - - - -

4'994.0 8'055.0 12'967.0 10'254.0 14'824.0 11'988.0 16'471.0 - - - -

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

EBITDA 29'524.00 Long-Term Rating Date -

EBIT 24'378.00 Long-Term Rating AA









EBITDA Margin 19.0%



Asset Turnover 0.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Berkshire Hathaway IncPrice/Volume

Valuation Analysis

330'123.00


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20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

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05.07.2013


GATES FOUNDATION BILL & MELINDA FOUND 13F 80'831'373 7.16 (6'250'000) 31.03.2013 Endowment

GATES FOUNDATION n/a Research 80'831'373 7.16 - 31.03.2013 Endowment














D E SHAW & COMPANY I D E SHAW & CO 13F 6'213'812 0.55 (1'432'053) 31.03.2013 Hedge Fund Manager

BANK OF AMERICA CORP BANK OF AMERICA 13F 6'047'922 0.54 (56'235) 31.03.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 5'986'359 0.53 289'699 30.04.2013 Investment Advisor

BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 5'686'674 0.5 252'209 31.03.2013 Investment Advisor

NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 5'542'607 0.49 (464'600) 31.03.2013 Pension Fund (ERISA)



S&P Capital IQ CATHY SEIFERT hold 3 M 116 Not Provided 14.06.2013

EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 05.03.2013

Holdings By:

Berkshire Hathaway Inc ee


05.07.2013

Citigroup Inc. is a diversified financial services holding company that provides

a broad range of financial services to consumer and corporate customers. The

Company services include investment banking, retail brokerage, corporate

banking, and cash management products and services. Citigroup serves cutomers

globally.


LTM as of: 03/yy

52-Week High (30.05.2013) 53.56

52-Week Low (24.07.2012) 24.91

Daily Volume

48.09





146'332.33 1 Yr Total Return 74.12%







C UN EQUITY YTD Change - Average Volume 30 Day 6'894'616

C UN EQUITY YTD % CHANGE - Average Volume 3 Month 6'521'898


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

104'349.0 108'006.0 111'697.0 102'587.0 90'708.0 101'804.0 90'629.0 79'206.3 81'194.9 19'688.5 19'549.1

8.56x 7.34x 7.58x 6.95x 7.84x 31.62x 32.34x - - - -

37'722.0 61'666.0 66'021.0 53'554.0 30'978.0 49'778.0 31'164.0 - - - -

23.69x 12.86x 12.82x 13.31x 22.97x 16.37x 23.74x - - - -

(27'684.0) (1'606.0) 10'602.0 11'067.0 7'541.0 10'999.0 8'418.0 14'554.1 16'504.9 3'554.3 3'525.3

- - 12.95x 7.37x 9.87x 10.02x 10.70x 10.03x 8.79x 9.72x 9.41x











EBITDA Margin 34.4%



Asset Turnover 0.05







Fiscal Year Ended

Citigroup IncPrice/Volume

Valuation Analysis

1'160'618.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

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20'000.0

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

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05.07.2013





GOVT OF SINGAPORE IN n/a ULT-AGG 112'095'403 3.68 - 31.12.2009 Government






INVESCO LTD n/a ULT-AGG 43'490'082 1.43 5'503'046 04.07.2013 Investment Advisor









BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 20'027'700 0.66 498'871 31.03.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 19'098'424 0.63 (4'136'138) 30.04.2013 Investment Advisor


Sanford C. Bernstein & Co JOHN E MCDONALD outperform 5 M 58 12 month 02.07.2013



Credit Suisse MOSHE A ORENBUCH outperform 5 M 60 Not Provided 01.07.2013

Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 01.07.2013

Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 59 18 month 28.06.2013

Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 26.06.2013

Keefe, Bruyette & Woods FREDERICK CANNON outperform 5 M 55 12 month 26.06.2013

Macquarie DAVID J KONRAD outperform 5 M 62 12 month 26.06.2013

SunTrust Robinson Humphrey ERIC E WASSERSTROM buy 5 M 57 12 month 20.06.2013



Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 54 12 month 17.06.2013



Scotia Capital KEVIN R CHOQUETTE focus stock 5 M 60 12 month 11.06.2013



Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 58 12 month 24.05.2013


Drexel Hamilton LLC DAVID B HILDER buy 5 M 58 Not Provided 17.05.2013


S&P Capital IQ ERIK M OJA hold 3 D 52 12 month 15.05.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE underperform 1 M 42 Not Provided 13.05.2013


RBC Capital Markets GERARD S CASSIDY outperform 5 M 52 12 month 24.04.2013

Argus Research Corp DAVID RITTER sell 1 M #N/A N/A Not Provided 23.04.2013

Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 52 12 month 19.04.2013

Deutsche Bank MATTHEW D O'CONNOR buy 5 M 53 12 month 15.04.2013

Nomura GLENN P SCHORR buy 5 M 50 12 month 15.04.2013


Vector Servicios Financieros RAFAEL ESCOBAR speculative buy 4 M 52 Not Provided 18.12.2012



Phillip Securities MAGDALENE CHOONG hold 3 D #N/A N/A Not Provided 19.10.2011

Holdings By:

Citigroup Inc ee


05.07.2013

Caterpillar Inc. designs, manufactures and markets construction, mining and

forestry machinery. The Company also manufactures engines and other related

parts for its equipment, and offers financing and insurance. Caterpillar

distributes its products through a worldwide organization of dealers.


LTM as of: 03/yy

52-Week High (01.02.2013) 99.70

52-Week Low (12.07.2012) 78.25

Daily Volume

81.5





53'602.55 1 Yr Total Return -3.40%

Total Debt 10'486.00 YTD Return -8.43%






CAT UN EQUITY YTD Change - Average Volume 30 Day 1'292'816

CAT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'384'026


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

51'324.0 32'396.0 42'588.0 60'138.0 65'875.0 63'170.0 63'104.0 58'820.0 62'887.7 14'930.7 15'335.9

0.66x 1.28x 1.50x 1.10x 1.00x 4.27x 4.08x 1.44x 1.19x 5.70x 5.54x

6'428.0 2'913.0 6'259.0 9'680.0 11'966.0 10'256.0 10'923.0 9'043.8 10'270.2 2'282.3 2'460.5

5.26x 14.19x 10.20x 6.86x 5.51x 7.62x 5.87x 6.69x 5.90x 6.32x 6.08x

3'557.0 895.0 2'700.0 4'928.0 5'681.0 5'289.0 4'975.0 4'558.5 5'196.0 1'143.2 1'256.2

7.89x 29.20x 21.51x 11.52x 10.36x 12.76x 11.54x 11.91x 10.26x 11.44x 10.99x











EBITDA Margin 17.3%



Asset Turnover 0.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Caterpillar IncPrice/Volume

Valuation Analysis

235'072.00


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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

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05.07.2013






STATE FARM MUTUAL AU STATE FARM MUTUAL AU 13F 19'707'800 3 - 31.03.2013 Insurance Company

STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 13'606'971 2.07 660 31.03.2013 Insurance Company

GATES FOUNDATION BILL & MELINDA FOUND 13F 10'260'857 1.56 - 31.03.2013 Endowment







IVY MANAGEMENT INCOR IVY INVESTMENT MANAG 13F 4'547'260 0.69 (354'900) 31.03.2013 Investment Advisor


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 4'376'127 0.67 (234'601) 31.03.2013 Investment Advisor






BMO Capital Markets JOEL G TISS outperform 5 M 96 Not Provided 02.07.2013

Atlantic Equities LLP RICHARD RADBOURNE overweight 5 M 105 12 month 02.07.2013

Longbow Research ELI S LUSTGARTEN buy 5 M 104 12 month 01.07.2013

Piper Jaffray ALEXANDER E POTTER overweight 5 M 99 12 month 24.06.2013

RBC Capital Markets SETH R WEBER sector perform 3 M 92 12 month 20.06.2013

Credit Suisse JAMIE L COOK outperform 5 M 103 Not Provided 20.06.2013

JPMorgan ANN DUIGNAN overweight 5 M 100 6 month 20.06.2013

Jefferies STEPHEN VOLKMANN hold 3 M 75 12 month 20.06.2013

William Blair & Co LAWRENCE T DE MARIA outperform 5 M 95 12 month 20.06.2013

ISI Group DAVID RASO strong buy 5 M 102 12 month 20.06.2013

Wells Fargo Securities, LLC ANDREW M CASEY market perform 3 M #N/A N/A Not Provided 20.06.2013

Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 12.06.2013

Goldman Sachs JERRY REVICH neutral/neutral 3 M 97 12 month 05.06.2013

Raymond James THEONI PILARINOS outperform 5 M 100 12 month 21.05.2013

Argus Research Corp WILLIAM V SELESKY buy 5 M 126 Not Provided 26.04.2013

Susquehanna Financial Group TED GRACE Positive 4 M 102 12 month 24.04.2013

Robert W. Baird & Co MIRCEA DOBRE outperform 5 M 96 12 month 23.04.2013

Macquarie SAMEER RATHOD neutral 3 M 88 12 month 23.04.2013

Barclays ANDY KAPLOWITZ overweight 5 M 100 Not Provided 23.04.2013

S&P Capital IQ MICHAEL JAFFE buy 5 M 109 Not Provided 22.04.2013

Tigress Financial Partners IVAN FEINSETH underperform 1 N #N/A N/A Not Provided 11.03.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013

Oracle Investment Research LAURENCE BALTER buy 5 M 115 Not Provided 25.07.2012

Holdings By:

Caterpillar Inc ee


05.07.2013

Colgate-Palmolive Company is a consumer products company that markets its

products throughout the world. The Company's products include toothpaste,

toothbrushes, shampoos, deodorants, bar and liquid soaps, dishwashing liquid,

and laundry products, as well as pet nutrition products for cats and dogs.


LTM as of: 03/yy

52-Week High (16.05.2013) 62.69

52-Week Low (24.07.2012) 50.77

Daily Volume

57.39





53'529.82 1 Yr Total Return 12.28%







CL UN EQUITY YTD Change - Average Volume 30 Day 1'278'658

CL UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'105'864


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

15'330.0 15'327.0 15'564.0 16'734.0 17'085.0 16'940.0 17'200.0 17'672.1 18'612.3 4'391.6 4'517.1

2.47x 2.84x 2.75x 2.89x 3.13x 11.40x 12.92x 3.31x 3.16x 13.23x 12.84x

3'449.0 3'966.0 3'865.0 4'262.0 4'314.0 4'292.0 4'122.0 4'573.5 4'964.1 1'144.8 1'196.2

10.99x 10.97x 11.09x 11.36x 12.39x 11.83x 14.49x 12.72x 11.72x 12.31x 12.08x

1'957.0 2'291.0 2'203.0 2'431.0 2'472.0 2'448.0 2'339.0 2'644.4 2'892.7 662.8 696.6

18.73x 18.80x 17.02x 18.38x 19.49x 19.12x 21.75x 20.16x 18.27x 19.66x 19.20x


EBIT 3'889.00 Long-Term Rating AA-









EBITDA Margin 24.0%



Asset Turnover 1.28







Fiscal Year Ended

Colgate-Palmolive CoPrice/Volume

Valuation Analysis

201'612.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

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4!& 9

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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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05.07.2013



VANGUARD GROUP INC VANGUARD GROUP INC 13F 48'140'406 5.16 (1'618'508) 31.03.2013 Investment Advisor





GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 14'037'182 1.5 334 31.03.2013 Investment Advisor






OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 8'364'360 0.9 (366'980) 31.03.2013 Investment Advisor

RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 8'318'800 0.89 1'970'800 31.03.2013 Hedge Fund Manager

MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 7'840'454 0.84 (155'596) 31.03.2013 Investment Advisor

LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 7'831'496 0.84 959'742 31.03.2013 Hedge Fund Manager






Credit Suisse MICHAEL STEIB outperform 5 M 63 Not Provided 03.07.2013

William Blair & Co JON R ANDERSEN market perform 3 M #N/A N/A Not Provided 03.07.2013

B Riley & Co LINDA BOLTON WEISER neutral 3 M 63 Not Provided 03.07.2013

Canaccord Genuity Corp EDDY HARGREAVES sell 1 M 52 12 month 03.07.2013

Barclays LAUREN R LIEBERMAN equalweight 3 M 59 Not Provided 03.07.2013

Sanford C. Bernstein & Co ALI DIBADJ market perform 3 M 61 12 month 28.06.2013

BMO Capital Markets CONSTANCE M MANEATY market perform 3 M 61 Not Provided 27.06.2013

RBC Capital Markets JASON M GERE sector perform 3 M 63 12 month 26.06.2013

Goldman Sachs JASON ENGLISH neutral/neutral 3 M 61 12 month 24.06.2013

Wells Fargo Securities, LLC TIMOTHY A CONDER market perform 3 M #N/A N/A Not Provided 19.06.2013

Edward Jones JACK P RUSSO hold 3 M #N/A N/A Not Provided 14.06.2013

Deutsche Bank WILLIAM G SCHMITZ hold 3 M 63 12 month 11.06.2013

Oppenheimer & Co JOSEPH ALTOBELLO market perform 3 M #N/A N/A Not Provided 20.05.2013


JPMorgan JOHN A FAUCHER neutral 3 M 63 6 month 16.05.2013

Argus Research Corp JOHN D STASZAK buy 5 M 68 12 month 02.05.2013

Morgan Stanley DARA MOHSENIAN Equalwt/In-Line 3 M #N/A N/A Not Provided 26.04.2013

SunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M 58 12 month 25.04.2013

Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 25.04.2013

Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 66 12 month 25.04.2013

S&P Capital IQ IAN GORDON hold 3 M 61 Not Provided 25.04.2013


Janney Montgomery Scott LLC JOHN SAN MARCO buy 5 M 61 12 month 08.02.2013

Daiwa Securities Co. Ltd. TEAM COVERAGE outperform 5 M 58 Not Provided 05.02.2013

Atlantic Equities LLP VICTORIA COLLIN neutral 3 M 52 12 month 25.10.2012

Holdings By:

Colgate-Palmolive Co ee


05.07.2013

Comcast Corporation provides media and television broadcasting services. The

Company offers video streaming, television programming, high-speed internet,

cable television, and communication services. Comcast serves customers

worldwide.


LTM as of: 03/yy

52-Week High (15.05.2013) 43.74

52-Week Low (12.07.2012) 31.04

Daily Volume

41.57





108'617.42 1 Yr Total Return 32.21%







CMCSA UW EQUITY YTD Change - Average Volume 30 Day 3'956'045

CMCSA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'664'750


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

34'423.0 35'756.0 37'937.0 55'842.0 62'570.0 58'592.0 63'002.0 64'113.5 67'868.8 15'993.1 16'177.4

2.33x 2.14x 2.28x 2.12x 2.30x 8.30x 9.11x 2.60x 2.43x 9.63x 9.47x

13'132.0 13'714.0 14'596.0 18'357.0 19'977.0 18'979.0 20'323.0 21'108.2 22'358.5 5'359.5 5'220.9

6.10x 5.58x 5.93x 6.44x 7.21x 7.01x 7.60x 7.22x 6.82x 7.12x 7.01x

2'547.0 3'638.0 3'635.0 4'160.0 6'203.0 4'441.0 6'416.0 6'437.1 7'230.8 1'677.2 1'606.3

18.55x 15.29x 16.80x 15.02x 19.43x 17.93x 21.04x 17.21x 14.95x 16.55x 16.06x











EBITDA Margin 32.3%



Asset Turnover 0.40







Fiscal Year Ended

Comcast CorpPrice/Volume

Valuation Analysis

898'473.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&122&

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

.!& 9

1!& 9

3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

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



05.07.2013











DODGE & COX WORLDWID DODGE & COX WORLDWID MF-PART 38'504'049 1.81 - 31.03.2013 Investment Advisor




BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 23'769'674 1.12 (208'774) 31.03.2013 Investment Advisor



DIMENSIONAL FUND ADV n/a ULT-AGG 20'048'486 0.94 (47'909) 31.03.2013 Investment Advisor

BANK OF NOVA SCOTIA n/a ULT-AGG 20'003'833 0.94 (1'813'297) 31.03.2013 Bank




Wunderlich Securities MATTHEW HARRIGAN buy 5 M 56 18 month 05.07.2013

Jefferies THOMAS O SEITZ buy 5 M 48 12 month 02.07.2013

Raymond James FRANK G LOUTHAN strong buy 5 M 46 12 month 28.06.2013

Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 26.06.2013

Oppenheimer & Co TIMOTHY K HORAN outperform 5 M 48 18 month 24.06.2013

Pivotal Research Group LLC JEFFREY WLODARCZAK buy 5 M 50 12 month 24.06.2013

RBC Capital Markets JONATHAN ATKIN outperform 5 M 46 12 month 16.06.2013

Evercore Partners BRYAN KRAFT overweight 5 M 47 12 month 14.06.2013

ISI Group VIJAY JAYANT buy 5 M 47 12 month 14.06.2013

Brean Capital LLC TODD MITCHELL buy 5 M 48 12 month 13.06.2013


Stifel CHRISTOPHER C KING buy 5 M 45 12 month 12.06.2013

Wells Fargo Securities, LLC MARCI RYVICKER outperform 5 M #N/A N/A Not Provided 12.06.2013

Janney Montgomery Scott LLC TONY WIBLE buy 5 M 49 12 month 17.05.2013

Pacific Crest Securities ANDY HARGREAVES sector perform 3 M #N/A N/A Not Provided 16.05.2013

Guggenheim Securities LLC SHING YIN neutral 3 M 43 12 month 16.05.2013


Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 48 12 month 07.05.2013

Morgan Stanley BENJAMIN SWINBURNE Equalwt/In-Line 3 M 43 12 month 02.05.2013

Goldman Sachs JASON ARMSTRONG buy/attractive 5 M 48 12 month 02.05.2013

Credit Suisse MICHAEL SENNO outperform 5 M 48 Not Provided 02.05.2013

Macquarie AMY YONG neutral 3 M 45 12 month 02.05.2013

Nomura MICHAEL L MCCORMACK buy 5 M 48 12 month 02.05.2013

Maxim Group LLC JOHN TINKER buy 5 M 48 12 month 02.05.2013

Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A M 49 Not Provided 02.05.2013

EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 02.05.2013

Deutsche Bank DOUGLAS D MITCHELSON buy 5 M 48 12 month 01.05.2013

JPMorgan PHILIP CUSICK overweight 5 M 49 6 month 01.05.2013

Scotia Capital JEFFREY FAN sector outperform 5 M 48 12 month 01.05.2013

S&P Capital IQ TUNA AMOBI buy 5 M 46 12 month 01.05.2013

New Street Research CHARLES GAYNOR neutral 3 M 40 Not Provided 13.02.2013

BTIG LLC RICHARD GREENFIELD neutral 3 M #N/A N/A Not Provided 26.01.2011

Holdings By:

Comcast Corp ee


05.07.2013

Capital One Financial Corporation is a diversified bank. The Bank, through its

subsidiaries, offers a broad spectrum of financial products and services to

consumers, small businesses and commercial clients both domestically and

internationally. Capital One has bank locations in Connecticut, Louisiana, New

Jersey, New York, and Texas.


LTM as of: 03/yy

52-Week High (02.07.2013) 64.69

52-Week Low (01.03.2013) 50.28

Daily Volume

64.59





37'731.07 1 Yr Total Return 18.12%







COF UN EQUITY YTD Change - Average Volume 30 Day 940'621

COF UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'003'061


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

17'856.0 15'950.0 19'067.0 18'525.0 23'177.0 18'737.0 24'303.0 22'093.7 21'935.6 5'519.0 5'588.7

1.75x 1.87x 2.94x 2.87x 3.19x 10.11x 11.01x - - - -

11'282.7 9'877.2 11'715.0 9'793.0 9'014.0 9'229.0 9'371.0 - - - -

2.77x 3.02x 4.78x 5.43x 8.19x 3.83x 6.80x - - - -

(46.0) 884.0 2'743.0 3'147.0 3'517.0 3'534.0 3'180.0 3'942.2 3'806.0 1'005.2 999.2

12.56x 16.30x 6.37x 6.02x 9.28x 8.75x 9.11x 9.79x 9.65x 10.06x 10.08x


EBIT - Long-Term Rating BBB









EBITDA Margin 38.6%



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Capital One Financial CorpPrice/Volume

Valuation Analysis

95'442.00


&

-&

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0&

1&

2&

3&

4&

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

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



05.07.2013


DODGE & COX DODGE & COX 13F 48'608'415 8.32 53'812 31.03.2013 Investment Advisor










VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 10'833'760 1.85 (2'834'834) 31.03.2013 Hedge Fund Manager

INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 9'860'053 1.69 509'554 31.03.2013 Investment Advisor





HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 7'450'892 1.28 4'440'797 31.03.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 6'151'810 1.05 4'422'017 30.04.2013 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'722'174 0.98 (213'439) 31.03.2013 Investment Advisor

LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 5'079'222 0.87 645'772 31.03.2013 Hedge Fund Manager



Janney Montgomery Scott LLC SAMEER GOKHALE neutral 3 M 63 12 month 02.07.2013


Robert W. Baird & Co DAVID A GEORGE outperform 5 M 65 12 month 02.07.2013

Sanford C. Bernstein & Co KEVIN ST PIERRE outperform 5 M 76 12 month 02.07.2013

Sandler O'Neill & Partners, LP CHRISTOPHER R DONAT hold 3 M 67 12 month 02.07.2013

Evercore Partners BRADLEY BALL overweight 5 M 70 12 month 01.07.2013

Oppenheimer & Co BEN CHITTENDEN outperform 5 M 72 18 month 28.06.2013

Stifel CHRISTOPHER C BRENDLER buy 5 M 67 12 month 24.06.2013

Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 21.06.2013

RBC Capital Markets JASON ARNOLD outperform 5 M 65 12 month 18.06.2013




Rafferty Capital Markets RICHARD X BOVE SR hold 3 D 63 12 month 17.06.2013

Portales Partners WILLIAM H RYAN sector perform 3 M #N/A N/A Not Provided 17.06.2013

Goldman Sachs RYAN M. NASH buy/attractive 5 M 69 12 month 24.05.2013



William Blair & Co ROBERT P NAPOLI market perform 3 M #N/A N/A Not Provided 16.05.2013

FBR Capital Markets SCOTT VALENTIN outperform 5 M 63 12 month 15.05.2013



Jefferies DANIEL FURTADO buy 5 M 65 12 month 22.04.2013


JPMorgan RICHARD SHANE JR overweight 5 M 60 6 month 19.04.2013

Nomura BILL CARCACHE neutral 3 M 56 12 month 19.04.2013

Wells Fargo Securities, LLC JOEL HOUCK outperform 5 M #N/A N/A Not Provided 19.04.2013

Guggenheim Securities LLC DAVID W DARST neutral 3 M 57 12 month 19.04.2013

S&P Capital IQ SONIA PARECHANIAN buy 5 M 68 Not Provided 08.03.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 04.02.2013


Holdings By:

Capital One Financial Corp ee


05.07.2013

ConocoPhillips explores for, produces, transports and markets crude oil,

natural gas, natural gas liquids, liquefied natural gas and bitumen on a

worldwide basis.


LTM as of: 03/yy

52-Week High (21.05.2013) 64.77

52-Week Low (25.07.2012) 52.84

Daily Volume

61.74





75'487.10 1 Yr Total Return 14.49%







COP UN EQUITY YTD Change - Average Volume 30 Day 1'723'508

COP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'698'458


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

225'424.0 136'016.0 175'752.0 64'196.0 57'967.0 64'230.0 58'243.0 50'237.1 52'170.5 11'548.1 11'680.6

0.46x 0.77x 0.63x 1.72x 1.54x 7.03x 6.17x 1.76x 1.71x 7.74x 7.82x

35'740.0 4'281.0 22'655.0 21'649.0 19'396.0 20'695.0 20'040.0 21'744.4 23'576.2 5'016.7 5'023.4

2.92x 24.43x 4.91x 5.10x 4.60x 5.84x 4.50x 4.24x 3.91x 4.37x 4.29x

(16'998.0) 4'414.0 11'358.0 12'436.0 8'428.0 12'345.0 7'630.0 6'880.9 7'811.0 1'541.1 1'633.7

4.81x 16.11x 12.53x 11.43x 10.60x 12.18x 10.71x 11.21x 9.97x 11.02x 10.51x











EBITDA Margin 34.4%



Asset Turnover 0.42








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ConocoPhillipsPrice/Volume

Valuation Analysis

260'493.00


&

-&

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0&

1&

2&

3&

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d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

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.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

5!& 9

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

&!&&

-!&&

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05.07.2013


BLACKROCK n/a ULT-AGG 73'418'110 6 2'241'785 03.07.2013 Investment Advisor










IVY MANAGEMENT INCOR IVY INVESTMENT MANAG 13F 15'722'388 1.29 418'657 31.03.2013 Investment Advisor











ISI Group DOUGLAS T TERRESON buy 5 M 64 12 month 03.07.2013

Tudor Pickering & Co ROBERT KESSLER hold 3 M 61 Not Provided 03.07.2013

Edward Jones BRIAN YOUNGBERG hold 3 D #N/A N/A Not Provided 02.07.2013

Raymond James PAVEL MOLCHANOV underperform 1 M #N/A N/A Not Provided 28.06.2013


Howard Weil Inc BLAKE FERNANDEZ sector perform 3 D 64 12 month 18.06.2013

Jefferies IAIN REID hold 3 M 65 12 month 17.06.2013


Deutsche Bank PAUL SANKEY hold 3 M 62 12 month 06.06.2013

Barclays PAUL Y CHENG overweight 5 U 80 Not Provided 05.06.2013

Wells Fargo Securities, LLC ROGER D READ outperform 5 M #N/A N/A Not Provided 31.05.2013

Simmons & Company International JEFFREY A DIETERT neutral 3 M #N/A N/A Not Provided 16.05.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 01.05.2013

Argus Research Corp JONATHAN GELCIUS buy 5 M 65 Not Provided 26.04.2013

Credit Suisse EDWARD WESTLAKE neutral 3 M 70 Not Provided 26.04.2013

JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 70 6 month 26.04.2013

Macquarie JASON D GAMMEL neutral 3 M 64 12 month 26.04.2013

Cowen and Company ASIT SEN hold 3 M #N/A N/A Not Provided 26.04.2013


Goldman Sachs ARJUN N MURTI neutral/attractive 3 M 64 12 month 12.04.2013


Morgan Stanley J EVAN CALIO Underwt/Attractive 1 M 58 12 month 31.01.2013


Holdings By:

ConocoPhillips ee


05.07.2013

Costco Wholesale Corporation operates wholesale membership warehouses in

multiple countries. The Company sells all kinds of food, automotive supplies,

toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty

aids, as well as other goods.


LTM as of: 05/yy

52-Week High (28.05.2013) 115.75

52-Week Low (12.07.2012) 86.96

Daily Volume

111.21





48'563.65 1 Yr Total Return 27.58%







COST UW EQUITY YTD Change - Average Volume 30 Day 612'915

COST UW EQUITY YTD % CHANGE - Average Volume 3 Month 616'488


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1

72'483.0 71'422.0 77'946.0 88'915.0 99'137.0 95'097.0 104'887.0 105'805.6 115'043.3 33'011.6 25'655.7

0.39x 0.30x 0.28x 0.34x 0.39x 1.35x 1.60x 0.46x 0.42x 1.49x 1.95x

2'622.1 2'522.0 2'880.0 3'303.0 3'667.0 3'465.0 3'991.0 4'043.3 4'480.9 1'299.1 959.0

10.74x 8.39x 7.60x 9.28x 10.64x 9.27x 11.67x 11.65x 10.51x 10.84x 10.48x

1'282.7 1'086.0 1'303.0 1'462.0 1'709.0 1'578.0 2'031.0 2'009.6 2'208.2 642.1 462.0

22.66x 20.07x 19.09x 23.30x 24.82x 22.76x 24.56x 24.36x 22.03x 22.83x 21.99x











EBITDA Margin 3.8%



Asset Turnover 3.63







Fiscal Year Ended

Costco Wholesale CorpPrice/Volume

Valuation Analysis

97'054.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

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-!2 9

.!& 9

.!2 9

0!& 9

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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05.07.2013











AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 5'864'911 1.34 (163'845) 31.03.2013 Investment Advisor








HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 3'498'771 0.8 219'079 31.03.2013 Investment Advisor




Susquehanna Financial Group ROBERT SUMMERS negative 2 M 65 12 month 05.07.2013

Sanford C. Bernstein & Co COLIN MCGRANAHAN market perform 3 M 115 12 month 01.07.2013

Stifel DAVID A SCHICK buy 5 M 107 12 month 01.07.2013

ISI Group GREGORY MELICH strong buy 5 M 121 12 month 01.07.2013

Sterne, Agee & Leach CHARLES P GROM buy 5 M 130 12 month 28.06.2013

Northcoast Research CHARLES E CERANKOSKY buy 5 M 126 12 month 28.06.2013

Wolfe Research SCOTT A MUSHKIN peerperform 3 M #N/A N/A Not Provided 24.06.2013

Raymond James BUDD BUGATCH market perform 3 M #N/A N/A Not Provided 21.06.2013

Cowen and Company FAYE LANDES market perform 3 M 105 12 month 21.06.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 19.06.2013

Robert W. Baird & Co PETER S BENEDICT outperform 5 M 125 12 month 13.06.2013

Janney Montgomery Scott LLC DAVID S STRASSER buy 5 M 116 12 month 11.06.2013

Deutsche Bank PAUL TRUSSELL buy 5 M 120 12 month 06.06.2013

Argus Research Corp CHRISTOPHER GRAJA buy 5 M 125 Not Provided 06.06.2013

JPMorgan CHRISTOPHER HORVERS overweight 5 M 117 6 month 06.06.2013

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 115 12 month 06.06.2013

Guggenheim Securities LLC JOHN HEINBOCKEL neutral 3 M 98 12 month 06.06.2013

Piper Jaffray SEAN NAUGHTON overweight 5 M 123 12 month 06.06.2013

Jefferies DANIEL T BINDER hold 3 M 101 12 month 04.06.2013

Daiwa Securities Co. Ltd. KAHORI TAMADA neutral 3 M 111 Not Provided 03.06.2013

Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 116 12 month 31.05.2013

Credit Suisse MICHAEL B EXSTEIN outperform 5 M 115 Not Provided 30.05.2013


Oppenheimer & Co BRIAN NAGEL market perform 3 M 105 18 month 30.05.2013

S&P Capital IQ IAN GORDON hold 3 M 116 12 month 30.05.2013

Barclays ROBERT S DRBUL equalweight 3 M 110 Not Provided 30.05.2013


Tigress Financial Partners IVAN FEINSETH strong buy 5 N #N/A N/A Not Provided 27.02.2013

Holdings By:

Costco Wholesale Corp ee


05.07.2013

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol

(IP)-based networking and other products related to the communications and

information technology (IT) industry and provide services associated with these

products and their use. The Company provides products for transporting data,

voice, and video within buildings, across campuses, and globally.


LTM as of: 04/yy

52-Week High (18.06.2013) 24.98

52-Week Low (25.07.2012) 14.97

Daily Volume

24.3





129'867.36 1 Yr Total Return 45.97%







CSCO UW EQUITY YTD Change - Average Volume 30 Day 10'948'011

CSCO UW EQUITY YTD % CHANGE - Average Volume 3 Month 11'023'756


31.07.2008 31.07.2009 31.07.2010 31.07.2011 31.07.2012 04/yy 04/yy 07/13 Y 07/14 Y 07/13 Q4 10/13 Q1

39'540.0 36'117.0 40'040.0 43'218.0 46'061.0 45'566.0 47'880.0 48'590.9 51'210.1 12'395.5 12'444.0

2.86x 2.82x 2.64x 1.37x 1.10x 6.19x 5.75x 1.99x 1.82x 7.67x 7.55x

11'189.0 9'153.0 11'194.0 10'959.0 12'971.0 12'632.0 13'483.0 15'193.6 15'645.5 3'829.0 3'767.0

10.09x 11.13x 9.46x 5.39x 3.91x 5.98x 5.84x 6.52x 6.33x 6.42x 6.33x

8'052.0 6'134.0 7'767.0 6'490.0 8'041.0 7'356.0 9'630.0 10'795.9 11'263.9 2'742.0 2'714.4

16.14x 20.17x 17.07x 13.03x 9.80x 14.72x 12.72x 12.11x 11.48x 11.72x 11.51x











EBITDA Margin 28.2%



Asset Turnover 0.51







Fiscal Year Ended

Cisco Systems IncPrice/Volume

Valuation Analysis

3'199'471.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

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2&!& 9

3&!& 9

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!&&

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05.07.2013













GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 62'486'663 1.17 (7'941'844) 31.03.2013 Investment Advisor

YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 52'439'220 0.98 (3'941) 31.03.2013 Investment Advisor




FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 42'112'414 0.79 (4'034'692) 31.03.2013 Hedge Fund Manager

LAZARD ASSET MANAGEM n/a ULT-AGG 41'609'629 0.78 (5'170'786) 31.03.2013 Unclassified





JPMorgan ROD HALL underweight 1 M 18 12 month 02.07.2013

Deutsche Bank BRIAN T MODOFF buy 5 M 26 12 month 01.07.2013

Wells Fargo Securities, LLC JESS L LUBERT outperform 5 M #N/A N/A Not Provided 01.07.2013

Piper Jaffray TROY D JENSEN overweight 5 M 28 12 month 01.07.2013

FBR Capital Markets SCOTT S THOMPSON market perform 3 M 19 12 month 28.06.2013


JMP Securities ERIK SUPPIGER market perform 3 M #N/A N/A Not Provided 28.06.2013

Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 24 12 month 27.06.2013

Jefferies GEORGE C NOTTER hold 3 M 22 12 month 27.06.2013

Pacific Crest Securities BRENT A BRACELIN outperform 5 M 28 12 month 27.06.2013

Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 28 12 month 27.06.2013

William Blair & Co JASON NOAH ADER outperform 5 M #N/A N/A Not Provided 27.06.2013

Raymond James SIMON M LEOPOLD outperform 5 M 26 12 month 27.06.2013

Stifel SANJIV R WADHWANI buy 5 M 28 12 month 27.06.2013

Lazard Capital Markets RYAN HUTCHINSON neutral 3 M #N/A N/A Not Provided 27.06.2013

The Juda Group NATARAJAN SUBRAHMANYAN buy 5 M 27 12 month 27.06.2013

RBC Capital Markets MARK SUE outperform 5 M 25 12 month 26.06.2013

Janney Montgomery Scott LLC WILLIAM CHOI neutral 3 M 22 12 month 26.06.2013

Needham & Co ALEXANDER HENDERSON hold 3 M #N/A N/A Not Provided 26.06.2013

Wedbush ROHIT CHOPRA outperform 5 M 26 12 month 26.06.2013

Evercore Partners MARK A MCKECHNIE equalweight 3 M 26 12 month 26.06.2013


ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 26.06.2013

Nomura STUART JEFFREY buy 5 M 27 12 month 26.06.2013


BMO Capital Markets TIMOTHY P LONG outperform 5 M 27 Not Provided 25.06.2013

Cowen and Company PAUL SILVERSTEIN outperform 5 M 32 12 month 25.06.2013


Argus Research Corp JAMES KELLEHER buy 5 M 29 Not Provided 13.06.2013

ACI Research EDWARD A ZABITSKY sell 1 M 18 12 month 12.06.2013

NYKREDIT MICHAEL DROSCHNER JORGENSEN outperform 5 M #N/A N/A Not Provided 07.06.2013

Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 26 Not Provided 05.06.2013

Sterne, Agee & Leach ALEX KURTZ buy 5 M 26 12 month 30.05.2013

Ameriprise Advisor Services, Inc JUSTIN H BURGIN buy 5 M #N/A N/A Not Provided 23.05.2013


Goldman Sachs SIMONA JANKOWSKI Buy/Neutral 5 M 28 12 month 16.05.2013

Wunderlich Securities MATTHEW S ROBISON buy 5 M 26 18 month 16.05.2013

S&P Capital IQ JAMES G MOORMAN buy 5 M 28 12 month 16.05.2013

MKM Partners MICHAEL GENOVESE buy 5 M 28 12 month 16.05.2013

Northland Securities Inc CATHARINE TREBNICK outperform 5 M 26 12 month 16.05.2013

FBN Securities SHEBLY SEYRAFI outperform 5 M 27 12 month 16.05.2013

Tigress Financial Partners IVAN FEINSETH neutral 3 M #N/A N/A Not Provided 16.04.2013

Holdings By:

Cisco Systems Inc ee


05.07.2013

CVS Caremark Corporation is an integrated pharmacy health care provider. The

Company's offerings include pharmacy benefit management services, mail order,

retail and specialty pharmacy, disease management programs, and retail clinics.

The company operates drugstores throughout the U.S., the District of Columbia,

and Puerto Rico.


LTM as of: 03/yy

52-Week High (28.05.2013) 60.70

52-Week Low (07.08.2012) 43.65

Daily Volume

58.1





71'137.21 1 Yr Total Return 23.34%







CVS UN EQUITY YTD Change - Average Volume 30 Day 1'496'919

CVS UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'448'921


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

87'471.9 98'729.0 95'778.0 107'100.0 123'133.0 112'203.0 123'098.0 125'697.6 130'862.3 31'149.2 31'207.0

0.59x 0.56x 0.59x 0.57x 0.55x 2.13x 2.27x 0.63x 0.60x 2.55x 2.56x

7'320.4 7'827.0 7'606.0 7'898.0 8'981.0 8'046.0 9'355.0 9'898.9 10'521.1 2'401.9 2'411.0

7.10x 7.02x 7.37x 7.79x 7.57x 8.06x 8.09x 8.00x 7.53x 7.88x 7.77x

3'212.1 3'696.0 3'427.0 3'461.0 3'877.0 3'524.0 4'057.0 4'697.2 5'063.5 1'134.7 1'133.9

11.78x 12.58x 13.96x 15.58x 15.08x 16.54x 16.22x 14.74x 13.13x 14.26x 13.91x


EBIT 7'228.00 Long-Term Rating BBB+









EBITDA Margin 7.6%



Asset Turnover 1.86








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CVS Caremark CorpPrice/Volume

Valuation Analysis

208'631.00


&

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0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

&!&&

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05.07.2013










ABERDEEN n/a ULT-AGG 21'227'287 1.73 (142'490) 30.04.2013 Investment Advisor










MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 8'748'671 0.71 638'658 30.04.2013 Investment Advisor



BMO Capital Markets JENNIFER LYNCH outperform 5 M 66 Not Provided 03.07.2013

Raymond James JOHN W RANSOM outperform 5 M 65 12 month 01.07.2013

Lazard Capital Markets THOMAS GALLUCCI buy 5 M 67 12 month 01.07.2013

Susquehanna Financial Group ROBERT SUMMERS Positive 4 M 60 12 month 01.07.2013

Edward Jones JUDSON CLARK buy 5 M #N/A N/A Not Provided 27.06.2013

Mizuho Securities USA Inc ANN HYNES buy 5 M 56 12 month 24.06.2013

Wolfe Research SCOTT A MUSHKIN outperform 5 M 67 12 month 24.06.2013

ISI Group ROSS MUKEN buy 5 M 68 12 month 19.06.2013

Morgan Stanley RICKY GOLDWASSER Overwt/In-Line 5 M 60 12 month 18.06.2013


Wells Fargo Securities, LLC PETER H COSTA outperform 5 N #N/A N/A Not Provided 30.05.2013

RBC Capital Markets FRANK G MORGAN outperform 5 M 71 12 month 24.05.2013

Credit Suisse EDWARD J KELLY outperform 5 M 62 Not Provided 21.05.2013

JPMorgan LISA C GILL overweight 5 M 64 6 month 17.05.2013

Cantor Fitzgerald AJAY JAIN buy 5 M 65 12 month 14.05.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 61 12 month 02.05.2013


SunTrust Robinson Humphrey DAVID G MAGEE neutral 3 M 63 12 month 02.05.2013

Macquarie DANE LEONE outperform 5 M 66 12 month 02.05.2013

Barclays MEREDITH ADLER overweight 5 M 67 Not Provided 02.05.2013

Guggenheim Securities LLC JOHN HEINBOCKEL buy 5 M 60 12 month 01.05.2013

S&P Capital IQ JOSEPH AGNESE strong buy 5 M 62 12 month 06.02.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 16.01.2013

Holdings By:

CVS Caremark Corp ee


05.07.2013

Chevron Corporation is an integrated energy company with operations in countries

located around the world. The Company produces and transports crude oil and

natural gas. Chevron also refines, markets, and distributes fuels as well as

is involved in chemical operations, mining operations, power generation and

energy services.


