Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans

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February 2013

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

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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 14121364 1907.672 1115 1115 203 220 220 101.35 110.66 110.66 15.03 15.03 13.77 13.77 18.69

Euro Stoxx 50 Pr EUR 2622635 5772.872 4825 4825 811 833 833 186.71 323.03 323.03 25.21 16.93 14.57 14.57 21.45

NIKKEI 225 JPY 2425374 177.225 189 189 19 20 20 5.16 5.60 5.60 0.25 0.24 0.23 0.23 0.12

FTSE 100 INDEX GBP 2721403 11808.59 9311 9311 1486 1673 1673 550.80 825.62 825.62 27.18 22.43 18.13 18.13 24.24

SWISS MARKET INDEX CHF 1037093 11052.65 4174 4174 885 859 859 390.09 563.39 563.39 22.92 19.43 15.87 15.87 23.24

S&P/TSX COMPOSITE INDEX CAD 1708660 17087.54 7873 7873 1881 2141 2141 808.30 897.53 897.53 15.25 15.25 13.74 13.74 24.97

S&P/ASX 200 INDEX AUD 1418991 6771.435 2869 2869 582 700 700 249.20 340.41 340.41 21.64 16.73 15.84 15.84 21.87

HANG SENG INDEX HKD 1753660 3458.521 1607 1607 359 408 408 250.93 265.84 265.84 1.54 1.63 1.46 1.46 3.13

MSCI EM USD 7972857 1461.715 1037 1037 197 200 200 86.36 101.05 101.05 12.32 13.43 10.53 10.53 19.89

ACE LTD USD 29257 371 340 5 0 0 1 33.71 17936 17936 18451 19348 - - - - 7.65 7.66 7.80 8.03 11.22 11.22 11.03 10.71 6.55 7.15 - - - - - WR 01.04.2007

AFLAC INC USD 23305 975 468 4 0 0 2 24.72 25364 25364 24982 26558 - - - - 6.60 6.60 6.40 6.85 7.55 7.55 7.79 7.27 14.40 9.73 - - - A- 21.04.2009 A3 22.09.2011

AIA GROUP LTD HKD 49855 43064 12044 0 0 0 1 6.20 1855 1855 2354 2651 - - - - 0.02 0.02 0.03 0.03 3.71 - 2.46 2.22 -2.81 - - - - - - - -

ALLIANZ SE-REG EUR 63044 1544 452 38 0 3 14 87.92 142075 129243 140639 143796 - - - - 15.25 15.25 16.16 16.88 12.11 12.02 11.42 10.94 29.06 4.91 - - - AA 27.01.2012 Aa3 03.05.2004

ALLSTATE CORP USD 22158 1191 479 6 #VALUE! 0 1 27.41 33315 33315 33548 34173 - - - - 4.36 4.34 4.65 5.11 10.69 10.69 9.98 9.08 2.02 0.34 - - - A- 29.01.2009 A3 29.01.2009

AMERICAN INTERNATIONAL GROUP USD 55465 2475 1897 75 0 9 1 128.51 64237 70623 56264 58434 - - - - 0.57 4.54 3.85 3.41 8.28 8.28 9.77 11.01 -17.14 397.89 - - - A- 02.03.2009 Baa1 12.01.2011

ASSICURAZIONI GENERALI EUR 26048 6708 1541 29 0 4 34 32.17 98120 108842 98972 101882 - - - - 1.56 1.02 1.38 1.78 21.81 - 16.13 12.57 -20.84 11.60 - - - A 23.01.2013 Baa2 *- 18.12.2012

AVIVA PLC GBp 15966 5904 2906 13 2 2 35 #VALUE! 54408 56389 60307 59807 - - - - 0.55 -0.34 0.68 0.71 - 15.16 12.21 11.73 -44.61 31.28 - - - A- 15.08.2012 A1 19.05.2009

AXA SA EUR 42236 5987 2374 22 8 3 41 35.35 158129 158129 133235 136186 - - - - 2.41 2.28 2.62 2.79 10.36 9.52 9.02 8.45 27.28 81.83 - - - A- 18.12.2012 A2 19.03.2003

BERKSHIRE HATHAWAY INC-CL B USD 249036 2668 #VALUE! 60 0 4 162 129.56 143688 155698 #VALUE! #VALUE! 22008 27148 - - - - #VALUE! #VALUE! - - #VALUE! #VALUE! 5.51 7.27 -12.61 1.91 17.44 AA+ 04.02.2010 Aa2 04.02.2010

CHINA LIFE INSURANCE CO-H HKD 84715 46396 28265 6 0 0 7 #VALUE! 47758 45368 47018 52629 - - - - 0.08 0.07 0.07 0.13 4.55 4.55 4.76 2.32 -0.50 2.64 - - - AA- 16.12.2010 - -

CHUBB CORP USD 21811 259 262 4 0 0 0 25.33 13546 13502 13459 13888 - - - - 5.23 5.21 6.63 6.89 15.99 15.99 12.57 12.09 - -1.01 - - - A+ 15.12.2008 A2 08.03.2004

ING GROEP NV-CVA EUR 32115 15653 3801 277 0 1 24 287.25 54 K 56 K 61 K 62 K - - - - 0.98 1.00 1.32 1.46 11.18 10.44 8.50 7.68 -30.37 -12.38 - - - A 03.09.2009 A3 15.06.2012

LEGAL & GENERAL GROUP PLC GBp 14104 5654 5872 5 0 0 22 #VALUE! 28025 30506 12127 12777 - - - - 0.16 0.11 0.21 0.23 33.51 21.79 17.05 16.13 -80.09 - - - - A 09.02.2010 A3 18.05.2010

LOEWS CORP USD 17059 368 396 9 0 4 0 30.78 14552 14552 13288 14489 - - - - 2.36 2.42 3.37 4.04 17.91 17.91 12.88 10.74 3.01 8.06 - - - A+ 17.11.2011 A2 28.06.2012

MANULIFE FINANCIAL CORP CAD 27299 4399 1828 27 2 0 13 44.33 28359 28359 40519 42560 - - - - 0.95 0.93 1.27 1.48 15.72 15.72 11.52 9.94 -41.59 18.13 - - - A- 13.12.2010 - -

MARSH & MCLENNAN COS USD 19669 695 545 3 #VALUE! 0 2 20.29 11924 11924 12489 13123 1970 2150 683 683 2.15 2.11 2.40 2.67 17.10 17.10 15.02 13.50 3.45 1.11 - 3.70 18.17 BBB 12.10.2012 Baa2 03.03.2005

METLIFE INC USD 39181 1848 1092 27 2 1 16 52.60 68150 68150 69972 72114 - - - - 5.28 5.27 5.29 5.65 6.81 6.81 6.78 6.35 -3.01 15.20 - - - A- 06.08.2010 A3 16.12.2009

MUENCHENER RUECKVER AG-REG EUR 31982 454 178 7 0 0 3 36.75 81330 88314 77832 82400 - - - - 5.26 24.02 21.22 21.70 9.91 9.48 11.22 10.97 - 12.27 - - - AA- 22.12.2006 - -

PING AN INSURANCE GROUP CO-H HKD 62065 19308 7916 42 0 5 12 84.00 35164 41200 41446 49095 - - - - 0.32 0.34 0.37 0.48 2.58 - 2.35 1.82 5.13 2.86 - - - - - - -

PROGRESSIVE CORP USD 14692 1018 605 2 0 0 0 16.56 16789 16789 17441 18544 - - - - 1.16 1.16 1.48 1.60 20.95 20.95 16.41 15.19 8.35 3.61 - - - A+ 06.02.1995 A1 24.04.2003

PRUDENTIAL FINANCIAL INC USD 26119 642 470 33 0 1 14 47.80 84815 84815 52809 54926 - - - - 6.27 6.12 7.79 8.69 9.16 9.16 7.20 6.45 72.93 66.96 - - - A 17.02.2009 Baa2 18.03.2009

PRUDENTIAL PLC GBp 37541 1688 2548 12 #VALUE! 0 11 37.07 55854 59339 76189 88583 - - - - 0.98 0.95 1.05 1.17 23.54 18.54 21.31 19.16 -35.77 - - - - A+ 17.08.2010 A2 20.12.2002

QBE INSURANCE GROUP LTD AUD 16173 5545 1112 5 0 0 1 19.42 16595 17219 18045 18493 - - - - 0.63 0.73 0.95 1.17 19.64 - 14.95 12.18 35.20 10.94 - - - A 09.07.2009 A3 *- 14.11.2012

SAMPO OYJ-A SHS EUR 20893 462 560 3 0 0 1 22.69 8566 8567 7529 7548 - - - - 3.35 4.11 3.19 3.38 12.12 14.86 15.60 14.75 26.82 12.61 - - - NR 02.01.2002 Baa2 26.03.2009

SUN LIFE FINANCIAL INC CAD 17050 1776 600 5 2 0 7 17.40 17265 18364 21427 22213 - - - - 2.45 2.54 2.52 2.68 11.02 11.02 11.11 10.44 -11.26 -1.18 - - - A 24.02.2012 - -

SWISS RE AG CHF 30287 2334 371 22 0 0 12 42.37 35859 35859 34543 37162 - - - - 11.98 13.10 8.76 9.03 7.25 7.77 10.85 10.52 20.72 0.92 - - - - - - -

TOKIO MARINE HOLDINGS INC JPY 22938 3082 767 15 0 0 4 20.90 36114 34580 36640 37303 - - - - - -0.15 1.57 1.80 - - 0.20 0.18 0.07 0.02 - - - - - - -

TRAVELERS COS INC/THE USD 30278 514 377 6 0 0 0 36.30 25740 25740 25916 26494 - - - - 6.21 6.21 7.22 7.56 12.90 12.90 11.10 10.60 1.16 0.20 - - - A 28.07.2011 A2 06.06.2008

ZURICH INSURANCE GROUP AG CHF 40692 311 147 14 0 3 10 49.98 76282 76282 65460 67834 - - - - 28.68 28.65 31.24 32.97 11.14 11.14 10.22 9.68 35.70 12.80 - - - - - - -

Valuation Measures I/II

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

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

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 2.11 2.11 1.94 1.73 2.11 1.37 1.37 1.30 1.25 1.37 9.72 9.72 9.44 8.65 9.72 8.66 8.66 7.98 7.45 8.66 13.77 13.77 12.33 11.15 13.77 2.26 2.26 2.41 2.59 2.26 1655.3 8.7%

Euro Stoxx 50 Pr 1.12 1.12 1.06 0.99 1.12 0.73 0.73 0.71 0.68 0.73 5.33 5.33 4.93 4.73 5.33 6.93 6.93 6.53 6.20 6.93 10.91 10.91 9.75 9.02 10.91 4.34 4.34 4.69 4.98 4.34 2872.5 8.8%

NIKKEI 225 1.39 1.39 1.31 1.22 1.39 0.65 0.65 0.61 0.61 0.65 8.61 8.61 7.51 7.01 8.61 8.93 8.93 7.87 7.39 8.93 21.89 21.89 17.85 13.63 21.89 1.80 1.80 1.79 2.09 1.80 11180.5 -2.5%

FTSE 100 INDEX 1.68 1.68 1.56 1.46 1.68 1.05 1.05 1.00 1.01 1.05 7.89 7.89 7.27 5.99 7.89 7.06 7.06 6.59 6.22 7.06 11.85 11.85 10.77 9.86 11.85 3.86 3.86 4.15 4.73 3.86 6644.4 3.9%

SWISS MARKET INDEX 2.35 2.35 2.18 2.00 2.35 1.98 1.98 1.88 1.80 1.98 12.06 12.06 11.03 9.99 12.06 12.86 12.86 11.93 11.16 12.86 14.66 14.66 13.15 11.97 14.66 3.29 3.29 3.65 4.13 3.29 7866.0 3.1%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.46 1.68 1.59 1.59 1.49 1.43 1.59 8.31 8.31 7.51 7.07 8.31 7.98 7.98 7.08 6.79 7.98 13.97 13.97 12.33 11.47 13.97 3.07 3.07 3.22 3.42 3.07 14382.7 12.8%

S&P/ASX 200 INDEX 1.92 1.92 1.82 1.71 1.92 1.83 1.83 1.72 1.63 1.83 11.24 11.24 10.17 9.25 11.24 9.67 9.67 8.53 7.89 9.67 15.40 15.40 13.75 12.62 15.40 4.29 4.29 4.61 4.97 4.29 5042.4 -1.1%

HANG SENG INDEX 1.40 1.40 1.29 1.22 1.40 1.87 1.87 1.73 1.56 1.87 7.53 7.53 6.96 6.69 7.53 8.47 8.47 7.70 7.23 8.47 11.31 11.31 10.26 9.46 11.31 3.38 3.38 3.69 4.54 3.38 24953.9 7.1%

MSCI EM 1.41 1.41 1.28 1.18 1.41 1.03 1.03 0.95 0.91 1.03 6.60 6.60 6.00 5.64 6.60 7.32 7.32 6.69 6.30 7.32 10.53 10.53 9.36 8.71 10.53 2.92 2.92 3.24 3.55 2.92 1196.7 12.5%

ACE LTD 1.08 0.99 0.94 0.86 1.67 1.59 1.51 1.38 11.47 11.03 10.71 9.96 2.24 2.23 2.40 2.28 91.93 6.9%

AFLAC INC 1.59 1.38 1.22 1.05 0.91 0.93 0.88 0.82 7.56 7.79 7.27 6.63 2.68 2.88 3.13 3.39 58.59 17.6%

AIA GROUP LTD 2.38 2.11 1.91 1.74 1.46 3.14 2.73 2.42 2.16 31.35 19.07 17.24 15.39 12.93 0.94 1.26 1.38 1.57 1.21 35.62 11.0%

ALLIANZ SE-REG 0.91 0.86 0.81 0.77 0.72 0.46 0.45 0.44 0.43 0.42 9.19 8.55 8.19 8.33 7.52 4.44 4.74 4.96 5.09 5.32 114.28 10.4%

ALLSTATE CORP 1.10 1.01 0.92 0.82 0.67 0.66 0.65 0.63 12.57 9.98 9.08 8.41 1.89 2.12 2.20 2.33 47.95 3.3%

AMERICAN INTERNATIONAL GROUP 0.82 0.57 0.54 0.51 0.46 1.18 0.99 0.95 0.92 47.02 9.77 11.01 9.43 8.01 0.00 0.00 0.17 0.52 40.63 8.2%

ASSICURAZIONI GENERALI 1.23 0.97 0.90 0.84 0.76 0.27 0.26 0.26 0.25 0.26 17.07 12.08 9.41 8.55 7.65 2.39 2.59 3.42 4.01 5.11 13.46 7.4%

AVIVA PLC 0.81 0.93 0.91 0.86 0.93 0.33 0.26 0.27 0.22 6.60 7.98 7.67 7.18 6.26 7.57 7.17 7.17 7.23 7.59 414.58 17.0%

AXA SA 0.66 0.64 0.60 0.54 0.31 0.32 0.31 0.29 7.26 6.76 6.33 6.37 5.51 5.87 6.26 6.71 15.85 19.7%

BERKSHIRE HATHAWAY INC-CL B 23.04 103.00 2.8%

CHINA LIFE INSURANCE CO-H 2.66 2.46 2.19 1.94 1.51 1.46 1.45 1.30 1.18 24.55 36.90 17.97 15.26 8.17 1.29 1.06 1.77 2.04 4.11 27.40 17.9%

CHUBB CORP 1.41 1.30 1.22 1.16 1.68 1.62 1.57 1.51 12.13 9.65 18.06 12.57 12.09 10.95 2.00 2.03 2.13 2.18 87.29 4.8%

ING GROEP NV-CVA 0.48 0.45 0.42 0.41 0.56 0.53 0.51 0.45 8.10 6.37 5.76 5.64 0.00 0.35 3.43 4.77 8.03 28.0%

LEGAL & GENERAL GROUP PLC 1.69 1.66 1.54 1.46 1.32 1.69 1.16 1.10 0.96 12.89 11.14 10.54 10.00 9.18 3.78 4.75 5.26 5.64 6.54 160.13 2.7%

LOEWS CORP 0.89 0.79 0.74 1.22 1.28 1.18 25.12 12.88 10.74 0.58 0.58 0.58 46.00 6.1%

MANULIFE FINANCIAL CORP 1.22 1.17 1.09 1.03 0.93 0.69 0.67 0.64 15.19 11.72 10.11 9.01 7.27 3.42 3.46 3.50 3.46 15.70 3.4%

MARSH & MCLENNAN COS 2.92 2.65 2.35 2.10 1.65 1.57 1.50 1.40 14.31 12.54 11.37 10.37 9.08 8.35 7.67 7.10 16.72 15.02 13.50 12.23 2.49 2.57 2.64 2.96 39.20 8.6%

METLIFE INC 0.67 0.63 0.59 0.51 0.58 0.56 0.54 0.52 6.89 6.78 6.35 5.77 2.16 2.85 3.24 3.66 43.79 22.0%

MUENCHENER RUECKVER AG-REG 0.90 0.84 0.80 0.75 0.73 0.42 0.41 0.39 0.35 0.35 7.56 8.40 8.22 8.38 9.03 5.08 5.20 5.33 5.65 5.43 141.30 5.8%

PING AN INSURANCE GROUP CO-H 3.13 2.71 2.33 2.07 2.53 1.78 1.21 1.02 0.91 20.76 18.20 14.14 12.07 9.49 0.90 0.89 1.15 1.28 1.74 76.26 17.4%

PROGRESSIVE CORP 2.46 2.23 2.05 1.95 0.88 0.84 0.79 0.76 21.20 16.41 15.19 13.59 3.78 1.59 1.85 2.45 23.50 -3.3%

PRUDENTIAL FINANCIAL INC 0.82 0.76 0.68 0.56 0.35 0.49 0.48 0.42 9.08 7.20 6.45 5.75 2.85 3.16 3.41 3.79 68.06 21.4%

PRUDENTIAL PLC 2.83 2.53 2.26 2.02 1.85 0.51 0.49 0.42 0.41 16.37 13.93 12.53 11.29 10.28 2.63 2.77 3.04 3.28 3.49 1007.44 5.0%

QBE INSURANCE GROUP LTD 1.39 1.42 1.34 1.28 1.24 0.98 0.92 0.90 0.87 0.85 14.98 11.33 10.21 18.59 14.54 11.85 10.60 10.34 6.62 3.89 5.20 5.92 6.57 11.86 -9.7%

SAMPO OYJ-A SHS 1.62 1.50 1.41 1.27 2.91 2.77 2.77 2.53 2.50 11.48 11.69 11.04 10.38 11.04 4.61 5.01 5.32 5.61 5.58 26.78 -4.2%

SUN LIFE FINANCIAL INC 1.26 1.27 1.21 1.08 0.84 0.80 0.77 11.64 11.30 10.62 8.51 4.98 4.98 4.98 5.15 29.53 2.1%

SWISS RE AG 0.86 0.86 0.83 0.77 0.72 0.92 0.94 0.88 0.79 0.85 7.94 10.02 9.72 9.33 8.77 4.69 5.26 5.26 5.25 5.05 71.92 -4.7%

TOKIO MARINE HOLDINGS INC 1.16 1.10 1.05 0.98 0.62 0.63 0.61 0.60 0.58 196.82 19.03 16.53 14.51 1.79 1.97 2.14 2.28 2984.31 7.0%

TRAVELERS COS INC/THE 1.20 1.11 1.04 0.98 1.18 1.17 1.14 1.11 12.74 8.68 14.24 11.10 10.60 10.46 2.26 2.38 2.52 2.68 83.18 3.8%

ZURICH INSURANCE GROUP AG 1.19 1.13 1.07 1.00 0.95 0.65 0.67 0.64 0.67 0.59 12.21 9.43 8.94 8.42 7.96 6.80 6.80 6.96 7.17 7.78 264.76 4.5%

Price to Earnings Ratio

Valuation Measures II/II

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


21.02.2013

ACE Limited is the holding company for the ACE Group of Companies, a property

and casualty insurance business. The Group provides a diversified range of

products and services to clients through operations in countries around the

world. ACE provides specialty insurance and reinsurance products.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (20.02.2013) 87.40

52-Week Low (24.07.2012) 68.98

Daily Volume

85.97

52-Week High % Change -1.64% Dividend Yield 2.26

52-Week Low % Change 24.63% Beta 0.89

% 52 Week Price Range High/Low 92.24% Equity Float 338.18

Shares Out 31.12.2012 340.3 Short Int 2.64

29'257.44 1 Yr Total Return 19.21%

Total Debt 5'070.00 YTD Return 7.73%

Preferred Stock 0.0 Adjusted BETA 0.887

Minority Interest 0.0 Analyst Recs 25

Cash and Equivalents 615.00 Consensus Rating 4.480

Enterprise Value 33'712.44

Average Volume 5 Day 373'883

ACE UN EQUITY YTD Change - Average Volume 30 Day 409'477

ACE UN EQUITY YTD % CHANGE - Average Volume 3 Month 372'506

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

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

13'698.0 15'075.0 16'006.0 16'834.0 17'936.0 16'834.0 17'936.0 18'451.3 19'347.7 4'415.2 4'938.4

1.49x 1.32x 1.56x 1.66x 1.76x 6.22x 6.72x 1.59x 1.52x 7.57x 6.76x

- - - - - 0.0 0.0 - - - -

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

1'197.0 2'549.0 3'108.0 1'585.0 2'706.0 1'555.0 2'706.0 2'686.5 2'773.0 633.5 676.1

6.85x 6.17x 7.99x 10.06x 10.43x 10.21x 10.42x 11.03x 10.71x 11.08x 10.96x

EBITDA - Long-Term Rating Date 10.12.2010

EBIT - Long-Term Rating -

Operating Margin 17.99% Long-Term Outlook STABLE

Pretax Margin 16.59% Short-Term Rating Date -

Return on Assets 3.01% Short-Term Rating -

Return on Common Equity 10.40%

Return on Capital 9.46% EBITDA/Interest Exp. -

Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 18.4%

Net Income Margin 15.1% Total Debt/Capital 15.6%

Asset Turnover 0.20

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 5.48% Inventory Days -

Tot Debt to Common Equity 18.42% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ACE LtdPrice/Volume

Valuation Analysis

371'075.00

Current Price (2/dd/yy) Market Data

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21.02.2013

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

CAPITAL GROUP COMPAN n/a ULT-AGG 27'285'196 8.02 (98'932) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 25'693'352 7.55 - 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 23'750'703 6.98 (304'352) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 18'541'280 5.45 4'906'808 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 16'403'760 4.82 1'046'102 31.12.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 14'765'094 4.34 (637'012) 31.12.2012 Investment Advisor

VANGUARD GROUP INC VANGUARD GROUP INC 13F 14'718'334 4.32 427'091 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 14'079'521 4.14 518'333 19.02.2013 Investment Advisor

MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 11'286'678 3.32 723'273 31.12.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 5'942'534 1.75 (723'625) 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'595'355 1.64 168'811 31.12.2012 Investment Advisor

VIKING GLOBAL INVEST VIKING GLOBAL INVEST 13F 5'502'835 1.62 499'700 31.12.2012 Hedge Fund Manager

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 4'417'316 1.3 (253'106) 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 4'234'259 1.24 58'421 31.12.2012 Investment Advisor

ONTARIO TEACHERS PEN ONTARIO TEACHERS PEN 13F 3'912'125 1.15 (28'211) 31.12.2012 Pension Fund (ERISA)

TCW GROUP INC TCW GROUP INCORPORAT 13F 3'499'196 1.03 (239'074) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'247'477 0.95 (51'665) 31.12.2012 Investment Advisor

BANK OF AMERICA CORP BANK OF AMERICA 13F 3'157'882 0.93 184'943 31.12.2012 Investment Advisor

INVESCO LTD INVESCO LTD 13F 3'000'574 0.88 241'719 31.12.2012 Investment Advisor

CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 2'945'918 0.87 1'306'606 31.12.2012 Hedge Fund Manager

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Sanford C. Bernstein & Co JOSH STIRLING market perform 3 M 80 12 month 20.02.2013

Keefe, Bruyette & Woods MEYER SHIELDS outperform 5 M 100 12 month 15.02.2013

Wells Fargo Securities, LLC JOHN A HALL outperform 5 M #N/A N/A Not Provided 11.02.2013

Miller Tabak + Co., LLC TOM MITCHELL buy 5 M 92 12 month 08.02.2013

Credit Suisse MICHAEL ZAREMSKI outperform 5 M 91 Not Provided 06.02.2013

Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 89 12 month 01.02.2013

Deutsche Bank JOSHUA D SHANKER hold 3 M 81 12 month 31.01.2013

Goldman Sachs MICHAEL S NANNIZZI neutral/neutral 3 M 87 12 month 31.01.2013

Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M #N/A N/A Not Provided 31.01.2013

Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 92 Not Provided 31.01.2013

JMP Securities MATTHEW J CARLETTI market outperform 4 M 95 12 month 31.01.2013

Morgan Stanley GREGORY W LOCRAFT Overwt/In-Line 5 M 104 12 month 30.01.2013

RBC Capital Markets MARK A DWELLE outperform 5 M 93 12 month 30.01.2013

Raymond James C GREGORY PETERS outperform 5 M 91 12 month 30.01.2013

Macquarie AMIT KUMAR outperform 5 M 89 12 month 30.01.2013

Sterne, Agee & Leach DANIEL FARRELL buy 5 M 94 12 month 30.01.2013

Evercore Partners VINAY MISQUITH overweight 5 M 92 12 month 30.01.2013

Portales Partners NINA GUPTA outperform 5 M #N/A N/A Not Provided 30.01.2013

MKM Partners HARRY FONG buy 5 M 95 12 month 30.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 30.01.2013

Barclays JAY H GELB overweight 5 M 94 Not Provided 29.01.2013

S&P Capital IQ CATHY SEIFERT buy 5 M 92 Not Provided 10.12.2012

Ameriprise Advisor Services, Inc LORI WILKING buy 5 M #N/A N/A Not Provided 29.10.2012

Holdings By:

ACE Ltd ee


21.02.2013

Aflac, Inc. is a general business holding company. The Company, through its

subsidiaries, provides supplemental insurance to individuals in the United

States and Japan. Aflac's products include accident/disability plans, cancer

expense plans, short-term disability plans, sickness and hospital indemnity

plans, hospital intensive care plans, and fixed-benefit dental plans.


LTM as of: 12/yy

52-Week High (12.12.2012) 54.93

52-Week Low (04.06.2012) 38.14

Daily Volume

49.82





23'305.10 1 Yr Total Return 7.06%

Total Debt 4'352.00 YTD Return -5.54%



Cash and Equivalents 2'249.00 Consensus Rating 3.833


Average Volume 5 Day 1'021'160

AFL UN EQUITY YTD Change - Average Volume 30 Day 812'057

AFL UN EQUITY YTD % CHANGE - Average Volume 3 Month 769'363


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

16'554.0 18'254.0 20'732.0 22'171.0 25'364.0 22'171.0 25'364.0 24'982.2 26'558.3 6'196.0 6'234.6

1.34x 1.20x 1.32x 0.96x - 3.97x 2.70x 0.95x - - -

- - - - - 0.0 0.0 - - - -

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

1'254.0 1'497.0 2'344.0 1'964.0 2'866.0 1'944.0 2'866.0 2'973.7 3'135.3 762.2 750.1

11.49x 9.54x 10.20x 6.83x 8.05x 6.88x 8.05x 7.79x 7.27x 7.79x 7.67x


EBIT - Long-Term Rating A-

Operating Margin 16.96% Long-Term Outlook NEG






Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.20







Fiscal Year Ended

Aflac IncPrice/Volume

Valuation Analysis

974'788.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-!

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3!

c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 ! 8

2 8

- ! 8

- 2 8

. ! 8

. 2 8

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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- !!

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



21.02.2013



BLACKROCK n/a ULT-AGG 23'143'891 4.95 (348'978) 19.02.2013 Investment Advisor


NORGES BANK NORGES BANK 13F 17'677'736 3.78 112'338 31.12.2011 Government

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 10'595'408 2.27 (2'409'014) 31.12.2012 Investment Advisor


WELLS FARGO n/a ULT-AGG 8'518'434 1.82 215'452 31.12.2012 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 6'766'110 1.45 457'966 31.12.2012 Investment Advisor



EATON VANCE MANAGEME EATON VANCE MANAGEME 13F 4'799'952 1.03 2'236'649 31.12.2012 Investment Advisor

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'533'709 0.97 2'289'209 31.12.2012 Investment Advisor

CORTLAND ADVISERS LL CORTLAND ADVISERS LL 13F 4'500'000 0.96 4'500'000 31.12.2012 Investment Advisor

AMOS DANIEL P n/a Form 4 4'092'942 0.87 46'569 12.02.2013 n/a

UBS n/a ULT-AGG 4'001'649 0.86 (10'046) 31.12.2012 Unclassified

NORDEA INV MANAGEMEN NORDEA INVESTMENT MA 13F 3'967'872 0.85 263'666 31.12.2012 Investment Advisor

PANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 3'521'319 0.75 654'184 31.12.2012 Investment Advisor

YOSHIDA TAKURO n/a PROXY 3'458'452 0.74 - 29.02.2012 n/a

SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 3'336'537 0.71 656'996 31.12.2012 Investment Advisor

HERNDON CAPITAL MANA HERNDON CAPITAL MANA 13F 3'324'379 0.71 93'729 31.12.2012 Investment Advisor


Sterne, Agee & Leach JOHN M NADEL neutral 3 M 60 12 month 21.02.2013

Raymond James STEVEN D SCHWARTZ outperform 5 U 62 12 month 20.02.2013

Keefe, Bruyette & Woods JEFFREY SCHUMAN outperform 5 M 68 12 month 18.02.2013

Portales Partners NINA GUPTA underperform 1 N #N/A N/A Not Provided 14.02.2013

Deutsche Bank YARON KINAR hold 3 M 55 12 month 11.02.2013


Wells Fargo Securities, LLC JOHN A HALL market perform 3 M #N/A N/A Not Provided 11.02.2013

Morgan Stanley NIGEL P DALLY Equalwt/In-Line 3 M #N/A N/A Not Provided 06.02.2013

RBC Capital Markets ERIC N BERG sector perform 3 M 59 12 month 06.02.2013

SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M #N/A N/A Not Provided 06.02.2013

JPMorgan JIMMY S BHULLAR neutral 3 M 54 9 month 06.02.2013

Macquarie SEAN DARGAN neutral 3 M 53 12 month 06.02.2013

Sandler O'Neill & Partners, LP EDWARD SHIELDS buy 5 M 57 12 month 06.02.2013

S&P Capital IQ ROBERT MCMILLAN strong buy 5 M 58 Not Provided 06.02.2013


EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 06.02.2013

Credit Suisse THOMAS GALLAGHER outperform 5 M 58 Not Provided 05.02.2013

FBR Capital Markets RANDY BINNER market perform 3 M 52 12 month 05.02.2013

Scotia Capital JOANNE SMITH sector outperform 5 M 63 12 month 05.02.2013

Evercore Partners MARK FINKELSTEIN equalweight 3 M 61 12 month 05.02.2013

Goldman Sachs CHRISTOPHER GIOVANNI neutral/attractive 3 M 55 12 month 08.01.2013

Holdings By:

Aflac Inc ee


21.02.2013

AIA Group Ltd. offers insurance and financial services. The Company writes

life insurance for individuals and businesses, accident and health insurance,

retirement planning, and wealth management services.


LTM as of: 01/yy

52-Week High (21.02.2013) 32.50

52-Week Low (04.06.2012) 24.05

Daily Volume

32.1



% 52 Week Price Range High/Low 100.00% Equity Float 12'039.65

Shares Out 30.11.2012 12'044.0 Short Int -

386'612.38 1 Yr Total Return 19.97%







1299 HK EQUITY YTD Change - Average Volume 30 Day 39'619'360

1299 HK EQUITY YTD % CHANGE - Average Volume 3 Month 67'483'780


30.11.2007 30.11.2008 30.11.2009 30.11.2010 30.11.2011 01/yy 01/yy 11/12 Y 11/13 Y - -

15'226.0 3'810.0 19'016.0 18'394.0 14'385.0 - - 18'251.3 20'560.8 - -

- - - 1.85x 2.33x - - 2.64x 2.46x - -

- - - - - - - - - - -

- - - - - - - - - - -

1'914.0 408.0 1'754.0 2'701.0 1'600.0 - - 2'659.0 2'842.2 - -

- - - 13.14x 23.31x - - 19.07x 17.24x - -

EBITDA - Long-Term Rating Date -


Operating Margin 15.24% Long-Term Outlook -






Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12







Fiscal Year Ended

AIA Group LtdPrice/Volume

Valuation Analysis

43'064'252.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 c--0 ! 8

2!! ! 8

-!!! ! 8

-2!! ! 8

.!!! ! 8

.2!! ! 8

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

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1! !!

3! !!

5! !!

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21.02.2013


CAPITAL GROUP COMPAN n/a ULT-AGG 1'431'991'813 11.89 75'997'000 10.01.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 947'131'193 7.86 (27'400) 17.12.2012 Unclassified

BLACKROCK n/a ULT-AGG 872'440'983 7.24 2'199'200 19.02.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 607'474'500 5.04 - 23.01.2013 Unclassified


VANGUARD GROUP INC Multiple Portfolios MF-AGG 298'181'135 2.48 41'460'521 31.12.2012 Investment Advisor

WADDELL & REED FINAN Multiple Portfolios MF-AGG 279'263'500 2.32 33'684'200 31.12.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 219'402'776 1.82 67'540'336 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 132'900'800 1.1 8'571'000 31.12.2012 Investment Advisor

LEXINGTON INSURANCE LEXINGTON INSURANCE Sch-D 119'148'250 0.99 119'148'250 30.09.2012 Insurance Company

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 107'408'000 0.89 852'800 31.10.2012 Bank

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 104'143'762 0.86 50'914'552 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 104'087'200 0.86 3'339'200 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 86'696'300 0.72 1'568'200 31.12.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 85'271'979 0.71 11'139'725 30.06.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 84'229'621 0.7 1'779'400 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 79'225'000 0.66 - 30.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 77'373'800 0.64 50'369'000 31.12.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 50'209'800 0.42 (2'170'000) 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 44'959'365 0.37 (1'172'032) 31.12.2012 Investment Advisor


Jefferies BARON NIE buy 5 M 35 12 month 20.02.2013

HSBC MICHAEL P CHANG overweight 5 M 40 Not Provided 20.02.2013

ICBC International Securities PIUS CHENG buy 5 M 37 Not Provided 20.02.2013

Morgan Stanley BEN LIN Overwt/Attractive 5 M 38 12 month 19.02.2013

BNP Paribas Equity Research DOMINIC CHAN buy 5 M 40 12 month 18.02.2013

CCB International Securities Ltd KENNETH YUE outperform 5 M 36 Not Provided 07.02.2013

Nomura DAVID CHUNG buy 5 M 36 Not Provided 06.02.2013

China International Capital Corp SALLY NG hold 3 M 33 12 month 01.02.2013

Deutsche Bank ESTHER CHWEI buy 5 M 38 12 month 31.01.2013

Standard Chartered PETER O'BRIEN outperform 5 M 38 12 month 30.01.2013

CIMB BERTRAM LAI outperform 5 M 34 12 month 18.01.2013

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

JPMorgan CHAN BAO LING overweight 5 M 34 9 month 16.01.2013

Macquarie SCOTT G RUSSELL neutral 3 M 29 12 month 16.01.2013

BOCOM International Holdings LI WENBING long-term buy 5 M 38 12 month 19.12.2012

Credit Suisse ARJAN VAN VEEN outperform 5 M 34 Not Provided 13.12.2012

ABC International FRANCIS CHAN buy 5 M 35 12 month 11.12.2012

Fortune CLSA Securities Limited YANG YAN sell 1 M 29 12 month 24.10.2012

Goldman Sachs MANCY SUN Buy/Neutral 5 M 38 12 month 18.10.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 32 Not Provided 11.10.2012

Holdings By:

AIA Group Ltd ee


21.02.2013

Allianz SE, through subsidiaries, offers insurance and financial services. The

Company offers property and casualty, life and health, credit, motor vehicle and

travel insurance, and fund management services.


LTM as of: 12/yy

52-Week High (02.01.2013) 108.65

52-Week Low (04.06.2012) 68.50

Daily Volume

103.55

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



Shares Out 31.12.2012 456.0 Short Int -

47'213.63 1 Yr Total Return 20.73%



Minority Interest 2'338.0 Analyst Recs 43




ALV GY EQUITY YTD Change - Average Volume 30 Day 1'507'210

ALV GY EQUITY YTD % CHANGE - Average Volume 3 Month 1'528'593


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

76'195.0 82'711.0 89'740.0 87'384.0 106'400.0 87'384.0 96'790.0 105'324.8 107'688.9 - -

0.69x 0.75x 0.67x 0.61x - 2.70x 1.86x 0.55x 0.54x - -

- - - - - 0.0 0.0 - - - -

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

(2'444.0) 4'297.0 5'053.0 2'545.0 5'169.0 2'545.0 5'169.0 5'448.1 5'671.0 - -

8.51x 8.37x 7.94x 13.13x 9.18x 12.79x 9.18x 8.55x 8.19x - -


EBIT - Long-Term Rating AA


Pretax Margin 5.45% Short-Term Rating Date 23.03.2009

Return on Assets 0.67% Short-Term Rating A-1+




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Allianz SEPrice/Volume

Valuation Analysis

1'543'647.00


!

.!

1!

3!

5!

-!!