LTM as of: 03/yy

52-Week High (28.05.2013) 127.40

52-Week Low (15.11.2012) 100.66

Daily Volume

119.53





231'766.02 1 Yr Total Return 15.01%







CVX UN EQUITY YTD Change - Average Volume 30 Day 1'717'319

CVX UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'685'532


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

255'112.0 159'293.0 189'607.0 236'286.0 222'580.0 237'117.0 217'734.0 230'022.0 227'252.1 54'642.0 55'405.5

0.58x 0.99x 0.96x 0.87x 0.91x 3.35x 3.90x 1.00x 1.04x 4.21x 4.17x

44'538.0 26'432.0 38'438.0 51'210.0 48'426.0 52'356.0 46'203.0 55'870.1 56'908.6 11'867.3 12'289.7

3.32x 5.94x 4.71x 4.02x 4.19x 3.87x 4.96x 4.11x 4.03x 4.59x 4.36x

23'931.0 10'483.0 19'024.0 26'895.0 26'179.0 27'155.0 25'886.0 24'086.9 24'209.9 5'849.3 6'207.4

6.50x 14.69x 9.76x 7.92x 8.41x 8.01x 9.16x 9.66x 9.52x 9.75x 9.65x











EBITDA Margin 21.2%



Asset Turnover 0.96







Fiscal Year Ended

Chevron CorpPrice/Volume

Valuation Analysis

228'898.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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3!& 9

4!& 9

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

&!&&

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05.07.2013























Edward Jones BRIAN YOUNGBERG buy 5 M #N/A N/A Not Provided 28.06.2013

JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 121 6 month 28.06.2013

Morgan Stanley J EVAN CALIO Overwt/In-Line 5 M 135 12 month 25.06.2013

Raymond James PAVEL MOLCHANOV outperform 5 M 125 12 month 25.06.2013

Cowen and Company ASIT SEN outperform 5 M 133 12 month 24.06.2013



Wells Fargo Securities, LLC ROGER D READ outperform 5 N #N/A N/A Not Provided 20.06.2013

ISI Group DOUGLAS T TERRESON buy 5 M 130 12 month 19.06.2013

Howard Weil Inc BLAKE FERNANDEZ sector outperform 5 M 140 12 month 18.06.2013

Jefferies IAIN REID hold 3 D 135 12 month 17.06.2013

Societe Generale JOHN HERRLIN hold 3 M 126 Not Provided 07.06.2013

Barclays PAUL Y CHENG equalweight 3 D 145 Not Provided 05.06.2013

Canaccord Genuity Corp GORDON GRAY buy 5 M 136 12 month 30.05.2013


Simmons & Company International JEFFREY A DIETERT overweight 5 M #N/A N/A Not Provided 16.05.2013

VTB Capital COLIN SMITH hold 3 M 120 12 month 15.05.2013

Independent Research GmbH SVEN DIERMEIER hold 3 M 127 12 month 06.05.2013

Ameriprise Advisor Services, Inc LEZE THAQI buy 5 M #N/A N/A Not Provided 03.05.2013

Credit Suisse EDWARD WESTLAKE outperform 5 M 135 Not Provided 29.04.2013

Deutsche Bank PAUL SANKEY buy 5 M 140 12 month 28.04.2013

Macquarie JASON D GAMMEL outperform 5 M 148 12 month 27.04.2013

S&P Capital IQ MICHAEL KAY strong buy 5 M 142 12 month 26.04.2013

Oracle Investment Research LAURENCE BALTER hold 3 D 110 Not Provided 01.02.2013



Holdings By:

Chevron Corp ee


05.07.2013

E. I. du Pont de Nemours and Company is a global chemical and life sciences

company, with businesses that include agriculture and industrial biotechnology,

chemistry, biology, materials science and manufacturing. The Company operates

globally and offers a wide range of products and services for markets including

agriculture and food, building and construction, electronics and communications.


LTM as of: 03/yy

52-Week High (31.05.2013) 57.25

52-Week Low (16.11.2012) 41.68

Daily Volume

52.58





48'398.11 1 Yr Total Return 9.89%







DD UN EQUITY YTD Change - Average Volume 30 Day 1'676'815

DD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'688'155


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

30'529.0 26'109.0 31'505.0 33'681.0 34'812.0 35'925.0 36'129.0 35'925.7 38'306.3 10'002.0 7'758.3

0.96x 1.38x 1.58x 1.53x 1.43x 6.31x 6.07x 1.47x 1.33x 5.63x 7.12x

2'904.0 3'086.0 4'419.0 5'046.0 4'794.0 5'513.0 4'817.0 6'725.7 7'264.3 2'114.6 1'158.2

10.14x 11.67x 11.29x 10.23x 10.35x 11.15x 10.84x 8.24x 7.63x 7.83x 7.58x

2'007.0 1'755.0 3'031.0 3'474.0 2'788.0 3'535.0 4'648.0 3'536.6 3'980.0 1'182.5 486.2

9.10x 16.03x 15.15x 12.89x 13.08x 14.70x 14.52x 13.79x 12.24x 13.05x 12.41x











EBITDA Margin 13.3%



Asset Turnover 0.72








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EI du Pont de Nemours & CoPrice/Volume

Valuation Analysis

267'204.00


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3!& 9

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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05.07.2013





CAPITAL GROUP COMPAN n/a ULT-AGG 40'354'000 4.38 460'000 31.03.2013 Investment Advisor






DUPONT CAPITAL MANAG DUPONT CAPITAL MANAG 13F 9'974'422 1.08 - 31.03.2013 Investment Advisor

BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 9'907'239 1.08 3'343'251 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 9'289'820 1.01 3'263'788 31.03.2013 Investment Advisor



GOLDMAN SACHS GROUP n/a ULT-AGG 7'657'466 0.83 (1'759'561) 31.03.2013 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 7'547'295 0.82 (1'022'109) 31.03.2013 Investment Advisor



WILMINGTON TRUST COM WILMINGTON TRUST COM 13F 6'912'093 0.75 (197'052) 31.03.2013 Investment Advisor



Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 05.07.2013

Macquarie COOLEY MAY outperform 5 M 57 12 month 29.06.2013

SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 45 12 month 28.06.2013

Jefferies LAURENCE ALEXANDER hold 3 M 56 12 month 20.06.2013

Susquehanna Financial Group DONALD D CARSON Positive 4 M 60 12 month 20.06.2013


JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 58 6 month 18.06.2013

BGC Partners MARK R GULLEY sell 1 M 50 12 month 18.06.2013

Piper Jaffray MIKE J RITZENTHALER neutral 3 M 56 12 month 17.06.2013

Barclays DUFFY FISCHER equalweight 3 M 56 Not Provided 14.06.2013

Deutsche Bank DAVID I BEGLEITER buy 5 M 62 12 month 13.06.2013

Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 13.06.2013

RBC Capital Markets CHRIS NOCELLA sector perform 3 M 56 12 month 13.06.2013

Credit Suisse JOHN P MCNULTY neutral 3 M 55 Not Provided 13.06.2013

Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 13.06.2013

Oppenheimer & Co EDWARD H YANG market perform 3 M #N/A N/A Not Provided 13.06.2013

Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 20.05.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 09.05.2013

Ameriprise Advisor Services, Inc FREDERICK M SCHULTZ buy 5 M #N/A N/A Not Provided 30.04.2013

Alembic Global Advisors HASSAN I AHMED neutral 3 M 43 12 month 23.04.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 M #N/A N/A Not Provided 19.03.2013

Goldman Sachs ROBERT KOORT neutral/attractive 3 M 50 12 month 27.01.2013

S&P Capital IQ LEO LARKIN hold 3 U 50 12 month 22.01.2013

Holdings By:

EI du Pont de Nemours & Co ee


05.07.2013

The Walt Disney Company is an entertainment company that conducts operations in

media networks, studio entertainment, theme parks and resorts, consumer

products, and interactive media. The Company produces motion pictures,

television programs, and musical recordings, as well as books and magazines.


LTM as of: 03/yy

52-Week High (16.05.2013) 67.89

52-Week Low (09.11.2012) 46.55

Daily Volume

63.39





114'161.68 1 Yr Total Return 32.45%







DIS UN EQUITY YTD Change - Average Volume 30 Day 2'487'246

DIS UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'268'991


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

37'843.0 36'149.0 38'063.0 40'893.0 42'278.0 41'508.0 43'765.0 45'215.2 48'054.7 11'695.6 11'648.1

1.95x 1.67x 1.96x 1.65x 2.51x 7.87x 9.80x 2.82x 2.61x 10.77x 10.82x

8'986.0 7'328.0 8'439.0 9'622.0 10'850.0 10'103.0 11'349.0 12'292.9 13'589.4 3'677.5 3'123.7

8.20x 8.25x 8.86x 7.00x 9.79x 9.28x 10.33x 10.50x 9.50x 9.95x 9.69x

4'427.0 3'307.0 3'963.0 4'807.0 5'682.0 5'170.0 5'970.0 6'311.0 7'023.8 1'888.6 1'538.6

14.43x 14.99x 16.08x 11.80x 16.69x 15.93x 17.23x 18.26x 16.04x 17.13x 16.46x











EBITDA Margin 25.9%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Walt Disney Co/ThePrice/Volume

Valuation Analysis

405'003.00


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10'000.0

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30'000.0

35'000.0

40'000.0

45'000.0

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

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05.07.2013


LAURENE POWELL JOBS n/a PROXY 130'844'544 7.27 - 07.01.2013 n/a







LUCAS GEORGE n/a Co File 37'076'679 2.06 - 06.02.2013 n/a





STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 23'264'657 1.29 9'748 31.03.2013 Insurance Company









B Riley & Co DAVID W MILLER buy 5 M 73 Not Provided 03.07.2013

Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 73 12 month 01.07.2013

Wunderlich Securities MATTHEW HARRIGAN hold 3 M 63 18 month 01.07.2013

Lazard Capital Markets BARTON CROCKETT buy 5 M 73 12 month 30.06.2013

Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 27.06.2013

Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 26.06.2013

BMO Capital Markets DANIEL SALMON outperform 5 M 76 Not Provided 25.06.2013

Goldman Sachs DREW BORST neutral/attractive 3 D 70 12 month 20.06.2013

Janney Montgomery Scott LLC TONY WIBLE neutral 3 M 69 12 month 20.06.2013

Cowen and Company DOUGLAS CREUTZ neutral 3 M 65 12 month 18.06.2013

Sterne, Agee & Leach VASILY KARASYOV neutral 3 M 69 12 month 16.06.2013

Davenport & Co MICHAEL C MORRIS buy 5 M 71 Not Provided 14.06.2013

Macquarie TIMOTHY W NOLLEN outperform 5 U 75 12 month 11.06.2013

Nomura MICHAEL NATHANSON buy 5 M 67 12 month 06.06.2013

Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 70 12 month 03.06.2013



JPMorgan ALEXIA S QUADRANI overweight 5 M 75 6 month 30.05.2013

Atlantic Equities LLP HAMILTON FABER neutral 3 D 74 12 month 17.05.2013

S&P Capital IQ TUNA AMOBI strong buy 5 M 75 Not Provided 14.05.2013

Stifel DREW E CRUM buy 5 M 72 12 month 09.05.2013

BTIG LLC RICHARD GREENFIELD buy 5 M 85 12 month 09.05.2013


RBC Capital Markets DAVID BANK outperform 5 M 71 12 month 08.05.2013

Argus Research Corp JOSEPH F BONNER buy 5 M 75 Not Provided 08.05.2013


Hilliard Lyons JEFFREY S THOMISON long-term buy 5 M 78 12 month 08.05.2013

Piper Jaffray JAMES M MARSH JR neutral 3 M 57 12 month 08.05.2013


Wedge Partners MARTIN PYYKKONEN no rating system #N/A N/A M #N/A N/A Not Provided 08.05.2013

Evercore Partners ALAN GOULD overweight 5 M 70 12 month 07.05.2013


Gabelli & Co BRETT HARRISS hold 3 M #N/A N/A Not Provided 06.02.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 06.02.2013

Pacific Crest Securities EVAN S WILSON sector perform 3 M #N/A N/A Not Provided 05.08.2011

Holdings By:

Walt Disney Co/The ee


05.07.2013

The Dow Chemical Company is a diversified chemical company that provides

chemical, plastic, and agricultural products and services to various essential

consumer markets. The Company serves customers in countries around the world in

markets such as food, transportation, health and medicine, personal care, and

construction.


LTM as of: 03/yy

52-Week High (22.05.2013) 36.00

52-Week Low (16.11.2012) 27.45

Daily Volume

32.46





39'263.26 1 Yr Total Return 6.67%







DOW UN EQUITY YTD Change - Average Volume 30 Day 1'680'224

DOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'827'730


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

57'361.0 44'875.0 53'674.0 59'985.0 56'786.0 59'971.0 56'450.0 57'380.3 59'676.5 14'474.0 14'054.8

0.41x 1.25x 1.14x 0.92x 1.07x 3.88x 4.20x 1.06x 0.99x 4.36x 4.42x

4'316.0 4'176.0 6'078.0 6'909.0 6'645.0 6'664.0 6'568.0 8'338.8 9'202.3 2'129.4 1'969.7

5.46x 13.38x 10.11x 7.99x 9.14x 9.54x 9.17x 7.31x 6.63x 7.21x 6.87x

579.0 648.0 2'310.0 2'742.0 1'182.0 2'529.0 1'320.0 2'801.4 3'510.6 767.0 659.8

25.58x 46.12x 17.28x 12.27x 18.70x 16.26x 17.70x 13.70x 10.94x 13.26x 12.25x











EBITDA Margin 11.6%



Asset Turnover 0.81







Fiscal Year Ended

Dow Chemical Co/ThePrice/Volume

Valuation Analysis

200'083.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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40'000.0

50'000.0

60'000.0

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

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05.07.2013







FRANKLIN RESOURCES n/a ULT-AGG 35'168'502 2.91 399'429 31.03.2013 Investment Advisor

DODGE & COX DODGE & COX 13F 29'788'219 2.46 (31'119) 31.03.2013 Investment Advisor




GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 10'935'724 0.9 915'908 31.03.2013 Investment Advisor



CREDIT SUISSE AG n/a ULT-AGG 8'228'732 0.68 921'078 31.03.2013 Investment Advisor



WADDELL & REED FINAN WADDELL & REED FINAN 13F 7'714'057 0.64 1'521'955 31.03.2013 Investment Advisor





Wells Fargo Securities, LLC FRANK J MITSCH market perform 3 M #N/A N/A Not Provided 05.07.2013


Edward Jones MATT ARNOLD sell 1 M #N/A N/A Not Provided 28.06.2013

SunTrust Robinson Humphrey ANDREW W CASH reduce 2 M 30 12 month 28.06.2013


Morgan Stanley VINCENT ANDREWS Equalwt/Attractive 3 M #N/A N/A Not Provided 25.06.2013

Credit Suisse JOHN P MCNULTY outperform 5 M 39 Not Provided 25.06.2013

Alembic Global Advisors HASSAN I AHMED overweight 5 M 45 12 month 24.06.2013

Barclays DUFFY FISCHER equalweight 3 M 36 Not Provided 21.06.2013

Cowen and Company CHARLES NEIVERT neutral 3 M #N/A N/A Not Provided 14.06.2013

Monness, Crespi, Hardt & Co HERBERT A HARDT neutral 3 M #N/A N/A Not Provided 20.05.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 13.05.2013

Goldman Sachs ROBERT KOORT buy/attractive 5 M 42 12 month 07.05.2013

Argus Research Corp WILLIAM V SELESKY hold 3 M #N/A N/A Not Provided 07.05.2013

Deutsche Bank DAVID I BEGLEITER hold 3 M 37 12 month 06.05.2013

RBC Capital Markets CHRIS NOCELLA sector perform 3 M 36 12 month 29.04.2013

Susquehanna Financial Group DONALD D CARSON neutral 3 M 35 12 month 29.04.2013


JPMorgan JEFFREY J ZEKAUSKAS neutral 3 M 34 6 month 26.04.2013


Gilford Securities PAUL C CHRISTOPHERSON sell 1 M #N/A N/A Not Provided 18.09.2012

Holdings By:

Dow Chemical Co/The ee


05.07.2013

Devon Energy Corporation is an independent energy company that is involved

primarily in oil and gas exploration, development and production, the

transportation of oil, gas, and NGLs and the processing of natural gas. The

Company also has marketing and midstream operations primarily in North America

that include gas, crude oil and NGLs.


LTM as of: 03/yy

52-Week High (14.09.2012) 63.95

52-Week Low (22.04.2013) 50.82

Daily Volume

53.77





21'830.62 1 Yr Total Return -6.70%







DVN UN EQUITY YTD Change - Average Volume 30 Day 720'872

DVN UN EQUITY YTD % CHANGE - Average Volume 3 Month 691'745


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

13'615.0 8'015.0 9'940.0 11'454.0 9'679.0 11'804.0 8'977.0 9'733.4 11'203.3 2'435.4 2'553.2

2.56x 4.92x 3.69x 2.42x 2.66x 10.12x 12.21x 3.12x 2.82x 12.25x 11.86x

8'952.0 4'270.0 5'859.0 6'878.0 5'253.0 7'068.0 4'509.0 5'204.6 6'731.6 1'402.3 1'525.5

3.89x 9.24x 6.25x 4.04x 4.91x 4.59x 6.33x 5.28x 4.08x 4.48x 4.35x

(2'148.0) (2'479.0) 4'550.0 4'704.0 (206.0) 4'681.0 (1'938.0) 1'483.3 2'065.5 357.8 416.8

8.29x 22.88x 13.09x 7.75x 15.99x 12.37x 8.27x 14.39x 10.62x 12.33x 11.41x




Pretax Margin -3.28% Short-Term Rating Date 29.08.2000

Return on Assets -4.60% Short-Term Rating A-2






EBITDA Margin 50.2%



Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Devon Energy CorpPrice/Volume

Valuation Analysis

146'752.00


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14'000.0

16'000.0

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

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05.07.2013




MITCHELL GEORGE PHYD n/a 13D 23'372'374 5.76 - 07.03.2012 n/a







FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 7'963'435 1.96 2'636'725 31.03.2013 Hedge Fund Manager


INTERNATIONAL VALUE INTERNATIONAL VALUE 13F 5'646'771 1.39 66'479 31.03.2013 Investment Advisor






GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 4'018'843 0.99 (522'090) 31.03.2013 Investment Advisor

THIRD AVENUE MANAGEM THIRD AVENUE MANAGEM 13F 3'891'422 0.96 368'286 31.03.2013 Hedge Fund Manager

TWEEDY BROWNE COMPAN TWEEDY BROWNE COMPAN 13F 3'741'710 0.92 4'210 31.03.2013 Investment Advisor


Sanford C. Bernstein & Co BOB BRACKETT market perform 3 M 66 12 month 03.07.2013

Jefferies BIJU Z PERINCHERIL buy 5 M 71 12 month 02.07.2013


Robert W. Baird & Co HSULIN PENG outperform 5 M 68 12 month 01.07.2013

Raymond James ANDREW COLEMAN outperform 5 M 70 12 month 28.06.2013

Tudor Pickering & Co MATTHEW PORTILLO hold 3 M 79 Not Provided 28.06.2013

Susquehanna Financial Group DUANE GRUBERT Positive 4 M 75 12 month 27.06.2013


FBR Capital Markets REHAN RASHID outperform 5 M 77 12 month 26.06.2013

ISI Group JONATHAN WOLFF neutral 3 M #N/A N/A Not Provided 23.06.2013


Capital One Southcoast, Inc. BRIAN T VELIE neutral 3 M 78 Not Provided 18.06.2013

Simmons & Company International DAVID W KISTLER overweight 5 M 83 Not Provided 14.06.2013



Johnson Rice & Co CHARLES MEADE equalweight 3 M #N/A N/A Not Provided 06.06.2013

Peters & Co Ltd DAN GRAGER sector outperform 5 M 75 12 month 06.06.2013

Wells Fargo Securities, LLC DAVID R TAMERON market perform 3 M #N/A N/A Not Provided 28.05.2013


JPMorgan JOSEPH D ALLMAN neutral 3 D 63 6 month 23.05.2013


EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 11.05.2013

Barclays THOMAS R DRISCOLL equalweight 3 M 61 Not Provided 06.05.2013


Macquarie JOSEPH MAGNER neutral 3 M 61 12 month 03.05.2013


Deutsche Bank STEPHEN RICHARDSON hold 3 M 66 12 month 01.05.2013



Goldman Sachs BRIAN SINGER buy/attractive 5 M 73 12 month 04.04.2013

Holdings By:

Devon Energy Corp ee


05.07.2013

eBay Inc. operates an online trading community. The Company's service is used

by buyers and sellers for the exchange of products and services such as coins,

collectibles, computers, memorabilia, stamps and toys, as well as concert and

sporting tickets. eBay also offers, through a subsidiary, secure online

payment services.


LTM as of: 03/yy

52-Week High (11.04.2013) 58.04

52-Week Low (17.07.2012) 38.06

Daily Volume

53.23





69'081.34 1 Yr Total Return 29.20%







EBAY UW EQUITY YTD Change - Average Volume 30 Day 3'010'347

EBAY UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'923'057


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

8'541.3 8'727.4 9'156.3 11'651.7 14'072.0 12'383.0 14'542.0 16'312.1 19'007.1 3'891.6 3'971.3

1.82x 2.93x 3.42x 3.02x 4.34x 12.55x 16.15x 3.90x 3.21x 16.34x 15.79x

2'844.6 2'305.9 2'837.5 3'313.0 4'088.0 3'489.4 4'285.0 5'361.1 6'221.1 1'246.5 1'289.1

5.46x 11.10x 11.03x 10.62x 14.95x 12.57x 15.25x 11.98x 10.33x 11.54x 11.05x

1'779.5 2'389.1 1'801.0 3'229.4 2'609.0 3'323.5 2'717.0 3'625.3 4'277.8 836.8 860.1

9.01x 17.84x 20.19x 11.68x 26.63x 21.62x 27.24x 19.42x 16.48x 18.67x 17.88x











EBITDA Margin 29.5%



Asset Turnover 0.44







Fiscal Year Ended

eBay IncPrice/Volume

Valuation Analysis

526'102.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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4'000.0

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10'000.0

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

&!&&

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05.07.2013


OMIDYAR PIERRE M n/a Form 4 121'823'408 9.39 (35'000) 29.04.2013 n/a








BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 28'429'119 2.19 (2'197'027) 31.03.2013 Investment Advisor

WELLS FARGO n/a ULT-AGG 22'646'340 1.74 (1'015'435) 30.04.2013 Investment Advisor


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 18'064'109 1.39 (2'376'920) 31.03.2013 Investment Advisor










Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 65 12 month 02.07.2013

Lazard Capital Markets BRETT FODERO buy 5 M 65 12 month 01.07.2013

Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 66 12 month 28.06.2013

Raymond James AARON M KESSLER outperform 5 M 61 12 month 28.06.2013

Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 64 12 month 28.06.2013


Edward Jones JOSH OLSON buy 5 M #N/A N/A Not Provided 26.06.2013


Janney Montgomery Scott LLC SHAWN C MILNE buy 5 M 65 12 month 21.06.2013

Compass Point Research & Trading LLC DOUGLAS GREINER buy 5 M 63 12 month 20.06.2013

Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 67 12 month 17.06.2013


Stifel JORDAN ROHAN buy 5 M 65 12 month 11.06.2013

JMP Securities RONALD V JOSEY III market outperform 4 M 67 12 month 11.06.2013


BMO Capital Markets EDWARD S WILLIAMS outperform 5 M 64 Not Provided 07.06.2013

Needham & Co KERRY RICE buy 5 M 60 12 month 03.06.2013


Wedbush GIL B LURIA outperform 5 M 64 12 month 15.05.2013



Tigress Financial Partners IVAN FEINSETH buy 5 M #N/A N/A Not Provided 02.05.2013

Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 U #N/A N/A Not Provided 24.04.2013

Ameriprise Advisor Services, Inc PATRICK DIEDRICKSON buy 5 M #N/A N/A Not Provided 19.04.2013



Credit Suisse STEPHEN JU neutral 3 M 55 Not Provided 18.04.2013

JPMorgan DOUGLAS ANMUTH overweight 5 M 63 6 month 18.04.2013

Jefferies BRIAN J PITZ buy 5 M 66 12 month 18.04.2013

Pacific Crest Securities CHAD BARTLEY outperform 5 M 65 12 month 18.04.2013

Macquarie BENJAMIN A SCHACHTER neutral 3 D 58 12 month 18.04.2013

B Riley & Co SCOTT TILGHMAN buy 5 M 65 Not Provided 18.04.2013

Evercore Partners KEN SENA overweight 5 M 64 12 month 18.04.2013

BGC Partners COLIN W GILLIS buy 5 M 65 12 month 18.04.2013

Cowen and Company JOHN BLACKLEDGE neutral 3 M #N/A N/A Not Provided 18.04.2013

S&P Capital IQ SCOTT H KESSLER hold 3 M 65 12 month 18.04.2013

Benchmark Company LLC DANIEL L KURNOS buy 5 M 63 12 month 18.04.2013



Deutsche Bank ROSS SANDLER hold 3 M 55 12 month 17.04.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013

Goldman Sachs HEATH P TERRY buy/attractive 5 M 63 12 month 11.01.2013

Holdings By:

eBay Inc ee


05.07.2013

EMC Corporation provides enterprise storage systems, software, networks, and

services. The Company's products store, retrieve, manage, protect, and share

information from all major computing environments and mainframe platforms. EMC

operates offices around the world.


LTM as of: 03/yy

52-Week High (21.09.2012) 28.18

52-Week Low (19.04.2013) 21.45

Daily Volume

24.03





50'483.19 1 Yr Total Return -5.85%







EMC UN EQUITY YTD Change - Average Volume 30 Day 4'553'966

EMC UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'697'322


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

14'876.2 14'025.9 17'015.1 20'007.6 21'713.9 20'494.3 22'006.9 23'409.9 25'347.1 5'608.7 5'790.5

1.24x 2.34x 2.72x 2.20x 2.30x 9.83x 9.20x 1.96x 1.76x 8.38x 8.10x

2'957.0 2'594.9 3'935.2 4'961.4 5'602.2 5'163.7 5'659.1 7'171.3 7'762.0 1'707.9 1'832.3

6.23x 12.63x 11.75x 8.85x 8.93x 11.47x 8.22x 6.56x 6.06x 6.29x 6.23x

1'275.1 1'088.1 1'900.0 2'461.3 2'732.6 2'571.0 2'725.8 4'058.3 4'517.7 914.4 993.4

14.75x 32.69x 23.56x 19.01x 20.38x 25.08x 19.12x 12.94x 11.57x 12.57x 12.15x











EBITDA Margin 25.7%



Asset Turnover 0.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

EMC Corp/MAPrice/Volume

Valuation Analysis

520'165.00


&

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5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

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05.07.2013









MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 31'140'612 1.48 8'094'720 31.03.2013 Investment Advisor



JANUS CAPITAL MANAGE n/a ULT-AGG 27'769'811 1.32 (990'578) 31.03.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 27'046'362 1.29 1'204'145 31.03.2013 Unclassified




JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 24'669'059 1.17 (14'618'634) 31.03.2013 Investment Advisor


PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 22'228'849 1.06 37'300 31.03.2013 Investment Advisor


AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 18'144'914 0.86 (2'983'380) 31.03.2013 Investment Advisor


S&P Capital IQ ANGELO ZINO strong buy 5 M 30 12 month 04.07.2013

Stifel AARON C RAKERS buy 5 M 33 12 month 03.07.2013

RBC Capital Markets AMIT DARYANANI outperform 5 M 30 12 month 02.07.2013

Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 26 12 month 02.07.2013




Pacific Crest Securities BRENT A BRACELIN outperform 5 M 30 12 month 20.06.2013

Mizuho Securities USA Inc ABHEY R LAMBA buy 5 M 30 12 month 20.06.2013

Lazard Capital Markets EDWARD PARKER buy 5 M 28 12 month 20.06.2013

Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 18.06.2013

BMO Capital Markets KEITH F BACHMAN outperform 5 M 28 Not Provided 17.06.2013

Longbow Research JOE WITTINE buy 5 M 30 12 month 17.06.2013

Craig-Hallum Capital Group LLC RAJESH GHAI buy 5 U 30 12 month 12.06.2013

Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 31.05.2013

Hilliard Lyons STEPHEN TURNER long-term buy 5 M 31 12 month 31.05.2013


Argus Research Corp JAMES KELLEHER buy 5 M 30 12 month 30.05.2013

Brean Capital LLC ANANDA BARUAH buy 5 M 30 12 month 30.05.2013


Janney Montgomery Scott LLC WILLIAM CHOI buy 5 M 29 12 month 30.05.2013

Jefferies PETER J MISEK buy 5 M 32 12 month 30.05.2013

Robert W. Baird & Co JAYSON NOLAND SR outperform 5 M 28 12 month 30.05.2013

FBR Capital Markets DANIEL H IVES outperform 5 M 31 12 month 30.05.2013


Piper Jaffray ANDREW J NOWINSKI overweight 5 M 29 12 month 30.05.2013


Monness, Crespi, Hardt & Co JEFFREY FIDACARO buy 5 M 30 Not Provided 20.05.2013

Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 27 6 month 17.05.2013


William Blair & Co JASON NOAH ADER market perform 3 M #N/A N/A Not Provided 08.05.2013

Sterne, Agee & Leach ALEX KURTZ buy 5 M 28 12 month 08.05.2013

ISI Group BRIAN MARSHALL strong buy 5 M 36 12 month 07.05.2013


Needham & Co GLENN HANUS buy 5 M 30 12 month 25.04.2013

JPMorgan MARK A MOSKOWITZ neutral 3 M 26 6 month 24.04.2013

Raymond James BRIAN G ALEXANDER strong buy 5 M 30 12 month 24.04.2013

FBN Securities SHEBLY SEYRAFI outperform 5 M 26 12 month 24.04.2013

Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 28 12 month 02.04.2013


Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 03.05.2012

Holdings By:

EMC Corp/MA ee


05.07.2013

Emerson Electric Co. designs and manufactures electronic and electrical

equipment, software, systems and services for industrial, commercial and

consumer markets worldwide through its network power, process management,

industrial automation, climate technologies and tools & storage divisions.


LTM as of: 03/yy

52-Week High (20.05.2013) 60.07

52-Week Low (12.07.2012) 43.59

Daily Volume

55.24





39'709.97 1 Yr Total Return 25.02%







EMR UN EQUITY YTD Change - Average Volume 30 Day 950'419

EMR UN EQUITY YTD % CHANGE - Average Volume 3 Month 990'592


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

24'807.0 20'102.0 21'039.0 24'222.0 24'412.0 24'061.0 24'697.0 24'800.6 25'848.7 6'459.4 6'828.8

1.39x 1.66x 2.06x 1.40x 1.56x 6.63x 6.49x 1.71x 1.62x 6.66x 6.22x

4'789.0 3'871.0 4'325.0 5'096.0 5'155.0 4'902.0 5'242.0 4'926.8 5'303.9 1'359.5 1'465.4

7.18x 8.60x 10.00x 6.64x 7.38x 8.59x 8.27x 8.70x 8.08x 8.44x 8.29x

2'412.0 1'724.0 2'164.0 2'480.0 1'968.0 2'360.0 2'067.0 2'531.9 2'771.1 718.8 802.7

12.79x 16.04x 20.04x 12.68x 13.71x 16.24x 15.42x 15.77x 14.16x 14.96x 14.48x











EBITDA Margin 21.2%



Asset Turnover 1.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Emerson Electric CoPrice/Volume

Valuation Analysis

164'041.00


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10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

&!&&

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05.07.2013


















US BANCORP US BANCORP 13F 5'231'555 0.73 (174'276) 31.03.2013 Investment Advisor


STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 4'822'585 0.67 (1'421) 31.03.2013 Insurance Company

HARDING LOEVNER LP HARDING LOEVNER LP 13F 4'445'933 0.62 157'866 31.03.2013 Investment Advisor


Longbow Research MARK DOUGLASS neutral 3 M #N/A N/A Not Provided 02.07.2013


Wells Fargo Securities, LLC RICHARD M KWAS outperform 5 M #N/A N/A Not Provided 01.07.2013

Sanford C. Bernstein & Co STEVEN E WINOKER market perform 3 M 62 12 month 26.06.2013

Nomura SHANNON O'CALLAGHAN buy 5 M 63 12 month 26.06.2013

RBC Capital Markets JAMIE SULLIVAN outperform 5 M 66 12 month 25.06.2013

Credit Suisse JULIAN MITCHELL outperform 5 M 64 Not Provided 25.06.2013

Janney Montgomery Scott LLC JOHN A BALIOTTI II neutral 3 M 55 12 month 25.06.2013

Robert W. Baird & Co MICHAEL HALLORAN outperform 5 M 66 12 month 25.06.2013


Argus Research Corp NATHANIEL GABRIEL hold 3 M #N/A N/A Not Provided 12.06.2013

William Blair & Co NICHOLAS P HEYMANN market perform 3 M 64 12 month 22.05.2013

JPMorgan CHARLES STEPHEN TUSA neutral 3 M 50 6 month 20.05.2013

Oppenheimer & Co CHRISTOPHER D GLYNN market perform 3 M 63 12 month 20.05.2013

Cowen and Company GAUTAM KHANNA neutral 3 M #N/A N/A Not Provided 20.05.2013

Deutsche Bank JOHN G INCH buy 5 M 69 12 month 13.05.2013


Langenberg & Co BRIAN KEITH LANGENBERG hold 3 M 60 Not Provided 09.05.2013

MKM Partners JOSHUA C POKRZYWINSKI neutral 3 M 56 12 month 09.05.2013

Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 58 12 month 08.05.2013

Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 M 60 12 month 08.05.2013

FBR Capital Markets AJAY K KEJRIWAL market perform 3 M 60 12 month 08.05.2013

Canaccord Genuity Corp JOHN S QUEALY hold 3 M 60 12 month 08.05.2013

Macquarie MICHAEL R WOOD neutral 3 M 55 12 month 07.05.2013

Barclays SCOTT R DAVIS equalweight 3 M 56 Not Provided 07.05.2013


Holdings By:

Emerson Electric Co ee


05.07.2013

Exelon Corporation is a utility services holding company. The Company, through

its subsidiaries distributes electricity to customers in Illinois and

Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area

as well as operates nuclear power plants in states that include Pennsylvania and

New Jersey.


LTM as of: 03/yy

52-Week High (01.08.2012) 39.75

52-Week Low (23.11.2012) 28.40

Daily Volume

29.57





25'307.46 1 Yr Total Return -16.34%







EXC UN EQUITY YTD Change - Average Volume 30 Day 1'964'707

EXC UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'703'371


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

18'859.0 17'318.0 18'644.0 19'063.0 23'489.0 18'798.0 24'885.0 25'308.9 25'201.5 5'695.7 6'453.3

2.57x 2.48x 2.08x 2.16x 1.87x 9.38x 7.72x 1.71x 1.75x 7.74x 6.84x

7'607.0 7'351.0 7'669.0 6'784.0 6'550.0 6'186.0 6'927.0 6'110.7 6'120.5 1'488.0 1'648.0

6.38x 5.84x 5.07x 6.08x 6.71x 8.38x 7.08x 7.32x 7.31x 7.08x 7.11x

2'737.0 2'707.0 2'563.0 2'495.0 1'160.0 2'027.0 956.0 2'086.5 2'006.7 459.7 580.7

13.24x 11.86x 10.26x 12.96x 15.38x 8.83x 17.55x 11.91x 12.69x 12.04x 12.16x











EBITDA Margin 27.8%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Exelon CorpPrice/Volume

Valuation Analysis

371'641.00


&

2

-&

-2

.&

.2

0&

02

1&

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

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05.07.2013










HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 11'511'846 1.35 471'078 31.03.2013 Investment Advisor





ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 5'771'260 0.67 4'405'788 31.03.2013 Investment Advisor


DEUTSCHE BANK AG n/a ULT-AGG 4'940'927 0.58 (1'642'338) 31.05.2013 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 4'783'756 0.56 3'775'104 30.04.2013 Investment Advisor


PICTET FUNDS n/a ULT-AGG 4'551'953 0.53 3'876'925 31.03.2013 Investment Advisor

EMPYREAN CAPITAL PAR EMPYREAN CAPITAL PAR 13F 4'200'000 0.49 4'200'000 31.03.2013 Hedge Fund Manager


Wells Fargo Securities, LLC NEIL A KALTON underperform 1 M #N/A N/A Not Provided 03.07.2013

SunTrust Robinson Humphrey ALI AGHA neutral 3 M #N/A N/A Not Provided 01.07.2013

Wolfe Research STEVEN I FLEISHMAN peerperform 3 M 34 12 month 01.07.2013

Sanford C. Bernstein & Co HUGH WYNNE market perform 3 M 32 12 month 26.06.2013

Goldman Sachs MICHAEL J LAPIDES neutral/neutral 3 M 32 12 month 23.06.2013

JPMorgan CHRISTOPHER TURNURE neutral 3 M 34 6 month 19.06.2013

Edward Jones ANDREW PUSATERI hold 3 M #N/A N/A Not Provided 18.06.2013



BGC Partners KIT KONOLIGE hold 3 N #N/A N/A Not Provided 17.06.2013

Morgan Stanley STEPHEN C BYRD Overwt/In-Line 5 M 36 12 month 03.06.2013

Deutsche Bank JONATHAN ARNOLD hold 3 D 34 12 month 28.05.2013

Argus Research Corp MICHAEL BURKE hold 3 M #N/A N/A Not Provided 28.05.2013

Credit Suisse DANIEL EGGERS neutral 3 M 30 Not Provided 28.05.2013

Atlantic Equities LLP NATHAN JUDGE neutral 3 M 37 12 month 28.05.2013

Drexel Hamilton LLC ANDREW L SMITH hold 3 M 37 12 month 13.05.2013

Jefferies PAUL B FREMONT hold 3 M 37 12 month 09.05.2013

RBC Capital Markets SHELBY G TUCKER outperform 5 M 39 12 month 07.05.2013

ISI Group GREG GORDON neutral 3 D 36 12 month 05.05.2013

Wunderlich Securities JAMES L DOBSON hold 3 D 37 Not Provided 02.05.2013

Tudor Pickering & Co NEEL MITRA hold 3 M 35 Not Provided 02.05.2013

Barclays DANIEL F FORD equalweight 3 M 37 Not Provided 02.05.2013

S&P Capital IQ JUSTIN MCCANN sell 1 D 34 Not Provided 30.04.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 08.02.2013

KeyBanc Capital Markets PAUL T RIDZON hold 3 M #N/A N/A Not Provided 22.01.2013

Holdings By:

Exelon Corp ee


05.07.2013

Ford Motor Company designs, manufactures, and services cars and trucks. The

Company also provides vehicle-related financing, leasing, and insurance through

its subsidiary.


LTM as of: 03/yy

52-Week High (05.07.2013) 16.74

52-Week Low (02.08.2012) 8.82

Daily Volume

16.59





65'218.71 1 Yr Total Return 77.13%







F UN EQUITY YTD Change - Average Volume 30 Day 7'414'723

F UN EQUITY YTD % CHANGE - Average Volume 3 Month 6'682'969


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

145'114.0 116'283.0 128'954.0 136'264.0 134'252.0 135'595.0 137'617.0 136'313.4 143'799.0 34'997.0 32'564.9

0.11x 0.36x 0.48x 0.23x 0.31x 1.06x 1.03x 0.43x 0.39x 1.60x 1.72x

64.0 6'438.0 15'383.0 13'629.0 12'513.0 12'887.0 12'539.0 10'860.9 12'446.3 3'079.5 2'881.3

238.63x 6.54x 4.03x 2.34x 3.30x 2.99x 3.53x 5.27x 4.60x 4.91x 4.83x

(14'766.0) 2'717.0 6'561.0 20'213.0 5'665.0 19'058.0 5'880.0 5'708.2 6'690.7 1'435.3 1'293.7

- 24.40x 9.19x 2.17x 8.23x 2.62x 8.53x 11.78x 9.92x 11.39x 10.77x


EBIT 6'291.00 Long-Term Rating BB+









EBITDA Margin 9.1%



Asset Turnover 0.73







Fiscal Year Ended

Ford Motor CoPrice/Volume

Valuation Analysis

3'782'844.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&.135

-&-.-1-3-5

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

2!& 9

-&!& 9

-2!& 9

.&!& 9

.2!& 9

0&!& 9

02!& 9

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!&&

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05.07.2013























Sterne, Agee & Leach MICHAEL P WARD buy 5 M 19 12 month 04.07.2013

Guggenheim Securities LLC MATTHEW T STOVER neutral 3 M 13 12 month 03.07.2013


Daiwa Securities Co. Ltd. TAKUO KATAYAMA neutral 3 M 15 Not Provided 24.06.2013


S&P Capital IQ EFRAIM LEVY hold 3 D 17 12 month 17.06.2013

Stifel JAMES J ALBERTINE hold 3 M #N/A N/A Not Provided 14.06.2013

Jefferies H PETER NESVOLD buy 5 M 18 12 month 07.06.2013

Buckingham Research Group JOSEPH C AMATURO underperform 1 M 11 12 month 04.06.2013

RBC Capital Markets JOSEPH SPAK outperform 5 M 18 12 month 30.05.2013

JPMorgan RYAN BRINKMAN overweight 5 M 16 6 month 28.05.2013

Craig-Hallum Capital Group LLC STEVEN L. DYER buy 5 U 18 12 month 16.05.2013

Wolfe Research TIMOTHY J DENOYER peerperform 3 M #N/A N/A Not Provided 02.05.2013

Deutsche Bank ROD LACHE hold 3 M 15 12 month 01.05.2013

Morgan Stanley ADAM JONAS Overwt/In-Line 5 M 17 12 month 25.04.2013

Credit Suisse CHRISTOPHER J CERASO neutral 3 M 14 Not Provided 25.04.2013

Barclays BRIAN A JOHNSON equalweight 3 M 15 Not Provided 25.04.2013



Goldman Sachs PATRICK ARCHAMBAULT buy/attractive 5 M 17 6 month 10.01.2013

KeyBanc Capital Markets BRETT D HOSELTON hold 3 M #N/A N/A Not Provided 04.12.2012

CRT Capital Group KIRK LUDTKE Fairly Valued 3 M 17 12 month 31.10.2012

Holdings By:

Ford Motor Co ee


05.07.2013

Freeport-McMoRan Copper & Gold Inc., through its subsidiary, is a copper, gold

and molybdenum mining company. The Company primarily mines for copper and owns

mining interests in Chile and Indonesia. Freeport-McMoRan Copper & Gold also,

through a subsidiary, is involved in smelting and refining of copper

concentrates.