-.!

c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 c--0 ! 8- ! 8. ! 80 ! 81 ! 82 ! 83 ! 84 ! 85 ! 86 ! 8-! ! 8

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

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21.02.2013



VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'563'293 1.88 175'318 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 8'000'572 1.75 (440'475) 31.12.2012 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 6'365'290 1.4 - 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 4'770'085 1.05 (11'363) 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'519'378 0.99 (131'397) 31.12.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'513'764 0.99 546'507 28.09.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 3'746'308 0.82 - 16.05.2012 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 3'598'771 0.79 972'739 31.01.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 3'381'128 0.74 - 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'337'600 0.51 - 31.12.2012 Investment Advisor

ADIG INVESTMENT Multiple Portfolios MF-AGG 2'232'924 0.49 (99'900) 31.10.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 2'116'731 0.46 (65'405) 30.11.2012 Mutual Fund Manager

AMUNDI Multiple Portfolios MF-AGG 1'904'355 0.42 64'334 30.11.2012 Mutual Fund Manager

CAPITAL GROUP COMPAN n/a ULT-AGG 1'843'650 0.4 - 31.12.2012 Investment Advisor

MERCURY ASSET MANAGE Multiple Portfolios MF-AGG 1'490'728 0.33 - 19.02.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'483'920 0.33 - 30.12.2012 Investment Advisor

NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 1'455'112 0.32 388'780 31.12.2012 Mutual Fund Manager

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 1'212'611 0.27 (82'340) 30.11.2012 Mutual Fund Manager

JP MORGAN n/a ULT-AGG 961'909 0.21 8'661 31.12.2012 Unclassified


Oddo & Cie NICOLAS JACOB buy 5 M 120 Not Provided 21.02.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 118 6 month 21.02.2013

Nomura MICHAEL KLIEN neutral 3 M 103 12 month 21.02.2013

Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 96 12 month 21.02.2013

Bankhaus Lampe ANDREAS SCHAEFER buy 5 N 122 12 month 20.02.2013

JPMorgan MICHAEL HUTTNER overweight 5 M 122 9 month 18.02.2013

Independent Research GmbH STEFAN BONGARDT buy 5 M 120 12 month 18.02.2013

Bankhaus Metzler JOCHEN SCHMITT sell 1 M 85 12 month 18.02.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 M 125 Not Provided 18.02.2013

Banco Sabadell MARIO LODOS buy 5 M 114 12 month 15.02.2013

DZ Bank AG THORSTEN WENZEL buy 5 M 105 12 month 15.02.2013

Kepler Capital Markets FABRIZIO CROCE reduce 2 M 73 Not Provided 14.02.2013

AlphaValue DIETER HEIN add 4 M 111 6 month 14.02.2013

Helvea DANIEL BISCHOF accumulate 4 M 111 12 month 13.02.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS underperform 1 M 128 12 month 12.02.2013

Berenberg Bank PETER ELIOT buy 5 N 124 Not Provided 11.02.2013

Credit Suisse RICHARD BURDEN neutral 3 M 113 Not Provided 08.02.2013

Barclays ANDREW BROADFIELD overweight 5 M 120 Not Provided 04.02.2013

Main First Bank AG MICHAEL HAID outperform 5 M 120 12 month 01.02.2013

RBC Capital Markets GORDON AITKEN outperform 5 M 120 12 month 31.01.2013

Mediobanca SpA MARC THIELE neutral 3 M 123 6 month 30.01.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES buy 5 M 133 Not Provided 29.01.2013

Deutsche Bank ROBIN BUCKLEY buy 5 M 120 12 month 24.01.2013

Macquarie HADLEY COHEN outperform 5 M 130 12 month 23.01.2013

Goldman Sachs VINIT MALHOTRA Buy/Neutral 5 M 120 12 month 18.01.2013

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

HSBC KAILESH MISTRY overweight 5 M 128 Not Provided 16.01.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER hold 3 M 110 Not Provided 16.01.2013

Natixis BENOIT VALLEAUX buy 5 M 120 Not Provided 10.01.2013

Day by Day VALERIE GASTALDY buy 5 M 117 3 month 07.01.2013

Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 100 12 month 13.12.2012

CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 118 Not Provided 10.12.2012

Morgan Stanley JON HOCKING Equalwt/In-Line 3 M 110 12 month 05.12.2012

Canaccord Genuity Corp BEN COHEN buy 5 M 100 Not Provided 26.11.2012

Hamburger Sparkasse CHRISTIAN HAMANN buy 5 M #N/A N/A Not Provided 14.11.2012

Nord/LB VOLKER SACK buy 5 U 104 12 month 12.11.2012

Societe Generale JASON KALAMBOUSSIS buy 5 M 100 12 month 09.11.2012

National Bank AG MANFRED JAISFELD buy 5 M 120 Not Provided 09.11.2012

S&P Capital IQ RODERICK WALLACE buy 5 M 133 12 month 09.11.2012

Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 03.08.2012

Redburn Partners PAUL GOODHIND buy 5 M #N/A N/A Not Provided 15.03.2012

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH neutral 3 M 92 Not Provided 11.11.2011

Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 106 6 month 12.05.2011

Holdings By:

Allianz SE ee


21.02.2013

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: 12/yy

52-Week High (20.02.2013) 47.08

52-Week Low (08.03.2012) 30.76

Daily Volume

46.41





22'158.28 1 Yr Total Return 50.75%


Preferred Stock - Adjusted BETA 0.935





ALL UN EQUITY YTD Change - Average Volume 30 Day 747'553

ALL UN EQUITY YTD % CHANGE - Average Volume 3 Month 796'655


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

29'394.0 32'013.0 31'400.0 32'654.0 33'315.0 32'654.0 33'315.0 33'547.7 34'173.3 8'337.4 8'386.2

0.78x 0.67x 0.71x 0.58x 0.74x 2.41x 2.80x 0.85x 0.85x - -

- - - - - 0.0 0.0 - - - -

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

(1'679.0) 854.0 928.0 787.0 2'306.0 787.0 2'306.0 2'151.6 2'243.2 595.9 511.7

10.17x 8.63x 11.23x 21.58x 9.21x 21.08x 9.26x 9.98x 9.08x 9.98x 9.71x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26







Fiscal Year Ended

Allstate Corp/ThePrice/Volume

Valuation Analysis

1'191'008.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 ! 8

2 8

- ! 8

- 2 8

. ! 8

. 2 8

0 ! 8

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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21.02.2013



T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 22'671'855 4.75 (1'682'359) 31.12.2012 Investment Advisor



INVESCO LTD INVESCO LTD 13F 12'957'795 2.71 (362'127) 31.12.2012 Investment Advisor


HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 10'485'305 2.2 (2'368'767) 31.12.2012 Investment Advisor


ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 7'389'120 1.55 80'488 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 7'163'891 1.5 (501'604) 31.12.2012 Investment Advisor

LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 6'584'538 1.38 (77'162) 31.12.2012 Investment Advisor

PZENA INVESTMENT MAN PZENA INVESTMENT MAN 13F 6'486'248 1.36 (3'897'691) 31.12.2012 Hedge Fund Manager

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 6'104'700 1.28 (672'920) 31.12.2012 Investment Advisor

MACQUARIE GROUP LTD n/a ULT-AGG 5'864'695 1.23 (115'558) 31.12.2012 Investment Advisor


AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 4'714'744 0.99 (41'867) 31.12.2012 Investment Advisor

AJO, LP AJO, LP 13F 4'545'300 0.95 (326'800) 31.12.2012 Investment Advisor

DISCOVERY CAPITAL MA DISCOVERY CAPITAL MA 13F 4'353'350 0.91 2'484'100 31.12.2012 Hedge Fund Manager

CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 4'255'921 0.89 345'131 31.12.2012 Hedge Fund Manager

PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 3'971'969 0.83 31'662 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co JOSH STIRLING outperform 5 M 50 12 month 20.02.2013

Edward Jones JIM SHANAHAN buy 5 M #N/A N/A Not Provided 15.02.2013

Keefe, Bruyette & Woods MEYER SHIELDS market perform 3 M 50 12 month 15.02.2013



Macquarie RAYMOND IARDELLA neutral 3 M 47 12 month 12.02.2013



Deutsche Bank JOSHUA D SHANKER buy 5 M 51 12 month 08.02.2013

Morgan Stanley GREGORY W LOCRAFT Equalwt/In-Line 3 M #N/A N/A Not Provided 08.02.2013

Argus Research Corp JOHN M EADE buy 5 M 51 Not Provided 08.02.2013


Drexel Hamilton LLC GLORIA L VOGEL hold 3 M 49 12 month 08.02.2013

RBC Capital Markets MARK A DWELLE sector perform 3 M 48 12 month 07.02.2013

SunTrust Robinson Humphrey MARK D HUGHES neutral 3 M #N/A N/A Not Provided 07.02.2013

Janney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M 34 12 month 07.02.2013

William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 07.02.2013

Raymond James C GREGORY PETERS strong buy 5 M 52 12 month 07.02.2013

Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 47 12 month 07.02.2013

Evercore Partners VINAY MISQUITH overweight 5 M 50 12 month 07.02.2013

JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 07.02.2013






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

Holdings By:

Allstate Corp/The ee


21.02.2013

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: 09/yy

52-Week High (12.02.2013) 39.90

52-Week Low (21.02.2012) 27.11

Daily Volume

37.57




Shares Out 26.10.2012 1'476.3 Short Int 21.34

55'464.76 1 Yr Total Return 37.47%







AIG UN EQUITY YTD Change - Average Volume 30 Day 2'676'961

AIG UN EQUITY YTD % CHANGE - Average Volume 3 Month 3'720'372


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

110'064.0 6'896.0 75'352.0 77'526.0 64'237.0 68'040.0 70'623.0 56'263.5 58'434.0 14'392.0 14'476.5

3.34x 41.00x 3.38x 2.92x 1.98x 9.63x 7.20x - - - -

- - - - - 0.0 0.0 - - - -

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

6'200.0 (99'289.0) (10'949.0) 7'786.0 17'798.0 10'319.0 27'194.0 6'529.0 4'966.6 (84.0) 1'293.7

16.28x - - - 40.70x 0.00x 7.22x 9.77x 11.01x 15.97x 11.24x




Pretax Margin -1.66% Short-Term Rating Date 14.01.2011

Return on Assets 4.97% Short-Term Rating A-2


Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

American International Group IncPrice/Volume

Valuation Analysis

2'475'348.00


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-! ! 8

.! ! 8

0! ! 8

1! ! 8

2! ! 8

3! ! 8

4! ! 8

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

-1 !!

-3 !!

-5 !!

.! !!

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21.02.2013


FAIRHOLME CAPITAL MA FAIRHOLME CAPITAL MA 13F 85'862'294 5.82 (683'424) 31.12.2012 Investment Advisor


VANGUARD GROUP INC VANGUARD GROUP INC 13F 61'921'180 4.19 13'491'642 31.12.2012 Investment Advisor

WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 60'476'872 4.1 15'353'796 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 54'481'168 3.69 12'500'525 19.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 28'385'814 1.92 4'226'487 31.12.2012 Investment Advisor

HARRIS ASSOCIATES LP HARRIS ASSOC LP 13F 21'350'033 1.45 7'824'042 31.12.2012 Investment Advisor

ORBIS HOLDINGS LIMIT ORBIS HOLDINGS LIMIT 13F 20'223'023 1.37 20'223'023 31.12.2012 Investment Advisor

THIRD POINT LLC THIRD POINT LLC 13F 18'500'000 1.25 (5'000'000) 31.12.2012 Hedge Fund Manager

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 17'727'826 1.2 4'028'675 31.12.2012 Investment Advisor

HOTCHKIS & WILEY CAP HOTCHKIS AND WILEY 13F 17'648'202 1.2 (2'548'657) 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 16'237'006 1.1 3'304'695 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL MACKENZIE FINANCIAL 13F 15'571'045 1.05 123'324 31.12.2012 Investment Advisor

OZ MANAGEMENT LP OZ MANAGEMENT 13F 15'292'833 1.04 (17'906'763) 31.12.2012 Investment Advisor

PERRY CORP PERRY CORPORATION 13F 14'865'903 1.01 4'365'903 31.12.2012 Hedge Fund Manager

CAPITAL GROUP COMPAN n/a ULT-AGG 14'000'345 0.95 5'000'000 31.12.2012 Investment Advisor

STARR INTERNATIONAL STARR INTERNATIONAL 13F 13'928'284 0.94 - 31.12.2012 Investment Advisor

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 12'437'183 0.84 (1'708'452) 31.12.2012 Investment Advisor

WADDELL & REED FINAN WADDELL & REED FINAN 13F 11'937'000 0.81 11'937'000 31.12.2012 Investment Advisor

D E SHAW & COMPANY I D E SHAW & CO 13F 11'816'695 0.8 397'840 31.12.2012 Hedge Fund Manager




William Blair & Co ADAM KLAUBER outperform 5 M #N/A N/A Not Provided 13.02.2013


FBR Capital Markets RANDY BINNER outperform 5 M 44 12 month 04.02.2013

Drexel Hamilton LLC GLORIA L VOGEL buy 5 M 43 12 month 30.01.2013

Evercore Partners MARK FINKELSTEIN overweight 5 M 40 12 month 22.01.2013

Sterne, Agee & Leach JOHN M NADEL buy 5 M 40 12 month 15.01.2013

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


S&P Capital IQ CATHY SEIFERT buy 5 M 40 12 month 09.01.2013

Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 M 43 12 month 08.01.2013


JPMorgan JIMMY S BHULLAR neutral 3 M 40 9 month 03.01.2013

Barclays JAY H GELB equalweight 3 M 33 Not Provided 03.01.2013




Credit Suisse THOMAS GALLAGHER restricted #N/A N/A M #N/A N/A Not Provided 10.12.2012

Macquarie G ALAN ZIMMERMANN outperform 5 M 44 12 month 10.12.2012

Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M 37 12 month 01.11.2012

Societe Generale EMMANUELLE CALES buy 5 U 24 12 month 01.03.2010

Holdings By:

American International Group Inc ee


21.02.2013

Assicurazioni Generali S.p.A. offers life and non-life insurance and reinsurance

throughout the world. The Company offers life, health, accident, automobile,

marine, aviation, transport, fire, general liability, and credit insurance and

reinsurance.


LTM as of: 09/yy

52-Week High (14.01.2013) 14.65

52-Week Low (31.05.2012) 8.16

Daily Volume

12.53





19'507.62 1 Yr Total Return 7.75%







G IM EQUITY YTD Change - Average Volume 30 Day 7'097'060

G IM EQUITY YTD % CHANGE - Average Volume 3 Month 6'845'836


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

80'164.7 62'298.4 85'790.6 87'072.1 73'481.8 79'976.9 81'511.6 74'120.1 76'299.8 14'345.0 -

0.66x 0.61x 0.50x 0.40x 0.22x 0.85x 0.46x 0.29x 0.28x - -

- - - - - 0.0 0.0 - - - -

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

2'915.6 860.9 1'309.1 1'701.9 856.1 3'825.2 1'163.8 1'564.8 2'055.4 454.0 -

14.69x 30.45x 20.68x 12.92x 20.77x 0.00x 14.58x 12.08x 9.41x - -


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.19








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Assicurazioni Generali SpAPrice/Volume

Valuation Analysis

6'708'171.00


!

.

1

3

5

-!

-.

-1

-3

c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 c--0 ! 8

2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0! ! 8

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



21.02.2013


MEDIOBANCA SPA n/a EXCH 194'048'687 12.46 - 20.11.2012 Bank

BANCA D'ITALIA n/a EXCH 69'420'980 4.46 - 30.11.2012 Government

DEA PARTICIPATIONS S n/a EXCH 35'185'336 2.26 - 30.11.2012 Investment Advisor

EFFETI SPA n/a EXCH 33'488'344 2.15 - 30.11.2012 Corporation

DELFIN SARL n/a EXCH 31'168'603 2 - 30.11.2012 Investment Advisor


BLACKROCK n/a ULT-AGG 17'295'553 1.11 126'386 19.02.2013 Investment Advisor

COMPASS SPA n/a EXCH 14'198'684 0.91 - 30.11.2012 Corporation

VIKING GLOBAL INVEST n/a Short (14'167'547) -0.91 - 01.11.2012 Hedge Fund Manager

VM 2006 SRL n/a EXCH 6'196'356 0.4 - 30.11.2012 Other

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'321'220 0.34 (41'688) 31.01.2013 Investment Advisor


PANTHEON 2000 SPA n/a EXCH 3'502'965 0.23 - 30.11.2012 Other

CALTAGIRONE EDITORE n/a EXCH 3'144'884 0.2 - 30.11.2012 Corporation

GAMMA SRL n/a EXCH 2'958'059 0.19 - 30.11.2012 Holding Company

BNP PARIBAS INV PART n/a ULT-AGG 2'833'608 0.18 (6'015) 30.11.2012 Investment Advisor

B&D FINANCE SA n/a EXCH 2'693'391 0.17 - 30.11.2012 Investment Advisor

FINANZIARIA ITALIA 2 n/a EXCH 2'646'685 0.17 - 30.11.2012 Unclassified

ARCA SGR SPA Multiple Portfolios MF-AGG 2'543'127 0.16 (5'402) 28.12.2012 Mutual Fund Manager



AlphaValue JEROME CASSAGNE reduce 2 M 13 6 month 21.02.2013

Banca Akros(ESN) MARCO CAVALLERI hold 3 M 14 12 month 20.02.2013

ICBPI ENRICO ESPOSTI neutral 3 M 15 12 month 20.02.2013

Mediobanca SpA GIANLUCA FERRARI neutral 3 M 15 6 month 18.02.2013

Exane BNP Paribas NICCOLO DALLA PALMA underperform 1 M 13 Not Provided 15.02.2013

Credit Suisse RICHARD BURDEN underperform 1 M 14 Not Provided 08.02.2013

Oddo & Cie NICOLAS JACOB neutral 3 M 14 12 month 04.02.2013

Barclays CLAUDIA GASPARI equalweight 3 M 13 Not Provided 04.02.2013

Main First Bank AG FEDERICO SALERNO outperform 5 M 16 12 month 25.01.2013

Equita SIM SpA MATTEO GHILOTTI buy 5 M 16 12 month 18.01.2013

Morgan Stanley DAVID ANDRICH Underwt/In-Line 1 M 13 12 month 17.01.2013

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

Deutsche Bank ROBIN BUCKLEY hold 3 D 15 12 month 16.01.2013

HSBC KAILESH MISTRY neutral 3 M 16 Not Provided 16.01.2013

Societe Generale ABID HUSSAIN buy 5 M 16 12 month 15.01.2013

JPMorgan ANDREAS VAN EMBDEN neutral 3 M 14 3 month 15.01.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 M 15 12 month 15.01.2013

Independent Research GmbH STEFAN BONGARDT sell 1 M 14 12 month 15.01.2013

S&P Capital IQ RODERICK WALLACE sell 1 M 11 12 month 15.01.2013

Day by Day VALERIE GASTALDY hold 3 D #N/A N/A Not Provided 15.01.2013

Nomura MICHAEL KLIEN reduce 2 M 12 12 month 14.01.2013

Natixis BENOIT VALLEAUX neutral 3 M 14 Not Provided 10.01.2013

Sanford C. Bernstein & Co THOMAS SEIDL underperform 1 M 8 12 month 09.01.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 12 Not Provided 09.01.2013

CA Cheuvreux ATANASIO PANTARROTAS underperform 1 M 10 Not Provided 09.01.2013

Goldman Sachs COLIN L SIMPSON not rated #N/A N/A M #N/A N/A Not Provided 08.01.2013

Banca IMI ELENA PERINI suspended coverage #N/A N/A M #N/A N/A Not Provided 28.12.2012

Hamburger Sparkasse CHRISTIAN HAMANN hold 3 M #N/A N/A Not Provided 11.12.2012

Kepler Capital Markets GIANANTONIO VILLANI buy 5 M 16 Not Provided 10.12.2012

Macquarie HADLEY COHEN neutral 3 M 13 12 month 13.11.2012

Redburn Partners PAUL GOODHIND neutral 3 M #N/A N/A Not Provided 15.03.2012

DZ Bank AG WERNER EISENMANN sell 1 M 10 12 month 21.12.2011

Daiwa Securities Co. Ltd. TIM PROUDLOVE hold 3 M 16 Not Provided 16.05.2011

Holdings By:

Assicurazioni Generali SpA ee


21.02.2013

Aviva PLC is an international insurance company that provides all classes of

general and life assurance, including fire, motor, marine, aviation, and

transport insurance. The Company also supplies a variety of financial services,

including unit trusts, stockbroking, long-term savings, and fund management.


LTM as of: 09/yy

52-Week High (21.12.2012) 390.40

52-Week Low (01.06.2012) 251.10

Daily Volume

354.2





10'435.12 1 Yr Total Return 1.53%


Preferred Stock 1'190.0 Adjusted BETA 1.535



Enterprise Value -


AV/ LN EQUITY YTD Change - Average Volume 30 Day 10'299'640

AV/ LN EQUITY YTD % CHANGE - Average Volume 3 Month 9'325'394


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2

40'761.0 20'484.0 59'434.0 50'197.0 35'561.0 0.0 0.0 39'416.7 39'089.7 - -

0.42x 0.23x 0.09x 0.11x - #DIV/0! #DIV/0! - - - -

- - - - - 0.0 0.0 - - - -

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

1'320.0 (915.0) 1'085.0 1'463.0 225.0 0.0 0.0 1'031.1 1'416.6 - -

13.93x - 10.51x 14.10x 11.69x 0.00x 0.00x 7.98x 7.67x - -





Return on Assets -0.20% Short-Term Rating -

Return on Common Equity -5.59%



Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.12







Fiscal Year Ended

Aviva PLCPrice/Volume

Valuation Analysis

5'904'209.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2!

-!!-2!.!!.2!0!!02!1!!12!

c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 c--0 ! 8

2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0! ! 8

02 ! 8

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-. !. !4 .!-. !. !- .!-0



21.02.2013




LEGAL & GENERAL n/a ULT-AGG 117'884'648 4 10'749'361 01.11.2012 Unclassified

M&G INVESTMENT MANAG Multiple Portfolios REG 78'598'635 2.67 (8'044'005) 01.11.2012 Investment Advisor

AVIVA PLC SHARE ACCO Multiple Portfolios REG 65'413'024 2.22 (181'106) 01.11.2012 Unclassified

SCOTTISH WIDOWS n/a ULT-AGG 65'336'334 2.22 (5'784'626) 31.12.2012 Unclassified

AVIVA PLC n/a RNS-MAJ 61'649'544 2.09 - 17.01.2013 Investment Advisor


NORGES BANK INVESTME Multiple Portfolios REG 54'324'031 1.84 - 01.11.2012 Government

MAJEDIE ASSET MANAGE Multiple Portfolios REG 42'870'595 1.46 5'011'081 01.11.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 41'983'449 1.43 (1'060'681) 01.11.2012 Investment Advisor

HARGREAVES LANSDOWN Multiple Portfolios REG 38'102'462 1.29 (824'169) 01.11.2012 Investment Advisor

TD WATERHOUSE GROUP Multiple Portfolios REG 37'094'970 1.26 (2'106'276) 01.11.2012 Investment Advisor

EDINBURGH PARTNERS L Multiple Portfolios REG 36'444'709 1.24 (2'650'661) 01.11.2012 Investment Advisor

UBS n/a ULT-AGG 33'646'794 1.14 8'421'593 28.12.2012 Unclassified

APG ALGEMENE PENSIOE Multiple Portfolios REG 32'720'468 1.11 294'056 01.11.2012 Pension Fund (ERISA)

PEOPLES REPUBLIC OF Multiple Portfolios REG 32'078'780 1.09 - 01.11.2012 Government

VANGUARD GROUP INC Multiple Portfolios REG 31'828'838 1.08 1'797'329 01.11.2012 Investment Advisor

BREWIN DOLPHIN LIMIT Multiple Portfolios REG 28'103'629 0.95 (964'978) 01.11.2012 Investment Advisor

GLOBAL ASSET MANAGEM Multiple Portfolios REG 28'057'234 0.95 - 01.11.2012 Investment Advisor


Exane BNP Paribas ANDY HUGHES outperform 5 U 414 Not Provided 21.02.2013

AlphaValue JEROME CASSAGNE add 4 M 380 6 month 21.02.2013

RBC Capital Markets GORDON AITKEN sector perform 3 M 350 12 month 20.02.2013

Keefe, Bruyette & Woods GREIG N PATERSON outperform 5 M 540 12 month 18.02.2013

Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 425 Not Provided 13.02.2013

Sanford C. Bernstein & Co EDWARD HOUGHTON market perform 3 M 410 12 month 11.02.2013

JPMorgan ASHIK MUSADDI overweight 5 M 443 9 month 08.02.2013

Barclays ALAN DEVLIN underweight 1 M 302 Not Provided 04.02.2013

Macquarie NEIL WELCH neutral 3 M 384 12 month 23.01.2013

Berenberg Bank MATTHEW PRESTON buy 5 M 470 Not Provided 23.01.2013

Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 416 12 month 18.01.2013

Oriel Securities Ltd MARCUS BARNARD hold 3 M 400 Not Provided 17.01.2013


HSBC KAILESH MISTRY neutral 3 D 425 Not Provided 16.01.2013

Credit Suisse CHRIS ESSON outperform 5 M 455 Not Provided 14.01.2013


Investec KEVIN RYAN buy 5 M 422 12 month 07.01.2013

Morgan Stanley JON HOCKING Overwt/In-Line 5 M 444 12 month 04.01.2013

Canaccord Genuity Corp BEN COHEN hold 3 M 380 12 month 24.12.2012

Deutsche Bank OLIVER STEEL restricted #N/A N/A M #N/A N/A Not Provided 21.12.2012

Societe Generale ABID HUSSAIN hold 3 M 343 12 month 11.12.2012

Redburn Partners LANCE BURBIDGE neutral 3 D #N/A N/A Not Provided 22.11.2012

S&P Capital IQ RODERICK WALLACE hold 3 M 350 12 month 08.11.2012

Shore Capital Stockbrokers EAMONN FLANAGAN hold 3 M #N/A N/A Not Provided 23.10.2012

Nomura FAHAD CHANGAZI buy 5 M 540 Not Provided 31.05.2012

Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 M 508 6 month 01.07.2011

Espirito Santo Investment Bank ResearchJOY FERNEYHOUGH buy 5 M 605 Not Provided 31.05.2011

Holdings By:

Aviva PLC ee


21.02.2013

AXA SA is an insurance company which also provides related financial services.

The Company offers life and non-life insurance, reinsurance, savings and pension

products, and asset management services. AXA operates in both domestic and

international markets.


LTM as of: 09/yy

52-Week High (19.02.2013) 13.98

52-Week Low (04.06.2012) 8.65

Daily Volume

13.24





31'630.34 1 Yr Total Return 13.94%







CS FP EQUITY YTD Change - Average Volume 30 Day 6'011'588

CS FP EQUITY YTD % CHANGE - Average Volume 3 Month 5'949'014


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

51'235.0 122'704.0 117'414.0 98'334.0 118'423.0 0.0 0.0 99'780.0 101'989.9 - -

0.62x 0.36x 0.29x 0.18x - #DIV/0! #DIV/0! 0.43x - - -

- - - - - 0.0 0.0 - - - -

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

923.0 3'606.0 2'749.0 4'324.0 4'152.0 0.0 0.0 4'737.9 5'062.5 - -

51.67x 10.60x 12.33x 5.88x 8.09x 0.00x 0.00x 6.76x 6.33x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.14







Fiscal Year Ended

AXA SAPrice/Volume

Valuation Analysis

5'987'449.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

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-1

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2 ! 8

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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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21.02.2013


MUTUELLES AXA n/a Co File 342'767'775 14.35 - 31.12.2011 Insurance Company

AMUNDI n/a Research 91'682'238 3.84 (20'493'797) 15.05.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 79'994'391 3.35 76'406 30.10.2012 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 50'254'088 2.1 (9'366) 31.12.2012 Investment Advisor



NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 29'871'758 1.25 (2'926'509) 31.12.2012 Mutual Fund Manager

FMR LLC n/a ULT-AGG 21'618'306 0.9 (3'608'266) 31.12.2012 Investment Advisor

LANSDOWNE UK EQUITY n/a Short (20'395'259) -0.85 (7'936'172) 16.09.2011 Unclassified


AMUNDI Multiple Portfolios MF-AGG 14'093'406 0.59 (809'204) 30.11.2012 Mutual Fund Manager

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'758'066 0.53 255'752 31.12.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 11'629'095 0.49 (143'415) 31.12.2012 Mutual Fund Manager

AVIVA PLC Multiple Portfolios MF-AGG 10'727'164 0.45 (27'579) 31.01.2013 Investment Advisor



DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'917'236 0.25 - 31.07.2012 Investment Advisor

TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 5'835'130 0.24 (52'090) 30.11.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 5'477'948 0.23 (37'515) 30.11.2012 Mutual Fund Manager


Keefe, Bruyette & Woods RALPH HEBGEN outperform 5 M 18 12 month 21.02.2013


Berenberg Bank PETER ELIOT hold 3 M 16 Not Provided 21.02.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT buy 5 M 17 6 month 21.02.2013

Banco Sabadell MARIO LODOS buy 5 M 15 12 month 15.02.2013

AlphaValue JEROME CASSAGNE buy 5 M 17 6 month 14.02.2013

Helvea DANIEL BISCHOF buy 5 M 15 12 month 13.02.2013

Exane BNP Paribas THOMAS JACQUET outperform 5 M 18 Not Provided 12.02.2013

Kepler Capital Markets FABRIZIO CROCE hold 3 M 10 Not Provided 11.02.2013

Credit Suisse RICHARD BURDEN outperform 5 M 16 Not Provided 08.02.2013

Raymond James DANNY JACQUES strong buy 5 M 19 Not Provided 08.02.2013

Main First Bank AG FEDERICO SALERNO underperform 1 M 14 12 month 04.02.2013

Barclays CLAUDIA GASPARI underweight 1 M 14 Not Provided 04.02.2013

Mediobanca SpA MARC THIELE outperform 5 M 18 6 month 30.01.2013

Deutsche Bank OLIVER STEEL buy 5 M 16 12 month 24.01.2013

Macquarie NEIL WELCH outperform 5 M 16 12 month 23.01.2013

Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 17 12 month 18.01.2013

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


Natixis BENOIT VALLEAUX buy 5 M 18 Not Provided 10.01.2013

Landesbank Baden-Wuerttemberg WERNER SCHIRMER buy 5 M 16 Not Provided 07.01.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 07.01.2013

CA Cheuvreux ATANASIO PANTARROTAS outperform 5 M 16 Not Provided 10.12.2012

Morgan Stanley JON HOCKING Overwt/In-Line 5 M 15 12 month 05.12.2012

Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 22.11.2012

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 12 9 month 08.11.2012

CM - CIC Securities(ESN) PIERRE CHEDEVILLE buy 5 M 16 12 month 07.11.2012

RBC Capital Markets GORDON AITKEN sector perform 3 D 13 12 month 05.11.2012

Independent Research GmbH STEFAN BONGARDT hold 3 M 13 12 month 25.10.2012

National Bank AG MANFRED JAISFELD hold 3 M 13 Not Provided 25.10.2012

S&P Capital IQ RODERICK WALLACE buy 5 M 16 12 month 25.10.2012


Nomura MICHAEL KLIEN buy 5 M 23 Not Provided 27.01.2012

DZ Bank AG WERNER EISENMANN buy 5 M 14 12 month 20.12.2011



CS Capital CHRISTOPHER PARKINSON sell 1 M 13 Not Provided 22.02.2011

BBVA SILVIA RIGOL CARNEIRO outperform 5 M 22 Not Provided 17.02.2011

Holdings By:

AXA SA ee


21.02.2013

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: 09/yy

52-Week High (20.02.2013) 101.49

52-Week Low (02.03.2012) 78.18

Daily Volume

100.22





249'035.52 1 Yr Total Return 25.86%







BRK/B UN EQUITY YTD Change - Average Volume 30 Day 1'388'391

BRK/B UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'494'883


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

118'245.0 107'786.0 112'493.0 136'185.0 143'688.0 141'898.0 155'698.0 - - - -

0.89x 0.58x 0.35x 0.78x 0.64x 2.70x 2.42x - - - -

23'890.0 11'708.0 15'985.0 25'185.0 22'008.0 23'914.0 27'148.0 - - - -

4.39x 5.38x 2.48x 4.23x 4.15x 3.51x 3.68x - - - -

13'213.0 4'994.0 8'055.0 12'967.0 10'254.0 11'583.0 13'321.0 - - - -

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

EBITDA 22'008.00 Long-Term Rating Date -

EBIT 17'325.00 Long-Term Rating AA+





Return on Capital 6.44% EBITDA/Interest Exp. 10.94

Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. 6.87

Net Debt/EBITDA -4.57

Gross Margin 20.4% Total Debt/EBITDA 2.30

EBITDA Margin 17.4%

EBIT Margin 14.2% Total Debt/Equity 36.6%


Asset Turnover 0.38

Current Ratio 1.33 Net Fixed Asset Turnover 1.53

Quick Ratio 1.27 Accounts receivable turnover-days 80.39

Debt to Assets 15.38% Inventory Days 28.48

Tot Debt to Common Equity 36.63% Accounts Payable Turnover Day 97.62

Accounts Receivable Turnover 4.55 Cash Conversion Cycle 15.98

Inventory Turnover 12.85


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

2'667'580.00


!

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1!

3!

5!

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1 ! 8

3 ! 8

5 ! 8

-! ! 8

-. ! 8

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011! !!

! .!

! 1!

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- .!



21.02.2013


GATES FOUNDATION BILL & MELINDA FOUND 13F 87'081'373 7.92 (6'250'000) 31.12.2012 Endowment

GATES FOUNDATION n/a Research 87'081'373 7.92 - 31.12.2012 Endowment







GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 12'060'161 1.1 (1'241'696) 31.12.2012 Investment Advisor

EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 10'466'779 0.95 1'906'404 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 9'289'649 0.84 (896'170) 31.12.2012 Investment Advisor


D E SHAW & COMPANY I D E SHAW & CO 13F 7'645'865 0.7 1'726'351 31.12.2012 Hedge Fund Manager

FIDUCIARY MANAGEMENT FIDUCIARY MANAGEMENT 13F 7'063'428 0.64 52'252 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 6'635'439 0.6 (259'071) 31.12.2012 Investment Advisor


NEW YORK STATE COMMO NEW YORK STATE COMMO 13F 6'007'207 0.55 59'600 31.12.2012 Pension Fund (ERISA)

ALLIANCE BERNSTEIN n/a ULT-AGG 5'696'660 0.52 861'902 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 5'672'149 0.52 3'185'272 31.12.2012 Investment Advisor

BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 5'434'465 0.49 177'503 31.12.2012 Investment Advisor





Holdings By:

Berkshire Hathaway Inc ee


21.02.2013

China Life Insurance Co., Limited offers a wide range of life, accident, and

health insurance products and services.


LTM as of: 09/yy

52-Week High (15.01.2013) 27.35

52-Week Low (04.06.2012) 17.00

Daily Volume

23.25





656'935.56 1 Yr Total Return -0.57%





Enterprise Value -





31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

191'372.0 299'478.0 339'262.0 385'446.0 370'352.0 387'400.0 391'051.0 364'609.7 408'119.7 - -

7.65x 1.74x 2.68x 1.61x 1.27x 1.33x 0.00x 1.43x 1.26x - -

- - - - - 0.0 0.0 - - - -

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

38'879.0 19'137.0 32'881.0 33'626.0 18'331.0 25'398.0 9'042.0 14'469.6 29'274.0 - -

27.36x 30.50x 29.11x 22.62x 23.96x 17.15x 56.76x 36.90x 17.97x - -


EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Life Insurance Co LtdPrice/Volume

Valuation Analysis

46'395'776.00


!

2

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-2

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.2

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c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 c--0 ! 8.! ! 81! ! 83! ! 85! ! 8-!! ! 8-.! ! 8-1! ! 8-3! ! 8-5! ! 8

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



21.02.2013



VANGUARD GROUP INC Multiple Portfolios MF-AGG 379'930'827 5.11 (3'440'000) 31.12.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 130'870'500 1.76 (19'411'000) 31.12.2012 Investment Advisor

HANG SENG INVESTMENT Multiple Portfolios MF-AGG 63'572'828 0.85 - 30.06.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 61'981'243 0.83 (3'448'832) 30.06.2012 Investment Advisor


BARING ASSET MANAGEM Multiple Portfolios MF-AGG 47'183'000 0.63 2'903'000 31.10.2012 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 41'000'300 0.55 (22'410'000) 31.12.2012 Investment Advisor


COMGEST GROWTH PLC Multiple Portfolios MF-AGG 34'090'000 0.46 - 30.06.2011 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 26'080'000 0.35 5'080'000 30.06.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 25'426'500 0.34 5'880'000 31.01.2013 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 25'027'342 0.34 (3'247'000) 28.09.2012 Investment Advisor

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 21'845'000 0.29 9'795'000 31.05.2012 Mutual Fund Manager

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 21'744'000 0.29 6'742'000 30.06.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 21'228'680 0.29 (5'216'320) 31.12.2012 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 18'943'000 0.25 - 31.10.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 16'351'692 0.22 2'625'000 28.12.2012 Mutual Fund Manager

STATE STREET n/a ULT-AGG 16'206'332 0.22 - 20.02.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 15'478'204 0.21 2'547'000 30.09.2012 Investment Advisor


Core Pacific OLIVE XIA hold 3 M 25 Not Provided 21.02.2013

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 19.02.2013

BOCOM International Holdings LI WENBING buy 5 M 28 12 month 19.02.2013

Credit Suisse ARJAN VAN VEEN underperform 1 M 26 Not Provided 18.02.2013

Haitong International Securities CHEN FANNY buy 5 N 29 12 month 06.02.2013

Nomura DAVID CHUNG neutral 3 D 27 Not Provided 06.02.2013

Standard Chartered JENNIFER LAW in-line 3 M 24 12 month 31.01.2013


JPMorgan CHAN BAO LING neutral 3 M 23 9 month 16.01.2013

DBS Vickers PING CHENG hold 3 M 27 12 month 16.01.2013

ABC International FRANCIS CHAN buy 5 M 32 12 month 14.01.2013

China International Capital Corp TANG SHENGBO accumulate 4 D 29 12 month 08.01.2013

Deutsche Bank ESTHER CHWEI buy 5 M 30 12 month 07.01.2013

UOB Kay Hian EDMOND LAW hold 3 M 27 Not Provided 07.01.2013

CCB International Securities Ltd KENNETH YUE underperform 1 D 24 Not Provided 07.01.2013

ICBC International Securities PIUS CHENG hold 3 M 27 Not Provided 14.12.2012

Bank of China International SUN PENG buy 5 M 25 Not Provided 06.12.2012

Goldman Sachs MANCY SUN neutral/neutral 3 M 26 12 month 13.11.2012


Jefferies BARON NIE hold 3 M 23 12 month 29.10.2012

Kim Eng Securities IVAN LI buy 5 M 26 12 month 29.10.2012

SWS Research Co Ltd ROBERT HU neutral 3 M 22 Not Provided 29.10.2012

Guotai Junan FELIX LUO accumulate 4 M 27 Not Provided 29.10.2012

Morgan Stanley BEN LIN Equalwt/In-Line 3 M 23 12 month 26.10.2012

HSBC JAMES GARNER neutral 3 M 24 Not Provided 18.10.2012

BNP Paribas Equity Research DORRIS CHEN hold 3 M 21 12 month 21.08.2012


Phillip Securities CHEN XINGYU buy 5 U 26 12 month 16.03.2012

Mirae Asset Securities IVAN CHEUNG hold 3 M 20 12 month 18.10.2011

Sun Hung Kai Securities KENIX LAI buy 5 M 35 Not Provided 10.07.2009

Holdings By:

China Life Insurance Co Ltd ee


21.02.2013

The Chubb Corporation, a holding company, offers property and casualty

insurance, which includes personal, standard commercial and specialty commercial

insurance. The Company provides insurance coverage principally in the United

States, Canada, Europe, Australia, and parts of Latin America and Asia.


LTM as of: 12/yy

52-Week High (01.02.2013) 85.00

52-Week Low (07.03.2012) 66.66

Daily Volume

83.31





21'810.56 1 Yr Total Return 23.60%







CB UN EQUITY YTD Change - Average Volume 30 Day 329'732

CB UN EQUITY YTD % CHANGE - Average Volume 3 Month 349'231


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

13'189.0 12'977.0 13'284.0 13'546.0 - 13'546.0 10'165.0 13'459.0 13'887.8 3'338.8 3'403.3

1.66x 1.56x 1.63x 1.65x - 6.40x 6.74x 1.88x 1.82x - -

- - - - - 0.0 0.0 - - - -

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

1'804.0 2'183.0 2'174.0 1'678.0 1'545.0 1'678.0 1'545.0 1'716.4 1'692.9 439.1 413.2

9.14x 8.01x 10.11x 13.52x 14.40x 13.49x 14.46x 12.57x 12.09x 12.58x 12.41x


EBIT - Long-Term Rating A+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26







Fiscal Year Ended

Chubb Corp/ThePrice/Volume

Valuation Analysis

258'928.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 ! 8

. 8

1 8

3 8

5 8

- ! 8

- . 8

- 1 8

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

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

! !!

. !!

1 !!

3 !!

5 !!

-! !!

-. !!

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21.02.2013






BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 8'543'635 3.26 427'184 31.12.2012 Investment Advisor


BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 5'836'088 2.23 52'316 31.12.2012 Investment Advisor

PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 5'755'096 2.2 (75'200) 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 4'926'966 1.88 72'101 31.12.2012 Investment Advisor

MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 4'552'734 1.74 (33'800) 31.12.2012 Investment Advisor



WELLS FARGO n/a ULT-AGG 3'676'588 1.4 212'937 31.12.2012 Unclassified

INVESCO LTD INVESCO LTD 13F 3'620'123 1.38 263'898 31.12.2012 Investment Advisor



CAPITAL GROUP COMPAN n/a ULT-AGG 3'501'998 1.34 298 31.12.2012 Investment Advisor

PNC FINANCIAL SERVIC PNC FINANCIAL SERVIC 13F 2'906'495 1.11 (2'766) 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 2'881'281 1.1 108'636 31.12.2012 Unclassified






S&P Capital IQ CATHY SEIFERT hold 3 D 87 12 month 06.02.2013



Deutsche Bank JOSHUA D SHANKER buy 5 U 90 12 month 01.02.2013



RBC Capital Markets MARK A DWELLE sector perform 3 M 84 12 month 01.02.2013

William Blair & Co ADAM KLAUBER underperform 1 M #N/A N/A Not Provided 01.02.2013

Raymond James C GREGORY PETERS outperform 5 M 85 12 month 01.02.2013


Sandler O'Neill & Partners, LP J PAUL NEWSOME hold 3 M 84 Not Provided 01.02.2013

Portales Partners NINA GUPTA sector perform 3 M #N/A N/A Not Provided 01.02.2013

MKM Partners HARRY FONG neutral 3 M 85 12 month 01.02.2013

Drexel Hamilton LLC GLORIA L VOGEL hold 3 D 88 12 month 01.02.2013


Evercore Partners VINAY MISQUITH equalweight 3 M 87 12 month 31.01.2013



Holdings By:

Chubb Corp/The ee


21.02.2013

ING Groep N.V. offers financial services to individuals, corporations, and other

institutions. The Company offers corporate, investment, and private banking

services, asset and portfolio management, treasury services, and insurance. ING

Groep has offices throughout the world.