LTM as of: 03/yy

52-Week High (14.09.2012) 42.21

52-Week Low (18.04.2013) 26.34

Daily Volume

27.23





28'164.34 1 Yr Total Return -17.15%







FCX UN EQUITY YTD Change - Average Volume 30 Day 3'284'220

FCX UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'198'671


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

17'796.0 15'040.0 18'982.0 20'880.0 18'010.0 19'776.0 17'988.0 21'947.9 25'390.2 4'582.2 5'992.0

1.17x 2.84x 3.15x 1.75x 2.00x 7.92x 8.20x 2.03x 1.76x 9.00x 8.34x

6'154.0 7'736.0 10'196.0 10'162.0 6'934.0 8'995.0 6'617.0 9'046.2 11'710.8 1'612.0 2'580.6

3.40x 5.52x 5.87x 3.59x 5.20x 4.26x 5.42x 3.59x 2.78x 3.14x 2.81x

(11'067.0) 2'749.0 4'336.0 4'560.0 3'041.0 3'825.0 2'925.0 3'122.3 4'003.8 576.4 831.7

3.29x 12.99x 14.30x 6.98x 10.56x 8.58x 10.21x 8.86x 7.14x 8.03x 7.02x











EBITDA Margin 36.8%



Asset Turnover 0.48







Fiscal Year Ended

Freeport-McMoRan Copper & Gold IncPrice/Volume

Valuation Analysis

501'865.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&12

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9.!& 91!& 93!& 95!& 9-&!& 9-.!& 9-1!& 9-3!& 9-5!& 9

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!&&

-&!&&

-.!&&

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



05.07.2013





NORTHERN CROSS LLC NORTHERN CROSS LLC 13F 22'141'542 2.14 68'129 31.03.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 20'100'711 1.94 - 31.03.2013 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 18'075'575 1.75 929'417 31.05.2013 Investment Advisor




DEUTSCHE BANK AG n/a ULT-AGG 12'639'500 1.22 373'220 31.05.2013 Investment Advisor


SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 11'915'227 1.15 2'033'156 31.03.2013 Investment Advisor

PAULSON & CO PAULSON & CO 13F 9'000'000 0.87 - 31.03.2013 Hedge Fund Manager



CITIGROUP INCORPORAT n/a ULT-AGG 6'545'931 0.63 210'261 31.03.2013 Investment Advisor





Jefferies PETER D WARD buy 5 M 40 12 month 02.07.2013

Barclays DAVID GAGLIANO overweight 5 M 40 Not Provided 02.07.2013

Deutsche Bank JORGE M BERISTAIN buy 5 M 40 12 month 27.06.2013

Macquarie ALDO J MAZZAFERRO JR neutral 3 M 30 12 month 27.06.2013

Credit Suisse RICHARD GARCHITORENA outperform 5 M 38 Not Provided 26.06.2013

BMO Capital Markets TONY ROBSON market perform 3 M 30 Not Provided 25.06.2013

Morgan Stanley PARETOSH MISRA Overwt/In-Line 5 M 43 12 month 25.06.2013

Goldman Sachs SAL THARANI Buy/Neutral 5 M 35 6 month 25.06.2013

FBR Capital Markets MITESH B THAKKAR outperform 5 M 40 12 month 25.06.2013

Stifel PAUL A MASSOUD buy 5 M 37 12 month 25.06.2013

Nomura CURTIS WOODWORTH buy 5 M 38 12 month 25.06.2013

Cowen and Company ANTHONY B RIZZUTO JR outperform 5 M 45 12 month 25.06.2013

RBC Capital Markets FRASER PHILLIPS sector perform 3 M 35 12 month 24.06.2013

BB&T Capital Markets GARRETT S. NELSON buy 5 M 40 12 month 24.06.2013

Argus Research Corp WILLIAM V SELESKY hold 3 D #N/A N/A Not Provided 24.04.2013


JPMorgan MICHAEL F GAMBARDELLA restricted #N/A N/A M #N/A N/A Not Provided 18.04.2013

Canaccord Genuity Corp GARY LAMPARD suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013

S&P Capital IQ LEO LARKIN sell 1 M 29 Not Provided 22.01.2013

Oracle Investment Research LAURENCE BALTER strong buy 5 M 50 Not Provided 31.12.2012


Hamburger Sparkasse INGO SCHMIDT hold 3 N #N/A N/A Not Provided 10.12.2012

Holdings By:

Freeport-McMoRan Copper & Gold Inc ee


05.07.2013

FedEx Corp. delivers packages and freight to multiple countries and

territories through an integrated global network. The Company provides

worldwide express delivery, ground small-parcel delivery, less-than-truckload

freight delivery, supply chain management services, customs brokerage services,

and trade facilitation and electronic commerce solutions.


LTM as of: 05/yy

52-Week High (11.03.2013) 109.66

52-Week Low (24.09.2012) 83.92

Daily Volume

98.5





31'280.33 1 Yr Total Return 7.01%







FDX UN EQUITY YTD Change - Average Volume 30 Day 587'535

FDX UN EQUITY YTD % CHANGE - Average Volume 3 Month 617'762


31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 05/yy 05/yy 05/14 Y 05/15 Y 08/13 Q1 11/13 Q2

35'497.0 34'734.0 39'304.0 42'680.0 44'287.0 42'680.0 44'287.0 46'027.8 48'700.6 11'023.8 11'504.2

0.50x 0.75x 0.74x 0.63x 0.65x 2.48x 2.63x 0.64x 0.58x 2.69x 2.58x

3'926.0 3'974.0 4'440.0 5'433.0 5'597.0 5'433.0 5'580.0 6'176.6 7'157.5 1'398.9 1'475.6

4.48x 6.59x 6.54x 4.98x 5.12x 4.98x 5.14x 4.76x 4.11x 4.80x 4.60x

98.0 1'184.0 1'452.0 2'032.0 1'561.0 2'032.0 1'561.0 2'234.3 2'786.9 472.7 514.3

19.67x 21.99x 19.70x 13.35x 15.46x 13.35x 15.54x 13.98x 11.35x 14.11x 13.41x











EBITDA Margin 12.6%



Asset Turnover 1.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

FedEx CorpPrice/Volume

Valuation Analysis

57'237.00


&

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1&

3&

5&

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-!2 9

.!& 9

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0!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

&!&&

-!&&

.!&&

0!&&

1!&&

2!&&

3!&&

4!&&

5!&&

6!&&

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05.07.2013


SMITH FREDERICK WALL n/a Form 4 19'748'475 6.22 48'004 04.04.2013 n/a



SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 16'598'493 5.23 303'407 31.03.2013 Investment Advisor








GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 4'613'474 1.45 99'235 31.03.2013 Investment Advisor



WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 3'217'200 1.01 3'217'200 31.03.2013 Investment Advisor







Jefferies H PETER NESVOLD hold 3 M 102 12 month 01.07.2013

Cowen and Company HELANE R BECKER outperform 5 M 117 12 month 01.07.2013

Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 123 12 month 01.07.2013

Robert W. Baird & Co BENJAMIN J HARTFORD outperform 5 M 116 12 month 28.06.2013

Deutsche Bank JUSTIN B YAGERMAN buy 5 M 123 12 month 26.06.2013

Accountability Research Corp MARK SUAREZ buy 5 M 110 Not Provided 25.06.2013

Wolfe Research SCOTT H GROUP outperform 5 M 122 12 month 25.06.2013

Avondale Partners LLC DONALD BROUGHTON market perform 3 M 105 18 month 21.06.2013

Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 D #N/A N/A Not Provided 20.06.2013


Credit Suisse CHRISTOPHER J CERASO neutral 3 M 108 Not Provided 20.06.2013

JPMorgan THOMAS R WADEWITZ neutral 3 D 108 12 month 20.06.2013

Sanford C. Bernstein & Co DAVID VERNON market perform 3 M 102 12 month 20.06.2013

Stephens Inc JACK ATKINS overweight 5 M 125 12 month 20.06.2013

Macquarie KELLY A DOUGHERTY outperform 5 M 115 12 month 20.06.2013

Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 124 12 month 20.06.2013

Barclays BRANDON OGLENSKI overweight 5 M 120 Not Provided 20.06.2013

Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A M 115 Not Provided 20.06.2013


RBC Capital Markets JOHN L BARNES III underperform 1 M 95 12 month 19.06.2013

Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 19.06.2013

William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 19.06.2013

Raymond James ARTHUR W HATFIELD outperform 5 M 117 12 month 19.06.2013

Stifel DAVID G ROSS buy 5 M 128 12 month 19.06.2013

BB&T Capital Markets KEVIN W STERLING hold 3 M #N/A N/A Not Provided 19.06.2013

Wells Fargo Securities, LLC ANTHONY P GALLO market perform 3 M #N/A N/A Not Provided 19.06.2013

S&P Capital IQ JAMES CORRIDORE buy 5 M 117 12 month 19.06.2013

Atlantic Equities LLP RORRIE MARS neutral 3 M 108 12 month 19.06.2013

Nomura MARK MCVICAR neutral 3 M 105 12 month 18.06.2013

Goldman Sachs TOM KIM buy/attractive 5 M 114 12 month 13.06.2013

Jyske Bank ROBERT JAKOBSEN sell 1 D 103 Not Provided 29.01.2013

Holdings By:

FedEx Corp ee


05.07.2013

Twenty-First Century Fox, Inc. is a diversified media company. The Company's

media and entertainment operations include the production and distribution

motion pictures and television programming, music, radio broadcasting, and

sports.


LTM as of: 03/yy

52-Week High (05.07.2013) 30.54

52-Week Low (12.07.2012) 18.79

Daily Volume

30.06





69'678.97 1 Yr Total Return 50.72%







FOXA UW EQUITY YTD Change - Average Volume 30 Day 4'707'044

FOXA UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'991'552


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

32'996.0 30'423.0 32'778.0 33'405.0 33'706.0 34'298.0 35'469.0 31'587.1 33'862.2 8'061.6 7'529.8

1.49x 1.06x 1.12x 1.50x 1.78x 5.83x 7.59x 2.52x 2.36x 10.05x 10.77x

6'668.0 4'784.0 5'228.0 6'133.0 6'646.0 6'861.0 6'868.0 6'695.7 7'339.4 1'664.0 1'739.5

7.36x 6.75x 7.02x 8.17x 9.04x 7.89x 11.90x 12.06x 11.00x 11.39x 11.00x

5'387.0 (3'378.0) 2'539.0 2'739.0 1'179.0 3'415.0 5'915.0 3'686.1 3'843.2 820.2 888.4

12.23x 26.72x 10.34x 13.72x 18.31x 13.47x 24.78x 19.79x 17.31x 18.64x 17.82x











EBITDA Margin 19.4%



Asset Turnover 0.55







Fiscal Year Ended

Twenty-First Century Fox IncPrice/Volume

Valuation Analysis

798'714.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

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02

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5!& 9

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-.!& 9

-1!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

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05.07.2013


BLACKROCK n/a ULT-AGG 106'117'879 7 566'560 03.07.2013 Investment Advisor



YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 75'774'270 5 (4'332'665) 31.03.2013 Investment Advisor







CHILDRENS INV FUND M CHILDRENS INVESTMENT 13F 25'629'967 1.69 (8'718'512) 31.03.2013 Hedge Fund Manager


ETON PARK CAPITAL MA ETON PARK CAPITAL MA 13F 23'000'000 1.52 (5'100'000) 31.03.2013 Hedge Fund Manager

HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 22'414'300 1.48 (5'531'000) 31.03.2013 Hedge Fund Manager


LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 22'076'325 1.46 5'146'872 31.03.2013 Hedge Fund Manager


EGERTON CAPITAL LIMI EGERTON CAPITAL LIMI 13F 20'186'722 1.33 2'615'344 31.03.2013 Hedge Fund Manager


LUXOR CAPITAL GROUP LUXOR CAPITAL GROUP 13F 17'535'678 1.16 17'535'678 31.03.2013 Hedge Fund Manager


Morgan Stanley BENJAMIN SWINBURNE Overwt/Attractive 5 M 30 12 month 04.07.2013


Needham & Co LAURA A MARTIN buy 5 N 36 12 month 03.07.2013

Goldman Sachs DREW BORST buy/attractive 5 M 35 12 month 02.07.2013

Macquarie TIMOTHY W NOLLEN outperform 5 N 33 12 month 02.07.2013

Spin-Off Research TEAM COVERAGE buy 5 M 34 Not Provided 02.07.2013


Gabelli & Co BRETT HARRISS buy 5 M #N/A N/A Not Provided 02.07.2013


Evercore Partners ALAN GOULD overweight 5 N 34 12 month 01.07.2013

Telsey Advisory Group JAISON BLAIR no rating system #N/A N/A N 34 12 month 01.07.2013

Wedbush JAMES G DIX outperform 5 M 31 12 month 30.06.2013

Sanford C. Bernstein & Co TODD JUENGER outperform 5 M 40 12 month 28.06.2013

BMO Capital Markets DANIEL SALMON market perform 3 M 31 Not Provided 25.06.2013



CRT Capital Group LANCE W VITANZA not rated #N/A N/A M #N/A N/A Not Provided 19.06.2013

Atlantic Equities LLP HAMILTON FABER overweight 5 M 35 12 month 19.06.2013


WhiteSand Research LLC TEAM COVERAGE undervalued 4 M #N/A N/A Not Provided 11.06.2013

S&P Capital IQ TUNA AMOBI buy 5 M 34 Not Provided 29.05.2013




Nomura MICHAEL NATHANSON buy 5 M 30 12 month 09.05.2013

Cowen and Company DOUGLAS CREUTZ outperform 5 M #N/A N/A Not Provided 09.05.2013

Barclays ANTHONY J DICLEMENTE overweight 5 M 33 Not Provided 09.05.2013

BTIG LLC RICHARD GREENFIELD buy 5 M 26 Not Provided 27.06.2012

Holdings By:

Twenty-First Century Fox Inc ee


05.07.2013

General Dynamics Corporation is a diversified defense company. The Company

offers a broad portfolio of products and services in business aviation, combat

vehicles, weapons systems and munitions, shipbuilding design and construction,

and information systems, technologies and services.


LTM as of: 03/yy

52-Week High (05.07.2013) 79.55

52-Week Low (02.08.2012) 61.09

Daily Volume

78.85





27'848.77 1 Yr Total Return 22.84%







GD UN EQUITY YTD Change - Average Volume 30 Day 655'888

GD UN EQUITY YTD % CHANGE - Average Volume 3 Month 677'997


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 04/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

29'300.0 31'981.0 32'466.0 32'677.0 31'513.0 32'458.0 31'338.0 31'174.6 30'905.3 7'726.6 7'849.4

0.84x 0.87x 0.83x 0.76x 0.80x 3.20x 3.17x 0.88x 0.86x 3.62x 3.54x

4'100.0 4'237.0 4'514.0 4'418.0 3'447.0 4'360.0 1'428.0 4'163.4 4'198.8 1'010.7 1'050.0

6.02x 6.58x 5.99x 5.65x 7.28x 6.36x 17.55x 6.75x 6.69x 6.70x 6.63x

2'459.0 2'394.0 2'624.0 2'526.0 (332.0) 2'472.0 (325.0) 2'368.4 2'410.6 568.4 595.8

9.26x 11.00x 10.40x 9.13x 10.69x 10.01x 10.88x 11.68x 11.17x 11.72x 11.59x







Return on Capital -2.49% EBITDA/Interest Exp. 20.52




EBITDA Margin 4.6%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

General Dynamics CorpPrice/Volume

Valuation Analysis

51'284.00


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

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25'000.0

30'000.0

35'000.0

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

&!&&

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05.07.2013



LONGVIEW ASSET MANAG LONGVIEW ASSET MANAG 13F 33'399'076 9.46 2'016 31.03.2013 Investment Advisor





HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 8'398'540 2.38 (242'640) 31.03.2013 Investment Advisor

CROWN FUND n/a Form 4 7'705'112 2.18 (48'000) 03.05.2013 Unclassified


HENRY CROWN AND CO n/a Form 4 5'424'092 1.54 - 03.05.2013 Holding Company



SANDERS CAPITAL LLC SANDERS CAPITAL LLC 13F 4'033'099 1.14 495'465 31.03.2013 Investment Advisor



ABRAMS BISON INVESTM ABRAMS BISON INVESTM 13F 3'270'000 0.93 400'000 31.03.2013 Hedge Fund Manager







Cowen and Company CAI VON RUMOHR outperform 5 M 90 12 month 02.07.2013

Stifel WILLIAM R LOOMIS hold 3 M #N/A N/A Not Provided 01.07.2013

CRT Capital Group BRIAN W RUTTENBUR sell 1 M 54 Not Provided 01.07.2013



Edward Jones CHRISTIAN MAYES buy 5 M #N/A N/A Not Provided 17.06.2013



Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 81 12 month 12.06.2013


Goldman Sachs NOAH POPONAK sell/attractive 1 M 73 12 month 30.05.2013





Oppenheimer & Co YAIR REINER market perform 3 M #N/A N/A Not Provided 24.04.2013

Buckingham Research Group RICHARD SAFRAN neutral 3 M 70 12 month 05.04.2013


Gabelli & Co BRIAN BETTS hold 3 D #N/A N/A Not Provided 06.03.2009

Holdings By:

General Dynamics Corp ee


05.07.2013

General Electric Company is a globally diversified technology and financial

services company. The Company's products and services include aircraft engines,

power generation, water processing, and household appliances to medical imaging,

business and consumer financing and industrial products.


LTM as of: 03/yy

52-Week High (18.06.2013) 24.44

52-Week Low (12.07.2012) 19.37

Daily Volume

23.03





238'132.98 1 Yr Total Return 16.49%







GE UN EQUITY YTD Change - Average Volume 30 Day 9'492'795

GE UN EQUITY YTD % CHANGE - Average Volume 3 Month 8'904'843


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

180'929.0 154'272.0 148'442.0 142'224.0 144'796.0 142'043.0 143'566.0 148'168.5 152'911.9 35'892.4 36'859.8

0.99x 1.12x 1.28x 1.37x 1.56x 5.47x 6.51x 3.34x 3.12x 13.21x 12.78x

30'781.0 20'435.0 23'747.0 25'040.0 25'000.0 24'486.0 24'248.0 29'090.3 31'833.0 5'922.8 6'406.0

5.83x 8.45x 8.01x 7.76x 9.03x 8.90x 9.67x 8.04x 7.35x 8.58x 8.14x

17'410.0 11'025.0 11'644.0 14'151.0 13'641.0 13'752.0 14'134.0 16'983.5 18'148.6 3'613.6 4'045.3

8.39x 12.59x 15.84x 12.68x 13.54x 14.13x 14.97x 13.85x 12.62x 13.98x 13.48x


EBIT 15'654.00 Long-Term Rating AA+









EBITDA Margin 16.9%



Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

General Electric CoPrice/Volume

Valuation Analysis

1'297'593.00


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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

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05.07.2013











GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 88'985'625 0.86 (4'790'436) 31.03.2013 Corporation













JPMorgan CHARLES STEPHEN TUSA neutral 3 M 22 6 month 02.07.2013

Morgan Stanley NIGEL COE Equalwt/In-Line 3 M 23 12 month 19.06.2013





Barclays SCOTT R DAVIS overweight 5 M 26 Not Provided 03.06.2013




Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 26 12 month 12.05.2013

Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 28 Not Provided 24.04.2013



Nomura SHANNON O'CALLAGHAN neutral 3 M 23 12 month 22.04.2013



S&P Capital IQ RICHARD TORTORIELLO buy 5 M 26 Not Provided 13.02.2013

Gabelli & Co ZAHID SIDDIQUE buy 5 M #N/A N/A Not Provided 26.09.2011

Holdings By:

General Electric Co ee


05.07.2013

Gilead Sciences, Inc. is a research-based biopharmaceutical company that

discovers, develops, and commercializes therapeutics to advance the care of

patients suffering from life-threatening diseases. The Company's primary areas

of focus include HIV/AIDS, liver disease and serious cardiovascular and

respiratory conditions.


LTM as of: 03/yy

52-Week High (22.05.2013) 58.06

52-Week Low (12.07.2012) 24.80

Daily Volume

53.22





81'179.44 1 Yr Total Return 104.38%







GILD UW EQUITY YTD Change - Average Volume 30 Day 3'277'095

GILD UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'585'302


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

5'335.8 7'011.4 7'949.4 8'385.4 9'702.5 8'741.7 9'951.7 10'629.2 13'014.7 2'653.3 2'675.7

8.35x 5.18x 3.38x 3.41x 6.36x 15.12x 24.53x 7.99x 6.33x - -

2'845.0 3'742.2 4'227.7 4'092.1 4'288.4 3'975.5 4'521.6 4'723.0 6'689.0 1'133.3 1'134.5

15.67x 9.71x 6.35x 6.99x 14.38x 11.33x 17.74x 18.33x 12.94x - -

1'978.9 2'635.8 2'901.3 2'803.6 2'591.6 2'594.5 2'871.8 3'248.2 4'805.7 805.2 793.4

24.83x 15.12x 10.53x 11.34x 21.83x 14.38x 26.42x 27.14x 18.17x 25.02x 22.32x











EBITDA Margin 45.4%



Asset Turnover 0.47







Fiscal Year Ended

Gilead Sciences IncPrice/Volume

Valuation Analysis

622'053.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

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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

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05.07.2013





















AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 12'603'895 0.83 376'007 31.03.2013 Investment Advisor


Cowen and Company PHILIP NADEAU outperform 5 M 65 12 month 03.07.2013

Wells Fargo Securities, LLC BRIAN C ABRAHAMS outperform 5 M #N/A N/A Not Provided 02.07.2013

Stifel JOEL D SENDEK buy 5 M 65 12 month 01.07.2013

Sanford C. Bernstein & Co GEOFFREY C PORGES outperform 5 M 69 12 month 28.06.2013

Lazard Capital Markets JOSHUA SCHIMMER buy 5 M 63 12 month 26.06.2013

Maxim Group LLC JASON KOLBERT buy 5 M 88 12 month 26.06.2013

Needham & Co ALAN CARR buy 5 M 62 12 month 21.06.2013

Leerink Swann & Co HOWARD LIANG outperform 5 M #N/A N/A Not Provided 21.06.2013

RBC Capital Markets MICHAEL J YEE outperform 5 M 62 12 month 20.06.2013

BMO Capital Markets JIM BIRCHENOUGH outperform 5 M 85 Not Provided 17.06.2013

Oppenheimer & Co DAVID FERREIRO outperform 5 M 61 18 month 17.06.2013

Argus Research Corp JOHN M EADE buy 5 U 62 Not Provided 13.06.2013

JPMorgan GEOFFREY MEACHAM overweight 5 M 80 6 month 12.06.2013

ISI Group MARK J SCHOENEBAUM buy 5 M 64 Not Provided 12.06.2013

S&P Capital IQ STEVEN SILVER strong buy 5 M 67 12 month 10.06.2013

Jefferies THOMAS WEI hold 3 M 40 12 month 07.06.2013

Guggenheim Securities LLC BRET HOLLEY buy 5 M 69 12 month 05.06.2013

William Blair & Co JOHN S SONNIER outperform 5 M #N/A N/A Not Provided 03.06.2013


Piper Jaffray M IAN SOMAIYA overweight 5 M 63 12 month 29.05.2013

Robert W. Baird & Co BRIAN P SKORNEY outperform 5 M 55 12 month 23.05.2013

Credit Suisse RAVI MEHROTRA outperform 5 M 67 Not Provided 17.05.2013

Deutsche Bank ROBYN KARNAUSKAS buy 5 M 69 12 month 13.05.2013

Summer Street Research Partners CAROL A WERTHER neutral 3 M #N/A N/A Not Provided 03.05.2013

Barclays CHARLES ANTHONY BUTLER overweight 5 M 65 Not Provided 02.05.2013

Goldman Sachs TERENCE FLYNN neutral/attractive 3 M 54 12 month 17.04.2013


First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 09.02.2012

BWS Financial HAMED KHORSAND buy 5 M 24 12 month 21.04.2011

Holdings By:

Gilead Sciences Inc ee


05.07.2013

General Motors Co. manufactures and markets new cars and trucks. The Company

offers features for special needs drivers, OnStar vehicle protection, service,

parts, accessories, maintenance, XM satellite radio, features for commercial

owners, and more. General Motors offers its vehicles and services worldwide.


LTM as of: 03/yy

52-Week High (04.06.2013) 35.40

52-Week Low (25.07.2012) 18.72

Daily Volume

34.47





47'385.43 1 Yr Total Return 66.76%







GM UN EQUITY YTD Change - Average Volume 30 Day 4'583'183

GM UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'640'465


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

- 104'589.0 135'592.0 150'276.0 152'256.0 151'841.0 151'381.0 156'614.8 166'213.2 38'456.1 39'147.7

- - 0.38x 0.11x 0.19x 0.67x 0.70x 0.25x 0.22x 1.03x 1.02x

- (9'909.0) 12'007.0 14'369.0 5'647.0 14'117.0 5'021.0 13'551.8 15'716.9 3'425.2 3'899.0

- - 4.30x 1.16x 5.24x 2.42x 6.17x 2.89x 2.50x 2.81x 2.76x

- 104'821.0 6'172.0 9'190.0 6'188.0 7'139.0 6'048.0 5'552.5 7'107.9 1'274.8 1'639.9

- - 13.72x 3.31x 7.91x 6.22x 9.96x 10.40x 7.94x 9.58x 8.67x


EBIT -3'218.00 Long-Term Rating BB+

Operating Margin -2.11% Long-Term Outlook STABLE

Pretax Margin -18.85% Short-Term Rating Date -







EBITDA Margin 3.3%

EBIT Margin -2.6% Total Debt/Equity 62.1%


Asset Turnover 1.00







Fiscal Year Ended

General Motors CoPrice/Volume

Valuation Analysis

569'405.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

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20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

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

&!&&

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05.07.2013


UNITED STATES GOVERN n/a Co File 189'194'989 13.76 (30'000'000) 05.06.2013 Government

UAW RETIREE MED BEN n/a Form 4 140'150'000 10.2 - 12.06.2013 n/a

CANADA GEN INVESTMEN n/a PROXY 140'084'746 10.19 - 01.04.2013 Other




MOTORS LIQUIDATION C n/a PROXY 29'101'877 2.12 (1'865'684) 01.04.2013 Other




GREENLIGHT CAPITAL I GREENLIGHT CAPITAL I 13F 21'172'063 1.54 - 31.03.2013 Hedge Fund Manager



AL SAUD ALWALEED BIN n/a Research 15'000'000 1.09 - 23.11.2010 n/a

SAIC MOTOR CORP LTD n/a Research 15'000'000 1.09 - 23.11.2010 Corporation




NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 11'611'451 0.84 18'742 31.03.2013 Investment Advisor

EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 11'287'595 0.82 11'287'595 31.03.2013 Investment Advisor


Sterne, Agee & Leach MICHAEL P WARD buy 5 M 46 12 month 04.07.2013

Guggenheim Securities LLC MATTHEW T STOVER neutral 3 M 25 12 month 03.07.2013

Morgan Stanley ADAM JONAS Overwt/In-Line 5 M 45 12 month 28.06.2013

Stifel JAMES J ALBERTINE hold 3 M #N/A N/A Not Provided 14.06.2013

Deutsche Bank ROD LACHE buy 5 M 39 12 month 13.06.2013

RBC Capital Markets JOSEPH SPAK outperform 5 M 41 12 month 13.06.2013

Credit Suisse CHRISTOPHER J CERASO outperform 5 M 44 Not Provided 13.06.2013

JPMorgan RYAN BRINKMAN overweight 5 M 39 6 month 13.06.2013


Barclays BRIAN A JOHNSON overweight 5 M 38 Not Provided 13.06.2013

Buckingham Research Group JOSEPH C AMATURO buy 5 M 50 12 month 11.06.2013


Argus Research Corp WILLIAM V SELESKY buy 5 M 43 12 month 20.05.2013

Daiwa Securities Co. Ltd. TAKUO KATAYAMA outperform 5 M 35 Not Provided 15.05.2013

Goldman Sachs PATRICK ARCHAMBAULT buy/attractive 5 M 38 12 month 03.05.2013

Craig-Hallum Capital Group LLC STEVEN L. DYER buy 5 U 38 12 month 03.05.2013

CRT Capital Group KIRK LUDTKE buy 5 M 34 12 month 02.05.2013

S&P Capital IQ EFRAIM LEVY hold 3 M 33 12 month 02.05.2013

Wolfe Research TIMOTHY J DENOYER outperform 5 M 37 12 month 02.05.2013


Holdings By:

General Motors Co ee


05.07.2013

Google Inc. is a global technology company that provides a web based search

engine through its website. The Company offers a wide range of search options,

including web, image, groups, directory, and news searches.


LTM as of: 03/yy

52-Week High (20.05.2013) 920.50

52-Week Low (12.07.2012) 562.20

Daily Volume

890.12





295'168.97 1 Yr Total Return 51.42%







GOOG UW EQUITY YTD Change - Average Volume 30 Day 569'358

GOOG UW EQUITY YTD % CHANGE - Average Volume 3 Month 598'427


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

21'795.6 23'650.6 29'321.0 37'905.0 50'175.0 39'975.0 54'703.0 47'444.2 55'295.7 11'326.1 11'878.5

3.72x 7.29x 5.42x 4.45x 3.77x 14.71x 13.97x 4.98x 3.96x 21.66x 20.31x

8'131.9 9'836.5 11'777.0 13'593.0 15'722.0 14'796.0 16'160.0 21'650.4 25'586.8 5'246.3 5'452.0

9.96x 17.53x 13.48x 12.41x 12.05x 11.10x 13.34x 11.48x 9.71x 10.91x 10.47x

4'226.9 6'520.4 8'505.0 9'737.0 10'737.0 10'829.0 11'193.0 15'655.3 18'196.3 3'645.9 3'778.5

18.44x 30.38x 22.30x 21.30x 21.10x 19.37x 22.80x 19.28x 16.67x 18.88x 18.13x











EBITDA Margin 29.5%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Google IncPrice/Volume

Valuation Analysis

144'656.00


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

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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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05.07.2013















DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 2'701'990 1 (13'984) 31.03.2013 Investment Advisor


GOLDMAN SACHS GROUP n/a ULT-AGG 2'306'413 0.85 (194'982) 31.03.2013 Investment Advisor






S&P Capital IQ SCOTT H KESSLER hold 3 M 925 12 month 04.07.2013


Sanford C. Bernstein & Co CARLOS KIRJNER outperform 5 M 1'000 12 month 28.06.2013

Raymond James AARON M KESSLER outperform 5 M 875 12 month 28.06.2013

Cantor Fitzgerald YOUSSEF H SQUALI buy 5 M 1'030 12 month 28.06.2013

Pivotal Research Group LLC BRIAN WIESER hold 3 M 820 12 month 28.06.2013

Stifel JORDAN ROHAN hold 3 M #N/A N/A Not Provided 27.06.2013



Janney Montgomery Scott LLC SHAWN C MILNE buy 5 N 1'050 12 month 25.06.2013

JPMorgan DOUGLAS ANMUTH overweight 5 M 1'025 6 month 24.06.2013

Wedbush JAMES G DIX neutral 3 M 800 12 month 23.06.2013

Evercore Partners KEN SENA overweight 5 M 1'050 12 month 20.06.2013


Argus Research Corp JOSEPH F BONNER buy 5 M 1'065 12 month 17.06.2013

Canaccord Genuity Corp MICHAEL GRAHAM buy 5 M 890 Not Provided 17.06.2013

Needham & Co KERRY RICE buy 5 M 1'000 12 month 12.06.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 M 930 12 month 12.06.2013




Cowen and Company JOHN BLACKLEDGE outperform 5 M #N/A N/A Not Provided 10.06.2013

JMP Securities RONALD V JOSEY III market outperform 4 M 955 12 month 10.06.2013

Barclays ANTHONY J DICLEMENTE overweight 5 M 1'000 Not Provided 10.06.2013

Robert W. Baird & Co COLIN SEBASTIAN outperform 5 M 1'025 12 month 06.06.2013

Goldman Sachs HEATHER BELLINI neutral/attractive 3 M 965 12 month 05.06.2013

Wells Fargo Securities, LLC PETER STABLER market perform 3 M #N/A N/A Not Provided 03.06.2013




Jefferies BRIAN J PITZ buy 5 M 1'000 12 month 16.05.2013

Oppenheimer & Co JASON S HELFSTEIN market perform 3 M 820 12 month 16.05.2013

Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 22.04.2013

William Blair & Co RALPH SCHACKART outperform 5 M #N/A N/A Not Provided 22.04.2013

Sterne, Agee & Leach SHAW WU suspended coverage #N/A N/A M #N/A N/A Not Provided 22.04.2013

Deutsche Bank ROSS SANDLER buy 5 M 930 12 month 19.04.2013

Credit Suisse STEPHEN JU outperform 5 M 982 Not Provided 19.04.2013

Pacific Crest Securities EVAN S WILSON outperform 5 M 980 12 month 19.04.2013

Macquarie BENJAMIN A SCHACHTER outperform 5 M 925 12 month 19.04.2013

B Riley & Co SAMEET SINHA buy 5 M 846 12 month 19.04.2013

Atlantic Equities LLP HAMILTON FABER overweight 5 M 1'000 12 month 19.04.2013

Oracle Investment Research LAURENCE BALTER sell 1 M 700 Not Provided 19.04.2013

BGC Partners COLIN W GILLIS hold 3 M 760 12 month 16.04.2013

Holdings By:

Google Inc ee


05.07.2013

The Goldman Sachs Group, Inc., a bank holding company, is a global investment

banking and securities firm specializing in investment banking, trading and

principal investments, asset management and securities services. The Company

provides services to corporations, financial institutions, governments, and

high-net worth individuals.


LTM as of: 03/yy

52-Week High (10.06.2013) 168.18

52-Week Low (23.07.2012) 91.16

Daily Volume

151.92





72'401.10 1 Yr Total Return 56.41%







GS UN EQUITY YTD Change - Average Volume 30 Day 778'684

GS UN EQUITY YTD % CHANGE - Average Volume 3 Month 727'313


30.11.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

53'579.0 51'673.0 45'967.0 36'793.0 41'664.0 34'951.0 41'636.0 34'002.5 34'660.2 8'029.4 7'884.3

8.34x 10.25x 12.69x 14.05x 12.15x 62.22x 49.94x - - - -

35'318.0 28'272.0 22'067.0 16'020.0 20'446.0 15'103.0 20'338.0 - - - -

12.66x 18.74x 26.44x 32.28x 24.75x 36.35x 26.33x - - - -

2'322.0 13'385.0 8'354.0 4'442.0 7'475.0 3'816.0 7'626.0 7'286.6 7'351.2 1'470.3 1'388.0

17.67x 7.37x 11.05x 16.98x 8.86x 19.61x 10.07x 10.59x 10.01x 10.78x 10.39x











EBITDA Margin 48.8%



Asset Turnover 0.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Goldman Sachs Group Inc/ThePrice/Volume

Valuation Analysis

170'983.00


&.&1&3&5&

-&&-.&-1&-3&-5&

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9!2 9-!& 9-!2 9.!& 9.!2 90!& 90!2 91!& 91!2 92!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

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05.07.2013



GOLDMAN SACHS SHRHLD n/a 13D 27'836'304 6.07 2'753'217 01.02.2013 Other




CITIGROUP INCORPORAT n/a ULT-AGG 14'790'300 3.23 (184'230) 31.03.2013 Investment Advisor







ROYAL BANK OF CANADA n/a ULT-AGG 3'773'871 0.82 (259'605) 31.03.2013 Bank


OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 3'322'319 0.72 545'788 31.03.2013 Investment Advisor







RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 135 12 month 03.07.2013

Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 170 12 month 03.07.2013

Evercore Partners CHRISTOPHER J ALLEN equalweight 3 M 169 12 month 02.07.2013


JPMorgan KIAN ABOUHOSSEIN underweight 1 M 134 12 month 28.06.2013



Susquehanna Financial Group DOUGLAS C SIPKIN Positive 4 M 175 12 month 27.06.2013

Mediobanca SpA CHRISTOPHER J WHEELER neutral 3 M 146 6 month 26.06.2013

Keefe, Bruyette & Woods FREDERICK CANNON market perform 3 M 155 12 month 26.06.2013

Macquarie DAVID J KONRAD neutral 3 M 165 12 month 26.06.2013

Atlantic Equities LLP RICHARD STAITE neutral 3 M 152 12 month 26.06.2013

Credit Suisse HOWARD H CHEN outperform 5 M 180 Not Provided 24.06.2013


Portales Partners CHARLES W PEABODY sector perform 3 M #N/A N/A Not Provided 17.06.2013




S&P Capital IQ KENNETH M LEON buy 5 M 185 12 month 04.06.2013


Barclays ROGER A FREEMAN equalweight 3 M 155 Not Provided 15.05.2013

Daiwa Securities Co. Ltd. KAZUKI WATANABE outperform 5 M 169 Not Provided 13.05.2013

FBR Capital Markets STEVE STELMACH outperform 5 M 165 12 month 23.04.2013



Buckingham Research Group JAMES F MITCHELL neutral 3 M 150 12 month 17.04.2013





Holdings By:

Goldman Sachs Group Inc/The ee


05.07.2013

Halliburton Company provides energy services and engineering and construction

services, as well as manufactures products for the energy industry. The Company

offers services and products and integrated solutions to customers in the

exploration, development, and production of oil and natural gas.


LTM as of: 03/yy

52-Week High (21.05.2013) 45.75

52-Week Low (12.07.2012) 27.62

Daily Volume

43.25





40'265.43 1 Yr Total Return 46.13%







HAL UN EQUITY YTD Change - Average Volume 30 Day 2'208'182

HAL UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'467'818


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

18'279.0 14'675.0 17'973.0 24'829.0 28'503.0 26'415.0 28'609.0 29'729.3 32'758.6 7'267.4 7'580.1

0.97x 1.93x 2.17x 1.36x 1.21x 5.49x 4.83x 1.43x 1.26x 5.92x 5.66x

4'686.0 2'920.0 4'118.0 6'096.0 5'787.0 6'670.0 5'729.0 6'280.8 7'662.1 1'495.3 1'666.8

3.79x 9.71x 9.46x 5.54x 5.98x 4.92x 7.06x 6.84x 5.60x 6.41x 6.08x

2'224.0 1'145.0 1'835.0 2'839.0 2'635.0 2'955.0 1'990.0 2'973.0 3'750.1 677.6 791.3

4.98x 22.41x 19.86x 10.35x 11.42x 9.12x 14.60x 13.58x 10.72x 12.72x 11.93x











EBITDA Margin 20.0%



Asset Turnover 1.09







Fiscal Year Ended

Halliburton CoPrice/Volume

Valuation Analysis

265'526.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&122&

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

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



05.07.2013










CARMIGNAC GESTION CARMIGNAC GESTION 13F 15'733'400 1.69 15'733'400 31.12.2012 Investment Advisor






VAN ECK ASSOCIATES C n/a ULT-AGG 10'144'507 1.09 (1'055'998) 03.07.2013 Investment Advisor







Credit Suisse JAMES WICKLUND outperform 5 M 53 Not Provided 03.07.2013

Susquehanna Financial Group CHARLES P MINERVINO Positive 4 M 49 12 month 03.07.2013

Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 50 12 month 02.07.2013

JPMorgan J DAVID ANDERSON overweight 5 M 53 6 month 02.07.2013

Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 53 12 month 02.07.2013

BMO Capital Markets ALAN D LAWS outperform 5 M 56 Not Provided 01.07.2013

Jefferies BRAD HANDLER buy 5 M 49 12 month 01.07.2013

ISI Group JUDSON E BAILEY strong buy 5 M 50 12 month 28.06.2013

FBR Capital Markets MEGAN REPINE outperform 5 M 50 12 month 25.06.2013

Cowen and Company JAMES D CRANDELL outperform 5 M 57 12 month 24.06.2013

Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 48 Not Provided 17.06.2013

Stephens Inc MICHAEL MARINO overweight 5 M 56 12 month 17.06.2013

Societe Generale EDWARD C MUZTAFAGO buy 5 M 55 12 month 14.06.2013


Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 03.06.2013

Morgan Stanley OLE SLORER Underwt/In-Line 1 D 37 12 month 30.05.2013

RBC Capital Markets KURT HALLEAD outperform 5 M 50 12 month 23.05.2013

Barclays JAMES C WEST overweight 5 M 64 Not Provided 22.05.2013



Raymond James J MARSHALL ADKINS market perform 3 M #N/A N/A Not Provided 23.04.2013

Johnson Rice & Co DAVID C SMITH overweight 5 M #N/A N/A Not Provided 23.04.2013

Macquarie NIGEL BROWNE outperform 5 M 49 12 month 23.04.2013

Guggenheim Securities LLC MICHAEL K LAMOTTE buy 5 M 52 12 month 23.04.2013

Global Hunter Securities BRIAN UHLMER buy 5 M 48 12 month 23.04.2013

Deutsche Bank MICHAEL W URBAN buy 5 M 56 12 month 22.04.2013

Sterne, Agee & Leach STEPHEN D GENGARO buy 5 M 45 12 month 22.04.2013

RS Platou Markets TURNER HOLM buy 5 U 48 6 month 21.03.2013

Goldman Sachs WAQAR SYED buy/attractive 5 M 60 12 month 14.02.2013

Fearnley Fonds TRULS OLSEN not rated #N/A N/A M #N/A N/A Not Provided 28.01.2013

S&P Capital IQ STEWART GLICKMAN hold 3 D 40 12 month 20.09.2012

Tudor Pickering & Co JEFF TILLERY buy 5 M #N/A N/A Not Provided 05.04.2011

Holdings By:

Halliburton Co ee


05.07.2013

The Home Depot, Inc. is a home improvement retailer that sells building

materials and home improvement products. The Company sells a wide assortment

of building materials, home improvement and lawn and garden products and

provide a number of services. Home Depot operates throughout the U.S.

(including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico.