LTM as of: 12/yy

52-Week High (14.01.2013) 7.91

52-Week Low (04.06.2012) 4.44

Daily Volume

6.277



% 52 Week Price Range High/Low 59.22% Equity Float -


24'050.71 1 Yr Total Return -7.87%







INGA NA EQUITY YTD Change - Average Volume 30 Day 18'091'420

INGA NA EQUITY YTD % CHANGE - Average Volume 3 Month 16'186'250


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

64'680.0 46'025.0 51'411.0 52'787.0 40'783.0 46'023.0 42'241.0 45'396.2 46'723.3 - -

4.40x 5.41x 4.99x 4.38x 5.34x 22.59x 22.26x 1.53x 1.77x - -

- - - - - 0.0 0.0 - - - -

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

(729.0) (935.0) 2'810.0 5'766.0 3'894.0 5'766.0 3'894.0 3'708.7 4'100.2 - -

- - 12.77x 6.70x 10.31x 6.43x 9.42x 6.37x 5.76x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

ING Groep NVPrice/Volume

Valuation Analysis

15'652'518.00


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1! ! 8

2! ! 8

3! ! 8

4! ! 8

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

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

! .!

! 1!

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- .!



21.02.2013


BLACKROCK n/a ULT-AGG 247'106'748 6.45 (1'062'367) 19.02.2013 Investment Advisor




CARMIGNAC GESTION Multiple Portfolios MF-AGG 39'943'572 1.04 1'701'096 31.12.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 31'337'900 0.82 665'045 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 30'654'369 0.8 (22'538) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 30'275'998 0.79 (1'469'145) 31.12.2012 Investment Advisor

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 29'191'916 0.76 191'764 31.01.2013 Investment Advisor


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 23'645'980 0.62 3'963'556 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 23'087'088 0.6 1'256'401 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 23'055'437 0.6 (6'597'312) 30.11.2012 Investment Advisor

ACHMEA BELEGGINSFOND Multiple Portfolios MF-AGG 19'699'641 0.51 - 31.12.2012 Mutual Fund Manager

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 18'894'298 0.49 3'885'289 28.09.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 18'175'184 0.47 201'990 31.12.2012 Investment Advisor




ROYAL BANK OF CANADA n/a ULT-AGG 9'741'760 0.25 (549'162) 28.09.2012 Bank


AlphaValue JEROME CASSAGNE add 4 M 7 6 month 21.02.2013

HSBC STEVEN HAYWOOD neutral 3 M 7 Not Provided 20.02.2013

Morgan Stanley DAVID ANDRICH Equalwt/In-Line 3 M 7 12 month 19.02.2013

Main First Bank AG FEDERICO SALERNO outperform 5 U 7 12 month 19.02.2013


SNS Securities(ESN) LEMER SALAH buy 5 M 9 12 month 15.02.2013

Rabobank International COR KLUIS buy 5 M 10 12 month 15.02.2013


Societe Generale PHILIP RICHARDS buy 5 M 9 12 month 14.02.2013

Deutsche Bank DAVID LOCK hold 3 M 7 12 month 14.02.2013

JPMorgan MICHAEL HUTTNER not rated #N/A N/A M #N/A N/A Not Provided 14.02.2013

Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 8 12 month 14.02.2013

Macquarie THOMAS STOEGNER underperform 1 M 7 12 month 14.02.2013

Nomura DOMENICO SANTORO buy 5 M 9 Not Provided 14.02.2013



Oddo & Cie NICOLAS JACOB reduce 2 M 7 Not Provided 13.02.2013

Exane BNP Paribas FRANCOIS BOISSIN neutral 3 M 8 Not Provided 13.02.2013

ABN Amro Bank N.V. JAN WILLEM WEIDEMA buy 5 M 10 Not Provided 13.02.2013

Berenberg Bank JAMES CHAPPELL buy 5 N 8 Not Provided 28.01.2013

Petercam MATTHIAS DE WIT hold 3 D 8 Not Provided 17.01.2013


Kepler Capital Markets BENOIT PETRARQUE reduce 2 M 7 Not Provided 18.12.2012

Goldman Sachs MARTIN LEITGEB Rating Suspended #N/A N/A M #N/A N/A Not Provided 07.12.2012


Barclays KIRI VIJAYARAJAH equalweight 3 M 7 Not Provided 23.11.2012

Mediobanca SpA ALAIN TCHIBOZO outperform 5 M 9 12 month 20.11.2012


CA Cheuvreux HANS PLUIJGERS outperform 5 M 8 Not Provided 05.10.2012



Theodoor Gilissen Securities TOM MULLER hold 3 M 10 Not Provided 27.10.2011


Natixis BENOIT VALLEAUX suspended coverage #N/A N/A M #N/A N/A Not Provided 17.03.2009

Holdings By:

ING Groep NV ee


21.02.2013

Legal & General Group plc is a holding company. The Company, through its

subsidiaries, provides savings, risk and investment management services such as

annuities, long-term savings, life assurance and financial protection products.

Legal & General Group's products are sold through bank, building society

relationships, Independent Financial Advisers and directly to customers.


LTM as of: 09/yy

52-Week High (20.02.2013) 157.40

52-Week Low (01.06.2012) 105.30

Daily Volume

155.9





9'218.15 1 Yr Total Return 35.16%





Enterprise Value -


LGEN LN EQUITY YTD Change - Average Volume 30 Day 11'069'380

LGEN LN EQUITY YTD % CHANGE - Average Volume 3 Month 9'991'372


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2

18'202.0 (31'644.0) 43'790.0 38'440.0 18'317.0 0.0 0.0 7'926.3 8'351.0 436.5 -

0.13x - - - - #DIV/0! #DIV/0! 1.09x 1.03x - -

- - - - - 0.0 0.0 - - - -

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

724.0 (1'067.0) 863.0 820.0 726.0 0.0 0.0 830.1 882.5 - -

11.62x - 2.72x 6.88x 8.25x 0.00x 0.00x 11.14x 10.54x - -






Return on Common Equity -



Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06







Fiscal Year Ended

Legal & General Group PLCPrice/Volume

Valuation Analysis

5'653'574.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

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-! ! 8

.! ! 8

0! ! 8

1! ! 8

2! ! 8

3! ! 8

-40'000.0

-30'000.0

-20'000.0

-10'000.0

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

. !!

1 !!

3 !!

5 !!

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21.02.2013


SCHRODER INVESTMENT Multiple Portfolios REG 386'066'239 6.53 (10'233'954) 03.12.2012 Investment Advisor



FMR LLC n/a ULT-AGG 240'966'463 4.08 245'672 31.12.2012 Investment Advisor

THREADNEEDLE ASSET M Multiple Portfolios REG 238'287'407 4.03 11'184'585 03.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 215'079'841 3.64 98'290 31.12.2012 Investment Advisor

SWISS REINSURANCE Multiple Portfolios REG 169'171'985 2.86 418'703 03.12.2012 Insurance Company

STANDARD LIFE INVEST Multiple Portfolios REG 162'792'629 2.75 13'696'488 03.12.2012 Investment Advisor

AXA INVESTMENT MANAG Multiple Portfolios REG 154'548'532 2.61 (2'209'633) 03.12.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 125'180'804 2.12 27'796'179 31.12.2012 Unclassified

THREADNEEDLE ASSET M Multiple Portfolios MF-AGG 118'694'862 2.01 673'846 31.10.2012 Investment Advisor

ARTEMIS INVESTMENT M Multiple Portfolios REG 114'033'951 1.93 21'870'538 03.12.2012 Investment Advisor

AVIVA INVESTORS Multiple Portfolios REG 112'000'485 1.89 (16'190'706) 03.12.2012 Investment Advisor


NORGES BANK INVESTME Multiple Portfolios REG 101'018'107 1.71 6'951'655 03.12.2012 Government

ARTEMIS INVESTMENT M Multiple Portfolios MF-AGG 93'648'888 1.58 37'648'888 31.12.2012 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 81'906'572 1.39 - 03.12.2012 Government

LEGAL & GENERAL GROU Multiple Portfolios REG 72'641'394 1.23 (2'070'035) 03.12.2012 Unclassified

F&C ASSET MANAGEMENT Multiple Portfolios REG 70'631'364 1.19 403'808 03.12.2012 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios REG 65'293'473 1.1 1'547'523 03.12.2012 Investment Advisor


Oriel Securities Ltd MARCUS BARNARD buy 5 M 165 Not Provided 21.02.2013


Credit Suisse CHRIS ESSON neutral 3 M 160 Not Provided 15.02.2013

Sanford C. Bernstein & Co EDWARD HOUGHTON market perform 3 M 165 12 month 04.02.2013

Barclays ALAN DEVLIN overweight 5 M 166 Not Provided 04.02.2013

Deutsche Bank OLIVER STEEL buy 5 M 170 12 month 24.01.2013

Macquarie NEIL WELCH outperform 5 M 175 12 month 23.01.2013

Goldman Sachs COLIN L SIMPSON neutral/neutral 3 M 165 12 month 18.01.2013




Investec KEVIN RYAN hold 3 D 153 12 month 07.01.2013

Societe Generale ABID HUSSAIN hold 3 M 144 12 month 11.12.2012

Redburn Partners LANCE BURBIDGE neutral 3 M #N/A N/A Not Provided 10.12.2012


Canaccord Genuity Corp BEN COHEN hold 3 M 150 12 month 26.11.2012

Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 154 Not Provided 16.11.2012

Shore Capital Stockbrokers EAMONN FLANAGAN buy 5 M #N/A N/A Not Provided 08.11.2012

Keefe, Bruyette & Woods GREIG N PATERSON underperform 1 M 100 12 month 01.11.2012

Berenberg Bank MATTHEW PRESTON buy 5 M 170 Not Provided 01.11.2012


Exane BNP Paribas ANDY HUGHES underperform 1 M 116 Not Provided 01.11.2012

JPMorgan ASHIK MUSADDI neutral 3 M 122 Not Provided 24.10.2012

Nomura FAHAD CHANGAZI buy 5 M 185 Not Provided 17.09.2012


Holdings By:

Legal & General Group PLC ee


21.02.2013

Loews Corporation is a diversified holding company. The Company, through its

subsidiaries, is involved in a variety of businesses including commercial

property-casualty insurance, offshore drilling, natural gas exploration and

production, operation of natural gas pipeline systems, and the operation of

hotels and resorts.


LTM as of: 12/yy

52-Week High (15.02.2013) 44.21

52-Week Low (07.03.2012) 38.00

Daily Volume

43.34





17'058.70 1 Yr Total Return 12.61%







L UN EQUITY YTD Change - Average Volume 30 Day 311'903

L UN EQUITY YTD % CHANGE - Average Volume 3 Month 326'256


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

13'247.0 14'117.0 14'615.0 14'127.0 14'552.0 14'127.0 14'552.0 13'288.0 14'489.0 - -

1.84x 2.05x 2.06x 2.00x - 8.36x 6.14x - - - -

- - - - - 0.0 0.0 - - - -

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

4'530.0 564.0 1'288.0 1'064.0 568.0 1'059.0 568.0 1'292.0 1'529.0 331.0 315.0

13.58x 12.84x 10.32x 13.79x 17.27x 14.59x 16.84x 12.88x 10.74x 13.17x 12.86x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.18







Fiscal Year Ended

Loews CorpPrice/Volume

Valuation Analysis

367'810.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!2

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

c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 ! 8 . 8 1 8 3 8 5 8- ! 8- . 8- 1 8- 3 8- 5 8

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

! !!

2! !!

-!! !!

-2! !!

.!! !!

.2! !!

0!! !!

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



21.02.2013


SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 37'689'638 9.58 (275'419) 31.12.2012 Investment Advisor

DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 29'852'965 7.58 (4'293'999) 31.12.2012 Investment Advisor

TISCH JOAN H n/a 13G 24'238'378 6.16 - 31.12.2012 n/a

TISCH WILMA STEIN n/a 13G 20'190'505 5.13 - 31.12.2012 n/a

TISCH JAMES S n/a Form 4 14'794'193 3.76 4'903 19.11.2012 n/a

TISCH ANDREW H n/a Form 4 14'326'197 3.64 4'903 19.11.2012 n/a




EAGLE CAPITAL MANAGE EAGLE CAPITAL MANAGE 13F 10'469'714 2.66 1'207'414 31.12.2012 Investment Advisor


TISCH JONATHAN M n/a Form 4 8'581'861 2.18 9'090 08.11.2012 n/a


CORTLAND ADVISERS LL CORTLAND ADVISERS LL 13F 5'300'000 1.35 5'300'000 31.12.2012 Investment Advisor

NWQ INVESTMENT MANAG NWQ INVESTMENT MANAG 13F 5'158'228 1.31 (796'384) 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 4'808'383 1.22 (116'500) 31.12.2012 Investment Advisor

PRINCIPAL FINANCIAL PRINCIPAL FINANCIAL 13F 4'295'906 1.09 290'859 31.12.2012 Investment Advisor

NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'926'383 1 54'789 31.12.2012 Investment Advisor

ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 3'343'838 0.85 (69'629) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'289'318 0.84 (16'198) 31.12.2012 Investment Advisor


Janney Montgomery Scott LLC ROBERT GLASSPIEGEL buy 5 M #N/A N/A Not Provided 19.02.2013

Morgan Stanley DAVID J ADELMAN Equalwt/In-Line 3 M #N/A N/A Not Provided 11.02.2013

Millman Research Associates MICHAEL MILLMAN buy 5 M 46 12 month 11.02.2013


Holdings By:

Loews Corp ee


21.02.2013

Manulife Financial Corporation provides financial protection products and

investment management services to individuals, families, businesses, and groups.

The Company conducts operations in Canada, the United States, and Asia, as well

as reinsurance operations on a global basis. Manulife offers products such as

annuities, pension products, life insurance, health insurance, and mutual funds.


LTM as of: 12/yy

52-Week High (12.02.2013) 15.75

52-Week Low (25.07.2012) 10.18

Daily Volume

15.19





27'763.09 1 Yr Total Return 24.52%







MFC CT EQUITY YTD Change - Average Volume 30 Day 4'523'389

MFC CT EQUITY YTD % CHANGE - Average Volume 3 Month 4'195'571


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

32'060.0 39'160.0 36'637.0 49'982.0 28'841.0 49'982.0 28'841.0 41'207.3 43'283.3 10'160.5 10'356.5

0.82x 0.66x 1.27x 0.73x 1.46x 3.35x 5.71x - - - -

- - - - - 0.0 0.0 - - - -

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

517.0 1'402.0 (1'663.0) 129.0 1'736.0 129.0 1'736.0 2'395.8 2'799.7 613.8 584.0

65.00x 23.57x - 41.73x 13.93x 43.40x 14.22x 11.72x 10.11x 11.64x 11.38x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06







Fiscal Year Ended

Manulife Financial CorpPrice/Volume

Valuation Analysis

4'399'272.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!.135

-!-.-1-3-5

c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 ! 8. ! 81 ! 83 ! 85 ! 8-! ! 8-. ! 8-1 ! 8-3 ! 8-5 ! 8.! ! 8

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

! !!

! 2!

- !!

- 2!

. !!

. 2!

0 !!

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



21.02.2013


ROYAL BANK OF CANADA n/a ULT-AGG 132'717'841 7.26 3'189'615 31.01.2013 Bank

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 65'176'055 3.57 (3'563'431) 31.12.2012 Investment Advisor


TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 52'983'403 2.9 4'822'004 31.12.2012 Investment Advisor

THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 46'618'481 2.55 862'500 31.12.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 46'038'435 2.52 1'709'609 31.12.2012 Investment Advisor

JARISLOWSKY FRASER L JARISLOWSKY FRASER L 13F 38'758'629 2.12 (7'335'379) 31.12.2012 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 36'131'085 1.98 (2'431'543) 31.12.2012 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 34'237'076 1.87 931'433 31.12.2012 Investment Advisor

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 27'843'660 1.52 1'239'820 31.12.2012 Investment Advisor

BEUTEL GOODMAN & COM BEUTEL, GOODMAN & CO 13F 27'549'732 1.51 1'842'493 31.12.2012 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 21'002'900 1.15 7'630'300 30.09.2012 Investment Advisor

GREYSTONE MANAGED IN GREYSTONE MANAGED IN 13F 20'992'205 1.15 (2'094'006) 31.12.2012 Investment Advisor



LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 19'397'638 1.06 433'678 31.12.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 18'511'526 1.01 3'879'594 31.12.2012 Investment Advisor

GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 17'725'733 0.97 579'978 31.12.2012 Insurance Company

TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 17'026'155 0.93 - 30.09.2012 Unclassified



Canaccord Genuity Corp MARIO MENDONCA hold 3 M 16 12 month 18.02.2013

RBC Capital Markets ANDRE PHILIPPE HARDY sector perform 3 M 15 12 month 15.02.2013

Credit Suisse GABRIEL DECHAINE neutral 3 M 15 Not Provided 12.02.2013

Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 12.02.2013

National Bank Financial PETER D ROUTLEDGE sector perform 3 M 16 12 month 11.02.2013

BMO Capital Markets TOM MACKINNON market perform 3 M 16 Not Provided 08.02.2013

Macquarie SUMIT MALHOTRA neutral 3 M 15 12 month 08.02.2013

Desjardins Securities MICHAEL GOLDBERG buy 5 M 16 12 month 08.02.2013

Cormark Securities Inc. DARKO MIHELIC buy 5 M 17 12 month 08.02.2013

TD Securities DOUG YOUNG buy 5 M 17 12 month 08.02.2013

Veritas Investment Research Co OHAD LEDERER buy 5 M 15 Not Provided 08.02.2013

Barclays JOHN AIKEN overweight 5 M 15 Not Provided 08.02.2013

Morgan Stanley HAYLEY LOCKER Equalwt/In-Line 3 M #N/A N/A Not Provided 07.02.2013

CIBC World Markets ROBERT SEDRAN sector outperform 5 U 16 Not Provided 07.02.2013

Scotia Capital JOANNE SMITH sector outperform 5 M 16 12 month 30.01.2013


Holdings By:

Manulife Financial Corp ee


21.02.2013

Marsh & McLennan Companies, Inc. is a global professional services

firm providing advice and solutions in the areas of risk, strategy and human

capital. Marsh & McLennan offers analysis, advice, and transactional

capabilities to clients worldwide


LTM as of: 12/yy

52-Week High (06.02.2013) 36.93

52-Week Low (22.06.2012) 30.74

Daily Volume

36.09





19'669.05 1 Yr Total Return 14.87%







MMC UN EQUITY YTD Change - Average Volume 30 Day 809'250

MMC UN EQUITY YTD % CHANGE - Average Volume 3 Month 781'951


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

11'518.0 9'831.0 10'550.0 11'526.0 11'924.0 11'526.0 11'924.0 12'489.4 13'122.8 3'189.7 3'169.2

1.25x 1.38x 1.51x 1.55x 1.63x 6.06x 6.48x 1.60x 1.50x 6.49x 6.48x

1'192.0 1'143.0 1'296.0 1'970.0 - 1'970.0 1'677.0 2'428.5 2'646.5 683.0 671.1

12.11x 11.91x 12.32x 9.10x - 9.10x 0.00x 8.35x 7.67x 8.24x 8.08x

(73.0) 227.0 855.0 993.0 1'176.0 993.0 1'176.0 1'334.4 1'474.6 385.0 372.4

16.74x 10.56x 15.62x 17.09x 16.03x 17.09x 16.34x 15.02x 13.50x 15.03x 14.68x

EBITDA 1'970.00 Long-Term Rating Date -

EBIT 1'829.00 Long-Term Rating BBB





Return on Capital 14.45% EBITDA/Interest Exp. 9.90

Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 8.49

Net Debt/EBITDA 0.41

Gross Margin - Total Debt/EBITDA 1.36

EBITDA Margin 18.2%

EBIT Margin 15.3% Total Debt/Equity 44.1%


Asset Turnover 0.75

Current Ratio 1.69 Net Fixed Asset Turnover 14.78

Quick Ratio 1.50 Accounts receivable turnover-days 91.53



Accounts Receivable Turnover 4.00 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Marsh & McLennan Cos IncPrice/Volume

Valuation Analysis

694'899.00


!