LTM as of: 05/yy

52-Week High (22.05.2013) 81.56

52-Week Low (23.07.2012) 49.77

Daily Volume

77.58





113'328.59 1 Yr Total Return 53.27%







HD UN EQUITY YTD Change - Average Volume 30 Day 2'101'507

HD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'852'491


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 04/yy 05/yy 01/14 Y 01/15 Y 07/13 Q2 10/13 Q3

71'288.0 66'176.0 67'997.0 70'395.0 74'754.0 71'380.0 76'070.0 77'469.6 81'138.3 21'715.7 18'991.4

0.67x 0.84x 1.01x 1.10x 1.45x 4.09x 5.41x 1.59x 1.54x 5.64x 6.51x

6'261.0 6'609.0 7'557.0 8'343.0 9'450.0 8'621.0 9'855.0 10'653.0 11'739.3 3'371.2 2'586.2

7.57x 8.45x 9.10x 9.32x 11.45x 10.11x 11.82x 11.45x 10.39x 11.18x 10.86x

2'260.0 2'661.0 3'338.0 3'883.0 4'535.0 4'106.0 4'726.0 5'242.9 5'864.6 1'754.3 1'263.1

12.12x 16.84x 17.90x 18.17x 21.74x 19.89x 22.78x 21.22x 18.16x 20.64x 19.79x











EBITDA Margin 13.0%



Asset Turnover 1.74








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Home Depot Inc/ThePrice/Volume

Valuation Analysis

327'510.00


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

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

5!& 9

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

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

-3!&&

-5!&&

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05.07.2013


















CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 10'158'313 0.7 (272'023) 31.03.2013 Investment Advisor

FISHER INVESTMENTS I FISHER INVESTMENTS 13F 8'082'478 0.55 (200'840) 31.03.2013 Investment Advisor




BMO Capital Markets WAYNE HOOD market perform 3 M 80 Not Provided 02.07.2013


RBC Capital Markets R SCOT CICCARELLI outperform 5 M 88 12 month 28.06.2013


Stifel DAVID A SCHICK hold 3 M #N/A N/A Not Provided 27.06.2013


Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 24.06.2013


Jefferies DANIEL T BINDER buy 5 M 91 12 month 19.06.2013

Argus Research Corp CHRISTOPHER GRAJA buy 5 M 90 12 month 11.06.2013

Longbow Research DAVID S MACGREGOR buy 5 M 88 12 month 11.06.2013

Barclays ALAN M RIFKIN overweight 5 M 85 Not Provided 11.06.2013


Deutsche Bank MICHAEL BAKER hold 3 M 80 12 month 10.06.2013

Credit Suisse GARY BALTER outperform 5 M 85 Not Provided 10.06.2013

Janney Montgomery Scott LLC DAVID S STRASSER neutral 3 M 72 12 month 10.06.2013



Nomura ARAM RUBINSON neutral 3 M 82 12 month 29.05.2013

Landesbank Baden-Wuerttemberg PER-OLA HELLGREN sell 1 M 72 Not Provided 28.05.2013

Piper Jaffray PETER J KEITH overweight 5 M 90 12 month 22.05.2013

Morgan Stanley DAVID GOBER Equalwt/In-Line 3 M #N/A N/A Not Provided 21.05.2013

Goldman Sachs MATTHEW J FASSLER neutral/neutral 3 M 85 12 month 21.05.2013

Canaccord Genuity Corp LAURA A CHAMPINE hold 3 M 75 Not Provided 21.05.2013

Oppenheimer & Co BRIAN NAGEL outperform 5 M 86 12 month 21.05.2013

S&P Capital IQ MICHAEL SOUERS sell 1 M 62 Not Provided 21.05.2013

Gabelli & Co ZAHID SIDDIQUE hold 3 M #N/A N/A Not Provided 27.02.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

First Global Stockbroking RITESH DOSHI market perform 3 M #N/A N/A Not Provided 18.08.2011

Holdings By:

Home Depot Inc/The ee


05.07.2013

Honeywell International Inc. is a worldwide diversified technology and

manufacturing company providing aerospace products and services, control,

sensing and security technologies, turbochargers, automotive products, specialty

chemicals, electronic and advanced materials, process technology for refining

and petrochemicals, and energy efficient products and solutions.


LTM as of: 03/yy

52-Week High (20.05.2013) 81.24

52-Week Low (12.07.2012) 52.73

Daily Volume

79.19





62'305.42 1 Yr Total Return 45.95%







HON UN EQUITY YTD Change - Average Volume 30 Day 865'755

HON UN EQUITY YTD % CHANGE - Average Volume 3 Month 853'657


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

36'556.0 30'908.0 32'350.0 36'529.0 37'665.0 37'164.0 37'686.0 39'130.6 41'400.3 9'701.7 9'895.2

0.83x 1.37x 1.40x 1.25x 1.38x 4.97x 5.59x 1.61x 1.47x 6.66x 6.49x

4'432.0 3'410.0 3'998.0 3'531.0 5'082.0 3'699.0 5'220.0 6'928.6 7'558.7 1'733.8 1'788.6

6.87x 12.45x 11.33x 12.91x 10.26x 13.81x 11.90x 9.42x 8.63x 9.03x 8.79x

2'792.0 1'548.0 2'022.0 2'067.0 2'926.0 2'185.0 3'069.0 3'945.9 4'424.6 961.2 985.2

7.08x 15.93x 17.79x 12.24x 13.13x 13.25x 15.01x 15.98x 14.33x 15.69x 15.22x











EBITDA Margin 13.9%



Asset Turnover 0.92







Fiscal Year Ended

Honeywell International IncPrice/Volume

Valuation Analysis

131'616.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0!& 9

0!2 9

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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05.07.2013










EVERCORE TRUST COMPA EVERCORE TRUST COMPA 13F 19'712'106 2.51 - 31.03.2013 Investment Advisor









INSTITUTIONAL CAPITA INSTITUTIONAL CAPITA 13F 8'763'695 1.11 (3'042'516) 31.03.2013 Investment Advisor


ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 6'452'803 0.82 (234'431) 31.03.2013 Hedge Fund Manager





Sanford C. Bernstein & Co STEVEN E WINOKER outperform 5 M 88 12 month 27.06.2013

Stifel JEFFREY D OSBORNE buy 5 M 90 12 month 25.06.2013



JPMorgan CHARLES STEPHEN TUSA overweight 5 M 73 6 month 17.06.2013




Credit Suisse JULIAN MITCHELL neutral 3 M 73 Not Provided 20.05.2013

Oppenheimer & Co CHRISTOPHER D GLYNN outperform 5 M 87 12 month 20.05.2013


Argus Research Corp NATHANIEL GABRIEL buy 5 M 82 12 month 22.04.2013


Cowen and Company GAUTAM KHANNA outperform 5 M #N/A N/A Not Provided 22.04.2013

Barclays SCOTT R DAVIS overweight 5 M 80 Not Provided 22.04.2013


Morgan Stanley NIGEL COE Overwt/In-Line 5 M 82 12 month 19.04.2013

Buckingham Research Group EDWARD WHEELER neutral 3 M 80 12 month 19.04.2013


Goldman Sachs JOSEPH RITCHIE Buy/Neutral 5 N 88 12 month 20.03.2013

S&P Capital IQ RICHARD TORTORIELLO buy 5 M 75 12 month 25.01.2013

Gabelli & Co JAMES FOUNG buy 5 M #N/A N/A Not Provided 23.10.2012

Holdings By:

Honeywell International Inc ee


05.07.2013

Hewlett-Packard Company provides imaging and printing systems, computing

systems, and information technology services for business and home. The

Company's products include laser and inkjet printers, scanners, copiers and

faxes, personal computers, workstations, storage solutions, and other computing

and printing systems. Hewlett-Packard sells its products worldwide.


LTM as of: 04/yy

52-Week High (19.06.2013) 25.86

52-Week Low (20.11.2012) 11.35

Daily Volume

25.45





49'081.64 1 Yr Total Return 28.68%







HPQ UN EQUITY YTD Change - Average Volume 30 Day 3'936'282

HPQ UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'740'412


31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 04/yy 04/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4

118'364.0 114'552.0 126'033.0 127'245.0 120'357.0 124'040.0 115'569.0 111'402.8 109'165.2 27'269.3 28'141.6

0.85x 1.00x 0.83x 0.60x 0.37x 2.49x 1.76x 0.55x 0.52x 2.27x 2.16x

14'185.0 15'798.0 17'736.0 16'373.0 14'384.0 14'132.0 13'639.0 14'055.4 14'036.0 3'537.3 3'774.2

7.05x 7.26x 5.88x 4.64x 3.11x 5.03x 3.93x 4.48x 4.49x 4.42x 4.47x

8'329.0 7'660.0 8'761.0 7'074.0 (12'650.0) 5'226.0 (13'402.0) 6'892.9 6'980.2 1'679.7 1'938.6

10.55x 14.05x 10.29x 6.53x 44.21x 7.50x 220.49x 7.16x 6.96x 7.05x 6.98x




Pretax Margin -9.91% Short-Term Rating Date 30.11.2011







EBITDA Margin 11.8%



Asset Turnover 0.99







Fiscal Year Ended

Hewlett-Packard CoPrice/Volume

Valuation Analysis

538'377.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

.&

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d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9.!& 91!& 93!& 95!& 9-&!& 9-.!& 9-1!& 9-3!& 9-5!& 9.&!& 9

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!&&

6!&&

-&!&&

&3!--!.&&6 &3!&2!.&-& &3!--!.&-& &3!&2!.&-- &3!--!.&-- &3!&2!.&-. &3!--!.&-. &3!&2!.&-0



05.07.2013


DODGE & COX DODGE & COX 13F 163'834'221 8.5 7'236'483 31.03.2013 Investment Advisor











RELATIONAL INVESTORS RELATIONAL INVESTORS 13F 34'534'517 1.79 - 31.03.2013 Hedge Fund Manager

RELATIONAL INVESTORS n/a Form 4 34'534'517 1.79 - 20.04.2013 Hedge Fund Manager

PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 34'325'885 1.78 (6'782'006) 31.03.2013 Hedge Fund Manager



HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 26'567'363 1.38 (11'455'907) 31.03.2013 Investment Advisor





S&P Capital IQ CHRISTIN ARMACOST hold 3 M 23 12 month 04.07.2013

Sanford C. Bernstein & Co TONI SACCONAGHI outperform 5 M 29 12 month 02.07.2013


RBC Capital Markets AMIT DARYANANI sector perform 3 M 25 12 month 25.06.2013

Topeka Capital Markets Inc BRIAN J WHITE sell 1 M 12 12 month 24.06.2013

Argus Research Corp JAMES KELLEHER hold 3 M #N/A N/A Not Provided 20.06.2013

Edward Jones WILLIAM C KREHER sell 1 M #N/A N/A Not Provided 20.06.2013

Mizuho Securities USA Inc ABHEY R LAMBA underperform 1 M 18 12 month 20.06.2013

Jyske Bank ROBERT JAKOBSEN buy 5 M 28 Not Provided 19.06.2013

Pacific Crest Securities BRENT A BRACELIN sector perform 3 M #N/A N/A Not Provided 18.06.2013

Raymond James BRIAN G ALEXANDER market perform 3 M #N/A N/A Not Provided 18.06.2013

Cross Research SHANNON S CROSS hold 3 M 24 12 month 18.06.2013

Barclays BENJAMIN A REITZES equalweight 3 M 26 Not Provided 18.06.2013



Credit Suisse KULBINDER GARCHA neutral 3 M 25 Not Provided 13.06.2013


Robert W. Baird & Co JAYSON NOLAND SR neutral 3 M 25 12 month 13.06.2013

Stifel AARON C RAKERS hold 3 M #N/A N/A Not Provided 13.06.2013

Deutsche Bank CHRISTOPHER WHITMORE sell 1 M 16 12 month 12.06.2013

ISI Group BRIAN MARSHALL neutral 3 M #N/A N/A Not Provided 12.06.2013



Evercore Partners ROBERT CIHRA underweight 1 M 18 12 month 27.05.2013

Goldman Sachs WILLIAM C SHOPE JR Sell/Cautious 1 M 17 12 month 23.05.2013

Brean Capital LLC ANANDA BARUAH hold 3 M #N/A N/A Not Provided 23.05.2013


Needham & Co RICHARD J KUGELE underperform 1 M #N/A N/A Not Provided 23.05.2013

FBN Securities SHEBLY SEYRAFI sector perform 3 M 24 12 month 23.05.2013

Monness, Crespi, Hardt & Co JEFFREY FIDACARO neutral 3 M #N/A N/A Not Provided 20.05.2013

Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 11.04.2013



Holdings By:

Hewlett-Packard Co ee


05.07.2013

International Business Machines Corporation (IBM) provides computer solutions

through the use of advanced information technology. The Company's solutions

include technologies, systems, products, services, software, and financing. IBM

offers its products through its global sales and distribution organization, as

well as through a variety of third party distributors and resellers.


LTM as of: 03/yy

52-Week High (15.03.2013) 215.90

52-Week Low (12.07.2012) 181.87

Daily Volume

192.89





213'875.34 1 Yr Total Return 0.19%







IBM UN EQUITY YTD Change - Average Volume 30 Day 1'139'094

IBM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'176'444


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

103'630.0 95'759.0 99'871.0 106'916.0 104'507.0 106'983.0 103'241.0 103'483.5 106'439.3 25'395.2 25'118.1

1.29x 1.91x 1.98x 2.18x 2.26x 8.80x 9.64x 2.29x 2.21x 9.43x 9.55x

21'388.0 22'009.0 22'982.0 25'101.0 25'119.0 25'218.0 24'941.0 27'811.1 29'477.1 6'240.4 6'695.0

6.25x 8.32x 8.59x 9.30x 9.41x 10.33x 10.35x 8.47x 7.99x 8.31x 8.05x

12'334.0 13'425.0 14'833.0 15'855.0 16'604.0 16'059.0 16'570.0 18'358.3 19'269.5 3'970.3 4'447.4

9.42x 13.08x 12.97x 14.06x 12.57x 15.58x 13.80x 11.55x 10.52x 11.31x 11.05x











EBITDA Margin 24.2%



Asset Turnover 0.89







Fiscal Year Ended

International Business Machines CorpPrice/Volume

Valuation Analysis

158'721.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2&

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d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9-!& 9.!& 90!& 91!& 92!& 93!& 94!& 95!& 96!& 9

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

&!&&

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05.07.2013


BERKSHIRE HATHAWAY I n/a ULT-AGG 68'121'984 6.14 6'500 31.03.2013 Investment Advisor







WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'129'885 1 (220'536) 31.03.2013 Investment Advisor














S&P Capital IQ JIM YIN buy 5 M 227 12 month 04.07.2013

Societe Generale RICHARD NGUYEN hold 3 M 203 12 month 02.07.2013

Sanford C. Bernstein & Co TONI SACCONAGHI market perform 3 M 225 12 month 02.07.2013


RBC Capital Markets AMIT DARYANANI sector perform 3 M 210 12 month 28.06.2013

Janney Montgomery Scott LLC JOSEPH D FORESI neutral 3 M 208 12 month 28.06.2013

Wells Fargo Securities, LLC MAYNARD UM market perform 3 M #N/A N/A Not Provided 28.06.2013




Stifel DAVID M GROSSMAN buy 5 M 240 12 month 07.06.2013



Credit Suisse KULBINDER GARCHA neutral 3 M 200 Not Provided 04.06.2013



Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 21.05.2013


EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 06.05.2013


Morgan Stanley KATHRYN HUBERTY Equalwt/In-Line 3 M #N/A N/A Not Provided 19.04.2013

Goldman Sachs WILLIAM C SHOPE JR Buy/Cautious 5 M 220 12 month 19.04.2013


Macquarie BRAD A ZELNICK neutral 3 M 215 12 month 19.04.2013

ISI Group BRIAN MARSHALL cautious 2 M #N/A N/A Not Provided 18.04.2013



Oracle Investment Research LAURENCE BALTER hold 3 D 195 Not Provided 07.06.2012

Holdings By:

International Business Machines Corp ee


05.07.2013

Intel Corporation designs, manufactures, and sells computer components and

related products. The Company's major products include microprocessors,

chipsets, embedded processors and microcontrollers, flash memory products,

graphics products, network and communications products, systems management

software, conferencing products, and digital imaging products.


LTM as of: 03/yy

52-Week High (10.08.2012) 26.90

52-Week Low (21.11.2012) 19.23

Daily Volume

23.75





118'061.25 1 Yr Total Return -8.09%







INTC UW EQUITY YTD Change - Average Volume 30 Day 10'649'340

INTC UW EQUITY YTD % CHANGE - Average Volume 3 Month 10'745'735


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

37'586.0 35'127.0 43'623.0 53'999.0 53'341.0 54'058.0 53'015.0 53'528.0 55'774.7 12'890.5 13'724.2

1.81x 2.84x 2.16x 2.10x 1.70x 8.44x 7.97x 2.12x 2.02x 8.80x 8.25x

14'280.0 10'994.0 20'226.0 23'541.0 22'160.0 23'536.0 21'148.0 20'792.8 22'507.2 4'620.0 5'475.1

4.76x 9.08x 4.65x 4.81x 4.10x 5.68x 4.70x 5.28x 4.88x 5.12x 4.97x

5'292.0 4'369.0 11'464.0 12'942.0 11'005.0 12'520.0 10'312.0 9'790.2 10'849.2 2'062.0 2'678.6

12.66x 18.04x 10.58x 10.09x 9.58x 11.85x 11.01x 12.56x 11.61x 12.00x 11.51x











EBITDA Margin 39.9%



Asset Turnover 0.68








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intel CorpPrice/Volume

Valuation Analysis

1'915'548.00


&

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02!& 9

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

&!&&

.!&&

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3!&&

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05.07.2013

















LOOMIS SAYLES & COMP LOOMIS SAYLES & CO L 13F 35'906'844 0.72 (102'583) 31.03.2013 Investment Advisor



FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 33'398'075 0.67 8'223'560 31.03.2013 Hedge Fund Manager



S&P Capital IQ CHRISTIN ARMACOST buy 5 M 23 12 month 04.07.2013

Sanford C. Bernstein & Co STACY A RASGON underperform 1 M 18 12 month 02.07.2013

Raymond James HANS C MOSESMANN underperform 1 M #N/A N/A Not Provided 02.07.2013

Sterne, Agee & Leach VIJAY R RAKESH neutral 3 M 20 12 month 02.07.2013

Needham & Co N QUINN BOLTON hold 3 M #N/A N/A Not Provided 01.07.2013

Evercore Partners PATRICK WANG equalweight 3 M 22 12 month 01.07.2013

Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 01.07.2013

Maxim Group LLC ASHOK KUMAR buy 5 M 29 12 month 01.07.2013

Piper Jaffray AUGUSTE P RICHARD underweight 1 M 20 12 month 01.07.2013


Morgan Stanley JOSEPH MOORE Underwt/In-Line 1 M 22 12 month 28.06.2013

Jefferies MARK J LIPACIS hold 3 M 27 12 month 26.06.2013

JMP Securities ALEX GAUNA market perform 3 M #N/A N/A Not Provided 24.06.2013

Lazard Capital Markets DANIEL L AMIR buy 5 M 28 12 month 24.06.2013

Topeka Capital Markets Inc SUJI DE SILVA buy 5 M 28 12 month 24.06.2013

Robert W. Baird & Co TRISTAN GERRA outperform 5 M 26 12 month 20.06.2013


BMO Capital Markets AMBRISH SRIVASTAVA market perform 3 M 21 Not Provided 19.06.2013

Stifel KEVIN E CASSIDY buy 5 M 28 12 month 17.06.2013

MKM Partners ADA MENAKER buy 5 M 28 12 month 14.06.2013

RBC Capital Markets DOUG FREEDMAN outperform 5 M 29 12 month 13.06.2013

Wedbush BETSY VAN HEES neutral 3 M 23 12 month 13.06.2013

FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 28 12 month 13.06.2013

B Riley & Co CRAIG ELLIS neutral 3 M 23 Not Provided 13.06.2013

Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 11.06.2013


Wedge Partners KIRK ADAMS no rating system #N/A N/A M #N/A N/A Not Provided 06.06.2013

Hamburger Sparkasse MARCO GUENTHER buy 5 M #N/A N/A Not Provided 05.06.2013

ISI Group SUMIT DHANDA buy 5 M 26 12 month 05.06.2013

Nomura ROMIT SHAH reduce 2 M 18 12 month 05.06.2013

Canaccord Genuity Corp ROBERT BURLESON hold 3 M 20 12 month 03.06.2013


Deutsche Bank ROSS C SEYMORE buy 5 M 26 12 month 19.05.2013

Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 10.05.2013

Independent Research GmbH MARKUS FRIEBEL hold 3 D 26 12 month 07.05.2013

Credit Suisse JOHN W PITZER outperform 5 M 28 Not Provided 03.05.2013

JPMorgan CHRISTOPHER DANELY neutral 3 M 19 6 month 02.05.2013


Cowen and Company TIMOTHY M ARCURI neutral 3 M #N/A N/A Not Provided 02.05.2013

Roth Capital Partners KRISHNA SHANKAR neutral 3 M 20 12 month 17.04.2013

Macquarie SHAWN WEBSTER outperform 5 M 25 12 month 17.04.2013

Gabelli & Co HENDI SUSANTO buy 5 M #N/A N/A Not Provided 17.04.2013

Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 17.04.2013

Holdings By:

Intel Corp ee


05.07.2013

Johnson & Johnson manufactures health care products and provides related

services for the consumer, pharmaceutical, and medical devices and diagnostics

markets. The Company sells products such as skin and hair care products,

acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical

equipment in countries located around the world.


LTM as of: 03/yy

52-Week High (22.05.2013) 89.99

52-Week Low (30.08.2012) 66.86

Daily Volume

87.41





245'524.81 1 Yr Total Return 32.81%







JNJ UN EQUITY YTD Change - Average Volume 30 Day 2'868'074

JNJ UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'690'688


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 04/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

63'747.0 61'897.0 61'587.0 65'030.0 67'224.0 64'996.0 68'590.0 70'802.6 73'592.2 17'710.4 17'553.2

2.58x 2.79x 2.57x 2.55x 2.80x 10.27x 11.44x 3.31x 3.09x 13.73x 13.72x

19'001.0 19'550.0 19'466.0 19'311.0 20'698.0 19'292.0 21'341.0 22'979.5 24'495.1 5'719.6 5'496.0

8.67x 8.82x 8.14x 8.60x 9.09x 8.64x 10.44x 10.42x 9.77x 10.61x 10.40x

12'949.0 12'266.0 13'334.0 9'672.0 10'853.0 10'106.0 10'440.0 15'405.1 16'291.2 3'975.7 3'791.6

13.15x 13.91x 13.20x 13.26x 14.31x 13.24x 16.69x 16.14x 15.11x 16.04x 15.78x


EBIT 17'032.00 Long-Term Rating AAA









EBITDA Margin 31.1%



Asset Turnover 0.58








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Johnson & JohnsonPrice/Volume

Valuation Analysis

439'445.00


&-&.&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

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

&!&&

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05.07.2013













T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 27'958'062 1 (285'835) 31.03.2013 Investment Advisor


GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 23'958'058 0.85 795'957 31.03.2013 Investment Advisor


STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 22'533'754 0.8 8'286 31.03.2013 Insurance Company








Piper Jaffray MATT MIKSIC neutral 3 M 87 12 month 01.07.2013




Leerink Swann & Co DANIELLE ANTALFFY outperform 5 M #N/A N/A Not Provided 25.06.2013

Jefferies JEFFREY HOLFORD hold 3 M 91 12 month 24.06.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 U 91 12 month 19.06.2013



Ameriprise Advisor Services, Inc E EUGENE ROBINSON buy 5 N #N/A N/A Not Provided 14.06.2013


Deutsche Bank KRISTEN M STEWART buy 5 M 92 12 month 24.05.2013

RBC Capital Markets GLENN J NOVARRO sector perform 3 M 82 12 month 24.05.2013

Raymond James JAYSON BEDFORD outperform 5 M 92 12 month 24.05.2013

CL King & Associates ROBERT M GOLDMAN neutral 3 M #N/A N/A Not Provided 24.05.2013


Credit Suisse BRUCE NUDELL underperform 1 M 73 Not Provided 23.05.2013

Goldman Sachs JAMI E RUBIN sell/attractive 1 M 85 12 month 21.05.2013


EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 14.05.2013

Argus Research Corp DAVID H TOUNG buy 5 M 96 Not Provided 18.04.2013


First Global Stockbroking KAVITA THOMAS short-term market perform 3 M #N/A N/A Not Provided 23.04.2012

Holdings By:

Johnson & Johnson ee


05.07.2013

JPMorgan Chase & Co. provides global financial services and retail banking. The

Company provides services such as investment banking, treasury and securities

services, asset management, private banking, card member services, commercial

banking, and home finance. JP Morgan Chase serves business enterprises,

institutions, and individuals.


LTM as of: 03/yy

52-Week High (30.05.2013) 55.90

52-Week Low (23.07.2012) 33.10

Daily Volume

53.39





201'796.91 1 Yr Total Return 52.96%





Enterprise Value -


JPM UN EQUITY YTD Change - Average Volume 30 Day 4'743'444

JPM UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'974'088


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

101'491.0 115'632.0 115'475.0 110'838.0 108'184.0 111'162.0 106'713.0 99'197.3 102'201.0 24'942.4 24'690.5

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

- - - - - 0.0 0.0 - - - -

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

5'605.0 11'728.0 17'370.0 18'976.0 21'284.0 18'345.0 22'889.0 22'665.1 23'124.6 5'725.4 5'500.5

30.32x 14.96x 8.42x 6.78x 7.51x 8.78x 8.09x 9.31x 8.92x 10.13x 10.97x


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

JPMorgan Chase & CoPrice/Volume

Valuation Analysis

1'028'414.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

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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!&&

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05.07.2013

























Raymond James ANTHONY J POLINI strong buy 5 U 64 12 month 02.07.2013

Evercore Partners ANDREW A MARQUARDT overweight 5 M 60 12 month 02.07.2013


Oppenheimer & Co CHRISTOPHER M KOTOWSKI outperform 5 M 68 18 month 28.06.2013

Mediobanca SpA CHRISTOPHER J WHEELER outperform 5 M 60 6 month 26.06.2013

Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 58 12 month 26.06.2013

Macquarie DAVID J KONRAD neutral 3 M 57 12 month 26.06.2013

Sterne, Agee & Leach TODD L HAGERMAN buy 5 M 64 12 month 21.06.2013






Wells Fargo Securities, LLC MATTHEW H BURNELL outperform 5 M #N/A N/A Not Provided 10.06.2013


Independent Research GmbH STEFAN BONGARDT buy 5 M 64 12 month 29.05.2013

Goldman Sachs RICHARD N RAMSDEN buy/attractive 5 M 59 12 month 24.05.2013

S&P Capital IQ ERIK M OJA buy 5 M 58 Not Provided 21.05.2013


Daiwa Securities Co. Ltd. KAZUKI WATANABE neutral 3 M 51 Not Provided 13.05.2013



Scotia Capital KEVIN R CHOQUETTE sector outperform 5 M 62 12 month 02.05.2013

RBC Capital Markets GERARD S CASSIDY outperform 5 M 55 12 month 24.04.2013




FBR Capital Markets PAUL J MILLER JR market perform 3 M 50 12 month 15.04.2013

Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 56 Not Provided 15.04.2013


EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 13.04.2013



HSBC ROBERT MURPHY neutral 3 M 54 Not Provided 05.03.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY hold 3 M 43 12 month 12.10.2012

Oriel Securities Ltd VIVEK RAJA not rated #N/A N/A M #N/A N/A Not Provided 11.05.2012

Holdings By:

JPMorgan Chase & Co ee


05.07.2013

The Coca-Cola Company manufactures, markets, and distributes soft drink

concentrates and syrups. The Company also distributes and markets juice and

juice-drink products. Coca-Cola distributes its products to retailers and

wholesalers in the United States and internationally.


LTM as of: 03/yy

52-Week High (16.05.2013) 43.43

52-Week Low (31.12.2012) 35.58

Daily Volume

40.35





179'709.02 1 Yr Total Return 4.81%







KO UN EQUITY YTD Change - Average Volume 30 Day 4'031'973

KO UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'879'969


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

31'944.0 30'990.0 35'119.0 46'542.0 48'017.0 47'162.0 47'915.0 48'409.4 50'590.6 13'058.8 12'525.4

3.42x 4.34x 4.65x 3.72x 3.72x 14.65x 15.70x 4.13x 3.94x 15.75x 16.42x

9'674.0 9'467.0 9'892.0 12'127.0 12'761.0 12'309.0 12'686.0 13'862.5 14'789.3 3'940.3 3'439.1

11.31x 14.20x 16.49x 14.28x 13.98x 14.85x 15.53x 14.19x 13.30x 14.31x 13.98x

5'807.0 6'824.0 11'809.0 8'584.0 9'019.0 8'732.0 8'716.0 9'584.8 10'275.8 2'865.8 2'490.5

14.33x 18.65x 18.85x 18.03x 18.01x 19.10x 20.15x 18.92x 17.41x 18.66x 18.17x











EBITDA Margin 26.5%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Coca-Cola Co/ThePrice/Volume

Valuation Analysis

629'860.00


&2

-&-2.&.20&021&12

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-&!& 9

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0&!& 9

1&!& 9

2&!& 9

3&!& 9

4&!& 9

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!&&

-&!&&

-.!&&

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05.07.2013










GRANTHAM MAYO VAN OT GRANTHAM MAYO VAN OT 13F 41'073'912 0.92 2'312'194 31.03.2013 Investment Advisor





FAYEZ SAROFIM FAYEZ SAROFIM 13F 33'571'322 0.75 131'568 31.03.2013 Investment Advisor

SUNTRUST BANKS INC n/a ULT-AGG 29'714'108 0.67 (209'251) 31.03.2013 Bank







Sanford C. Bernstein & Co ALI DIBADJ outperform 5 M 47 12 month 28.06.2013

Stifel MARK D SWARTZBERG hold 3 M #N/A N/A Not Provided 28.06.2013

Goldman Sachs JUDY E HONG neutral/neutral 3 M 44 12 month 24.06.2013

Credit Suisse MICHAEL STEIB outperform 5 M 48 Not Provided 24.06.2013

SunTrust Robinson Humphrey WILLIAM CHAPPELL buy 5 N 47 12 month 24.06.2013


JPMorgan JOHN A FAUCHER neutral 3 M 43 6 month 19.06.2013

Edward Jones JACK P RUSSO buy 5 M #N/A N/A Not Provided 13.06.2013

Deutsche Bank WILLIAM G SCHMITZ buy 5 M 45 12 month 12.06.2013

Barclays MICHAEL J BRANCA overweight 5 M 50 Not Provided 12.06.2013

Wells Fargo Securities, LLC BONNIE HERZOG outperform 5 M #N/A N/A Not Provided 31.05.2013

BMO Capital Markets AMIT SHARMA market perform 3 N 45 Not Provided 21.05.2013

Argus Research Corp JOHN D STASZAK hold 3 M #N/A N/A Not Provided 18.04.2013

Independent Research GmbH LARS LUSEBRINK hold 3 M 45 12 month 18.04.2013


HSBC LAUREN E TORRES overweight 5 M 48 Not Provided 17.04.2013

Buckingham Research Group ALICE BEEBE LONGLEY buy 5 M 47 12 month 17.04.2013

Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 17.04.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 17.04.2013

S&P Capital IQ ESTHER KWON strong buy 5 M 48 Not Provided 16.04.2013


Daiwa Securities Co. Ltd. TEAM COVERAGE neutral 3 M 39 Not Provided 21.02.2013

National Bank AG STEFFEN MANSKE buy 5 M 44 Not Provided 13.02.2013

Gabelli & Co DAMIAN A WITKOWSKI buy 5 M #N/A N/A Not Provided 13.02.2013

Hamburger Sparkasse TINA HECKING-VELTMAN hold 3 M #N/A N/A Not Provided 10.05.2012

Oracle Investment Research LAURENCE BALTER neutral 3 U 39 Not Provided 03.05.2012

Holdings By:

Coca-Cola Co/The ee


05.07.2013

Eli Lilly and Company discovers, develops, manufactures, and sells

pharmaceutical products for humans and animals. The Company's products are

sold in countries around the world. Eli Lilly's products include neuroscience

products, endocrine products, anti-infectives, cardiovascular agents, oncology

products, and animal health products.


LTM as of: 03/yy

52-Week High (23.04.2013) 58.40

52-Week Low (24.07.2012) 41.59

Daily Volume

50.22





56'575.92 1 Yr Total Return 21.06%







LLY UN EQUITY YTD Change - Average Volume 30 Day 1'517'564

LLY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'363'027


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

20'371.9 21'836.0 23'076.0 24'286.5 22'603.4 24'049.3 22'603.3 22'846.6 19'660.0 5'836.9 5'703.4

2.47x 1.98x 1.76x 1.98x 2.49x 7.58x 9.94x 2.51x 2.85x - -

6'650.5 7'667.8 8'100.4 7'691.5 6'477.5 7'392.2 6'511.5 6'474.4 4'901.4 1'604.5 1'474.5

7.57x 5.63x 5.01x 6.27x 8.69x 6.39x 9.94x 8.84x 11.67x - -

(2'071.9) 4'328.8 5'069.5 4'347.7 4'088.6 4'302.9 4'625.4 4'272.3 2'941.8 1'096.9 1'074.4

10.02x 8.08x 7.28x 9.42x 14.55x 9.82x 15.73x 12.79x 18.33x 14.24x 15.77x











EBITDA Margin 28.8%



Asset Turnover 0.70







Fiscal Year Ended

Eli Lilly & CoPrice/Volume

Valuation Analysis

207'683.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

-!& 9

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0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

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!&&

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05.07.2013


LILLY ENDOWMENT INCO LILLY ENDOWMENT INC 13F 135'670'804 12.04 - 31.03.2013 Endowment

LILLY ENDOWMENT INCO n/a Research 135'670'804 12.04 - 31.03.2013 Endowment




PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 46'844'876 4.16 (1'772'813) 31.03.2013 Investment Advisor








RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 10'555'805 0.94 2'446'900 31.03.2013 Hedge Fund Manager






PUTNAM INVESTMENT MA PUTNAM INVESTMENT MA 13F 6'718'329 0.6 (119'004) 31.03.2013 Investment Advisor


Sanford C. Bernstein & Co TIMOTHY M ANDERSON outperform 5 M 59 12 month 02.07.2013

Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 55 12 month 01.07.2013

SunTrust Robinson Humphrey JOHN T BORIS buy 5 M 63 12 month 01.07.2013

Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M 48 12 month 27.06.2013

Cowen and Company STEVEN R SCALA market perform 3 M 59 12 month 27.06.2013


Edward Jones JUDSON CLARK sell 1 M #N/A N/A Not Provided 25.06.2013


Jefferies JEFFREY HOLFORD hold 3 M 49 12 month 24.06.2013

Leerink Swann & Co SEAMUS FERNANDEZ outperform 5 M #N/A N/A Not Provided 21.06.2013

ISI Group MARK J SCHOENEBAUM neutral 3 M 55 Not Provided 07.06.2013


MKM Partners JON LECROY neutral 3 M 54 12 month 13.05.2013





S&P Capital IQ HERMAN SAFTLAS hold 3 M 54 12 month 04.01.2013

Cyrrus TOMAS MENCIK accumulate 4 M 45 Not Provided 05.04.2012

First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 29.02.2012

MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 M 36 Not Provided 03.05.2011

Holdings By:

Eli Lilly & Co ee


05.07.2013

Lockheed Martin Corporation is a global security company that primarily

researches, designs, develops, manufactures, and integrates advanced technology

products and services. The Company's businesses span space, telecommunications,

electronics, information and services, aeronautics, energy, and systems

integration. Lockheed Martin operates worldwide.


LTM as of: 03/yy

52-Week High (18.06.2013) 109.26

52-Week Low (12.07.2012) 85.65

Daily Volume

107.41





34'414.74 1 Yr Total Return 28.63%







LMT UN EQUITY YTD Change - Average Volume 30 Day 567'405

LMT UN EQUITY YTD % CHANGE - Average Volume 3 Month 506'159


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

42'731.0 43'995.0 45'671.0 46'499.0 47'182.0 47'166.0 46'959.0 44'911.4 43'646.1 11'117.1 11'138.8

0.81x 0.70x 0.58x 0.62x 0.72x 2.43x 2.78x 0.83x 0.85x 3.44x 3.43x

5'976.0 5'269.0 5'321.0 5'124.0 5'470.0 5'444.0 5'545.0 5'357.0 5'342.1 1'333.7 1'323.3

5.83x 5.87x 4.97x 5.63x 6.22x 5.90x 6.16x 7.04x 7.06x 7.02x 6.96x

3'217.0 3'024.0 2'878.0 2'655.0 2'745.0 2'793.0 2'838.0 2'917.6 2'869.9 711.0 713.8

11.14x 9.02x 8.96x 8.42x 9.05x 8.73x 9.28x 11.86x 11.88x 12.12x 12.12x











EBITDA Margin 11.8%



Asset Turnover 1.21







Fiscal Year Ended

Lockheed Martin CorpPrice/Volume

Valuation Analysis

60'056.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

.&

1&

3&

5&

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d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9!. 9!1 9!3 9!5 9-!& 9-!. 9-!1 9-!3 9-!5 9.!& 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

&!&&

2!&&

-&!&&

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05.07.2013









VERITAS ASSET MANAGE VERITAS ASSET MANAGE 13F 4'710'002 1.47 848'800 31.03.2013 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 4'174'288 1.3 655'859 31.03.2013 Investment Advisor

FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 3'974'688 1.24 (551'482) 31.03.2013 Hedge Fund Manager



HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 2'640'444 0.82 (32'335) 31.03.2013 Investment Advisor








Jefferies HOWARD A RUBEL hold 3 M 95 12 month 03.07.2013

Cowen and Company CAI VON RUMOHR market perform 3 M 111 12 month 02.07.2013

Stifel WILLIAM R LOOMIS hold 3 M #N/A N/A Not Provided 01.07.2013

CRT Capital Group BRIAN W RUTTENBUR Fairly Valued 3 M #N/A N/A Not Provided 01.07.2013


Wells Fargo Securities, LLC SAMUEL J PEARLSTEIN market perform 3 M #N/A N/A Not Provided 20.06.2013


JPMorgan JOSEPH B NADOL III neutral 3 M 94 6 month 11.06.2013


Goldman Sachs NOAH POPONAK buy/attractive 5 U 127 12 month 30.05.2013

Deutsche Bank MYLES WALTON hold 3 M 96 12 month 06.05.2013

Barclays CARTER COPELAND equalweight 3 M 95 Not Provided 01.05.2013


Buckingham Research Group RICHARD SAFRAN neutral 3 M 102 12 month 25.04.2013

FBR Capital Markets PATRICK J MCCARTHY outperform 5 M 110 12 month 24.04.2013

Sterne, Agee & Leach PETER J ARMENT neutral 3 M #N/A N/A Not Provided 24.04.2013

Credit Suisse ROBERT M SPINGARN neutral 3 M 93 Not Provided 23.04.2013



Holdings By:

Lockheed Martin Corp ee


05.07.2013

Lowe's Companies, Inc. is a home improvement retailer that distributes building

materials and supplies through stores in the United States. The Company offers

a complete line of products and services for home decorating, maintenance,

repair, remodeling, and property maintenance.


LTM as of: 05/yy

52-Week High (22.05.2013) 43.84

52-Week Low (02.08.2012) 24.77

Daily Volume

42.45





45'524.09 1 Yr Total Return 56.74%







LOW UN EQUITY YTD Change - Average Volume 30 Day 1'920'692

LOW UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'696'856


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 05/yy 05/yy 01/14 Y 01/15 Y 07/13 Q2 10/13 Q3

48'230.0 47'220.0 48'815.0 50'208.0 50'521.0 51'177.0 50'456.0 52'147.4 54'341.8 15'027.7 12'543.8

0.67x 0.75x 0.81x 0.80x 1.01x 2.91x 3.64x 1.05x 1.04x 3.60x 4.36x

5'453.0 4'845.0 5'244.0 4'856.0 5'183.0 4'980.0 5'190.0 5'596.5 6'113.8 1'850.5 1'306.7

5.92x 7.35x 7.56x 8.25x 9.88x 8.69x 9.82x 9.54x 8.73x 9.35x 9.11x

2'195.0 1'783.0 2'010.0 1'839.0 1'959.0 1'904.0 1'971.0 2'216.5 2'508.8 835.6 495.2

12.26x 17.89x 17.78x 16.09x 22.82x 20.19x 21.99x 20.07x 16.63x 19.51x 18.45x











EBITDA Margin 10.3%



Asset Turnover 1.40








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Lowe's Cos IncPrice/Volume

Valuation Analysis

298'025.00


&2

-&-2.&.20&021&122&

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

&!&&

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1!&&

3!&&

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05.07.2013














GREENHAVEN ASSOCIATE GREENHAVEN ASSOCIATE 13F 11'995'064 1.12 (45'390) 31.03.2013 Investment Advisor





MANULIFE ASSET MANAG MANULIFE ASSET MANAG 13F 8'989'881 0.84 (504'457) 31.03.2013 Investment Advisor


GENERAL ELECTRIC COM GENERAL ELECTRIC COM 13F 8'640'762 0.81 (1'224'631) 31.03.2013 Corporation


Morgan Stanley DAVID GOBER Overwt/In-Line 5 M 45 12 month 02.07.2013

Janney Montgomery Scott LLC DAVID S STRASSER neutral 3 M 33 12 month 01.07.2013


RBC Capital Markets R SCOT CICCARELLI outperform 5 M 47 12 month 28.06.2013




ISI Group GREGORY MELICH buy 5 M 47 12 month 20.06.2013


Deutsche Bank MICHAEL BAKER buy 5 M 46 12 month 17.06.2013

Credit Suisse GARY BALTER outperform 5 M 46 Not Provided 17.06.2013

Edward Jones ROBIN DIEDRICH buy 5 M #N/A N/A Not Provided 17.06.2013

Oppenheimer & Co BRIAN NAGEL market perform 3 M 46 18 month 17.06.2013

Piper Jaffray PETER J KEITH neutral 3 M 42 12 month 17.06.2013

Longbow Research DAVID S MACGREGOR buy 5 M 50 12 month 11.06.2013

Barclays ALAN M RIFKIN equalweight 3 M 41 Not Provided 11.06.2013

Nomura ARAM RUBINSON buy 5 M 48 12 month 29.05.2013

Goldman Sachs MATTHEW J FASSLER Buy/Neutral 5 M 48 12 month 23.05.2013



Telsey Advisory Group JOSEPH I FELDMAN no rating system #N/A N/A M 46 Not Provided 23.05.2013

JPMorgan CHRISTOPHER HORVERS neutral 3 M 44 6 month 22.05.2013

Canaccord Genuity Corp LAURA A CHAMPINE sell 1 M 28 Not Provided 22.05.2013

S&P Capital IQ MICHAEL SOUERS sell 1 M 36 Not Provided 22.05.2013


Gabelli & Co PATRICK TODD buy 5 M #N/A N/A Not Provided 07.03.2012

Holdings By:

Lowe's Cos Inc ee


05.07.2013

MasterCard, Inc. is a global payment solutions company that provides a variety

of services in support of the credit, debit and related payment programs of

financial institutions. The Company offers transaction processing services for

credit and debit cards, electronic cash, automated teller machines, and

travelers checks.


LTM as of: 03/yy

52-Week High (19.06.2013) 591.65

52-Week Low (24.07.2012) 404.70

Daily Volume

587.64





71'429.84 1 Yr Total Return 33.42%







MA UN EQUITY YTD Change - Average Volume 30 Day 160'406

MA UN EQUITY YTD % CHANGE - Average Volume 3 Month 144'415


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

4'991.6 5'098.7 5'539.0 6'714.0 7'391.0 6'971.0 7'539.0 8'172.6 9'159.7 1'998.7 2'130.7

3.29x 6.26x 4.52x 6.38x 7.52x 23.06x 28.64x 8.08x 6.94x 33.12x 30.78x

2'060.3 2'408.2 2'905.0 3'677.0 4'187.0 3'853.0 4'302.0 4'766.4 5'466.9 1'182.9 1'285.9

7.96x 13.25x 8.62x 11.65x 13.27x 12.47x 14.17x 13.95x 12.16x 13.49x 13.02x

(253.9) 1'462.5 1'846.0 1'906.0 2'759.0 2'026.0 2'843.0 3'095.6 3'567.4 768.3 835.9

15.05x 21.60x 15.92x 19.92x 22.29x 21.24x 23.62x 23.12x 19.59x 22.20x 21.26x











EBITDA Margin 57.1%



Asset Turnover 0.66








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Mastercard IncPrice/Volume

Valuation Analysis

23'055.00


&

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1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

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

&!&&

2!&&

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05.07.2013


MASTERCARD FOUNDATIO n/a Form 4 12'153'057 10.4 (16'639) 18.03.2013 Other








HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 2'746'675 2.35 (6'182) 31.03.2013 Investment Advisor




MACQUARIE GROUP n/a ULT-AGG 1'477'454 1.26 7'666 31.05.2013 Investment Advisor




HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 1'218'703 1.04 7'185 31.03.2013 Investment Advisor





RBC Capital Markets DANIEL R PERLIN outperform 5 M 608 12 month 03.07.2013

Jefferies JASON KUPFERBERG buy 5 M 623 12 month 03.07.2013

Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 01.07.2013


Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 579 12 month 28.06.2013



Morgan Stanley SMITTIPON SRETHAPRAMOTE Overwt/In-Line 5 N 640 12 month 19.06.2013

Cowen and Company MOSHE KATRI outperform 5 M 700 12 month 19.06.2013

Pacific Crest Securities JAMES FAUCETTE outperform 5 M 600 12 month 17.06.2013




Janney Montgomery Scott LLC THOMAS C MCCROHAN neutral 3 M 475 12 month 07.06.2013

Oppenheimer & Co GLENN GREENE outperform 5 M 625 18 month 04.06.2013

Susquehanna Financial Group JAMES E FRIEDMAN neutral 3 M 548 12 month 04.06.2013

Barclays DARRIN D PELLER overweight 5 M 575 Not Provided 04.06.2013

Sterne, Agee & Leach GREGORY SMITH neutral 3 M #N/A N/A Not Provided 02.06.2013






Raymond James WAYNE JOHNSON market perform 3 D #N/A N/A Not Provided 02.05.2013

FBR Capital Markets SCOTT VALENTIN outperform 5 M 600 12 month 02.05.2013

Macquarie KEVIN MCVEIGH outperform 5 M 600 12 month 02.05.2013


Portales Partners WILLIAM H RYAN underperform 1 M #N/A N/A Not Provided 02.05.2013


SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 620 12 month 01.05.2013

Wedbush GIL B LURIA neutral 3 M 460 12 month 01.05.2013



Guggenheim Securities LLC DAVID W DARST buy 5 M 625 12 month 01.05.2013

Tigress Financial Partners IVAN FEINSETH strong buy 5 R #N/A N/A Not Provided 25.03.2013

S&P Capital IQ SONIA PARECHANIAN hold 3 M 560 Not Provided 27.02.2013


Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 U 575 12 month 09.01.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY outperform 5 M 485 12 month 20.09.2012

Holdings By:

Mastercard Inc ee


05.07.2013

McDonald's Corporation franchises and operates fast-food restaurants in the

global restaurant industry. The Company's restaurants serve a variety of

value-priced menu products in countries around the world.


LTM as of: 03/yy

52-Week High (12.04.2013) 103.70

52-Week Low (16.11.2012) 83.32

Daily Volume

99.32





99'573.16 1 Yr Total Return 15.84%







MCD UN EQUITY YTD Change - Average Volume 30 Day 1'342'904

MCD UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'269'284


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

23'522.4 22'744.7 24'074.6 27'006.0 27'567.0 27'441.0 27'625.7 28'506.5 30'025.7 7'090.1 7'487.5

3.30x 3.34x 3.74x 4.17x 3.62x 15.31x 14.99x 3.90x 3.73x 15.65x 14.81x

7'656.7 7'996.1 8'778.4 9'940.8 10'101.1 10'105.1 10'112.4 10'396.7 11'049.6 2'593.0 2'806.9

10.12x 9.51x 10.25x 11.33x 9.87x 10.90x 10.96x 10.63x 10.00x 10.37x 10.16x

4'313.2 4'551.0 4'946.3 5'503.1 5'464.8 5'560.8 5'468.3 5'710.4 6'107.3 1'409.8 1'557.0

16.95x 15.47x 16.69x 19.05x 16.43x 18.31x 18.47x 17.41x 15.89x 17.11x 16.68x











EBITDA Margin 36.6%



Asset Turnover 0.82







Fiscal Year Ended

McDonald's CorpPrice/Volume

Valuation Analysis

241'657.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

.&

1&

3&

5&

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d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

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.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

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!&&

-&!&&

-.!&&

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05.07.2013























Deutsche Bank JASON WEST buy 5 M 110 12 month 01.07.2013

Jefferies ANDREW M BARISH hold 3 M 91 12 month 01.07.2013

Stephens Inc WILL SLABAUGH overweight 5 M 120 Not Provided 01.07.2013

Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 105 12 month 17.06.2013


Atlantic Equities LLP ALISTAIR M SCOBIE neutral 3 M 96 12 month 11.06.2013

Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 103 12 month 11.06.2013

Morgan Stanley JOHN S GLASS Equalwt/In-Line 3 M #N/A N/A Not Provided 10.06.2013

Credit Suisse KEITH SIEGNER outperform 5 M 110 Not Provided 10.06.2013


JPMorgan JOHN W IVANKOE overweight 5 M 101 6 month 10.06.2013

Raymond James BRYAN C ELLIOTT market perform 3 M #N/A N/A Not Provided 10.06.2013

Buckingham Research Group MITCHELL J SPEISER neutral 3 M 97 12 month 10.06.2013

Sterne, Agee & Leach LYNNE COLLIER buy 5 M 107 12 month 10.06.2013

Oppenheimer & Co BRIAN J BITTNER market perform 3 M #N/A N/A Not Provided 10.06.2013

Wells Fargo Securities, LLC JEFFREY D FARMER outperform 5 M #N/A N/A Not Provided 10.06.2013

Lazard Capital Markets MATTHEW J DIFRISCO neutral 3 M #N/A N/A Not Provided 10.06.2013

Piper Jaffray NICOLE MILLER REGAN overweight 5 M 110 12 month 10.06.2013

Barclays JEFFREY A BERNSTEIN overweight 5 M 113 Not Provided 10.06.2013

Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 115 12 month 06.06.2013

RBC Capital Markets LARRY A MILLER outperform 5 M 107 12 month 04.06.2013

Sanford C. Bernstein & Co SARA H SENATORE market perform 3 M 100 12 month 08.05.2013


Susquehanna Financial Group RACHAEL ROTHMAN Positive 4 M 109 12 month 22.04.2013

BMO Capital Markets PHILLIP JUHAN market perform 3 M 103 Not Provided 19.04.2013

Goldman Sachs MICHAEL KELTER neutral/neutral 3 M 107 12 month 19.04.2013

Davenport & Co JEFFREY F OMOHUNDRO buy 5 M 109 Not Provided 19.04.2013


S&P Capital IQ JIM YIN buy 5 M 110 Not Provided 10.04.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 16.01.2013

Holdings By:

McDonald's Corp ee


05.07.2013

Mondelez International Inc. is a food and beverage company. The Company

manufactures and markets packaged food products, including snacks, beverages,

cheese, convenient meals and various packaged grocery products. Mondelez

International sells its products throughout the world.


LTM as of: 03/yy

52-Week High (24.04.2013) 32.09

52-Week Low (15.11.2012) 24.50

Daily Volume

28.7





51'213.79 1 Yr Total Return 14.26%







MDLZ UW EQUITY YTD Change - Average Volume 30 Day 3'266'336

MDLZ UW EQUITY YTD % CHANGE - Average Volume 3 Month 3'182'041


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

41'932.0 38'754.0 49'207.0 35'810.0 35'015.0 45'450.0 44'434.0 36'022.3 37'964.4 8'640.0 8'686.5

1.40x 1.47x 1.65x 2.54x 1.72x 8.48x 7.84x 1.87x 1.75x - -

5'945.0 6'056.0 7'130.0 4'978.0 5'028.0 6'737.0 6'703.0 5'574.8 6'101.9 1'288.4 1'474.3

9.84x 9.44x 11.42x 18.30x 12.00x 15.22x 11.49x 12.06x 11.02x 11.87x 11.64x

2'884.0 3'021.0 4'114.0 3'527.0 3'028.0 3'541.0 2'783.0 2'784.3 3'064.3 623.6 743.1

22.19x 14.23x 16.17x 38.99x 17.60x 21.41x 14.54x 18.42x 16.68x 18.46x 17.90x











EBITDA Margin 15.1%



Asset Turnover 0.52







Fiscal Year Ended

Mondelez International IncPrice/Volume

Valuation Analysis

704'303.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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05.07.2013







TRIAN FUND MANAGEMEN TRIAN FUND MANAGEMEN 13F 40'300'550 2.26 20'885'357 31.03.2013 Hedge Fund Manager

SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 39'545'118 2.22 5'014'218 31.03.2013 Investment Advisor








MONTAG & CALDWELL IN MONTAG & CALDWELL IN 13F 16'438'252 0.92 (167'343) 31.03.2013 Investment Advisor

INDEPENDENT FRANCHIS INDEPENDENT FRANCHIS 13F 16'014'507 0.9 5'115'058 31.03.2013 Investment Advisor






Canaccord Genuity Corp ALICIA FORRY sell 1 M 26 12 month 03.07.2013

Credit Suisse ROBERT MOSKOW outperform 5 M 33 Not Provided 02.07.2013

Stifel CHRISTOPHER R GROWE buy 5 M 34 12 month 02.07.2013

Wells Fargo Securities, LLC JOHN J BAUMGARTNER outperform 5 M #N/A N/A Not Provided 01.07.2013

Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 36 12 month 28.06.2013

Morgan Stanley MATTHEW GRAINGER Overwt/In-Line 5 M 33 12 month 25.06.2013

BMO Capital Markets KENNETH B ZASLOW market perform 3 M 29 Not Provided 21.06.2013

Edward Jones BRIAN YARBROUGH buy 5 M #N/A N/A Not Provided 20.06.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 31 Not Provided 20.06.2013

Jefferies THILO WREDE hold 3 M 31 12 month 20.06.2013

Deutsche Bank ERIC R KATZMAN hold 3 M 30 12 month 17.06.2013

JPMorgan KENNETH GOLDMAN overweight 5 M 35 6 month 11.06.2013

Barclays ANDREW LAZAR overweight 5 M 34 Not Provided 11.06.2013

Goldman Sachs JASON ENGLISH Buy/Neutral 5 M 33 12 month 29.05.2013

CL King & Associates ERIC J LARSON buy 5 M 33 12 month 24.05.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 13.05.2013

Davenport & Co ANN H GURKIN buy 5 M 35 Not Provided 08.05.2013

Spin-Off Research TEAM COVERAGE hold 3 M 32 Not Provided 08.05.2013

Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 08.05.2013

S&P Capital IQ THOMAS GRAVES hold 3 D 31 12 month 19.04.2013



Holdings By:

Mondelez International Inc ee


05.07.2013

Medtronic, Inc. develops therapeutic and diagnostic medical products. The

Company's principal products include those for bradycardia pacing,

tachyarrhythmia management, atrial fibrillation management, heart failure

management, heart valve replacement, malignant and non-malignant pain, and

movement disorders. Medtronic's products are sold worldwide.


LTM as of: 04/yy

52-Week High (21.05.2013) 53.83

52-Week Low (24.07.2012) 37.07

Daily Volume

52.11





52'496.27 1 Yr Total Return 36.55%







MDT UN EQUITY YTD Change - Average Volume 30 Day 1'677'161

MDT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'461'518


30.04.2009 30.04.2010 30.04.2011 30.04.2012 30.04.2013 04/yy 04/yy 04/14 Y 04/15 Y 07/13 Q1 10/13 Q2

14'599.0 15'817.0 15'508.0 16'184.0 16'590.0 16'184.0 16'589.0 16'965.1 17'497.1 4'118.2 4'182.5

2.62x 3.40x 3.36x 2.49x 2.81x 11.14x 12.16x 3.41x 3.29x 14.89x 14.56x

5'273.0 5'902.0 5'374.0 5'680.0 5'697.0 5'680.0 5'696.0 6'155.5 6'395.8 1'413.0 1'452.3

7.25x 9.10x 9.69x 7.11x 8.19x 7.11x 8.20x 8.45x 8.13x 8.70x 8.52x

2'070.0 3'099.0 3'096.0 3'617.0 3'467.0 3'618.0 3'467.0 3'865.1 4'081.3 895.7 933.5

10.04x 13.97x 12.87x 11.77x 12.56x 11.61x 12.47x 13.60x 12.70x 13.60x 13.38x











EBITDA Margin 34.3%



Asset Turnover 0.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Medtronic IncPrice/Volume

Valuation Analysis

222'560.00


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16'000.0

18'000.0

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

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05.07.2013








BARROW HANLEY MEWHIN BARROW HANLEY MEWHIN 13F 30'813'326 3.06 1'440'261 31.03.2013 Investment Advisor










UBS n/a ULT-AGG 8'973'223 0.89 (1'833'491) 31.03.2013 Unclassified






Lazard Capital Markets SEAN D LAVIN neutral 3 M #N/A N/A Not Provided 01.07.2013

Argus Research Corp DAVID H TOUNG buy 5 M 54 Not Provided 28.06.2013



Leerink Swann & Co DANIELLE ANTALFFY market perform 3 M #N/A N/A Not Provided 27.06.2013


Piper Jaffray BROOKS E WEST overweight 5 M 58 12 month 26.06.2013

Oppenheimer & Co STEVEN LICHTMAN outperform 5 M 57 18 month 25.06.2013

Barclays MATTHEW TAYLOR equalweight 3 M 54 Not Provided 25.06.2013


Edward Jones JEFF WINDAU hold 3 M #N/A N/A Not Provided 20.06.2013




RBC Capital Markets GLENN J NOVARRO sector perform 3 M 52 12 month 17.06.2013

Credit Suisse BRUCE NUDELL neutral 3 M 56 Not Provided 17.06.2013

Jefferies RAJ S DENHOY hold 3 M 53 12 month 17.06.2013

Wedbush TAO LEVY neutral 3 N 52 12 month 30.05.2013

Goldman Sachs DAVID H ROMAN neutral/neutral 3 M 53 12 month 22.05.2013

William Blair & Co BENJAMIN C ANDREW market perform 3 M #N/A N/A Not Provided 22.05.2013

Wunderlich Securities GREGORY SIMPSON hold 3 M 53 18 month 22.05.2013

S&P Capital IQ PHILLIP SELIGMAN buy 5 U 57 Not Provided 21.05.2013


McAdams Wright Ragen Inc MICHAEL ROARKE focus list 5 M 45 12 month 19.05.2009


Holdings By:

Medtronic Inc ee


05.07.2013

MetLife, Inc. provides individual insurance, employee benefits and financial

services with operations throughout the United States and the regions of Latin

America, Europe, and Asia Pacific. The Company's products include life

insurance, annuities, automobile and homeowners insurance, retail banking and

other financial services to individuals as well as group insurance.


LTM as of: 03/yy

52-Week High (05.07.2013) 47.38

52-Week Low (24.07.2012) 28.34

Daily Volume

47





51'465.62 1 Yr Total Return 55.82%







MET UN EQUITY YTD Change - Average Volume 30 Day 1'912'994

MET UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'774'540


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

50'984.0 41'057.0 52'265.0 70'241.0 68'150.0 70'250.0 69'917.0 68'823.6 71'623.3 17'126.9 17'225.6

0.53x 1.07x 1.34x 0.82x 0.72x 3.48x 2.93x 1.08x 1.04x - -

- - - - - 0.0 0.0 - - - -

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

3'209.0 (2'246.0) 2'790.0 6'423.0 1'324.0 5'402.0 2'454.0 6'129.3 6'401.0 1'484.4 1'485.3

9.63x 12.32x 10.71x 7.12x 6.24x 8.23x 7.07x 8.60x 8.27x 8.75x 8.61x

EBITDA - Long-Term Rating Date -








Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08







Fiscal Year Ended

MetLife IncPrice/Volume

Valuation Analysis

335'447.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

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05.07.2013


METLIFE POLICY HOLDE n/a 13D 198'022'160 18.08 - 30.04.2013 n/a





















Sterne, Agee & Leach JOHN M NADEL buy 5 M 56 12 month 03.07.2013

Barclays JAY H GELB equalweight 3 M 50 Not Provided 01.07.2013

Portales Partners NINA GUPTA outperform 5 U #N/A N/A Not Provided 26.06.2013

Scotia Capital JOANNE SMITH focus stock 5 M 52 12 month 20.06.2013

JPMorgan JIMMY S BHULLAR overweight 5 M 42 6 month 17.06.2013

FBR Capital Markets RANDY BINNER outperform 5 M 55 12 month 17.06.2013

Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 11.06.2013

Deutsche Bank YARON KINAR buy 5 U 51 12 month 02.06.2013

Credit Suisse THOMAS GALLAGHER outperform 5 M 48 Not Provided 29.05.2013

Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M #N/A N/A Not Provided 23.05.2013

Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 45 12 month 22.05.2013

RBC Capital Markets ERIC N BERG sector perform 3 M 51 12 month 22.05.2013

Raymond James STEVEN D SCHWARTZ outperform 5 M 49 12 month 22.05.2013

Macquarie SEAN DARGAN outperform 5 M 48 12 month 22.05.2013

Sandler O'Neill & Partners, LP EDWARD SHIELDS buy 5 M 47 12 month 22.05.2013

Evercore Partners MARK FINKELSTEIN overweight 5 M 48 12 month 22.05.2013


Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 50 12 month 21.05.2013

Goldman Sachs CHRISTOPHER GIOVANNI buy/attractive 5 M 51 12 month 15.05.2013

S&P Capital IQ CATHY SEIFERT buy 5 M 46 12 month 02.05.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

MetLife Inc ee


05.07.2013

3M Co. conducts operations in electronics, telecommunications, industrial,

consumer and office, health care, safety, and other markets. The Company's

businesses share technologies, manufacturing operations, brands, marketing

channels, and other resources. 3M serves customers in countries located around

the world.


LTM as of: 03/yy

52-Week High (19.06.2013) 113.24

52-Week Low (12.07.2012) 85.34

Daily Volume

110.32





76'142.27 1 Yr Total Return 26.08%







MMM UN EQUITY YTD Change - Average Volume 30 Day 884'223

MMM UN EQUITY YTD % CHANGE - Average Volume 3 Month 849'998


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

25'269.0 23'123.0 26'662.0 29'611.0 29'904.0 29'786.0 30'052.0 31'013.1 32'684.2 7'773.2 7'906.9

1.76x 2.61x 2.33x 1.95x 2.16x 8.09x 8.84x 2.53x 2.37x 10.17x 9.99x

6'394.0 5'971.0 7'038.0 7'414.0 7'771.0 7'494.0 7'806.0 8'128.7 8'693.2 2'032.2 2'092.0

6.96x 10.11x 8.84x 7.80x 8.31x 8.41x 9.47x 9.43x 8.81x 9.15x 8.94x

3'460.0 3'193.0 4'085.0 4'283.0 4'444.0 4'327.0 4'448.0 4'687.1 5'076.1 1'192.8 1'235.8

11.13x 17.45x 14.89x 13.48x 14.72x 14.40x 16.75x 16.48x 15.00x 16.07x 15.61x











EBITDA Margin 26.0%



Asset Turnover 0.91








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

3M CoPrice/Volume

Valuation Analysis

148'343.00


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10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

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05.07.2013


















STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 5'421'102 0.79 712 31.03.2013 Insurance Company





Morgan Stanley NIGEL COE Equalwt/In-Line 3 D 112 12 month 01.07.2013

Edward Jones MATT ARNOLD buy 5 M #N/A N/A Not Provided 28.06.2013


Barclays SCOTT R DAVIS equalweight 3 M 103 Not Provided 26.06.2013


Jefferies LAURENCE ALEXANDER buy 5 M 128 12 month 07.06.2013



Nomura SHANNON O'CALLAGHAN neutral 3 M 105 12 month 03.05.2013

JPMorgan CHARLES STEPHEN TUSA underweight 1 M 95 6 month 29.04.2013

Deutsche Bank DAVID I BEGLEITER hold 3 M 114 12 month 26.04.2013

Goldman Sachs JOSEPH RITCHIE neutral/neutral 3 M 112 12 month 26.04.2013

Credit Suisse JOHN P MCNULTY neutral 3 M 103 Not Provided 26.04.2013

FBR Capital Markets AJAY K KEJRIWAL outperform 5 M 110 12 month 26.04.2013




S&P Capital IQ RICHARD TORTORIELLO buy 5 M 110 12 month 06.02.2013

McAdams Wright Ragen Inc MICHAEL ROARKE focus list 5 N 85 Not Provided 24.04.2009

Holdings By:

3M Co ee


05.07.2013

Altria Group, Inc. is a holding company. The Company, through subsidiaries,

manufactures and sells cigarettes and other tobacco products, including cigars

and pipe tobacco. Altria holds an interest in a brewery company.


LTM as of: 03/yy

52-Week High (15.05.2013) 37.60

52-Week Low (15.11.2012) 30.01

Daily Volume

35.307





70'919.83 1 Yr Total Return 6.29%







MO UN EQUITY YTD Change - Average Volume 30 Day 2'332'059

MO UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'147'566


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

15'957.0 16'824.0 16'892.0 16'619.0 17'500.0 16'670.0 17'479.0 17'567.0 17'811.5 4'617.6 4'502.0

1.92x 3.02x 3.63x 4.28x 4.24x 16.53x 18.03x 4.66x 4.53x - -

5'142.0 6'234.0 6'540.0 6'543.0 7'539.0 6'661.0 8'026.0 7'748.1 8'072.9 2'034.3 2'048.0

5.95x 8.16x 9.38x 10.86x 9.84x 10.87x 9.87x 10.48x 10.06x 10.40x 10.29x

4'930.0 3'206.0 3'905.0 3'390.0 4'180.0 3'648.0 4'370.0 4'804.7 5'110.2 1'259.5 1'268.7

9.13x 6.44x 12.90x 15.17x 13.98x 14.38x 14.87x 14.72x 13.73x 14.57x 14.31x











EBITDA Margin 45.9%



Asset Turnover 0.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Altria Group IncPrice/Volume

Valuation Analysis

323'501.00


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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

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

&!&&

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05.07.2013










FAYEZ SAROFIM FAYEZ SAROFIM 13F 20'393'051 1.02 (1'632'306) 31.03.2013 Investment Advisor











BARCLAYS PLC n/a ULT-AGG 11'309'204 0.56 4'059'352 31.03.2013 Investment Advisor






Morgan Stanley DAVID J ADELMAN Equalwt/In-Line 3 M 34 12 month 11.06.2013




Independent Research GmbH LARS LUSEBRINK buy 5 M 43 12 month 29.04.2013


JPMorgan RAE MAILE overweight 5 M 45 6 month 25.04.2013

S&P Capital IQ ESTHER KWON buy 5 M 39 Not Provided 25.04.2013

Barclays MICHAEL J BRANCA equalweight 3 M 31 Not Provided 25.04.2013


Holdings By:

Altria Group Inc ee


05.07.2013

Monsanto Company provides agricultural products for farmers. The Company's

business segments are seeds and genomics. Monsanto produces a wide range of

seeds and develops biotechnology traits that assist farmers in controlling

insects and weeds as well as provides other seed companies with genetic material

and biotechnology traits for their seed brands.


LTM as of: 05/yy

52-Week High (15.05.2013) 109.33

52-Week Low (10.07.2012) 81.50

Daily Volume

98.45





52'484.61 1 Yr Total Return 19.63%







MON UN EQUITY YTD Change - Average Volume 30 Day 799'476

MON UN EQUITY YTD % CHANGE - Average Volume 3 Month 677'695


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1

11'365.0 11'724.0 10'483.0 11'822.0 13'504.0 13'653.0 14'769.0 14'939.6 16'067.0 2'230.4 3'043.4

5.53x 3.89x 2.78x 3.08x 3.35x 11.45x 13.29x 3.39x 3.09x 22.76x 16.74x

3'458.0 4'175.0 2'529.0 3'116.0 3'760.0 3'948.0 4'206.0 4'218.1 4'863.7 (101.7) 767.0

18.18x 10.92x 11.51x 11.69x 12.03x 10.50x 12.62x 12.29x 10.66x 10.60x 10.46x

2'024.0 2'109.0 1'096.0 1'607.0 2'045.0 2'162.0 2'502.0 2'478.6 2'888.3 (225.3) 308.3

31.30x 18.65x 22.19x 23.28x 23.12x 19.08x 22.13x 21.51x 18.43x 19.11x 18.63x











EBITDA Margin 28.5%



Asset Turnover 0.71








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Monsanto CoPrice/Volume

Valuation Analysis

127'613.00


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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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05.07.2013










WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 9'188'909 1.72 (1'006'807) 31.03.2013 Investment Advisor




MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 7'358'065 1.38 (116'807) 30.04.2013 Investment Advisor

LONE PINE CAPITAL LL LONE PINE CAPITAL LL 13F 6'662'550 1.25 1'304'240 31.03.2013 Hedge Fund Manager





MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 5'748'918 1.08 (647'027) 31.03.2013 Investment Advisor

WADDELL & REED FINAN WADDELL & REED FINAN 13F 5'682'063 1.07 165'308 31.03.2013 Investment Advisor


Wells Fargo Securities, LLC FRANK J MITSCH outperform 5 M #N/A N/A Not Provided 05.07.2013

Topeka Capital Markets Inc CHRISTOPHER KAPSCH buy 5 M 121 12 month 03.07.2013

Gabelli & Co AMON R WILKES buy 5 M #N/A N/A Not Provided 02.07.2013

Piper Jaffray MICHAEL E COX overweight 5 M 135 12 month 30.06.2013


Morgan Stanley VINCENT ANDREWS Overwt/Attractive 5 M 125 12 month 27.06.2013


JPMorgan JEFFREY J ZEKAUSKAS overweight 5 M 111 6 month 27.06.2013


BGC Partners MARK R GULLEY buy 5 M 123 12 month 27.06.2013

Susquehanna Financial Group DONALD D CARSON Positive 4 M 128 12 month 27.06.2013

Deutsche Bank DAVID I BEGLEITER buy 5 M 116 12 month 26.06.2013

Credit Suisse CHRISTOPHER PARKINSON outperform 5 M 121 Not Provided 26.06.2013

Canaccord Genuity Corp KEITH CARPENTER buy 5 M 121 12 month 26.06.2013

Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 104 12 month 26.06.2013

S&P Capital IQ KEVIN KIRKEBY hold 3 M 110 Not Provided 26.06.2013

Atlantic Equities LLP COLIN ISAAC underweight 1 M 90 12 month 26.06.2013

Stifel PAUL A MASSOUD hold 3 M #N/A N/A Not Provided 24.06.2013

Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 30.05.2013

Monness, Crespi, Hardt & Co CHRIS L SHAW buy 5 M 119 12 month 29.05.2013


Goldman Sachs ROBERT KOORT buy/attractive 5 M 122 12 month 05.04.2013

Holdings By:

Monsanto Co ee


05.07.2013

Merck & Co., Inc. is a global health care company that delivers health

solutions through its prescription medicines, vaccines, biologic therapies,

animal health, and consumer care products, which it markets directly and

through its joint ventures. The Company has operations in pharmaceutical,

animal health, and consumer care.


LTM as of: 03/yy

52-Week High (04.06.2013) 50.16

52-Week Low (31.12.2012) 40.10

Daily Volume

46.8





141'317.83 1 Yr Total Return 16.23%







MRK UN EQUITY YTD Change - Average Volume 30 Day 4'241'192

MRK UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'107'313


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

23'850.3 27'428.3 45'987.0 48'047.0 47'267.0 48'198.0 46'208.0 45'309.6 45'816.2 11'344.9 11'411.0

2.82x 4.52x 2.59x 2.49x 2.77x 9.58x 11.77x 3.19x 3.07x - -

8'070.3 7'314.7 12'116.0 17'873.0 16'855.0 18'025.0 16'424.0 17'765.5 18'170.1 3'552.5 3'891.0

8.33x 16.96x 9.84x 6.69x 7.76x 6.76x 8.57x 8.37x 8.18x - -

7'808.4 12'901.3 861.0 6'272.0 6'168.0 6'966.0 6'516.0 10'498.4 10'893.9 2'488.2 2'679.6

8.89x 11.24x 10.54x 10.00x 11.22x 9.97x 12.01x 13.36x 12.49x 13.36x 12.99x











EBITDA Margin 35.5%



Asset Turnover 0.44







Fiscal Year Ended

Merck & Co IncPrice/Volume

Valuation Analysis

426'294.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

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1&

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3!& 9

5!& 9

-&!& 9

-.!& 9

-1!& 9

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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05.07.2013
























SunTrust Robinson Humphrey JOHN T BORIS neutral 3 M 47 12 month 01.07.2013

Cowen and Company STEVEN R SCALA market perform 3 M 51 12 month 01.07.2013


Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 27.06.2013


BMO Capital Markets ALEX ARFAEI outperform 5 M 52 Not Provided 24.06.2013


ISI Group MARK J SCHOENEBAUM buy 5 M 50 Not Provided 18.06.2013

MKM Partners JON LECROY buy 5 M 59 12 month 14.06.2013


Goldman Sachs JAMI E RUBIN neutral/attractive 3 M 50 12 month 03.06.2013

JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 54 6 month 03.06.2013


Morgan Stanley DAVID R RISINGER Underwt/In-Line 1 M #N/A N/A Not Provided 23.05.2013



S&P Capital IQ HERMAN SAFTLAS buy 5 M 51 12 month 01.02.2013


MP Advisors Pvt Ltd VISHAL MANCHANDA outperform 5 M 50 Not Provided 16.10.2012

Cyrrus TOMAS MENCIK accumulate 4 M 43 Not Provided 05.04.2012

First Global Stockbroking KAVITA THOMAS market perform 3 M #N/A N/A Not Provided 21.06.2011

Holdings By:

Merck & Co Inc ee


05.07.2013

Morgan Stanley, a bank holding company, provides diversified financial services

on a worldwide basis. The Company operates a global securities business which

serves individual and institutional investors and investment banking clients.

Morgan Stanley also operates a global asset management business.


LTM as of: 03/yy

52-Week High (10.06.2013) 27.17

52-Week Low (23.07.2012) 12.29

Daily Volume

24.36





47'748.40 1 Yr Total Return 63.02%







MS UN EQUITY YTD Change - Average Volume 30 Day 3'836'025

MS UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'574'002


30.11.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

62'262.0 30'139.0 37'801.0 39'138.0 32'036.0 38'269.0 33'168.0 31'730.9 33'870.2 7'913.2 7'784.2

5.03x 16.65x 13.22x 10.82x 14.07x 47.96x 55.89x - - - -

40'604.0 15'297.0 14'937.0 10'724.0 12'615.0 8'603.0 11'901.0 - - - -

7.72x 32.80x 33.45x 39.50x 35.74x 0.00x 42.77x - - - -

1'707.0 1'346.0 4'703.0 4'110.0 68.0 3'048.0 1'037.0 3'924.7 4'980.9 856.8 977.0

9.58x 11.22x 12.69x - 11.18x 332.55x 14.25x 12.13x 9.53x 11.41x 10.43x











EBITDA Margin 35.9%



Asset Turnover 0.04







Fiscal Year Ended

Morgan StanleyPrice/Volume

Valuation Analysis

1'685'188.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

-2

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d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

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3!& 9

5!& 9

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-.!& 9

-1!& 9

-3!& 9

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

&!&&

-!&&

.!&&

0!&&

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2!&&

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4!&&

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05.07.2013


MITSUBISHI UFJ FINAN n/a ULT-AGG 435'504'490 22.22 - 31.03.2013 Holding Company


CHINA INVESTMENT COR n/a ULT-AGG 125'114'454 6.38 - 31.12.2012 Government
















PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 11'517'553 0.59 2'024'911 31.03.2013 Hedge Fund Manager

CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'500'000 0.59 11'500'000 29.03.2013 Investment Advisor


RBC Capital Markets FIONA SWAFFIELD sector perform 3 M 25 12 month 03.07.2013

Sanford C. Bernstein & Co CHARLES BRADLEY HINTZ outperform 5 M 29 12 month 03.07.2013

Evercore Partners CHRISTOPHER J ALLEN overweight 5 M 29 12 month 02.07.2013


JPMorgan KIAN ABOUHOSSEIN overweight 5 M 29 12 month 28.06.2013



Susquehanna Financial Group DOUGLAS C SIPKIN neutral 3 M 24 12 month 27.06.2013

Mediobanca SpA CHRISTOPHER J WHEELER underperform 1 M 23 6 month 26.06.2013

Macquarie DAVID J KONRAD outperform 5 M 30 12 month 26.06.2013

Atlantic Equities LLP RICHARD STAITE underweight 1 M 24 12 month 26.06.2013

Credit Suisse HOWARD H CHEN neutral 3 M 23 Not Provided 24.06.2013


Rafferty Capital Markets RICHARD X BOVE SR buy 5 M 29 12 month 21.06.2013

S&P Capital IQ KENNETH M LEON buy 5 M 28 Not Provided 21.06.2013


Edward Jones SHANNON L STEMM hold 3 D #N/A N/A Not Provided 17.06.2013




Deutsche Bank MATTHEW D O'CONNOR buy 5 U 30 12 month 30.05.2013


Barclays ROGER A FREEMAN equalweight 3 M 25 Not Provided 15.05.2013


FBR Capital Markets STEVE STELMACH outperform 5 M 27 12 month 23.04.2013

Sandler O'Neill & Partners, LP JEFFERY HARTE buy 5 M 26 12 month 22.04.2013



HSBC ROBERT MURPHY neutral 3 M 25 Not Provided 26.02.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 12.02.2013


Holdings By:

Morgan Stanley ee


05.07.2013

Microsoft Corporation develops, manufactures, licenses, sells, and supports

software products. The Company offers operating system software, server

application software, business and consumer applications software, software

development tools, and Internet and intranet software. Microsoft also develops

video game consoles and digital music entertainment devices.


LTM as of: 03/yy

52-Week High (04.06.2013) 35.73

52-Week Low (05.12.2012) 26.26

Daily Volume

33.6





280'597.16 1 Yr Total Return 12.57%







MSFT UW EQUITY YTD Change - Average Volume 30 Day 14'280'503

MSFT UW EQUITY YTD % CHANGE - Average Volume 3 Month 15'589'903


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

60'420.0 58'437.0 62'484.0 69'943.0 73'723.0 73'031.0 76'012.0 78'725.3 84'771.5 20'766.0 18'955.0

3.77x 3.18x 2.70x 2.53x 2.78x 10.16x 9.86x 2.69x 2.30x 10.49x 11.21x

24'548.0 23'255.0 26'830.0 29'927.0 30'923.0 30'601.0 30'645.0 32'437.9 35'593.1 8'700.8 8'027.3

9.29x 8.00x 6.28x 5.91x 6.64x 7.30x 5.83x 6.82x 6.22x 6.35x 6.23x

17'681.0 14'569.0 18'760.0 23'150.0 16'978.0 23'344.0 16'406.0 23'282.4 25'649.6 6'246.5 5'688.7

14.48x 13.77x 10.93x 9.86x 11.21x 11.73x 10.67x 12.17x 10.97x 11.16x 10.89x











EBITDA Margin 40.3%



Asset Turnover 0.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Microsoft CorpPrice/Volume

Valuation Analysis

2'772'735.00


&

2

-&

-2

.&

.2

0&

02

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d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 92!& 9-&!& 9-2!& 9.&!& 9.2!& 90&!& 902!& 91&!& 912!& 92&!& 9

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

-1!&&

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



05.07.2013



GATES III WILLIAM HE n/a Form 4 398'412'845 4.77 (2'998'930) 28.05.2013 n/a



BALLMER STEVEN ANTHO n/a PROXY 333'252'990 3.99 - 14.09.2012 n/a










MORGAN STANLEY n/a ULT-AGG 81'472'003 0.98 (1'712'158) 31.05.2013 Investment Advisor

DODGE & COX DODGE & COX 13F 78'067'804 0.93 9'972'281 31.03.2013 Investment Advisor






Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 36 12 month 03.07.2013

Janney Montgomery Scott LLC YUN KIM neutral 3 M 34 12 month 02.07.2013

Stifel BRAD REBACK buy 5 M 38 12 month 02.07.2013

Griffin Securities JAY VLEESCHHOUWER buy 5 M 41 12 month 02.07.2013

Nomura RICHARD G SHERLUND neutral 3 M 38 12 month 30.06.2013

Deutsche Bank NANDAN AMLADI hold 3 M 35 12 month 28.06.2013

Sanford C. Bernstein & Co MARK L MOERDLER outperform 5 M 42 12 month 28.06.2013

Raymond James MICHAEL TURITS outperform 5 M 34 12 month 28.06.2013

Wells Fargo Securities, LLC JASON MAYNARD market perform 3 M #N/A N/A Not Provided 28.06.2013

BMO Capital Markets KARL KEIRSTEAD market perform 3 M 34 Not Provided 27.06.2013

RBC Capital Markets MATTHEW HEDBERG sector perform 3 M 32 12 month 27.06.2013

Pacific Crest Securities BRENDAN BARNICLE sector perform 3 M #N/A N/A Not Provided 27.06.2013

Cowen and Company GREGG MOSKOWITZ outperform 5 M 41 12 month 27.06.2013

Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 40 12 month 26.06.2013

FBR Capital Markets DAVID M HILAL market perform 3 M 30 12 month 25.06.2013

Oppenheimer & Co SHAUL EYAL outperform 5 M 39 12 month 25.06.2013


Barclays RAIMO LENSCHOW equalweight 3 M 35 Not Provided 24.06.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 38 Not Provided 14.06.2013

Jyske Bank ROBERT JAKOBSEN reduce 2 M 35 Not Provided 13.06.2013

Cross Research RICHARD T WILLIAMS buy 5 M 37 12 month 10.06.2013

Goldman Sachs HEATHER BELLINI sell/attractive 1 M 30 12 month 05.06.2013

Hamburger Sparkasse MARCO GUENTHER hold 3 D #N/A N/A Not Provided 29.05.2013


Daiwa Securities Co. Ltd. KAZUYA NISHIMURA neutral 3 D 35 Not Provided 16.05.2013

MKM Partners ISRAEL HERNANDEZ neutral 3 M 27 12 month 14.05.2013



Atlantic Equities LLP CHRISTOPHER HICKEY overweight 5 M 35 12 month 22.04.2013

Hilliard Lyons STEPHEN TURNER neutral 3 M #N/A N/A Not Provided 19.04.2013

JPMorgan JOHN DIFUCCI neutral 3 M 30 6 month 19.04.2013

Jefferies ROSS MACMILLAN hold 3 M 31 12 month 18.04.2013


BGC Partners COLIN W GILLIS hold 3 D 31 12 month 10.04.2013


S&P Capital IQ ANGELO ZINO strong buy 5 M 35 12 month 25.01.2013


McAdams Wright Ragen Inc SID PARAKH buy 5 M 36 12 month 23.07.2012

Holdings By:

Microsoft Corp ee


05.07.2013

NIKE, Inc. designs, develops, and markets athletic footwear, apparel,

equipment, and accessory products for men, women, and children. The Company

sells its products worldwide to retail stores, through its own stores,

subsidiaries, and distributors.