2

-!

-2

.!

.2

0!

02

1!

c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 ! 8 2 8- ! 8- 2 8. ! 8. 2 80 ! 80 2 81 ! 81 2 82 ! 8

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

! !!

-! !!

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0! !!

1! !!

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21.02.2013




PRIMECAP MANAGEMENT PRIMECAP MANAGEMENT 13F 31'612'388 5.8 (1'461'800) 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 28'875'216 5.3 (9'977) 31.12.2012 Investment Advisor





OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 11'784'565 2.16 80'240 31.12.2012 Investment Advisor



BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 8'427'780 1.55 (1'135'116) 31.12.2012 Investment Advisor




MACQUARIE GROUP LTD n/a ULT-AGG 6'632'129 1.22 14'830 31.12.2012 Investment Advisor

EPOCH INVESTMENT PAR EPOCH INVESTMENT PAR 13F 5'941'464 1.09 (225'790) 31.12.2012 Hedge Fund Manager

NIPPON LIFE INSURANC n/a ULT-AGG 5'341'000 0.98 23'700 31.12.2012 Insurance Company

VERITAS ASSET MANAGE VERITAS ASSET MANAGE 13F 4'901'400 0.9 345'136 31.12.2012 Investment Advisor




Morgan Stanley GREGORY W LOCRAFT Overwt/In-Line 5 M 40 12 month 13.02.2013

Janney Montgomery Scott LLC LARRY GREENBERG buy 5 M 38 12 month 13.02.2013

Macquarie RAYMOND IARDELLA outperform 5 M 40 12 month 13.02.2013

MKM Partners DARREN MARCUS neutral 3 M 35 12 month 13.02.2013


William Blair & Co ADAM KLAUBER market perform 3 M #N/A N/A Not Provided 12.02.2013


Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 39 12 month 12.02.2013

Miller Tabak + Co., LLC TOM MITCHELL buy 5 M #N/A N/A Not Provided 12.02.2013

Wells Fargo Securities, LLC ELYSE GREENSPAN outperform 5 M #N/A N/A Not Provided 12.02.2013

Portales Partners ALEX J LOPEZ sector perform 3 M #N/A N/A Not Provided 12.02.2013


Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 U 40 12 month 06.02.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013

Sterne, Agee & Leach DANIEL FARRELL buy 5 M 43 12 month 14.01.2013

Credit Suisse MICHAEL ZAREMSKI neutral 3 M 34 Not Provided 07.01.2013


Holdings By:

Marsh & McLennan Cos Inc ee


21.02.2013

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: 12/yy

52-Week High (13.03.2012) 39.54

52-Week Low (05.06.2012) 27.65

Daily Volume

35.89





39'181.11 1 Yr Total Return -4.76%







MET UN EQUITY YTD Change - Average Volume 30 Day 1'819'475

MET UN EQUITY YTD % CHANGE - Average Volume 3 Month 2'110'008


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

50'984.0 41'057.0 52'265.0 70'262.0 68'150.0 70'253.0 68'150.0 69'972.1 72'113.8 17'204.7 17'339.3

0.53x 1.07x 1.34x 0.82x 0.72x 3.78x 2.92x 0.89x - - -

- - - - - 0.0 0.0 - - - -

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

3'209.0 (2'246.0) 2'790.0 6'981.0 1'324.0 6'589.0 1'324.0 5'818.8 6'254.7 1'411.0 1'428.8

9.63x 12.32x 10.31x 6.21x 6.24x 6.81x 6.25x 6.78x 6.35x 6.85x 6.77x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MetLife IncPrice/Volume

Valuation Analysis

1'848'073.00


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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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21.02.2013


METLIFE POLICY HOLDE n/a 13D 203'576'838 18.65 (3'556'363) 07.11.2012 n/a






MASSACHUSETTS FINANC MASSACHUSETTS FINANC 13F 25'462'420 2.33 1'540'428 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 22'437'292 2.06 744'827 31.12.2012 Investment Advisor



GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 17'492'065 1.6 1'940'893 31.12.2012 Investment Advisor

DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 15'626'592 1.43 (1'360'601) 31.12.2012 Investment Advisor

DODGE & COX DODGE & COX 13F 15'437'200 1.41 15'437'200 31.12.2012 Investment Advisor



NORGES BANK NORGES BANK 13F 12'569'684 1.15 2'143'394 31.12.2011 Government


UBS n/a ULT-AGG 8'883'483 0.81 137'386 31.12.2012 Unclassified

AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'831'580 0.81 (4'077'272) 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 8'745'373 0.8 (19'860) 31.12.2012 Investment Advisor


Deutsche Bank YARON KINAR hold 3 M 40 12 month 21.02.2013


Janney Montgomery Scott LLC LARRY GREENBERG neutral 3 M #N/A N/A Not Provided 15.02.2013


Macquarie SEAN DARGAN outperform 5 M 45 12 month 15.02.2013

S&P Capital IQ CATHY SEIFERT buy 5 M 43 Not Provided 15.02.2013

Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 45 12 month 14.02.2013

RBC Capital Markets ERIC N BERG sector perform 3 M 50 12 month 14.02.2013


JPMorgan JIMMY S BHULLAR overweight 5 M 41 9 month 14.02.2013


Raymond James STEVEN D SCHWARTZ outperform 5 M 44 12 month 14.02.2013

Sandler O'Neill & Partners, LP EDWARD SHIELDS buy 5 M 44 12 month 14.02.2013

Scotia Capital JOANNE SMITH focus stock 5 M 47 12 month 14.02.2013


Portales Partners NINA GUPTA sector perform 3 N #N/A N/A Not Provided 14.02.2013





Goldman Sachs CHRISTOPHER GIOVANNI buy/attractive 5 M 45 12 month 08.01.2013

Holdings By:

MetLife Inc ee


21.02.2013

Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe) provides financial

services. The Company offers reinsurance, insurance, and asset management

services. MunichRe has subsidiaries in most major financial centers throughout

the world.


LTM as of: 12/yy

52-Week High (05.02.2013) 139.75

52-Week Low (04.06.2012) 95.85

Daily Volume

133.55





23'951.02 1 Yr Total Return 27.96%







MUV2 GY EQUITY YTD Change - Average Volume 30 Day 638'424

MUV2 GY EQUITY YTD % CHANGE - Average Volume 3 Month 611'161


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

47'151.0 53'891.0 59'111.0 60'908.0 - 61'764.0 49'754.0 58'288.6 61'709.4 - -

0.56x 0.44x 0.42x 0.33x - 1.29x 1.45x 0.51x - - -

- - - - - 0.0 0.0 - - - -

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

1'555.0 2'521.0 2'422.0 702.0 3'200.0 702.0 3'200.0 2'830.5 2'888.2 - -

14.34x 8.39x 8.69x 24.03x 7.62x 23.74x 7.56x 8.40x 8.22x - -


EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26







Fiscal Year Ended

Muenchener Rueckversicherungs AGPrice/Volume

Valuation Analysis

453'966.00


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

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

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21.02.2013


BERKSHIRE HATHAWAY I n/a ULT-AGG 18'292'803 10.2 - 31.12.2011 Investment Advisor


PEOPLES BANK OF CHIN n/a Co File 5'380'236 3 - 31.12.2011 Unclassified


CREDIT SUISSE AG n/a Research 3'097'431 1.73 - 25.04.2012 Investment Advisor


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'798'228 1 263'657 31.12.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'606'533 0.9 (448) 31.12.2012 Investment Advisor

DEKA INVESTMENT GMBH Multiple Portfolios MF-AGG 1'583'488 0.88 62'941 30.11.2012 Mutual Fund Manager

DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 1'155'674 0.64 1'135'418 31.01.2013 Investment Advisor


MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 953'106 0.53 2'470 30.11.2012 Investment Advisor

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 909'100 0.51 (376'953) 31.03.2012 Investment Advisor

UNION INVESTMENT GMB Multiple Portfolios MF-AGG 836'088 0.47 4'122 28.09.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 674'788 0.38 - 31.07.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 638'641 0.36 (84'166) 30.11.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 619'738 0.35 6'554 31.12.2012 Investment Advisor

SARASIN n/a ULT-AGG 571'730 0.32 195'044 30.11.2012 Unclassified

FRANKFURT TRUST INVE Multiple Portfolios MF-AGG 549'131 0.31 6'600 30.11.2012 Mutual Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 525'186 0.29 (123'320) 31.12.2012 Investment Advisor


AlphaValue DIETER HEIN reduce 2 M 138 6 month 21.02.2013

Bankhaus Lampe ANDREAS SCHAEFER hold 3 N 145 12 month 20.02.2013

Societe Generale JASON KALAMBOUSSIS hold 3 M 133 12 month 18.02.2013

CA Cheuvreux FRANK KOPFINGER outperform 5 M 157 Not Provided 18.02.2013

Credit Suisse ADAM MCINALLY neutral 3 M 140 Not Provided 15.02.2013


Raymond James DANNY JACQUES market perform 3 M #N/A N/A Not Provided 08.02.2013

HSBC THOMAS FOSSARD underweight 1 M 135 Not Provided 07.02.2013

Nord/LB JULIA SIEKMANN hold 3 M 145 12 month 06.02.2013





Keefe, Bruyette & Woods WILLIAM HAWKINS outperform 5 M 160 12 month 05.02.2013


Oddo & Cie NICOLAS JACOB reduce 2 M 125 Not Provided 05.02.2013

Kepler Capital Markets FABRIZIO CROCE buy 5 M 153 Not Provided 05.02.2013

Ahorro Corporacion Financiera SA VIRGINIA PEREZ REPES hold 3 N 147 Not Provided 05.02.2013

Bryan Garnier & Cie OLIVIER PAUCHAUT sell 1 M 136 6 month 05.02.2013


Equinet Institutional Services(ESN) PHILIPP HAESSLER hold 3 M 125 12 month 05.02.2013

DZ Bank AG THORSTEN WENZEL buy 5 M 154 12 month 05.02.2013

Exane BNP Paribas THOMAS JACQUET neutral 3 M 145 Not Provided 05.02.2013

Helvea DANIEL BISCHOF neutral 3 M 130 12 month 05.02.2013


Main First Bank AG MICHAEL HAID underperform 1 M 145 12 month 01.02.2013

Morgan Stanley MACIEJ WASILEWICZ Overwt/In-Line 5 M 152 12 month 31.01.2013

Mediobanca SpA MARC THIELE outperform 5 M 164 6 month 30.01.2013


RBC Capital Markets GORDON AITKEN underperform 1 M 115 12 month 28.01.2013


Natixis BENOIT VALLEAUX neutral 3 M 137 Not Provided 10.01.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 142 12 month 09.01.2013

Bankhaus Metzler JOCHEN SCHMITT buy 5 M 150 12 month 08.01.2013



Berenberg Bank TOM CARSTAIRS hold 3 M 140 Not Provided 09.11.2012

National Bank AG MANFRED JAISFELD buy 5 M 145 Not Provided 07.11.2012



Daiwa Securities Co. Ltd. TIM PROUDLOVE outperform 5 U 119 6 month 10.05.2011

Holdings By:

Muenchener Rueckversicherungs AG ee


21.02.2013

Ping An Insurance (Group) Company of China Limited provides a variety of

insurance service in China. The Company writes property, casualty, and life

insurance. Ping An Insurance also offers financial services.


LTM as of: 09/yy

52-Week High (04.02.2013) 72.70

52-Week Low (04.06.2012) 53.00

Daily Volume

64.95





481'299.16 1 Yr Total Return -2.49%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

139'137.0 87'666.0 152'961.0 195'052.0 272'683.0 244'495.0 313'844.0 321'397.7 380'716.5 - -

5.10x 3.19x 3.24x 3.37x 2.06x 9.11x 7.64x 1.80x 1.53x - -

- - - - - 0.0 0.0 - - - -

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

18'688.0 1'418.0 13'883.0 17'311.0 19'475.0 19'074.0 21'041.0 21'888.3 28'722.5 - -

30.00x 173.82x 31.68x 32.03x 16.61x 14.56x 17.85x 18.20x 14.14x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ping An Insurance Group Co of China LtdPrice/Volume

Valuation Analysis

19'307'952.00


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50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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21.02.2013


CHAROEN POKPHAND GRO n/a ULT-AGG 1'232'815'614 39.39 1 06.02.2013 Holding Company


DIAMOND EPOCH LTD #N/A N/A EXCH 256'694'218 8.2 - 01.02.2013 Other


VANGUARD GROUP INC Multiple Portfolios MF-AGG 96'820'967 3.09 (2'885'500) 31.12.2012 Investment Advisor

JINJUN CO LTD n/a EXCH 76'000'000 2.43 (120'000'000) 24.08.2011 Corporation



MATTHEWS INTERNATION Multiple Portfolios MF-AGG 25'632'500 0.82 (668'000) 28.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 20'890'300 0.67 1'798'500 31.12.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 17'892'689 0.57 1'311'300 28.09.2012 Mutual Fund Manager

HANG SENG INVESTMENT Multiple Portfolios MF-AGG 17'379'914 0.56 - 30.06.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 16'944'635 0.54 (894'024) 30.06.2012 Investment Advisor


BARING ASSET MANAGEM Multiple Portfolios MF-AGG 12'302'000 0.39 3'583'000 31.10.2012 Unclassified

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 11'165'702 0.36 509'500 28.09.2012 Investment Advisor


GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 7'906'000 0.25 - 31.10.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'775'500 0.22 (2'213'000) 30.06.2012 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 6'448'500 0.21 1'641'500 28.09.2012 Investment Advisor


Core Pacific OLIVE XIA buy 5 M 80 12 month 21.02.2013

Credit Suisse ARJAN VAN VEEN outperform 5 M 80 Not Provided 20.02.2013

Nomura DAVID CHUNG neutral 3 M 67 Not Provided 20.02.2013

JF Apex Securities Bhd TEAM COVERAGE hold 3 M 74 Not Provided 05.02.2013

Capital Securities Corp TEAM COVERAGE buy 5 M 70 Not Provided 04.02.2013

BOCOM International Holdings LI WENBING buy 5 M 83 12 month 04.02.2013

Morgan Stanley BEN LIN Overwt/In-Line 5 M 80 12 month 03.02.2013

Jefferies BARON NIE buy 5 M 83 12 month 03.02.2013

Standard Chartered JENNIFER LAW outperform 5 M 72 12 month 31.01.2013

UOB Kay Hian EDMOND LAW buy 5 M 84 Not Provided 21.01.2013

JPMorgan CHAN BAO LING overweight 5 M 76 9 month 16.01.2013

DBS Vickers PING CHENG buy 5 M 79 12 month 16.01.2013


ABC International FRANCIS CHAN sell 1 M 68 12 month 14.01.2013

SWS Research Co Ltd ROBERT HU neutral 3 M 62 Not Provided 11.01.2013

Deutsche Bank ESTHER CHWEI buy 5 U 86 12 month 07.01.2013

CCB International Securities Ltd KENNETH YUE outperform 5 M 77 Not Provided 07.01.2013

ICBC International Securities PIUS CHENG buy 5 M 75 Not Provided 14.12.2012

Bank of China International SUN PENG hold 3 M 66 Not Provided 12.12.2012

Goldman Sachs MANCY SUN Buy/Neutral 5 M 79 12 month 13.11.2012

Kim Eng Securities IVAN LI buy 5 M 70 12 month 06.11.2012


Guotai Junan FELIX LUO accumulate 4 M 73 Not Provided 31.10.2012

HSBC JAMES GARNER restricted #N/A N/A M #N/A N/A Not Provided 18.10.2012


BNP Paribas Equity Research DORRIS CHEN hold 3 M 67 12 month 21.08.2012

Phillip Securities CHEN XINGYU buy 5 M 80 Not Provided 02.03.2012

China International Capital Corp TANG SHENGBO buy 5 M 77 12 month 27.10.2011

Mirae Asset Securities IVAN CHEUNG hold 3 D 58 12 month 18.10.2011

China Merchants Securities LUO JINMING buy 5 M 60 Not Provided 12.02.2009

Holdings By:

Ping An Insurance Group Co of China Ltd ee


21.02.2013

The Progressive Corporation is an insurance holding company. The Company,

through its subsidiaries, provide personal and commercial automobile insurance

and other specialty property-casualty insurance and related services throughout

the United States.


LTM as of: 12/yy

52-Week High (20.02.2013) 24.61

52-Week Low (02.08.2012) 18.32

Daily Volume

24.3





14'691.78 1 Yr Total Return 19.28%







PGR UN EQUITY YTD Change - Average Volume 30 Day 1'164'161

PGR UN EQUITY YTD % CHANGE - Average Volume 3 Month 1'174'744


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

12'831.3 14'552.5 14'945.0 15'494.7 16'788.5 15'494.7 16'788.5 17'441.1 18'544.4 4'357.0 4'385.9

0.95x 0.97x 1.00x 0.92x - 3.79x 2.69x 0.95x 0.89x 2.90x 2.88x

- - - - - 0.0 0.0 - - - -

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

(70.0) 1'057.5 1'068.3 1'015.5 902.3 1'015.5 902.3 902.6 943.4 274.4 196.3

11.48x 11.68x 13.16x 13.18x 18.19x 13.18x 18.19x 16.41x 15.19x 16.39x 16.25x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.75







Fiscal Year Ended

Progressive Corp/ThePrice/Volume

Valuation Analysis

1'018'157.00


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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. ! 8

0 ! 8

1 ! 8

2 ! 8

3 ! 8

4 ! 8

5 ! 8

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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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2 !!

3 !!

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21.02.2013


DAVIS SELECTED ADVIS DAVIS SELECTED ADVIS 13F 50'531'368 8.36 (5'782'026) 31.12.2012 Investment Advisor

LEWIS PETER BENJAMIN n/a Form 4 43'682'459 7.23 (1'410'288) 30.11.2012 n/a

MORGAN STANLEY n/a ULT-AGG 38'883'783 6.43 1'683'178 31.12.2012 Investment Advisor


BROWN BROTHERS HARRI BROWN BROTHERS HARRI 13F 24'453'486 4.04 1'291'054 31.12.2012 Investment Advisor


T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 24'189'506 4 904'615 31.12.2012 Investment Advisor


ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 22'420'667 3.71 1'276'467 31.12.2012 Investment Advisor


BARCLAYS PLC BARCLAYS PLC 13F 17'385'566 2.88 16'892'287 31.12.2012 Investment Advisor

NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 12'299'752 2.03 (552'882) 31.12.2012 Investment Advisor

BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 10'093'577 1.67 1'517'177 31.12.2012 Investment Advisor

PUBLIC SECTOR PENSIO PUBLIC SECTOR PENSIO 13F 10'012'688 1.66 11'500 31.12.2012 Investment Advisor


INVESCO LTD INVESCO LTD 13F 9'033'096 1.49 (3'483'615) 31.12.2012 Investment Advisor



JOHN W BRISTOL & COM JOHN W BRISTOL & COM 13F 6'029'753 1 (297'034) 31.12.2012 Investment Advisor

ING GROEP NV ING GROEP NV 13F 5'128'000 0.85 5'128'000 31.12.2012 Investment Advisor



Goldman Sachs MICHAEL S NANNIZZI Sell/Neutral 1 M 21 12 month 15.02.2013

Edward Jones JIM SHANAHAN hold 3 M #N/A N/A Not Provided 15.02.2013

Janney Montgomery Scott LLC ROBERT GLASSPIEGEL neutral 3 M #N/A N/A Not Provided 15.02.2013


Macquarie RAYMOND IARDELLA underperform 1 M 20 12 month 14.02.2013


Barclays JAY H GELB equalweight 3 D 26 Not Provided 14.02.2013

Morgan Stanley GREGORY W LOCRAFT Underwt/In-Line 1 M #N/A N/A Not Provided 13.02.2013

William Blair & Co ADAM KLAUBER underperform 1 M #N/A N/A Not Provided 13.02.2013


Sandler O'Neill & Partners, LP J PAUL NEWSOME hold 3 M 25 12 month 13.02.2013



Portales Partners NINA GUPTA sector perform 3 U #N/A N/A Not Provided 13.02.2013

Argus Research Corp JOHN M EADE hold 3 M #N/A N/A Not Provided 31.01.2013

Credit Suisse MICHAEL ZAREMSKI underperform 1 M 20 Not Provided 23.01.2013




Deutsche Bank JOSHUA D SHANKER sell 1 M 18 12 month 15.11.2012

Holdings By:

Progressive Corp/The ee


21.02.2013

Prudential Financial, Inc. provides financial services throughout the United

States and several locations worldwide. The Company offers a variety of

products and services, including life insurance, mutual funds, annuities,

pension and retirement related services and administration, and asset

management.