LTM as of: 05/yy

52-Week High (16.05.2013) 66.06

52-Week Low (14.11.2012) 44.83

Daily Volume

63.46





56'706.55 1 Yr Total Return 42.41%







NKE UN EQUITY YTD Change - Average Volume 30 Day 1'060'231

NKE UN EQUITY YTD % CHANGE - Average Volume 3 Month 931'434


31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 05/yy 05/yy 05/14 Y 05/15 Y 08/13 Q1 11/13 Q2

19'176.1 19'014.0 20'862.0 24'128.0 25'313.0 23'753.0 25'508.0 27'568.1 29'678.1 6'964.0 6'436.4

1.31x 1.60x 1.71x 1.91x 2.00x 7.20x 6.94x 1.94x 1.78x 7.72x 8.37x

2'789.8 2'797.7 3'150.0 3'413.0 - 3'446.0 2'639.0 4'109.2 4'576.3 1'063.3 829.4

8.98x 10.87x 11.32x 13.53x - 13.40x 0.00x 12.68x 11.38x 12.93x 12.52x

1'486.7 1'906.7 2'133.0 2'223.0 2'485.0 2'223.0 2'485.0 2'701.9 3'016.5 710.1 541.0

14.79x 18.75x 19.24x 22.76x 22.92x 22.48x 23.30x 21.00x 18.34x 21.07x 20.46x











EBITDA Margin 13.9%



Asset Turnover 1.54







Fiscal Year Ended

NIKE IncPrice/Volume

Valuation Analysis

209'671.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

.&

0&

1&

2&

3&

4&

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9!2 9-!& 9-!2 9.!& 9.!2 90!& 90!2 91!& 91!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

&!&&

2!&&

-&!&&

-2!&&

.&!&&

.2!&&

0&!&&

02!&&

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05.07.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 57'237'092 8 8'131'197 31.03.2013 Investment Advisor







SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 15'886'961 2.22 1'112'801 31.03.2013 Investment Advisor


LANSDOWNE PARTNERS L LANSDOWNE PARTNERS L 13F 12'891'304 1.8 155'324 31.03.2013 Hedge Fund Manager







MARSICO CAPITAL MANA MARSICO CAPITAL MANA 13F 7'181'129 1 (1'969'149) 31.03.2013 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 7'139'840 1 2'723'925 31.03.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'765'150 0.95 (139'664) 31.03.2013 Investment Advisor



D.A. Davidson & Co ANDREW BURNS neutral 3 M 67 18 month 02.07.2013

Morgan Stanley KIMBERLY GREENBERGER Equalwt/In-Line 3 M #N/A N/A Not Provided 01.07.2013

Susquehanna Financial Group CHRISTOPHER SVEZIA neutral 3 M 57 12 month 01.07.2013

Deutsche Bank DAVID WEINER buy 5 M 68 12 month 28.06.2013

Goldman Sachs LINDSAY DRUCKER MANN buy/attractive 5 M 73 6 month 28.06.2013


Credit Suisse CHRISTIAN BUSS neutral 3 M 66 Not Provided 28.06.2013

Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 28.06.2013

Hilliard Lyons JEFFREY S THOMISON neutral 3 M #N/A N/A Not Provided 28.06.2013

JPMorgan MATTHEW BOSS overweight 5 M 70 6 month 28.06.2013

Janney Montgomery Scott LLC ERIC B TRACY neutral 3 M 57 12 month 28.06.2013

Robert W. Baird & Co MITCHEL J KUMMETZ neutral 3 M 62 12 month 28.06.2013

Wedbush CORINNA FREEDMAN neutral 3 M 58 12 month 28.06.2013

Stifel JIM DUFFY buy 5 M 68 12 month 28.06.2013

Sterne, Agee & Leach SAM POSER neutral 3 M 63 12 month 28.06.2013

Canaccord Genuity Corp CAMILO R LYON hold 3 M 61 12 month 28.06.2013

McAdams Wright Ragen Inc SARA E HASAN hold 3 M #N/A N/A Not Provided 28.06.2013

ISI Group OMAR SAAD strong buy 5 M 80 Not Provided 28.06.2013

Cowen and Company FAYE LANDES outperform 5 M 68 12 month 28.06.2013

Piper Jaffray SEAN NAUGHTON neutral 3 M 64 12 month 28.06.2013

Telsey Advisory Group KELLY CHEN no rating system #N/A N/A M 66 Not Provided 28.06.2013

Barclays ROBERT S DRBUL overweight 5 M 75 Not Provided 27.06.2013

Buckingham Research Group JOHN M ZOLIDIS buy 5 M 68 12 month 29.04.2013

HSBC ERWAN RAMBOURG overweight 5 M 67 Not Provided 02.04.2013


S&P Capital IQ JASON ASAEDA hold 3 M 61 Not Provided 22.03.2013

Daiwa Securities Co. Ltd. TEAM COVERAGE buy 5 M 61 Not Provided 24.12.2012

Holdings By:

NIKE Inc ee


05.07.2013

National Oilwell Varco Inc. is a worldwide provider of equipment and components

used in oil and gas drilling and production operations, oilfield services, and

supply chain integration services to the upstream oil and gas industry.


LTM as of: 03/yy

52-Week High (18.09.2012) 89.25

52-Week Low (18.04.2013) 63.09

Daily Volume

71.67





30'623.25 1 Yr Total Return 6.90%







NOV UN EQUITY YTD Change - Average Volume 30 Day 890'328

NOV UN EQUITY YTD % CHANGE - Average Volume 3 Month 912'026


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

13'431.4 12'712.0 12'156.0 14'658.0 20'041.0 15'815.0 21'045.0 22'261.4 24'127.8 5'434.4 5'604.7

0.72x 1.32x 2.14x 1.77x 1.45x 6.69x 5.83x 1.38x 1.19x 5.89x 5.62x

3'319.1 2'952.0 2'954.0 3'492.0 4'185.0 3'785.0 4'136.0 4'314.1 4'938.3 1'038.0 1'097.3

2.90x 5.70x 8.80x 7.42x 6.96x 8.21x 7.80x 7.57x 6.61x 7.32x 7.03x

1'952.0 1'469.0 1'667.0 1'994.0 2'491.0 2'193.0 2'387.0 2'376.2 2'791.6 570.1 609.6

4.81x 11.37x 16.57x 14.16x 11.44x 15.30x 12.31x 12.86x 10.88x 12.32x 11.77x











EBITDA Margin 19.7%



Asset Turnover 0.70







Fiscal Year Ended

National Oilwell Varco IncPrice/Volume

Valuation Analysis

291'143.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

!2 9

-!& 9

-!2 9

.!& 9

.!2 9

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

-&!&&

.&!&&

0&!&&

1&!&&

2&!&&

3&!&&

4&!&&

5&!&&

6&!&&

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05.07.2013









OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 7'885'877 1.85 (453'994) 31.03.2013 Investment Advisor


BERKSHIRE HATHAWAY I n/a ULT-AGG 7'484'300 1.75 2'189'500 31.03.2013 Investment Advisor



CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 4'934'555 1.15 (325'804) 31.03.2013 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 4'260'914 1 (938'713) 30.04.2013 Investment Advisor




EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 3'971'605 0.93 421'704 31.03.2013 Hedge Fund Manager

WADDELL & REED FINAN WADDELL & REED FINAN 13F 3'549'221 0.83 (768'906) 31.03.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 3'520'288 0.82 (343'629) 03.07.2013 Investment Advisor


Fearnley Fonds TRULS OLSEN buy 5 U 81 Not Provided 04.07.2013

Credit Suisse JAMES WICKLUND neutral 3 M 74 Not Provided 03.07.2013


Sanford C. Bernstein & Co SCOTT GRUBER market perform 3 M 75 12 month 02.07.2013



Wells Fargo Securities, LLC THOMAS PATRICK CURRAN outperform 5 M #N/A N/A Not Provided 01.07.2013

ISI Group JUDSON E BAILEY buy 5 M 77 12 month 28.06.2013





Morgan Stanley OLE SLORER Equalwt/In-Line 3 M 80 12 month 30.05.2013

Goldman Sachs WAQAR SYED buy/attractive 5 M 86 12 month 23.05.2013

Johnson Rice & Co DAVID C SMITH equalweight 3 M #N/A N/A Not Provided 22.05.2013



Raymond James J MARSHALL ADKINS outperform 5 M 85 12 month 13.05.2013

William Blair & Co BRANDON DOBELL outperform 5 M #N/A N/A Not Provided 08.05.2013

HSBC DAVID PHILLIPS overweight 5 M 88 Not Provided 02.05.2013

Iberia Capital Partners LLC TREY STOLZ outperform 5 M 93 12 month 02.05.2013


Global Hunter Securities BRIAN UHLMER buy 5 M 80 12 month 01.05.2013


Howard Weil Inc WILLIAM SANCHEZ sector perform 3 M 85 Not Provided 30.04.2013

RS Platou Markets GORAN ANDREASSEN buy 5 M 84 6 month 30.04.2013


Capital One Southcoast, Inc. JOSEPH D GIBNEY add 4 M 88 Not Provided 29.04.2013

RBC Capital Markets KURT HALLEAD sector perform 3 M 78 12 month 26.04.2013


S&P Capital IQ STEWART GLICKMAN strong buy 5 M 95 Not Provided 01.02.2013


Holdings By:

National Oilwell Varco Inc ee


05.07.2013

Norfolk Southern Corporation provides rail transportation services. The Company

transports raw materials, intermediate products, and finished goods primarily

in the Southeast, East, and Midwest and, via interchange with rail carriers, to

and from the rest of the United States. Norfolk Southern also transports

overseas freight through several Atlantic and Gulf Coast ports


LTM as of: 03/yy

52-Week High (21.05.2013) 80.99

52-Week Low (16.11.2012) 56.05

Daily Volume

71.81





22'626.50 1 Yr Total Return 2.77%







NSC UN EQUITY YTD Change - Average Volume 30 Day 546'415

NSC UN EQUITY YTD % CHANGE - Average Volume 3 Month 517'084


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

10'661.0 7'969.0 9'516.0 11'172.0 11'040.0 11'341.0 10'989.0 11'241.6 11'951.0 2'845.5 2'811.6

2.18x 3.19x 2.98x 2.80x 2.49x 10.50x 10.73x 2.74x 2.60x 10.72x 10.86x

3'899.0 2'807.0 3'502.0 4'082.0 4'046.0 4'240.0 3'994.0 4'102.5 4'498.3 1'088.3 1'050.8

5.97x 9.05x 8.10x 7.67x 6.78x 6.75x 8.03x 7.43x 6.77x 7.23x 7.03x

1'716.0 1'034.0 1'496.0 1'916.0 1'749.0 2'001.0 1'789.0 1'776.8 1'962.7 473.7 452.4

10.36x 19.39x 16.07x 13.11x 11.52x 11.35x 14.38x 12.80x 11.25x 12.45x 11.92x











EBITDA Margin 36.3%



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Norfolk Southern CorpPrice/Volume

Valuation Analysis

193'088.00


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

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

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-!2 9

.!& 9

.!2 9

0!& 9

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

&!&&

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05.07.2013











TREASURY GROUP INV S TG RARE INFRASTRUCTU MF-PART 3'713'984 1.18 - 31.05.2013 Investment Advisor



PRUDENTIAL PLC n/a ULT-AGG 3'028'486 0.96 1'571'600 31.03.2013 Unclassified







KEYBANK NATIONAL ASS KEYBANK NATIONAL ASS 13F 1'671'372 0.53 (121'287) 31.03.2013 Investment Advisor



TD Securities CHERILYN RADBOURNE buy 5 M 88 12 month 04.07.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 04.07.2013


Stifel JOHN G LARKIN buy 5 M 88 12 month 03.07.2013

Wolfe Research SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 03.07.2013


Cowen and Company JASON H SEIDL outperform 5 M 94 12 month 01.07.2013

Edward Jones LOGAN PURK buy 5 M #N/A N/A Not Provided 28.06.2013


Raymond James PATRICK TYLER BROWN outperform 5 M 85 12 month 26.06.2013

Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 85 12 month 25.06.2013

Barclays BRANDON OGLENSKI equalweight 3 M 80 Not Provided 24.06.2013

Goldman Sachs TOM KIM neutral/neutral 3 M 83 12 month 21.06.2013

Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 20.06.2013

BMO Capital Markets FADI CHAMOUN outperform 5 M 91 Not Provided 14.06.2013

RBC Capital Markets WALTER SPRACKLIN outperform 5 M 84 12 month 14.06.2013

FBR Capital Markets JOHN R MIMS outperform 5 M 90 12 month 07.05.2013



Atlantic Equities LLP RORRIE MARS overweight 5 M 87 12 month 26.04.2013


Stephens Inc JUSTIN LONG overweight 5 M 87 12 month 24.04.2013

BB&T Capital Markets MARK A LEVIN hold 3 M #N/A N/A Not Provided 24.04.2013

S&P Capital IQ KEVIN KIRKEBY buy 5 M 87 Not Provided 24.04.2013

JPMorgan THOMAS R WADEWITZ neutral 3 M 80 6 month 23.04.2013

Susquehanna Financial Group MATT TROY Positive 4 M 88 12 month 23.04.2013

Holdings By:

Norfolk Southern Corp ee


05.07.2013

Oracle Corporation supplies software for enterprise information management. The

Company offers databases and relational servers, application development and

decision support tools, and enterprise business applications. Oracle's software

runs on network computers, personal digital assistants, set-top devices, PCs,

workstations, minicomputers, mainframes, and massively parallel computers.


LTM as of: 05/yy

52-Week High (15.03.2013) 36.43

52-Week Low (12.07.2012) 28.61

Daily Volume

30.74





142'351.00 1 Yr Total Return 3.56%







ORCL UW EQUITY YTD Change - Average Volume 30 Day 8'272'565

ORCL UW EQUITY YTD % CHANGE - Average Volume 3 Month 7'130'783


31.05.2009 31.05.2010 31.05.2011 31.05.2012 31.05.2013 05/yy 05/yy 05/14 Y 05/15 Y 08/13 Q1 11/13 Q2

23'252.0 26'820.0 35'622.0 37'121.0 37'180.0 37'121.0 37'180.0 39'032.1 41'025.4 8'478.8 9'441.5

4.11x 4.10x 4.52x 3.13x 3.87x 13.85x 15.27x 3.26x 2.93x 15.35x 13.92x

10'531.0 12'138.0 15'524.0 16'973.0 17'363.0 16'972.0 17'363.0 19'854.8 20'987.2 3'846.6 4'595.2

9.08x 9.06x 10.37x 6.84x 8.28x 6.84x 8.28x 6.50x 6.15x 6.68x 6.58x

5'593.0 6'135.0 8'547.0 9'981.0 10'925.0 9'981.0 10'926.0 13'664.9 14'696.7 2'671.3 3'244.8

17.50x 17.19x 19.46x 13.20x 15.15x 13.14x 15.17x 10.60x 9.68x 10.58x 10.34x











EBITDA Margin 46.7%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Oracle CorpPrice/Volume

Valuation Analysis

1'558'291.00


&

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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

40'000.0

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

&!&&

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05.07.2013


ELLISON LAWRENCE JOS n/a Form 4 1'112'434'580 24.02 7'200'000 28.12.2012 n/a
















EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 29'917'072 0.65 9'237'266 31.03.2013 Investment Advisor





S&P Capital IQ BARBARA COFFEY buy 5 M 37 Not Provided 04.07.2013

Evercore Partners STEWART KIRK MATERNE III equalweight 3 M 34 12 month 03.07.2013

Lazard Capital Markets JOEL P FISHBEIN JR buy 5 M 38 12 month 03.07.2013


Nomura RICHARD G SHERLUND buy 5 M 39 12 month 30.06.2013

Sanford C. Bernstein & Co MARK L MOERDLER market perform 3 M 33 12 month 28.06.2013

Raymond James MICHAEL TURITS outperform 5 M 36 12 month 28.06.2013

Macquarie BRAD A ZELNICK neutral 3 M 34 12 month 28.06.2013

Stifel BRAD REBACK buy 5 M 37 12 month 28.06.2013

Wells Fargo Securities, LLC JASON MAYNARD outperform 5 M #N/A N/A Not Provided 28.06.2013

Cowen and Company PETER GOLDMACHER market perform 3 M 30 12 month 28.06.2013

Credit Suisse PHILIP WINSLOW outperform 5 M 40 Not Provided 27.06.2013

Jefferies ROSS MACMILLAN hold 3 M 34 12 month 27.06.2013

Pacific Crest Securities BRENDAN BARNICLE outperform 5 M 35 12 month 27.06.2013

JMP Securities PATRICK WALRAVENS market perform 3 M #N/A N/A Not Provided 27.06.2013

BMO Capital Markets KARL KEIRSTEAD outperform 5 M 39 Not Provided 26.06.2013


Susquehanna Financial Group J DERRICK WOOD Positive 4 M 37 12 month 26.06.2013

FBR Capital Markets DAVID M HILAL outperform 5 M 38 12 month 25.06.2013

Societe Generale RICHARD NGUYEN hold 3 M 37 12 month 24.06.2013



Deutsche Bank NANDAN AMLADI hold 3 M 32 12 month 21.06.2013

Morgan Stanley KEITH WEISS Overwt/In-Line 5 M 36 12 month 21.06.2013

Goldman Sachs HEATHER BELLINI buy/attractive 5 M 39 12 month 21.06.2013

RBC Capital Markets MATTHEW HEDBERG outperform 5 M 35 12 month 21.06.2013


JPMorgan JOHN DIFUCCI overweight 5 M 40 6 month 21.06.2013

Janney Montgomery Scott LLC YUN KIM buy 5 M 43 12 month 21.06.2013

Wedbush STEVEN R KOENIG neutral 3 M 34 12 month 21.06.2013

William Blair & Co BHAVAN SURI outperform 5 M #N/A N/A Not Provided 21.06.2013

Atlantic Equities LLP CHRISTOPHER HICKEY neutral 3 M 33 12 month 21.06.2013

Piper Jaffray MARK R MURPHY overweight 5 M 37 12 month 21.06.2013

Barclays RAIMO LENSCHOW overweight 5 M 37 Not Provided 21.06.2013

Canaccord Genuity Corp RICHARD DAVIS JR buy 5 M 38 12 month 20.06.2013

Oppenheimer & Co BRIAN SCHWARTZ outperform 5 M 37 12 month 20.06.2013

Cross Research RICHARD T WILLIAMS hold 3 M 35 12 month 20.06.2013

MKM Partners ISRAEL HERNANDEZ buy 5 M 38 12 month 18.06.2013

Berenberg Bank DAUD KHAN sell 1 D 28 Not Provided 05.06.2013

Davenport & Co F DRAKE JOHNSTONE buy 5 M 40 12 month 21.03.2013


Holdings By:

Oracle Corp ee


05.07.2013

Occidental Petroleum Corporation explores for, develops, produces, and markets

crude oil and natural gas. The Company also manufactures and markets a variety

of basic chemicals, vinyls and performance chemicals. Occidental also gathers,

treats, processes, transports, stores, trades and markets crude oil, natural

gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.


LTM as of: 03/yy

52-Week High (30.05.2013) 95.56

52-Week Low (16.11.2012) 72.43

Daily Volume

89.67





72'242.07 1 Yr Total Return 4.77%







OXY UN EQUITY YTD Change - Average Volume 30 Day 1'078'043

OXY UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'134'383


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

24'217.0 14'814.0 19'045.0 23'939.0 24'172.0 24'481.0 23'776.0 24'741.7 25'611.1 5'972.3 6'228.1

2.05x 4.58x 4.32x 3.26x 2.80x 12.42x 11.89x 3.14x 2.95x 13.14x 12.56x

14'622.0 7'755.0 10'816.0 14'168.0 13'701.0 14'451.0 13'369.0 15'078.6 16'148.2 3'660.6 3'812.6

3.39x 8.75x 7.61x 5.51x 4.95x 5.49x 5.14x 5.16x 4.82x 5.17x 5.13x

6'857.0 2'915.0 4'530.0 6'771.0 4'598.0 6'781.0 4'394.0 5'795.6 6'070.1 1'378.0 1'547.0

6.70x 21.06x 17.21x 11.53x 10.79x 11.46x 11.38x 12.53x 11.88x 12.24x 12.10x











EBITDA Margin 56.2%



Asset Turnover 0.37







Fiscal Year Ended

Occidental Petroleum CorpPrice/Volume

Valuation Analysis

131'938.00


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!& 9

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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

&!&&

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1!&&

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05.07.2013

















IRANI RAY R n/a Form 4 7'929'622 0.98 (49'245) 21.12.2012 n/a



CI INVESTMENTS INC CI INVESTMENTS INC 13F 6'527'618 0.81 864'450 31.03.2013 Investment Advisor



Sterne, Agee & Leach TIM A REZVAN neutral 3 M #N/A N/A Not Provided 03.07.2013

Spin-Off Research TEAM COVERAGE buy 5 N 100 Not Provided 01.07.2013


Susquehanna Financial Group DUANE GRUBERT neutral 3 M 103 12 month 27.06.2013



ISI Group DOUGLAS T TERRESON strong buy 5 M 105 12 month 19.06.2013

Capital One Southcoast, Inc. BRIAN T VELIE add 4 M 116 Not Provided 18.06.2013


JPMorgan KATHERINE LUCAS MINYARD overweight 5 M 108 6 month 03.06.2013

Deutsche Bank PAUL SANKEY buy 5 M 116 12 month 31.05.2013


Tudor Pickering & Co MATTHEW PORTILLO buy 5 M 107 Not Provided 28.05.2013



Goldman Sachs ARJUN N MURTI buy/attractive 5 M 104 12 month 06.05.2013

Wells Fargo Securities, LLC ROGER D READ market perform 3 M #N/A N/A Not Provided 06.05.2013

RBC Capital Markets LEO P MARIANI sector perform 3 M 88 12 month 03.05.2013

Barclays THOMAS R DRISCOLL equalweight 3 M 94 Not Provided 29.04.2013


Credit Suisse EDWARD WESTLAKE outperform 5 M 110 Not Provided 26.04.2013





Holdings By:

Occidental Petroleum Corp ee


05.07.2013

PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The

Company manufacture or uses contract manufacturers, market and sell a variety of

grain-based snacks, carbonated and non-carbonated beverages and foods in

countries throughout the world.


LTM as of: 03/yy

52-Week High (16.05.2013) 84.78

52-Week Low (31.12.2012) 67.39

Daily Volume

80.56





124'579.30 1 Yr Total Return 17.23%







PEP UN EQUITY YTD Change - Average Volume 30 Day 1'399'860

PEP UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'290'493


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

43'251.0 43'232.0 57'838.0 66'504.0 65'492.0 66'995.0 65'645.0 67'546.8 70'701.7 16'800.1 17'324.3

2.10x 2.31x 2.12x 1.90x 1.94x 7.60x 8.19x 2.17x 2.07x 8.83x 8.51x

8'478.0 9'679.0 10'659.0 12'370.0 11'801.0 12'398.0 11'733.0 12'991.1 13'818.4 3'442.7 3'617.3

10.70x 10.31x 11.51x 10.22x 10.75x 10.21x 12.28x 11.32x 10.64x 11.19x 11.05x

5'142.0 5'946.0 6'320.0 6'443.0 6'178.0 6'427.0 6'126.0 6'826.4 7'304.8 1'847.1 1'975.4

14.85x 16.45x 15.91x 15.08x 16.61x 14.98x 19.12x 18.32x 16.87x 18.19x 17.77x











EBITDA Margin 17.9%



Asset Turnover 0.88







Fiscal Year Ended

PepsiCo IncPrice/Volume

Valuation Analysis

181'570.00


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

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

&!&&

.!&&

1!&&

3!&&

5!&&

-&!&&

-.!&&

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



05.07.2013










YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 23'044'812 1.49 38'195 31.03.2013 Investment Advisor











TRIAN FUND MANAGEMEN TRIAN FUND MANAGEMEN 13F 12'030'846 0.78 8'098'183 31.03.2013 Hedge Fund Manager



Stifel MARK D SWARTZBERG hold 3 M #N/A N/A Not Provided 28.06.2013



Credit Suisse MICHAEL STEIB neutral 3 N 87 Not Provided 18.06.2013


Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 31.05.2013

BMO Capital Markets AMIT SHARMA outperform 5 N 92 Not Provided 21.05.2013

Morgan Stanley DARA MOHSENIAN Overwt/In-Line 5 M 91 12 month 09.05.2013



JPMorgan JOHN A FAUCHER overweight 5 M 86 6 month 19.04.2013

HSBC LAUREN E TORRES overweight 5 M 89 Not Provided 19.04.2013

Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 19.04.2013

Gabelli & Co DAMIAN A WITKOWSKI buy 5 M #N/A N/A Not Provided 19.04.2013

Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 82 12 month 18.04.2013

S&P Capital IQ ESTHER KWON buy 5 M 91 Not Provided 18.04.2013





Oracle Investment Research LAURENCE BALTER buy 5 M 75 Not Provided 25.07.2012

Atlantic Equities LLP VICTORIA COLLIN not rated #N/A N/A M #N/A N/A Not Provided 24.03.2010

Holdings By:

PepsiCo Inc ee


05.07.2013

Pfizer Inc. is a research-based, global pharmaceutical company that discovers,

develops, manufactures, and markets medicines for humans and animals. The

Company's products include prescription pharmaceuticals, non-prescription

self-medications, and animal health products such as anti-infective medicines

and vaccines.


LTM as of: 03/yy

52-Week High (23.04.2013) 31.14

52-Week Low (12.07.2012) 22.16

Daily Volume

27.93





198'113.73 1 Yr Total Return 26.50%







PFE UN EQUITY YTD Change - Average Volume 30 Day 16'502'724

PFE UN EQUITY YTD % CHANGE - Average Volume 3 Month 11'815'752


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 04/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

48'296.0 50'009.0 67'057.0 65'259.0 58'986.0 64'121.0 57'601.0 54'271.6 53'095.9 13'758.4 13'247.7

2.35x 3.40x 2.34x 2.71x 3.18x 10.75x 13.61x 4.04x 3.95x - -

22'146.0 21'810.0 29'319.0 30'037.0 27'270.0 28'334.0 25'049.0 25'556.1 25'084.7 6'495.0 6'230.0

5.12x 7.79x 5.35x 5.89x 6.88x 6.53x 8.40x 7.97x 8.12x 8.46x 8.76x

8'104.0 8'635.0 8'257.0 10'009.0 14'570.0 9'581.0 15'526.0 15'189.0 15'317.5 3'980.6 3'750.9

7.32x 9.00x 7.92x 9.55x 11.45x 10.02x 13.40x 12.82x 12.02x 12.68x 12.50x











EBITDA Margin 43.5%



Asset Turnover 0.31








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Pfizer IncPrice/Volume

Valuation Analysis

2'551'070.00


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2&!& 9

3&!& 9

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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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05.07.2013
















AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 70'664'971 1 1'869'289 31.03.2013 Investment Advisor








Spin-Off Research TEAM COVERAGE buy 5 M 33 Not Provided 02.07.2013

SunTrust Robinson Humphrey JOHN T BORIS reduce 2 M 27 12 month 01.07.2013

JPMorgan CHRISTOPHER T SCHOTT overweight 5 M 33 12 month 01.07.2013

Leerink Swann & Co SEAMUS FERNANDEZ market perform 3 M #N/A N/A Not Provided 01.07.2013



BMO Capital Markets ALEX ARFAEI outperform 5 M 33 Not Provided 25.06.2013

Independent Research GmbH CHRISTOPH SCHOENDUBE hold 3 M 30 12 month 25.06.2013

Morgan Stanley DAVID R RISINGER not rated #N/A N/A M #N/A N/A Not Provided 24.06.2013

ISI Group MARK J SCHOENEBAUM buy 5 M 28 12 month 13.06.2013




Hamburger Sparkasse MARCO GUENTHER sell 1 M #N/A N/A Not Provided 28.05.2013

MKM Partners JON LECROY neutral 3 M 29 12 month 23.05.2013






MP Advisors Pvt Ltd VISHAL MANCHANDA market perform 3 U 21 Not Provided 08.08.2012

Cyrrus TOMAS MENCIK hold 3 M 24 Not Provided 05.04.2012

First Global Stockbroking KAVITA THOMAS moderate outperform 4 M #N/A N/A Not Provided 09.02.2012

Fincorp SAOG GAURAV RAMAIYA buy 5 M 24 Not Provided 13.10.2011

McAdams Wright Ragen Inc PAUL C LATTA focus list 5 M 25 12 month 30.04.2009

Holdings By:

Pfizer Inc ee


05.07.2013

The Procter & Gamble Company manufactures and markets consumer products in

countries throughout the world. The Company provides products in the laundry

and cleaning, paper, beauty care, food and beverage, and health care segments.

Procter & Gamble's products are sold primarily through mass merchandisers,

grocery stores, membership club stores, drug stores, and neighborhood stores.


LTM as of: 03/yy

52-Week High (23.04.2013) 82.54

52-Week Low (06.07.2012) 60.87

Daily Volume

78.05





213'917.38 1 Yr Total Return 31.41%







PG UN EQUITY YTD Change - Average Volume 30 Day 2'684'682

PG UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'585'100


30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 03/yy 03/yy 06/13 Y 06/14 Y 06/13 Q4 09/13 Q1

81'748.0 76'694.0 78'938.0 81'104.0 83'680.0 84'328.0 83'724.0 84'460.3 86'564.2 20'548.6 21'375.3

2.68x 2.38x 2.52x 2.55x 2.34x 9.99x 10.35x 2.86x 2.78x 11.76x 11.42x

19'803.0 18'456.0 19'129.0 18'333.0 18'072.0 18'252.0 17'876.0 19'000.8 20'256.6 3'968.0 5'234.7

11.05x 9.91x 10.41x 11.27x 10.82x 11.79x 13.39x 12.74x 11.95x 12.27x 12.05x

12'075.0 13'436.0 12'736.0 11'927.0 10'756.0 9'635.0 13'068.0 11'798.9 12'481.5 2'238.5 3'255.4

17.08x 14.68x 16.34x 16.43x 15.91x 17.30x 18.85x 19.29x 18.04x 18.59x 18.10x











EBITDA Margin 21.4%



Asset Turnover 0.61








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Procter & Gamble Co/ThePrice/Volume

Valuation Analysis

518'671.00


&-&.&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

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

&!&&

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05.07.2013











PERSHING SQUARE CAPI PERSHING SQUARE CAPI 13F 27'946'892 1.02 - 31.03.2013 Hedge Fund Manager


YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 26'537'423 0.97 (1'214'676) 31.03.2013 Investment Advisor










William Blair & Co JON R ANDERSEN outperform 5 M #N/A N/A Not Provided 03.07.2013

B Riley & Co LINDA BOLTON WEISER neutral 3 M 85 Not Provided 03.07.2013

Canaccord Genuity Corp ALICIA FORRY buy 5 M 87 12 month 03.07.2013


BMO Capital Markets CONSTANCE M MANEATY outperform 5 M 87 Not Provided 27.06.2013

RBC Capital Markets JASON M GERE sector perform 3 M 83 12 month 26.06.2013

Credit Suisse MICHAEL STEIB neutral 3 M 85 Not Provided 25.06.2013


Goldman Sachs JASON ENGLISH neutral/neutral 3 M 82 12 month 24.06.2013

Barclays LAUREN R LIEBERMAN overweight 5 M 83 Not Provided 20.06.2013


Wells Fargo Securities, LLC TIMOTHY A CONDER market perform 3 M #N/A N/A Not Provided 13.06.2013


Buckingham Research Group ALICE BEEBE LONGLEY neutral 3 M 74 12 month 28.05.2013


SunTrust Robinson Humphrey WILLIAM CHAPPELL buy 5 M 88 12 month 24.05.2013

Stifel MARK S ASTRACHAN hold 3 M #N/A N/A Not Provided 24.05.2013


Oracle Investment Research LAURENCE BALTER hold 3 U 80 Not Provided 24.05.2013

Oppenheimer & Co JOSEPH ALTOBELLO market perform 3 M #N/A N/A Not Provided 23.05.2013


Hilliard Lyons JEFFREY S THOMISON neutral 3 M #N/A N/A Not Provided 25.04.2013

JPMorgan JOHN A FAUCHER overweight 5 M 80 6 month 25.04.2013




Janney Montgomery Scott LLC JOHN SAN MARCO buy 5 M 81 12 month 28.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 16.01.2013

Atlantic Equities LLP VICTORIA COLLIN neutral 3 M 70 12 month 19.11.2012

Gabelli & Co SARAH DONNELLY buy 5 M #N/A N/A Not Provided 02.02.2009

Holdings By:

Procter & Gamble Co/The ee


05.07.2013

Philip Morris International Inc., through its subsidiaries, affiliates and

their licensees, produces, sells, distributes, and markets a wide range of

branded cigarettes and tobacco products in markets outside of the United States

of America. The Company's portfolio comprises both international and local

brands.


LTM as of: 03/yy

52-Week High (01.05.2013) 96.72

52-Week Low (15.11.2012) 82.11

Daily Volume

87.17





142'567.16 1 Yr Total Return 1.23%







PM UN EQUITY YTD Change - Average Volume 30 Day 1'880'353

PM UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'630'850


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

25'705.0 25'035.0 27'208.0 31'097.0 31'377.0 31'754.0 31'513.0 32'118.1 33'745.0 8'223.0 8'208.7

3.82x 4.20x 4.48x 4.92x 5.09x 18.32x 21.30x 5.20x 5.01x - -

11'174.0 10'922.0 12'179.0 14'434.0 14'827.0 14'810.0 14'801.0 15'311.3 16'369.4 3'897.0 4'140.2

8.79x 9.64x 10.01x 10.60x 10.78x 11.50x 11.84x 10.84x 10.14x 10.63x 10.51x

6'890.0 6'342.0 7'259.0 8'591.0 8'800.0 8'833.0 8'764.0 9'061.2 9'709.8 2'312.0 2'438.9

13.11x 14.70x 14.86x 16.02x 16.08x 17.44x 17.65x 15.63x 14.01x 15.30x 14.91x






Return on Common Equity -





EBITDA Margin 47.0%

EBIT Margin 44.1% Total Debt/Equity -


Asset Turnover 0.85




Tot Debt to Common Equity - Accounts Payable Turnover Day 33.11



Fiscal Year Ended

Philip Morris International IncPrice/Volume

Valuation Analysis

242'457.00


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

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

&!&&

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05.07.2013














FAYEZ SAROFIM FAYEZ SAROFIM 13F 19'964'097 1.22 (1'939'264) 31.03.2013 Investment Advisor










Credit Suisse ROGERIO FUJIMORI neutral 3 M 90 Not Provided 01.07.2013



Goldman Sachs JUDY E HONG Buy/Neutral 5 M 105 12 month 24.06.2013


Morgan Stanley DAVID J ADELMAN Overwt/In-Line 5 M 95 12 month 03.06.2013

Nomura DAVID HAYES neutral 3 M 94 Not Provided 23.05.2013


Berenberg Bank ERIK BLOOMQUIST buy 5 M 100 Not Provided 20.05.2013



Renaissance Capital REY WIUM hold 3 M 97 12 month 19.04.2013

JPMorgan RAE MAILE neutral 3 M 108 6 month 18.04.2013


S&P Capital IQ ESTHER KWON strong buy 5 M 103 Not Provided 18.04.2013



Holdings By:

Philip Morris International Inc ee


05.07.2013

QUALCOMM, Inc . manufactures digital wireless communications equipment. The

Company licenses its code division multiple access (CDMA) and orthogonal

frequency division multiplexing access intellectual property to other companies,

and produces CDMA-based integrated circuits, and produces equipment and software

used to track workers and assets, and software for wireless content enablement.


LTM as of: 03/yy

52-Week High (05.03.2013) 68.49

52-Week Low (17.07.2012) 53.09

Daily Volume

60.39





104'343.98 1 Yr Total Return 9.21%

Total Debt 0.00 YTD Return -1.72%






QCOM UW EQUITY YTD Change - Average Volume 30 Day 4'300'807

QCOM UW EQUITY YTD % CHANGE - Average Volume 3 Month 4'005'205


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

11'142.0 10'416.0 10'982.0 14'957.0 19'121.0 17'364.0 21'639.0 24'492.4 27'240.8 6'051.7 6'321.2

5.80x 5.46x 4.96x 4.32x 4.17x 17.05x 14.34x 3.37x 2.80x 13.46x 12.70x

4'186.0 3'644.0 4'393.0 6'087.0 6'579.0 6'348.0 7'549.0 9'168.7 10'248.5 2'091.8 2'183.5

15.44x 15.60x 12.41x 10.62x 12.12x 13.95x 11.26x 8.05x 7.20x 7.74x 7.48x

3'160.0 1'592.0 3'247.0 4'260.0 6'109.0 5'722.0 6'250.0 7'966.6 8'814.0 1'843.8 1'933.9

21.73x 33.41x 19.63x 16.71x 17.40x 20.45x 18.27x 13.34x 12.38x 13.11x 12.74x


EBIT 5'682.00 Long-Term Rating NR

Operating Margin 29.72% Long-Term Outlook -








EBITDA Margin 34.9%



Asset Turnover 0.49








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

QUALCOMM IncPrice/Volume

Valuation Analysis

1'204'006.00


&

-&

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0&

1&

2&

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-.!& 9

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

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

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05.07.2013




STATE STREET n/a ULT-AGG 69'165'634 4 (1'590'554) 02.07.2013 Investment Advisor









JACOBS IRWIN MARK n/a Form 4 18'545'579 1.07 (66'379) 05.03.2012 n/a


GOLDMAN SACHS GROUP n/a ULT-AGG 17'355'120 1 (699'993) 31.03.2013 Investment Advisor








S&P Capital IQ JAMES G MOORMAN strong buy 5 M 85 12 month 04.07.2013

Exane BNP Paribas JEROME RAMEL outperform 5 M 75 Not Provided 03.07.2013

Sanford C. Bernstein & Co STACY A RASGON outperform 5 M 80 12 month 01.07.2013

Wells Fargo Securities, LLC DAVID M WONG outperform 5 M #N/A N/A Not Provided 01.07.2013

Susquehanna Financial Group CHRISTOPHER CASO Positive 4 M 85 12 month 01.07.2013


RBC Capital Markets MARK SUE outperform 5 M 72 12 month 27.06.2013

Brean Capital LLC MIKE BURTON buy 5 M 77 12 month 26.06.2013

Nomura ROMIT SHAH buy 5 M 75 12 month 25.06.2013

William Blair & Co ANIL K DORADLA outperform 5 M #N/A N/A Not Provided 24.06.2013

JMP Securities ALEX GAUNA market outperform 4 M 80 12 month 24.06.2013

Edward Jones WILLIAM C KREHER buy 5 M #N/A N/A Not Provided 21.06.2013

Canaccord Genuity Corp T MICHAEL WALKLEY buy 5 M 85 12 month 20.06.2013

Northland Securities Inc THOMAS SEPENZIS outperform 5 M 80 12 month 20.06.2013

BMO Capital Markets TIMOTHY P LONG outperform 5 M 77 Not Provided 17.06.2013

Morgan Stanley EHUD A GELBLUM Overwt/Attractive 5 M 78 12 month 17.06.2013

FBR Capital Markets CHRISTOPHER ROLLAND outperform 5 M 76 12 month 13.06.2013

Deutsche Bank BRIAN T MODOFF buy 5 M 78 12 month 12.06.2013

Evercore Partners MARK A MCKECHNIE overweight 5 M 75 12 month 12.06.2013

Barclays BLAYNE CURTIS overweight 5 M 68 Not Provided 10.06.2013

D.A. Davidson & Co AALOK K SHAH neutral 3 M 65 18 month 07.06.2013

Topeka Capital Markets Inc SUJI DE SILVA hold 3 M 65 12 month 07.06.2013




Piper Jaffray AUGUSTE P RICHARD overweight 5 M 74 12 month 29.05.2013

Daiwa Securities Co. Ltd. YOKO YAMADA outperform 5 M 70 Not Provided 23.05.2013

Cowen and Company MATTHEW HOFFMAN outperform 5 M #N/A N/A Not Provided 22.05.2013


MKM Partners ADA MENAKER buy 5 M 74 12 month 21.05.2013

Raymond James TAVIS C MCCOURT strong buy 5 M 83 12 month 10.05.2013

Lazard Capital Markets IAN ING buy 5 M 79 12 month 26.04.2013

Societe Generale PETER KNOX hold 3 M 64 12 month 25.04.2013


JPMorgan ROD HALL neutral 3 M 65 6 month 25.04.2013

Macquarie SHAWN WEBSTER outperform 5 M 73 12 month 25.04.2013

Sterne, Agee & Leach VIJAY R RAKESH buy 5 M 75 12 month 25.04.2013


Williams Financial Group CODY G ACREE hold 3 M #N/A N/A Not Provided 25.04.2013


Scotia Capital GUS PAPAGEORGIOU focus stock 5 M 81 12 month 24.04.2013


ACI Research EDWARD A ZABITSKY short sell 1 M 40 Not Provided 20.02.2013

Holdings By:

QUALCOMM Inc ee


05.07.2013

Raytheon Company is a technology company specializing in defense, homeland

security and other government markets throughout the world. The Company provides

electronics, mission systems integration and other capabilities in the areas of

sensing, effects, and command, control, communications and intelligence systems,

as well as mission support services.


LTM as of: 03/yy

52-Week High (30.05.2013) 68.62

52-Week Low (01.02.2013) 52.24

Daily Volume

65.16





21'151.85 1 Yr Total Return 19.51%







RTN UN EQUITY YTD Change - Average Volume 30 Day 474'261

RTN UN EQUITY YTD % CHANGE - Average Volume 3 Month 467'897


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 04/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

23'174.0 24'881.0 25'183.0 24'791.0 24'414.0 24'677.0 24'355.0 23'519.1 22'941.3 5'774.3 5'843.3

0.89x 0.77x 0.66x 0.69x 0.81x 2.87x 3.30x 0.95x 0.95x 3.96x 3.87x

3'010.0 3'444.0 3'027.0 3'274.0 3'444.0 3'397.0 3'440.0 3'140.3 3'130.8 765.4 772.4

6.83x 5.60x 5.53x 5.24x 5.73x 5.54x 5.80x 7.05x 7.07x 7.07x 6.94x

1'672.0 1'935.0 1'840.0 1'866.0 1'888.0 1'930.0 1'928.0 1'768.3 1'753.3 423.1 424.9

12.39x 10.60x 8.93x 8.53x 9.28x 8.90x 9.32x 11.84x 11.66x 12.42x 12.35x











EBITDA Margin 14.1%



Asset Turnover 0.93







Fiscal Year Ended

Raytheon CoPrice/Volume

Valuation Analysis

67'475.00


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

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

&!&&

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05.07.2013














ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 4'051'054 1.25 (114'913) 31.03.2013 Hedge Fund Manager



SASCO CAPITAL INCORP SASCO CAPITAL INCORP 13F 3'379'660 1.04 (27'820) 31.03.2013 Investment Advisor


AJO, LP AJO, LP 13F 3'101'100 0.96 (318'600) 31.03.2013 Investment Advisor





Cowen and Company CAI VON RUMOHR market perform 3 M 71 12 month 02.07.2013

Stifel WILLIAM R LOOMIS buy 5 M 73 12 month 01.07.2013

CRT Capital Group BRIAN W RUTTENBUR Fairly Valued 3 M #N/A N/A Not Provided 24.06.2013

RBC Capital Markets ROBERT STALLARD sector perform 3 M 65 12 month 21.06.2013


JPMorgan JOSEPH B NADOL III neutral 3 M 60 6 month 11.06.2013

Goldman Sachs NOAH POPONAK neutral/attractive 3 U 70 12 month 30.05.2013



Deutsche Bank MYLES WALTON hold 3 M 60 12 month 06.05.2013


Drexel Hamilton LLC PETER J SKIBITSKI hold 3 M 45 12 month 29.04.2013

FBR Capital Markets PATRICK J MCCARTHY market perform 3 M 56 12 month 26.04.2013

Sterne, Agee & Leach PETER J ARMENT neutral 3 M #N/A N/A Not Provided 26.04.2013




Buckingham Research Group RICHARD SAFRAN neutral 3 M #N/A N/A Not Provided 09.11.2012

Shore Capital Stockbrokers GREG JOHNSON hold 3 M #N/A N/A Not Provided 09.03.2011

Holdings By:

Raytheon Co ee


05.07.2013

Starbucks Corporation retails, roasts, and provides its own brand of specialty

coffee. The Company operates retail locations worldwide and sells whole bean

coffees through its sales group, direct response business, supermarkets, and on

the World Wide Web. Starbucks also produces and sells bottled coffee drinks and

a line of ice creams.


LTM as of: 03/yy

52-Week High (05.07.2013) 68.00

52-Week Low (02.08.2012) 43.05

Daily Volume

67.09





50'270.54 1 Yr Total Return 31.07%







SBUX UW EQUITY YTD Change - Average Volume 30 Day 1'399'625

SBUX UW EQUITY YTD % CHANGE - Average Volume 3 Month 1'344'783


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 04/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

10'383.0 9'774.6 10'707.4 11'700.4 13'299.5 12'595.9 14'023.3 14'840.5 16'540.3 3'718.3 3'811.5

1.15x 1.50x 1.72x 2.25x 2.75x 10.20x 10.99x 3.37x 3.02x 13.19x 12.89x

1'261.7 1'335.8 1'865.1 2'074.6 2'367.3 2'174.9 2'576.1 3'023.1 3'574.2 743.8 793.6

9.47x 10.94x 9.85x 12.67x 15.42x 18.70x 16.10x 16.27x 13.76x 14.98x 14.36x

315.5 390.8 945.6 1'245.7 1'383.8 1'329.6 1'514.7 1'657.1 1'991.4 403.4 435.0

21.07x 25.07x 20.10x 24.25x 28.64x 34.57x 29.07x 30.83x 25.55x 28.15x 26.86x











EBITDA Margin 18.4%



Asset Turnover 1.70







Fiscal Year Ended

Starbucks CorpPrice/Volume

Valuation Analysis

340'501.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

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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

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

&!&&

2!&&

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05.07.2013








SCHULTZ HOWARD D n/a Form 4 18'875'169 2.52 - 15.05.2013 n/a







BROWN ADVISORY INC n/a ULT-AGG 8'955'855 1.2 1'332'073 31.03.2013 Investment Advisor




AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 7'061'975 0.94 (1'307'247) 31.03.2013 Investment Advisor




Longbow Research ALTON K STUMP buy 5 M 80 12 month 02.07.2013

Deutsche Bank JASON WEST buy 5 M 71 12 month 01.07.2013

Janney Montgomery Scott LLC MARK D KALINOWSKI buy 5 M 75 12 month 01.07.2013

Jefferies ANDREW M BARISH buy 5 M 66 12 month 01.07.2013

Stephens Inc WILL SLABAUGH overweight 5 M 70 Not Provided 01.07.2013

RBC Capital Markets LARRY A MILLER sector perform 3 M 73 12 month 28.06.2013


Davenport & Co JEFFREY F OMOHUNDRO buy 5 N 76 Not Provided 26.06.2013

Piper Jaffray NICOLE MILLER REGAN overweight 5 M 72 12 month 25.06.2013

William Blair & Co SHARON M ZACKFIA outperform 5 M #N/A N/A Not Provided 21.06.2013

Wells Fargo Securities, LLC BONNIE HERZOG market perform 3 M #N/A N/A Not Provided 20.06.2013

Robert W. Baird & Co DAVID E TARANTINO outperform 5 M 70 12 month 17.06.2013

Goldman Sachs MICHAEL KELTER Buy/Neutral 5 M 75 12 month 13.06.2013

Barclays JEFFREY A BERNSTEIN equalweight 3 M 65 Not Provided 28.05.2013

Morgan Stanley JOHN S GLASS Overwt/In-Line 5 M 69 12 month 27.05.2013

Sanford C. Bernstein & Co SARA H SENATORE outperform 5 M 72 12 month 09.05.2013

Williams Capital Group MARC RIDDICK market perform 3 M 61 12 month 07.05.2013

Argus Research Corp JOHN D STASZAK buy 5 M 70 Not Provided 06.05.2013

NYKREDIT MICHAEL DROSCHNER JORGENSEN outperform 5 M #N/A N/A Not Provided 05.05.2013

BMO Capital Markets PHILLIP JUHAN outperform 5 M 64 Not Provided 26.04.2013

JPMorgan JOHN W IVANKOE overweight 5 M 65 6 month 26.04.2013

Buckingham Research Group MITCHELL J SPEISER buy 5 M 75 12 month 26.04.2013

McAdams Wright Ragen Inc DAN GEIMAN hold 3 M 62 12 month 26.04.2013

Oppenheimer & Co BRIAN J BITTNER outperform 5 M 65 12 month 26.04.2013

S&P Capital IQ JIM YIN buy 5 M 66 Not Provided 26.04.2013

Atlantic Equities LLP ALISTAIR M SCOBIE overweight 5 M 65 12 month 26.04.2013

Telsey Advisory Group PETER SALEH no rating system #N/A N/A M 64 12 month 26.04.2013

Credit Suisse KEITH SIEGNER outperform 5 M 69 Not Provided 25.04.2013

Lazard Capital Markets MATTHEW J DIFRISCO buy 5 M 74 12 month 25.04.2013

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

Holdings By:

Starbucks Corp ee


05.07.2013

Schlumberger Limited is an oil services company. The Company, through its

subsidiaries, provides a wide range of services, including technology, project

management and information solutions to the international petroleum industry as

well as advanced acquisition and data processing surveys.


LTM as of: 03/yy

52-Week High (14.02.2013) 82.00

52-Week Low (12.07.2012) 64.20

Daily Volume

73.49





97'701.28 1 Yr Total Return 10.87%







SLB UN EQUITY YTD Change - Average Volume 30 Day 2'016'391

SLB UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'053'317


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

27'162.9 22'702.0 27'447.0 36'959.0 42'149.0 38'755.0 42'898.0 45'666.1 50'817.5 11'123.5 11'585.8

1.92x 3.47x 4.26x 2.61x 2.31x 10.40x 9.29x 2.23x 1.93x 9.30x 8.88x

8'966.9 6'596.0 7'133.0 9'794.0 11'020.0 10'301.0 11'165.0 12'245.3 14'001.1 2'989.6 3'181.2

5.82x 11.94x 16.40x 9.84x 8.85x 9.66x 9.42x 8.43x 7.37x 8.05x 7.78x

5'434.8 3'134.0 4'267.0 4'997.0 5'490.0 5'355.0 5'448.0 6'223.4 7'532.9 1'480.4 1'621.9

9.41x 23.41x 30.05x 18.91x 16.64x 18.02x 17.59x 15.75x 12.95x 14.89x 14.14x











EBITDA Margin 26.0%



Asset Turnover 0.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Schlumberger LtdPrice/Volume

Valuation Analysis

268'201.00


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

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0!& 9

1!& 9

2!& 9

3!& 9

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!&&

.&!&&

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05.07.2013












THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 15'399'133 1.16 (1'103'002) 31.03.2013 Investment Advisor

SANDS CAPITAL MANAGE SANDS CAPITAL MANAGE 13F 14'688'324 1.1 2'529'362 31.03.2013 Investment Advisor

MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 12'743'364 0.96 777'715 31.03.2013 Investment Advisor





GOLDMAN SACHS GROUP n/a ULT-AGG 11'560'502 0.87 (319'145) 31.03.2013 Investment Advisor




Credit Suisse JAMES WICKLUND neutral 3 M 79 Not Provided 03.07.2013


Howard Weil Inc WILLIAM SANCHEZ focus list 5 M 91 12 month 02.07.2013


Sanford C. Bernstein & Co SCOTT GRUBER outperform 5 M 96 12 month 02.07.2013



ISI Group JUDSON E BAILEY strong buy 5 M 92 12 month 28.06.2013

HSBC DAVID PHILLIPS overweight 5 M 92 Not Provided 26.06.2013



Stephens Inc JOHN KELLER overweight 5 M 99 12 month 14.06.2013


Morgan Stanley OLE SLORER Overwt/In-Line 5 M 92 12 month 30.05.2013

Raymond James J MARSHALL ADKINS outperform 5 M 77 12 month 13.05.2013

Wells Fargo Securities, LLC MATTHEW D CONLAN outperform 5 M #N/A N/A Not Provided 10.05.2013

Global Hunter Securities BRIAN UHLMER neutral 3 M 80 12 month 09.05.2013


Johnson Rice & Co DANIEL BURKE equalweight 3 M #N/A N/A Not Provided 25.04.2013



Capital One Southcoast, Inc. LUKE M LEMOINE add 4 M 90 Not Provided 22.04.2013

FBR Capital Markets MEGAN REPINE outperform 5 M 93 12 month 22.04.2013


RS Platou Markets TURNER HOLM buy 5 U 85 6 month 22.04.2013

Deutsche Bank MICHAEL W URBAN buy 5 M 91 12 month 21.04.2013


EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 20.04.2013

RBC Capital Markets KURT HALLEAD outperform 5 M 85 12 month 19.04.2013

William Blair & Co BRANDON DOBELL market perform 3 M #N/A N/A Not Provided 19.04.2013


S&P Capital IQ STEWART GLICKMAN hold 3 M 81 12 month 20.09.2012


Goldman Sachs WAQAR SYED buy/attractive 5 U 95 12 month 26.07.2012

Oracle Investment Research LAURENCE BALTER strong buy 5 U 95 Not Provided 20.07.2012

Holdings By:

Schlumberger Ltd ee


05.07.2013

The Southern Company is a public utility holding company. The Company, through

its subsidiaries, generates, wholesales, and retails electricity in the

southeastern United States. The Company also offers wireless telecommunications

services, and provides businesses with two-way radio, telephone, paging, and

Internet access services as well as wholesales fiber optic solutions.


LTM as of: 03/yy

52-Week High (23.04.2013) 48.74

52-Week Low (23.11.2012) 41.75

Daily Volume

42.98





37'409.39 1 Yr Total Return -3.52%







SO UN EQUITY YTD Change - Average Volume 30 Day 1'261'857

SO UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'066'156


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

17'127.0 15'743.0 17'456.0 17'657.0 16'537.0 17'249.0 16'830.0 17'605.4 18'151.2 4'288.2 5'370.7

2.79x 3.02x 3.07x 3.46x 3.63x 13.62x 14.82x 3.55x 3.56x 14.43x 11.49x

5'210.0 5'258.0 5'633.0 6'279.0 6'589.0 6'219.0 6'727.0 6'292.2 6'775.3 1'554.0 2'246.3

9.18x 9.05x 9.52x 9.72x 9.11x 9.81x 9.61x 9.74x 9.05x 9.75x 9.74x

1'807.0 1'708.0 2'040.0 2'268.0 2'415.0 2'214.0 2'128.0 2'358.7 2'538.8 584.3 1'005.0

15.68x 14.44x 16.20x 18.28x 16.49x 18.24x 17.65x 15.62x 14.94x 15.55x 15.29x











EBITDA Margin 40.0%



Asset Turnover 0.27







Fiscal Year Ended

Southern Co/ThePrice/Volume

Valuation Analysis

361'278.00


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&

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.!& 9

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0!& 9

0!2 9

1!& 9

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

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

&!&&

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0!&&

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05.07.2013












PICTET FUNDS n/a ULT-AGG 5'716'618 0.66 (286'017) 31.03.2013 Investment Advisor




LEGAL & GENERAL n/a ULT-AGG 4'224'093 0.49 21'170 31.03.2013 Unclassified





APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 3'216'784 0.37 525'934 31.03.2013 Investment Advisor


BGC Partners KIT KONOLIGE hold 3 M #N/A N/A Not Provided 02.07.2013

Deutsche Bank JONATHAN ARNOLD hold 3 M 48 12 month 01.07.2013

Credit Suisse DANIEL EGGERS underperform 1 M 50 Not Provided 01.07.2013

SunTrust Robinson Humphrey ALI AGHA neutral 3 M #N/A N/A Not Provided 01.07.2013

Wolfe Research STEVEN I FLEISHMAN peerperform 3 M 49 12 month 01.07.2013

RBC Capital Markets SHELBY G TUCKER outperform 5 M 50 12 month 30.06.2013

ISI Group GREG GORDON neutral 3 M 46 12 month 24.06.2013

Wells Fargo Securities, LLC NEIL A KALTON outperform 5 M #N/A N/A Not Provided 24.06.2013


Jefferies PAUL B FREMONT hold 3 D 46 12 month 14.06.2013

Edward Jones ANDREW PUSATERI sell 1 M #N/A N/A Not Provided 07.06.2013

Drexel Hamilton LLC ANDREW L SMITH hold 3 M 47 12 month 13.05.2013

Atlantic Equities LLP NATHAN JUDGE underweight 1 M 41 12 month 10.05.2013

Argus Research Corp MICHAEL BURKE hold 3 M #N/A N/A Not Provided 29.04.2013

Hilliard Lyons DAVID B BURKS neutral 3 M #N/A N/A Not Provided 25.04.2013



Barclays DANIEL F FORD equalweight 3 M 51 Not Provided 24.04.2013

Goldman Sachs MICHAEL J LAPIDES Sell/Neutral 1 M 42 12 month 02.04.2013

KeyBanc Capital Markets PAUL T RIDZON hold 3 M #N/A N/A Not Provided 22.01.2013


Holdings By:

Southern Co/The ee


05.07.2013

Simon Property Group, Inc. is a self-administered and self-managed,

real estate investment trust. The Company owns, develops, and manages retail

real estate properties including regional malls, outlet centers,

community/lifestyle centers, and international properties.


LTM as of: 03/yy

52-Week High (22.05.2013) 182.45

52-Week Low (16.11.2012) 145.21

Daily Volume

157.39





48'830.07 1 Yr Total Return 2.06%







SPG UN EQUITY YTD Change - Average Volume 30 Day 614'936

SPG UN EQUITY YTD % CHANGE - Average Volume 3 Month 509'198


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

3'783.2 3'775.2 3'957.6 4'306.4 4'880.1 4'405.5 4'976.2 5'190.6 5'459.8 1'258.8 1'301.0

8.13x 10.16x 11.81x 13.18x 14.78x 51.37x 57.55x 14.34x 13.63x 61.08x 59.40x

2'553.0 2'630.0 2'799.2 3'015.6 3'491.0 3'097.7 3'555.7 3'931.4 4'160.8 947.8 979.3

12.04x 14.59x 16.70x 18.82x 20.66x 21.82x 20.45x 18.20x 17.20x 17.92x 17.60x

463.6 309.4 617.0 1'024.8 1'434.5 1'490.8 1'072.2 1'247.3 1'404.9 272.4 295.2

25.92x 40.60x 27.89x 37.05x 33.49x 28.85x 45.69x 39.82x 35.71x 39.79x 38.34x











EBITDA Margin 71.5%



Asset Turnover 0.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Simon Property Group IncPrice/Volume

Valuation Analysis

86'039.00


&.&1&3&5&

-&&-.&-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

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

&!&&

2!&&

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05.07.2013




COHEN & STEERS CAPIT COHEN & STEERS CAPIT 13F 22'404'707 7.23 593'031 31.03.2013 Investment Advisor




DAIWA SECURITIES GRO DAIWA SECURITIES GRO 13F 9'776'460 3.15 (561'513) 31.03.2013 Holding Company


APG ASSET MANAGEMENT APG ASSET MANAGEMENT 13F 6'861'136 2.21 (165'301) 31.03.2013 Pension Fund (ERISA)

CBRE GROUP INC n/a ULT-AGG 6'275'741 2.02 (877'166) 31.03.2013 Corporation

LASALLE INVESTMENT M LASALLE INVESTMENT M 13F 5'898'821 1.9 154'255 31.03.2013 Investment Advisor



PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 5'602'903 1.81 (1'009'005) 31.03.2013 Investment Advisor



PRINCIPAL FINANCIAL n/a ULT-AGG 4'024'890 1.3 331'828 31.03.2013 Investment Advisor


NUVEEN ASSET MANAGEM NUVEEN ASSET MANAGEM 13F 3'258'005 1.05 73'995 31.03.2013 Investment Advisor

AEW CAPITAL MANAGEME AEW CAPITAL MANAGEME 13F 3'206'900 1.03 (12'700) 31.03.2013 Hedge Fund Manager


Deutsche Bank VINCENT CHAO buy 5 M 187 12 month 02.07.2013

Stifel NATHAN ISBEE buy 5 M 190 12 month 01.07.2013

Barclays ROSS L SMOTRICH overweight 5 M 180 Not Provided 01.07.2013

Wells Fargo Securities, LLC JEFFREY J DONNELLY outperform 5 M #N/A N/A Not Provided 25.06.2013

ISI Group STEVE SAKWA buy 5 M 187 Not Provided 24.06.2013


Argus Research Corp MICHAEL BURKE buy 5 M 190 Not Provided 18.06.2013

Imperial Capital LLC DAVID HARRIS in-line 3 M 172 12 month 17.06.2013

Evercore Partners BENJAMIN YANG equalweight 3 M 168 12 month 12.06.2013

RBC Capital Markets RICHARD C MOORE outperform 5 M 200 12 month 06.06.2013

Morgan Stanley HAENDEL ST. JUSTE Equalwt/Attractive 3 M 180 12 month 02.06.2013

Jefferies OMOTAYO T OKUSANYA II buy 5 M 195 12 month 24.05.2013

Cowen and Company JAMES W SULLIVAN outperform 5 M #N/A N/A Not Provided 08.05.2013

JPMorgan MICHAEL W MUELLER overweight 5 M 190 6 month 06.05.2013

BMO Capital Markets PAUL E ADORNATO market perform 3 M 175 Not Provided 30.04.2013

Goldman Sachs ANDREW ROSIVACH Buy/Neutral 5 M 213 12 month 29.04.2013

Raymond James RICHARD J MILLIGAN outperform 5 M 190 12 month 29.04.2013


Hilliard Lyons CAROL L KEMPLE neutral 3 M #N/A N/A Not Provided 26.04.2013

Sandler O'Neill & Partners, LP ALEXANDER D GOLDFARB buy 5 M 198 12 month 26.04.2013

S&P Capital IQ ROBERT MCMILLAN buy 5 M 194 Not Provided 26.04.2013

Holdings By:

Simon Property Group Inc ee


05.07.2013

AT&T Inc. is a communications holding company. The Company, through its

subsidiaries and affiliates, provides local and long-distance phone service,

wireless and data communications, Internet access and messaging, IP-based and

satellite television, security services, telecommunications equipment, and

directory advertising and publishing.


LTM as of: 03/yy

52-Week High (23.04.2013) 39.00

52-Week Low (09.11.2012) 32.71

Daily Volume

35.33





190'075.41 1 Yr Total Return 3.05%







T UN EQUITY YTD Change - Average Volume 30 Day 6'078'579

T UN EQUITY YTD % CHANGE - Average Volume 3 Month 5'361'543


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

124'028.0 122'513.0 124'280.0 126'723.0 127'434.0 127'298.0 126'968.0 128'311.6 130'741.6 31'810.0 32'029.3

1.94x 1.91x 1.92x 1.82x 1.99x 7.52x 8.42x 2.07x 2.04x 8.24x 8.21x

42'946.0 40'515.0 39'037.0 30'505.0 31'140.0 30'774.0 30'948.0 41'736.8 43'502.4 11'003.9 10'848.9

5.62x 5.78x 6.11x 7.56x 8.14x 8.03x 8.71x 6.25x 6.00x 6.17x 6.13x

12'867.0 12'138.0 19'864.0 3'944.0 7'264.0 4'120.0 7'380.0 13'692.9 14'425.6 3'771.7 3'628.7

12.28x 13.18x 12.95x 12.39x 14.62x 12.41x 15.57x 14.06x 13.05x 13.85x 13.65x











EBITDA Margin 24.4%



Asset Turnover 0.47







Fiscal Year Ended

AT&T IncPrice/Volume

Valuation Analysis

972'364.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&2

-&-2.&.20&021&12

d -. P -. n -. j -. f -. X -. d -0 b -0 e -0 P -0 e -0 d -0 d -0!& 9

2!& 9

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-2!& 9

.&!& 9

.2!& 9

0&!& 9

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!&&

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05.07.2013











GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 37'223'676 0.69 (383'305) 31.03.2013 Investment Advisor












Macquarie KEVIN SMITHEN underperform 1 M 36 12 month 04.07.2013

Jefferies THOMAS O SEITZ hold 3 M 38 12 month 02.07.2013

BMO Capital Markets KEVIN MANNING market perform 3 M 34 Not Provided 01.07.2013

Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 01.07.2013

Evercore Partners JONATHAN SCHILDKRAUT equalweight 3 M 39 Not Provided 27.06.2013



S&P Capital IQ JAMES G MOORMAN hold 3 M 40 12 month 19.06.2013

Pacific Crest Securities MICHAEL BOWEN sector perform 3 M #N/A N/A Not Provided 18.06.2013

RBC Capital Markets JONATHAN ATKIN sector perform 3 M 38 12 month 16.06.2013

Raymond James FRANK G LOUTHAN market perform 3 M #N/A N/A Not Provided 13.06.2013

Gabelli & Co SERGEY DLUZHEVSKIY hold 3 M #N/A N/A Not Provided 11.06.2013

Argus Research Corp JOSEPH F BONNER buy 5 U 42 Not Provided 10.06.2013

FBR Capital Markets DAVID DIXON market perform 3 M 39 12 month 10.06.2013

Canaccord Genuity Corp GREGORY MILLER hold 3 M 35 12 month 09.06.2013

Deutsche Bank BRETT FELDMAN hold 3 M 34 12 month 07.06.2013

Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 M #N/A N/A Not Provided 07.06.2013

Edward Jones DAVID HEGER buy 5 M #N/A N/A Not Provided 07.06.2013

JPMorgan PHILIP CUSICK overweight 5 M 40 6 month 07.06.2013

Stifel CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 07.06.2013


Cowen and Company COLBY SYNESAEL market perform 3 M 37 12 month 07.06.2013

New Street Research JONATHAN CHAPLIN neutral 3 M 36 Not Provided 07.06.2013

Barclays AMIR ROZWADOWSKI equalweight 3 M 38 Not Provided 07.06.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 05.06.2013

Atlantic Equities LLP CHRISTOPHER WATTS neutral 3 M 37 12 month 24.05.2013

Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 42 12 month 14.05.2013



Independent Research GmbH MARKUS FRIEBEL sell 1 M 33 12 month 25.04.2013

Scotia Capital JEFFREY FAN sector underperform 1 M 37 12 month 24.04.2013


William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 23.04.2013


HSBC RICHARD DINEEN overweight 5 M 39 Not Provided 20.02.2013


Goldman Sachs JASON ARMSTRONG neutral/neutral 3 M 36 12 month 24.10.2012

Janco Partners Inc GERARD HALLAREN buy 5 M 44 Not Provided 26.07.2012

Holdings By:

AT&T Inc ee


05.07.2013

Target Corporation operates general merchandise discount stores in the United

States. The Company's merchandising operations include general merchandise and

food discount stores and a fully integrated online business. Target also offers

credit to qualified applicants through its branded proprietary credit cards.


LTM as of: 05/yy

52-Week High (04.06.2013) 72.77

52-Week Low (05.07.2012) 56.70

Daily Volume

69.86





44'829.39 1 Yr Total Return 23.65%







TGT UN EQUITY YTD Change - Average Volume 30 Day 1'199'243

TGT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'068'998


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 04/yy 05/yy 01/14 Y 01/15 Y 07/13 Q2 10/13 Q3

64'948.0 65'357.0 67'390.0 69'865.0 73'301.0 70'797.0 73'140.0 74'957.9 79'528.1 17'357.2 17'886.5

0.64x 0.81x 0.78x 0.72x 0.77x 3.00x 3.15x 0.77x 0.73x 3.33x 3.28x

6'228.0 6'696.0 7'336.0 7'453.0 7'352.0 7'490.0 7'092.0 7'333.5 8'155.2 1'703.8 1'618.9

6.64x 7.88x 7.13x 6.73x 7.66x 7.38x 8.12x 7.80x 7.02x 7.57x 7.38x

2'214.0 2'488.0 2'920.0 2'929.0 2'999.0 2'937.0 2'800.0 2'892.4 3'352.5 629.3 568.6

10.91x 15.54x 14.08x 11.47x 14.02x 13.17x 18.70x 14.50x 12.63x 14.57x 14.52x











EBITDA Margin 9.7%



Asset Turnover 1.62





Accounts Receivable Turnover - Cash Conversion Cycle 36.76


Fiscal Year Ended

Target CorpPrice/Volume

Valuation Analysis

148'084.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

-&

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1&

2&

3&

4&

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0!& 9

0!2 9

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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

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

&!&&

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05.07.2013











BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 11'303'752 1.76 821'719 31.03.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 10'289'868 1.6 (916) 03.07.2013 Investment Advisor









ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 5'461'466 0.85 509'722 31.03.2013 Investment Advisor


Sanford C. Bernstein & Co COLIN MCGRANAHAN outperform 5 M 83 12 month 01.07.2013


Piper Jaffray SEAN NAUGHTON overweight 5 M 80 12 month 19.06.2013







Argus Research Corp CHRISTOPHER GRAJA hold 3 M #N/A N/A Not Provided 28.05.2013


BMO Capital Markets WAYNE HOOD outperform 5 M 80 Not Provided 23.05.2013

Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 65 12 month 23.05.2013

Cowen and Company FAYE LANDES neutral 3 M #N/A N/A Not Provided 23.05.2013

MKM Partners PATRICK G MCKEEVER JR buy 5 M 77 12 month 23.05.2013


Deutsche Bank PAUL TRUSSELL buy 5 M 74 12 month 22.05.2013

Credit Suisse MICHAEL B EXSTEIN neutral 3 M 62 Not Provided 22.05.2013

William Blair & Co MARK R MILLER market perform 3 M #N/A N/A Not Provided 22.05.2013

Wells Fargo Securities, LLC MATTHEW NEMER outperform 5 M #N/A N/A Not Provided 22.05.2013

S&P Capital IQ IAN GORDON strong buy 5 M 81 Not Provided 22.05.2013





Fincorp SAOG GAURAV RAMAIYA hold 3 M 55 Not Provided 17.11.2011


Gilford Securities BERNARD SOSNICK hold 3 M #N/A N/A Not Provided 31.05.2011

Holdings By:

Target Corp ee


05.07.2013

Time Warner Inc. is a media and entertainment company. The Company's businesses

include cable television networks that provide programming, feature films,

television and home video production and distribution, and magazine publishing.


LTM as of: 03/yy

52-Week High (08.05.2013) 61.73

52-Week Low (24.07.2012) 36.95

Daily Volume

60.48





56'377.89 1 Yr Total Return 59.19%







TWX UN EQUITY YTD Change - Average Volume 30 Day 1'228'604

TWX UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'218'703


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

26'516.0 25'388.0 26'888.0 28'974.0 28'729.0 29'270.0 28'689.0 29'537.6 30'877.0 7'095.1 7'066.2

2.27x 1.78x 1.79x 1.77x 2.14x 6.94x 8.58x 2.45x 2.22x 10.07x 10.06x

5'541.0 5'748.0 6'413.0 6'877.0 7'106.0 6'931.0 7'250.0 7'448.4 8'134.5 1'597.0 1'923.6

10.88x 7.86x 7.52x 7.45x 8.67x 7.65x 9.75x 9.84x 9.01x 9.61x 9.47x

(13'402.0) 2'477.0 2'578.0 2'886.0 3'019.0 2'816.0 3'156.0 3'470.5 3'892.0 717.3 892.5

18.98x 15.02x 12.97x 12.37x 14.24x 12.53x 16.38x 16.44x 14.15x 15.67x 15.38x











EBITDA Margin 25.3%



Asset Turnover 0.43







Fiscal Year Ended

Time Warner IncPrice/Volume

Valuation Analysis

290'292.00


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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-!& 9

.!& 9

0!& 9

1!& 9

2!& 9

3!& 9

4!& 9

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!&&

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05.07.2013















COATUE MANAGEMENT LL COATUE MANAGEMENT LL 13F 11'902'275 1.28 1'751'752 31.03.2013 Hedge Fund Manager


DIMENSIONAL FUND ADV n/a ULT-AGG 9'347'064 1 10'538 31.03.2013 Investment Advisor

NORGES BANK NORGES BANK 13F 9'297'800 1 - 31.12.2012 Government

LONGVIEW PARTNERS (G LONGVIEW PARTNERS (G 13F 8'816'961 0.95 (270'860) 31.03.2013 Investment Advisor





Sanford C. Bernstein & Co TODD JUENGER market perform 3 M 63 12 month 01.07.2013


B Riley & Co DAVID W MILLER buy 5 M 67 Not Provided 28.06.2013


Cowen and Company DOUGLAS CREUTZ outperform 5 M 68 12 month 18.06.2013


Sterne, Agee & Leach VASILY KARASYOV buy 5 N 73 12 month 12.06.2013

Edward Jones ROBIN DIEDRICH hold 3 M #N/A N/A Not Provided 03.06.2013

Needham & Co LAURA A MARTIN hold 3 M #N/A N/A Not Provided 28.05.2013

Wedbush JAMES G DIX outperform 5 M 63 12 month 24.05.2013

Janney Montgomery Scott LLC TONY WIBLE neutral 3 M 67 12 month 17.05.2013

Atlantic Equities LLP HAMILTON FABER overweight 5 M 73 12 month 13.05.2013


Barrington Research JAMES C GOSS outperform 5 M 67 12 month 09.05.2013

Stifel DREW E CRUM buy 5 M 65 12 month 06.05.2013




Macquarie TIMOTHY W NOLLEN outperform 5 M 69 12 month 02.05.2013


Nomura MICHAEL NATHANSON neutral 3 M 60 12 month 02.05.2013




Morgan Stanley BENJAMIN SWINBURNE Equalwt/Attractive 3 M 66 12 month 01.05.2013

JPMorgan ALEXIA S QUADRANI overweight 5 M 67 6 month 01.05.2013

Evercore Partners ALAN GOULD overweight 5 M 65 12 month 01.05.2013

S&P Capital IQ TUNA AMOBI buy 5 M 65 Not Provided 01.05.2013

Goldman Sachs DREW BORST buy/attractive 5 M 67 12 month 29.04.2013

Gabelli & Co BRETT HARRISS hold 3 M #N/A N/A Not Provided 08.03.2013


D.A. Davidson & Co DONNA M JAEGERS buy 5 M #N/A N/A Not Provided 26.10.2011

Holdings By:

Time Warner Inc ee


05.07.2013

Texas Instruments Incorporated is a global semiconductor company that designs

and supplies analog technologies, digital signal processing (DSP) and

microcontroller (MCU) semiconductors. The Company also operates materials and

controls, and educational and productivity solutions businesses. Texas

Instruments has manufacturing or sales operations in countries around the world.


LTM as of: 03/yy

52-Week High (09.05.2013) 37.35

52-Week Low (17.07.2012) 26.06

Daily Volume

35.7





39'596.81 1 Yr Total Return 28.50%







TXN UW EQUITY YTD Change - Average Volume 30 Day 2'405'461

TXN UW EQUITY YTD % CHANGE - Average Volume 3 Month 2'494'308


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

12'501.0 10'427.0 13'966.0 13'735.0 12'825.0 13'465.0 12'589.0 12'224.0 12'922.4 3'059.8 3'204.4

1.38x 2.82x 2.50x 2.61x 2.80x 10.80x 11.52x 3.30x 3.05x 13.13x 12.47x

3'750.0 3'128.0 5'316.0 4'434.0 3'986.0 4'182.0 3'908.0 3'757.8 4'352.6 942.5 1'065.9

4.61x 9.40x 6.56x 8.08x 9.02x 9.80x 10.54x 11.03x 9.52x 10.38x 9.96x

1'920.0 1'470.0 3'228.0 2'236.0 1'759.0 1'836.0 1'856.0 2'002.2 2'440.1 495.9 597.2

9.82x 20.71x 12.69x 13.36x 16.13x 17.19x 19.78x 19.90x 16.26x 18.51x 17.46x











EBITDA Margin 31.0%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Texas Instruments IncPrice/Volume

Valuation Analysis

550'120.00


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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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05.07.2013











HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 22'414'916 2.02 (3'663'592) 31.03.2013 Investment Advisor



DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 15'617'642 1.41 (259'966) 31.03.2013 Investment Advisor





MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 8'048'900 0.73 (1'191'817) 30.04.2013 Investment Advisor




Exane BNP Paribas JEROME RAMEL underperform 1 M 26 Not Provided 03.07.2013


Sanford C. Bernstein & Co STACY A RASGON market perform 3 M 38 12 month 01.07.2013

Wells Fargo Securities, LLC DAVID M WONG market perform 3 M #N/A N/A Not Provided 01.07.2013

BMO Capital Markets AMBRISH SRIVASTAVA outperform 5 M 40 Not Provided 24.06.2013

Robert W. Baird & Co TRISTAN GERRA neutral 3 M 35 12 month 20.06.2013


FBR Capital Markets CHRISTOPHER ROLLAND underperform 1 M 30 12 month 13.06.2013

Williams Financial Group CODY G ACREE buy 5 M 41 Not Provided 13.06.2013


Morgan Stanley JOSEPH MOORE Equalwt/In-Line 3 M #N/A N/A Not Provided 11.06.2013

JPMorgan CHRISTOPHER DANELY overweight 5 M 37 12 month 11.06.2013

Needham & Co VERNON P ESSI JR hold 3 M #N/A N/A Not Provided 11.06.2013

Wedbush BETSY VAN HEES outperform 5 M 37 12 month 11.06.2013

B Riley & Co CRAIG ELLIS buy 5 M 39 Not Provided 11.06.2013

Stifel TORE E SVANBERG hold 3 M #N/A N/A Not Provided 11.06.2013

Cowen and Company TIMOTHY M ARCURI market perform 3 M 36 12 month 11.06.2013


Barclays BLAYNE CURTIS equalweight 3 M 31 Not Provided 11.06.2013

Deutsche Bank ROSS C SEYMORE hold 3 M 32 12 month 10.06.2013

RBC Capital Markets DOUG FREEDMAN sector perform 3 M 35 12 month 10.06.2013

Credit Suisse JOHN W PITZER neutral 3 M 35 Not Provided 10.06.2013

SunTrust Robinson Humphrey WILLIAM STEIN reduce 2 M 30 12 month 10.06.2013

Jefferies MARK J LIPACIS buy 5 M 42 12 month 10.06.2013

Raymond James J STEVEN SMIGIE market perform 3 M #N/A N/A Not Provided 10.06.2013

Sterne, Agee & Leach VIJAY R RAKESH underperform 1 M 31 12 month 10.06.2013

Evercore Partners PATRICK WANG equalweight 3 M 35 12 month 10.06.2013

Oppenheimer & Co RICHARD SCHAFER market perform 3 M #N/A N/A Not Provided 10.06.2013

ISI Group SUMIT DHANDA buy 5 M 40 12 month 10.06.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 07.06.2013

MKM Partners ADA MENAKER neutral 3 M 31 12 month 05.06.2013


Goldman Sachs JAMES V COVELLO neutral/attractive 3 M 36 12 month 23.04.2013

Pacific Crest Securities MICHAEL MCCONNELL sector perform 3 M #N/A N/A Not Provided 23.04.2013

Macquarie SHAWN WEBSTER neutral 3 M 38 12 month 23.04.2013

Canaccord Genuity Corp ROBERT BURLESON hold 3 M 35 12 month 23.04.2013

Nomura ROMIT SHAH neutral 3 M 30 12 month 23.04.2013

Gabelli & Co HENDI SUSANTO hold 3 M #N/A N/A Not Provided 23.04.2013

S&P Capital IQ CHRISTIN ARMACOST buy 5 U 42 Not Provided 02.04.2013


Davenport & Co F DRAKE JOHNSTONE neutral 3 M #N/A N/A Not Provided 28.01.2013

JMP Securities ALEX GAUNA market outperform 4 M 33 12 month 17.10.2012

First Global Stockbroking ISHANSH VIJ market perform 3 M #N/A N/A Not Provided 10.06.2011

Holdings By:

Texas Instruments Inc ee


05.07.2013

UnitedHealth Group Incorporated owns and manages organized health systems in the

United States and internationally. The Company provides employers products and

resources to plan and administer employee benefit programs. UnitedHealth also

serves the health needs of older Americans, provides specialized care services,

and provides health care information and research to providers and payers.


LTM as of: 03/yy

52-Week High (01.07.2013) 66.36

52-Week Low (02.08.2012) 50.33

Daily Volume

65.47





66'779.86 1 Yr Total Return 21.24%







UNH UN EQUITY YTD Change - Average Volume 30 Day 1'416'909

UNH UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'377'490


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

81'186.0 87'138.0 94'155.0 101'862.0 110'618.0 103'712.0 113'676.0 122'686.7 133'534.0 30'520.8 30'689.3

0.45x 0.40x 0.42x 0.51x 0.57x 2.02x 2.14x 0.61x 0.54x 2.52x 2.47x

6'244.0 7'350.0 8'928.0 9'588.0 10'563.0 9'710.0 10'425.0 10'888.6 11'545.1 2'537.3 3'004.8

5.85x 4.77x 4.39x 5.45x 5.94x 6.12x 6.25x 6.78x 6.39x 6.77x 6.70x

2'977.0 3'822.0 4'634.0 5'142.0 5'526.0 5'184.0 5'330.0 5'531.7 5'898.5 1'277.1 1'552.4

9.02x 9.41x 8.57x 10.71x 10.27x 12.25x 11.15x 12.05x 11.24x 11.89x 11.59x











EBITDA Margin 9.2%



Asset Turnover 1.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

UnitedHealth Group IncPrice/Volume

Valuation Analysis

198'233.00


&

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0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

&!&&

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05.07.2013


















CREDIT SUISSE AG n/a ULT-AGG 10'897'126 1.07 (6'225'398) 31.03.2013 Investment Advisor


UNITED HEALTHCARE IN UNITED HEALTHCARE IN Sch-D 9'668'800 0.95 - 31.03.2013 Insurance Company

BUENO EDSON DE GODOY n/a Form 4 8'416'905 0.83 - 21.12.2012 n/a


BMO Capital Markets JENNIFER LYNCH outperform 5 M 70 Not Provided 03.07.2013

Raymond James MICHAEL J BAKER strong buy 5 M 70 12 month 03.07.2013

Oppenheimer & Co MICHAEL WIEDERHORN outperform 5 M 66 18 month 03.07.2013

Lazard Capital Markets STEVEN P HALPER buy 5 M 70 12 month 02.07.2013

Wedbush SARAH JAMES outperform 5 M 70 12 month 01.07.2013

Cowen and Company CHRISTINE ARNOLD outperform 5 M 75 12 month 28.06.2013

S&P Capital IQ PHILLIP SELIGMAN buy 5 M 72 Not Provided 28.06.2013

CRT Capital Group SHERYL R SKOLNICK buy 5 M 72 12 month 19.06.2013

Deutsche Bank SCOTT J FIDEL hold 3 M 63 12 month 18.06.2013

Wells Fargo Securities, LLC PETER H COSTA outperform 5 M #N/A N/A Not Provided 17.06.2013

Susquehanna Financial Group CHRIS RIGG Positive 4 M 79 12 month 09.06.2013


Goldman Sachs MATTHEW BORSCH Buy/Neutral 5 M 72 12 month 21.05.2013

Monness, Crespi, Hardt & Co BRIAN M WRIGHT buy 5 M 68 Not Provided 20.05.2013

Barclays JOSHUA R RASKIN overweight 5 M 70 Not Provided 09.05.2013

JPMorgan JUSTIN LAKE overweight 5 M 70 6 month 07.05.2013

Stifel THOMAS A CARROLL buy 5 M 70 12 month 03.05.2013



Credit Suisse RALPH GIACOBBE outperform 5 M 71 Not Provided 18.04.2013

Jefferies DAVID H WINDLEY buy 5 M 71 12 month 18.04.2013

Cantor Fitzgerald JOSEPH D FRANCE buy 5 M 70 12 month 18.04.2013

Holdings By:

UnitedHealth Group Inc ee


05.07.2013

Union Pacific Corporation is a rail transportation company. The Company's

railroad hauls a variety of goods, including agricultural, automotive, and

chemical products. Union Pacific offersslong-haul routes from all major West

Coast and Gulf Coast ports to eastern gateways as well as connects with

Canada's rail systems and serves the major gateways to Mexico.