LTM as of: 12/yy

52-Week High (21.03.2012) 65.16

52-Week Low (04.06.2012) 44.47

Daily Volume

56.05





26'119.30 1 Yr Total Return -5.65%







PRU UN EQUITY YTD Change - Average Volume 30 Day 684'971

PRU UN EQUITY YTD % CHANGE - Average Volume 3 Month 718'070


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

29'219.0 32'566.0 38'200.0 49'045.0 84'815.0 49'040.0 84'815.0 52'809.1 54'926.0 12'354.4 12'463.4

1.25x 1.25x 1.25x 0.88x - 3.79x 1.69x - - - -

- - - - - 0.0 0.0 - - - -

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

(1'117.0) 3'124.0 3'195.0 3'666.0 469.0 3'630.0 381.0 3'649.0 4'047.6 867.8 906.1

11.55x 9.03x 9.52x 7.82x 8.51x 8.35x 8.71x 7.20x 6.45x 7.19x 6.99x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08







Fiscal Year Ended

Prudential Financial IncPrice/Volume

Valuation Analysis

641'619.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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- ! 8

- 2 8

. ! 8

. 2 8

0 ! 8

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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21.02.2013







JP MORGAN n/a ULT-AGG 10'553'869 2.28 (1'484'042) 31.12.2012 Unclassified

GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 8'021'431 1.74 676'519 31.12.2012 Investment Advisor

NORGES BANK NORGES BANK 13F 7'586'223 1.64 (88'667) 31.12.2011 Government


TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 5'726'453 1.24 401'714 31.12.2012 Investment Advisor


CITADEL ADVISORS LLC CITADEL ADVISORS LLC 13F 5'371'178 1.16 4'534'645 31.12.2012 Hedge Fund Manager




DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'102'725 0.89 6'179 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 3'840'147 0.83 (175'083) 31.12.2012 Investment Advisor


CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 3'062'675 0.66 514'244 31.12.2012 Investment Advisor

GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 2'937'330 0.64 18'288 31.12.2012 Investment Advisor


Goldman Sachs CHRISTOPHER GIOVANNI buy/attractive 5 M 75 12 month 19.02.2013



Portales Partners NINA GUPTA sector perform 3 N #N/A N/A Not Provided 14.02.2013



Raymond James STEVEN D SCHWARTZ strong buy 5 M 82 12 month 11.02.2013

Sandler O'Neill & Partners, LP EDWARD SHIELDS hold 3 M 59 Not Provided 11.02.2013



Macquarie SEAN DARGAN neutral 3 M 62 12 month 08.02.2013

Morgan Stanley NIGEL P DALLY Overwt/In-Line 5 M 71 12 month 07.02.2013

RBC Capital Markets ERIC N BERG top pick 5 M 90 12 month 07.02.2013

JPMorgan JIMMY S BHULLAR overweight 5 M 67 9 month 07.02.2013

S&P Capital IQ ROBERT MCMILLAN buy 5 M 66 Not Provided 07.02.2013




Scotia Capital JOANNE SMITH sector perform 3 M 61 12 month 30.01.2013

Deutsche Bank YARON KINAR buy 5 M 67 12 month 16.01.2013




Holdings By:

Prudential Financial Inc ee


21.02.2013

Prudential plc is an international company which provides a wide assortment of

insurance and investment products and services. Insurance products include life,

accident and health, property and casualty insurance, as well as fixed and

variable annuities. Financial and investment services include personal and

group pensions, equity plans, mortgages and deposit accounts.


LTM as of: 09/yy

52-Week High (20.02.2013) 989.00

52-Week Low (01.06.2012) 654.50

Daily Volume

959.5





24'537.06 1 Yr Total Return 38.57%







PRU LN EQUITY YTD Change - Average Volume 30 Day 3'743'157

PRU LN EQUITY YTD % CHANGE - Average Volume 3 Month 3'778'077


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2

32'870.0 (10'269.0) 48'099.0 47'646.0 36'506.0 0.0 0.0 49'797.0 57'898.0 933.1 -

0.59x - 0.38x 0.39x 0.47x #DIV/0! #DIV/0! 0.36x 0.32x - -

- - - - - 0.0 0.0 - - - -

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

947.0 (396.0) 676.0 1'431.0 1'490.0 0.0 0.0 1'748.7 1'944.9 - -

24.66x - 23.20x 11.78x 10.85x 0.00x 0.00x 13.93x 12.53x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Prudential PLCPrice/Volume

Valuation Analysis

1'688'394.00


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-1 ! 8

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-20'000.0

-10'000.0

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

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1 !!

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21.02.2013




NORGES BANK INVESTME Multiple Portfolios REG 109'343'285 4.28 (3'426'400) 01.09.2012 Government

LEGAL & GENERAL n/a ULT-AGG 104'422'688 4.08 (2'480'541) 01.09.2012 Unclassified

BAILLIE GIFFORD AND Multiple Portfolios REG 88'005'484 3.44 6'184'930 01.09.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 73'253'657 2.86 (685'857) 31.12.2012 Investment Advisor

SCOTTISH WIDOWS n/a ULT-AGG 68'974'059 2.7 1'266'568 31.12.2012 Unclassified


M&G INVESTMENT MANAG Multiple Portfolios REG 50'900'480 1.99 2'349'806 01.09.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 46'515'731 1.82 (10'468'461) 01.09.2012 Investment Advisor


JP MORGAN n/a ULT-AGG 41'096'800 1.61 (2'879'736) 31.12.2012 Unclassified

SCHRODER INVESTMENT Multiple Portfolios REG 37'587'380 1.47 (1'798'097) 01.09.2012 Investment Advisor

PEOPLES REPUBLIC OF Multiple Portfolios REG 32'116'464 1.26 6'524'975 01.09.2012 Government

AEGON n/a ULT-AGG 31'314'498 1.22 (1'575'145) 01.09.2012 Unclassified

VANGUARD GROUP INC Multiple Portfolios REG 27'712'324 1.08 2'776'676 01.09.2012 Investment Advisor

LANSDOWNE PARTNERS L n/a Short (26'336'610) -1.03 (2'301'258) 20.12.2012 Hedge Fund Manager

LAZARD ASSET MANAGEM n/a ULT-AGG 25'693'022 1 (3'128'089) 31.12.2012 Unclassified

MORGAN STANLEY INVES Multiple Portfolios REG 25'352'169 0.99 (3'324'924) 01.09.2012 Investment Advisor

HSBC INVESTMENTS UK Multiple Portfolios REG 24'274'851 0.95 2'269'984 01.09.2012 Investment Advisor




Credit Suisse CHRIS ESSON outperform 5 M 1'080 Not Provided 15.02.2013

Morgan Stanley JON HOCKING Overwt/In-Line 5 M 1'135 12 month 11.02.2013

Macquarie NEIL WELCH neutral 3 M 1'000 12 month 05.02.2013

Sanford C. Bernstein & Co EDWARD HOUGHTON outperform 5 M 1'055 12 month 04.02.2013

Barclays ALAN DEVLIN overweight 5 M 1'023 Not Provided 04.02.2013

Deutsche Bank OLIVER STEEL buy 5 M 1'060 12 month 24.01.2013

JPMorgan ASHIK MUSADDI underweight 1 M 781 9 month 17.01.2013


HSBC KAILESH MISTRY overweight 5 M 1'095 Not Provided 16.01.2013

Keefe, Bruyette & Woods GREIG N PATERSON market perform 3 M 950 12 month 09.01.2013

Investec KEVIN RYAN hold 3 M 831 12 month 07.01.2013

S&P Capital IQ RODERICK WALLACE strong buy 5 M 1'100 12 month 21.12.2012

Exane BNP Paribas ANDY HUGHES underperform 1 M 745 Not Provided 17.12.2012


Panmure Gordon & Co Limited BARRIE CORNES buy 5 M 1'085 Not Provided 04.12.2012

Societe Generale ABID HUSSAIN buy 5 M 900 12 month 03.12.2012

Berenberg Bank MATTHEW PRESTON buy 5 M 1'080 Not Provided 03.12.2012

Redburn Partners LANCE BURBIDGE buy 5 M #N/A N/A Not Provided 22.11.2012

Oriel Securities Ltd MARCUS BARNARD buy 5 M 900 Not Provided 14.11.2012


Goldman Sachs COLIN L SIMPSON Buy/Neutral 5 M 1'081 12 month 11.10.2012

Nomura FAHAD CHANGAZI reduce 2 M 680 Not Provided 15.08.2012


Holdings By:

Prudential PLC ee


21.02.2013

QBE Insurance Group Limited is an insurance company which underwrites most forms

of commercial and industrial insurance policies, as well as individual policies.

QBE also manages Lloyds syndicates and provides investment management services.

The Company provides its services both domestically and internationally.


LTM as of: 01/yy

52-Week High (04.04.2012) 14.71

52-Week Low (05.12.2012) 10.02

Daily Volume

13.14





15'725.26 1 Yr Total Return 17.96%







QBE AT EQUITY YTD Change - Average Volume 30 Day 5'163'217

QBE AT EQUITY YTD % CHANGE - Average Volume 3 Month 5'052'321


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

9'714.6 10'603.6 10'933.1 12'021.0 16'135.0 - - 17'545.1 17'980.9 - -

2.75x 2.12x 2.00x 1.76x 1.12x - - 1.21x 1.19x - -

- - - - - - - - - - -

- - - - - - - - - - -

1'614.5 1'583.8 1'562.5 1'278.0 704.0 - - 1'146.5 1'500.5 - -

14.77x 12.36x 13.03x 15.01x 20.46x - - 14.54x 11.85x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.35








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

QBE Insurance Group LtdPrice/Volume

Valuation Analysis

5'544'580.00


!

.

1

3

5

-!

-.

-1

-3

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-! ! 8

.! ! 8

0! ! 8

1! ! 8

2! ! 8

3! ! 8

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

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

! !!

. !!

1 !!

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21.02.2013


ABERDEEN n/a ULT-AGG 169'005'891 14.12 22'462'268 08.01.2013 Unclassified

CREDIT SUISSE AG n/a EXCH 125'774'584 10.51 (12'756'433) 18.03.2011 Investment Advisor

COMMONWEALTH BANK OF n/a EXCH 111'084'158 9.28 13'495'710 19.12.2012 Bank

NATIONAL AUSTRALIA B n/a EXCH 32'716'423 2.73 (26'444'095) 31.08.2012 Bank


FRANKLIN RESOURCES n/a ULT-AGG 17'776'192 1.49 991'300 31.12.2012 Investment Advisor


VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 6'830'982 0.57 146'001 30.09.2012 Mutual Fund Manager

AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 6'365'000 0.53 - 29.06.2012 Investment Advisor



MATTHEWS INTERNATION Multiple Portfolios MF-AGG 4'484'726 0.37 - 28.09.2012 Investment Advisor

ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 3'631'156 0.3 - 30.06.2011 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'610'967 0.22 (2'088'890) 14.09.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 2'577'880 0.22 67'133 30.11.2012 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'265'624 0.19 (15'523) 31.05.2012 Investment Advisor

TAUBE HODSON STONEX Multiple Portfolios MF-AGG 2'116'882 0.18 (107'370) 30.11.2012 Investment Advisor


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'942'512 0.16 9'288 28.12.2012 Mutual Fund Manager

ALLIANZ ASSET MANAGE n/a ULT-AGG 1'716'057 0.14 20'996 31.12.2012 Investment Advisor


Nomura TOBY LANGLEY buy 5 M 14 Not Provided 21.02.2013

JPMorgan SIDDHARTH PARAMESWARAN neutral 3 M 14 9 month 15.02.2013

Credit Suisse ANDREW ADAMS outperform 5 M 13 Not Provided 13.02.2013

Commonwealth Bank ROSS CURRAN underweight 1 M 12 12 month 08.02.2013

Macquarie TIM LAWSON neutral 3 M 13 12 month 07.02.2013

Morgan Stanley DANIEL TOOHEY Equalwt/Attractive 3 M 12 12 month 31.01.2013

CIMB RICHARD COLES neutral 3 M 12 12 month 23.01.2013


Goldman Sachs RYAN FISHER neutral/neutral 3 M 11 12 month 14.01.2013

Deutsche Bank KIEREN CHIDGEY hold 3 M 12 12 month 07.01.2013

BBY Limited BRETT LE MESURIER underperform 1 M 9 12 month 10.12.2012

Shaw Stockbroking TIM BUCKLEY buy 5 U #N/A N/A Not Provided 10.03.2010

Holdings By:

QBE Insurance Group Ltd ee


21.02.2013

Sampo Oyj offers multi-line insurance. The Company offers life and pension and

property/casualty insurance.


LTM as of: 12/yy

52-Week High (13.02.2013) 28.50

52-Week Low (04.06.2012) 17.91

Daily Volume

27.94



% 52 Week Price Range High/Low 97.36% Equity Float -


15'646.40 1 Yr Total Return 40.54%







SAMAS FH EQUITY YTD Change - Average Volume 30 Day 923'453

SAMAS FH EQUITY YTD % CHANGE - Average Volume 3 Month 807'487


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

4'634.0 5'655.0 6'305.0 5'342.0 6'415.0 5'342.0 6'416.0 5'638.5 5'652.4 - -

1.78x 1.92x 2.05x - 2.33x 7.10x 8.71x - - - -

- - - - - 0.0 0.0 - - - -

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

675.0 641.0 1'104.0 1'038.0 1'404.0 1'038.0 1'404.0 1'349.4 1'424.7 335.5 348.0

11.22x 14.93x 10.18x 10.36x 9.71x 5.18x 7.91x 11.69x 11.04x 11.48x 10.86x


EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.21







Fiscal Year Ended

SampoPrice/Volume

Valuation Analysis

461'976.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

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-2

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.2

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2 8

- ! 8

- 2 8

. ! 8

. 2 8

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

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

! !!

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21.02.2013


SOLIDIUM OY n/a Research 79'280'080 14.19 - 31.01.2013 Holding Company

VARMA MUTUAL PENSION n/a Research 47'709'421 8.54 - 31.01.2013 Insurance Company


WAHLROOS BJORN n/a Research 11'761'383 2.1 - 31.01.2013 n/a



ILMARINEN MUTUAL PEN n/a Research 5'850'422 1.05 - 31.01.2013 Insurance Company

KALEVA MUTUAL INSURA n/a Research 5'668'476 1.01 - 31.01.2013 Insurance Company

UMB BANK N A Multiple Portfolios MF-AGG 5'350'770 0.96 237'817 31.12.2012 Investment Advisor


FINLAND STATE PENSIO n/a Research 4'260'000 0.76 - 31.01.2013 Government

THREADNEEDLE ASSET M Multiple Portfolios MF-AGG 4'231'895 0.76 105'058 31.10.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 4'067'878 0.73 (476'757) 30.11.2012 Investment Advisor

THREADNEEDLE INVESTM THREADNEEDLE EUROPEA UT-UK 3'798'781 0.68 66'922 31.10.2012 Investment Advisor


LOCAL GOVERNMENT PEN n/a Research 2'552'530 0.46 - 31.01.2013 Pension Fund (ERISA)

SWISS NATIONAL BANK n/a Research 2'457'137 0.44 - 31.01.2013 Government

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'172'644 0.39 411'981 30.09.2012 Investment Advisor


NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'949'210 0.35 (18'522) 31.12.2012 Investment Advisor


Barclays CLAUDIA GASPARI equalweight 3 D 28 Not Provided 20.02.2013


Deutsche Bank JAN WOLTER hold 3 M 26 12 month 14.02.2013

Pohjola Bank Plc (ESN) ANTTI SAARI reduce 2 D 27 12 month 14.02.2013

Macquarie HADLEY COHEN outperform 5 M 29 12 month 14.02.2013

Carnegie GIANANDREA ROBERTI buy 5 M #N/A N/A Not Provided 14.02.2013

Nordea Equity Research PAAVO AHONEN hold 3 M 29 12 month 14.02.2013

Handelsbanken MATTI AHOKAS accumulate 4 M 29 12 month 14.02.2013

DNB Markets HAKON FURE hold 3 M 29 Not Provided 14.02.2013


ABG Sundal Collier JAKOB BRINK buy 5 M 31 6 month 13.02.2013

Goldman Sachs VINIT MALHOTRA neutral/neutral 3 M 27 12 month 13.02.2013

Credit Suisse CHRIS ESSON outperform 5 M 30 Not Provided 13.02.2013

Evli Bank Plc KIMMO RAMA buy 5 M 27 12 month 13.02.2013

Danske Markets PER GRONBORG sell 1 M 27 12 month 13.02.2013

Keefe, Bruyette & Woods KARL MORRIS underperform 1 M 23 12 month 11.02.2013

Mediobanca SpA SIMONETTA CHIRIOTTI neutral 3 M 28 6 month 30.01.2013


Sanford C. Bernstein & Co THOMAS SEIDL market perform 3 M 22 12 month 13.12.2012

SEB Enskilda MIKA KOSKINEN hold 3 M 23 Not Provided 10.12.2012


CA Cheuvreux HANS PLUIJGERS outperform 5 M 25 Not Provided 09.08.2012

Societe Generale EMMANUELLE CALES hold 3 M 22 12 month 31.05.2012

JPMorgan ANDREAS VAN EMBDEN underweight 1 M 20 Not Provided 23.02.2012

Holdings By:

Sampo ee


21.02.2013

Sun Life Financial Inc. is an international financial services organization

providing a diverse range of wealth accumulation and protection products and

services. The Company provides insurance, mutual funds, annuities, pensions,

investment management, trust services, and banking services. Sun Life serves

individuals and corporate customers worldwide.


LTM as of: 12/yy

52-Week High (13.02.2013) 30.03

52-Week Low (04.06.2012) 19.76

Daily Volume

28.92





17'339.37 1 Yr Total Return 43.39%







SLF CT EQUITY YTD Change - Average Volume 30 Day 1'252'380

SLF CT EQUITY YTD % CHANGE - Average Volume 3 Month 1'400'360


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

14'548.0 27'572.0 24'801.0 19'830.0 17'559.0 22'240.0 18'676.0 21'791.7 22'590.7 5'566.0 5'407.5

0.97x 0.50x 0.70x 0.49x 0.92x 2.39x 3.02x - - - -

- - - - - 0.0 0.0 - - - -

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

855.0 613.0 1'499.0 (270.0) 1'674.0 (199.0) 1'627.0 1'423.2 1'627.2 393.4 410.0

- 30.56x 11.63x 20.54x 10.59x 21.24x 10.22x 11.30x 10.62x 11.35x 11.21x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.08







Fiscal Year Ended

Sun Life Financial IncPrice/Volume

Valuation Analysis

1'776'238.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

c--. f--. I--. f--. e--. e--. I--. n--. j--. i--. T--. e--0 ! 8

- ! 8

. ! 8

0 ! 8

1 ! 8

2 ! 8

3 ! 8

4 ! 8

5 ! 8

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

! !!

2 !!

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-2 !!