LTM as of: 03/yy

52-Week High (22.05.2013) 161.00

52-Week Low (12.07.2012) 115.42

Daily Volume

156.69





73'139.55 1 Yr Total Return 34.39%







UNP UN EQUITY YTD Change - Average Volume 30 Day 486'529

UNP UN EQUITY YTD % CHANGE - Average Volume 3 Month 487'111


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

17'970.0 14'143.0 16'965.0 19'557.0 20'926.0 20'179.0 21'104.0 22'282.4 23'906.2 5'504.9 5'767.9

1.77x 2.85x 3.17x 2.99x 3.20x 11.09x 12.81x 3.63x 3.37x 14.72x 14.03x

5'462.0 4'806.0 6'468.0 7'341.0 8'505.0 7'746.0 8'635.0 9'347.4 10'288.8 2'320.0 2'477.3

5.81x 8.38x 8.30x 7.97x 7.87x 7.63x 8.62x 8.67x 7.88x 8.49x 8.30x

2'338.0 1'890.0 2'780.0 3'292.0 3'943.0 3'516.0 4'037.0 4'439.6 4'963.4 1'096.4 1'194.3

10.53x 17.98x 16.59x 15.88x 15.26x 14.99x 16.80x 16.45x 14.37x 15.90x 15.38x











EBITDA Margin 40.9%



Asset Turnover 0.45







Fiscal Year Ended

Union Pacific CorpPrice/Volume

Valuation Analysis

54'839.00


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

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

&!&&

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05.07.2013








WINSLOW CAPITAL MANA WINSLOW CAPITAL MANA 13F 8'951'611 1.92 (979'878) 31.03.2013 Investment Advisor










DIMENSIONAL FUND ADV n/a ULT-AGG 4'051'986 0.87 708 31.03.2013 Investment Advisor






TD Securities CHERILYN RADBOURNE hold 3 M 161 12 month 04.07.2013

Wolfe Research SCOTT H GROUP outperform 5 M 167 12 month 03.07.2013

Stifel JOHN G LARKIN hold 3 M #N/A N/A Not Provided 02.07.2013

Wells Fargo Securities, LLC ANTHONY P GALLO outperform 5 M #N/A N/A Not Provided 01.07.2013

Cowen and Company JASON H SEIDL outperform 5 M 174 12 month 01.07.2013

Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 28.06.2013


Avondale Partners LLC DONALD BROUGHTON market outperform 4 M 157 12 month 27.06.2013

Robert W. Baird & Co BENJAMIN J HARTFORD outperform 5 M 158 12 month 25.06.2013

Barclays BRANDON OGLENSKI overweight 5 M 170 Not Provided 24.06.2013

Goldman Sachs TOM KIM neutral/neutral 3 M 171 12 month 21.06.2013

Morgan Stanley WILLIAM J GREENE Overwt/Attractive 5 M 169 12 month 20.06.2013

RBC Capital Markets WALTER SPRACKLIN sector perform 3 M 148 12 month 14.06.2013

JPMorgan THOMAS R WADEWITZ overweight 5 M 167 6 month 04.06.2013

BMO Capital Markets FADI CHAMOUN outperform 5 M 171 Not Provided 28.05.2013


Atlantic Equities LLP RORRIE MARS neutral 3 M 155 12 month 22.04.2013




Stephens Inc JUSTIN LONG equalweight 3 M 147 12 month 19.04.2013

Raymond James PATRICK TYLER BROWN outperform 5 M 150 12 month 19.04.2013

FBR Capital Markets JOHN R MIMS outperform 5 M 165 12 month 19.04.2013

BB&T Capital Markets MARK A LEVIN hold 3 M #N/A N/A Not Provided 19.04.2013

Susquehanna Financial Group MATT TROY Positive 4 M 161 12 month 18.04.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Union Pacific Corp ee


05.07.2013

United Parcel Service, Inc.(UPS) delivers packages and documents throughout the

United States and in other countries and territories. The Company also provides

global supply chain services and less-than-truckload transportation, primarily

in the U.S. UPS's business consists of integrated air and ground pick-up and

delivery network


LTM as of: 03/yy

52-Week High (08.05.2013) 89.96

52-Week Low (15.11.2012) 69.56

Daily Volume

87





82'148.25 1 Yr Total Return 12.81%







UPS UN EQUITY YTD Change - Average Volume 30 Day 806'969

UPS UN EQUITY YTD % CHANGE - Average Volume 3 Month 825'749


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

51'486.0 45'297.0 49'545.0 53'105.0 54'127.0 53'659.0 54'425.0 56'478.3 59'903.2 13'808.9 13'902.8

1.24x 1.42x 1.59x 1.46x 1.39x 5.72x 5.83x 1.55x 1.45x 6.44x 6.39x

7'196.0 5'548.0 7'433.0 7'862.0 3'201.0 7'977.0 3'227.0 9'465.2 10'330.8 2'304.9 2'340.5

8.86x 11.63x 10.60x 9.85x 23.52x 10.46x 26.81x 9.25x 8.47x 9.10x 8.90x

3'003.0 2'152.0 3'338.0 3'804.0 807.0 3'859.0 874.0 4'711.9 5'189.6 1'135.3 1'158.4

15.76x 24.87x 21.59x 18.62x 16.50x 20.28x 19.04x 17.46x 15.28x 16.94x 16.36x











EBITDA Margin 5.9%



Asset Turnover 1.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

United Parcel Service IncPrice/Volume

Valuation Analysis

70'881.00


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0.0

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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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05.07.2013

















OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 6'157'860 0.85 24'499 31.03.2013 Investment Advisor






Stifel DAVID G ROSS hold 3 M #N/A N/A Not Provided 03.07.2013

Wolfe Research SCOTT H GROUP peerperform 3 M #N/A N/A Not Provided 02.07.2013


Cowen and Company HELANE R BECKER market perform 3 M 88 12 month 01.07.2013

Robert W. Baird & Co BENJAMIN J HARTFORD neutral 3 M 96 12 month 28.06.2013

Oppenheimer & Co SCOTT A SCHNEEBERGER outperform 5 M 97 12 month 28.06.2013


Thompson, Davis & Company DAVID P CAMPBELL buy 5 M 105 12 month 24.06.2013

Goldman Sachs TOM KIM neutral/attractive 3 M 97 12 month 21.06.2013

JPMorgan THOMAS R WADEWITZ overweight 5 M 90 6 month 21.06.2013



Morgan Stanley WILLIAM J GREENE Equalwt/Attractive 3 M #N/A N/A Not Provided 20.06.2013

Atlantic Equities LLP RORRIE MARS overweight 5 M 95 12 month 20.06.2013

RBC Capital Markets JOHN L BARNES III outperform 5 M 100 12 month 14.06.2013

Sanford C. Bernstein & Co DAVID VERNON outperform 5 M 96 12 month 07.06.2013

Edward Jones LOGAN PURK hold 3 M #N/A N/A Not Provided 03.06.2013

Macquarie KELLY A DOUGHERTY outperform 5 M 93 12 month 01.06.2013

Barclays BRANDON OGLENSKI equalweight 3 M 92 Not Provided 22.05.2013

Argus Research Corp NATHANIEL GABRIEL buy 5 M 98 12 month 20.05.2013


Telsey Advisory Group JOSHUA HERRITY no rating system #N/A N/A N 99 12 month 07.05.2013

Accountability Research Corp MARK SUAREZ buy 5 M 100 Not Provided 03.05.2013

Stephens Inc JACK ATKINS equalweight 3 M 90 12 month 26.04.2013

William Blair & Co NATHAN J BROCHMANN outperform 5 M #N/A N/A Not Provided 26.04.2013

Raymond James ARTHUR W HATFIELD strong buy 5 M 98 12 month 25.04.2013

BB&T Capital Markets KEVIN W STERLING buy 5 M 95 12 month 25.04.2013

S&P Capital IQ JAMES CORRIDORE buy 5 M 100 12 month 25.04.2013

Nomura MARK MCVICAR neutral 3 M 90 12 month 11.04.2013


Holdings By:

United Parcel Service Inc ee


05.07.2013

U.S. Bancorp is a diversified financial services company that provides lending

and depository services, cash management, foreign exchange and trust and

investment management services. The Company also provides credit card

services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp

operates in the Midwest and Western United States.


LTM as of: 03/yy

52-Week High (05.07.2013) 36.72

52-Week Low (15.11.2012) 30.96

Daily Volume

36.61





67'715.41 1 Yr Total Return 15.09%





Enterprise Value -


USB UN EQUITY YTD Change - Average Volume 30 Day 2'782'477

USB UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'608'914


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

19'229.0 19'490.0 20'518.0 21'399.0 22'202.0 21'758.0 22'007.0 19'892.8 20'456.7 4'987.5 4'997.7

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

- - - - - 0.0 0.0 - - - -

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

2'946.0 2'205.0 3'317.0 4'872.0 5'647.0 5'164.0 5'737.0 5'640.8 5'808.5 1'421.1 1'422.6

15.34x 21.44x 15.78x 11.27x 11.14x 12.40x 11.59x 12.07x 11.34x 11.97x 11.80x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06







Fiscal Year Ended

US Bancorp/MNPrice/Volume

Valuation Analysis

370'455.00


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

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

&!&&

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1!&&

3!&&

5!&&

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05.07.2013







BERKSHIRE HATHAWAY I n/a ULT-AGG 61'458'101 3.32 193'500 31.03.2013 Investment Advisor



BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 27'521'972 1.49 1'905'495 31.03.2013 Investment Advisor




GENERAL RE NEW ENGLA GENERAL RE NEW ENGLA 13F 17'491'443 0.95 500 31.03.2013 Insurance Company


GENERAL REINSURANCE GENERAL REINSURANCE Sch-D 14'559'100 0.79 - 31.03.2013 Insurance Company




YACKTMAN ASSET MANAG YACKTMAN ASSET MANAG 13F 12'678'132 0.69 (9'830) 31.03.2013 Investment Advisor



BMO Capital Markets PETER J WINTER market perform 3 M 36 Not Provided 02.07.2013






Jefferies KENNETH M USDIN hold 3 M 39 12 month 27.06.2013

Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO outperform 5 M 39 12 month 26.06.2013

Raymond James DAVID J LONG strong buy 5 M 38 12 month 26.06.2013

Sandler O'Neill & Partners, LP R SCOTT SIEFERS buy 5 M 39 Not Provided 25.06.2013

Portales Partners JENNIFER A THOMPSON outperform 5 M #N/A N/A Not Provided 25.06.2013


Edward Jones SHANNON L STEMM hold 3 M #N/A N/A Not Provided 20.06.2013


RBC Capital Markets JON G ARFSTROM outperform 5 M 37 12 month 18.06.2013


Susquehanna Financial Group JACK MICENKO Positive 4 M 39 12 month 13.06.2013

Atlantic Equities LLP RICHARD STAITE underweight 1 D 34 12 month 12.06.2013

Rafferty Capital Markets RICHARD X BOVE SR hold 3 M 37 Not Provided 11.06.2013







Scotia Capital KEVIN R CHOQUETTE sector perform 3 M 40 12 month 02.05.2013




FBR Capital Markets PAUL J MILLER JR outperform 5 M 36 12 month 17.04.2013


Hilliard Lyons ROSS A DEMMERLE neutral 3 M #N/A N/A Not Provided 16.04.2013

Compass Point Research & Trading LLC KEVIN BARKER neutral 3 M 35 12 month 16.04.2013

Nomura KEITH MURRAY buy 5 N 38 12 month 05.02.2013

S&P Capital IQ ERIK M OJA hold 3 D 34 Not Provided 16.01.2013


Holdings By:

US Bancorp/MN ee


05.07.2013

United Technologies Corporation provides technology products and support

services to customers in the aerospace and building industries worldwide. The

Company's products include aircraft engines, elevators and escalators, heating

and air conditioning equipment, helicopters, aerospace systems, fuel cell

systems, and fire and safety equipment.


LTM as of: 03/yy

52-Week High (22.05.2013) 98.18

52-Week Low (12.07.2012) 70.95

Daily Volume

95.66





87'940.31 1 Yr Total Return 29.55%







UTX UN EQUITY YTD Change - Average Volume 30 Day 1'029'067

UTX UN EQUITY YTD % CHANGE - Average Volume 3 Month 971'080


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

59'757.0 52'920.0 54'326.0 55'754.0 57'708.0 55'497.0 59'691.0 64'542.2 68'190.7 16'407.0 16'367.1

0.98x 1.35x 1.47x 1.29x 1.65x 5.60x 6.39x 1.58x 1.47x 6.49x 6.46x

8'946.0 7'723.0 8'542.0 9'109.0 9'208.0 9'124.0 9'625.0 10'952.8 11'955.4 2'850.3 2'816.4

6.54x 9.28x 9.36x 7.89x 10.33x 8.81x 10.97x 9.84x 9.01x 9.63x 9.44x

4'689.0 3'829.0 4'373.0 4'979.0 5'130.0 4'297.0 6'066.0 5'581.2 6'289.9 1'427.1 1'424.0

10.78x 14.64x 16.19x 13.45x 15.19x 15.32x 16.86x 15.65x 13.72x 15.42x 14.90x











EBITDA Margin 16.1%



Asset Turnover 0.79








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

United Technologies CorpPrice/Volume

Valuation Analysis

287'528.00


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10'000.0

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30'000.0

40'000.0

50'000.0

60'000.0

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

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05.07.2013

























Sanford C. Bernstein & Co DOUGLAS S HARNED market perform 3 M 98 12 month 28.06.2013


Goldman Sachs NOAH POPONAK neutral/attractive 3 M 102 12 month 27.06.2013



Morgan Stanley NIGEL COE Overwt/In-Line 5 M 105 12 month 19.06.2013





Cowen and Company CAI VON RUMOHR outperform 5 M #N/A N/A Not Provided 10.06.2013

William Blair & Co NICHOLAS P HEYMANN outperform 5 M 115 12 month 22.05.2013








Langenberg & Co BRIAN KEITH LANGENBERG buy 5 M 100 Not Provided 23.04.2013

S&P Capital IQ RICHARD TORTORIELLO buy 5 M 98 Not Provided 23.01.2013

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

Gabelli & Co ZAHID SIDDIQUE hold 3 M #N/A N/A Not Provided 20.10.2011

Holdings By:

United Technologies Corp ee


05.07.2013

Visa Inc. operates a retail electronic payments network and manages global

financial services. The Company also offers global commerce through the

transfer of value and information among financial institutions, merchants,

consumers, businesses and government entities.


LTM as of: 03/yy

52-Week High (05.07.2013) 188.90

52-Week Low (11.07.2012) 119.59

Daily Volume

188.25





122'353.95 1 Yr Total Return 50.20%







V UN EQUITY YTD Change - Average Volume 30 Day 905'090

V UN EQUITY YTD % CHANGE - Average Volume 3 Month 902'255


30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4

6'263.0 6'911.0 8'065.0 9'188.0 10'421.0 9'830.0 11'100.0 11'721.0 13'023.5 2'890.6 3'031.7

7.60x 7.98x 7.19x 7.13x 9.86x 30.60x 38.15x 10.04x 8.86x 41.04x 38.47x

2'939.0 3'766.0 4'809.0 5'751.0 6'572.0 6'243.0 7'042.0 7'540.3 8'583.4 1'819.7 1'864.3

16.20x 14.64x 12.06x 11.39x 15.64x 14.64x 18.32x 15.45x 13.57x 14.55x 14.07x

804.0 2'353.0 2'966.0 3'650.0 2'144.0 4'206.0 2'386.0 4'928.9 5'592.1 1'176.3 1'200.6

26.24x 21.88x 18.70x 16.59x 18.94x 19.34x 21.53x 25.16x 21.61x 23.53x 22.52x











EBITDA Margin 63.4%



Asset Turnover 0.31







Fiscal Year Ended

Visa IncPrice/Volume

Valuation Analysis

132'723.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&.&1&3&5&

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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

&!&&

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05.07.2013



















SPO ADVISORY CORP SPO ADVISORY CORP 13F 4'961'653 0.96 - 31.03.2013 Hedge Fund Manager




RBC Capital Markets DANIEL R PERLIN outperform 5 M 186 12 month 03.07.2013

Jefferies JASON KUPFERBERG buy 5 M 196 12 month 03.07.2013


Sanford C. Bernstein & Co RODERICK BOURGEOIS market perform 3 M 181 12 month 28.06.2013

Wells Fargo Securities, LLC TIMOTHY W WILLI market perform 3 M #N/A N/A Not Provided 28.06.2013


Morgan Stanley SMITTIPON SRETHAPRAMOTE Overwt/In-Line 5 N 215 12 month 19.06.2013


Raymond James WAYNE JOHNSON strong buy 5 M 210 12 month 17.06.2013



Macquarie KEVIN MCVEIGH outperform 5 M 200 12 month 10.06.2013



Guggenheim Securities LLC DAVID W DARST buy 5 M 205 12 month 10.06.2013

Portales Partners WILLIAM H RYAN sector perform 3 M #N/A N/A Not Provided 10.06.2013

Janney Montgomery Scott LLC THOMAS C MCCROHAN neutral 3 M 175 12 month 07.06.2013

FBR Capital Markets SCOTT VALENTIN market perform 3 M 180 12 month 07.06.2013



Cowen and Company MOSHE KATRI outperform 5 M #N/A N/A Not Provided 07.06.2013


Barclays DARRIN D PELLER overweight 5 M 200 Not Provided 07.06.2013




Sterne, Agee & Leach GREGORY SMITH neutral 3 M #N/A N/A Not Provided 06.06.2013

Oppenheimer & Co GLENN GREENE outperform 5 M 200 12 month 06.06.2013

Goldman Sachs JULIO C QUINTEROS JR Buy/Neutral 5 M 200 12 month 03.06.2013

Wedbush GIL B LURIA neutral 3 M 145 12 month 31.05.2013





SunTrust Robinson Humphrey ANDREW W JEFFREY buy 5 M 205 12 month 02.05.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 27.04.2013

S&P Capital IQ SONIA PARECHANIAN hold 3 M 169 Not Provided 07.02.2013

Meredith Whitney Advisory Group MEREDITH A WHITNEY outperform 5 M 134 12 month 25.07.2012

Fincorp SAOG GAURAV RAMAIYA buy 5 N 105 Not Provided 27.10.2011

Lazard Capital Markets JENNIFER DUGAN buy 5 M 105 12 month 10.06.2011

Holdings By:

Visa Inc ee


05.07.2013

Verizon Communications Inc. is an integrated telecommunications company that

provides wire line voice and data services, wireless services, Internet

services, and published directory information. The Company also provides network

services for the federal government including business phone lines, data

services, telecommunications equipment and payphones.


LTM as of: 03/yy

52-Week High (30.04.2013) 54.30

52-Week Low (16.11.2012) 40.51

Daily Volume

50.43





144'280.23 1 Yr Total Return 17.28%







VZ UN EQUITY YTD Change - Average Volume 30 Day 2'779'460

VZ UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'698'610


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

97'354.0 107'808.0 106'565.0 110'875.0 115'846.0 112'127.0 117'024.0 120'547.3 125'249.1 29'824.0 30'188.3

1.80x 1.82x 1.83x 1.85x 1.94x 7.23x 7.82x 1.97x 1.83x 8.19x 7.98x

32'830.0 32'512.0 31'050.0 29'376.0 29'620.0 30'122.0 30'737.0 41'715.3 44'592.0 10'596.3 10'739.4

5.34x 6.04x 6.28x 6.98x 7.58x 6.82x 7.86x 5.88x 5.50x 5.77x 5.68x

6'428.0 4'894.0 2'549.0 2'404.0 875.0 2'651.0 1'141.0 8'028.0 9'152.9 2'082.2 2'134.4

13.35x 11.16x 18.52x 18.66x 19.32x 17.12x 20.96x 18.04x 15.70x 17.14x 16.54x











EBITDA Margin 26.3%



Asset Turnover 0.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Verizon Communications IncPrice/Volume

Valuation Analysis

551'327.00


&

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0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

&!&&

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05.07.2013



BLACKROCK n/a ULT-AGG 171'650'927 6 (1'548'209) 03.07.2013 Investment Advisor




















BMO Capital Markets KEVIN MANNING outperform 5 M 55 Not Provided 04.07.2013

Scotia Capital JEFFREY FAN sector outperform 5 M 56 12 month 04.07.2013

Jefferies THOMAS O SEITZ buy 5 M 56 12 month 02.07.2013

Wells Fargo Securities, LLC JENNIFER M FRITZSCHE outperform 5 M #N/A N/A Not Provided 02.07.2013

Canaccord Genuity Corp GREGORY MILLER buy 5 M 55 12 month 01.07.2013

Raymond James FRANK G LOUTHAN outperform 5 M 54 12 month 28.06.2013

Evercore Partners JONATHAN SCHILDKRAUT equalweight 3 M 54 Not Provided 27.06.2013


Macquarie KEVIN SMITHEN neutral 3 M 55 12 month 26.06.2013


RBC Capital Markets JONATHAN ATKIN sector perform 3 M 56 12 month 16.06.2013

Edward Jones DAVID HEGER hold 3 M #N/A N/A Not Provided 11.06.2013

New Street Research JONATHAN CHAPLIN neutral 3 M 49 Not Provided 05.06.2013

Pacific Crest Securities MICHAEL BOWEN outperform 5 M 58 12 month 04.06.2013

Barclays AMIR ROZWADOWSKI overweight 5 N 59 Not Provided 16.05.2013

Morgan Stanley SIMON FLANNERY Equalwt/In-Line 3 M #N/A N/A Not Provided 13.05.2013


Cowen and Company COLBY SYNESAEL neutral 3 M #N/A N/A Not Provided 13.05.2013

JPMorgan PHILIP CUSICK neutral 3 M 53 6 month 02.05.2013

Stifel CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 30.04.2013

S&P Capital IQ JAMES G MOORMAN hold 3 M 53 12 month 25.04.2013

Atlantic Equities LLP CHRISTOPHER WATTS overweight 5 M 56 12 month 22.04.2013

Accountability Research Corp KEVIN CHU buy 5 M 57 Not Provided 22.04.2013

Deutsche Bank BRETT FELDMAN hold 3 M 47 12 month 19.04.2013



FBR Capital Markets DAVID DIXON market perform 3 M 53 12 month 19.04.2013

Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 19.04.2013

Piper Jaffray CHRISTOPHER M LARSEN overweight 5 M 56 12 month 19.04.2013

Goldman Sachs JASON ARMSTRONG Buy/Neutral 5 M 54 12 month 18.04.2013

William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 18.04.2013

Janco Partners Inc GERARD HALLAREN strong buy 5 U #N/A N/A Not Provided 18.04.2013



HSBC RICHARD DINEEN overweight 5 M 50 Not Provided 19.02.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013

Holdings By:

Verizon Communications Inc ee


05.07.2013

Walgreen Company operates retail drugstores that offer a wide variety of

prescription and non-prescription drugs as well as general goods. The Company

operates stores in the United States, the District of Columbia, Puerto Rico and

Guam. Walgreen's also offers health services, including primary and acute care,

wellness, pharmacy and disease management services and health and fitness.


LTM as of: 05/yy

52-Week High (28.05.2013) 51.24

52-Week Low (05.07.2012) 29.35

Daily Volume

43.98





41'561.26 1 Yr Total Return 52.75%







WAG UN EQUITY YTD Change - Average Volume 30 Day 1'454'974

WAG UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'359'596


31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 05/yy 05/yy 08/13 Y 08/14 Y 08/13 Q4 11/13 Q1

59'034.0 63'335.0 67'420.0 72'184.0 71'633.0 72'527.0 71'349.0 72'261.2 75'583.8 17'976.9 18'226.7

0.63x 0.53x 0.38x 0.45x 0.53x 1.65x 2.32x 0.62x 0.59x 2.48x 2.48x

4'281.0 4'222.0 4'488.0 5'017.0 4'630.0 4'854.0 4'525.0 5'424.0 6'023.2 1'260.4 1'288.3

8.65x 7.88x 5.74x 6.41x 8.18x 5.48x 10.72x 8.29x 7.46x 7.86x 7.65x

2'157.0 2'006.0 2'091.0 2'714.0 2'127.0 2'566.0 2'146.0 2'825.3 3'266.6 670.2 685.8

17.20x 15.54x 11.72x 14.57x 14.00x 13.00x 18.68x 14.34x 12.59x 12.97x 12.54x











EBITDA Margin 6.3%



Asset Turnover 2.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Walgreen CoPrice/Volume

Valuation Analysis

335'794.00


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20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

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

&!&&

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05.07.2013


PESSINA STEFANO n/a Form 4 72'925'155 7.72 83'299 19.04.2013 n/a







MACQUARIE GROUP n/a ULT-AGG 13'342'654 1.41 1'637'744 31.05.2013 Investment Advisor








THORNBURG INVESTMENT THORNBURG INVESTMENT 13F 8'016'416 0.85 2'117'766 31.03.2013 Investment Advisor



KOHLBERG KRAVIS ROBE KOHLBERG KRAVIS ROBE 13F 6'424'340 0.68 - 31.03.2013 Private Equity



Morgan Stanley RICKY GOLDWASSER Equalwt/In-Line 3 M #N/A N/A Not Provided 03.07.2013

Credit Suisse EDWARD J KELLY neutral 3 M 45 Not Provided 03.07.2013

SunTrust Robinson Humphrey DAVID G MAGEE buy 5 M 55 12 month 03.07.2013

Raymond James JOHN W RANSOM outperform 5 M 50 12 month 03.07.2013

Scotia Capital PATRICIA A BAKER sector outperform 5 M 54 12 month 03.07.2013

BB&T Capital Markets ANDREW P WOLF buy 5 M 53 12 month 03.07.2013

Guggenheim Securities LLC JOHN HEINBOCKEL buy 5 M 52 12 month 03.07.2013

Lazard Capital Markets THOMAS GALLUCCI neutral 3 M #N/A N/A Not Provided 03.07.2013


Barclays MEREDITH ADLER equalweight 3 M 42 Not Provided 01.07.2013

Goldman Sachs MATTHEW J FASSLER Buy/Neutral 5 M 49 12 month 26.06.2013


JPMorgan LISA C GILL overweight 5 M 55 6 month 26.06.2013


Macquarie DANE LEONE outperform 5 M 52 12 month 26.06.2013

Cantor Fitzgerald AJAY JAIN hold 3 M 45 12 month 26.06.2013

Wolfe Research SCOTT A MUSHKIN underperform 1 M 43 12 month 26.06.2013


Mizuho Securities USA Inc ANN HYNES buy 5 M 50 12 month 25.06.2013

ISI Group ROSS MUKEN cautious 2 M 43 12 month 25.06.2013

Barrington Research CHARLES R JONES market perform 3 D 45 12 month 20.05.2013




Holdings By:

Walgreen Co ee


05.07.2013

Wells Fargo & Company is a diversified financial services company providing

banking, insurance, investments, mortgage, leasing, credit cards, and consumer

finance. The Company operates through physical stores, the Internet and other

distribution channels across North America and elsewhere internationally.


LTM as of: 03/yy

52-Week High (01.07.2013) 41.96

52-Week Low (14.11.2012) 31.25

Daily Volume

41.81





221'441.95 1 Yr Total Return 28.43%





Enterprise Value -


WFC UN EQUITY YTD Change - Average Volume 30 Day 4'639'752

WFC UN EQUITY YTD % CHANGE - Average Volume 3 Month 4'356'134


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

51'652.0 98'636.0 93'249.0 87'597.0 91'247.0 88'450.0 90'654.0 84'350.8 85'710.0 21'141.3 21'026.4

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

- - - - - 0.0 0.0 - - - -

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

2'655.0 12'275.0 12'362.0 15'869.0 18'897.0 16'358.0 19'820.0 19'930.7 20'005.5 4'969.8 5'006.0

17.14x 13.15x 12.68x 9.11x 9.97x 10.89x 10.28x 11.28x 10.73x 11.34x 11.20x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Wells Fargo & CoPrice/Volume

Valuation Analysis

835'499.00


&2

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02!& 9

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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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-.!&&

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05.07.2013
























Miller Tabak + Co., LLC TOM MITCHELL hold 3 M 40 12 month 03.07.2013

BMO Capital Markets PETER J WINTER market perform 3 M 42 Not Provided 02.07.2013





Keefe, Bruyette & Woods CHRISTOPHER M MUTASCIO market perform 3 D 43 12 month 01.07.2013


Jefferies KENNETH M USDIN buy 5 M 46 12 month 27.06.2013

Sandler O'Neill & Partners, LP R SCOTT SIEFERS buy 5 M 46 12 month 27.06.2013

Macquarie THOMAS ALONSO outperform 5 M 46 12 month 26.06.2013

Portales Partners JENNIFER A THOMPSON outperform 5 M #N/A N/A Not Provided 25.06.2013




Susquehanna Financial Group JACK MICENKO Positive 4 M 45 12 month 13.06.2013

Atlantic Equities LLP RICHARD STAITE underweight 1 D 39 12 month 12.06.2013






RBC Capital Markets JOSEPH K MORFORD outperform 5 M 40 12 month 06.05.2013

Scotia Capital KEVIN R CHOQUETTE sector perform 3 M 43 12 month 02.05.2013

JPMorgan VIVEK JUNEJA overweight 5 M 41 6 month 26.04.2013

Compass Point Research & Trading LLC KEVIN BARKER neutral 3 M 38 12 month 19.04.2013

Argus Research Corp DAVID RITTER sell 1 M #N/A N/A Not Provided 17.04.2013


FBR Capital Markets PAUL J MILLER JR outperform 5 M 42 12 month 15.04.2013

Buckingham Research Group JAMES F MITCHELL neutral 3 M 39 12 month 15.04.2013




Nomura KEITH MURRAY buy 5 M 42 12 month 12.04.2013

S&P Capital IQ ERIK M OJA hold 3 M 38 Not Provided 12.04.2013

Keefe, Bruyette & Woods FREDERICK CANNON market perform 3 M 37 12 month 27.01.2013



Holdings By:

Wells Fargo & Co ee


05.07.2013

The Williams Companies, Inc. is an integrated natural gas company that produces,

gathers, processes and transports natural gas. The Company's operations are

concentrated in the Pacific Northwest, Rocky Mountains, Gulf Coast, the Eastern

Seaboard, and the province of Alberta in Canada.


LTM as of: 03/yy

52-Week High (25.04.2013) 38.54

52-Week Low (12.07.2012) 28.47

Daily Volume

32.62





22'269.46 1 Yr Total Return 15.94%







WMB UN EQUITY YTD Change - Average Volume 30 Day 1'648'909

WMB UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'409'127


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

11'890.0 8'255.0 6'638.0 7'930.0 7'486.0 8'078.0 7'308.0 7'622.5 8'878.4 1'790.3 1'948.8

1.28x 2.33x 3.64x 3.61x 4.66x 13.33x 18.58x 4.96x 4.52x 20.00x 18.92x

3'843.0 2'970.0 2'902.0 3'481.0 2'368.0 3'356.0 2'323.0 2'462.9 3'248.3 580.6 587.4

3.97x 6.49x 8.32x 8.23x 14.72x 8.26x 16.59x 14.33x 10.87x 13.55x 12.43x

1'418.0 285.0 (1'097.0) 376.0 859.0 478.0 597.0 497.0 861.2 101.0 117.1

6.55x 27.26x 29.54x 20.00x 27.33x 26.40x 19.12x 43.38x 25.79x 38.47x 31.89x











EBITDA Margin 31.8%



Asset Turnover 0.34







Fiscal Year Ended

Williams Cos Inc/ThePrice/Volume

Valuation Analysis

165'878.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

&

2

-&

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02

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2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

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

&!&&

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05.07.2013









SOROBAN CAPITAL PART SOROBAN CAPITAL PART 13F 12'347'856 1.81 2'651'882 31.03.2013 Hedge Fund Manager



KAYNE ANDERSON CAPIT KAYNE ANDERSON CAPIT 13F 10'302'336 1.51 473'073 31.03.2013 Hedge Fund Manager


TORTOISE CAPITAL ADV TORTOISE CAPITAL ADV 13F 7'634'884 1.12 4'668'694 31.03.2013 Investment Advisor

PRINCIPAL FINANCIAL n/a ULT-AGG 7'607'242 1.11 2'176'866 31.03.2013 Investment Advisor




VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 6'478'991 0.95 (12'965'802) 31.03.2013 Hedge Fund Manager




Credit Suisse JOHN EDWARDS outperform 5 M 46 Not Provided 28.06.2013

Raymond James DARREN HOROWITZ outperform 5 M 38 12 month 26.06.2013

Tudor Pickering & Co BRADLEY OLSEN hold 3 U 37 Not Provided 26.06.2013

Deutsche Bank CURTIS N LAUNER hold 3 M 34 12 month 24.06.2013

Howard Weil Inc HOLLY STEWART sector outperform 5 M 42 12 month 24.06.2013

Goldman Sachs THEODORE DURBIN buy/attractive 5 M 40 12 month 18.06.2013

US Capital Advisors REBECCA G FOLLOWILL hold 3 M 35 Not Provided 18.06.2013

Wells Fargo Securities, LLC SHARON LUI outperform 5 M #N/A N/A Not Provided 14.06.2013

Barclays RICHARD GROSS overweight 5 M 43 Not Provided 20.05.2013

Argus Research Corp MICHAEL BURKE buy 5 M 45 Not Provided 15.05.2013

BMO Capital Markets CARL L KIRST outperform 5 M 41 Not Provided 10.05.2013

JPMorgan JEREMY TONET overweight 5 M 41 6 month 02.04.2013


Morgan Stanley STEPHEN J MARESCA Overwt/Attractive 5 M 42 12 month 12.12.2012

Holdings By:

Williams Cos Inc/The ee


05.07.2013

Wal-Mart Stores, Inc. operates discount stores, supercenters, and neighborhood

markets. The Company's discount stores and supercenters offer merchandise such

as apparel, housewares, small appliances, electronics, and hardware. Walmart's

markets offer a full-line supermarket and a limited assortment of general

merchandise. The Company operates nationally and internationally.


LTM as of: 04/yy

52-Week High (15.05.2013) 79.96

52-Week Low (31.12.2012) 67.37

Daily Volume

74.61





244'472.92 1 Yr Total Return 7.94%







WMT UN EQUITY YTD Change - Average Volume 30 Day 2'058'964

WMT UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'889'775


31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 04/yy 04/yy 01/14 Y 01/15 Y 07/13 Q2 10/13 Q3

404'374.0 408'085.0 421'849.0 446'950.0 469'162.0 455'779.0 470'331.0 487'912.5 510'038.6 118'897.1 119'152.1

0.55x 0.58x 0.57x 0.58x 0.60x 2.19x 2.55x 0.61x 0.58x 2.49x 2.50x

29'537.0 31'159.0 33'183.0 34'688.0 36'302.0 35'300.0 36'459.0 37'804.4 39'749.2 8'818.9 8'389.6

7.52x 7.63x 7.30x 7.53x 7.81x 7.12x 8.48x 7.89x 7.50x 8.06x 7.99x

13'400.0 14'370.0 16'389.0 15'699.0 16'999.0 16'042.0 17'041.0 17'388.4 18'494.6 4'141.1 3'832.6

13.80x 14.44x 13.80x 13.67x 13.93x 12.71x 15.33x 14.07x 12.80x 13.77x 13.49x











EBITDA Margin 7.8%



Asset Turnover 2.36







Fiscal Year Ended

Wal-Mart Stores IncPrice/Volume

Valuation Analysis

364'769.00


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

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

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

&!&&

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3!&&

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05.07.2013


WALTON ENTERPRISES L n/a Form 4 1'609'891'131 49.13 - 07.06.2013 Holding Company
















WALTON JIM C n/a Form 4 10'501'672 0.32 - 07.06.2013 n/a





JPMorgan CHRISTOPHER HORVERS neutral 3 M 75 6 month 02.07.2013


Stifel DAVID A SCHICK buy 5 M 83 12 month 01.07.2013

ISI Group GREGORY MELICH neutral 3 M 77 12 month 01.07.2013

Cowen and Company FAYE LANDES market perform 3 M 75 12 month 01.07.2013

Northcoast Research CHARLES E CERANKOSKY neutral 3 M #N/A N/A Not Provided 28.06.2013

Credit Suisse MICHAEL B EXSTEIN neutral 3 M 80 Not Provided 27.06.2013

Jefferies DANIEL T BINDER buy 5 M 90 12 month 26.06.2013


Wolfe Research SCOTT A MUSHKIN peerperform 3 M #N/A N/A Not Provided 24.06.2013

Raymond James BUDD BUGATCH outperform 5 M 84 12 month 21.06.2013

William Blair & Co MARK R MILLER market perform 3 M #N/A N/A Not Provided 14.06.2013




MKM Partners PATRICK G MCKEEVER JR neutral 3 M 76 12 month 10.06.2013


Stephens Inc JOHN R LAWRENCE overweight 5 M 87 12 month 03.06.2013

Wells Fargo Securities, LLC MATTHEW NEMER market perform 3 M #N/A N/A Not Provided 31.05.2013

HSBC FRANCISCO J CHEVEZ overweight 5 M 87 Not Provided 28.05.2013

Independent Research GmbH ZAFER RUZGAR sell 1 M 67 12 month 22.05.2013

Deutsche Bank PAUL TRUSSELL hold 3 M 76 12 month 17.05.2013




Gilford Securities BERNARD SOSNICK buy 5 M #N/A N/A Not Provided 16.05.2013

Buckingham Research Group JOHN M ZOLIDIS neutral 3 M 77 12 month 16.05.2013




National Bank AG MANFRED JAISFELD buy 5 M 80 Not Provided 22.02.2013


Oracle Investment Research LAURENCE BALTER sell 1 D 60 Not Provided 18.02.2013

First Global Stockbroking RITESH DOSHI moderate outperform 4 M #N/A N/A Not Provided 18.08.2011

Holdings By:

Wal-Mart Stores Inc ee


05.07.2013

Exxon Mobil Corporation operates petroleum and petrochemicals businesses on a

worldwide basis. The Company's operations include exploration and production of

oil and gas, electric power generation, and coal and minerals operations.

Exxon Mobil also manufactures and markets fuels, lubricants, and chemicals.


LTM as of: 03/yy

52-Week High (19.10.2012) 93.60

52-Week Low (10.07.2012) 82.84

Daily Volume

90.85





403'953.25 1 Yr Total Return 8.09%







XOM UN EQUITY YTD Change - Average Volume 30 Day 3'651'884

XOM UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'525'508


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

425'071.0 275'564.0 341'578.0 433'526.0 420'714.0 442'887.0 406'354.0 426'521.1 435'711.8 105'380.8 106'387.5

0.89x 1.18x 1.10x 0.95x 0.94x 3.59x 4.01x 0.99x 0.97x 3.97x 3.94x

78'669.0 38'156.0 54'882.0 69'687.0 65'769.0 68'333.0 64'362.0 79'465.6 81'220.2 16'175.7 17'745.2

4.82x 8.54x 6.87x 5.91x 6.04x 5.99x 6.43x 5.25x 5.13x 5.77x 5.47x

45'220.0 19'280.0 30'460.0 41'060.0 44'880.0 39'860.0 44'930.0 35'552.6 35'529.0 8'618.4 8'957.1

9.22x 17.13x 11.76x 10.07x 11.45x 10.47x 11.26x 11.35x 11.08x 11.45x 11.37x











EBITDA Margin 15.8%



Asset Turnover 1.19








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Exxon Mobil CorpPrice/Volume

Valuation Analysis

476'191.00


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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

&!&&

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05.07.2013



























Oppenheimer & Co FADEL GHEIT market perform 3 M #N/A N/A Not Provided 21.06.2013

Wells Fargo Securities, LLC ROGER D READ market perform 3 N #N/A N/A Not Provided 20.06.2013

ISI Group DOUGLAS T TERRESON neutral 3 M 95 12 month 19.06.2013

Howard Weil Inc BLAKE FERNANDEZ sector perform 3 M 97 12 month 18.06.2013

Jefferies IAIN REID hold 3 M 90 12 month 17.06.2013

Societe Generale JOHN HERRLIN buy 5 M 103 Not Provided 07.06.2013

Barclays PAUL Y CHENG equalweight 3 M 102 Not Provided 05.06.2013

Canaccord Genuity Corp GORDON GRAY hold 3 M 95 12 month 30.05.2013


VTB Capital COLIN SMITH hold 3 M 90 12 month 15.05.2013


Independent Research GmbH SVEN DIERMEIER hold 3 M 94 12 month 06.05.2013


Morgan Stanley J EVAN CALIO Underwt/In-Line 1 M 85 12 month 26.04.2013

Credit Suisse EDWARD WESTLAKE neutral 3 M 90 Not Provided 26.04.2013


National Bank AG MANFRED JAISFELD hold 3 M 95 Not Provided 26.04.2013

Deutsche Bank PAUL SANKEY hold 3 M 96 12 month 25.04.2013

JPMorgan KATHERINE LUCAS MINYARD neutral 3 M 96 6 month 25.04.2013

S&P Capital IQ MICHAEL KAY strong buy 5 M 104 12 month 25.04.2013



Holdings By:

Exxon Mobil Corp ee


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