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



21.02.2013


ROYAL BANK OF CANADA n/a ULT-AGG 45'412'621 7.57 5'014'354 31.01.2013 Bank

IG INVESTMENT MANAGE IG INVESTMENT MANAGE 13F 23'473'093 3.92 (14'937) 31.12.2012 Investment Advisor

THE BANK OF NOVA SCO THE BANK OF NOVA SCO 13F 15'505'568 2.59 (955'347) 31.12.2012 Investment Advisor


TD ASSET MANAGEMENT TD ASSET MANAGEMENT 13F 14'375'481 2.4 2'896'551 31.12.2012 Investment Advisor

BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 12'708'859 2.12 867'408 31.12.2012 Investment Advisor

TORONTO DOMINION BAN TORONTO DOMINION BAN 13F 12'024'655 2.01 1'042'553 31.12.2012 Investment Advisor

CIBC WORLD MARKETS I CIBC WORLD MARKETS I 13F 11'607'221 1.94 407'764 31.12.2012 Investment Advisor

LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 10'544'568 1.76 1'422'122 31.12.2012 Investment Advisor

IA CLARINGTON INVEST Multiple Portfolios MF-AGG 9'530'096 1.59 12'600 30.09.2012 Investment Advisor

CIBC GLOBAL ASSET MA CIBC GLOBAL ASSET MA 13F 9'292'573 1.55 (235'071) 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 8'322'300 1.39 (1'466'400) 31.12.2012 Investment Advisor



GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 5'800'795 0.97 (433'537) 31.12.2012 Insurance Company


AGF INVESTMENTS INC AGF INVESTMENTS INC 13F 3'144'675 0.52 747'625 31.12.2012 Investment Advisor

APG ALL PENSIONS GRO APG ALL PENSIONS GRO 13F 2'869'340 0.48 (110'916) 31.12.2012 Investment Advisor

CONNOR CLARK & LUNN CONNOR CLARK & LUNN 13F 2'856'457 0.48 460'000 31.12.2012 Investment Advisor

FIERA CAPITAL CORPOR FIERA CAPITAL CORPOR 13F 2'746'771 0.46 (628'379) 31.12.2012 Investment Advisor


National Bank Financial PETER D ROUTLEDGE sector perform 3 M 31 12 month 19.02.2013

Canaccord Genuity Corp MARIO MENDONCA hold 3 M 29 12 month 18.02.2013

RBC Capital Markets ANDRE PHILIPPE HARDY sector perform 3 M 28 12 month 15.02.2013

Credit Suisse GABRIEL DECHAINE outperform 5 M 31 Not Provided 15.02.2013

Edward Jones TOM LEWANDOWSKI buy 5 M #N/A N/A Not Provided 15.02.2013

Desjardins Securities MICHAEL GOLDBERG hold 3 M 31 12 month 15.02.2013

Cormark Securities Inc. DARKO MIHELIC market perform 3 M 29 12 month 15.02.2013

TD Securities DOUG YOUNG buy 5 M 32 12 month 15.02.2013

EVA Dimensions AUSTIN BURKETT underweight 1 U #N/A N/A Not Provided 15.02.2013

BMO Capital Markets TOM MACKINNON market perform 3 M 29 Not Provided 14.02.2013

Morgan Stanley NIGEL P DALLY Equalwt/In-Line 3 M #N/A N/A Not Provided 14.02.2013

Scotia Capital JOANNE SMITH sector perform 3 M 28 12 month 13.02.2013

Veritas Investment Research Co OHAD LEDERER sell 1 M 29 Not Provided 13.02.2013

CIBC World Markets ROBERT SEDRAN sector perform 3 M 28 Not Provided 14.01.2013

Barclays JOHN AIKEN suspended coverage #N/A N/A M #N/A N/A Not Provided 17.12.2012


Holdings By:

Sun Life Financial Inc ee


21.02.2013

Swiss Re AG offers reinsurance, insurance and insurance linked financial

market products. The Company offers automobile, liability, accident,

engineering, marine, aviation, life, and health insurance. Swiss Re also

manages fixed-income and equity investments for itself and other insurance

companies.


LTM as of: 12/yy

52-Week High (21.02.2013) 76.60

52-Week Low (22.02.2012) 50.00

Daily Volume

75.45





27'969.84 1 Yr Total Return 46.17%







SREN VX EQUITY YTD Change - Average Volume 30 Day 1'105'172

SREN VX EQUITY YTD % CHANGE - Average Volume 3 Month 964'773


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

24'011.7 30'624.0 28'484.0 27'797.0 33'116.0 27'797.0 33'116.0 31'900.3 34'319.4 - -

1.03x 0.50x 1.13x 1.02x 1.08x 3.93x 3.87x 1.22x - - -

- - - - - 0.0 0.0 - - - -

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

(800.3) 467.4 863.0 2'626.0 4'201.0 2'626.0 4'180.0 2'857.7 2'951.2 - -

- 33.44x 21.30x 6.64x 6.09x 6.64x 5.97x 10.02x 9.72x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.15








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Swiss Re AGPrice/Volume

Valuation Analysis

2'334'142.00


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21.02.2013


SWISS RE n/a EXCH 27'282'124 7.36 (1'396'672) 29.03.2012 Unclassified




DODGE & COX n/a Co File 12'639'368 3.41 - 31.12.2011 Investment Advisor

MFS INVESTMENT MANAG n/a Co File 11'485'890 3.1 - 31.12.2011 Investment Advisor

BERKSHIRE HATHAWAY I n/a ULT-AGG 11'262'000 3.04 - 31.12.2011 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'610'148 1.51 (9'893) 28.12.2012 Mutual Fund Manager


UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 2'870'923 0.77 (16'783) 31.10.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 2'181'639 0.59 (8'205) 31.10.2012 Mutual Fund Manager

SARASIN n/a ULT-AGG 1'986'440 0.54 4'568 28.12.2012 Unclassified

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 1'464'844 0.4 (33'255) 30.11.2012 Mutual Fund Manager


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'238'106 0.33 - 30.04.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 1'214'600 0.33 (801) 31.12.2012 Unclassified

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'102'833 0.3 (174'506) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 833'022 0.22 (181'060) 31.12.2012 Investment Advisor

BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 819'676 0.22 145'000 31.10.2012 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 635'477 0.17 (6'100) 31.10.2012 Investment Advisor


Societe Generale JASON KALAMBOUSSIS buy 5 M 75 12 month 21.02.2013


Berenberg Bank TOM CARSTAIRS sell 1 M 66 Not Provided 21.02.2013



Main First Bank AG RENE LOCHER underperform 1 M 72 12 month 19.02.2013

CA Cheuvreux FRANK KOPFINGER select list 5 M 86 Not Provided 18.02.2013

Credit Suisse ADAM MCINALLY neutral 3 M 68 Not Provided 15.02.2013

Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 14.02.2013

AlphaValue DIETER HEIN sell 1 D 63 6 month 14.02.2013


Keefe, Bruyette & Woods WILLIAM HAWKINS market perform 3 M 79 12 month 12.02.2013


Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 06.02.2013

Bank Vontobel AG STEFAN SCHUERMANN buy 5 M 80 Not Provided 06.02.2013

Kepler Capital Markets FABRIZIO CROCE buy 5 U 83 Not Provided 05.02.2013



Mediobanca SpA GIANLUCA FERRARI neutral 3 M 75 6 month 30.01.2013


Exane BNP Paribas NICCOLO DALLA PALMA neutral 3 M 67 Not Provided 28.01.2013

Goldman Sachs VINIT MALHOTRA Sell/Neutral 1 M 67 12 month 18.01.2013


HSBC THOMAS FOSSARD neutral 3 M 75 Not Provided 16.01.2013

Canaccord Genuity Corp BEN COHEN buy 5 M 70 12 month 09.01.2013



Macquarie HADLEY COHEN neutral 3 D 72 12 month 27.11.2012

Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 71 12 month 15.11.2012


Nord/LB VOLKER SACK buy 5 U 74 Not Provided 09.11.2012


DZ Bank AG THORSTEN WENZEL sell 1 M 58 12 month 10.09.2012

Raymond James DANNY JACQUES underperform 1 M 63 Not Provided 09.08.2012


Holdings By:

Swiss Re AG ee


21.02.2013

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and

life insurance, and asset management services.


LTM as of: 12/yy

52-Week High (20.02.2013) 2'898.00

52-Week Low (04.06.2012) 1'651.00

Daily Volume

2788





2'145'434.00 1 Yr Total Return 29.21%

Total Debt 1'436'988.00 YTD Return 17.00%




Enterprise Value 1'954'778.96


8766 JT EQUITY YTD Change - Average Volume 30 Day 3'294'960

8766 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'144'149


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

2'937'717.0 2'747'081.0 3'074'931.0 3'175'791.0 3'377'787.0 ######### ######### ######### ######### 857'600.0 -

1.41x 0.96x 1.18x 0.90x 0.83x 2.31x 2.49x 0.57x 0.56x - -

- - - - - 0.0 0.0 - - - -

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

108'766.0 23'141.0 128'418.0 71'924.0 6'001.0 (86'757.0) 113'094.0 113'399.6 131'204.9 - -

27.56x 82.22x 16.15x 24.05x 290.41x 0.00x 16.16x 19.03x 16.53x - -





Return on Assets -0.06% Short-Term Rating -

Return on Common Equity -0.60%

Return on Capital -0.34% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.20







Fiscal Year Ended

Tokio Marine Holdings IncPrice/Volume

Valuation Analysis

3'082'300.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

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21.02.2013


JAPAN TRUSTEE SERVIC n/a Co File 60'652'000 7.88 13'908'000 30.09.2012 Bank


MASTER TRUST BANK OF n/a Co File 46'660'000 6.06 2'764'000 30.09.2012 Bank

SUMITOMO MITSUI TRUS n/a ULT-AGG 34'462'300 4.48 - 15.06.2012 Bank

MITSUBISHI UFJ FINAN n/a ULT-AGG 19'939'000 2.59 (78'500) 31.01.2013 Holding Company

MEIJI YASUDA LIFE IN n/a Co File 19'179'000 2.49 - 30.09.2012 Insurance Company

STATE STREET CUSTODI n/a ULT-AGG 16'969'000 2.21 (1'233'000) 30.09.2012 Other


MITSUBISHI HEAVY IND n/a Co File 14'074'000 1.83 - 30.09.2012 Corporation

MELLON BANK NA n/a Co File 12'666'000 1.65 438'000 30.09.2012 Investment Advisor

EMPLOYEES' STOCKHOLD n/a Co File 11'785'000 1.53 151'000 30.09.2012 n/a


ASAHI GLASS CO LTD n/a Co File 10'256'000 1.33 - 31.12.2011 Corporation

NOMURA n/a ULT-AGG 7'627'500 0.99 (274'000) 31.01.2013 Unclassified

MITSUBISHI ESTATE CO n/a Co File 6'929'500 0.9 - 31.03.2012 Corporation

NIPPON YUSEN KK n/a Co File 6'912'000 0.9 - 31.03.2012 Corporation

NIKKO ASSET MANAGEME n/a ULT-AGG 5'869'600 0.76 - 15.06.2012 Unclassified

SHIZUOKA BANK LTD n/a Co File 5'602'948 0.73 - 31.03.2012 Bank

DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'369'700 0.44 (38'400) 31.01.2013 Holding Company

MITSUBISHI ELECTRIC n/a Co File 3'219'000 0.42 - 31.03.2012 Corporation


Nomura WATARU OHTSUKA buy 5 M 3'300 12 month 19.02.2013

JPMorgan NATSUMU TSUJINO overweight 5 M 3'800 12 month 15.02.2013

Jefferies MAKARIM SALMAN buy 5 M 3'626 12 month 14.02.2013

Daiwa Securities Co. Ltd. JUN SHIOTA outperform 5 M 3'000 Not Provided 14.02.2013

Tokai Tokyo Securities TATSUO MAJIMA neutral 3 M #N/A N/A Not Provided 13.02.2013

Morgan Stanley HIDEYASU BAN Overwt/Attractive 5 M 3'200 12 month 13.02.2013

Credit Suisse TAKEHITO YAMANAKA neutral 3 M 2'750 Not Provided 13.02.2013

Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 3'400 12 month 13.02.2013

SMBC Nikko Securities Inc KOUICHI NIWA outperform 5 M 2'600 12 month 13.02.2013

Barclays AZUMA OHNO equalweight 3 M 2'400 Not Provided 13.02.2013

Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI neutral 3 M 2'400 12 month 13.02.2013

Deutsche Bank MASAO MURAKI buy 5 M 2'920 12 month 12.02.2013


Macquarie SCOTT G RUSSELL outperform 5 M 2'300 12 month 06.12.2012

Mizuho Securities RIE NISHIHARA buy 5 M 2'500 12 month 19.11.2012

Goldman Sachs TAKANORI MIYOSHI Buy/Neutral 5 M 3'400 24 month 10.02.2012

Holdings By:

Tokio Marine Holdings Inc ee


21.02.2013

The Travelers Companies, Inc. provides commercial and personal property and

casualty insurance products and services to businesses, government units,

associations and individuals.


LTM as of: 12/yy

52-Week High (19.02.2013) 81.07

52-Week Low (07.03.2012) 55.88

Daily Volume

80.11





30'277.95 1 Yr Total Return 38.99%







TRV UN EQUITY YTD Change - Average Volume 30 Day 514'726

TRV UN EQUITY YTD % CHANGE - Average Volume 3 Month 567'998


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

24'477.0 24'680.0 25'112.0 25'446.0 25'740.0 25'446.0 25'740.0 25'916.1 26'493.8 6'471.3 6'499.3

1.32x 1.31x 1.22x 1.16x 1.29x 4.65x 4.88x 1.40x 1.37x - -

- - - - - 0.0 0.0 - - - -

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

2'924.0 3'622.0 3'216.0 1'426.0 2'473.0 1'426.0 2'473.0 2'708.0 2'717.9 742.7 615.5

8.59x 7.93x 8.90x 18.04x 11.57x 18.21x 11.57x 11.10x 10.60x 11.10x 10.93x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Travelers Cos Inc/ThePrice/Volume

Valuation Analysis

514'246.00


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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

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21.02.2013





SOUTHEASTERN ASSET M SOUTHEASTERN ASSET M 13F 16'307'385 4.31 (1'312'817) 31.12.2012 Investment Advisor



NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 9'813'454 2.6 (57'119) 31.12.2012 Investment Advisor

CLEARBRIDGE INVESTME CLEARBRIDGE INVESTME 13F 7'343'903 1.94 (587'239) 31.12.2012 Investment Advisor



GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'535'994 1.46 (965'523) 31.12.2012 Investment Advisor





LEGG MASON INC Multiple Portfolios MF-AGG 3'959'271 1.05 (310'675) 31.12.2012 Investment Advisor

MACQUARIE GROUP LTD n/a ULT-AGG 3'665'861 0.97 (133'263) 31.12.2012 Investment Advisor

AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 3'618'674 0.96 2'279'896 31.12.2012 Investment Advisor

MANAGED ACCOUNT ADVI MANAGED ACCOUNT ADVI 13F 3'543'517 0.94 (118'988) 31.12.2012 Investment Advisor

LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 3'196'942 0.85 (181'885) 31.12.2012 Investment Advisor





Deutsche Bank JOSHUA D SHANKER hold 3 M 74 12 month 06.02.2013

RBC Capital Markets MARK A DWELLE top pick 5 M 88 12 month 04.02.2013



Portales Partners NINA GUPTA sector perform 3 M #N/A N/A Not Provided 25.01.2013





William Blair & Co ADAM KLAUBER market perform 3 M #N/A N/A Not Provided 23.01.2013

JMP Securities MATTHEW J CARLETTI market perform 3 M #N/A N/A Not Provided 23.01.2013

MKM Partners HARRY FONG neutral 3 M 85 12 month 23.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 23.01.2013

Drexel Hamilton LLC GLORIA L VOGEL buy 5 M 87 12 month 23.01.2013

Goldman Sachs MICHAEL S NANNIZZI Buy/Neutral 5 M 88 12 month 22.01.2013


Sandler O'Neill & Partners, LP J PAUL NEWSOME buy 5 M 89 12 month 22.01.2013

Sterne, Agee & Leach DANIEL FARRELL neutral 3 M 79 12 month 22.01.2013




Holdings By:

Travelers Cos Inc/The ee


21.02.2013

Zurich Insurance Group AG provides insurance-based financial services. The

Company offers general and life insurance products and services for individuals,

small businesses, commercial enterprises, mid-sized and large corporations, and

multinational companies.


LTM as of: 12/yy

52-Week High (28.01.2013) 264.00

52-Week Low (05.06.2012) 192.50

Daily Volume

253.4





37'579.25 1 Yr Total Return 20.59%







ZURN VX EQUITY YTD Change - Average Volume 30 Day 439'884

ZURN VX EQUITY YTD % CHANGE - Average Volume 3 Month 403'527


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

32'331.0 70'123.0 67'819.0 52'978.0 70'446.0 52'980.0 70'446.0 60'452.2 62'644.9 - -

0.99x 0.50x 0.64x 0.73x 0.64x 3.11x 2.48x 0.91x - - -

- - - - - 0.0 0.0 - - - -

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

3'039.0 3'963.0 3'428.0 3'750.0 3'878.0 3'750.0 3'872.0 4'325.6 4'551.0 1'146.0 988.0

9.86x 7.83x 10.92x 8.80x 10.08x 8.80x 10.07x 9.43x 8.94x 9.18x 9.39x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.18








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zurich Insurance Group AGPrice/Volume

Valuation Analysis

310'524.00


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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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21.02.2013



NORGES BANK n/a EXCH 4'495'862 3.03 - 23.06.2011 Government

ABERDEEN n/a ULT-AGG 4'377'801 2.95 (23'819) 31.01.2012 Unclassified



CREDIT SUISSE n/a EXCH 2'525'492 1.7 787 23.03.2010 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'266'979 1.53 (85) 28.12.2012 Mutual Fund Manager


UBS FUND MANAGEMENT Multiple Portfolios MF-AGG 1'414'418 0.95 (14'169) 31.10.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 760'603 0.51 (26'750) 31.10.2012 Mutual Fund Manager

TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 716'240 0.48 (13'585) 31.03.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 601'051 0.41 20'468 31.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 559'536 0.38 16'355 31.12.2012 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 540'678 0.36 - 31.07.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 487'809 0.33 (5'360) 30.11.2012 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 420'245 0.28 10'384 31.12.2012 Investment Advisor

UMB BANK N A Multiple Portfolios MF-AGG 329'296 0.22 32'803 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 313'506 0.21 56'299 31.12.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 297'808 0.2 16'869 31.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 281'822 0.19 7'978 31.01.2013 Investment Advisor





Bank Vontobel AG STEFAN SCHUERMANN hold 3 M 270 Not Provided 19.02.2013

Keefe, Bruyette & Woods RALPH HEBGEN market perform 3 D 300 12 month 17.02.2013

JPMorgan MICHAEL HUTTNER neutral 3 M 263 9 month 15.02.2013


Zuercher Kantonalbank GEORG MARTI market perform 3 M #N/A N/A Not Provided 15.02.2013


Kepler Capital Markets FABRIZIO CROCE hold 3 M 213 Not Provided 15.02.2013

Nomura MICHAEL KLIEN buy 5 M 290 Not Provided 15.02.2013

S&P Capital IQ RODERICK WALLACE sell 1 D 230 12 month 15.02.2013

Main First Bank AG RENE LOCHER underperform 1 M 265 12 month 15.02.2013

Exane BNP Paribas THOMAS JACQUET neutral 3 M 245 Not Provided 15.02.2013




AlphaValue DIETER HEIN add 4 M 281 6 month 14.02.2013

Banca Akros(ESN) MARCO CAVALLERI hold 3 M 245 12 month 13.02.2013

CA Cheuvreux ATANASIO PANTARROTAS select list 5 M 300 Not Provided 04.02.2013

Barclays ANDREW BROADFIELD equalweight 3 M 260 Not Provided 04.02.2013

Mediobanca SpA MARC THIELE neutral 3 M 292 6 month 30.01.2013


Deutsche Bank ROBIN BUCKLEY hold 3 M 265 12 month 24.01.2013

Sanford C. Bernstein & Co THOMAS SEIDL outperform 5 M 250 12 month 17.01.2013

HSBC THOMAS FOSSARD neutral 3 M 254 Not Provided 16.01.2013




Raymond James DANNY JACQUES outperform 5 M 262 Not Provided 19.12.2012

Canaccord Genuity Corp BEN COHEN buy 5 M 260 Not Provided 18.12.2012

Morgan Stanley MACIEJ WASILEWICZ Equalwt/In-Line 3 M 267 12 month 05.12.2012

Landesbank Baden-Wuerttemberg WERNER SCHIRMER sell 1 M 200 Not Provided 30.11.2012

Societe Generale JASON KALAMBOUSSIS hold 3 M 252 12 month 15.11.2012




Daiwa Securities Co. Ltd. TIM PROUDLOVE underperform 1 M 216 6 month 06.05.2011

CS Capital CHRISTOPHER PARKINSON neutral 3 M #N/A N/A Not Provided 05.08.2010

Holdings By:

Zurich Insurance Group AG ee


Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans

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Transcript of Fundamental Equity Analysis & Analyst Recommendations - Insurance Titans